PROPERTY PERSONALISED MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)
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The week of February 4, 2019 | ISSUE 867-89
Market Trends
Done Deals
Feng Shui
Under the Hammer
Flexible work spaces may grow 20% in the CBD EP2
Old prime condos see prices hit new highs, $1 mil profits EP3
Joey Yap’s predictions for Year of the Earth Boar EP6
Unit at Eden Residences Capitol going for $6.28 mil EP10 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
Chinese-inspired bungalow on Toh Drive going for $9.3 mil The bungalow at Toh Drive built by retired engineer Gilbert Ong
In the eastern suburbs of Changi, a house designed to reflect a tropical resort lifestyle is on the market. We take a tour of the home. See our Cover Story on Pages 4 and 5.
EP2 • EDGEPROP
| FEBRUARY 4, 2019
INDUSTRY WATCH
EDITORIAL
| Cecilia Chow | Amy Tan WRITERS | Timothy Tay, Bong Xin Ying, Charlene Chin DIGITAL WRITER | Fiona Ho COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah SINGAPORE: Pek Tiong Gee, Rachel Heng PHOTO EDITOR | Samuel Isaac Chua PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | Yen Tan DESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafian Mohd Za’abah SINGAPORE: Kim Sy EDITOR
DEPUTY EDITOR
ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, COMMERCIAL OPERATIONS | Diana
Lim
SENIOR ACCOUNT MANAGERS
|
Janice Zhu, James Chua ACCOUNT MANAGER | Pang Kai Xin REGIONAL BUSINESS
| Cole Tan & BRANDING |
DEVELOPMENT MANAGER HEAD OF MARKETING
Han YaoGuang CIRCULATION
Flexible work spaces may grow 20% in CBD | BY BONG XIN YING |
pore’s CBD. The properties are all mixed developments comprising an office component.
F
lexible work spaces could increase by a further 20% y-o-y to a combined 2.7 million sq ft within the Singapore CBD in 2019, according to Colliers International’s inaugural Landlord Sentiment Survey in Singapore released on Jan 24. The projected increase of about 580,000 sq ft includes recent leases that have been signed and represents about 5% of the total office stock (all grades) in the city centre. Flexible workspaces, which comprise co-working space and serviced office operators, have seen tremendous growth in recent years. The sector grew an estimated 670,000 sq ft in 2018, says Colliers. About 90% of the respondents have a flexible workspace provider within their buildings, which they believe add value to their tenants, the survey showed. Of those, 25% of the respondents have both serviced office and co-working space in their property, while 40% have only serviced office, and 25% only co-working space. Conducted from 2Q to 3Q2018, the survey polled landlords whose properties represent more than 50% of the Premium and Grade-A stock in Singa-
Tight vacancy rates in CBD The poll also revealed that 75% of the respondents’ buildings have less than 10% vacancy, indicating tight vacancy rates across prime office buildings in the CBD. The limited availability of large contiguous space in the CBD could hamper a landlord’s ability to meet tenants’ expansion needs, says Rick Thomas, Colliers’ newly appointed head of occupier services for Singapore. CBD Grade-A office supply completion this year is likely to remain similar to 2018’s level, at about 0.7 million sq ft. Office properties expected to be completed this year include 18 Robinson, 9 Penang Road and Funan. The Banking & Finance sector continues to be the ideal occupier segment for the respondents (80%), followed by Technology, Media & Telecom (60%) and Professional Services (45%), the survey showed.
Tenant retention a challenge Of the respondents, 75% see tenant retention as a
challenge, citing more competitive pricing, changing economic factors and new commercial developments. The new-builds completed in the last two years offer several key features, such as end-of-trip facilities, enhanced technology, more sustainability features and higher efficiency. The better user experience of these new-builds often aligns with the occupiers’ increasing focus on wellness and talent recruitment strategies. Pricing will always be an “important aspect” of any tenant attraction and retention strategy, especially in a “rising market where Premium and Grade-A CBD rents are inching up”, says Thomas. In the CBD, Beach Road, Shenton Way/Tanjong Pagar, and Raffles Place/New Downtown were the top three micro-markets with the strongest rental growth in 2018. Landlords should be proactive and more progressive by providing varied lease structures while ensuring competitive pricing, says Duncan White, Colliers’ head of office services. Some occupiers may “consider leasing lower-priced office space in the city fringe and suburbs or even in business parks if they meet the eligibilE ity criteria”, Thomas says.
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JLL
JustCo to debut in Seoul, Sydney, Melbourne Local co-working operator JustCo announced that it will debut six new co-working centres in Seoul, Sydney and Melbourne by end-March. This is in addition to increasing its presence in established cities like Singapore, Shanghai, Bangkok and Jakarta. The company says its latest forays will double its footprint in the Asia-Pacific by 1Q2019. Its expansion plans are funded from a US$177 million ($239 million) joint investment by sovereign wealth fund GIC and property giant Frasers Property, as well as earlier funding by conglomerates TICON and Sansiri in Thailand, and Gunung Sewu in Indonesia. The company will launch four centres in Melbourne and Sydney. One is a four-storey, 90,000 sq ft centre at 15 William Street in Melbourne, which will open in May. In Seoul, two new centres will also be opening this quarter. One will be in the Seoul Finance Centre, a commercial building owned and managed by GIC. In Singapore, JustCo will also open a new centre later this year at China Square Central, which is owned by Frasers Property. “The year 2019 is starting strong for us as we enter new cities in Korea and Australia and announce more locations in Hong Kong, Taiwan, Vietnam, Malaysia and the Philippines,” said JustCo CEO, Kong Wan Sing. “Across all our newly secured locations in the region, we have received 50% pre-lease commitment by large corporates.” By the end of this quarter, the co-working operator would have secured or opened nine new CBD locations in various cities across the region. This will see its portfolio of properties grow to 29 centres in the Asia-Pacific.
Property transaction index up by 0.1% in December 2018 The overall Singapore Residential Price Index (SRPI) increased marginally last month by 0.1% m-o-m after falling for three consecutive months. Conducted by the Na-
schools make it stand out among the many collective sale sites that are being marketed, says Tan Hong Boon, executive director of JLL. He is also confident it will attract developers’ interest, based on the number of bids received for the nearby Kampong Java government land tender. The tender for Gilstead Court closes on Feb 27.
Apartment rents in Singapore rank 13th globally
tional University of Singapore, the SRPI is a transaction-based index that tracks the monthly price movements of non-landed private properties in the country. The rates of change for the sub-indices are very small, likely because of the thin transaction volume in December due to the holiday season, says Nicholas Mak, executive director at ZACD Group. The three sub-indices cover transactions in the central and non-central regions (excluding small units), and for small units (of less than 506 sq ft). The central region index rose by 0.2% m-o-m as the relatively softer prices of properties in the prime districts continue to attract some buyers, Mak says. He attributes the overall 0.1% increase to a “statistical blip” that does not signal the start of a price recovery. This year, the overall SRPI will see more monthly declines as the private residential market grapples with the effects of the property cooling measures in place for six months now and expects slower economic growth, Mak says. He projects the overall index to decrease 4% to 7% y-o-y for the whole of 2019.
