Issue 107

Copyright 2011-2013 www.Propwise.sg. All Rights Reserved.

CONTENTS
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Does the End of QE Mean the End of the Property Boom?

FROM THE

EDITOR

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p17 p18 p24

How to Invest in Philippines Property Asias

Hottest Market Property Renting Tip #12: When Your Property Value has Increased Singapore Property News This Week Resale Property Transactions (May 22 May 28) Advertise

Welcome to the 107th edition of the Singapore Property Weekly.

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Mr. Propwise

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SINGAPORE PROPERTY WEEKLY Issue 107

Does the End of QE Mean the End of the Property Boom?

By Gerald Tay (guest contributor)
Financial markets have been on a highly jittery state since the US Federal Reserve announced that they are starting to unwind its mega-monetary easing (known as Quantitative Easing, or QE) soon. The day of reckoning may not yet be at hand, but given the increased frequency of alerts, it may be nearer than most people think.

What are the possible impacts this could have on the Singapore property market? Lets examine what could trigger a potential downturn or crash in property prices from both global-macro and country-micro warning signs.

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SINGAPORE PROPERTY WEEKLY Issue 107 The four-letter-word: exit Is Mr. Bernanke just testing the impact his words would have on financial markets, or is he seriously considering cutting back on the Feds mega-bond purchases (the main instrument of its QE policies) soon? With recent positive economic news in the US, has the Fed decided that quantitative easing has done its job and it is time to take away the crutch? If the Fed is serious in its intent, the current fuel for the international flow of capital to investors will be sluggish at best and this may result in a fall of asset prices, including real estate. But this may not happen overnight, and may take another year or two before we see a serious price correction. Markets are under the spell of central bankers Recently, many major global economic financial institutions, like The International Monetary Fund (IMF), The Institute of International finance (IIF), and the Bank for International Settlements (BIS) in Basel, Switzerland have expressed concerns about flooding Asia and emerging markets with cheap money, which have been driving stock and other asset prices like property to levels not justified by economic fundamentals.

The International Monetary Fund (IMF) said it might be time to consider pulling back this cheap money created by key advanced economies, while at the same time warning that such a move will likely have adverse impacts and create turbulence in global financial markets.
As IMF managing director Christine Lagarde recently put it, The persistence of easy monetary policy increased the flow of capital to emerging markets, especially in Asia and Latin America.
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SINGAPORE PROPERTY WEEKLY Issue 107 Such flows can be beneficial to an economy, but they can also lead to financial stability risks. Even worse than the tide coming in is the tide going out a possible sudden reversal of large capital flows can overwhelm an economy. Robert Pringle, a member of the Group of Thirty Bankers and other financiers said, the risks and dangers for the global economy from mega-monetary easing by central bankers are like hidden reefs for a ship invisible but deadly. Bye-bye to bull market in bonds, hello to higher interest rates With the reduction of monthly bond buying from the Fed, this might be the end of a 30year rally for bonds in USA. The Feds stimulus programs have helped flatten the yield curve, resulting in the lowest rates in the history of the United States today.
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With a decrease in bond prices, investors will be asking for higher yields to compensate for lower bond prices. Thus, with the resulting higher interest rates in the US, Singapores interest rates will also rise, which will ultimately create a slow death for many property investors and buyers who are overleveraged or over-committed on illusionary low rates.

China and Eurozones problems remained the main area of concern

As for further risks, a severe correction for Asian markets, i.e. Singapore, might come from news of Chinese bad debts. Negative sentiment could overflow to Asian equities, followed by real estate, if one or two Chinese local governments are allowed to go under. The IMF has recently cut its GDP projection for China, the main engine of the global economy to around 7.75% from 8%.
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SINGAPORE PROPERTY WEEKLY Issue 107 Even then, we might want to question if all economic data coming out from China are simply a black hole in disguise. The Eurozone is also entering a softer patch and remains the main area of concern, with the 17-nation Eurozone being in recession for six consecutive quarters and operating at zero speed. Going forward, the financial indicators are not encouraging either. The answer is a resounding no. In his latest blog post, National Development Minister Khaw Boon Wan said a soft-landing in property prices would require a bit of luck with factors beyond the governments control, such as the global economic conditions. One key strategy being taken is to ramp up supply of public flats and private residential units. A double whammy - oversupply with lower rental growth Singapores residential property supply is expected to meet its target of 13,600 HDB flats and 18,400 private homes this year.

