Issue 356

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 CONTENTS FROM THE

p2 Conversation with a Veteran Valuer

EDITOR
Welcome to the 356th edition of the
Singapore Property Weekly.
p8 Resale Property Transactions
Hope you like it!
(April 15 – April 20) Mr. Propwise

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 SINGAPORE PROPERTY WEEKLY Issue 356

Conversation with a Veteran Valuer

By Alan Chua (guest contributor) When you think of property valuations in

Singapore, the name David Ng comes to
mind. As a veteran valuer, he has come a
long way in the local real estate scene.

To many of us, the word ‘valuation’ is

commonly associated with properties, be it
residential, commercial or industrial. Yet
there’s more to it than that. Valuations can be
carried out on something as small as a drain
– more colloquially known to us as
a longkang – or as large as an entire place of
interest in Singapore. Bet you didn’t know
that, right?

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 SINGAPORE PROPERTY WEEKLY Issue 356
We spoke to David on a Wednesday valuations, so we do a yearly audit of their
afternoon, with the possibility of post-lunch properties.
food coma kicking in, yet there was never a
dull moment. David is extremely down-to-
earth, as he spoke fondly of the mentors who
have inspired him to be the man he is today,
and very ironically, for someone so immersed
in the real estate industry, he hasn’t involved
himself much when it comes to property
investment in the past decade.

In this interview, we find out more about the

man who has amassed years of knowledge in
the real estate and valuation business. RB: What is a typical day at work like for
you?
The Redbrick Team (RB): What does your
role as a valuer consist of? D: The first order of the day is to meet up with
clients. These clients usually spill over from
David (D): I am in charge of the valuation
the day before and they want to meet with me
business as well as corporate services. We
to either see the property they are planning to
attend to corporate clients and look at their
finance, help them close a client or see a
assets. Some companies also need annual
company which needs some advice.

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 SINGAPORE PROPERTY WEEKLY Issue 356
Later on in the afternoon I’ll come back,
answer my indications (i.e. your valuations
from the banks), prepare and vet reports, talk
to my staff about the inspections they did,
look at pictures and question them on the
finishes. Once the evening comes, I’m off to
meet clients again.
Given how easy it is for people to reach me
nowadays, I even have to answer calls and
texts during the weekends, so there isn’t
really much rest time as compared to when I
first started out when everything went through
fax.
RB: What are the most interesting
encounters you have come across as a
valuer?
D: I guess it would be all the specialised
valuations we do for the government. These
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government installations have a lot of
interesting things I didn’t know were there,
and I didn’t know what I was valuing. There
was an incident where I thought it was just a
hill I was valuing, but it’s more than that. We
also did valuations for various places of
interests. Places of interests that had no
comparables with anything else we have
done, so we had to look at things such as
ticket sales and traffic.
What makes it interesting is that you see the
different facets of businesses you are dealing
with, and how your valuation affects their
proposals. We know that for an owner who is
financing their property, our value is important
for them to get the financing. They know
where the parameters are. But for the big
projects and government projects, we see
more of how the businesses work.
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 SINGAPORE PROPERTY WEEKLY Issue 356
Image Credit: Kudumomo
RB: What are the differences in valuation
today as compared to 20 years ago?
D: When I first became a valuer, every
valuation report was about $1,000 to $1,500.
Now, it’s about $500 or less, and it’s been
going down. I guess it’s the same in every
service line, and I can’t blame anyone
because it’s a natural trend. The business is
still the same, the way we value and how we
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do our work is the same, although there have
been some improvements over the years,
because of the Internet.
Now a lot of things are online and the
information flow is better. For example, when
we used to do valuations for machinery, we
had to call the UK manufacturer to get the
price. The research back then was huge. Now
you can just Google and you’ll know the price,
so that has made the job easier. Also, if we’re
valuing a Malaysian property, both in the past
and even until today, the Malaysian property
market is a very closed market and they are
not open to foreign transactions. So because
of the Internet, we know what people are
asking for a certain property. We still have to
verify if the information is true, but at least
there is information available and accessible
to us.
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 SINGAPORE PROPERTY WEEKLY Issue 356

