The PropertyGuru - Issue 11 Singapore Edition by Ryan Pham

The

PropertyGuru www.PropertyGuru.com

Property Market:

overseas homeS:

Prices finally drop

Dream getaways

Page 5

Page 18

MICA (P) 128/10/2011

Issue No 11/2012

Eye on ABSD Regulators are keeping a close eye on the market as many developers have been reimbursing the ABSD (additional buyer’s stamp duty) in a bid to boost sales. If the practice begins to affect proper ty prices and loan values, the government will intervene. While the Ministry of National Development (MND) is continuously monitoring the market to ensure transparency, it said: “As long as they do not distor t prices, there is no need for the government to intervene against such business decisions and practices”. In addition, the Monetary Authority of Singapore (MAS) has urged consumers to divulge any discounts or rebates received from developers when taking up home loans from banks.

S’pore spending habits Despite the fluctuation in property and stock prices, Singaporeans aren’t changing how they spend, according to a recent macroeconomic report by the Monetary Authority of Singapore (MAS). It noted that the ‘wealth effect’ is not seen in Singapore, as people here do not usually go on shopping sprees just because home and stock prices rise. Neither do they cut back significantly on expenses on the back of a downturn. Irvin Seah, an economist at DBS, said that Singapore emulates a conservative spending culture. “Singaporeans are more prudent with their finances. We have a saving culture. High inflation is also eroding the wealth effect.”

‘ASSET-RICH, CASH-POOR’ Why many Singaporeans have no savings. > Page 7

The

PropertyGuru

MANAGEMENT Steve Melhuish Chief Executive Officer Jani Rautiainen Managing Director

Luxury market falls flatter than a pancake Romesh Navaratnarajah, Senior Editor, The PropertyGuru

James Sundram Senior Vice President, International Sales

who’s a Singaporean will probably do the funky chicken dance if he gets to sell the proper ty at that price, which is highly unlikely given that there’s been sluggish demand for high-end homes of late.

Winnie Khoo Chief Operating Officer Jagannathan Janagyraman Head of Engineering Soon Tzer Chua General Manager, Sales Sarah Baker Head of Products

Case in point – The Marq on Paterson Hill which is so exclusive that French luxury brand Hermes inked a deal with the developer SC Global Developments to create its first-ever signature apar tment there. It all seems rather fancy until you read the news that less than half of the units released at the project have been sold. Alas The Marq has missed its mark (no pun intended).

Douglas Gan Strategy Guru

PUBLISHER Osman B.S. osman@allproperty.com.sg

EDITORIAL Andrew Batt Group Regional Editor andrew@allproperty.com.sg Romesh Navaratnarajah Senior Editor (Singapore) romesh@allproperty.com.sg Cheryl Tay Editor (CommercialGuru) cheryltay@allproperty.com.sg Tejaswi Chunduri Regional Analyst tejaswi@allproperty.com.sg Widyawati Sharkawi Editor (Malaysia) widyawati@homeguru.com.my Anto Erawan Editor (Indonesia) antoerawan@rumah.com Punika Thaipitakkul Editor (Thailand) punika@ddproperty.com

Just last week, PropertyGuru broke a story on a sea-facing bungalow in Sentosa Cove that’s been priced at a jaw-dropping S$108 million (see page 10). The owner

So why’s the luxury market so glum, chum? While you might bemoan the fact that foreigners have been dropping bucket loads of cash into the market in recent years, hence contributing to escalating prices, the truth of the matter is that the implementation of the 10 percent ABSD (additional buyer’s stamp duty) in early December 2011 has seen foreign

The PropertyGuru is Singapore’s Only Proper ty Dedicated Newspaper distributed on a Complimentary basis, for tnightly on Friday. It is also delivered to Residential Estates (HDB & Private) – direct via Singapore Post.

(Editorial Assistants) Russell Lim russell@allproper ty.com.sg Samuel Wong samuel@allproper ty.com.sg

Exclusive Partnership:

proper ty buyers running helter skelter to more affordable destinations like Malaysia and Thailand. To highlight what a force they’ve been, overseas nationals accounted for 40 percent of proper ty transactions in prime District 10 alone last year, and while Singapore has always been popular with cash-rich buyers from China, Indonesia, Malaysia and India, proper ty consultancy Savills predicts that the overall share of foreigners in the luxury market will plummet to just 15 percent this year. Taking the foreign equation out does affect high-end proper ty sales and prices as the pool of Singaporeans willing to fork out millions for such deals just isn’t there. With the ABSD biting fur ther and more foreigners putting off plans to buy the country’s premier homes, it just might be time for developers and sellers to star t pricing their homes more sensibly.

Romesh Navaratnarajah

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Belinda Koh belinda@allproperty.com.sg Jessica Goh jessicagoh@allproperty.com.sg

MARKETING Adeline Tan adelinetan@allproperty.com.sg

EVENTS Joel Lee Regional Head of Events joel@allproperty.com.sg

CUSTOMER SERVICE Loh Suet Yee suetyee@allproperty.com.sg

REGIONAL (MALAYSIA)

Alyssa Pek alyssa@homeguru.com.my

VOX POPS

The Word From The Street Cheryl Tay asks members of the public: “What do you think of the possibility that HDB may make cash-overvaluation (COV) data inaccessible to the public?”

(THAILAND)

Natthanathorn Prapharot nat@ddproperty.com (INDONESIA)

Chris Antonius chrisantonius@rumah.com PropertyGuru Group 51 Goldhill Plaza #11-03/05 SIngapore 308900 Tel: 6238 5971 Fax: 6534 4678 www.propertyguru.com MICA No. 2010689043 Print: KHL Printing (S) Pte Ltd Design: The Right Company Pte Ltd All content published in The PropertyGuru is protected under copyright laws. No content should be reproduced either in par t or whole without express written permission from Proper tyGuru Group. For licensing and syndication enquiries please email andrew@allproper ty.com.sg. Currency conversions are provided for indicative purposes only. Every precaution has been taken to ensure all information is accurate. However, the publisher, its employees or agents accept no responsibility or liability for direct, indirect or consequential losses or damages resulting from the use of any information contained herein. All adver tising enquiries: osman@allproper ty.com.sg

“Without such information available, proper ty prices will go haywire once again and only the highest bidder will win, even in terms of public housing. Unethical agents and profiteering sellers will drive prices up. Since the government is responsible for public housing, it should regulate property prices by controlling COVs.”

“People won’t know the actual market value of a flat, giving agents and sellers the oppor tunity to price them unreasonably. There would be no way for buyers to make proper comparisons among houses of similar value and factors like location and nearby amenities may no longer matter, even though they should.”

“Such information should be transparent, so the public can see that things are being done fairly. This move would just make it less apparent where the money from all the expensive sales of HDB flats is really going and would fur ther reduce HDB’s credibility, which many are already questioning.”

“That’s not good. Industry professionals would then dictate home values and prices, which is unfair. Making people unaware of COV data will either lead them to bemoan high proper ty prices or keep mum for lack of knowledge. Either way, people will suffer, so the data should remain available to the public.”

Zen Yeo, 29, Producer

Sarah-Anne Tan, 29, Business Analyst

Ungku Muhammad Ibrahim, 30, Self-Employed

Lloyd AQ, 35, Researcher

The

PropertyGuru

WINS & Private home prices finally drop, a tiny bit ACCOLADES SINGAPORE MARKET NEWS

But supply and policy risks are key concerns.

The PropertyGuru has crossed a milestone, celebrating its 10th issue last month! Below is a list of a few key features for Singapore’s only dedicated property newspaper.

