THE WEEK OF OCTOBER 1, 2012

Riversails previews
at $827 psf
Developer Allgreen Properties offering
high-end nishings for suburban condo
Katong Junction
for sale at $62 mil
Potential buyers range from end-users
and investors to developers and hoteliers
Selective interest
in luxury condos
Ardmore Park, Nassim Park Residences
and Marina Bay Suites top $3,000 psf
Following the sale of a major stake in holding company
Cheong Hock Chye, the leading property consultancy is
focusing on grooming the next generation to take the helm
Knight Franks self-renewal
Knight Frank group managing director Danny Yeo (left) and
executive chairman Tan Tiong Cheng
CC2 THEEDGE SINGAPORE | OCTOBER 1, 2012
CITY&COUNTRY PROPERTY BRIEFS

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Home
( Offshore
HDB, URA release residential sites
for 1,375 units
HDB and URA announced on Sept 26 the launch of
two executive condominium (EC) sites and a private
residential site for sale. The three sites are expected
to yield a total of 1,375 residential units. The two EC
sites are at Sengkang West Way and Pasir Ris Drive
3, and were launched under the Confirmed List of
the Government Land Sales (GLS) Programme. The
private residential site is at Alexandra View and is
available for application on the Reserve List.
The 99-year leasehold EC site at the junction of
Sengkang East Way and Fernvale Link has an area
of 151,800 sq ft, a gross plot ratio (GPR) of 3.0 and
a maximum allowable gross floor area (GFA) of
455,300 sq ft. It can accommodate about 420 units.
The tender closes on Nov 8. The site is close to the
Fernvale LRT station, where the upcoming Seletar
Mall is slated for completion at end-2014. SLP In-
ternational Property Consultants Nicholas Mak ex-
pects the site to draw three to seven bids, with the
top bid to range from $132 million to $150 million,
or $290 to $330 psf ppr.
The second 99-year leasehold EC site, at the junc-
tion of Pasir Ris Drive 3 and Pasir Ris Rise, has an
area of 297,700 sq ft, a GPR of 2.1 and a maximum
allowable GFA of 625,200 sq ft. It can yield about 580
units. The tender closes on Nov 22. Knight Franks
Png Poh Soon expects cautious bids from developers,
owing to strong competition from adjacent new condo
launches such as Sea Esta, Ripple Bay and Watercol-
ours. He expects the site to draw five to seven bids,
with a top bid of $295 to $305 psf ppr, and estimates
a selling price of between $740 and $750 psf.
The third site at Alexandra View has an area of
about 70,000 sq ft, a GPR of 4.9 and a maximum
GFA of 342,900 sq ft. According to SLPs Mak, the
site is unlikely to be triggered for tender within
the next year, owing to the record price of $960 psf
ppr achieved for the recent tender of the condo site
at Prince Charles Crescent nearby, by a Wing Tai-led
consortium. A reasonable price for the site would
range from $291 million to $320 million, or $850 to
$933 psf ppr, he adds. Based on recently transacted
prices at the nearby Ascentia Sky and The Metropol-
itan Condominium of $1,505 and $1,345 psf respec-
tively, Mak expects that a new project on the site to
be launched at prices above $1,400 psf.
URA awards Prince Charles Crescent
residential site to Wing Tai-led consortium
URA has awarded the tender for the residential site
at Prince Charles Crescent to a consortium compris-
ing Wing Tai Holdings, Metro Australia Holdings and
Maxdin Pte Ltd. The consortium submitted the high-
est bid of $516.3 million, or $960.3
psf ppr. The price is considered by
property analysts to be a record. In
a press release, Wing Tais deputy
chairman, Edmund Cheng said the
project would be a new, differen-
tiated residential development in
response to demand from a high-
ly discerning mid-end segment of
the market.
Thomson Road white site
triggered for tender
URA has accepted an application
from a developer to put up for sale
by public tender a white site lo-
cated at the junction of Thomson
and Irrawaddy Roads. The developer has commit-
ted to bid at a minimum price of $211.3 million for
the site. The 71,900 sq ft site has a maximum GFA
of 301,900 sq ft and a maximum building height of
153m above sea level. Thirty per cent of the maxi-
mum GFA is to be allocated for hotel use, while the
remaining GFA can be developed for residential, of-
fice, retail and other commercial uses.
Dairy Farm site awarded at $616 psf ppr
URA has awarded the tender for the residential site
at Dairy Farm Road to First Shine Properties, a sub-
sidiary of Hock Lian Seng Holdings, and Meadows
Bright Development, a company jointly owned by
TA Corp, King Wan Corp and Far East Distillers.
The consortium submitted the highest bid of $244.3
million, or $616 psf ppr, for the 99-year leasehold
residential site with an area of 188,900 sq ft and a
maximum GFA of 396,600 sq ft. Located within the
Dairy Farm Estate, the site could yield about 400
residential units, according to a joint press release
from the four partners.
Playfair Road industrial building
going for $36 mil
Pak Chong Building (left), at 78
Playfair Road, has been launched
for sale by tender. The 25,800 sq ft
freehold industrial redevelopment
site has a GPR of 2.5, a maximum
GFA of 64,454 sq ft and is zoned
for Business 1 use. The guide price
of $36 million translates into a
land price of $559 psf ppr, assum-
ing that no development charge
is payable. The existing building
has seven units, with sizes ranging
from 4,800 to 6,800 sq ft. The site
is about 250m from the Tai Seng
MRT station. The tender closes on
Oct 24 and Knight Frank is the sole
marketing agent.
JTC launches three new sites
On Sept 28, JTC launched three sites under the In-
dustrial GLS Programme. One of the three sites is lo-
cated at Serangoon North Avenue 5, while the other
two are at Tuas South Street 8. The sites have been
put up for sale by tender, which closes on Nov 23.
The 0.75ha site at Serangoon North has a 30-year
lease and a maximum GPR of 2.5, and is zoned for
Business 1 use. The other two sites at Tuas South
are both 0.30ha, have leases of 22 years and eight
K-REIT Asia acquires 50% of
new office tower in Perth
K-REIT Asia has acquired a 50% interest in a new
office tower that will be built on the Old Treas-
ury Building site, located within Perths CBD. Mir-
vac Group will hold the other 50% interest in the
property. The consideration for the transaction is
$165 million and will be funded by debt. The new
office tower will be a 35-storey premium Grade-A
building with a net lettable area of about 331,500
sq ft and 203 car-park spaces. Upon completion in
2H2015, the tower will be 98% leased to the Gov-
ernment of Western Australia, which has commit-
ted to a 25-year lease with an option for another 25
years. The acquisition is expected to be income-ac-
cretive upon the completion of the transaction and
to generate a 7% yield for unitholders during the
development period and a 7.15% yield when the
lease commences.
Sydneys 8 Chifley Square topped off
Mirvac Group and K-REIT Asia officially topped off
8 Chifley Square in Sydney on Sept 25 to mark the
completion of the main structural works. Located in
the Sydney CBD, the 34-storey tower has an NLA of
205,600 sq ft of premium office space. The project
is expected to be completed next August, with the
cost of the construction estimated at $330 million.
The tower was designed by renowned architects
Rogers Stirk Harbour + Partners.
The building is said to offer adaptable work-
spaces called sky villages that allow a variety of
workspace configurations spanning three storeys.
More than 40% of the office space has already
been leased to Australian law firm Corrs Cham-
bers Westgarth.
The Distillery Crescent in Greenwich
launches in Singapore
Galliard Homes is launching The Distillery Cres-
cent (above) in Singapore over the weekend of Sept
29 and 30. The project comprises 92 SOHO apart-
ments on the ground level, with a mix of one- to
three-bedroom apartments on the first to 10th lev-
els. All the units are said to have panoramic views
of London.
The project is located near the prestigious Royal
Borough of Greenwich, where there are many res-
taurants, shops and historic buildings such as the
Royal Naval College, Royal Observatory, Maritime
Greenwich (a Unesco World Heritage Site since 1997)
and Londons oldest royal parkland. The project is
in SE8 and adjacent to the Docklands Light Railway.
Apartments in The Distillery start from 220,000
($438,000). Fraser & Co and CBRE are the joint mar-
keting agents for the project, which will be show-
cased at the Ritz-Carlton Singapore.
E&O to launch RM2.5 bil worth
of projects in the next 18 months
Malaysia-listed lifestyle property developer East-
ern & Oriental Bhd (E&O) expects to launch prop-
erties worth about RM2.5 billion ($1 billion) over
the next 12 to 18 months. These include projects
in Iskandar Malaysia and London, as well as Pen-
ang and Kuala Lumpur. We will also be focusing
on launches at our new land banks in the coming
year, says E&O deputy managing director Eric Chan
in his address to shareholders at the companys an-
nual general meeting in Bukit Kiara, Kula Lumpur
on Sept 27. In fact, half of the targeted sales value
over the next 18 months will come from Iskandar
Malaysia and London.
In Iskandar Malaysia, the 210-acre wellness-
themed development at Medini is expected to
launch its first phase of terraced homes in 1H2013.
In London, E&Os maiden purchase was the prime
freehold Princes House property in Londons West-
minster Borough. It plans to refurbish the building
and convert it for alternative use. In Penang, E&O
is launching RM1.2 billion worth of Andaman con-
dos in the Seri Tanjong Pinang development. In
Kuala Lumpur, the developer is targeting to launch
a RM400 million condo project on Jalan Yap Kwan
Seng. Compiled by Gwyneth Yeo
EDITOR
Ben Paul
SECTION EDITOR
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COPY-EDITING DESK
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Bryan Tay
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Correction
In the special feature, Tropicana Gardens ups
the ante in Malaysia (Issue #542, Sept 24), the
correct name of the project in Iskandar Malaysia
should be Tropicana Danga Bay. Dijaya would also
like to clarify that the site on which Tropicana
Gardens in Kota Damansara is located is 17 acres
and not as stated.
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CC4 THEEDGE SINGAPORE | OCTOBER 1, 2012
CITY&COUNTRY
| BY CECILIA CHOW |
A
llgreen Properties has typically been
focused on the prime districts, with
projects such as the newly complet-
ed 235-unit Viva on Thomson Road,
the 536-unit Cascadia at Bukit Ti-
mah and the 360-unit Skysuites@Anson. On
Sept 29, it will preview its mass-market con-
dominium, the 920-unit Riversails on Upper
Serangoon View.