“What makes it interesting is that you see understanding of a value, roughly how much
the different facets of businesses you are it costs per square foot. Then I pinpoint the
dealing with, and how your valuation quality of the building, what is on the side,
affects their proposals. and what it is used for. I segment it based on
what I know. Check for comparables that
RB: Will technology be a threat to
contribute to your knowledge.
valuers?
Because we have past transactions on hand
D: The nature of the business is bound to
in our phones, we can access them once we
evolve. Everybody has to make money to
pinpoint the location, the building we’re
survive. But that is one of the things that is an
valuing, the actual usage of the property.
issue with technology. We have become very
From those comparables we will make
concerned, and everything we do now is in-
adjustments for the size of the unit, location,
house and won’t be shared or divulged. We
level, where it faces, etc. So you always start
have so much personal data in our systems
with the macro perspective, the location, then
that it can be very scary if it gets leaked, so
you zoom in from there.
we cannot compromise on that.
RB: What are some common mistakes
RB: How would you value a property?
people make when buying properties?
What are the criteria you look out for?
D: I find that recently, a lot of people ask me
D: It’s always been the same. The first thing I
to value cluster houses.
ask for is the address. From there I have an

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 SINGAPORE PROPERTY WEEKLY Issue 356

One thing that buyers do not realise is that

developers usually charge for void areas.
When they put it on a brochure or a floor
plan, 1/3 of it could be void. You cannot
occupy or use it, but you pay for it and it’s not
cheap. Then they would ask me to go and
measure it, and I measure less than what’s
stated in the title and I tell them that it’s not
wrong, because you have this void area. And
you cannot sue the developer because it’s his
right to sell it to you. You did not see the
space, you bought it off the floor plan so it
Image Credit: Urbane Apartments
can look big, but it’s not. You are practically
paying for air. And you can go to court, but I RB: Is it necessary to engage a valuer to
will be a detriment to you because I will have check on valuation before making a
to say that the developer is correct and the purchase?
price he charged you at includes the void D: I think the market is quite knowledgeable.
area. People roughly know the price they are
paying, whether it’s way above or way below.

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 SINGAPORE PROPERTY WEEKLY Issue 356
You don’t really need a valuer unless you’re
talking about very specialised properties. For
those who want to buy temples or petrol
stations, they will call us. But for those buying
an apartment, nobody calls us, unless it’s a
friend who will ask us whether it’s suitable to
buy. They just want to check with us as a
valuer, but they won’t ask for a report. They
are just asking for an opinion.
RB: What is your view on the Singapore
property market in the next 10 years?
D: I think the goal of Singapore is to be like
Hong Kong or Tokyo, as one of the major
cities where you have buildings with very high
quality and are well maintained. People
coming to Asia for a safe haven will probably
go to Hong Kong and Singapore, not so much
KL. Even the Philippines, Myanmar and
Cambodia are still developing, so Singapore
is considered advanced. Our economy is
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strong, our currency is strong, which is a
good thing, and it may attract people to us. If
they keep the money here, it will be good for
us. As for property, everyone who comes here
will definitely buy property. Once we open to
foreigners, we will grow again.
“Given the current market, I feel it’s a bit
heavy to play. Also, if I were to go in now, I
won’t borrow so much either. It has to be a
price where I go in comfortably, and I also
won’t want to do it with anybody because
of bad experiences.
RB: Care to share with me about your
property portfolio?
D: I still have my HDB flat (5-room flat in
GhimMoh) although I don’t live there. I bought
that first and I may want to go there to retire
because it’s very convenient. I basically buy
properties to stay, and if there’s a chance to
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 SINGAPORE PROPERTY WEEKLY Issue 356
rent it out then I will. If not, I will sell it. To
make money, you have to sell to take back
your capital. It’s just that I haven’t had luck
with timing because I always sell at the wrong
time, so now I tend to stay away. I haven’t
invested in anything in the last 10 years, but I
used to invest a lot more when I first started
this business. It was much easier at that time;
no minimum amount, and you just had to put
the $5,000 deposit. And when I was with
Colliers, we launched properties and had first
choice of the units before they were
launched. I’m very happy with my condo, and
don’t really want to move out. I also bought a
few commercial spaces hoping for en bloc,
but it hasn’t happened so far. Given my luck,
even my agent says that the moment I sell it
will go up, so I’ve decided to just keep it.
I don’t really invest. Maybe it’s the fear;
maybe I don’t want the extra stress that
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comes with investing. And I don’t really want
to commit to loans at the moment.
RB: What are your best and worst
investments?
D: My best investments are at LimauPurut
and Saraca Road. Worst investment would
have to be at Toh Tuck Road. Given the
current market, I feel it’s a bit heavy to play.
Also, if I were to go in now, I won’t borrow so
much either. It has to be a price where I go in
comfortably, and I also won’t want to do it with
anybody because of bad experiences.
RB: Who are your role models?
D: I was previously from Chesterton, and it
was bought over by Suntec. The
shareholders were the big bosses there. One
of them was Frank Chow, the guy running
Suntec City. He was pretty humble. Lee Ka
Shing was also very humble,
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 SINGAPORE PROPERTY WEEKLY Issue 356