By Romesh Navaratnarajah Data for Q1 2012 released recently by the Urban Redevelopment Authority (URA) showed that residential property prices in Singapore dropped for the first time since Q2 2009, recording a 0.1 percent slip. This is in contrast to the 0.2 percent rise seen in the previous quarter. According to OrangeTee Research & Consultancy, the decline “is within market expectations, as the market starts to feel the effects of market cooling measures introduced in December 2011”.

However, landed property prices are still resilient, marking a marginal increase in the quarter. Buoyant new home sales could attract more government intervention in the coming months. “The resilience in landed property prices can be attributed to the scarcity of landed properties as well as the profile of landed property buyers; less susceptible to market conditions,” said the firm. While overall rents for Q1 2012 rose by 0.3 percent, it is still lower than the 0.4 percent growth in Q4 2011. Occupancy rates also dwindled marginally to 94 percent from last quarter’s 94.1 percent. “According to URA’s statistics, a total of 10,796 units from developments with sales licences are expected to be completed for the whole

of 2012. As this is 10 percent above historical level, we expect the weakening rental market to cause occupancy rate to soften in the coming quarters, especially in the high end market,” said OrangeTee. The main concerns lie in policy and supply. “The threat of more government cooling measures which could again have a negative impact on sentiments and possibly overly restrictive policies which might create further negative image of Singapore as an investment destination,” it said.

The slew of new project completions from 2013, along with a tightening of the immigration policy, could also affect rental demand. Moving forward, “improving economic indicators and a recovery in the stock market has boosted confidence of buyers which has resulted in a strong primary sales market”. “Without external factors that could trigger a rapid destruction in wealth, we maintain our view that the market will likely avoid a sharp fall in prices in 2012,” noted OrangeTee.

SINGAPORE MARKET NEWS

No Labour Day blues for mass market homes

Issues of The PropertyGuru published every month.

Editions rolled out since its launch on 11 November 2011.

513

Locations in Singapore where The PropertyGuru is distributed.

Many buyers took time off work to check out the showflats. By Romesh Navaratnarajah

The long Labour Day weekend has paid off for many public and private projects in the country, with property buyers turning up at showflats in full force and snapping up units.

New distribution points acquired across petrol stations islandwide.

For instance, the 447-unit Pasir Ris One DBSS (Design, Build and Sell Scheme) project was oversubscribed even before submissions of e-applications ended. Despite the high prices, the 99-year leasehold project has seen strong take-up. The developer SingXpress Land is selling a three-room (700 sq ft) unit from S$390,000 to S$490,000, which works out to around S$557 psf to S$700 psf. For a five-roomer (1,130 sq ft), prices range between S$650,000 and S$770,000 or around S$575 psf to S$681 psf. According to analysts, the higher prices put it in direct competition with Watercolours, an EC (executive condominium) project located in the same area. In addition, sources said that the 99-year leasehold, 416-unit EC was already oversubscribed even before applications closed this past Monday. A 743 sq ft two-bedroom unit is going at between S$500,000 to S$600,000 while a three-bedder with a built-up area from 915 sq ft is priced in the

300,000 Estimated consumer reach of The PropertyGuru via online and print.

Ripple Bay (above) over at Pasir Ris is a hot pick. range of S$600,000 and S$700,000. Over at Yishun, the 665-unit 1 Canberra EC by MCC Land recorded 500 e-applications. Prices for standard three-bedders range between S$680,000 and S$880,000 while a four-bedder unit is estimated to cost around S$860,000 to S$970,000.

Mass market private condos have also driven healthy sales. Of the 200 units released at the SeaHill by Far East Organization, some 145 were sold at an average price of S$1,311 psf. MCL Land’s Ripple Bay also sold 505 units from the 679 homes released at an average price of S$870 psf.

Overseas More foreign developers using The PropertyGuru to reach buyers and investors in Singapore.

The

PropertyGuru SINGAPORE MARKET NEWS

Your Voice

HDB flat sizes not shrinking, says Khaw

Our Yahoo! blog post ‘Illegal short-term rentals on the rise’ ( h t t p : / / t i n y u rl . c o m / 6 o e 4 6 7 9 ) which highlighted how more homeowners are earning extra cash by renting out their spare rooms for a few days drew many responses. Here’s an edited selection of some of the comments that were posted online.

The Minister adds that public housing is still affordable to the masses.

Marshall: “Many of those who own a HDB rent them out and go stay elsewhere.”

Lbladez: “As long as there is demand, there will be supply. But this is also driven by the high costs of a hotel stay in Singapore. I think I would rent these rooms instead of paying for a hotel.”

Sad Story: “This might be good for Singapore as visitors who are not able to afford a hotel room can still visit the country via these channels.”

Nan: “Based on the information in the article, the evidence on these illegal activities is good enough to set up a team to investigate and prosecute the flat owners. But they are still continuing such services.”

Observer: “With living costs rising, there is a need to have an extra income to make ends meet. Why not make it legal?”

Eric: “I know that in some other countries, they can lease out their rooms. Many homes have spare rooms that are rented out to visitors for a few days, inclusive of breakfast.”

PingPong: “I think some people might have misunderstood the situation. HDB actually allows us, whether locals or PRs (permanent residents), to rent out our spare rooms. But it should not be for just a few days.”

G: “Neighbours should get the authorities to do regular checks on flat owners that behave suspiciously.You never know what these short term tenants are up to.”

Jim Bean: “Let it be. Financial needs and the high cost of living are driving them to do it.”

PropertyGuru is a proud regional content provider for Yahoo! Each day we publish premium property news and features on our websites in Singapore, Malaysia, Thailand and Indonesia. Join the debate now at: www.propertyguru.com

By Romesh Navaratnarajah National Development Minister Khaw Boon Wan has assured Singaporeans that HDB flat sizes are not shrinking and in fact have remained unchanged over the last 15 years. Speaking at the recent REACH Contributors’ Forum 2012, he said that public housing in the country will not follow the same path as Hong Kong, where flat sizes are much smaller. “I would consider that a deterioration of our quality of life and we should avoid that,” said the Minister. For instance, he highlighted that four-room flats have remained at 90 sq m since the mid-90s. In fact, the Housing and Development Board (HDB) stressed that the amount of living space per person has risen with the number of individuals in an average household declining. On the other hand, Mr Khaw said that units built by private developers are becoming smaller and cited the sudden increase and popularity of shoebox units. He noted that the government “may have to step in” if the number of such units coming into the market gets too high.

Is it a case of ‘Honey, I shrunk the flat’? In terms of public housing prices, Mr Khaw said that HDB flats are still affordable and the current high prices will not continue.

the market and although Singapore is not in the steady stage yet...there is some stabilisation,” he said.

“In the past five years, the population was growing rapidly that infrastructure could not keep up so because of the temporary imbalance, prices shot up. HDB has been aggressively pumping units into

“We are seeking their understanding and patience... we are getting there. We will continue to work hard at it. In the next five-year term, I’m committed to build at least 100,000 HDB flats if necessary.”

TEJ SAYS...