Gilstead Court tries for collective sale again, may cut price to $153 mil Gilstead Court (above) has been re-
launched for collective sale by tender. More than 60% of the owners at the freehold condominium on Gilstead Road have signed a supplementary agreement to lower the reserve price of their development from $168 million to $153 million. Gilstead Court previously attempted a collective sale in June last year at the higher price, but the tender closed on July 10 with no successful bids. The collective sale committee of Gilstead Court needs at least 80% of the owners to support the lower reserve price, says JLL, the marketing agent for Gilstead Court. If endorsed, the new reserve price would reflect a land rate of $1,448 psf per plot ratio (ppr), compared with $1,590 psf ppr under the higher price. Built in 1978, Gilstead Court comprises 24 apartments of 1,389 sq ft and 24 apartments of 1,464 sq ft within three 4-storey blocks. The 75,479 sq ft site is zoned “residential” under the 2014 Master Plan and has a gross plot ratio of 1.4. The new development could comprise up to 98 units at a minimum size of 1,076 sq ft each. A pre-application feasibility study is not required, and no development charge is payable for the redevelopment of the site. The development’s address in the Novena/Newton neighbourhood as well as its freehold tenure and proximity to
Singapore ranks 13th out of 50 global cities in terms of rental affordability, according to data released by Nestpick, a global listing website for furnished apartments. The data shows that the median rentals are US$3.64 ($4.60) psf per month (pm) for a single-person apartment, and US$2.50 psf pm for an average family apartment. Within the city state, the most expensive neighbourhood for single-person apartments and family-sized apartments is District 6, at US$5.34 psf pm and US$3.98 psf pm respectively. District 6 comprises the areas around High Street, Beach Road, City Hall and Clarke Quay. In comparison, single-person apartments in prime District 9 have a median rental of US$4.31 psf pm, with family-sized apartments at US$3.16 psf pm. Globally, the City of London in the UK is the most expensive neighbourhood by rental affordability, followed by Monte-Carlo in Monaco. Two neighbourhoods in Hong Kong, Hong Kong Island and Kowloon, are in the eighth and ninth places respectively. Meanwhile, Vieux-Montreal in Canada has the highest inequality rental gap, based on the deviation from the city’s median property price. The inequality score in that neighbourhood is 221.62%. A score of 200% indicates it is double the average price for the city. Shibuya in Tokyo and Jongno in Seoul have inequality scores of 173.08% and 171.68% respectively. — Compiled by E Timothy Tay
EDGEPROP | FEBRUARY 4, 2019 • EP3
DONE DEALS
Old prime condos see prices hit new highs, $1 mil profits SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
| BY CHARLENE CHIN |
The 265-unit, 999-year leasehold condo was completed in 1998. It is regarded as one of the first inner-city private condos in Singapore. The unit at Emerald Garden is a 1,238 sq ft, three-bedroom apartment on the second level of the 11-storey condo block. The sale price was $2.6 million, which translates into $2,100 psf — also a new high in psf price terms. For the seller, who had paid $935,000 ($755 psf) in December 2002, it meant a capital gain of $1.67 million. The third most profitable deal was at 28 Shelford, a freehold development that was completed in 1994. Located on Shelford Road, off Dunearn Road in prime District 11, it is a boutique, low-rise condo block with just 36 units. The 1,184 sq ft, three-bedroom unit on the second level of the four-storey block at 28 Shelford was sold for $2 million ($1,689 psf), double the purchase price of $1 million ($845 psf) in November 1999. The latest psf price achieved — $1,689 psf — is also the highest to date. Bruce Lye, managing partner of SRI, believes that the buyers of these units are most likely en bloc beneficiaries looking for replacement homes
O
ver the week of Jan 15 to 22, three condominiums in the Core Central Region (CCR) saw transactions that were not just the most profitable, but also set record prices. The Marbella, at Mount Sinai Rise in prime District 10, is a 239unit, freehold condo developed by OUB Centre and completed in 2005. The latest unit to change hands in the project was a 1,744 sq ft, four-bedroom unit on the 23rd floor of one of the three 24-storey towers. The unit at The Marbella was sold for $3.2 million, or $1,830 psf — which is a new high in terms of psf price. The sale price was 2.3 times the purchase price of $1.4 million ($803 psf) that the former owner paid in November 2002, according to a caveat lodged then. The seller also pocketed $1.8 million from the sale — which was the highest gain registered for the week under review (See Gains & Losses Table on Page EP9). Another profitable deal that week was for a unit at Emerald Garden on Club Street in District 1 of the CBD.
A unit at The Marbella was sold for $3.2 million ($1,830 psf), according to a caveat lodged on Jan 22
in the prime districts. Owners of projects that have gone through a successful collective sale and received their money late last year, for instance, Hollandia, Olina Lodge and Tulip Garden in the Holland Road and Farrer Road neighbourhood, are now looking for replacement homes. “These en bloc beneficiaries who want similar-sized three- and four-bedroom units are having difficulty find-
ing them in newer developments where apartments are compact in size,” says Lye. “Older developments such as The Marbella and 28 Shelford, which were built more than a decade ago, however, have comparable unit sizes.” What’s more, these prime projects have collective sale potential too, he adds. Lye points to Emerald Garden where owners in the devel-
opment are attempting a collective sale. Word on the street is that they are exploring the possibility of having the site rezoned for use as a hotel or serviced apartment project. Just across the road from Emerald Garden is a public carpark that URA launched for tender as a hotel site last September. At the close of the tender on Jan 15, Worldwide Hotel Group’s subsidiary, Midtown Development, emerged the winner with a top bid of $562.2 million ($2,148 psf per plot ratio). That translates into a breakeven cost of $800,000 per key, according to Tricia Song, Colliers International head of research for Singapore. “The record price for the hotel site may have induced some owners at Emerald Garden to ride the collective sale wave,” reckons Lye. For the sellers of The Marbella, 28 Shelford and Emerald Garden, it made sense to cash out after holding their units for almost 28 years, adds Lye. These sellers had also purchased their units when the market was down and prices were at the trough in 1999-2002 in the aftermath of the Asian finanE cial crisis, he notes.