Fall in property prices beyond governments control and require a bit of luck
The Singapore government is engineering a soft-landing for the housing market. The smart question for everyone is: will these efforts be enough to withstand possible external shocks that have similarly brought down the Singapore property market historically in the past years despite previous cooling measures?
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As of 31 May 2013, the HDB has built 6,000 flats and is confident of delivering the remaining 7,600 units by end 2013. 3,500 private housing units have also been completed as of April, with the remaining 14,900 expected to be completed by this year.
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SINGAPORE PROPERTY WEEKLY Issue 107 Coming closer to 2015 to 2016, we shall be expecting at least 200,000 units to be completed, coming from both HDB and private. shores, it has driven our local stock and property market fast and furious. This has produced the wealth effect which is supposedly to help buoy businesses and fuel more consumer spending. To quote Anthony Rowley, a prominent Tokyo News Correspondent, The jury is still out on this, however, and meanwhile asset prices like property are looking over-rich.

Moving forward, investment demand is expected to moderate due to stricter financing restrictions and higher stamp duties from the governments latest round of cooling measures. In addition, rental growth might continue to slow down due to the substantial number of completions this year and lower rental demand as a result of the governments restrictions on foreign labour inflow. Jury still out
Mega-monetary easing by many key advanced economies has been remarkably successful, especially for our Singapore property market over the last four years. With so much cheap money flowing into our
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Cheap money has drawn a lot of money out of key advanced economies where yields are low, into Asia and emerging markets, where they are higher. Once these economies start tightening financial policy, this money will head home and where will Asia and emerging markets be then?
Singapore, Asia and other emerging markets may be in for a rough ride, once the tide of money that has flowed out of US, Europe and even Japan, flows back out of these temporary emerging market havens.
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SINGAPORE PROPERTY WEEKLY Issue 107 Inflation An Angel or a Devil in Sheeps Skin? The recent years of too much easy money flowing into our shores has fuelled inflation to an unprecedented level. Affordable housing and lower cost of living to the masses should be the priority of any government policies. In other words, inflation if needed should benefit all classes of society as a whole, and not simply provide that convenient ladder for the rich to get richer, at the expense of the poor and middle class. Recently, I overheard a prominent CEO of a local property agency saying to his seminar participants, that anytime is a good time to buy property, and even though the property fetches a negative or marginal yield, buyers will compensate their losses eventually through future capital appreciation. Either this already rich CEO is in serious
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disillusion of current affairs, or hes deepening his personal pockets at the expense of the average mass market buyers. This article is written to educate the mass market buyers/investors on the potentially serious global financial issues we are currently facing and how it will ultimately affect everyone financially. As long as youre not over-leveraged in mortgage debts or overcommitting financially because of illusionary low interest rates, and able to service your loan regularly, an imminent downfall in your property value will not affect you. If I may say so, I believe a fall in asset prices and especially property, the deflating of the balloon filled with cheap money over the last four years, will tremendously benefit the financial lives of the very people who have been most prudent, especially for the poor and the middle class.
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SINGAPORE PROPERTY WEEKLY Issue 107 They will be able to buy affordable homes through enough savings, or grab ample opportunities of investing in a downturn to grow their wealth for retirement. Perhaps this potential outflow of cheap money may be the start of a time where the poor and middle class steal back some of the wealth stolen from them by some selfish Rich. Its payback time if you are savvy enough. To sceptics who think Im trying to talk the market down with this article because I have missed opportunities, heres my reply - Ive bought three more local properties within the last four years, with two of them currently sitting on good capital appreciation with decent cash flow and one of them sold with solid profits in my pockets. By guest contributor Gerald Tay, CEO of CREI Academy Group, who exposes widelyheld property investment myths that have proven highly ineffective in creating wealth, and prevent a comfortable retirement for the ordinary investor.

