20180917 S EP 848...Sep 17, 2018 · Qingjian will launch JadeScape on Sept 22 has since been used...

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Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of September 17, 2018 | ISSUE 848-69

MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)

SpotlightJadeScape stands out with smart-home and

multi-generational living units EP3

New launchOxley previews

UK-inspired luxury condo

Mayfair Gardens EP6

Done DealsAmaryllis Ville,

Residences at Evelyn see most transactions

in Newton area EP8

Under the HammerPinewood Grove detached house

going for $3.75 mil EP10

Queenstown, one of the oldest HDB towns in Singapore, could be ripe for VERS

VERS — game changer for HDB market

With more HDB fl ats reaching the halfway mark of their lease and with the possibility of private developers getting a piece of the

housing redevelopment pie, Tan Tiong Cheng, president of Knight Frank Asia Pacifi c, feels it is timely to discuss and debate

the issues surrounding the new Voluntary Early Redevelopment Scheme. See our Cover Story on Pages 4 and 5.

BLOOMBERG

EP2 • EDGEPROP | SEPTEMBER 17, 2018

PROPERTY BRIEFS

EDITORIALEDITOR | Cecilia ChowCONTRIBUTING EDITOR |Pek Tiong GeeWRITERS | Timothy Tay, Bong Xin Ying, Charlene ChinDIGITAL WRITER | Fiona Ho

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E

Gisborne Light up for collective sale at $37 mil Owners of the freehold Gisborne Light (above), off

Bukit Timah Road in prime District 10, have put up

their property for sale at $37 million ($1,671 psf ppr).

The 17-unit boutique development on Ewe Boon

Road sits on 13,841 sq ft of land. Units range from 936

to 2,885 sq ft. If the sale goes through, each owner will

stand to receive between $1.7 million and $4.3 million.

The Gisborne Light site is zoned “residential”, with

a gross plot ratio of 1.6. It can be redeveloped into a

boutique residential project comprising 27 units with

an average size of 780 sq ft, says Colliers Internation-

al, the marketing agent for the site.

As only one out of the 17 owners did not sign the

collective sale agreement, the consent level for the

sale is about 95%.

Built in 2003, Gisborne Light is close to a range

of amenities. The Orchard Road shopping belt is a

nine-minute drive away, while Anglo-Chinese School

and St Joseph’s Institution are within a 12-minute

drive. Stevens MRT Station, along the Downtown

Line, is two minutes away by car.

The tender for the site will close at 3pm on Oct 11.

M&L Hospitality opens first hotel in ManchesterHotel investment firm M&L Hospitality has opened

its first hotel in Manchester, UK, expanding its global

portfolio to 17 hotels across seven countries.

The Lume has 328 rooms across 19 storeys, bring-

ing M&L Hospitality’s total rooms in the UK to over

1,000. The Lume is operated by hotel brands Crowne

Plaza and Staybridge Suites.

On the upper seven floors, Staybridge Suites of-

fers a mix of 116 studio and one-bedroom suites with

views of the city from the 18th floor terrace.

Crowne Plaza, on the lower 12 storeys, consists

of 212 guest rooms. It has amenities such as a 120-

seat restaurant, bar, 24-hour gym, club lounge and a

200-seat meeting room.

The Lume is located in Oxford Road Corridor, a

district south of Manchester’s city centre.

The Jovell in Tampines opens for preview The Jovell (below), a 428-unit condo in Tampines, in

District 18, will be open for public preview on Sat-

urday, Sept 15.

The 99-year leasehold development — jointly de-

veloped by Hong Leong Holdings, City Developments

and TID — sits on 242,558 sq ft of land. It comprises

nine buildings, each with eight levels. It is set within

a residential neighbourhood of predominantly low-

rise private homes and is expected to receive tempo-

rary occupation permit by Aug 1, 2023.

Buyers can choose from one- to four-bedroom units,

ranging from 441 sq ft for a one-bedder; 635 sq ft for

a two-bedder; 904 sq ft for a three-bedder; to 1,270

sq ft for a four-bedder. Prices start from $585,000 for

the one-bedroom unit.

The Jovell is a three-minute drive to Tampines East

MRT Station, along the Downtown Line. It is also less

than a nine-minute drive to malls such as Tampines

Mall, White Sands Mall and IKEA Tampines. Educa-

tional institutions such as Temasek Polytechnic and

Singapore University of Technology and Design are

less than a 12-minute drive away.

Facilities at The Jovell include a 200m-long water-

scape, a clubhouse, lounge pavilions, fitness stations,

a children’s play area, and hot and cold Jacuzzis.

The preview will begin at 10am, at the show

suites along Flora Drive. Bookings will start on Sept

29, the official launch date for the project.

SPH acquires UK student accommodation portfolio for $321 mil Singapore Press Holdings (SPH) has acquired a student

accommodation portfolio in the UK for $321 million.

The portfolio comprises 14 buildings across six

towns and cities in the UK, and has a total capac-

ity of 3,436 beds. The properties include 10 free-

hold and four leasehold assets, and are situated in

established university towns and cities with large

full-time student populations, including London,

Birmingham, Bristol, Huddersfield, Plymouth and

Sheffield.

On Sept 7, SPH, through its wholly-owned subsid-

iaries, Straits One (Jersey), Straits Two (Jersey) and

Straits Three (Jersey), entered into a sale and purchase

agreement to acquire a portfolio of purpose-built stu-

dent accommodation in the UK from Unite Group for

a cash consideration of approximately £180.5 million

($321 million).

SPH says the student accommodation in the UK —

the national average of which is 2.8 students to each

bed — presents growth potential, with demand ex-

pected from both domestic and international students.

The transaction is expected to be completed on or

around Sept 13. — www.theedgesingapore.com

Growth in Singapore’s flexible workspace to continue: Colliers Growth momentum in the flexible workspace sector

in Singapore is expected to power on, underpinned

by the entry of operators from overseas and supple-

mented by aggressive expansion plans of incumbent

operators. This is according to Colliers Internation-

al’s research report, “Breaking New Ground”, re-

leased on Sept 10.

Colliers says the flexible workspace sector, which

took up 680,000 sq ft of space last year, is now one

of the top five occupier sectors in the Singapore of-

fice market. It accounts for 4.5% of the CBD Premi-

um and Grade A office stock.

The total flexible workspace footprint has nearly

tripled, from about one million sq ft at end-2015, to

about 2.7 million sq ft in June 2018. Eighty-four per

cent of Singapore’s total flexible workspace footprint

is located within the CBD. Flexible workspace oper-

ators have also set up on the fringe of the CBD re-

cently, in addition to the initial core clusters around

Raffles Place.

These operators have also shown an increased

interest in expanding within Orchard Road, Singa-

pore’s prime shopping district. According to Colliers,

the flexible workspace footprint in the Orchard Road

area accounts for about 8% of the islandwide total

by square footage.

The oncoming flexible workspace supply could

pose a challenge to underperforming operators, says

Colliers. Meanwhile, larger players with sizeable foot-

prints of more than 50 desks per location and a mul-

ti-location portfolio are expected to be better equipped

to cater for the next lap of growth from corporations

seeking a flexible leasing strategy.

Single-space providers, however, will perform well

if they can cultivate a strong competitive proposition

with a specific focus and add value to the entrepre-

neurial community in Singapore, says Colliers. —

Compiled by Bong Xin Ying & Charlene Chin

COLLIERS

HONG LEONG HOLDINGS

SPOTLIGHT

EDGEPROP | SEPTEMBER 17, 2018 • EP3

JadeScape stands out with smart-homeand multi-generational living units| BY TIMOTHY TAY |

The 1,206-unit JadeScape by

Qingjian Realty is one of the

most anticipated new launch-

es this year. More than 9,000

people showed up at the de-

veloper’s sales gallery over the week-

end of Sept 8 and 9.

