DoneDeals
THEEDGE SINGAPORE | NOVEMBER 25, 2013 •1
Done Deals
THEEDGE SINGAPORE | NOVEMBER 25, 2013 • 1
Bryan Tay, THE EDGE SINGAPORE
The Edge Singapore Property Transaction Tracker
On Nov 4, a 926 sq ft, two-bedroom unit on the sixth floor of Chancery Court was sold for $1.22 million, or $1,318 psf
| BY AMY TAN |
Centrally located ageing condos see buyer interest
T
here was a smattering of activities at older apartment blocks, namely Chancery Court, Grange Heights and Pearl Bank Apartment, according to transactions in the first week of November. On Nov 4, a 926 sq ft, two-bedroom unit on the sixth floor of Chancery Court was sold for $1.22 million or $1,318 psf. A similar unit on the eighth floor was sold at the same price in October. Completed in 1981, the 99-year leasehold project was developed by the former Housing and Urban Development Co (HUDC) which was privatised in 2004. The development has a mix of 136 two-bedroom units and maisonettes ranging from 904 to 2,271 sq ft. It also has eight shop units. The condo is popular among families with school-going children given its location next to the Anglo-Chinese School (Barker Road), and its proximity to the Orchard Road shopping belt and the CBD. Meanwhile, a 3,025 sq ft, four-bedroom apartment on the 17th floor of Grange Heights changed hands for $4.1 million or $1,356 psf on Nov 4. The highest price psf was achieved in July for a 1,905 sq
ft, 12th floor unit that fetched $3.1 million or $1,627 psf. The freehold project was completed in 1976, and was one of the first few residential highrise apartment blocks built by Hong Leong Holdings in the 1970s. The development located along St Thomas Walk contains 120 three- and four-bedroom apartments as well as penthouses with sizes ranging from 1,884 to 4,575 sq ft. Pearl Bank Apartment was one of the first all-residential public housing schemes to be completed under HDB’s sale of sites programme. The 38-storey apartment block is still a landmark in the Chinatown- Outram neighbourhood today. In early November, a 1,324 sq ft, two-bedroom apartment on the sixth floor of Pearl Bank Apartment was sold for $1.12 million ($845 psf). The same unit last traded for $397,000 ($283 psf) in 1999. Pearl Bank Apartment is considered the oldest 99-year leasehold condo in Singapore. When it was completed in 1976, the 280-unit development was also considered the tallest residential tower in the country. Its popularity has endured given its location — next to the Outram Park MRT station and Pearl’s Hill City Park. What Chancery Court, Grange Heights and Pearl Bank Apartment have in common is that the three ageing private high-rise blocks have all attempted en bloc purchases in the past, but without success. For example, Chancery Court was put up for en bloc sale in late-2007 with a price tag of $468 million or $1,614 psf per plot ratio (ppr). A development charge would also be incurred in order to maximise the plot ratio and top up the lease to a fresh 99 years. Grange Heights was put up for collective sale by tender with an indicative price of $845 million or $2,200 psf ppr in late-2007. The 136,678 sq ft freehold site has a plot ratio of 2.8 and can be redeveloped into a new 36-storey condo project. The development is accessible from both Killiney and River Valley Roads, and within a short distance from the Somerset-Orchard Road shopping belt. Pearl Bank Apartment is famous for making four attempts at a collective sale, the most recent in late 2011. The price tag was $725 million, which works out to $1,314 psf ppr, including a development charge of $162 million to top up the lease and for a 10% balcony space allocation. With a land area of 82,379 sq ft and plot ratio of 7.2, it could be redeveloped into a brand new high-rise residential development with 500 units of about 1,200 sq ft each. Such old condos are likely to go through another attempt at en bloc sale in the future, says Nicholas Mak, executive director of SLP’s research and consultancy. “Ageing developments will definitely want to go en bloc because so far there has not been a 99- year leasehold project that has been granted a lease extension by the government,” he says. A case in point was the 164-unit The Arcadia located off Adam Road, where all the owners had appealed to the Singapore Land Authority to top-up the lease to a fresh 99 years in 2010. The appeal was rejected. The condo was completed in 1983, and the appeal of the estate is the distinctive terraced garden design, as well as the spacious apartments, with three-bedroom units of at least 3,466 sq ft, and four-bedroom units starting from 3,714 sq ft, and penthouses of more than 7,500 sq ft each. Prices at The Arcadia are still hovering above $1,000 psf. The most recent transaction was for a 3,810 sq ft, four-bedroom unit that changed hands in September for $4 million ($1,050 psf). The unit last traded for $1.47 million ($386 psf) in 2004. Most buyers of units at The Arcadia, Pearl Bank Apartment, Chancery Court and Grange Heights tend to be owner occupiers, who like
2 • THEEDGE SINGAPORE | NOVEMBER 25, 2013
Done Deals
the spaciousness of the units, something they cannot find in new condos today. “You certainly won’t find a 3,000 sq ft, three-bedroom apartment in a new condo these days, and in the suburbs; most of the penthouses are only around 2,000 sq ft,” notes a property agent who declines to be named. These older projects also tend to be centrally located, and are priced more attractively than new condos in the same neighbourhood. For now, the chances of a large condo being successful in a collective sale attempt are slim. The government is currently releasing on average at least one development site on the government land sales programme every month, so developers can purchase these 99-year leasehold sites, adds Mak. Purchasing a government land parcel is more straight forward compared to buying sites in en bloc deals, which could be derailed by disputes. The most recent example was the scuttled en bloc sale of Thomson View for $590 million. The total debt servicing ratio has affected demand for residential units, with new launches seeing a 19% drop in sales in October compared with the previous month. Resale transactions have also dropped significantly.tive. But they will still part with their E money if they really like the property,” she notes.
