PROPERTY PERSONALISED Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of December 23, 2019 | ISSUE 913-135 MCI (P) 045/08/2019 PPS 1519/09/2012 (022805) ALBERT CHUA/THE EDGE SINGAPORE Spotlight Deferred losses for recent sellers at OUE Twin Peaks EP3 Offshore Retire in the lap of luxury at Otium Phuket EP4 Market Trends New condo launches drive up developer sales by 23% in Nov EP8 Under the Hammer Lornie 18 bungalow up for sale at $5 mil EP12 Francis Koh, managing director and group CEO of Koh Brothers Group The bling of Van Holland Koh Brothers’ boutique luxury project, located just across the road from Holland Village, glitters with Swarovski crystal-encrusted faucets and bookmatched Italian marble. Turn to our Cover Story on Pages 6 & 7.
Transcript
PROPERTY PERSONALISED
Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of December 23, 2019 | ISSUE 913-135
MCI (P) 045/08/2019 PPS 1519/09/2012 (022805)
CapitaLand’s M&A will give it access to Ascendas-Singbridge’s Changi Business Park
ALBE
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HUA
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SpotlightDeferred losses for
recent sellers at OUE Twin Peaks ep3
OffshoreRetire in the lap of luxury
at Otium Phuket ep4
Market Trends New condo launches
drive up developer sales by 23% in Nov ep8
Under the HammerLornie 18 bungalow up
for sale at $5 mil ep12
Francis Koh, managing director and group CEO of Koh Brothers Group
The bling of Van HollandKoh Brothers’ boutique luxury project, located just across the road from Holland Village,
glitters with Swarovski crystal-encrusted faucets and bookmatched Italian marble.
Turn to our Cover Story on Pages 6 & 7.
EP2 • EDGEPROP | DECEMBER 23, 2019
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PROPERTY BRIEFS
Ascott signs more than 14,100 new units under management in 2019 The Ascott Ltd, CapitaLand’s whol-ly-owned lodging business unit, will end the year with the signing of more than 14,100 new units across about 100 properties worldwide. This includes its acquisitions of two properties in Sydney, Australia through its Reit, Ascott Resi-dence Trust (ART), and its private fund, Ascott Global Serviced Residence Fund.
This year, Ascott has a record open-ing of about 7,500 units in more than 40 properties, located across 30 cities in 13 different countries. This includes its first property in The Netherlands. The com-pany signed 25 new franchise and man-agement contracts this year that com-prise more than 3,400 units.
The company also opened lyf Funan Singapore, its first co-living property un-der its lyf brand that targets millenni-al-minded residents.
Ascott CEO Kevin Goh says: “With our recent signing of 25 new proper-ties across the Asia-Pacific and Africa, we have reached about 115,000 units in over 700 properties worldwide. More than 60% of our portfolio, which is op-erational, has contributed $182.1 mil-lion of fee income.”
The company aims to open about 10,000 units next year to further boost its fee income. Its direct bookings and rev-enue from online bookings by members of its loyalty programme, Ascott Star Re-wards, launched in April this year, have quadrupled and membership has tripled.
Ascott ventured into new markets this year, such as Abidjan in Ivory Coast, West Africa, and Vung Tau in Vietnam. It also grew its presence in established locations, including Melbourne and Syd-ney in Australia, Chengdu and Guang-zhou in China, Jakarta and Yogyakarta in Indonesia, and Penang in Malaysia.
The company also has 10 properties that were secured under its strategic al-liance with Huazhu Hotels Group, and its subsidiary CJIA Apartments Group. It secured 12 properties this year with Indonesian company Tauzia Hotel Man-agement, in which Ascott also has a ma-jority stake.
Goh adds that Ascott is on track to reach its global target of 160,000 units by 2023, and it will continue to grow its
recurring income via management con-tracts, franchises, leases, strategic alli-ances, and investments in quality assets.
Expanding through its Reits and funds is a key growth strategy. “With the com-bination of ART and Ascendas Hospital-ity Trust, we will have the largest hos-pitality trust in the Asia-Pacific with an asset value of $7.6 billion,” Goh says.
OrangeTee Holdings rebrands as OT Group Local real estate agency and advisory group OrangeTee Holdings has changed its name to OT Group. This new name reflects its unified identity following the merger of its real estate agency arm with the agency arm of real estate consulting firm Edmund Tie in 2017.
With the rebranding, OT Group will reinforce its strategy to capture new op-portunities in the real estate sector and advance its market position, the com-pany said in a press release on Dec 16.
OT Group’s existing real estate agen-cy will continue to operate under the OrangeTee & Tie brand name, while its valuation, business space solutions, in-vestment sales, and Japan business de-velopment will operate as OrangeTee Advisory.
In a separate press release on Dec 17, Edmund Tie clarified that the OrangeT-ee & Tie joint venture, which was ful-ly operational on Jan 1, 2018, combines OrangeTee’s associate agency division comprising of 2,938 agents, and Edmund Tie’s property network of 1,122 agents. Thus, Edmund Tie’s remaining agency services, including its investment adviso-ry, business space and retail, residential and auction & sales, are not included in the merger and continue to operate ex-clusively under the Edmund Tie brand. OT Group has also appointed Wilson Ang as executive director. He was the co-founder and CEO of the managers of Viva Industrial Trust (VIT), and has been a non-executive director of ESR-REIT following the merger of VIT and ESR-REIT in 2018. Ang will oversee the management and development of OT Group’s businesses.
Collective sale tender submission deadline for The Arcade extended The tender submission deadline for The Arcade in Raffles Place has been extend-
ed to March 5, 2020, announced Colliers International, the marketing agent for the collective sale. The extension follows feedback from developers who say they require more time to assess the site. The Arcade was launched for collective sale on Nov 14 this year.
Tang Wei Leng, managing director at Colliers International, says: “Since the collective sale tender was launched, The Arcade has received strong inter-est from numerous developers and we have conducted many site viewings. With the long Christmas and New Year holidays upon us, many develop-ers have requested for us to extend the deadline for the submission of tender so that they have more time to evalu-ate the site owing to its tremendous re-development potential.”
In addition, the land rate for the de-velopment at 11 Collyer Quay has been marginally revised upwards after receiv-ing the verified gross floor area of the site from the URA. The reserve price of $780 million now translates to $2,840 psf per plot ratio (ppr) from the initially announced land rate of $2,833 psf ppr.
The Arcade is zoned for commercial use and has a gross plot ratio of 15. The site has a 999-year tenure from 1826. The 20-storey development comprises 127 office and retail units.
Radisson Hotel Group opens luxury beachfront resort in Vietnam International hotel brand Radisson Hotel Group has opened a new luxury beach-front resort in Khanh Hoa province in Vietnam called Radisson Blu Resort Cam Ranh. The hotel is managed under its “upper-upscale” hotel brand Radisson Blu, which offers personalised services in stylish spaces.
The new hotel is a 10-minute drive from Cam Panh International Airport, which has international connections to major Asian cities such as Bangkok, Hong Kong, Seoul, and Shanghai.
The hotel’s design is inspired by Vi-etnam’s fishing heritage, from an ex-pansive lobby that features a weave pat-tern inspired by fishermen’s baskets, to floor-to-ceiling windows that overlook the sea. There are 292 rooms, suites, and pool villas which range in size from 484 sq ft to 1,507 sq ft. There are 36 vil-las with private pools, cabanas, and al fresco dining areas.
The hotel has six restaurants and bars. Guests staying in premium rooms, suites and villas will enjoy access to an execu-tive lounge and an array of services in-cluding breakfast, all-day refreshments, and evening cocktails. Other amenities include water sports activities, spa fa-cilities, an outdoor infinity pool, and a fitness centre.
“With a beachfront setting, outstand-ing accommodation and world-class fa-cilities, we are confident that this will become a sought-after destination for couples’ escapes, family vacations and
memorable events, including weddings,” says Peter Tichy, general manager of Ra-disson Blu Resort Cam Ranh.
Radisson Hotel Group is embarking on an expansion strategy in Vietnam which will be led by its Radisson Blu brand. This new hotel will be the hotel-ier’s second seafront resort in Vietnam, after Radisson Blu Resort Phu Quoc. Five more new hotels are in the pipeline: Ra-disson Blu Hoi An, Radisson Blu Resort, Quy Nhon, Radisson Resort Phu Quoc Long Beach, Radisson Hotel Danang and Radisson Hotel Quang Bin.
Keppel Land and Rustomjee Group to co-develop Mumbai townshipKeppel Land has entered into a joint ven-ture with Indian developer Rustomjee Group to jointly develop a 51.4ha town-ship in Thane, a mature and well-con-nected district in the Mumbai Metropol-itan Region in India.
The township is called Urbania and was launched in 2006. It already com-prises 2,700 residential units and some amenities. This joint venture is the first such township development between a Singaporean developer and an Indian developer in the area.
Keppel will acquire a 49% stake in the
joint-venture company, Kapstone Con-structions, at a consideration of about INR4,091 million ($78.2 million). Ho Kiam Kheong, president (India) at Kep-pel Land, says: “Our collaboration with the Rustomjee Group for this maturing integrated township is in line with Kep-pel Land’s strategy to strengthen our presence in high-growth areas such as the Mumbai Metropolitan Region. The partnership has landed on a rare oppor-tunity of a development of such scale in Mumbai, which is experiencing rapid de-mand for quality homes.”
