DoneDeals
THEEDGE SINGAPORE | MAY 25, 2009 •1
Done Deals
THEEDGE SINGAPORE | MAY 25 2009 • 1
The Edge Singapore Property Transaction Tracker
Oceanfront@Sentosa Cove. Activity has picked up at Sentosa Cove as market confidence returns.
I
t’s not just new launches that have seen strong sales. The secondary market has also been equally buoyant, with sub-sale and resale activity returning, especially for projects that have recently received their Temporary Occupation Permits (TOPs) or are likely to do so in the coming months. For instance, at Sentosa Cove, there were two transactions at the 249-unit luxury condominium The Coast, which received its TOP just recently. One was a 2,896 sq ft unit that changed hands in a sub-sale for $4.5 million, or $1,554 psf, while the other was a 4,047 sq ft penthouse that went for over $4.8 million, or $1,195 psf, according to URA Realis caveats lodged at end-April (see table). The two units were purchased at the time of the launch of The Coast in December 2006. The owner of the 2,896 sq ft apartment paid $5.11 million, or $1,766 psf, for the unit then, while the penthouse owner had paid $5.63 million, or $1,392 psf. Over at The Oceanfront@Sentosa Cove, a unit changed hands for a second time in the sub-sale market. This is a landmark development and one of only two high-rise condominium projects allowed at Sentosa Cove. It has five 12- to 15-storey towers, unlike most condominiums at Sentosa Cove, which are restricted to six storeys. The 264-unit luxury condominium project is expected to be completed sometime in mid-2010.
The third-floor 1,711 sq ft apartment was sold for close to $2.14 million, or $1,250 psf, according to a caveat lodged on April 24. The last time it changed hands was in early 2007, with a caveat lodged in February for $2.52 million, or $1,475 psf. The original buyer had purchased the unit from the developer in July 2006 for $2.1 million, or $1,227 psf, when the project was first launched. The owner of a 1,658 sq ft fourth-floor apartment at The Berth by the Cove sold the unit for $2.06 million, or $1,243 psf, in the resale market — a price still higher than his purchase price. The unit was bought in October 2006 for close to $1.49 million, or $897 psf, when the 200-unit project was first completed. The Berth by the Cove was the first condominium project to be launched at Sentosa Cove, and hence the first to be completed in the waterfront residential resort. In the city fringes, the 273-unit Southbank, along North Bridge Road, is expected to be completed sometime in 2010. There were four caveats lodged for sub-sales of units in the development from April 20 to 30. The development is located along the banks of the Kallang River and is near the Lavender MRT station. The four units that were sold were at prices above the owners’ original purchase prices, albeit to varying degrees. For instance, a 614 sq ft, 31st storey apartment that changed hands for $626,280, or $1,021 psf, was first
Pictures by Gwyneth Yeo
Pick-up in resale and sub-sale activity
There has been a spate of sub-sale activity recently at the 273-unit Southbank along the Kallang River.
purchased in July 2006 when the project was launched for just $447,000, or $729 psf. Another small unit of 592 sq ft on the 37th floor was sold for $605,000, or $1,022 psf, in a sub-sale. The original buyer had paid $460,000, or $777 psf, for the unit back in August 2006. Meanwhile, a 958 sq ft apartment on the 24th floor was sold for $814,300, or $850 psf,min a sub-sale recently. It was purchased in a sub-sale in May 2007 for $800,000, or $835 psf, according to caveats lodged with URA Realis. The original owner who bought the unit during the launch in early August E 2006 had paid $660,000, or $689 psf.
2 • THEEDGE SINGAPORE | MAY 25, 2009
Done Deals Project
Apartment and condo transactions with contract dates from April 20 to 30 Property Tenure Contract Type Date
Floor Area (sq ft)
Transacted Unit Price Completion Price ($) ($ psf) Date
District 1 EMERALD GARDEN Condominium 999 years 29/04/09 1,216 $1,383,808 $1,138 1999 THE SAIL @ MARINA BAY Apartment 99 years 21/04/09 883 $1,721,850 $1,951 2008 District 2 INTERNATIONAL PLAZA Apartment 99 years 29/04/09 861 $430,000 $499 1976 CRAIG PLACE Apartment 99 years 27/04/09 570 $578,000 $1,013 2000 ICON Apartment 99 years 2 1/04/09 570 $705,000 $1,236 2007 SPOTTISWOODE PARK Apartment 99 years 20/04/09 850 $450,000 $529 Unknown District 3 THE METROPOLITAN CONDO Condominium 99 years 30/04/09 1,432 $1,260,160 $880 Uncompleted TANGLIN VIEW Condominium 99 years 29/04/09 1,152 $880,000 $764 2001 THE ANCHORAGE Condominium Freehold 29/04/09 1,163 $1,000,000 $860 1997 EMERALD PARK Condominium 99 years 27/04/09 926 $643,300 $695 1993 TANGLIN VIEW Condominium 99 years 27/04/09 1,464 $1,200,000 $820 2001 THE METROPOLITAN CONDO Condominium 99 years 24/04/09 1,033 $890,000 $861 Uncompleted QUEENS Condominium 99 years 23/04/09 1,184 $880,000 $743 2002 EMERALD PARK Condominium 99 years 23/04/09 1,130 $740,000 $655 1993 EMERALD PARK Condominium 99 years 22/04/09 1,163 $753,888 $648 1993 LANDMARK TOWER Apartment 99 years 22/04/09 1,399 $815,000 $582 1984 District 4 THE COAST AT SENTOSA COVE Condominium 99 years 28/04/09 2,896 $4,500,000 $1,554 2009 THE BERTH BY THE COVE Condominium 99 years 27/04/09 1,658 $2,060,000 $1,243 2006 THE OCEANFRONT @ SENTOSA COVE Condominium 99 years 24/04/09 1,711 $2,138,750 $1,250 Uncompleted THE COAST AT SENTOSA COVE Condominium 99 years 22/04/09 4,047 $4,836,165 $1,195 Uncompleted District 5 DOVER PARKVIEW Condominium 99 years 30/04/09 936 $600,000 $641 1997 BOTANNIA Condominium 956 years 30/04/09 1,582 $1,098,000 $694 Uncompleted HERITAGE VIEW Condominium 99 years 30/04/09 969 $660,000 $681 2000 DOVER PARKVIEW Condominium 99 years 28/04/09 1,249 $828,000 $663 1997 DOVER PARKVIEW Condominium 99 years 28/04/09 1,249 $800,000 $641 1997 MENDON SPRING Apartment Freehold 28/04/09 1,066 $640,000 $601 2002 DOVER PARKVIEW Condominium 99 years 28/04/09 969 $640,000 $661 1997 THE INFINITI Condominium Freehold 27/04/09 1,270 $791,350 $623 2008 DOVER PARKVIEW Condominium 99 years 27/04/09 969 $658,000 $679 1997 THE STELLAR Condominium Freehold 27/04/09 1,044 $830,000 $795 2008 BOTANNIA Condominium 956 years 27/04/09 1,550 $1,008,000 $650 Uncompleted NORMANTON PARK Condominium 99 years 27/04/09 1,270 $780,000 $614 Unknown THE INFINITI Condominium Freehold 24/04/09 2,357 $1,350,000 $573 2008 CARABELLE Condominium 956 years 24/04/09 1,259 $849,825 675 Uncompleted BOTANNIA Condominium 956 years 24/04/09 1,227 $895,710 $730 Uncompleted 10 JALAN PELEPAH Terrace House Freehold 23/04/09 1,991 $1,300,888 $652 Unknown FABER CREST Condominium 99 years 23/04/09 1,776 $1,038,000 $584 2001 BOTANNIA Condominium 956 years 23/04/09 1,259 $870,000 $691 Uncompleted BAYVILLE CONDO Condominium Freehold 23/04/09 1,023 $635,000 $621 1996 CLEMENTIWOODS CONDO Condominium 99 years 23/04/09 1,076 $678,000 $630 Uncompleted CARABELLE Condominium 956 years 22/04/09 1,302 $898,000 $689 Uncompleted 7A JUBILEE ROAD Semi-Detached House Freehold 21/04/09 5,221 $2,500,000 $479 1985 BOTANNIA Condominium 956 years 20/04/09 1,582 $1,138,000 $719 Uncompleted VISTA PARK Condominium 99 years 20/04/09 2,476 $1,250,000 $505 1985 ONE-NORTH RESIDENCES Apartment 99 years 20/04/09 1,324 $1,150,000 $869 Uncompleted
