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CC6 • THEEDGE SINGAPORE

| MARCH 15, 2010

COVERSTORY CITY&COUNTRY

lifestyle homes

Purchase of the 12-unit strata bungalow development, Chancery Five, in line with strategy of developing landed homes with lifestyle elements

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

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Chancery Five is a 12-unit strata bungalow development that The Straits Trading Co acquired a fortnight ago

| STORIES BY CECILIA CHOW |

I

Teng: In the context of land-scarce Singapore, strata landed housing allows people to enjoy owning a landed property that comes with a lifestyle component

n the neighbourhood of Chancery Lane and Mount Rosie, many of the old pre-war single-storey bungalows sitting on large land plots have disappeared to make way for new double- or triple-storey contemporary-style bungalows or strata landed housing projects.

“It’s such a pity, really; this used to be such a quiet neighbourhood,” says Leon Lee, a property agent who specialises in resale properties and is, incidentally, putting on the resale market one of 12 strata semi-detached houses in One Mount Rosie. It is located at the corner of Chancery Lane and Mount Rosie and completed just last March.

For owners who have been sitting on these properties, however, some of which were purchased more than 50 years ago for a mere $50,000, it is an ideal time to cash out, as prices of bungalows in the area are fetching

at least $10 million today. No wonder, then, that many have sold their sites for redevelopment, particularly to niche developers.

Take, for instance, the original single-storey bungalow at 26 Chancery Lane. It was sitting on a 26,641 sq ft freehold site and changed hands twice in the past three years. According to the URA database of caveats, which dates back to January 1995, the property first changed hands in July 2006 for $8.38 million, or $315 psf, and a second time just last June for $13.5 million, or $507 psf. The original bungalow has been torn down and, according to the notice on the hoarding, two new conventional bungalows will be built on the site. Construction has already begun.

Across the street from 26 and 28 Chancery Lane is a strata bungalow development with 12 bungalows on a 27,600 sq ft freehold site, called Chancery Five. The developer of Chancery Five, Tertius Development

Pte Ltd, owned by Enny Widjaja and Lee Kong Hian, managed to receive URA’s permission for the project just before a new ruling took effect in February last year. According to the ruling, strata landed housing projects will be approved only on sites that measure at least 40,000 sq ft.

Another stakeholder in the area that also managed to receive URA’s approval for a strata landed housing project just before the deadline is said to be Casuarina Properties, controlled by the Lee Foundation and members of the Lee family, and which has permission to build a development at Mount Rosie with 191 strata terrace houses and two semi-detached houses on a large parcel.

Construction at Chancery Five is about to begin, and Tertius had rolled out the property on the market five months ago when the property arm of public-listed conglomerate The Straits Trading Co (STC) swooped in with an offer to purchase the en-

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THEEDGE SINGAPORE | MARCH 15, 2010 • CC7

CITY&COUNTRY

Artist’s impression of Chancery Five

tire project en bloc. In an announcement on March 2, STC said its property arm purchased all the shares in Tertius for $13.888 million.

The strata bungalows will be double-storey and measure 4,800 to 6,500 sq ft. Each bungalow will come with five bedrooms, an entertainment room, an attic, a private basement car park, a private swimming pool and a lift. STC estimates total cost, including land, development and incidental selling costs, at $58.24 million. The breakeven price is calculated to range from $900 to $1,000 psf, according to sources.

When Tertius first put Chancery Five on the market for sale, there were many interested buyers. “In fact, one of them was yours truly,” confesses Eric Teng, CEO of the property arm at STC. “I went to take a look and thought it was quite nice.” However, it also struck him as an ideal acquisition for STC’s residential portfolio of prime-land sites, which includes two Good Class Bungalow plots on Cable Road and three land parcels on Nathan Road.

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“There’s a lot of misconception about strata landed housing,” says Teng. “In the context of land-scarce Singapore, strata landed housing allows people to enjoy owning a landed property that comes with a lifestyle component.” Strata landed homes, commonly known as cluster housing, enjoy the best of both worlds, he adds.

The owner gets a landed property, along with the security and amenities typically found at private condominiums.

Since the announcement of STC’s purchase of the site, Teng has already received inquiries from four parties “quite keen” on the property. The attraction is that the largely landed residential enclave in prime District 11 is near sought-after schools like Anglo-Chinese School (ACS Barker), Singapore Chinese Girls’ School, and Chinese High, as well as Orchard Road.

Teng is looking at ways to add value to the project before rolling it out on the market in the middle of the year. He intends to set a new benchmark for strata landed housing in the neighbourhood. Just a few doors away from Chancery Five, at the corner of Chancery Lane and Mount Rosie, is another strata landed housing development, One Mount Rosie.

