Value hunting in Singapore - Cloud Object Storages3-ap-southeast-1.amazonaws.com/... · KOP...

Market TrendsMore deferred payment

schemes at luxury condosEP3

Eat, Play, LiveMore hipster cafés join

bak kut teh shops in Rangoon Road

EP4

Eye on PropertyMore strata industrial

units sold at a lossEP8

Gains & LossesTwo landed houses fetch

million-dollar profi tsEP9

A PULLOUT WITH

MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF DECEMBER 12, 2016 | ISSUE 758

M A K E B E T T E R D E C I S I O N S

Value hunting in SingaporeSamuel Chu, managing partner of Hong Kong private-equity real-estate fi rm Phoenix Property Investors, talks about how he tries to pick the bottom in a downturn. See our Cover Story on Pages 6 and 7.

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EP2 • THEEDGE SINGAPORE | DECEMBER 12, 2016

The Working Capitol unveils its latest co-working and lifestyle spaceThe Working Capitol (TWC) will be

opening its newest co-working and life-

style space on Robinson Road (above)

next year. Occupying about 55,000 sq ft

across 11 floors at 140 Robinson Road,

it can house one to 200 people. There

will be options for hotdesks, private of-

fices and duplex penthouses.

According to TWC, some levels will

be fully dedicated to a single organisa-

tion, with other floors containing a mix

of private workspaces for smaller com-

panies, permanent desks in an open-

plan environment, and hotdesking op-

tions for individuals and teams.

TWC says the new location is in re-

sponse to local and regional demand for

a greater diversity of working options,

including a wider array of inspiring, col-

laborative spaces, and increased expo-

sure to cross-industry networks. This is

the company’s second location; its first

is in Chinatown.

Initial members of The Working Cap-

itol on Robinson include an RHB Bank

fintech lab and a 100-person tech uni-

corn occupying an entire floor.

URA releases residential site at West Coast Vale for saleThe URA launched a residential site at

West Coast Vale for sale under the con-

firmed list of 2H2016 Government Land

Sales (GLS) Programme on Dec 7.

The 99-year leasehold 1.6ha plot

next to Parc Riviera can yield up to 520

condominium units. EL Development

paid $314 million for its Parc Riviera

site in 2015.

The West Coast Vale site is the least

attractive among those available on the

confirmed list, according to Nicholas

Mak, head of research and consultancy

at SLP International Property Consultants.

“The present take-up rate of the near-

by Parc Riviera condo project is relative-

ly slow. As such, this subject site is not

expected to attract keen interest from

most developers,” says Mak.

Even so, he believes the West Coast

Vale site could still draw five to 10 bids,

including some opportunistic bids.

“Some developers may take advan-

tage of the expected weak interest in

this site to submit low, opportunistic

bids. The top bid in the tender for this

site could range from $261 million to

$288 million ($529 to $583 psf per plot

ratio),” adds Mak.

The tender for the site closes on

Feb 9, 2017.

Gramercy Park named Best Residential Development Gold at MIPIM AsiaGramercy Park (right) by City Develop-

ments (CDL) has been named Best Resi-

dential Development (Gold) at the MIPIM

Asia Awards 2016 ceremony on Nov 30

at the Grand Hyatt hotel in Hong Kong.

The annual Awards are given in rec-

ognition of the best projects in Asia-

Pacific. The winner is named after se-

lection by a jury comprising industry

experts and a vote by delegates of MIPIM

Asia, an annual property leaders’ sum-

mit. Winners are awarded Gold, Silver

and Bronze.

According to CDL, Gramercy Park was

soft-launched at end-May. All 40 units

launched then were sold and another

10 units released. So far, 84% of the 50

units have been sold. CDL plans to of-

ficially launch the project in 1H2017.

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

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PROPERTY BRIEFS

E

CDL

Ascendas REIT to acquire 12, 14 and 16 Science Park Drive for $420milAscendas Real Estate Investment Trust

is set to acquire three buildings at Sci-

ence Park Drive from Ascendas Land

for $420 million.

The properties at 12, 14 and 16 Sci-

ence Park Drive are three built-to-suit Sci-

ence Park buildings under a single land

title. Two of the buildings are leased to

DSO National Laboratories (above, left),

Singa pore’s national defence R&D organ-

isation. The third building is leased to

DNV GL Singapore, a Norwegian risk

management company, for its South-

east Asia regional headquarters.

The property occupies a 424,489 sq ft

plot that has a remaining land lease ten-

ure of about 64.7 years (as at Sept 30).

It has a contractual gross floor area and

net lettable area of 848,967 sq ft. The

property is fully occupied.

The proposed acquisition is expect-

ed to generate a net property income

yield of about 6.3% (before acquisition

costs) and 6% (post-acquisition costs) in

the first year of ownership. The annual-

ised pro forma financial effect of the pro-

posed acquisition on the distribution per

unit would be about 0.059 cent a unit for

FY2016 ended March 31.

The completion of the proposed ac-

quisition is expected to take place with-

in the current financial year.

Hong Kong is the most expensive city to have an officeHong Kong (above, right) is the city with

the world’s highest rent for a premium

office, followed by London, then New

York, according to JLL’s latest Global

Premium Office Rent Tracker.

Hong Kong takes a significant lead

in terms of occupancy costs compared

with the two other global cities. The

price of premium office space — de-

fined as those in Class A buildings with

excellent facilities — in Hong Kong’s

Central district is more than 50% higher

than London’s and New York’s. It costs

US$302 psf a year to rent space in a top-

notch building in Hong Kong; in Lon-

don’s West End, it costs US$197 psf;

and in Midtown New York, US$194 psf.

This is also a new high for Hong Kong;

it was US$262 a year ago. Prices were

pushed up by strong demand and short-

age of stock as companies from mainland

China look to have a base in Hong Kong.

Both Beijing and Shanghai fell a place

to fourth and sixth position respective-

ly. Tokyo leapfrogged past Shanghai to

take fifth spot, propelled by high leas-

ing activity and big-ticket pre-commit-

ments, while New York has seen premi-

um rents rise more than 10%.

Singapore takes 18th spot in the rank-

ings, down from last year’s 11th position

after a rental correction that resulted in

more office space supply in the city state.

“Office rents in Singapore continued

to ease in 2016 amid the downbeat econ-

omy and substantial completion. On the

other hand, rents in other key financial

hubs in Asia rose during the same pe-

riod. This has raised Singapore’s office

occupancy cost-competitiveness,” says

Chua Yang Liang, head of research for

Southeast Asia with JLL.

Chua notes that Hong Kong’s office

occupancy cost in US dollars was 181%

higher than Singapore’s a year ago; the

gap had widened to 261% by this Sep-

tember. Similarly, the rental gap between

Beijing and Singapore has widened from

104% to 114% in the same period.

Strong demand for Margaret Drive siteThe residential site in Margaret Drive

drew strong bids from 14 developers

eager to replenish their land supply in

the last GLS tender for the year. Offers

for the 238,905 sq ft site exceeded mar-

ket expectations.

MCL Land submitted the highest bid

of $238.4 million ($997.90 psf ppr), 8%

more than the second-placed bid from

Allgreen Properties at $220.9 million.

“Such higher land prices and strong

participation among developers indi-

cate that many developers are hungry

for land,” says Nicholas Mak, head of

research and consultancy at SLP Inter-

national Property Consultants.

He also notes that the gap between

the top two bids was the widest among

residential GLS tenders this year. MCL’s

bid is quite bullish, he says, given that

it is 14.5% higher than the price of the

land parcel where the nearby Queens

Peak is being built.

The 99-year leasehold site was trig-

gered for sale after a developer com-

mitted to bid at least $185.7 million. It

is located between the Commonwealth

and Queenstown MRT stations. The site

is expected to yield an estimated 275

non-landed housing units. — Compiled

by Michael Lim

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W. ATELIER Level One, 75 Bukit Timah Road T +65 6270 8828 watelier.com

THEEDGE SINGAPORE | DECEMBER 12, 2016 • EP3

MARKET TRENDS

More deferred payment schemes offered at high-end condos| BY CECILIA CHOW |

The deferred payment scheme (DPS) of-

fered at OUE Twin Peaks in April and a

variation of it such as the “Stay-then-

Pay” programme rolled out by Capita-

Land at d’Leedon and The Interlace in

June have succeeded in moving unsold units

in these completed developments.

More developers are now open to a simi-

lar strategy. The latest to adopt such a scheme

is KOP Properties’ ultra-luxurious, freehold

Ritz-Carlton Residences on Cairnhill Road.

KOP Properties soft launched its DPS for

Ritz-Carlton Residences in a roadshow in Hong

Kong at end-October, marketed by SQFT Global

Properties. Prices were said to start from just

under $3,000 psf.

Under the scheme, buyers need to pay a 20%

option fee, and exercise the option 22 months

later, with completion in the 24th month. How-

ever, they can move into the unit after paying

the option fee. The balance 80% will be de-

ferred until two years later. With the DPS, the

developer saw five units booked at the Hong

Kong roadshow.

Ritz-Carlton Residences rolls out DPSKOP Properties is now offering a similar DPS

to buyers in Singapore. Ritz-Carlton Residenc-

es was completed in 2011. The project con-

tains 56 apartments, which are a mix of three-

and four-bedroom units sized at 2,831 sq ft

and 3,057 sq ft respectively. There are also

two penthouses: One is a junior penthouse of

3,466 sq ft on the 34th floor, while the other

is a superior duplex penthouse of 6,501 sq ft

spanning the 35th and 36th floors as well as

the roof terrace.

The junior penthouse was sold for $11.8

million ($3,404 psf) in July 2009, while the su-

perior penthouse fetched $28 million ($4,307

psf) in February 2011, according to caveats

lodged then.

Stefanie Wong, a realtor with SRI, has been

appointed the sales representative for Ritz-Carl-

ton Residences in Singapore. After taking into

consideration discounts and the DPS, prices of

the three-bedroom units will start from $8.38

million ($2,960 psf).

Most of the available units at Ritz-Carlton

Residences are three-bedroom units. The av-

erage monthly rental rate of such units at the

project is $15,000.

All except one of the four-bedroom units

have been sold. The remaining four-bedder

is a 3,050 sq ft unit priced at $11 million or

$3,607 psf.