Type of Purchaser Sale Address Resale Sub Sale
Private Private
Resale Resale Sub Sale Resale
Private HDB HDB HDB
Sub Sale Resale Resale Resale Resale Sub Sale Resale Resale Resale Resale
Private Private Private HDB Private HDB HDB HDB HDB Private
Sub Sale Resale
Private Private
Sub Sale Sub Sale
HDB HDB
Resale Sub Sale Resale Resale Resale Resale Resale Sub Sale Resale Sub Sale Sub Sale Resale Sub Sale Sub Sale Sub Sale Resale Resale Sub Sale Resale Sub Sale Sub Sale
Private HDB HDB HDB Private HDB Private Private HDB Private HDB Private Private HDB HDB HDB Private Private HDB HDB HDB
Resale Sub Sale Resale Sub Sale
Private HDB Private Private
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THEEDGE SINGAPORE | MAY 25, 2009 •3
Done Deals
Project District 7 HERITAGE PLACE CONCOURSE SKYLINE SOUTHBANK SOUTHBANK SOUTHBANK CONCOURSE SKYLINE SOUTHBANK District 8 CITYLIGHTS KERRISDALE 32 PENHAS ROAD District 9 THE REGALIA THE INSPIRA ROBERTSON 100 HORIZON TOWER MIRAGE TOWER THE INSPIRA THE SUITES AT CENTRAL LUCKY PLAZA THE TATE RESIDENCES THE BOTANIC ON LLOYD VIDA PARC SOPHIA EURO-ASIA COURT BELLE VUE RESIDENCES URBANA LEONIE HILL RESIDENCES YONG AN PARK VIDA RIVERGATE RIVERGATE District 10 21 HOOT KIAM ROAD THE LEVELZ ONE CHATSWORTH QUINTERRA FOUR SEASONS PARK THE TRESOR THE CORNWALL 104 CORONATION ROAD WEST 20 FIR AVENUE GALLOP GABLES GALLOP GABLES GALLOP GABLES ARDMORE II GALLOP GABLES JERVOIS REGENCY THE TRESOR VALLEY PARK BEVERLY HILL GALLOP GABLES GALLOP GABLES 55B NAMLY GARDEN GALLOP GABLES GALLOP GABLES GALLOP GABLES GALLOP GABLES GALLOP GABLES GALLOP GABLES ONE JERVOIS VILLAS HOLLAND MANHATTAN MANSIONS THE SIXTH AVENUE RESIDENCES CLIFTEN GARDENVILLE THE TESSARINA ARDMORE PARK ASTRID MEADOWS THE SIXTH AVENUE RESIDENCES 55A NAMLY GARDEN
Property Tenure Contract Type Date
Floor Area (sq ft)
Transacted Unit Price Completion Price ($) ($ psf) Date
Apartment Apartment Apartment Apartment Apartment Apartment Apartment
999 years 99 years 99 years 99 years 99 years 99 years 99 years
29/04/09 28/04/09 27/04/09 24/04/09 22/04/09 22/04/09 21/04/09
947 1,163 614 958 904 1,087 592
$835,000 $1,346,961 $626,280 $814,300 $858,800 $1,280,594 $605,000
$882 $1,159 $1,021 $850 $950 $1,178 $1,022
Condominium Condominium Apartment
99 years 99 years Freehold
30/04/09 29/04/09 21/04/09
1,356 1,259 1,173
$1,228,000 $790,000 $620,000
$905 $627 $528
Apartment Condominium Apartment Condominium Condominium Condominium Condominium Apartment Condominium Condominium Apartment Apartment Apartment Condominium Condominium Apartment Condominium Apartment Apartment Apartment
Freehold Freehold Freehold 99 years Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold
30/04/09 29/04/09 29/04/09 29/04/09 29/04/09 28/04/09 28/04/09 28/04/09 27/04/09 24/04/09 23/04/09 23/04/09 22/04/09 22/04/09 21/04/09 21/04/09 20/04/09 20/04/09 20/04/09 20/04/09
1,270 1,249 1,152 2,314 1,367 667 1,572 872 1,894 4,446 861 840 1,453 1,399 1,044 1,389 3,229 527 1,894 1,539
$1,138,888 $1,190,000 $1,143,700 $1,730,000 $1,298,650 $760,380 $2,350,000 $1,230,000 $3,693,300 $5,100,000 1,570,000 $924,000 $1,110,000 $2,176,100 $1,148,400 $1,736,250 $3,350,000 $1,159,400 $2,556,900 $2,031,480
Apartment Condominium Apartment Apartment Condominium Condominium Condominium Semi-Detached House Semi-Detached House Condominium Condominium Condominium Condominium Condominium Apartment Condominium Condominium Condominium Condominium Condominium Semi-Detached House Condominium Condominium Condominium Condominium Condominium Condominium Condominium Detached House Apartment Condominium Apartment Condominium Condominium Condominium Condominium Condominium Semi-Detached House
Freehold Freehold Freehold 99 years Freehold 999 years Freehold
30/04/09 30/04/09 30/04/09 30/04/09 29/04/09 29/04/09 29/04/09
1,012 1,001 3,401 1,787 2,260 1,399 1,927
Freehold
28/04/09
Freehold Freehold Freehold Freehold Freehold Freehold Freehold 999 years 999 years Freehold Freehold Freehold 2
Type of Purchaser Sale Address
1998 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted
Resale New Sale Sub Sale Sub Sale Sub Sale New Sale Sub Sale
Private Private Private Private HDB Private HDB
2007 2005 1999
Resale Resale Resale
Private HDB HDB
$897 $953 $993 $748 $950 $1,139 $1,495 $1,411 $1,950 $1,147 $1,823 $1,101 $764 $1,555 $1,100 $1,250 $1,037 $2,198 $1,350 $1,320
1993 Uncompleted 2004 1984 1996 Uncompleted 2009 1981 Uncompleted 2006 Uncompleted Uncompleted 1994 Uncompleted 2007 2005 1986 Uncompleted 2009 2009
Resale Sub Sale Resale Resale Resale Sub Sale Sub Sale Resale Sub Sale Resale New Sale New Sale Resale New Sale Resale Resale Resale New Sale Sub Sale Sub Sale
HDB Private Private Private Private HDB Private Private Private Private HDB HDB HDB Private Private Private Private Private Private Private
$800,000 $1,070,000 $4,380,000 $1,518,950 $3,700,000 $1,880,000 $2,250,000
$791 $1,069 $1,288 $850 $1,637 $1,344 $1,168
Unknown 2004 1976 2009 1994 2007 2005
Resale Resale Resale Sub Sale Resale Resale Resale
Private HDB Private Private Private Private Private
4,510
$2,800,000
$621
Unknown
Resale
Private
28/04/09 28/04/09 28/04/09 28/04/09 27/04/09 27/04/09 25/04/09 24/04/09 24/04/09 24/04/09 24/04/09 4/04/09
3,229 2,648 2,745 2,756 2,024 2,659 2,486 1,012 1,701 3,778 2,852 2,669
$2,850,000 $3,077,000 $3,388,800 $3,561,600 $3,641,400 $3,300,800 $1,750,000 $1,290,000 $1,620,000 $5,000,000 $3,333,500 $3,164,000
$884 $1,162 $1,235 $1,293 $1,799 $1,242 $704 $1,275 $953 $1,323 $1,169 $1,185
1991 1997 1997 1997 Uncompleted 1997 2003 2007 1997 1983 1997 1997
Resale Resale Resale Resale Sub Sale Resale Resale Resale Resale Resale Resale Resale
Private Private Private Private Private Private Private Private Private Private Private Private
Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold
24/04/09 24/04/09 24/04/09 23/04/09 23/04/09 23/04/09 23/04/09 23/04/09 23/04/09 22/04/09 22/04/09 22/04/09 21/04/09 21/04/09 21/04/09 21/04/09 21/04/09
2,411 2,648 2,669 3,186 2,648 2,691 2,842 1,335 17,212 2,228 1,582 1,066 1,851 1,109 2,885 3,800 1,356
$3,000,000 $3,120,400 $3,143,400 $3,468,000 $3,130,700 $3,157,200 $3,332,800 $1,308,300 $12,200,000 $2,250,000 $1,439,620 $1,020,000 $2,600,000 $978,000 $6,300,000 $4,380,000 $1,356,000
$1,246 $1,178 $1,178 $1,088 $1,182 $1,173 $1,173 $980 $709 $1,010 $910 $957 $1,404 $882 $2,184 $1,153 $1,000
2009 1997 1997 1997 1997 1997 1997 Uncompleted 2000 1994 Uncompleted 2006 1999 2003 2001 1990 Uncompleted
Resale Resale Resale Resale Resale Resale Resale Sub Sale Resale Resale Sub Sale Resale Resale Resale Resale Resale Sub Sale
Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private
Freehold
20/04/09
2,282
$3,000,000
$1,314
2009
Resale
Private
4 • THEEDGE SINGAPORE | MAY 25, 2009
Done Deals
26 • THEEDGE Project SINGAPORE
| MAY 4, 2009
Apartment and condo transactions with contract dates from April 20 to 30 Property Tenure Contract Type Date
Floor Area (sq ft)
Transacted Unit Price Completion Price ($) ($ psf) Date
Type of Purchaser Sale Address