The strata semi-detached project was developed by niche landed housing

developer, ACT Holdings, which purchased the freehold 18,288 sq ft site at 1 Mount Rosie back in 2005 for $7.52 million, or $411 psf, according to a URA caveat.

In early 2006, ACT Holdings’ managing director, James Toh, was approached by Cindy Chesney of Chesney Real Estate, who pooled together a group of individuals to buy all 12 units off-plan. In late 2006, ACT sold all 12 strata semi-detached houses at One Mount Rosie for $1.885 million ($388 psf) each. The strata semi-detached houses have built-up areas averaging 4,800 sq ft, four + one bedrooms, a private carpark and a private swimming pool or Jacuzzi.

Amid a feverish property boom in 2007, half a dozen units at One Mount Rosie were sold within months in sub-sales at prices more than double the original price tag, and some changed hands twice within a few months. For instance, there were two sub-sales recorded for 1A Mount Rosie in 2007 — the first in February for $3.1 million ($639 psf) and the second just five months later in July, when it was sold for $4.1 million ($845 psf).

Another unit in the strata semidetached development that changed hands twice in 2007 was 1G Mount Rosie. With a built-up area of 4,779 sq ft, the first sub-sale was in April, when it changed hands for $2.95 million ($617 psf), and the second was in June, when it was sold for $4.05 million ($847 psf).

Most of the semi-detached units are now occupied, says property agent Lee, who is marketing the unit at 1H Mount Rosie. It has a built-up area of 4,779 sq ft and a price tag of $3.6 million. Lee says the unit at 1F was sold two months ago for just under $3.4 million. “Most of the units there are asking for $800 psf, or $3.7 million to $3.8 million today,” says Lee. Like all strata developments, there is a maintenance fee of $300 a month.

“Younger professionals prefer strata landed homes to traditional landed properties because of the lifestyle offered and the convenience of the facilities,” he says.

Those buying such properties for investment are looking at a possible rental rate of $8,000 to $9,000 a month, says Lee. This works out to a gross rental yield of 2.5% to 2.8% a year. In the vicinity, owners of new landed properties of similar size are already asking for prices above $1,000 psf, notes Lee. CONTINUES NEXT PAGE

The recent en-bloc purchase of strata bungalow development Five Chancery by public-listed The Straits Trading Co has had a ripple effect on other developers with strata bungalow developments in the pipeline for launch.

One of those who have been closely monitoring the strata bungalow scene is Michael Tan, the 38-year-old director of privately held property investment and development company, Azec Holdings & Realty, founded in 1992 by Vincent Ling, a builder and interior designer by training. The company plans to roll out its Mount Sinai Residences strata bungalow development with eight units at the end of the month. “There’s a strong demand for landed housing, and I think this is a good time to launch the project,” says Tan. At the recently launched, strata bungalow development, Shanrock Villas at Namly Place, located off Sixth Avenue, one of the 11 units was sold for $4.9 million. Each double-storey bungalow has an average built-up area of 6,523 sq ft, five bedrooms, a private pool, an attic and a basement. The entire development occupies a 23,228 sq ft freehold site.

In the light of these developments, Azec’s Tan believes that the strata bungalows at Mount Sinai Residences should command a premium. “The charm here is that it’s in a cul-de-sac, a rare site for strata landed housing projects,” he says. To him, the location means sufficient parking for visitors, as the drawback of most strata landed housing projects is the lack of carpark facilities for visitors, and complaints about traffic congestion.

GWYNETH YEO/THE EDGE SINGAPORE

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Mount Sinai Residences ready for rollout

Tan: The charm [of Mount Sinai Residences] is that it’s in a cul-de-sac, a rare site for strata landed housing projects

Koe says Mount Sinai Residences was recently valued at $41 million, which works out to an average of $5.125 million per bungalow

Tan purchased the bungalow site at No 23, which sits on a 7,718 sq ft, 999-year leasehold site, for $7.8 million, or $1,011 psf. The semidetached house at No 25, which sits on a larger 999-year leasehold plot of 7,933 sq ft, was purchased for $6.7 million, or $844 psf. It cost less than No 23 because it was still considered a semi-detached property, and the property was the original house built 30 years ago. Combined, both sites measure just under 16,000 sq ft.

Rationalising his site purchase, Azec’s Tan says, “Back in 2006/07, in the midst of the recent property boom, there was a spike in interest in strata landed housing, and we saw the potential of the site.”

Tony Koe, associate director of residential at Knight Frank, the appointed marketing agent for the

Adding to the appeal is that, unlike most strata landed housing projects, there will be individual numbering of each strata bungalow, starting from No 23 all the way to No 37. “This individual numbering lends a premium to the strata bungalows,” says Tan. Even though the project has yet to be launched, Tan has already been approached by several parties looking to purchase all eight strata bungalows en bloc. “We’re currently in discussion,” he adds.