A 3,025 sq ft, four-bedroom apartment on the 17th floorof Grange Heights was transacted at $4.1 million, or $1,356 psf, on Nov 4
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THEEDGE SINGAPORE | NOVEMBER 25, 2013 •3
Apartment and condo transactions with contract dates from Nov 1 to 8 Project
Property Tenure CONTRACT Type DATE
Floor Area (sq ft)
Done Deals
Transacted Unit Price Completion Type of Price ($) ($ psf) Date Sale
District 1 MARINA BAY SUITES Condominium 99 years November 1, 2013 1,593 $3,500,000 $2,197 2013 Sub Sale District 3 PEARL BANK APARTMENT Apartment 99 years November 4, 2013 1,324 $1,118,780 $845 1976 Resale District 4 CORALS AT KEPPEL BAY Condominium 99 years November 8, 2013 4,930 $12,200,000 $2,475 Uncompleted New Sale CARIBBEAN AT KEPPEL BAY Condominium 99 years November 7, 2013 1,227 $1,950,000 $1,589 2004 Resale CARIBBEAN AT KEPPEL BAY Condominium 99 years November 7, 2013 1,206 $1,880,000 $1,559 2004 Resale CARIBBEAN AT KEPPEL BAY Condominium 99 years November 6, 2013 1,335 $2,130,000 $1,596 2004 Resale CORALS AT KEPPEL BAY Condominium 99 years November 4, 2013 904 $2,130,000 $2,356 Uncompleted New Sale District 5 VILLAGE @ PASIR PANJANG Condominium Freehold November 6, 2013 840 $1,366,000 $1,627 Uncompleted New Sale VISTA PARK Condominium 99 years November 5, 2013 1,302 $1,240,000 $952 1985 Resale MONTEREY PARK CONDOMINIUM Condominium 999 years November 5, 2013 1,367 $1,645,000 $1,203 2005 Resale HERITAGE VIEW Condominium 99 years November 1, 2013 969 $1,210,000 $1,249 2000 Resale THE INFINITI Condominium Freehold November 1, 2013 926 $1,150,000 $1,242 2008 Resale District 9 THE COSMOPOLITAN Condominium Freehold November 4, 2013 1,324 $2,750,000 $2,077 2008 Resale THE COSMOPOLITAN Condominium Freehold November 4, 2013 1,324 $2,750,000 $2,077 2008 Resale GRANGE HEIGHTS Apartment Freehold November 4, 2013 3,025 $4,100,000 $1,356 1975 Resale District 10 SHEARES VILLE Apartment Freehold November 8, 2013 1,475 $2,200,000 $1,492 2003 Resale THE MONTANA Apartment Freehold November 6, 2013 1,206 $2,188,240 $1,815 2002 Resale THE MARBELLA Condominium Freehold November 6, 2013 1,076 $1,820,000 $1,691 2005 Resale TANGLIN PARK Condominium Freehold November 6, 2013 1,765 $2,500,000 $1,416 1988 Resale THE MONTANA Apartment Freehold November 5, 2013 592 $1,161,240 $1,961 2002 Resale THE MONTANA Apartment Freehold November 5, 2013 1,141 $2,108,100 $1,848 2002 Resale ARDMORE II Condominium Freehold November 5, 2013 2,024 $5,750,000 $2,841 2010 Resale THE MONTANA Apartment Freehold November 4, 2013 592 $1,156,090 $1,953 2002 Resale THE MONTANA Apartment Freehold November 1, 2013 614 $1,312,460 $2,139 2002 Resale KELLOCK LODGE Apartment Freehold November 1, 2013 893 $1,250,000 $1,399 1997 Resale THE TESSARINA Condominium Freehold November 1, 2013 1,324 $2,130,000 $1,609 2003 Resale District 11 SOLEIL @ SINARAN Condominium 99 years November 8, 2013 1,485 $2,000,000 $1,346 2011 Resale NEWTON EURO-ASIA Apartment Freehold November 6, 2013 1,184 $1,890,000 $1,596 2004 Resale HILLCREST VILLA Terrace House 99 years November 6, 2013 3,154 $3,280,000 $1,040 2009 Resale WATTEN ESTATE Terrace House Freehold November 4, 2013 1,765 $4,150,000 $2,351 Unknown Resale CHANCERY COURT Condominium 99 years November 4, 2013 926 $1,220,000 $1,318 1981 Resale 11D CHANCERY HILL WALK Terrace House Freehold November 1, 2013 2,842 $3,928,000 $1,382 2004 Resale District 12 CASA FORTUNA Apartment Freehold November 6, 2013 1,076 $1,380,000 $1,282 