Your Neighbourhood Eye on Property Done Deals Gains and …...Seah Streets, says Sammi Lim, CBRE...

Your NeighbourhoodDUO a catalyst for

revitalisation of BugisEP4 & EP6

Eye on PropertyAre there still opportunities in the strata retail market?

EP10

Done DealsUnit at The Peak @ Cairnhill I

sold for $2,617 psfEP12 & EP13

Gains and LossesOwner of Kensington Park unit makes $1.2 mil profi t

EP15

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 NOVEMBER 21, 2016 | ISSUE 755

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

Price war in workers’ dormitories

A slowing economy, increased layoffs and competition from new purpose-built dormitories

are some of the challenges faced by Tuas View, one of Singapore’s biggest foreign workers’

dormitories. Co-owner and operator TS Management Services remains undaunted. See our Cover Story on Pages EP8 and EP9.

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EP2 • THEEDGE SINGAPORE | NOVEMBER 21, 2016

Residential site on Serangoon Road on the market for $50.8 milA freehold residential site located at 1177 Serangoon Road (above) has been launched for sale by tender. According to Savills, the appointed marketing agent for the sale, the indicative price for the site is $50.8 million.

The land belongs to a single owner and is located within 600m of the Po-tong Pasir MRT station. A two-storey industrial block is currently occupying the 31,705 sq ft site. According to the 2014 Master Plan, the parcel is zoned for residential use with a plot ratio of 2.8 and a maximum gross floor area (GFA) of 88,774 sq ft.

The tender closes on Nov 29.

‘The Glass House’ up for sale at $7.2 milAn 8,000 sq ft, semi-detached house at 10B Green Lane, off Tanjong Katong Road (above), has been put up for sale. The asking price is $7.2 million.

Sited on a 3,356 sq ft freehold plot, the three-storey house comes with an attic and a swimming pool. The façade of the house is almost entirely made of glass, with a few concrete beams sup-porting the structure of the house. The construction of the property — called “The Glass House” by the owner — took about three years at a cost of close to $3 million. The house has seven bed-rooms and six bathrooms, with most of the bedrooms larger than a three-bed-room HDB flat.

Shophouses in Tanjong Pagar selling for $28 milA pair of three-storey conservation shop-houses in the Tanjong Pagar area (right) have been put up for sale by expression of interest (EOI). The indicative price for both units is about $28 million, which translates to $2,308 psf on GFA. JLL is the exclusive marketing agent.

The property is located about 450m from the Outram Park MRT station. It sits on a combined land area of 4,439 sq ft and has a total area of 12,128 sq ft, inclusive of the private courtyard in front. Under the 2014 Master Plan, the site is zoned for commercial use. The property is currently occupied by the owner and office tenants.

The EOI exercise closes on Dec 15.

Developer sales doubled in OctoberSales of new private homes jumped 146% to 1,540 units in October compared with September’s 769 units. On a y-o-y basis, sales surged 87% from 824 units in Oc-tober last year. The strong performance came on the back of the launches of two condominiums: Forest Woods and The Alps Residences. Both projects account-ed for 55% of the sales.

Forest Woods was the top seller, with 364 units sold at a median price of $1,412 psf, followed by The Alps Residences, with 334 units sold at a median price of $1,078 psf.

Christine Li, director of research at Cushman & Wakefield, reckons the take-up of new private homes remained buoy-ant in October owing to the affordable quantum and positive locations.

In the executive condominium seg-ment, a total of 288 units were sold in October, 11% higher than the 260 units sold in September. The Terrace was the best performer in October, with 57 units

sold at a median price of $797 psf. Sol Acres saw 49 units sold at a median price of $778 psf. This was followed by The Visionaire (24 units at a median price of $819 psf) and Westwood Residences (24 units at a median price of $796 psf).

Ong Teck Hui, national director of re-search & consultancy at JLL, expects the full-year take-up to exceed the 7,440 units sold in 2015, as more than 6,900 new private homes were sold in the first 10 months of the year. This trend suggests that the volume of sale in the primary market could have bottomed, adds Ong.

Ground-breaking ceremonyfor Guangzhou Infinitus PlazaA ground-breaking ceremony was held for Guangzhou Infinitus Plaza (below) in Baiyun New Town, Guangzhou, Chi-na, on Nov 15.

The property is sited on the plot of land acquired by LKK Health Products Group (LKKHPG) for RMB2.01 billion ($414.6 million) in May. Guangzhou In-finitus Plaza was designed by renowned architect Zaha Hadid, who was known as the “Queen of the Curve”. It is the first project among Hadid’s final archi-tectural works to break ground.

Guangzhou Infinitus Plaza comprises several facilities, including a global R&D centre, a Chinese herbal medicine re-search and safety assessment centre, and

a corporate exhibition centre and gallery. It will serve as the new headquar-

ters of Infinitus China Co Ltd, a unit of LKKHPG. The plaza is expected to meet Infinitus’ projected business and office needs for the next 10 to 15 years.

Total investment in the project will reach RMB4.5 billion. The project is scheduled to be completed in 2Q2020.

New York’s Upper Fifth Avenue is world’s most expensiveretail street, says C&WNew York’s Upper Fifth Avenue remains the world’s most expensive retail street, with an annual rental rate of US$3,000 psf, according to the latest Main Streets Across the World report by Cushman & Wakefield. Trailing closely behind is Hong Kong’s Causeway Bay with an an-nual rental rate of US$2,878 psf. How-ever, rental values have decreased in both places as brands balance the de-mands of physical and online presence, according to C&W.

The report tracks 462 of the top re-tail streets around the globe by ranking them based on their prime rental value.

Hong Kong, Tokyo, Sydney and Seoul are the four cities in Asia-Pacific ranked among the top 10 most expensive retail locations in the world. The Causeway Bay area in downtown Hong Kong retains the top spot in the region. The downward pressure on rents is creating opportuni-ty for some retailers looking to snap up units in prime locations on good rental terms. — Compiled by Tan Chee Yuen

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

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CorrectionsIn our cover story “Collective sales sputtering back to life” (Issue 754, Nov 14), the deputy head of real estate at RHTLaw Taylor Wessing should be Sandra Han and not as published. The error is regretted.

In our story “Lian Beng-Oxley launch strata-titled industrial building in Tampines” (Issue 754, Nov 14), the psf per plot ratio for the T-Space site should be $87.34 and not as published. The error is regretted.

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THEEDGE SINGAPORE | NOVEMBER 21, 2016 • EP3


YOUR NEIGHBOURHOOD

| BY MICHAEL LIM |

Located on the fringe of the CBD, the Bugis neighbourhood is a well-established hub with malls, shophouses, office build-ings and hotels, particularly the

area bounded by Ophir Road, Beach Road, Middle Road and Queen Street.

The Bugis neighbourhood has good connectivity: The MRT interchange station for the East-West and Down-town Lines is just two stops from Raf-fles Place on the East-West Line and three stops from Marina Bay on the Downtown Line. “The area is ideal for companies that want to be close to, but need not be located in, the heart of the CBD,” says Alan Cheong, head of research at Savills Singapore.

Greater vibrancy from new landmark developmentsThe completion of South Beach and the upcoming completion of DUO — both landmark mixed-use develop-ments — will bring greater vibrancy to the neighbourhood, particular-ly around Tan Quee Lan and Liang Seah Streets, says Sammi Lim, CBRE director of investment properties.

South Beach, jointly developed

by City Developments Ltd and Ma-laysia’s IOI Properties, was complet-ed last year. According to CDL in its 3QFY2016 results announcement on Nov 10, the 510,000 sq ft, Grade-A office space in the 34-storey South Beach Tower and the 32,000 sq ft re-tail space on the basement level con-necting to the Esplanade and City Hall MRT stations have been fully taken up. About 70% of the retail outlets have already commenced business, with the remainder scheduled to open soon. CDL also announced that the 634-room South Beach hotel would be rebranded the JW Marriott HotelSingapore South Beach and open for business in January 2017.

Developed by M+S, a joint-ven-ture company set up by Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional, DUO is expect-ed to be completed by 2017. The pro-ject contains a 49-storey residential tower, the 660-unit DUO Residenc-es. As at end-October, the project was 95% sold.

The second tower of 39 storeys at DUO contains 20 levels of Grade-A office space with a net lettable area (NLA) of 570,000 sq ft. So far, about 40% of the office space has been tak-

en up, at rents ranging from $7.50 to $9 psf a month, according to market sources. Meanwhile, the 340-room ho-tel in the second tower will be brand-ed Andaz Singapore and managedby Hyatt Hotels.

Properties on the marketWith DUO’s greater visibility as it nears completion, some owners of neighbouring buildings are taking the opportunity to put their properties

on the market. An example is trad-ing firm Geetex Group, the owner of Bugis Point, which put up the proper-ty for sale by tender at end-Septem-ber. The property’s indicative price is $59.5 million ($3,505 psf), accord-ing to CBRE’s Lim, who is marketing the property. The tender closed on Nov 9, and the owner is said to be reviewing the offers received.

Bugis Point is located at the junc-tion of North Bridge Road and Tan

Queen Lan Street. It is a six-storey building with a built-up area of 16,975 sq ft that sits on a 999-year leasehold site of 2,776 sq ft.

Bugis Point is currently leased to the Club J’wels karaoke lounge on the upper floors, with the ground floor tenanted by two F&B outlets, Ah Seng Bak Kut Teh and Blanco Court Beef Noodles.

Located across the road from Bugis Point is the Bugis Junction mall, one of the most successful shopping malls in the portfolio of CapitaLand Mall Trust. The mall is linked directly to the Bugis MRT interchange station in the basement, and via an overhead bridge to Bugis+. Together, the two malls have a combined NLA of more than 600,000 sq ft. Bugis Junction is also part of a mixed-use develop ment and is linked to InterContinental Hoteland the Bugis Junction Tower of-fice block.

“The Bugis area has one of the highest footfalls outside of Orchard Road, which is why it is a magnet for investors looking for commercial properties to invest in,” says Savills’Cheong.

However, not all buildings bene-CONTINUES ON PAGE EP6

View of Bugis area from Shaw Centre

Bugis Point, located next to Wisma Alsagoff, has been put up for sale at an indicative price of $59.5 million

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Bugis revived with upcoming completion of DUO


YOUR NEIGHBOURHOOD

fit from the high footfalls. Just one street away from Bugis Junction and a few doors from Bugis Point is the strata-titled commercial develop-ment Bugis Cube. Formerly known as North Bridge Commercial Com-plex, it was converted into a stra-ta-titled mixed-use development with 122 units of retail and office space for sale. The six-storey build-ing’s extensive refurbishment was completed in 2013.

