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PROPERTY PERSONALISED

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of July 22, 2019 | ISSUE 891-113

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

CapitaLand’s M&A will give it access to Ascendas-Singbridge’s Changi Business Park

Roman Scott, the conservation shophouse investor

The founder of Calamander Group, who is divesting one of his portfolios held in a property fund, has put on the market three shophouses on Stanley Street for

$50 million and another shophouse on Tras Street for $11 million.

Turn to our Cover Story on Pages 10 & 11.

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The shophouses at 4, 5 and 6 Stanley Street held in the Calamander Singapore Property Fund portfolio are on the market with a price tag of $50 million

Spotlight Record price of $1.205mil

for DBSS resale flat in Boon Keng ep3

New Launch One Pearl Bank: A new

icon in the makingep6

Superhomes House of curves at Gallop Park

ep8

Gains & Losses Unit at Boulevard Vue

changes hands for $2.5 mil profit ep17

EP2 • EDGEPROP | JULY 22, 2019

PROPERTY BRIEFS

EDITORIALeditor | Cecilia Chowdeputy editor | Amy Tansenior writer | Timothy Taywriters | Bong Xin Ying, Charlene Chinhead, copy editing | Pek Tiong Geecopy editor | Rachel Hengphoto editor | Samuel Isaac Chuaphotographer | Albert Chuaeditorial coordinator | Yen Tandesigner | Kim Sy

ADVERTISING + MARKETING ADVERTISING SALES

vice-president, sales & operations | Diana Limaccount director | Ivy Hong deputy account director |Janice Zhuaccount manager |Pang Kai Xinregional business development manager | Cole Tanhead of marketing & branding |Rachel Lim Shuling

CIRCULATION managers | Ashikin Kader, Bryan Kekexecutive | Malliga Muthusamy

CORPORATE chief executive officer | Bernard Tong

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8688Fax: (65) 6232 8620

PRINTERKHL Printing Co Pte Ltd57 Loyang DriveSingapore 508968Tel: (65) 6543 2222Fax: (65) 6545 3333

PERMISSION AND REPRINTSMaterial in The Edge Property may not be reproduced in any form without the written permission of the publisher

We welcome your commentsand criticism: [email protected]

Pseudonyms are allowed but please state your full name, address and contact number for us to verify.

Six freehold shophouses in Joo Chiat priced from $32 milSix contiguous shophouses in Joo Chi-at have been put up for sale with a price tag of $32 million, announced marketing agent CBRE. Located at 454/456/458/460/462/464 Joo Chiat Road, the three-storey conservation shophouses are to be sold as a bundle.

The properties sit on a 7,400 sq ft, freehold plot which boasts a 30-metre road frontage along Joo Chiat Road. They have an existing built-up floor area of 13,000 sq ft, and the site is zoned for commercial use under the 2019 Draft Master Plan. The site has a gross plot ratio of 3.0 and a maxi-mum allowable gross floor area (GFA) of about 22,200 sq ft. The shophous-es have F&B approvals on the ground and second floors.

The buyer may choose to enjoy the rental income, or add value to the property and fully maximise the allowable GFA. The property is suit-ed for a co-working business, medical or healthcare centre, F&B and lifestyle retailers, or hostel operators, says Yap Hui Yee, associate director of capital markets at CBRE.

“We expect robust interest in this property due to the rarity of a row of six freehold conservation shophous-es with existing F&B approvals in a strategic location being made availa-ble for sale,” she says.

No additional buyer’s stamp duty or seller’s stamp duty will be imposed on local or foreign buyers. The tender closes on Aug 30.

Four freehold Geylang shophouses on the market for $14 milKnight Frank Singapore is marketing the sale of four shophouses at the junc-tion of Geylang Road and Lorong 33 Geylang. The properties have a guide price of $14 million.

The adjoining two-storey conser-vation shophouses were affected by a fire in March this year. Before the fire, the shophouses used to house a tyre business, furniture retailer, and elec-trical shop. The properties have since been cleared out and will be sold with vacant possession.

The properties sit on a freehold landplot of 5,113 sq ft with a plot ra-tio of 3.0 under the 2014 Master Plan. “Prospective buyers can redevelop the land based on conservation guidelines set out by URA. As this is a secondary settlement area, there is potential for

a rear extension, subject to approv-al,” says Mary Sai, executive direc-tor, investment and capital markets, of Knight Frank Singapore.

There is no additional buyer’s stamp duty and seller’s stamp duty payable, and foreigners and companies are el-igible to purchase the properties. As the owners are not GST-registered, no GST will be payable.

The expression of interest for the shophouses closes on Aug 15.

Belmont Road GCB up for auction at $42 milA two-storey Good Class Bungalow (GCB) at 80 Belmont Road will be fea-tured at Knight Frank’s property auc-tion on July 23. The freehold property is being sold through a mortgagee sale and has a guide price of about $42 mil-lion, or $1,557 psf on the land area.

Located in the luxurious Belmont Park GCB area, the home sits on a 27,000 sq ft plot and has a total floor area of 15,714 sq ft. The house also features a covered car porch, lift, play-ground, basketball court, and land-scaped garden.

“GCBs are limited in supply and availability, but many high-net-worth individuals in Singapore are looking for such ideal homes. Given the rarity of a GCB of this size being put up for auction, we anticipate the response to be good, especially as Belmont Park GCBs are well sought after,” says Sha-ron Lee, head of auction and sales at Knight Frank Singapore.

Over the last 12 months, two GCBs in the area have changed hands. The latest was the 15,004 sq ft property at 63 Belmont Road, which fetched $39.8 million ($2,653 psf) last month. In Au-gust last year, the property at 43 Bel-mont Road transacted for $33.8 mil-lion ($2,243 psf).

The auction will be held on July 23 at Amara Singapore.

Singapore Shopping Centre launched for collective sale at $255 milSingapore Shopping Centre at 190 Clemenceau Avenue has launched a collective sale attempt with a reserve price of $255 million, announced Sin-gapore Realtors Inc (SRI), marketing agent for the development.

Singapore Shopping Centre is a seven-storey, mixed-use development comprising retail and office compo-nents. It sits on a 26,369 sq ft plot of land which boasts triple road front-

age onto Clemenceau Avenue, Penang Road, and Penang Lane.

It is opposite the Dhoby Ghaut MRT Interchange Station, which con-nects to the North-East, North-South, and Circle Lines. The interchange will also connect to the upcoming Thom-son-East Coast Line by 2021.

The property is located next to the up-coming 9 Penang Road, a redevelopment of the former Park Mall by joint-venture partners SingHaiyi Group, Haiyi Hold-ings, and Suntec (PM). UBS is poised to occupy eight levels across the new de-velopment’s two Grade-A office towers.

The Singapore Shopping Centre site is zoned for commercial use and has a plot ratio of 4.2+ under the 2019 Draft Master Plan. Its zoning allows greater flexibility for the purchaser to redevelop the site to include offices, a retail building, commercial schools, hotels, banks, or restaurants.

No additional buyer’s stamp duty or seller’s stamp duty will be payable, and the purchase is open to both lo-cal and foreign buyers.

The tender closes on Sept 9.

Leshan Gardens in Geylang up for saleLeshan Gardens at 1 Lorong 32 Gey-lang has been put up for sale. The res-idential development sits on a 104-year leasehold site of 16,412 sq ft that has a gross plot ratio of 2.8, under the 2014 Master Plan. A new development could have a maximum gross floor area of 45,955 sq ft, translating to 50 residen-tial units of about 914.9 sq ft each.

A spokesperson from Knight Frank Singapore, the sole marketing agent for the property, says: “There is no guide price for Leshan Gardens. The owners will consider the independent valua-tion report on the tender closing day to assist them in decision making.”

Ian Loh, head of investment and capital markets at Knight Frank Singa-pore, says: “Leshan Gardens is whol-ly owned by an entity, [so] there is no need for the Strata Titles Board’s approval.”

The site is close to the rejuvenated Paya Lebar commercial hub compris-ing the Singpost Centre, Paya Lebar Square, Kinex Mall, and the upcom-ing PLQ mall, he says.

The tender for Leshan Gardens clos-es on Aug 15.

Government tender launched for dementia care village in SembawangOn behalf of the Ministry of Health (MOH), URA has launched a public tender for a 30-year leasehold site at Gibraltar Crescent in Sembawang. Re-development plans for the site, which currently comprises a cluster of 10 state-owned bungalows, envision a pi-lot project to develop a new residen-tial care community concept for per-sons with dementia.

The tender encompasses two sepa-rate sites – a 283,636 sq ft plot along Gibraltar Crescent, as well as an 18,905

sq ft plot at the junction of King’s Av-enue and Gibraltar Crescent. The max-imum gross floor area (GFA) of the re-development will comprise the building envelope of the 10 existing buildings of about 98,705 sq ft, and 9,688 sq ft for extensions to the 10 existing buildings.

At least 60% of the GFA is to be set aside for residential use (exclud-ing serviced residences and hostel). The remaining GFA can be devel-oped for more residential use, health and medical care uses like a nursing home or centre-based aged care ser-vices, shop and restaurant uses of up to 2,253 sq ft, and/or other ancillary institutional uses.

A concept-and-price revenue ten-der will be adopted to evaluate the tenders received for the site. This is to ensure that the selected concept pro-posal aligns with the vision of the de-mentia care village.

This project is part of efforts to improve the quality of life for per-sons with dementia and broaden the care and residential options available to this group of people. The demen-tia care village will be specifically de-signed to provide a home-like environ-ment where residents are assisted to live independently.

“We hope that the pilot will offer insights into market demand for such facilities and the community needs of persons with dementia, which will con-tribute to the development of suitable dementia care models in the future,” say URA and MOH.

The tender closes on Nov 19.

Lendlease unveils first senior living development in ChinaAustralian developer Lendlease has un-veiled its first senior living project in China. The international developer al-ready operates more than 70 senior liv-ing communities for about 17,000 res-idents in Australia. Lendlease says the project in China signifies its long-term commitment to the Chinese market.

Located in Zhujiajiao, a town with-in the Qingpu district of Shanghai, the development is called Ardor Gardens and comprises over 850 apartments that can house 1,300 residents. Ardor Gardens will feature recreational ar-eas, health and wellness facilities, a spa, a swimming pool, a restaurant, and a community clubhouse.

The development is close to the Zhu-jiajiao station on Metro Line 17 which provides access to Shanghai’s city cen-tre and Hongqiao’s integrated transport hub. The latter includes Shanghai Hong-qiao International Airport and an inter-change with five subway lines and in-ter-city high-speed rail lines.

“Seniors are looking for living op-tions where they can reside in a safe, healthy and social environment that also facilitates leisure, sports, cultur-al activities and travel,” says Yang Ai Chian, managing director, senior liv-ing, for Lendlease in China. “We will be incorporating large public spaces within Ardor Gardens for our residents

The six shophouses in Joo Chiat have a gross floor area of 13,000 sq ft and are to be sold in a bundle

The adjoining two-storey conservation shop-houses will be sold with vacant possession

The GCB sits on a 27,000 sq ft plot at 80 Belmont Road

Singapore Shopping Centre is a seven- storey, mixed-use development on Penang Road

Leshan Gardens sits on a 104-year leasehold site of 16,412 sq ft at 1 Lorong 32 Geylang

Ardor Gardens will comprise over 850 apart-ments and house 1,300 residents

CBRE

KNIGHT FRANK SINGAPORE


SRI

LENDLEASE


EDGEPROP | JULY 22, 2019 • EP3

SPOTLIGHT

Main Airport Center is a freehold multi-tenanted office building with a total net lettable area of 60,200 sqm

CCT

| BY TIMOTHY TAY |

For the second time this year, a unit at City View @ Boon Keng has set a new record price for a resale HDB flat in Sin-gapore. The 1,281 sq ft, five-room unit on the 39th floor changed hands for $1.205

million ($940.7 psf) earlier this month.The transacted unit is at Block 8 Boon

Keng Road, one of a trio of 40-storey residen-tial blocks that forms City View @ Boon Keng. The 714-unit development was completed in 2011, and was developed under the Design, Build, and Sell Scheme (DBSS). It has 90 years left to its lease.

City View @ Boon Keng also made news in January this year when a 1,259 sq ft, five-room unit from the adjacent Block 9 was sold for $1.185 million ($941 psf). At the time, this was the highest transaction for a resale HDB flat. But the record was toppled three months later when a 1,206 sq ft, five-room unit at 9A Tiong Bahru View, Boon Tiong Road, fetched $1.2 million ($995 psf), according to HDB re-sale data.

The family who owned the $1.205 million unit at City View @ Boon Keng were not in a rush to sell their home when the develop-ment reached its Minimum Occupancy Period (MOP) in 2016, as they were living comforta-bly there, says Victor The, associate market-ing director at PropNex Realty and the agent

who represented the sellers.However, they decided to find a new home

close to Anglo-Chinese School (Junior) for the benefit of the children, and settled on anoth-er unit along Kampong Java Road, he says.