2011 Resale THE CENTRIO Apartment Freehold November 6, 2013 614 $990,000 $1,614 2009 Resale District 13 27A JALAN CHENGKEK Terrace House Freehold November 8, 2013 2,680 $3,000,000 $1,118 1980 Resale District 14 SIMS MEADOWS Apartment Freehold November 5, 2013 1,066 $986,000 $925 2002 Resale District 15 OPERA ESTATE Terrace House Freehold November 7, 2013 1,324 $2,450,000 $1,858 Unknown Resale THE ATRIA AT MEYER Condominium Freehold November 6, 2013 1,346 $1,750,000 $1,301 1996 Resale HAIG COURT Condominium Freehold November 6, 2013 1,550 $1,900,000 $1,226 2004 Resale IDYLLIC RESIDENCES Apartment Freehold November 4, 2013 2,088 $1,700,000 $814 2009 Resale LIVINGSTON MANSIONS Apartment Freehold November 4, 2013 1,399 $1,570,000 $1,122 2002 Resale OCEAN PARK Condominium Freehold November 4, 2013 1,410 $1,875,000 $1,330 1984 Resale POSHGROVE EAST Condominium Freehold November 4, 2013 1,238 $1,750,000 $1,414 2008 Resale THE SEAWIND Condominium Freehold November 4, 2013 657 $1,176,500 $1,792 Uncompleted New Sale ARTHUR 118 Apartment Freehold November 1, 2013 926 $1,440,000 $1,556 2006 Resale District 16 THE GLADES Condominium 99 years November 6, 2013 667 $1,011,560 $1,516 Uncompleted New Sale PARBURY HILL CONDOMINIUM Condominium Freehold November 5, 2013 1,776 $1,950,000 $1,098 1997 Resale VENEZIO Apartment Freehold November 1, 2013 1,173 $1,320,000 $1,125 2006 Resale District 17 RIZ HAVEN Apartment 946 years November 4, 2013 570 $680,000 $1,192 2010 Resale THE INFLORA Condominium 99 years November 1, 2013 1,464 $1,189,500 $813 Uncompleted New Sale
Purchaser Address
Private Private Private Private Private Private Private Private Private HDB HDB HDB Private Private Private Private HDB Private Private Private Private Private Private HDB Private HDB Private Private Private Private HDB Private Private Private HDB HDB Private Private Private Private Private HDB Private Private Private HDB Private Private Private Private
4 • THEEDGE SINGAPORE | NOVEMBER 25, 2013
Done Deals
Apartment and condo transactions with contract dates from Nov 1 to 8
Project Property Tenure CONTRACT Floor Area Transacted Unit Price Completion Type of Purchaser Type DATE (sq ft) Price ($) ($ psf) Date Sale Address District 18 THE EDEN AT TAMPINES Executive Condominium 99 years November 8, 2013 1,012 $890,000 $880 2003 Resale HDB D’NEST Condominium 99 years November 6, 2013 1,270 $1,205,880 $949 Uncompleted New Sale HDB SEA HORIZON Executive Condominium 99 years November 1, 2013 1,109 $853,000 $769 Uncompleted New Sale HDB District 19 RIVERVALE CREST Apartment 99 years November 8, 2013 1,367 $1,130,000 $827 2002 Resale HDB THE MINTON Condominium 99 years November 8, 2013 1,109 $1,280,000 $1,155 Uncompleted Sub Sale Private THE MINTON Condominium 99 years November 7, 2013 624 $800,000 $1,281 Uncompleted Sub Sale HDB THE RIVERVALE Executive Condominium 99 years November 7, 2013 1,249 $980,000 $785 2000 Resale HDB COMPASS HEIGHTS Apartment 99 years November 6, 2013 1,055 $930,000 $882 2002 Resale HDB CHILTERN PARK Condominium 99 years November 5, 2013 1,249 $1,150,000 $921 1995 Resale Private LA FIESTA Condominium 99 years November 4, 2013 732 $885,000 $1,209 Uncompleted New Sale HDB THE QUARTZ Condominium 99 years November 4, 2013 1,044 $1,100,000 $1,054 2009 Resale HDB JADE RESIDENCES Apartment Freehold November 4, 2013 1,130 $1,626,115 $1,439 Uncompleted New Sale HDB LA FIESTA Condominium 99 years November 1, 2013 732 $880,000 $1,202 Uncompleted New Sale Private LA FIESTA