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SINGAPORE PROPERTY WEEKLY Issue 107

How to Invest in Philippines Property Asias Hottest Market

With the high property prices in Singapore, many investors are looking overseas to find attractive investment opportunities. Besides the developed markets such as the US, London and Australia, there has also been interest in looking at fast-growing emerging markets such as the Philippines. In this article well take a look at the Philippines real estate market, the type of properties you can invest in, what investors should look out for, and how to invest in it. Why invest in Philippines real estate? Given the difficulties in economies of the world, the developed

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SINGAPORE PROPERTY WEEKLY Issue 107 you might wonder why foreigners would want to purchase a property in the Philippines. The main reasons they have started to do so at an accelerating pace include: 1. The rapidly growing Philippines economy sets the context for rising property prices. The Gross Domestic Product (GDP) of the Philippines rose by 7.8% in the first quarter of 2013, with expectations for strong growth for the rest of the year. From 2002 to 2012 the average annual GDP growth rate of the Philippines was 5%. 2. Property prices in the Philippines are one of the lowest in Asia, up to 80% lower than Singapore for premier city centre properties (US$2,807 per square meter versus $16,350 in

Source: Global Property Guide

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SINGAPORE PROPERTY WEEKLY Issue 107 3. Rental yields in the Philippines are one of the highest in Asia, at around 7%, versus just 3% in Singapore. 4. The stable and strong growth of Business Process Outsourcing (BPO) and Information Technology Outsourcing (ITO) industries in the Philippines increases both the income of the locals and also the number of expats, which creates demand for apartment rentals. What foreign investors should take note of Foreign ownership of Philippines property can occur under the following circumstances: The foreign investor purchases a condominium unit, where not more than 40% of the building is foreign owned (this is the most common situation) The foreign investor has a Filipino spouse through which they buy the property The foreigner holds a Special Retirement/Investment Visa Via forming a company. When buying Philippines property via a company,
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Source: Global Property Guide

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SINGAPORE PROPERTY WEEKLY Issue 107 a minimum of five shareholders are required, and the Filipino shareholding must be at least a 60%. Foreign ownership of Philippines property requires payment of taxes. Taxes include a documentary tax of 1.5%, a transfer tax of 0.5%, 10% Value Added Tax (VAT), and income tax on rent of 5.13%, along with other fees. in the industry, CPG has built over 22 buildings (with over 4,200 units) and 720 homes, with a 100% completion rate of all its projects. Century Property Management Inc. can help unit owners manage their property for rental and re-sale. Mass Market Commonwealth

Types of properties you can invest in

We will now take a look at specific examples of the range of residential properties that you can invest in, and what pricing and quality is like. Information on the following properties are provided courtesy of Century Properties Group (CPG), a leading property firm in the Philippines that offers a full-range of services including property development, sales and marketing, and property management. One of the most experienced real estate companies
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Located in Quezon City, near to a soon-to-be

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SINGAPORE PROPERTY WEEKLY Issue 107 Ayala Mall, Commonwealth consists of eight towers (six of which have already been launched) of a total of 3,190 units. It has full facilities such as a clubhouse, two basketball courts, sky garden and a swimming pool. Launched in 2012, 50% of the units have already been sold and the current pricing is from around Php94,847 per square meter (~S$284 per square foot). The eight towers are expected to be completed from 2015 to 2017. Mid-to-High End Azure

With an exclusive tie up with Paris Hilton, Azure Urban Private Residences is located in Paranaque City just beside the SM Bicutan Mall.

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SINGAPORE PROPERTY WEEKLY Issue 107 It features a man made beach and consists of a total of 5,002 units spread over nine towers, eight of which are already open for sale. Launched between 2009 and 2012, the completion dates for the different towers are from 2013 to 2017. Around 84% of the units have been sold and the current pricing is from around Php110,204 (~$306 psf). Luxury Acqua Acqua Private Residences is located right across the Power Plant Mall in Mandaluyong City. This project consists of six towers (five of which are already open for sale) and a total of 3,061 units. Launched between 2011 to 2012, the completion dates range from 2015 to 2018. More than 80% of the units have been sold, and the remaining units are currently priced at from around Php156,303 psm (~S$435 psf).