While most developers of suburban projects
are focusing on creating compact units target-
ed at the HDB upgrader market, Allgreen has
decided to provide quality finishings and spa-
cious layouts more akin to high-end condos in
prime districts, says Yong Voon Chen, director
of sales and marketing at Allgreen.
The developer has engaged Patty Mak of
Suying Design to plan the space layout as well
as the interiors of the apartments. Among prop-
erty developers, Mak has been the preferred
name for high-end projects, having taken on
projects such as Allgreens Viva and Skysuites@
Anson, Lippo Groups Centennia Suites, OUEs
Twin Peaks at Leonie Hill and Sing Holdings
The Laurels at Cairnhill.
At Riversails, there are only 84 one-bed-
room units of 505 to 516 sq ft. The one-bed-
room units will have timber flooring and a wall
partition that can slide to close off the mas-
ter bedroom from the living and dining area.
Unlike most projects, even the one-bedroom
unit will be provided with a utility or storage
room. The transformer kitchen is designed
Riversails previews at $827 psf
so that it can be hidden from view when not
in used, which is similar to what is being of-
fered at Allgreens Skysuites@Anson.
An integrated refrigerator and oven will be
provided for the one-bedroom units, which
are designed such that the living area can fit
a three-seater sofa, says Yong. The household
shelter for one-bedroom units is located in the
stairwell, so there is a lot of usable space even
in a 505 sq ft apartment.
For units other than the one-bedroom apart-
ments, all bedrooms can fit a queen-sized bed,
adds Yong. We try to provide space and proper
bedroom sizes. Every unit has marble floor-
ing and a balcony adjoining the living room,
spacious enough to fit a table and chairs, and
also to allow natural light into the rest of the
apartment. Bathrooms are provided with stor-
age cabinets, under-counter lights and Durav-
it sanitary ware.
The majority of the units in the project
are two-bedroom units of 850 to 893 sq ft,
2-bedroom+study units of 914 to 947 sq ft
and three-bedroom units of 1,033 to 1,108 sq
ft. There are also 65 four-bedroom units of
1,367 sq ft. The showflats depict typical one-,
three- and four-bedroom units, as well as two-
bedroom+study apartments. We try to intro-
duce features on how to make use of space and
full-height windows to create display areas or
additional storage space, says Yong.
In the vicinity of Riversails, on Upper Seran-
goon Road, is another 99-year leasehold condo
the 493-unit Boathouse Residences, devel-
oped jointly by Frasers Centrepoint, Far East
Organization and Sekisui House. The project
was launched last August. As at the end of this
August, 83% of the units have been sold at a
median price of $907 psf.
Meanwhile, located directly across the road
from Riversails is Heron Bay, a project that is
positioned as a deluxe executive condo (EC).
On Sept 24, the joint venture that is develop-
ing Heron Bay CNH Investment, Evia Real
Estate Management, Ho Lee Group and See
Hup Seng announced that there were a to-
tal of 1,664 applications for the 394 units in
the project at the close of the week-long e-ap-
plication on Sept 23. Hence, the project was
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The showflat of a typical 1,367 sq ft,
four-bedroom unit at Riversails
The
Bat
Yong: At Riversails, Allgreen Properties is providing
quality finishings and spacious layouts more akin to
high-end condos in prime districts
Tan: More than 80% of the units in the development
are priced attractively, at under $1 million
CITY&COUNTRY
THEEDGE SINGAPORE | OCTOBER 1, 2012 CC5
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The EC boasts luxury design features and
amenities, such as European designer kitch-
en appliances and sanitary ware. Some of the
ground-floor units have living rooms that feature
en-suite pool and Jacuzzi. There are also five-
bedroom units, which is a rarity for EC projects,
as well as units with dual-key options.
Typical unit sizes at Heron Bay range from
775 sq ft for a standard two-bedroom unit to
1,023 sq ft to 1,356 sq ft for a three-bedroom
apartment. Standard four-bedroom units are
1,281 to 1,356 sq ft. Meanwhile, typical five-
bedroom units are 1,496 sq ft. Those with
en- suite pool, Jacuzzi or garden have slight-
ly larger units.
At Riversails, a first phase of 309 units will be
released at an average of $827 psf. This means
that two-bedroom units will be from $677,000
($796 psf), while two-bedroom+study units
will be from $741,000 ($811 psf). Meanwhile,
three-bedroom units will start from $879,000
($793 psf) and four-bedroom units, from about
$1.15 million ($845 psf), says Joseph Tan, ex-
ecutive director of residential at CBRE, joint
marketing agents for the project with Knight
Frank and DTZ. More than 80% of the units
in the development are priced attractively, at
under $1 million, adds Tan.
Moreover, at an average of $827 psf, the
price differential between Riversails and Her-
on Bay is less than 15%, says Tan. Obviously,
there are some who say that with the house-
hold income ceiling for ECs raised to $12,000
a month, there will be many who will switch
to ECs. However, if the price differential be-
tween an EC and a private condo across the
road is less than 15%, buyers may reconsider.
After all, unlike ECs, private condos do not
come with restrictions, notes Tan.
ECs are a hybrid product, designed as
a private condo with facilities, but own-
ers are subject to HDB rules. Buyers of ECs
have to stay for a minimum of five years be-
fore they can sell in the secondary market,
which is similar to the condition for buying
an HDB flat. And after the fifth year, own-
ers are only allowed to sell to Singaporeans
and Permanent Residents. ECs can only be
traded like any other 99-year leasehold con-
do, with foreigners being allowed to buy af-
ter the 10th year.
In terms of unit sizes, two-bedroom units
at Riversails are 893 sq ft comparable with
the compact three-bedroom units in some new
suburban condos, says CBREs Tan. And as for
the three-bedroom units, which are around
1,100 sq ft, they are the size of some compact
four-bedroom units in mass-market projects.
At the moment, we have quite a lot of inter-
est in the project, says CBREs Tan.
Riversails is expected to be completed in
2017. For the first two years after completion,
the developer will provide free shuttle serv-
ice to the Hougang MRT station. The Upper
Serangoon area is more accessible and closer to
Hougang Central, notes Wendy Tang, director
of residential services at Knight Frank.
There has been concern among buyers
about oversupply in the mass market, given
the number of government land sites being re-
leased. CBREs Tan is confident that the mass
market will be sustainable. Every year, for
the last three years, the number of new homes
sold has either been equal to, or exceeded the
previous years, he observes. And this year
is expected to be a bumper year, with some
18,000 to 20,000 new units sold for the full year,
compared with about 16,000 in the previous
two years. So, its still sustainable. As long as
interest rates are next to nothing, where else
can you put your money?
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The showflat of a 2-bedroom+study unit
Bathrooms are provided with storage cabinets, under-counter lights, and Duravit sanitary ware
A typical three-bedroom unit at Riversails, where all units come with wide frontage and balcony to allow
natural light into the rest of the apartment
The master bedroom and bathroom of a three-bedroom unit
E
CITY&COUNTRY
CC6 THEEDGE SINGAPORE | OCTOBER 1, 2012
COVERSTORY
| BY CECILIA CHOW |
T
an Tiong Cheng, executive
chairman of leading prop-
erty consulting firm Knight
Frank, plays golf regularly
with his friend, David Lum,
executive chairman of listed prop-
erty group LC Development. Dur-
ing a typical round of golf one day
last year, Lum asked Tan whether
he would be interested in selling a
stake in Knight Frank. I thought he
was joking, but he wasnt, recounts
Tan, 62. He was serious.
The unexpected offer was tabled to
the other six shareholders of Cheong
Hock Chye (CHC), the privately held
company that owns a 55% stake in
Knight Frank. The shareholders, in-
cluding group managing director Dan-
ny Yeo, 59, are veterans at Knight
Frank and they agreed to the sale.
Last September, they sold an 80%
stake in CHC to LC Development for
$34.121 million, which, following a
subsequent agreement in December,
was revised to $30.636 million.
The sale will be done in two tran-
ches, according to Tan. The 80% stake
in CHC sold to LC Development last
year was based on five times the ave-
rage gross profits over the previous
five years, plus 80% of the net tan-
gible assets. The option for LC De-
velopment to purchase the remain-
ing 20% stake in CHC will be three
years later, with the price based on
the same formula.
Some questioned whether there
was a possible conflict of interest
arising from the sale, given that LC
Development, as its name seems to
suggest, is a property development
company, and Knight Frank is a prop-
erty consultant, whose main clients
are property developers. However,
Tan gave the assurance that there
was hardly any cause for concern.
LC Development is a very interesting
creature, he says. Its not a proper-
ty development company and hasnt
developed a project in Singapore in
the last 10 years.
In fact, over the past decade, LC
Development has focused mainly on
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Following the sale of a major stake in holding company
Cheong Hock Chye, the leading property consultancy is
focusing on grooming the next generation to take the helm
Knight Franks
self-renewal
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The
The 486-unit Parc Olympia at Flora Drive is 70% sold
the hospitality sector, and most of its
assets are hotels. The company re-
sulted from a de-merger from Lum
Chang Holdings in 2005. At the time,
all the hotel assets of Lum Chang were
injected into LC Development. The
sale of Crowne Plaza Changi Airport
to OUE for $299.5 million last April,
by LC Development and LaSalle In-
vestment Management, also means
the firm no longer has any assets in
Singapore. The hotels in LC Develop-
ments portfolio include the Crowne
Plaza in Kensington, London, the
Holiday Inn Phuket and Holiday Inn
City Centre in Guangzhou. These ho-
tels are managed by the InterConti-
nental Hotels Group (IHG). LC De-
velopment also owns two serviced
apartment properties: the Cityview
Apartments and Commercial Centre
in Ho Chi Minh City, Vietnam and
Parkview Executive Suites in Vien-
tiane, Laos. In April, LC Development
acquired Evason Phuket Resort and
Bon Island in Phuket for THB1.4 bil-
lion ($58.8 million).
One could say LC Developments
Tan
Knight Frank had traditionally focused on the upper tier of the
residential segment, but has since moved into mass-market
projects, in line with activity in this segment.
purchase of Knight Frank was large-
ly based on the value of the brand.
