Issue 72

Copyright 2011-2012 www.Propwise.sg. All Rights Reserved.

CONTENTS
p2 p8 p13 p22
Game Over? New Property Cooling Measures Restrict Mortgages The Impact of the 6th Round of

FROM THE

EDITOR

Welcome to the 72th edition of the Singapore Property Weekly. Hope you like it! Mr. Propwise

Property Cooling Measures

Singapore Property News This Week Resale Property Transactions (September 19 September 25) Contribute
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SINGAPORE PROPERTY WEEKLY Issue 72

Game Over? New Property Cooling Measures Restrict Mortgages

By guest contributor Gerald Tay

On 5th October, Friday, the Monetary Authority of Singapore (MAS) announced that it was capping the length of a home loan at 35 years. With effect from 6th October, 2012: 1. All residential property loans will be subjected to a maximum of 35 years loan tenure, including HDB mortgage loan tenures. 2. Tighter rules will apply to borrowers taking loans longer than 30 years, or who want to have their loan periods extend beyond the retirement age of 65.

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SINGAPORE PROPERTY WEEKLY Issue 72 3. If they already have an existing mortgage and want to take another one that require these tighter rules for another property, the cash down payment is 60 per cent, instead of the current 40 per cent. 4. Same rules apply for refinancing loans. 5. Non-individual borrowers now subject to 40% loan limit (down from 50%) Reasons for Fresh Round of Property Cooling Measures 1. To curb upward pressure on property prices from the current low interest rate worldwide, and the rapid credit growth driven by the US latest round of quantitative easing (QE3). Monetary conditions world-wide are far from normal, said MAS chairman Tharman Shanmugaratnam. 2. To prevent prices from spiking beyond sustainable levels, so that the eventual correction which will hurt borrowers and destabilise our financial system can be softened, if not avoided. 3. To prevent false confidence from buyers and lenders that the property can always be sold off for a profit if the loan becomes difficult to service. 4. A response to the 50-year home loan offered by United Overseas Bank (UOB), which drew the ire of National Development Minister Khaw Boon Wan, who described it as a gimmick. Impact on Property Market MAS is taking this step now to require more prudent lending and to curb over-bullishness in the property market. Singapore has signalled clearly that it will not lag behind the regulatory curve.
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SINGAPORE PROPERTY WEEKLY Issue 72 Hong Kong for example, moved to introduce mortgage curbs immediately after QE3 was announced. In its 5th round of property cooling measures, the Hong Kong Monetary Authority announced it would limit the maximum term of all new mortgages to 30 years. In addition, mortgage payments for investment properties cannot be more than 40% of the buyers monthly incomes, compared with 50% previously. There is a debate if this new round of cooling measures will be effective in bringing property prices down to a more sustainable level. As in all previous cooling measures, the market seems to only cool for a while before continuing its upward climb. Official data showed that HDB resale prices rose 2% in Q3 from Q2, while private home prices gained 0.5% over the same period. Resale home prices of non-landed homes have risen 3.2% in Q3.
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The Straits Times reported showflats continue to see good traffic on Saturday, the day the mortgage-tightening measures were implemented. Potential buyers were also sniffing out if developers will offer special perks or discounts to buyers to take the sting out of the new restrictions. None did so far, and probably wont do so unless demand drops to drastic levels over the next six months or so. Therefore, it is still premature for a knee-jerk reaction in the property market. Impact on Home-Buyers Except for much younger buyers who are able to take the full 35 year loan tenure, the older ones especially those in their forties and have been waiting for prices to fall to buy, will be disappointed. A 40-year old will now be only able to take up to 25-year loan tenure to enjoy the usual 20% down payment.
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SINGAPORE PROPERTY WEEKLY Issue 72 But if he were to take out the shorter 25-year loan of $800,000 for a $1 million property, this would now mean monthly payments of $3,051, at current interest rates of 1.1%. This is $400 more than if he were to take a 30-year loan. Older home buyers will take the hardest blow while the younger buyers should get away with just paying a shade more every month. on top of a potential existing 3% Additional Buyers Stamp Duty, plus a 4-year Seller Stamp Duty. Putting such a hefty sum locked in an illiquid asset with a minimum holding period of more than four years (to avoid sellers stamp duty) plus having to pay taxes just to own one, it sure does not justify any savvy investors potential Cost of Opportunity in other more sensible assets to grow his net-worth by another zero. For an investor who is already 50 years or older, even if he does not have any existing loan on hand, his monthly mortgage payments with only a 15 year loan will be $4,823, likely more than his monthly rental yield. Overall Assessment of the Residential Property Market

Impact on Investors
For Investors like me, the new rules would mean Total Game Over for the residential property market.