The joint venture will develop an additional 7,400 homes and retail units with a total gross floor area of about 5 million sq ft. The development cost for the first phase, which will com-prise 460 residential units, is expected to be INR4,016 million. — Compiled by Timothy Tay E
THE ASCOTT
COLLIERS INTERNATIONAL
KEPPEL LAND
RADISSON HOTEL GROUP
Ascott Riviera Golf Abidjan is Ascott’s first property in Ivory Coast, West Africa
The tender submission for the collective sale of The Arcade will close on March 5 next year
The Urbania township in Mumbai Metropoli-tan Region in India
Radisson Blu Resort Cam Ranh is the hotelier’s second seafront resort in Vietnam
EDGEPROP | DECEMBER 23, 2019 • EP3
| BY CECILIA CHOW |
At OUE Twin Peaks on Leonie Hill Road, 10 units changed hands in 2018 and 2019. Of the 10, eight registered loss-es ranging from 2.3% to 21.7%. One transaction saw a gain of 21.8%, while
another didn’t have a prior recorded transac-tion, based on URA Realis caveats download-ed as at Dec 18 (See Table).
The latest transaction was for a 549 sq ft, one-bedroom unit that changed hands for $1.34 million ($2,441 psf), based on a caveat lodged at
the end of November. The unit was purchased for $1.71 million ($3,117 psf) in March 2013 at the peak of the market.
Four of the eight transactions were for units purchased between April to June 2016, when the high-end, newly completed condo was re-launched with the option of a deferred pay-ment scheme (DPS). These losses ranged from 2.3% to 8.1%.
“These sellers are likely to be those who took up the three-year DPS package and prob-ably could not secure a mortgage at the end of the period,” says a property consultant who de-
clined to be named. “They were therefore forced to sell their units at a lower price in a relative-ly weak market.”
The most recent sale of such a unit was in August when a 1,399 sq ft, three-bedroom unit on the 15th floor went for $3.25 million ($2,323 psf). That unit was purchased in May 2016 for $3.5 million ($2,501 psf). Before this, anoth-er similar-sized unit on the 26th floor sold for $3.3 million ($2,358 psf) in May this year. That unit was purchased for $3.59 million ($2,566 psf) in May 2016.
The third most recent recorded deal was also in May: This 571 sq ft studio apartment on the 20th floor was sold for $1.57 million ($2,752 psf). It was first purchased for close to $1.607 million ($2,817 psf) in April 2016.
In February, a 1,604 sq ft three-bedroom unit on the 27th floor was also sold for $4.15 mil-lion ($2,588 psf). It was purchased for $4.25 million ($2,650 psf) in May 2016.
It should be noted that the gross losses re-flected in the table have not taken into consid-eration the seller’s stamp duty (SSD) as these sales were done within the first three years of purchase.
Losses offset by rental gainsHowever, Propnex Realty’s head of luxury team Dominic Lee reckons that some of these losses may have been offset by the rental gains made if the units were rented out during the three-year period.
According to Lee, monthly rental rates for the three-bedroom units ranged from $7,500 to $8,500 while the one-bedroom units command rates of about $3,000. Some were even leased out for as high as $3,700, he notes, as they were fully furnished.
OUE Twin Peaks was the first development to offer fully-furnished apartments with time-
less furniture pieces by famous designers such as Hans Wegner, Charles & Ray Eames, Tim Dixon and Matthew Hilton. Landscape design was by acclaimed architect and landscape de-signer Bill Bensley.
Developed by Singapore-listed property group, OUE Ltd, OUE Twin Peaks obtained its temporary occupation permit (TOP) in Febru-ary 2015. It has two identical 35-storey towers sitting on a site area of 130,983 sq ft with total gross floor area of 436,168 sq ft. The 99-year leasehold condo in prime District 9 has a to-tal of 462 units, with a mix of one-, two- and three-bedroom apartments sized from 549 to 1,604 sq ft.
It was relaunched in November 2015, but sales really took off in early April 2016 when the developer dangled a DPS offer to buyers – the first for a completed condominium de-velopment.
Between 2002 and 2005, developers had of-fered DPS when the residential market was still in the doldrums. They continued to offer such schemes for their new project launches that were under construction until September 2009 when the government scrapped it. That marked the first of nine rounds of property cooling meas-ures in the past decade.
Novelty of DPS for completed condosWhile only about half the buyers took up the DPS offered at OUE Twin Peaks, it sparked buy-er interest and all 462 units were sold by Octo-ber 2017. This led other developers with unsold units in completed condominiums to follow suit with their own DPS offerings, with varying de-grees of success.
In early April 2016, Tower 2 of OUE Twin Peaks was launched, where prices started from $2,200 psf or $1.25 million for a 570 sq ft one-bedroom
CONTINUES ON PAGE EP11
SPOTLIGHT
Deferred losses for recent sellers at OUE Twin Peaks
The twin 35-storey towers of OUE Twin Peaks which was relaunched with DPS in April 2016 and all 462 units were fully taken up by Oct 2017
PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
URA REALIS, BASED ON DATA DOWNLOADED AS AT DEC 18, 2019
Resales at OUE Twin Peaks 2018-2019 YTD*
ADDRESS TENURE COMPLETION DATE
AREA (SQ FT) TRANSACTED PRICE ($)
UNIT PRICE ($ PSF)
SALE DATE PURCHASE PRICE ($)
UNIT PRICE ($ PSF)
PURCHASE DATE
GAIN/LOSS ($)^
GAIN/LOSS (%)
33 Leonie Hill Road, 5th floor 99 Years From May 10, 2010 2015 549 1,340,000 2,441 Nov 27, 2019 1,711,000 3,117 Mar 15, 2013 (371,000) -21.7%
33 Leonie Hill Road, 15th floor 99 Years From May 10, 2010 2015 1,399 3,250,000 2,323 Aug 22, 2019 3,500,000 2,501 May 27, 2016 (250,000) -7.1%
33 Leonie Hill Road, 26th floor 99 Years From May 10, 2010 2015 1,399 3,300,000 2,358 May 21, 2019 3,590,000 2,566 May 20, 2016 (290,000) -8.1%
33 Leonie Hill Road, 20th floor 99 Years From May 10, 2010 2015 571 1,570,250 2,752 May 3, 2019 1,606,880 2,817 Apr 21, 2016 (36,630) -2.3%
33 Leonie Hill Road, 18th floor 99 Years From May 10, 2010 2015 571 1,530,000 2,682 Apr 30, 2019 1,660,110 2,910 Sept 15, 2010 (130,110) -7.8%
33 Leonie Hill Road, 23rd floor 99 Years From May 10, 2010 2015 549 1,471,400 2,680 Apr 16, 2019 1,207,800 2,200 Jun 30, 2016 263,600 21.8%
33 Leonie Hill Road, 10th floor 99 Years From May 10, 2010 2015 571 1,501,000 2,631 Apr 9, 2019 NA. NA NA NA NA
33 Leonie Hill Road, 27th floor 99 Years From May 10, 2010 2015 1,604 4,150,000 2,588 Feb 12, 2019 4,250,000 2,650 May 20, 2016 (100,000) -2.4%
33 Leonie Hill Road, 22nd floor 99 Years From May 10, 2010 2015 571 1,608,000 2,819 Jul 13, 2018 1,680,000 2,945 Jan 31, 2011 (72,000) -4.3%
33 Leonie Hill Road, 22nd floor 99 Years From May 10, 2010 2015 571 1,540,000 2,699 Apr 23, 2018 1,680,000 2,945 Jan 31, 2011 (140,000) -8.3%
*Gross gain or loss, excluding seller’s stamp duty, etc.
The living room of a 1,604 sq ft, three-bedroom show unit that is fully furnished with timeless pieces by famous designers such as Hans Wegner, Charles & Ray Eames, Tim Dixon and Matthew Hilton
EP4 • EDGEPROP | DECEMBER 23, 2019
OFFSHORE
| BY CHARLENE CHIN |
Otium Living, the consultants for de-velopers in the luxury retirement property sector in South East Asia, has launched its first luxury retire-ment village in Phuket.
Set on a tropical hillside, Otium Phuket will be part of the larger MontAzure Resort – located on the west coast of the island over-looking Kamala Beach – that features pri-vate luxury estates, oceanside apartments, an Intercontinental Hotel, a beach club and dining options.
Otium Phuket, when completed in 3Q2022, will span 20 acres (8.1ha), offering 149 prop-erties in total. These include 123 apartments and 26 villas, with sizes from 1,087 to 4,693 sq ft. Some units will be carved into the slop-ing hillside while those that are built higher
up would be able to enjoy views of the An-daman sea.
According to Daniel Holmes, CEO of Otium Living, the company had given exceptional thought to the design of the retirement homes.
“I wanted to design something that when you move in, you’d immediately feel younger, not older,” says Holmes. That was why he gave architecture and interior design firm Michae-lis Boyd a brief to design a retirement village for those over 50 years of age.
Thoughtful yet subtle design featuresWhile the homes are designed to accommodate its older occupants, these were incorporated unobtrusively. For example, although there are no support bars in the bathrooms, fittings in the bathrooms are load-bearing, meaning “if you wanted to grab onto the sink or the towel rail for support, you can,” says Holmes. Oth-
er thoughtful design aspects include wider doors to accommodate the wheelchair-bound as well the installation of sliding doors, wher-ever possible, he adds.
For Otium Phuket’s facade, Michaelis Boyd has adopted a “modern Thai” style. This in-cludes a pitched roof design with rich detail-ing that is a defining feature of traditional Thai architecture. Natural materials with rich tex-tures were also selected to meld Thailand’s tra-ditional past with a modern design.
The villas will feature huge windows and skylights to let in plenty of natural light. Warm tones and tactile materials are used for the in-teriors to match the resort’s natural surround-ings. Large windows and greenery connect the internal spaces to the tropical setting outdoors. There is also the option for outdoor lounging at the swimming pools.