Spotlight now on the industrial property market The recently released property price data for the first quarter shows that after five rounds of cooling measures, the private property price index has finally slipped. Although it was a marginal decline, private homes prices fell by 0.1 percent in Q1 2012, compared with the 0.2 percent increase in Q4 2011. This was the first quarterly price decline since Q2 2009, at the height of the global financial crisis. Home prices in the Core Central Region (CCR) and Rest of Central Region (RCR) have also eased. Data shows that prices for nonlanded homes in the CCR and RCR dipped by 0.6 percent each during the quarter, while in the Outside Central Region (OCR), prices rose by 1.1 percent compared to 0.6 percent in the previous quarter. Moreover, the OCR accounted for 73 percent of total homes transacted in the quarter, while the RCR and OCR constituted 21 percent and six percent respectively. Home sales in the primary market hit 6,526 units, 45 percent higher than in Q4 2011 and accounted for 75 percent of total home sales. At the same time, home sales in the secondary market fell to just 22 percent. This shows that sales in the primary market are supply driven and as long as developers continue to launch new projects, and with the availability of liquidity and existing low mortgage rates, there will be continued demand. The resale price index in the public housing sector did not see a dip but had a marginal

residential property, rental yields (especially for some retail and industrial/warehouse spaces) have performed well. Noticing this trend, the government has introduced new measures to prevent investors from driving up the prices of industrial property so that genuine end-users will find it more affordable. Industrial units are becoming the next big thing. increase of 0.6 percent in the quarter compared to 1.7 percent in Q4 2011. Similar to the private property index, this is the first quarterly fall in prices since Q2 2009. However, resale transactions fell by 0.5 percent in the quarter. Due to the upcoming supply of around 25,000 new Build-to-Order (BTO) flats this year and the large amount of land for executive condominiums (ECs), the resale HDB market has been affected as more buyers look to the primary market. Like the residential market, much of the commercial sector has shown signs of easing. Office and retail rents have seen a downward trend but the industrial market has been a clear winner with prices and rentals of industrial space rising by 7.3 and 1.8 percent respectively in the quarter. With the private residential price index showing signs of continuous growth and instability over the last few quarters, many investors have shifted their focus to the commercial market. Whilst capital appreciation has generally been lower than for

To facilitate this, the Ministry of Trade and Industry (MTI) has released almost 24 hectares of land supply for the industrial sector in the H1 2012 Industrial Government Land Sales Programme (IGLS). The MTI is also offering 18 affordable sites with smaller sizes and shorter lease tenure of 19 years at Tuas South Avenue 12 for industrialists planning to build their own customised facilities. In addition, there are some conditions specific to the building and strata subdivision of industrial property to prevent speculative buying. Looking at the various advantages in the commercial property market, would you prefer to invest in that sector? Do write to me at: research@propertyguru.com.sg

Tejaswi Chunduri is Regional Analyst with PropertyGuru.

The

PropertyGuru

COVER STORY

Are we ‘Singa-poor’? Why more Singaporeans are asset-rich but cash-strapped. By Romesh Navaratnarajah, additional reporting by Cheryl Tay

There could be some serious financial repercussions for Singaporeans who wish to retire in future.

common gripe amongst many Singaporeans is that they have to spend their savings to pay off home loans and by the time they retire, they find themselves struggling financially as their savings have dried up. The situation is even more desperate as over 80 percent of Singaporeans live in HDB flats and even though many aren’t high-income earners, they need to pay very high mortgages. “If an average-income earner buys a new fourroom flat, for instance, he may have to pay upwards of S$300,000, while a five-room flat can cost upwards of half a million dollars. By the time he finishes paying his mortgage, he will be close to retirement age and won’t have much left in his CPF (Central Provident Fund),” said 62-year-old retiree David Lim.

told The PropertyGuru that “it is foreseeable that there could be some issues for Singaporeans who wish to retire in future,” given the high HDB prices.

well as the government bonus, to their retirement accounts / CPF minimum sum, which cannot be touched until they reach 55. During the waiting time, they are cash-poor.”

He was quick to add that the government is rolling out several schemes in aid of “those looking to monetise their HDB flats”. These schemes include the Silver Housing Bonus Scheme and the Lease Buyback Scheme (LBS), which may be used to supplement retirement funds.

Even if the owner gets access to his retirement funds, he will still remain cash-poor, “because the money will be tied up for the next 10 years while the government places it into an annuity till they are 65, whereby they will receive monthly handouts from it, which do not amount to much,” noted Lim.

However, Goh is aware that owners’ reluctance to sell their flats could be an impediment to the schemes. Many Singaporeans consider their flats “a home and a lot of sentimental value is attached to it,” which is the main reason why the LBS received a low take-up rate.

ELDERLY ARE SUFFERING

SCHEMES NOT WORKING?

He added that many retirees and midde-aged Singaporeans find it harder to get jobs and as for younger flat buyers, they will be retired or at least middle-aged by the time they fully pay off their mortgages. Hence, they “will be asset-rich but cashpoor, unless government policies change,” added Lim.

Lim is doubtful if such schemes will address the problem effectively, saying “in theory, this sounds good. But in practice, it’s different”.

Agreeing with this, property consultant Getty Goh

“If a five-room flat owner downgrades to a four-room flat, the actual profit is only about S$100,000, given the high prices of HDB flats these days. Average- to low-income earners are likely to have to contribute this amount, as

As such, he feels an owner will still be asset-rich but cash-poor, whether he takes advantage of the Silver Housing Bonus or not. Goh believes another reason why the elderly are not keen to downgrade is that they “feel that it is not financially worthwhile to downgrade presently”. “Even though they are able to fetch a premium for their flats currently, they in turn would have to pay a high price for their replacement flats. Unless there is a cheaper and more attractive housing alternative, response for the Silver Housing Scheme will likely be as lukewarm as the LBS.” Lim said that “those who are not yet middle- or retirement-aged will also remain asset-rich but cash-poor, unless one is living in a HDB flat left to

him by his parents and happens to be a highincome earner, for example”.

WHAT MORE CAN BE DONE? When queried on how this issue could be solved, Goh highlighted the government’s efforts to provide studio apartments for the elderly since 1997, but suggested that the government could do more by “increasing the supply of studio flats for sale and educating the elderly on the financial benefits of downgrading”. Citing HDB’s annual report, Goh noted that total bookings for studio apartments between 2010 and 2011 reached 1,413, far below the 169,866 economically inactive Singaporeans above 65 years of age, based on Census 2010. “If we use that as an indication of the magnitude of potential retirees, at a steady rate, the number of new studio flats would have to significantly increase to meet the potential demand,” noted Goh. “At the end of the day, if the elderly are reluctant to cash-out and insist on holding on to their units, the issue of being asset-rich and cash-poor would still remain unresolved.”

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PropertyGuru

COMMERCIAL NEWS POWERED BY

Vietnam: Investment opportunities abound! Declining inflation and falling interest rates make it more appealing. By Romesh Navaratnarajah Vietnam’s low interest rates and falling inflation have led to renewed interest from many Singaporean investors, according to a report by Savills. Positive foreign direct investment and wellbalanced trade have also helped to strengthen the Vietnamese dong against the US dollar and other currencies. In addition, US$8.5 billion (S$10.52 billion) was collected last year in remittances from Vietnamese living abroad, while the country’s stock market has displayed a 35 percent growth so far this year. As such, Savills sees “an increasing range of high quality projects available to investors at pricing levels previously unavailable to foreigners,” especially for Singaporean real estate investors. “Opportunities abound, we have not seen this many high quality investment opportunities in Vietnam for many years. It is the time for foreign investors to enter the market and prepare for the positive rebound widely expected in 2013 and 2014,” said Neil MacGregor, Deputy Managing Director at Savills Vietnam.

“Developers can now secure projects with less development risk than in the past.” With Vietnam’s legal framework undergoing positive changes in recent years, Savills has reported “a growing number of opportunities available for foreign investors, with all permits and approvals secured”. Developers can now secure projects with less development risk than in the past. “The office markets in the centre of Hanoi and Ho Chi Minh City remain undersupplied with less than one million sq m combined, the retail market is set to explode with few retail centres developed to date and the residential market is showing tentative signs of recovery with sales expected to pick up in the second half of 2012,” noted MacGregor.

Singapore-based investors need to take a serious hard look at Vietnam.

