Guide to residential sites in H1 2018's Government Land Sales Programme
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RESEARCH
Guide to residential sites in H1
2018’s Government Land Sales
Programme
In the H2 2018 GLS programme, the government introduced sites at locations with strong residential demand. What
are the location attributes of each site?
Edmund Tie & Company Research 1
Executive Summary
The residential market recovered in
2017, with private home prices rising by 1.1% 2017
following a 3.1% decline in 2016. Developers
also sold more homes than they have launched.
At a glance
Some 6,020 new private units were put up for ▪ Home sales in 2017 exceeded the
sale in 2017 and developers sold 10,566 units,
level in 2013
against 7,972 units in 2016.
The Executive Condominium (EC) market also ▪ Home prices recovered in H2 2017
registered higher sales, with 4,011 EC unit
transacted despite developers launching only ▪ Market is likely to rebound although
1,555 EC units in 2017. any upside sentiments may be
tempered by the volatile equity
We anticipate the market to improve in 2018 markets
and forecast home prices to go up by 4-8%.
This H1 2018 GLS guide offers a snapshot of the land
parcels in the Confirmed List and selected new sites in the
Reserve List. We further allocated a score based on a
series of criteria and ranked them based on their potential
take-up rate.
Edmund Tie & Company Research 2
Overview of the residential market in 2017
Market on the uptrend
The residential market bottomed out in Q3 2017 Moving forward, we anticipate the market to
and started to trend upwards based on the URA continue trending upwards, barring any
Price Index (Figure 1). The upturn in prices was economic shocks. The demand for residential
due to a culmination of factors. First, buyers’ properties in 2018 will be partly supported by
sentiments improved after the Government owners who sold their homes through
finetuned the sellers’ stamp duties, and their collective sales. Separately, the number of
optimism was further reinforced by the units that can be launched remained low, as
competitive land bids. By the end of 2017, the supply from the collective sales would take
developers sold more units. The resale market longer to come into the market. Based on our
was equally active. There were 14,043 resale initial estimates, we expect residential prices
transactions, compared to 7,901 units in 2016. to go up by 4-8% in 2018. The appreciation
may be revised upwards, assuming there are
no government intervention or economic
upheavals resulting from geopolitical tensions.
Figure 1: URA Residential Price Index and Private Home Sales (excluding Executive
Condominiums)
Units sold URA Price
Index
12,000 155
150
10,000
145
8,000 140
135
6,000
130
4,000 125
120
2,000
115
0 110
2010 Q1
2010 Q2
2011 Q1
2011 Q2
2012 Q1
2012 Q2
2012 Q3
2013 Q2
2013 Q3
2014 Q2
2014 Q3
2015 Q2
2015 Q3
2015 Q4
2016 Q3
2016 Q4
2017 Q3
2017 Q4
2010 Q3
2010 Q4
2011 Q3
2011 Q4
2012 Q4
2013 Q1
2013 Q4
2014 Q1
2014 Q4
2015 Q1
2016 Q1
2016 Q2
2017 Q1
2017 Q2
New Sales Total Secondary Sales URA Non-landed Property Price Index
Source: URA, Edmund Tie & Company Research
Edmund Tie & Company Research 3
THE HOT SPOTS
The hot spots continued to be in district 15, due
to its large stock of private homes. The market
has also seen more activity due to the collective
sales. The higher land bids, and the increase in “The prices in the prime districts
sales activity pushed the prices of some have jumped significantly. The
residential developments in districts 14 and 15
over the $2,000 per sq ft barrier (Figure 2). build-up in price is likely to
continue, with more home owners
The prices in the prime districts 9,10 and 11 and seeking to invest in the housing
those in the Downtown Core also went above
$3,000 per sq ft. Not only did local buyers enter market of Singapore.”
the market, more foreign buyers were also
purchasing luxury homes.