JadeScape is a redevelopment of

the former Shunfu Ville, which occu-

pied a 398,110 sq ft site at the junc-

tion of Marymount Road and Shunfu

Road. This is Qingjian’s first rede-

velopment of a large collective sale

site with more than 1,200 units and

it wants to make it “a masterpiece”

project, says Yen Chong, deputy gen-

eral manager of Qingjian Realty.

With a pipeline of 17 new devel-

opments that are expected to add

more than 3,500 units to the market

in 2H2018, developers are differen-

tiating their projects to attract buy-

ers. Qingjian Realty’s Chong is not

overly concerned about the compe-

tition. “We are very confident about

JadeScape’s concept,” she says.

Smart-home featuresQingjian has bundled new smart-

home features in its hiLife app for

its recent developments. It first rolled

out the app, which it developed in

collaboration with Samsung, in 2015.

The app was first introduced at Riv-

ersound Residence, Qingjian’s 590-

unit condominium in Sengkang, and

The 63 ‘Gold Standard’ units are similarly priced as the other one-bedroom units in JadeScape despite their customisation

JadeScape will have the most comprehensive smart-home features in a development by Qingjian to date, says Chong

More than 9,000 people visited JadeScape’s sales gallery during the preview weekend

Qingjian will launch JadeScape on Sept 22

has since been used in subsequent

developments such as the mixed-use

Le Quest in Bukit Batok, the 632-

unit executive condo The Visionaire

in Sembawang and the 497-unit iNz

Residence EC in Choa Chu Kang.

“When Qingjian first introduced

smart-home features, they were ‘good

to have’,” says Chong. “Today, they

are a ‘must-have’.” She points to all

the other new launches this year,

which also boast smart-home features.

In 2017, Qingjian provided WiFI

in the common areas of iNz Resi-

dence. Subsequent projects, includ-

ing JadeScape, will also have com-

mon areas that are “internet-ready”.

JadeScape, however, will have the

most comprehensive smart-home fea-

tures in a development by Qingjian to

date, says Chong. Some of the new

smart-home features at JadeScape

are energy-saving air conditioners,

with the waste heat being recycled

for the water-heating units to reduce

electricity consumption. Guests will

be provided with a personal QR code

at the entrance to the development

so that they can enter the main gate

and lift lobby. The hiLife app can be

downloaded on residents’ mobile de-

vices and used to control access to

the main door of the unit as well as

book condo facilities and schedule

maintenance or repairs.

At JadeScape, Qingjian is also in-

troducing its smart estate manage-

ment services in its hiLife app. The

estate management system is to fa-

cilitate interaction between condo

management personnel and resi-

dents. For instance, residents will be

able to highlight common areas that

need repairs or maintenance, and the

management will in turn be able to

update residents when the repairs or

maintenance works are completed.

The app can also help facilitate the

payment of conservancy fees.

According to Chong, more than

160 condos in Singapore, including

Qingjian’s 10 projects, are using the

hiLife app today. Given its success,

Qingjian intends to roll out the app

in regional markets such as Indone-

sia, Malaysia, Thailand and Vietnam.

Elderly friendly unitsAt JadeScape, Qingjian has intro-

duced 63 “Gold Standard” units —

one-bedders of 527 sq ft that will

be fitted out with active senior liv-

ing features such as cabinet and

sink heights that can be comforta-

bly reached by those in wheelchairs,

wall cabinets with pull-down hy-

draulic racks, slip-resistant flooring

and support bars in the bathrooms.

These units are located next to

the three-bedroom units to promote

multi-generational living. “The units

cater for multi-generational families

and are ideal for those who want to

live close to their parents, but not too

close so that they can still have their

private space,” says Chong.

The Gold Standard units are not

priced differently from the other

one-bedroom units in the develop-

ment despite the customisation, she

adds. One-bedroom units of 527 sq ft

at JadeScape will start from $838,000

($1,590 psf). Two-bedroom units of

646 to 775 sq ft start from $988,000;

three-bedroom units of 904 to 1,152

sq ft from $1.38 million, and four-bed-

room units of 1,259 to 1,647 sq ft

from $1.86 million. The five-bedroom

units start from 2,099 sq ft and the

two penthouses are 4,230 sq ft each.

JadeScape will be launched on

Sept 22 at an average selling price

of $1,700 psf. E

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

PROPERTY AGENTS

QINGJIAN REALTY

COVER STORY


| BY CECILIA CHOW |

Like many HDB flat owners liv-

ing in mature HDB estates, re-

tiree Ms Lew has been worrying

about the remaining lease on

her 700 sq ft, three-room HDB

flat in Marine Parade, and wonder-

ing how much it would fetch in the

resale market. Like the other 7,862

HDB flats in Marine Parade, Lew’s

flat was built between 1972 and 1975.

Lew bought her resale flat some

10 years ago because she likes the

convenience of the location and the

amenities there. She is also looking

forward to the completion of the new

Marine Terrace MRT station on the

Thomson-East Coast Line that is cur-

rently under construction just across

from her block. “I knew the flat was

leasehold, but I wasn’t thinking of

the implications when I bought it,”

she says. She reckons that her lease

has another 50-plus years left.

The reality of the depleting lease

sank in when Minister for National

Development Lawrence Wong, in his

blog post on March 24, 2017, cau-

tioned HDB flat owners not to assume

that their flats would automatical-

ly be eligible for the Selective En-

bloc Redevelopment Scheme. Wong

wrote, “SERS, as the name implies,

is on a selective basis. It is only of-

fered to HDB blocks located in sites

with high redevelopment potential.”

To allay the fears of HDB home-

owners like Lew, Prime Minister Lee

Hsien Loong addressed the issue of

depleting leases of older HDB flats

during his National Day Rally speech

on Aug 19. He announced a new Vol-

untary Early Redevelopment Scheme,

to be rolled out in about 20 years. He

said HDB estates built in the 1970s,

such as Marine Parade, Bedok and

Ang Mo Kio, would be among the

first to undergo VERS. Unlike SERS,

which is decided by the HDB and

residents do not get to vote, VERS

will be open to voting.

Tan Tiong Cheng, president of

Knight Frank Asia Pacific and advis-

er to Knight Frank Singapore, believes

the announcement of VERS is timely,

as about 250,000 flats out of the HDB

housing stock of more than a million

have already reached 45 to 55 years old,

which means they have 40 to 50 years

left on their leases. “That’s about 25%

of the HDB housing stock,” he adds.

The prime minister also announced

that every HDB flat would undergo

two rounds of upgrading works dur-

ing the 99-year lease period, with the

Home Improvement Programme (HIP)

for flats that hit the 30-year mark, and

a new HIP2 to be rolled out for age-

ing flats at the 60- to 70-year mark.

HIP will be extended to HDB blocks

constructed between 1987 and 1997

and will involve another 230,000 flats

in estates such as Pasir Ris, Yishun,

Tampines and Jurong.

Asset enhancement a necessity“Asset enhancement is thus neces-

sary,” says Knight Frank’s Tan. Af-

ter all, 79% of Singapore resident

households live in HDB flats. Anoth-

er 15.6% live in condominiums and

apartments, while 5.1% live in land-

ed property. Singapore’s home own-

ership rate is a high 90.7%, accord-

ing to the Department of Statistics.

“If the government is able to suc-

cessfully execute HIP2 and VERS,

Singapore will be the only country

in the world to have truly solved the

public housing issue, where ageing

estates will be rejuvenated and there

will be no urban decay, slums or ra-

cial enclaves,” says Tan. “That will

make Singapore a role model for the

rest of the world.”

Conceptually, VERS will give own-

ers of 99-year leasehold flats an exit

by cashing out or moving into a new

flat, notes Tan. The alternative would

be that their HDB flat will have zero

value at the end of the 99-year lease.