The most recent transaction recorded at

Ritz-Carlton Residences was the resale of a

four-bedroom unit on the 28th floor of the

36-storey tower. The 3,057 sq ft unit changed

hands for $8 million ($2,617 psf), according

to a caveat lodged on Nov 25.

KOP Properties sold three units this year be-

tween February and June. Prices of the units

sold ranged from $8.5 million ($3,003 psf) for

a three-bedder on the 22nd level to $11.6 mil-

lion ($3,795 psf) for a four-bedroom unit on

the 33rd level.

‘Stay & Pay Later’ at Marina CollectionAnother project that offered a form of DPS

is Lippo Group’s “Stay & Pay Later” scheme

for Marina Collection at Sentosa Cove. The

124-unit high-end condominium at Cove

Drive in Sentosa Cove was completed in 2011.

Buyers of units at Marina Collection will be

able to enjoy the services and facilities at

One°15 Marina Club next door.

All the units at Marina Collection are ori-

entated such that they have a direct view

of the swimming pools or the marina. The

99-year leasehold development has a mix

of three- and four-bedroom units as well as

four-bedroom-plus-studios. Three-bedroom

units are sized from 1,873 sq ft to 2,099 sq ft;

four-bedrooms are from 2,185 to 2,766 sq ft;

and four-bedroom-plus-studios are from 2,788

to 3,272 sq ft. The penthouses are sized from

3,369 to 4,693 sq ft.

Under the “Stay & Pay Later” scheme, buy-

ers only need to pay a 10% booking fee and an-

other 10% down payment upon exercising the

option to purchase a fortnight later. The balance

will only be payable three years later. Upon pay-

ing the 20%, buyers can choose to move in or

rent their units out.

Two units were sold at the four-storey Ma-

rina Collection in November. One was a 3,412

sq ft four-bedroom penthouse that fetched $6

million ($1,758 psf), while another was a four-

bedroom-plus-studio on the second level that

was sold for $5 million ($1,793 psf). Both units

were said to have been sold under the “Stay &

Pay Later” scheme. The penthouse is believed

to have been brokered by Mutual Benefits Re-

alty, while the other unit is said to be brokered

by Bruce Lye, managing partner of SRI.

The remaining 29 units offered for sale un-

der the “Stay & Pay Later” programme at Ma-

rina Collection are marketed jointly by Mu-

tual Benefits Realty, PropNex Realty and SRI.

iLiv@Grange — bulk purchase interestAnother project that recently dangled DPS to

buyers was iLiv@Grange. The 30-unit freehold

condo was completed in October 2013. Under

the Residential Property Act’s Qualifying Certif-

icate rules, all developers with non-Singapore-

an directors or shareholders need to complete

their projects within five years and sell all the

units in the development within two years af-

ter the Temporary Occupation Permit (TOP).

Failing to do so will incur extension charges

of 8%, 16% and 24% for the first, second and

third years respectively. The amount is pro-rat-

ed according to the proportion of unsold units.

This means that Heeton Holdings, as a

Singapore Exchange-listed developer, would

have had to sell all the units by October 2015

to avoid paying extension charges. Heeton

therefore offered the project for en bloc sale

twice. The first time was in August 2013, just

two months prior to TOP. The asking price then

was $129 million to $135 million, or $2,200 to

$2,300 psf based on the strata area of 58,500

sq ft. The second time was in 2015, at a lower

price range of $110 to $120 million, or $1,879

to $2,050 psf based on strata area. Both times

it failed to secure a buyer.

In early October, however, Heeton announced

it had sold its entire stake in Heeton Residence,

the sole shareholder of Heeton Realty, which in

turn owns iLiv@Grange. The sale valued the

property at $95 million, which translates into

$1,624 psf. The buyer is said to be a group of

Singaporeans.

The units at iLiv@Grange are a mix of one-

to three-bedroom designer apartments and two

penthouses. Under the DPS, buyers need only

pay 20% down payment and the remaining

80% two years later. The project was market-

ed in Hong Kong by SQFT Global Properties.

The units were offered for sale at an aver-

age price of $2,500 psf. While there was in-

terest from retail investors in the individual

units, there were also several parties in Hong

Kong vying to buy the entire tower on an en

bloc basis, according to a source.

SRI’s Lye foresees more completed high-

end condos with unsold inventory offering

DPS in 2017.

Two units at the Marina Collection in Sentosa Cove were sold in November under the ‘Stay & Pay Later’ scheme

Ritz-Carlton Residences saw five units booked under its deferred payment scheme which was soft launched in Hong Kong at end-October

iLiv@Grange offered a deferred payment scheme at a road show in Hong Kong last month E

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EAT, PLAY, LIVE

| BY MICHAEL LIM |

Most people associate Rangoon Road

with the famous bak kut teh (pork

rib soup) corner coffee shop called

Ng Ah Sio, which has been located

there since 1988. Five years ago,

competitor Founders’ Legendary Bak Kut Teh

moved into a shop a few doors away.

In recent years, several rows of old shop-

houses in the Rangoon Road area have been

replaced with new mixed-use developments

that feature apartment units on the upper lev-

els and shops on the first level. The mixed-use

developments include the 27-unit Loft @ Ran-

goon by Oxley Holdings, completed in 2013;

the 37-unit Suites 123 by Macly Group, com-

pleted in 2011; and the 50-unit Rangoon 88 and

24-unit Urban Lofts, both of which obtained

Temporary Occupation Permit (TOP) in 2010.

The food outlets at these boutique freehold

projects have interesting names such as The

Cold Pantry, Ice Box Café, Jewel Café & Bar

and Old Hen Coffee Bar.

Shoebox apartments attract the youngMost of these apartment blocks feature com-

pact one- and two-bedroom units. For instance,

the latest transaction at Rangoon 88 was for a

592 sq ft one-bedder that was sold for $808,000

($1,365 psf) in March. At Loft @ Rangoon, a

452 sq ft one-bedroom unit changed hands re-

cently for $640,000 ($1,416 psf). Meanwhile,

Suites 123 saw an 840 sq ft two-bedder trad-

ed at $1.1 million ($1,310 psf), according to a

caveat lodged in November.

“These new developments are a welcome

change and bring a younger crowd — both

expatriate and local,” says Sean Zhong, a di-

vision director at ERA Realty. “The area has

also attracted young entrepreneurs setting up

new retail and F&B businesses. The whole area

has been rejuvenated.”

A couple of these new cafés have opted for

the ground-floor units of the older shophouses.

For example, Non-Entrée Desserts Café opened

just a unit away from Ng Ah Sio Bak Kut Teh,

while Brunches Café occupies the shop unit

next to Rangoon 88.

The area is also a draw because of the

amenities in the vicinity and its city-fringe lo-

cation, being just a five- to 10-minute drive to

the CBD and Orchard Road, adds Zhong. Lit-

tle India is nearby, with its wide range of eat-

eries and shops as well as the popular 24-hour

shopping mall, Mustafa Centre.

Located off Rangoon Road is Mergui Road,

where new freehold condominium projects

New hipster cafés join bak kut teh shops in Rangoon Road area

View of Rangoon Road area

Legendary Bak Kut Teh has been in the neighbourhood since 2011

Ng Ah Sio Bak Kut Teh has been operating out of the same shop since 1988 City Square Mall is a 15-minute walk from Forte Suites and linked to the Farrer Park MRT station

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EAT, PLAY, LIVE

include the recently completed 106-unit Forte

Suites by boutique developer JForte Holdings,

and the 250-unit Cityscape @ Farrer Park, joint-

ly developed by KSH Holdings and IOI Group,

which was completed last year.

Forte Suites is said to be 77% sold, with re-

cent units sold at prices ranging from $1,800 to

$1,900 psf. A number of two- and three-bed-

room units of 603 to 700 sq ft were recently

leased at monthly rents of $4,000 to $4,200,

according to the developer.

Farrer Park areaWhat has also attracted both investors and

owner-occupiers to the Rangoon Road neigh-

bourhood is its proximity to Farrer Park, where

new amenities have sprung up around the

MRT station.

Linked to the Farrer Park MRT station is a

new medical hub. Connexion, developed by

The Farrer Park Company, is an integrated

16-storey complex comprising the Farrer Park

Medical Centre, a telemedicine centre, a spe-

cialists’ centre, the Farrer Park Hospital, One

Farrer Hotel and Spa as well as a retail and

lifestyle centre.

Complementing Connexion is the upcom-

ing Farrer Square located across Farrer Park

Station Road, which will also be linked to the

MRT station. The mixed-use project developed

by RB Capital contains strata medical suites

as well as a 300-key business hotel managed

by Park Hotel Group.

Closer to Serangoon Road and Jalan Besar

is City Square Mall, which has about 700,000

sq ft of retail space — equivalent to the size of

Ngee Ann City. The mall is connected to the

Farrer Park MRT station as well. Adjacent to

the mall is the freehold 910-unit City Square

Residences by City Developments, which was

completed in 2009. The project has been very

popular with investors, given its location. In

November, a 1,216 sq ft, three-bedroom unit

changed hands for $1.6 million ($1,324 psf).

New developments coming up in the Jalan

Besar area include the 305-unit Sturdee Resi-

dence, a 99-year leasehold project developed

jointly by Sustained Land, Kwong Lee, Ho Lee

Group and Goodland Group. As at end-Octo-

ber, 192 units were sold, at a median price of

$1,628 psf. Next door is a boutique develop-

ment called The Citron by Goodland Group.

Scheduled for completion in 2019, the 54-unit

project is fully sold.

The vibrant Rangoon Road area — with its

eclectic mix of old and new retail, lifestyle and

F&B offerings — and its vicinity is becoming

increasingly interesting, says ERA’s Zhong.

Brunches Café and Icebox Café offer a mix of Western cuisine, coffee and cakes throughout the day

From left: Old Hen Coffee Bar, Jewel Café & Bar and Non-Entrée Desserts Café

Forte Suites by J Forte Group is the latest develop-ment to be completed in the Rangoon Road area. The freehold 106-unit development was completed in September.

The 48-unit Rangoon 88 by Kay Lim Holdings was completed in 2014. Located on level 1 are F&B outlets such as Old Hen Coffee Bar, Mookata Home Thai Kitchen and The Cold Pantry.