Condominium 99 years November 1, 2013 753 $885,000 $1,175 Uncompleted New Sale Private RIO VISTA Condominium 99 years November 1, 2013 1,249 $1,190,000 $953 2004 Resale HDB District 20 THOMSON THREE Apartment 99 years November 6, 2013 1,055 $1,388,000 $1,316 Uncompleted New Sale HDB THOMSON THREE Apartment 99 years November 5, 2013 1,141 $1,585,000 $1,389 Uncompleted New Sale Private SKY VUE Condominium 99 years November 4, 2013 1,141 $1,494,200 $1,310 Uncompleted New Sale Private THOMSON THREE Apartment 99 years November 1, 2013 1,582 $1,771,000 $1,119 Uncompleted New Sale Private SKY VUE Condominium 99 years November 1, 2013 1,141 $1,489,300 $1,305 Uncompleted New Sale HDB THOMSON THREE Apartment 99 years November 1, 2013 732 $974,000 $1,331 Uncompleted New Sale Private District 21 THE NEXUS Condominium Freehold November 6, 2013 1,485 $2,200,000 $1,481 2006 Resale Private BUKIT REGENCY Condominium Freehold November 5, 2013 1,539 $1,600,000 $1,039 1995 Resale Private THE CASCADIA Condominium Freehold November 5, 2013 1,184 $1,988,000 $1,679 2010 Resale HDB SPRINGDALE CONDOMINIUM Condominium 999 years November 1, 2013 1,076 $1,230,000 $1,143 1998 Resale HDB District 22 PARC OASIS Condominium 99 years November 6, 2013 1,378 $1,400,000 $1,016 1994 Resale Private PARC VISTA Condominium 99 years November 1, 2013 1,055 $988,000 $937 1997 Resale Private District 23 CHESTNUT VILLE Condominium 999 years November 7, 2013 1,658 $1,532,000 $924 1984 Resale HDB HILLVIEW REGENCY Condominium 99 years November 6, 2013 1,173 $1,010,000 $861 2005 Resale Private THE QUINTET Executive Condominium 99 years November 5, 2013 1,270 $1,020,000 $803 2006 Resale Private HILLION RESIDENCES Apartment 99 years November 4, 2013 872 $1,038,000 $1,191 Uncompleted New Sale Private CHESTERVALE Executive Condominium 99 years November 1, 2013 1,410 $1,060,000 $752 1999 Resale HDB GUILIN VIEW Condominium 99 years November 1, 2013 1,528 $1,380,000 $903 2000 Resale Private District 25 ROSEWOOD Condominium 99 years November 7, 2013 1,173 $1,050,000 $895 2003 Resale Private FORESTVILLE Executive Condominium 99 years November 4, 2013 1,335 $983,650 $737 Uncompleted New Sale Private LA CASA Executive Condominium 99 years November 4, 2013 1,141 $895,000 $784 2008 Resale HDB FORESTVILLE Executive Condominium 99 years November 1, 2013 1,249 $986,060 $790 Uncompleted New Sale HDB FORESTVILLE Executive Condominium 99 years November 1, 2013 1,259 $950,225 $755 Uncompleted New Sale HDB WOODSVALE Executive Condominium 99 years November 1, 2013 1,281 $930,000 $726 2000 Resale HDB ROSEWOOD Condominium 99 years November 1, 2013 1,173 $980,000 $835 2003 Resale HDB District 26 BULLION PARK Condominium Freehold November 6, 2013 1,259 $1,270,000 $1,008 1993 Resale Private District 27 SPRINGHILL Terrace House 99 years November 8, 2013 3,046 $1,850,000 $607 2005 Resale HDB YISHUN SAPPHIRE Condominium 99 years November 5, 2013 1,206 $880,000 $730 2001 Resale HDB 1 CANBERRA Executive Condominium 99 years November 4, 2013 947 $695,112 $734 Uncompleted New Sale HDB District 28 LUSH ACRES Executive Condominium 99 years November 5, 2013 1,055 $796,000 $755 Uncompleted New Sale HDB THE TOPIARY Executive Condominium 99 years November 1, 2013 1,636 $1,188,000 $726 Uncompleted New Sale HDB LUSH ACRES Executive Condominium 99 years November 1, 2013 1,615 $1,088,800 $674 Uncompleted New Sale HDB
DISCLAIMER: Source: URA Realis. Updated Nov 19, 2013. 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.