However, most of the investors who bought units at Bugis Cube struggled to find tenants for the bet-ter part of the first 18 months after it was completed. This was because many of them, whose units were on the upper floors, had asking rents of more than $10 psf per month, says Jason Low, a senior division direc-tor with ERA Realty.

The units are now filling up be-cause some of the owners have low-ered their rents, he adds. However, their yields have been affected as a result. For example, a 334 sq ft unit on the third level was sold for $1.6 million during the launch. It is cur-rently being rented out for $2,500 a month ($7.50 psf per month), giv-ing the owner a yield of around 2% a year, which is not even enough to break even after deducting the mort-gage payment, says ERA’s Low.

The highest rent achieved at Bugis Cube was for a 1,356 sq ft unit on the ground floor, which has been leased to an F&B outlet for $24,000 a month ($17.70 psf a month). The owner paid $9.35 million ($6,899 psf) for the unit when it was launched in 2012. The latest transaction at Bugis Cube was for a 301 sq ft unit on the second level that changed hands for $1.03 million ($3,417 psf) in August 2015.

Units for leaseThe Prospex is another building that had undergone extensive refurbish-ment works, which were completed in 2015. The nine-storey commer-cial building is located at the corner of Victoria Street and Middle Road, and adjacent to Bugis+. The owner of The Prospex — Hong Kong- and Singapore-focused real-estate pri-vate-equity firm Pamfleet Group — had originally offered office units for sale on a strata basis. It subsequent-ly offered the entire building for en bloc purchase with a price tag of $80 million last year.

The commercial units in The Prospex are now available for lease, though. Asking rents for the office units range from $8 psf per month for a 581 sq ft unit to $7.20 psf per month for a 3,800 sq ft unit, accord-ing to listings by agents. More than 80% of the building has been leased so far. The retail space was put up for lease earlier this year, with ask-ing rents of $17.50 psf per month.

Coveted shophouses on Tan Quee Lan, Liang Seah StreetsThere is keen interest from inves-tors eyeing the wide array of assets at Bugis, says CBRE’s Lim. “Some of these assets, including the limited

Strong investor interest despite low yieldsFROM PAGE EP4

Bugis Cube is a 122-unit, 999-year leasehold development that Gryphon Estate Management completed in 2013

The last time a unit at the 999-year leasehold Heritage Place changed hands wasin August 2012

About 40% of DUO’s office space has been leased and 95% of its 660 residential units have been sold

A 1,206 sq ft, two-bedroom unit on the third floor of the 999-year leasehold Liang Seah Court was sold in August 2012 for $1.7 million ($1,425 psf)

The Prospex is no longer for sale, but it is available for lease; 80% of its space has already been taken up

Liang Seah Street has a wide array of eateries such as Beavers Pub & Grill, Arirang Korean Restaurant, Thai Mookata and Chinese hotpot

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stock of conservation shophouses, are highly prized.”

The most coveted conservation shophouses are those on Tan Quee Lan and Liang Seah Streets. How-ever, very few of these are available for sale as they are held by family trusts. These shophouse owners are also hoping that with the completion of DUO, the whole Bugis area will be rejuvenated, says ERA’s Low.

Most of the shophouses on Tan Quee Lan and Liang Seah Streets are zoned for commercial use. However, some of the owners have converted the upper floors from office space into apartments for lease.

At Liang Seah Place, for instance, the upper floors of shophouses, which were originally offices, have been converted into one- and two-bed-room apartments of 800 to 1,400 sq ft. They are offered for lease at

$3,300 to $4,350 a month. Meanwhile, at Liang Seah Court,

a row of four adjoining conservation shophouses of 999-year lease, the upper floors have been converted into 10 strata-titled apartments. The last transaction of an apartment at Liang Seah Court was for a 1,206 sq ft, two-bedder on the third floor that fetched $1.7 million ($1,425 psf) in August 2012, according to a caveat lodged with URA Realis. Prior to that, the unit had changed hands for $1.2 million ($995 psf) in August 2007.

Heritage Place is made up of a row of 11 adjoining conservation shop-houses whose upper floors have been converted into 21 strata-titled apart-ments. The last time a unit changed hands there was also in August 2012, when a 1,851 sq ft, three-bedroom unit on the fifth level was sold for $2.4 million ($1,286 psf). The unit

was previously sold in February 2006 for $1.1 million ($589 psf). On the market is a 980 sq ft, two-bed-der with a price tag of $1.7 million ($1,735 psf).

Tan Quee Lan Suites is also a row of 999-year leasehold conservation shophouses converted into 30 apart-ments for lease a decade ago. Ac-cording to recent listings, 820 sq ft, two-bedders are available for lease at $3,720 a month, while 1,216 sq ft two-bedders are available at $5,472 a month.

Impact on rents, yieldsAlthough South Beach and DUO are likely to inject new life into Bugis and attract new businesses to the area, Edmund Tie & Co’s head of research for Southast Asia, Lee Nai Jia, says the global downturn is having a neg-ative impact on rents and therefore

on the yields of some of these prop-erties, particularly the shophous-es on Liang Seah and Tan Queen Lan Streets.

Rents for office space and apart-ments on the upper floors of these shophouses range from $4.20 to $4.70 psf per month. Meanwhile, commer-cial units leased out to F&B outlets on the ground floor command rents of $19 psf per month. Therefore, Lee estimates rental yields for conserva-tion shophouses at 2% to 3%.

Despite the relatively low yields, investor interest in such assets re-mains strong, notes CBRE’s Lim. “Property funds, family offices and high-net-worth individuals are on the lookout for the opportunity to acquire these income-producing as-sets, priced at a palatable quantum, in the hope of future capital apprecia-tion,” she says. E


COVER STORY

| BY CECILIA CHOW |

Ganesh, a Singaporean en-trepreneur and owner of Onshore Food Pte Ltd, op-erates two food courts in the west — in Tuas and Ju-

rong. Fifteen of his foreign workers — five from mainland China and 10 from India — are currently housed in the Tuas View Dormitory at Tuas South Avenue 1.

“The availability of a workers’ dor-mitory near our place of business is a great convenience,” says Ganesh. “Providing transport for them is also much easier with all of them at one location.”

Each worker has his own bunk bed and locker in a room that can only be entered via a keycard. As one of the first employers to sign up for ac-commodation at Tuas View when it first opened over two years ago, Ga-nesh was able to secure an attractive package of $3,000 a month for his workers’ accommodation.

The prevailing market rate at Tuas View two years ago was $300 to $350 per worker. A basic room accommo-dates 12 workers. Each room contains six bunk beds, lockers and fans. The premium rooms come with optional add-ons such as a refrigerator, addi-tional fans or air-conditioning, ta-

bles and chairs, as well as linoleum flooring instead of bare cement floors. These are available at a higher rate.

“The market is very different now,” says Shamkumar Subramani, CEO of TS Management Services, the operator and co-owner of Tuas View. “It used to be in the $300 range per worker just 12 months ago. Now, it is down to the $200-to-$250 range.”

Generally, companies sign a one-year tenancy agreement, but the op-erator also offers the flexibility of three- to six-month leases for those with foreign workers on a project basis, he says.

Falling rates, shrinking workforceOne of the reasons for the signifi-cant drop in rates over the past year is the downturn in the oil and gas (O&G) sector, which has seen more than 350,000 workers laid off globally.

In Singapore, firms in the offshore and marine (O&M) sector were hit when crude oil prices started to fall in 2014. Keppel Corp, for example, announced last month that its O&M business shed 8,000 jobs, or 26% of its workforce, in the first nine months of the year to September. Sembcorp Marine likewise said it had laid off 8,000 workers this year.

The slowdown in the overall econ-

omy has also affected companies in the manufacturing and construction industries. According to the Minis-try of Manpower, the manufactur-ing sector lost 3,700 jobs in 3Q2016, marking its eighth consecutive quar-ter of decline. Owing to a slump in private-sector construction activity, the construction sector as a whole saw 5,200 jobs cut in 3Q2016. This contraction in construction and man-ufacturing is said to have affected mainly work permit holders.

“We are the first to know when a company lays off workers because it will send us a lease termination no-tice,” says Shamkumar. “The chal-lenge is to fill the vacancy. There is a penalty for early termination of a tenancy agreement, but we are flex-ible on that point.”

With companies being more budget-conscious, TS Management Services has had to adjust its rates to stay competitive. By being sensi-tive to the needs of his clients dur-ing the market downturn, Shamku-mar hopes that they will reciprocate when the market recovers.

Despite the slowdown, process workers — mainly in the O&G engi-neering and support services — still make up 40% of the resident pop-ulation at Tuas View, says Shamku-mar. Workers in the O&M and man-

ufacturing sectors account for about 30% each.

Since 2010, the Ministry of Man-power has also introduced measures to curb the growth of foreign workers in Singapore. These include hikes in the foreign worker levy; more strin-gent criteria for employment pass and mid-level skilled (S-Pass) qualifying salary; cuts in man-year entitlement for the construction sector; and a re-duction in the dependency ratio ceil-ings for S-Pass in the manufacturing and services sectors.

Competing to fill bedsCompounding the problem of a slow-er growth rate in foreign workers and increased layoffs is the new supply of purpose-built workers’ dormito-ries that has sprung up.

Located on an 8.4ha site front-ing the sea, Tuas View was Singa-pore’s biggest purpose-built foreign workers’ dormitory when it opened at end-August 2014. It has a total of 16,800 beds in 20 four-storey blocks in brightly painted hues.

But this year, that title of biggest dormitory in Singapore has been ced-ed to Sungei Tengah Lodge, a dormi-tory with a capacity of 25,000 that even boasts a cricket field among its amenities. In Tuas, two new workers’ dormitories opened earlier this year —

the Tuas South Dormitory, with 9,200 beds, and the Tuas South Street 15 Dormitory, with 12,800 beds, bring-ing the total new supply to 22,000.

TS Management Services’ Sham-kumar recognises how “cut-throat” the business has become. “We are all fighting for the same pool of foreign workers,” he points out. “If there are only 20,000 foreign workers in Tuas and close to 39,000 dormitory beds to fill, this is the result — a price war.”