City View @ Boon Keng’s record-breaking transactions are attributed to its city-fringe lo-

cation, unblocked views of Kallang, spacious layout, and proximity to Bendemeer MRT Sta-tion on the Downtown Line and Boon Keng MRT Station on the North-East Line.

Based on the $1.185 million deal recorded for the DBSS unit in January, The was “confi-dent” he could close the deal above $1.2 mil-lion. Interested buyers knew the attractiveness of the development’s location and the prices they would be expected to pay based on past transactions, he says.

According to him, the buyer of the unit was willing to shell out a cash-over-valua-tion (COV) of $55,000. COV is the cash pre-

mium a buyer pays in addition to the offi-cial valuation of the flat. HDB had valued the unit at $1.15 million, but the buyer was prepared to pay the eventual sum of $1.205 million for the property.

This year, the number of million-dollar re-sale HDB transactions is expected to exceed the 71 recorded last year, says Christine Sun, head of research and consultancy at OrangeT-ee & Tie. Close to 30,000 HDB flats are expect-ed to reach their five-year MOP this year, and many are located in well-sought-after locations such as Bukit Merah, Queenstown, and Ang Mo Kio, she adds.

It is the second time this year a unit at City View @ Boon Keng has broken the resale HDB record

New resale record price of $1.205 mil set by DBSS unit at City View @ Boon Keng

The view from the $1.205 mil HDB unit at City View @ Boon Keng

VICTOR THE/PROPNEX REALTY

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DEVELOPMENT UNIT SIZE PRICE ($) PRICE ($PSF) TRANSACTION DATE

City View @ Boon Keng 1,259 1,185,000 941 JanuaryThe Pinnacle @ Duxton 1,152 1,148,000 996 JanuaryTiong Bahru View 1,206 1,200,000 995 AprilThe Pinnacle @ Duxton 1,141 1,188,000 1,041 JuneCity View @ Boon Keng 1,281 1,205,000 941 July

Notable million-dollar HDB resale transactions (2019 to date)

HDB; DATA AS OF JULY 17, 2019

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

that will enable them to organise daily social activities and family get-togethers.”

The development is already under con-struction, and the new visitor and sales centre will open later this year. Residents can move into Ardor Gardens from 2021.

Keppel Land in tie-up to build residential development in Ho Chi Minh CityKeppel Land, through its wholly-owned sub-sidiary Monestine Pte Ltd, has embarked on a joint venture with Vietnamese developer Phu Long Real Estate Corp to develop a new residential development in Ho Chi Minh City (HCMC), Vietnam.

Keppel Land has entered into a condition-al share purchase agreement with Phu Long to acquire a 60% interest in three land par-cels spanning 6.2ha for the development, for a total consideration of VND1,304 bil-lion ($76 million).

The land parcels are in the Nha Be dis-trict in Saigon South, along the Nguyen Huu

Tho arterial thoroughfare. The location is a 25-minute drive to the CBD in HCMC.

The residential development will com-prise about 2,400 premium apartments as well as ancillary shophouses with 157,691 sq ft of commercial space. The project will be developed in three phases. The develop-ment of the first phase will comprise about 910 apartments and some shophouses, and is expected to start in 1Q2020.

The total development cost of the project, including land cost, is expected to be more than VND7,400 billion.

The sites are near healthcare facilities like FV Hospital and Tam Duc Heart Hospi-tal, and educational institutions like Saigon South International School, the Royal Mel-bourne Institute of Technology (HCMC cam-pus) and Ton Duc Thang University. Nearby recreational offerings include SC VivoCity, Crescent Mall and Saigon South Golf Course.

“We are confident that our residential de-velopments will be well-received by discern-ing homebuyers seeking well-located and

high-quality homes in the southern corridor of HCMC,” says Linson Lim, president (Vi-etnam) of Keppel Land.

The latest acquisition will add to Keppel Land’s pipeline of about 20,000 homes and commercial portfolio in Vietnam. — Com-piled by Timothy Tay

CCT acquires 94.9% stake in Frankfurt office for $387 milCapitaLand Commercial Trust (CCT) is ac-quiring a 94.9% stake in Main Airport Center (MAC) in Frankfurt, Germany, for €251.5 mil-lion ($387.1 million).

The acquisition marks CCT’s second asset acquisition in Frankfurt and increases CCT’s overseas exposure from 5% to 8% of its port-folio property value.

Located close to Frankfurt Airport and a 20-minute drive to Frankfurt’s Central Busi-ness District, MAC is a freehold multi-ten-anted office building with a total net letta-ble area (NLA) of 60,200 sq m.

Of this, 53,900 sq m is high-specification

office space and the remaining 6,300 sq m is ancillary space housing a conference hall, meeting rooms and 1,510 car park lots. The committed occupancy of the property was 90% as at June 30.

The acquisition is conditional upon CCT’s unitholders’ approval, which is expected to be obtained in September. — The Edge Singapore E


INDUSTRY INSIGHTS

| BY CECILIA CHOW |

After expanding to 3.7% in 2017, Sin-gapore’s economic growth tapered to 3.1% in 2018 and the International Monetary Fund (IMF) has project-ed that it will slow to 2% in 2019.

Growth had already decelerated to 1.1% in 1Q2019 and 0.1% in 2Q2019.

“Over the medium term, growth should stabilize around 2½ percent, increasingly driven by modern services alongside other trade-related sectors,” said the IMF in a re-lease on July 15, following the conclusion of its Article IV consultation with Singapore. “Risks to the outlook are tilted to the down-side and mainly stem from external sourc-es, including a tightening of global financial conditions, escalation of sustained trade ten-sions, and deceleration of global growth.”

In its report, the IMF said it welcomed the Singapore authorities’ proactive use of macroprudential and other property-related measures. However, it recommended “the continued monitoring of conditions in prop-erty markets and appropriate adjustment of macroprudential measures”. The IMF suggest-ed “eliminating residency-based differentia-tion for the additional buyer’s stamp duty, and then phasing out the measure once sys-temic risks dissipate”.

The IMF published a report on Singapore’s macroprudential policy (completed on June 24) in July, as part of Financial System Sta-bility Assessment on Singapore. In the report,

the IMF noted that macroprudential policy in Singapore has centred on the property mar-ket, as “the stability of the latter is closely linked to that of the macroeconomy and the financial sector”.

Residential property represents nearly half of total household assets while housing loans make up about three quarters of total house-hold liabilities. Property-related loans also account for a considerable share of banks’ lending (about 30%).

The Singapore government has therefore adopted a multi-pronged approach to miti-gate systemic risk via both demand- and sup-ply-side measures. These include caps on the loan-to-value (LTV) ratio and total debt servic-ing ratio as well as additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD).

“Empirical analysis suggests that the ef-fects of macroprudential measures on resi-dential prices take time to materialize but become sizeable after one year following im-plementation,” according to the IMF’s July report. Macroprudential measures start re-ducing prices from the second quarter fol-lowing implementation, with a peak effect of 5% for each measure, reached six quar-ters after implementation, it said.

While the implementation of macropru-dential measures was followed by a decline in house prices since end-2013, the contri-bution of these measures to the cooling of the market remains uncertain. “Fundamen-tal factors, rather than macroprudential pol-icies, could also have contributed to lower

house prices,” according to the report. “In particular, population growth has been half as much during 2013-18 as over 2007-12, while the supply of private properties in the pipe-line increased, and rents declined.”

Some of the IMF’s findings were that pur-chases by foreigners had a significant effect on residential property prices, and histori-cally accounted for “more than one-fourth” of the changes in the quarterly growth rate of residential prices.

Stamp duties have had “a larger and more persistent impact on residential prices of the Core Central Region (CCR)”, according to the IMF. The CCR was the area that showed the largest proportion of speculative activity (proxied by short-term resales), and foreign-ers’ and corporate purchases, before the im-plementation of the stamp duties.

The implementation of LTV limit and TDSR has contained the volume of mortgages and house price growth, as well as improved the risk profile of borrowers. The share of new loans granted to borrowers with multiple hous-ing loans halved from 30% in 2011 to 15% in 2018. The share of new mortgage loans with LTVs above 70% fell from a peak of 73% in 3Q2010 to 55% in 4Q2018. The implementa-tion of TDSR has also translated into “less risky loans at origination”.

“Overall, property market-related measures increase the resilience of households and fi-nancial institutions against shocks by mod-erating the pro-cyclicality of credit and resi-dential price developments,” said the report.

“Stamp duties help to limit excessive prop-erty price increases by curbing speculators’ and foreigners’ demands, which are found to be significant drivers of residential prices.”

The IMF appears to agree that some lim-ited controls by the state are justifiable “to prevent cyclical property bubbles causing economic pain or feeding sharp inflation”, observes Roman Scott, economist and chair-man of Calamander Group.

Nevertheless, the IMF has recommended the eventual elimination of ABSD and the phasing out of the measure once system-ic risks dissipate. “What the IMF is saying is that these controls, via ABSD, should not discriminate based on nationality, which dis-torts an international free market in real es-tate that Singaporeans take advantage of,” Scott elaborates. “Singaporeans are major buyers of international real estate in mar-kets such as Australia, the UK and the US, with no discrimination.”

However, the Singapore government would not be relaxing the cooling measures “in the near future”, said Ravi Menon, managing di-rector of the Monetary Authority of Singa-pore (MAS), at its annual report briefing on June 27. It has only been a year since the July 2018 measures were implemented, he pointed out. “It takes time to allow them to work their way through.”

The government will continue to moni-tor the property market closely and stands ready to help ensure a healthy and sustain-able market, said Menon.

IMF recommends adjustment to property cooling measures, eliminating ABSD eventually

E

ALBERT CHUA/EDGEPROP SINGAPORE

Singapore’s economy has decelerated to 1.1% in 1Q2019 and 0.1% in 2Q2019


BROUGHT TO YOU BY FRASERS PROPERTY

Every city has a special relationship with its river. An inseparable part of the city-scape, the river shapes the city’s rich history, economy and even its identi-ty – from Huangpu River that flows

through Shanghai, to Hudson River in New York, and River Thames in England. Rivers are considered the lifelines of human civili-sation, where people have been building their homes across the generations. It is no differ-ent for the Singapore River.

The lion city is one that is built on water, from its humble origins as a fishing village, to becoming a trading port under the British Empire. In each era, the Singapore River plays a key role. It was where prince Sang Nila Uta-ma saw the mythical lion after which the city is named, and also where Sir Stamford Raffles, founder of modern Singapore, first stepped foot onto the island.

Now, at the hundred-year-old Jiak Kim Street where the former Zouk once stood, a towering contender has emerged to continue the legacy of the Singapore River.

Rivière, the new luxury condominium by Frasers Property, is an iconic development next to the Singapore River. Part of a larger develop-ment consisting of three meticulously restored warehouses and newly built serviced apart-ments, Rivière comprises two gleaming tow-ers of luxury residential apartments, rising 36 storeys, with the river meandering around it.

Elevated more than 18 metres above ground, all 455 luxurious units will enjoy unblocked views of the picturesque Singapore River. Meanwhile, the three restored warehouses will be transformed into a trendy, stylish life-style destination.

One with natureDesigned by SCDA, “Rivière is grounded in history”, says award-winning principal archi-tect Soo K. Chan. In conceptualising Rivière, he brings together the tranquility of the river, the surrounding natural landscape, and the bustling community around it.

Framed by intimate gardens and water pa-vilions, the residential towers are transformed

into a private oasis that naturally flows to the river. Rivière’s entrance plaza will be elevat-ed, and integrated with views of the river to create an exclusive sense of arrival into a pri-vate world with lush greenery. A heritage walk will link Jiak Kim Street to the promenade.

Mornings at Rivière take on an elysian mood, while peace and a rare quiet wash over the residence at night. After all, the develop-ment, while in the heart of the city’s bustling nightlife, lies snugly in the idyllic enclave of Robertson Quay.

Nestled at the quieter end of Robertson Quay, Rivière is placed perfectly between the serenity of the quay and the excitement of Clarke Quay and Boat Quay where the night-clubs and restaurants are. Further down, the CBD, Marina Bay, and the rejuvenated Civ-ic District will provide a plethora of arts, en-tertainment, and recreational choices for the residents.

The New Standard of LuxuryThe apartments at Rivière are designed with

high-end specifications, with marble floor-ing for the living and dining areas, full mar-ble bathrooms, and the inclusion of import-ed top-end German brands like Poggenpohl cabinetry and Gaggenau kitchen appliances. Bathroom accessories and sanitary ware are by Duravit and Italian brand Gessi.

Units range from one- to four-bedroom apartments with sizes from 560 to 2,002 sq ft. At 560 sq ft each are the one-bedroom apartments; two-bedroom units are sized from 818 to 840 sq ft; while the three-bed-room and three-bedroom premium units are from 1,141 to 1,711 sq ft. Exclusive to the three- and four-bedroom premium units is a private lift access.

Rivière will be within walking distance to two MRT stations: The future Great World City and Havelock Stations, both part of the Thomson-East Coast Line, will be just a three- to four-minute walk away.