COMMERCIAL NEWS POWERED BY

Marina South devt wins three prestigious awards Future landmark in Singapore’s CBD sets the standard for design excellence. By Romesh Navaratnarajah The highly-anticipated Marina South development by M+S Pte Ltd has clinched three awards at the prestigious Asia Pacific Property Awards 2012 for Best Mixed-use Development, Best Mixed-use Architecture and Best High Rise Architecture. The event is part of the International Property Awards – recognised as a symbol of excellence throughout the global industry. Integrating office, retail and residential components, the Marina South development is designed by Ingenhoven Architects, a German-based leader in sustainable design practices. It will be part of the country’s new central business district (CBD) and is adjacent to Marina Bay Sands, Esplanade Theatres on the Bay, the Singapore Flyer and the upcoming Gardens by the Bay. “M+S Pte Ltd has made tremendous headway in bringing our vision to life with this project and today’s recognition is a testament of our commitment in creating a superlative landmark

“Located adjacent to Marina Bay Sands,…” development in the heart of Marina South which sets the standard for international excellence in design and sustainability for integrated living,” said Datuk Azman Yahya, Chairman of the Board. M+S Pte Ltd is a 60:40 joint venture between Khazanah Nasional Berhad (Malaysia) and Singapore’s Temasek Holdings (Private) Limited. In March, the company signed property development loans with eight banks. “Any company to win one of these awards has shown exceptional levels of professionalism and competence in their respective field,” noted Stuart Shield, President of the International Property Awards.

Prepare for the skyline of the future.

The

PropertyGuru

SINGAPORE MARKET NEWS

Sentosa Cove bungalow has asking price of S$108 million Owned by a Singaporean, the house is expected to fetch a record sale price. By Romesh Navaratnarajah A two-storey bungalow located at Ocean Drive in Sentosa Cove has been put up for sale at a whopping price of S$108 million, which works out to around S$9,000 psf.

According to Jones, the bungalow which is owned by a Singaporean, has not seen much interest and has been on the market for about a month.

Multiple listings of the 103-year leasehold property were posted on PropertyGuru in the past month, with a total of three agents marketing the property – an indication that the seller hopes to close the deal soon.

“The lack of interest isn’t surprising,” said Tejaswi Chunduri, Regional Analyst at PropertyGuru.

Apart from the price being negotiable, the advertisements stated that the property is sited on a land area of almost 20,000 sq ft – the largest on Sentosa Cove. In addition to having six bedrooms, sea views and its own swimming pool, it is within close proximity to Harbourfront MRT station, the central business district (CBD) and VivoCity mall. Commenting on the high asking price, Robert Jones, one of the agents’ marketing the property on behalf of the seller, said: “The site is huge, being located on two plots and has sea views.”

“Such a high asking price is unusual and despite the various facilities and perks like the sea view, pool and prestigious location, sale prices for other projects in the area have paled in comparison to what’s being asked,” she added. The previous record for a sea-fronting bungalow on Sentosa Cove was for a home at Cove Drive back in February this year, which was sold for S$39 million. This works out to about S$2,448 psf for a land area of 15,929 sq ft. The 99year leasehold property has five bedrooms, a spacious living area and an entertainment room. The sale price for the Ocean Drive bungalow is expected to beat the S$39 million mark.

The super-rich seem to love Sentosa Cove.

SPECIAL ADVERTISING FEATURE

In Conversation with Alan Leong, OrangeTee Being a real estate agent can be a financially rewarding career. But fetching a handsome commission requires more than just wealthy clients and good business acumen. Alan Leong, Senior Group Associate Director at OrangeTee Pte Ltd, draws from his 22 years of experience in the real estate industry and dispenses some valuable advice for aspiring agents. By Cheryl Tay Q. How did you become an agent? When did you enter the industry and why? A. I became an agent in 1990 when I was 25. Why? I felt that the money was good and there are many people who invest in real estate, so it caught my interest. Q. What are some important lessons you have learnt throughout your career? A. There have been many in the past 22 years. It’s an honest and straightforward business. If you’ve made a mistake, you must deal with it. When a customer calls, you should be responsive and you have to face every problem. Of course, you still have to handle the consequences but ultimately, the chances of them (your clients) being more understanding are higher if you own up to your mistakes rather than run from them. When you start out as an agent, you must be willing to work very hard (especially) for the first six to 12 months. I would rather show my agents the difficult side of the job than let them think it’s easy to earn good money.

Alan Leong has been a property agent for over 20 years.

Q. In your opinion, what does it take to be a successful real estate agent? What qualities do you think he/she should have? A. (He/she should be) street-smart, hardworking and must never give up. Like Bruce Lee said, “Defeat is a state of mind. No one is ever defeated unless defeat has been accepted as

a reality.” From the time I started till right now, the market has changed completely. Through all the problems I’ve faced and mistakes I’ve made, I realised that I cannot give up. I learnt to own up to and apologise for my mistakes and move on. You still have to be responsive to your clients and they will realise you are different from the rest. That’s how you learn; this is life. Q. For those considering this as a career or are new to the industry, what advice do you have for them? A. Working with the right company, colleagues and bosses is extremely important. A good agency will provide the necessary support and branding. For agents’ long-term success, especially for rookies, the people they work with and their managers are extremely important because they are the ones who will help cultivate the right values and mindset. Q. But how would an agent know which is the right company to work for? A. They should make the effort to find out about who they are interested in working for. Whether it’s through friends or family, they can find out about a company’s reputation and how they operate. Otherwise, it’s difficult for them to know who the right manager is. Of course, they sometimes end up working for the wrong boss but that can’t be helped. It’s part of the learning process.

The

PropertyGuru SINGAPORE MARKET NEWS

HDB probes into illegal sublet case Owner of Geylang flat was allegedly renting rooms for S$60 a night. By Romesh Navaratnarajah

More flats are being illegally converted into budget hotels. The owner of a Housing and Development Board (HDB) flat in Geylang has allegedly been caught advertising room rentals for S$60 per night, according to a recent report in The New Paper. The advertisement, which was carried in the October 2011 issue of inflight magazine LionMag, showed three photos of rooms for rent, along with the flat’s address and highlighted that staff in the house can speak Bahasa Indonesia. When contacted last week, the owner denied placing the advertisement, adding that it was just a misunderstanding. She claimed that those who came in and out of the flat last year were actually her family members from Indonesia. “I have a big family from Indonesia. When they visit, they fill up my whole flat. I did not rent my rooms to tourists,” said the owner who declined to be named. The housing board is now investigating the matter, with a spokesman reiterating that HDB flats and bedrooms cannot be sublet to shortterm occupants. “A tourist’s length of stay is usually short, and the turnover of such ‘occupiers’ is expected to be high. This may lead to high human traffic to and from the flat, which will disrupt the pleasant living environment and ambience in our HDB estates,” noted the spokesman. Moreover, HDB emphasised that subletting of rooms to non-approved sub-tenants like tourists is considered a lease infringement. “HDB will take stern action against the flat owners, including imposing a financial penalty, or even compulsory acquisition of the flat,” said the spokesman.

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Singapore Property Picks No matter where you live or want to live, there’s a development for you. Check out these new launches before making a decision on where to buy – you won’t regret it! SeaHill

West Coast Link A 99-year leasehold development situated in serene District 5, there are a total of 338 units on offer with prices star ting from S$1,270 psf. Set to be completed in 2016, the SeaHill is just a few minutes’ walk to Clementi and Haw Par Villa MRT stations, making it highly accessible. It is also served by a variety of lifestyle amenities, including West Coast Plaza, West Coast Park and the Clementi Spor ts & Recreational Centre. Prestigious schools such as Nan Hua High School and Kent Ridge Secondary School are within the vicinity. Enhancing its appeal, the project is fully-equipped with a swimming pool, spa pool, gymnasium, barbecue area as well as jogging facilities.