Onshore Food’s Ganesh has al-ready been approached by other dor-mitories in Tuas and Jurong offering lower rates to win him over. How-ever, he intends to stick with Tuas View. “My workers are used to the place and are comfortable there,” he says. “So, I’m going to continue with the lease.”

Differentiation through serviceShamkumar intends to differentiate Tuas View from the rest of the pack through its services and amenities. He will focus on retaining existing clients. “We take pride in ensuring that the workers’ welfare is taken care of — we make sure that the place is clean, that there are enough ameni-ties to meet their needs and we are also open to suggestions on improve-ments,” he says.

Amenities in Tuas View include

Shamkumar: While we’re doing well operationally, the return on investment is not as lucrative as we had initially projected

A slowing economy, increased layoffs and competition from new purpose-built dormitories are some of the challenges faced by Tuas View, one of Singapore’s biggest foreign workers’ dormitories. Co-owner and operator TS Management Services remains undaunted.

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Price war in workers’ dormitories

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a viable one,” says Wee Hur’s Cheng. The JV partners spent more than

$60 million to build the facility at Tuas View. To finance the construc-tion of the property, a bank loan of $34.7 million was secured. Based on a straight-line amortisation of the property over a six-year period, the monthly cost translates to $833,333.

According to Shamkumar, the monthly operating cost per work-er is about $50. Based on the cur-rent resident population of 14,000, that translates to a monthly operat-ing cost of $700,000. This, however, does not include the cost of wear and tear, which is “very high”, given the turnover of some 8,000 workers over the past two years, he points out.

After taking into consideration the land rent ($1.16 million), amortisa-tion of the property ($833,000), in-terest repayment of $500,000 on the loan and operating cost of $700,000, the monthly break-even point is esti-mated to be close to $3.2 million. As-suming an average monthly rent of $250 a worker, total rental revenue is $3.5 million a month, based on the current resident population of 14,000.

While operationally profitable now, the return on investment “is not as lucrative as we had initially projected”, concedes Shamkumar. “The economic slowdown is against us, not to mention the new supply of purpose-built workers’ dormito-ries in the area. Fortunately, our JV

partners are financially strong, so we will be able to weather the storm.”

Ramping up occupancyShamkumar is targeting to drive oc-cupancy rate to at least 95% over the next three years. One consolation is that the government will not be re-leasing any more sites for new pur-pose-built workers’ dormitories for now, he says.

The number of purpose-built work-ers’ dormitories listed on the Min-istry of Manpower’s website is 54, with an aggregate of close to 250,000 beds. They are all licensed dormito-ries with more than 1,000 beds each.

There are another 1,000 operators of factory-converted dormitories in Singapore that house about 80,000 workers. Dormitories with fewer than 1,000 beds need not be licensed yet. Consequently, there are many unli-censed as well as “illegal” workers’ dormitories, says Shamkumar. “Exam-ples include those that house work-ers even when they are not author-ised to do so, or they house more workers than they are allowed to.”

Despite the stiff competition and the ongoing price war, he intends to retain his clients by maintaining the level of services and amenities provided at Tuas View. “It does not matter what the other dormitories are providing,” he says. “We have a service standard that we want to uphold.”

The Tuas View Dormitory is one of Singapore’s biggest, with 20 four-storey blocks on a sprawling 8.4ha site on Tuas South Avenue 1 that overlooks the sea

Indian stars were flown in to Tuas View for the Deepavali celebration on Nov 6

The canteen at Tuas View

The street soccer court

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laundry service, two supermarkets, three remittance service providers, ATM machines, a barber shop and a medical and dental clinic. There is also a canteen, beer garden and communal cooking facility for those who prefer to cook their own meals. Recreational facilities include a 250-seat cinema, street soccer court, well-equipped gym, multi-purpose hall and billiard and pool room.

“We have everything,” says Sham-kumar. “The guidance from JTC Corp when we were awarded the site was to provide an all-in-one housing and integrated solution so that workers re-turning from work would not need to go out again to get their necessities.”

During festive occasions, such as Chinese New Year, Hari Raya or Dee-pavali, the dormitory management organises activities for the work-ers. These events generally attract at least 5,000 attendees. The most recent was a Deepavali concert on Nov 6, featuring stars from India. It drew 7,000 attendees. “It’s quite a bit of cost,” says Shamkumar. “But I think we owe it to the workers.”

It took two years for Tuas View to stabilise and achieve the current oc-cupancy rate of 83% — 14,000 out of a total 16,800 beds filled. “Occu-pancy is good, but the rates are not ideal,” laments Shamkumar.

OriginsShamkumar reckons the peak of the workers’ housing market was in 2011, when he first entered the business. A pilot with the Republic of Singapore Air Force for 15 years, he decided it was time to hang up his combat uni-form and swap aerial manoeuvres for a more ground-based career.

His father, Subramani, introduced him to the business of operating workers’ dormitories when he was mulling over career options. “He was a pioneer in the business more than 30 years ago,” recounts 39-year-old

Shamkumar. “Initially, employers housed their workers in makeshift housing or in containers at work sites.”

Subramani was involved in the development and management of the first few purpose-built workers’ dormitories in Singapore while he was working at Mini Environment Services, a company established in 1976 as a foreign labour suppli-er that ventured into the workers’ dormitory business in 1984. MES is still an established workers’ dormi-tory operator, with a total of 23,900 beds today.

However, the biggest purpose-built dormitory owner and operator today is Vobis Enterprise, a subsidiary of Aik Chuan Construction. It owns and operates eight workers’ dormitories across Singapore, with a total capac-ity of 39,500 beds. Another leading player is Westlite Dormitory, a sub-sidiary of Singapore Exchange-list-ed Centurion Corp, which owns and manages a portfolio of five workers’ dormitories in Singapore with a total capacity of 35,500 beds.

Instead of joining his father’s busi-ness, Shamkumar decided to start his own firm, TS Management Servic-es. In 2011, one of his first projects was to manage a dormitory for 4,500 workers on Jurong Island for SK En-gineering & Construction.

StakeholdersTuas View is the first project Shamku-mar has undertaken as both co-owner and operator. TS Management Servic-es has a 20% stake in joint venture (JV) company Active System Engi-neering, which won the site for the development of Singapore’s largest purpose-built workers’ dormitory in October 2012.

The biggest stakeholder in Ac-tive System Engineering, however, is SGX-listed builder and property developer Wee Hur Holdings. The company holds a 60% stake via its

wholly-owned subsidiary Wee Hur Dormitory. Another 10% in the JV company is held by WM Pte Ltd, whose shareholders include Goh Yeow Lian, executive chairman and controlling shareholder of Wee Hur Holdings, along with his immediate family members. The remaining 10% stake is owned by Lucrum Capital, a private-equity group.

For Wee Hur Holdings and Lucrum Capital, this is the first time they are investing in a foreign workers’ dor-mitory. “We are happy that we are operating one of the biggest work-ers’ dormitories with good standards and that our workers are happy stay-ing here,” Anthony Cheng, senior execu tive with Wee Hur Dormitory, says in an email response. “In terms of return on investment, however, it may not be so desirable.”

When the JV partners first ten-dered for the site four years ago, there were no dormitories of such a scale then, recounts Shamkumar. “And it is the only one on a short-term lease of 3+3 years,” he adds. “Most of the other dormitory sites up for tender were on smaller sites with leases of 3+3+3 years or 20 to 23 years.”

According to an announcement by Wee Hur Holdings in October 2012 upon being awarded the site, Active System Engineering has to pay a monthly rent of $1.16 million to JTC for the duration of the lease. The first three years of the lease has expired, and the second term of three years commenced earlier this month. For now, there is no option for another three-year extension on the site. This means that, at the end of the lease, the facility will be torn down, and the site returned to JTC.

“In view of its size and short lease tenure, we believed the government had projected an acute shortage in [purpose-built workers’ dormitories] and that this investment [would] be

There are two supermarkets at Tuas View

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| BY FEILY SOFIAN |

Are there still opportunities in the strata retail market?

The retail sector is still facing challenging times. However, there are some bright spots in the market. The partial com-pletion of the Downtown Line,

for example, has boosted footfall at Beauty World Centre, a strata mall lo-cated next to the Beauty World MRT station. There could also be oppor-tunities along the upcoming Thom-son-East Coast Line (TEL) given that retail properties are extremely loca-tion-sensitive.

Helena Kim, proprietor of Pink Candy Korean Snack Restaurant at Beauty World Centre, says business has improved by around 20% since the Beauty World MRT station opened last December. She reckons the in-crease could have been more pro-nounced if not for the ailing econo-my. Her rent, meanwhile, was up by 10% in the latest revision this year.

Another retailer, who only wants to be known as Ms Phang, echoes the sentiment. According to her, level four of the mall benefits the most from the station’s opening as it houses several F&B outlets and an open-air food centre known for its hawker fare.

“On weekends, the food centre is also frequented by hikers returning from the nearby Bukit Timah Nature Reserve,” Phang notes. Her family has run Sin Wah Jewellers & Gold-smith from the same premises on the ground floor for more than 30 years.

Beauty World Centre opened in 1984. Pidemco Land acquired the mall in 1989 from URA. In 1998, it sold the mall for nearly $80 million to 194 individual buyers, including Sin Wah.

“We had to beg, borrow, steal to raise the money and retain the busi-ness premises,” recounts Phang. It has turned out to be a lucrative deal, albeit on paper. Based on URA cave-at records, ground-floor units went for an average price of $1,003 psf in 1998. This year, a 301 sq ft unit on the ground floor fetched $2,986 psf. The property has a remaining lease of around 62 years.

For retail properties, it makes a difference to be located right next to an MRT station versus some walking distance away. We spoke with three retailers at Bukit Timah Plaza, a strata mall that is located more than 300m from the Beauty

World MRT station. Two of them say there was no significant difference in footfall after the station’s opening.

Damian Lim, who runs Nonya Del-icatessen at Bukit Timah Plaza, says his pool of customers remains rela-tively unchanged. Lim owns part of the premises, but leases a common area from the MCST for seating. A sports shop employee who declined to be identified also says the num-ber of visitors remains pretty much the same after the station opened.

Muneer Reshi, proprietor of Kash-mir Concepts, which sells Kashmi-ri handicrafts, did witness a high-er footfall. However, he attributes it mainly to the relocation of his shop from another part of the mall to the current location near FairPrice Finest supermarket.

