The high life at a

LOW PRICEJerry Tan talks about waterfront living at Iskandar Malaysia’s Emerald Bay

and his villa, which costs about a third of that at Sentosa Cove.See our Cover Story on Pages 6 and 7.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of June 11, 2018 | ISSUE 834-55

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SpotlightLure of a comfortable, semi-retired lifestyle

at just $1,500 a month EP4&5

Industry WatchThakral Corp looks

homeward as property market picks up

EP8

Gains and LossesThree-bedroom unit at Regency Park sold for

$3.15 mil profi tEP11

Done DealsDemand for bungalows

going strong EP12

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EP2 • EDGEPROP | JUNE 11, 2018

E

Elizabeth Towers up for collective sale at $610 milOwners of Elizabeth Towers have

launched the freehold high-rise resi-

dential condo for collective sale at a

reserve price of $610 million.

Elizabeth Towers is a private residen-

tial estate comprising two residential

blocks of 80 apartments and maison-

ette units ranging from 1,991 to 4,488 sq

ft, with a site area of 54,318 sq ft. The

site has access from two roads: Mount

Elizabeth and Elizabeth Link.

The reserve price reflects a land rate

of about $2,416 psf per plot ratio (ppr).

Owing to the high as-built gross floor

area (GFA) of 252,438 sq ft and devel-

opment baseline of 262,811 sq ft, no

development charge is payable for the

site’s redevelopment.

However, with the inclusion of a 10%

bonus balcony GFA, the land rate will

be reduced to $2,265 psf ppr. This is

subject to authorities’ approval.

The site is zoned “residential” with

a gross plot ratio of 2.8, and can be re-

developed to a maximum height of 36

storeys, subject to approval.

The tender for Elizabeth Towers will

close on July 19.

Gilstead Court launches collective sale at $168 milOwners of the 48-unit Gilstead Court

have launched the freehold develop-

ment for collective sale at a reserve

price of $168 million.

The asking price reflects a land rate

estimate of $1,590 psf ppr. However, if

the 10% additional GFA for the balco-

ny area is included, the land rate will

be reduced to $1,445 psf ppr, says Tan

Hong Boon, regional director of JLL,

which is marketing the property. Fur-

ther, there will be no development charge

payable as the site has a high develop-

ment baseline.

Under the 2014 Master Plan, the

75,479 sq ft site is zoned “residential”,

with a gross plot ratio of 1.4. With an

allowable GFA of 116,237 sq ft, the site

can be redeveloped into a five-storey

boutique development featuring 140

apartments, subject to authorities’ ap-

proval, says JLL.

Gilstead Court, completed in 1978,

lies on Gilstead Road in District 10. It

is a 10-minute walk from the Novena

MRT station.

Across the road, the 24-unit Gilstead

Mansion was launched for collective

sale on May 30 at the reserve price of

$68 million. This translates into a land

rate of $1,565 psf ppr.

The tender for Gilstead Court will

close on July 10.

Freehold bungalow site off Meyer Road up for saleA freehold bungalow plot off Meyer

Road has been put up for sale.

The property at 12 Broadrick Road

is being sold by trustees of the estate

of the late owner at an asking price of

$22 million to $24 million. This reflects

a land rate of $1,361 to $1,485 psf.

The 16,160 sq ft site may be sub-

divided and redeveloped into two or

three adjoining bungalow plots, sub-

ject to approval from the planning au-

thorities, says sole marketing agent JLL.

Over the years, many of the larger plots

in the area have been redeveloped into

multiple bungalows occupying smaller

plots, it adds.

From Katong Park MRT station on

the upcoming Thomson-East Coast

Line, which is slated for completion in

2023, 12 Broadrick Road is a nine-min-

ute walk, or 0.8km away. It is a 10-min-

ute drive to the CBD.

This year, two bungalows in the

Broadrick Road neighbourhood changed

hands. A 6,006 sq ft plot was transacted

for $12.5 million ($2,081 psf) in April,

while a 5,899 sq ft plot fetched $10.9

million ($1,825 psf) in January, accord-

ing to caveats lodged.

The expression of interest will close

on July 9.

Far East Hospitality unveils The Barracks Hotel brandHotel operator Far East Hospitality Hold-

ings has unveiled a new brand under its

portfolio — The Barracks Hotel.

The first hotel under The Barracks

Hotel brand will be launched in Sento-

sa, in mid-2019. The hotel (below) will

bear the same name as its brand. The

Barracks Hotel in Sentosa, with 40 keys

available, features colonial architecture.

Two other new hotels will be

launched in Sentosa at the same time

as The Barracks Hotel. These are: The

Outpost Hotel, targeting millennials

and young couples, with 193 keys;

and Village Hotel at Sentosa, target-

ing the mid-tier market, with 606 keys.

All three hotels are located at Artillery

Avenue in the Palawan area, and are

owned by Far East Organization and

Far East Hospitality Trust.

Far East Hospitality Holdings will

manage the operations and sales and

marketing functions of the three hotels.

The brand’s key target markets are

Australia, China, Germany, India, Ja-

pan, Russia, the UK and the US.

APAC Realty to buy Toa Payoh commercial property for $72.8 milReal estate services provider APAC Realty,

which owns ERA Realty Network, has

entered into an agreement to acquire a

100% stake in HC Home from Hersing

Corp for $72.8 million.

HC Home, which owns a three-sto-

rey commercial property located at 450

Lorong 6 Toa Payoh, will become a whol-

ly-owned subsidiary of APAC Realty. The

leasehold commercial property sits on a

14,987 sq ft site, with a GFA of 44,358

sq ft. The property’s 99-year lease from

the HDB commenced in August 1970.

The first and second levels of the

property are currently leased to retail

businesses, while the third level and

the mezzanine are leased out as office

space. Two auditoriums on the third

level are also leased out.

In a filing to Singapore Exchange on

June 5, APAC Realty says the new prop-

erty will house ERA Asia-Pacific’s head-

quarters. With it, ERA will provide new

office space for agents and improved

training areas. It will also cater for the

expansion of the group’s agency busi-

ness, as well as generate rental income.

“With the new space, we are able to

support the expansion of the group’s

real estate agency business in Singa-

pore as well as Asia-Pacific,” says Jack

Chua, CEO of APAC Realty.

The group says it intends to refurbish

the space and to house comprehensive

facilities there, including two training

theatres, a premium lounge for meet-

ings and increased office space.

Projects see mixed results at launch weekendThe weekend of June 2 to 3 marked

the launch weekend for four projects:

120 Grange by Roxy-Pacific Holdings;

Margaret Ville by MCL Land; Affinity

at Serangoon by a consortium led by

Oxley Holdings; and The Garden Resi-

dences, a joint development by Keppel

Land and Wing Tai Holdings.

The Garden Residences, on Seran-

goon North Avenue 1, saw more than

60 units sold at an average price of

$1,660 psf. At the nearby 1,052-unit

Affinity at Serangoon, 112 of the 300

units were sold on balloting day. Oxley

Holdings and its JV partners, SLB De-

velopment, KSH Holdings and Apricot

Capital, released 300 units in the first

phase. Units sold represented a mix of

one- to four-bedroom units, with sell-

ing prices from $1,475 psf.

Both the 613-unit The Garden Res-

idences and Affinity at Serangoon are

99-year leasehold projects located in

the northeastern region in District 19.

Meanwhile, in the city-fringe neigh-

bourhood of Queenstown in District 3,

the 309-unit Margaret Ville was also

launched for sale. Out of 120 units re-

leased, 102 units were sold at an av-

erage price of $1,880 psf. The 99-year

leasehold project is a 40-storey tow-

er, with a mix of one- to four-bedroom

units from 463 to 1,464 sq ft.

Over the same weekend, Roxy-Pacific

sold 37 of 56 units in the boutique devel-

opment 120 Grange. Prices of the free-

hold development averaged above $3,100

psf. — Compiled by Charlene Chin

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Singapore-listed property developer

GSH Corp has sold off all 100 units

released at Coral Bay @ Sutera, an

ocean-fronting luxury condominium

in Kota Kinabalu, Sabah. This comes

less than a month after the units were

released at its May 12 launch.

The 460-unit Coral Bay sits on

528,000 sq ft of land, and is locat-

ed within the gated community of

Sutera Harbour Resort in the east Ma-

laysian state. The 99-year leasehold

development comprises eight 12-sto-

rey residential towers, featuring two-

to four-bedroom units from 1,500 to

3,500 sq ft; dual-key units from 2,000

to 5,000 sq ft; and penthouses from

3,500 to 9,000 sq ft. Prices start from

RM2.3 million ($770,768).

Of the 100 units, 30% were pur-

chased by foreigners — 20% from

Hong Kong and mainland China, 5%

from Singapore and 5% from Korea,

Taiwan and Australia. The remain-

ing 70% of units were bought by

Malaysians.

GSH CEO Gilbert Ee believes that

the strong take-up for Coral Bay stems

from demand fuelled by a shortage of

luxury properties in Kota Kinabalu in

recent years.

Coral Bay — GSH’s second residen-

tial project in Malaysia — is located

close to Kota Kinabalu’s city centre.

The development, designed by Singa-

pore-based Swan & Maclaren, over-

looks the South China Sea and the

five Marine Park islands.

GSH is working on Coral Bay’s

next phase of sales and is gearing up

for launches in Singapore, Malaysia,

Korea and China.

GSH sells all 100 released units in Coral Bay, SabahGSH

EDGEPROP | JUNE 11, 2018 • EP3

SPOTLIGHT

EP4 • EDGEPROP | JUNE 11, 2018

Lure of a comfortable, semi-retired lifestyle at just $1,500 a month| BY CECILIA CHOW |

Boaz Boon believes that living a

semi-retired life is not just for

the very rich in Singapore. He

sees it as something within the

reach of most Singaporeans. In

fact, based on his estimates, one can

live quite comfortably on a monthly

income of $1,500 — by stretching the

dollar across the Causeway.

“At $1,500 a month, one can barely

make ends meet in Singapore,” says

Boon. It amounts to just 55% of the

median monthly income from work

per household member in Singapore,

which, according to the Department

of Statistics, was $2,699 in 2017. A

monthly income of $1,500 in Sin-

gapore would mean living in “rela-

tive poverty”, as it is less than 60%

of the median income, going by the

definition of the United Nations De-

partment Programme.

After spending 15 years with Cap-

itaLand, where his last position was

head of research, Boon left and found-

ed Thred in 2016. The firm specialis-

es in real estate and design thinking.

Boon is also a director of VestAsia,

where he heads the real estate advi-

sory business.

On his decision to give up his cor-

porate job, he says: “After I turned

50, I decided it was time to quit the

rat race.”

Second homeBoon spends part of his time in Jo-

hor Bahru, in a newly completed

semi-detached house on Jalan Bi-

jaksana, an established upper-mid-

dle-class housing estate.

In Singapore, he and his wife live

in a comfortable executive apartment

in Choa Chu Kang that they pur-

chased in 1998 and designed to suit

the needs of the family. Boon and his

wife have two adult sons.