The proceeds from VERS are based

on the remaining lease of 20 to 29

years, and are unlikely to match the

amount offered by property devel-

opers for en bloc sites in the private

residential market, he points out. The

government has already said the pay-

out from VERS will be significantly

lower than from SERS.

Only about 5% of HDB blocks in

mature estates are suitable for SERS,

according to HDB. Of about 80 HDB

precincts that have been identified for

SERS, 61 have undergone redevelop-

ment, another eight are in the midst

of being redeveloped and 11 have yet

to be redeveloped. About 130 pre-

cincts have benefited from retrofit-

ting via HIP1 with the addition of the

extra utility room for every unit and

lifts that stop at every floor. The bill

for the lease buyback scheme, SERS

and the number of precincts sched-

uled for HIP1 just a few years ago is

about $4 billion.

While the broad concept of VERS

has been outlined, there are many de-

tails that have yet to be worked out.

“We will need time to do so,” says

Minister Wong. These include the

extent of the coverage for VERS and

how compensation will be computed.

“In particular, we will ensure that we

implement VERS in a fiscally sustain-

able way so that it will not be a bur-

den for the next generation,” he adds.

According to Minister Wong, resi-

dents who do not get VERS or are not

in favour of it will continue to live

in their flats and benefit from two

rounds of upgrading. If they need a

place to live at the end of the lease,

the government will help them get

another flat — a new built-to-order

[BTO] flat if they are eligible, a re-

sale flat with a shorter lease or a two-

room flexi flat — for their retirement.

For the elderly who wish to age

in place and do not have sufficient

savings, lease buyback is an option

for them. “VERS is not a solution for

them now,” says Knight Frank’s Tan.

Changing the perception of public housingFor the government, large-scale re-

development efforts such as VERS

present a good opportunity to rebuild

some of the older precincts and in-

troduce “new and exciting concepts

of living” into the older towns, said

Minister Wong in Parliament on Sept

10. “To achieve this, we will need

to carefully study how to select the

precincts and to stage the redevel-

opment precinct by precinct, town

by town,” he said.

With VERS, the government will

essentially be able to redevelop entire

precincts like greenfield sites, similar

to the upcoming Bidadari and Ten-

gah estates, says Knight Frank’s Tan.

“The new generation of HDB flats and

precincts is likely to be very differ-

ent from those of today,” he reckons.

The next-generation HDB estates

could feature “Smart Nation Plus”

initiatives, use new and more effi-

cient construction methods as well

as offer infrastructure and lifestyle

amenities that will make them desir-

able neighbourhoods. Units can also

be modular or prefabricated, which

means they can be built quickly.

Homeowners could have the flexibili-

ty to make changes within their HDB

flat according to the changes in their

lifestyle needs over time, he adds.

Tan sees VERS as “a game chang-

er” for the HDB housing market. “It

will also change the perception of

public housing, making it a desir-

able form of housing over the long

term,” he says.

Residents in these future HDB towns

will also have the assurance that their

VERS — game changer for HDB market

With more HDB flats reaching the halfway mark of their lease and with the possibilityof private developers getting a piece of the housing redevelopment pie,

Tan Tiong Cheng, president of Knight Frank Asia Pacific, feels it is timely to discuss and debate the issues surrounding the new Voluntary Early Redevelopment Scheme

HDB estates built in the 1970s such as Marine Parade (pictured), Bedok and Ang Mo Kio would be among the first to undergo VERS

Tan: VERS will change the perception of public housing, making it a desirable form of housing over the long term


COVER STORY


Major HDB estates over the decadesproperties will be upgraded twice dur-

ing their 99-year lease, and that they

have the option to exit via VERS when

the lease hits 70 years, says Tan.

HDB homeowners are still able

to buy a private residential proper-

ty to upgrade or as an investment if

they want to, without having to sell

their HDB flat. “The higher additional

buyer’s stamp duty acts like a wealth

tax,” Tan says. “There will still be

[upgrader demand]. Most still hope

to invest in residential property as a

nest egg for retirement.”

‘Master developer’ opportunities?Will property developers be able to

participate in VERS like they have

in collective sales of ageing private

property? Last year, the government

announced that it would launch a pi-

lot scheme for a “master developer”

approach, with the first site being in

the Kallang area. The government

had earlier decided on a master de-

veloper approach for certain sites,

especially new districts or areas to

be rejuvenated.

“If the master developer scheme

works out, it could well be applied

to selected HDB precincts,” says Tan.

Minister Wong says, “I will not

rule out the possibility of having pri-

vate developers being involved and

we will study the suggestion careful-

ly. But let’s be very clear: Our aim is

to redevelop public housing estates.

We will ensure that any redevelop-

ment is done in a way that preserves

the character of our HDB towns and

supports HDB’s mission to provide af-

fordable and quality homes for Sin-

gaporeans.”

No one will be without a home VERS ensures that people will not be

without housing when the lease of

their flat expires, says Tan.

Those living in three-room flats in

first-generation HDB estates such as

Queenstown, Bukit Merah and Toa

Payoh are already seeing the impact

that a depleting lease has on the pric-

es of their properties. In Queenstown,

for example, a 678 sq ft, three-room

(two bedrooms and one living/din-

ing area) HDB flat on Commonwealth

Drive with a 99-year lease starting

from 2015 costs $600,000, while a

689 sq ft, three-room flat on Com-

monwealth Crescent built in 1970

is priced at $290,000.

However, even then, prices

have increased significantly over

time. Tan recalls how a three-room

flat in Queenstown was priced at

$10,000 to $11,000 in 1972. That

was when he returned to Singa-

pore after graduating at the top

of his class with a Diploma in Ur-

ban Valuation from the Univer-

sity of Auckland, New Zealand.

The price of a three-room flat

then was the equivalent of 1½

years of his starting salary. “It

was certainly affordable then,”

he recalls.

Forty-five years on, the median

monthly salary of a fresh graduate

from the National University of

Singapore, Nanyang Technological

University or Singapore Manage-

ment University was about $3,500

in 2017. Three-room BTO flats in

2017 were priced from $145,000,

excluding government housing

grants, says Eugene Lim, key ex-

ecutive officer at ERA Realty. That

is equivalent to 3½ years of the

salary of a fresh graduate today.

However, graduates are more

likely to opt for a four-room BTO

flat than a three-room flat, points

out Lim. A four-room BTO flat is

priced from $236,000, excluding

housing grants, and that trans-

lates into 5.6 years’ the salary of

a fresh graduate. “BTO remains

the most affordable housing for

young graduates,” he adds.

VERS also provides hope for

retirees like Marine Parade resi-

dent Lew. “Without knowing the

details, I wholeheartedly welcome

this move to address my concerns.

But does my flat fall under VERS

or SERS?” — With additional re-

porting by Timothy Tay

The flats on Kim Tian Road in Bukit Merah are among the oldest in Singapore

KNIGHT FRANK 75TH ANNIVERSARY BOOK: THE EVOLUTION OF SINGAPORE REAL ESTATE — JOURNEY TO THE PAST AND FUTURE: 1940-2015

About 250,000 flats out of the HDB housing stock of more than a million are 45 to 55 years oldE

NEW LAUNCH


Oxley previews UK-inspired luxury condo Mayfair Gardens

UNIT TYPE NO OF AREA STARTING PRICE PSF PRICE UNITS (SQ FT) ($ MIL) ($)

One-bedroom 25 506 to 646 0.938 1,853

One-bedroom-plus-study 64 549 to 753 1.055 1,850

Two-bedroom 72 710 to 904 1.395 1,852

Th ree-bedroom 26 1,012 to 1,216 1.928 1,808

Four-bedroom 8 1,216 to 1,249 2.308 1,898

Mayfair Gardens’ indicative prices

| BY BONG XIN YING |

On the weekend of Sept 15

and 16, Singapore-listed

developer Oxley Holdings

will be previewing the 215-

unit luxury condominium

Mayfair Gardens.