Urban Lofts by Ascender Capital, a 50-unit freehold development, was completed in 2010

Loft @ Rangoon, a freehold 27-unit development by Oxley Holdings, was completed in 2013

Suites 123, a 37-unit development by Macly Assets, was completedin 2011

E


COVER STORY

Value hunting in Singapore

| BY CECILIA CHOW |

Hongkong-born Samuel Chu’s initi-

ation into the real-estate business

began half a century ago when he

was five. He recalls accompanying

his father on his rounds to collect

rent from tenants. “At that time, I think I was

more interested in the ice-cream he would

buy me after the rounds than in the rent col-

lection,” he says.

The property investor in Chu has long since

surfaced. He is managing partner and chief in-

vestment officer of Phoenix Property Investors,

a firm he co-founded in 2002. The Hong Kong-

based private-equity real-estate firm manag-

es a portfolio of assets worth US$6.7 billion

($9.5 billion) today, mainly in Hong Kong and

other key cities in North Asia such as Beijing,

Shanghai, Seoul, Taipei and Tokyo. In South-

east Asia, Phoenix has investments in Jakar-

ta, Manila and Singapore.

It takes great discipline to be a value inves-

tor, Chu points out. One has to actively look for

opportunities and refrain from doing any thing

until the right deal comes along that meets all

the criteria. “We are very selective,” he adds.

“Historically, we look at more than 1,000 deals

a year, and we do just six.”

A classic example is in Singapore, where

the group had been scouting for opportunities

since 2006 but made its first investment only

in late 2014. “The Singapore market was still

quite slow in 2006,” says Chu. “We missed

quite a few deals in the office space because

our pricing was just a few percentage points

[below the winning bid].”

Shophouses in Tanjong PagarPhoenix’s maiden purchase in Singapore was a

row of six adjoining conservation shophouses

at 48 to 56 Peck Seah Street for $42.8 million.

The price translates into $2,155 psf based on

a gross floor area (GFA) of 19,860 sq ft. The

shophouses sit on a combined land area of

8,213 sq ft, with a 99-year lease from 1994.

The shophouses were put up for sale by ten-

der in October 2014, with CBRE as the market-

ing agent. The guide price then was $49 mil-

lion, or $2,467 psf, based on GFA. “It is rare to

find six adjacent shophouses on the market for

sale,” says Sammi Lim, director of investment

properties at CBRE, who marketed the prop-

erties and brokered the sale. The vendor was

Japanese shipping company K-Line, which had

occupied the shophouses since 1997. It was

moving out of the premises, so the shophous-

es were sold with vacant possession.

Subsequent to the purchase, Phoenix spent

$2 million refurbishing the shophouses — the

façade was restored, the internal spaces up-

graded and the air-conditioning replaced.

Today, the shophouses are 82% occupied,

with a yield of around 3%. Tenants include

Turkish café-bar Fat Prince and the flagship

store of Kohler, featuring its latest kitchen fit-

tings and sanitaryware. “We like the Tanjong

Pagar area, which is being gentrified, especial-

ly with the $3.2 billion Tanjong Pagar Centre

as a catalyst,” says Chu.

Phoenix continues to look at every shop-

house put on the market for sale.

Initial investment — Mongkok shophousesIt is apt that Phoenix’s first investment in

Singapore is shophouses. After all, says Chu,

when the company was established in 2002,

its initial investment was also shophouses in

Mongkok, in the west of Kowloon Peninsu-

la in Hong Kong.

That was 14 years ago, and the Hong Kong

economy and real-estate market were still in

the doldrums after the 1997/98 Asian financial

crisis, the 9/11 attacks and the dotcom crash.

Property prices in Hong Kong dropped 50%

from 1998 to 2002, recalls Chu.

It was during a round of golf with Ben-

jamin Lee, now his partner and co-founder

at Phoenix, that Chu mentioned that he was

going to look at properties after the game.

At the time, Lee was managing his own pri-

vate-equity firm.

Chu recalls Lee’s initial reaction: “He said,

‘You are crazy; it’s double-digit unemployment

rate, negative GDP growth and sentiment is

so bad, and you are going to buy property?’”

Nevertheless, Lee knew Chu had always been

interested in property and even went along to

view the properties after their golf game.

Mongkok was undergoing gentrification 15

years ago. There were two million sq ft of ho-

tels, retail shophouses and offices coming off

the ground, recounts Chu. They were due for

completion in two years, but poor sentiment

meant that there were few takers, he adds. Chu

felt, however, that there was an arbitrage op-

portunity, as just two blocks away was Sai Ye-

ung Choi Street, where properties were trad-

ing at five to 10 times more. Lee shared Chu’s

view and decided to be a co-investor in that

first deal.

A few weeks later, Chu saw another retail

investment opportunity in Mongkok. That

marked the start of Phoenix, with Chu as a

one-person investment firm. Lee lent his ex-

Samuel Chu, managing partner of Hong Kong private-equity real-estate fi rm PhoenixProperty Investors, talks about how he tries to pick the bottom in a downturn

Phoenix Property Investors’ maiden investment in Singapore was a row of six adjoining shophouses

that were purchased for $42.8 million in late 2014

Chu: We are very selective. Historically, we look at more than 1,000 deals a year, and we do just six.

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COVER STORY

pertise and raised US$12 million for the first

fund. Besides Lee and Chu, who was the big-

gest investor, some of the initial investors in

the fund were their friends.

SARS and outsized returnsAfter Phoenix’s initial purchases in Mongkok

in 2002, the market plunged further the fol-

lowing year, owing to the Severe Acute Res-

piratory Syndrome (SARS) outbreak. But Chu

continued to make bids during the crisis. In

fact, one of the biggest deals he did then was

the purchase of a building that was negotiat-

ed during the outbreak. The deal took four

months to be completed because the seller

was a family, and some of its members were

residing in San Francisco and unwilling to fly

to Hong Kong during the epidemic.

The building was originally a restaurant

complex, but after acquiring it, Chu had the

floor plan reconfigured into a quality com-

mercial building. The elevators were relocat-

ed, GFA was added and the lifts and interior

spaces were upgraded. A Japanese designer

was consulted on the makeover of the façade.

When the refurbishments were complet-

ed, Phoenix received an offer it could not re-

fuse. Standard Chartered Bank wanted to buy

the entire building. “We bought it for about

HK$72 million then, and we sold it for HK$383

million in less than two years,” recalls Chu.

“With leverage, we made eight times return

on our money.”

For the US$12 million fund as a whole, the

profit was US$50 million after two years, which

was four times the return on investment. “Had

sentiment been good, we would not have found

such great deals on the ground,” says Chu. “No

one has a crystal ball. You always try to pick

the bottom and sell at the top.”

Chu’s foray into the retail sector in Mong-

kok was no mere accident or stroke of luck.

From 1991 to 2002, he ran his own investment

and advisory firm, focusing on real estate as

well as public and private equities. The mon-

ey he made was then reinvested into proper-

ty and other businesses.

Retail origins One of his investments at the time was cos-

metics retailer Sa Sa International Holdings,

founded by Simon Kwok Siu-ming in 1978,

with the first outlet occupying just 40 sq ft.

When Chu invested in the firm and joined

the company as CEO in 1995, Sa Sa had five

shops. He expanded the business in Asia and

took the company public. It was listed on the

Hong Kong Stock Exchange in 1997 and, to-

day, it has more than 280 stores and coun-

ters across Asia. Chu exited the firm in 1998.

He remembers opening the first Sa Sa shop

in Wisma Atria in Singapore. It was on Aug

30, 1997. The date was seared in his memo-

ry because it was the eve of the death of Prin-

cess Diana.

By the time the Asian financial crisis hit,

Chu had already exited his investments in Hong

Kong — he sold his last property there in Sep-

tember 1997. “During the Asian financial cri-

sis, the best place to be was at the golf course

— I was a much better golfer then,” he says.

“I was looking at opportunities, but did not see

any good ones. I was fortunate in that I was

disciplined enough to stay on the sidelines.”

It was only in 2002 that he revisited the

real-estate market by investing in shophous-

es in Mongkok. Lee joined Chu at Phoenix

as co-founder and managing partner in 2004.

That led to their foray into Japan. “I knew Ja-

pan very well,” says Chu. “I was an exchange

student in the country and my family spent

some time there.” It marked the inception of

the second fund.

Today, Phoenix has seven offices across

Asia, five opportunity funds and a core fund.

A credit fund will be launched next. Investors

in Phoenix’s funds include insitutional inves-

tors such as pension funds, family offices and

university endowments.

Incidentally, Sa Sa International’s Kwok,

current chairman and CEO of the firm, is also

an investor in Phoenix and owns several apart-

ments at its 106-unit residential tower, Gramer-

cy, at Mid-Levels, Hong Kong.

Global nomad and family tiesNot only is Chu a successful property inves-

tor in his own right, but he is the son-in-law

of property tycoon Antony Lo Hong-sui, eldest

son of Great Eagle Holdings’ founder Lo Ying-

shek. Incidentally, Great Eagle had teamed up

with Singapore’s CapitaLand to put in a bid of

just over $2 billion for the Central Boulevard

white site. IOI Properties emerged as the winner

with a bid of $2.57 billion in early November.

Chu emphasises that neither Great Eagle nor

the Lo family are investors in Phoenix. “They

are my in-laws,” he says. “We talk about prop-

erty, but I do not ask them to invest.”

Prior to founding his own firm in 1991, Chu

was a banker with First National Bank of Chi-

cago and Bankers Trust and, later on, Deutsche

Morgan Grenfell Capital Management. He ob-

tained a degree in finance and international

management from Georgetown University and

an MBA in finance from Booth School of Busi-

ness at the University of Chicago.

While he was with Bankers Trust, he was

posted to London, New York, Frankfurt and

Tokyo. When he was working with Deutsche

Bank, he was relocated back to Hong Kong.

In 1991, he was asked to move to Deutsche

Bank’s headquarters in Frankfurt. “I felt that

Frankfurt was too quiet for me,” says Chu.

That was when he decided to stay in Hong

Kong, where he started his own investment

advisory firm and began investing in property.