According to Boon, driving time

is just 25 to 35 minutes door to door

from his home in Singapore to the one

in Johor Bahru. He likes the flexibility

of taking off to Johor Bahru for a short

break and returning to Singapore for

meetings and business engagements.

And he does not have to give up holi-

days in Europe either. In fact, he now

has more time for holidays.

The house in Johor Bahru is Boon’s

childhood home. His parents pur-

chased the property in 1965 for just

RM18,000. After Boon’s father passed

away in 2006, he tried to persuade his

mother to move into a condominium,

but she refused. “She has known the

neighbours for many years and they

are also retired,” says Boon. Across the

road is a retired doctor who has been

a neighbour and friend for decades.

Since she did not want to relo-

cate, Boon persuaded her to let him

rebuild the house to suit her life-

style and needs. The entire process

— from tearing down to rebuilding

and furnishing the interiors — took

nine months. The house was com-

pleted in time for Christmas in 2016.

The new four-bedroom house sits

on a freehold site of over 4,000 sq ft.

Boon engaged his Johor Bahru

childhood friend, who is an architect,

to design the property. His sister in

Kuala Lumpur, who has experience

working for a construction company,

also helped in supervising the con-

struction and paying the contractors.

Colonial black-and-white theme“The inspiration for the house was

the colonial black-and-white bun-

galows of the past,” says Boon. It

reminds him of the colonial house

in Ulu Tiram where his parents first

lived and where he was born.

To create a harmonious streets-

cape, the authorities had stipulated

that all the houses on Jalan Bijaksa-

na have to be single-storey. Howev-

er, the architect created more space

by adding a mezzanine floor at the

rear of the house. This allows Boon’s

nephew to have his own apartment

on the second level of the house —

complete with its own living room,

master bedroom with en suite bath-

room and walk-in wardrobe. It also

allows the addition of a fourth en suite

bedroom and a family room, which

can be turned into a bedroom when

there is a spillover of house guests.

The creation of the mezzanine

floor means the first level enjoys

a double-volume ceiling. Having a

pitched roof added to the colonial

feel of the house. A skylight was in-

cluded to bring natural light into the

middle section of the house.

The house was extended out-

wards to accomodate a bigger living

area and patio. The kitchen has also

been extended to create a dry and

wet kitchen, as well as a spacious

utility and laundry area.

On the first level of the house are

three en suite bedrooms. The win-

dows on the mezzanine level feature

plantation shutters, similar to those

of colonial bungalows and conserva-

tion shophouses, Boon says. To com-

plete the colonial black-and-white

bungalow look, the whole house —

both its interior and exterior — has

been painted white, with black trims.

Even the bamboo chicks are painted

in black and white stripes.

All in, Boon estimates that he

spent less than $400,000 in redevel-

oping the house. “What’s important

is that my mother enjoys the house

and there’s enough space for the en-

tire family to gather together during

festive celebrations such as Christ-

mas and Chinese New Year,” he says.

Bargain vintage findsMany of the pieces of furniture in the

house have been restored and repur-

The rebuilt semi-detached house in the established estate of Jalan Bijaksana, Johor Bahru, is inspired by the colonial black-and-white bungalows in Singapore

Boon: At $1,500 a month, one can barely make ends meet in Singapore, but one can live comfortably across the Causeway

The enclosed patio of the house has white brick walls and terracotta floor tiles The first level is one big room that encompasses the reception and dining areas and kitchen

PICTURES: ALBERT CHUA/THE EDGE SINGAPORE

SPOTLIGHT

EDGEPROP | JUNE 11, 2018 • EP5

posed. These include an old gram-

ophone table, a Singer sewing ma-

chine, a coffee table and Peranakan

display cabinets. “Furniture restora-

tion in Johor Bahru is extremely in-

expensive, and the guy is so good, I

call him the ‘resurrector’,” says Boon.

Furniture shops that Boon discov-

ered in Johor Bahru include Actally,

Commune Furniture and Kian Con-

tract. He purchased several lounge

chairs and the entire dining set from

Kian Contract after he learnt that the

company had designed all the furni-

ture for Pollen, a restaurant at Gar-

dens by the Bay.

A statement piece is a chande-

lier Boon purchased from a shop

in Balestier. He got the inspiration

from the cylindrical lights he saw at

the Colony restaurant at luxury ho-

tel Ritz-Carlton Millenia Singapore.

In the reception and living areas are

table lamps purchased from Lim’s Art

in Singapore. As Boon could not find

the lampshades he wanted, he tried

to get them made. “In Singapore, the

art of lampshade-making is gone,” he

laments. He chanced upon a shop sell-

ing lampshades while at Holiday Pla-

za Mall in Johor Bahru, located just a

five-minute drive from his home. He

showed the lady at the shop a picture

of the lampshade he had in mind —

“something colonial”, he said. It turned

out that the shop made lampshades for

the British India lifestyle brand, and

was able to create the ones he wanted.

Boon’s house has two 10-blade

ceiling fans, smaller versions of the

ones at MRT stations in Singapore.

“The guy at the shop said they were

very expensive, but I was prepared

to pay,” recounts Boom. “He told me

they cost RM1,000 ($335) each and

I said I would take them.” He had

them installed at the reception and

living areas, and they are ideal, as

they are quiet and effective in cool-

ing the space, he explains.

“It’s amazing what you can find

here, and they are all at a fraction of

the cost in Singapore,” says Boon.

A quiet rejuvenationBoon reckons that some locals have

returned to Johor Bahru to start their

own businesses after having worked

in Singapore. Some Singaporeans

have also been lured by the cost-sav-

ings of starting a business across the

Causeway. These entrepreneurs have

rejuvenated many of the older neigh-

bourhoods in the city, such as Taman

Molek, which is near Boon’s home.

For instance, the Yummy Nasi Le-

mak restaurant in Taman Molek is op-

erating in a converted office build-

ing. It serves not only nasi lemak

but also traditional Nonya kueh, and

even has space for cooking classes.

Chef Toast in Taman Molek looks

like a typical shophouse unit from the

outside. The proprietor was trained

by a German pastry chef when he

was working for a hotel in Singapore.

Later, he decided to return to Johor

Bahru to start his own business. Be-

sides coffee and toast, he also makes

all kinds of artisanal bread, which

go for RM5 a loaf. “It’s interesting

to find these hole-in-the-wall places

that offer great food at such attrac-

tive prices compared with those in

Singapore,” says Boon.

At another coffeeshop, a young

man is busy making coffee. There

are people queueing up patiently,

waiting for their turn. “He may not

be a certified barista, but he’s prob-

ably better than most because he’s

been doing it every day for so many

years,” says Boon.

There are also new malls in Johor

Bahru, such as Paradigm Mall, and the

biggest Ikea store in Southeast Asia,

as well as Aeon Tebrau City. They are

located just a 20-minute drive from

Woodlands across the Causeway.

Commute and rentWhile the Kuala Lumpur-Singapore

high-speed rail project may have been

scrapped, the Rail Transit System

linking Woodlands in Singapore and

Johor Bahru has not been derailed.

And that is what many Singaporeans

are looking forward to. “[The RTS]

will increase accessibility and allow

more people to explore the flexibili-

ty of living across the Causeway and

working in Singapore,” says Boon.

One need not buy a property in

Johor Bahru or elsewhere in Iskan-

dar Malaysia to enjoy the semi-retired

lifestyle. “You can just rent,” says

Boon. Listings of newly completed

terraced houses in developments in

Johor Bahru and other parts of Iskan-

dar Malaysia have asking rents of

RM1,000 to RM3,500 a month. Stu-

dio apartments of about 560 sq ft

are available for rent from RM950 a

month, while three-bedroom apart-

ments are from RM1,700 a month.

“These are asking rents, which are

usually negotiable because there’s a

lot of supply and so many choices for

potential tenants,” he adds.

With the exchange rate for the

Singapore dollar still attractive at $1:

RM2.98, it makes sense for those who

want to lead a “simpler, semi-retired

life”, says Boon. It is one he is cer-

tainly enjoying.

View of the living room from the family room on the mezzanine level

The double-volume ceiling and skylight

As the house has been extended, the reception and living rooms are situated where the old car porch used to be

A quiet rejuvenation is taking place in some of the older estates in Johor Bahru such as Taman Molek A coffeeshop in Johor Bahru that serves great food and coffee at a fraction of the prices in Singapore

E

COVER STORY

EP6 • EDGEPROP | JUNE 11, 2018

The high life at a LOW PRICE

| BY CECILIA CHOW |

A decade ago, Jerry Tan would never

have imagined himself marketing a

Malaysian property development,

much less living in one. Last year,

he did just that when he moved into

his new six-bedroom villa at Emerald Bay in

Puteri Harbour, Iskandar Malaysia.

“If it wasn’t Emerald Bay, I wouldn’t have

been interested,” says Tan, speaking in the com-

fort of the spacious living room of his home

while enjoying a glass of Prosecco.

In an illustrious career spanning three dec-

ades, Tan carved a niche for himself as an

impresario of luxury property marketing. He

founded JerryTan Residential or JTResi, with

executive directors Jason Tan and Eckardt

Caius (previously known as Khaiz Noor). He

has handled the sales of some of the most ex-

pensive homes in Singapore — including The

Marq on Paterson Hill, Goodwood Residence

and The Nassim — as well as set record pric-

es for these projects.

When Tan received the key to his villa at

Emerald Bay early last year, he was feted by

an entourage of 15 representatives from the

developer, Haute Property, a 60:40 joint ven-

ture between BRDB Development and UEM

Sunrise. Tan was the first buyer of a villa at

Emerald Bay in 2012 when it was just a vision

presented by the developer. “There was noth-

ing to see then — just an empty piece of land

and no waterway,” he recounts.

He chose his villa based on the site plan. “I

love cul-de-sacs,” he says. He did not mind that

the house number was 4. “No big deal,” he says.

“In Sydney, the number of our house is 18.”

Tan and his partner Caius intend to make

Emerald Bay their primary residence in the

coming years. For now, it will be their sec-

ond home. They have even applied for and

obtained Malaysia My Second Home (MM2H)

status. “It’s good for 10 years,” says Tan.

“When we come in, we no longer have to

stamp our passports.”

The cancellation of the Kuala Lumpur-Sin-

gapore high-speed rail project “is inconsequen-

tial”, says Tan. “The people who buy homes

in Emerald Bay are not interested in public

transport.”

Making the switchFor Singaporeans such as Tan, the lure of Iskan-

dar Malaysia is its proximity to Singapore and

the ability to stretch one’s dollar. For instance,

in 2012, the same year that Tan and Caius pur-

chased the villa at Emerald Bay for RM6.08 mil-

lion, the pair also picked up a four-bedroom

apartment of close to 1,600 sq ft on Alexandra

View, in Singapore’s city-fringe area. It was a

high-floor unit with sweeping views and was

intended to be the pair’s “city apartment”.