For an investor who already have an existing mortgage on hand, finds a $1 million property that he wants, he would have to fork out a $600,000 as down payment in cash if he needed to take a loan exceeding 30 years or if the loan period extended beyond 65 years of age. This is down from 60% loan to value,
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Unless much younger home buyers (30 years or younger) with no existing home loans
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SINGAPORE PROPERTY WEEKLY Issue 72 represent the majority of the market (which is not likely due to current affordability issues), we will be looking at the peak and saturation of the residential property market. Fewer buyers would mean either a price stabilisation or a fall in near future. However, the steam from these latest mortgage restrictions may dissolve in no time like previous measures because: 1. According to the Property Investor Profile Survey conducted by Ascendant Assets, the average age of a typical Singapore property investor is 46. Even before the new measures kick in, the buyer already knows that most banks will offer him maximum loan tenure of around 19 years based on his retirement age. 2. A low interest rate environment where ignorant investors still feel that putting their money in property is still a better bet
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than in the bank. 3. A euphoric atmosphere where buyers continue their dreams of becoming rich because they believe property prices will always continue to go up. 4. The Wealth illusion Effect purported by the governments through rising property prices has already created a Gangnam Style society in Singapore. Younger home buyers, who hope of living that dream lifestyle will borrow to their max at low interest rates to buy new launches, hoping to stay in it or sell after 4 years when it T.O.Ps. There will also be those who cash out from their HDB, and use the profits to upgrade to private housing. The residential property market holds the keys to wealth and credit in any country. When people feel rich through their home prices rising, everyone from consumers to
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SINGAPORE PROPERTY WEEKLY Issue 72 business owners borrow. Credit is created and the wealth effect leaks through the fabric of the economy, generating economic growth and investment for all countries. Governments do not want a bubble bursting in their own backyards. They only want consumers to borrow and spend. When will the bubble burst or prices fall? Only when the credit which fuels borrowing and spending comes to a complete halt because of fear and a mass exodus from the market, will we then see blood on the streets. Let the herd of sheep enjoy their grazing for now, while the hungry wolves are already waiting behind the bushes. By guest contributor Gerald Tay, CEO and Chief Trainer at CREi Academy Group.

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SINGAPORE PROPERTY WEEKLY Issue 72

The Impact of the 6th Round of Property Cooling Measures

By Mr. Propwise
The MAS announcement on October 5, 2012 of the new restrictions on mortgages has been well covered by the media. In this article I will focus more on my thoughts on the impact of these measures on the market, and also present some concrete illustrations of how these measures will impact different groups of buyers in the market. A quick recap of the measures From October 6, 2012: 1. All residential property loans will be limited to a maximum tenure of 35 years.

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SINGAPORE PROPERTY WEEKLY Issue 72 2. The Loan-to-Valuation (LTV) for mortgages will be lowered to 40% (for borrowers with one or more mortgages) or 60% (for borrowers with no outstanding mortgages) if the loan tenure is greater than 30 years OR the loan period extends beyond 65 years of the borrowers age. 3. LTV for mortgages to non-individual borrowers will be lowered from 50% to 40% The thinking behind the measures The aim of the new rules is to curb continued upward pressure on residential property prices, driven by low interest rates and rapid credit growth. The MAS believes that as the current low interest rate environment will be a medium to long term phenomenon, this could cause property prices to increase beyond sustainable levels, i.e. create a bubble. of property prices, the MAS also aims to reduce systemic risk to the banking system. To create continued demand for property loans amidst decreasing affordability, banks have been stretching out the mortgage tenures to lower the monthly repayments for borrowers, thus making properties with a higher total cost more affordable. According to the MAS, over the past three years, the average tenure for new mortgages had increased from 25 to 29 years, and more than 45% of new mortgages had tenures exceeding 30 years. The longer tenures of these loans increase the risk to the banks and makes it harder for them to do their AssetLiability Management. Case studies to illustrate the impact on different groups of buyers