Meanwhile, the apartment units will have
Retire in the lap of luxury at Otium PhuketOTIUM LIVING
OTIUM LIVINGOTIUM LIVING
ALBERT CHUA/ THE EDGE SINGAPORE
Set on a tropical hillside that is a protected nature reserve, Otium Phuket will be part of the larger MontAzure Resort, overlooking Kamala Beach on the west coast of the island
The living and dining areas at a villa unitThe apartment units have spacious balcony areas that allow residents to take in the outdoor views and enjoy al-fresco dining
Otium Living focuses on the years that retirees are fit, healthy, and active: Holmes
EDGEPROP | DECEMBER 23, 2019 • EP5
spacious balcony areas that allow residents to take in the outdoor views and enjoy al-fres-co dining. The apartments will also feature smooth surfaces with bold colours, made us-ing a mix of natural and man-made materials.
Prices for the villas start from US$1.6 mil-lion ($2.2 million) while a one-bedroom unit apartment start from US$500,000 — both based on a 30-year lease. There will also be the op-tion to rent the property on a monthly basis, although the rates are not yet available. Only those aged 50 and above would be able to re-side in the property. There will be 24 proper-ties that come with the option for homeown-ers to rent it out, at a guaranteed yield of 5% for five years. Residents will also be able to enjoy private access to the MontAzure facili-ties, Holmes adds.
Health and wellness facilitiesHolmes says the properties are designed to ca-ter to the buyer’s first 15 to 20 years after re-tirement when he is “still fit, healthy, active and travelling”. What Holmes does not want is for Otium Phuket to end up as a retirement village with a medical focus. “Retirement has two stages. One is the hospitality years, and then there’s the hospital years which we don’t do,” he quips.
At the centre of the retirement village with
villas and apartments surrounding it will be the Otium Phuket Club comprising facilities such as a spa with sauna and steam rooms; gym and fitness spaces; 25m lap pool and leisure pool; private cinema; art studio and events space; and landscaped gardens and walking trails.
The clubhouse will also have a Naturopath-ic Centre that offers a natural and non-inva-sive method of treating diseases and keeping the body healthy.
Staff nurses will also be on call round the clock in an on-site medical suite. Otium Care staff will also help residents with services ranging from housekeeping to shopping and can even offer them help in getting dressed if needed. A nearby hospital is also 25 minutes away by car in smooth traffic, says Holmes.
Otium Phuket is targeting potential resi-dents who are currently living in cosmopoli-tan cities in Southeast Asia, says Holmes. This includes those in Singapore, Hong Kong, Bei-jing, Shanghai, Bangkok and Kuala Lumpur, among others.
According to Holmes, Otium Phuket has already attracted potential buyers, with inter-est coming mostly from those in Thailand; fol-lowed by Singapore and the UK. There is also some interest from those living in Australia, Germany and Hong Kong.
OFFSHOREPICTURES: OTIUM LIVING
E
The Space Contract team collaborates with leading architects and interior designers for commercial and residential projects. Our diverse collection of international brands offer furniture and systemsfor clients seeking to differentiate their projects with unique design and quality.Contract: [email protected]
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The fitness centre at Otium Phuket
Architecture and interior design firm Michaelis Boyd was engaged to design Otium Phuket
Some retirement homes will be carved into the hillside while those built higher up would enjoy seaviews
Skylights in the master bedroom allow natural light in
EP6 • EDGEPROP | DECEMBER 23, 2019
COVER STORY
| BY CECILIA CHOW |
A top executive who does not shy away from having daring ensembles to pro-mote his new residential projects is Francis Koh, managing director and group CEO of Singapore-listed prop-
erty firm, Koh Brothers Group. In 2003, it was a Star Trek-style uniform with
padded shoulders for the launch of Starville, the first condominium with a rooftop observatory. At Parc Olympia, a sports-themed condomini-um with an air-conditioned, full-sized badmin-ton court and function room, Koh was duly at-tired as an Olympian badminton player at the launch in 2012. Three years later at Westwood Residences, an executive condominium with a cycling theme, Koh was rigged out in biker’s gear.
“You need to have ‘oomph’,” says Koh. “You can’t always do the same thing.”
For the upcoming launch of Van Holland, Koh’s focus has shifted from his personal ward-robe to the quality and finishing of the project. “I’m looking at it from the home buyer’s per-spective,” he says. “These days, buyers are more selective. While there are some who could be looking for an investment, most of them are buying for their own use.”
Van Holland will preview on Jan 3, with indicative prices from $2,600 psf. The 69-unit luxury condominium is a redevelopment of the former 32-unit, freehold Toho Mansion that Koh Brothers purchased en bloc for $120.43 million in March last year.
QUARRY-HUNTINGKoh said he has spent the past year planning and preparing for the launch of the project. He
even flew to Genoa, Italy, accompanied by an entourage that included representatives of Van Holland’s appointed design architect, M.A.N. Architects, and interior designer, D edition. They visited the marble quarry to select the marble blocks to be used for the Van Holland project.
“In the past, most of the quarry owners do not want to deal directly with individual end-us-ers. They prefer to sell through dealers,” explains Koh. “I’ve been visiting Italy for the past 15 years. And it was only five years ago that that the quar-ry owner was willing to supply to me directly.”
The units at Van Holland will have book-matched marble – where every two or more ad-joining marble slabs mirror each other – for the living room floor and as a feature wall in the master bathroom. “Bookmatched marble is like
a work of art,” says Koh. “We want to educate people to appreciate marble. These days, most property developers use compressed or cultured marble, which is made up of crushed marble chips which are then bound together with resin to achieve consistency. Marble is natural, cul-tured marble is man-made.”
Even the floors of the balconies will be of the same marble. However, they will be cut into smaller tiles to prevent slippage, he adds.
THE BATHROOM, THE WARDROBE AND THE WATERFALLWhile in Italy, Koh and his design team vis-ited sanitaryware manufacturer, Rubinette-rie Fratelli Frattini, founded in 1958 by three brothers in San Maurizio d’Opaglio, a com-
mune in the province of Novara, to the west of Milan. It is known for its luxury fittings, including Swarovski crystal-encrusted fau-cets, towel racks and bathroom hooks. Van Holland will be among the first condomini-um projects in Singapore to feature the F.lli Frattini brand of luxury sanitaryware, includ-ing those with Swarovski crystals, says Koh.
It will be complemented by the top-end German brand of bathroom fittings and san-itaryware, namely, Duravit. The kitchen ap-pliances and washer-dryer will be headlined by another premium German brand, Miele.
Even the wardrobe system selected for the master bedroom of all the units at Van Hol-land is of an Italian design. They will have a pull-down hanging rail, dehumidifier and
ALBERT CHUA/THE EDGE SINGAPORE
ALBERT CHUA/THE EDGE SINGAPORESAMUEL ISAAC CHUA/THE EDGE SINGAPORESAMUEL ISAAC CHUA/THE EDGE SINGAPORE
The bling of Van HollandKoh Brothers’ boutique luxury project, located just across the road from Holland Village,
glitters with Swarovski crystal-encrusted faucets and bookmatched Italian marble
Koh at Parc Olympia (2012), Westwood Residences (2015), and Van Holland (2019)
Showflat of a 1,100 sq ft, three-bedroom-plus-study with bookmatched marble flooring for the living room
EDGEPROP | DECEMBER 23, 2019 • EP7
COVER STORY
LED lights. “I have this wardrobe system at home, and the pull-down hanging rail is very useful as I can hang a lot of things and not worry that it’s too heavy,” says Koh. “That’s why it maximises the use and efficiency of the wardrobe space.”
That is why Koh has decided to introduce the wardrobe system at Van Holland too.
Besides the finishing of the individual units, attention has also been paid to the condo-minium facilities. A landscape feature that Koh hopes will become Instagram-worthy is a 10m waterfall (about two storeys high) at the drop-off area, which will be surround-ed by greenery. “People can take pictures at the waterfall as that area will be accessible to the public,” says Koh.
There will be two infinity-edge swimming pools: One will be on the first level while the other will be at the rooftop terrace. Fronting the infinity-edge pool on the rooftop terrace is the clubhouse, which will have 1,200 sq ft of indoor and outdoor space. Within the clubhouse will be a cigar room, a wine cellar, and an event space with a kitchen and pantry.
“We sacrificed a unit at the rooftop in or-der to have a bigger clubhouse,” says Koh. “We paid a lot of attention to the design of the clubhouse as we believe it will be popu-
lar with the younger homeowners.” Besides the clubhouse, other facilities include a bar-beque pavilion and a gym.
HOLLAND VILLAGE VIBEFor the convenience of future residents, Koh Brothers will be building a covered overhead pedestrian bridge linking Van Holland to the Holland Village MRT Station across the road. It makes Holland Village accessible too, as it is just a four-minute walk. “Holland Village is a very vibrant enclave today,” says Koh. With the completion of the new develop-ments in the future, he expects it to be “even more vibrant”.
Van Holland sits on a 47,662 sq ft, elevated freehold site. The project will benefit from the rejuvenation of Holland Village, with the up-coming mixed-use development One Holland Village, by a consortium made up of Far East Organization, Sekisui House and Sino Land.
The One Holland Village development is lo-cated on the site of a former public carpark, and the government had launched the site for sale under the two-envelope tender system based on design first, and then the highest bid price from the short-listed candidates.
In fact, the consortium led by Far East Or-ganization won the Holland Road government
land sale (GLS) site for $1.2 billion in May 2018, just two months after Koh Brothers purchased the Toho Mansion site.
The mixed-use One Holland Village has 296 residences, which the consortium launched on the last weekend of November. More than 110 units have been sold in under a month. The 99-year leasehold project also set new bench-mark prices when prices of units soared above $3,000 psf and hit a high of $3,363 psf for a luxury, 3,358 sq ft unit on the 26th floor that was sold for $11.3 million.