which we found out when we did some work role model is my Lord. I want to do what is
for him. Even at that age, he was willing to right in His eyes and that is important to me.
learn, and I was very impressed by the way
he spoke. Those are the guys who made an
impression on me. As for the people I look up
to, they are the mentors who taught me the
business. They have helped and taught me a
lot, and I look up to them.

RB: What are your hobbies?

D: I like music, both listening and playing it. It Image Credit: Leah Taukute
comes from my days drinking in the pubs
RB: What is one interesting fact about you
while listening to live bands. I like learning
that people don’t usually know?
how to play music, and I play the guitar
leisurely. I’m into blues, rock & roll, that kind D: I’m involved in the grassroots organisation
of genres. at the community centre. Usually, I volunteer
in organising functions and events,
I also spend time in church and try to get a
overseeing the music, doing charity work, etc.
little bit more involved spiritually, to contribute
I’ve been with them for quite awhile now, but
and pay my dues. I spend a lot of time
I’ve never seen the need to advertise it.
serving in church, and if you ask me, the best

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 SINGAPORE PROPERTY WEEKLY Issue 356

Alan Chua specializes in SME Financing,

covering trade financing and commercial
mortgage/refinancing loans at Redbrick. He is
equally adept in residential property loans. He
joined Redbrick with a meticulous record in
business banking having won many awards
and accolades in his stint at major banks like
UOB, RHB and DBS.

To get a free consultation on your new loan or

refinancing needs, please head to
www.propwise.sg/mortgage/

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 SINGAPORE PROPERTY WEEKLY Issue 356

Non-Landed Residential Resale Property Transactions for the Week of Apr 15 – Apr 20

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 EMERALD GARDEN 947 1,880,000 1,985 999 9 NEW FUTURA 1,830 6,636,000 3,626 FH
2 THE ARRIS 936 1,700,000 1,815 FH 9 NEW FUTURA 1,830 5,986,000 3,271 FH
3 THE CREST 1,259 2,555,000 2,029 99 9 NEW FUTURA 1,830 5,904,000 3,226 FH
3 THE CREST 1,292 2,339,000 1,811 99 9 URBAN SUITES 1,044 3,200,000 3,065 FH
3 ASCENTIA SKY 947 1,520,000 1,605 99 9 RIVERIA GARDENS 1,432 3,219,750 2,249 FH
3 DOMAIN 21 926 1,350,000 1,458 99 9 CAIRNHILL CREST 818 1,750,000 2,139 FH
3 THE ANCHORAGE 1,830 2,641,000 1,443 FH 9 VIVACE 398 850,800 2,136 999
3 THE METROPOLITAN CONDOMINIUM 786 1,110,000 1,413 99 9 VIVACE 441 900,000 2,039 999
4 CARIBBEAN AT KEPPEL BAY 926 1,530,000 1,653 99 9 THE PIER AT ROBERTSON 657 1,280,000 1,949 FH
4 CARIBBEAN AT KEPPEL BAY 893 1,440,000 1,612 99 9 SOPHIA RESIDENCE 1,453 2,300,000 1,583 FH
4 CARIBBEAN AT KEPPEL BAY 1,249 2,000,000 1,602 99 10 THE NASSIM 1,927 7,000,000 3,633 FH
4 REFLECTIONS AT KEPPEL BAY 1,345 2,080,000 1,546 99 10 GRAMERCY PARK 2,185 6,750,000 3,089 FH
5 THE PEAK@BALMEG 1,507 2,268,000 1,505 FH 10 FOUR SEASONS PARK 2,260 5,500,000 2,433 FH
5 MONTEREY PARK CONDOMINIUM 1,023 1,210,000 1,183 999 10 CYAN 1,001 2,130,000 2,128 FH
5 MONTEREY PARK CONDOMINIUM 1,625 1,880,000 1,157 999 10 TANGLIN PARK 1,033 2,060,000 1,994 FH
5 DOVER PARKVIEW 936 1,080,000 1,153 99 10 CYAN 678 1,350,000 1,991 FH
5 BAYVILLE CONDOMINIUM 1,270 1,380,000 1,086 FH 10 ONE JERVOIS 1,281 2,480,000 1,936 FH
5 THE INFINITI 1,270 1,310,000 1,031 FH 10 THE FORD @ HOLLAND 581 1,030,000 1,772 FH
5 BLUE HORIZON 1,152 1,133,000 984 99 10 ONE JERVOIS 1,087 1,850,000 1,702 FH
7 CONCOURSE SKYLINE 1,141 2,311,920 2,026 99 10 D'LEEDON 1,012 1,710,000 1,690 99
8 CITYLIGHTS 893 1,388,000 1,554 99 10 DLV. 786 1,180,000 1,502 FH
8 RANGOON 88 420 640,000 1,525 FH 10 STELLAR RV 850 1,270,000 1,493 FH
8 CITYLIGHTS 947 1,350,000 1,425 99 10 RIDGEWOOD 2,013 2,780,000 1,381 999
8 CITYSCAPE @FARRER PARK 1,378 1,690,000 1,227 FH 10 GLENTREES 1,345 1,770,000 1,315 999
8 KERRISDALE 990 1,150,000 1,161 99 10 QUINTERRA 1,679 2,100,000 1,251 99