However, having decided to move to Em-

erald Bay instead, they sold the apartment

on Alexandra View in February this year for

$2.92 million. The decision to move to Iskan-

dar Malaysia was obvious, says Caius. “For the

budget we had — $3 million — where can you

live in Singapore? Even a 99-year leasehold,

four-bedroom unit on the city fringe costs $2.9

million today.”

The villa at Emerald Bay sits on a freehold

site of about 6,300 sq ft. The house spans three

Jerry Tan talks about waterfront living at Iskandar Malaysia’s Emerald Bay and his villa, which costs about a third of that at Sentosa Cove

Tan (right, with Caius): I just love it here. It’s about living close to nature, and the water is teeming with marine life.

The living room and kitchen of Tan’s house at Emerald Bay

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

COVER STORY

EDGEPROP | JUNE 11, 2018 • EP7

floors and has a built-up area of about 6,000

sq ft. There are six bedrooms, of which five

are en suite. The house comes with a built-in

platform lift, a swimming pool, fully equipped

wet and dry kitchens, fully fitted bathrooms

as well as a private berth.

Stretching the dollarBefore moving in, the couple decided to ren-

ovate the villa to suit their needs. They spent

RM1.5 million ($503,618) in that effort. The

basement level was enclosed and air-condi-

tioned, with one room converted into a sports

bar and the other, a formal dining room. The

car porch was extended and a side entrance

was created so that the pool man and garden-

er need not have to enter the house.

The melamine kitchen countertop was re-

placed with marble. The mechanical and elec-

trical system was changed, the air-conditioning

units were replaced, and one of the bedrooms

was converted into a private cinema. Another

RM250,000 was spent on landscaping.

Apart from the home entertainment sys-

tem in the private cinema that was installed

by the vendor from Singapore, the renovation

works and most of the other furnishings were

locally sourced. Tan was recommended to vis-

it Maestro Perfect Home Store in Johor Bahru,

and he engaged them to customise the leather

lounge set in the living room and the recliners

in the private cinema.

“The materials were imported but everything

was locally made,” says Tan. “We were quite

surprised at how good they were. It’s really

about stretching the dollar here.” This is de-

spite the ringgit having strengthened about 4%

to RM2.98 against the Singapore dollar com-

pared with RM3.11 a year ago.

In Singapore, the equivalent of Emerald

Bay is Sentosa Cove, where all the residen-

tial properties, including the waterfront villas,

are 99-year leasehold. The latest transaction

of a villa at Sentosa Cove was for a detached

house on Paradise Island that sits on an 8,170

sq ft site. It was sold for $12 million ($1,469

psf) at end-May.

Nature beckonsIn fact, the developer of Emerald Bay had mod-

elled the waterfront development after Sentosa

Cove. The master-plan architect for Emerald

Bay is world-renowned WATG, the architectur-

al design firm behind the Shangri-La Maldives,

Four Seasons Dubai Jumeirah Beach and The

W Singapore Sentosa Cove.

At 111 acres (44.9ha), however, Emerald

Bay is just 38% the size of Sentosa Cove. Sen-

tosa Cove sits on 117ha of reclaimed land and

has a total of 2,000 luxury condominium units

and 300 houses. The RM4 billion Emerald Bay,

on the other hand, will have a total of 1,649

homes, including 250 houses, to be built in 12

phases over the next eight years.

Haute Property spent at least RM60 million

on the infrastructure of the waterfront devel-

opment, including building a canal to chan-

nel water from the sea into the development,

as well as lock gates to control the water lev-

el. The canal, which ranges from 30m to 60m

wide, took 1½ years to build. It links Emer-

ald Bay to the open sea as well as Puteri Har-

bour, where there is a Customs, Immigration

and Quarantine checkpoint.

Tan is looking forward to the ferry ser-

vice from Singapore’s HarbourFront terminal

to Puteri Harbour, which has yet to take off.

“My mahjong friends can then take the ferry

from Singapore to Puteri Harbour and I can

pick them up from there,” he says. It’s just a

five- to 10-minute drive from Puteri Harbour

to Emerald Bay.

Tan is impressed by the marine life at Em-

erald Bay. “I just love it here. It’s about liv-

ing close to nature, and the water is teeming

with marine life,” he says. Since moving into

his new home, Tan has not only been visited

by his “mahjong party friends” from Singa-

pore but also by a pair of otters, a giant igua-

na and several ducks.

Resident agentTan was recently appointed chairman of the

joint management committee at Emerald Bay.

He considers himself a “resident agent”, as he

has been appointed a marketing agent for Em-

E

The first phase of 82 homes has been completed, with the next phase of 37 to 40 homes and an island of 12 houses to be launched next

The staircase at Tan’s house with its plantation shutters The master suite

One of the six bedrooms in the house was converted into a private cinema

erald Bay by the developer.

Of the 82 houses in the first phase, only

two villas, two terraced houses and a hand-

ful of semi-detached houses are still available

for sale, he says.

The next phase to be launched is an island

of 12 houses, which will be ready in the com-

ing months. These 12 houses will be priced

between RM12 million and RM17 million. An-

other phase of 37 to 40 houses is in the pipe-

line, with houses priced in the RM10 million-

to-RM11 million range.

Tan intends to showcase the next phase of

Emerald Bay in Singapore towards end-July.

This will be followed by a roadshow in Jakar-

ta and Hong Kong.

According to Tan, having experienced the

entire process himself, he will be in the best

position to advise potential international buy-

ers — from purchasing to financing, applying

for the MM2H scheme and furnishing their

new home at Emerald Bay. “And I can show

them my house,” he adds.

Having turned 60 six months ago, Tan

has decided to opt for a simpler life, without

compromising on his lifestyle. That prompt-

ed the move to Emerald Bay. “We have set-

tled here comfortably,” he says. “In a short

time, we’ve already discovered where to eat,

where to shop, and it’s amazing what you

can buy online.”

For now, Tan and Caius intend to main-

tain their primary residence, located at Changi

Grove, in the eastern part of Singapore. The

couple purchased the freehold property in 2007

and redeveloped it. The house, which Tan and

Caius have named “Pondok Indah”, sits on a

6,253 sq ft site and has a built-up area of about

6,000 sq ft, which is similar in size to the vil-

la at Emerald Bay. The Singapore household

currently includes two domestic helpers, two

dogs and a cat.

Tan and Caius spend at least two days a

week at their new home at Emerald Bay, which

they have also named Pondok Indah. They in-

tend to hire a third domestic helper solely for

the house. They are shopping for a boat next.

“What’s the point of having a private berth if

you don’t have a boat?” Tan says.

EP8 • EDGEPROP | JUNE 11, 2018

INDUSTRY WATCH

| BY CECILIA CHOW |

Listed diversified group Thakral Corp has

been ramping up its acquisition of invest-

ment properties. On May 21, it announced

the proposed acquisition of a strata of-

fice unit at The Riverwalk, a 27-storey

commercial and residential project with a 99-

year lease from December 1980.

The purchase price is $30 million and it in-

volves buying the entire shareholding of Thakral

Realty (S) Pte Ltd, which owns the 18,998 sq

ft strata office unit on the third level of The

Riverwalk. The total comprises $9 million for

the entire shareholding of TRSPL and its cur-

rent outstanding loan of $21 million. As it is a

related-party transaction, it will be subject to

approval by shareholders.

Upon the completion of the proposed acqui-

sition, Thakral Corp will sign a three-year lease-

back agreement at a monthly rent of $5.50 psf.

The gross monthly rent works out to $101,739.

The group says the acquisition will be financed

using the proceeds from the recent sale of its

warehouse properties in Hong Kong.

“We believe real estate in Southeast Asia

— especially Singapore — is in a sweet spot,”

says Inderbethal Singh Thakral, CEO of Thakral

Corp. “Given the uptrend in the local property

market and Singapore’s improving economic

outlook, demand for well-located commercial

office space is expected to grow.”

He sees Thakral Corp entering the Singapore

market “at an opportune time”, as the value

of such office buildings is expected to appre-

ciate in the coming years. “The rental revenue

from our investment in the office unit at The

Riverwalk will provide us with a stable source

of recurring income,” he adds.

The company has been looking at Singa-

pore and the Southeast Asian markets since

last September. “We should have moved a little

bit faster,” concedes Thakral. “But with lim-

ited capital, we will deploy it very carefully.”

He feels that it is difficult to find good deals

in Singapore, as prices have soared. “If you look

at this whole block, [The Riverwalk] is probably

the cheapest around,” he says. That explains the

acquisition of the strata office unit last month.

Deepening investment in Osaka Thakral Corp ventured into the office market

in Osaka, Japan, in 2014 with the acquisition

of two buildings and since then, it has built

a portfolio of two office buildings, two hotels

and a retail property. In January this year, the

firm announced the acquisition of the nine-sto-

rey Legal Itachibori Building, marking Thakral

Corp’s sixth investment property in Osaka. The

building has a gross built-up area of 60,472 sq

ft, with net lettable area of 41,646 sq ft and an

occupancy rate of 82%. The investment was

made through Thakral Corp’s 50%-owned sub-

sidiary Thakral Japan Properties.

The investments are expected to generate

positive returns for shareholders as Japan’s

real estate market stays upbeat. “The growth

in tourism here has led to greater demand for

hotels,” says Thakral. “The Osaka office mar-

ket is showing stronger rental growth, backed

by solid demand and limited supply, attract-

ing both domestic and overseas investors.”

The reason for investing in quality office

buildings is that it is the “preferred asset class

for global investors”, says Thakral. There is

also very limited office stock in Osaka, where

vacancy today is below 5%, he adds. “We are

Thakral Corp looks homewardas property market picks up

CONTINUES ON PAGE EP10

The Riverwalk, a 27-storey commercial and residential development fronting the Singapore River

Thakral Corp acquired an 18,998 sq ft strata office unit on the third level of The Riverwalk for $30 millionThakral: We believe that real estate in Southeast Asia — especially Singapore — is in a sweet spot

ALBERT CHUA/THE EDGE SINGAPORE

Last month, Thakral Corp acquired the nine-storey Legal Itachobori Building (pictured), making it thecompany’s sixth investment property in Osaka so far

THAKRAL CORP THAKRAL CORP

The Yotsubashi East Building (pictured) and Yotsu-bashi Nakano Building are two office buildings in Thakral Corp’s Osaka portfolio

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EDGEPROP | JUNE 11, 2018 • EP9

| BY BONG XIN YING |

Crown Resorts, one of Aus-

tralia’s largest entertainment

groups and commonly as-

sociated with casinos, has

launched its first luxury

residence, One Barangaroo, Crown

Residences, in Barangaroo South.

Located in the same tower as Syd-

ney’s first six-star hotel, it will also

be Australia’s first hotel-branded

residence.

Scheduled to be completed in 2021,

One Barangaroo, Crown Residen ces

will be serviced by the six-star, 349-

key Crown Sydney Hotel Resort.