Other than to stop the continued upward rise

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The new measures will impact all buyers who

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SINGAPORE PROPERTY WEEKLY Issue 72 were thinking of taking a mortgage loan with a tenure greater than 30 years. For example, for a 30-year old first time buyer looking at a $1 million condo, previously he could take a 40-year mortgage at 80% LTV. Assuming a 1.5% interest rate, his monthly repayment would be $2,217 per month. But now unless he has another $200,000 to put into the property, he will have to go with a 30-year mortgage to qualify for the 80% LTV, and his monthly mortgage repayment will go up to $2,761, a 25% increase. One group that is particularly hard hit are older investors looking to buy a second or greater property. For example previously, for a $1 million condo, a 45 year old investor who already owned a property could probably take a 30-year loan at a 60% LTV. Assuming a 1.5% interest rate, his monthly repayment would be $2,071 per month. Now unless he has and wants to use up another $200,000 of
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capital, to maintain a 60% LTV he can only take a 20-year loan, which would result in a monthly repayment of $2,895, a 40% increase! With these changes, buyers who were previously counting on a longer tenure mortgage loan to be able to afford property will be priced out of the market. There will also be fewer properties that can generate positive cashflow from rental income as the monthly outlay for many investors will have increased. The impact of this policy is likely to be broad remember that more than 45% of new mortgages over the past three years had tenures exceeding 30 years. Impact on the property market Relative to Hong Kong, where the maximum mortgage tenure has been capped at 30 years, the MAS rules are relatively less strict. But thanks to the way the new rules are
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SINGAPORE PROPERTY WEEKLY Issue 72 structured, going forward most mortgages will have a tenure of 30 years or less. The pool of buyers thus shrinks further as affordability is reduced, both for first time homebuyers and investors. More investors will find the residential property segment an unattractive asset class due to the lower ROI. But as interest rates and vacancy levels remain low, prices are not likely to fall sharply. Refinancing will become less attractive, as in many cases it wont make sense to refinance mortgages with tenures more than 30 years as the monthly repayments could end up higher. This is bad news for mortgage brokers. But I do not think this latest tightening move will kill the bullishness in the market. The fundamental cause of the strong demand for property, low interest rates and the resulting positive yield spread, will not be going away anytime soon. If the strong demand for property is not curbed, then what may happen as has happened in the previous rounds of property control measures is for transaction volumes to fall sharply for a month or two before rebounding. Demand may once again shift to new launches by developers, as the payments during the construction period will still be relatively low. Also with each round of measures the market becomes more and more desensitized to it, and the impact may shrink. If this is the case, the government may soon have to scratch its head to figure out what the next round of cooling measures will be.

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SINGAPORE PROPERTY WEEKLY Issue 72

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SINGAPORE PROPERTY WEEKLY Issue 72