Pricing of the strata bungalows at Mount Sinai Residences has yet to be confirmed, says Knight Frank’s Koe. He points out that 8 Mount Sinai Lane, a typical semi-detached house sitting on a 999-year leasehold site of 5,683 sq ft, was recently sold for $6.7 million, or $1,180 psf, according to a caveat lodged on Feb 23.

There are few differences between strata landed projects and conventional land-titled housing, argues Koe. Both require foreign buyers to be permanent residents of Singapore and have to receive approval to purchase landed property from Singapore Land Authority’s Land Dealings (Approval) Unit. While strata bungalows cannot be torn down by the owners and redeveloped, unlike conventional bungalows, the advantage of being strata-titled is that the properties can be sold en bloc as long as they meet the requirements laid down by the government, as the land is shared by the owners, says Koe. For investors who want a better rental yield than that offered by conventional landed properties, which fetch low yields, “strata houses will probably have the edge”, he adds.

What’s more, with the government ruling early last year on the minimum land size of 40,000 sq ft for future strata landed housing projects, most developers will have little interest in developing such projects. “This last batch of strata bungalow developments are like the ‘Last of the Mohicans’; developers won’t be building them anymore,” says Tan. “And with prices on an uptrend, this is a good time to launch.”

Mount Sinai Residences will have eight strata bungalows when completed

Another draw of the Mount Sinai location, apart from its prime District 10 address, is its proximity to Henry Park Primary School. He adds that Mount Sinai Residences is also far away enough from the school so that residents do not have to suffer the full audio effects of being close to it, particularly during recess time, he adds.

The Mount Sinai Residences site is actually an amalgamation of two lots — 23 and 25 Mount Sinai Lane — which Tan had purchased on Jan 14, 2008. They were once a pair of semi-detached houses, but the former obtained approval to be “detached” from its neighbour, was redeveloped into a bungalow and sold as such in September 2000 for $4.35 million.

project, says Mount Sinai Residences was recently valued at $41 million, or an average of $5.125 million per bungalow. The project is targeted for completion by end-2011.

Each strata bungalow is 2½ storeys with built-up sizes of 5,339 to 6,146 sq ft. They come with four + one bedrooms, a games room and a family room, as well as a private lap pool, a roof terrace and a Jacuzzi. The bungalows will have quality fittings; for instance, bathrooms will feature the Hansgrohe line of bathroom accessories and Toto’s top-of-the-range sanitaryware, as well as top-end brand De Dietrich kitchen appliances. “The company spent a lot of time conceptualising the finer details,” says Tan.

CC8 • THEEDGE SINGAPORE

| MARCH 15, 2010

COVERSTORY CITY&COUNTRY

FROM PREVIOUS PAGE

Strata landed — A thing of the past?

Since the new ruling came into effect last year, there has been noticeably less demand for land on which to build strata landed housing projects, says William Wong, managing director of marketing agency, RealStar Premier Property Consultant, a specialist in landed properties, particularly bungalows and semidetached homes in the traditional prime districts. “Most of the strata housing projects in the market today are on sites that were bought before late 2008, when the new rule was announced. I don’t see many projects likely in the pipeline,” he says.

For instance, Wong is marketing 80 Meyer,

a boutique strata bungalow development with just four units along Meyer Road in the East Coast. It was also one of the developments that received approval for strata housing prior to the February 2009 deadline. The project is likely to be launched next month, as it expects to obtain its TOP (temporary occupation permit) in the middle of the year. Developed by boutique developer, Wah Khiaw Developments, the project sits on a freehold land area of 11,800 sq ft. Each of the strata bungalows has a built-up area of 4,820 sq ft and comes with an individual swimming pool and a car park. The price tag is $5.98 million each.

Wong notes that developers would prefer to build typical landed properties rather

Artist’s impression of 80 Meyer, a four-unit strata bungalow development on Meyer Road that is expected to be launched next month at $5.98 million each

CITY&COUNTRY

than strata-titled ones on sites that are at least 40,000 sq ft. On the other hand, mid-sized developers traditionally active in the strata landed housing segment would find it a challenge to acquire sites with a minimum land area of 40,000 sq ft. “Even if it’s available, more often than not, it will be used for the development of apartments or condominiums rather than cluster housing,” says Wong.

Generally, there is also a price differential between strata landed and individual titled landed properties in the same area, of 20% to 30%, says Wong. “[Buyer] preference is still for individual titled landed [property] partly because the buyer owns the land title for typical landed homes, versus strata landed properties, where the buyer holds only a certain percentage share of the land plot,” he explains.

The other reason, he adds, is that unlike strata landed housing projects, which typically levy a maintenance fee of $300 to $400 a month, there is no maintenance fee for the individual titled landed property.