SPRING GROVE Condominium 99 years 20/04/09 1,012 $950,000 $939 1996 Resale HDB CAPITAL BROKERS’ DIGEST ONE JERVOIS Condominium Freehold 20/04/09 1,087 $1,065,260 $980 Uncompleted BY RAHAYU Sub Sale MOHAMAD HDB | | COMPILED ONE JERVOIS Condominium Freehold 20/04/09 1,292 $1,268,888 $982 — Quarter-on-quarter Uncompleted Sub Sale HDB q-o-q y-o-y — Year-on-year Every week, The Edge digested excerpts indirect or consequential losses loss$900,000 of profit) or damages $909 THE TESSARINA Singapore brings you Condominium of research Freehold for any direct,20/04/09 990 (including 2003 Resale Private DCF — Discounted cash flow reports of Singapore Exchange-listed companies available in the public domain from the use of information in this publication. The $1,075 Ebitda Earnings and amortisation BALMORAL CONDO Condominium Freehold that may arise 20/04/09 1,442or opinions$1,550,000 — 1992before interest, tax, depreciation Resale Private EPS — Earnings per share or received from brokers. Investors interested in research on companies are information and opinions in this publication are not to be considered as an offer to FY — Financial year District 11 also encouraged to register for free access to reports from stockbrokers that sell or buy any of the securities discussed. Opinions expressed are subject to change NAV — Net asset value NTA — Net1997 tangible assets NINETEEN SHELFORD ROAD of Singapore Condominium Freehold without 30/04/09 may, from time 700to time, have$630,000 Resale Private participate in the SGX-Monetary Authority Research Incentive Scheme notice. The brokers interests or positions $900 P/BV — Price-to-book value PEG — Price earnings to growth Singapore brokers submitting (www.research.sgx.com). mentioned. SKY@ELEVEN Condominium Freehold in the securities 30/04/09 The Edge4,844 welcomes $4,800,000 $991 Uncompleted Sub Sale Private PER — Price-to-earnings ratio for investor information1,475 to theedgespore@bizedge.com. Disclaimer: The Edge Publishing Pte Ltd does not accept any liability ROE — Return on equity MONTEBLEU Condominium whatsoever Freehold their reports30/04/09 $1,265,550 $858 Uncompleted Sub Sale Private WATTEN ESTATE CONDO Condominium Freehold 29/04/09 2,519 $1,730,000 $687 1983 Resale Private THE SHELFORD Condominium Freehold 29/04/09 2,174 $1,930,000 $888 2005 Resale Private MONTEBLEU Trust (April 29: 53 cents) Condominium Freehold 29/04/09 1,227 $960,000 $782 Maritime Uncompleted Sub Sale Private Ascendas India Lippo-Mapletree Indonesia Retail Trust Rickmers (April 29: 35.5 cents) UPGRADE TO BUY. Ascendas India Condominium Trust (AiT) reported MAINTAIN While US$32.5 (up (April cents) HILLCREST ARCADIA 99 years 29: 3128/04/09 1,970 $1,320,000 $670 HOLD.1980 revenue of Resale million Private 4Q2009 results in line with our expectations. Gross revenues 10% q-o-q) line with expectations, net profit surged MAINTAIN HOLD. Lippo-Mapletree Retail Trust SKY@ELEVEN Condominium Freehold 27/04/09 2,271Indonesia $2,498,100 $1,100 was inUncompleted Sub Sale Private and net property income grew by 13% and 8% to $17.4 mil54% q-o-q to US$11 million ($16.78 million). Distributable (LMIR) posted $18.7 million in 1Q gross revenue, down 8.1% THEand LINCOLN RESIDENCES Condominium by (i)Freehold and 13% 27/04/09 1,367 fell 9.3% $1,397,000 $1,022 Uncompleted Newmillion. Sale The DPU HDB lion $16.1 million respectively. Growth was driven cash flows increased 8% q-o-q to US$16.8 y-o-y q-o-q. Net property income y-o-y to NINETEEN SHELFORD ROAD (ii) positive Condominium Freehold million, 27/04/09 700q-o-q improvement $600,000as $858 1997 corresponds toResale HDB income contribution from Crest, rental reversions, payout of 2.14 US cents only 54% of availa$17.5 but registered a 41.7% (iii) higher operations and maintenance income. Distribut-Freehold ble cash. would about US$158 mil4Q net property income a $7 million provision BIRMINGHAM MANSIONS Apartment 24/04/09 was hit by 1,066 $885,000for $830 The trust1998 need to repay Resale HDB able came million, translatlion of loans a US$130 tranche receivables. 4Q results were also hit by a $3.3 million write-off THE income SHELFORD in 25% higher to $15.6 Condominium Freehold 24/04/09 1,453 $1,580,000 $1,087 next year, 2005 including Resalemillion Private ing to a DPU of 2.05 cents. For FY2009, AiT delivered a DPU in April 2010. The possible redelivery of the Maersk Djibouti of fees on an unused loan facility. Consequently, distributed THE LINCOLN RESIDENCES Condominium Freehold 23/04/09 1,281 $1,328,000 $1,037 Uncompleted New Sale Private of 7.54 cents, translating to a yield of 15%. Current gearing in February 2010 implies added revenue pressure. The 5% income rose 351% q-o-q to $14.6 million, while falling 13% GLOUCESTER Apartment LMIR will 23/04/09 1.36 cents893 quarter$840,000 $940 may, thus, 1999be no more than Resale of 9% presentsMANSIONS headroom of $220 million before reachingFreehold cut in DPU a signal, givenHDB the y-o-y. pay out for the versus the 35% gearing. At current levels, AiT presents attractive uncertainties. However, at current aPrivate 50% 0.3 cents paid23/04/09 out a quarter ago. This is equivalent to an annuTHE LINCOLN RESIDENCES Condominium val-Freehold 1,410 $1,702,000 $1,207 Uncompleted valuations, New Saleeven ue for investors the mid/long-term cut in DPU forward would FY2009 yieldHDB of alised 22.2% on share note LMIR MONTEBLEU looking to leverage on Condominium Freehold yield of22/04/09 the current 807 price. We$750,000 $929 going Uncompleted imply SubaSale growth prospects of India’s IT parks space while receiving a more than 22%. We conservatively impute a 20% cut in still has another $19.3 million in receivables, or 19% of total STRATA Apartment Freehold 22/04/09 506 $650,000 $1,285 2006 Resale HDB FY2010-11 DPU yield of 12% to 14%. Target price is 65 cents. DPU for the next three quarters. Target price cut to 39 cents. FY2008 revenue. LMIR is geared at 12.3%. Fair value of 24 cents. THE LINCOLN Freehold 22/04/09Research 1,367 $1,501,000 Uncompleted HDB — DBS VickersRESIDENCES Securities (April 29) Condominium —$1,098 DBS Vickers Securities (April 27) New Sale — OCBC Investment (April 27) NEWTON 18 Apartment Freehold 21/04/09 1,249 $1,350,000 $1,081 2002 Resale Private PARK INFINIA AT WEE NAM Condominium Freehold 21/04/09 1,001 $1,151,150 $1,150 2008 Sub Sale Private CapitaLand 29: $2.56) Micro-Mechanics Holdings (April Singapore (April THE LINCOLN(April MODERN Apartment Freehold 20/04/09 1,37829: 21 cents) $1,380,000 $1,002 Airlines 2003 29: $10.30) Resale Private MAINTAIN BUY. CapitaLand posted a profit after tax and MAINTAIN HOLD. Micro-Mechanics (MMH) reported a 40.4% MAINTAIN HOLD. We think the current swine flu should THE LINCOLN RESIDENCES Condominium decline20/04/09 revenue $1,486,000 Uncompleted NewOf Sale Private minority interest (Patmi) of $42.9 million in 1Q2009, downFreehold y-o-y (-39.0% q-o-q) in its1,367 3QFY2009 to $5.5 not$1,087 affect Singapore Airlines significantly. greater imporDistrict 12 sharply by 83% y-o-y, 42% q-o-q. It was off the mark from million, as the ongoing global financial turmoil and economic tance is a recovery in demand and thus load factors, which full-year estimates of $479.4 million. While recession had led to an drop in customer can $741 help the re-rate. load D’LOTUSconsensus Apartment 1Q2008Freehold 27/04/09 unprecedented 1,066 $790,000or stock2008 In other words, Resalelong-term