The residences will occupy the

33rd to 65th floors of the 75-storey

tower. There is a selection of expan-

sive two-, three-, four- and five-bed-

room units, as well as a limited num-

ber of duplex penthouses. There are

a total of 82 residences, priced from

A$9.5 million ($9.7 million), says

Erin van Tuil, director of sales and

marketing at Knight Frank, the mar-

keting agent for the project. One Ba-

rangaroo, Crown Residences was

launched on May 10.

The tower, which will be 275m

tall, was designed by award-winning

British architectural firm Wilkinson

Eyre to maximise views of the har-

bour. Wilkinson Eyre has worked

on landmark projects such as King’s

Cross Gasholders and the Battersea

Power Station in London and Gar-

dens by the Bay in Singapore,

Barangaroo, a thriving new 22ha

waterfront precinct located on the

southern shoreline of Sydney Har-

bour, is also on the western edge

of the central business district. The

government of New South Wales es-

tablished the Barangaroo Delivery

Authority under the Barangaroo De-

livery Authority Act 2009 to manage

the development of the area, divid-

ing Barangaroo into three: Baranga-

roo South, Barangaroo Central and

Barangaroo Reserve. In December

2009, Lendlease was selected as the

developer for the Barangaroo South

project, a 7.5ha site that is to be re-

developed into a financial and re-

tail district.

The opulence of One BarangarooOne Barangaroo, Crown Residences

is located just 30m from the shore-

line. Each apartment at the devel-

opment boasts floor-to-ceiling win-

dows and dual-aspect views. From

the northeastern side of the build-

ing, residents will get views of the

Sydney Opera House, while the Syd-

ney Harbour Bridge and the ocean

are to the east. From the northern

side, the view of Sydney Harbour;

the Blue Mountains and the Darling

Harbour are to the west and south

respectively.

The design of the tower takes its

inspiration from nature, and the build-

ing’s elegant, curved geometry pro-

vides a contrast to the many rectan-

gular-shaped structures in the area.

The glazed exterior of the building

reflects its surroundings, allowing its

appearance to change throughout the

day. The landscape architect for the

project is St Legere.

The layouts of the residences are

by Meyer Davis Studio, a New York

City-based design boutique that spe-

cialises in residential environments.

Each residence features a bespoke de-

signed ethanol-burning fireplace to

provide a central focal point. Access

to the residences is via three high-

speed, destination-controlled lifts,

ensuring minimum waiting time and

complete security.

CONTINUES NEXT PAGE

One Barangaroo, Crown Residences isCrown Resorts’ first luxury residence

One Barangaroo, Crown Residences is designed by award-winning British architectural firm Wilkinson Eyre

Van Tuil: Living in One Barangaroo, Crown Residences is like living in a six-star Crown hotel

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

PICTURES: WORDSEARCH & ONE BARANGAROO CROWN RESIDENCES SYDNEY

The living area of a duplex penthouse at One Barangaroo, Crown Residences boasts floor-to-ceiling windows One Barangaroo, Crown Residences will be serviced by the six-star, 349-key Crown Sydney Hotel Resort

OFFSHORE

Crown Resorts makes first foray into luxury residences

EP10 • EDGEPROP | JUNE 11, 2018

Vast majority of buyers expected to be owner-occupiers

Residents will have access to ser-

vices such as room service and prior-

ity restaurant bookings, provided by

Crown’s highly trained staff. There is

a separate residence entrance apart

from the main hotel entrance.

Crown Resorts set up Crown Col-

lege in Australia to ensure control

over service standards. “Living in

Crown Residences is like living in a

Crown six-star hotel,” says Knight

Frank’s van Tuil.

Australia’s property marketThe increase in Sydney’s wealthy

population, combined with a grow-

ing foreign influx of private wealth,

has generated strong interest in One

Barangaroo, Crown Residences.

Globally, Sydney is ninth in the

luxury residential market perfor-

mance rankings, with an annu-

al growth of 10.7%. According to

Knight Frank’s 12th edition of The

Wealth Report, demand for prime

and super-prime properties in Syd-

ney remains strong, owing to the

limited supply of prime residential

stock and a significant growth in

the number of high-net-worth and

ultra-high-net-worth individuals

(HNWIs and UHNWIs).

Van Tuil echoes the same senti-

ment. “We haven’t seen any prime

or super-prime buildings, so One Ba-

rangaroo, Crown Residences is defi-

nitely the first of its kind in Australia.”

Last July, the stamp duty sur-

charge for foreign buyers of proper-

ties in New South Wales was raised

from 4% of the sale price to 8%. This

is higher than the 7% surcharge in

Victoria and the 3% duty in Queens-

land. However, van Tuil notes that

there has not been any indication

that the change in stamp duty has

affected the sale of units at One Ba-

rangaroo, Crown Residences. “When

looking at the stamp duty in Sydney,

and comparing it globally, it isn’t at

a prohibitive level to deter entry to

the Sydney prime market.”

According to Knight Frank’s Wealth

Report 2017, Sydney attracted 4,000

HNWIs who have a net worth of over

US$1 million ($1.3 million), exclud-

ing their primary residence, to the

city in 2016 — the highest net inflow

of any global city. Knight Frank esti-

mates that Australia’s ultra-wealthy

population increased by 9% in 2017

and is expected to grow by 37% in

the next five years.

In addition, Australia is the third

most-preferred global destination for

the world’s UHNWIs to emigrate to,

behind the UK and the US, accord-

ing to Knight Frank’s annual Atti-

tudes Survey. This group has a net

worth of over US$30 million, exclud-

ing their primary residences.

A vast majority of buyers at One

Barangaroo, Crown Residences are

likely to live in their residences, with

very few renting out their units. “If a

purchaser is considering letting out

a unit at One Barangaroo, we would

anticipate there would be demand

from C-suite executives relocating

to Sydney for short-term business

reasons,” says van Tuil.

Demand for branded residencesThere has been renewed interest in

the branded residence sector, which

made its appearance in the 1980s, and

Australia is late in the game. “This

is something that’s been around for

some time, but we’ve just not seen

it in Australia. People in Australia

have been able to access this sort

of living elsewhere,” says van Tuil.

Despite this, she believes Crown Re-

sorts’ entry to the sector with One

Barangaroo, Crown Residences is

timely, given Sydney’s escalating

prime residential growth.

Even before the official launch of

One Barangaroo, Crown Residences

in Sydney on May 10, Knight Frank

had already finalised a number of

contracts with buyers who were

keen to secure residences at the de-

velopment. The launch, which was

attended by 150 guests, saw a high

level of enquiries and sales, owing

to the unique prospect of living in a

six-star hotel-serviced residence. Buy-

ers were mainly Australian downsiz-

ers, including Australian expatriates.

Some of the Australian buyers have

businesses abroad and only live in

the country for a small part of the

year. There was a mix of Asian-Aus-

tralian and European-Australian buy-

ers as well.

Apart from the positive response

from Sydneysiders for the limited res-

idential units, there have also been

enquiries from potential Singapo-

rean buyers. Knight Frank is pur-

suing those relationships, and will

be in Singapore again to speak to

potential buyers, according to van

Tuil. “There are only 82 residences.

If you don’t get them quick, [they

will be gone], for we can’t see this

rare opportunity happening again

in Sydney,” she says.

FROM PREVIOUS PAGE

One Barangaroo, Crown Residences is located just 30m from the shoreline

The six-star spa within the development will be shared by residents and hotel guests

PICTURES: WORDSEARCH & ONE BARANGAROO CROWN RESIDENCES SYDNEY

INDUSTRY WATCH

OFFSHORE

E

therefore confident of the strategic value of

our Japanese real estate portfolio.”

Thakral also sees the office, hotel and

retail sectors in Osaka benefiting from the

tourism boom in Japan, as Tokyo will be

hosting the 2020 Olympic and Paralym-

pic Games.

Thakral Corp has had a presence in Osa-

ka since 1936, he says. His grandfather was

a textile merchant who plied his trade be-

tween Japan and Thailand. The Osaka office

closed in 1939 during World War II and reo-

pened in 1951. “My cousin was born there,

and he used to speak fluent Japanese,” he

says. “Now my nephew is based there, and

he speaks like a local.”

Thakral was based in Japan for four

years, handling the family’s textile busi-

ness, before moving to Hong Kong, where

he ventured into consumer electronics. Since

then, the company has morphed into a di-

versified conglomerate with investments in

the property, beauty and lifestyle segments.

Australian investmentsSince August 2015, Thakral Corp’s proper-

ty investments in Australia have expanded

to include retirement resorts. Last month,

the company and its subsidiaries acquired

a new property at Maroochydore, Queen-

stown, making it the fifth resort-style re-

tirement housing project branded GemLife.

GemLife Maroochydore will have 247

homes sitting on an 18.9ha (over two mil-

lion sq ft) site when completed. Develop-

ment approval was received in April, and

construction is expected to take place in

3Q2018. Thakral Corp and its Australian

joint-venture partner have committed to

invest A$12 million ($12.26 million) in the

development of the GemLife Maroochy-

dore project. This latest project will boost

Gemlife’s portfolio to more than 1,200 re-

tirement homes.

In Australia, Thakral Corp’s other in-

vestment properties include Fortitude Val-

ley, a mixed-use development in Brisbane

that was completed in 3Q2017; a premium

residential project called Grange Residenc-

es that is also in Brisbane and that was sold

out within eight weeks of its launch; and

Newstead Series, a luxury residential pro-

ject in Brisbane that is 90% sold and sched-

uled for completion soon.

Even though Thakral Corp has been list-

ed in Singapore since 1995 and its head of-

fice is here, the whole management team is

overseas. The family still maintains a home

on a sprawling site of close to 50,000 sq ft

on Meyer Road in prime District 15, and it

is where Thakral lives when he visits Sin-

gapore at least once every quarter.

Thakral has spent four years in Japan,

another 21 years in Hong Kong and the last

13 years in China, where he is now based

in Shanghai. “I never really grew up in Sin-

gapore except for the first two years after

I was born and during my National Ser-

vice,” he says.

Perhaps he will visit the country more of-

ten now that “the Singapore property mar-

ket is looking good”.

Thakral’s Aussie investments have expanded to retirement resorts

FROM PAGE EP8

E

THAKRAL CORP

Newstead Series, a luxury residential project in Brisbane that is 90% sold and scheduled for completion soon

GAINS AND LOSSES

EDGEPROP | JUNE 11, 2018 • EP11

Three-bedroom unit at Regency Park sold for $3.15 mil profit

Top 10 gains and losses from May 22 to 29

URA, EDGEPROP

Most profi table deals

Note: Computed based on URA caveat data as at June 6 for private non-landed houses transacted between May 22 and 29. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.