Chu has always had an affinity with Hong

Kong and the real-estate market. Although he

was born there in 1961, his father had relocat-

ed the family to New York, following the 1967

riots in the former British colony. Growing up in

New York in the 1970s was tough. “There was

a certain amount of discrimination,” says Chu.

“I had always wanted to have my own business

and I thought it was best to return to my roots.”

Opportunities in crisesWhile he may have sat out the Asian finan-

cial crisis, Chu has invested during most oth-

er major crises, including the savings and loan

(S&L) crisis in the US in the 1980s and 1990s.

When the Resolution Trust Corp, a US gov-

ernment-owned asset management company,

started to liquidate assets, many investors who

purchased properties then made huge profits.

Chu was one of them.

Chu, along with some of his friends, invested

in Houston, which was one of the cities worst

hit by the S&L crisis, as it came in the wake of a

spectacular boom-bust cycle in the 1980s in the

oil, real-estate and banking sectors. According

to Chu, he and his friends bought 600 apart-

ments in Houston as well as office buildings for

a fraction of their market value, as these were

distressed assets. “We did very well in those

deals,” he says.

Phoenix did equally well by investing in

the aftermath of the 2008/09 global finan-

cial crisis. In 2010, the firm assembled 244

apartment units for redevelopment into the

25-storey Tower 535. Located at Causeway

Bay, Hong Kong, and designed by Skidmore,

Owings & Merrill, Tower 535 was complet-

ed in 2015. It has a total GFA of 229,393 sq

ft, with a retail podium on the first four lev-

els and Grade-A office space on the other 21

floors, with the top two floors occupied by

upscale F&B outlets.

Today, the building boasts tenants such as

Amazon and WeWork. Founded in 2010 in the

US, WeWork is now an international chain of

co-working space operators. According to Chu,

WeWork has taken up eight levels at Tower 535.

In late September, WeWork announced that it

had signed a corporate deal with HSBC, with

the bank renting 300 hot desks for its digital and

transformation teams at WeWork in Tower 535.

Residential playBesides investing in retail and commercial prop-

erties as well as mixed-use complexes, Phoenix

also develops residential projects. One of its re-

cently completed higher-end residential projects

is The Morgan at Mid-Levels in Hong Kong. It

was completed in September and handover of

the 111 units started in November. Units sold

range from a two-bedroom duplex of 936 sq ft

(HK36,407 psf) to a 1,360 sq ft, four-bedroom

mountain-view residence, which hit a high of

HK$41,919 psf. The project is 88% sold, with

total sales of HK$3.4 billion.

Even with the hike in buyer’s stamp duty in

Hong Kong in early November, Phoenix con-

tinues to chalk up sales at The Morgan. “We

sold three units last weekend,” says Chu. “Af-

ter viewing the completed property, people

were willing to buy because of the design.”

The site was purchased through an amalga-

mation of units in 2011.

In Taiwan, Phoenix is involved in luxury

residential projects such as The Master Col-

lection of 28 villas, designed by world-famous

architects such as Seattle-based Jim Olson,

New York-based Richard Meier, Annabelle

Selldorf and Calvin Tsao of Tsao & McKown.

The Master Collection features villas of 6,372

to 13,718 sq ft, and is located in Great Taipei

New Town District.

Chu sees value emerging in the Singapore

residential market. “We have looked at every

single bulk purchase opportunity in town, but

we still haven’t seen one that has met our crite-

ria.” The search therefore continues, as “Singa-

pore is looking more and more interesting, and

we are starting to see good value”.

The 25-storey Tower 535 was completed last year, and anchor tenants include WeWork and Amazon

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One of the four villas designed by Seattle-based ar-chitect Jim Olson as part of The Master Collection of 28 houses located in Great Taipei New Town District

The entrance and clubhouse of The Morgan, an upscale 111-unit residential development at Mid-Levels

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EYE ON PROPERTY

Surge in number of industrial properties sold at a loss

More strata industrial

properties were sold at

a loss this year as rents

and prices continued to

weaken. In particular,

the proportion of unprofitable deals

for shoebox units spiked from 6% in

2015 to 22% in 2016 to date, while

the average profit per transaction

dropped from $162,827, or 42%, last

year to $111,449, or 30%, this year.

Shoebox industrial units are de-

fined as those that are less than 150

sq m. The study by The Edge Property

matched resale and sub-sale caveats

of strata industrial units with previ-

ous caveats, based on URA Realis’

caveat records as at Nov 27. Profit

or loss was computed based on the

difference in selling and purchase

prices, taking into account the pre-

vailing Seller’s Stamp Duty (SSD)

rate, where applicable, but exclud-

ing other costs.

The biggest loss for a shoebox

strata industrial unit so far this year

accrued to a 1,539 sq ft unit at North

Spring Bizhub that was bought for

$1.2 million, or $767 psf, in a sub-

sale in February 2014. The seller sus-

tained a loss of $383,900 after paying

a 5% SSD, or $41,900, from the sale

of the unit at $838,000, or $544 psf,

in August. North Spring Bizhub is a

60-year leasehold development on

Yishun Industrial Street 1 that was

completed in 2013.

Separately, a 1,163 sq ft unit at

One Pemimpin was sold at a loss of

$238,000, the second highest seen

this year. The seller had bought the

unit from the developer at $1.2 mil-

lion, or $1,065 psf, in July 2012 and

sold it at $1 million, or $860 psf, in

March. One Pemimpin, completed in

2012, is located on Pemimpin Drive,

off Marymount Road. It sits on a 999-

year leasehold site.

Island-wide vacancy rate for facto-

ry space climbed for the sixth consec-

utive quarter to reach a decade-high

11% in 3Q2016, according to the lat-

est JTC data published on Oct 27. The

property price index and rental index

of industrial property declined 1.7%

and 2% q-o-q respectively in 3Q2016.

In its recent report, property re-

search house Savills says the monthly

rents for its basket of prime factory

and warehouse properties tumbled

6.3% q-o-q to $1.50 psf on average

in 3Q2016. Meanwhile, upper-storey

prices of its 60-year leasehold indus-

trial units fell 4.7% q-o-q to $445 psf

in the quarter, the lowest recorded

price since 2013. Prices of 30-year

leasehold units also marked a new

low at $361 psf after a 2.1% q-o-q fall

in 3Q2016. Owing to limited supply,

prices of freehold industrial property

were the most resilient, with a 1.4%

q-o-q decline to $680 psf.

The third-highest loss of $201,900

for a shoebox unit accrued to a 1,292

sq ft unit at Oxley BizHub. The sell-

er had bought the unit from the de-

veloper at $861,900, or $667 psf, in

May 2011 and sold it at $660,000, or

$511 psf, in August. Oxley BizHub,

located on Ubi Road 1, was complet-

ed in 2013 and has a 60-year tenure.

So far this year, Oxley BizHub

is the development with the largest

number of unprofitable transactions

for shoebox strata industrial units,

with five units transacted at a loss

and one at a profit. Pioneer Point,

completed in 2014 and fronting Boon

Lay Way, takes second place, with

four units transacted at a loss and

three at a profit.

Bigger units fared betterThe proportion of unprofitable trans-

actions for conventional units that

are 150 sq m or bigger also trended

up, from 9%, or 27 out of 286 trans-

actions, in 2015 to 18%, or 46 out of

255 transactions, year to date. The av-

erage profit per transaction fell from

$366,724, or 54%, to $277,717, or

44%, over the same period (see chart).

The biggest loss of $510,000 for a

non-shoebox strata industrial unit so

far this year accrued to a 3,003 sq ft

unit at Entrepreneur Business Centre

at Kaki Bukit. The unit was bought

at $1.6 million, or $533 psf, in May

2012 and sold at $1.1 million, or $363

psf, in September. Entrepreneur Busi-

ness Centre was completed in 2004

and has a 60-year leasehold tenure.

At Joo Seng Warehouse, a free-

hold development on Upper Aljunied

Link, a 2,056 sq ft warehouse unit was

sold at the second-highest loss for a

non-shoebox strata industrial unit so

far this year. The seller had bought

the unit at $1.65 million, or $803 psf,

in a sub-sale in May 1996 and sold it

at $1.26 million, or $614 psf, in Jan-

uary, incurring a loss of $388,300.

The third-largest loss in the

non-shoebox segment accrued to a

2,303 sq ft unit at Link@AMK, a 60-

year leasehold development complet-

ed in 2014. The unit was bought from

the developer at $1.14 million, or

$495 psf, in December 2012 and sold

at $800,000, or $347 psf, in August.

So far this year, 8B @ Admiralty

is the development with the largest

number of unprofitable transactions

for non-shoebox strata industrial

units, with four units transacted at

a loss and one at a profit. 8B @ Ad-

miralty is a 60-year leasehold devel-

opment completed in 2013.

Apex @ Henderson and Enter-

prise Hub trailed closely, with three

loss-making transactions for non-shoe-

box units each. Apex @ Henderson

is a freehold development complet-

ed in 2015, while Enterprise Hub is a

60-year leasehold development com-

pleted in 2007.

Entry pricesNotwithstanding the current soft mar-

ket, high entry prices have caused in-

vestors to burn their fingers. In com-

parison, entry prices at developments

with the highest proportion of prof-

itable transactions this year, such as

Food Xchange @ Admiralty, First Cen-

tre and Woodlands 11, were similar

or at a discount to those of neigh-

bouring strata industrial properties

in 2011 and 2012. The profit for units

bought at these three developments

in 2011 and 2012 and sold this year

ranged from $75,981 to $640,000, or

13% to 73% (see table).

Savills expects rents for industri-

al and warehouse space to soften by

another 5% y-o-y in 2017. Although

the niche segments of the industrial

market, such as warehouse space,

look promising owing to e-commerce

activities, the property consultan-

cy does not expect them to form a

large-enough bulwark to counter the

strong cross-winds buffeting tradi-

tional warehousing users.

Singapore’s GDP growth is like-

ly to be at the lower end of the

1%-to-2% range this year and just

slightly higher next year, based on

the Monetary Authority of Singa-

pore’s macroeconomic review re-

leased on Oct 25.