Tenant mixRetailers also attribute the healthy traffic at Beauty World Centre to its flourishing ecosystem of tenants.

Pink Candy’s Kim notes that her dinner patrons comprise mainly fam-ilies who accompany their children to the various enrichment centres within the development. There are close to 20 enrichment centres in Beauty World Centre such as Cristo-fori Music School and Kumon Meth-od of Learning.

Maid agency Zecruitx was drawn to Beauty World Centre because of its tenant mix, which helps to generate walk-in visitors for the firm, accord-ing to its recruitment manager Irene Oo. The agency relocated to the mall last year from an HDB shophouse in Bukit Merah.

“The variety of tenants also means less competition for Zecruitx, unlike in some malls, which are packed with maid agencies,” notes Oo. Based on the mall’s directory, there are five

maid agencies in Beauty World Cen-tre, including Zecruitx, spread across different levels.

Besides F&B outlets, enrichment centres and maid agencies, Beauty World Centre also hosts 12 clinics and pharmacies, nine jewellery shops and eight renovation firms. The mall en-joys high occupancy and Sin Wah’s Phang notes that vacant space gets taken up relatively quick.

Active management helps a stra-ta mall stay competitive in a chal-lenging retail market. Bukit Timah Plaza, for example, also enjoys high occupancy, underpinned by a bal-anced tenant mix, asset enhance-ment initiatives and an immediate catchment of residents from the ad-joining Sherwood Tower.

Opportunities along the upcoming TEL?The TEL will be completed in stag-es from 2019. Major strata malls that will be located less than 300m from an upcoming TEL station include Concorde Shopping Centre, Katong Plaza, Roxy Square and Thomson Plaza. As with any investment, en-try price is crucial.

“Strata shops have lower yields than malls. The current net yield would be in the low- to mid-3% lev-

els,” notes Alan Cheong, head of re-search at Savills Singapore.

At Beauty World Centre, a 200 sq ft unit on the ground floor has an asking monthly rent of $9 psf, while a 462 sq ft unit on level two is available for rent at $10.39 psf. Based on the latest transacted price of $2,986 psf for a 301 sq ft unit on the ground floor, the net yield would work out to around 3.5%, assuming a monthly mainte-nance fee of $1 psf.

Lee Nai Jia, head of research for Southeast Asia at Edmund Tie & Co, reckons that owners might be re-luctant to lower their prices. “If the strata mall is old, most of the own-ers would have paid up their loans. With the TEL completing, they have more reason to stay firm on their ask-ing prices,” he explains.

Should a good deal arise, howev-er, it might be worthwhile to consid-er a strata shop near an MRT station.

An F&B outlet proprietor at Beau-ty World Centre revealed he was pay-ing a monthly rent of $6,000. Track-ing the caveat and purchase price of the unit, the landlord who bought the property in 2009 would be netting a gross rental yield of 8%.

Prices of strata shops near an MRT station might also appreciate faster in a market upcycle than those

that are located further away. In the chart, Beauty World Centre, Peo-ple’s Park Centre and People’s Park Complex are located next to an MRT station. However, prices at Sim Lim Square, which is located next to the Rochor MRT station, do not exhibit a clear trend.

Lee says the completion of the TEL will definitely improve the prospects of strata malls that are located in the immediate vicinity of the stations. “However, other factors such as the tenant mix and positioning will also play a part,” he adds.

Cheong says the nuisance brought on during the construction of a sta-tion may suppress prices. The oppor-tunity therefore arises for potential buyers to acquire such properties and patiently wait out the completion of the station. One must also anticipate whether the opening of the station may divert pedestrian traffic from the shops as the orientation of the en-trance to the station may cause peo-ple to change their walking paths.

In addition to the property’s ten-ant mix and catchment population, aspiring buyers should also note that the presence of a bigger non-strata mall nearby would pose a competi-tion and draw shopper traffic away from a strata mall.

The Downtown Line has boosted footfall at Beauty World Centre strata mall

Active management helps a strata mall such as Bukit Timah Plaza stay competitive in a challenging retail market

Thomson Plaza will be located less than 200m from the upcoming Upper Thomson MRT station of the Thomson-East Coast Line

Prices of strata shops that are next to an MRT station might appreciate faster in a market upcycle*

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Singapore — by postal district LOCALITIES 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

Residential transactions with contracts dated Nov 1 to 8

District 1 THE CLIFT Apartment 99 years Nov 4, 2016 506 1,076,000 - 2,127 2011 ResaleV ON SHENTON Apartment 99 years Nov 4, 2016 474 1,306,340 - 2,758 Uncompleted New SaleV ON SHENTON Apartment 99 years Nov 4, 2016 474 1,276,240 - 2,695 Uncompleted New SaleDistrict 2 ALTEZ Apartment 99 years Nov 8, 2016 829 1,658,000 - 2,000 2014 ResaleSKYSUITES@ANSON Apartment 99 years Nov 4, 2016 958 2,450,000 - 2,557 2014 ResaleDistrict 3 ALEX RESIDENCES Apartment 99 years Nov 5, 2016 926 1,793,449 - 1,937 Uncompleted New SaleALEX RESIDENCES Apartment 99 years Nov 5, 2016 883 1,547,519 - 1,753 Uncompleted New SaleALEX RESIDENCES Apartment 99 years Nov 6, 2016 474 975,443 - 2,060 Uncompleted New SaleCENTRAL GREEN CONDOMINIUM Condominium 99 years Nov 1, 2016 1,292 1,500,000 - 1,161 1995 ResaleCOMMONWEALTH TOWERS Condominium 99 years Nov 2, 2016 441 800,200 - 1,813 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Nov 2, 2016 1,076 1,594,800 - 1,482 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Nov 3, 2016 441 803,200 - 1,820 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Nov 4, 2016 484 863,900 - 1,784 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Nov 4, 2016 797 1,270,000 - 1,594 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Nov 5, 2016 700 1,266,300 - 1,810 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Nov 5, 2016 1,076 1,750,000 - 1,626 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Nov 6, 2016 1,076 1,760,400 - 1,635 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Nov 6, 2016 807 1,375,000 1,370,000 1,697 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 861 1,522,000 - 1,767 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 866,000 - 1,749 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 858,000 - 1,733 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 431 744,000 - 1,728 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 854,000 - 1,725 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 861 1,480,000 - 1,719 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 431 740,000 - 1,719 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 850,000 - 1,717 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 842,000 - 1,701 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 431 732,000 - 1,700 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 838,000 - 1,692 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 431 728,000 - 1,691 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 834,000 - 1,684 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 431 724,000 - 1,682 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 830,000 - 1,676 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 431 720,000 - 1,672 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 826,000 - 1,668 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 792,000 - 1,600 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 431 686,000 - 1,593 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 788,000 - 1,591 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 431 682,000 - 1,584 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 784,000 - 1,583 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 495 780,000 - 1,575 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 431 678,000 - 1,575 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 5, 2016 431 674,000 - 1,565 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 6, 2016 431 712,000 - 1,654 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 6, 2016 624 1,000,000 - 1,602 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 6, 2016 495 780,000 - 1,575 Uncompleted New SaleQUEENS PEAK Condominium 99 years Nov 6, 2016 484 762,000 - 1,573 Uncompleted New SaleQUEENS PEAK* Condominium 99 years Nov 6, 2016 624 1,088,000 - 1,743 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

Unit at The Peak @ Cairnhill I sold for $2,617 psf| BY TAN CHEE YUEN |

There were several transactions in the Cairn-hill area over the week of Nov 1 to 8, accord-ing to the latest caveats downloaded from URA Realis. At The Peak @ Cairnhill I, twotwo-bedroom units of 678 sq ft each were

sold. The one on the fifth floor was sold for $1.72 million ($2,538 psf), while the one on the ninth floor went for $1.78 million ($2,617 psf). Both deals were done on Nov 3.

The Peak @ Cairnhill I is a 52-unit freehold con-dominium jointly developed by TG Development and TEE Development. The project was completed in 2014 and was about 65% sold as at Nov 8, accord-ing to caveats lodged with URA Realis.

The adjacent project, called The Peak @ Cairnhill II,

is also developed by TG Development and TEE De-velopment. Completed last year, the 60-unit freehold block is scheduled for launch in 1Q2017.

In the neighbourhood of Cairnhill Road and Bide-ford Road is the soon-to-be-completed Cairnhill Nine, which consists of a 30-storey residential tow-er containing 268 apartments and a 20-storey tower with 220 serviced apartments branded The Ascott Singapore. The project is developed by CapitaLand.

Scheduled to be completed at year-end, the pro-ject was launched in March. As at end-October, 217 units, or 81% of the project, were sold. Despite its 99-year lease, Cairnhill Nine is sought after because of the overhead bridge linking the project to Para-gon shopping centre across the busy Bideford Road, and also its location just off the prime Orchard Road shopping strip.