According to Christine Sun, head of research for OrangeTee & Tie, the Holland Road enclave is highly sought after. “It is quite rare to have new developments launched in the area,” she adds. “Hence the demand for new homes should remain healthy for these new projects.”
Being within walking distance of the amen-ities of Holland Village such as supermarkets, eateries and pubs as well as the Holland Vil-lage MRT Station makes Van Holland desira-ble too, says Sun. “Boutique projects remain popular among buyers, especially those who value privacy,” she adds.“The freehold tenure and prime District 10 location will also appeal to both investors and owner-occupiers.”
Van Holland has two five-storey blocks. In the block fronting Holland Village are 53 apart-
ments ranging from one-bedroom units start-ing from 495 sq ft, two-bedroom units from 657 sq ft, two-bedroom premium units from 775 sq ft, three-bedroom and three-bedroom premium units from 1,130 sq ft, to four-bedroom units of 1,345 sq ft.
The second block, which is more exclusive, has just 16 duplex units. They range from two-bedroom-plus-study apartments of 1,001 sq ft; to four-bedroom and four-bedroom-plus-attic with sizes from 1,593 to 1,991 sq ft. All the 16 units in this exclusive block come with a pri-vate home-lift that goes to every floor.
UPCOMING LAUNCHES IN HOLLAND ROAD-FARRER ROADVan Holland is also likely to be one of the first few projects right out the gate at the start of 2020, says Sun of OrangeTee. The project is jointly marketed by ERA Realty Network and OrangeTee & Tie.
Apart from Van Holland, there are three other projects in the pipeline for launch in the Holland Road-Farrer Road enclave, observes Tricia Song, Colliers International Singapore’s head of research. They are: Leedon Green (for-mer Tulip Garden) by MCL Land and Yanlord Group which is expected to have 638 units; the 319-unit Hyl on Holland (the redevelop-ment of the former Hollandia and The Esto-ril) by Far East Consortium International and Koh Brothers in an 80:20 joint venture; and the former Olina Lodge, which will be rede-veloped by Kheng Leong Co into a luxury 59-unit boutique development.
Koh is unfazed by other upcoming launch-es in the neighbourhood in 2020. “If you have a good concept, a niche project, you will sell well,” he says. “That’s why I’m confident about [Van Holland].”
He believes his passion for the project is a key differentiator too. “We want our buyers to appreciate the Italian craftsmanship – from the bookmatched marble, sanitaryware with Swarovski crystals, to the wardrobe system. Our project is very unique and it will appeal to a select group of buyers.” E
PICTURES: ALBERT CHUA/THE EDGE SINGAPORE
The study area of the three-bedroom-plus-study apartment
Even the balconies of each unit will have marble floors but the square tiles are smaller to prevent slippage
The model of the 69-unit Van Holland luxury condominium with a 10m waterfall (two storeys high) at the drop-off point
The dining area and enclosed kitchen equipped with Miele appliances
The master bathroom of every unit will feature F.lli Frattini brand faucets, towel rings and other fittings with Swarovski crystal top and Duravit water closet and vanity basin
EP8 • EDGEPROP | DECEMBER 23, 2019
UK Prime Minister Boris Johnson and Conservative Party’s landslide elec-tion victory on Dec 13 paves the way for the UK to leave the European Un-ion by end-2020.
“A clear result and a substantial majority should usher in a period of greater certainty in UK politics, which will be welcomed by the business community,” comments Kevin Coppel, Knight Frank managing director for Asia Pacif-ic. “As the political gridlock comes to an end, London’s reputation as a safe haven for Asian investors will also be enhanced. We anticipate this will lead to stronger interest in the UK from Asia-Pacific investors.”
The ultra-high-net-worth individuals in the Asia-Pacific have had a longstanding prefer-ence for the UK, driven in part by their chil-dren studying there, says Coppel. “With Brex-it uncertainty receding, demand is expected to revive from its current levels, though the strengthening of sterling and proposed increas-es in taxes on foreign buyers may erode some buyer enthusiasm.”
Buyers spent a total of £2.06 billion on super- prime (£10 million and above) properties in London in the year to May 2019, according to Knight Frank’s recent Super-Prime Market re-port for Winter 2019. This was marginally high-er than the figure of £2.05 billion in the previ-ous 12 months.
While this underlines the resilience of demand against an uncertain political backdrop, overall transaction volumes fell 13% to 104 from 120.
Political uncertainty affected sentiment over the last five years. However, this has intensified as the UK’s intended departure from the Euro-pean Union (Brexit) continues to be discussed, combined with the impact of wider global eco-nomic tensions.
For the time being, with the uncertainty
of a no-deal Brexit ending, some of the pent-up demand that has built up in recent years is likely to be released. “The extent to which this translates into transaction activity in the short term will depend on the size of the pricing expectation gap between buyers and sellers,” says Liam Bailey, global head of re-search at Knight Frank.
Higher-value sales increased, as high-net-worth individuals targeted London and took advantage of the weak pound. There were 16 transactions above £30 million in the year to May 2019, compared to 11 over the previous 12 months, according to Knight Frank’s report.
“Supply is likely to rise as political uncer-tainty recedes and private and public spend-ing stimulates the UK economy,” adds Bai-ley. “This will put downward pressure on prices. However, some vendors may expect a bounce in prices, which may create a stand-off between buyers and sellers as the mar-ket re-prices.”
Furthermore, demand remains strong. The ratio of new prospective buyers to new sales listings above £10 million climbed to 6.5 in 3Q2019, the highest figure since 4Q2016, and the second highest figure since 1Q2014.
Meanwhile, the average age of super-prime buyers is falling. Some 75% of super-prime buy-ers were below 50 in the year to September 2019, which was up from less than half at the start of 2015. “Super-prime buyers are getting younger because there are more opportunities to make money in tech that are unrelated to your age,” comments Daniel Daggers of Knight Frank’s pri-vate office in the report.
“At the same time, mature wealthy in-dividuals are increasingly passing on busi-nesses and assets to the younger generations to enable them to travel and enjoy new ex-
periences,” says Daggers. In the mainstream market, a shortage of sup-
ply in the lettings market may be further exac-erbated as owners attempt to capitalise on any perceived “bounce” and list their property on the sales market. This would put upward pres-sure on rental values, says Bailey. “Uncertainty
over future tax changes in the Budget, which is scheduled to take place in February, may prompt some to accelerate plans in coming weeks.”
Excerpt is from Knight Frank Super-Prime Market Insight Winter 2019, with additional comments from Knight Frank post-UK election
OFFSHORE
MARKET TRENDS
E
Demand for London super-prime homes expected to rise after UK election
Higher-value home sales increased in the year to May 2019, as high-net-worth individuals targeted London and took advantage of the weak pound
E
| BY TIMOTHY TAY |
Based on new home sales statistics for November by the URA, developers sold 1,147 private homes (excluding executive condominiums or ECs) last month. This is a 23.2% m-o-m in-
crease compared to the 931 units sold in Oc-tober, and a fall of 4.5% y-o-y compared to the 1,201 units sold in November 2018.
Last month was also the fifth month this year that the number of new home sales has exceeded 1,000 units in the month, following March, July, August, and September sales. In 2018, only March, July, and November saw new home sales exceed 1,000 units. The first 11 months of this year recorded 9,547 new home sales (excluding ECs) and this is an increase of 10.2% from 8,662 new units sold over the same period in 2018.
The top five best-selling new projects for the month of November this year were Sengkang Grand Residences, Parc Esta, One Holland Vil-lage Residences, JadeScape, and Parc Botannia.
The best-selling project in November was Sengkang Grand Residences. The 680-unit de-velopment was launched for sale on Nov 2, and
sold 235 units (35%) at a median price of $1,741 psf. The second best-selling project, the 1,399-unit Parc Esta, sold 102 units in the month at a median price of $1,685 psf. The condo was launched for sale last November and has sold 971 units (69%) to date.
Ismail Gafoor, CEO of PropNex Realty, says: “The attractiveness of newly launched projects such as Sengkang Grand Residences and One Holland Village Residences provided the add-ed boost in drawing buyers and investors for the month of November.”
Sengkang Grand Residences and One Hol-land Village Residences are mixed-use develop-ments and both projects set benchmark pric-es for 99-year leasehold developments in their
respective localities, says Tricia Song, head of research for Singapore at Colliers International.
“This reflects good demand, despite a price premium, for well-located projects that also combine convenience and community,” she says, adding that “value-conscious home buy-ers continue to dip into earlier-launched pro-jects which now look attractive after bench-mark prices of latter launches”.
Positive sales momentum to continue into 2020While December is historically a lull period as a result of the holiday season, “with an antic-ipated line-up of over 37 projects, we expect the momentum of buyers and investors to re-
main favourable in 2020 as well”, says Gafoor.According to Desmond Sim, head of re-
search, Southeast Asia, at CBRE, 51 new projects have been launched in the first 11 months of 2019. This marks the highest num-ber of launches ina year in the last five years. However, most new launches have registered a take-up rate of less than 50% over the total number of units in each development. Thus, developers are expected to focus on clearing their existing inventory while remaining pru-dent in their land-bidding strategies, he says.
Overall property prices are expected to rise by 2.5% for the whole of 2019, and prices are likely to be kept in check with the expected economic slowdown and ample supply pipe-line, says Song of Colliers. She notes that as of end-November this year, there were 4,323 unsold new private units.
“The take-up rate is expected to gradu-ally improve over the next few years as the launch pipeline has peaked. In 2020, we ex-pect fewer new private residential launches of about 41 projects with 9,000 units in total, and barring a worse-than-expected economic slowdown, the take-up rate should be similar to 2019 at 9,800 units,” she says.