Located on Rifle Range Road in

the prime Bukit Timah area, the pro-

ject comprises a good mix of one- to

four-bedroom apartments, and six pent-

houses ranging from 1,539 to 1,733

sq ft. Units on the ground level have

a ceiling height of 4.6m, while pent-

houses have a ceiling height of 4.4m.

‘Priced to sell’Prices range from $938,000 ($1,853

psf) for a 506 sq ft, one-bedroom unit

to $2.308 million ($1,898 psf) for a

1,216 sq ft, four-bedroom unit. The

average price is said to be $1,900 psf.

Ching Chiat Kwong, Oxley Holdings’

executive chairman and CEO, says

the units are “priced to sell”.

Mayfair Gardens is a redevelop-

ment of a private residential property

in District 10 bearing the same name.

Last November, Oxley purchased the

original 124-unit condo development

in an en bloc deal for $311 million

($1,244 psf per plot ratio), 14.8%

more than the reserve price of $265

million. The former Mayfair Gardens,

occupying a 208,480 sq ft site, will be

developed into two new projects —

Mayfair Gardens and Mayfair Mod-

ern. The redeveloped Mayfair Gardens

will sit on a 116,130 sq ft site, while

Mayfair Modern will be a smaller

development with about 171 units.

The new Mayfair Gardens is de-

signed by DP Architects, with inspi-

ration from Georgian architecture.

“Mayfair Gardens is the project of

the decade for Oxley,” says Ching.

He is confident that the development

will make a statement in terms of de-

sign, details, space planning, facili-

ties and landscaping.

Mayfair Gardens is the most up-

scale development in Oxley’s port-

folio to date. For just 215 units, the

project has 55 facilities, including a

75m swimming pool and three sky

terraces.

Units will be fitted out with smart-

home features — such as Smarthome

Gateway, which works with other

smart-home devices — and a door-

bell that sends an alert to the home-

owner’s smart device. Four-bedroom

units and penthouses will also come

with an Amazon Echo Spot voice-con-

trolled device.

The name “Mayfair” was retained

for the new development, as it is as-

sociated with one of the most prestig-

ious addresses in London, says Eric

Low, deputy CEO of Oxley Holdings.

He adds that British architecture is

“not cheap to emulate, and is some-

thing that many have tried to recre-

ate for many years”.

The development is situated along

the Rail Corridor and is just a six-min-

ute walk from King Albert Park MRT

station on the Downtown Line. It

is also near reputable schools such

as Methodist Girls’ School, Nation-

al Junior College, Hwa Chong Insti-

tution and Singapore Chinese Girls’

School. The Pan Island and Bukit Ti-

mah Expressways are easily accessi-

ble from the development. The CBD

and Orchard Road are 15 to 20 min-

utes’ drive away.

Upcoming projectsAccording to Ching, the last new

launch in the vicinity was Oxley’s

own project — the freehold, mixed-

use development comprising the

142-unit KAP Residences and 107-

unit KAP Mall. KAP Residences and

KAP Mall were launched for sale in

2013 and completed in 2017.

So far, Oxley has launched five pro-

jects in Singapore this year and sold

1,130 units to date, with total sales

amounting to $1.18 billion, says Low.

Including Mayfair Gardens, Oxley

will launch five more projects before

year-end. Besides Mayfair Gardens,

Oxley will also be previewing its 18-

unit boutique development Parkwood

Residences on Yio Chu Kang Road.

Meanwhile, Sept 14 will see the sales

launch of another boutique devel-

opment, The Addition. With just 26

units, it is located near Potong Pasir

MRT station.

Meanwhile, the 498-unit Kent

Ridge Hill Residences (the former

Vista Park) will also be launched be-

fore year-end. Upcoming projects in-

clude Mayfair Modern and a devel-

opment in the Balestier-Tessensohn

Road area. “We are quite confident

that when we launch all the upcoming

projects, our total sales [for the year]

should hit 2,000 units,” says Low.

PICTURES: ALBERT CHUA/THE EDGE SINGAPORE

The design of the 215-unit Mayfair Gardens on Rifle Range Road was inspired by British Georgian architecture

Ching (right, with Low): Mayfair Gardens is the project of the decade for Oxley

The showflat of a one-bedroom-plus-study unit

Mayfair Gardens has a good mix of units with one to four bedrooms

Units on the first level will have high ceilings of about 4.6mE

GAINS AND LOSSES


Leonie Towers unit sold at $3.1 mil profit

E

Top gains and losses from Aug 28 to Sept 4

URA, EDGEPROP

Most profi table deals

Note: Computed based on URA caveat data as at Sept 11 for private non-landed houses transacted between Aug 28 and Sept 4. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.

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

1 Scotts Square 9 1,249 Aug 31 2,983 Nov 23, 2007 3,711 908,790 20 2 10.8

2 Visioncrest 9 904 Aug 29 2,057 Aug 10, 2007 2,426 333,711 15 1 11.1

3 Refl ections at Keppel Bay 4 1,055 Aug 29 1,531 Aug 27, 2007 1,734 214,000 12 1 11.0

4 Caribbean at Keppel Bay 4 1,733 Aug 30 1,570 May 10, 2012 1,616 80,000 3 0.5 6.3

5 Foresque Residences 23 1,130 Aug 30 1,079 Oct 16, 2012 1,148 78,000 6 1 5.9

6 Th e Clift 1 527 Sept 03 2,123 Sept 6, 2012 2,214 48,000 4 1 6.0

7 Blue Horizon 5 926 Aug 30 1,026 March 7, 2012 1,059 30,000 3 0.5 6.5

8 Hedges Park Condominium 17 1,076 Sept 4 845 Jan 3, 2013 870 26,700 3 1 5.7

9 One @ Pulasan 15 549 Aug 29 1,239 Nov 6, 2012 1,257 10,000 1 0.3 5.8

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

1 Leonie Towers 9 3,251 Aug 29 1,677 Aug 10, 2005 723 3,100,000 132 7 13.1

2 28 Shelford 11 1,184 Aug 29 1,588 Aug 13, 2003 617 1,150,000 158 6 15.1

3 Hillview Green 21 1,593 Aug 30 1,048 Oct 2, 2006 404 1,027,000 160 8 11.9

4 8 Hullet 9 657 Aug 30 3,543 Sept 26, 2003 1,231 908,650 64 3 14.9

5 Waterbank at Dakota 14 1,572 Aug 30 1,718 May 6, 2010 1,162 874,000 48 5 8.3

6 Th e Esta 15 1,313 Aug 29 1,780 Sept 9, 2010 1,178 791,282 51 5 8.0

7 Grandeur 8 20 1,227 Aug 30 1,076 Jul y31, 2003 491 717,449 119 5 15.1

8 Caspian 22 1,195 Aug 31 1,155 Feb 6, 2009 569 699,600 103 8 9.6

9 Kovan Melody 19 1,227 Aug 29 1,043 Sept 8, 2005 509 656,000 105 6 13.0

10 Blue Horizon 5 1,259 Aug 29 977 Feb 28, 2004 469 639,150 108 5 14.5

| BY BONG XIN YING |

A 3,251 sq ft, four-bedroom

unit on the 18th floor of

Leonie Towers, located in

prime District 9, posted the

highest gain of $3.1 mil-

lion (132%) for the week of Aug 28

to Sept 4, according to URA caveats.

The unit changed hands for $5.45

million ($1,677 psf) on Aug 29. The

seller bought it in August 2005 for

$2.35 million ($723 psf). This trans-

lates into an annualised profit of 7%

over a 13.1-year holding period.

This is the first transaction at

Leonie Towers this year and the

third-highest profitable sale to date.