Non-profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Th e Holland Collection 10 3,261 May 25 1,386 April 21, 2010 1,824 1,428,900 24 3.0 8.1

2 Refl ections at Keppel Bay 4 1,195 May 23 1,472 Feb 17, 2010 1,681 248,900 12 2.0 8.3

3 Paterson Residence 9 710 May 25 2,154 Dec 13, 2010 2,463 220,000 13 2.0 7.5

4 R Maison 13 936 May 25 1,335 April 29, 2013 1,423 82,340 6 1.0 5.1

5 Ventura View 15 441 May 23 1,201 Nov 21, 2011 1,360 70,000 12 2.0 6.5

6 Ascentia Sky 3 1,012 May 24 1,493 May 9, 2011 1,527 34,300 2 0.3 7.0

7 Parc Elegance 15 1,023 May 25 929 July 26, 2012 1,035 30,000 3 1.0 5.8

8 Alexis 3 388 May 22 1,750 April 20, 2012 1,806 22,000 3 1.0 6.1

9 East Elegance 15 753 May 24 1,168 Dec 26, 2012 1,194 20,000 2 0.4 5.4

10 Echelon 3 1,001 May 25 1,688 Jan 25, 2013 1,706 18,224 1 0.2 5.3

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 Regency Park 10 3,175 May 24 1,764 July 15, 2003 772 3,150,000 129 6 14.9

2 Lloyd SixtyFive 9 1,722 May 23 3,301 Jan 29, 2013 2,150 1,959,050 53 8 5.3

3 City Square Residences 8 1,518 May 22 1,502 May 10, 2005 525 1,482,720 186 8 13.0

4 Th omson Euro-Asia 11 1,292 May 24 2,013 Sept 19, 2001 881 1,462,000 128 5 16.7

5 Residences @ Evelyn 11 2,250 May 28 1,800 Nov 22, 2006 1,201 1,360,720 51 4 11.5

6 Th e Light @ Cairnhill 9 1,561 May 25 2,210 June 27, 2005 1,398 1,268,000 58 4 12.9

7 Th e Sail @ Marina Bay 1 1,593 May 22 1,776 Dec 28, 2004 1,002 1,233,760 77 4 13.4

8 Costa Rhu 15 2,056 May 25 1,386 May 30, 2009 794 1,216,667 74 6 9.0

9 Quinterra 10 1,679 May 28 1,280 Feb 23, 2007 651 1,056,200 97 6 11.3

10 Quinterra 10 1,787 May 28 1,259 Jan 23, 2007 729 947,000 73 5 11.4

| BY TIMOTHY TAY |

The sale of a 3,175 sq ft,

three-bedroom unit at Re-

gency Park on Nathan Road

on May 24 was the most prof-

itable transaction recorded in

the week of May 22 to 29. The 12th-

floor unit changed hands for $5.6 mil-

lion ($1,764 psf). The buyer there-

fore registered a $3.15 million gain as

he had purchased the unit for $2.45

million ($722 psf) in 2003.

This is considered the most prof-

itable transaction at the 292-unit Re-

gency Park in prime District 10 so far

this year, according to the matching

of URA caveats.

Profits for units sold at the free-

hold condominium so far have ranged

from $70,000 to $3.15 million over

the past three years, based on ca-

veats lodged. Only one unit regis-

tered a slight loss when it was sold

last September. It was a four-bed-

room unit on the 15th floor of one

of the towers that changed hands for

$6.35 million ($1,740 psf). The sell-

er bought the unit for $6.88 million

($1,885 psf) in 2012.

The sale of a 1,722 sq ft unit

at Lloyd SixtyFive was the sec-

ond-most-profitable transaction dur-

ing the week in review. The owner of

the two-bedroom unit made a $1.96

million profit (53%) when it was sold

on May 23. The unit was purchased

from the developer for $3.73 million

($2,150 psf) in 2013.

So far, there have been seven resale

transactions at the development, and

units have been changing hands at

an average price of $2,814 psf. Lloyd

SixtyFive was launched for sale in

October 2012 at an average price of

$2,150 psf. The 76-unit freehold de-

velopment on Lloyd Road in prime

District 9 was completed in 2016.

The third-most-profitable trans-

action during the week was the sale

of a 1,518 sq ft unit at City Square

Residences on Kitchener Link. The

seller sold the eighth-floor, three-bed-

room unit for $2.28 million ($1,502

psf) on May 22. This was 2.8 times

the price ($797,280) paid by the pre-

vious owner in 2005.

Profits at the freehold, 910-unit de-

velopment have ranged from $1,000

to $1.66 million, with the most prof-

The sale of a 3,175 sq ft unit at Regency Park has been the most profitable transaction at the condominium so far this year

THE EDGE SINGAPORE

itable transaction being the sale of

another 1,518 sq ft, three-bedroom

unit on the 21st floor. The seller sold

the unit for $2.48 million ($1,634 psf)

in 2013 — three times what he paid

in 2005, when he purchased the unit

at launch for $824,560 ($543 psf).

The largest loss recorded dur-

ing the week in review was for the

sale of a 3,261 sq ft unit at The Hol-

land Collection. The seller incurred

a $1.43 million (24%) loss when the

unit changed hands for $4.52 mil-

lion ($1,386 psf) on May 25. The

unit was purchased from the devel-

oper for $5.95 million ($1,824 psf)

in 2010. This was the second resale

transaction at the 26-unit freehold

development, which was complet-

ed in 2011.

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

A unit at Holland Collection recently changed hands for $4.52 million, which was $1.43 million below the purchase price of $5.95 million in 2010 E

EP12 • EDGEPROP | JUNE 11, 2018

Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8

Orchard/Tanglin/Holland 9 and 10

Newton/Bukit Timah/Clementi 11 and 21

Balestier/MacPherson/Geylang 12 to 14

East Coast 15 and 16

Changi/Pasir Ris 17 and 18

Serangoon/Thomson 19 and 20

West 22 to 24

North 25 to 28

District 1 MARINA ONE RESIDENCES Apartment 99 years May 24, 2018 2,045 5,310,000 - 2,596 2017 New SaleTHE SAIL @ MARINA BAY Apartment 99 years May 22, 2018 1,593 2,830,000 - 1,776 2008 ResaleDistrict 2 LUMIERE Apartment 99 years May 24, 2018 678 1,150,000 - 1,696 2010 ResaleDistrict 3 ALEXIS Apartment Freehold May 22, 2018 388 678,000 - 1,750 2012 ResaleARTRA Apartment 99 years May 23, 2018 1,410 2,290,400 - 1,624 Uncompleted New SaleARTRA Apartment 99 years May 23, 2018 1,227 2,159,700 - 1,760 Uncompleted New SaleARTRA Apartment 99 years May 23, 2018 829 1,661,300 - 2,004 Uncompleted New SaleARTRA Apartment 99 years May 24, 2018 829 1,703,800 - 2,056 Uncompleted New SaleARTRA Apartment 99 years May 24, 2018 829 1,686,700 - 2,035 Uncompleted New SaleARTRA Apartment 99 years May 25, 2018 1,119 1,932,300 - 1,726 Uncompleted New SaleARTRA Apartment 99 years May 26, 2018 829 1,686,700 - 2,035 Uncompleted New SaleASCENTIA SKY Condominium 99 years May 24, 2018 1,012 1,510,500 - 1,493 2013 ResaleECHELON Condominium 99 years May 25, 2018 1,001 1,690,000 - 1,688 2016 ResaleQUEENS Condominium 99 years May 23, 2018 1,184 1,480,000 - 1,250 2002 ResaleQUEENS PEAK Condominium 99 years May 26, 2018 936 1,746,000 - 1,864 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 26, 2018 861 1,659,000 - 1,927 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 26, 2018 936 1,739,000 - 1,857 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 27, 2018 1,001 1,885,000 - 1,883 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 27, 2018 1,001 1,870,000 - 1,868 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 27, 2018 840 1,617,660 - 1,927 Uncompleted New SaleREGENCY SUITES Apartment Freehold May 22, 2018 592 1,080,000 - 1,824 2008 ResaleTANGLIN VIEW Condominium 99 years May 23, 2018 1,163 1,550,000 - 1,333 2001 ResaleDistrict 4 PARADISE ISLAND Detached 99 years May 28, 2018 8,170 12,000,000 - 1,469 2009 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years May 23, 2018 1,195 1,759,000 - 1,472 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years May 23, 2018 990 1,590,000 - 1,606 2011 ResaleSKYLINE RESIDENCES Condominium Freehold May 25, 2018 1,292 2,350,000 - 1,819 2015 Resale