Residential transactions with contracts dated Jan 15 to 22 LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28
Singapore — by postal district
PROJECT
District 1 EMERALD GARDEN MARINA ONE RESIDENCES District 2 BLAIR PLAIN CONSERVATION AREA District 3 ARTRA ARTRA MARGARET VILLE STIRLING RESIDENCES STIRLING RESIDENCES STIRLING RESIDENCES STIRLING RESIDENCES STIRLING RESIDENCES STIRLING RESIDENCES STIRLING RESIDENCES THE ANCHORAGE THE CREST District 4 CARIBBEAN AT KEPPEL BAY HARBOUR VIEW TOWERS REFLECTIONS AT KEPPEL BAY REFLECTIONS AT KEPPEL BAY THE FORESTA @ MOUNT FABER District 5 BLUE HORIZON DOVER PARKVIEW FABER CREST HERITAGE VIEW REGENT PARK SEAHILL
SALE DATE
LAND AREA/ FLOOR AREA (SQ FT)
TRANSACTED PRICE ($)
NETT PRICE ($)
UNIT PRICE ($ PSF)
999 years 99 years
January 21, 2019 January 16, 2019
1,238 1,163
2,600,000 2,988,490
-
2,100 2,571
1999 2017
Terrace
Freehold
January 18, 2019
883
3,098,000
-
3,493
Unknown
Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Condominium Condominium
99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years Freehold 99 years
January 19, 2019 January 20, 2019 January 15, 2019 January 15, 2019 January 16, 2019 January 17, 2019 January 18, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 22, 2019 January 15, 2019
1,227 1,410 657 764 764 657 764 786 764 1,055 1,163 1,873
2,226,900 2,436,000 1,211,800 1,319,000 1,274,000 1,132,000 1,235,000 1,350,000 1,359,000 1,760,000 1,820,000 3,762,095
-
1,815 1,728 1,846 1,726 1,667 1,724 1,616 1,718 1,778 1,668 1,566 2,009
Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 1997 2017
Condominium Condominium Condominium Condominium Condominium
99 years 99 years 99 years 99 years Freehold
January 16, 2019 January 21, 2019 January 17, 2019 January 21, 2019 January 16, 2019
1,335 1,206 893 1,012 431
2,075,000 1,603,000 1,400,000 1,575,000 830,000
-
1,555 1,330 1,567 1,557 1,928
2004 1994 2011 2011 2014
Resale Resale Resale Resale Resale
Condominium Condominium Condominium Condominium Condominium Condominium
99 years 99 years 99 years 99 years 99 years 99 years
January 15, 2019 January 18, 2019 January 16, 2019 January 16, 2019 January 16, 2019 January 18, 2019
1,152 936 1,744 1,206 1,249 506
1,200,000 1,055,000 1,650,000 1,350,000 1,200,000 718,000
-
1,042 1,127 946 1,120 961 1,419
2005 1997 2001 2000 1997 2016
Resale Resale Resale Resale Resale Resale
PROPERTY TYPE
TENURE
Condominium Apartment
COMPLETION DATE
TYPE OF SALE
Resale New Sale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale Resale
SALE DATE
LAND AREA/ FLOOR AREA (SQ FT)
TRANSACTED PRICE ($)
NETT PRICE ($)
UNIT PRICE ($ PSF)
COMPLETION DATE
TYPE OF SALE
99 years 99 years 99 years 956 years Freehold 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years
January 21, 2019 January 19, 2019 January 18, 2019 January 15, 2019 January 18, 2019 January 15, 2019 January 15, 2019 January 15, 2019 January 15, 2019 January 15, 2019 January 16, 2019 January 16, 2019 January 16, 2019 January 16, 2019 January 16, 2019 January 16, 2019 January 17, 2019 January 17, 2019 January 17, 2019 January 17, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 20, 2019 January 20, 2019 January 20, 2019 January 20, 2019 January 20, 2019
495 1,346 2,110 2,002 1,905 1,066 990 1,066 1,281 1,281 1,173 624 764 764 1,281 441 614 441 614 1,281 1,270 614 1,281 1,281 958 764 1,066 1,066 990 764 614 1,066
705,000 1,936,000 1,620,000 3,000,000 1,730,000 1,437,600 1,344,800 1,384,800 1,694,520 1,588,000 1,608,000 857,600 1,116,180 1,065,150 1,603,200 608,000 811,620 620,000 809,600 1,598,400 1,589,600 816,000 1,633,770 1,618,400 1,246,400 1,041,660 1,409,600 1,405,600 1,268,000 1,119,420 822,400 1,360,800
-
1,424 1,439 768 1,497 908 1,349 1,358 1,300 1,323 1,240 1,371 1,374 1,461 1,394 1,252 1,378 1,323 1,405 1,320 1,248 1,252 1,330 1,275 1,263 1,301 1,363 1,323 1,319 1,280 1,465 1,340 1,277
2016 Uncompleted 2014 1976 1996 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted
Resale New Sale Resale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale
Apartment Apartment
99 years 99 years
January 16, 2019 January 16, 2019
1,528 678
3,988,000 758,000
-
2,609 1,118
2017 1979
New Sale Resale
Condominium Condominium Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Condominium Apartment Apartment Apartment
Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold
January 17, 2019 January 18, 2019 January 21, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 15, 2019 January 18, 2019 January 15, 2019
420 549 1,055 624 624 624 624 624 624 570 570 603 603 441 441 441 441 1,302 829 904 1,109
1,443,000 1,799,000 2,400,000 1,754,000 1,784,000 1,769,000 1,724,000 1,747,000 1,862,000 1,587,000 1,595,000 1,717,000 1,732,000 1,356,000 1,349,000 1,364,000 1,349,000 3,900,000 2,203,000 2,377,055 2,350,000
-
3,437 3,277 2,275 2,809 2,858 2,834 2,761 2,798 2,982 2,782 2,796 2,848 2,873 3,073 3,057 3,091 3,057 2,994 2,658 2,629 2,120
2018 2018 2009 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2013 2015 2015 2006
Resale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale Resale Resale Resale
Apartment Apartment Apartment Apartment Condominium Apartment
Freehold Freehold Freehold Freehold Freehold Freehold
January 15, 2019 January 17, 2019 January 19, 2019 January 20, 2019 January 21, 2019 January 15, 2019
764 452 452 463 3,122 1,238
2,656,545 1,625,000 1,545,000 1,743,000 4,180,000 2,039,000
-
3,476 3,594 3,417 3,766 1,339 1,647
Uncompleted Uncompleted Uncompleted Uncompleted 1984 2011
New Sale New Sale New Sale New Sale Resale Resale
PROJECT
PROPERTY TYPE
TENURE
SEAHILL THE CLEMENT CANOPY THE VISION WEST COAST GARDENS WEST PARK REGENCY WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND WHISTLER GRAND District 7 DUO RESIDENCES THE PLAZA District 9 8 SAINT THOMAS 8 SAINT THOMAS RIVERGATE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE RV ALTITUDE THE LAURELS THE PEAK @ CAIRNHILL II THE PEAK @ CAIRNHILL II THE PIER AT ROBERTSON District 10 3 CUSCADEN 3 CUSCADEN 3 CUSCADEN 3 CUSCADEN BEAVERTON COURT BELLERIVE
Condominium Apartment Condominium Terrace Terrace Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment
CONTINUES ON PAGE EP8
EP4 • EDGEPROP
| FEBRUARY 4, 2019
COVER STORY PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
The main dining room, which is painted in auspicious red and gold, features ornate sliding doors and panels with Chinese motifs
Chinese-inspired bungalow on Toh Drive going for $9.3 mil In the eastern suburbs of Changi, a house designed to reflect a tropical resort lifestyle is on the market. Take a tour of the home. | BY TIMOTHY TAY |
O
The bungalow, pictured at dawn, is elevated from the street level
n Toh Drive, a quiet landed housing estate located off Upper Changi Road North, a bungalow has been put on the market for sale. While it looks like a contemporary resort villa from the outside, its interior can be described as “modern chinoiserie”, or in the words of its owner, a house with “Oriental touches”. The property was built by its owner, retired engineer Gilbert Ong. He purchased the freehold site for $2.1 million in 2006 and tore down the old bungalow to build his new home. Back then, bungalows in the neighbourhood sitting on land sizes of at least 6,000 sq ft were transacted at prices ranging from $224 to $430 psf, according to caveats lodged with URA Realis. The asking price now is $9.3 million ($1,339 psf). Ong wanted a house that reflected “a contemporary resort lifestyle”, with indoor and outdoor spaces as well as rooms that have formal and informal settings. He also wanted to maximise the use of the 6,943 sq ft plot, which is elevated and therefore has a vantage point. “When I was a businessman, I used to trav-
el frequently,” recounts Ong. “I used to admire the beautiful designs of the five-star hotels and resorts, and I wanted to bring that experience to my house.” The house spans three levels and has a built-up area of 9,000 sq ft. The main gate of the house leads directly to the car park, which can fit six cars comfortably. Even though it is at street level, the car park is considered the basement level of the house. As the site is elevated, the basement level was extended to include a home cinema and an en suite guest bedroom. There is a home lift from the basement to the upper levels of the house. The second entrance into the house is from a side gate, with a staircase leading directly to the first level of the house. Lush greenery provides privacy and a measure of serenity for the residents.