According to Tan, LC Development
LC Development is essentially a pas-
sive investor of Knight Frank Singa-
pore. In a press release on the pur-
chase last September, Kelvin Lum,
managing director of LC Develop-
ment, stated, Our intention is to be
a long-term investor in Knight Frank
Singapore.
Restructuring the top
Following the sale, both Tan, as
chairman, and Yeo, as group man-
aging director, are locked in for five
years, while the other shareholders
are locked in for three. The value
of the company is the Knight Frank
brand, observes Tan. But when
you buy into a professional firm,
what are you buying into? Human
capital. While the companys track
record is important, its irrelevant
compared with the human capital
we leave behind.
Knight Frank had embarked on a
restructuring in 2009. That was the
year Tan, who had been the firms
managing director, assumed the role
THEEDGE SINGAPORE | OCTOBER 1, 2012 CC7
CITY&COUNTRY
of executive chairman. Yeo, who had
been executive director of retail serv-
ices, took over as group managing
director. In early 2010, Knight Frank
also appointed three new manag-
ing directors. Foo Suan Peng, who
was executive director of investment
sales, became managing director for
commercial services. Lydia Sng, who
was executive director for valuation,
was promoted to managing director
for advisory services. Peter Ow was
promoted from executive director to
managing director of residential ser-
vices. However, Ow left Knight Frank
in late 2010 after 23 years with the
company with the intention of retir-
ing. He was courted by SLP Interna-
tional, where he assumed the role
of managing director since October
2011. According to sources, Ow will
be leaving SLP next month to resume
his retirement plans.
Taking over as director of resi-
dential services at Knight Frank is
Wendy Tang. Residential services has
always been a core business both in
Knight Frank Singapore and around
the world, says Tan. And the focus
had traditionally been on the mid-
tier and upper end of the residential
market. Since March, the company
has been involved in a number of sig-
nificant project launches. It was one
of the appointed marketing agents of
World Class Lands East Village, lo-
cated at the junction of Bedok Road
and Upper Changi Road, a freehold
mixed-use project with 90 residential
units and 108 commercial units. All
the residential units were snapped up
at an average of $1,500 psf, while the
commercial units hit a record price of
close to $6,300 psf. (World Class Land
is the property arm of Aspial.)
It was also involved in the high-
profile launch of SkyHabitat at Bishan,
designed by Moshe Safdie and joint-
ly developed by CapitaLand and
Mitsubishi Estate Asia. SkyHabitat
achieved a record-breaking average
price of $1,893 psf for its one-bed-
room units. Knight Frank was also
the marketing agent for one of the
best sellers this year, 1919 The
Black & White Residences in Mount
Sophia, where all except one of the
75 units were snapped up within five
days at prices ranging from $2,000
to $2,200 psf. This was followed by
the successful launch of Koh Broth-
ers Parc Olympia, where since end-
July, 70% of a total of 486 units in
the project have been sold at a me-
dian price of $870 psf.
Grooming the young
Tan Tee Koon was appointed managing
director of KF Property Network last
August. And he works closely with
Tang in the residential business. He
is also an executive director at Knight
Frank. He is only in his early 40s, ac-
cording to Yeo. Prior to his appoint-
ment, Tee Koon was with Singapore
Accredited Estate Agencies (SAEA).
If you look at the KF Property Net-
work, the age profile of the agents is
younger and they are more project-
driven, says Yeo. This is unlike in
the past, when associate agents tend-
ed to be more independent and re-
lied on their own contacts.
In the leasing market, Knight
Frank has been appointed the ex-
clusive agent to lease Newton Gems
on behalf of Great Eastern Holdings
and Gallop Green for Straits Trading.
Knight Frank is also one of a pan-
el of agents in the leasing of units
at the apartment tower of Tan Chin
Tuan Mansion. In addition, it is one
of the agents appointed to lease the
14 units at Holland Collection, which
Straits Trading purchased in a block
deal from Lippo Group and CLSA
Capital Partners last year.
In the luxury segment, Knight Frank
is marketing the remaining units at the
53-unit Lumos at Leonie Hill and 72-
unit Grange Infinite on Grange Road,
as well as the 36-unit Newton Impe-
rial, located on Newton Road, which
started private previews at $1,800 psf.
Lumos has launched a new phase of
units for sale at prices starting from
$2,500 psf, while Grange Infinite is
looking at an average price of $2,800
psf for its units, says Tang. Meanwhile,
Wincome, a Hong Kong group that
bought 18 units at Paterson Suites in
a block deal two years ago, is offering
its units under The Wincome Collec-
tion for sale at an average of $2,800
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The 75-unit 1919 The Black & White Residences saw 74 units snapped up in five days
Tan (left, with Yeo): The previous chairman, Cheong Thiam Siew, had always wanted the firm to stay in local hands
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psf. Knight Frank is the exclusive mar-
keting agent for Wincome.
Besides the residential sector,
Knight Frank has also traditionally
been strong in valuation, investment
sales and retail. Knight Franks retail
arm, which was under Yeo, is now
led by Peter See-Toh, who is head
of the Knight Frank shopping cen-
tre management business, and Heidi
Yong, the director of retail.
Yong is said to have vast experi-
ence in dealing with giant develop-
ers, which are some of the biggest
landlords of malls in Singapore and
around the region. Our strength is
not just in marketing and leasing, but
also in consultancy, in helping a de-
veloper position and shape the direc-
tion of the mall, notes Yeo.
The firm is also actively grooming
young talent. For instance, Ian Loh,
who took over as head of investments
from Nicholas Wong, is only in his
mid-30s. Wong, executive director of
investment sales, and Mary Sai, exe-
cutive director of commercial resale
and auctions, report to Loh. The
executive directors understand what
we are trying to do, explains Yeo.
In order to groom the next genera-
tion, we have to give them the op-
portunity to lead. Knight Frank re-
cently brokered the collective sale of
Chateau Eliza, a 37-unit apartment
block, for $92.2 million.
Tan also cites Png Poh Soon, Knight
Franks head of research and consul-
tancy, as another example. He was
from IRAS [the Inland Revenue Au-
thority of Singapore] and was a val-
uer there, and thats important, as it
gives him a good view of the overall
market, he says.
Knight Frank is expanding its
staff strength and, so far, has more
than 700 employees, including the
staff involved in estate management
(both property management and fa-
cility management of residential and
commercial buildings) and shopping
centre management.
Organic growth
Knight Frank is not keen on mer gers
and acquisitions with another prop-
erty agency. We prefer to grow or-
ganically by grooming talent from
within, says Tan. Quite often, M&As
dont work out.
There has been quite a lot of con-
solidation in the property consulting
business over the past two years. To-
wards end-2011, London Stock Ex-
change-listed DTZ was sold to Aus-
tralian-listed property services group
UGL Ltd. In July this year, Credo Real
Estate in Singapore was sold to Jones
Lang LaSalle.
In our case, we didnt go out to
solicit a buyer, says Tan. The pre-
vious chairman, Cheong Thiam Siew
[who passed away in 2007], had al-
ways wanted the firm to stay in local
hands. Since the 1980s, Cheong had
sold shares to Tan and the others at
book value. And Tan has continued
the tradition.
CHC was founded in 1940 and
started with a team of six, focus-
ing mainly on valuation and auc-
tions. Tan joined the firm in 1980,
after an eight-year stint as a valuer
at IRAS. He became a shareholder of
the company shortly after. The turn-
ing point came in 1983, when CHC
merged with the Knight Frank glo-
bal network and Australias Baillieu
Hooker group to form Knight Frank,
a property consultancy firm with a
full suite of services.
Knight Frank had been involved
in some of the most historic deals in
Singapore. In the era of bank M&As
in the late 1990s, it was the appoint-
ed valuer in many of the deals, from
the merger of Keppel Bank and Tat
Lee Bank in 1998 to the merger of
OCBC and Keppel Tatlee in 2002, as
well as the most significant bank
merger that of OUB and UOB in
2002/03.
When the government announced
plans for two integrated resorts with
casinos in Singapore, Knight Frank
was the appointed valuer for both re-
sorts. Likewise, it was also a valuer
for many of the assets acquired by
real estate investment trusts in Sin-
gapore, including hospitality, com-
mercial and industrial trusts. In that
sense, we have been very much in
touch with whats happening in Sin-
gapore, says Tan.
There are parallels between Knight
Frank in Singapore and that in the UK.
In the UK, the firm started in 1896 as
Knight Frank & Rutley, largely in the
valuation, surveying and auction busi-
ness. Some of the historic deals the
firm was involved in were the 1922
sale of Winston Churchills home in
Hyde Park and the purchase of Chart-
well, his family home in Kent. In
March this year, Knight Frank listed
another former home of Churchills,
an apartment at Westminster, for lease
at a rental of 2,250 a week. In 2000,
Knight Frank sold the Duke of Yorks
headquarters in Chelsea, London and,
in 2005, it was the appointed adviser
on the development of the new Ol-
ympic Village for the 2012 Olym pic
Games in London.
Knight Frank, along with Savills,
is a leading name in the residential
segment, especially the upper end
of the market in prime central Lon-
don. London is the only market in
which investment sales are still ac-
tive, observes Tan. In the rest of
Europe, most investors both high-
net-worth individuals and institutional
are concerned about plummeting
yields in a falling market when leas-
es end. So, right now, the only safe
haven in Europe is London.
Tan believes Londons property
market will be propped up by con-
tinued international interest. This can
be seen in the number of UK projects
Knight Frank has been marketing every
weekend. Knight Franks international
property sales team, headed by Linda
Chern, has sold more than $150 mil-
lion worth of London residential prop-
erty at weekend exhibitions in Singa-
pore in the past 12 months.
Another push factor is the Singa-
pore governments restrictions on for-
eigners buying residential property
in the country in the form of the ad-
ditional buyers stamp duty and sell-
ers stamp duty. People with spare
cash will look for an alternative,
such as shoebox apartments, shop-
houses or strata commercial units,
says Tan. Beyond that, what else
can you do with your money? Buy
a London property.
Does Tan see himself cruising
around in his Porsche Panamera or
playing golf full-time four years from
now? Four years from now, I hope
to enjoy playing golf and perhaps
continue to play a part-time role at
Knight Frank and elsewhere, where
my experience may be useful.