Private Patmi was boosted by divestment and forex gains, core earn-Freehold ders its worldwide manufacturing This in factor is far important than for Sale just one or two DOMUS Apartment across all 27/04/09 1,367 locations. $1,177,600 $861 more Uncompleted thatNew HDB ings still fell by 65.5% y-o-y. Its topline also showed a 23% turn resulted in the group suffering its first-ever quarterly loss months. However, if the situation does worsen to become a OLEANDER TOWERS Apartment 99 years 24/04/09 1,152 $725,000 $629 1998 Resale HDB y-o-y-decline. Ebit from the Singapore residential Strategic of $1.4 million. While MMH has seen some improvements global pandemic, then obviously Singapore Airlines’ operaDOMUS Unit fell by 50% y-o-y to $20 Apartment 1,001a $936,000 be veryUncompleted — depending New Saleon how long HDB Business million, with theFreehold in orders in 23/04/09 March, it is maintaining cautious view on its tions$935 would much affected rate of profit recognition from sold projects being slower 4QFY2009 performance. On our side, we have also conservathe pandemic lasts. Earnings outlook for THE MEZZO Apartment Freehold 21/04/09 560 $558,880 $998 Uncompleted Newnext Saletwo quarters Private than expected, with hardly any new Condominium units sold in 1Q. tively our FY2009F earnings reflect a$1,261,680 possible loss remains and Uncompleted we would advise only if load HDB facTHE ARTE Ad-Freehold adjusted 21/04/09 1,528to $825weak buying New Sale justing to a conservative launch schedule and some averfor the fiscal year. However, as earnings and business activity tors start to improve or share price drops below $9 per share. THE ARTE Condominium Freehold 21/04/09 1,873 $1,717,080 $917 Uncompleted New Sale Private age selling price assumptions, we have slashed our FY2009 will likely remain uncertain and volatile, we are now switchBased on historical low, Singapore Airlines’ bottomed out THEFY2010 ARTE forecasts by 44% and 38% Condominium Tar-Freehold 21/04/09 FY2010F1,055 7x FY2010F $991,950 be 0.7x Uncompleted New Sale is $11.30. Private and respectively. ing our valuation to 0.8x NTA from EPS. price$940 should P/NTA or $8.20. Target price THEprice ARTE of $2.93, pegged at a 10%-discount Condominium pares our 21/04/09 to 19 cents 1,399 24 cents $1,197,840 $856Vickers Uncompleted Private get to RNAV.Freehold This fair value from previously. — DBS Securities (April 28) New Sale — Kim Eng Research — OCBC Investment (April THE ABERDEEN (April 27) Condominium Freehold 20/04/09Research 1,38928) $716,000 $516 1997 Resale HDB THE ARTE Condominium Freehold 20/04/09 1,625 $1,348,080 $829 Uncompleted New Sale HDB THE ARTEEnterprises Condominium Freehold es Education 20/04/09Corp $964 (AprilUncompleted New Sale Private Jadason (April 29: Six cents) Raffl (April1,873 29: 44 cents)$1,805,000 SMRT Corp 29: $1.50) THE ARTE (initiating 20/04/09 is a leading $933,160 $885 BUY. SMRT Uncompleted New Sale in revenue HDB HOLD (initiating coverage). Jadason Condominium Enterprises is a sup-Freehold BUY coverage). Raffles1,055 Education priMAINTAIN Corp announced growth plier of equipment and services toCondominium the printed circuitFreehold vate provider Raffles is one of the cheapof 9.6%, $808.12 million in FY2008 toSale $878.95 THE ARTE education 20/04/09 in Asia. 1,528 $1,350,650 $884 from Uncompleted New million HDB board industryPLACE in Asia. Jadason ended FY2008 in est education20/04/09 stocks among its listed peers, at a more in FY2009; profit after income ST MICHAEL’S Apartment the red,Freehold 1,227 trading $570,000 $465 and registering 1997 growth in net Resale Private like many of its peers. The company has been investing than 50% discount to its US-listed peers. Despite the dearth tax of 8.5%, from $149.94 million in FY2008 to $162.73 milDistrict 13 heavily in its capital-intensive manufacturing services of acquisitions, the management expects enrolment to grow lion in FY2009 on the back of higher operating profits coupled BELLAVILLE increased fixed costsDetached House to 30%27/04/09 by focusing 4,413on its enlarged $2,100,000 Uncompleted The New segment where will likely be a sig-Freehold 20% per annum educawith$476 government budget measures. rollingSale out of thePrivate circle nificant drag onGARDEN performance utilisation tion We estimated rising 883 student to susline in May should seek further MACPHERSON ESTATE shouldTerrace Houserates re-Freehold network.23/04/09 enrolment $790,000 $893 this year Unknown to increase Resaleridership HDB main low. Also,GARDEN we noteESTATE that Jadason has House $49.3 millionFreehold tain earnings CAGR of 24% for the next three years. although believe that lead exMACPHERSON Terrace organic 22/04/09 883 840,000 $949 we do alsoUnknown this should Resale to higher Private of short-term debt. The company may benefit significantThis works out to a recurring annual earnings stream of at penses in the coming 1Q2010. The board of directors proposed DAISY APARTMENTS Apartment Freehold 22/04/09 1,087 $506,000 $465 1994 Resale rivate ly from a recovery however, as its manufacturing servicleast $100 million. The recent share price correction to trough a final ordinary dividend of six cents per share. The final divWOODSVILLE 28 Apartment should99 years of 7x forward 21/04/09PER presents 1,033 $755,000 $731 Uncompleted New Saleper share Private es segment typically provides attractive margins levels an unprecedented opporidend, if approved, will bring the total dividend to 6 COTSWOLD CLOSE be realised. Applying Detached House Freehold to invest 20/04/09 4,392 $4,500,000 $1,025 Uncompleted New Sale expensPrivate sufficient utilisation a peer average tunity in the stock. Raffles education offers a good 7.75 cents for the year. We have adjusted our operating P/B of BRADDELL 0.48 to our blended FY2009/10F valueFreehold mix growth and dividends. Target price of es slightly, discounted free flowSale to equity modTHEmultiple SCENIC @ Apartmentbook between20/04/09 attractive452 $336,000 $743 thus ourUncompleted cash New HDB per share of 13 GREEN cents, we price of six cents.Freehold 60 cents using 0.7x PEG a forward earnel eased to $1.92 (previously $1.97). MACPHERSON obtain a target Condominium 20/04/09 (based on2,325 three-year $900,000 $387our fair value 1983estimate Resale Private — SIAS Research (April 28)
ings CAGR of 17%). — Kim Eng Research (April 27)
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— Phillip Securities Research (April 29)
E
THEEDGE SINGAPORE | MAY 25, 2009 •5
Done Deals
Project District 14 MERA EAST LE CRESCENDO LE CRESCENDO STARVILLE 18 JALAN GRISEK 52 LORONG MYDIN LE REVE 150 LORONG SARINA LE CRESCENDO 76L LORONG MARZUKI ASTORIA PARK LE CRESCENDO 63A LORONG MARICAN LE CRESCENDO THE TRUMPS District 15 ONE AMBER 86 LORONG L TELOK KURAU ONE AMBER 85 JALAN SEAVIEW THE MONTAGE VILLA MARINA PEBBLE BAY TIERRA VUE VILLA MARINA ESTERINA KATONG PARK TOWERS ONE AMBER PARK EAST PEBBLE BAY 74 CARPMAEL ROAD OPERA ESTATE OLA RESIDENCES HAIG ELEVEN ONE @ PULASAN THE GLACIER CRESCENDO BUILDING WATER PLACE THE SILVER FIR THE SILVER FIR GRAND DUCHESS AT ST PATRICK’S VERSILIA ON HAIG 313B TANJONG KATONG ROAD THE SILVER FIR PEBBLE BAY PEBBLE BAY THE GLACIER THE AMERY ARTHUR 118 IVORY 186A JOO CHIAT PLACE RIVEREDGE 18 LORONG 105 CHANGI CALLIDORA VILLE FRANKEL ESTATE FRANKEL ESTATE THE ESTA District 16 31 KEW HEIGHTS THE CLEARWATER AQUARIUS BY THE PARK CASA MERAH BAYSHORE PARK THE BAYSHORE WATERFRONT WAVES BEDOK PESARI VENEZIO