STC’s Teng says he still sees opportunity in the strata landed housing segment. He adds, however, that he would consider developing individual landed properties or condominiums if there are sites of at least 40,000 sq ft. Still, his priority is on developing landed property where “a lifestyle personality” can be incorporated, and that will allow STC to carve a niche for itself in the mid-range to high-end segment of the property landscape.

Thus, his land-acquisition strategy is to persuade homeowners of large bungalow lots to sell their sites to STC. For those who are unwilling to part with their land, “we can develop the site, do the construction, and they can still get a share of it”, he says. Teng believes that would be “a smart way” for a niche player like STC to acquire land instead of pursuing government land sites, where “the big

GWYNETH YEO/THE EDGE SINGAPORE

Opportunity in strata landed homes segment

Wong says since the new ruling came into effect last year, there has been noticeably less demand for land on which to build strata landed housing projects

boys are also active”. The group is also looking for other strata housing projects, conservation properties, completed residential properties, and even commercial properties with recurrent income.

Since the start of the market turnaround last April, STC has also been divesting units in its completed residential projects: Gallop Gables condominium along Farrer Road; and Gallop Green, comprising townhouses and low-rise apartments. Today, its portfolio comprises only two units in Gallop Gables and 38 in Gallop Green. “We will [continue to] dispose of completed residential properties that are non-core E or of no strategic value,” says Teng.

HomeLoanRates

Disclaimer: The rates shown here are only indicative and are subject to changes by the respective banks without prior notice. They are not to be taken as an offer of contract. The Edge Publishing Pte Ltd shall not be

responsible for any loss or damage arising directly or indirectly from the use of, or reliance on, the information provided herein.

SOURCES: THE VARIOUS BANKS, HOME LOAN SINGAPORE PTE LTD, THE EDGE SINGAPORE

BANK

NAME OF LOAN SCHEME

BOARD RATE (%)

80% FINANCING FIRST YEAR (%) SECOND YEAR (%)

THIRD YEAR (%)

THEREAFTER (%)

90% FINANCING BOARD RATE (%) FIRST YEAR (%)

SECOND YEAR (%)

THIRD YEAR (%)

THEREAFTER (%)

DBS HDB & Private Housing Sibor Loyalty Package Sibor Fixed Rate Package Prime Rate Package (no loyalty) Prime Rate Package (2-years loyalty)

NA NA 4.25 4.25

Sibor* + 0.50 1.99 (fixed) 1.75 (BR-2.50) 1.25 (BR-3.00)

Sibor* + 0.75 2.09 (fixed) 1.75 (BR-2.50) 1.65 (BR-2.60)

Sibor* + 1.25 2.19 (fixed) 2.75 (BR-1.50) 2.65 (BR-1.60)

Sibor* + 1.25 Sibor* + 1.25 3.25 (BR-1.00) 3.75 (BR-0.50)

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA 4.25 4.25

Sibor* + 0.50 1.99 (fixed) 1.75 (BR-2.50) 1.25 (BR-3.00)

Sibor* + 0.75 2.09 (fixed) 1.75 (BR-2.50) 1.65 (BR-2.60)

Sibor* + 1.25 2.19 (fixed) 2.75 (BR-1.50) 2.65 (BR-1.60)

Sibor* + 1.25 Sibor* + 1.25 3.25 (BR-1.00) 3.75 (BR-0.50)

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

POSB HDB & Private Housing Sibor Loyalty Package Sibor Fixed Rate Package Prime Rate Package (no loyalty) Prime Rate Package (2-years loyalty) HONG LEONG FINANCE HDB

2-Year Fixed Rate Package Variable Rate Package

4.25 4.25

1.58 (fixed) 1.33 (HBR-2.92)

1.98 (fixed) 1.83 (HBR-2.42)

2.78 (HBR-1.47) 2.43 (HBR-1.82)

3.28 (HBR-0.97) 3.13 (HBR-1.12)

NA 4.25

NA 1.63 (HBR-2.62)

NA 2.13 (HBR-2.12)

NA 2.93 (HBR+1.32)

NA 3.53 (HBR-0.72)

Private Housing

2-Year Fixed-Rate Package Variable Rate Package

7.25 7.25

1.98 (fixed) 1.88 (BR-5.37)

2.68 (fixed) 2.48 (BR-4.77)

3.18 (BR-4.07) 3.08 (BR-4.17)

3.68 (BR-3.57) 3.68 (BR-3.57)

NA NA

NA NA

NA NA

NA NA

NA NA

HSBC** HDB

Standard Package (for completed properties) (min $100,000, no lock-in) Standard Package (for completed properties) (min $100,000, 1-yr lock-in) Standard Package (for BUC) (min $100,000, no lock-in) Loyalty Package (for completed properties) (min $100,000, no lock-in)