Average profit per transaction has fallen asthe number of unprofitable transactions climbs

100%90%80%70%60%50%40%30%20%10%0%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Prop

ortio

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unp

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tran

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Aver

age

profi

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tran

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2011 2012 2013 2014 2015 2016Unprofitable transactions Profitable transactions Profit

| BY LIN ZHIQIN |

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Note: For non-shoebox units. Profitability computed based on caveat data matching and accounts for SSD but excludes any other costs. Based on URA Realis data as at Nov 27.

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Oxley BizHub has the highest proportion of unprofitable transactions so far this year

There have been three loss-making transactions at Apex @ Henderson so far this year

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Developments with the highest proportion of unprofitable transactions hadentry prices at a premium to neighbouring properties

Note: Profitability computed based on caveat data matching and accounts for SSD but excludes any other costs. Developments with fewer than five matched transactions in 2016 to date were excluded from comparison. Based on URA Realis data as at Nov 27.

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*For all units bought in 2011 and 2012 and sold this year**Based on transactions in 2011 and 2012

DEVELOPMENT STREET NAME NUMBER OF NUMBER OF AVERAGE AVERAGE AVERAGE AVERAGE UNPROFITABLE MATCHED PROFIT/ PURCHASE TRANSACTED PREMIUM TO TRANSACTIONS UNITS LOSS* PRICE** PRICE OF NEIGHBOURING IN 2016 SO FAR BOUGHT IN ($/%) ($ PSF) OTHER STRATA PROPERTIES** 2011 AND INDUSTRIAL (%) 2012 UNITS WITHIN 500M** ($ PSF)

Highest proportion of unprofitable transactions Oxley BizHub Ubi Road 1 5 8 -118,592/13 631 556 138B @ Admiralty Admiralty Street 4 6 -66,816/4 345 215 60Pioneer Point Soon Lee Street 4 7 -2,530/0 397 315 26Highest proportion of profitable transactions Food Xchange @ Admiralty Admiralty Street 0 4 640,000/73 276 272 1First Centre Serangoon North Avenue 4 0 3 121,444/31 334 432 -23Woodlands 11 Woodlands Close 0 7 75,981/13 352 401 -12


GAINS AND LOSSES

Residential transactions with contracts dated Nov 22 to 29

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Most profi table deals

Non-profi table deals

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

NON-LANDED

1 Pandan Valley 21 2,024 Nov 25 867 Dec 10, 2004 414 917,000 109 9 12.0

2 Rivergate 9 1,044 Nov 28 1,990 June 20, 2005 1,112 917,000 79 7 11.4

3 Thomson View Condominium 20 2,024 Nov 29 692 Jan 27, 2003 272 850,000 155 11 13.8

4 The Wharf Residence 9 1,335 Nov 22 1,686 June 3, 2009 1,204 642,900 40 5 7.5

5 Rivergate 9 1,550 Nov 28 1,903 Oct 27, 2006 1,543 557,600 23 2 10.1

6 Parc Palais 21 1,238 Nov 22 941 April 21, 2004 501 545,000 88 7 12.6

7 Newton 18 11 980 Nov 28 1,690 May 10, 2002 1,164 515,000 45 3 14.6

8 Emerald Garden 1 969 Nov 24 1,507 Dec 1, 2000 981 510,000 54 3 16.0

9 Moro Mansions 14 936 Nov 22 908 March 24, 2006 363 510,000 150 14 10.7

10 High Oak Condominium 21 1,647 Nov 25 802 Aug 1, 1998 510 480,000 57 3 18.3LANDED

1 Semi-detached/Changi Road 14 3,531 Nov 23 1,437 April 2, 2015 794 2,270,000 81 49 1.6

2 Terraced/Serangoon Garden Estate 19 2,982 Nov 25 1,470 April 21, 2015 873 1,780,000 68 43 1.6

3 Semi-detached/Gentle Villas 11 2,691 Nov 25 1,071 July 11, 2006 502 1,530,000 113 11 10.4

4 Semi-detached/Queen’s Road 10 3,434 Nov 28 1,749 Feb 19, 2014 1,501 850,000 17 6 2.8

5 Terraced/Mimosa Terrace 28 1,615 Nov 28 1,363 May 30, 2008 1,041 520,000 31 4 8.5

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 The Ritz-Carlton Residences Singapore Cairnhill 9 3,057 Nov 25 2,617 March 6, 2013 3,533 2,800,000 26 7.0 3.7

2 Detached/Mt Sinai Residences 10 6,039* Nov 23 664 April 26, 2012 1,023 2,171,112 35 7.7 4.6

3 The Coast at Sentosa Cove 4 2,303 Nov 24 1,541 Jan 8, 2007 1,771 530,000 13 1.3 9.9

4 The Seafront on Meyer 15 2,314 Nov 23 1,547 Aug 27, 2010 1,763 500,000 12 2.0 6.2

5 St Regis Residences Singapore 10 3,757 Nov 29 2,130 June 12, 2006 2,242 422,000 5 0.5 10.5

6 Visioncrest 9 904 Nov 28 1,880 Aug 21, 2007 2,320 397,500 19 2.0 9.3

7 Gallop Gables 10 2,852 Nov 23 1,507 April 7, 2010 1,630 348,760 8 1.1 6.6

8 Three Three Robin 10 1,367 Nov 29 1,719 June 30, 2011 1,939 300,000 11 2.1 5.4

9 Semi-detached/Poets Villas 26 3,649* Nov 22 548 May 16, 2011 623 274,792 12 2.2 5.5

10 The Seafront on Meyer 15 1,066 Nov 25 1,501 June 8, 2011 1,736 250,000 14 2.5 5.5

* Refers to strata area. Otherwise, area stated for landed homes refers to land area. Note: The profit and loss computation excludes transaction costs such as stamp duties and any renovation or refurbishment costs incurred by the seller URA caveat record downloaded on Dec 2 and 6

Landed houses flipped for million-dollar profits| BY LIN ZHIQIN |

For residential properties sold in the week

of Nov 22 to 29, the largest profit in the

landed segment of $2.27 million accrued

to a 3,531 sq ft freehold semi-detached

house on Changi Road. The seller had

bought the house at $794 psf on land in April

2015 and flipped it at $1,437 psf on Nov 23. As

the holding period is 1.6 years, the sale is sub-

ject to a 12% Seller’s Stamp Duty on the trans-

acted price of $5.07 million, which translates

into $608,400. The net profit after accounting

for SSD is $1.66 million, or 59%. The comput-

ed price gain for landed properties, however,

excludes any renovation or refurbishment costs

incurred by the seller.

The second-largest profit of $1.78 million

accrued to a 999-leasehold terraced house

on Huddington Avenue in Serangoon Gar-

den Estate, which was flipped at $1,470 psf

on Nov 25. The seller had bought the 2,982

sq ft property at $873 psf on land in April

2015 and held it for about 1.6 years. Hence,

the sale is also subject to a 12% SSD on the

transacted price of $4.38 million, which trans-

lates into $525,600. The net profit is $1.25

million, or 48%.

The sale of a 3,434 sq ft freehold semi-de-

tached house on Queen’s Road, in prime Dis-

trict 10, on Nov 28 also incurred an SSD of

8%. The seller bought it at $1,501 psf on land

in February 2014 and sold it at $1,749 psf af-

ter a 2.8-year holding period. The net profit is

$370,000, or 7%, after accounting for an SSD

of $480,000.

The largest profit in the non-landed segment

accrued to a 2,024 sq ft unit at Pandan Valley

that was sold at $867 psf on Nov 25. The seller

had bought the unit at $414 psf in December

2004 and realised a profit of $917,000 (109%),

or 9% annualised over a 12-year holding pe-

riod. Completed in 1978, Pandan Valley is a

605-unit freehold condominium located close

to Ulu Pandan Road.

On Nov 28, two units at Rivergate fetched

profits of $917,000 and $557,600 for their sell-

ers. The larger profit accrued to a 1,044 sq ft

unit on the 18th storey that was purchased

at $1,112 psf in June 2005 and sold at $1,990

psf, resulting in a 79% profit, or 7% annual-

ised over 11.4 years.

The smaller profit accrued to a 1,550 sq

ft unit on the 23rd storey that was bought at

$1,543 psf in October 2006 and sold at $1,903

psf, resulting in a 23% profit, or 2% annualised

over a holding period of 10 years. Both units

had been bought from the developer, based

on caveat data for prior transactions. River-

gate is located on Robertson Quay, in prime

District 9 and in the vicinity of the upcom-

ing Great World and Havelock MRT stations.

Completed in 2009, it comprises 545 freehold

apartment units.

On Nov 25, $3.12 million went down the

drain for the seller of a 3,057 sq ft unit at The

Ritz-Carlton Residences in prime District 9. The

unit was bought at $3,533 psf in a sub-sale in

March 2013 and sold at $2,617 psf, resulting in

a loss of $2.8 million. The transaction is sub-

ject to a 4% SSD, owing to a 3.7-year holding

period. The net loss after accounting for an

SSD of $320,000 on the $8 million sale price

is 29%. The previous owner of the unit sus-

tained a $700,000 loss after buying it at $3,762

psf from the developer in September 2010.

The Ritz-Carlton Residences is located on

Cairnhill Road and comprises 58 freehold apart-

ment units completed in 2011. Based on cave-

at data matching, there have been three un-

profitable transactions at the development so

far, and no profitable transactions. In March

2016, a 2,831 sq ft unit was sold at $2,508 psf.

The seller bought it at $3,815 psf in June 2013.

Owing to a 2.8-year holding period, the seller

had to pay an 8% SSD, or $568,000, resulting

in a net loss of $4.27 million.

The second-largest loss of the week ac-

crued to a 6,039 sq ft strata-detached house at

Mt Sinai Residences in prime District 10. The

seller bought the 999-year leasehold property

at $1,023 psf in a sub-sale in April 2012 and

sold it at $664 psf on Nov 23, 2016, resulting

in a loss of $2.17 million, or 35%. The previ-

ous owner of this property had reaped a prof-

it of $2.2 million, or 55%, when he sold it in

April 2012. He bought it at $659 psf from the

developer in May 2010.