CC8 THEEDGE SINGAPORE | OCTOBER 1, 2012
CITY&COUNTRY
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| BY PAGGIE LEUNG |
I
n what is normally the start of the high
season for developers, sales fell in Septem-
ber, owing to state policy measures and a
lack of supply.
The traditional peak season for main-
land home sales of September and October
has got off to a slow start, with sales declin-
ing in September because of limited supply
and policy-tightening measures aimed at curb-
ing demand.
Most developers know they need to grasp
the opportunity to sell flats during this peri-
od or they will not be able to book a profit for
the year, says Alan Chiang Sheung-lai, head
of residential property on the mainland for
property consultancy DTZ. However, they
have been unable to release more flats because
they havent got pre-sale approvals from the
government yet.
Chiang points out that developers need to
submit price lists of their projects to the gov-
ernment for approval before they can release
them for sale. But many applications have been
on hold because the government has judged
the prices submitted by the developers as ei-
ther too high or too low.
The government is concerned about the
impact on the market if flat prices are high
and sales are still good, says Chiang. On
the other hand, it doesnt want to see prices
drop by more than 5% and it is difficult
for it to maintain a balance. Developers are
all nervous.
In the middle of the year, when market sen-
timent was poor, developers discounted their
prices to woo buyers. The strategy succeeded
and they managed to sell more flats but ex-
isting owners staged protests outside develop-
ers offices because the value of their flats had
depreciated as a result of the discounts.
With sentiment now turning positive, de-
velopers have attempted to mark their pric-
es up, for example, from around RMB20,000
($3,896) to RMB21,000 psm, says Chiang.
But their revised applications have not been
approved.
Traditionally, the mainland property mar-
ket becomes active after summer and the
phrase golden September and silver Octo-
ber is used to describe the active sales peri-
od in these two months. However, data com-
piled by Centaline Property Research Centre
shows that 171,415 new flats were sold in 54
mainland cities during the first 23 days of
September, down nearly 12.2% from 195,146
units in August.
Anson Qu Anxin, the research centres
senior manager based in Shanghai, says the
drop in sales was caused mainly by a shortage
of supply of new flats on the market. Some
developers told us they were planning to put
more flats up for sale in September, but this
didnt happen. Some developers tried to in-
crease their prices by more than 10%, and their
price lists have not yet been approved.
Qu says apart from existing tightening
measures and delayed pre-sale approvals, a
move by some banks to end their 15% dis-
count schemes on mortgage interest rates for
first-time homebuyers since late August also
dampened demand.
Both Chiang and Qu expect the market
to improve in October, after more projects
obtain pre-sale approval. Sentiment is im-
proving slightly as people think the govern-
ment has launched most measures already.
In addition, the third round of quantitative
easing by the US will pump money into the
market and cause inflation, Chiang says.
Sales should climb in October, but prices
would be flat.
Britney Chen Shaomin, 26, recently bought
a new 143 sq m flat in Shui On Lands Foshan
Lingnan Tiandi for more than RMB2 million, or
RMB14,053 psm. She says her flat was RMB1,000
to RMB2,000 psm cheaper than some flats sold
in the same project two years ago.
Thanks to the governments cooling meas-
ures, she says prices in Foshan remained flat
this year, so her family could buy a flat. But
she believes home prices will continue to rise
in the long run.
Ken Cheong Kuok-leong, a manager at Shui
Ons commercial department in Foshan, says
because of home-purchase restrictions, buyers
were mainly end-users and therefore the home
market for September and October would be
stable, not rosy. SCMP
| BY SANDY LI |
S
ales of new homes rose more than fivefold
the week of Sept 17 as project releases
attracted end-users and investors.
Led by sales at Century Gateway in Tuen
Mun and Double Cove in Ma On Shan,
about 260 new homes were sold over the
weekend of Sept 22 and 23, up from just
49 deals done in the previous week.
The big jump in sales occurred because
fewer new homes were available in the
previous week, agents say, as developers
had released their price lists on the new
projects, but under the regulations gov-
erning home sales, they had to wait for
three days for buyers to examine the lists
and view the flats before they could re-
lease them for sale.
A number of new projects are due to
be released in the New Territories over the
coming months, agents say, and homebuy-
ers are expected to come out in force once
they are launched.
Sales in the primary market are heat-
ing up, especially in the New Territories,
says Midland Realtys Sammy Po Siu-ming.
Buyers are also turning to the new-home
market because owners of existing homes
are either raising their asking prices or
holding back to bet on further rises in
property prices, he adds.
Data from Ricacorp Properties shows that
in the 50 housing estates it monitors, 325
homes were sold in the secondary market
during the week ended Sept 23, up 5.2%
from the previous weeks 309 units.
Patrick Chow Moon-kit, head of research
at Ricacorp, says some homeowners had
increased their asking prices by between
HK$100,000 ($15,841) and HK$200,000 or
even withdrawn their flats from the market.
We will see a reduction in the number of
flats for sale in the secondary market, with
other flats being sold at much higher pric-
es, he notes. Looking ahead, we expect it
will become more difficult to close deals, as
there is a widening gap between what buy-
ers and sellers believe is a fair price.
Centaline Property Agency says a 796
sq ft flat in East Point City, Tseung Kwan
O, sold for HK$5.98 million, or HK$7,513
psf, recently, the highest price in the es-
tate for a flat of that size.
Home prices increased by 0.6% the
week of Sept 17, says Chow, who expects
the rise to continue for at least another
month. SCMP
Rush of releases sees new
home sales up fivefold in HK
Slow start to mainlands
peak season for home sales
Residential and commercial property in Tianjin. Home sales on the mainland declined in September because
of limited supply and policy-tightening measures aimed at curbing demand.
| BY PEGGY SITO |
B
anyan Tree Holdings, which
develops and operates lux-
ury resorts, hotels and spas
throughout Asia, is making a
foray into the residential mar-
ket with its first development
in Chengdu, the capital of Si-
chuan province.
Eddy See, senior vice-presi-
dent and chief financial officer
of the Singapore-listed hospi-
tality group, says the maiden
project would be developed on
a 333,350 sq m site in the citys
suburbs, some 45 minutes from
downtown Chengdu.
The project would comprise
luxury homes and affordable
condominiums and would be
developed in phases, he says.
He adds that the groups expan-
sion into the residential market
was natural, taking into account
the companys niche in building
holiday homes.
Founded by former journal-
ist Ho Kwon Ping, the group
was named after Banyan Tree
Bay (Yung Shue Wan), a village
on Hong Kongs Lamma Island,
where Ho stayed for a few years
in his youth.
Banyan Tree opened its first
resort hotel in Phuket in 1994.
As at end-March this year, it had
equity interest in 15 resorts or
hotels operating under the Ban-
yan Tree and Angsana brands
and managed another 15 resorts
or hotels in which it does not
have an equity interest.
In China, the group manages
hotels in Hangzhou, Sanya and
Macau. It also holds equity inter-
ests in a hotel and holiday homes
in Lijiang, Yunnan province.
See says the market in China,
with its vast and growing econ-
omy, had been identified by the
group as a key one into which
it planned to expand.
Chengdu was chosen as the
location for its first new-home
development because Sichuan
was one of the countrys fast-
est-growing provinces. Pric-
es in Shanghai and Beijing are
over the top. Potential is limit-
ed [there], he says.
The group did not intend
to compete with local property
players, but would attract buyers
through a niche marketing strat-
egy, he says. Branding plays a
big part, and the second part is
design and layout.
Banyan Tree was also eyeing
business opportunities in other
cities, See says. Apart from tar-
geting the housing market in
China, it planned to market its
brand to the many wealthy Chi-
nese who were active in buying
holiday homes.
The Chinese are going eve-
rywhere, and they buy every-
thing along the way, says See,
who was speaking in Hong
Kong, where the group pre-
sented its residential property
products under the Banyan Tree
Residences, Laguna Property
and Angsana Residences brands
at an exhibition that ended on
Sept 23. SCMP
Banyan Tree moves into
luxury-home market in China
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CITY&COUNTRY

months and a maximum GPR of 1.0. These two sites are
zoned for Business 2 development. According to JTC, these
smaller plots with shorter tenures are aimed at industrial-
ists who need customised facilities. They are also in line
with the governments effort to make industrial property
more affordable.
Three industrial buildings in the east for sale
Three industrial buildings
located in industrial estates
in the eastern suburbs have
been launched for sale by
CB Richard Ellis (CBRE).
They are in Kaki Bukit, Ubi
Avenue and Changi South.
At 1 Kaki Bukit Place (left),
there is a seven-storey corner
terrace building on a site of
12,000 sq ft and with a built-
up area of about 30,600 sq ft.
The property has a 60-year lease starting
from 1995 and was completed 14 years
ago. It is zoned for Business 2 use and
has a plot ratio of 2.5.The guide price
is $11.95 million, or $390 psf, based on
the built-up area.
The second building is the Global In-
novation Centre (top), a five-storey in-
dustrial building at 152 Ubi Avenue 4. It
sits on a 49,200 sq ft site, with a maxi-
mum GFA of 98,200 sq ft and is zoned for
Business 1 use, with a plot ratio of 2.0.
The guide price is $60 million ($611 psf
of the GFA). The property has a 30-year
lease starting from 1997, with an option
to renew for another 30 years. The build-
ing was refurbished this year.
The third building is located at 42 Changi South Street 1
(above). It is a standard JTC single-storey factory with a mez-
zanine level and an extension block and sits on a 73,900 sq ft
site with a GFA of 51,200 sq ft. It has a plot ratio of 2.0 and is
zoned for Business 1 use. Its 30-year lease
started from 1996, and there is an option
to renew for another 30 years. The guide
price for the property is $11 million ($215
psf of the GFA). The current tenant, Printro-
nix Schweiz GmbH, a global supplier and
manufacturer of high-quality printers, is
said to be exploring a sale-and-leaseback
arrangement of the building.
CBRE is the sole and exclusive market-
ing agent for all three properties.
Soilbuild top bidder for Yishun site
URA received five bids at the close of the
tender of an industrial site at Yishun Av-
enue 9 (Parcel 6) on Sept 26. Soilbuild
Group was the top bidder, with a bid of
$31.688 million ($100.47 psf of GFA). This is higher than the
initial estimates of $50 to $7 psf ppr by property analysts.
The site has an area of 126,151 sq ft and a 30-year lease.