3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor

3-mth Sibor+1.75 3-mth Sibor+1.60 3-mth Sibor+1.25 3-mth Sibor+1.30

3-mth Sibor+1.75 3-mth Sibor+1.60 3-mth Sibor+1.25 3-mth Sibor+1.20

3-mth Sibor+1.75 3-mth Sibor+1.60 3-mth Sibor+1.25 3-mth Sibor+1.10

3-mth Sibor+1.75 3-mth Sibor+1.60 3-mth Sibor+1.25 3-mth Sibor+1.10

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

Private Housing

Standard Package (for completed properties) (min $200,000, no lock-in) Standard Package (for completed properties) (min $200,000, 1-yr lock-in) Standard Package (for BUC) (min $200,000, no lock-in) Loyalty Package (for completed properties) (min $200,000, no lock-in)

3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor

3-mth Sibor+1.75 3-mth Sibor+1.60 3-mth Sibor+1.25 3-mth Sibor+1.30

3-mth Sibor+1.75 3-mth Sibor+1.60 3-mth Sibor+1.25 3-mth Sibor+1.20

3-mth Sibor+1.75 3-mth Sibor+1.60 3-mth Sibor+1.25 3-mth Sibor+1.10

3-mth Sibor+1.75 3-mth Sibor+1.60 3-mth Sibor+1.25 3-mth Sibor+1.10

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

THEEDGE SINGAPORE | MARCH 15, 2010 • CC9

CITY&COUNTRY

HomeLoanRates

GWYNETH YEO/THE EDGE SINGAPORE

SOURCES: THE VARIOUS BANKS, HOME LOAN SINGAPORE PTE LTD, THE EDGE SINGAPORE

BANK

okseropwith

last its bles lop rise nly lop omore

BOARD RATE (%)

THIRD YEAR (%)

THEREAFTER (%)

3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR) Fourth Year: 3.88 (fixed); Thereafter: 3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR)

90% FINANCING BOARD RATE (%) FIRST YEAR (%)

SECOND YEAR (%)

THIRD YEAR (%)

THEREAFTER (%)

MAYBANK HDB

1-Year Fixed Rate Package 2-Year Fixed Rate Package 3-Year Fixed Rate Package 3-Year Fixed 1.80% Cashback Package (completed property only) Fixed Rate Package (4-yr lock-in)

3.75 3.75 3.75 3.75 3.75

3.28 (fixed) 2.98 (fixed) 1.60 (fixed) 3.98 (fixed) 2.28 (fixed)

3.28 (SRFR-0.47) 2.98 (fixed) 2.20 (fixed) 4.08 (fixed) 2.88 (fixed)

3.28 (SRFR-0.47) 3.28 (SRFR-0.47) 2.90 (fixed) 4.18 (fixed) 3.38 (fixed)

Variable Rate Package (1-yr lock-in) Variable Rate Package (2-yr lock-in) Variable Rate Package (3-yr lock-in) Variable Rate Package (no lock-in) Variable 1.80% Cashback Package (completed property only)

3.75 3.75 3.75 3.75 3.75

1.98 (SRFR-1.77) 1.88 (SRFR-1.87) 1.68 (SRFR-2.07) 3.28 (SRFR-0.47) 2.28 (SRFR-1.47)

2.88 (SRFR-0.87) 2.68 (SRFR-1.07) 2.48 (SRFR-1.27) 3.28 (SRFR-0.47) 3.08 (SRFR-0.67)

3.28 (SRFR-0.47) 3.28 (SRFR-0.47) 2.88 (SRFR-0.87) 3.28 (SRFR-0.47) 3.48 (SRFR-0.27)

1-Year Fixed Rate Package 2-Year Fixed Rate Package 3-Year Fixed Rate Package 3-Year Fixed 1.80% Cashback Package (completed property only) Fixed Rate Package (4-yr lock-in)

3.75 3.75 3.75 3.75 3.75

3.28 (fixed) 2.98 (fixed) 1.60 (fixed) 3.98 (fixed) 2.28 (fixed)

3.28 (SRFR-0.47) 2.98 (fixed) 2.20 (fixed) 4.08 (fixed) 2.88 (fixed)

3.28 (SRFR-0.47) 3.28 (SRFR-0.47) 2.90 (fixed) 4.18 (fixed) 3.38 (fixed)

Variable Rate Package (1-yr lock-in) Variable Rate Package (2-yr lock-in) Variable Rate Package (3-yr lock-in) Variable Rate Package (no lock-in) Variable 1.80% Cashback Package (completed property only)

3.75 3.75 3.75 3.75 3.75

1.98 (SRFR-1.77) 1.88 (SRFR-1.87) 1.68 (SRFR-2.07) 3.28 (SRFR-0.47) 2.28 (SRFR-1.47)