This 999-year leasehold terraced house on Huddington Avenue that was bought last year was sold for a $1.25 million profit, after accounting for SSD, on Nov 25

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Singapore — by postal districtLOCALITIES DISTRICTSCity & Southwest 1 to 8Orchard/Tanglin/Holland 9 and 10Newton/Bukit Timah/Clementi 11 and 21Balestier/MacPherson/Geylang 12 to 14East Coast 15 and 16Changi/Pasir Ris 17 and 18Serangoon/Thomson 19 and 20West 22 to 24North 25 to 28


District 1

EMERALD GARDEN Condominium 999 years Nov 24, 2016 969 1,460,000 - 1,507 1999 Resale

District 2

ALTEZ Apartment 99 years Nov 25, 2016 549 1,100,000 - 2,004 2014 Resale

District 3

COMMONWEALTH TOWERS Condominium 99 years Nov 26, 2016 1,076 1,672,200 - 1,554 Uncompleted New Sale

COMMONWEALTH TOWERS Condominium 99 years Nov 27, 2016 904 1,462,300 - 1,617 Uncompleted New Sale

HARVEST MANSIONS Apartment 99 years Nov 23, 2016 947 950,000 - 1,003 1996 Resale

HIGHLINE RESIDENCES Condominium 99 years Nov 25, 2016 700 1,365,300 - 1,951 Uncompleted New Sale

PRINCIPAL GARDEN Condominium 99 years Nov 26, 2016 807 1,337,000 1,332,000 1,650 Uncompleted New Sale

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

QUEENS PEAK Condominium 99 years Nov 23, 2016 431 692,000 - 1,607 Uncompleted New Sale

QUEENS PEAK Condominium 99 years Nov 23, 2016 624 1,044,000 - 1,672 Uncompleted New Sale








District 4

HARBOUR VIEW TOWERS Condominium 99 years Nov 23, 2016 1,615 1,520,000 - 941 1994 Resale

MARINA COLLECTION Condominium 99 years Nov 24, 2016 2,788 5,000,000 - 1,793 2011 Resale

THE COAST AT SENTOSA COVE Condominium 99 years Nov 24, 2016 2,303 3,550,000 - 1,541 2009 Resale

District 5

PARC RIVIERA Condominium 99 years Nov 23, 2016 463 578,000 - 1,249 Uncompleted New Sale





THE TRILINQ Condominium 99 years Nov 25, 2016 710 1,085,000 - 1,527 Uncompleted New Sale

District 8

FORTE SUITES Apartment Freehold Nov 23, 2016 1,033 1,360,000 - 1,316 2016 New Sale

FORTE SUITES Apartment Freehold Nov 27, 2016 603 1,059,000 - 1,757 2016 New Sale

District 9

CAIRNHILL NINE Apartment 99 years Nov 23, 2016 1,044 3,044,000 - 2,915 2016 New Sale

OUE TWIN PEAKS Condominium 99 years Nov 23, 2016 1,604 4,126,300 - 2,573 2015 Resale

OUE TWIN PEAKS Condominium 99 years Nov 23, 2016 1,055 2,859,100 - 2,710 2015 Resale

OUE TWIN PEAKS Condominium 99 years Nov 29, 2016 570 1,564,540 - 2,742 2015 Resale

RIVERGATE Apartment Freehold Nov 28, 2016 1,550 2,950,000 - 1,903 2009 Resale

RIVERGATE Apartment Freehold Nov 28, 2016 1,044 2,078,000 - 1,990 2009 Resale

THE RITZ-CARLTON RESIDENCES SINGAPORE CAIRNHILL Apartment Freehold Nov 25, 2016 3,057 8,000,000 - 2,617 2011 Resale

THE WHARF RESIDENCE Condominium 999 years Nov 22, 2016 1,335 2,250,000 - 1,686 2012 Resale

TIARA Condominium Freehold Nov 23, 2016 893 1,520,000 - 1,701 1995 Resale

VISIONCREST Apartment Freehold Nov 28, 2016 904 1,700,000 - 1,880 2007 Resale

District 10

CITY TOWERS Apartment Freehold Nov 22, 2016 1,701 1,950,000 - 1,147 Unknown Resale

DUCHESS RESIDENCES Condominium 999 years Nov 23, 2016 1,485 2,490,000 - 1,676 2011 Resale

FOUR SEASONS PARK Condominium Freehold Nov 28, 2016 2,874 7,000,000 - 2,436 1994 Resale


Discount at One Balmoral spurs

interest in older condos in the vicinity| BY TAN CHEE YUEN |

In just a fortnight after develop-

er Hong Leong Holdings offered

a 13% discount for units at One

Balmoral from Nov 12, nine were

sold. The number of units sold in

the two-week period is equivalent

to when the project was launched

off-plan in 2013. This brings the to-

tal sales tally to 18 so far, according

to caveats lodged with URA Realis.

Recent sale of units at One Bal-

moral ranged from $1.49 million

($2,522 psf) for a 592 sq ft, one-bed-

room unit on the 12th floor to $3.19

million ($2,261 psf) for a 1,410 sq

ft, three-bedroom unit. The most

popular units were the two-bedders

of 969 sq ft that were sold at $2.03

million ($2,094 psf) to $2.11 million

($2,175 psf).

One Balmoral is a freehold con-

dominium with a total of 91 units,

and is a redevelopment of a condo

bearing the same name. Hong Leong

had paid $125 million for the 43-

unit apartment block in March 2007,

which translated into a record price

of $1,188 psf per plot ratio for the

Balmoral area.

The recent strong sales at One Bal-

moral have stirred interest in older

condos in the Balmoral Park neigh-

bourhood, according to property

agents. For instance, at Pinewood

Gardens, a 2,056 sq ft, four-bedroom

unit on the third floor was sold for

$2.98 million ($1,449 psf), accord-

ing to a caveat lodged on Nov 24.

“Pinewood Gardens appeals to

homebuyers as it is a low-rise devel-

opment on a sprawling freehold site,”

says Alan Yap, an associate director

at ERA Realty Network. Besides the

bigger units at these older condos,

another draw is the collective sale

potential, he adds.

Pinewood Gardens is a freehold

149-unit condo completed in 1990.

It was developed by listed proper-

ty giant City Developments, whose

parent company is Hong Leong. The

26-year-old condo contains a mix of

two- to four-bedroom units ranging

from 1,259 to 2,120 sq ft.

As most of the buyers of older

condos such as Pinewood Gardens

are owner-occupiers, there have not

been many transactions in the pro-

ject. Prior to the recent transaction

in November, there was a resale in

July, when a 1,249 sq ft unit fetched

$1.95 million ($1,562 psf).

Located across the road from Pine-

wood Gardens is The Balmoral, a free-

hold residential project by Comtech

Development completed in 1986. The

30-year-old project contains 81 units,

which are a mix of four-bedroom apart-

ments of 2,745 to 3,208 sq ft, mai-

sonettes of 2,659 to 2,734 sq ft, and

penthouses of over 5,700 sq ft. Typi-

cal prime condo developments built

in the 1980s have large units and are

favoured by owner-occupiers.

The Balmoral also has en bloc

potential, according to agents. The

most recent transaction at the pro-

ject was for a 3,132 sq ft unit on the

first level that fetched $3.33 million

($1,063 psf), according to a caveat

lodged on Nov 25. Prior to that, the

last transaction was for a 2,745 sq ft

unit on the third level that changed

hands for $3.75 million ($1,366 psf),

based on a caveat lodged in June.

Back to back with Pinewood Gar-

dens is Three Three Robin fronting

Robin Road. Completed in 2005, the

freehold project by luxury develop-

er SC Global Developments contains

just 36 units.

This year, Three Three Robin

has seen five resales — the highest

number since 2011. Most of the units

that changed hands this year were

three-bedroom ones of 1,582 to 1,636

sq ft, and they were sold at between

$2.55 million ($1,559 psf) and $2.8

million ($1,770 psf), according to ca-

veats lodged from March to August.

The most recent transaction at

Three Three Robin, however, was for

a 1,367 sq ft, two-bedroom unit on

the 10th floor. The unit was sold for


ing to a caveat lodged on Nov 29.

It changed hands five years ago for


ing to a caveat lodged in June 2011.

Prior to that, the unit fetched $2.15

million ($1,573 psf) in March 2007.

When it was first sold by the devel-

oper in 2005, it went for $1.61 mil-

lion ($1,178 psf).

One Balmoral is a freehold condominium with a total of 91 units

DONE DEALS

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DISCLAIMER:Source: URA Realis. Updated Dec 6, 2016. 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



GALLOP GABLES Condominium Freehold Nov 23, 2016 2,852 4,300,000 - 1,507 1997 Resale

LATITUDE Condominium Freehold Nov 25, 2016 1,324 2,300,000 - 1,737 2010 Resale

MT SINAI RESIDENCES Detached 999 years Nov 23, 2016 6,039 4,008,888 - 664 2012 Resale

GRANGE ROAD Apartment Freehold Nov 23, 2016 26,350 48,500,000 - 1,841 Unknown Resale

QUEEN’S ROAD Semi-Detached Freehold Nov 28, 2016 3,434 6,000,000 - 1,749 Unknown Resale

ONE BALMORAL Condominium Freehold Nov 22, 2016 592 1,493,000 - 2,522 2016 New Sale

ONE BALMORAL Condominium Freehold Nov 23, 2016 1,410 3,188,000 - 2,261 2016 New Sale



PARVIS Condominium Freehold Nov 23, 2016 990 1,950,000 - 1,969 2012 Resale

PINEWOOD GARDENS Condominium Freehold Nov 24, 2016 2,056 2,980,000 - 1,449 1990 Resale

SIGNATURE AT LEWIS Apartment Freehold Nov 25, 2016 980 1,410,000 - 1,439 2011 Resale

SPANISH VILLAGE Condominium Freehold Nov 22, 2016 1,163 1,590,000 - 1,368 1987 Resale

ST REGIS RESIDENCES SINGAPORE Apartment 999 years Nov 29, 2016 3,757 8,000,000 - 2,130 2008 Resale

THE BALMORAL Condominium Freehold Nov 25, 2016 3,132 3,330,000 - 1,063 1986 Resale

THE GLENCAIRD RESIDENCES Detached Freehold Nov 23, 2016 15,123 25,500,000 - 1,686 1999 Resale

THREE THREE ROBIN Apartment Freehold Nov 29, 2016 1,367 2,350,000 - 1,719 2005 Resale