Singapore Property This Week

Residential
Q3 private home price index increased by 0.5% The overall private home price index increased by 0.5% in Q3, compared to the 0.4% increase in Q2. The Outside Central Region, Rest of Central Region and Core Central Region posted an increase of 1%, 0.7% and 0.2% increase in Q3. This brings the year-to-date increase to 0.9% and the fullyear increase is expected to be 1.5-2%, leading to record sales of 20,000 to 22,000 private homes (excluding executive condos) by end 2012, compared to 2011s 15,904 units and the previous record of 16,292 units in 2010. Some believe that URA's private home price index could increase by 10% in 2013, since GLS sites have been fetching higher winning bids, with those in Pasir Ris, Bedok, Farrer/Jervois Road and Alexandra Road having increased by 15-27%. Since land price takes up 60% of the total development cost, and these costs may be passed on to the selling prices, prices in these places may increased by 9-16% in 2013. Others however predict only a 2-4% increase, citing the 18.5% estimated increase in supply in the next three years, buyer resistance to the record prices and the possible cooling measures in responses to price increase. (Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 72 HDB resale prices in Q3 increase, index likely to be 5 or 6% higher than 2011 The prices in the public housing resale market rose 2% in Q3, compared to 3.8% in Q3 2011, 0.6% and 1.3% in Q1 and Q2 respectively this year. This increase brings the increase yearto-date up by 3.9%, and the increase is likely to hit 5-6% by end-2012. The prices are unlikely to moderate, since there is an imbalance in the market. The increase in resale prices would also mean an increase in overall median cash over valuation (COV), which saw an increase from $26,000 in Q2 to $30,000 in Q3 this year. The highest increase in median COVs came from three-room flats which saw an increase of 18.18%. The median COV increased by 11.11% to $30,000, 14.66% to $33,250, and 9.14% for four-room flats, five-room flats and executive flats respectively. Meanwhile, HDB will release 2,000 more BTO units this year, bringing the total to 27,000 to meet the housing needs of first-time buyers. There are also 7,200 units available under Sale of Balance Flats (SBF) exercises this year, up from 2,800 units last year. However, it will take time for this new measure to ease the upward price pressure, when the BTO flats and ECs launched now are complete since buyers who currently own a HDB flat would have to sell it then, increasing the supply of resale flats. Furthermore, the increase in resale prices is due more to downgraders (from private property), HDB upgraders, and singles who do not qualify for new flats as well as PRs. While some expect the HDB resale price index to climb by 4-5% next year, others said that it is unpredictable since as it depends on the increase in the proportion of BTO flats allocated to second timers. (Source: Business Times)
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SINGAPORE PROPERTY WEEKLY Issue 72 Freehold Villa Des Flores up for sale again in the en bloc market Freehold Villa Des Flores, previously asking for $165m but failed to attract bids of this price, is back on the collective sales market again with the same asking price. The 104,370 sq ft site at Whitley Road is relaunched with the confidence that the market can support the $1,581 psf price with no development charge following the successful en bloc sales of Thomson View Condominium, Chateau Eliza and Green Lodge. It can be developed into 2-storey mixed landed housing, either detached, semidetached, terrace housing or a combination of such, based on conventional housing types or as a cluster housing development. If developed into a cluster landed project, the site can potentially support 24 strata bungalows, 48 strata semi-detached or 64
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strata terrace houses. It is likely to be popular, given its proximity to the proposed Mount Pleasant Station on the new Thomson Line and the lack of supply of mid- to largesized sites for landed housing developments in District 11. The tender closes on October 23 at 3pm. (Source: Business Times) Freehold Amber Residences penthouses sold at $1,100 psf All of the six penthouses at the freehold Amber Residences had been sold for $1,100 psf, below the Mays quotations of $1,600 psf and its 2007 preview price of $1,900 psf. The six penthouses (4,100 sq ft to 6,700 sq ft), each spanning three levels, includes a roof terrace with a swimming pool. (Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 72 EC market may see a supply glut with the increase in EC sites With 25 EC sites (from both Confirmed and Reserve list) released under the GLS between H1 2010 and H2 2012, 11 sites on the confirmed list in 2012, the EC market is likely to see a supply glut. Of the 11 in 2012, one at Upper Serangoon View/Upper Serangoon Road has been launched, another five sold and the remaining five either yet to be launched or waiting for the tender to close. The last 10 sites are expected to generate 5,600 units by 2013, resulting in an average annual supply of 4,500 units, compared to 3,600 units in the past two years, with average take-up of 3,300 units. Other reasons for the supply glut could be competition from existing unsold and uncompleted mass-market condos and EC developments in the vicinity, the 27,000 BTO flats launched in 2012, as well as the
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restrictions on potential EC buyers. EC buyers must be a married Singaporean couple with a combined household income of no more than $12,000, and cannot own both a HDB and an EC, thus limiting the pool of buyers. However, some believe the demand for ECs may remain strong despite competition from BTO flats, as evident by past sale results. Others believe that the demand for ECs will moderate, with buyers increasingly concerned about location and design. (Source: Business Times) New round of cooling measures to be on housing loan tenures In the newest attempt the control the rising housing prices, MAS is making changes to both the tenures residential property loan and the loan-to-value (LTV) ratios. The tenure of all new residential property loans cannot