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SINGAPORE PROPERTY WEEKLY Issue 107 Super Luxury Trump Tower Manila Trump Tower (licensed from Donald Trump) in the Philippines and in South East Asia. Launched in 2011 and scheduled to be completed in 2016, most of the 238 units have already been sold, and the few remaining units are going from Php235,836 psm (~S$656 psf). How to buy Philippines property Depending on whether the developer you would like to purchase a unit from has a representative office in Singapore, buying a Philippines condominium can be as easy as making a simple reservation and putting down a small deposit as a reservation fee. Upon putting down a reservation fee (which will be deducted from the contract price), the buyer will be given a Reservation Agreement, Buyers Information Sheet and Payment Schedule. After one to two months, the Developer will then provide a temporary title
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The 56-storey Trump Tower Manila is located in Century City, Makati City, and is the first
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SINGAPORE PROPERTY WEEKLY Issue 107 called a Contract To Sell. Upon Turn Over (the equivalent of TOP in Singapore) the Owner will receive the Condominium Certificate of Title (CCT).

Typically, the Developer will also offer various financing and payment plans. For example, Centuries Property Group offers eight different payment options with discounts ranging from 2% to 20% depending on the payment terms. Down payments can range from 0% to all cash, while mortgage loans of 20% to 70% of the purchase price are available from banks.
This educational article has been prepared with the kind assistance of Century Properties Group. If youre interested in learning more about any of their properties or investing in Philippines properties for both rental yield and capital appreciation, please click here to contact their Singapore-based representatives.
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SINGAPORE PROPERTY WEEKLY Issue 107

Property Renting Tip #12: When Your Property Value has Increased
Additional loan of $1,050,000 - $500,000 = S$550,000 can be obtained, subject to approval.
In the event when CPF was utilized to pay for the property, this amount, together with the accrual interest, has to be deducted from the loanable amount to work out the equity loan. By Eileen Tan and Ui Wei Teck, property investors and authors of Enjoying Mid-Life Without Crisis. This tip and dozens more are from their book.

You can consider taking an equity or term loan on the investment property when the value has increased while still keeping the property.
This can be done only with private properties when the current Market Value of the property is higher than the current loan outstanding. Example below for Educational Purpose only: Market Value of Property is S$1,500,000. Loan outstanding is S$500,000.

Loan can be increased to 70% of Market Value = 0.7 x $1,500,000 = S$1,050,000.

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SINGAPORE PROPERTY WEEKLY Issue 107

Singapore Property This Week

Residential
Jewel@Buangkok draws strong response 203 out of the 280 units at 616-unit Jewel@Buangkok were sold. Average selling price was about $1,150 psf which includes an early-bird discount. 84% of buyers are Singaporeans, many were young couples, PMEBs (professionals, managers, executives and businessmen) and HDB upgraders. 16% of buyers were foreigners and PRs from Malaysia, China, Indonesia, Taiwan, Hong Kong, Australia, the United States and Japan. Jewel@Buangkok, the six towers with heights of 15-17 storeys includes one to fivebedroom apartments, dual-key units and penthouses with a size of 463 sq ft to 1,701 sq ft. 2 out of 5 penthouses of the project
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were sold. Jewel@Buangkok is conveniently located near Buangkok MRT which is close to various shopping malls, parks and schools. (Source: Business Times) Possibility of housing land oversupply for private

Some property consultants are expecting the Ministry of National Development (MND) to maintain the land supply for private housing at a similar level to the current H1 2013 slate as the demand from the sandwich class is stable. Others anticipate MND to cut down the land for executive condos (ECs) by allocating a higher proportion of total private housing land (including ECs) on the reserve list than in the confirmed list to create flexibility for land sales and avoid oversupply.
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SINGAPORE PROPERTY WEEKLY Issue 107 MND may release more commercial sites in the suburbs for its decentralization plans in Jurong East, Paya Lebar, Woodlands and near to the Circle Line MRT stations. Its unlikely for the state to release any large office sites in the CBD through the confirmed list. There may be release of hotel sites in the reserve list. (Source: Business Times) were completed by end-April this year while the remaining 14,900 private residential units can be completed within this year. 13,600 HDB flats and 18,400 private residential units are scheduled to be completed this year. HDB has also arranged for BTO projects such as Treegrove@Woodlands to be completed in phases, which allows buyers to receive their keys earlier by a couple of weeks. HDB will launch another 25,000 flats this year and deliver between 26,000 and 29,000 flats in each of the next two years. (Source: Business Times) 8,000 Sale of Balance Flats (SBF), Buildto-Order (BTO) flats up for sale 4,900 BTO units in 8 projects across 5 nonmature estates (Choa Chu Kang, Hougang, Jurong West, Sembawang and Woodlands) will be offered; 3,100 SBF flats are spread across 26 mature and non-mature estates. For the BTO projects, Keat Hong Crest
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Construction sector crucial in co-piloting 'soft-landing': Khaw