The previous transaction at the devel-

opment was in April last year, when

a 2,960 sq ft, four-bedroom unit on

the 10th floor was sold for $4.05 mil-

lion ($1,368 psf).

The all-time-high profit at Leonie

Towers was from the resale of a

6,243 sq ft, four-bedroom penthouse

on the 24th floor, according to cav-

eats lodged. The penthouse was pur-

chased for $5.1 million ($817 psf)

in April 2006 and sold for $9.8 mil-

lion ($1,570 psf) in July 2007. This

translated into a profit of $4.7 mil-

lion, or an annualised profit of 69%

over 1.2 years.

There have been 23 profitable and

three non-profitable deals at Leonie

Towers since 1996, with profits rang-

ing from $100,000 to $4.7 million

and losses ranging from $198,000

to $1.02 million.

The 92-unit freehold Leonie Tow-

ers was developed by Hock Seng En-

terprises. It comprises four-bedroom

units of between 2,906 sq ft and 3,251

The freehold, 92-unit Leonie Towers is located in prime District 9

sq ft each, and penthouses of 6,243

sq ft to 6,545 sq ft each.

Meanwhile, the second-highest

gain — a profit of $1.15 million —

for the week in review was achieved

at 28 Shelford, in District 11. The sell-

er bought the 1,184 sq ft, three-bed-

room unit on the ground floor for

$730,000 ($617 psf) in August 2003, and sold it for $1.88 million ($1,588

psf) on Aug 29. This translates into

a gain of 158%. Over a holding pe-

riod of 15.1 years, the seller made a

6% annualised profit.

This is the third time the unit has

changed hands, according to cave-

ats lodged. It was previously sold for

$820,000 ($693 psf) in May 1999.

This latest sale at 28 Shelford is

also the development’s most profitable

transaction. The second-highest gain

at 28 Shelford was made by the seller

of an adjacent unit of the same size.

It was bought for $680,000 ($574 psf)

in May 2006, and sold in November

2010 for $1.404 million ($1,186 psf),

netting the seller a profit of $724,000.

There have been 13 profitable and

four non-profitable transactions at

28 Shelford since 2002, with profits

ranging from $20,000 to $1.15 mil-

lion and losses ranging from $22,000

to $450,000.

On the other hand, in prime District

9, a 1,249 sq ft unit at Scotts Square

recorded the top loss of $908,790.

The seller incurred a 20% loss af-

ter selling the three-bedroom unit

for $3.725 million ($2,983 psf) on

Aug 31. It was bought for $4.63 mil-

lion ($3,711 psf) in November 2007.

This translates into an annualised

loss of 2% over a holding period of

10.8 years.

All the nine transactions at Scotts

Square this year have been unprofit-

able. Since 2013, there have been a

total of 34 unprofitable transactions, with losses ranging from $127,360 to

$1.56 million, and only one profita-

ble transaction of $295,650 at Scotts

Square.

Following a spate of unprofitable deals at Scotts Square, a 1,249 sq ft unit was sold at a $908,790 loss on Aug 31



DONE DEALS

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

Orchard/Tanglin/Holland 9 and 10

Newton/Bukit Timah/Clementi 11 and 21

Balestier/MacPherson/Geylang 12 to 14

East Coast 15 and 16

Changi/Pasir Ris 17 and 18

Serangoon/Thomson 19 and 20

West 22 to 24

North 25 to 28

District 1

MARINA ONE RESIDENCES Apartment 99 years August 29, 2018 1,012 2,548,000 2,518 2017 New Sale

THE CLIFT Apartment 99 years September 3, 2018 527 1,120,000 2,123 2011 Resale

District 2

WALLICH RESIDENCE AT

TANJONG PAGAR CENTRE Apartment 99 years September 2, 2018 1,765 5,418,325 3,069 2017 New Sale

District 3

MARGARET VILLE Apartment 99 years August 29, 2018 657 1,180,000 1,797 Uncompleted New Sale

MARGARET VILLE Apartment 99 years September 1, 2018 657 1,232,676 1,877 Uncompleted New Sale

MERINO CRESCENT Semi-Detached Freehold August 28, 2018 2,486 3,880,000 1,560 1995 Resale

SHEPHERD’S HILL ESTATE Detached Freehold August 29, 2018 4,112 5,350,000 1,302 Unknown Resale

STIRLING RESIDENCES Apartment 99 years August 28, 2018 624 1,065,000 1,706 Uncompleted New Sale


STIRLING RESIDENCES Apartment 99 years August 28, 2018 506 964,000 1,905 Uncompleted New Sale



STIRLING RESIDENCES Apartment 99 years August 29, 2018 1,055 1,753,000 1,662 Uncompleted New Sale









STIRLING RESIDENCES Apartment 99 years September 1, 2018 980 1,586,000 1,619 Uncompleted New Sale



Residential transactions with contracts dated Aug 28 to Sept 4 LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE

E

| BY TIMOTHY TAY |

In the neighbourhood of New-

ton Road in prime District 11, the

condominiums that saw the most

transactions from June to August

were Amaryllis Ville, Residences at Evelyn and 26 Newton.

At Residences at Evelyn, a high-

end freehold condo by City Devel-

opments Ltd, five units changed

hands at prices ranging from $1,787

to $2,034 psf. The units were a mix

of two-bedroom units of 1,033 sq ft

to four-bedroom units of 2,250 sq ft,

and were sold at prices ranging from

$1.95 million ($1,887 psf) to $4.2 mil-

lion ($1,867 psf), according to caveats

lodged with URA Realis. The highest

psf price was achieved by the seller

of a 1,528 sq ft, three-bedroom unit

on the 29th floor, who sold it for $3.1

million ($2,034 psf) in July.

Completed in 2007, Residences

at Evelyn is a 208-unit project with

twin 33-storey towers.

Nearby, 10 Evelyn, a 56-unit bou-

tique development by Amara Hold-

ings, is expected to hold its preview

over the weekend of Sept 22 and 23.

“The Newton Road area is popular

with homebuyers because of its prox-

imity to schools such as Anglo-Chi-

nese School (Barker Road) and La

Salle College of the Arts, but there

are not many opportunities to pur-

chase new homes in the area,” says

Adrian Chey, associate assistant sales

director at Knight Frank, the market-

ing agency for 10 Evelyn.

The indicative price for 10 Evelyn

is said to be $2,600 to $2,700 psf.

Meanwhile, on Newton Road, the

project that was most recently com-

pleted is 26 Newton, a 180-unit free-

hold condo by Novelty Group. The

project was completed in April last

year and so far, close to 80% of the

units have been sold.

All the one- and two-bedroom units

in the project are sold. The remain-

ing units are mainly two-bedroom-

plus-study units of 775 sq ft, which

range from $1.979 million for units on

the sixth floor to $2.117 million for a

24th-floor unit. The project compris-

es a single tower block of 26 floors.

Amaryllis Ville, Residences at Evelyn most actively transacted in Newton area

According to caveats lodged, the

most recent transaction at 10 Evelyn

was that of a 775 sq ft unit on the

16th floor, which was sold for $2.06

million ($2,658 psf) on Aug 29. In

July, three similar-size units were

sold for $1.96 million ($2,528 psf) to

$2.09 million ($2,697 psf). A 1,173

sq ft, two-bedroom unit on the fifth

floor fetched close to $2.35 million

($2,000 psf) in July.

Of interest is the upcoming launch

of a government land site in Kam-

pong Java for tender next month.

The 124,861 sq ft, 99-year leasehold

site has a plot ratio of 2.8 and could

yield up to 435 units. “Usually, after

a GLS site is awarded, the surround-

ing properties will enjoy a price up-

lift,” says Lester Tan, senior associ-

ate executive director of OrangeTee.