THE INTERLACE Condominium 99 years May 23, 2018 1,593 2,230,000 - 1,400 2013 ResaleDistrict 5 BIJOU Apartment Freehold May 23, 2018 570 1,119,000 - 1,961 Uncompleted New SaleCLEMENTIWOODS CONDOMINIUM Condominium 99 years May 23, 2018 1,625 1,758,000 - 1,082 2010 ResaleDOVER PARKVIEW Condominium 99 years May 24, 2018 936 1,100,000 - 1,175 1997 ResaleHARBOUR VIEW GARDENS Apartment Freehold May 26, 2018 657 1,200,000 - 1,828 Uncompleted New SaleHERITAGE VIEW Condominium 99 years May 24, 2018 1,163 1,400,000 - 1,204 2000 ResaleLANDRIDGE CONDOMINIUM Condominium Freehold May 24, 2018 1,894 2,410,000 - 1,272 1993 ResaleWEST COAST ROAD Terrace 99 years May 22, 2018 2,551 2,650,000 - 1,039 1997 ResaleSEAHILL Condominium 99 years May 23, 2018 495 758,000 - 1,531 2016 ResaleTHE CLEMENT CANOPY Apartment 99 years May 25, 2018 990 1,391,000 - 1,405 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 26, 2018 990 1,399,000 - 1,413 Uncompleted New SaleTHE ORIENT Apartment Freehold May 25, 2018 1,130 1,981,600 - 1,753 2017 ResaleTHE ROCHESTER Apartment 99 years May 22, 2018 1,679 2,200,000 - 1,310 2011 ResaleTHE SORRENTO Condominium Freehold May 22, 2018 710 1,040,000 - 1,464 2015 ResaleTHE STELLAR Condominium Freehold May 25, 2018 1,313 1,560,000 - 1,188 2008 ResaleTHE TRILINQ Condominium 99 years May 25, 2018 1,765 1,888,000 - 1,070 2017 ResaleTHE VERANDAH RESIDENCES Apartment Freehold May 24, 2018 1,195 1,933,000 - 1,618 Uncompleted New SaleTHE VERANDAH RESIDENCES Apartment Freehold May 24, 2018 1,001 1,788,000 - 1,786 Uncompleted New SaleTHE VERANDAH RESIDENCES Apartment Freehold May 27, 2018 904 1,695,000 - 1,875 Uncompleted New SaleTHE VISION Condominium 99 years May 22, 2018 1,313 1,670,000 - 1,272 2014 ResaleTHE VISION Condominium 99 years May 28, 2018 1,302 1,615,000 - 1,240 2014 ResaleTWIN VEW Apartment 99 years May 25, 2018 1,055 1,366,000 - 1,295 Uncompleted New SaleTWIN VEW Apartment 99 years May 26, 2018 1,378 1,887,000 - 1,370 Uncompleted New SaleTWIN VEW Apartment 99 years May 26, 2018 1,378 2,001,000 - 1,452 Uncompleted New SaleVIVA VISTA Apartment Freehold May 28, 2018 398 630,000 - 1,582 2014 ResaleWEST BAY CONDOMINIUM Condominium 99 years May 22, 2018 1,345 1,050,000 - 780 1993 ResaleWESTCOVE CONDOMINIUM Condominium 99 years May 22, 2018 1,302 1,030,000 - 791 1998 ResaleWESTCOVE CONDOMINIUM Condominium 99 years May 28, 2018 1,130 1,000,000 - 885 1998 ResaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years May 25, 2018 840 1,386,000 - 1,651 2014 ResaleDistrict 8 70@TRURO Apartment Freehold May 22, 2018 495 919,908 - 1,858 Uncompleted New SaleCITY SQUARE RESIDENCES Condominium Freehold May 22, 2018 1,518 2,280,000 - 1,502 2008 ResaleCLYDES RESIDENCE Apartment Freehold May 23, 2018 1,119 1,260,000 - 1,126 2005 ResaleOXFORD SUITES Apartment Freehold May 24, 2018 893 1,180,000 - 1,321 2010 ResaleDistrict 9 8 @ MOUNT SOPHIA Condominium 103 years May 22, 2018 861 1,265,000 - 1,469 2007 ResaleESPADA Apartment Freehold May 24, 2018 1,012 1,960,000 - 1,937 2013 ResaleHILLTOPS Condominium Freehold May 23, 2018 1,335 4,200,000 - 3,147 2011 ResaleLLOYD SIXTYFIVE Apartment Freehold May 23, 2018 1,722 5,685,000 - 3,301 2016 ResaleLUMA Apartment Freehold May 28, 2018 904 1,670,000 - 1,847 2011 ResaleMARTIN MODERN Condominium 99 years May 25, 2018 1,087 3,097,000 - 2,849 Uncompleted New SaleNEW FUTURA Condominium Freehold May 23, 2018 2,691 9,040,000 - 3,359 2017 ResaleNEW FUTURA Condominium Freehold May 23, 2018 2,691 9,216,000 - 3,425 2017 ResaleNEW FUTURA Condominium Freehold May 23, 2018 2,250 8,470,000 - 3,765 2017 ResaleNEW FUTURA Condominium Freehold May 24, 2018 2,691 9,304,000 - 3,457 2017 ResaleNEW FUTURA Condominium Freehold May 25, 2018 2,691 10,150,400 - 3,772 2017 ResaleNEW FUTURA Condominium Freehold May 25, 2018 2,691 9,175,800 - 3,410 2017 ResaleNEW FUTURA Condominium Freehold May 25, 2018 2,250 8,624,000 - 3,833 2017 ResaleNEW FUTURA Condominium Freehold May 25, 2018 2,250 8,537,000 - 3,795 2017 ResaleORCHARD TOWERS Apartment Freehold May 23, 2018 1,970 2,600,000 - 1,320 1975 ResalePATERSON RESIDENCE Condominium Freehold May 25, 2018 710 1,530,000 - 2,154 2008 ResaleTHE LIGHT @ CAIRNHILL Condominium Freehold May 25, 2018 1,561 3,450,000 - 2,210 2004 ResaleDistrict 10 BELLERIVE Apartment Freehold May 28, 2018 1,679 3,030,000 - 1,804 2011 ResaleBOTANIC GARDENS MANSION Apartment Freehold May 23, 2018 1,399 2,650,000 - 1,894 Unknown ResaleBOTANIC GARDENS VIEW Apartment Freehold May 22, 2018 1,410 3,000,000 - 2,128 Unknown ResaleCUSCADEN RESIDENCES Condominium Freehold May 23, 2018 1,453 3,300,000 - 2,271 2002 ResaleD’LEEDON Condominium 99 years May 25, 2018 635 1,150,000 - 1,811 2014 ResaleDUCHESS RESIDENCES Condominium 999 years May 24, 2018 1,464 2,770,000 - 1,892 2011 Resale

DONE DEALS

Residential transactions with contracts dated May 22 to 29

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

| BY BONG XIN YING |

Four detached houses commanded the

highest prices among properties trans-

acted in the week of May 22 to 29, ac-

cording to caveats lodged with URA.

A Good Class Bungalow (GCB) on

Swettenham Road was sold for $23.8 mil-

lion ($1,571 psf) on May 28. A source says

the 15,144 sq ft property belonged to Jean

Yip, founder and chairman of beauty empire

Jean Yip Group.

The latest sale takes the total number of

transactions for the GCB on Swettenham Road

to four over a span of 14 years. When it was

first put on the market in 2004, it went for $4.64

million ($306 psf). The property market was

in the doldrums then and the buyer was said

to be Raymond Ng, executive chairman of En-

viro-Hub Holdings. Ng redeveloped the prop-

erty and made it his home before selling it for

$17 million ($1,122 psf) in February 2010. The

house changed hands just four months later

for $17.5 million ($1,155 psf), according to a

caveat lodged in June 2010.

The latest transacted price of $23.8 mil-

lion is “reasonable”, considering that Swet-

tenham Road is one of the top three most-cov-

eted GCB areas, says William Wong, founder

and managing director of RealStar Premier

Group. “The property has a nice house num-

ber too,” he notes.

Demand for bungalows going strong

Also located in District 10 is an 8,126 sq

ft freehold bungalow on Woollerton Drive

that was sold for $14.8 million ($1,818 psf),

according to a caveat lodged on May 23. The

property is located on a quiet road and near

the Singapore Botanic Gardens. It is also near

the Farrer Road MRT station on the Circle

Line and is just a short distance from Hol-

land Village.

Meanwhile, at Paradise Island in Sentosa

Cove, a six-bedroom bungalow on a 99-year

leasehold site of 8,169 sq ft changed hands for

$12 million ($1,469 psf). This is the second

transaction at Paradise Island this year. The

last one was in April, when another six-bed-

room bungalow, on a slightly bigger site of

8,633 sq ft, was sold for $11.2 million ($1,297

psf). Paradise Island is a reclaimed islet with

29 bungalows developed by Ho Bee Land and

completed in 2009.

Over at prime District 11, a bungalow along

Dunearn Close changed hands for $11.8 mil-

lion ($837 psf). The three-storey detached

house sits on a freehold land site of 14,089 sq

ft in the Chee Hoon Avenue GCB area. It was

a mortgagee sale and was last put up for auc-

tion by Edmund Tie & Co in January this year.

The opening price then was $13.8 million, but

it was subsequently withdrawn as there were

no bids. The last time the house on Dunearn

Close was sold was in September 2008, when

it fetched $8.28 million ($588 psf).

K H Tan, managing director of Newsman

Realty, says GCB deals in recent months have

picked up, as there has been an influx of new

citizens and strong demand from local high-

net-worth individuals for “super-prime GCBs”.

RealStar’s Wong is of the same opinion.

He says the Nassim Road, Dalvey Estate,

Cluny Park and Tanglin areas are the most

sought after, owing to their proximity to the

Singapore Botanic Gardens. Wong also at-

tributes part of the increase in demand for

GCBs to the wealth creation stemming from

the rise in collective sales of condominiums

in prime districts.

This GCB on Swettenham Road changed hands for $23.8 million ($1,571 psf) last month