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 SINGAPORE PROPERTY WEEKLY Issue 356

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
10 QUINTERRA 1,679 1,910,000 1,137 99 15 PARC ELEGANCE 398 550,000 1,381 FH
11 NEWTON 21 1,184 2,300,000 1,943 FH 15 COSTA RHU 1,012 1,300,000 1,285 99
11 PAVILION 11 1,485 2,300,000 1,548 FH 15 COSTA RHU 1,776 2,250,000 1,267 99
11 IRIDIUM 1,076 1,660,000 1,542 FH 15 COSTA RHU 1,345 1,650,000 1,226 99
11 CUBE 8 1,335 1,990,000 1,491 FH 15 PARK EAST 1,701 2,010,000 1,182 FH
11 KELLETT COURT 1,324 1,900,000 1,435 FH 15 CELESTIA 1,163 1,350,000 1,161 FH
11 BUCKLEY 18 2,002 2,518,000 1,258 FH 15 CASA AROMA 1,012 1,050,000 1,038 FH
12 EIGHT RIVERSUITES 441 743,000 1,684 99 15 CHELSEA LODGE 1,302 1,258,000 966 FH
12 EIGHT RIVERSUITES 1,076 1,320,000 1,226 99 15 N.A. 1,389 1,135,000 817 FH
12 RITZ MANSIONS 1,281 1,500,000 1,171 FH 16 COSTA DEL SOL 1,227 1,650,000 1,345 99
12 PAPILLON 1,238 1,375,000 1,111 FH 16 PARBURY HILL CONDOMINIUM 2,056 2,460,000 1,197 FH
12 D'LOTUS 1,066 1,100,000 1,032 FH 16 BALCON EAST 560 660,000 1,179 FH
14 AVANT AT ALJUNIED 527 806,800 1,530 99 16 COSTA DEL SOL 1,345 1,580,000 1,174 99
14 ROYCE RESIDENCES 420 605,000 1,441 FH 16 CASA MERAH 947 1,110,000 1,172 99
14 CENTRA SUITES 431 575,000 1,335 FH 16 BAYSHORE PARK 2,196 2,300,000 1,047 99
14 STUDIO8 893 1,020,000 1,142 FH 16 CASA MERAH 1,475 1,500,000 1,017 99
14 SIMSVILLE 980 1,050,000 1,072 99 16 LAGUNA GREEN 1,098 1,085,000 988 99
14 THE SUNFLOWER 1,658 1,720,000 1,038 FH 16 CHANGI COURT 969 950,000 981 FH
14 RESIDENCES 88 807 790,000 979 FH 16 THE CLEARWATER 1,335 1,280,000 959 99
14 THE SUNNY SPRING 1,195 1,150,000 963 FH 16 THE CLEARWATER 1,905 1,480,000 777 99
14 THE SUNNY SPRING 1,098 1,050,000 956 FH 17 CARISSA PARK CONDOMINIUM 1,496 1,300,000 869 FH
14 EUNOS PARK 1,259 1,148,800 912 FH 17 CARISSA PARK CONDOMINIUM 1,324 1,096,600 828 FH
14 DELIGHT COURT 1,163 986,600 849 FH 18 D'NEST 484 618,000 1,276 99
14 THE ALCOVE 1,378 1,112,000 807 99 18 THE PALETTE 732 810,000 1,107 99
15 CORALIS 495 928,000 1,874 FH 18 D'NEST 753 820,000 1,088 99
15 THE SEA VIEW 560 1,013,000 1,810 FH 18 THE PALETTE 1,066 1,025,000 962 99
15 THE SHORE RESIDENCES 1,055 1,630,000 1,545 103 18 WATERVIEW 1,421 1,350,000 950 99
15 QUESTA @ DUNMAN 775 1,185,000 1,529 FH 18 THE TROPICA 1,313 1,100,000 838 99