Bedok Residences

Bedok Nor th Drive

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99-year leasehold condo project located in the popular District 16 area. It comprises of 583

Lorong 32 Geylang

units and is due to be completed in 2015. Facilities at Bedok Residences include BBQ pits, a covered car park, function room, gymnasium, lap pool and sauna. Residents have easy access to nearby supermarkets, shopping malls, banks, eateries and more. Schools within the area include Tampines Secondary School and Opera Estate Primary School. Major roads and expressways provide easy access to the city centre and airport. Bedok Residences is also close to the Bedok and Kembangan MRT stations.

A new freehold condominium development located in District 14, NESS features a total of 62 homes of various unit types, including penthouses. Situated amidst a mature landed estate, the development rewards residents with a quiet and cosy environment that’s perfect for harmonious living. Facilities include a swimming pool, pool deck and gymnasium. In addition, it is close to the Paya Lebar MRT Interchange which connects to both the East-West Line and Circle Line. Famous eateries and the popular East Coast Park are also nearby.

Vacanza @ East

36 Lengkong Tujoh An iconic feature of the area’s skyline, Vacanza @ East is a premium freehold condo development located in tranquil District 14. The seven tower development comes with a total of 473 choice units made for extravagance. Full condo facilities include swimming pools, a Jacuzzi, clubhouse, timber deck, jogging path, gymnasium and tennis cour ts. It is also gifted with an abundance of nearby amenities like Katong Shopping Centre and Parkway Parade. A number of educational institutions like Telok Kurau Primary and East Coast Primary are within close proximity to the development and are an additional asset to residents with young children.

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One Canberra

Yishun Avenue 7 A new premier riverfront executive condominium (EC), One Canberra offers the finest choice of 665 spacious units with 70 percent of them having unblocked views and pool views. Apar t from three- and four-bedroom units, there are also dual key options and penthouses. Featuring four aquatic worlds, there is a stunning array of facilities on offer including swimming pools, a clubhouse, gymnasium and water lounges. Located close to Yishun and Sembawang MRT stations, it is surrounded by quality schools, shops, parks and nature reserves. As par t of PUB’s ABC (Active, Beautiful, Clean Waters) Programme, the nearby river and Simpang Kiri Park Connector are integrated into the design.

8 Bassein

8 Bassein Road Exuding an air of exclusivity and prestige, 8 Bassein is a premier freehold apar tment project that’s set to be completed in 2015. Situated in prime District 11, the 15-storey development offers a total of just 74 units. Besides being integrated with full condo facilities such as a barbecue area, swimming pool, gymnasium and function rooms, it is also highly accessible and is a few minutes’ walk away from Novena MRT station and a shor t drive to Orchard Road and the central business district (CBD). Other than that, residents can enjoy a number of lifestyle choices in the area, namely the Novena Square and Velocity malls.

Hillsta

Phoenix Road

Foresque Residences

Petir Road A luxurious new launch within the prestigious Upper Bukit Timah area, this 99-year leasehold high-rise condo comes with 496 unique homes that offer perfect views of the natural surroundings. Sports facilities include tennis cour ts, a basketball court and swimming pool. Set to be completed in 2015, Foresque Residences is close to good schools, the upcoming Ten Mile Junction and Hillview MRT station.

Exquisitely designed, the Hillsta condominium is considered a development of dreams. The 99-year leasehold project has three signature unit types – SOHO, Condo and Townhouse. With prices star ting from S$946 psf onwards, it offers 416 units of opulence, including fully-equipped facilities such as a lap pool, relaxation pool, barbecue area, gymnasium and jogging trail. Located amidst the lush green settings and serene environment of District 23, it is near to an array of amenities, including the upcoming Junction 10 and Rail Mall. Families with children can benefit from the many educational institutions and schools within the vicinity such as Teck Whye Primary and Secondary Schools.

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SPECIAL ADVERTISING FEATURE

New launches flourishing in the nor th The neighbourhoods of Ang Mo Kio, Bishan, Sengkang and Punggol are proving a big draw for buyers. By Romesh Navaratnarajah

Sky Habitat is one of the new private residences being built in northern Singapore. CapitaLand’s Sky Habitat is the newest addition to a growing trend of new private homes being built in Singapore’s northern suburbs. The development has received strong interest from home buyers, after 180 units were released at its launch on 14 April. Designed by the renowned architect Moshe Safdie, who also conceptualised Marina Bay Sands, the development offers 509 choice units as well as lush gardens and sky bridges. Units are priced at between S$1,700 psf and S$1,800 psf, with a three-bedder going for S$1.92 million.

“The majority of the residential supply is expected in the suburbs which is essentially a Singaporean space and provides more affordable homes.” Tejaswi Chunduri, Regional Analyst, PropertyGuru Junction 8 in Bishan provides some of the area’s main retail amenities.

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Bishan Park is a great place for residents of the area to enjoy nature and get some exercise.

LOCATION, LOCATION, LOCATION Wong Heang Fine, Chief Executive of CapitaLand Residential Singapore, said: “All agree that the location — proximity to Bishan MRT and bus interchange, Junction 8 shopping mall and good schools — is hard to beat.” True enough, the majority of buyers have praised its strategic location and design. One of them, a sales executive named Danny, bought two threebedroom units located on the 33rd and 35th floors. “Location-wise, it’s very ideal. There’s huge potential (for property) in Bishan – its breaking records. Recently, there was a five-room (HDB) flat which was sold for S$950, 000,” he said. After visiting the show gallery, he said that he had “not one percent of regret” in buying the units, which he intends to rent out. Patrick Bay, a civil servant who bought a two-roomer plus study that faces the pool, was attracted to the project’s unique design, particularly its ‘iconic structure’. “The prices are steep, yes, but it’s comfortable with the incentives given,” said Bay, referring to the three percent early bird promotion. Together with his wife, he plans to stay there for at least 10 years and is confident that the property’s value will rise by the time he decides to sell it. Even before Sky Habitat was launched, a number of suburban homes had been sprouting up in Singapore’s north, with Bishan, Kovan, Sengkang and Woodlands being the most notable areas.

Last August, Keppel Land unveiled a new development in Sengkang called The Luxurie. The 99-year leasehold condominium is located close to the Sengkang MRT and LRT stations as well as Compass Point mall. It comprises of 622 homes that range from one- to fourbedroom units and penthouse apartments, and is expected to be completed by 2015. A spokesman for Keppel Land said around 80 percent of the 300 units that were launched have already been sold to local and foreign buyers.

SINGAPOREAN SPACE Meanwhile, two 99-year leasehold residential sites in the northern region were released in November under the confirmed list of the H12012 Government Land Sales (GLS) Programme. The sites which are located in Bartley and Kovan are expected to contribute significantly to the total yield of around 1,830 new homes expected to enter the market.

The Kong Lim Kong Temple in Ang Mo Kio is among several places of worship in the north.

Tejaswi Chunduri, Regional Analyst at PropertyGuru, said this shows that the majority of residential supply is expected in the suburbs which is essentially a Singaporean space and provides more affordable homes. “Interestingly, in January and February this year, more than 90 percent of units were launched in the OCR alone,” she noted. “Some of the more popular launches in the north include Watertown in Punggol Central as well as Bartley Residences and Casa Cambio near Serangoon, where median prices have crossed the S$1,000 psf mark.”

Watertown in Punggol has attracted many prospective buyers due to its location and numerous amenities.