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District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Nov 4, 2016 1,270 1,750,000 - 1,378 2004 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Nov 3, 2016 1,119 2,039,999 - 1,822 2011 ResaleTHE INTERLACE Condominium 99 years Nov 2, 2016 2,056 2,176,000 - 1,058 2013 ResaleTHE INTERLACE Condominium 99 years Nov 3, 2016 2,056 2,287,000 - 1,112 2013 ResaleDistrict 5 CHWEE CHIAN VIEW Terrace Freehold Nov 8, 2016 1,808 2,310,000 - 1,281 1991 ResaleHERITAGE VIEW Condominium 99 years Nov 7, 2016 1,324 1,450,000 - 1,095 2000 ResalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 586,000 - 1,266 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 584,000 - 1,262 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 710 845,000 - 1,189 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 1,012 1,100,000 - 1,087 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 1,012 1,100,000 - 1,087 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 1,184 1,275,000 - 1,077 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 1,184 1,275,000 - 1,077 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 5, 2016 1,184 1,275,000 - 1,077 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 6, 2016 603 725,000 - 1,203 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 6, 2016 646 775,000 - 1,200 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 6, 2016 646 775,000 - 1,200 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 6, 2016 710 845,000 - 1,189 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 6, 2016 710 845,000 - 1,189 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 6, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 6, 2016 463 550,000 - 1,188 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 6, 2016 484 550,000 - 1,135 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 6, 2016 484 550,000 - 1,135 Uncompleted New SalePARC RIVIERA* Condominium 99 years Nov 6, 2016 646 775,000 - 1,200 Uncompleted New SaleTHE TRILINQ Condominium 99 years Nov 1, 2016 538 788,000 - 1,464 Uncompleted New SaleTHE TRILINQ Condominium 99 years Nov 1, 2016 915 1,291,000 - 1,411 Uncompleted New SaleTHE TRILINQ Condominium 99 years Nov 3, 2016 538 810,000 - 1,505 Uncompleted New SaleTHE TRILINQ Condominium 99 years Nov 3, 2016 1,518 1,612,000 - 1,062 Uncompleted New SaleTHE TRILINQ Condominium 99 years Nov 4, 2016 915 1,306,000 - 1,427 Uncompleted New SaleDistrict 8 CITIGATE RESIDENCE Apartment Freehold Nov 3, 2016 926 1,050,000 - 1,134 2010 ResaleLOFT @ RANGOON Apartment Freehold Nov 2, 2016 452 640,000 - 1,416 2013 ResaleDistrict 9 CAIRNHILL NINE Apartment 99 years Nov 4, 2016 1,044 2,886,000 - 2,764 2016 New SaleCAIRNHILL NINE Apartment 99 years Nov 4, 2016 1,033 2,822,000 - 2,731 2016 New SaleCITYVISTA RESIDENCES Condominium Freehold Nov 3, 2016 2,626 5,252,000 - 2,000 2010 ResaleLEONIE GARDENS Condominium 99 years Nov 1, 2016 2,680 2,950,000 - 1,101 1993 ResaleOUE TWIN PEAKS Condominium 99 years Nov 2, 2016 549 1,383,480 - 2,520 2015 ResaleOUE TWIN PEAKS Condominium 99 years Nov 3, 2016 549 1,533,000 - 2,793 2015 ResaleOUE TWIN PEAKS Condominium 103 years Nov 7, 2016 570 1,678,740 - 2,943 2015 ResaleRIVERGATE Apartment Freehold Nov 3, 2016 1,496 3,080,000 - 2,059 2009 ResaleSCOTTS SQUARE Apartment Freehold Nov 7, 2016 1,227 3,705,540 - 3,020 2011 ResaleSOPHIA HILLS Condominium 99 years Nov 1, 2016 581 1,194,150 - 2,054 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Nov 3, 2016 721 1,456,000 - 2,019 Uncompleted New SaleSOPHIA RESIDENCE Condominium Freehold Nov 7, 2016 2,659 3,375,000 - 1,269 2014 ResaleTHE ORCHARD RESIDENCES Apartment 99 years Nov 2, 2016 2,852 9,050,000 - 3,173 2010 ResaleTHE PEAK @ CAIRNHILL I Apartment Freehold Nov 3, 2016 678 1,775,000 - 2,617 2014 ResaleTHE PEAK @ CAIRNHILL I Apartment Freehold Nov 3, 2016 678 1,721,000 - 2,538 2014 ResaleTRIBECA Condominium Freehold Nov 1, 2016 570 1,176,000 - 2,061 2010 ResaleDistrict 10 ARDMORE THREE Condominium Freehold Nov 1, 2016 1,787 6,219,025 - 3,480 2014 ResaleBOTANIC @ CLUNY PARK Detached Freehold Nov 2, 2016 6,308 6,800,000 - 1,078 Uncompleted New SaleD’LEEDON Condominium 99 years Nov 3, 2016 721 1,008,000 - 1,398 2014 ResaleD’LEEDON Condominium 99 years Nov 4, 2016 2,250 3,241,000 - 1,441 2014 ResaleD’LEEDON Condominium 99 years Nov 7, 2016 1,539 2,292,000 - 1,489 2014 ResaleD’LEEDON Condominium 99 years Nov 7, 2016 2,153 2,996,000 - 1,392 2014 ResaleFAIRLODGE Apartment Freehold Nov 3, 2016 1,862 1,765,000 - 948 1999 ResaleSTEVENS DRIVE Semi-Detached Freehold Nov 1, 2016 2,982 5,400,000 - 1,811 Unknown ResaleONE JERVOIS Condominium Freehold Nov 3, 2016 1,701 2,560,000 - 1,505 2009 ResaleONE JERVOIS Condominium Freehold Nov 7, 2016 1,701 2,550,000 - 1,499 2009 ResaleREGENCY PARK Condominium Freehold Nov 4, 2016 3,649 6,400,000 - 1,754 1990 ResaleROBIN SUITES Apartment Freehold Nov 3, 2016 463 1,065,000 - 2,301 2016 New SaleRV RESIDENCES Condominium 999 years Nov 7, 2016 420 917,150 - 2,185 2015 Resale

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recently sold by TG Development and TEE Development

The two latest transactions at Cairnhill Nine in-volved units on the 19th floor. A 1,044 sq ft, two-bed-room unit fetched $2.89 million ($2,764 psf) while a 1,033 sq ft unit was sold for $2.82 million ($2,731 psf).

This year, developers of luxury condos have come up with creative deferred payment schemes to at-tract buyers. OUE Twin Peaks started the trend, and now there are variations to the stay-then-pay scheme popularised by CapitaLand for the remaining units at d’Leedon and Interlace projects.

At Cairnhill Circle, Hilltops, a 241-unit luxury condo completed in 2011 by SC Global, launched an “enhanced payment scheme” for 30 units owned and leased out by the developer at end-July.

Under this scheme, buyers make an upfront pay-ment equivalent to 20% of the unit’s purchase price. They are then given a two-year option to purchase the unit at a fixed price. In the meantime, the buyers will receive an annual return of 10% on the down payment, backed by tenancies managed by SC Global.

The most recent transaction at Hilltops was in September, when a 1,711 sq ft, three-bedroom unit was sold for $5.27 million ($3,078 psf). It was the eighth and biggest unit sold in the condo since the scheme was launched four months ago. Most of the other transactions involved two-bedroom units sold at prices ranging from $2.56 million ($3,084 psf) for an 829 sq ft unit to $3.86 million ($3,091 psf) for a 1,249 sq ft unit. E