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 SINGAPORE PROPERTY WEEKLY Issue 356

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
18 EASTPOINT GREEN 958 740,000 772 99 22 THE LAKEFRONT RESIDENCES 506 770,000 1,522 99
18 SAVANNAH CONDOPARK 2,303 1,632,000 708 99 22 THE LAKEFRONT RESIDENCES 764 965,000 1,263 99
19 CASA CAMBIO 710 1,050,000 1,478 FH 22 PARC OASIS 1,399 1,328,000 949 99
19 RIVER ISLES 441 595,000 1,348 99 23 GLENDALE PARK 1,033 1,220,000 1,181 FH
19 ISUITES @ PALM 635 780,000 1,228 999 23 TREE HOUSE 1,367 1,525,000 1,116 99
19 THE LUXURIE 732 880,000 1,202 99 23 HILLBROOKS 1,238 1,285,000 1,038 FH
19 THE MINTON 700 730,000 1,043 99 23 FORESQUE RESIDENCES 1,916 1,850,000 966 99
19 BOATHOUSE RESIDENCES 1,001 1,040,001 1,039 99 23 PALM GARDENS 1,206 900,000 747 99
19 THE MINTON 1,109 1,150,000 1,037 99 23 REGENT GROVE 1,259 910,000 723 99
19 PALM GROVE CONDOMINIUM 1,453 1,500,000 1,032 999 23 NORTHVALE 1,087 753,000 693 99
19 RIVERSOUND RESIDENCE 1,163 1,168,000 1,005 99 23 THE PETALS 2,831 1,680,000 593 FH
19 FLO RESIDENCE 926 895,000 967 99 25 PARC ROSEWOOD 753 700,000 929 99
19 RIVER ISLES 1,249 1,170,000 937 99 27 EIGHT COURTYARDS 549 600,000 1,093 99
19 COMPASS HEIGHTS 1,055 885,000 839 99 27 THE MILTONIA RESIDENCES 840 800,000 953 99
19 REGENTVILLE 1,152 878,000 762 99 27 NORTHWOOD 1,313 1,040,000 792 FH
20 SKY VUE 678 1,145,000 1,688 99 27 YISHUN SAPPHIRE 1,184 860,000 726 99
20 THE GARDENS AT BISHAN 883 953,000 1,080 99 28 MIMOSA PARK 2,303 1,840,000 799 FH
21 THE CASCADIA 1,410 2,405,000 1,706 FH
21 NOTTINGHILL SUITES 420 640,000 1,525 FH
21 THE BEVERLY 1,119 1,500,000 1,340 FH NOTE: This data only covers non-landed residential resale property
21 PANDAN VALLEY 1,335 1,658,000 1,242 FH transactions with caveats lodged with the Singapore Land Authority.
Typically, caveats are lodged at least 2-3 weeks after a purchaser
21 SELANTING GREEN 1,389 1,600,000 1,152 FH
signs an OTP, hence the lagged nature of the data.
21 THE HILLSIDE 1,313 1,430,000 1,089 FH
21 SPRINGDALE CONDOMINIUM 1,259 1,320,000 1,048 999
21 HUME PARK II 1,238 1,208,888 977 FH
21 HIGH OAK CONDOMINIUM 1,023 948,000 927 99
21 HIGH OAK CONDOMINIUM 1,238 1,038,000 839 99
21 LE WOOD 1,249 895,000 717 99

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