In his blog post, Mr Khaw (MND) wrote that ramping up the supply of HDB flats and private residential units is a key strategy in achieving a "soft-landing" which needs the cooperation from local construction companies. HDB's building contractors had completed 6,000 units as at the end of last month and the remaining 7,600 units by the end of the year despite the tightening of foreign labor. 3,500 private residential units
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SINGAPORE PROPERTY WEEKLY Issue 107 will offer 682 three-room to five-room flats priced at $140,000 -$308,000. In Hougang, Golden Mint will offer 292 studio apartments priced from $76,000; Hougang Crimson will have 314 three-room and four-room units priced at $171,000 - $268,000. In Jurong, Spring Haven@Jurong offers 478 two-room to four-room flats priced at $94,000 $260,000. In Sembawang, three projects were launched namely EastBank @ Canberra, EastBrook @ Canberra and EastWave@Canberra where total of 2,116 two-room to five-room units are up for sale at $82,000 - $314,000. The final project in the latest BTO exercise is Woodlands Pasture I and II offers 1,018 three-room to five-room flats from $133,000 to $276,000. SBF flat prices vary from a $145,000 two-room flat in Pasir Ris to a $760,000 executive flat in Queenstown alongside with 3 new updates. First, the Parenthood Priority Scheme is now extended to married couples expecting their
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first child and are buying their first flat. Secondly, HDB has doubled the quota of twoand three-room flats in non-mature estates. Thirdly, HDB will set aside half the studio apartments from its launches for elderly buyers who wish to downsize from their current home nearby or to be near their married children. (Source: Business Times)

Developers upbeat Condominiums (EC)