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SINGAPORE PROPERTY WEEKLY Issue 72 exceed 35 years while the combined tenure of the refinancing facility and the number of years since the first home loan for that property was disbursed cannot exceed 35 years. The LTV ratio for new home loans to individual borrowers will be lowered to from 80% to 60% for a borrower with no outstanding residential property loan, and from 60% to 40% for a borrower with one or more outstanding home loans, if the tenure exceeds 30 years, or the loan period extends beyond the retirement age of 65 years. It will also be lowered to 40% from 50% for nonindividual borrowers. The earlier average tenure had increased from 25 years to 29 years over the past three years, with over 45% of new home loans exceeding 30 years. A long tenure loan is risky for both lenders and borrowers. Borrowers may overestimate their ability to service the loans and borrow much more than they can afford, and a long tenure loan would mean a heavier debt repayment burden for the borrower since interest accumulates over a longer period. They may eventually be unable to repay the loans when interest rates rise and banks may also end up holding bad loans if the prices of properties fall. While some believe that the new rules would not have much impact on the residential property market, citing the fact that only a small proportion of buyers take long tenure loans, others believe that there may be a moderation in resale transactions since buyers with existing loans will be affected by the lower LTV ratio. (Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 72 SRX: Resale prices of non-landed private transactions, primarily because of the lack of home climbed by 3.2% despite fall in new launches in Q3, as well as buyers transaction volume reluctance to purchase new homes in the lunar seven month. Resale prices of non-landed private homes increased by 3.2% to $1,156 psf in Q3, Rental volumes also saw a 5.2% decline to despite a 7.3% fall in transaction volume to 7,723 transactions in Q3, driven by the 8.5% 3,296 transactions compared to 3,555 fall to 2,777 transactions in OCR, and the transactions in Q2. The increase in resale 6.2% fall to 2,523 transactions in CCR. RCR, prices were driven mainly by the 7.1% however, registered a 0.25% increase to increase in the rest of central region (RCR) to 2,423 deals. Rental yields remained at 4% in $1,199 psf. The outside of central region Q3 though the overall rental prices climbed (OCR) saw a 3% increase to $921 psf while 2.9% to $3.87 psf in Q3. the core central region (CCR) registered a (Source: Business Times) 0.75% to $1,738 psf. The fall in transaction Commercial volumes, however, was the greatest in RCR, with a 10.9% fall to 854 transactions. The Freehold strata industrial units at Century decline in transaction volumes in CCR and Warehouse up for sale OCR are 6.2 % to 662 transactions and 5.8% The 31 freehold strata industrial units in to 1,780 transactions respectively. Century Warehouse which comes up to The fall in transaction volumes for the primary 50,489 sq ft of strata area is asking for market was even greater at over 50% to 5,394
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SINGAPORE PROPERTY WEEKLY Issue 72 $40 million or $800 psf. The successful buyer will have 89.3% ownership of the eight-storey building zoned "Business 1" with surface and basement car park lots in addition to naming rights to the building. It is likely to draw much interest from both investors and industrialists given the reduction of the maximum tenure for industrial sites under land sales programme to 30 years. potential acquisition of Murray Terrace, a row of 14 conserved shophouses at 2 to 28 Murray Street just off Maxwell Road and opposite the URA Centre. The investor may convert the block zoned for commercial use into a hotel. Murray Terrace, with its total NLA of 50,000 sq ft and 17,000 sq ft per floor, could potentially support around 100 hotel rooms. Located within the Chinatown (Tanjong Pagar) Conservation Area and near Tanjong Pagar MRT Station, the property sits on a 25,151 sq ft site with a remaining lease of about 60.5 years. AEW is also selling 2 Havelock Road (2HR) at around $300 million. 2HR sits on a 54,560 sq ft site zoned for commercial use with a remaining lease of around 70 years. The seven-storey building comprises an attic and 96 carpark lots in two basement levels, and 175,300 sq ft of NLA, with 36,200 sq ft of
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Also up for sale by private treaty is a 6,760 sq ft freehold retail space at Katong Shopping Centre. The rectangular retail space with two access points is located at the north-eastern part of the basement retail floor and can also potentially be subdivided into smaller units.
(Source: Business Times) Murray Terrace to be sold for $75 million AEW is said to have given exclusivity to a local investor for doing due diligence for a
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SINGAPORE PROPERTY WEEKLY Issue 72 retail space and 139,100 sq ft of offices. It could be redeveloped into a 12-storey hotel, which will have 217,000 sq ft of GFA of which at least 60% will be for hotel use and the remaining 40% for commercial space. The new development could potentially yield some 400 to 450 hotel rooms and 75,000 sq ft of saleable commercial area, which could be strata-titled for sale. Another alternative is to retain the property as it is, since it is 97% occupied with an average passing rental of $5 psf a month and would provide a 3% net yield including carpark income based on the price of $300 million or $1,711 psf on NLA. This is likely to increase with lease renewals and new leases since the current market rentals in the location are thought to average around $7 psf. It could also be strata-titled sold individually, subject to approval from the authorities.
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(Source: Business Times) Anchor tenants NTUC and Shaw to take up 62,500 sq ft in Waterway Point