Contemporary, with Oriental touches On the first level of the house is a pavilion overlooking a reflective pool and garden. The house has large windows and full-height glass doors that open out to the garden, allowing natural light and a cool breeze into the house for much of the day.
EDGEPROP | FEBRUARY 4, 2019 • EP5
COVER STORY
The airwell opens out into a well-ventilated space in the basement
A pair of intricately carved Chinese wooden doors graces the entrance to the dining room
An outdoor pavilion beside a cantilevered water feature serves as another lounge and entertainment area
The basement was extended when the house was rebuilt, to fit a home cinema and an extra bedroom
A spacious lounge area with floor-to-ceiling windows is frequently used to entertain guests
The first level of the house contains the public areas — living room, formal dining room, kitchen and yard. The second level contains four en suite bedrooms, including the master bedroom suite. Ong engaged RG Architects to design the house. While the architecture of the house is contemporary, the interior design is chinoiserie-inspired, especially in the formal dining room. A pair of intricately carved Chinese wooden doors graces the entrance to the dining room. Within is a dark rosewood dining table set that can seat 12, and a wood-panelled wall. Ong and his wife were actively involved in the interior design. “It is important that we have a house that we both enjoy,” he says. “She has a good eye when it comes to proportions, colours and design ideas. I like these Oriental touches, as they reflect our Chinese culture and personal tastes. It keeps the house interesting for visitors, and the best thing about such classical Chinese designs is that they never go out of style.” Some of the furniture pieces and fixtures were sourced in China, while others were purchased in Singapore and Australia.
All in, Ong reckons he spent close to $3.6 million renovating and furnishing the house, which took two years to complete. This was on top of the $2.1 million he paid for the land.
Prolific investor-developer Ong has been investing in property for many years. Besides houses, his portfolio includes private apartments. In recent years, however, he has been gradually divesting his assets. The house on Toh Drive is one of the last remaining properties he is holding on to. “It has been our family home for the past decade,” says Ong. What prompted him to move to the Toh estate was a very good friend, who lives in the estate too. Ong likes the neighbourhood, as it is a landed housing estate with predominantly two-storey bungalows and semi-detached houses, although some new, three-storey, mixed-landed housing developments have sprung up in recent years. “It’s very quiet and peaceful here,” he says. “There are also many nice eateries and amenities in the area.” The estate is a less than 10-minute drive from dining destinations such as Changi Village Hawker Centre and Cranwell Road.
The house is not Ong’s first home in the neighbourhood; he had purchased a property there in the early 1980s. The bungalow was located on Toh Crescent, just down the road from his current house. He also developed that home. The family lived there for only a few years before relocating to Australia. Ong sold that property in 1989. After spending 15 years in Australia, the family moved back to Singapore in 2004.
Second time around “When I decided to come back, I started looking for land to build a house again,” says Ong. “After looking around for two years, I decided to come back to [the Toh estate] because it has better value and offers the resort lifestyle environment that we wanted.” These days, he and his wife shuttle between Singapore and Perth, where their two daughters have married and settled down. Ong was also involved in the design of his two houses in Perth. The house in the Toh estate is expected to appeal to upgraders from smaller landed houses in the east. Yap Boon Seng, OrangeTee &
Tie residential associate executive director, has been appointed exclusive marketing agent for the property. Yap says it would make more sense for these buyers to purchase a readybuilt, well-designed bungalow such as Ong’s home instead of buying a piece of land and building a new home from scratch. The most recent bungalow transaction in the area was at 15 Toh Drive, which changed hands for $6.97 million ($824 psf) last December. Two vacated houses in the area were recently sold to boutique property developer Tan Jin Chwee & Co, which intends to redevelop the sites into a new landed project. According to Yap, “one in four buyers” in the Toh estate are developers. Developers that have been active in the Toh estate over the years include Wah Khiaw Group and Fragrance Group, whose founder, tycoon Koh Wee Meng, has a house there. With most of his family now in Australia, Ong feels it is time to sell the house on Toh Drive. “It’s better to let go of the house and let a new family enjoy it,” he says. “I would still love to build another house in the same area if my children decide to come back to E Singapore.”
EP6 • EDGEPROP
| FEBRUARY 4, 2019
FENG SHUI PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
Yap at this year’s Feng Shui and Astrology seminar at Resorts World Sentosa Convention Centre
Outlook for the Year of the Earth Boar | BY TIMOTHY TAY |
F
engshui consultant Joey Yap says 2019 will be “an interesting year”, as it marks a year of transition. “We are approaching a new cycle, which in metaphysics is known as ‘period 9’,” he says. “There is transformation, and whenever there’s a big change, chaos is to be expected.” In consulting the bazi chart (based on the concept of the “Four Pillars of Destiny” in Chinese astrology), Yap says the Singapore economy will see a rise in private consumption. He says sports and recreation as well as education will be at the forefront this year. Yap was speaking at his Feng Shui and Astrology Seminar on Jan 13, which saw 4,500 people packed into a convention hall at the Resorts World Sentosa Convention Centre. The event in Singapore bookended his world tour to London, New York, Penang and Kuala Lumpur. This year, the seminar series was sponsored by Malaysian developer Gamuda Land, and the official media partner in Singapore was EdgeProp Singapore. Yap predicts that “technology-related industries will have major breakthroughs in 2019, and this will occur on a global scale”. The number of local business start-ups will increase at a faster pace this year, particularly in the F&B sector, as more people choose to be self-employed. “This increase is more significant in Singapore than in other countries in Southeast Asia,” says Yap, cautioning, however, that “just because you start something new does not mean it will always turn out to be a successful venture”. Those involved in the local real estate market should be cautious this year, which is the
About 4,500 people attended the annual seminar, which was held on Jan 13 this year
Staff of EdgeProp Singapore, the event’s official media partner, were on hand to promote its online consumer tools
Year of the Earth Boar, says Yap. He sees the property sector being weighed down by infrastructure and transportation-related issues “because all the [zodiac] signs this year are related to mobility”. He adds that there could be a slowdown in new developments in the real estate sector.
Fengshui aficionados also shopped for books and guides by Yap
“Economic growth is not going to be as good as the year before,” he observes. Yap, a fengshui practitioner of 23 years, says 2019 will be marked by “more global uncertainty” that will lead to “big changes”. He advises his audience not to let these forecasts dictate their year, though.
“The choices each individual makes are unique,” he says. “Many people think life is fated and, in some ways, it is. But our destiny is a choice we make to transform our lives. We may not be fated to have so-called ‘good fortune’ every year, but each year we can deE cide to make it better than the last.”
EDGEPROP | FEBRUARY 4, 2019 • EP7
FENG SHUI
Words of wisdom for 2019 Boar
Rabbit
Goat
1923, 1935, 1947, 1959, 1971, 1983, 1995, 2007
1927, 1939, 1951, 1963, 1975, 1987, 1999, 2011
1931, 1943, 1955, 1967, 1979, 1991, 2003, 2015
Things might not go as planned, but that is simply how life is. You will be able to brave the challenges of this year with ample planning and clarity of mind. Do not let your emotions get in the way of your success. Strive for quality. The challenges you face might seem overwhelming at first, but they can easily be overcome if you handle it one problem at a time.
It is going to be a fantastic year ahead in almost all aspects of your life! As things are going well for you, try not to ruin it by cutting corners or taking risky actions. Every decision you make should be based on rational and logical thinking, rather than your emotions. Keep this up and you will be able to realise any goal you have set.