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DONE DEALS

THE TRESOR Condominium 999 years Nov 3, 2016 1,927 3,350,000 - 1,739 2007 ResaleTHE TRESOR Condominium 999 years Nov 7, 2016 2,562 3,738,000 - 1,459 2007 ResaleDistrict 11 6 DERBYSHIRE Condominium Freehold Nov 2, 2016 517 1,153,519 - 2,233 Uncompleted New Sale6 DERBYSHIRE Condominium Freehold Nov 2, 2016 732 1,532,755 - 2,094 Uncompleted New Sale6 DERBYSHIRE Condominium Freehold Nov 2, 2016 1,012 2,027,000 - 2,003 Uncompleted New SaleADRIA Apartment Freehold Nov 4, 2016 807 1,370,000 - 1,697 2013 ResaleDUNEARN ESTATE Detached Freehold Nov 4, 2016 5,576 8,580,000 - 1,540 2005 ResaleHILLCREST VILLA Terrace 99 years Nov 2, 2016 3,089 2,800,000 - 906 2009 ResaleTHE SHELFORD Condominium Freehold Nov 7, 2016 1,453 2,439,999 - 1,679 2005 ResaleTHE TREVOSE Condominium 99 years Nov 2, 2016 1,776 2,000,000 - 1,126 2001 ResaleTHOMSON 800 Condominium Freehold Nov 4, 2016 1,625 1,700,000 - 1,046 1999 ResaleDistrict 12 OLEANDER TOWERS Apartment 99 years Nov 1, 2016 861 1,000,000 - 1,161 1998 ResaleOLEANDER TOWERS Apartment 99 years Nov 4, 2016 1,141 1,250,000 - 1,096 1998 ResalePAPILLON Apartment Freehold Nov 4, 2016 1,238 1,300,000 - 1,050 2003 ResaleDistrict 13 LORONG BIAWAK Terrace Freehold Nov 4, 2016 2,831 2,440,000 - 863 1969 ResaleSANT RITZ Condominium 99 years Nov 3, 2016 1,787 1,960,000 - 1,097 2016 New SaleTHE POIZ RESIDENCES Apartment 99 years Nov 1, 2016 420 637,000 - 1,517 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Nov 1, 2016 538 804,000 - 1,494 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Nov 1, 2016 1,152 1,551,000 - 1,347 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Nov 2, 2016 420 631,000 - 1,503 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Nov 3, 2016 1,227 1,680,000 - 1,369 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Nov 4, 2016 840 1,184,000 - 1,410 Uncompleted New SaleDistrict 14 # 1 SUITES Apartment Freehold Nov 4, 2016 624 624,000 - 1,000 2016 New SaleASTORIA PARK Condominium 99 years Nov 2, 2016 958 900,000 - 939 1995 ResaleEUNOS MANSION Condominium Freehold Nov 8, 2016 1,453 1,080,000 - 743 1982 ResaleGOODVIEW APARTMENTS Apartment Freehold Nov 1, 2016 1,292 750,000 - 581 1994 ResaleKIMNAN PARK Terrace Freehold Nov 1, 2016 2,637 2,650,000 - 1,005 1983 ResalePRIME RESIDENCE Apartment Freehold Nov 2, 2016 581 750,000 - 1,290 2014 ResaleSIMS URBAN OASIS Condominium 99 years Nov 2, 2016 484 725,841 - 1,498 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Nov 3, 2016 667 934,100 - 1,400 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Nov 4, 2016 667 956,000 - 1,432 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Nov 5, 2016 667 938,000 - 1,406 Uncompleted New SaleSUITES@CHANGI Apartment Freehold Nov 7, 2016 441 592,000 - 1,341 2012 ResaleWATERBANK AT DAKOTA Condominium 99 years Nov 1, 2016 1,259 1,680,000 - 1,334 2013 ResaleWATERBANK AT DAKOTA Condominium 99 years Nov 4, 2016 1,421 1,455,000 - 1,024 2013 ResaleDistrict 15 AALTO Condominium Freehold Nov 2, 2016 1,528 2,350,000 - 1,537 2010 ResaleCOSTA RHU Condominium 99 years Nov 4, 2016 2,164 2,315,000 - 1,070 1997 ResaleEAST TREASURE Apartment Freehold Nov 3, 2016 721 730,000 - 1,012 2004 ResaleFERNWOOD TOWERS Condominium Freehold Nov 2, 2016 1,195 1,230,000 - 1,029 1994 ResaleHAIG APARTMENTS Apartment Freehold Nov 7, 2016 2,034 1,400,000 - 688 1991 ResaleLE CONNEY PARK Apartment Freehold Nov 4, 2016 732 855,000 - 1,168 1995 ResaleBOSCOMBE ROAD Semi-Detached Freehold Nov 3, 2016 2,390 3,600,000 - 1,509 1998 ResaleTHE AMARELLE Apartment Freehold Nov 8, 2016 915 1,190,000 - 1,301 2009 ResaleTHE MEYERISE Condominium Freehold Nov 8, 2016 1,313 2,609,000 - 1,987 2014 ResaleTIERRA VUE Condominium Freehold Nov 7, 2016 1,528 1,930,000 - 1,263 2009 ResaleVILLA MARINA Condominium 99 years Nov 1, 2016 1,249 1,150,000 - 921 1999 ResaleDistrict 16 ARCHIPELAGO Condominium 99 years Nov 1, 2016 1,184 1,218,000 - 1,029 2015 Sub SaleBAYSHORE PARK Condominium 99 years Nov 3, 2016 2,196 1,830,000 - 833 1986 ResaleCHANGI COURT Condominium Freehold Nov 1, 2016 840 840,000 - 1,000 1997 ResaleEASTWOOD REGENCY Apartment Freehold Nov 3, 2016 495 600,000 - 1,212 2010 ResaleOPTIMA @ TANAH MERAH Condominium 99 years Nov 4, 2016 840 950,000 - 1,132 2012 ResaleSTRATFORD COURT Condominium 99 years Nov 1, 2016 1,313 940,000 - 716 1998 ResaleTHE GLADES Condominium 99 years Nov 1, 2016 506 766,000 - 1,514 Uncompleted New SaleTHE GLADES Condominium 99 years Nov 4, 2016 624 963,000 - 1,542 Uncompleted New SaleTHE GLADES Condominium 99 years Nov 4, 2016 624 879,000 - 1,408 Uncompleted New SaleTHE GLADES Condominium 99 years Nov 4, 2016 1,012 1,313,000 - 1,298 Uncompleted New SaleTHE TANAMERA Condominium 99 years Nov 4, 2016 947 840,000 - 887 1994 ResaleDistrict 18 COCO PALMS Condominium 99 years Nov 1, 2016 1,259 1,390,400 - 1,104 Uncompleted New SaleLIVIA Condominium 99 years Nov 8, 2016 1,346 1,025,000 - 762 2011 ResaleMELVILLE PARK Condominium 99 years Nov 1, 2016 1,475 1,050,000 - 712 1996 ResaleNV RESIDENCES Condominium 99 years Nov 4, 2016 764 730,000 - 955 2013 ResaleRIS GRANDEUR Condominium Freehold Nov 4, 2016 1,292 1,130,000 - 875 2005 ResaleSAVANNAH CONDOPARK Condominium 99 years Nov 4, 2016 1,227 930,000 - 758 2005 ResaleSEASTRAND Condominium 99 years Nov 3, 2016 592 575,000 - 971 2014 ResaleTHE ALPS RESIDENCES Condominium 99 years Nov 2, 2016 441 498,000 - 1,128 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 2, 2016 700 741,000 - 1,059 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 4, 2016 936 1,013,000 - 1,082 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 4, 2016 1,066 1,055,000 - 990 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 506 557,000 - 1,101 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 936 996,000 - 1,064 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 700 736,000 - 1,052 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 700 734,000 - 1,049 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 1,066 1,074,000 - 1,008 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 1,087 1,082,000 - 995 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 6, 2016 1,410 1,416,000 - 1,004 Uncompleted New SaleTHE PALETTE Condominium 99 years Nov 8, 2016 893 850,000 - 951 2015 Sub SaleTHE SANTORINI Condominium 99 years Nov 2, 2016 1,109 1,110,000 - 1,001 Uncompleted New SaleTHE SANTORINI Condominium 99 years Nov 6, 2016 1,130 1,160,000 - 1,026 Uncompleted New SaleTHE TROPICA Condominium 99 years Nov 4, 2016 1,238 940,000 - 759 2000 ResaleVUE 8 RESIDENCE Condominium 99 years Nov 1, 2016 1,033 1,000,000 - 968 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Nov 1, 2016 893 806,400 - 903 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Nov 3, 2016 1,873 1,680,000 - 897 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Nov 4, 2016 1,033 1,028,000 - 995 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Nov 5, 2016 904 802,900 - 888 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Nov 6, 2016 1,346 1,136,800 - 845 Uncompleted New SaleDistrict 19 A TREASURE TROVE Condominium 99 years Nov 7, 2016 4,219 2,800,000 - 664 2015 ResaleCARDIFF RESIDENCE Condominium 99 years Nov 7, 2016 517 725,000 - 1,403 2014 ResaleCASA ROSA Condominium 99 years Nov 7, 2016 1,410 1,180,000 - 837 2001 ResaleCENTRAL VIEW Condominium 99 years Nov 8, 2016 980 855,000 - 873 2002 ResaleCHARLTON 27 Terrace Freehold Nov 6, 2016 4,758 3,080,000 - 647 2016 New SaleFOREST WOODS Condominium 99 years Nov 1, 2016 1,023 1,374,000 - 1,344 Uncompleted New SaleFOREST WOODS Condominium 99 years Nov 2, 2016 969 1,361,000 - 1,405 Uncompleted New SaleFOREST WOODS Condominium 99 years Nov 4, 2016 936 1,257,000 - 1,342 Uncompleted New SaleFOREST WOODS Condominium 99 years Nov 5, 2016 1,249 1,680,000 - 1,345 Uncompleted New SaleFOREST WOODS Condominium 99 years Nov 5, 2016 2,045 2,750,000 - 1,345 Uncompleted New SaleFOREST WOODS Condominium 99 years Nov 6, 2016 1,173 1,492,000 - 1,272 Uncompleted New SaleFOREST WOODS Condominium 99 years Nov 6, 2016 786 973,000 - 1,238 Uncompleted New SaleKENSINGTON PARK CONDOMINIUM Condominium 999 years Nov 2, 2016 2,067 2,100,000 - 1,016 1990 ResaleKINGSFORD WATERBAY Apartment 99 years Nov 3, 2016 484 595,980 - 1,230 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 3, 2016 678 833,000 - 1,228 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 3, 2016 678 658,000 - 970 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 4, 2016 721 881,000 - 1,222 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 5, 2016 484 602,000 - 1,243 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 5, 2016 678 822,000 - 1,212 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 5, 2016 678 803,000 - 1,184 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 5, 2016 689 811,000 - 1,177 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 5, 2016 1,356 1,570,940 - 1,158 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 6, 2016 484 602,000 - 1,243 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 6, 2016 678 796,000 - 1,174 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Nov 6, 2016 883 1,030,000 - 1,167 Uncompleted New SaleJALAN PELIKAT Terrace Freehold Nov 2, 2016 3,046 2,710,000 - 891 Unknown ResaleBRIGHTON CRESCENT Detached Freehold Nov 8, 2016 4,316 5,500,000 - 1,273 2013 ResaleRIVERSOUND RESIDENCE Condominium 99 years Nov 1, 2016 1,066 1,055,000 - 990 2015 Sub SaleTHE CHUAN Condominium 999 years Nov 8, 2016 1,281 1,720,000 - 1,343 2007 ResaleTHE LUXURIE Condominium 99 years Nov 4, 2016 1,055 1,200,000 - 1,138 2015 ResaleTHE MINTON Condominium 99 years Nov 4, 2016 980 940,000 - 960 2013 ResaleTHE QUARTZ Condominium 99 years Nov 7, 2016 1,130 1,028,000 - 910 2009 ResaleTHE TERRACE EC 99 years Nov 1, 2016 1,076 836,300 - 777 Uncompleted New SaleTHE TERRACE EC 99 years Nov 2, 2016 1,076 851,200 - 791 Uncompleted New SaleTHE TERRACE EC 99 years Nov 2, 2016 1,076 814,500 - 757 Uncompleted New SaleTHE TERRACE EC 99 years Nov 3, 2016 1,076 846,300 - 786 Uncompleted New SaleTHE TERRACE EC 99 years Nov 4, 2016 1,076 899,700 - 836 Uncompleted New SaleTHE TERRACE EC 99 years Nov 4, 2016 1,076 838,500 - 779 Uncompleted New SaleTHE TERRACE EC 99 years Nov 6, 2016 1,076 856,300 - 796 Uncompleted New SaleTHE TERRACE EC 99 years Nov 6, 2016 1,076 851,300 - 791 Uncompleted New Sale