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DISTRICT WATCH

District 14

In every edition of The PropertyGuru, we’ll be taking a closer look at one district in Singapore. We’ll be looking at the key buying factors and identifying properties worth a closer look. In this edition, Cheryl Tay shines the spotlight on District 14.

omprising the mature estates of Eunos, Geylang, Kembangan and Paya Lebar, District 14 is an up-and-coming region in Singapore, thanks in no small part to signature developments such as euHabitat and Vacanza @ East as well as Paya Lebar’s impending emergence as a regional centre. While Geylang has been known largely for its red light district and Paya Lebar was once a squatter area, both are undergoing a radical transformation into a commercial hub, with Paya Lebar Central set to be a bustling place located near the MRT station and featuring a smorgasbord of office, hotel and retail amenities. UNEARTHING HIDDEN POTENTIAL Raj Bhandari, Senior Group Director at RE/ MAX Singapore feels the area’s main draw is its strategic location. “If you look at it, District

14 is very central — it provides access to the airpor t and to town, especially with the MRT. Many residential projects are coming up around the MRT area.” Housing affordability is another factor. “Previously, the area had mostly HDB developments. A lot of locals want to stay near their parents who have been living in those HDB estates, so they tend to buy there. And properties there — whether private or public —are still much more affordable, compared to those in areas like Bishan and prime districts.” ABUNDANT INVESTMENT OPPORTUNITIES The affordability of housing in District 14 is attractive not only to potential buyers and owner-occupiers but also to investors. “An investor who has a budget of below S$1.5 million can buy a proper ty (in District 14) and rent it out for S$4,000 to S$4,500 a month,

euHabitat has attracted much interest with its mix of condos, SOHO units and townhouses.

The SingPost headquarters at 10 Eunos Road, just opposite Paya Lebar MRT station.

A PRIZED BARGAIN

which is lucrative,” said Bhandari. This calls to mind two residences in the district - euHabitat in Jalan Eunos and Vacanza @ East in Kembangan. “euHabitat and Vacanza @ East are rather pricey for their location, so I think their major selling point is their architecture. Their focus on outdoor living has attracted buyers and investors, even though their unit sizes aren’t big. As such, I would advise buyers to look at the bigger picture – to do their sums carefully and decide if they are willing to buy a unit there for the facilities or if they would rather buy a bigger unit elsewhere.” On the other hand, Keith Lim, Senior Division Head at Jones Lang LaSalle Residential Pte Ltd believes “investment value would be more realistic in terms of commercial proper ty;” adding that “euHabitat has stronger appeal than Vacanza @ East and has garnered good response as it has more facilities”.

As for District 14’s market future, Bhandari believes proper ty prices have strong growth potential, as they are still significantly more affordable than in many other districts in Singapore. At the same time, there is potential for growth in the district’s rental rates, due largely to “expats moving from the city to the hear tlands because there are no more expat packages, leading them to cut costs”. Lim thinks District 14’s future depends on the “government policy to have more land sales”, as well as “the adjustment to (the) cooling measures to entice home buyers and tweaking of policies”. “In shor t, Singapore is land-scarce, so prices will not drop much. Buyers will still consider District 14 homes a bargain, provided banks are willing to provide mor tgages.”

The 473-unit Vacanza @ East includes penthouses and will be near Kembangan MRT station.

The Siglap Park Connector links the Bedok Reservoir, Bedok Town, Telok Kurau and East Coast Parks.

The Malay Village in Geylang showcases the life of Malays in the area before its redevelopment in the 1960s.

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QUICK FACTS Compiled by Cheryl Tay District 14 encompasses the neighbourhoods of Eunos, Geylang, Kembangan and Paya Lebar. Although Eunos is better known as a residential area, there’s a unique attraction located within the vicinity that’s popular with nature lovers – the Singapore Crocodilarium. It has more than 1,000 crocodiles and many other rare reptiles. Geylang is famous for its food, among other things. Those seeking a refreshing snack in Singapore’s punishing humidity should visit Rochor Beancurd House at 745 Geylang Road (Lorong 39) for its sweet, silky beancurd. Kembangan is an area that showcases Singapore’s cultural and religious diversity. Various religious centres and places of worship include the Dhammasukha Memorial Hall and Masjid Mydin, while Malay arts and culture classes are held at the Kampong Ubi Community Centre. Indulge your artistic side at Art Retreat at 10 Ubi Crescent. Founded in 2003 by Indonesian collector Kwee Swie Teng, it is Singapore’s first private museum and features a large collection of modern art from the region’s most renowned artists.

Housing in Kembangan is a combination of private residential developments and HDB estates, such as this one beside the MRT station.

Property Price Trends: District 14 By Tejaswi Chunduri

Source: URA, PropertyGuru

Source: PropertyGuru

The PropertyGuru says… • Average psf transaction prices for condos jumped by 13 percent in Q1 2012 (y/y), while the average asking rental psf price grew by 16 percent during the same period. • Transaction prices for landed properties have remained steady at around $900 psf, but average rental prices surged by 34 percent in Q1 2012 (y/y).

• Based on caveats lodged by home buyers with the Singapore Land Authority (SLA), the number of new non-landed homes sold in the last two quar ters reached 763 units. Of this number, 424 units were bought by HDB upgraders and 125 by foreigners. • Guillemard Edge, Residences 88, euhabitat, D’Weave, Rezi 26 and Centra Residences were

some of the more popular new launches. • District 14 is home to the mature residential estates of Bedok, Geylang and Kallang. Resale prices of four-room HDB flats in these neighbourhoods can range from S$400,000 to S$550,000, while subletting rents are between S$2,000 and S$2,500 per month. • District 14 is a predominantly Malay area

and features several conservation homes and shophouses. At the same time, the Paya Lebar area is undergoing major redevelopment and is set to become a commercial hub with offices, hotels and retail malls. • Amenities like a convenient public transpor t system, shopping malls and popular eateries make it an attractive location for potential home buyers and tenants alike.

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BEYOND OUR SHORES

Searching for good property investments outside Singapore but don’t know where to start? Don’t fret - The PropertyGuru has scoured the region for the most promising overseas launches to help you find your dream abode. Melody Park

East Ledang (Johor), Malaysia A signature project in Nusajaya, Melody Park is in the hear t of East Ledang and spans over 30-acres and is home to three gardens that are aptly named Inspiration, Medley and Melody. Generous green belts and buffers accentuate the terrain and envelope the homes, ensuring living surroundings that are green and tranquil. Comprising 37 pool villas, the spacious and luxurious living and dining rooms open onto outdoor terraces and each villa includes a private outdoor swimming pool in the garden.

Opal

Skudai (Johor), Malaysia Featuring a concept of ‘Nature Living in the Heart of the City’, homes in this development have a sizeable area allocated for greenery. It is a dedicated effort by the developer to ensure that the project is sustainable and can be enjoyed for generations to come. Located in Taman Mutiara Mas, Skudai, Opal’s exclusive cluster homes are set amidst a backdrop of tropical flora and fauna. The township also houses a 2.34-acre recreational park and features rolling hills, canals and waterscapes.

Sapphire 8

Bandar Seri Alam (Johor), Malaysia This exclusive development comprises two- and three-storey freehold link houses, all of which have a modern design and enviable access to four exclusive landscaped gardens within a gated community. Located in the Eastern Gate Development Zone of Iskandar Malaysia, Bandar Seri Alam is a unique precinct showcasing the careful thought that was spent in creating a well thought-out master plan. It is considered a City of Knowledge with several universities in the vicinity, including University Kuala Lumpur, Masterskill University College of Health Sciences and HELP University College, amongst others. Continued on page 20

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Continued from page 18

Central Park

Sydney, Australia Considered to be Sydney’s largest CBD redevelopment precinct, Central Park is a mixed-use urban village – a masterpiece that’s the result of a collaboration between two of the world’s leading architects: Jean Nouvel (France) and Foster + Partners (UK). The entire development boasts a whopping 2,000 residences, a major shopping centre, three retail precincts, dining options and a major new public parkland, all in an ideal location. It is also just a few minutes’ walk to Sydney’s largest transpor t hub, Chinatown, University of Technology Sydney and Sydney University.