Compiled by Gwyneth Yeo
| BY CECILIA CHOW |
W
hen Lim Kong Wee, a former
banker with HSBC, first joined
his familys investment com-
pany, Hua Jie Pte Ltd, they had
just purchased a four-storey
freehold commercial building on Joo Chiat
Road from Breezeway Development, a fami-
ly-owned property development company led
by Vivienne Soon. At the time, the building
was called Breezeway in Katong. That was in
February 2007.
Lim was given the task of repositioning
the commercial building. The property had
an interesting history. It was originally built
in 1998 for the Oriental Emporium Group and
was, therefore, designed as a shopping centre,
with a big core atrium, six escalators, two lifts,
two staircases and a basement car park with
30 parking spaces, Lim recalls.
Subsequently, as Breezeway in Katong, the
building was where Awfully Chocolate had its
first outlet, and some restaurants were also lo-
cated there. When Lims family took over the
building in early 2007, it had quite a lot of va-
cant units. At the time, there were still quite
a lot of vice-related activities in the Joo Chiat-
Katong area, recounts Lim. There were also
many vacant units in the former Katong Mall
across the road.
About $1 million was spent on minor ad-
ditions and alterations to the building, which
was renamed Katong Junction. Five of the six
escalators were removed and the open atrium
on the second level was covered. The strat-
egy was to let out units on the first level to
F&B outlets as they had the best street front-
age. The second-level units were targeted at
learning centres and the third and fourth lev-
els were converted into office units.
By having a combination of different users,
the 30 parking spaces in the basement would
also be more efficiently utilised: on weekdays,
by the office tenants, and on weekends, by the
learning centres. Following the repositioning,
for the last five years, the building had enjoyed
full occupancy, Lim says.
He credits the opening of 112 Katong by Per-
ennial Real Estate (on the site of the former Ka-
tong Mall) last December as the catalyst for the
rejuvenation of the Katong-Joo Chiat area.
Adjacent to 112 Katong is the former Joo
Chiat police station, which the government has
put on the reserve list for redevelopment into
a hotel. The former police station is a 1920s
colonial building that has to be conserved. It
is currently occupied by the Hong Kong Tea
House and is part of Katong Village, a collection
of F&B outlets. The tenants of the tea house
and Katong Village are said to be given up to
end-October to vacate the place.
On East Coast Road is the famous Red House
Bakery, a cake shop that opened in 1925 and
closed in 2003. Its premises are being restored
and, together with the other neighbouring sho-
phouses, it has reportedly been converted into
a mixed-use development with 42 apartments,
shops, a heritage gallery and a bakery by Warees
Investments, the property arm of the Islamic
Religious Council of Singapore.
Lim sees the area becoming even more vi-
brant with the rejuvenation of the older build-
ings in the vicinity. The population density in
Katong has also increased as many of the con-
dominium and apartment blocks that were un-
der construction in 2007 are now completed
and residents have moved in.
He feels that it is now time to put Katong
Junction on the market for sale. Katong Junc-
tion is unique in terms of its location and flex-
ibility of use. It can be a boutique shopping
mall, corporate headquarters or the new buy-
er could sub-divide the units into individual
strata-titled units to be sold, he notes.
Lim sees potential in the building, but Hua
Jie, which has several conservation shophous-
es in its portfolio, is reluctant to undertake the
risk of developing the property.
The motivation to sell Katong Junction was
also sparked by the successful tender of GRTH
Building, located two doors away from 112 Ka-
tong in March this year. A seven-storey com-
mercial building, GRTH Building was sold for
$76.1 million to listed property developer Ox-
ley Holdings. Zoned for commercial use, it can
be redeveloped for residential, commercial or
hotel purposes. The building sits on a freehold
site of 22,147 sq ft and has a gross floor area
(GFA) of 66,441 sq ft. Hence, the purchase price
works out to $1,298 psf per plot ratio (ppr),
inclusive of development charge.
That tender itself achieved two things
it attracted strong buyer interest and the pric-
ing achieved was quite attractive, says Lim.
GRTH Building is the closest comparison for
Katong Junction, and the tender earlier this
year crystallised our decision to sell. It also
resulted in a pricing for us to evaluate our de-
cision. Ive realised that when it comes to in-
vesting, the most difficult decision is not when
to buy, but when to sell.
According to CBRE, the exclusive marketing
agent for Katong Junction, the indicative price
of the building is $62 million, which is pegged
to a recent valuation conducted by Colliers In-
ternational. Katong Junction sits on a freehold
site of 13,346 sq ft and has an approved GFA of
47,558 sq ft, with plot ratio of 3.56. Based on
the indicative price, the psf ppr price would be
similar to what was achieved for GRTH Build-
ing, says Sammi Lim, senior marketing man-
ager of investment properties for CBRE.
The building is close to fully occupied, with
an average rent of $3.80 psf a month.
Based on the enquiries received, the pro-
file of potential buyers ranges from end-users
and investors to developers and hoteliers,
says CBREs Lim. The building will be put
up for sale next week by tender, which clos-
es on Nov 2.
PROPERTY BRIEFS
Home
Katong Junction for sale at $62 mil
The four-storey commercial building at 451 Joo Chiat Road is where the first Awfully Chocolate shop was
located. It is now occupied by restaurants, learning centres and offices.
Lim: When it comes to investing, the most difficult
decision is not when to buy, but when to sell
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CC10 THEEDGE SINGAPORE | OCTOBER 1, 2012
District 1
V ON SHENTON Apartment 99 years September 10, 2012 1,033 1,981,000 1,917 Uncompleted New Sale HDB
District 2
ICON Apartment 99 years September 12, 2012 904 1,582,000 1,750 2007 Resale Private
ALTEZ Apartment 99 years September 11, 2012 549 1,080,000 1,967 Uncompleted Sub Sale Private
CITY&COUNTRY
DoneDeals
Luxury segment starting
to attract interest again
Singapore by postal district
| BY AMY TAN |
T
he luxury segment of the market is start-
ing to see a return of investor interest. Mr
Seah, an avid Singaporean property in-
vestor and the owner of a freight forward-
ing business, recently signed the option to
purchase a four-bedroom unit on the 62nd level of
the 66-storey Marina Bay Suites. He paid close to
$6.7 million ($3,258 psf) for the 2,056 sq ft unit
in mid-September. Marina Bay Suites is the last
piece of land with views of the bay, says Seah.
I prefer this to the Ardmore Park area because of
the views.
As the 221-unit luxury condominium is project-
ed to be completed sometime next year, hes looking
for an interior designer to help him with the furnish-
ing. Seah intends to move into the apartment when
its completed. He currently lives in a bungalow in
the Siglap area.
There are more Singaporeans shopping in the
luxury condo market right now, unlike in the past,
when this top end of the residential market was
dominated by overseas buyers. At the freehold 330-
unit Ardmore Park, developed
by Wheelock Properties, a 2,885
sq ft, four-bedroom apartment on
the 10th floor of one of the three
towers was sold for $9.05 million
($3,137 psf) on Sept 10.
The last time the unit was sold
was at the previous peak in mid-
2007, when it went for $7.95 mil-
lion ($2,756 psf). It had changed
hands just three months earlier,
in March 2007, for $6.3 million
($2,184 psf). Prior to that, it was
sold in a sub-sale in July 1998,
during the Asian financial crisis,
for $4.1 million ($1,421 psf). This
was 19.3% below the buyers orig-
inal purchase price of $5.08 mil-
lion ($1,761 psf) in August 1996,
at the peak of the mid-1990s prop-
erty boom.
The latest transaction price for
the unit is the second-highest psf
price achieved at Ardmore Park this
year since the additional buyers
stamp duty (ABSD) kicked in last
December. The highest price was
set in February, when a 2,885 sq
ft, four-bedroom apartment on the
27th level was sold for $10.5 mil-
lion ($3,640 psf). In January 2010,
that same unit went for $10.64
million, which, at $3,688 psf, was
considered an all-time high for Ar-
dmore Park. Hence, the price of
$3,137 psf shows that prices in
the Ardmore Park are still hold-
ing steady, points out Jacqueline
Residential transactions with contracts dated Sept 7 to 14
LAND
PROJECT PROPERTY TENURE CONTRACT AREA/FLOOR TRANSACTED UNIT PRICE COMPLETION TYPE OF PURCHASER
TYPE DATE AREA (SQ FT) PRICE ($) ($ PSF) DATE SALE ADDRESS
LOCALITIES DISTRICTS
City & Southwest 1 to 8
Orchard/Tanglin/Holland 9 and 10
Newton/Bukit Timah/Clementi 11 and 21
Balestier/MacPherson/Geylang 12 to 14
East Coast 15 and 16
Changi/Pasir Ris 17 and 18
Serangoon/Thomson 19 and 20
West 22 to 24
North 25 to 28
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Ardmore Park remains a popular choice among buyers
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SVC01049_TheEdge Corporate37x11cm FAP.pdf 1 31/07/2012 17:12
CC10ad.indd 2 9/28/12 12:05 AM
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Selling agent: Developer:
THEEDGE SINGAPORE | OCTOBER 1, 2012 CC11
ALTEZ Apartment 99 years September 11, 2012 527 1,039,999 1,972 Uncompleted Sub Sale Private
District 3
THE ANCHORAGE Condominium Freehold September 13, 2012 1,485 1,700,000 1,144 1997 Resale Private
THE REGENCYAT TIONG BAHRU Condominium Freehold September 12, 2012 1,270 1,900,000 1,496 2010 Resale Private
CENTRAL GREEN CONDOMINIUM Condominium 99 years September 10, 2012 1,528 1,678,000 1,098 1995 Resale HDB
District 4
CARIBBEANAT KEPPEL BAY Condominium 99 years September 14, 2012 840 1,485,000 1,769 2004 Resale Private
CARIBBEANAT KEPPEL BAY Condominium 99 years September 14, 2012 1,281 1,900,000 1,483 2004 Resale Private
REFLECTIONS AT KEPPEL BAY Condominium 99 years September 12, 2012 1,690 4,070,000 2,408 2011 Sub Sale Private
THE INTERLACE Condominium 99 years September 11, 2012 1,001 1,210,000 1,209 Uncompleted Sub Sale HDB
THE COAST AT SENTOSA COVE Condominium 99 years September 11, 2012 2,056 3,750,000 1,824 2009 Resale Private
CARIBBEANAT KEPPEL BAY Condominium 99 years September 10, 2012 1,281 1,835,000 1,433 2004 Resale HDB
MARINA COLLECTION Condominium 99 years September 7, 2012 2,185 6,227,250 2,850 2011 Resale Private
District 5
PARKWEST Condominium 99 years September 13, 2012 1,249 1,075,000 861 1985 Resale Private
BLUE HORIZON Condominium 99 years September 13, 2012 926 980,000 1,059 2005 Resale Private
FABER CREST Condominium 99 years September 11, 2012 1,270 1,130,000 890 2001 Resale HDB
HERITAGE VIEW Condominium 99 years September 10, 2012 1,163 1,320,000 1,135 2000 Resale Private
PALMGREEN Apartment Freehold September 7, 2012 1,130 1,100,000 973 1999 Resale HDB
REGENT PARK Condominium 99 years September 7, 2012 1,130 1,150,000 1,018 1997 Resale Private
FABER CREST Condominium 99 years September 7, 2012 1,270 1,175,000 925 2001 Resale Private
CARABELLE Condominium 956 years September 7, 2012 947 1,178,000 1,244 2009 Resale HDB
48 JALAN MAS KUNING Terrace House Freehold September 7, 2012 1,485 1,888,000 1,267 Unknown Resale Private
ONE-NORTH RESIDENCES Apartment 99 years September 7, 2012 1,313 1,835,000 1,397 2009 Resale Private
CHELSEAVILLAGE Terrace House Freehold September 7, 2012 2,002 2,800,000 1,398 1991 Resale Private
District 8
52 SOMME ROAD Apartment Freehold September 10, 2012 1,389 3,400,000 2,445 Unknown Resale Private
CITY SQUARE RESIDENCES Condominium Freehold September 7, 2012 570 985,000 1,727 2008 Resale Private
CITIGATE RESIDENCE Apartment Freehold September 7, 2012 1,184 1,350,000 1,140 2010 Resale HDB
CITY&COUNTRY
Residential transactions with contracts dated Sept 7 to 14
LAND
PROJECT PROPERTY TENURE CONTRACT AREA/FLOOR TRANSACTED UNIT PRICE COMPLETION TYPE OF PURCHASER
TYPE DATE AREA (SQ FT) PRICE ($) ($ PSF) DATE SALE ADDRESS
CONTINUES NEXT PAGE
Wong, director and head of corporate resi dential so-
lutions at HSR Property Consultants.