New condo launches drive up developer sales by 23% in NovURA, COLLIERS INTERNATIONAL
*OCR: Outside Central Region; RCR: Rest of Central Area; CCR: Core Central Region
Top best-selling projects in November 2019PROJECT NAME LOCALITY* UNITS SOLD MEDIAN PRICE
($PSF)% SOLD TO DATE (OF TOTAL)
Sengkang Grand Residences OCR 235 1,741 35
Parc Esta RCR 102 1,685 69
One Holland Village Residences CCR 87 2,604 29
JadeScape RCR 60 1,679 45
Parc Botannia OCR 59 1,341 94
KNIGHT FRANK
EDGEPROP | DECEMBER 23, 2019 • EP9
GAINS AND LOSSES
| BY CHARLENE CHIN |
The sale of a unit at Caribbean at Kep-pel Bay, on Keppel Bay Drive, made the top gain of $2.4 million over the week of Dec 3 to 10. The 2,723 sq ft unit on the first floor was bought for
$2.35 million ($864 psf) in October 2000 and sold for $4.75 million ($1,744 psf) on Dec 4. The seller therefore made a 102% profit, or an annualised profit of 4% over about 19 years.
Located in District 4, Caribbean at Keppel Bay was completed in 2004 and comprises 969 units on a 99-year leasehold. It is a 10-minute walk to Harbourfront MRT Interchange Station on the North East and Circle Lines.
The second top gain made over the week – a 101% profit of $1.39 million – was at Rich-
mond Park, on Bideford Road. The 1,012 sq ft unit on the 23rd floor was purchased for $1.37 million ($1,349 psf) in April 2006 and sold for $2.75 million ($2,718 psf) on Dec 6. This means that the seller made an annualised profit of 5% over about 14 years.
Richmond Park, in District 9, comprises 159 freehold units. It was completed in 1996 and is a 12-minute walk to Orchard MRT Station on the North-South Line.
A unit sold at Park Infinia at Wee Nam, along Lincoln Road in District 11, made the third largest gain over the week, netting a 151% profit of $1.3 million for the seller. The 1,001 sq ft unit on the 12th floor was bought in May 2006 for $860,000 ($859 psf), and sold for $2.16 million ($2,156 psf) on Dec 9. The seller therefore made an annualised profit of
7% over about 14 years. Park Infinia at Wee Nam, completed in 2008,
comprises 486 freehold units. It is 10 minutes by foot to Newton MRT Interchange Station on the North-South and Downtown Lines.
On the other hand, the greatest loss incurred over the week was from the resale of a 1,410 sq ft unit at Buckley Classique in District 11. Hav-ing sold the property for $2.6 million ($1,844 psf) on Dec 5, the seller suffered a 12% loss of $341,500. The unit was purchased in Septem-ber 2011 for $2.94 million ($2,086 psf). Over a holding period of eight years, this translates into an annualised loss of 1%.
Buckley Classique is a 64-unit, freehold pro-ject along Buckley Road. Completed in 2014, it is an eight-minute walk to Novena MRT Sta-tion on the North-South Line.
Top gains and losses from Dec 3 to 10
Non-profitable deals PROJECT DISTRICT AREA
(SQ FT)SOLD ON
(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE
($ PSF)LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD
2 CITY SQUARE RESIDENCES 8 1,518 Dec 4 1,318 Aug 19, 2011 1,500 277,000 12 2 8.3
3 THE LUXURIE 19 1,001 Dec 5 1,137 Oct 14, 2015 1,199 62,000 5 1 4.1
4 THE ARTE 12 1,399 Dec 4 1,301 Jul 5, 2013 1,322 30,000 2 0.3 6.4
5 LAKEVILLE 22 635 Dec 5 1,425 Dec 15, 2014 1,450 16,000 2 0.4 5.0
Source: URA, EdgeProp SingaporeNote: 1. Computed based on URA caveat data as at Dec 17 for private non-landed houses transacted between Dec 3 and 10 2. The profit and loss computation excludes transaction costs such as stamp duties.
Most profitable deals PROJECT DISTRICT AREA
( SQ FT)SOLD ON
(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE
($ PSF)PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD
(YEARS)
1 CARIBBEAN AT KEPPEL BAY 4 2,723 Dec 4 1,744 Oct 13, 2000 864 2,397,400 102 4 19.2
2 RICHMOND PARK 9 1,012 Dec 6 2,718 Apr 1, 2006 1,349 1,385,000 101 5 13.7
3 PARK INFINIA AT WEE NAM 11 1,001 Dec 9 2,156 May 15, 2006 859 1,298,000 151 7 13.6
4 THE CALROSE 26 1,238 Dec 4 1,406 Jun 16, 2008 767 790,000 83 5 11.5
5 SANCTUARY GREEN 15 1,399 Dec 9 1,165 Apr 16, 2007 649 721,900 79 5 12.7
6 EURO-ASIA COURT 9 1,066 Dec 5 1,595 Mar 19, 2007 920 720,000 73 4 12.7
7 WAN THO LODGE 13 1,152 Dec 9 1,216 Oct 12, 1996 625 680,000 94 3 23.2
8 THE INTERLACE 4 1,819 Dec 9 1,308 Apr 27, 2010 959 634,600 36 3 9.6
9 BLUE HORIZON 5 1,152 Dec 5 1,064 Apr 5, 2004 542 600,490 96 4 15.7
10 SIGNATURE PARK 21 1,033 Dec 4 1,306 Nov 2, 1995 737 588,240 77 2 24.1
11 HUME PARK I 21 1,345 Dec 6 1,063 Oct 27, 1995 647 560,000 64 2 24.1
12 CASTLE GREEN 26 1,410 Dec 10 943 Jan 1, 1995 546 560,000 73 2 25.0
13 THE SIERRA 10 1,033 Dec 5 1,409 Dec 23, 2009 997 426,000 41 4 10.0
15 GRANDEUR 8 20 1,195 Dec 6 1,130 May 3, 2010 812 380,000 39 4 9.6
E
Resale unit at Caribbean At Keppel Bay reaps $2.4 mil profit
The second top gain made over the week – a 101% profit of $1.39 million – was at Richmond Park, on Bideford Road
The sale of a unit at Caribbean at Keppel Bay, on Keppel Bay Drive, made the top gain of $2.4 million over the week of Dec 3 to 10
PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
EP10 • EDGEPROP | DECEMBER 23, 2019
ONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 8 797 2,212,896 2,201,831 2,764 Uncompleted New SaleONE JERVOIS Condominium Freehold Dec 9 2,454 3,800,000 - 1,548 2009 ResaleROYALGREEN Condominium Freehold Dec 5 1,066 2,838,000 - 2,663 Uncompleted New SaleTHE SIERRA Apartment 947 years Dec 5 1,033 1,456,000 - 1,409 1998 ResaleWATERFALL GARDENS Condominium Freehold Dec 5 2,196 3,900,000 - 1,776 2010 ResaleWILSHIRE RESIDENCES Apartment Freehold Dec 6 893 2,093,960 - 2,344 Uncompleted New SaleDistrict 11 AMARYLLIS VILLE Condominium 99 years Dec 4 980 1,550,000 - 1,582 2004 ResaleAPLETON VIEW Apartment Freehold Dec 6 1,119 1,810,000 - 1,617 2003 ResaleBUCKLEY CLASSIQUE Condominium Freehold Dec 5 1,410 2,600,000 - 1,844 2014 ResaleUNIVERSITY ROAD Detached Freehold Dec 4 9,375 12,000,000 - 1,280 1968 ResaleCAMBORNE ROAD Detached Freehold Dec 10 15,027 23,300,000 - 1,550 Unknown ResaleNEU AT NOVENA Apartment Freehold Dec 6 646 1,672,000 - 2,589 Uncompleted New SalePARK INFINIA AT WEE NAM Condominium Freehold Dec 9 1,001 2,158,000 - 2,156 2008 ResaleTHE CHANCERY RESIDENCE Terrace 99 years Dec 3 3,520 2,828,000 - 803 2005 ResaleDistrict 12 EIGHT RIVERSUITES Condominium 99 years Dec 5 700 1,038,000 - 1,484 2016 ResaleEIGHT RIVERSUITES Condominium 99 years Dec 10 936 1,300,000 - 1,388 2016 ResaleJUI RESIDENCES Apartment Freehold Dec 5 700 1,268,000 - 1,812 Uncompleted New SaleTHE ARTE Condominium Freehold Dec 4 1,399 1,820,000 - 1,301 2010 ResaleDistrict 13 8@WOODLEIGH Condominium 99 years Dec 3 840 1,080,000 - 1,286 2012 ResaleJALAN SUKACHITA Terrace Freehold Dec 6 1,647 2,250,000 - 1,366 Unknown ResaleDAISY ROAD Terrace Freehold Dec 6 2,024 2,700,000 - 1,335 1990 ResaleONE LEICESTER Condominium Freehold Dec 5 1,055 1,380,000 - 1,308 2008 ResaleSENNETT RESIDENCE Condominium 99 years Dec 10 1,346 1,850,000 - 1,375 2016 ResaleTHE TRE VER Condominium 99 years Dec 5 1,378 2,282,000 - 1,656 Uncompleted New SaleTHE TRE VER Condominium 99 years Dec 6 743 1,258,000 - 1,694 Uncompleted New SaleTHE TRE VER Condominium 99 years Dec 7 495 861,000 - 1,739 Uncompleted New SaleTHE TRE VER Condominium 99 years Dec 7 1,098 1,800,000 - 1,639 Uncompleted New SaleTHE TRE VER Condominium 99 years Dec 8 1,109 1,744,000 - 1,573 Uncompleted New SaleWAN THO LODGE Apartment Freehold Dec 9 1,152 1,400,000 - 1,216 1966 ResaleDistrict 14 MILLAGE Apartment Freehold Dec 4 463 720,000 - 1,556 2016 ResalePARC ESTA Apartment 99 years Dec 3 743 1,229,000 - 1,655 Uncompleted New SalePARC ESTA Apartment 99 years Dec 3 743 1,267,000 - 1,706 Uncompleted New SalePARC ESTA Apartment 99 years Dec 5 840 1,453,000 - 1,731 Uncompleted New SalePARC ESTA Apartment 99 