At Rivière, residents will be properly pam-pered with the availability of bespoke services, from concierge to laundry and housekeeping. To top it off, residents will enjoy preferential rates at the serviced apartments, a conven-ient touch when relatives and friends hop by for a visit.

With all these offerings, calling Rivière home is not just about enjoying the best of riverfront living but continuing the fabric of history that the Singapore River has become synonymous with. Home is truly where the river always flows.

Rivière: Beacon of legacy

Rivière, the new luxury condominium by Frasers Property, is an iconic development next to the Singapore River

The 2,002 sq ft four-bedroom unit comes with private life access, a wet and dry kitchen with an island counter, and a wine chiller

View from Rivière

SALES GALLERY AT 88 ZION ROAD (NEXT TO GREAT WORLD CITY)

Open Daily:10am – 6pm (weekdays)10am – 7pm (weekends)

For enquiries, call 8129 2122

www.riviere.sg

PICTURES: FRASERS PROPERTY


NEW LAUNCH

| BY AMY TAN |

Over the weekend of July 13 and 14, more than 4,000 prospective home-buyers flocked to the public preview of CapitaLand’s One Pearl Bank, a redevelopment of the former horse-

shoe-shaped Pearl Bank Apartments in Out-ram. The preview attracted former residents as well as new homebuyers.

“[Homebuyers] are attracted to the devel-opment mainly due to the site’s attributes and architectural design of the building,” says Eu-gene Lim, key executive officer of ERA Re-alty Network.

Located in District 3, One Pearl Bank is within walking distance of Chinatown and is the only development atop Pearl’s Hill. The 99-year leasehold development will have two 39-storey residential towers with 774 apart-ments ranging from studios to penthouses of between 431 and 2,788 sq ft. The project is marketed by ERA and Huttons Asia.

Nearby amenities When the project is completed in 2023, a shel-tered walkway will link the development di-rectly to Outram Park MRT Station. This sta-tion is expected to become an interchange for

three MRT lines in 2021 when Stage 3 of the Thomson-East Coast Line opens. It currently serves the North-East and East-West Lines.

Nearby, the Pearl’s Hill City Park has been identified for rejuvenation under the URA’s Draft Master Plan 2019. In future, residents will also be able to take a stroll from One Pearl Bank to Fort Canning Park via the Singapore River.

Ronald Tay, CEO of CapitaLand Singapore, highlights that the project complements the lifestyle of city-dwellers, given its amenities and proximity to the CBD. “[Residents] can also walk to Chinatown, Keong Saik and Tiong Bahru,” he says.

In addition to these, Lee Sze Teck, head of research at Huttons Asia, points out that the “exceptional views all round” impressed many interested homebuyers at the weekend preview. To complement the project’s show gallery, CapitaLand has turned Level 28 of Pearl Bank Apartments into a viewing gal-lery that features unblocked views of Singa-pore’s city skyline. As One Pearl Bank will be elevated, units from the 18th storey onwards will have these views.

The rooftops of both towers of the new development have been designed as a social space connected by a “Sky Oculus”. Here,

PICTURES: SAMUEL ISAAC CHA/EDGEPROP SINGAPORE

The living area of the 570 sq ft one-bedroom show unit The living and dining area of the 1,098 sq ft three-bedroom show unit

The view from Level 28 of Pearl Bank Apartments which has been turned into a viewing gallery

One Pearl Bank: A new icon in the making


NEW LAUNCH

residents will find facilities such as a walk-ing track, indoor and outdoor gymnasium, function rooms, gourmet kitchen and social lounge. At its media launch on July 11, Cap-itaLand stated that this space was conceived so residents can enjoy the views from all an-gles of the project. Terraces on levels 14 and 18 will house an amphitheatre and outdoor lounge areas for social gatherings.

Designed by Serie+Multiply, One Pearl Bank is the first residential development to have a series of sky allotment gardens verti-cally arrayed at one edge of each tower. There will be 18 allotment gardens with a total of 200 allotment plots where residents can grow their own plants and produce. “We wanted to have these gardens to support urban farming and for residents to have a space to bond,” says CapitaLand’s Tay.

‘Renovation-zero’The developer has also rolled out a “renova-tion-zero” concept for the project. This means that residents can move in as soon as they collect their keys. All units will come with ful-ly-integrated kitchens, as well as built-in light-ing, air-conditioning, cabinetry and curtains.

Kitchens will have the full suite of lux-ury Swiss-made V-ZUG appliances includ-ing washer-cum-dryer and premium Italian Ernestomeda kitchen systems. All kitchens will also have an integrated sink and coun-tertop, a first among residential developments in Singapore.

Meanwhile, all units will each come with a built-in smart mirror that can be used for visitor management, reading the news, watch-ing videos, controlling the air-conditioning, booking facilities, and accessing shopping deals. Residents can also grant visitors ac-

cess or control their smart appliances with the One Pearl Bank lifestyle app.

“The ‘renovation-zero’ concept with its ex-tensive provisions [stands out] when compared to standard offerings in the market,” says Hut-tons’ Lee. “This has been extremely well-re-ceived by prospective buyers.”

Attracting ‘good mix’ of buyersOne Pearl Bank will be launched for sale on July 20. Based on the turnout for its pre-view, ERA’s Lim expects the demographic of buyers to be a good mix of young couples,

young families and multi-generational fam-ilies. He explains: “This is because the pro-ject has a good unit mix, ranging from stu-dios to four-bedroom units and penthouses, to choose from.”

Lim adds that investors would also be in-terested in the smaller units, given the pro-ject’s location and proximity to amenities.

While CapitaLand did not provide the aver-age psf prices for One Pearl Bank, it revealed that prices will start at just under $1 million for a studio unit. More than two-thirds of the 774 apartments are priced below $2 million each.

CapitaLand purchased Pearl Bank Apart-ments for $728 million in a private treaty col-lective sale in February last year. The site, with a land area of 82,376 sq ft, was previ-ously put up for collective sale three times before it was sold.

According to ERA’s Lim, the land cost works out to be about $1,515 psf per plot ratio, after factoring in an additional lease top-up premi-um estimated at $201.4 million. As such, giv-en the provisions in each unit and the locale, he believes that One Pearl Bank is launching at a “very reasonable” price.

PICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

All units will come with fully-integrated kitchens, and built-in lighting, air-conditioning, cabinetry and curtains

The master bedroom of a 700 sq ft, two-bedroom show unitScale model of One Pearl Bank

Units will each come with a built-in smart mirror

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SUPERHOMES

| BY CECILIA CHOW |

RT+Q Architects’ 116th and latest com-pleted house is a Good Class Bungalow (GCB) at Gallop Park, on a cul-de-sac with just 10 houses.

The house was designed for an own-er who is a keen gardener and art collector.

“The homeowner wanted us to design a house that would be very different, one that would stand out,” says Koh Sock Mui, associ-ate at RT+Q. “The approach we took was to design a house that would look like a sculp-ture set in a garden. Along the way, we also discovered that the owner likes curves; this is

seen in her art collection around the house. We decided to incorporate it into the design of the house.”

The house had to accommodate a multi-gen-erational family – the owner and her husband, her aged mother and her grown-up daughter. It was therefore important to have a balance of communal and private spaces, adds Koh.

CREATING A HEAD-TURNERWhile the idea was to create a head-turner, the architects at RT+Q did not want a struc-ture that was so imposing that it would over-whelm the streetscape. “That’s why we creat-ed something softer – an ovoid form with four

fingers that extend out,” says Koh. The main ovoid wing is where the living

and dining room, kitchen, entertainment spaces and master suite are located. One of the wings or extensions has been designed as her daugh-ter’s private quarters; the second, to accom-modate the owner’s aged mother; the third, the pièce de résistance as it were, is an elevat-ed swimming pool; and the fourth is a private balcony garden adjoining the master bedroom.

The design allows the main wing and each separate wing to have different pocket views of the garden, says Koh. While the house has a total built-up area of 12,300 sq ft, its foot-print allows for generous landscaping on the

freehold, 15,700 sq ft site. The GCB was just completed at the end of last year.

Sitting at the core of the main wing is a 12m-high atrium spanning the basement to the top level of the house, with glass bridg-es traversing the first and second levels. Al-though the atrium was initially conceptualised as an art gallery for the owner, the space has been deliberately kept as “a pure white cube – an orchestration of light, air and space”, says Koh. RT+Q has dubbed it, “House with a Sanctum”.

ELEMENTS OF SURPRISEBesides the sanctum, the house has many el-


House of curves

Panoramic 180-degree view of the garden from the master bedroom

The exterior of the house at Gallop Park, with its curved glass façade


ements of surprise. For instance, the main en-trance of the house on the first level leads to a teak panelled reception area. This opens out to an expansive living and dining room with a curved glass façade that offers a 180-degree view of the garden. “The husband is happy now because he feels that he’s surrounded by his garden,” says Koh. “Previously, the living room had more walls.”

Concealed behind the panelled walls of the reception area is a shoe wardrobe and a powder room.

The sanctum, which looks like a floating cube, is contrasted with a sculptural, ellipti-cal staircase. Within the sanctum, the glass bridge on the first level leads from the recep-tion area to the dry kitchen. The dry kitch-en is connected to every part of the house – it has a concealed entrance leading di-

rectly to the living and dining area. It is linked to the wet kitchen.

Sliding glass doors open out to the yard, for easy access to the other two wings of the house – the aged mother’s and the daughter’s wings. The yard is also where the resident par-rot named Moses, holds court.

The daughter’s wing has a separate entrance from the basement garage. It is designed as a self-contained apartment with her own shoe wardrobe and lounge on the lower level. On the second level is a private workplace, a spa-cious bedroom with walk-in wardrobe and bath-room offering views of the garden. Yet, she is assured of her privacy, says Koh.

In the main wing, the glass bridge on the second level of the sanctum leads to the master suite. The master suite is designed as an inner sanctum with a door that looks

like mural. Within the master suite are “his and hers” walk-in wardrobes that connect to the master bathroom and the master bed-room. There is also an en suite private study for the couple. The master bedroom is de-signed to have a panoramic view of the gar-den. There is also a glass door opening out to a “green house”. “Designed as a private balcony for the owner, it’s where she loves to go every morning; to do some gardening or read a book, with the birds singing in the background,” says Koh.

‘FLOATING’ SWIMMING POOLNext to the master bathroom is an entrance that leads to the swimming pool. Being ele-vated, the swimming pool looks like it’s float-ing and is angled such that the owner will enjoy an unblocked view while swimming.

One of the rooms on the second level has been turned into a boardroom. The basement level has been designated the entertainment area. There is a theatrette for screening mov-ies and an adjoining lounge. Disguised as a pillar tucked in a corner of the basement, is an elliptical powder room. The carpark in the basement level can comfortably accommodate four cars. However, it has the capacity to fit eight cars. Bringing light to the basement lev-el is a skylight and stairs leading to the gar-den which illuminates the area.

It’s therefore not just the sanctum, but the entire house offers an interesting play on light, air and space. “The project is an at-tempt to push the envelope for landed hous-ing in land-scarce Singapore – a house that reaches beyond the boxy functionality that we see everywhere,” says Koh.

SUPERHOMESPICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

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Partial view of the private balcony extension on the second level

The 12m sanctum is deliberately kept as a white space with two glass bridges traversing the space on the first and second levels

The main entrance to the house The elevated swimming pool offers an unblocked view

The sculptural, elliptical staircase within the main wing of the house View of the deck below the elevated swimming pool, and an adjacent wing, which has been designed as a self-contained apartment


COVER STORY

| BY CECILIA CHOW |

To Roman Scott, economist and chair-man of Calamander Group, curating tenants is the most important part of investing in conservation shophous-es in Singapore. “It’s fun curating ten-

ants,” he says. “You get to meet these cool, top chefs, eat their food and help them design their restaurants. I think all shophouse inves-tors try to curate fabulous food concepts be-cause we love to eat. So, why not build it into your shophouse? We are encouraging Singa-pore to be the centre for top chefs.”

He considers the conservation shophouses along Stanley Street in the CBD’s Telok Ayer Conservation Area to be “the most coveted, gilt-edged real estate in Singapore”. It is the closest to the CBD and the Singapore Exchange, Lau Pa Sat and the MRT station, Scott says. Based on his research, there are only 5,000 such con-servation shophouses left in Singapore, and they were built 100 to 150 years ago. Of these, only 3,200 are located in the heart of the CBD.

In 2006, Scott founded Calamander Group and embarked on his quest for conservation

shophouses in the CBD. The Singapore Per-manent Resident (PR) has led an illustrious career as a former partner and director of The Boston Consulting Group (BCG) as well as sen-ior member of BCG’s Global Financial Servic-es practice. A global economic strategist and bank restructuring expert, Scott served on the Singapore government’s Economic Restructur-ing Committee Financial Services Task Force in 2001 and her Economic Strategies Committee in 2009. He was on the board of the British Cham-ber of Commerce Singapore from 2005 to 2011, and the Indonesian government’s Bank Restruc-turing Agency from 2000 to 2004.