The freehold Nassim Park Residences saw its
first sub-sale this year, according to caveats lodged
with URA Realis. The 100-unit luxury condo is ful-
ly sold and obtained its temporary occupation per-
mit just last year. The project is developed jointly by
UOL Group, Kheng Leong and Orix Corp. The unit
that changed hands in the sub-sale was a 3,466 sq
ft, four-bedroom apartment on the fourth floor that
was transacted at $11.3 million ($3,260 psf). The
seller had purchased the unit directly from the de-
veloper in July 2008 for $10.16 million ($2,932 psf),
thus seeing a capital appreciation of 11.2% in four
years. As Nassim Park Residences is only a year old,
transaction prices are usually pegged to the market
rate for new units, says Wong. There are very few
secondary transactions in Nassim Park Residences
as most of the buyers had purchased units for their
own use, she adds.
Do these transactions indicate a return of buying
interest in the high-end market? Wong is cautiously
optimistic. The high-end market has been affected
by the introduction of the ABSD on Dec 8 as most
of the buyers in this segment have traditionally been
foreigners, she says. Foreigners have to pay a 10%
ABSD on all their residential property purchases,
while Permanent Residents are required to fork out a
3% ABSD on their second and subsequent purchas-
es, and Singaporeans, a 3% ABSD on their third and
subsequent purchases.
Most buyers in the luxury segment today tend
to be owner-occupiers rather than investors, says
a property consultant who declines to be named.
This is because rental yields at the luxury segment
tend to be relatively low, with gross rental yields in
prime district 10 generally hovering at 2% to 2.5%
gross, he estimates.
Ardmore Park has remained a popular choice
among buyers, as the area is an established residen-
tial address for the rich. The area is well known
among foreigners, especially Indonesian buyers,
notes Wong.
Word on the street is that Wheelock Properties
held a VIP preview of the freehold Ardmore 3, lo-
cated next to Ardmore II, over the weekend of Sept
22 and 23. Ardmore 3 is a departure from Whee-
locks well-honed formula for luxury apartments, as
seen in Ardmore Park condo, Ardmore II, as well as
Grange Residences and Orchard View, where typi-
cal apartments are four-bedroom units of more than
2,000 sq ft.
In Ardmore 3, typical units are three-bedroom
apartments of 1,800 sq ft. Industry observers reck-
on that the developer is appealing to a different seg-
ment of the well-heeled the younger set who may
not want a huge apartment. This will also bring
down the overall absolute price. Prices are said to
start from $3,100 psf, according to sources, and this
means quantum prices will be from around $5.5 mil-
lion, according to sources.
Most buyers who purchase units in the luxury seg-
ment today are also hoping for future capital gain,
says a property agent in the luxury market. With
the strong Singapore dollar and a generally stable
economy set against a landscape of global economic
slowdown, many foreigners still view the country as
a safe haven to park their money, she adds.
E
A 3,466 sq ft, four-bedroom unit at Nassim Park Residences was transacted at $113 million ($3,260 psf)
CC12 THEEDGE SINGAPORE | OCTOBER 1, 2012
THE ESPARIS Executive 99 years September 13, 2012 1,324 1,044,888 789 2005 Resale HDB
Condominium
WATERCOLOURS Executive 99 years September 12, 2012 1,281 936,200 731 Uncompleted New Sale HDB
Condominium
THE TROPICA Condominium 99 years September 12, 2012 1,227 1,040,000 848 2000 Resale HDB
THE TAMPINES TRILLIANT Executive 99 years September 11, 2012 1,130 856,000 757 Uncompleted New Sale HDB
Condominium
THE TAMPINES TRILLIANT Executive 99 years September 11, 2012 872 728,000 835 Uncompleted New Sale Private
Condominium
WATERVIEW Condominium 99 years September 10, 2012 1,130 1,250,000 1,106 Uncompleted Sub Sale HDB
THE ESPARIS Executive 99 years September 10, 2012 1,292 1,020,000 790 2005 Resale HDB
Condominium
WATERVIEW Condominium 99 years September 7, 2012 786 785,000 999 Uncompleted Sub Sale HDB
EASTVALE Executive 99 years September 7, 2012 1,302 955,000 733 1999 Resale Private
Condominium
District 19
31 BRIGHTONAVENUE Detached House Freehold September 14, 2012 10,958 9,850,000 899 Unknown Resale Private
SERANGOON GARDEN ESTATE Semi-Detached 999 years September 14, 2012 2,799 4,020,000 1,436 Unknown Resale Private
House
THE SPRINGBLOOM Condominium 99 years September 14, 2012 1,119 1,128,000 1,008 1999 Resale HDB
PARC CENTROS Condominium 99 years September 13, 2012 581 587,250 1,010 Uncompleted New Sale Private
1 SURINAVENUE Detached House Freehold September 13, 2012 20,226 37,500,000 1,854 1985 Resale Private
FLO RESIDENCE Condominium 99 years September 13, 2012 1,012 897,000 887 Uncompleted New Sale HDB
DHIRO@HILLSIDE Apartment 999 years September 12, 2012 1,109 1,330,888 1,200 Uncompleted New Sale Private
15 HOWSUN ROAD Terrace House Freehold September 12, 2012 1,281 1,588,000 1,243 1958 Resale Private
TANGERINE GROVE Condominium Freehold September 12, 2012 926 1,000,000 1,080 2007 Resale HDB
FIORENZA Apartment Freehold September 12, 2012 1,442 1,500,000 1,040 2011 Resale HDB
THE QUARTZ Condominium 99 years September 12, 2012 1,044 1,060,000 1,015 2009 Resale HDB
RIOVISTA Condominium 99 years September 12, 2012 1,055 875,000 829 2004 Resale Private
THE FLORIDA Executive 99 years September 11, 2012 1,292 900,000 697 2000 Resale HDB
Condominium
123A UPPER PAYA LEBAR ROAD Apartment Freehold September 10, 2012 1,076 700,000 650 Unknown Resale Private
AUSTVILLE RESIDENCES Executive 99 years September 10, 2012 786 574,000 730 Uncompleted New Sale HDB
Condominium
FLO RESIDENCE Condominium 99 years September 10, 2012 1,044 904,500 866 Uncompleted New Sale HDB
NAUNG RESIDENCE Apartment 999 years September 10, 2012 538 790,000 1,468 Uncompleted New Sale HDB
26E POH HUAT ROAD Terrace House 940 years September 10, 2012 2,077 2,750,000 1,322 Unknown Resale Private
30 KANG CHOO BINWALK Terrace House 999 years September 8, 2012 3,993 3,220,000 807 Unknown Resale HDB
29 LORONG 7 REALTY PARK Terrace House 999 years September 7, 2012 1,959 2,200,000 1,126 Unknown Resale HDB
PARKVILLAS Terrace House 99 years September 7, 2012 1,625 1,720,000 1,060 1997 Resale Private