Another upcoming launch in the

Newton area is Tee Land’s 35 Gil-stead, a redevelopment of the for-

mer Casa Contendere, which it ac-

quired en bloc last November for

$72 million ($1,638 psf per plot

ratio). The new freehold devel-

opment will have 70 units across

three 5-storey blocks. It could be

launched later this year.

Amaryllis Ville has seen at least

10 units change hands over the past

three months. The 311-unit, high-end

condo was developed by Wing Tai

Holdings, which also developed the

neighbouring boutique development

Newton 18, which comprises just 81

units. Both Amaryllis Ville and New-

ton 18 were completed in 2004. New-

ton 18 is freehold, while Amaryllis

Ville has a 99-year lease from 1997.

Units at Amaryllis Ville have been

changing hands at prices ranging

from $1,568 to $1,737 psf, according

to caveats lodged with URA Realis.

The latest transactions were for a

1,238 sq ft, three-bedroom unit on

the ninth floor that fetched $1.96

million ($1,583 psf) and a 958 sq

ft, two-bedroom unit on the 10th

floor that was sold for $1.53 million

($1,597 psf). Caveats for both prop-

erties were lodged on Aug 27.


THE EDGE SINGAPORE

The Newton Road area will see a fresh supply of new homes from private land sales and government tenders

The most recent transaction at 26 New-ton was the sale of a 775 sq ft unit that fetched $2.06 million ($2,658 psf)

Six units at Residences at Evelyn changed hands at prices ranging from $1,787 to $2,034 psf from June to August

At Amaryllis Ville, 10 units were sold over the past three months at prices ranging from $1,568 to $1,600 psf


DONE DEALS

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

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

TANGLIN VIEW Condominium 99 years August 31, 2018 1,249 1,610,000 1,289 2001 Resale

THE CREST Condominium 99 years August 30, 2018 915 1,872,000 2,046 2017 Resale

THE CREST Condominium 99 years August 31, 2018 1,206 2,480,000 2,057 2017 Resale

District 4

CARIBBEAN AT KEPPEL BAY Condominium 99 years August 30, 2018 1,733 2,720,000 1,570 2004 Resale

CORALS AT KEPPEL BAY Condominium 99 years September 4, 2018 1,012 2,182,500 2,157 2016 Resale

REFLECTIONS AT KEPPEL BAY Condominium 99 years August 29, 2018 1,055 1,615,000 1,531 2011 Resale

REFLECTIONS AT KEPPEL BAY Condominium 99 years August 31, 2018 1,991 3,600,000 1,808 2011 Resale

THE OCEANFRONT @ SENTOSA COVE Condominium 99 years August 31, 2018 1,216 1,900,000 1,562 2010 Resale

District 5

BIJOU Apartment Freehold August 28, 2018 592 1,111,435 1,877 Uncompleted New Sale

BLUE HORIZON Condominium 99 years August 29, 2018 1,259 1,230,000 977 2005 Resale

BLUE HORIZON Condominium 99 years August 30, 2018 926 950,000 1,026 2005 Resale

FABER CREST Condominium 99 years September 3, 2018 1,281 1,138,000 888 2001 Resale

JUBILEE RESIDENCE Apartment Freehold August 30, 2018 2,034 1,850,000 909 2008 Resale

District 7

CONCOURSE SKYLINE Apartment 99 years August 30, 2018 883 1,438,000 1,629 2014 Resale

District 8

CITYLIGHTS Condominium 99 years August 31, 2018 1,432 1,950,000 1,362 2007 Resale

District 9

8 HULLET Apartment Freehold August 30, 2018 657 2,326,650 3,543 Uncompleted New Sale

8 SAINT THOMAS Condominium Freehold August 28, 2018 1,152 3,406,000 2,957 2018 New Sale

8 SAINT THOMAS Condominium Freehold August 29, 2018 1,044 3,065,000 2,936 2018 New Sale

8 SAINT THOMAS Condominium Freehold August 31, 2018 441 1,426,000 3,231 2018 New Sale

ILLUMINAIRE ON DEVONSHIRE Apartment Freehold September 3, 2018 721 1,500,000 2,080 2011 Resale

ILLUMINAIRE ON DEVONSHIRE Apartment Freehold September 4, 2018 635 1,450,000 2,283 2011 Resale

LEONIE SUITES Apartment 99 years August 31, 2018 926 1,630,000 1,761 2006 Resale

LEONIE TOWERS Apartment Freehold August 29, 2018 3,251 5,450,000 1,677 1976 Resale

MARTIN MODERN Condominium 99 years September 1, 2018 1,012 3,049,000 3,013 Uncompleted New Sale

MARTIN MODERN Condominium 99 years September 1, 2018 1,087 2,987,800 2,748 Uncompleted New Sale

MARTIN MODERN Condominium 99 years September 2, 2018 764 1,996,900 2,613 Uncompleted New Sale

NEW FUTURA Condominium Freehold September 3, 2018 2,250 8,281,180 3,681 2017 Resale

NEW FUTURA Condominium Freehold September 3, 2018 1,830 6,512,000 3,559 2017 Resale

SCOTTS SQUARE Apartment Freehold August 31, 2018 1,249 3,725,000 2,983 2011 Resale

THE PEAK @ CAIRNHILL I Apartment Freehold August 28, 2018 689 1,731,000 2,513 2014 Resale

THE PEAK @ CAIRNHILL I Apartment Freehold August 29, 2018 2,002 3,800,000 1,898 2014 Resale

THE RITZ-CARLTON RESIDENCES

SINGAPORE CAIRNHILL Apartment Freehold August 28, 2018 2,831 9,380,000 3,313 2011 Resale

VISIONCREST Apartment Freehold August 29, 2018 904 1,860,000 2,057 2007 Resale

District 10

D’LEEDON Condominium 99 years August 29, 2018 1,216 2,020,000 1,661 2014 Resale



GOODWOOD GRAND Detached Freehold August 29, 2018 5,231 6,950,000 1,329 2017 Resale

LOFT@HOLLAND Apartment Freehold September 3, 2018 323 823,000 2,549 2014 Resale

NAMLY GROVE Detached Freehold August 29, 2018 8,342 14,000,000 1,678 Unknown Resale

PARKSUITES Apartment 110 years August 29, 2018 700 1,599,672 2,286 Uncompleted New Sale

VIZ AT HOLLAND Condominium Freehold September 3, 2018 1,259 2,000,000 1,588 2008 Resale

District 11

26 NEWTON Apartment Freehold August 29, 2018 775 2,060,000 2,658 2016 Resale

28 SHELFORD Apartment Freehold August 29, 2018 1,184 1,880,000 1,588 1994 Resale

IRIDIUM Apartment Freehold August 31, 2018 1,076 1,700,000 1,579 2009 Resale

MONARCHY APARTMENTS Apartment Freehold September 3, 2018 1,302 1,385,000 1,063 1997 Resale

SOLEIL @ SINARAN Condominium 99 years August 31, 2018 958 1,725,000 1,801 2011 Resale

THE WHITLEY RESIDENCES Semi-Detached Freehold August 29, 2018 6,071 4,750,000 782 2016 Resale

District 12

CRADELS Apartment Freehold August 30, 2018 441 708,000 1,604 2015 Resale

GEM RESIDENCES Condominium 99 years August 30, 2018 1,313 1,974,060 1,503 Uncompleted New Sale

MOONSTONE RESIDENCES Apartment Freehold September 4, 2018 1,044 1,150,000 1,101 2004 Resale

District 13

8@WOODLEIGH Condominium 99 years August 28, 2018 398 638,000 1,602 2012 Resale

BLOSSOMS @ WOODLEIGH Condominium Freehold August 28, 2018 1,410 2,150,000 1,525 2007 Resale

ONE LEICESTER Condominium Freehold August 29, 2018 958 1,320,000 1,378 2008 Resale

PARK COLONIAL Condominium 99 years August 28, 2018 624 1,118,000 1,791 Uncompleted New Sale