THE VALES EC 99 years Nov 1, 2016 915 768,000 - 839 Uncompleted New SaleTHE VALES EC 99 years Nov 1, 2016 904 733,000 - 811 Uncompleted New SaleTHE VALES EC 99 years Nov 1, 2016 775 620,888 - 801 Uncompleted New SaleTHE VALES EC 99 years Nov 2, 2016 915 713,800 - 780 Uncompleted New SaleTHE VALES EC 99 years Nov 3, 2016 1,668 1,450,000 - 869 Uncompleted New SaleTRILIVE Condominium Freehold Nov 1, 2016 1,163 1,788,694 - 1,539 Uncompleted New SaleTRILIVE Condominium Freehold Nov 5, 2016 549 895,000 - 1,630 Uncompleted New SaleTRILIVE Condominium Freehold Nov 6, 2016 549 975,000 - 1,776 Uncompleted New SaleWATERTOWN Apartment 99 years Nov 7, 2016 1,109 1,220,000 - 1,100 Uncompleted Sub SaleDistrict 20 CENTRO RESIDENCES Condominium 99 years Nov 1, 2016 1,281 1,650,000 - 1,288 2014 ResaleFLORAVIEW Apartment Freehold Nov 2, 2016 753 902,400 - 1,198 Uncompleted New SaleFLORAVIEW Apartment Freehold Nov 2, 2016 829 912,200 - 1,101 Uncompleted New SaleFLORAVIEW Apartment Freehold Nov 3, 2016 775 898,000 - 1,159 Uncompleted New SaleFLORAVIEW Apartment Freehold Nov 6, 2016 1,023 1,119,400 - 1,095 Uncompleted New SaleTHE PANORAMA Condominium 99 years Nov 2, 2016 1,001 1,249,486 - 1,248 Uncompleted New SaleTHE PANORAMA Condominium 99 years Nov 2, 2016 1,066 1,296,389 - 1,217 Uncompleted New SaleTHE PANORAMA Condominium 99 years Nov 3, 2016 797 961,650 - 1,207 Uncompleted New SaleTHOMSON GRAND Condominium 99 years Nov 7, 2016 1,399 1,880,000 - 1,344 2015 Sub SaleTHOMSON IMPRESSIONS Apartment 99 years Nov 1, 2016 463 722,000 - 1,560 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Nov 1, 2016 1,195 1,600,000 - 1,339 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Nov 4, 2016 463 731,200 - 1,580 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Nov 5, 2016 463 722,000 - 1,560 Uncompleted New SaleTHOMSON THREE Apartment 99 years Nov 7, 2016 1,044 1,420,000 - 1,360 2016 Sub SaleWELLINGTON PARK Terrace Freehold Nov 2, 2016 1,991 2,420,000 - 1,219 1985 ResaleDistrict 21 ENG KONG PARK Semi-Detached Freehold Nov 7, 2016 3,305 3,458,800 - 1,047 Unknown ResaleGARDENVISTA Condominium 99 years Nov 2, 2016 936 1,240,000 - 1,324 2006 ResaleJALAN SELANTING Semi-Detached Freehold Nov 4, 2016 4,090 4,090,000 - 999 Unknown ResaleTHE CREEK @ BUKIT Condominium Freehold Nov 5, 2016 969 1,570,000 - 1,621 Uncompleted New SaleTHE RAINTREE Condominium 99 years Nov 4, 2016 1,270 1,230,000 - 968 2008 ResaleDistrict 22 LAKE GRANDE Condominium 99 years Nov 1, 2016 947 1,270,000 - 1,341 Uncompleted New SaleLAKE GRANDE Condominium 99 years Nov 3, 2016 775 1,059,000 - 1,366 Uncompleted New SaleLAKEVILLE Condominium 99 years Nov 1, 2016 1,270 1,589,297 - 1,251 Uncompleted New SaleLAKEVILLE Condominium 99 years Nov 2, 2016 1,464 1,707,413 1,704,413 1,164 Uncompleted New SaleLAKEVILLE Condominium 99 years Nov 4, 2016 1,281 1,534,559 - 1,198 Uncompleted New SalePARC OASIS Condominium 99 years Nov 1, 2016 1,227 1,038,000 - 846 1994 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years Nov 1, 2016 775 1,000,000 - 1,290 2014 ResaleWESTWOOD RESIDENCES EC 99 years Nov 1, 2016 1,152 983,700 - 854 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Nov 1, 2016 1,033 762,700 - 738 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Nov 2, 2016 1,152 955,053 - 829 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Nov 3, 2016 1,152 958,500 - 832 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Nov 3, 2016 1,033 768,600 - 744 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Nov 4, 2016 1,033 760,900 - 736 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Nov 5, 2016 1,033 857,900 - 830 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Nov 5, 2016 947 728,000 - 769 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Nov 6, 2016 1,033 842,964 - 816 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Nov 6, 2016 1,033 828,800 - 802 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Nov 6, 2016 1,152 913,100 - 793 Uncompleted New SaleDistrict 23 CASHEW PARK CONDOMINIUM Condominium 999 years Nov 4, 2016 1,367 1,230,000 - 900 1983 ResaleGUILIN VIEW Condominium 99 years Nov 7, 2016 1,259 920,000 - 731 2000 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years Nov 2, 2016 1,335 1,280,000 - 959 2000 ResaleHILLION RESIDENCES Apartment 99 years Nov 2, 2016 474 677,120 - 1,430 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years Nov 3, 2016 463 638,480 - 1,379 Uncompleted New SaleHILLVIEW REGENCY Condominium 99 years Nov 4, 2016 1,119 890,000 - 795 2005 ResaleKINGSFORD.HILLVIEW PEAK Condominium 99 years Nov 3, 2016 2,099 1,738,000 - 828 Uncompleted New SaleKINGSFORD.HILLVIEW PEAK Condominium 99 years Nov 4, 2016 549 758,000 - 1,381 Uncompleted New SaleKINGSFORD.HILLVIEW PEAK Condominium 99 years Nov 4, 2016 635 830,000 - 1,307 Uncompleted New SaleKINGSFORD.HILLVIEW PEAK Condominium 99 years Nov 6, 2016 1,216 1,490,000 - 1,225 Uncompleted New SaleMAYSPRINGS Apartment 99 years Nov 4, 2016 1,561 1,050,000 - 673 1998 ResalePARKVIEW APARTMENTS Apartment 99 years Nov 3, 2016 936 680,000 - 726 1998 ResalePAVILION PARK Terrace Freehold Nov 4, 2016 1,615 2,420,000 - 1,499 2010 ResaleSOL ACRES EC 99 years Nov 1, 2016 614 457,000 - 745 Uncompleted New SaleSOL ACRES EC 99 years Nov 1, 2016 947 694,000 - 733 Uncompleted New SaleSOL ACRES EC 99 years Nov 4, 2016 732 592,000 - 809 Uncompleted New SaleSOL ACRES EC 99 years Nov 5, 2016 1,044 850,000 - 814 Uncompleted New SaleSOL ACRES EC 99 years Nov 5, 2016 926 699,000 - 755 Uncompleted New SaleSOL ACRES EC 99 years Nov 6, 2016 872 675,000 - 774 Uncompleted New SaleSOL ACRES EC 99 years Nov 6, 2016 1,098 845,000 - 770 Uncompleted New SaleSOL ACRES EC 99 years Nov 6, 2016 1,098 837,000 - 762 Uncompleted New SaleSOL ACRES EC 99 years Nov 6, 2016 1,066 806,000 - 756 Uncompleted New SaleWANDERVALE EC 99 years Nov 2, 2016 1,098 826,000 - 752 Uncompleted New SaleWANDERVALE EC 99 years Nov 6, 2016 1,098 834,000 - 760 Uncompleted New SaleWANDERVALE EC 99 years Nov 6, 2016 1,130 838,000 - 741 Uncompleted New SaleDistrict 25 BELLEWOODS EC 99 years Nov 2, 2016 1,249 990,990 - 794 Uncompleted New SaleBELLEWOODS EC 99 years Nov 3, 2016 1,346 1,005,000 - 747 Uncompleted New SaleBELLEWOODS EC 99 years Nov 4, 2016 1,281 971,940 - 759 Uncompleted New SaleBELLEWOODS EC 99 years Nov 6, 2016 1,227 970,000 - 790 Uncompleted New SaleNORTHWAVE EC 99 years Nov 2, 2016 753 574,500 - 762 Uncompleted New SaleNORTHWAVE EC 99 years Nov 5, 2016 753 582,100 - 773 Uncompleted New SaleNORTHWAVE EC 99 years Nov 5, 2016 1,109 835,600 - 754 Uncompleted New SaleNORTHWAVE EC 99 years Nov 5, 2016 678 496,600 - 732 Uncompleted New SaleNORTHWAVE EC 99 years Nov 6, 2016 990 728,250 - 735 Uncompleted New SaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years Nov 4, 2016 969 1,281,600 - 1,323 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Nov 5, 2016 700 980,100 - 1,401 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Nov 5, 2016 700 937,200 - 1,340 Uncompleted New SalePARC LIFE EC 99 years Nov 6, 2016 1,066 866,400 864,100 811 Uncompleted New SalePARC LIFE EC 99 years Nov 6, 2016 1,001 721,050 718,750 718 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years Nov 1, 2016 775 569,500 - 735 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years Nov 4, 2016 1,184 880,040 - 743 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Nov 2, 2016 786 793,000 - 1,009 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Nov 3, 2016 786 870,000 - 1,107 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Nov 4, 2016 915 939,000 - 1,026 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Nov 5, 2016 689 748,000 - 1,086 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Nov 5, 2016 689 743,000 - 1,079 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Nov 5, 2016 915 934,000 - 1,021 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Nov 6, 2016 689 759,000 - 1,102 Uncompleted New SaleTHE BROWNSTONE EC 99 years Nov 1, 2016 732 660,000 - 902 Uncompleted New SaleTHE CRITERION EC 99 years Nov 3, 2016 786 638,400 - 812 Uncompleted New SaleTHE CRITERION EC 99 years Nov 3, 2016 915 741,600 - 811 Uncompleted New SaleTHE CRITERION EC 99 years Nov 6, 2016 915 718,400 - 785 Uncompleted New SaleTHE ESTUARY Condominium 99 years Nov 1, 2016 1,302 1,208,000 - 927 2013 ResaleTHE VISIONAIRE EC 99 years Nov 2, 2016 1,141 953,500 - 836 Uncompleted New SaleTHE VISIONAIRE EC 99 years Nov 3, 2016 1,346 1,072,000 - 797 Uncompleted New SaleTHE VISIONAIRE EC 99 years Nov 5, 2016 1,281 989,500 - 772 Uncompleted New SaleTHE VISIONAIRE EC 99 years Nov 6, 2016 872 705,870 - 810 Uncompleted New SaleTHE VISIONAIRE EC 99 years Nov 6, 2016 1,313 948,500 - 722 Uncompleted New SaleTHE WISTERIA Apartment 99 years Nov 3, 2016 1,173 1,145,700 - 976 Uncompleted New SaleTHE WISTERIA Apartment 99 years Nov 4, 2016 1,173 1,218,500 - 1,039 Uncompleted New SaleTHE WISTERIA Apartment 99 years Nov 5, 2016 1,173 1,201,800 - 1,024 Uncompleted New SaleTHE WISTERIA Apartment 99 years Nov 5, 2016 1,173 1,117,100 - 952 Uncompleted New SaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold Nov 2, 2016 3,584 2,550,000 - 711 Uncompleted New SaleBELGRAVIA VILLAS Terrace Freehold Nov 4, 2016 3,584 2,650,000 - 739 Uncompleted New SaleFLORAVILLE Apartment Freehold Nov 6, 2016 797 926,200 - 1,163 Uncompleted New SaleGRANDE VISTA Condominium 999 years Nov 2, 2016 1,238 900,000 - 727 1993 ResaleGRANDE VISTA Condominium 999 years Nov 4, 2016 1,647 1,350,000 - 820 1992 ResaleHIGH PARK RESIDENCES Apartment 99 years Nov 3, 2016 1,249 1,122,112 - 899 Uncompleted New SaleNIM ROAD Detached Freehold Nov 7, 2016 9,957 10,300,000 - 1,035 Unknown ResaleRIVERBANK @ FERNVALE Condominium 99 years Nov 1, 2016 1,195 997,000 - 834 Uncompleted New Sale