for

Executive

The healthy participation rate and the robust competition among the top bidders signify that developers are still upbeat towards the EC market. The range of bids was quite tight, with the highest bid being only 24% above the lowest. A 99-year EC site in Anchorvale Crescent drew a top bid of $330.65 per square foot per plot ratio (psf ppr) from Qingjian Realty (South Pacific) Group.
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SINGAPORE PROPERTY WEEKLY Issue 107 Another Woodlands EC site plot concluded with a top bid of $341.21 psf ppr amongst seven bids. Qingjian's bid was 3.2% higher than the next highest offer of $320.45 psf ppr placed by City Developments unit Bellevue Properties. Kheng Leong partnered Low Keng Huat to bid at $316.68 psf ppr. Frasers Centrepoint's unit FCL Place and Hytech Builders joined forces, offering $308.30 psf ppr. The two other bids were from EL Development ($275.75 psf ppr) and Teambuild Land unit Ecco Development, which offered $266.59 psf ppr for the site, which can yield an estimated 690 units. The $331 psf ppr top bid surpassed the $296.48 psf ppr for the Sengkang West Way site last November by 11.5%. With Qingjian's breakeven cost at about $650 psf, the average selling price for the project could be in the $730-780 psf range. It will be launching its next EC development, the 512-unit Ecopolitan, at Punggol Way next month. The
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group has two earlier EC projects - RiverParc Residence and Waterbay - both of which are under construction in Punggol, and fully sold. (Source: Business Times) Johor property tax hike unlikely to affect demand from S'pore Despite higher taxes, properties in Johor will remain a choice investment for Singaporeans. Demand for the 147 new homes at Afiniti Residences in Medini Iskandar Malaysia has not been affected. As of 31 May, the developer had received another 1,570 purchase applications, 60% come from Malaysians, 32% from Singaporeans, 8% from Indonesia, South Korea and the UK. Units at Afiniti Residences are priced at RM 850 to RM 1,000 psf or at least RM 500,000 (S$202,000) for a 484-square-feet studio apartment. In Johor, foreigners can only buy properties above RM 500,000 and selected
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SINGAPORE PROPERTY WEEKLY Issue 107 buyers at the balloting session must put down a RM 30,000 deposit. (Source: CNA) Significant drop in sub-sales of private residential properties The level of speculative activities has dropped substantially in the past few years, sub-sales of private residential properties hit a six-year low of 4.5% in Q12013. The governments increase of tax and holding period have helped bring down sub-sales over the last 3 years. The average holding period of private homes has increased from 6 years to 10 years. The sub-sales number is expected to remain low, unless there is a severe economic downturn forcing owners to sell. Resale non-landed private property prices in the city area dropped 0.5 % over the previous month, those in the city fringes declined
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0.4%, while resale suburban private prices increased 0.3 %. Rental prices for non-landed private residential in May slipped 0.6% from April. Cash-Over-Valuation (COV) for HDB flats dropped S$4,000 to reach S$26,000 the lowest level since July 2012. HDB resale prices dropped 0.1% in May. 1,300 HDB resale transactions are expected to be closed in May, a 10% drop compared to April, 35% lower compared to the same period last year. Overall HDB median rents dropped by S$50 to end at S$2,350 in May 2013, after remaining constant at S$2,400 since June 2012. (Source: CNA) GCB transactions making a comeback Knight Frank is selling a freehold bungalow in Peel Road in the Ridout Park GCB Area. It has also sold a bungalow at 82 Meyer Road for $30.7 million via public tender,
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SINGAPORE PROPERTY WEEKLY Issue 107 with the price working out to $1,203 psf on its 25,525 sq ft land area. Simon Cheong, the boss of high-end developer SC Global, is selling his home in Cornwall Gardens for $42.5 million which works out to $2,051 psf on the land area of 20,719 sqft. Other recent transactions in GCB Areas include a property in Chancery Lane, which changed hands for $28.5 million or $1,378 psf on about 20,688 sq ft, a nearby bungalow in Bukit Tunggal Road fetched $17.5 million or $1,664 psf on land area of 10,516 sq ft. In April, a bungalow in Brizay Park was sold for $24.5 million or $1,017 psf on land area of 24,090 sq ft, a property in Oei Tiong Ham Park traded at $20 million or $1,445 psf on land area of 13,843 sq ft. A negotiation is underway for Wing Tai chairman Cheng Wai Keung's 84,839-sq-ft site in Nassim Road, with prices likely between $2,500 and $3,000 psf. Commercial site in CBD up for sale The land parcel of 0.8ha was made available for sale through the Reserve List system on 19 December 2012 at minimum bidding price of $623,730,000. The land parcel is strategically located at Cecil Street / Telok Ayer Street near to Tanjong Pagar MRT Station. It is allowed to be developed up to 50 storey height, has an office zoning with a potential GFA of 77,000 square meters. (Source: SBR) CBD's office vacancy rate dropped to 10.2% Office vacancy rate fell to 10.2% in 1Q2013, the lowest level in more than three years, due to strong demand from occupiers. Despite the weaker business outlook, improving market sentiment is likely to limit the decline in office rents throughout 2013 to less than 5%. (Source: SBR)
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Commercial
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SINGAPORE PROPERTY WEEKLY Issue 107