CERELIAVISTA Terrace House Freehold September 7, 2012 4,919 2,600,000 529 2012 Sub Sale HDB
PARCVERA Condominium 99 years September 7, 2012 786 749,000 953 Uncompleted New Sale HDB
JEWEL @CHUAN HOE Terrace House 999 years September 7, 2012 4,090 2,300,000 562 2010 Resale Private
42 POH HUAT ROAD Terrace House 999 years September 7, 2012 1,087 1,950,000 1,787 Unknown Resale HDB
THE QUARTZ Condominium 99 years September 7, 2012 1,141 1,210,000 1,060 2009 Resale HDB
District 20
YEWLIAN PARK Terrace House Freehold September 14, 2012 1,819 2,000,000 1,101 1967 Resale Private
FABER GARDEN CONDOMINIUM Condominium Freehold September 14, 2012 2,228 2,300,000 1,032 1984 Resale HDB
GRANDEUR 8 Condominium 99 years September 14, 2012 1,593 1,330,000 835 2005 Resale HDB
THOMSON IMPERIAL COURT Apartment Freehold September 13, 2012 1,507 1,280,000 849 1999 Resale HDB
COUNTRY GRANDEUR Condominium Freehold September 13, 2012 1,442 1,630,000 1,130 1996 Resale Private
THE GARDENS AT BISHAN Condominium 99 years September 13, 2012 1,152 1,170,000 1,016 2004 Resale HDB
THE GARDENS AT BISHAN Condominium 99 years September 13, 2012 1,152 1,172,000 1,018 2004 Resale HDB
THOMSON GARDEN ESTATE Terrace House Freehold September 13, 2012 990 2,000,000 2,028 Unknown Resale Private
BISHAN LOFT Executive 99 years September 10, 2012 1,464 1,688,888 1,154 2003 Resale Private
Condominium
SEMBAWANG HILLS ESTATE Terrace House Freehold September 7, 2012 1,496 2,688,000 1,791 Unknown Resale HDB
District 21
THE STERLING Condominium Freehold September 14, 2012 1,894 2,700,000 1,425 2000 Resale Private
PINE GROVE Condominium 99 years September 11, 2012 1,668 1,620,000 971 Unknown Resale Private
44 SUNSET VIEW Detached House Freehold September 11, 2012 6,028 7,700,000 1,276 1993 Resale Private
District 22
PARCVISTA Condominium 99 years September 13, 2012 1,055 900,000 853 1998 Resale Private
CASPIAN Condominium 99 years September 13, 2012 1,206 1,300,000 1,078 Uncompleted Sub Sale HDB
PARCVISTA Condominium 99 years September 12, 2012 1,259 975,000 774 1998 Resale Private
YUNNAN GARDENS Terrace House Freehold September 11, 2012 2,551 2,638,000 1,035 2000 Resale HDB
CASPIAN Condominium 99 years September 11, 2012 1,528 1,550,000 1,014 Uncompleted Sub Sale Private
LAKESIDE GROVE Terrace House 99 years September 10, 2012 1,615 1,580,000 978 1999 Resale HDB
CASPIAN Condominium 99 years September 7, 2012 1,389 1,520,000 1,095 Uncompleted Sub Sale Private
THE LAKESHORE Condominium 99 years September 7, 2012 1,109 1,250,000 1,127 2008 Resale HDB
THE FLORAVALE Executive 99 years September 7, 2012 1,249 900,000 721 2000 Resale HDB
Condominium
CASPIAN Condominium 99 years September 7, 2012 1,001 1,080,000 1,079 Uncompleted Sub Sale HDB
WESTWOOD PARK Terrace House 99 years September 7, 2012 1,615 1,450,000 898 1998 Resale HDB
District 23
HILLINGTON GREEN Condominium 999 years September 12, 2012 990 1,060,000 1,070 2002 Resale Private
VILLAVERDE Terrace House 99 years September 12, 2012 1,625 1,550,000 954 2000 Resale HDB
MERAWOODS Condominium 999 years September 11, 2012 1,346 1,280,000 951 1999 Resale Private
REGENT GROVE Condominium 99 years September 10, 2012 1,163 880,000 757 2000 Resale HDB
REGENT HEIGHTS Condominium 99 years September 10, 2012 1,163 918,000 790 1999 Resale HDB
THE JADE Condominium 99 years September 10, 2012 1,012 1,018,000 1,006 2004 Resale Private
MI CASA Condominium 99 years September 10, 2012 1,259 1,248,000 991 2012 Sub Sale HDB
HILLVIEWREGENCY Condominium 99 years September 10, 2012 1,195 1,050,000 879 2006 Resale HDB
MAYSPRINGS Apartment 99 years September 7, 2012 1,302 950,000 729 1998 Resale Private
District 25
NORTHOAKS Executive 99 years September 10, 2012 1,604 980,000 611 2000 Resale HDB
Condominium
PARC ROSEWOOD Condominium 99 years September 7, 2012 2,250 1,538,000 684 Uncompleted New Sale HDB
NORTHOAKS Executive 99 years September 7, 2012 1,249 845,000 677 2000 Resale HDB
Condominium
ROSEWOOD Condominium 99 years September 7, 2012 1,173 920,000 784 2003 Resale HDB
District 26
MEADOWS @PEIRCE Condominium Freehold September 12, 2012 1,270 1,520,000 1,197 2012 Sub Sale HDB
FOREST HILLS CONDOMINIUM Condominium 99 years September 12, 2012 1,227 980,000 799 2003 Resale Private
SEASONS PARK Condominium 99 years September 10, 2012 1,292 1,066,800 826 1997 Resale Private
MEADOWS @PEIRCE Condominium Freehold September 10, 2012 1,195 1,433,000 1,199 2012 Sub Sale Private
73 COUNTRYSIDE ROAD Terrace House Freehold September 7, 2012 3,046 2,650,000 871 1996 Resale Private
MEADOWS @PEIRCE Condominium Freehold September 7, 2012 1,496 1,780,000 1,190 2012 Sub Sale Private
THE CALROSE Condominium Freehold September 7, 2012 1,238 1,460,000 1,179 2007 Resale Private
District 27
LILYDALE Executive 99 years September 14, 2012 1,238 825,000 666 2003 Resale HDB
Condominium
SEMBAWANG SPRINGS ESTATE Semi-Detached Freehold September 14, 2012 2,820 3,180,000 1,129 2011 Resale Private
House
15 JALAN JERUJU Semi-Detached 999 years September 10, 2012 5,952 4,500,000 756 Unknown Resale Private
House
THE MILTONIA RESIDENCES Condominium 99 years September 7, 2012 990 857,500 866 Uncompleted New Sale HDB
1 CANBERRA Executive 99 years September 7, 2012 1,281 931,700 727 Uncompleted New Sale HDB
Condominium
1 CANBERRA Executive 99 years September 7, 2012 1,055 760,000 720 Uncompleted New Sale HDB
Condominium
District 28
SELETAR HILLS ESTATE Semi-Detached 999 years September 12, 2012 4,962 4,730,000 954 Unknown Resale Private
House
SELETAR GARDEN Terrace House Freehold September 11, 2012 1,894 2,250,000 1,186 1985 Resale HDB
SELETAR HILLS ESTATE Terrace House 999 years September 10, 2012 2,250 2,200,000 978 1995 Resale Private
D KENARIS Semi-Detached 999 years September 7, 2012 3,692 1,950,000 528 2009 Resale Private
House
SERENITY PARK Condominium Freehold September 7, 2012 1,109 980,000 884 1995 Resale Private
LAND
PROJECT PROPERTY TENURE CONTRACT AREA/FLOOR TRANSACTED UNIT PRICE COMPLETION TYPE OF PURCHASER
TYPE DATE AREA (SQ FT) PRICE ($) ($ PSF) DATE SALE ADDRESS
LAND
PROJECT PROPERTY TENURE CONTRACT AREA/FLOOR TRANSACTED UNIT PRICE COMPLETION TYPE OF PURCHASER
TYPE DATE AREA (SQ FT) PRICE ($) ($ PSF) DATE SALE ADDRESS
FROM PREVIOUS PAGE
DISCLAIMER:
Source: URA Realis. Updated Sept 26, 2012. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of,
or reliance on, the information provided therein.