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

E

EDGEPROP | JUNE 11, 2018 • EP13

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

GLENTREES Condominium 999 years May 25, 2018 1,345 1,800,000 - 1,338 2005 ResaleHOLLAND GROVE Semi-Detached 99 years May 24, 2018 2,164 2,850,000 - 1,316 1997 ResaleMUTIARA VIEW Apartment Freehold May 24, 2018 1,216 1,880,000 - 1,546 2000 ResaleWOOLLERTON DRIVE Detached Freehold May 23, 2018 8,127 14,773,000 - 1,818 Unknown ResaleSWETTENHAM ROAD Detached Freehold May 28, 2018 15,145 23,800,000 - 1,571 Unknown ResaleNATHAN RESIDENCES Apartment Freehold May 22, 2018 775 1,500,000 - 1,935 2013 ResaleNATHAN RESIDENCES Apartment Freehold May 25, 2018 592 1,120,000 - 1,892 2013 ResaleQUINTERRA Apartment 99 years May 28, 2018 1,679 2,150,000 - 1,280 2009 ResaleQUINTERRA Apartment 99 years May 28, 2018 1,787 2,250,000 - 1,259 2009 ResaleREGENCY PARK Condominium Freehold May 24, 2018 3,175 5,600,000 - 1,764 1987 ResaleTHE HOLLAND COLLECTION Apartment Freehold May 25, 2018 3,261 4,520,000 - 1,386 2011 ResaleTHE NASSIM Condominium Freehold May 25, 2018 1,927 7,077,100 - 3,673 2015 ResaleTOMLINSON HEIGHTS Condominium Freehold May 24, 2018 4,047 11,500,000 - 2,841 2014 ResaleDistrict 11 368 THOMSON Condominium Freehold May 25, 2018 1,302 2,080,000 - 1,597 2014 ResaleLINCOLN SUITES Condominium Freehold May 24, 2018 1,076 2,215,000 - 2,058 2014 ResaleMEDGE Apartment Freehold May 22, 2018 463 738,000 - 1,594 2007 ResaleMULBERRY TREE Apartment Freehold May 25, 2018 667 1,100,000 - 1,648 2010 ResaleGOLDHILL DRIVE Terrace Freehold May 24, 2018 2,756 5,500,000 - 1,998 1970 ResaleDUNEARN CLOSE Detached Freehold May 28, 2018 14,090 11,800,000 - 837 1999 ResalePARK INFINIA AT WEE NAM Condominium Freehold May 22, 2018 969 2,120,000 - 2,188 2008 ResaleRESIDENCES @ EVELYN Condominium Freehold May 28, 2018 2,250 4,050,000 - 1,800 2007 ResaleSOLEIL @ SINARAN Condominium 99 years May 22, 2018 1,098 2,030,000 - 1,849 2011 ResaleTHE AXIS Apartment Freehold May 23, 2018 818 1,120,000 - 1,369 2009 ResaleTHE LINC Apartment Freehold May 22, 2018 1,281 2,220,000 - 1,733 2006 ResaleTHE THOMSON DUPLEX Apartment Freehold May 23, 2018 2,131 2,950,000 - 1,384 2010 ResaleTHE TREVOSE Condominium 99 years May 22, 2018 2,314 2,150,000 - 929 2001 ResaleTHOMSON EURO-ASIA Condominium Freehold May 24, 2018 1,292 2,600,000 - 2,013 2002 ResaleVILLA CHANCERITA Apartment Freehold May 23, 2018 1,776 2,470,000 - 1,391 1992 ResaleDistrict 12 AIRSTREAM Apartment Freehold May 25, 2018 474 630,000 - 1,330 2012 ResaleKALLANG RIVERSIDE Apartment Freehold May 22, 2018 1,432 3,087,924 - 2,157 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold May 26, 2018 1,432 3,170,092 - 2,214 Uncompleted New SaleJALAN TAMAN Terrace Freehold May 22, 2018 2,939 3,000,000 - 1,020 Unknown ResaleJALAN SEMERBAK Terrace Freehold May 23, 2018 1,582 2,000,000 - 1,265 Unknown ResaleTHE RIVERINE BY THE PARK Apartment Freehold May 25, 2018 1,302 2,200,000 - 1,689 2010 ResaleDistrict 13 R MAISON Apartment Freehold May 25, 2018 936 1,250,000 - 1,335 2016 ResaleSANT RITZ Condominium 99 years May 24, 2018 657 1,050,000 - 1,599 2016 ResaleTHE VENUE RESIDENCES Apartment 99 years May 22, 2018 1,163 1,700,400 - 1,463 2017 ResaleDistrict 14 DAKOTA RESIDENCES Condominium 99 years May 25, 2018 1,313 1,710,000 - 1,302 2010 ResaleEDENZ SUITES Apartment Freehold May 25, 2018 441 570,000 - 1,292 2015 ResaleESCADA VIEW Condominium Freehold May 23, 2018 753 750,000 - 995 1997 ResaleEUHABITAT Condominium 99 years May 24, 2018 614 760,000 - 1,239 2015 ResaleKIMNAN PARK Terrace Freehold May 24, 2018 2,077 2,908,000 - 1,399 1983 ResaleLE CRESCENDO Condominium Freehold May 23, 2018 915 1,100,000 - 1,202 2006 ResaleNICOLE GREEN Apartment Freehold May 22, 2018 926 1,080,000 - 1,167 2002 ResalePARK PLACE RESIDENCES AT PLQ Apartment 99 years May 25, 2018 1,163 2,020,000 - 1,738 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years May 25, 2018 1,163 2,035,000 - 1,751 Uncompleted New SaleREZI 35 Apartment Freehold May 24, 2018 797 1,263,000 - 1,586 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 25, 2018 1,324 1,919,700 - 1,450 2017 New SaleTHE NAVIAN Apartment Freehold May 26, 2018 904 1,465,000 - 1,620 Uncompleted New SaleTHE NAVIAN Apartment Freehold May 27, 2018 904 1,457,000 - 1,611 Uncompleted New SaleWATERBANK AT DAKOTA Condominium 99 years May 25, 2018 1,141 1,700,000 - 1,490 2013 ResaleWING FONG COURT Apartment Freehold May 24, 2018 1,044 808,000 - 774 1997 ResaleDistrict 15 AMBER 45 Apartment Freehold May 22, 2018 614 1,513,000 - 2,466 Uncompleted New SaleAMBER 45 Apartment Freehold May 23, 2018 614 1,443,000 - 2,352 Uncompleted New SaleAMBER 45 Apartment Freehold May 25, 2018 1,184 2,945,000 - 2,487 Uncompleted New SaleAMBER 45 Apartment Freehold May 26, 2018 1,593 3,721,000 - 2,336 Uncompleted New SaleAMBER 45 Apartment Freehold May 27, 2018 1,345 2,899,000 - 2,155 Uncompleted New SaleBELLA CASITA Apartment Freehold May 24, 2018 463 710,000 - 1,534 2012 ResaleBELLA CASITA Apartment Freehold May 28, 2018 517 730,000 - 1,413 2012 ResaleCAYMAN RESIDENCES Semi-Detached Freehold May 27, 2018 2,336 6,100,000 - 2,612 Uncompleted New SaleCAYMAN RESIDENCES Semi-Detached Freehold May 27, 2018 3,014 6,400,000 - 2,123 Uncompleted New SaleCAYMAN RESIDENCES Terrace Freehold May 27, 2018 2,788 5,900,000 - 2,116 Uncompleted New SaleCAYMAN RESIDENCES Terrace Freehold May 27, 2018 1,647 4,400,000 - 2,672 Uncompleted New SaleCAYMAN RESIDENCES Terrace Freehold May 27, 2018 1,647 4,380,000 - 2,660 Uncompleted New SaleCORALIS Condominium Freehold May 22, 2018 3,089 4,500,000 - 1,457 2013 ResaleCOSTA RHU Condominium 99 years May 25, 2018 2,056 2,850,000 - 1,386 1997 ResaleEAST ELEGANCE Apartment Freehold May 24, 2018 753 880,000 - 1,168 2007 ResaleFLAMINGO VALLEY Condominium Freehold May 22, 2018 1,206 1,800,000 - 1,493 2014 ResaleLORONG N TELOK KURAU Terrace Freehold May 28, 2018 4,090 4,400,000 - 1,076 1988 ResalePARC ELEGANCE Apartment Freehold May 25, 2018 1,023 950,000 - 929 2013 ResaleSTILLZ RESIDENCE Apartment Freehold May 25, 2018 980 1,110,000 - 1,133 2011 ResaleTHE SEAFRONT ON MEYER Condominium Freehold May 22, 2018 1,066 1,930,000 - 1,811 2010 ResaleTHE SEAFRONT ON MEYER Condominium Freehold May 23, 2018 2,293 4,200,000 - 1,832 2010 ResaleTHE SHORE RESIDENCES Condominium 103 years May 24, 2018 893 1,600,000 - 1,791 2014 ResaleVENTURA VIEW Apartment Freehold May 23, 2018 441 530,000 - 1,201 2012 ResaleVIBES @ EAST COAST Apartment Freehold May 22, 2018 388 580,000 - 1,497 2014 ResaleVIBES @ EAST COAST Apartment Freehold May 22, 2018 420 620,000 - 1,477 2014 ResaleVILLA MARTIA Condominium Freehold May 23, 2018 1,281 1,680,000 - 1,312 2000 ResaleVILLAS LA VUE Detached Freehold May 22, 2018 4,069 3,050,000 - 750 2010 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years May 22, 2018 1,098 910,000 - 829 2000 ResaleARCHIPELAGO Condominium 99 years May 24, 2018 1,399 1,700,000 - 1,215 2015 ResaleBAYSHORE PARK Condominium 99 years May 24, 2018 936 1,008,000 - 1,076 1986 ResaleBAYSHORE PARK Condominium 99 years May 25, 2018 936 1,000,000 - 1,068 1986 ResaleCASA MERAH Apartment 99 years May 25, 2018 1,227 1,500,000 - 1,222 2009 ResaleCASAFINA Condominium 99 years May 23, 2018 1,313 1,210,000 - 921 1999 ResaleCASAFINA Condominium 99 years May 24, 2018 1,281 1,230,000 - 960 1999 ResaleCHANGI GREEN Condominium Freehold May 28, 2018 1,001 1,050,000 - 1,049 1998 ResaleKEW GREEN Condominium 99 years May 25, 2018 3,025 1,900,000 - 628 1997 ResaleKEW VALE Semi-Detached 99 years May 23, 2018 2,777 2,250,000 - 810 1996 ResaleLUCKY HILL Terrace 999 years May 25, 2018 1,701 2,460,000 - 1,451 Unknown ResaleUPPER EAST COAST ROAD Semi-Detached Freehold May 22, 2018 4,596 3,700,000 - 804 1986 ResaleEASTWOOD WALK Terrace 99 years May 24, 2018 1,938 2,080,000 - 1,075 1997 ResalePARBURY AVENUE Terrace Freehold May 25, 2018 3,261 3,100,000 - 950 1996 ResaleTHE BAYSHORE Condominium 99 years May 23, 2018 1,184 1,180,000 - 997 1996 ResaleWATERFRONT GOLD Condominium 99 years May 22, 2018 1,227 1,520,000 - 1,239 2014 ResaleDistrict 17 CARISSA PARK CONDOMINIUM Condominium Freehold May 24, 2018 1,302 1,110,000 - 852 2001 ResaleEDELWEISS PARK CONDOMINIUM Condominium Freehold May 28, 2018 2,691 1,635,000 - 608 2006 ResaleLOYANG VILLAS Terrace 99 years May 24, 2018 1,615 1,488,888 - 922 1996 ResalePARC OLYMPIA Condominium 99 years May 22, 2018 797 762,000 - 957 2015 ResaleDistrict 18 BELYSA EC 99 years May 23, 2018 1,421 1,120,000 - 788 2014 ResaleCHANGI RISE CONDOMINIUM Condominium 99 years May 23, 2018 1,496 1,200,000 - 802 2004 ResaleCHANGI RISE CONDOMINIUM Condominium 99 years May 23, 2018 1,130 920,000 - 814 2004 ResaleDOUBLE BAY RESIDENCES Condominium 99 years May 25, 2018 936 1,018,000 - 1,087 2012 ResaleOASIS @ ELIAS Condominium 99 years May 22, 2018 1,507 940,000 - 624 2011 ResaleQ BAY RESIDENCES Condominium 99 years May 23, 2018 517 667,000 - 1,291 2016 ResaleQ BAY RESIDENCES Condominium 99 years May 25, 2018 797 900,000 - 1,130 2016 ResaleSAVANNAH CONDOPARK Condominium 99 years May 23, 2018 990 828,888 - 837 2005 ResaleSEA ESTA Condominium 99 years May 25, 2018 1,098 1,200,000 - 1,093 2015 Resale