Property Tenure Contract Type Date Apartment Condominium Condominium Condominium Semi-Detached House Apartment Condominium Terrace House Condominium Semi-Detached House Condominium Condominium Semi-Detached House Condominium Condominium
Floor Area (sq ft)
Transacted Unit Price Completion Price ($) ($ psf) Date
Type of Purchaser Sale Address
Freehold Freehold Freehold Freehold
30/04/09 29/04/09 29/04/09 28/04/09
2,034 1,378 1,378 1,238
$1,060,000 $881,920 $881,920 $750,000
$521 $640 $640 $606
2007 2006 2006 2006
Resale Resale Resale Resale
HDB HDB Private Private
Freehold Freehold Freehold Freehold Freehold
28/04/09 28/04/09 24/04/09 24/04/09 23/04/09
4,865 1,216 1,152 1,798 1,539
$2,990,000 $650,000 $730,000 $1,350,000 $1,000,000
$614 $534 $634 $750 $650
1983 2002 2007 1973 2006
Resale Resale Resale Resale Resale
Private HDB HDB Private Private
Freehold 99 years Freehold
23/04/09 21/04/09 20/04/09
2,368 1,195 1,378
$2,430,000 $700,000 $895,700
$1,027 $586 $650
2008 1995 2006
Resale Resale Resale
Private HDB HDB
Freehold Freehold 99 years
20/04/09 20/04/09 20/04/09
2,659 1,453 980
$1,410,000 $944,450 $670,000
$530 $650 $684
1999 2006 2005
Resale Resale Resale
Private Private Private
Condominium Semi-Detached House Condominium Semi-Detached House Apartment Condominium Condominium Condominium Condominium Apartment Condominium Condominium Condominium Condominium Terrace House Terrace House Condominium Apartment Apartment Apartment Apartment Condominium Apartment Apartment
Freehold
30/04/09
1,302
$1,106,700
$850
Uncompleted
Sub Sale
Private
Freehold Freehold
30/04/09 30/04/09
3,401 1,270
$1,600,000 $1,079,500
$470 $850
1973 Uncompleted
Resale Sub Sale
Private Private
Freehold Freehold 99 years 99 years Freehold 99 years Freehold 99 years Freehold Freehold 99 years Freehold Freehold Freehold Freehold Freehold Freehold Freehold 99 years Freehold Freehold
29/04/09 29/04/09 29/04/09 28/04/09 28/04/09 28/04/09 27/04/09 27/04/09 27/04/09 27/04/09 27/04/09 25/04/09 24/04/09 24/04/09 24/04/09 24/04/09 24/04/09 23/04/09 23/04/09 22/04/09 22/04/09
3,401 635 2,024 1,894 2,260 2,024 517 1,679 570 1,970 1,367 689 2,131 1,496 883 840 1,346 1,173 1,227 527 527
$2,780,000 $530,000 $1,000,000 $1,538,888 $1,638,000 $960,000 $470,000 $950,000 $590,000 $1,310,000 $1,010,000 $750,000 $1,368,000 $1,376,320 $630,000 $664,000 $830,000 $590,000 $1,153,380 $450,000 $450,000
$816 $835 $494 $812 $725 $474 $910 $566 $1,034 $665 $739 $1,082 $642 $920 $714 $791 $617 $503 $940 $853 $853
Unknown Uncompleted 1999 1997 Uncompleted 1999 2009 1987 Uncompleted 1994 1997 Unknown Unknown Uncompleted 2005 2009 2004 1996 2004 Uncompleted Uncompleted
Resale Sub Sale Resale Resale Sub Sale Resale New Sale Resale Sub Sale Resale Resale Resale Resale New Sale Resale Sub Sale Resale Resale Resale New Sale New Sale
Private HDB Private Private Private Private HDB Private Private Private Private Private Private HDB Private HDB HDB HDB Private HDB HDB
Condominium Condominium Apartment Apartment Condominium Condominium Apartment Condominium Apartment Apartment Apartment Condominium Terrace House Apartment Detached House Terrace House Condominium
Freehold Freehold Freehold Freehold 99 years 99 years Freehold Freehold Freehold Freehold Freehold 99 years Freehold Freehold Freehold Freehold Freehold
22/04/09 22/04/09 22/04/09 22/04/09 21/04/09 21/04/09 21/04/09 21/04/09 21/04/09 20/04/09 20/04/09 20/04/09 20/04/09 20/04/09 20/04/09 20/04/09 20/04/09
1,507 1,023 1,152 603 1,894 1,378 2,250 1,690 926 1,012 969 1,518 1,733 797 4,069 1,948 1,410
$1,075,000 $855,000 $470,000 $535,000 $1,638,000 $1,074,800 $1,180,000 $1,229,000 $780,000 $660,000 $560,000 $1,230,000 $1,150,000 $612,000 $2,220,000 $910,000 $1,198,500
$713 $836 $408 $888 $865 $780 $525 $727 $843 $652 $578 $810 $662 $768 $546 $468 $850
Uncompleted Uncompleted Unknown Uncompleted 1997 1997 2004 Uncompleted 2006 Uncompleted Unknown 2008 1993 Uncompleted 1955 1957 2008
Sub Sale New Sale Resale New Sale Resale Resale Resale New Sale Sub Sale New Sale Resale Resale Resale New Sale Resale Resale Sub Sale
HDB Private Private HDB Private Private HDB Private HDB Private Private Private HDB HDB Private Private HDB
Semi-Detached House Condominium Condominium Apartment Condominium Condominium Condominium Terrace House Apartment
99 years 99 years 99 years 99 years 99 years 99 years 99 years Freehold Freehold
30/04/09 27/04/09 27/04/09 24/04/09 24/04/09 22/04/09 22/04/09 21/04/09 20/04/09
2,379 1,378 1,227 1,227 1,173 1,184 1,270 2,099 1,012
$1,200,000 $745,000 $640,000 $795,000 $712,000 $670,000 $762,300 $1,080,000 $670,000
$505 $541 $522 $648 $607 $566 $600 $514 $662
1997 2001 2000 Uncompleted 1986 1996 Uncompleted 1989 2006
Resale Resale Resale Sub Sale Resale Resale New Sale Resale Resale
Private Private HDB HDB Private HDB HDB HDB Private
6 • THEEDGE SINGAPORE | MAY 25, 2009
Done Deals
Apartment and condo transactions with contract dates from April 20 to 30
Project
Property Tenure Contract Type Date
Floor Area (sq ft)
Transacted Unit Price Completion Price ($) ($ psf) Date
Type of Purchaser Sale Address
EAST COAST RESIDENCES CASA MERAH District 17 LOYANG VALLEY FERRARIA PARK CONDO CARISSA PARK CONDO FERRARIA PARK CONDO FERRARIA PARK CONDO EDELWEISS PARK CONDO FERRARIA PARK CONDO BLUWATERS FERRARIA PARK CONDO FERRARIA PARK CONDO FERRARIA PARK CONDO District 18 MODENA DOUBLE BAY RESIDENCES THE EDEN AT TAMPINES THE EDEN AT TAMPINES MELVILLE PARK LIVIA SIMEI GREEN CONDO DOUBLE BAY RESIDENCES CHANGI RISE CONDO MELVILLE PARK DOUBLE BAY RESIDENCES DOUBLE BAY RESIDENCES DOUBLE BAY RESIDENCES DOUBLE BAY RESIDENCES DOUBLE BAY RESIDENCES District 19 KOVAN MELODY TAI KENG VILLAS CARDIFF COURT 12 JALAN KELICHAP THE QUARTZ NAM PENG CENTRE SUNGLADE SERANGOON GARDEN ESTATE CHILTERN PARK THE QUARTZ EVERGREEN PARK SERANGOON GARDEN ESTATE KOVAN RESIDENCES KOVAN RESIDENCES 9A BRIGHTON CRESCENT GOLDEN HILL ESTATE REGENTVILLE KOVAN RESIDENCES REGENTVILLE COMPASS HEIGHTS KOVAN RESIDENCES KOVAN RESIDENCES 15R KANG CHOO BIN ROAD 34 PAYA LEBAR STREET SERANGOON GARDEN ESTATE 39 SIMON PLACE KOVAN RESIDENCES KOVAN RESIDENCES KOVAN RESIDENCES PALM HAVEN KOVAN RESIDENCES PARK GREEN SERANGOON GARDEN ESTATE ROSYTH VILLE THE QUARTZ GILLENIA KOVAN ESQUIRE KOVAN RESIDENCES KOVAN RESIDENCES
Apartment Apartment
Freehold 99 years
20/04/09 20/04/09
1,130 1,216
$938,000 $800,000
$830 $658
Uncompleted Uncompleted
New Sale Sub Sale
HDB Private
Condominium Condominium Condominium Condominium Condominium Condominium Condominium Apartment Condominium Condominium Condominium
99 years Freehold Freehold Freehold Freehold Freehold Freehold 946 years Freehold Freehold Freehold
30/04/09 30/04/09 28/04/09 27/04/09 27/04/09 24/04/09 23/04/09 22/04/09 21/04/09 21/04/09 20/04/09
1,485 883 1,281 1,195 1,324 1,281 1,023 936 1,023 1,356 936
$580,000 $565,000 $730,000 $736,000 $816,000 $740,000 $615,000 $618,000 $620,000 $808,000 $569,000
$390 $640 $570 $616 $616 $578 $601 $660 $606 $596 $608
1985 Uncompleted 2001 Uncompleted Uncompleted 2006 Uncompleted 2007 Uncompleted Uncompleted Uncompleted