There is a difference between what you mean, what you say, what is heard and what is understood. In other words, make sure whatever you are trying to communicate this year is crystal clear. That aside, your artistic flair is set to flourish this year, so indulge in that facet of your life, whether in your career or as a hobby. Keep your emotions in check so that you will not step on anyone’s toes.
Rat
Dragon
Monkey
1924, 1936, 1948, 1960, 1972, 1984, 1996, 2008
1928, 1940, 1952, 1964, 1976, 1988, 2000, 2012
1932, 1944, 1956, 1968, 1980, 1992, 2004, 2016
It is an ideal year to realise your ambitions and advance in your career. As your social circle is set to grow this year, take the opportunity to make the best of it. While you should go all out in terms of career, be more conservative when it comes to investment. Remember to appreciate those who have supported you in your journey.
The main theme for you this year would be relationships. Which relationships? All of them! Whether it is the one with someone special, the people you work with or just casual friends, all of these are set to prosper in 2019. Capitalise on this opportunity by making the right connections. While you are out there meeting new people or old friends, remember to keep an eye on your wallet.
Invest, invest and invest; now is the time for you to grow your wealth, and you are encouraged to invest in stocks and worthy properties. But, before you do so, make sure you read up on what you are investing in and, at the same time, seek advice from qualified friends. There will be some petty people who will gossip about you behind your back, but they will not be able to harm you if you are able to ignore them.
Ox
Snake
Rooster
1925, 1937, 1949, 1961, 1973, 1985, 1997, 2009
1929, 1941, 1953, 1965, 1977, 1989, 2001, 2013
1933, 1945, 1957, 1969, 1981, 1993, 2005, 2017
Sometimes, the root of the problems we encounter is not external, but internal. It is a good time for you to do some self-reflection to get to the bottom of your worries. Before you decide on anything, take your time to do proper research. Whatever challenges you might have in 2019, confront them with patience and tolerance.
They say tough times build character, so this would be a good year to build yours. Your luck for this year might not match other people’s, but that does not mean you will not be able to persevere through this year. When it comes to planning and expectations, keep them realistic and you will be okay. Just remember to take on only what you are able to bear.
Ever wanted to pick up a new skill? If so, 2019 is the year for you to do so. This year is especially conducive to anything that has to do with research, academia or learning. It does not take a genius to figure out that this is great news for researchers and students. Even though there is a boost in your intelligence, you still need to be smart with your money and keep track of your finances.
Tiger
Horse
Dog
1926, 1938, 1950, 1962, 1974, 1986, 1998, 2010
1930, 1942, 1954, 1966, 1978, 1990, 2002, 2014
1934, 1946, 1958, 1970, 1982, 1994, 2006, 2018
For all your hard work, people might not always notice you, but that will change this year. Know that it is finally time for you to be recognised for your efforts. Guidance and support are readily available from those closest to you, so do not be shy if you need help. Although things are looking good overall, it does not hurt to be careful with your words and actions.
You can expect a great year ahead if you take the initiative instead of horsing around. The more effort you put in your work, the greater the return. Graced by such good luck this year, you can deal easily with problems. While you will not have problems getting things started, make sure your plans are carried out carefully so they do not blow up in your face.
Whatever plans you have in store for this year, you may need to prepare yourself for delays and setbacks. Things are not perfect, but it is not the end of the world either; just be flexible and ready, with multiple back-up plans. You will not know how brightly you can shine if you never put yourself to the test and face your adversaries. Extracted from ‘Chinese astrology forecast for 2019’ by Joey Yap
GRAPHICS: AGNESSZ_ART/FREEPIK
EP8 • EDGEPROP
| FEBRUARY 4, 2019
DONE DEALS FROM PAGE EP3
Residential transactions with contracts dated Jan 15 to Jan 22 SALE DATE
LAND AREA/ FLOOR AREA (SQ FT)
TRANSACTED PRICE ($)
NETT PRICE ($)
UNIT PRICE ($ PSF)
COMPLETION DATE
TYPE OF SALE
99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years Freehold Freehold 99 years Freehold Freehold 99 years Freehold
January 22, 2019 January 17, 2019 January 17, 2019 January 17, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 20, 2019 January 17, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 15, 2019 January 22, 2019 January 17, 2019 January 21, 2019
2,443 1,496 484 484 689 1,109 1,109 710 710 710 646 484 474 474 474 710 710 710 721 721 721 484 958 1,109 700 700 484 484 484 484 700 1,109 958 1,109 1,109 1,496 1,496 646 689 624 624 506 506 506 506 710 710 710 506 689 947 947 710 1,485 1,130 1,485 1,485 947 689 710 710 495 710 484 1,475 710 710 915 484 689 624 2,164 334 2,939 1,012 3,197 1,744 3,175 1,270
3,780,000 3,614,000 1,195,000 1,112,000 1,661,000 2,578,000 2,539,000 1,769,000 1,721,000 1,733,000 1,647,000 1,184,000 1,196,000 1,077,000 1,065,000 1,779,000 1,767,000 1,742,000 1,769,000 1,793,000 1,728,000 1,135,000 2,246,000 2,615,000 1,721,000 1,689,000 1,135,000 1,135,000 1,135,000 1,124,000 1,668,000 2,615,000 2,246,000 2,712,000 2,792,000 3,664,000 3,564,000 1,592,000 1,717,000 1,507,000 1,548,000 1,198,000 1,156,000 1,186,000 1,237,000 1,657,000 1,693,000 1,705,000 1,225,000 1,662,000 2,192,000 2,229,000 1,667,000 3,556,000 2,745,000 3,430,000 3,632,000 2,252,000 1,690,000 1,672,000 1,660,000 1,225,000 1,696,000 1,135,000 3,555,000 1,801,000 1,789,000 2,283,000 1,135,000 1,702,000 1,572,000 2,750,000 825,000 9,168,000 1,570,000 5,080,000 3,200,000 2,730,000 1,990,000
-
1,547 2,415 2,467 2,296 2,411 2,325 2,290 2,490 2,422 2,439 2,550 2,444 2,525 2,274 2,249 2,504 2,487 2,452 2,453 2,486 2,396 2,343 2,344 2,359 2,460 2,414 2,343 2,343 2,343 2,320 2,384 2,359 2,344 2,446 2,518 2,449 2,382 2,465 2,492 2,414 2,480 2,368 2,285 2,344 2,445 2,332 2,383 2,400 2,421 2,413 2,314 2,353 2,346 2,394 2,429 2,309 2,445 2,377 2,453 2,354 2,337 2,474 2,387 2,343 2,411 2,535 2,518 2,495 2,343 2,471 2,518 1,269 2,472 3,120 1,552 1,589 1,835 860 1,567