One of the reasons Scott chose to be an en-trepreneur and invest in his passion (shophous-es) was also because he didn’t want to do any more “cleaning up” of banks in trouble, he says. “They are always getting into trouble. It’s a bit like being an ICU doctor.”

BUYING INTO GENTRIFICATIONThirteen years ago, within the Telok Ayer Conser-vation Area, prices of conservation shophouses at Stanley Street were at $1,200 psf, while those on Telok Ayer Street and Amoy Street were go-

ing for about $800 psf, recounts Scott. “Stan-ley Street was always the Bentley; Amoy Street, Telok Ayer Street and Boon Tat Street were the BMW and Mercedes.”

Thirteen years ago, while checking out a shophouse for sale along Telok Ayer Street, Scott had an interesting encounter. “As soon as you walked in, it was totally dark,” recalls Scott. “Even the agent was weird. I wanted to do my analysis, and I said I needed to see the upper floors of the shophouse, but they were reluc-tant to show them to me. It was just a warren of rooms, and behind those closed curtains in every room was a naked man. That was Telok Ayer Street then. I came running out, and that was when I realised why it was going for $800 psf.”

Over the past decade, the area has been gen-trified. The sleazy brothels and karaoke bars have been replaced by trendy F&B outlets such as Meat Smith, Pantler bakery cafe, Employees Only bar, My Awesome Café; and lifestyle and wellness studios like Beaute Hub spa and sa-lon, CustomMade shoe gallery for men, and high-end barber Jermyn Street.

Prices of conservation shophouses in the CBD have therefore risen at least threefold in

that span of time. For instance, 29 Stanley Street, which is 99-year leasehold, was sold for just un-der $22.1 million or about $3,400 psf in Febru-ary this year. While Scott’s Calamander Group did not own the property at 29 Stanley Street, his firm had been instrumental in restoring and managing the property on behalf of its previ-

PICTURES: ALBERT CHUA/EDGEPROP SINGAPORE

The founder of Calamander Group, who is divesting one of his portfolios held in a property fund, has put on the market three shophouses on Stanley Street for $50 million and another shophouse on Tras Street for $11 million

Roman Scott, the conservation shophouse investor

The three adjoining shophouses at 4, 5 and 6 Stanley Street have a freehold tenure and sit on a combined land area of 4,031 sq ft

Scott: Singapore conservation shophouses are ideal for those seeking to protect their wealth


COVER STORY

ous owner for the past decade. “What excited me were the historic details of the building,” he says. “There’s a beautiful line on the build-ing and we painted it gold.”

Meanwhile, a 999-year leasehold conserva-tion shophouse at 21 Boon Tat Street was sold for $16.5 million ($4,259 psf) last September. The attraction was the tenant on the first lev-el: Michelin-starred Australian fine dining res-taurant Cheek by Jowl.

The latest transaction of a 999-year conser-vation shophouse on Amoy Street was at No 96, which changed hands for $15.7 million ($3,648 psf) last August. Meanwhile, 8M Real Estate purchased two adjacent units, 87 and 88 Amoy Street, for $39 million ($2,664 psf) in February. These two adjacent properties are said to have a balance of about 71 years left on their 99-year leases.

‘WOMEN WEARING HEELS’When Scott started investing 12-13 years ago, he focused on shophouses with 999-year leases or freehold tenure. His initial purchases in 2007 were: a shophouse at 85 Circular Road in the Boat Quay area, which he purchased for $2.65 million in May 2007; followed by 18 Teck Lim Road in Bukit Pasoh for $2.85 million a month later; and 61 Tras Street in Tanjong Pagar for $2.35 million in September.

He has benefited from the detailed analy-sis he had done while he was in the Singapore government’s economic restructuring commit-tee in 2001. After acquiring the three shophous-es in 2007, Scott focused on finding tenants for them. “We started putting in the cool ex-bank-er from Merrill or Morgan Stanley on the up-per floors of the shophouses on Tras Street and Teck Lim Road, and I would give them a good rental rate,” he says.

However, the cool ex-banker needed to hire support staff, such as an office or administra-tive manager, human resource manager, recep-tionist and personal assistant. “They would in-evitably be Singaporean women who would be coming from the MRT station, dressed in their nice clothes and normally wearing high heels,” observes Scott. “And because of their dressing and those heels, there was a limit to how far they were prepared to walk before they start say-ing, ‘Hot lah’, ‘Office too far lah’ and ‘I don’t want to work here lah.’”

Therefore, one of his investment parameters when buying shophouses was a five-minute walking distance from an MRT station based on “women walking in high heels”. And he be-lieves that principle still holds today.

Scott speaks from personal experience. His office is currently located on the top floors of his

shophouse at 85 Circular Road. The first level is occupied by Mexican-themed Los Amigos Res-taurant Bar. At one point, he had considered re-locating his office to 18 Teck Lim Road after re-storing it. “But all the girls in my office refused to move from Circular Road, which proved my theory,” he says. “They said, ‘We like it here: so central; so easy to walk from the MRT sta-tion; a lot of eateries nearby.’ And like all boss-es, I was ‘bullied’ by the women in the office and had to do what they wanted.”

VALUE-ADDED INVESTMENTHowever, Scott always intended to gain a foothold in Stanley Street. He formed Calamander Singa-pore Property Fund and invited other high-net-worth individuals to invest together with him.

In June 2010, the fund purchased 6 Stan-ley Street for $4.5 million. Scott put in Nude Wax Parlour as a tenant on the first level, and Veson Nautical, a maritime software provid-er, as the office tenant on the second and third levels. When the opportunity arose, the fund purchased the adjacent shophouses at 4 and 5 Stanley Street for $16 million in April 2014. F&B tenants he brought in to the first level of the two shophouses are Raku Raku Japanese Dining and White Rocket Bistro.

The second level of 4 and 5 Stanley Street is occupied by Webarre Studio, a wellness gym studio offering workouts that combine ballet, yoga, pilates and strength training.

The Calamander Singapore Property Fund also purchased 42 Tras Street, a 99-year lease-hold, conservation shophouse for $2.9 million in April 2010. The F&B tenant on the first lev-el of 42 Tras Street is Teppan Works, which fo-cuses on prime cuts and Wagyu steaks. Mean-while, the F&B tenant at 61 Tras Street is Chef’s Table by Austrian chef Stephan Zoisl.

“Chef Stephan is my favourite chef,” says Scott. “And now, my other favourite is the Jap-anese chef at Teppan Works. His Wagyu beef steak is very good.” However, when Scott first purchased the shophouses on Tras Street, “they were all occupied by grotty karaoke bars”, he says.

In July 2016, Scott sold his shophouse at 61 Tras Street for $8.3 million – about 3.5 times the price he paid for it. He also divested 18 Teck Lim Road for $13 million in July 2017, 4.6 times his original purchase price a decade ago. “I sold Teck Lim and 61 Tras Street to further invest in Stanley Street when the opportunity came up to extend the row,” explains Scott.

When Veson Nautical needed to expand, Scott decided to knock down the walls on the top floors of No 4, 5 and 6 to create a cavernous floorplate across all three shophouses. According to Scott, about $450,000 was spent on refurbish-

ment. Another $90,000 went into the addition of a glass mezzanine. The building structural walls were strengthened. A further $250,000 was spent on fireproofing the boards on every floor and enhancing the lighting system.

TIME TO DIVESTHowever, as the other investors in the Cala-mander Singapore Property Fund are now in their 70s, they want to exit their investments. “I don’t want to sell the shophouses, but I have no choice as the investors in the fund want to sell,” says Scott.

The three shophouses on Stanley Street have recently been put on the market for sale, and so has the shophouse at 42 Tras Street.

The three adjoining shophouses at 4, 5 and 6 Stanley Street have a freehold tenure and sit on a combined land area of 4,031 sq ft with gross floor area (GFA) of 10,998 sq ft. The properties were recently valued at $45 million, and their market price, based on the latest transacted price of about $4,300 psf, is $47.29 million. The total monthly rental income for the three shophous-es is $85,200, which translates to gross rental yield of 2.16% to 2.27% based on market price and valuation respectively.

Meanwhile, 42 Tras Street occupies a land area of 1,339 sq ft and has a built-up area of 3,800 sq ft. While the first level is occupied by a Japanese restaurant, the second level is ten-anted to a high-end, Japanese gentlemen’s bar-ber. The top floor has been leased to Maritime Technical International, which provides cri-sis management for shipping, energy and off-shore industries.

The asking price for 42 Tras Street is $11 mil-lion, which is at valuation. This translates to about $2,895 psf. The shophouse enjoys a total rental income of $25,400 a month, which trans-lates to a gross rental yield of close to 2.8%.

Scott has appointed two agents for the di-vestment of his shophouses under the Calaman-der Singapore Property Fund: Simon Monteiro, director of Savills (Singapore) who specialises in conservation shophouses, and Paul Boldy, senior adviser to Taiwan Sotheby’s Interna-tional Realty.

NEXT GENERATION OF INVESTORSThe URA could consider a change of use for the three adjoining shophouses on Stanley Street to a boutique hotel. While the market price is based on recent transacted prices, valuers give a slight premium because of its “huge economic advantage for potential hotel use”, says Scott. Given the GFA of the three adjoining shophous-es, the space could be converted into a bou-tique hotel with 35 to 40 rooms on the upper

floors and F&B on the ground floors. As such, the price tag on the Stanley Street shophous-es is $50 million.

Scott appointed Monteiro as a marketing be-cause of his specialisation not just in shophous-es, but also in handling the sale of boutique ho-tels. Monteiro was involved in the transactions of the last few boutique hotels, namely Hotel 1929; the former Duxton Berjaya, which has since been converted into the upscale Six Sens-es Duxton; the former Naumi Liora on Keong Saik Road, which has reopened as KeSa House with a “flexible living” concept and F&B out-lets on the first level; as well as the Wander-lust in Little India.

Meanwhile, Sotheby’s Boldy, who is based in Taiwan, is due to speak to 30 agents from List SIR Hong Kong next week. These agents represent high-net-worth individuals, family offices and property funds in Hong Kong, which are look-ing at the possibility of investing in Singapore.

“These freehold, conservation shophouses are ideal for high-net-worth individuals who are looking at diversifying their risks across dif-ferent countries,” says Boldy, in a phone inter-view. “With the growing uncertainty in Hong Kong, Singapore presents an attractive alterna-tive to both Hong Kong and Chinese investors.”

Scott agrees: “Singapore conservation shop-houses are ideal for those seeking to protect their wealth. I saw how gentrification has taken place in the CBD and Tanjong Pagar areas. And I’ve seen it happen 20 years earlier. I grew up in London, and I’ve seen how the Covent Gar-den and the Soho areas have been gentrified.”

Scott’s father was an architect at the Ar-chitectural Association School of Architecture, popularly known as AA. “I grew up knocking down houses with my father and fixing them up in London,” he says. “My father would only live in a house if it was 200 years old. So I learnt about historic house renovation from the age of eight. That’s why I have a passion for old buildings.”

While his businesses under Calamander Group are based in Singapore, he divides his time between Singapore, Sri Lanka and the UK, where Scott is restoring old Victorian build-ings in the resort town of Scarborough, North Yorkshire and turning them into a hotel under his Historic Hotels & Properties portfolio. Scott also owns resort hotels and historic buildings in Sri Lanka, as well as the Coffee Bean & Tea Leaf franchises in Sri Lanka and Bangladesh.

In Singapore, Scott still holds the conser-vation shophouse at 85 Circular Road in his personal portfolio. “One day, I would like to buy back those Stanley Street shophous-es,” he says.


The conservation shophouse at 42 Tras Street is on the market for $11 million

The shophouse at 61 Tras Street, with Chef’s Table by Chef Stephan as a tenant on the first level, was sold for $8.3 million in July 2016

The shophouse at 85 Circular Road is owned by Scotthimself, and it is where Calamander Group’s office is located

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EAT PLAY LIVE

| BY CHARLENE CHIN |

Beauty World’s strongest draw is its stretch of eateries along Cheong Chin Nam Road. Home to an array of cui-sines, the area attracts its largest crowd in the evenings. The buzz tapers off

late into the night, but some shops open well into the wee hours to serve those still awake.

Among the noteworthy eats, Al-Azhar ca-ters to those looking for halal Indian food, with a selection of prata, curry, tandoori sets, roti john, murtabak and briyani meals. It also

offers a fun selection of Thai food, as well as fried noodles and mutton soup. Local bever-ages such as teh tarik, teh halia and lassi are also served.

An outlet of the Boon Tong Kee franchise occupies 18 Cheong Chin Nam Road. With an option of delivery, the restaurant offers, among others, chicken cooked in a variety of styles: its signature boiled chicken, crispy roast-ed chicken, and paper-wrapped chicken. The franchise’s history dates back to 1979, when founder Thian Boon Hua started a small stall in Chinatown serving Cantonese chicken rice.

After it gained popularity, Thian and his fam-ily set up Boon Tong Kee’s first restaurant at Balestier Road in 1983. To date, it has seven outlets sprawled across Singapore.