Non-Landed Residential Resale Property Transactions for the Week of May 22 May 28
Postal District 1 2 2 3 3 4 4 4 5 5 8 9 9 9 9 9 10 10 10 10 10 11 11 11 Area (sqft) 1,119 990 1,033 1,539 1,292 1,636 1,658 1,184 1,830 2,153 570 3,993 861 1,130 1,324 1,098 1,765 1,701 893 1,744 1,249 969 958 1,442 Transacted Price ($) 960,000 1,700,000 1,150,000 1,560,000 1,250,000 2,700,000 2,600,000 1,780,000 2,062,410 2,020,000 1,025,000 12,000,000 1,950,000 2,250,000 2,130,000 1,600,000 3,150,000 2,800,000 1,280,000 2,400,000 1,528,000 2,040,000 1,657,340 2,320,000 Price Tenure ($ psf) 858 99 1,717 FH 1,113 99 1,013 FH 968 99 1,650 99 1,568 99 1,503 99 1,127 FH 938 99 1,797 FH 3,005 FH 2,264 FH 1,991 FH 1,609 999 1,457 929 1,784 FH 1,646 999 1,433 FH 1,376 FH 1,224 FH 2,106 FH 1,730 FH 1,608 99 Postal District 11 11 11 11 12 12 12 12 13 14 14 14 14 15 15 15 15 15 16 16 16 16 17 17 Area (sqft) 1,356 1,259 1,690 2,573 958 861 1,421 1,873 1,292 581 1,302 1,238 1,216 1,335 990 1,012 861 1,453 1,163 1,432 1,206 1,518 570 1,335 Transacted Price ($) 2,080,000 1,930,000 2,535,000 3,350,000 1,250,000 1,046,000 1,668,000 2,139,900 1,500,000 720,000 1,388,000 1,280,000 980,000 2,013,000 1,430,000 1,300,000 1,100,000 1,220,000 1,230,000 1,460,000 1,100,000 1,310,000 630,000 1,250,000 Price Tenure ($ psf) 1,534 99 1,532 99 1,500 99 1,302 FH 1,305 FH 1,215 FH 1,174 FH 1,143 FH 1,161 99 1,239 FH 1,066 FH 1,034 99 806 99 1,508 FH 1,444 FH 1,285 99 1,277 FH 840 99 1,058 FH 1,020 FH 912 99 863 99 1,104 946 937 FH

Project Name PEOPLE'S PARK COMPLEX THE ARRIS INTERNATIONAL PLAZA QUEENSWAY TOWER LANDMARK TOWERS CARIBBEAN AT KEPPEL BAY THE BERTH BY THE COVE THE BERTH BY THE COVE GOLD COAST CONDOMINIUM VARSITY PARK CONDOMINIUM CITY SQUARE RESIDENCES HELIOS RESIDENCES VIDA CAIRNHILL CREST ASPEN HEIGHTS UE SQUARE AVALON VALLEY PARK KELLOCK LODGE DUET VILLA AZURA PARK INFINIA AT WEE NAM PAVILION 11 SOLEIL @ SINARAN

Project Name ROCHELLE AT NEWTON AMARYLLIS VILLE AMARYLLIS VILLE MOUNT ROSIE GARDEN THE CITRINE KEMAMAN POINT TWIN HEIGHTS THE ARTE 8@WOODLEIGH STARVILLE THE HELICONIA SIMSVILLE ASTON MANSIONS ONE AMBER OLA RESIDENCES COSTA RHU ST PATRICK'S LOFT LAGUNA PARK CHANGI COURT CHANGI GREEN AQUARIUS BY THE PARK THE TANAMERA CASA PASIR RIS EDELWEISS PARK CONDOMINIUM

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SINGAPORE PROPERTY WEEKLY Issue 107

Postal District 18 18 18 19 19 19 20 20 20 21 21 22 22 22 22 22 23 23 26 27 27 28 Project Name CHANGI RISE CONDOMINIUM EASTPOINT GREEN EASTPOINT GREEN KOVAN MELODY RIO VISTA EDEN VIEW TRESALVEO RAFFLESIA CONDOMINIUM BISHAN POINT THE CASCADIA ROYAL COURT THE LAKESHORE THE CENTRIS THE CENTRIS THE LAKESHORE THE LAKESHORE MERAWOODS GUILIN VIEW THE CALROSE SELETARIS YISHUN EMERALD SERENITY PARK Area (sqft) 1,496 1,130 1,550 1,216 1,378 1,948 1,668 1,302 1,270 2,368 2,357 861 1,066 1,238 1,109 926 1,615 1,281 1,238 1,119 1,399 1,313 Transacted Price ($) 1,420,000 1,020,000 1,200,000 1,275,000 1,250,000 1,570,000 2,205,000 1,480,000 1,360,000 2,450,000 2,380,000 1,093,000 1,325,000 1,525,000 1,360,000 1,080,000 1,680,000 1,200,000 1,590,000 965,000 990,000 1,229,500 Price Tenure ($ psf) 949 99 902 99 774 99 1,048 99 907 99 806 FH 1,322 FH 1,136 99 1,071 99 1,035 FH 1,010 FH 1,269 99 1,243 99 1,232 99 1,227 99 1,167 99 1,041 999 937 99 1,284 FH 862 FH 707 99 936 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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