Resale Sub Sale Resale Sub Sale Sub Sale Resale Sub Sale Resale Sub Sale New Sale Sub Sale
Private HDB HDB HDB Private Private HDB HDB HDB Private Private
Condominium Condominium Executive Condominium Executive Condominium Apartment Condominium Executive Condominium Condominium Condominium Apartment Condominium Condominium Condominium Condominium Condominium
99 years 99 years
28/04/09 28/04/09
1,399 1,259
$795,000 $750,000
$568 $596
2001 Uncompleted
Resale New Sale
HDB HDB
99 years
28/04/09
861
$467,000
$542
2003
Resale
HDB
99 years 99 years 99 years
24/04/09 24/04/09 24/04/09
1,012 1,001 1,259
$530,000 $460,000 $770,000
$524 $460 $611
2003 1996 Uncompleted
Resale Resale New Sale
HDB Private HDB
99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years
23/04/09 22/04/09 22/04/09 22/04/09 22/04/09 22/04/09 21/04/09 21/04/09 20/04/09
1,249 2,142 1,259 1,335 1,270 1,270 936 1,367 635
$628,888 $978,000 $668,000 $627,000 $797,000 $815,918 $592,000 $888,888 $458,000
$504 $457 $530 $470 $627 $642 $632 $650 $721
1999 Uncompleted 2004 1996 Uncompleted Uncompleted Uncompleted ncompleted Uncompleted
Resale New Sale Resale Resale New Sale New Sale New Sale New Sale New Sale
HDB HDB HDB Private HDB HDB HDB HDB HDB
Condominium Terrace House Condominium Terrace House Condominium Apartment Condominium Detached House Condominium Condominium Apartment Semi-Detached House Condominium Condominium Detached House Terrace House Apartment Condominium Apartment Apartment Condominium Condominium Terrace House Terrace House Terrace House Terrace House Condominium Condominium Condominium Condominium Condominium Executive Condominium Detached House Apartment Condominium Apartment Apartment Condominium Condominium
99 years 99 years 99 years Freehold 99 years Freehold 99 years 99 years 99 years 99 years 99 years
30/04/09 30/04/09 29/04/09 29/04/09 29/04/09 29/04/09 29/04/09 28/04/09 28/04/09 28/04/09 28/04/09
904 1,679 1,238 1,679 1,163 1,636 1,238 5,436 915 1,066 1,012
$680,000 $942,000 $475,000 $1,020,000 $720,000 $500,000 $750,000 $2,100,000 $618,000 $680,000 $511,000
$752 $560 $384 $606 $619 $306 $606 $387 $675 $638 $505
2006 1999 1987 1972 2009 1995 2003 Unknown 1995 2009 1999
Resale Resale Resale Resale Sub Sale Resale Resale Resale Resale Sub Sale Resale
HDB HDB Private HDB Private Private Private Private HDB HDB Private
999 years 99 years 99 years Freehold Freehold 99 years 99 years 99 years 99 years 99 years 99 years 999 years Freehold 999 years 999 years 99 years 99 years 99 years 999 years 99 years
28/04/09 28/04/09 28/04/09 27/04/09 27/04/09 27/04/09 27/04/09 27/04/09 24/04/09 24/04/09 24/04/09 24/04/09 24/04/09 24/04/09 24/04/09 24/04/09 24/04/09 24/04/09 24/04/09 24/04/09
3,907 1,259 1,765 4,306 2,508 980 1,259 1,152 1,109 1,281 1,259 1,765 1,905 2,164 1,776 1,259 883 1,259 1,098 883
$2,650,000 $888,000 1,174,000 $3,088,000 $1,350,000 $518,000 $840,000 $527,500 $590,000 $904,000 $843,000 $1,220,000 $1,088,000 $1,068,000 $1,270,000 $849,000 $677,000 $853,000 $650,000 $606,000
$678 $705 $665 $718 $539 $529 $667 $458 $532 $706 $669 $689 $571 $493 $717 $674 $767 $677 $592 $687
Unknown Uncompleted Uncompleted 2008 1976 1999 Uncompleted 1999 2002 Uncompleted Uncompleted 1995 1958 Unknown 1991 Uncompleted Uncompleted Uncompleted 2002 Uncompleted
Resale New Sale New Sale Resale Resale Resale New Sale Resale Resale New Sale New Sale Resale Resale Resale Resale New Sale New Sale New Sale Resale New Sale
Private HDB HDB Private Private Private HDB HDB HDB HDB Private Private Private HDB Private HDB HDB HDB Private HDB
99 years 999 years 999 years 99 years 999 years Freehold 99 years 99 years
23/04/09 23/04/09 23/04/09 23/04/09 23/04/09 22/04/09 22/04/09 22/04/09
1,346 5,307 1,044 1,550 1,141 1,087 893 1,281
$590,000 $2,080,000 $630,000 $935,000 $774,000 $600,000 $600,000 $865,000
$438 $392 $603 $603 $678 $552 $672 $675
2004 Unknown 2007 Uncompleted Uncompleted 1998 Uncompleted Uncompleted
Resale Resale Resale Sub Sale New Sale Resale New Sale New Sale
Private Private HDB HDB HDB Private HDB Private
THEEDGE SINGAPORE | MAY 25, 2009 •7
Done Deals
THEEDGE SINGAPORE | MAY 25, 2009 • OP11
Property Tenure Contract Floor Area Transacted Unit Price Completion Type of Purchaser BEHIND Mountains tower over small town inPrice the ($) Type Date (sq aft) ($ psf) Date Sale THE BOTTLE Address
KOVAN RESIDENCES KOVAN RESIDENCES KOVAN RESIDENCES SOLARIS RESIDENCES KOVAN RESIDENCES KOVAN RESIDENCES 11C JALAN ARIF KOVAN RESIDENCES 13 JALAN LYE KWEE | BY JOHN MARIANI | KOVAN RESIDENCES f your idea of a white SOLARIS RESIDENCES wine for summer is one that SOLARIS RESIDENCES is crisp, fruity, modest in alcohol and KOVAN RESIDENCES less than US$25 ($37), you’d SERANGOON GARDEN ESTATEvin do well to buy the latest tages of Alsatian Rieslings. While RESIDENCES Alsace makes good KOVAN Sylvaner, Tokay, Pinot Gris, PiKOVAN RESIDENCES not Blanc, Gewurztraminer and KOVAN the RESIDENCES tend to Muscat, first three be SERANGOON fairly blandGARDEN and theESTATE last two highly aromatic. The Rieslings, KOVAN RESIDENCES on KOVAN the other hand, MELODY have all the brightness, fruit and perfect acidRESIDENCES ity KOVAN to go well with summer food QUARTZ on the grill short of andTHE anything beef or lamb. District 20 Most of the region’s Rieslings BOONVIEW are vinified dry, making them SEMBAWANG HILLS ESTATE exceptionally refreshing as an aperitif and good for dishes like trout, SEMBAWANG HILLS ESTATE salmon, chicken and cheeses. (Very sweet late-harvest wines SEMBAWANG HILLS ESTATE in Alsace areLOFT called BISHAN Vendange Tardive and Selection des Grains.) The fact that some of the best BISHAN are LOFTnow Rieslings selling in the range of US$15 to US$20 puts them at a delectable distance from
Condominium 99 years Condominium 99 years Condominium 99 years Terrace House Freehold Condominium 99 years Condominium 99 years Semi-Detached House 999 years Condominium 99 years Semi-Detached HouseUS$30-to-US$50 Freehold oaky California Condominium and US$150 99 years Grand Chardonnays Cru Burgundies. Terrace House Freehold France’s National Terrace HouseInstitut Freehold des Appellations d’Origine recognises Condominium 99 years 50 Grand Cru vineyards in Alsace, Semi-Detached comprising about 4% of the region’s production. Still, some House wine 999 years of the top producers, including Condominium 99 years Trimbach and Leon Beyer, do not Condominium 99 years use the Grand Cru appellation on Condominium 99 years the labels of their best wines. Terrace House 999 Riesling originated inyears Germany, probably in the Rhine Condominium 99Valley. years Since Alsace was for so long Condominium 99 German years territory, it was natural for vignerons Condominium 99 years that to plant German varietals Condominium years thrived in the dry, 99 cool climate, where the grape ripens late in the season. Those imports now Condominium Freehold cover about 20% of the region’s Semi-Detached area under vine. House Freehold Over a dinner at the Manhattan Terrace House Freehold restaurant 10 Downing that began with PrawnsFreehold with Olives, TerraceSpot House Garlic and Valencia Orange, and a Executive plate of charcuterie, I thoroughly Condominium bracing 99 years of enjoyed a brisk, bottle Executive Paul Blanck Riesling 2007 (US$45 at the restaurant, about Condominium 99 yearsUS$20 in stores). The wonderful aroma