THE ALPS RESIDENCES Condominium 99 years May 25, 2018 936 1,109,000 - 1,184 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 25, 2018 527 641,750 - 1,217 2017 New SaleTHE TAPESTRY Condominium 99 years May 22, 2018 441 643,950 - 1,459 Uncompleted New SaleTHE TAPESTRY Condominium 99 years May 23, 2018 689 953,600 - 1,384 Uncompleted New SaleTHE TAPESTRY Condominium 99 years May 23, 2018 474 690,440 - 1,458 Uncompleted New SaleTHE TAPESTRY Condominium 99 years May 24, 2018 990 1,256,800 - 1,269 Uncompleted New SaleTHE TAPESTRY Condominium 99 years May 24, 2018 990 1,281,420 - 1,294 Uncompleted New SaleTHE TAPESTRY Condominium 99 years May 26, 2018 603 840,000 - 1,394 Uncompleted New SaleTHE TAPESTRY Condominium 99 years May 27, 2018 603 805,600 - 1,336 Uncompleted New SaleWATERVIEW Condominium 99 years May 25, 2018 1,184 1,250,000 - 1,056 2014 ResaleDistrict 19 COMPASS HEIGHTS Apartment 99 years May 25, 2018 1,249 1,108,000 - 887 2002 ResaleGOLDEN HILL ESTATE Terrace Freehold May 24, 2018 1,679 2,600,888 - 1,548 1976 ResaleHILLSIDE MANSIONS Apartment Freehold May 23, 2018 1,195 1,190,000 - 996 1992 ResaleHOUGANG GREEN Apartment 99 years May 24, 2018 1,141 820,000 - 719 1998 ResaleJEWEL @ BUANGKOK Condominium 99 years May 23, 2018 936 1,200,000 - 1,281 2016 ResaleKOVAN MELODY Condominium 99 years May 25, 2018 915 1,070,000 - 1,169 2006 ResaleKOVAN REGENCY Condominium 99 years May 22, 2018 893 1,270,000 - 1,422 2015 ResaleLEGEND @ JANSEN Terrace 999 years May 23, 2018 2,056 1,880,000 - 914 2008 ResaleNAUNG RESIDENCE Apartment 999 years May 24, 2018 904 1,125,000 - 1,244 2015 ResaleOASIS GARDEN Condominium Freehold May 28, 2018 947 1,080,000 - 1,140 2009 ResaleRIVERCOVE RESIDENCES EC 99 years May 22, 2018 1,109 1,097,600 - 990 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 22, 2018 958 979,300 - 1,022 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 23, 2018 958 953,300 - 995 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 23, 2018 1,109 1,086,500 - 980 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 23, 2018 958 988,600 - 1,032 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 23, 2018 958 970,300 - 1,013 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 23, 2018 958 974,800 - 1,018 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 24, 2018 958 939,700 - 981 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 25, 2018 958 984,100 - 1,027 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 26, 2018 958 997,700 - 1,041 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 26, 2018 958 984,100 - 1,027 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 27, 2018 958 961,200 - 1,003 Uncompleted New SaleRIVERSAILS Condominium 99 years May 22, 2018 1,109 1,120,000 - 1,010 2016 ResaleRIVERSAILS Condominium 99 years May 25, 2018 883 925,000 - 1,048 2016 ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 22, 2018 1,841 2,300,000 - 1,250 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 24, 2018 2,702 3,580,000 - 1,326 Unknown ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years May 24, 2018 3,208 3,300,000 - 1,028 Unknown ResaleTHE LUXURIE Condominium 99 years May 24, 2018 883 1,045,000 - 1,184 2015 ResaleWATERTOWN Apartment 99 years May 22, 2018 1,109 1,453,000 - 1,311 2017 Sub SaleWATERTOWN Apartment 99 years May 25, 2018 603 900,000 - 1,493 2017 Sub SaleDistrict 20 CLOVER BY THE PARK Condominium 99 years May 25, 2018 2,196 2,150,000 - 979 2011 ResaleMARYMOUNT VIEW Condominium Freehold May 25, 2018 1,755 2,300,000 - 1,311 1992 ResaleSKY HABITAT Condominium 99 years May 25, 2018 1,195 1,778,500 - 1,489 2015 ResaleTHE GARDENS AT BISHAN Condominium 99 years May 28, 2018 883 883,000 - 1,000 2004 ResaleDistrict 21 CLEMENTI PARK Condominium Freehold May 28, 2018 1,873 1,990,000 - 1,063 1985 ResaleFLORIDIAN Condominium Freehold May 25, 2018 872 1,600,000 - 1,835 2012 ResaleGARDENVISTA Condominium 99 years May 25, 2018 1,109 1,480,000 - 1,335 2006 ResaleGREENRIDGE Terrace Freehold May 23, 2018 2,164 3,000,000 - 1,384 1987 ResaleHUME PARK I Condominium Freehold May 22, 2018 1,496 1,600,000 - 1,069 1995 ResaleHUME PARK I Condominium Freehold May 23, 2018 1,356 1,325,000 - 977 1995 ResalePARC PALAIS Condominium Freehold May 23, 2018 980 1,180,000 - 1,205 1999 ResaleSHERWOOD CONDOMINIUM Condominium Freehold May 22, 2018 1,206 1,250,000 - 1,037 1998 ResaleSYMPHONY HEIGHTS Condominium Freehold May 22, 2018 1,668 1,900,000 - 1,139 1998 ResaleTHE HILLFORD Apartment 60 years May 25, 2018 506 600,000 - 1,186 2016 ResaleTHE RAINTREE Condominium 99 years May 23, 2018 1,270 1,395,000 - 1,098 2008 ResaleDistrict 22 CASPIAN Condominium 99 years May 23, 2018 1,238 1,368,000 - 1,105 2012 ResaleLAKESIDE GROVE Terrace 99 years May 22, 2018 1,615 1,625,500 - 1,007 1998 ResaleTHE FLORAVALE EC 99 years May 22, 2018 1,335 832,000 - 623 2000 ResaleTHE FLORAVALE EC 99 years May 25, 2018 1,292 880,000 - 681 2000 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years May 24, 2018 506 775,000 - 1,532 2014 ResaleTHE LAKESHORE Condominium 99 years May 22, 2018 1,119 1,210,000 - 1,081 2008 ResaleWESTWOOD RESIDENCES EC 99 years May 24, 2018 1,475 1,297,200 - 880 2017 New SaleDistrict 23 HILLSTA Condominium 99 years May 23, 2018 570 653,000 - 1,145 2016 ResaleHILLVIEW PARK Condominium Freehold May 25, 2018 1,432 1,375,000 - 960 1995 ResaleHILLVIEW RESIDENCE Condominium 999 years May 28, 2018 1,259 1,250,000 - 993 2002 ResaleLE QUEST Apartment 99 years May 23, 2018 980 1,381,000 - 1,410 Uncompleted New SaleLE QUEST Apartment 99 years May 23, 2018 818 1,139,000 - 1,392 Uncompleted New SaleMERAWOODS Condominium 999 years May 28, 2018 1,076 1,150,000 - 1,068 1999 ResalePARK NATURA Condominium Freehold May 23, 2018 2,863 2,638,000 - 921 2011 ResalePAVILION PARK Terrace Freehold May 23, 2018 1,679 2,708,000 - 1,611 2008 ResaleREGENT HEIGHTS Condominium 99 years May 22, 2018 1,023 790,000 - 773 1999 ResaleSUMMIT VILLE Semi-Detached 999 years May 22, 2018 3,283 2,200,000 - 670 2006 ResaleTHE WARREN Condominium 99 years May 23, 2018 1,066 850,000 - 798 2004 ResaleYEW MEI GREEN EC 99 years May 25, 2018 1,292 904,000 - 700 2000 ResaleDistrict 25 NORTHWAVE EC 99 years May 23, 2018 1,119 969,234 - 866 Uncompleted New SaleNORTHWAVE EC 99 years May 25, 2018 893 768,000 - 860 Uncompleted New SaleNORTHWAVE EC 99 years May 27, 2018 1,119 941,000 - 841 Uncompleted New SaleWOODSVALE EC 99 years May 24, 2018 1,281 800,000 - 625 2000 ResaleDistrict 26 CASTLE GREEN Condominium 99 years May 23, 2018 947 820,000 - 866 1997 ResaleTHE CALROSE Condominium Freehold May 23, 2018 1,249 1,608,000 - 1,288 2007 ResaleDistrict 27 EUPHONY GARDENS Condominium 99 years May 22, 2018 980 730,000 - 745 2001 ResaleKANDIS RESIDENCE Condominium 99 years May 27, 2018 764 910,100 - 1,191 Uncompleted New SaleLILYDALE EC 99 years May 25, 2018 1,195 781,500 - 654 2003 ResaleWAK HASSAN DRIVE Semi-Detached 99 years May 28, 2018 3,778 2,880,000 - 763 2012 ResaleTHE ESTUARY Condominium 99 years May 24, 2018 904 930,000 - 1,029 2013 ResaleTHE NAUTICAL Condominium 99 years May 23, 2018 1,012 970,000 - 959 2015 ResaleDistrict 28 H2O RESIDENCES Condominium 99 years May 23, 2018 527 607,000 - 1,151 2015 ResalePARC BOTANNIA Condominium 99 years May 22, 2018 980 1,318,112 - 1,346 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 25, 2018 506 676,000 - 1,336 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 25, 2018 581 840,000 - 1,445 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 25, 2018 1,249 1,524,000 - 1,221 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 25, 2018 592 834,000 - 1,409 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 25, 2018 581 823,000 - 1,416 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 25, 2018 506 703,000 - 1,390 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 25, 2018 667 928,000 - 1,391 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 27, 2018 506 693,000 - 1,370 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 27, 2018 592 855,000 - 1,444 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 27, 2018 581 847,000 - 1,457 Uncompleted New SaleSELETAR HILLS ESTATE Semi-Detached 999 years May 28, 2018 4,747 4,880,000 - 1,027 Unknown ResaleSELETAR PARK Semi-Detached 999 years May 24, 2018 3,886 3,500,000 - 901 1986 Resale

DONE DEALS

Residential transactions with contracts dated May 22 to 29

DISCLAIMER:

Source: URA Realis. Updated June 5, 2018. The Edge Publishing Pte Ltd shall not be responsible for any loss or

liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

EC stands for executive condominium

DEAL WATCH

EP14 • EDGEPROP | JUNE 11, 2018

| BY CHARLENE CHIN |

A 1,733 sq ft, two-bed-

room unit at Pebble

Bay in District 15 is

up for sale at $2 mil-

lion ($1,154 psf). The

99-year leasehold unit, located

on the ground floor and over-

looking the pool, is fully fur-

nished and comes with an ex-

isting tenancy at $3,800 a month

until August.

Pebble Bay, on Tanjong Rhu

Road, is a 510-unit condominium

that was developed by Capita-

Land. It is a 10-minute walk to

the Stadium MRT station. The

upcoming Tanjong Rhu MRT sta-

tion on the Thomson-East Coast

line, which is slated for comple-

tion in 2023, will be right next

to the condo.

The owner of the unit that has

been put on the market is look-

ing to sell it for investment pur-

poses, says Leonard Tan, group

director at Orange Tee & Tie, who

is marketing the unit. Pebble Bay

provides a respite from the hus-

tle and bustle of city life, as the

neighbourhood is surrounded

by greenery and fronts the Ma-

rina Reservoir, he adds.

The condo is a short drive to

several malls, such as Kallang

Wave Mall, Leisure Park Kallang

and The Concourse Shopping

Mall. It is also within a 6km ra-

dius of educational institutions

such as Stamford Primary School

and Hong Wen School.

The latest transaction at Peb-

ble Bay was on April 4, when a

two-bedroom unit fetched $1.72

million ($1,343 psf). Two oth-

er units were sold on April 3,

at $1.84 million ($1,334 psf)

and $2.5 million ($1,320 psf)

respectively.

So far, the highest psf price

for a unit sold at Pebble Bay

is $1,674 psf, for a 2,766 sq ft,

four-bedroom unit on a lower

floor. It was sold for $4.63 mil-

lion in January.

Two-bedder at Pebble Bay going for $2 mil

CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF)

April 4, 2018 1,281 1,720,000 1,343

April 3, 2018 1,378 1,838,000 1,334

April 3, 2018 1,894 2,500,000 1,320

March 28, 2018 1,894 3,000,000 1,584

Feb 26, 2018 1,367 1,775,000 1,298

LEASE DATE MONTHLY RENT ($)

August 2017 3,800

April 2017 4,600

September 2016 3,700

TABLES: URA, EDGEPROP

AREA (SQ FT)

1,281

1,378

1,894

1,894

1,367

PRICE ($ PSF)

1,343

1,334

1,320

1,584

1,298

Recent transactions at Pebble Bay Recent rental contracts for 1,700 to 1,800 sq ft units at Pebble Bay

Pebble Bay is a 510-unit, 99-year leasehold condominium that was developed by CapitaLand

MONTHLY RENT ($)

3,800

4,600

3,700

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

E