TOMLINSON HEIGHTS Condominium Freehold Nov 23, 2016 2,551 7,653,000 - 3,000 2014 Resale

District 11

26 NEWTON Apartment Freehold Nov 26, 2016 775 1,868,888 - 2,411 2016 New Sale

6 DERBYSHIRE Condominium Freehold Nov 25, 2016 517 1,199,136 - 2,321 Uncompleted New Sale

GENTLE VILLAS Semi-Detached 99 years Nov 25, 2016 2,691 2,880,000 - 1,071 1995 Resale

LA SUISSE Condominium 999 years Nov 22, 2016 1,679 1,900,000 - 1,132 1993 Resale

NEWTON 18 Apartment Freehold Nov 28, 2016 980 1,655,000 - 1,690 2002 Resale

SOLEIL @ SINARAN Condominium 99 years Nov 28, 2016 958 1,620,000 - 1,691 2011 Resale

STRATA Apartment Freehold Nov 22, 2016 506 850,000 - 1,680 2006 Resale

TUDOR VIEW Semi-Detached Freehold Nov 22, 2016 3,380 5,400,000 - 1,600 1987 Resale

District 12

RAJAH TOWERS Apartment Freehold Nov 23, 2016 2,207 1,900,000 - 861 1983 Resale

SHAW PLAZA - TWIN HEIGHTS Apartment Freehold Nov 25, 2016 1,421 1,420,000 - 999 1999 Resale

District 13

LICHI AVENUE Terrace Freehold Nov 29, 2016 1,701 1,920,000 - 1,128 Unknown Resale

THE POIZ RESIDENCES Apartment 99 years Nov 24, 2016 420 640,000 - 1,525 Uncompleted New Sale

THE POIZ RESIDENCES Apartment 99 years Nov 24, 2016 420 646,000 - 1,539 Uncompleted New Sale

THE POIZ RESIDENCES Apartment 99 years Nov 25, 2016 1,152 1,566,000 - 1,360 Uncompleted New Sale

THE POIZ RESIDENCES Apartment 99 years Nov 25, 2016 1,206 1,615,000 - 1,340 Uncompleted New Sale

THE VENUE RESIDENCES Apartment 99 years Nov 22, 2016 840 1,200,000 - 1,429 Uncompleted New Sale

THE VENUE RESIDENCES Apartment 99 years Nov 25, 2016 850 1,204,665 - 1,417 Uncompleted New Sale

District 14

# 1 SUITES Apartment Freehold Nov 27, 2016 614 635,000 - 1,035 2016 New Sale

CENTRA SUITES Apartment Freehold Nov 29, 2016 452 640,000 - 1,416 2012 Resale

MORO MANSIONS Apartment Freehold Nov 22, 2016 936 850,000 - 908 1993 Resale

CHANGI ROAD Semi-Detached Freehold Nov 23, 2016 3,531 5,070,000 - 1,437 Unknown Resale

JALAN SENTOSA Detached Freehold Nov 23, 2016 5,005 4,100,000 - 820 1992 Resale

SIMS URBAN OASIS Condominium 99 years Nov 26, 2016 958 1,398,000 - 1,459 Uncompleted New Sale

SIMS URBAN OASIS Condominium 99 years Nov 27, 2016 484 707,373 - 1,460 Uncompleted New Sale

SIMS URBAN OASIS Condominium 99 years Nov 27, 2016 484 717,336 - 1,481 Uncompleted New Sale

TRE RESIDENCES Condominium 99 years Nov 22, 2016 570 937,240 - 1,643 Uncompleted New Sale

VACANZA @ EAST Condominium Freehold Nov 28, 2016 484 612,888 - 1,265 2014 Resale

District 15

CAMELOT BY-THE-WATER Condominium 99 years Nov 25, 2016 2,637 3,830,000 - 1,452 2000 Resale

PARKSTONE ROAD Semi-Detached Freehold Nov 25, 2016 2,799 5,380,000 - 1,924 2016 Sub Sale

JOO CHIAT TERRACE Terrace Freehold Nov 28, 2016 2,691 2,328,000 - 865 1972 Resale

JOO CHIAT ROAD Apartment Freehold Nov 29, 2016 1,087 1,080,000 - 993 Unknown Resale

THE MEYERISE Condominium Freehold Nov 28, 2016 1,819 4,109,000 - 2,259 2014 Resale

THE SEAFRONT ON MEYER Condominium Freehold Nov 23, 2016 2,314 3,580,000 - 1,547 2010 Resale

THE SEAFRONT ON MEYER Condominium Freehold Nov 25, 2016 1,066 1,600,000 - 1,501 2010 Resale

District 16

AQUARIUS BY THE PARK Condominium 99 years Nov 24, 2016 893 820,000 - 918 2000 Resale

CASAFINA Condominium 99 years Nov 23, 2016 1,313 1,100,000 - 838 1999 Resale

JALAN CHEMPAKA KUNING Semi-Detached 70 years Nov 22, 2016 3,079 470,000 - 153 Unknown Resale

THE BAYCOURT Condominium Freehold Nov 29, 2016 1,690 1,750,000 - 1,036 1994 Resale

THE BAYSHORE Condominium 99 years Nov 28, 2016 1,184 1,055,000 - 891 1997 Resale

THE GLADES Condominium 99 years Nov 22, 2016 689 1,045,000 - 1,517 Uncompleted New Sale

THE GLADES Condominium 99 years Nov 25, 2016 990 1,402,000 - 1,416 Uncompleted New Sale

WATERFRONT ISLE Condominium 99 years Nov 28, 2016 904 1,040,000 - 1,150 2015 Sub Sale

District 17

LOYANG VALLEY Condominium 99 years Nov 28, 2016 3,251 1,575,000 - 485 1985 Resale

District 18

EASTPOINT GREEN Condominium 99 years Nov 24, 2016 2,314 1,830,000 - 791 1999 Resale

MELVILLE PARK Condominium 99 years Nov 24, 2016 1,464 935,000 - 639 1996 Resale

SAVANNAH CONDOPARK Condominium 99 years Nov 23, 2016 1,755 1,180,000 - 673 2005 Resale

SEASTRAND Condominium 99 years Nov 24, 2016 592 574,000 - 970 2014 Resale

THE ALPS RESIDENCES Condominium 99 years Nov 24, 2016 700 714,000 - 1,020 Uncompleted New Sale



THE PALETTE Condominium 99 years Nov 22, 2016 872 880,000 - 1,009 2015 Sub Sale

THE SANTORINI Condominium 99 years Nov 26, 2016 915 923,000 - 1,009 Uncompleted New Sale

THE SANTORINI Condominium 99 years Nov 26, 2016 1,109 1,177,000 - 1,062 Uncompleted New Sale

THE SANTORINI Condominium 99 years Nov 26, 2016 527 634,000 - 1,202 Uncompleted New Sale

VUE 8 RESIDENCE Condominium 99 years Nov 22, 2016 1,313 1,106,700 - 843 Uncompleted New Sale

District 19

BOTANIQUE AT BARTLEY Condominium 99 years Nov 26, 2016 1,130 1,516,000 - 1,341 Uncompleted New Sale

CHARLTON 27 Terrace Freehold Nov 26, 2016 3,983 2,875,000 - 722 2016 New Sale

EVERGREEN PARK Apartment 99 years Nov 25, 2016 1,087 810,000 - 745 1999 Resale

FOREST WOODS Condominium 99 years Nov 23, 2016 980 1,335,000 - 1,363 Uncompleted New Sale

FOREST WOODS Condominium 99 years Nov 26, 2016 936 1,252,000 - 1,337 Uncompleted New Sale

KOVAN REGENCY Condominium 99 years Nov 22, 2016 1,130 1,460,000 - 1,292 2015 Resale

KOVAN REGENCY Condominium 99 years Nov 25, 2016 1,055 1,328,000 - 1,259 2015 Resale

PALM GROVE AVENUE Terrace 999 years Nov 22, 2016 2,992 2,650,000 - 886 1974 Resale

PARC CENTROS Condominium 99 years Nov 22, 2016 474 630,000 - 1,330 2016 Sub Sale

PARC VERA Condominium 99 years Nov 23, 2016 1,141 1,130,000 - 990 2014 Resale

PARC VERA Condominium 99 years Nov 24, 2016 1,410 1,300,000 - 922 2014 Resale

RIVERSAILS Condominium 99 years Nov 23, 2016 883 910,000 - 1,031 2016 Resale

SERANGOON GARDEN ESTATE Terrace 999 years Nov 25, 2016 2,960 2,650,000 - 894 Unknown Resale

SERANGOON GARDEN ESTATE Terrace 999 years Nov 25, 2016 2,982 4,380,000 - 1,470 Unknown Resale

SERANGOON GARDEN ESTATE Semi-Detached 999 years Nov 28, 2016 4,198 3,830,000 - 911 Unknown Resale

TERRASSE Condominium 99 years Nov 25, 2016 1,130 1,200,000 - 1,062 2014 Resale

THE FLORIDA EC 99 years Nov 22, 2016 1,302 870,000 - 668 2000 Resale


THE SCALA Apartment 99 years Nov 24, 2016 829 1,130,000 - 1,363 2013 Resale

THE TERRACE EC 99 years Nov 23, 2016 1,001 752,700 739,700 739 Uncompleted New Sale

THE TERRACE EC 99 years Nov 26, 2016 1,076 810,100 - 753 Uncompleted New Sale

THE TERRACE EC 99 years Nov 26, 2016 1,001 829,200 816,200 815 Uncompleted New Sale

THE TERRACE EC 99 years Nov 27, 2016 1,076 855,100 - 794 Uncompleted New Sale

THE VALES EC 99 years Nov 22, 2016 753 651,314 - 864 Uncompleted New Sale



TRILIVE Condominium Freehold Nov 22, 2016 1,163 1,808,000 - 1,555 Uncompleted New Sale

TRILIVE Condominium Freehold Nov 23, 2016 904 1,400,000 - 1,548 Uncompleted New Sale

TRILIVE Condominium Freehold Nov 25, 2016 1,163 1,768,888 - 1,522 Uncompleted New Sale

TRILIVE Condominium Freehold Nov 27, 2016 624 1,012,000 - 1,621 Uncompleted New Sale