Alsatian Rieslings
are perfect for summer
I
Get your own copy of
Alsace region of Germany. Most of the region’s
22/04/09 are vinified 1,259 $847,000 Rieslings dry, making them excep- tionally as an aperitif. 22/04/09 refreshing1,259 $907,000 22/04/09 1,259 $855,000 21/04/09 3,918 $1,430,000 21/04/09 893 $648,000 21/04/09 893 $642,000
$673 $720 $679 $365 $725 $719
Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted
New Sale New Sale New Sale New Sale New Sale New Sale
HDB Private HDB HDB HDB HDB
21/04/09 21/04/09
4,736 947
$1,590,000 $682,000
$336 $720
Unknown Uncompleted
Resale New Sale
HDB Private
21/04/09 21/04/09 21/04/09 21/04/09 21/04/09
2,379 1,259 3,832 4,349 1,281
$1,999,888 $863,000 $1,525,000 $1,600,000 $887,000
$842 $685 $398 $368 $692
2009 Uncompleted Uncompleted Uncompleted Uncompleted
New Sale New Sale New Sale New Sale New Sale
Private HDB Private Private HDB
20/04/09 2,486 $1,485,000 $597 1997 Resale Private 20/04/09 893 $612,000 $685 Uncompleted New Sale HDB 20/04/09 893 $624,000 $698 Uncompleted New Sale Private 20/04/09 893 $606,000 $678 Uncompleted New Sale Private 20/04/09 2,799 $1,200,000 $429 Unknown Resale Private of citrus and apple spring — a perky, lemony balance Riesling Reserve 20/04/09 1,259was ideal$865,000 $687 Uncompleted New Saleepitomises HDBthe for such appetisers. My feelings$838,000 of fruit of rich minerality 20/04/09 1,302 and acids. $643 2006 Boxler style Resale Private didn’t change with an entrée of Along with Trimbach, which along with enchanting aromas 20/04/09 1,259 with $675 Uncompleted New SaleRiesling Private Herb-Roasted Chicken Al-$850,000 dates back to the 17th century, that are Alsatian at its 20/04/09 Currants 1,076 $718,000 $667 Sale and HDB monds, and Preserved the name Hugel is one of2009 the very best —New restrained refined Lemons. best-known vignerons in Alsace, throughout. It does cost about Back home, I collected and its 2007 (US$19) it beautifully matched 30/04/09 700 more$540,000 $772 with 12% 2003 US$35, butResale HDB Alsatian Rieslings for a Russian alcohol showed great breeding, the celebratory dessert, which Easter dinner, when only cold a really lovely wine with peach wasn’t overly sweet. 30/04/09 3,380 baked $1,880,000 $556 1996 Resale Private foods are served, including and lemon flavours. Big Chardonnays cause peo29/04/09 sausages, 1,528 $720,000 darlings Unknownple to nodResale ham, pork potato-beet One of the $471 current and mumble;HDB very salad, slaw,2,928 lentils and $1,430,000 a among afi cionados is sweet dessert wines make them 29/04/09carrot Alsatian $489 1998 Resale Private dessert of Vanilla-Scented Farm- Albert Boxler, a small, 300-year- close their eyes and murmur; er’s Cheese and Saffron Raisin old winery in Niedermorschwihr, but Alsatian Rieslings just make 27/04/09 the savoury 1,399 by Jean$607 2003 me smile. Resale Torte. With dishes, a$850,000 now run Boxler. Its Grand And that’s all HDB I want Trimbach 2007 (US$17), contain- Cru vineyards are named Sommer- to do over a long, hot summer ing 12.5% was berg and Brand, and the grapes a bottle of wine. 27/04/09 alcohol, 1,378 thirst-$778,000 $565 2003 when I open Resale Private E quenching and the very flavour of are grown organically. The 2005 — Bloomberg LP
at
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KAZBAR, CAPITAL SQUARE 25 Church Street #01-03 Capital Square 3 Singapore 049482 Tel: 64382975 Email: lyna@kazbar.com Opening Hours: Mon to Fri: 12pm to 1am Sat: 5.30pm to 1am KAZBAR, CUPPAGE TERRACE 33 Cuppage Road Singapore 229458 Tel: 68365738 Opening Hours: Mon to Sat: 4pm to 2am Sun: 4pm to 12.30am
Receipt will be sent upon request only
150 Cecil Street #13-00 Singapore 069543 Tel: 62328627/62328617 Email: hotlinespore@bizedge.com
KAZBAR
BLOOMBERG
Project
8 • THEEDGE SINGAPORE | MAY 25, 2009
Done Deals
Apartment and condo transactions with contract dates from April 20 to 30
Project
Property Tenure Contract Type Date
819 ANG MO KIO AVENUE 2 HORIZON GREEN SEMBAWANG HILLS ESTATE THE GARDENS AT BISHAN TRESALVEO 62 FULTON ROAD District 21 29 ENG KONG DRIVE BUKIT REGENCY BLOSSOMVALE MAYFAIR GARDENS BLOSSOMVALE CLEMENTI PARK 2 TOH TUCK CLOSE 83E HUA GUAN AVENUE PINE GROVE SIGNATURE PARK SHERWOOD TOWER SPRINGDALE CONDO District 22 PARC OASIS PARC VISTA THE LAKESHORE THE FLORAVALE THE MAYFAIR THE MAYFAIR THE FLORAVALE THE LAKESHORE PARC OASIS THE LAKESHORE CASPIAN THE CENTRIS THE CENTRIS PARC VISTA CASPIAN CASPIAN IVORY HEIGHTS THE CENTRIS THE LAKESHORE District 23 GLENDALE PARK VILLA VERDE CHESTNUT GARDENS NORTHVALE THE LINEAR PARKVIEW APARTMENTS BURGUNDY HILL REGENT GROVE THE MADEIRA THE LINEAR THE LINEAR NORTHVALE REGENT GROVE HILLTOP GROVE HAZEL PARK CONDO YEWTEE RESIDENCES MI CASA REGENT HEIGHTS REGENT GROVE HILLINGTON GREEN REGENT HEIGHTS CHESTERVALE MI CASA PALM GARDENS MI CASA MI CASA MI CASA MI CASA HAZEL PARK CONDO THE WARREN REGENT HEIGHTS
Terrace House Terrace House Terrace House Condominium Condominium Terrace House
Freehold 99 years Freehold 99 years Freehold Freehold
27/04/09 24/04/09 24/04/09 24/04/09 21/04/09 20/04/09
Terrace House Condominium Condominium Condominium Condominium Condominium Terrace House Detached House Condominium Condominium Apartment Condominium
Freehold Freehold 999 years 99 years 999 years Freehold Freehold 999 years 99 years Freehold 99 years 999 years
Condominium Condominium Condominium Executive Condominium Condominium Condominium Executive Condominium Condominium Condominium Condominium Condominium Apartment Apartment Condominium Condominium Condominium Condominium Apartment Condominium Condominium Terrace House Terrace House Apartment Apartment Apartment Semi-Detached House Condominium Condominium Apartment Apartment Apartment Condominium Condominium Condominium Apartment Condominium Condominium Condominium Condominium Condominium Executive Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium
Floor Area (sq ft)
Transacted Unit Price Completion Price ($) ($ psf) Date
Type of Purchaser Sale Address
1,981 3,111 1,959 1,152 980 3,423
$1,756,000 $1,038,000 $900,000 $700,000 $976,000 $1,365,000
$887 $334 $460 $608 $996 $399
Unknown 2003 Unknown 2004 Uncompleted 1981
Resale Resale Resale Resale New Sale Resale
Private Private HDB Private HDB Private
30/04/09 30/04/09 29/04/09 28/04/09 27/04/09 21/04/09 21/04/09 21/04/09 21/04/09 21/04/09 21/04/09 20/04/09
3,488 1,399 1,335 1,776 1,141 1,798 3,283 4,682 1,701 1,055 1,421 1,152
$1,770,000 $855,000 $1,090,000 $1,200,000 $850,000 $1,000,000 $1,650,000 $3,050,000 $870,000 $740,000 $651,000 $802,000
$507 $611 $817 $676 $745 $556 $503 $651 $512 $702 $458 $696
1996 1995 1998 1985 1998 1983 1994 2009 Unknown 1998 1980 1998
Resale Resale Resale Resale Resale Resale Resale New Sale Resale Resale Resale Resale
HDB Private Private Private HDB Private Private Private Private HDB HDB Private
99 years 99 years 99 years
30/04/09 29/04/09 29/04/09
1,076 1,055 1,119
$540,000 $490,000 $750,000
502 $465 $670
1994 1998 2008
Resale Resale Resale
HDB Private HDB
99 years 99 years 99 years
28/04/09 27/04/09 24/04/09
1,410 1,356 1,184
$592,168 $670,000 $618,000
$420 $494 $522
2000 2000 2000