2014 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 1997 2014 Uncompleted 1996 2001 2005 2003 1985
Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale Resale New Sale Resale Resale Resale Resale Resale
Apartment Apartment Apartment Condominium Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Semi-Detached
Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold
January 17, 2019 January 18, 2019 January 18, 2019 January 17, 2019 January 15, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 15, 2019
527 527 1,184 893 409 657 936 936 936 936 797 797 797 592 4,004
1,533,647 1,268,888 2,000,000 1,450,000 758,000 1,689,000 2,085,000 2,109,000 2,173,000 2,125,000 1,865,000 1,897,000 1,913,000 1,469,000 3,800,000
-
2,908 2,406 1,689 1,623 1,853 2,572 2,226 2,252 2,320 2,269 2,341 2,382 2,402 2,481 949
Uncompleted Uncompleted 1994 2013 2011 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2011
New Sale New Sale Resale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale
Apartment Apartment Apartment Apartment Apartment
Freehold Freehold Freehold Freehold Freehold
January 18, 2019 January 18, 2019 January 16, 2019 January 18, 2019 January 17, 2019
463 2,282 818 1,249 883
842,000 2,400,000 1,238,888 1,290,000 1,090,000
-
1,819 1,052 1,514 1,033 1,235
Uncompleted 1985 2015 1997 2015
New Sale Resale Resale Resale Resale
Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium
Freehold 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years
January 18, 2019 January 17, 2019 January 18, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 19, 2019 January 20, 2019 January 20, 2019 January 15, 2019 January 15, 2019 January 15, 2019 January 18, 2019 January 19, 2019 January 20, 2019
1,453 980 603 861 1,410 1,023 980 980 980 1,249 893 506 484 700 1,335 743
1,808,000 1,575,000 1,133,000 1,363,000 2,445,000 1,691,000 1,604,000 1,656,000 1,585,000 2,169,000 1,180,000 845,000 760,000 1,143,000 2,091,320 1,219,000
-
1,244 1,608 1,880 1,583 1,734 1,654 1,638 1,691 1,618 1,737 1,321 1,670 1,569 1,634 1,567 1,641
1996 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2016 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted
Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale New Sale New Sale New Sale New Sale New Sale
Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment
99 years Freehold Freehold 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years Freehold
January 21, 2019 January 18, 2019 January 15, 2019 January 15, 2019 January 17, 2019 January 17, 2019 January 17, 2019 January 17, 2019 January 17, 2019 January 17, 2019 January 17, 2019 January 18, 2019 January 18, 2019 January 19, 2019 January 19, 2019 January 16, 2019
1,109 1,453 1,367 452 452 452 420 603 635 635 700 420 926 829 915 1,119
872,000 1,500,000 1,150,000 798,000 824,000 811,000 750,000 1,023,000 1,049,000 1,057,000 1,153,000 742,000 1,509,000 1,396,000 1,528,000 1,200,000
-
787 1,032 841 1,765 1,823 1,794 1,787 1,697 1,652 1,664 1,648 1,768 1,630 1,684 1,670 1,072
2006 2010 1975 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2003
Resale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale
PROJECT
PROPERTY TYPE
TENURE
D’LEEDON FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES FOURTH AVENUE RESIDENCES HOLLAND GROVE LOFT@HOLLAND ONE TREE HILL COLLECTION SPRING GROVE THE HORIZON THE MARBELLA THE TENERIFFE WARNER COURT District 11 10 EVELYN 10 EVELYN 28 SHELFORD CUBE 8 DUNEARN SUITES FYVE DERBYSHIRE FYVE DERBYSHIRE FYVE DERBYSHIRE FYVE DERBYSHIRE FYVE DERBYSHIRE FYVE DERBYSHIRE FYVE DERBYSHIRE FYVE DERBYSHIRE FYVE DERBYSHIRE WATTEN RESIDENCES District 12 JUI RESIDENCES NADIA MANSIONS REGENT RESIDENCES ST MICHAEL’S PLACE THE VIRIDIAN District 13 EURO-ASIA PARK PARK COLONIAL PARK COLONIAL PARK COLONIAL PARK COLONIAL PARK COLONIAL PARK COLONIAL PARK COLONIAL PARK COLONIAL PARK COLONIAL SENNETT RESIDENCE THE TRE VER THE TRE VER THE TRE VER THE TRE VER THE TRE VER District 14 ASTOR D’ CASITA N.A. PARC ESTA PARC ESTA PARC ESTA PARC ESTA PARC ESTA PARC ESTA PARC ESTA PARC ESTA PARC ESTA PARC ESTA PARC ESTA PARC ESTA THE CHAMPAGNE
Condominium Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Semi-Detached Apartment Semi-Detached Condominium Condominium Condominium Terrace Apartment
SALE DATE
LAND AREA/ FLOOR AREA (SQ FT)
TRANSACTED PRICE ($)
NETT PRICE ($)
UNIT PRICE ($ PSF)
COMPLETION DATE
TYPE OF SALE
Freehold Freehold Freehold Freehold
January 19, 2019 January 18, 2019 January 18, 2019 January 15, 2019
926 1,098 463 1,604
1,534,000 1,230,000 655,000 1,770,000
-
1,657 1,120 1,415 1,104
Uncompleted 1998 2016 2014
New Sale Resale Resale Resale
Condominium Apartment Condominium Terrace Apartment Condominium Apartment Apartment Apartment Apartment Apartment Apartment
Freehold Freehold Freehold Freehold Freehold Freehold 9999 years Freehold 99 years Freehold Freehold Freehold
January 22, 2019 January 18, 2019 January 15, 2019 January 15, 2019 January 22, 2019 January 18, 2019 January 21, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 16, 2019
2,024 1,238 1,270 3,089 1,485 570 603 721 560 592 1,442 1,367
3,880,000 1,469,888 1,787,000 3,380,000 1,500,000 1,040,000 830,000 1,180,000 1,173,700 735,000 2,075,000 1,180,000
-
1,917 1,187 1,407 1,095 1,010 1,823 1,377 1,636 2,097 1,242 1,439 863
2010 1996 2016 1985 1974 2010 1991 2018 Uncompleted 2006 2009 2005
Resale Resale Resale Resale Resale Resale Resale New Sale New Sale Resale Resale Resale
Condominium Condominium Terrace Terrace Semi-Detached Semi-Detached Condominium Condominium Condominium Condominium
Freehold 99 years 99 years 99 years Freehold 70 years 99 years Freehold 99 years 99 years
January 18, 2019 January 22, 2019 January 21, 2019 January 15, 2019 January 15, 2019 January 17, 2019 January 16, 2019 January 15, 2019 January 21, 2019 January 18, 2019
1,216 1,227 2,723 1,679 3,627 3,358 980 840 592 915
1,270,000 1,640,000 1,600,000 1,700,000 4,250,000 500,000 950,000 1,050,000 820,000 1,070,000
-
1,044 1,336 588 1,012 1,170 149 970 1,251 1,385 1,169
1998 2003 2000 1996 Unknown Unknown 2001 1991 2016 2015
Condominium Condominium Condominium Condominium Condominium
Freehold 99 years 99 years 99 years 99 years
January 21, 2019 January 18, 2019 January 15, 2019 January 15, 2019 January 19, 2019
1,335 1,292 452 527 527
1,138,000 960,000 612,000 738,000 709,000