2.88 (SRFR-0.87) 2.68 (SRFR-1.07) 2.48 (SRFR-1.27) 3.28 (SRFR-0.47) 3.08 (SRFR-0.67)

3.28 (SRFR-0.47) 3.28 (SRFR-0.47) 2.88 (SRFR-0.87) 3.28 (SRFR-0.47) 3.48 (SRFR-0.27)

HDB

Variable Rate Package

4.50

3.25 (HBR-1.25)

Private Housing

Variable Rate Package

4.50

3.25 (BR-1.25)

3.50 (BR-1.00)

Private Housing

last and

NAME OF LOAN SCHEME

80% FINANCING FIRST YEAR (%) SECOND YEAR (%)

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR) Fourth Year: 3.88 (fixed); Thereafter: 3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR) 3.75 (SRFR)

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

3.75 (HBR-0.75)

NA

NA

NA

NA

NA

3.75 (BR-0.75)

3.75 (BR-0.75)

NA

NA

NA

NA

NA

OCBC 3.50 (HBR-1.00)3.75 (HBR-0.75)

SING INVESTMENTS & FINANCE HDB

Variable Rate Package

4.50

2.38 (HBR-2.12)

2.98 (HBR-1.52)

3.28 (HBR-1.22)

3.28 (HBR-1.22)

NA

NA

NA

NA

NA

Private Housing

Variable Rate Package

4.50

2.38 (HBR-2.12)

2.98 (HBR-1.52)

3.28 (HBR-1.22)

3.28 (HBR-1.22)

NA

NA

NA

NA

NA

HDB

Standard Floating Rate Package

4.50

2.75 (HBR-1.75)

2.99 (HBR-1.51)

3.75 (HBR-0.75)

3.75 (HBR-0.75)

NA

NA

NA

NA

NA

Private Housing

Standard Floating Rate Package

4.50

2.75 (HBR-1.75)

2.99 (HBR-1.51)

3.75 (BR-0.75)

3.75(BR-0.75)

NA

NA

NA

NA

NA

HDB

Fixed Rate Package (2-yr lock-in) Fixed Rate Package (3-yr lock-in) Variable Rate Package (2-yr lock-in) Variable Rate Package (3-yr lock-in)

4.25 4.25 4.25 4.25

2.88 (fixed) 2.68 (fixed) 1.98 (HBR-2.27) 1.68 (HBR-2.57)

2.88 (fixed) 2.98 (fixed) 2.88 (HBR-1.37) 2.68 (HBR-1.57)

3.38 (HBR-0.87) 2.98 (fixed) 3.38 (HBR-0.87) 2.98 (HBR-1.27)

3.38 (HBR-0.87) 3.38 (HBR-0.87) 3.38 (HBR-0.87) 3.38 (HBR-0.87)

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

Private Housing

Fixed Rate Package (2-yr lock-in) Fixed Rate Package (3-yr lock-in) Variable Rate Package (2-yr lock-in) Variable Rate Package (3-yr lock-in)

5.75 5.75 5.75 5.75

2.88 (fixed) 2.68 (fixed) 1.98 (BR-3.77) 1.68 (BR-4.07)

2.88 (fixed) 2.98 (fixed) 2.88 (BR-2.87) 2.68 (BR-3.07)

3.38 (BR-2.37) 2.98 (fixed) 3.38 (BR-2.37) 2.98 (BR-2.77)

3.38 (BR-2.37) 3.38 (BR-2.37) 3.38 (BR-2.37) 3.38 (BR-2.37)

NA 5.75 NA 5.75

NA 3.18 (fixed) NA 2.68 (BR-3.07)

NA 3.18 (fixed) NA 3.08 (BR-2.67)

NA 3.18 (fixed) NA 3.88 (BR-1.87)

NA 3.88 (BR-1.87) NA| 3.88 (BR-1.87)

UOB

RHB

E

LTV <=80%

LTV 80%-85%

STANDARD CHARTERED HDB

1-Year Fixed Rate Package (PB) (2-yr lock-in, min $100k) 1-Year Fixed Rate Package (GMM/EXCEL) (1-yr lock-in, min $100k) 2-Year Fixed Rate Package (PB) (2-yr lock-in, min $100k) 2-Year Fixed Rate Package (GMM/EXCEL) (2-yr lock-in, min $100k) 3-mth Sibor Package (no lock-in, min $100k) 3-mth Sibor Package (no lock-in, min $250k) 3-mth Sibor Package (1-yr lock-in, min $250k) 3-mth Sibor Package (BUC) (no lock-in, min $250k) 12-mth Sibor Package (no lock-in, min $100k) 12-mth Sibor Package (no lock-in, min $250k) 12-mth Sibor Package (1-yr lock-in, min $250k) Floating Package (2-yr lock-in, min 100k)