PARK COLONIAL Condominium 99 years August 30, 2018 678 1,187,000 1,750 Uncompleted New Sale

PARK COLONIAL Condominium 99 years September 1, 2018 678 1,183,000 1,744 Uncompleted New Sale

THE TRE VER Condominium 99 years August 29, 2018 506 798,000 1,577 Uncompleted New Sale

THE TRE VER Condominium 99 years August 31, 2018 700 1,095,000 1,565 Uncompleted New Sale

THE TRE VER Condominium 99 years September 1, 2018 1,098 1,804,000 1,643 Uncompleted New Sale

THE TRE VER Condominium 99 years September 1, 2018 495 780,000 1,575 Uncompleted New Sale

District 14

PARK PLACE RESIDENCES AT PLQ Apartment 99 years August 31, 2018 1,076 1,805,000 1,677 Uncompleted New Sale

SIMSVILLE Condominium 99 years August 28, 2018 1,249 1,285,000 1,029 1998 Resale

SIN CHUAN GARDEN Terrace Freehold August 29, 2018 1,873 2,600,000 1,389 1983 Resale

SIXTEEN35 RESIDENCES Apartment 99 years August 31, 2018 667 921,500 1,381 Uncompleted New Sale

SIXTEEN35 RESIDENCES Apartment 99 years September 2, 2018 743 1,064,950 1,434 Uncompleted New Sale

STARVILLE Condominium Freehold September 3, 2018 1,238 1,100,000 889 2006 Resale

WATERBANK AT DAKOTA Condominium 99 years August 30, 2018 1,572 2,700,000 1,718 2013 Resale

WATERBANK AT DAKOTA Condominium 99 years September 3, 2018 624 1,088,000 1,743 2013 Resale

District 15

CATHAY GARDEN Terrace Freehold August 29, 2018 1,647 2,968,000 1,808 1985 Resale

COSTA RHU Condominium 99 years September 4, 2018 1,776 2,110,000 1,188 1997 Resale

IDYLLIC RESIDENCES Apartment Freehold August 31, 2018 1,195 1,460,000 1,222 2009 Resale

MALVERN SPRINGS Condominium Freehold August 31, 2018 990 1,260,000 1,272 2004 Resale

ONE @ PULASAN Apartment Freehold August 29, 2018 549 680,000 1,239 2009 Resale

QUESTA @ DUNMAN Apartment Freehold August 29, 2018 753 1,200,000 1,593 2013 Resale

SANCTUARY GREEN Condominium 99 years August 30, 2018 775 1,028,000 1,326 2004 Resale

THE ESTA Condominium Freehold August 29, 2018 1,313 2,338,000 1,780 2008 Resale

District 16

D’MANOR Terrace 99 years August 31, 2018 2,723 1,760,000 646 2000 Resale

JALAN KATHI Terrace Freehold August 28, 2018 3,843 3,485,000 907 1989 Resale

JALAN DEMAK Semi-Detached 99 years August 31, 2018 2,454 2,000,000 816 1995 Resale

District 17

HEDGES PARK CONDOMINIUM Condominium 99 years August 30, 2018 1,076 948,000 881 2015 Resale

HEDGES PARK CONDOMINIUM Condominium 99 years September 4, 2018 1,076 910,000 845 2015 Resale

District 18

CHANGI RISE CONDOMINIUM Condominium 99 years August 29, 2018 1,496 1,300,000 869 2004 Resale

COCO PALMS Condominium 99 years August 28, 2018 1,259 1,617,775 1,285 2018 New Sale

MODENA Condominium 99 years August 30, 2018 958 910,000 950 2001 Resale

RIPPLE BAY Condominium 99 years August 28, 2018 764 900,000 1,178 2015 Resale

THE ESPARIS EC 99 years August 31, 2018 1,292 925,000 716 2005 Resale

THE RIVERINA Terrace 99 years August 31, 2018 1,615 1,715,000 1,062 2000 Resale

THE TAPESTRY Condominium 99 years August 28, 2018 990 1,170,400 1,182 Uncompleted New Sale

THE TAPESTRY Condominium 99 years August 31, 2018 441 652,000 1,477 Uncompleted New Sale

THE TAPESTRY Condominium 99 years September 2, 2018 1,130 1,416,800 1,254 Uncompleted New Sale

WATERVIEW Condominium 99 years September 3, 2018 1,130 1,180,000 1,044 2014 Resale

District 19

A TREASURE TROVE Condominium 99 years August 28, 2018 1,044 1,248,000 1,195 2015 Resale

A TREASURE TROVE Condominium 99 years August 30, 2018 4,876 3,370,000 691 2015 Resale

A TREASURE TROVE Condominium 99 years September 3, 2018 915 990,000 1,082 2015 Resale

AFFINITY AT SERANGOON Apartment 99 years August 28, 2018 474 711,000 1,501 Uncompleted New Sale

BOATHOUSE RESIDENCES Condominium 99 years August 30, 2018 732 850,000 1,161 2015 Resale

BOATHOUSE RESIDENCES Condominium 99 years September 3, 2018 1,119 1,180,000 1,054 2015 Resale

CARDIFF RESIDENCE Condominium 99 years September 3, 2018 420 590,000 1,405 2014 Resale

CHARLTON RESIDENCES Terrace Freehold August 30, 2018 5,350 2,790,000 522 2014 Resale

FIORENZA Apartment Freehold August 30, 2018 1,905 2,030,000 1,065 2011 Resale

FLO RESIDENCE Condominium 99 years August 29, 2018 1,012 980,000 969 2016 Resale

KOVAN MELODY Condominium 99 years August 29, 2018 904 1,070,000 1,183 2006 Resale

KOVAN MELODY Condominium 99 years August 29, 2018 1,227 1,280,000 1,043 2006 Resale

LA FIESTA Condominium 99 years August 30, 2018 1,421 1,468,000 1,033 2016 Resale

Pillai Road Apartment Freehold August 28, 2018 1,894 908,000 478 Unknown Resale

RICHARDS PLACE Terrace Freehold September 3, 2018 2,228 2,800,000 1,254 1998 Resale

PRIVE EC 99 years August 31, 2018 1,087 1,050,000 966 2013 Resale

PRIVE EC 99 years September 3, 2018 1,442 1,395,000 967 2013 Resale

RIVER ISLES Condominium 99 years August 29, 2018 1,141 1,120,000 982 2015 Resale

RIVERFRONT RESIDENCES Apartment 99 years August 28, 2018 463 609,000 1,316 Uncompleted New Sale



RIVERFRONT RESIDENCES Apartment 99 years August 29, 2018 1,679 2,063,000 1,229 Uncompleted New Sale



RIVERFRONT RESIDENCES Apartment 99 years September 1, 2018 721 942,000 1,306 Uncompleted New Sale




RIVERFRONT RESIDENCES Apartment 99 years September 2, 2018 1,485 2,001,000 1,347 Uncompleted New Sale



RIVERFRONT RESIDENCES Terrace 99 years September 2, 2018 2,110 2,462,000 1,167 Uncompleted New Sale

SERANGOON GARDEN ESTATE Semi-Detached 999 years August 30, 2018 2,799 3,900,000 1,393 Unknown Resale

SERANGOON GARDEN ESTATE Terrace 999 years August 30, 2018 2,540 4,300,000 1,696 Unknown Resale

SERANGOON GARDEN ESTATE Semi-Detached 999 years August 31, 2018 3,832 3,980,000 1,039 Unknown Resale

SOLARIS RESIDENCES Terrace Freehold August 30, 2018 4,725 2,480,000 525 2010 Resale

THE MINTON Condominium 99 years August 29, 2018 980 1,060,000 1,082 2013 Resale

THE QUARTZ Condominium 99 years August 29, 2018 1,195 1,250,000 1,046 2009 Resale