-
853 743 1,354 1,399 1,344
2006 2015 Uncompleted Uncompleted Uncompleted
Resale Resale New Sale New Sale New Sale
Condominium Condominium Condominium Condominium Condominium EC Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium
99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years
January 18, 2019 January 22, 2019 January 21, 2019 January 16, 2019 January 16, 2019 January 21, 2019 January 15, 2019 January 15, 2019 January 17, 2019 January 18, 2019 January 18, 2019 January 19, 2019 January 19, 2019 January 20, 2019 January 20, 2019 January 20, 2019
1,367 1,173 1,270 958 1,098 1,249 926 474 603 990 1,485 689 441 1,130 1,991 603
1,450,000 980,000 1,065,000 735,000 1,050,000 1,030,000 1,218,400 683,880 862,650 1,170,400 1,799,820 971,190 679,645 1,436,130 2,340,900 886,420
-
1,061 835 838 767 956 825 1,316 1,444 1,431 1,182 1,212 1,410 1,540 1,271 1,176 1,471
2012 1999 2011 1996 2015 2003 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted
Resale Resale Resale Resale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale
Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment EC Condominium Condominium Condominium Terrace Apartment Condominium Condominium Condominium Condominium Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment EC Condominium Apartment
99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years Freehold 999 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years
January 15, 2019 January 17, 2019 January 17, 2019 January 18, 2019 January 18, 2019 January 18, 2019 January 19, 2019 January 20, 2019 January 20, 2019 January 20, 2019 January 18, 2019 January 17, 2019 January 16, 2019 January 18, 2019 January 15, 2019 January 16, 2019 January 18, 2019 January 16, 2019 January 21, 2019 January 22, 2019 January 15, 2019 January 15, 2019 January 16, 2019 January 16, 2019 January 16, 2019 January 16, 2019 January 19, 2019 January 20, 2019 January 20, 2019 January 20, 2019 January 17, 2019 January 21, 2019 January 15, 2019
646 614 474 474 1,453 538 538 614 614 538 1,001 990 1,292 1,227 2,056 592 990 786 1,378 1,173 603 721 603 463 463 463 1,485 614 721 614 1,991 1,055 560
906,000 913,000 688,000 689,000 2,181,000 779,000 811,000 923,000 888,000 796,000 1,120,000 900,000 1,440,000 1,330,000 2,668,000 822,000 1,170,000 793,000 1,150,000 1,165,000 819,000 914,000 799,000 628,000 613,000 609,000 1,920,000 835,000 919,000 824,000 1,360,000 1,260,000 739,000
-
1,403 1,488 1,453 1,455 1,501 1,447 1,507 1,504 1,447 1,479 1,119 909 1,115 1,084 1,296 1,388 1,181 1,009 835 993 1,359 1,267 1,326 1,357 1,324 1,316 1,293 1,361 1,274 1,343 683 1,194 1,320
Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2013 2016 2006 2006 1997 2015 2016 2014 2004 2015 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2000 2015 2017
New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale Resale Resale Resale Resale Resale Resale Resale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale Resale Sub Sale
Condominium Condominium
99 years Freehold
January 16, 2019 January 15, 2019
904 1,001
1,550,300 1,620,000
-
1,715 1,618
Uncompleted 2012
New Sale Resale
Condominium Condominium Condominium Semi-Detached Condominium Condominium Condominium Condominium Condominium
Freehold 99 years 999 years 999 years Freehold Freehold 99 years 99 years Freehold
January 17, 2019 January 16, 2019 January 21, 2019 January 18, 2019 January 21, 2019 January 17, 2019 January 16, 2019 January 17, 2019 January 17, 2019
1,421 603 1,302 2,594 1,711 1,787 495 560 1,518
1,850,000 1,053,550 1,285,000 6,080,000 1,980,000 2,670,000 1,022,000 1,117,000 1,660,000
-
1,302 1,748 987 2,345 1,157 1,494 2,064 1,996 1,094
1997 Uncompleted 1998 Unknown 1997 1997 Uncompleted Uncompleted 2001
Resale New Sale Resale Resale Resale Resale New Sale New Sale Resale
Condominium Terrace
99 years Freehold
January 17, 2019 January 18, 2019
1,227 4,672
1,080,000 3,300,000
-
880 706
2000 2000
Resale Resale
Condominium Apartment Condominium Terrace Condominium Condominium Condominium
Freehold 99 years 999 years Freehold 99 years 99 years 99 years
January 18, 2019 January 22, 2019 January 18, 2019 January 16, 2019 January 15, 2019 January 18, 2019 January 16, 2019
1,733 463 1,001 1,615 926 1,259 947
1,840,000 850,000 1,048,000 2,650,000 715,000 900,000 1,050,000
-
1,062 1,836 1,047 1,641 772 715 1,108
1998 2017 1999 2010 2000 2000 2013
Resale Resale Resale Resale Resale Resale Resale
Semi-Detached Condominium EC
Freehold 99 years 99 years
January 22, 2019 January 15, 2019 January 18, 2019
4,209 1,658 1,281
2,500,000 1,100,000 831,833
-
595 664 649
1969 1999 2000
Resale Resale Resale
Terrace
Freehold
January 15, 2019
2,034
2,400,000
-
1,180
1992
Resale
Apartment Condominium EC Terrace
99 years 99 years 99 years Freehold
January 18, 2019 January 22, 2019 January 18, 2019 January 17, 2019
926 958 1,206 3,348
975,000 730,000 1,050,000 2,930,000
-
1,053 762 871 875
2015 1994 2014 Uncompleted
Resale Resale Resale New Sale
Terrace Terrace Condominium Condominium Condominium Condominium Condominium
Freehold 99 years 99 years 99 years 99 years 99 years 99 years
January 17, 2019 January 16, 2019 January 15, 2019 January 15, 2019 January 17, 2019 January 18, 2019 January 20, 2019
3,466 1,679 506 506 667 1,453 506
3,070,230 2,918,000 690,000 699,930 924,410 1,785,770 705,870
-
886 1,738 1,364 1,384 1,385 1,229 1,395
Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted
New Sale New Sale New Sale New Sale New Sale New Sale New Sale
PROJECT
PROPERTY TYPE
TENURE