years Dec 5 635 1,136,000 - 1,789 Uncompleted New SalePARC ESTA Apartment 99 years Dec 5 829 1,370,000 - 1,653 Uncompleted New SalePARC ESTA Apartment 99 years Dec 6 743 1,255,000 - 1,690 Uncompleted New SalePARC ESTA Apartment 99 years Dec 6 743 1,243,000 - 1,674 Uncompleted New SalePARC ESTA Apartment 99 years Dec 7 1,023 1,598,000 - 1,563 Uncompleted New SalePARC ESTA Apartment 99 years Dec 7 743 1,233,000 - 1,660 Uncompleted New SalePARC ESTA Apartment 99 years Dec 7 1,055 1,697,000 - 1,609 Uncompleted New SalePARC ESTA Apartment 99 years Dec 7 743 1,285,000 - 1,730 Uncompleted New SalePARC ESTA Apartment 99 years Dec 8 517 892,000 - 1,726 Uncompleted New SalePARC ESTA Apartment 99 years Dec 8 420 793,000 - 1,889 Uncompleted New SaleREGAL 35 Apartment Freehold Dec 3 947 950,000 - 1,003 2005 ResaleREZI 24 Apartment Freehold Dec 7 452 724,200 - 1,602 Uncompleted New SaleREZI 24 Apartment Freehold Dec 8 452 683,500 - 1,512 Uncompleted New SaleWINDY HEIGHTS Condominium Freehold Dec 3 2,476 2,460,000 - 994 1983 ResaleWINDY HEIGHTS Condominium Freehold Dec 4 2,476 2,400,000 - 969 1983 ResaleDistrict 15 BELLEZZA @ KATONG Apartment Freehold Dec 4 936 1,150,000 - 1,228 2008 ResaleCARPMAEL THIRTY-EIGHT Apartment Freehold Dec 7 1,173 1,782,000 - 1,519 Uncompleted New SaleEAST ELEGANCE Apartment Freehold Dec 10 753 870,000 - 1,155 2007 ResaleFORT GARDENS Condominium Freehold Dec 3 958 1,230,000 - 1,284 1993 ResaleHAIG APARTMENTS Apartment Freehold Dec 4 2,142 1,720,000 - 803 1991 ResaleHAIG COURT Condominium Freehold Dec 6 1,453 1,943,800 - 1,338 2004 ResaleHERITAGE EAST Apartment Freehold Dec 6 506 640,000 - 1,265 2012 ResaleLE CONNEY PARK Apartment Freehold Dec 3 1,292 1,268,000 - 982 1991 ResaleMALVERN SPRINGS Condominium Freehold Dec 3 1,324 1,780,000 - 1,344 2004 ResaleMAYA Apartment Freehold Dec 4 1,281 1,430,000 - 1,116 2007 ResaleWILKINSON ROAD Semi-Detached Freehold Dec 5 3,864 4,500,000 - 1,165 1992 ResaleCARPMAEL ROAD Terrace Freehold Dec 6 2,842 3,500,000 - 1,233 1974 ResaleSANCTUARY GREEN Condominium 99 years Dec 9 1,399 1,630,000 - 1,165 2004 ResaleSANCTUARY GREEN Condominium 99 years Dec 10 775 990,000 - 1,277 2003 ResaleSEASIDE RESIDENCES Apartment 99 years Dec 3 506 1,014,620 - 2,006 Uncompleted New SaleTHE SEAFRONT ON MEYER Condominium Freehold Dec 10 1,615 2,800,000 - 1,734 2010 ResaleTHE SEAWIND Condominium Freehold Dec 936 1,545,000 - 1,650 2015 ResaleTHE SERENNO Apartment Freehold Dec 4 775 1,100,000 - 1,419 2016 ResaleTHE WATERSIDE Condominium Freehold Dec 6 2,411 4,125,000 - 1,711 1992 ResaleDistrict 16 CHANGI COURT Condominium Freehold Dec 6 1,184 1,280,000 - 1,081 1997 ResaleCHANGI GREEN Condominium Freehold Dec 5 1,216 1,280,000 - 1,052 1998 ResaleETC JALAN ANGIN LAUT /UPPER CHANGI ROAD Semi-Detached Freehold Dec 6 15,210 13,300,000 - 874 Unknown ResaleJALAN SEGAM Semi-Detached 99 years Dec 6 3,843 1,380,000 - 359 Unknown ResaleTHE GLADES Condominium 99 years Dec 5 452 770,000 - 1,703 2016 ResaleDistrict 17 PALM ISLES Condominium 99 years Dec 5 990 905,000 - 914 2015 ResaleDistrict 18 MELVILLE PARK Condominium 99 years Dec 6 1,453 1,000,000 - 688 1996 ResaleQ BAY RESIDENCES Condominium 99 years Dec 9 1,119 1,278,000 - 1,142 2016 ResaleTHE TAPESTRY Condominium 99 years Dec 3 441 647,190 - 1,466 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Dec 6 1,130 1,411,830 - 1,249 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Dec 7 926 1,273,320 - 1,376 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Dec 7 678 958,000 - 1,413 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Dec 7 1,722 1,937,000 - 1,125 Uncompleted New SaleWHITEWATER EC 99 years Dec 6 1,130 785,000 - 695 2005 ResaleDistrict 19 AFFINITY AT SERANGOON Apartment 99 years Dec 5 1,152 1,701,000 - 1,477 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Dec 7 1,152 1,689,000 - 1,466 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Dec 8 904 1,422,630 - 1,573 Uncompleted New SaleALWYN PARK Terrace Freehold Dec 4 1,722 2,630,000 - 1,525 1992 ResaleAUSTVILLE RESIDENCES EC 99 years Dec 10 807 788,000 - 976 2014 ResaleCHILTERN PARK Condominium 99 years Dec 3 915 1,020,000 - 1,115 1995 ResaleCHUAN VILLAS Terrace 99 years Dec 3 1,615 1,750,000 - 1,084 2000 ResaleLA FIESTA Condominium 99 years Dec 6 1,130 1,180,000 - 1,044 2016 ResalePIERMONT GRAND EC 99 years Dec 5 969 1,073,800 - 1,108 Uncompleted New SalePIERMONT GRAND EC 99 years Dec 8 840 1,012,100 - 1,205 Uncompleted New SalePIERMONT GRAND EC 99 years Dec 8 969 1,093,000 - 1,128 Uncompleted New SalePRIVE EC 99 years Dec 3 1,098 1,110,000 - 1,011 2013 ResalePRIVE EC 99 years Dec 5 1,001 968,000 - 967 2013 ResaleRIVERFRONT RESIDENCES Apartment 99 years Dec 7 872 1,184,000 - 1,358 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Dec 7 1,679 2,155,000 - 1,283 Uncompleted New SaleRIVERPARC RESIDENCE EC 99 years Dec 4 1,076 963,000 - 895 2014 ResaleRIVERVALE CREST Apartment 99 years Dec 3 1,206 875,000 - 726 2002 ResaleSERANGOON GARDEN ESTATE Terrace 99 years Dec 9 2,422 1,320,000 - 546 Unknown ResaleTHE FLORENCE RESIDENCES Apartment 99 years Dec 7 721 1,077,000 - 1,493 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Dec 8 484 754,000 - 1,557 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Dec 8 667 1,105,000 - 1,656 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Dec 8 893 1,451,000 - 1,624 Uncompleted New Sale
DONE DEALS
Residential transactions with contracts dated Dec 3 to 10
PROJECT NAME PROPERTY TYPE TENURESALE DATE
(2019)LAND AREA/
FLOOR AREA(SQ FT)TRANSACTED
PRICE ($)NETT PRICE
($ PSF)UNIT PRICE
($ PSF)COMPLETION
DATE TYPE OF SALE
PROJECT NAME PROPERTY TYPE TENURESALE DATE
(2019)LAND AREA/
FLOOR AREA(SQ FT)TRANSACTED
PRICE ($)NETT PRICE
($ PSF)UNIT PRICE
($ PSF)COMPLETION
DATE TYPE OF SALE
District 1 MARINA ONE RESIDENCES Apartment 99 years Dec 5 1,141 2,684,500 - 2,353 2017 ResaleMARINA ONE RESIDENCES Apartment 99 years Dec 5 689 1,634,431 - 2,373 2017 ResaleMARINA ONE RESIDENCES Apartment 99 years Dec 6 1,163 2,487,177 - 2,139 2017 ResaleMARINA ONE RESIDENCES Apartment 99 years Dec 6 980 2,193,325 - 2,239 2017 ResaleMARINA ONE RESIDENCES Apartment 99 years Dec 10 1,206 2,703,245 - 2,242 2017 ResaleMARINA ONE RESIDENCES Apartment 99 years Dec 10 1,163 2,632,183 - 2,264 2017 ResaleTHE CLIFT Apartment 99 years Dec 3 775 1,480,000 - 1,910 2011 ResaleTHE SAIL @ MARINA BAY Apartment 99 years Dec 5 861 1,620,000 - 1,881 2008 ResaleTHE SAIL @ MARINA BAY Apartment 99 years Dec 9 689 1,388,000 - 2,015 2008 ResaleDistrict 2 BLAIR PLAIN CONSERVATION AREA Terrace Freehold Dec 9 1,292 4,650,000 - 3,591 Unknown ResaleSKY EVERTON Apartment Freehold Dec 3 506 1,238,000 - 2,447 Uncompleted New SaleSKY EVERTON Apartment Freehold Dec 6 463 1,212,000 - 2,619 Uncompleted New SaleDistrict 3 ARTRA Apartment 99 years Dec 5 1,227 2,342,300 - 1,909 Uncompleted New SaleARTRA Apartment 99 years Dec 5 1,227 2,226,000 - 1,814 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Dec 6 1,496 3,205,000 - 2,142 Uncompleted New SaleMARGARET VILLE Apartment 99 years Dec 3 657 1,264,592 - 1,926 Uncompleted New SaleMARGARET VILLE Apartment 99 years Dec 3 1,184 2,182,754 - 1,843 Uncompleted New SaleMARGARET VILLE Apartment 99 years Dec 8 915 1,633,005 - 1,785 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Dec 3 657 1,235,000 - 1,881 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Dec 4 1,055 1,992,000 - 1,888 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Dec 4 689 1,352,000 - 1,963 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Dec 5 1,055 1,931,000 - 1,831 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Dec 7 441 918,000 - 2,080 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Dec 7 678 1,387,000 - 2,045 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Dec 7 678 