Joo Seng, meanwhile, is famous for its Teochew porridge. This is plain rice porridge paired with a selection of Chinese side dish-es, which includes steamed fish, braised duck meat, boiled squid, pork intestines, vegetables, tofu and fishcake.

Located along Chun Tin Road, Ng Kim Lee Confectionery sells a variety of sweet treats. This includes Portuguese egg tarts, mini muf-

fins, kueh lapis and char siew rolls. Notably, its mini muffins are star-shaped and come in banana, lemon, chocolate and pandan flavours.

Meanwhile at Lorong Kilat, just behind the Hoover Park Estate of landed homes, two cafés stand out as the to-go brunch places in the Beauty World neighbourhood. Carpen-ter and Cook is an artisan bakery café selling fresh baked goods and confectionery. It also specialises in wedding treats or “baby’s first month” gifts. The cosy café is decorated with vintage furniture and knick-knacks, which are also up for sale.

Beauty World and Hillview: The allure of late-night dining and nature trails

Dairy Farm Nature Park holds a gem – the Singapore Quarry, which is roughly 3km along the walking trail

CHARLENE CHIN/ EDGEPROP SINGAPORE

ALBERT CHUA/ EDGEPROP SINGAPOREALBERT CHUA/ EDGEPROP SINGAPOREALBERT CHUA/ EDGEPROP SINGAPORE

Located along Chun Tin Road, Ng Kim Lee Confectionery sells sweet treatsAn outlet of the Boon Tong Kee franchise occupies 18 Cheong Chin Nam Road Revelry, at Lorong Kilang, specialises in waffles


EAT PLAY LIVE

Revelry, its next-door neighbour, special-ises in waffles. The charming shop boasts elephant paintings on the walls, and whips up a mean waffle burger called the Revel-ry Signature Burffle. There is also Prawn N Cheese Waffle, with prawns and asparagus tossed in garlic butter and cheese, and Waf-fle Royale, comprising poached eggs, smoked salmon, baby spinach and Hollandaise sauce, among others.

REJUVENATION OF BEAUTY WORLD Opposite the eateries along Cheong Chin Nam Road, three commercial properties serve the Beauty World neighbourhood: Bukit Timah Shopping Centre, Beauty World Centre, and Beauty World Plaza.

Bukit Timah Shopping Centre comprises a majority of maid agencies, some eateries, hairdressing shops, and tuition centres. At Beauty World Centre, a 24-hour Giant super-market caters to residents living nearby. Beau-ty World Plaza, on the other hand, has been launched for sale for the second time at a re-serve price of $165 million ($2,189 psf per plot ratio). The tender will close on July 17. Beau-ty World Plaza occupies a site area of 24,817

sq ft, and is zoned for commercial and resi-dential use under the 2014 Master Plan. It is right next to Beauty World MRT Station on the Downtown Line.

An integrated transport hub is planned at Beauty World, as highlighted in the Draft Mas-ter Plan 2019 released by URA. Beside that, there are plans for a Bukit Timah Communi-ty Building which will occupy 218,600 sq ft. The one-stop integrated building will com-prise a community club and redeveloped mar-ket and hawker centre. There will also be an indoor sports hall, community library and el-derly facility.

TRACING BACK ROOTSParts of the Beauty World locale are named af-ter members of the Cheong family, who owned land and developed residential properties in the neighbourhood. These areas include Cheong Chin Nam Road and Chun Tin Road, as well as the adjacent byroads of Yuk Tong Avenue and Tham Soong Avenue.

Cheong Chun Tin, the family patriarch, was the first certified Chinese practitioner of den-tistry in Singapore. He set up a dental practice on South Bridge Road in 1869, called Cheong

Chun Tin and Co. Following his death in 1898, the practice was taken over by his sons, dentists Chin Nam and Chin Heng. Yuk Tong Avenue and Tham Soong Avenue were each named af-ter Chin Nam’s two wives. In 1964, the brothers started Corlison, a dental product distribution business, which now manufactures the home-grown Pearlie White toothpaste.

HILLVIEWUp north from the Beauty World enclave lies the Hillview estate. HillV2 is a mixed devel-opment along Hillview Rise that boasts a se-lection of F&B eateries. There is Dean & Delu-ca from New York City; Joyden, known for its Cantonese cuisine; Wine Connection Bistro, which caters to wine lovers; and iO Italian Os-teria, which serves authentic Italian cuisine.

The Rail Mall, meanwhile, is a 99-year leasehold commercial property along Upper Bukit Timah Road. A deal was inked by SPH Reit to purchase the property for $63.2 mil-lion in May 2018. Comprising 43 single-storey shop units, 95 private carpark lots and 360m of main road frontage on Upper Bukit Timah Road, the commercial strip is a three-minute walk from Hillview MRT Station on the Down-

town Line. Current tenants include Cold Stor-age, The Straits Wine Company, Subway and Springleaf Prata Place.

For those who enjoy finding bargain buys, there is a thrift store at Salvation Army Praise-haven. Located right outside Hillview Station’s Exit A, the shop sells pre-loved household wares, clothes, vintage earrings and rings, shoes, baby items such as prams and baby clothes, as well as used furniture.

In the vicinity of Hillview, the Dairy Farm Nature Park serves those who are looking for some greenery. The nature park holds a gem – the Singapore Quarry, which is roughly 3km along the walking trail. This used to be a gran-ite quarry, and is now turned into a tourist at-traction and a place for the elderly to hold their morning workouts.

Last year, a 154,000 sq ft Government Land Sales (GLS) site at Hillview Rise drew nine con-cept proposals from eight tenderers under a du-al-envelope system. The residential site was sold in July at $460 million to Intrepid Investments and Garden Estates, subsidiaries of Hong Leong Holdings and Hong Realty respectively. Based on a 430,879 sq ft gross floor area, the price works out to around $1,067 psf per plot ratio.

PICTURES: ALBERT CHUA/ EDGEPROP SINGAPORE

A three-minute walk from Hillview MRT Station, The Rail Mall is a 99-year leasehold commercial property along Upper Bukit Timah Road

HillV2 is a mixed development along Hillview Rise that boasts a selection of F&B eateries

For those who enjoy finding bargain buys, there is a thrift store at Salvation Army Praisehaven located right outside Hillview MRT Station

The stretch of eateries along Cheong Chin Nam Road

Al-Azhar caters to those looking for halal Indian food, with a selection of prata, curry, tandoori sets, roti john, murtabak and briyani meals

The shop-mix along Chun Tin Road in Beauty World

Carpenter and Cook is an artisan bakery café selling fresh baked goods and confectionery

E


Residential transactions with contracts dated July 2 to 9Singapore — by postal district LOCALITIES DISTRICTS

City & 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

PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019)LAND AREA/

FLOOR AREA(SQ FT)TRANSACTED

PRICE ($)UNIT PRICE

($ PSF) COMPLETION DATE TYPE OF SALE

District 2 SKY EVERTON Apartment Freehold Jul 3 678 1,696,000 2,501 Uncompleted New SaleSKY EVERTON Apartment Freehold Jul 3 657 1,840,000 2,802 Uncompleted New SaleSKY EVERTON Apartment Freehold Jul 4 915 2,344,000 2,562 Uncompleted New SaleSKY EVERTON Apartment Freehold Jul 5 678 1,690,000 2,492 Uncompleted New SaleSKY EVERTON Apartment Freehold Jul 5 958 2,465,000 2,573 Uncompleted New SaleSKY EVERTON Apartment Freehold Jul 5 915 2,469,000 2,699 Uncompleted New SaleSKY EVERTON Apartment Freehold Jul 6 657 1,852,000 2,821 Uncompleted New SaleSKY EVERTON Apartment Freehold Jul 6 463 1,176,000 2,541 Uncompleted New SaleSKY EVERTON Apartment Freehold Jul 6 958 2,511,000 2,621 Uncompleted New SaleSKY EVERTON Apartment Freehold Jul 6 646 1,712,000 2,651 Uncompleted New SaleSKY EVERTON Apartment Freehold Jul 7 657 1,882,000 2,866 Uncompleted New SaleDistrict 3 ARTRA Apartment 99 years Jul 3 1,044 2,110,000 2,021 Uncompleted New SaleCENTRAL GREEN CONDOMINIUM Condominium 99 years Jul 4 947 1,268,000 1,339 1995 ResaleDOMAIN 21 Condominium 99 years Jul 5 904 1,280,000 1,416 2007 ResaleMARGARET VILLE Apartment 99 years Jul 2 969 1,804,572 1,863 Uncompleted New SaleMARGARET VILLE Apartment 99 years Jul 6 570 1,068,102 1,872 Uncompleted New SaleMARGARET VILLE Apartment 99 years Jul 7 657 1,223,824 1,864 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Jul 2 2,347 4,350,000 1,854 2018 Sub SaleRIVIERE Apartment 99 years Jul 7 560 1,576,250 2,816 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Jul 2 441 862,000 1,953 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Jul 3 764 1,429,000 1,870 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Jul 4 441 886,000 2,008 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Jul 6 764 1,399,000 1,831 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Jul 6 893 1,773,000 1,985 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Jul 7 635 1,257,000 1,979 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Jul 7 441 923,000 2,091 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Jul 7 689 1,325,000 1,923 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Jul 7 980 1,734,000 1,770 Uncompleted New SaleTHE CREST Condominium 99 years Jul 5 1,324 2,327,000 1,758 2017 ResaleTHE METROPOLITAN CONDOMINIUM Condominium 99 years Jul 3 721 1,075,000 1,491 2009 ResaleDistrict 5 DOVER PARKVIEW Condominium 99 years Jul 8 1,249 1,380,000 1,105 1997 ResaleFABER HILLS Terrace Freehold Jul 4 2,099 3,025,000 1,439 Unknown ResaleGRYPHON TERRACE Terrace Freehold Jul 8 2,336 1,988,880 851 1996 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years Jul 3 474 818,000 1,727 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years Jul 5 732 1,214,000 1,659 Uncompleted New SaleREGENT PARK Condominium 99 years Jul 8 1,141 1,150,000 1,008 1997 ResaleSEAHILL Condominium 99 years Jul 4 861 1,275,000 1,481 2016 ResaleWESTCOVE CONDOMINIUM Condominium 99 years Jul 4 1,098 980,000 893 1998 ResaleWHISTLER GRAND Apartment 99 years Jul 2 506 719,280 1,422 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Jul 2 506 721,710 1,427 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Jul 4 614 894,240 1,457 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Jul 4 1,442 1,845,990 1,280 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Jul 6 764 1,024,650 1,341 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Jul 6 1,066 1,490,400 1,399 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Jul 6 1,066 1,545,480 1,450 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Jul 7 958 1,261,980 1,317 Uncompleted New SaleDistrict 7 BURLINGTON SQUARE Apartment 99 years Jul 3 1,119 1,390,000 1,242 1998 ResaleSOUTH BEACH RESIDENCES Apartment 99 years Jul 3 1,970 6,500,000 3,300 2016 ResaleSOUTHBANK Apartment 99 years Jul 3 904 1,560,000 1,725 2010 ResaleDistrict 8 SUITES 123 Apartment Freehold Jul 4 850 998,000 1,174 2011 ResaleDistrict 9 CAIRNHILL PLAZA Apartment Freehold Jul 2 2,852 4,450,000 1,560 1978 ResaleESPADA Apartment Freehold Jul 4 689 1,480,000 2,148 2013 ResaleHAUS ON HANDY Condominium 99 years Jul 5 474 1,377,600 2,909 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 5 474 1,373,600 2,900 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 5 420 1,196,800 2,851 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 474 1,357,600 2,866 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 624 1,808,800 2,897 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 624 1,778,400 2,849 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 463 1,340,000 2,895 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 463 1,336,000 2,886 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 463 1,318,400 2,848 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 463 1,344,000 2,904 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 463 1,322,400 2,857 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 947 2,718,400 2,870 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 743 2,118,400 2,852 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 474 1,353,600 2,858 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 452 1,278,400 2,828 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 474 1,369,600 2,892 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 474 1,365,600 2,883 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 6 420 1,188,000 2,830 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Jul 7 517 1,496,800 2,897 Uncompleted New SaleLEONIE GARDENS Condominium 99 years Jul 2 1,733 2,688,000 1,551 1993 ResaleSOPHIA RESIDENCE Condominium Freehold Jul 4 1,141 2,000,000 1,753 2014 ResaleTHE LAURELS Condominium Freehold Jul 3 1,001 2,280,000 2,278 2013 ResaleTHE PEAK @ CAIRNHILL I Apartment Freehold Jul 3 1,830 3,130,000 1,710 2014 ResaleWATERMARK ROBERTSON QUAY Apartment Freehold Jul 4 1,076 2,139,000 1,987 2008 ResaleDistrict 10 ARDMORE II Condominium Freehold Jul 9 2,024 5,600,000 2,767 2010 ResaleASTRID MEADOWS Condominium Freehold Jul 2 1,378 2,550,000 1,851 1990 ResaleBALMORAL GATE Condominium Freehold Jul 8 1,625 2,700,000 1,661 1994 ResaleBELMOND GREEN Condominium Freehold Jul 5 1,270 2,380,000 1,874 2004 ResaleBOULEVARD VUE Condominium Freehold Jul 8 4,478 17,500,000 3,908 2013 ResaleCASABELLA Condominium Freehold Jul 5 3,079 3,410,000 1,108 2005 ResaleD’LEEDON Condominium 99 years Jul 5 1,216 1,930,000 1,587 2014 ResaleMADISON RESIDENCES Condominium Freehold Jul 8 1,776 3,465,000 1,951 2012 ResaleMON JERVOIS Condominium 99 years Jul 3 1,582 3,207,000 2,027 2016 ResaleST REGIS RESIDENCES SINGAPORE Apartment 999 years Jul 8 3,757 7,775,000 2,070 2008 ResaleTHE HYDE Condominium Freehold Jul 6 1,249 3,705,000 2,967 Uncompleted New SaleTHE TESSARINA Condominium Freehold Jul 3 1,335 2,420,000 1,813 2003 ResaleTHE TRIZON Condominium Freehold Jul 5 2,067 3,250,000 1,573 2012 Resale