THE NAVIAN THE SUNNY SPRING TROPIKA EAST VACANZA @ EAST District 15 AALTO DE CASALLE MARINE BLUE LORONG H TELOK KURAU N.A. ONE AMBER ROXY SQUARE SANDY EIGHT SEASIDE RESIDENCES SUNSHINE RESIDENCE THE AMARELLE THE PROMINENCE District 16 CHANGI GREEN COSTA DEL SOL D’MANOR KEW VALE EVERGREEN AVENUE JALAN CHEMPAKA PUTEH THE CLEARWATER THE SUMMIT URBAN VISTA WATERFRONT ISLE District 17 EDELWEISS PARK CONDOMINIUM PARC OLYMPIA THE JOVELL THE JOVELL THE JOVELL District 18 DOUBLE BAY RESIDENCES EASTPOINT GREEN LIVIA MELVILLE PARK SEA ESTA THE EDEN AT TAMPINES THE TAPESTRY THE TAPESTRY THE TAPESTRY THE TAPESTRY THE TAPESTRY THE TAPESTRY THE TAPESTRY THE TAPESTRY THE TAPESTRY THE TAPESTRY District 19 AFFINITY AT SERANGOON AFFINITY AT SERANGOON AFFINITY AT SERANGOON AFFINITY AT SERANGOON AFFINITY AT SERANGOON AFFINITY AT SERANGOON AFFINITY AT SERANGOON AFFINITY AT SERANGOON AFFINITY AT SERANGOON AFFINITY AT SERANGOON ESPARINA RESIDENCES FLO RESIDENCE KOVAN MELODY KOVAN MELODY RICHARDS PLACE NAUNG RESIDENCE PARC CENTROS PARC VERA RIO VISTA RIVER ISLES RIVERFRONT RESIDENCES RIVERFRONT RESIDENCES RIVERFRONT RESIDENCES RIVERFRONT RESIDENCES RIVERFRONT RESIDENCES RIVERFRONT RESIDENCES RIVERFRONT RESIDENCES RIVERFRONT RESIDENCES RIVERFRONT RESIDENCES RIVERFRONT RESIDENCES THE FLORIDA THE LUXURIE WATERTOWN District 20 JADESCAPE TRESALVEO District 21 1 KING ALBERT PARK DAINTREE RESIDENCE HILLVIEW GREEN HONG KONG PARK HUME PARK II MAPLE WOODS MAYFAIR GARDENS MAYFAIR GARDENS THE HILLSIDE District 22 THE MAYFAIR YUNNAN GARDENS District 23 CHANTILLY RISE HILLION RESIDENCES MERAWOODS PAVILION PARK REGENT GROVE REGENT GROVE TREE HOUSE District 25 JALAN BUMBONG WOODGROVE CONDOMINIUM WOODSVALE District 26 LENTOR VIEW District 27 NINE RESIDENCES ORCHID PARK CONDOMINIUM THE CANOPY WATERCOVE District 28 BELGRAVIA GREEN NIM COLLECTION PARC BOTANNIA PARC BOTANNIA PARC BOTANNIA PARC BOTANNIA PARC BOTANNIA
Apartment Apartment Condominium Condominium
DISCLAIMER: Source: URA Realis. Updated Jan 29, 2019. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium
Resale Resale Resale Resale Resale Resale Resale Resale Resale Resale
EDGEPROP | FEBRUARY 4, 2019 • EP9
GAINS AND LOSSES
Top gains and losses from Jan 15 to 22 URA, EDGEPROP
Most profitable deals PROJECT
DISTRICT
AREA (SQ FT)
PURCHASE PRICE ($ PSF)
PROFIT ($)
PROFIT (%)
ANNUALISED GAIN (%)
HOLDING PERIOD (YEARS)
10
1,744
Jan 22
1,835
Nov 29, 2002
803
1,800,000
129
5
16.2
1
1,238
Jan 21
2,100
Dec 26, 2002
755
1,665,000
178
7
16.1
28 Sahelford
11
1,184
Jan 18
1,689
Nov 1, 1999
845
1,000,000
100
4
19.2
4
De Casalle
15
1,238
Jan 18
1,187
Oct 21, 2005
460
899,888
158
7
13.3
5
Kovan Melody
19
1,292
Jan 16
1,115
Jan 4, 2007
564
711,400
98
6
12.0
6
Heritage View
5
1,206
Jan 16
1,120
Jan 27, 1999
537
702,378
108
4
20.0
1
The Marbella
2
Emerald Garden
3
SOLD ON (2019)
SALE PRICE ($ PSF)
BOUGHT ON
7
Rivergate
9
1,055
Jan 21
2,275
Sept 9, 2009
1,649
660,000
38
3
9.4
8
The Amarelle
15
1,442
Jan 18
1,439
Aug 22, 2007
990
647,420
45
3
11.4
9
Maple Woods
21
1,787
Jan 17
1,494
Oct 20, 2010
1,147
620,000
30
3
8.2
10
Chantilly Rise
23
1,733
Jan 18
1,062
Dec 1, 1996
11
The Champagne
14
1,119
Jan 16
1,072
July 20, 2002
12
Faber Crest
5
1,744
Jan 16
946
July 21, 2009
13
D’Leedon
10
2,443
Jan 22
1,547
March 26, 2013
14
Roxy Square
15
603
Jan 21
1,377
Oct 8, 2003
15
Dover Parkview
5
936
Jan 18
1,127
Feb 15, 2002
711
608,120
49
2
22.1
554
580,000
94
4
16.5
619
570,000
53
5
9.5
1,318
560,260
17
3
5.8
504
526,000
173
7
15.3
571
520,000
97
4
16.9
PURCHASE PRICE ($ PSF)
LOSS ($)
LOSS (%)
ANNUALISED LOSS (%)
HOLDING PERIOD (YEARS)
1,761
275,000
12
1.0
8.6
Non-profitable deals DISTRICT
AREA (SQ FT)
1
PROJECT
Caribbean at Keppel Bay
4
1,335
2
Reflections at Keppel Bay
4
893
Jan 17
1,567
May 10, 2007
1,791
200,209
13
1.0
11.7
3
The Laurels
9
1,302
Jan 18
2,994
Aug 6, 2010
3,116
159,000
4
0.5
8.5
4
Reflections at Keppel Bay
4
1,012
Jan 21
1,557
April 30, 2010
1,672
116,599
7
1.0
8.7
5
Urban Vista
16
592
Jan 21
1,385
April 24, 2013
1,549
96,750
11
2.0
5.7
4
431
Jan 16
1,928
July 29, 2011
2,068
60,200
7
1.0
7.5
16
915
Jan 18
1,169
Sept 26, 2011
1,176
5,589
1
0.1
7.3
6
The Foresta @ Mount Faber
7
Waterfront Isle
SOLD ON (2019)
Jan 16
SALE PRICE ($ PSF)
1,555
BOUGHT ON
June 3, 2010
Note: Computed based on URA caveat data as at Jan 29 for private non-landed houses transacted between Jan 15 and 22. The profit and loss computation excludes transaction costs such as stamp duties.
EP10 • EDGEPROP
| FEBRUARY 4, 2019
UNDER THE HAMMER
Unit at Eden Residences Capitol going for $6.28 mil SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
| BY BONG XIN YING |
A
three-bedroom unit at Eden Residences Capitol will be put up for auction for the first time on Feb 26 by the auctioneer at Edmund Tie and Co (ET&Co). The opening price of the 2,260 sq ft unit is $6.28 million ($2,779 psf). Developed by a consortium led by Perennial Real Estate Holdings and designed by 84-year-old Pritzker Prizewinning American architect Richard Meier, Eden Residences Capitol is an exclusive 39unit condominium block with three- and four-bedroom units. Completed in 2015, the condo is part of the integrated development that includes Capitol Theatre, which has been conserved, and the former Stamford House, which has also been conserved and repurposed as the luxury, five-star The Capitol Kempinski Hotel, with 157 hotel rooms and suites. It is the first Kempinski hotel to open in Singapore. Within the development, there is a mall, which is connected underground to City Hall MRT interchange station on the North-South and EastWest lines. The mall is also linked to Raffles City, Citylink
Mall and Esplanade MRT station on the Circle Line. The unit on the market is situated on the fourth floor of the 10-storey residential block. It overlooks the swimming pool and offers views of St Andrew’s Cathedral, the Padang and the city skyline, with Marina Bay Sands in the distance, says Joy Tan, ET&Co’s head of auction and sales. The property is located on Stamford Road and is part of the Civic and Cultural District. “It’s the only luxury residence in District 6,” adds Tan. “It’s ideally situated in the vicinity of historical landmarks, such as the National Gallery and St Andrew’s Cathedral, which were built in the 19th century.” The unit is owned by a Singaporean who purchased it at launch in 2012 as an investment property. The apartment is tenanted at a monthly rental rate of $9,500, according to URA data. The unit will be sold with existing tenancy, which will expire in October 2020. The unit was purchased for $6.28 million ($2,780 psf) and the owner is letting go of it at the same price because he wants to consolidate his investment E portfolio, says Tan.
Eden Residences Capitol is part of an integrated development that includes the newly opened Kempinski luxury hotel
Recent rental contracts for 2,100 to 2,300 sq ft units at Eden Residences Capitol LEASE DATE
October 2018 August 2017 July 2017
MONTHLY RENT ($)
9,500 10,000 10,000
Recent transactions at Eden Residences Capitol CONTRACT DATE
AREA (SQ FT)
PRICE ($)
PRICE ($ PSF)
Dec 14, 2015 June 5, 2014 March 5, 2014 June 12, 2013 May 22, 2013
3,348 3,520 3,348 3,380 2,723
10,260,000 10,000,000 10,800,000 10,458,000 8,138,000
3,065 2,841 3,226 3,094 2,988 TABLES: URA, EDGEPROP