Streamlight

London, UK Streamlight represents one of the biggest residential construction projects around Canary Wharf, compromising a mix of one-, two- and three-bedroom high-quality apar tments offering contemporary living spaces – functional in design, panoramic in aspect and lavish in style. Located right in the hear t of London Docklands, a vibrant community with an abundance of leisure activities at your doorstep, Streamlight apar tments enjoy fabulous views of the River Thames, taking in the O2 Arena to the East and the iconic buildings of Canary Wharf to the West. The Olympic Village is just two tube stops away.

Oceanway Residence

Boracay, Philippines Offering true oceanfront living, Oceanway Residence is a premier development featuring four blocks of low-rise condos comprising a total of 312 choice units. Residents will enjoy exclusive views of the only golf course on the island of Boracay – The Graham Marsh Championship course that’s set amidst lush greenery. Blessed with sunshine, sandy shores and ocean breezes, the development is surrounded by the sparkling waters of the Sibuyan Sea.

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SPECIAL ADVERTISING FEATURE

Sydney’s iconic Central Park set for Singapore launch New Aussie development will enhance the standard for living, working, dining out and relaxing. By Romesh Navaratnarajah

Loggias are protected behind a curvaceous sheer glass facade.

The Mark overlooks Central Park’s own parklands.

Central Park, Sydney’s A$2 billion (S$2.53 billion) mixed-use urban village, is set to release its third residential stage, The Mark, this month. Central Park is a joint venture between Frasers Property – the international property arm of Frasers Centrepoint – and Sekisui House.

precincts, a major shopping centre, dining and entertainment options, new public parkland as well as a commercial hub. It is strategically located near the CBD, Chinatown, Sydney University, the University of Technology and the city’s biggest transportation network.

to level 19, features 24 different colour schemes that reflect youthful vitality and diversity. On the other hand, Mark Two, which covers levels 20 to 27, has a more refined layout, with larger floor plans and three colour palettes.

The entire project including The Mark will be showcased in an upcoming exhibition in Singapore at The St. Regis Hotel from 19 to 20 May.

It is expected to house around 2,500 residents and 5,400 workers when completed.

BEST CITY LOCATION Considered the largest central business district (CBD) redevelopment precinct in Sydney, Central Park is set to become an icon of 21st Century living and working. The visionary project is being designed by world leading architects Jean Nouvel (France), Foster + Partners (UK) and Johnson Pilton Walker (Australia). Featuring a unique mix of components, the urban village has 2,000 residences, three retail

Meanwhile, the Asian launch of The Mark is a first for Central Park. To mark this important milestone, two launches will be held simultaneously in Singapore and in Sydney. What’s special about the 27-storey tower is that it offers panoramic views of Central Park’s own urban parkland, Chippendale Green, and the city’s spectacular skyline.

SPOILT FOR CHOICE Designed by Johnson Pilton Walker, the tower comprises 412 apartments and has two distinctly different characters. Mark One, which spans up

The project offers a choice selection of apartment types, including 180 one-bedroom suites, 119 one-bedroom apartments, three SOHO units, 20 two-bedroom units with one bathroom, 15 two-bedroom units with two bathrooms, 18 two-bedroom + study units, 49 dual key two-bedroom units and eight threebedroom apartments, with prices starting from A$480,000 (S$606,400). With an eco-rating of five green stars, The Mark is one of the most intelligent and sustainable high-rise buildings in Australia. The interiors of Mark One are customisable and offer an unprecedented 24 colour schemes to satisfy the needs of a diverse range of consumers. Owners will have the chance to craft an interior space that fits with their needs.

AT YOUR SERVICE In addition, the entire development offers a 24-hour concierge service called Mark, which will provide services like cleaning and security, and will help with event bookings and activities. At the same time, residents can enjoy features like a wireless lounge room opening onto the plaza and an expansive rooftop garden terrace complete with Jacuzzi, lawns, a barbecue area and sundeck. Under a community kickstart programme, residents will enjoy free activities and events, including yoga on The Deck and art classes in The Lounge Room for a year. Buyers can also save up to A$22,490 (S$28,449) in stamp duty and will be able to secure units with a 10 percent initial down payment and pay nothing more until 2014. The Mark, which is currently under construction, is expected to be completed by early 2014.

Open Size: 538w x 370h // Closed size: 269w x 370h // Bleed: 5mm all round

INTRODUCING THE HABITAT OF THE FUTURE PART HOUSE. PART CONDO. ALL HABITAT.

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Guard House Entry Court (Level B1) Lily Ponds Water Wall Pool Island BBQ/Party Lawn Tennis Viewing Garden BBQ/Social Areas Children’s Play Area

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Reflection Gardens Tennis Court Leisure Pool Children’s Pool 50 Meter Lap Pool Contemplative Gardens Outdoor Exercise Space with Pool Showers Pedestrian Gate to Bus Stop

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Bishan Street 15

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DEVELOPER: Bishan Residential Development Pte Ltd (ROC:201024057E) Developer’s LICENCE NO.: C0853 LOCATION: Lot 16900T Mk 18 at Bishan Street 14/15 TENURE: 99 years wef 30 May 2011 BUILDING PLAN NO.: A1267-00002-2011-BP01 dated 8 December 2011 and A1267-00002-2011-BP02 dated 17 February 2012 EXPECTED DATE OF VACANT POSSESSION: 28 February 2016 EXPECTED DATE OF LEGAL COMPLETION: 28 February 2019

AMK Hub ANG MO KIO

Visit us at: Bishan Street 14 www.skyhabitat.com.sg

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Bishan Active Park

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Catholic High School

Bishan Sports & Recreation Centre

Bishan Stadium

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Bishan Swimming Complex TH

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Call us: +65 6258 0087

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Bishan Bus Interchange

Australian International School

Junction 8

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Raffles Institution

Jointly developed by:

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Bishan Public Library

MacRitchie Reservoir Marymount Convent School

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Stamford American International School

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MALAYSIA MARKET NEWS

Malaysia is world’s 9th hottest real estate market House prices in the country are expected to grow even further. By Widyawati Sharkawi Research by global real estate consultancy Knight Frank and news organisation CNBC has indicated the world’s top ten hottest real estate markets, with Malaysia taking ninth spot. The list comprises ten countries that were judged on their average growth in housing prices from Q4 2006 to Q4 2011.

affordable properties, mainly due to Malaysia’s economic stability amidst the financial crisis in Europe and the US. The following is CNBC’s full list of the top 10 hottest property markets in the world and their respective average five-year price growth:

Malaysia’s five-year price growth was recorded at 28.5 percent and is anticipated to grow further should the government follow through with recently announced initiatives to increase the property price threshold for foreign investors. According to the CNBC-Knight Frank report, prime property in Kuala Lumpur (KL) hit approximately US$500 psf (RM1,515 psf) last year while the total supply of apartments in the capital by end Q4 2011 was 29,364. Last month, IP Global named KL the top destination for property investors across Asia Pacific seeking to diversify their portfolios with

Malaysia’s five-year price growth was recorded to be 28.5 percent and is anticipated to accelerate if the government doubles the floor price of properties for foreign buyers.