DONE DEALS


Residential transactions with contracts dated July 2 to 9

PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019)LAND AREA/


PRICE ($)UNIT PRICE


DONE DEALS

VERDURE Condominium Freehold Jul 8 2,293 3,700,000 1,614 2012 ResaleDistrict 11 CUBE 8 Condominium Freehold Jul 2 1,475 2,150,000 1,458 2013 ResaleDUNEARN ESTATE Detached Freehold Jul 9 4,349 8,050,000 1,850 1998 ResaleFYVE DERBYSHIRE Apartment Freehold Jul 7 797 1,829,000 2,296 Uncompleted New SaleJALAN ASUHAN Detached Freehold Jul 5 7,707 9,500,000 1,232 1981 ResaleNEWTON SUITES Apartment Freehold Jul 8 1,238 2,600,000 2,100 2007 ResaleTHE ANSLEY Condominium Freehold Jul 9 570 865,000 1,516 2004 ResaleDistrict 12 PRESTIGE HEIGHTS Apartment Freehold Jul 3 861 1,180,000 1,370 2011 ResaleRIVERBAY Apartment 999 years Jul 3 517 785,000 1,519 2014 ResaleTHE VIRIDIAN Apartment Freehold Jul 4 506 750,000 1,482 2015 ResaleDistrict 13 AVON PARK Condominium Freehold Jul 5 4,521 3,600,000 796 1991 ResalePARK COLONIAL Condominium 99 years Jul 6 1,711 2,850,000 1,665 Uncompleted New SalePARK COLONIAL Condominium 99 years Jul 7 635 1,120,000 1,764 Uncompleted New SalePARK COLONIAL Condominium 99 years Jul 7 1,023 1,706,000 1,668 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Jul 5 753 1,101,000 1,461 2018 New SaleTHE TRE VER Condominium 99 years Jul 3 700 1,181,000 1,688 Uncompleted New SaleTHE TRE VER Condominium 99 years Jul 4 743 1,226,000 1,651 Uncompleted New SaleTHE TRE VER Condominium 99 years Jul 7 495 822,000 1,660 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Jul 2 592 1,130,000 1,909 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Jul 7 667 1,166,000 1,747 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Jul 7 689 1,284,000 1,864 Uncompleted New SaleDistrict 14 PARC ESTA Apartment 99 years Jul 2 700 1,117,000 1,596 Uncompleted New SalePARC ESTA Apartment 99 years Jul 4 926 1,575,000 1,701 Uncompleted New SalePARC ESTA Apartment 99 years Jul 5 904 1,402,000 1,551 Uncompleted New SalePARC ESTA Apartment 99 years Jul 6 753 1,188,000 1,577 Uncompleted New SaleREZI 24 Apartment Freehold Jul 4 506 801,400 1,584 Uncompleted New SaleREZI 24 Apartment Freehold Jul 6 603 898,000 1,490 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Jul 8 441 750,000 1,699 2017 ResaleTHE WATERINA Apartment Freehold Jul 5 700 888,000 1,269 2005 ResaleYONG SENG ESTATE Terrace Freehold Jul 5 1,690 2,900,000 1,716 2011 ResaleDistrict 15 AALTO Condominium Freehold Jul 8 1,550 3,160,000 2,039 2010 ResaleAMBER PARK Condominium Freehold Jul 5 1,798 4,374,240 2,433 Uncompleted New SaleAMBER PARK Condominium Freehold Jul 7 1,109 2,845,600 2,567 Uncompleted New SaleLA VIDA @ 130 Apartment Freehold Jul 4 570 745,000 1,306 2014 ResaleMANDARIN GARDENS Condominium 99 years Jul 4 1,001 1,080,000 1,079 1986 ResaleLORONG J TELOK KURAU Detached Freehold Jul 3 10,829 11,000,000 1,016 Unknown ResaleJOO CHIAT TERRACE Terrace Freehold Jul 8 1,668 2,320,000 1,390 1974 ResaleQUESTA @ DUNMAN Apartment Freehold Jul 5 431 670,000 1,556 2013 ResaleSANCTUARY GREEN Condominium 99 years Jul 2 1,711 2,170,000 1,268 2003 ResaleSUITES@ KATONG Apartment Freehold Jul 9 431 610,000 1,417 2012 ResaleDistrict 16 BAYSHORE PARK Condominium 99 years Jul 3 936 860,000 918 1986 ResaleCHANGI COURT Condominium Freehold Jul 8 1,098 1,188,000 1,082 1997 ResaleEAST MEADOWS Condominium 99 years Jul 9 1,356 1,285,000 947 2002 ResaleEASTWOOD GREEN Condominium 99 years Jul 5 1,173 1,030,000 878 1998 ResaleDistrict 17 COASTAL BREEZE RESIDENCES Condominium 99 years Jul 4 947 820,000 866 2012 ResaleEDELWEISS PARK CONDOMINIUM Condominium Freehold Jul 3 1,453 1,280,000 881 2006 ResaleTHE GALE Condominium Freehold Jul 3 1,464 1,399,000 956 2013 ResaleTHE JOVELL Condominium 99 years Jul 5 441 580,700 1,316 Uncompleted New SaleTHE JOVELL Condominium 99 years Jul 6 527 650,000 1,232 Uncompleted New SaleDistrict 18 BELYSA EC 99 years Jul 3 1,464 1,100,000 751 2014 ResaleBELYSA EC 99 years Jul 4 1,335 1,108,000 830 2014 ResaleBELYSA EC 99 years Jul 5 1,227 1,020,000 831 2014 ResaleDOUBLE BAY RESIDENCES Condominium 99 years Jul 4 1,367 1,580,000 1,156 2012 ResaleLIVIA Condominium 99 years Jul 8 1,539 1,398,000 908 2011 ResaleOASIS @ ELIAS Condominium 99 years Jul 3 1,195 900,000 753 2011 ResaleRIS GRANDEUR Condominium Freehold Jul 8 1,066 996,000 935 2005 ResaleSIMEI GREEN CONDOMINIUM EC 99 years Jul 9 1,195 925,000 774 1999 ResaleTHE TAPESTRY Condominium 99 years Jul 5 603 865,100 1,435 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Jul 5 603 865,100 1,435 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Jul 7 990 1,249,830 1,262 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 3 1,033 1,324,000 1,281 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 4 818 1,019,000 1,246 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 5 678 886,000 1,307 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 5 678 929,000 1,370 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 5 1,238 1,639,000 1,324 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 5 1,033 1,401,000 1,356 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 5 915 1,175,000 1,284 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 5 592 814,000 1,375 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 6 1,033 1,279,000 1,238 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 6 463 653,000 1,411 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 6 915 1,228,000 1,342 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 7 883 1,144,000 1,296 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 7 463 645,000 1,394 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 7 581 789,000 1,357 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 7 657 895,000 1,363 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 7 592 793,000 1,339 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 7 581 812,000 1,397 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 7 915 1,203,000 1,315 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 7 592 782,000 1,321 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 7 1,722 2,082,000 1,209 Uncompleted New SaleDistrict 19 AFFINITY AT SERANGOON Apartment 99 years Jul 7 538 794,000 1,475 Uncompleted New SaleAUSTVILLE RESIDENCES EC 99 years Jul 8 1,033 850,000 823 2014 ResaleKOVAN MELODY Condominium 99 years Jul 2 1,227 1,270,000 1,035 2006 ResaleLA FIESTA Condominium 99 years Jul 5 840 1,039,000 1,238 2016 ResaleKOVAN CLOSE Detached Freehold Jul 5 5,813 5,580,000 961 2014 ResaleRICHARDS AVENUE Terrace Freehold Jul 5 1,711 2,280,000 1,336 1984 Resale44 JANSEN ROAD Apartment 999 years Jul 8 2,045 1,750,000 856 1992 ResaleSIRAT ROAD Terrace 999 years Jul 8 1,927 3,718,000 1,930 Unknown ResaleOASIS GARDEN Condominium Freehold Jul 2 947 1,140,000 1,204 2009 ResalePRIVE EC 99 years Jul 2 1,098 980,000 893 2013 ResalePRIVE EC 99 years Jul 4 1,001 990,000 989 2013 ResalePRIVE EC 99 years Jul 9 1,098 1,090,000 993 2013 ResaleRIVERFRONT RESIDENCES Apartment 99 years Jul 2 1,066 1,455,000 1,365 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Jul 3 721 952,000 1,320 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Jul 3 463 642,000 1,387 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Jul 5 517 712,000 1,378 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Jul 7 463 647,000 1,398 Uncompleted New SaleRIVERPARC RESIDENCE EC 99 years Jul 3 1,076 985,000 915 2014 ResaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 2 527 781,000 1,481 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 3 1,012 1,466,000 1,449 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 3 883 1,184,000 1,341 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 3 484 732,000 1,511 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 3 1,087 1,589,000 1,462 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 3 700 1,020,000 1,458 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 5 700 1,028,000 1,469 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 5 926 1,324,000 1,430 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 5 926 1,349,000 1,457 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 6 1,001 1,439,800 1,438 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 6 721 1,043,800 1,447 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 6 990 1,609,000 1,625 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 6 1,012 1,485,000 1,468 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 6 1,012 1,493,000 1,476 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 7 721 984,000 1,364 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 7 721 1,004,000 1,392 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 7 527 800,000 1,517 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 7 667 975,000 1,461 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 7 667 992,000 1,486 Uncompleted New Sale


MARKET TRENDS

Residential transactions with contracts dated July 2 to 9

THE GARDEN RESIDENCES Apartment 99 years Jul 3 452 685,600 1,517 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Jul 4 689 1,076,300 1,562 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Jul 6 517 780,000 1,510 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Jul 6 689 1,043,600 1,515 Uncompleted New SaleTHE QUARTZ Condominium 99 years Jul 5 1,453 1,235,000 850 2009 ResaleDistrict 20 GRANDEUR 8 Condominium 99 years Jul 9 1,195 1,280,000 1,071 2005 ResaleJADESCAPE Condominium 99 years Jul 4 2,099 3,422,900 1,631 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 4 2,099 3,194,200 1,522 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 4 1,055 1,758,900 1,667 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 4 904 1,569,100 1,735 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 4 646 1,138,300 1,763 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 5 646 1,153,600 1,786 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 6 1,647 2,784,900 1,691 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 6 527 894,600 1,696 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 6 646 1,163,800 1,802 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 7 646 1,158,700 1,794 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 7 646 1,163,800 1,802 Uncompleted New SaleTHOMSON GRAND Condominium 99 years Jul 8 1,356 1,616,000 1,192 2015 ResaleDistrict 21 BINJAI CREST Terrace 99 years Jul 5 3,369 1,950,000 579 2004 ResaleCAVENDISH PARK Condominium 99 years Jul 4 1,292 1,230,000 952 1996 ResaleCAVENDISH PARK Condominium 99 years Jul 5 1,313 1,550,000 1,180 1996 ResaleHILLVIEW GREEN Condominium 999 years Jul 3 1,582 1,620,000 1,024 1998 ResaleHUME PARK II Condominium Freehold Jul 8 1,485 1,780,000 1,198 1997 ResaleMAYFAIR MODERN Condominium 99 years Jul 2 1,044 2,070,800 1,983 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years Jul 3 807 1,716,800 2,127 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years Jul 4 1,044 2,058,000 1,971 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years Jul 6 958 1,930,800 2,015 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years Jul 7 969 1,818,600 1,877 Uncompleted New SaleTOH TUCK ROAD Semi-Detached Freehold Jul 5 3,380 4,100,000 1,214 1977 ResaleSHERWOOD CONDOMINIUM Condominium Freehold Jul 3 904 973,000 1,076 1998 ResaleSIGNATURE PARK Condominium Freehold Jul 5 1,421 1,680,000 1,182 1998 ResaleDistrict 22 THE CENTRIS Apartment 99 years Jul 9 1,066 1,230,000 1,154 2009 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years Jul 8 1,001 1,350,000 1,349 2014 ResaleWESTMERE EC 99 years Jul 3 1,249 1,000,000 801 1999 ResaleDistrict 23 CASHEW HEIGHTS CONDOMINIUM Condominium 999 years Jul 8 1,658 1,948,000 1,175 1992 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years Jul 4 1,324 1,420,000 1,073 2000 ResaleHILLBROOKS Condominium Freehold Jul 4 1,130 1,100,000 973 1999 ResaleHILLVIEW RESIDENCE Condominium 999 years Jul 5 1,249 1,330,000 1,065 2002 ResaleLE QUEST Apartment 99 years Jul 6 936 1,299,000 1,387 Uncompleted New SaleLE QUEST Apartment 99 years Jul 7 936 1,318,000 1,407 Uncompleted New SaleLE QUEST Apartment 99 years Jul 7 743 1,033,000 1,391 Uncompleted New SaleMONTROSA Condominium 999 years Jul 4 1,389 1,288,000 928 1999 Resale

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2019)LAND AREA/


PRICE ($)UNIT PRICE

($ PSF) COMPLETION DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2019)LAND AREA/


PRICE ($)UNIT PRICE


DONE DEALS

Source: URA Realis. Updated July 16, 2019.EC stands for executive condominium

DISCLAIMER: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.