FROM PREVIOUS PAGE

DISCLAIMER:Source: URA Realis. Updated Nov 15, 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* Not all the caveats are reflected in the table for Queens Peak and Parc Riviera owing to the sheer number of units sold on the first day of launch on Nov 5


GAINS AND LOSSES


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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 Kensington Park Condominium 19 2,067 Nov 2 1,016 Feb 6, 2006 454 1,162,000 124 8 10.7

2 The Chuan 19 1,281 Nov 8 1,343 May 11, 2007 783 717,000 71 6 9.5

3 Heritage View 5 1,324 Nov 7 1,095 Dec 4, 2006 574 690,000 91 7 9.9

4 One Jervois 10 1,701 Nov 7 1,499 May 16, 2009 1,100 678,900 36 4 7.5

5 Caribbean At Keppel Bay 4 1,270 Nov 4 1,378 Oct 1, 2000 848 672,700 62 3 16.1

6 Cashew Park Condominium 23 1,367 Nov 4 900 Feb 11, 2003 410 670,000 120 6 13.7

7 The Raintree 21 1,270 Nov 4 968 Feb 16, 2007 463 641,400 109 8 9.7

8 Hazel Park Condominium 23 1,335 Nov 2 959 May 30, 2003 479 640,000 100 5 13.4

9 Parc Oasis 22 1,227 Nov 1 846 June 11, 2003 346 613,000 144 7 13.4

10 Fernwood Towers 15 1,195 Nov 2 1,029 Feb 7, 2002 571 547,500 80 4 14.7LANDED

1 Semi-detached/Boscombe Road 15 2,390 Nov 3 1,509 Oct 6, 2004 636 2,080,000 137 7 12.1

2 Semi-detached/Eng Kong Crescent 21 3,305 Nov 7 1,047 Feb 22, 2008 554 1,628,800 89 8 8.7

3 Terraced/Pavilion View 23 1,615 Nov 4 1,499 Jan 22, 2008 1,071 691,320 40 4 8.8

4 Terraced/Hillcrest Road 11 3,089* Nov 2 906 Oct 10, 2007 839 208,100 8 1 9.1

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

1 CityVista Residences 9 2,626 Nov 3 2,000 Aug 6, 2007 2,488 1,282,857 20 2 9.3

2 Detached/Berrima Road 11 5,576 Nov 4 1,540 Oct 25, 2012 1,705 920,000 10 2 4.0

3 Scotts Square 9 1,227 Nov 7 3,020 Nov 5, 2007 3,710 846,630 19 2 9.0

4 The Orchard Residences 9 2,852 Nov 2 3,173 July 19, 2007 3,388 613,000 6 1 9.3

5 Reflections At Keppel Bay 4 1,119 Nov 3 1,822 April 14, 2010 2,189 410,701 17 3 6.6

6 The Trevose 11 1,776 Nov 2 1,126 June 9, 2011 1,239 200,000 9 2 5.4

7 Bayshore Park 16 2,196 Nov 3 833 July 17, 2007 888 120,048 6 1 9.3

8 The Tresor 10 1,927 Nov 3 1,739 Jan 14, 2008 1,800 118,600 3 0.4 8.8

9 Grande Vista 28 1,238 Nov 2 727 June 24, 2011 798 88,000 9 2 5.4

10 D’Leedon 10 721 Nov 3 1,398 Sept 8, 2011 1,518 87,000 8 2 5.2

Note: The profit and loss computation excludes transaction costs such as stamp dutiesURA caveat record downloaded on Nov 11 and 15

Windfall in Serangoon| BY ESTHER HOON |

Two homes in the Serangoon areafetched the highest profits in the non- landed housing segment in the week of Nov 1 to 8. At Kensington Park Condominium, a 310-unit project off

Serangoon North Avenue 1, a seller gained $1.2 million from the disposal of his 2,067 sq ft unit. The 18th-floor unit fetched $2.1 million, or $1,016 psf, on Nov 2, more than double its purchase price of $454 psf in February 2006. This translates to an 8% annualised gain for the seller, who had held the unit for close to 11 years.

Over at The Chuan, a 106-unit condo project near Lorong Chuan MRT station in Serangoon, a 1,281 sq ft unit was sold at a profit of $717,000 in the same week. The seller, who purchased the unit from the developer at $783 psf in May 2007, made an annualised gain of 6% from the sale, which fetched $1.7 million, or $1,343 psf. Kensington Park was completed in 1990; The Chuan was completed in 2007. Both projects hold a 999-year leasehold tenure.

The biggest loss incurred in the week accrued to a 2,626 sq ft unit at CityVista Resi-dences, a 70-unit freehold condo in prime District 9. The seller, who paid the developer $2,488 psf for the unit in August 2007 and resold it at $5.2 million, or $2,000 psf, onNov 3, suffered a loss of $1.3 million.

There have been four resale transactions at the project to date. All four sellers had pur-chased their units from the developer, but at different periods. The two who purchased in 2007, when prices averaged $2,584 psf, suffered losses while the other two who bought their

units in 2010, when the average price fell to $1,785 psf, made profits in the resale market. CityVista Residences on Peck Hay Road was completed in 2010.

In the landed housing segment, two sellers reaped more than $1 million in profit from the sale of their semi-detached houses. The bigger profit of $2.1 million accrued to a property on Boscombe Road off Tanjong Katong Road, which sold at $3.6 million, or $1,509 psf, on land area on Nov 3. The property sits on a 2,390 sq ft site and was previously purchased at $636 psf in October 2004. This reflects an annual-ised gain of 7% over 12 years. The comput-ed price gain for landed properties, how ever, excludes any renovation or refurbishment costs incurred by the seller.

The smaller profit of $1.6 million was from a semi-detached house on Eng Kong Crescent. It has a land area of 3,305 sq ft and changed hands at $3.5 million, or $1,047 psf, on land area on Nov 7, almost double its purchase price of $554 psf in February 2008. The annualised gain works out to 8%.

At Dunearn Estate in prime District 11, a detached house on Berrima Road was sold at a loss of $920,000 in the week. The proper-ty, which was purchased in October 2012 at $1,705 psf over a land area of 5,576 sq ft, was disposed of four years later on Nov 4 at $1,540 psf. This marks the second unprofitable deal in the estate this year, based on URA caveat records where the previous transaction could be traced. In July, a detached house with a land area of 4,941 sq ft was sold at a loss of $538,000. The property was purchased in June 2011 at $1,910 psf on land area and resold at $1,801 psf. An 18th-floor unit in Kensington Park Condominium was resold at a $1.2 million profit on Nov 2E

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DEAL WATCH

Recent transactions at Parc Elegance

Recent rental contracts for 900 to 1,000 sq ft units at Parc Elegance

A one-bedroom duplex penthouse at Parc Elegance is on the market with a price tag of $950,000, or $901 psf

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

Feb 10, 2016 431 600,000 1,394

Dec 14, 2015 409 600,000 1,467

Oct 30, 2015 398 600,000 1,507

Sept 16, 2015 441 580,000 1,314

July 30, 2015 721 905,000 1,255

LEASE DATE MONTHLY RENT $ $ PSF

May 2016 2,650 2.80

May 2016 3,000 3.20

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Penthouse at Parc Elegance put up for mortgagee’s sale at below $1 mil| BY TAN CHEE YUEN |

A 1,054 sq ft, one-bedroom duplex penthouse at Parc Elegance was put up for auction twice in the past two months by Colliers

International. The first time was on Sept 21, when the unit had an opening price of $1 million. Howev-er, as there were no bids, the prop-erty was withdrawn. The second time it was put up for auction was on Oct 27, again by Colliers. This time, the opening price was lowered to $950,000. As there were still no bids, the property was subsequent-ly withdrawn.

The penthouse is now available for sale and is open to all agents. It is listed on TheEdgeProperty.com for sale at $950,000 ($901 psf) by Cassia Leong, a property agent with Dennis Wee Realty who is market-ing the property. The asking price is pegged to the opening price at the last auction.

The penthouse is on the top level of one of the three five-storey blocks at the 157-unit condominium. De-veloped by listed property devel-oper Fragrance Group, the project

was completed in 2013. The major-ity of the units at Parc Elegance are studio units of 377 to 506 sq ft and compact two-bedroom units of 495 to 721 sq ft; the rest is a mix of one- to four-bedroom penthouses ranging from 786 to 1,539 sq ft.

Parc Elegance is a freehold con-do on Telok Kurau Road in prime District 15. It is in a relatively qui-et neighbourhood and conveniently located near famous eateries in the Joo Chiat and Geylang areas, accord-ing to Dennis Wee Realty’s Leong.

The 1,054 sq ft unit up for sale is a duplex with a bedroom, bathroom

and roof terrace on the upper level and a living room with an open-concept kitchen, a bomb shelter-cum-store-room and a bathroom as well as a balcony overlooking the swimming pool on the lower level.

“The upper level of the penthouse commands an amazing view despite the project being a low-rise develop-ment,” says Leong. The unit is unoc-cupied and in a move-in condition. The property agent reckons the unit will appeal to singles or young cou-ples with no children.

When Parc Elegance was first launched for sale, unit prices averaged

$1,245 psf, according to caveats lodged from April to June 2010. At the peak of the market, a 441 sq ft studio unit on the fourth floor hit a high of $1,677 psf in May 2012, according to a cave-at lodged with URA Realis.

The $950,000 price tag for the one-bedroom penthouse is attrac-tive as it is below even the original price that the former owner paid for five years ago.

The most recent transaction of a unit at Parc Elegance was in Febru-ary, when a 431 sq ft studio unit on the second level changed hands for $600,000 ($1,394 psf). The unit was last purchased for $546,000 ($1,268 psf) in May 2011, according to a ca-veat lodged with URA Realis.

The two most recent rental con-tracts for units of 900 to 1,000 sq ft

at Parc Elegance were done at $2,650 to $3,000 a month, according to URA data. Based on the asking price of $950,000, the gross rental yield is es-timated to be in the range of 3.3% to 3.8%.

For more information, visit tinyurl.com/DealWatch-S755.

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Your Neighbourhood Eye on Property Done Deals Gains and …...Seah Streets, says Sammi Lim, CBRE...

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Transcript of Your Neighbourhood Eye on Property Done Deals Gains and …...Seah Streets, says Sammi Lim, CBRE...