NTUC FairPrice Finest and Shaw Organisation are the two anchor tenants secured by four-storey Waterway Point, the retail component of Watertown, an integrated waterfront residential and retail development linked to Punggol MRT station. NTUC FairPrice Finest, a 24-hour branch, will occupy 30,000 sq ft in the basement while Shaw Organisation's theatres which will include a 1,000-seating-capacity Imax hall, will occupy another 32,500 sq ft. The tenant mix of the rest of the mall (370,000 sq ft NLA) will be 40% retail, 30% food and beverage, with the rest for entertainment and other service providers.

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SINGAPORE PROPERTY WEEKLY Issue 72 97% of the 992 units housed in the 11 residential towers of 13 and 14 storeys in the residential component of Watertown have been sold, with another 34 units overlooking Punggol Waterway still available. These units are mainly three- and four-bedroom units ranging from 1,173 to 1,550 sq ft, with a 1,195 sq ft three-bedroom unit starting from $1.68 million. New buyers will receive FairPrice Finest vouchers ranging from $8,000 to $10,000. (Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 72

Non-Landed Residential Resale Property Transactions for the Week of Sep 19 Sep 25
Postal District 1 1 1 3 3 3 3 3 4 4 4 4 4 5 5 5 5 7 7 9 9 9 9 9 Area (sqft) 527 614 614 818 1,421 1,184 1,152 1,399 2,099 1,356 1,281 1,216 1,927 1,130 1,227 2,013 1,195 1,787 807 570 441 603 1,744 1,345 Transacted Price ($) 1,212,100 1,258,900 1,258,000 1,200,000 1,970,000 1,600,000 1,550,000 1,850,000 5,982,150 2,100,000 1,900,000 1,800,000 2,300,000 1,500,000 1,480,000 2,360,000 1,350,000 2,100,000 900,000 1,520,000 1,058,000 1,300,000 3,100,000 2,388,000 Price Tenure ($ psf) 2,298 99 2,052 99 2,050 99 1,467 99 1,386 FH 1,351 99 1,346 99 1,322 99 2,850 99 1,548 99 1,483 99 1,480 99 1,194 FH 1,327 FH 1,206 956 1,172 FH 1,130 99 1,175 99 1,115 99 2,664 FH 2,397 FH 2,157 FH 1,778 FH 1,775 FH Postal District 9 9 9 9 9 9 9 9 10 10 10 10 10 10 10 10 10 10 10 10 10 10 11 11 Area (sqft) 2,852 1,324 3,972 1,410 1,572 1,421 1,399 1,356 2,013 2,325 4,994 969 1,292 1,539 2,196 1,582 1,884 3,315 1,302 1,324 1,572 1,464 1,539 2,852 Transacted Price ($) 4,480,000 2,040,000 6,000,000 2,110,000 2,320,000 2,075,000 1,935,000 1,860,000 6,039,000 5,200,000 9,500,000 1,750,000 2,285,000 2,665,000 3,650,000 2,490,000 2,900,000 5,050,000 1,950,000 1,830,000 2,122,200 1,975,000 2,835,000 3,420,000 Price Tenure ($ psf) 1,571 FH 1,541 999 1,511 FH 1,496 999 1,476 999 1,460 999 1,383 999 1,371 FH 3,000 FH 2,237 FH 1,902 FH 1,806 FH 1,769 FH 1,731 FH 1,662 FH 1,574 FH 1,540 FH 1,523 999 1,497 FH 1,382 FH 1,350 FH 1,349 FH 1,842 FH 1,199 FH