JALAN ASAS Terrace 99 years Jul 8 1,884 640,000 340 Unknown ResalePALM GARDENS Condominium 99 years Jul 5 958 716,000 747 2000 ResaleTHE JADE Condominium 99 years Jul 2 1,346 1,370,000 1,018 2004 ResaleTHE LINEAR Apartment 999 years Jul 2 1,324 1,203,888 909 2006 ResaleTHE PETALS Condominium Freehold Jul 8 1,119 1,270,000 1,134 2002 ResaleTHE QUINTET EC 99 years Jul 4 1,561 1,150,000 737 2006 ResaleTHE QUINTET EC 99 years Jul 5 1,270 930,000 732 2006 ResaleDistrict 25 CASABLANCA Condominium 99 years Jul 3 1,130 860,000 761 2005 ResaleWOODGROVE CONDOMINIUM Condominium 99 years Jul 8 1,625 1,050,000 646 1999 ResaleDistrict 27 CANBERRA RESIDENCES Condominium 99 years Jul 3 1,927 1,500,000 779 2013 ResaleEIGHT COURTYARDS Condominium 99 years Jul 2 1,152 1,120,000 972 2014 ResaleEIGHT COURTYARDS Condominium 99 years Jul 5 1,012 945,000 934 2014 ResaleKANDIS RESIDENCE Condominium 99 years Jul 6 797 990,400 1,243 Uncompleted New SaleTHE ESTUARY Condominium 99 years Jul 2 926 850,000 918 2013 ResaleDistrict 28 BELGRAVIA GREEN Terrace Freehold Jul 6 3,294 2,840,200 862 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold Jul 7 3,294 2,840,000 862 Uncompleted New SaleH2O RESIDENCES Condominium 99 years Jul 9 883 890,000 1,008 2015 ResalePARC BOTANNIA Condominium 99 years Jul 2 1,281 1,593,900 1,244 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jul 2 980 1,373,520 1,402 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jul 3 980 1,328,000 1,356 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jul 3 1,281 1,695,000 1,323 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jul 4 786 1,066,240 1,357 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jul 5 667 890,460 1,334 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jul 5 980 1,347,000 1,375 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jul 5 969 1,283,112 1,324 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jul 6 861 1,095,640 1,272 Uncompleted New SaleRIVERTREES RESIDENCES Apartment 99 years Jul 9 1,119 1,260,000 1,126 2017 ResaleTHE GREENWICH Condominium 99 years Jul 5 1,292 1,450,000 1,123 2014 Resale

| BY TIMOTHY TAY |

Developers sold 821 new pri-vate homes (excluding ECs) in June, a 13.8% drop from the 952 units sold in May, according to the latest sta-

tistics from URA. But the figure is a 25.5% increase compared with 654 units sold in June last year.

In addition, developers launched 670 new homes for sale last month, down 51.9% from May.

June’s best-selling project was the 262-unit Sky Everton, which achieved a median price of $2,523 psf across the 134 units sold during the month. The freehold develop-ment was launched for sale on June 22, and is 51% sold so far.

Trailing closely is Treasure at Tamp-ines which sold 70 units. The 2,203-unit condo has achieved a median price of $1,320 psf, having sold 21% of its total number of units. Other top-selling condos in June included Parc Botannia (60 units), Parc Esta (58 units), and The Florence Resi-dences (48 units).

Traditionally, the property market is less active in June on account of the annual school holidays. There were only four new projects that launched for sale last month – Sky Everton, Lat-tice One, Seraya Residences, and Sloane Residences – compared with nine the month before.

Sales at the four new launches ac-counted for 19.2% of total developer’s sales last month. “Sky Everton per-formed particularly well as it is a rare freehold launch near the city centre and near an upcoming train station. The price point also presents value, compared to some 99-year leasehold property launches,” says Tricia Song, head of research for Singapore at Col-liers International.

Taking into account the school hol-idays and the fewer new projects that launched for sale, the number of units sold in June reflects a “credible sales performance”, says Ismail Gafoor, CEO of PropNex Realty.

The first six months of this year re-corded 4,346 private new home trans-actions (excluding ECs), outperform-ing the sales performance in 2018 by 6.3%. “This demonstrates the pres-ence of market resilience, with savvy buyers and investors picking up rightly

priced projects,” says Gafoor. Looking ahead, developers are ex-

pected to fast-track their launch-ready developments ahead of the lunar sev-enth month. Some new and upcoming sales launches include the 1,468-unit Parc Clematis, 820-unit EC Piermont Grand, 188-unit Haus on Handy, and 186-unit View at Kismis, says Chris-tine Sun, head of research and consul-tancy at OrangeTee & Tie.

Colliers’ Song says: “Given that buyers remain price sensitive and val-ue-conscious, we expect developers to adopt a prudent pricing strategy.” She expects new home sales to trend higher this month before dipping in August.

PropNex’s Gafoor says that with the remaining new launches expected in the second half of the year, the over-all sales are “likely to cross the 9,000 mark”, compared to last year’s 8,795 private new home sales, reflecting a 3% y-o-y increase.

New private home sales decline 13.8% m-o-m in June

June’s best-selling project was the 262-unit Sky Everton, which achieved a median price of $2,523 psf across the 134 units sold during the month

E

SUSTAINED LAND

PROJECT NAME LOCALITY UNITS SOLD IN THE MONTH

MEDIAN PRICE ($PSF) IN THE

MONTH

% SOLD TO DATE OF

TOTAL

Sky Everton RCR 134 2,523 51Treasure at Tampines OCR 70 1,320 21Parc Botannia OCR 60 1,296 80Parc Esta RCR 58 1,690 44The Florence Residences OCR 48 1,442 15

Top-selling projects in June 2019

URA


GAINS AND LOSSES

Top 15 gains and losses from July 2 to 9

Non-profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

($ PSF)LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD

(YEARS)

1 AALTO 15 1,550 Jul 8 2,039 Sep 8, 2011 2,555 800,000 20 3 7.8

2 THE LAURELS 9 1,001 Jul 3 2,278 May 24, 2011 2,947 670,000 23 3 8.1

3 ST REGIS RESIDENCES SINGAPORE

10 3,757 Jul 8 2,070 Jul 20, 2006 2,247 667,540 8 1 13.0

4 ARDMORE II 10 2,024 Jul 9 2,767 Jun 8, 2011 2,891 250,000 4 1 8.1

5 ESPADA 9 689 Jul 4 2,148 Mar 16, 2010 2,415 183,935 11 1 9.3

6 OASIS @ ELIAS 18 1,195 Jul 3 753 Mar 17, 2011 775 26,000 3 0.3 8.3

7 LA VIDA @ 130 15 570 Jul 4 1,306 Apr 23, 2012 1,325 25,000 3 0.5 7.2

8 CAVENDISH PARK 21 1,292 Jul 4 952 Oct 21, 2010 968 20,000 2 0.2 8.7

9 THE ANSLEY 11 570 Jul 9 1,516 May 3, 2011 1,534 10,000 1 0.1 8.2

10 THE VIRIDIAN 12 506 Jul 4 1,482 Aug 23, 2011 1,485 1,500 0.2 0.03 7.9

Source: URA, EdgeProp Note: Computed based on URA caveat data as at July 16 for private non-landed houses transacted between July 2 and 9The profit and loss computation excludes transaction costs such as stamp duties.

Most profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

($ PSF)PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD

(YEARS)

1 BOULEVARD VUE 10 4,478 Jul 8 3,908 Apr 2, 2015 3,350 2,500,000 17 4 4.3

2 CASABELLA 10 3,078 Jul 5 1,108 Mar 30, 2005 526 1,790,000 110 5 14.3

3 NEWTON SUITES 11 1,238 Jul 8 2,100 Nov 6, 2004 945 1,430,000 122 6 14.7

4 WATERMARK ROBERTSON QUAY 9 1,076 Jul 4 1,987 Mar 15, 2005 874 1,198,070 127 6 14.3

5 THE TESSARINA 10 1,335 Jul 3 1,813 Nov 26, 2009 1,109 940,000 64 5 9.6

6 CAVENDISH PARK 21 1,313 Jul 5 1,180 May 18, 2006 487 910,000 142 7 13.1

7 VERDURE 10 2,293 Jul 8 1,614 May 8, 2009 1,327 728,061 24 2 10.2

8 GRANDEUR 8 20 1,195 Jul 9 1,071 Nov 2, 2005 485 700,000 121 6 13.7

9 REGENT PARK 5 1,141 Jul 8 1,008 Feb 15, 2007 447 640,000 125 7 12.4

10 DOUBLE BAY RESIDENCES 18 1,367 Jul 4 1,156 Aug 3, 2009 694 631,000 66 5 9.9

11 DOMAIN 21 3 904 Jul 5 1,416 Dec 14, 2006 741 610,000 91 5 12.6

12 MONTROSA 23 1,389 Jul 4 928 Feb 25, 2009 495 600,000 87 6 10.4

13 SIGNATURE PARK 21 1,421 Jul 5 1,182 Apr 4, 1996 761 599,000 55 2 23.3

14 BURLINGTON SQUARE 7 1,119 Jul 3 1,242 Aug 1, 2001 731 572,000 70 3 17.9

15 HILLBROOKS 23 1,130 Jul 4 973 Oct 8, 2001 575 450,000 69 3 17.7

| BY CHARLENE CHIN |

The seller of a unit at Boule-vard Vue made the top gain of $2.5 million over the week of July 2 to 9. The 4,478 sq ft, four-bedroom unit on the

17th floor was bought for $15 mil-lion ($3,350 psf) in April 2015 and sold for $17.5 million ($3,908 psf) on July 8. The seller made a 17% profit, or an annualised profit of 4% over four years.

Located in prime District 10, Boule-vard Vue was completed in 2013 and comprises 28 freehold units. It is five minutes by foot to Orchard MRT Sta-tion on the North-South Line.

The second top gain made over the week – a 110% profit of $1.79 mil-lion – was at Casabella, on Duchess Avenue in District 10. The 3,078 sq ft unit was purchased for $1.62 mil-lion ($526 psf) in March 2005 and sold for $3.41 million ($1,108 psf) on July 5. This means that the sell-er made an annualised profit of 5% over 14 years.

Casabella comprises 82 freehold units across six storeys and was com-pleted in 2005. It is located between the Sixth Avenue and Tan Kah Kee MRT stations on the Downtown Line.

A unit sold at Newton Suites, off Newton Road in District 11, made the third most profitable transaction over the week, netting a 122% prof-it of $1.43 million for the seller. The 1,238 sq ft, three-bedroom unit on the 29th floor was bought for $1.17 mil-lion ($945 psf) in November 2004, and sold for $2.6 million ($2,100 psf) on July 8. The seller therefore made an annualised profit of 6% over 15 years.

Newton Suites, completed in 2007, comprises 118 freehold units. It is a five-minute walk to Novena MRT Sta-tion on the North-South Line.

On the other hand, the greatest loss incurred over the week was from the resale of a 1,550 sq ft, three-bed-room unit at Aalto in District 15. Hav-ing sold the property for $3.16 mil-lion ($2,039 psf) on July 8, the seller sustained a 20% loss of $800,000. The unit was purchased in Septem-ber 2011 for $3.96 million ($2,555 psf). Over a holding period of eight years, this translates into an annu-alised loss of 3%.

Aalto is a 196-unit, freehold project on Meyer Road. Completed in 2010, it is a one-minute walk to the future Tanjong Katong MRT Station on the Thomson-East Coast Line, which is due for completion in 2023.