1,399,000 - 2,063 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Dec 8 441 906,000 - 2,053 Uncompleted New SaleTANGLIN VIEW Condominium 99 years Dec 3 1,152 1,508,000 - 1,309 2001 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Dec 4 2,723 4,750,000 - 1,744 2004 ResaleTHE INTERLACE Condominium 99 years Dec 9 1,819 2,380,000 - 1,308 2013 ResaleTHE PEARL @ MOUNT FABER Condominium 99 years Dec 3 1,389 1,666,800 - 1,200 2005 ResaleDistrict 5 BLUE HORIZON Condominium 99 years Dec 5 1,152 1,225,000 - 1,064 2005 ResaleDOVER PARKVIEW Condominium 99 years Dec 9 1,249 1,400,000 - 1,121 1997 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years Dec 6 474 800,000 - 1,689 Uncompleted New SalePARC CLEMATIS Apartment 99 years Dec 3 689 1,083,000 - 1,572 Uncompleted New SalePARC CLEMATIS Apartment 99 years Dec 3 517 873,000 - 1,690 Uncompleted New SalePARC CLEMATIS Apartment 99 years Dec 4 624 832,000 - 1,333 Uncompleted New SalePARC CLEMATIS Apartment 99 years Dec 6 1,711 2,771,000 - 1,619 Uncompleted New SalePARC CLEMATIS Apartment 99 years Dec 7 721 1,151,000 - 1,596 Uncompleted New SaleTHE INFINITI Condominium Freehold Dec 6 1,346 1,360,000 - 1,011 2008 ResaleWHISTLER GRAND Apartment 99 years Dec 7 614 902,000 - 1,470 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Dec 8 1,281 1,753,160 - 1,369 Uncompleted New SaleDistrict 7 MIDTOWN BAY Apartment 99 years Dec 3 743 1,890,000 1,854,000 2,496 Uncompleted New SaleMIDTOWN BAY Apartment 99 years Dec 3 1,023 2,920,600 2,848,600 2,786 Uncompleted New SaleMIDTOWN BAY Apartment 99 years Dec 6 484 1,438,600 1,402,600 2,896 Uncompleted New SaleSOUTH BEACH RESIDENCES Apartment 99 years Dec 5 2,002 6,148,560 - 3,071 2016 ResaleDistrict 8 CITY SQUARE RESIDENCES Condominium Freehold Dec 4 1,518 2,000,000 - 1,318 2009 ResaleDistrict 9 CAIRNHILL CREST Condominium Freehold Dec 4 1,733 3,810,000 - 2,198 2004 ResaleEURO-ASIA COURT Apartment Freehold Dec 5 1,066 1,700,000 - 1,595 1994 ResaleHIJAUAN Apartment Freehold Dec 3 1,001 1,950,000 - 1,948 2015 ResaleMARTIN MODERN Condominium 99 years Dec 3 764 1,949,800 - 2,551 Uncompleted New SaleMARTIN MODERN Condominium 99 years Dec 6 764 1,993,100 - 2,608 Uncompleted New SaleRICHMOND PARK Condominium Freehold Dec 6 1,012 2,750,000 - 2,718 1996 ResaleSCOTTS SQUARE Apartment Freehold Dec 3 1,227 4,680,000 - 3,814 2011 ResaleTHE QUAYSIDE Apartment 99 years Dec 3 1,313 1,850,000 - 1,409 1998 ResaleTHE QUAYSIDE Apartment 99 years Dec 5 1,647 2,300,000 - 1,397 1998 ResaleUE SQUARE Apartment 929 years Dec 5 1,055 1,838,000 - 1,742 1997 ResaleDistrict 10 ALLSWORTH PARK Condominium 999 years Dec 5 1,033 1,550,000 - 1,500 1985 ResaleCUSCADEN RESERVE Condominium 99 years Dec 5 926 3,460,960 - 3,739 Uncompleted New SaleDE LENTE Apartment Freehold Dec 10 1,023 1,550,000 - 1,516 2002 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years Dec 3 484 1,103,000 - 2,277 Uncompleted New SaleJALAN AMPANG Semi-Detached Freehold Dec 5 5,909 7,400,000 - 1,252 Unknown ResaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 3 1,098 2,883,161 2,868,745 2,613 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 3 484 1,360,564 1,353,761 2,795 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 4 689 1,916,512 1,906,929 2,768 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 4 807 2,429,971 2,417,821 2,995 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 5 829 2,251,662 2,240,403 2,703 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 6 797 2,128,030 2,117,389 2,658 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 6 2,088 6,415,910 - 3,072 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 7 484 1,374,950 1,368,075 2,824 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 7 484 1,318,721 1,312,127 2,709 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 7 484 1,357,231 1,350,444 2,788 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 7 484 1,409,192 1,402,146 2,895 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 7 829 2,105,628 2,095,099 2,528 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 7 807 2,480,974 2,468,569 3,058 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 8 484 1,379,422 1,372,524 2,834 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Dec 8 807 2,412,300 2,400,238 2,973 Uncompleted New Sale
Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8Orchard/Tanglin/Holland 9 and 10Newton/Bukit Timah/Clementi 11 and 21Balestier/MacPherson/Geylang 12 to 14East Coast 15 and 16Changi/Pasir Ris 17 and 18Serangoon/Thomson 19 and 20West 22 to 24North 25 to 28
EDGEPROP | DECEMBER 23, 2019 • EP11
unit. When the tower with 231 units was substantially sold at the end of July that year, Tower 1 was launched where units were sold at high prices starting from $2,450 psf or $1.4 million for a 570 sq ft one-bedroom unit.
Both towers were launched with the DPS, but they came with strings attached and also a 3% price premium over units sold under the normal payment scheme. There were also two different alterna-tives. Originally the DPS were for two years but were extended to three years.
In the first DPS package, a 10% book-ing fee was paid upfront followed by an-other 10% (to be paid a fortnight later) when the option to purchase was signed. A further $1,000 was due upon receiving vacant possession of the unit. The new owner could either move in or rent out the unit immediately. The balance 80% was deferred for two- or three-years later when the option was exercised.
In the second DPS option, a 20% down payment was due upon signing the option to purchase. Exercising the option to purchase was deferred un-til December 30, 2016. Upon exercis-ing the option to purchase, an addi-
tional $1,000 was payable to obtain vacant possession of the unit. The balance 80% would be due two- or three- years later.
If buyers could not complete their purchase by the end of the two- or three-year period, their 20% down payment and $1,000 would be forfeited.
Initial buyersBut it’s not just those who purchased un-der the DPS who suffered losses. Those who purchased units when OUE Twin Peaks was first launched in late 2010 to 2011 at prices ranging from $2,702 to over $3,000 psf also took a hit when they offloaded their units in the resale market recently.
These sales made up the remaining three of the eight loss-making deals reg-istered in the 2018-2019 period (See Ta-ble). For instance, a 571 sq ft, one-bed-room unit on the 18th floor was sold in April for $1.53 million ($2,682 psf). It was purchased for $1.66 million ($2,910 psf) in September 2010.
Another 571 sq ft unit was sold for $1.608 million ($2,819 psf) in July 2018. It was purchased for $1.68 million ($2,945 psf) in Jan 2011. Meanwhile, a
neighbouring 571 sq ft unit changed hands for $1.54 million ($2,699 psf) three months earlier in April 2018. It was also purchased for $1.68 million ($2,945 psf) in Jan 2011.
“The initial launch prices were at a premium because the project has a prime District 9 address, the units are fully furnished, and the project was well executed,” says Lighthouse Property Consultants managing direc-tor Samuel Eyo. “When the project was first launched in late 2010-2011, property cooling measures such as the higher ABSD [additional buyer’s stamp duty], tighter borrowing limits for home loans and the TDSR [total debt servicing ratio] loan framework weren’t introduced yet,” he continues.
Owners in the resale market are also facing stiff competition from new launches in the prime districts, ranging from 99-year leasehold pro-jects such as Martin Modern, Riviere and Cuscaden Reserve to the freehold ones like 120 Grange, 8 St Thomas and 3 Cuscaden. “In a buyer’s mar-ket, these individual sellers do not have the same price advantage that developers have,” says Eyo.