Project Name THE CLIFT THE SAIL @ MARINA BAY THE SAIL @ MARINA BAY RIVER PLACE REGENCY SUITES QUEENS TANGLIN VIEW THE METROPOLITAN CONDOMINIUM MARINA COLLECTION CARIBBEAN AT KEPPEL BAY CARIBBEAN AT KEPPEL BAY CARIBBEAN AT KEPPEL BAY TERESA VILLE THE ESTIVA BOTANNIA FLYNN PARK HERITAGE VIEW BURLINGTON SQUARE THE PLAZA THE METZ ILLUMINAIRE ON DEVONSHIRE NOMU RIVERGATE TIARA

Project Name CAIRNHILL PLAZA ASPEN HEIGHTS BELLE VUE RESIDENCES ASPEN HEIGHTS ASPEN HEIGHTS WATERFORD RESIDENCE WATERFORD RESIDENCE PACIFIC MANSION 8 NAPIER NASSIM JADE STEVENS COURT THE SIXTH AVENUE RESIDENCES ONE JERVOIS BELLERIVE WATERFALL GARDENS FIFTH AVENUE CONDOMINIUM PALM SPRING MELROSE PARK SOMMERVILLE PARK THE TESSARINA D' DALVEY HOLLAND HILL PARK RESIDENCES @ EVELYN PEAK COURT CONDOMINIUM

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SINGAPORE PROPERTY WEEKLY Issue 72

Postal District 11 11 12 12 12 12 13 13 14 14 14 14 14 15 15 15 15 15 15 15 15 15 15 15 15 15 15 Project Name WATTEN ESTATE CONDOMINIUM MANDALE HEIGHTS TRELLIS TOWERS OLEANDER TOWERS SUNVILLE THE ABERDEEN CASA MEYA AVON PARK DAKOTA RESIDENCES LE CRESCENDO CASSIA VIEW WING FONG MANSIONS CRYSTAL MANSIONS THE BELVEDERE THE SEAFRONT ON MEYER THE COTZ THE MAKENA EAST VIEW HAWAII TOWER HAIG COURT HAIG COURT WATER PLACE SPRING @ KATONG TIERRA VUE THE BALE CASUARINA COVE GALLERY 8 Area (sqft) 2,519 1,776 840 1,464 1,184 1,302 1,195 1,711 1,292 1,539 1,206 700 1,259 1,378 1,066 409 1,636 883 2,239 1,076 1,550 1,216 1,550 2,056 1,152 1,593 1,163 Transacted Price ($) 2,975,000 2,080,000 1,220,000 1,550,000 1,100,000 1,198,000 1,420,000 1,938,000 1,800,000 1,600,000 1,200,000 598,000 750,000 2,320,000 1,730,000 599,000 2,215,000 1,160,000 2,820,000 1,340,000 1,880,000 1,465,000 1,780,000 2,320,000 1,200,000 1,650,000 1,199,888 Price Tenure ($ psf) 1,181 FH 1,171 FH 1,453 FH 1,059 99 929 FH 920 FH 1,188 FH 1,132 FH 1,394 99 1,039 FH 995 FH 855 FH 596 FH 1,684 FH 1,623 FH 1,464 FH 1,354 FH 1,314 FH 1,260 FH 1,245 FH 1,213 FH 1,204 99 1,148 FH 1,128 FH 1,042 FH 1,036 99 1,032 FH Postal District 15 15 15 15 15 16 16 16 16 16 16 16 16 16 16 16 16 16 16 17 17 17 18 18 18 18 18 Project Name HERITAGE RESIDENCES COSTA RHU PARK EAST COSTA RHU LAGOON VIEW EASTWOOD REGENCY RIVIERA RESIDENCES COSTA DEL SOL BLEU @ EAST COAST THE CLEARWATER LAGUNA GREEN THE TROPIC GARDENS AQUARIUS BY THE PARK RICH EAST GARDEN CASAFINA EAST MEADOWS CASAFINA EASTWOOD GREEN CASAFINA ESTELLA GARDENS ESTELLA GARDENS DAHLIA PARK CONDOMINIUM OASIS @ ELIAS CHANGI RISE CONDOMINIUM EASTPOINT GREEN MELVILLE PARK CHANGI RISE CONDOMINIUM Area (sqft) 1,173 1,776 1,755 1,776 1,647 388 1,066 1,313 1,173 710 1,184 1,550 893 2,390 1,238 1,238 1,378 1,012 2,099 657 936 1,281 1,206 1,023 958 1,044 1,830 Transacted Price ($) 1,210,000 1,788,000 1,730,000 1,731,644 1,482,000 570,000 1,308,000 1,520,000 1,320,000 745,000 1,208,000 1,550,000 878,000 2,300,000 1,160,000 1,088,800 1,200,000 870,000 1,500,000 700,000 848,000 1,100,000 1,070,000 900,000 840,000 850,000 1,465,000 Price Tenure ($ psf) 1,031 FH 1,007 99 986 FH 975 99 900 99 1,471 FH 1,227 FH 1,157 99 1,125 FH 1,049 99 1,020 99 1,000 FH 983 99 963 FH 937 99 880 99 871 99 860 99 715 99 1,066 FH 906 FH 859 FH 888 99 880 99 877 99 814 99 801 99