Resale unit at Boulevard Vue reaps $2.5 mil profit

Having sold a 1,550 sq ft, three-bedroom unit at Aalto for $3.16 million on July 8, the seller sustained a 20% loss of $800,000

The 4,478 sq ft, four-bedroom unit on the 17th floor of Boulevard Vue was sold for $17.5 million on July 8 E



EVENTS

| BY BONG XIN YING |

While investors typically retreat to the sidelines in the face of macroeconomic uncertainty, property buyers in Hong Kong and Singapore have bucked this

trend. During the weekend of June 22 and 23, while thousands of protesters besieged Hong Kong’s legislative building, units on sale were swooped up by eager property buy-ers. According to South China Morning Post, Sun Hung Kai Properties sold 116 of the 130 flats offered in the second sales phase of the Mount Regency complex in Tuen Mun; while in Yuen Long, out of the 128 flats on offer at New World Development’s Atrium House, 111 units were sold.

In Singapore, the same weekend saw the launch of Sustained Land’s freehold Sky Everton with nearly 40% or 102 units sold. To date, URA data shows that 134 out of a total of 262 units have been sold.

“So it tells you something: it’s very hard to bring down this residential animal. It is going up, and it wants to go up,” says Alan Cheong, executive director, research & con-sultancy, of Savills Singapore. Cheong was speaking at the EdgeProp 360 event, titled “Separating fact from fiction: The search for the best yield”, held at Capital Tower on July 10. His view is that while property re-sale prices will be “flattish” this year, prices of new sales are on an uptick.

According to Savills Research and histor-ical data from URA, of the 26 interventions implemented by the Singapore government since 1981, only seven have been pro-market. However, the price index for all private resi-dential property (including EC) has been on an uptrend, despite the many cooling meas-ures over the years.

Cheong notes that because of rising house-hold savings, property prices today are more

affordable than they were even in 2013. A year since the last round of cooling measures, the market is “really healthy, neutral, [and] not in the bubbly territory”, he says. Even in the luxury market, the prices in 2Q2019 were “higher than even before the cooling meas-ures”. Bearing in mind that many of the buy-ers are foreigners who pay a higher buyer’s stamp duty, the ultra-high, net-worth market is still going strong, says Cheong.

On the perception that transactions by foreigners have been propping up the Singa-pore property market, Christine Li, head of research, Singapore and Southeast Asia, of Cushman & Wakefield (C&W), asserts that the number of foreign buyers is exaggerated. Also speaking at the EdgeProp event, she said: “I just checked the data today [July 10]. The foreigners’ share of property actually dropped by 30% post-cooling measures.”

Li notes that the example of Hong Kong “speaks volumes” about how Hongkongers are “still very confident” about their market.

Also, the mainland Chinese are still more confident about the Hong Kong market than about the Singapore market. Regardless, there is “always this 5% of foreigners who like Singapore, no matter how bad our economy is, [or] how bad the prospect for residential property is”, Li observes.

Property supplyPreviously, the Government Land Sales (GLS) programme accounted for about 70% to 80% of supply of private homes, says Savills’ Cheong. In 2015, only 4% of the supply was from collective sales. Then came the collec-tive sales fever from 2016 to 2018. “In 2017, 17% of the supply was from the collective sales market,” says Cheong. “This year, we will see the full flood of the supply from the collective sales market.”

As for the Singapore office market, there is a slight under-supply, according to C&W Re-search. Based on long-term average, demand outstrips supply, with absorption rate esti-

mated at 1.4 million sq ft (msf) while supply is at 1.2 msf. This is despite new projects in the pipeline such as Guoco Tower.

In addition, the supply of commercial space in the CBD is shrinking. This is evident from the supply of commercial sites from the government’s Reserve List. The Marina View white site at Shenton Way, for instance, was designated to be a commercial site, and was allocated about 1.09 msf in 2011. In 2018, the same site had only 21,528 sq ft of com-mercial space for use, while the remaining space can be developed into a 540-key hotel and yield 905 residential units.

C&W’s Li says: “This is pretty much in-line with the 2019 Draft Master Plan, to make the place more vibrant.” She adds that the government’s long-term intention is to keep supply in the CBD low to encourage its de-centralisation initiatives. “From what we have gathered, the CBD supply [will] only increase by 40%. If going by the supply pace as of now, in the suburban or the city fringe [area], the non-CBD supply is going to shoot up 178%,” says Li.

Away from the CBD, the decentralisation initiatives have spread across the island, namely to the Woodlands Regional Centre, Tampines Regional Centre, Paya Lebar Cen-tral, Labrador, Jurong Regional Centre, and Punggol Digital District.

Investment opportunitiesGiven these factors, C&W’s Li believes there are pockets of investment opportunities in the commercial market. “Since the residential en bloc is not happening … if you have the cash, you can consider commercial en bloc,” she says. Apart from the above-mentioned are-as, she describes the Greater Southern Wa-terfront as a “very interesting growth area”, as it is three times the size of Marina Bay. The Greater Southern Waterfront can be “a city on its own”, Li asserts. “I won’t be sur-prised if there were to be a third integrated resort (IR) in this area,” she adds.

Meanwhile, Savills’ Cheong is undeterred by macroeconomic uncertainty and the possi-bility of rising interest rates. “It’s not that you should not hedge against interest rates. [The key is not to be] led astray by well-sounding arguments and opinionated pieces,” he advises.

Cheong adds: “If you can afford it, if you think that you have faith in residential prop-erty prices or the private residential property sector, just buy. I am really confident [about] the market.”


Property market resilient despite economic uncertainty

The crowd at the EdgeProp 360 talk on July 10

Li: Since the residential en bloc is not happening, you can consider commercial en bloc

Cheong: It’s very hard to bring down this residential animal

E


UNDER THE HAMMER

| BY BONG XIN YING |

At Finland Gardens in District 15, a 1,324 sq ft unit will be put up for its first auction on July 31, according to the auctioneer at Edmund Tie and Co (ET&Co). This is an owner’s sale with

an indicative price of $2.05 million ($1,548 psf).Located on East Coast Avenue, Finland

Gardens is a freehold development by High-land Developments, and was completed in 1984. Finland Gardens is a walk-up apart-ment that comprises 48 units in two blocks, which are each three storeys high. The de-velopment offers only three- and four-bed-room units, with sizes ranging from 1,324 sq ft to 1,916 sq ft.

The top-floor unit up for auction has split levels, and was originally a three-bedroom unit. As they entertained regularly, the owners, a Sin-gaporean couple, converted it into a two-bed-

der, says Joy Tan, head of auction and sales at ET&Co. They opened up one of the bedrooms on the lower level to enlarge the dining and dry kitchen area.

Besides, the unit went through a major ren-ovation about three years ago, which cost the owners about $300,000, says Tan. It is “tastefully designed to feature a unique & quaint pitched-roof”, with a double-volume ceiling of about 5.5 metres for both levels, she adds. Quality finishes are utilised, like the flooring from riceLAB and lighting from Foscarini, appliance brands like Toto and Hansgrohe, and professional kitchen appliances from Brandt.

As a split-level unit, the dining area, dry kitchen, bathroom and a balcony are on the lower level, while a spacious living area and a master bedroom with en suite bathroom take up the upper level. With a single loading lay-out, the unit also features an air-well in the mid-dle, allowing good natural lighting and air flow

throughout the unit, adds Tan. On top of that, the development offers “a very good block-to-block distance” due to it sitting on a sprawling 98,286 sq ft of land, which ensures privacy for the owner, she adds.

Having lived in the house for four years, the couple is now selling the unit to move closer to their parents’ place. Apart from the well-main-tained interior, prospective buyers will also en-joy views of the greenery. The living area and master bedroom offer views of the pool.

The unit will be sold with vacant possession on an “as is where is” basis. The owners pur-chased it for close to $1.59 million ($1,200 psf) in January 2015, according to caveats lodged with URA Realis. Nine years ago, the unit was transacted at $1.2 million ($906 psf), as seen from Realis data.

For a freehold property in the heart of Siglap, ET&Co’s Tan sees the pricing for the unit as “very attractive” at $1,548 psf. Tan notes that

new launches in the area, such as the 99-year Seaside Residences, are averaging at $1,755 psf. Other freehold new launches in the district, such as those in the Amber & Meyer Road area, have surpassed the $2,000 psf mark, she adds.

Finland Gardens is a nine-minute walk from Siglap MRT Station on the Thomson-East Coast Line, which is slated for completion in 2023. The new owner may look forward to capital appreciation, especially when the Siglap MRT Station is completed, says Tan. The develop-ment is also within close proximity to reputa-ble schools, with Victoria School and Victoria Junior College nine and 12 minutes away re-spectively, by foot.

“We have just been appointed but we an-ticipate interest levels to be very healthy,” says Tan. This is because the unit is in the popular Siglap estate with a lot of amenities, and topped with the “impressive interior de-sign” it has to offer, she adds. E

Unit at Finland Gardens up for sale at $2.05 mil

The spacious living area on the upper level of the unit, where there is a pool view Surrounded by greenery, the unit also allows natural light in The master bedroom on the upper level comes with an en suite bathroom

PICTURES: ET&CO


PROP HUNT CLASSIFIEDS

APPOINTMENTS

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Properties for Sale To be featured, email [email protected] or call 8822-2997

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$7,800,000Semi-Detached HouseD10 HOLLAND GROVE DRIVE | Freehold Built-Up(sqft): 7,000 | Land(sqft): 3,850PSF: $2,026

$7,280,000Detached HouseD19 SERANGOON GARDEN WAY | Freehold Built-Up(sqft): 6,522 | Land(sqft): 4,650PSF: $1,566

Stunning Semi D situated near the quiet enclave of Holland Grove area. Design is very spacious in the living rooms as well as the bedrooms. Within 1km to Henry Park Pri Sch, mins walk to nearby amenities, park connector and MRT stations. Kindly contact Lindy @94554388 for an exclusive viewing now!

SPECIAL NIGHT PREVIEW on 24th July! With Consumer Seminar, Invited speaker from Bank and Law Firm. Meet The Developer. Special Preview of 2 Brand New Detached Houses.

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Agnes Ng CENTURY 21 PTE LTDR044402F 65 9223 7772

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$13,800,000Residential Building D09 ORCHARD ROAD | FreeholdSize(sqft): 6,400 | PSF: $2,156

Freehold Building at Heart of Orchard Road. Potential Service Apartment. All bedrooms with attached bathroom. Newly Refurnished Building about 5 years ago. Tenanted at yield return of 3%. 3 mins walk to MRT and Shopping Centre. Call Now.

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$3,380,000Terrace HouseD13 HAPPY AVENUE EAST | FreeholdBuilt-Up(sqft): 3,638| Land(sqft): 2,067 PSF: $1,635

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$10,600,000ShophouseD12 SERANGOON ROAD | FreeholdSize(sqft): 5,000 | PSF: $2,120

Two Shop Houses adjoined @ Serangoon Road. Freehold. Foreigner/PR/Company can own. Stamp duty: Only 3%, No ABSD & SSD. Land size: 2,889 sqft Present BIA: 5,000 sqft. URA Plot Ratio: 3.0; Rebuild GFA 8,667 sqft. UOB valuation GDV: $12.6m for 2 units.

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Jack Chua appointed as executive chairman of APAC RealtySingapore-listed APAC Realty, which holds the ERA Asia Pacific regional master franchise, has announced that Jack Chua has stepped up as executive chairman of its board of directors. He is the executive chairman of APAC while retain-ing his position of CEO at ERA Realty Network.

Chua takes over from Stewart Yen Se-Hua, who relinquished his positions as non-executive chairman and independent director to pursue personal interests, the company says. Yen has served on APAC Realty’s board since its listing in September 2017.

The company has also appointed two new independent directors. Eugene Wong Hin Sun has been appointed as independent non-execu-tive director, chairman of the nominating com-mittee, and a member of the audit committee. Desmond Tan Kok Ming joins as an independ-ent non-executive director and a member of the remuneration committee

“Eugene and Desmond will add many years of knowledge and experience, and their insights

and guidance will be instrumental in helping APAC Realty execute its strategic regional growth plans,” says Chua.

Knight Frank Singapore appoints Alan Tan as head of KF Property Network Knight Frank Singapore has appointed Alan Tan as the new head of KF Property Network, a subsidiary of Knight Frank. Tan took up his

new position on Monday (July 15), and leads more than 600 real estate salespersons. He re-ports to Wendy Tang, group managing director.

Tan has over 20 years of experience in the industry, and previously worked for develop-ers and agencies across various functions, in-cluding sales consultancy, after-sales services for new projects, management, and training. His track record in real estate development in-

cludes working with developers like Hong Le-ong Holdings and Marga Landmark on projects in China and Myanmar.

Tan also led the real estate agency business while working with HSR International Realtors as head of projects. He worked on residential launches across the high-end, luxury, mass-mar-ket, and executive condo segments. — Compiled by Timothy Tay

Eugene Wong is independent non-executive director at APAC Realty

Jack Chua is executive chairman of APAC Realty, and retains his position as CEO of ERA Realty Network

Alan Tan leads more than 600 real estate salespersons at Knight Frank Singapore

APAC REALTYAPAC REALTY KNIGHT FRANK SINGAPORE

E

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