Residential transactions with contracts dated Sept 7 to 14
CITY&COUNTRY
DoneDeals
District 9
PARC SOPHIA Apartment Freehold September 14, 2012 732 1,300,000 1,776 2011 Resale Private
2 RVG Apartment Freehold September 13, 2012 926 1,550,000 1,674 2006 Resale HDB
ILLUMINAIRE ON DEVONSHIRE Apartment Freehold September 13, 2012 441 1,065,000 2,413 2011 Resale HDB
MARTIN PLACE RESIDENCES Condominium Freehold September 12, 2012 1,044 2,500,000 2,394 2011 Sub Sale Private
WATERMARK ROBERTSON QUAY Apartment Freehold September 12, 2012 1,033 1,930,000 1,868 2008 Resale Private
THE SCOTTS TOWER Condominium 103 years September 12, 2012 657 2,517,000 3,833 Uncompleted New Sale Private
HELIOS RESIDENCES Apartment Freehold September 12, 2012 1,668 5,857,900 3,511 2011 Resale Private
CASA CAIRNHILL Apartment Freehold September 10, 2012 1,572 2,700,000 1,718 1991 Resale Private
HELIOS RESIDENCES Apartment Freehold September 10, 2012 1,668 5,719,500 3,428 2011 Resale Private
UE SQUARE Apartment 929 years September 7, 2012 506 1,005,000 1,987 1997 Resale HDB
PARC CENTENNIAL Apartment Freehold September 7, 2012 1,163 1,700,000 1,462 2011 Resale Private
35 KIMYAMROAD Apartment 99 years September 7, 2012 549 790,000 1,439 Unknown Resale HDB
District 10
NATHAN RESIDENCES Apartment Freehold September 14, 2012 786 1,338,000 1,703 Uncompleted Sub Sale Private
STEVENS COURT Condominium Freehold September 14, 2012 4,833 9,000,000 1,862 1989 Resale Private
LEEDON 2 Condominium Freehold September 13, 2012 1,206 1,700,000 1,410 1996 Resale HDB
5 MARGOLIOUTH ROAD Detached House Freehold September 12, 2012 12,723 20,000,000 1,572 Unknown Resale Private
ST MARTIN RESIDENCE Condominium Freehold September 12, 2012 603 1,500,000 2,488 2001 Resale HDB
24 LIMTAI SEE WALK Semi-Detached Freehold September 12, 2012 3,617 5,680,000 1,569 1996 Resale Private
House
THE SIXTHAVENUE RESIDENCES Condominium Freehold September 11, 2012 1,787 2,800,000 1,567 2009 Resale Private
ARDMORE PARK Condominium Freehold September 10, 2012 2,885 9,050,000 3,137 2001 Resale Private
DUCHESS MANOR Condominium 999 years September 10, 2012 1,550 2,530,000 1,632 2005 Resale Private
LEEDON RESIDENCE Condominium Freehold September 10, 2012 2,131 3,896,199 1,828 Uncompleted New Sale Private
THE TESSARINA Condominium Freehold September 10, 2012 1,561 2,220,000 1,422 2003 Resale Private
ALLSWORTH PARK Terrace House 999 years September 7, 2012 3,401 3,900,000 1,147 1985 Resale Private
4 LASIAAVENUE Terrace House Freehold September 7, 2012 2,110 3,820,000 1,811 1975 Resale Private
NASSIMPARK RESIDENCES Condominium Freehold September 7, 2012 3,466 11,300,000 3,260 2011 Sub Sale Private
District 11
HILLCREST ARCADIA Condominium 99 years September 13, 2012 1,421 1,350,000 950 1980 Resale Private
ROCHELLE AT NEWTON Condominium 99 years September 13, 2012 1,507 2,152,000 1,428 2012 New Sale HDB
STRATA Apartment Freehold September 12, 2012 840 1,280,000 1,525 2006 Resale Private
HILLCREST VILLA Terrace House 99 years September 12, 2012 3,154 3,050,000 967 2009 Resale Private
SUITES @NEWTON Apartment Freehold September 10, 2012 603 1,310,000 2,173 Uncompleted New Sale HDB
SUFFOLK PREMIER Apartment Freehold September 10, 2012 1,076 1,450,000 1,347 2007 Resale Private
NOVENA COURT Apartment Freehold September 10, 2012 861 1,233,000 1,432 Unknown Resale Private
DUNEARN ESTATE Semi-Detached Freehold September 7, 2012 3,520 4,638,000 1,318 Unknown Resale Private
House
PARK INFINIAAT WEE NAM Condominium Freehold September 7, 2012 1,442 2,436,980 1,690 2008 Resale Private
NEWTON ONE Condominium Freehold September 7, 2012 1,916 3,300,000 1,722 2009 Resale Private
ROCHELLE AT NEWTON Condominium 99 years September 7, 2012 1,744 2,628,000 1,507 2012 Sub Sale Private
NINETEEN SHELFORD ROAD Condominium Freehold September 7, 2012 646 970,000 1,502 1997 Resale Private
SHELFORD SUITES Condominium Freehold September 7, 2012 1,292 2,170,000 1,680 2011 Resale Private
District 12
RIVIERA 38 Apartment 999 years September 13, 2012 1,141 1,256,409 1,101 Uncompleted New Sale HDB
SUMMER GREEN Apartment Freehold September 12, 2012 1,292 1,350,000 1,045 1996 Resale Private
TREVISTA Condominium 99 years September 11, 2012 861 1,336,000 1,551 2011 Resale Private
THE CALLISTA Apartment 999 years September 11, 2012 592 718,000 1,213 2005 Resale Private
IRESIDENCES Apartment Freehold September 11, 2012 980 1,410,000 1,439 2011 Sub Sale Private
ONE DUSUN RESIDENCES Apartment Freehold September 10, 2012 527 893,700 1,694 Uncompleted New Sale Private
ONE DUSUN RESIDENCES Apartment Freehold September 10, 2012 657 867,600 1,321 Uncompleted New Sale Private
ONE DUSUN RESIDENCES Apartment Freehold September 10, 2012 484 703,000 1,451 Uncompleted New Sale Private
MOONSTONE RESIDENCES Apartment Freehold September 10, 2012 1,238 1,470,000 1,188 2004 Resale HDB
AVATOWERS Apartment Freehold September 10, 2012 1,281 1,200,000 937 1993 Resale Private
TREVISTA Condominium 99 years September 10, 2012 463 755,000 1,631 2011 Resale HDB
EIGHT RIVERSUITES Condominium 99 years September 10, 2012 1,195 1,333,100 1,116 Uncompleted New Sale HDB
AVATOWERS Apartment Freehold September 10, 2012 1,173 1,150,000 980 1993 Resale Private
ONE DUSUN RESIDENCES Apartment Freehold September 7, 2012 657 917,000 1,397 Uncompleted New Sale Private
OPAL SUITES Apartment Freehold September 7, 2012 398 540,000 1,356 2012 Sub Sale HDB
District 14
WATERBANKAT DAKOTA Condominium 99 years September 12, 2012 484 740,000 1,528 Uncompleted Sub Sale Private
SIMSVILLE Condominium 99 years September 12, 2012 969 890,000 919 1998 Resale HDB
NICOLE GREEN Apartment Freehold September 12, 2012 1,270 1,200,000 945 2002 Resale HDB
THE MIDAS Apartment Freehold September 11, 2012 1,378 1,100,000 798 2008 Resale HDB
SIMSVILLE Condominium 99 years September 11, 2012 1,249 1,080,000 865 1998 Resale Private
30 JALAN SAYANG Detached House Freehold September 10, 2012 4,715 4,468,000 949 1987 Resale Private
CENTRAL GROVE Condominium 99 years September 10, 2012 1,206 1,100,000 912 2001 Resale Private
28 IMPERIAL RESIDENCES Apartment Freehold September 10, 2012 538 745,100 1,384 Uncompleted New Sale HDB
11B LORONG 15 GEYLANG Apartment Freehold September 7, 2012 1,119 980,000 875 Unknown Resale Private
9B LORONG 15 GEYLANG Apartment Freehold September 7, 2012 1,119 980,000 875 Unknown Resale Private
602A GEYLANG ROAD Apartment Freehold September 7, 2012 1,367 1,238,000 906 1975 Resale Private
LE CRESCENDO Condominium Freehold September 7, 2012 1,173 1,350,000 1,151 2006 Resale Private
CASSIAVIEW Apartment Freehold September 7, 2012 1,152 1,300,000 1,129 1998 Resale Private
WATERBANKAT DAKOTA Condominium 99 years September 7, 2012 1,130 1,600,000 1,416 Uncompleted Sub Sale Private
District 15
SPRING @LANGSAT Apartment Freehold September 14, 2012 893 950,000 1,063 2010 Resale HDB
SANTA FE MANSIONS Apartment Freehold September 13, 2012 1,076 1,303,000 1,211 1997 Resale Private
WATER PLACE Condominium 99 years September 13, 2012 1,216 1,400,000 1,151 2004 Resale HDB
SPRINGVALE Apartment Freehold September 13, 2012 1,335 1,350,000 1,011 1995 Resale Private
CASUARINA COVE Condominium 99 years September 12, 2012 1,593 1,785,000 1,120 1996 Resale Private
THE MAKENA Condominium Freehold September 12, 2012 1,615 2,260,000 1,400 1998 Resale HDB
PEBBLE BAY Condominium 99 years September 11, 2012 1,894 2,640,000 1,394 1997 Resale Private
LAGUNA PARK Apartment 99 years September 11, 2012 1,453 1,370,000 943 1978 Resale HDB
AALTO Condominium Freehold September 11, 2012 1,959 4,150,000 2,118 2010 Resale HDB
33 BOURNEMOUTH ROAD Detached House Freehold September 10, 2012 7,621 9,800,000 1,287 Unknown Resale Private
ODEON SEASIDE PARK Terrace House Freehold September 10, 2012 1,755 2,300,000 1,310 Unknown Resale HDB
HAIG 162 Apartment Freehold September 10, 2012 366 605,000 1,653 Uncompleted Sub Sale Private
COSTA RHU Condominium 99 years September 10, 2012 1,399 1,600,000 1,143 1997 Resale Private
ARTHUR 118 Apartment Freehold September 10, 2012 1,001 1,430,000 1,428 2006 Resale HDB
ONE AMBER Condominium Freehold September 10, 2012 1,378 1,890,000 1,372 2010 Resale Private
SANCTUARY GREEN Condominium 99 years September 10, 2012 2,207 2,350,000 1,065 2004 Resale Private
OCEAN PARK Condominium Freehold September 7, 2012 1,302 1,620,000 1,244 1984 Resale Private
ST PATRICKS COURT Apartment Freehold September 7, 2012 969 1,100,000 1,135 1993 Resale HDB
CAMELOT BY-THE-WATER Condominium 99 years September 7, 2012 2,745 3,800,000 1,384 2000 Resale Private
VILLA MARINA Condominium 99 years September 7, 2012 1,916 1,700,000 887 1999 Resale Private
THE SEAFRONT ON MEYER Condominium Freehold September 7, 2012 1,604 2,530,000 1,577 2010 Resale Private
STUDIOS@TEMBELING Apartment Freehold September 7, 2012 786 1,050,000 1,336 2012 Sub Sale Private
District 16
SUNHAVEN Condominium Freehold September 11, 2012 1,905 1,350,000 709 2002 Resale HDB
BAYSHORE PARK Condominium 99 years September 10, 2012 936 980,000 1,046 1986 Resale Private
STRATFORD COURT Condominium 99 years September 7, 2012 915 880,000 962 1998 Resale HDB
THE CALYPSO Apartment Freehold September 7, 2012 1,259 1,270,000 1,008 2005 Resale HDB
District 17
FERRARIA PARK CONDOMINIUM Condominium Freehold September 13, 2012 1,324 1,295,000 978 2009 Resale Private
ESTELLA GARDENS Condominium Freehold September 13, 2012 657 680,000 1,036 1999 Resale Private
PARC OLYMPIA Condominium 99 years September 11, 2012 969 844,900 872 Uncompleted New Sale HDB
ESTELLA GARDENS Condominium Freehold September 11, 2012 657 710,000 1,081 1999 Resale HDB
PARC OLYMPIA Condominium 99 years September 11, 2012 861 645,000 749 Uncompleted New Sale HDB
LIGHTHOUSE Condominium 99 years September 10, 2012 1,119 958,000 856 2004 Resale Private
PARC OLYMPIA Condominium 99 years September 7, 2012 646 648,550 1,004 Uncompleted New Sale HDB
PARC OLYMPIA Condominium 99 years September 7, 2012 646 648,550 1,004 Uncompleted New Sale HDB
PARC OLYMPIA Condominium 99 years September 7, 2012 646 625,600 969 Uncompleted New Sale HDB
DAHLIA PARK CONDOMINIUM Condominium Freehold September 7, 2012 1,453 1,188,000 818 2003 Resale Private
District 18
DOUBLE BAY RESIDENCES Condominium 99 years September 14, 2012 1,313 1,500,000 1,142 Uncompleted Sub Sale Private
THE TAMPINES TRILLIANT Executive 99 years September 13, 2012 2,110 1,217,000 577 Uncompleted New Sale HDB
Condominium