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SINGAPORE PROPERTY WEEKLY Issue 72

Postal District 18 18 18 19 19 19 19 19 19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 23 23 23 23 Project Name EASTPOINT GREEN CHANGI RISE CONDOMINIUM TAMPINES COURT KOVAN RESIDENCES FONTAINE PARRY CHILTERN PARK CHUAN PARK KENSINGTON PARK CONDOMINIUM JANSEN 28 RIO VISTA REGENTVILLE REGENTVILLE CLOVER BY THE PARK BISHAN 8 RAFFLESIA CONDOMINIUM SEASONS VIEW MAPLEWOODS GARDENVISTA MAYFAIR GARDENS SHERWOOD TOWER THE LAKESHORE LAKEHOLMZ IVORY HEIGHTS THE DAIRY FARM GUILIN VIEW THE LINEAR HILLVIEW 128 Area (sqft) 1,184 1,658 1,690 1,798 1,076 947 1,528 1,399 1,163 1,249 1,076 980 1,765 1,173 1,195 969 1,787 1,109 1,130 1,830 1,184 1,507 1,668 1,948 840 1,206 1,044 Transacted Price ($) 935,000 1,300,000 1,000,000 2,150,000 1,118,000 910,000 1,460,000 1,280,000 1,055,000 1,045,000 858,000 770,000 2,240,000 1,420,000 1,250,000 1,007,000 2,600,000 1,430,000 1,050,000 1,358,000 1,360,000 1,385,000 1,288,000 2,218,000 820,000 1,130,000 910,000 Price Tenure ($ psf) 790 99 784 99 592 101 1,196 99 1,039 999 961 99 955 99 915 999 908 999 837 99 797 99 786 99 1,269 99 1,210 99 1,046 99 1,039 99 1,455 FH 1,290 99 929 99 742 99 1,149 99 919 99 772 100 1,138 FH 977 99 937 999 872 999

Postal District 23 23 23 25 25 26 27 27 28

Project Name REGENT HEIGHTS PARKVIEW APARTMENTS MAYSPRINGS CASABLANCA ROSEWOOD SEASONS PARK NORTHWOOD YISHUN SAPPHIRE MIMOSA PARK

Area (sqft) 1,023 1,141 1,335 1,109 1,625 1,550 1,313 1,023 1,755

Transacted Price Tenure Price ($) ($ psf) 805,000 787 99 870,000 762 99 1,008,000 755 99 910,000 821 99 1,150,000 708 99 1,350,000 871 99 1,230,000 937 FH 650,000 636 99 1,395,000 795 FH

NOTE: This data only covers non-landed residential resale property transactions with caveats lodged with the Singapore Land Authority. Typically, caveats are lodged at least 2-3 weeks after a purchaser signs an OTP, hence the lagged nature of the data.

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