THE QUARTZ Condominium 99 years August 30, 2018 1,130 1,200,000 1,062 2009 Resale

THE SCALA Apartment 99 years August 28, 2018 1,044 1,500,000 1,437 2013 Resale

District 20

BISHAN 8 Condominium 99 years August 30, 2018 1,550 1,760,000 1,135 2000 Resale

CORAL PARK Terrace Freehold September 3, 2018 1,744 2,720,000 1,564 1980 Resale

FULTON HILL Terrace 999 years August 28, 2018 2,637 3,170,000 1,200 1996 Resale

GOLDEN HILL ESTATE Semi-Detached Freehold August 28, 2018 3,606 4,500,000 1,250 1980 Resale

GRANDEUR 8 Condominium 99 years August 30, 2018 1,227 1,320,000 1,076 2005 Resale

SKY VUE Condominium 99 years August 28, 2018 484 800,000 1,652 2016 Resale

THOMSON IMPRESSIONS Semi-Detached 99 years August 28, 2018 2,034 2,530,000 1,244 2018 New Sale

District 21

GARDENVISTA Condominium 99 years August 31, 2018 893 950,000 1,063 2006 Resale

HILLVIEW GREEN Condominium 999 years August 30, 2018 1,593 1,670,000 1,048 1998 Resale

THE HILLFORD Apartment 60 years August 31, 2018 398 475,000 1,193 2016 Resale

District 22

CASPIAN Condominium 99 years August 31, 2018 1,195 1,380,000 1,155 2012 Resale

THE CENTRIS Apartment 99 years August 28, 2018 1,442 1,785,000 1,238 2009 Resale

District 23

BLOSSOM RESIDENCES EC 99 years August 29, 2018 969 765,000 790 2014 Resale

CASHEW ESTATE Terrace 999 years August 30, 2018 2,045 3,150,000 1,544 1981 Resale

FORESQUE RESIDENCES Condominium 99 years August 30, 2018 1,130 1,220,000 1,079 2014 Resale

GUILIN VIEW Condominium 99 years August 29, 2018 1,528 1,260,000 824 2000 Resale

GUILIN VIEW Condominium 99 years September 3, 2018 1,281 1,050,000 820 1999 Resale

HILLBROOKS Condominium Freehold September 3, 2018 1,098 1,165,000 1,061 1999 Resale

HILLVIEW HEIGHTS Condominium Freehold September 4, 2018 1,679 1,730,000 1,030 1996 Resale

HILLVISTA Condominium Freehold September 3, 2018 1,238 1,500,000 1,212 2010 Resale

MERA GARDENS Terrace 99 years August 30, 2018 1,733 1,725,000 998 1998 Resale

SOL ACRES EC 99 years September 1, 2018 732 695,000 950 2018 New Sale

TREE HOUSE Condominium 99 years September 4, 2018 861 895,000 1,039 2013 Resale

District 25

LA CASA EC 99 years August 31, 2018 1,130 855,000 756 2008 Resale

WOODGROVE CONDOMINIUM Condominium 99 years September 3, 2018 2,142 1,400,000 654 1999 Resale

District 26

THE CALROSE Condominium Freehold August 31, 2018 1,238 1,650,000 1,333 2007 Resale

THE SPRINGSIDE Terrace Freehold August 29, 2018 3,735 4,554,000 1,220 2016 Resale

District 27

ORCHID PARK CONDOMINIUM Condominium 99 years September 4, 2018 1,249 855,000 685 1994 Resale

SELETARIS Condominium Freehold August 30, 2018 1,593 1,280,000 803 2001 Resale

SKIES MILTONIA Condominium 99 years September 4, 2018 721 750,000 1,040 2016 Resale

WATERCOVE Terrace Freehold September 2, 2018 3,434 2,298,000 669 Uncompleted New Sale

District 28

H2O RESIDENCES Condominium 99 years August 30, 2018 883 908,000 1,029 2015 Resale

HIGH PARK RESIDENCES Apartment 99 years August 30, 2018 452 585,000 1,294 Uncompleted Sub Sale

LUXUS HILLS Terrace 999 years September 3, 2018 1,615 2,958,000 1,832 2013 Resale

NIM COLLECTION Terrace 99 years August 28, 2018 2,239 3,498,000 1,562 Uncompleted New Sale

NIM COLLECTION Terrace 99 years August 31, 2018 1,970 2,780,000 1,411 Uncompleted New Sale

PARC BOTANNIA Condominium 99 years August 30, 2018 1,453 1,888,000 1,299 Uncompleted New Sale

RIVERBANK @ FERNVALE Condominium 99 years September 3, 2018 710 800,000 1,126 2017 Resale

SUNRISE GARDENS Condominium 99 years August 31, 2018 1,163 870,000 748 1998 Resale

THE GREENWICH Condominium 99 years September 3, 2018 883 918,000 1,040 2014 Resale

THE TOPIARY EC 99 years August 30, 2018 1,087 970,000 892 2016 Resale

Residential transactions with contracts dated Aug 28 to Sept 4

DISCLAIMER:

Source: URA Realis. Updated Sept 11, 2018. The Edge Property 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

UNDER THE HAMMER


Pinewood Grove detached house going for $3.75 mil| BY CHARLENE CHIN |

A double-storey detached

house at 35 Pinewood

Grove, in Woodlands, will

be put up for auction on

Sept 19 by Knight Frank

Singapore at a guide price of $3.75

million ($581 psf).

The 99-year leasehold property, in

District 25, occupies a 6,458 sq ft site.

It will be sold partially furnished and

with tenancy, which ends in Decem-

ber. The house has five bedrooms:

two on the first level and three on the

second level. This is the third time it

has been put up for auction. At the

previous auction in July, it had an

opening price of $4.1 million ($635

psf), but was withdrawn as there

were no bids.

The house is atypical of Singa-

pore landed homes, says Noelle

Tan, auction and sales manager at

Knight Frank Singapore, who is mar-

keting the property. The layout is

U-shaped and features a courtyard

at the centre, which lets in natu-

ral light and promotes airflow, she

adds. The property was designed

by Singaporean architect Richard

Ho, who is famous for his design

of houses and won the President’s

Design Award in 2013.

The house at 35 Pinewood Grove

is part of nine houses built by private

boutique developer Davis Pinegrove

22 years ago. Over the years, five of

the houses have been sold and four

have been leased.

The houses on Pinewood Grove

are near Woodgrove Estate, which

was developed by Far East Organi-

zation more than two decades ago.

The houses on Pinewood Grove and

in Woodgrove Estate are mainly large

detached houses that are popular

with expatriate families, given their

proximity to the Singapore Ameri-

can School, which relocated to its

Woodlands campus in 1996. Amen-

ities in the area include Causeway

Point mall and dining outlets at The

Woodgrove.

The owner is a “serious seller”,

says Sharon Lee, senior director and

head of auction and sales at Knight

Frank, who is jointly marketing the

property with Tan.

The houses on Pinewood Grove

developed by Davis Pinegrove have

a common theme: an exterior of

red terracotta bricks against white

walls, with wooden doors and win-

dow frames.

According to Lee, the price of

$581 psf for the detached house on

Pinewood Grove is considered at-

tractive, as construction of bunga-

lows today typically costs $400 to

$500 psf. And that is excluding land

cost, she adds.

The house is currently tenanted

by a Singaporean family on a two-

year lease, at $7,500 monthly. So

far, 35 Pinewood Grove has largely

drawn interest from investors, but the

rental yields of houses in the Wood-

grove area are not attractive enough,

Lee says. She believes the houses

should appeal to owner-occupiers

“who appreciate the slower pace of

life in the area”.

The house features a courtyard at the centre, which lets in natural light andpromotes airflowThe living room of the house, with the courtyard on the left

E

PICTURES: KNIGHT FRANK SINGAPORE

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