3-mth Sibor 1.70 (fixed) 3-mth Sibor 1.70 (fixed) 3-mth Sibor 1.50 (fixed) 3-mth Sibor 1.68 (fixed) 3-mth Sibor 3-mth Sibor+1.55 3-mth Sibor 3-mth Sibor+1.30 3-mth Sibor 3-mth Sibor+1.20 3-mth Sibor 3-mth Sibor+1.30 12-mth Sibor 12-mth Sibor+1.55 12-mth Sibor 12-mth Sibor+1.30 12-mth Sibor 12-mth Sibor+1.20 5.10 2.78

3-mth Sibor+1.05 3-mth Sibor+1.30 2.58 (fixed) 2.68 (fixed) 3-mth Sibor+1.55 3-mth Sibor+1.30 3-mth Sibor+1.30 3-mth Sibor+1.30 12-mth Sibor+1.55 12-mth Sibor+1.30 12-mth Sibor+1.30 2.78

3-mth Sibor+1.05 3-mth Sibor+1.30 3-mth Sibor+1.25 3-mth Sibor+1.30 3-mth Sibor+1.55 3-mth Sibor+1.30 3-mth Sibor+1.30 3-mth Sibor+1.30 12-mth Sibor+1.55 12-mth Sibor+1.30 12-mth Sibor+1.30 3.75

3-mth Sibor+1.05 3-mth Sibor+1.30 3-mth Sibor+1.25 3-mth Sibor+1.30 3-mth Sibor+1.55 3-mth Sibor+1.30 3-mth Sibor+1.30 3-mth Sibor+1.30 12-mth Sibor+1.55 12-mth Sibor+1.30 12-mth Sibor+1.30 3.75

3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 12-mth Sibor 12-mth Sibor 12-mth Sibor 5.10

2.30 (fixed) 2.30 (fixed) 2.10 (fixed) 2.28 (fixed) 3-mth Sibor+2.15 3-mth Sibor+1.90 3-mth Sibor+1.80 3-mth Sibor+1.90 12-mth Sibor+2.15 12-mth Sibor+1.90 12-mth Sibor+1.80 3.38

3-mth Sibor+1.65 3-mth Sibor+1.90 3.18 (fixed) 3.28 (fixed) 3-mth Sibor+2.15 3-mth Sibor+1.90 3-mth Sibor+1.90 3-mth Sibor+1.90 12-mth Sibor+2.15 12-mth Sibor+1.90 12-mth Sibor+1.90 3.38

NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA

Private Housing

1-Year Fixed Rate Package (2-yr lock-in, min $1m) 1-Year Fixed Rate Package (2-yr lock-in, min $500k) 1-Year Fixed Rate Package (1-yr lock-in, min 100k) 2-Year Fixed Rate Package (2-yr lock-in, min $1m) 2-Year Fixed Rate Package (2-yr lock-in, min $500k) 2-Year Fixed Rate Package (2-yr lock-in, min $100k) MortgageOne Sibor Package (1-yr lock-in, min $1m) MortgageOne Sibor Package (1-yr lock-in, min $500k) MortgageOne Sibor Package (no lock-in, min $100k) MortgageOne Sibor Package (BUC) (1-yr lock-in, min $1m) MortgageOne Sibor Package (BUC) (1-yr lock-in, min $500k) MortgageOne Sibor Package (BUC) (1-yr lock-in, min $100k) 3-mth Sibor Package (BUC) (200k, no lock-in) 3-mth Sibor Package (no lock-in, min $100k) 3-mth Sibor Package (1-yr lock-in, min $100k) MortgageOne Optimiser Package (no lock-in, min 200k) 12-mth Sibor Package (no lock-in, min $100k) 12-mth Sibor Package (1-yr lock-in, min 100k) Floating Package (2-yr lock-in, min 100k)

3-mth Sibor 1.65 (fixed) 3-mth Sibor 1.70 (fixed) 3-mth Sibor 1.70 (fixed) 3-mth Sibor 1.48 (fixed) 3-mth Sibor 1.50 (fixed) 3-mth Sibor 1.68 (fixed) 3-mth Sibor 3-mth Sibor+0.88 3-mth Sibor 3-mth Sibor+0.98 3-mth Sibor 3-mth Sibor+1.30 3-mth Sibor 3-mth Sibor+0.88 3-mth Sibor 3-mth Sibor+0.98 3-mth Sibor 3-mth Sibor+1.30 3-mth Sibor 3-mth Sibor+1.30 3-mth Sibor 3-mth Sibor+1.30 3-mth Sibor 3-mth Sibor+1.20 5.00 2.78 12-mth Sibor 12-mth Sibor+1.30 12-mth Sibor 12-mth Sibor+1.20 4.50 2.78