District 20

GRANDEUR 8 Condominium 99 years Nov 22, 2016 1,227 1,285,000 - 1,047 2005 Resale

THOMSON IMPRESSIONS Apartment 99 years Nov 25, 2016 1,055 1,471,400 - 1,395 Uncompleted New Sale

THOMSON IMPRESSIONS Apartment 99 years Nov 26, 2016 764 1,059,000 - 1,386 Uncompleted New Sale

THOMSON IMPRESSIONS Apartment 99 years Nov 27, 2016 1,055 1,441,143 - 1,366 Uncompleted New Sale

THOMSON VIEW CONDOMINIUM Condominium 99 years Nov 29, 2016 2,024 1,400,000 - 692 1987 Resale

District 21

BINJAI CREST Terrace 99 years Nov 22, 2016 3,778 1,950,000 - 516 2004 Resale

HIGH OAK CONDOMINIUM Condominium 99 years Nov 25, 2016 1,647 1,320,000 - 802 1998 Resale

PANDAN VALLEY Condominium Freehold Nov 25, 2016 2,024 1,755,000 - 867 1978 Resale

PARC PALAIS Condominium Freehold Nov 22, 2016 1,238 1,165,000 - 941 1999 Resale

THE CREEK @ BUKIT Condominium Freehold Nov 26, 2016 786 1,180,000 - 1,502 Uncompleted New Sale

District 22

PARK VIEW MANSION Apartment 99 years Nov 24, 2016 1,335 770,000 - 577 Unknown Resale

WESTWOOD RESIDENCES EC 99 years Nov 22, 2016 1,033 865,000 - 837 Uncompleted New Sale



WESTWOOD RESIDENCES EC 99 years Nov 24, 2016 1,475 1,163,553 - 789 Uncompleted New Sale

WESTWOOD RESIDENCES EC 99 years Nov 26, 2016 1,475 1,207,900 - 819 Uncompleted New Sale


District 23

ECO SANCTUARY Condominium 99 years Nov 23, 2016 990 1,178,020 - 1,190 2016 New Sale

HILLION RESIDENCES Apartment 99 years Nov 22, 2016 463 637,560 - 1,377 Uncompleted New Sale

HILLION RESIDENCES Apartment 99 years Nov 26, 2016 463 664,240 - 1,435 Uncompleted New Sale

PALM GARDENS Condominium 99 years Nov 23, 2016 1,216 850,000 - 699 2000 Resale

SOL ACRES EC 99 years Nov 22, 2016 1,066 866,000 - 813 Uncompleted New Sale

SOL ACRES EC 99 years Nov 23, 2016 926 720,000 - 778 Uncompleted New Sale











WANDERVALE EC 99 years Nov 26, 2016 1,087 817,000 - 751 Uncompleted New Sale

WANDERVALE EC 99 years Nov 26, 2016 1,098 832,000 - 758 Uncompleted New Sale

District 25

BELLEWOODS EC 99 years Nov 22, 2016 1,227 975,150 - 795 Uncompleted New Sale


BELLEWOODS EC 99 years Nov 23, 2016 936 787,050 - 840 Uncompleted New Sale


BELLEWOODS EC 99 years Nov 24, 2016 1,346 1,011,780 - 752 Uncompleted New Sale



BELLEWOODS EC 99 years Nov 26, 2016 1,679 1,214,220 - 723 Uncompleted New Sale


WOODSVALE EC 99 years Nov 23, 2016 1,324 788,000 - 595 2000 Resale

District 26

ATELIER VILLAS Terrace Freehold Nov 25, 2016 3,240 1,800,000 - 556 2008 Resale

CASTLE GREEN Condominium 99 years Nov 23, 2016 1,152 965,000 - 838 1997 Resale

POETS VILLAS Semi-Detached 99 years Nov 22, 2016 3,649 2,000,000 - 548 2014 Resale

District 27

NORTH PARK RESIDENCES Apartment 99 years Nov 27, 2016 936 1,179,000 - 1,259 Uncompleted New Sale

PARC LIFE EC 99 years Nov 27, 2016 1,066 805,600 803,300 754 Uncompleted New Sale

SYMPHONY SUITES Condominium 99 years Nov 22, 2016 786 835,000 - 1,063 Uncompleted New Sale



SYMPHONY SUITES Condominium 99 years Nov 23, 2016 1,023 1,020,000 - 997 Uncompleted New Sale



THE BROWNSTONE EC 99 years Nov 26, 2016 958 776,800 - 811 Uncompleted New Sale

THE CRITERION EC 99 years Nov 22, 2016 1,001 785,600 - 785 Uncompleted New Sale

THE CRITERION EC 99 years Nov 22, 2016 1,098 798,400 - 727 Uncompleted New Sale

THE CRITERION EC 99 years Nov 26, 2016 915 688,000 - 752 Uncompleted New Sale

THE CRITERION EC 99 years Nov 27, 2016 818 647,200 - 791 Uncompleted New Sale

THE SHAUGHNESSY Terrace 99 years Nov 25, 2016 3,283 1,368,888 - 417 2006 Resale

THE VISIONAIRE EC 99 years Nov 24, 2016 1,442 1,098,000 - 761 Uncompleted New Sale

THE VISIONAIRE EC 99 years Nov 24, 2016 1,023 830,000 - 812 Uncompleted New Sale

THE VISIONAIRE EC 99 years Nov 26, 2016 1,292 994,500 - 770 Uncompleted New Sale

THE WISTERIA Apartment 99 years Nov 22, 2016 893 951,800 - 1,065 Uncompleted New Sale

District 28

FLORAVILLE Apartment Freehold Nov 23, 2016 1,001 1,166,500 - 1,165 Uncompleted New Sale

MIMOSA TERRACE Terrace Freehold Nov 28, 2016 1,615 2,200,000 - 1,363 2007 Resale

RIVERTREES RESIDENCES Apartment 99 years Nov 22, 2016 1,119 1,196,126 - 1,068 Uncompleted New Sale



SELETAR PARK RESIDENCE Condominium 99 years Nov 25, 2016 840 1,050,000 - 1,251 2015 Resale

SUNRISE GARDENS Condominium 99 years Nov 22, 2016 1,690 1,200,000 - 710 1998 Resale

DONE DEALS


DEAL WATCH

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Recent rental contracts

for 1,500 to 1,600 sq ft

units at Silversea

LEASE DATE MONTHLY RENT $ $ PSF

Oct 2016 6,140 4.00

Oct 2016 5,500 3.50

Oct 2016 5,400 3.50

Oct 2016 5,000 3.20

Oct 2016 5,600 3.60

Oct 2016 6,300 4.10

Recent transactions at Silversea

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

Aug 25, 2016 Low 1,518 1,975,000 1,301

Aug 24, 2016 Low 1,496 2,080,000 1,390

June 20, 2016 Mid 1,507 2,700,000 1,792

May 16, 2016 Low 1,507 2,148,888 1,426

May 12, 2016 Mid 2,486 3,880,000 1,560

May 3, 2016 Mid 980 1,400,000 1,429

*Low floors: L1 to L7, Mid floors: L8 to L15, High floors: L16 and above

SAM

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Three-bedroom unit at Silversea for sale at $1,387 psf| BY TAN CHEE YUEN |

Completed in 2014, the 99-

year leasehold Silversea is an

award-winning condomin-

ium by Far East Organiza-

tion. The 383-unit high-end

condo in Marine Parade on the East

Coast of Singapore won the Oscar of

the real-estate industry, the FIABCI

World Prix d’Excellence Award, in

the high-rise residential category at

the 67th FIABCI World Congress in

Panama City in May. It scooped up

the award for the mid-rise residen-

tial category at the FIABCI Singa-

pore awards in November last year.

Believed to be substantially sold,

the project comprises four interlock-

ing 21-storey towers with a mix of

two- to four-bedroom units of 969 to

2,766 sq ft. There are also 10 pent-

houses, which range from 3,552 to

4,962 sq ft.

The project is a redevelopment of

Amberville HUDC Estate, which sat

on a 218,435 sq ft site. The grounds

of the new Silversea condo feature

landscaped gardens, swimming pools,

spa pools and a wide range of en-

tertainment and recreational areas.

Up for sale is a three-bedroom

unit on the second level of one of

the four blocks. At 1,572 sq ft, it is

said to be the largest of the three-bed-

room units at Silversea. The unit has

a direct view of the swimming pool.

It is on the market for $2.18 million

($1,387 psf), according to a listing

on TheEdgeProperty.com.

The unit had been previously leased

at a monthly rent of $6,000. The own-

er, said to be a foreigner, is looking

to exit to free up capital for overseas

investment opportunities, according

to Melvyn Xu, district director of Sav-

ills Residential, who is marketing the

property. The unit will be sold with

vacant possession.

The price of $1,387 psf is in line

with recent market transactions for

other low-floor units. For instance, in

August, a neighbouring three-bedroom

unit of 1,496 sq ft on the same floor

fetched $2.08 million ($1,390 psf). A

fourth-floor unit two blocks away was

sold for $1.975 million ($1,301 psf),

according to a caveat lodged in Au-

gust. It was a 1,518 sq ft three-bedder.

Prices at Silversea are now on a

par with levels seen in 4Q2008 when

the project was first launched. In 2011

and 2012, prices of mid- to high-floor

units soared above $2,000 psf. The

highest psf price achieved in the pro-

ject was for a 4,338 sq ft penthouse

that was sold for $12 million ($2,766

psf) in April 2014.

Savills’ Xu reckons the current

pricing is attractive, given the pro-

ject’s prime District 15 location.

The condo is not only within walk-

ing distance of the Parkway Parade

shopping centre, but also the future

Marine Parade MRT station on the

Thomson-East Coast Line, which is

expected to open in 2023.

According to Xu, the monthly rent

for three-bedroom units at Silversea

is currently $5,000 to $6,140. At the

current asking prices and prevail-

ing rental rates, gross yield is likely

to range between 2.75% and 3.3%.

The unit is likely to attract

owner-occupiers, owing to its size

and the project’s amenities and lo-

cation, says Xu.

For more information, visit tinyurl.

com/DealWatch-S758.

The 99-year leasehold Silversea is an award-winning condominium by Far East Organization completed in 2014

E

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