Resale Resale Resale
HDB HDB Private
99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 100 years 99 years 99 years
24/04/09 23/04/09 23/04/09 22/04/09 22/04/09 21/04/09 20/04/09 20/04/09 20/04/09 20/04/09 20/04/09 20/04/09 20/04/09
1,399 1,184 1,378 1,184 1,593 1,238 1,238 1,055 1,206 1,141 1,668 1,227 1,184
$560,000 $840,000 $710,000 $968,000 $977,400 $763,000 $780,000 $545,000 $686,700 $697,500 $695,000 $785,000 $834,720
$400 $709 $515 $818 $614 $616 $630 $517 $570 $611 $417 $640 $705
2000 2007 1994 2008 Uncompleted Uncompleted Uncompleted 1998 Uncompleted Uncompleted Unknown Uncompleted 2007
Resale Resale Resale Resale New Sale Sub Sale Sub Sale Resale New Sale New Sale Resale Sub Sale Resale H
HDB HDB HDB HDB HDB Private Private HDB HDB HDB HDB HDB DB
Freehold 99 years 999 years 99 years 999 years 99 years
30/04/09 30/04/09 29/04/09 29/04/09 29/04/09 28/04/09
1,668 2,045 1,948 1,087 1,238 980
$960,000 $1,150,000 $1,350,000 $510,000 $643,760 $480,000
$575 $564 $694 $469 $520 $490
2000 2000 1993 1998 2006 1998
Resale Resale Resale Resale Resale Resale
Private Private Private HDB HDB HDB
99 years 99 years 99 years 999 years 999 years 99 years 99 years 99 years 999 years 99 years 99 years 99 years 99 years 999 years 99 years
28/04/09 28/04/09 28/04/09 28/04/09 28/04/09 27/04/09 27/04/09 27/04/09 27/04/09 27/04/09 24/04/09 24/04/09 24/04/09 24/04/09 24/04/09
2,260 1,475 1,356 1,249 1,335 1,270 1,163 861 1,324 1,302 1,281 1,023 1,195 1,356 1,023
$1,350,000 $680,000 $670,000 $686,950 $734,250 $580,000 $541,000 $460,000 $720,000 $765,000 $802,540 $548,000 $550,000 $780,000 $520,000
$597 $461 $494 $550 $550 $457 $465 \$534 $544 $587 $627 $536 $460 $575 $509
1999 2000 2003 2006 2006 1998 2000 2001 2000 2008 Uncompleted 1999 2000 2002 1999
Resale Resale Resale Resale Resale Resale Resale Resale Resale Sub Sale New Sale Resale Resale Resale Resale
Private HDB Private HDB HDB HDB HDB HDB HDB HDB HDB HDB Private HDB HDB
99 years 99 years 99 years 99 years 99 years 99 years 99 years 999 years 99 years 99 years
23/04/09 23/04/09 23/04/09 23/04/09 23/04/09 22/04/09 22/04/09 21/04/09 21/04/09 21/04/09
1,507 1,302 958 1,292 990 1,259 990 $ 1,335 1,066 1,023
$638,000 $830,960 $498,000 $913,960 $597,940 $828,000 577,390 $668,000 $550,000 $520,000
$423 $638 $520 $708 $604 $657 $583 $500 $516 $509
1999 Uncompleted 2000 Uncompleted Uncompleted Uncompleted Uncompleted 2000 2004 1999
Resale New Sale Resale New Sale New Sale New Sale New Sale Resale Resale Resale
Private HDB HDB HDB Private HDB HDB HDB HDB HDB
THEEDGE SINGAPORE | MAY 25, 2009 •9
Done Deals
Project
Property Tenure Contract Type Date
VILLA VERDE THE LINEAR THE LINEAR NORTHVALE THE LINEAR THE LINEAR THE WARREN MI CASA MI CASA PARKVIEW APARTMENTS MI CASA CHESTERVALE MI CASA GUILIN VIEW THE JADE CHESTERVALE HILLVIEW PARK THE WARREN District 25 WOODSVALE NORTHOAKS NORTHOAKS 68 JALAN BUMBONG 66 JALAN BUMBONG CASABLANCA WOODGROVE CONDO NORTHOAKS WOODGROVE CONDO CASABLANCA WOODSVALE WOODSVALE District 26 SEASONS PARK THE CALROSE CASTLE GREEN BULLION PARK SEASONS PARK BULLION PARK FOREST HILLS CONDO FOREST HILLS CONDO District 27 THE SENSORIA 28 JALAN MATA AYER ORCHID PARK CONDO YISHUN SAPPHIRE YISHUN SAPPHIRE SEMBAWANG SPRINGS ESTATE ORCHID PARK CONDO SELETARIS LILYDALE 15 PENAGA PLACE District 28 SELETAR SPRINGS CONDO 115 SUNRISE WAY SELETAR HILLS ESTATE GRANDE VISTA
Terrace House Apartment Apartment Apartment Apartment Apartment Condominium Condominium Condominium Apartment Condominium Executive Condominium Condominium Condominium Condominium Executive Condominium Condominium Condominium
Floor Area (sq ft)
Transacted Unit Price Completion Price ($) ($ psf) Date
Type of Purchaser Sale Address
99 years 999 years 999 years 99 years 999 years 999 years 99 years 99 years 99 years 99 years 99 years
21/04/09 21/04/09 21/04/09 21/04/09 21/04/09 21/04/09 20/04/09 20/04/09 20/04/09 20/04/09 20/04/09
2,153 1,227 1,227 1,270 1,313 1,281 1,216 1,292 1,292 936 1,098
$1,100,000 $674,850 $674,850 $610,000 $656,500 $640,500 $610,000 $775,000 $847,340 $430,000 $658,000
$511 $550 $550 $480 $500 $500 $502 $600 $656 $459 $599
2000 2006 2006 1998 2006 2006 2004 Uncompleted Uncompleted 1998 Uncompleted
Resale Resale Resale Resale Resale Resale Resale New Sale New Sale Resale New Sale
HDB HDB HDB HDB HDB Private Private HDB Private Private Private
99 years 99 years 99 years 99 years
20/04/09 20/04/09 20/04/09 20/04/09
1,410 1,313 1,281 1,884
$618,000 $823,370 $640,000 $928,000
$438 $627 $500 $493
1999 Uncompleted 2000 2004
Resale New Sale Resale Resale
Private Private Private HDB
99 years Freehold 99 years
20/04/09 20/04/09 20/04/09
1,410 1,432 1,249
$625,000 $700,000 $680,000
$443 $489 $545
1999 1995 2004
Resale Resale Resale
HDB Private HDB
99 years
30/04/09
1,227
$545,000
$444
2000
Resale
HDB
99 years
30/04/09
1,292
$545,000
$422
2000
Resale
HDB
99 years
30/04/09
1,173
$480,000
$409
2000
Resale
HDB
Freehold
29/04/09
4,037
$1,250,000
$310
1969
Resale
Private
Freehold 99 years 99 years
29/04/09 28/04/09 28/04/09
4,015 1,119 1,238
$2,150,000 $560,000 $590,000
$535 $500 $477
1969 2005 1999
Resale Resale Resale
Private HDB HDB
99 years 99 years 99 years
27/04/09 27/04/09 24/04/09
1,238 2,303 1,184
$533,000 $1,050,000 $655,000
$431 $456 $553
2000 1999 2005
Resale Resale Resale
HDB Private Private
Executive Condominium Executive Condominium Executive Condominium Semi-Detached House Semi-Detached House Condominium Condominium Executive Condominium Condominium Condominium Executive Condominium Executive Condominium
99 years
21/04/09
1,356
$540,000
$398
2000
Resale
HDB
99 years
20/04/09
1,292
$500,000
$387
2000
Resale
HDB
Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium
99 years Freehold 99 years Freehold 99 years Freehold 99 years 99 years
28/04/09 28/04/09 27/04/09 27/04/09 24/04/09 23/04/09 22/04/09 21/04/09
1,249 1,141 947 807 1,249 807 1,367 1,044
$655,000 $800,000 $575,000 $520,000 $650,000 $462,000 $578,000 $510,000
$525 $701 $607 $644 $521 $572 $423 $488
1997 2007 1997 1992 1997 1993 2003 2003
Resale Resale Resale Resale Resale Resale Resale Resale
HDB Private HDB HDB HDB HDB HDB HDB
Condominium Terrace House Condominium Condominium Condominium Semi-Detached House Condominium Condominium Executive Condominium Terrace House
Freehold Freehold 99 years 99 years 99 years
29/04/09 29/04/09 25/04/09 24/04/09 24/04/09
1,076 1,787 1,152 1,206 1,033
$645,000 $1,038,000 $512,500 $520,000 $450,000
$599 $582 $445 $431 $435
2007 1967 1994 2001 2001
Resale Resale Resale Resale Resale
Private Private HDB Private Private
999 years 99 years Freehold
24/04/09 23/04/09 23/04/09
4,037 1,249 1,356
$1,230,000 $595,000 $725,000
$305 $477 $535
Unknown 1994 2001
Resale Resale Resale
HDB Private Private
99 years 99 years
21/04/09 20/04/09
1,195 1,862
$565,000 $1,430,000
$473 $768
2003 Uncompleted
Resale New Sale
99 years Freehold
30/04/09 27/04/09
1,335 1,711
$631,000 $1,150,000
$473 $674
2000 1991
Resale Resale
HDB Private
999 years 999 years
27/04/09 21/04/09
4,198 1,238
$1,280,000 $675,000
$305 $545
Unknown 1993
Resale Resale
Private HDB
Condominium Terrace House Semi-Detached House Condominium
HDB HDB
DISCLAIMER: Source: URA Realis. Updated as at May 20, 2009. 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 herein.