MALAYSIA MARKET NEWS

Asia’s first Legoland Hotel to open in Malaysia The development is set to be a hit with both locals and foreigners. By Widyawati Sharkawi It has been reported that Iskandar Malaysia will see the opening of the first Legoland Hotel in Asia come 2014. Confirming that construction had begun in March this year, Legoland Hotel’s developer Merlin Entertainments Groups and LL Themed Hotel said: “It will bring Lego to life with imaginative theming and a host of child friendly features from low counters in the restaurant to treasure chests full of Lego in the bedrooms.” Slated to be the fourth such development of its kind in the world (after Denmark, the UK and California), the hotel is adjacent to its theme park counterpart and is expected to attract both local and overseas visitors. With 30 million Lego bricks set to be used for various attractions, Legoland Malaysia sits on a 76-acre land site in Medini, Iskandar and annual promotional passes have witnessed strong demand following its sale launch in December 2011. Seven themed areas are incorporated at Legoland Malaysia, with each designed to ensure that children of all ages have a blast exploring whilst enjoying the roller coasters, water attractions, Lego experiment centres and shows.

Malaysia’s Legoland Hotel will bring Lego to life with imaginative theming and a host of child friendly features.

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SPECIAL ADVERTISING FEATURE

Tropez Residences shines as Malaysia’s ‘Southern Gem’ New luxury development offers breathtaking views of Singapore. By Widyawati Sharkawi

The infinity pool at Tropez Residences is a new concept in Johor Bahru. Riding on a stellar reputation of being an international award-winning developer, Dijaya Corporation Berhad (Dijaya) continues its streak of crafting innovative projects to meet changing lifestyle trends with the development of Tropicana Danga Bay in Iskandar Malaysia. Accessibility to Singapore via the Johor Bahru CIQ and the Second Link is unparalleled for the 37-acre mixed development, which is a joint venture freehold project with Iskandar Waterfront Sdn Bhd. Bearing all the elements of a complete lifestyle epicentre, Tropicana Danga Bay features the holistic integration of a retail street-mall, office tower, residential properties, hotel, medical centre and international school, all linked by alfresco sky bridges throughout. Units have a fuss free layout that fully optimises space to allow total freedom of expression.

The sky deck at Level 37 offers panoramic views of the Johor Straits.

PERFECT FOR YOUNG AND OLD Towering magnificently in the heart of Tropicana Danga Bay is the luxurious high-rise condominium Tropez Residences, dubbed Malaysia’s ‘Southern Gem’ and facing the Straits of Johor. Targeted at young executives, small families and foreign investors (particularly Singaporeans in search of an alternative dwelling option off the island), Tropez Residences comprises three towers of 1,149 units featuring one-plus-one to three-plusone bedroom units as well as one-bedroom studio apartments and duplex units, with built-up areas ranging between 463 sq ft and 1,798 sq ft. The comprehensive facilities provided within Tropez Residences for its dwellers include an infinity pool and wading pool, sauna and Jacuzzi, barbecue area, gymnasium, multipurpose hall, children’s playground, games and activity room as well as sports amenities such as a tennis court, squash court and a half-sized basketball court. Sitting atop each of Tropez Residences’ two tallest

towers are open-air sky lounges themed “Zen” and “Chi” where there are breathtaking panoramas that extend to as far as Singapore. Safety of its residents is also underlined at Tropez Residences as the development comes with features such as a 24-hour security system, perimeter alarm system with security fencing, access control system, CCTV cameras at strategic locations, video recording and visitor management systems.

GOOD TAKE-UP Since the launch of Block A in December 2011 and Block B in January this year, sales at Tropez Residences’ first two towers have been doing tremendously well, seeing a take-up of 95 percent and 70 percent respectively. According to Dijaya, 60 percent of the buyers are Malaysians- 40 percent of who work in Singapore, while 30 percent are Singaporeans and 10 percent come from Japan, China, Sweden, Germany, Thailand and Indonesia. Following this success rate, Block C of Tropez Residences is now open for sale, with offerings of smaller units such as studio apartments (463 sq ft) and one-plus-one bedroom types (660 sq ft). For a limited period only, Dijaya is offering an absorption of the Developer Interest Bearing Scheme (DIBS) as well as legal fees on sales and purchase (S&P), loan agreement and stamp duty on loan agreements (subject only to panel lawyers). On top of this, buyers of Tropez Residences will get a five percent rebate as well as units replete with free kitchen cabinetry, wardrobe space in the master bedroom and air conditioning units in the living room and all bedrooms. Tropez Residences is expected to be completed by the end of 2014.

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TEKA AD.indd 1

TEKA SINGAPORE PTE LTD

3/6/12 11:14 AM

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De La Espada’s Fracture coffee table is a versatile 3-in-1 piece made from solid timber and steel.

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Softline Denmark’s NOVA sofa’s simple design is nicely balanced with its bright, cheery hue.

THE MORE THE MERRIER Trends may come and go but variety will always be the spice of life.

By Cheryl Tay

home is no longer just a roof over one’s head. Over the years, homeowners have found ways to ensure their abodes reflect their personalities and furniture designers have been more than happy to oblige. Homeowners who take pride in their living spaces put careful thought into every aspect of a home: the practical, the aesthetic and the overall ambience. Naturally, furniture plays a big part in helping one achieve his dream home. This is particularly true in the living room, where the family can relax and spend time together after a long day, where one can enjoy a chilled glass of vino while enjoying their favourite music, where friends can gather and guests can be entertained.

SUIT YOURSELF Furniture today comes in all shapes and sizes, catering to a wide range of tastes and preferences. Dream Interiors, a multi-brand luxury furniture company, recently released simple yet versatile pieces from one of its brands, De La Espada.The McQueen Sofa, for instance, has an upholstered body supported by cast iron legs — an austere design of sturdy quality.The same can be said of the Fracture Coffee Table, which comprises a solid timber top and steel frame legs. An interesting characteristic of both pieces is their customisability — the McQueen sofa is available in a range of fabrics, while the Fracture Coffee table can actually be separated into three individual tables or used as a single piece and is available in two types of oiled American white oak, as well as Danish oiled American black walnut.

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HISTORICAL, NOT HISTORY At the other end of the spectrum, Poltrona Frau, an Italian furniture brand available in Singapore exclusively at Proof Living, is celebrating its 100th anniversary with its Historical Collection. True to its name, the collection features throwbacks to the brand’s early designs, one of which is 1919, named for the year its predecessor, model 128, which first appeared in Renzo Frau’s catalogue. Model 128 was an opulent reproduction of the rococo armchair, complete with a book stand supported by an armrest to the right and an additional extension which acted as a footrest. Its current reincarnation, 1919, has replaced the book stand with a brass tray, while its back is a luxurious marriage of manual quilting and seasoned beech. Part of the 2012 SOFTLINE Design Collection, the TETRA square stools bear an earthy, woven pattern in a variety of cool colours.

Another notable piece from the Historical Collection is the Chester One sofa set — from its padded backrest (filled with vegetable horsehair and covered in tack-spotted leather) to its hand-modelled armrests - everything about it emanates old-world luxury.

ALL IN THE DETAILS In the spirit of modern living, Softline Denmark, carried by Nobel Design Holdings in Singapore, has launched its 2012 SOFTLINE Design Collection, its bright colour palette evocative of the joys of summer. Each piece in the collection, helmed by a different designer, is livened up by a bright, cheery hue. The NOVA sofa, designed by Thomas Muller, rather resembles four pillows held together by metal brackets on each side. It may sound simplistic but it works, making for a minimalistic yet inviting piece of furniture with a deep pink hue that is bound to add character to any living room. The same goes for the collection’s TORTA square stools by Elisabeth Ellefsen — though one might refer to them merely as coloured woven blocks, the magic lies in their simplicity and use of contrasting yet complementary colours. If the aforementioned collections are anything to go by, it would seem that when it comes to furniture trends, the only rule is “the more, the merrier”. We’re quite certain homeowners would be glad to hear that.

De La Espada’s McQueen sofa is a no-frills piece of furniture with an upholstered body on cast iron legs.

Poltrona Frau’s 1919 armchair, from its Historical Collection, is a modern interpretation of its classic model 128 armchair.

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