PROJECT NAME PROPERTY TYPE TENURESALE DATE
(2019)LAND AREA/
FLOOR AREA(SQ FT)TRANSACTED
PRICE ($)NETT PRICE
($ PSF)UNIT PRICE
($ PSF)COMPLETION
DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURESALE DATE
(2019)LAND AREA/
FLOOR AREA(SQ FT)TRANSACTED
PRICE ($)NETT PRICE
($ PSF)UNIT PRICE
($ PSF)COMPLETION
DATE TYPE OF SALE
Residential transactions with contracts dated Dec 3 to 10
THE FLORENCE RESIDENCES Apartment 99 years Dec 8 1,098 1,487,000 - 1,354 Uncompleted New SaleTHE LUXURIE Condominium 99 years Dec 5 1,001 1,138,000 - 1,137 2015 ResaleDistrict 20 GRANDEUR 8 Condominium 99 years Dec 3 1,410 1,490,000 - 1,057 2005 ResaleGRANDEUR 8 Condominium 99 years Dec 6 1,195 1,350,000 - 1,130 2005 ResaleJADESCAPE Condominium 99 years Dec 5 904 1,476,000 - 1,632 Uncompleted New SaleJADESCAPE Condominium 99 years Dec 6 904 1,455,000 - 1,609 Uncompleted New SaleJADESCAPE Condominium 99 years Dec 7 1,055 1,819,000 - 1,724 Uncompleted New SaleJADESCAPE Condominium 99 years Dec 8 527 860,000 - 1,631 Uncompleted New SaleJADESCAPE Condominium 99 years Dec 8 764 1,311,000 - 1,715 Uncompleted New SaleSKY VUE Condominium 99 years Dec 10 797 1,368,000 - 1,717 2016 ResaleTHOMSON GRAND Condominium 99 years Dec 3 1,399 1,730,000 - 1,236 2015 ResaleDistrict 21 FLORIDIAN Condominium Freehold Dec 3 1,722 3,100,000 - 1,800 2012 ResaleHUME PARK I Condominium Freehold Dec 6 1,346 1,430,000 - 1,063 1995 ResaleHUME PARK II Condominium Freehold Dec 5 1,249 1,545,000 - 1,237 1997 ResaleMEADOWLODGE Condominium 99 years Dec 6 1,410 1,650,000 - 1,170 2004 ResaleSIGNATURE PARK Condominium Freehold Dec 4 1,033 1,350,000 - 1,306 1998 ResaleTHE CASCADIA Condominium Freehold Dec 6 3,961 4,680,000 - 1,181 2010 ResaleTHE CASCADIA Condominium Freehold Dec 10 883 1,610,000 - 1,824 2010 ResaleDistrict 22 LAKEVILLE Condominium 99 years Dec 5 635 905,000 - 1,425 2017 ResalePARC VISTA Condominium 99 years Dec 4 1,055 900,000 - 853 1997 ResalePARC VISTA Condominium 99 years Dec 6 1,249 1,015,000 - 813 1997 ResaleDistrict 23 BLOSSOM RESIDENCES EC 99 years Dec 4 1,055 910,000 - 863 2014 ResaleKINGSFORD . HILLVIEW PEAK Condominium 99 years Dec 5 829 1,158,000 - 1,397 2017 Sub SaleMAYSPRINGS Apartment 99 years Dec 10 1,550 1,300,000 - 839 1998 ResaleMERAWOODS Condominium 999 years Dec 3 1,421 1,515,000 - 1,066 1999 ResaleMONT BOTANIK RESIDENCE Condominium Freehold Dec 3 947 1,592,640 - 1,681 Uncompleted New SalePALM GARDENS Condominium 99 years Dec 3 1,432 1,075,000 - 751 2000 ResaleTHE LANAI Condominium 999 years Dec 3 1,109 1,380,000 - 1,245 2014 ResaleVILLA VERDE Terrace 99 years Dec 6 1,615 1,480,000 - 917 2000 ResaleDistrict 25 CENTURY WOODS Terrace 99 years Dec 6 1,615 1,580,000 - 979 2001 Resale
NORTHOAKS EC 99 years Dec 4 1,292 795,000 - 615 2000 ResaleNORTHOAKS EC 99 years Dec 9 1,432 880,000 - 615 2000 ResalePARC ROSEWOOD Condominium 99 years Dec 3 603 655,000 - 1,087 2014 ResaleDistrict 26 CASTLE GREEN Condominium 99 years Dec 6 1,410 1,320,000 - 936 1997 ResaleCASTLE GREEN Condominium 99 years Dec 10 1,410 1,330,000 - 943 1997 ResaleHONG HENG MANSIONS Apartment Freehold Dec 6 926 793,000 - 857 1996 ResaleTHE CALROSE Condominium Freehold Dec 4 1,238 1,740,000 - 1,406 2007 ResaleTHE SPRINGSIDE Terrace Freehold Dec 6 1,711 2,520,000 - 1,471 2008 ResaleDistrict 27 LILYDALE EC 99 years Dec 9 1,195 780,000 - 653 2003 ResaleTHE CANOPY EC 99 years Dec 9 1,023 855,000 - 836 2014 ResaleWATERCOVE Terrace Freehold Dec 5 3,488 2,500,000 - 717 2019 New SaleDistrict 28 BELGRAVIA GREEN Semi-Detached Freehold Dec 4 4,004 3,943,000 - 985 Uncompleted New SaleHIGH PARK RESIDENCES Apartment 99 years Dec 4 441 575,000 - 1,303 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Dec 4 452 600,000 - 1,327 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Dec 9 1,001 1,250,000 - 1,249 2019 Sub SaleHOCK SWEE HILL Semi-Detached Freehold Dec 6 3,897 3,550,000 - 912 1979 ResaleLUXUS HILLS Terrace 999 years Dec 3 1,615 3,062,000 - 1,896 2018 ResaleMIMOSA GARDENS Semi-Detached Freehold Dec 5 3,703 4,100,000 - 1,106 2003 ResalePARC BOTANNIA Condominium 99 years Dec 3 786 1,024,100 - 1,303 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 4 980 1,296,540 - 1,324 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 4 980 1,401,000 - 1,430 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 4 872 1,182,000 - 1,356 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 6 980 1,328,000 - 1,356 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 8 786 1,073,100 - 1,366 Uncompleted New SaleSELETAR PARK RESIDENCE Condominium 99 years Dec 5 1,076 1,170,000 - 1,087 2015 Resale
SPOTLIGHT
Source: URA Realis. Updated Dec 17, 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.
DONE DEALS
FROM PAGE EP3
E
The master bathroom of a three-bedroom show unit at OUE Twin PeaksThe master bedroom of a three-bedroom show unit at OUE Twin Peaks
PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
Landscaped grounds and pools designed by acclaimed architect and landscape designer Bill Bensley
EP12 • EDGEPROP | DECEMBER 23, 2019
UNDER THE HAMMER
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Great Free Hold Investment Opportunity. Rare! Rare! Rare Strata Food Production Factory. Size 2,600 sq ft. No ABSD No SSD only 3% industrial property Stamp Duty. S’porean, PR, Entity & Foreigner can own. Good rental income. Sale $3.2 million.
Jerry Lum ERA REALTY NETWORK PTE LTDR024730A 65 8288 0098
$10,298,000St Thomas SuitesD9 ST. THOMAS WALK | Freehold Size(sqft): 4,672 | PSF: $2,204 Bedroom: 6
True 2-Sty Bungalow in the SKY ! 6 + 1 Bedrooms, FH, Dist. 9. Private Lift, Panoramic City & Sea View! Near Somerset MRT, Near ION Orchard, Paragon, Takashimaya, Great World City mall. Prestigious Anglo-Chinese School, River Valley Primary School, SCGS, SJI.
Martin Goh ELITEHILL REAL ESTATE PTE. LTD.R001839F 65 9320 2020
| BY BONG XIN YING |
A three-storey cluster bungalow at Lornie 18 will be put up for its fourth auction by Knight Frank Singapore on Jan 20 next year, at a guide price of $5 million ($1,060
psf). At its previous auctions, it was listed at a guide price of about $4.9 million ($1,039 psf). As there was no bid at its most recent auction on Dec 9, the property was withdrawn.
Completed in 2009, Lornie 18 is a freehold cluster housing development in prime Dis-trict 11. Developed by Clydesbuilt Capital, it comprises a total of 18 units.
The 4,715 sq ft property will be sold with vacant possession. The owners, a married couple, are looking to downsize, according to Noelle Tan, auction and sales manager at Knight Frank Singapore. They have always lived in the house.
She also notes that if the new owner choos-es to lease out the house, the current own-
ers would stay on until they find a suitable property to move into.
The property comprises four en suite bed-rooms, and has a basement and a roof ter-race. There are also a private carpark as well as a lift. The living room, the master bed-room, and the second bedroom face the 25m pool, which is surrounded by trees and is in a “peaceful” setting, says Tan.
The owners enjoy the resort-like setting in the development, says Tan. Furthermore, the development, a five-minute drive from the MacRitchie Reservoir, is surrounded by parks and golf courses, and the area is “great” for walking and jogging, she adds.
Lornie 18 is also near reputable schools. It is a 10-minute drive from Raffles Girls’ Primary School, Nanyang Girls’ High School, National Junior College, and Hwa Chong Institution.
According to a caveat lodged with URA Realis, the house for sale was previously purchased in August 2007 for $5.43 million ($1,150 psf). Knight Frank’s Tan says that
the valuation for the house is at $5.3 mil-lion ($1,124 psf), while other units within the same development are asking for about $5.2 million to $7 million. “The owner is sell-ing at below valuation,” she says.
Tan adds: “Cluster houses have always ap-pealed to a very niche group of people who want to own a landed property, enjoy communal fa-cilities like a lap pool, and security, and care for the gardens, building facade and roof.”
PICTURES: KNIGHT FRANK SINGAPORE
Lornie 18 bungalow up for sale at $5 mil
The 4,715 sq ft, three-storey cluster bungalow at Lornie 18 will be up for its fourth auction on Jan 20 The dining area of the property