3-mth Sibor +0.95 3-mth Sibor +1.05 3-mth Sibor +1.30 2.48 (fixed) 2.58 (fixed) 2.68 (fixed) 3-mth Sibor+0.98 3-mth Sibor+0.98 3-mth Sibor+1.30 3-mth Sibor+0.98 3-mth Sibor+0.98 3-mth Sibor+1.30 3-mth Sibor+1.30 3-mth Sibor+1.30 3-mth Sibor+1.30 2.78 12-mth Sibor+1.30 12-mth Sibor+1.30 2.78

3-mth Sibor +0.95 3-mth Sibor +1.05 3-mth Sibor +1.30 3-mth Sibor +1.00 3-mth Sibor +1.25 3-mth Sibor + 1.30 3-mth Sibor+0.98 3-mth Sibor+1.18 3-mth Sibor+1.30 3-mth Sibor+0.98 3-mth Sibor+1.18 3-mth Sibor+1.30 3-mth Sibor+1.30 3-mth Sibor+1.30 3-mth Sibor+1.30 2.78 12-mth Sibor+1.30 12-mth Sibor+1.30 3.75

3-mth Sibor +0.95 3-mth Sibor +1.05 3-mth Sibor +1.30 3-mth Sibor +1.00 3-mth Sibor +1.25 3-mth Sibor + 1.30 3-mth Sibor+0.98 3-mth Sibor+1.18 3-mth Sibor+1.30 3-mth Sibor+0.98 3-mth Sibor+1.18 3-mth Sibor+1.30 3-mth Sibor+1.30 3-mth Sibor+1.30 3-mth Sibor+1.30 2.78 12-mth Sibor+1.30 12-mth Sibor+1.30 3.75

3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 3-mth Sibor 5.00 12-mth Sibor 12-mth Sibor 4.50

2.25 (fixed) 2.30 (fixed) 2.30 (fixed) 2.08 (fixed) 2.10 (fixed) 2.28 (fixed) 3-mth Sibor+1.48 3-mth Sibor+1.58 3-mth Sibor+1.90 3-mth Sibor+1.48 3-mth Sibor+1.58 3-mth Sibor+1.90 3-mth Sibor+1.90 3-mth Sibor+1.90 3-mth Sibor+1.80 3.38 12-mth Sibor+1.90 12-mth Sibor+1.80 3.38

3-mth Sibor+1.55 3-mth Sibor +1.65 3-mth Sibor +1.90 3.08 (fixed) 3.18 (fixed) 3.28 (fixed) 3-mth Sibor+1.58 3-mth Sibor+1.58 3-mth Sibor+1.90 3-mth Sibor+1.58 3-mth Sibor+1.58 3-mth Sibor+1.90 3-mth Sibor+1.90 3-mth Sibor+1.90 3-mth Sibor+1.90 3.38 12-mth Sibor+1.90 12-mth Sibor+1.90 3.38

3-mth Sibor+1.55 3-mth Sibor +1.65 3-mth Sibor +1.90 3-mth Sibor +1.60 3-mth Sibor + 1.85 3-mth Sibor + 1.90 3-mth Sibor+1.58 3-mth Sibor+1.78 3-mth Sibor+1.90 3-mth Sibor+1.58 3-mth Sibor + 1.78 3-mth Sibor+1.90 3-mth Sibor+1.90 3-mth Sibor+1.90 3-mth Sibor+1.90 3.38 12-mth Sibor+1.90 12-mth Sibor+1.90 4.35

3-mth Sibor+1.55 3-mth Sibor +1.65 3-mth Sibor +1.90 3-mth Sibor +1.60 3-mth Sibor + 1.85 3-mth Sibor + 1.90 3-mth Sibor+1.58 3-mth Sibor+1.78 3-mth Sibor+1.90 3-mth Sibor+1.58 3-mth Sibor + 1.78 3-mth Sibor+1.90 3-mth Sibor+1.90 3-mth Sibor+1.90 3-mth Sibor+1.90 3.38 12-mth Sibor+1.90 12-mth Sibor+1.90 4.35

APORE

HBR = HDB Housing Board Rate BR = Private housing board rate SRFR = Singapore Residential Financing Rate 90% financing available on a case-by-case basis based on bank’s discretion

NA = Not available * Sibor refers to the 3-month or 12-month Sibor ** HSBC fixed rate packages - please contact call centre hotline at 1800-HSBC NOW (4722 669) The Interbank Market Rate refers to the 12-month Sibor. Twelve-month Sibor rate is 0.92710% as at March 11, 2010.

Three-month Sibor rate is 0.66667% as at March 11, 2010 All board rates are variable.

Tables updated as at March 11, 2010