Figure 2: Transaction volume and price range by district level (Non-landed homes)
District Number of Min of Unit Price ($ psf) Max of Unit Price ($ psf)
transactions in
2017
1 183 $ 715.00 $ 3,237.00
2 309 $ 640.00 $ 4,000.00
3 1,831 $ 567.00 $ 2,301.00
4 326 $ 657.00 $ 2,908.00
5 1,797 $ 676.00 $ 2,096.00
7 59 $ 735.00 $ 2,475.00
8 340 $ 350.00 $ 2,514.00
9 1,546 $ 507.00 $ 3,919.00
10 1,463 $ 676.00 $ 4,439.00
11 615 $ 616.00 $ 2,875.00
12 717 $ 432.00 $ 2,693.00
13 411 $ 715.00 $ 1,681.00
14 1,354 $ 572.00 $ 2,184.00
15 2,083 $ 557.00 $ 2,885.00
16 1,345 $ 543.00 $ 1,792.00
17 263 $ 488.00 $ 1,221.00
18 1,240 $ 495.00 $ 1,340.00
19 1,843 $ 529.00 $ 1,774.00
20 461 $ 498.00 $ 1,776.00
21 676 $ 563.00 $ 2,763.00
22 377 $ 541.00 $ 1,838.00
23 1,091 $ 518.00 $ 1,707.00
25 101 $ 563.00 $ 1,277.00
26 124 $ 607.00 $ 1,386.00
27 701 $ 501.00 $ 1,474.00
28 432 $ 619.00 $ 1,384.00
Source: URA, Edmund Tie & Company Research
Edmund Tie & Company Research 4
The Land Bids
Land bids have risen significantly. Comparing
the winning land bids for the land parcels at
West Coast Vale, the rates rose by about 35%
over a year (Figure 3). Separately, the land bid “Despite the uncertainty from the
for Jiak Kim Street was at $1,732.50 per sq ft, upcoming Budget and DC rates
which is higher than the land bid for Central
Boulevard site, which is zoned for white use, in revision, the residential market is
2016. The higher land bids are likely to push up likely to expand. Land rates,
the Development Charge (DC) rates in however, seemed to have peaked
February’s revision.
towards the end of 2017.”
To temper the developers’ hunger for land, the
Government introduced the batched tender
exercise. However, the batching of land parcels
on the same date of closing tender has limited
impact on land bids.
Separately, more sites will be under the concept
and price revenue tender system. For instance,
the land parcel at Hillview will be evaluated
based on proposals that demonstrate high
construction productivity outcomes at the
conceptualization stage.
Figure 3: Number of bids and unit prices of winning tender in 2017
$ per sq ft
per plot ratio
1,800 1732.5 1722.3
1,600 1540
1,400
1181
1,200 1050.7
1110
1000.7
Upper Serangoon Road
964.8
1,000 939.3
800
800
Serangoon North
Woodleigh Lane
680.8
West Coast Vale
Jiak Kim Street
Fourth Avenue
591.5
Toh Tuck Road
565.4
Perumal Road
Chong Kuo Rd
600 525.6
Stirling Road
Handy Road
West Coast
Tampines Ave
10 (Parcel C)
Avenue 1
Realty Park
400
Lorong 1
(Landed)
200
Vale
0
Feb-17
Jan-17
Jun-17
Jun-17
Jan-18
Jan-18
Jan-18
Jul-17
May-17
May-17
Dec-17
Aug-17
Dec-17
Apr-17
Confirmed Reserve
Source: URA, Edmund Tie & Company Research
Edmund Tie & Company Research 5
ATTRIBUTES OF PROJECTS WITH RANKING CRITERIA
HIGHER TAKE-UP RATES The attributes were each assigned a scoring
scale of 1 (lowest) to 5 (highest). Under the
location criteria, we further distinguished three
Analysing the sales transactions from 2014 to sub-attributes: distance to MRT stations,
2017, we identified four attributes that are established schools, and lifestyle amenities.
associated with higher take-up rates. Besides distance, we also examined the
reputation of schools and the quality of
Location amenities around the project. A score of 5 is
Most of the projects that did well were near awarded for each locational attribute that is
existing or upcoming MRT stations, established less than a 5-minute walk to the amenity, and
schools, and other lifestyle or shopping the score depreciates proportionately.
amenities.
The competition criterion is established based
Growth Potential on the number of existing and upcoming
projects in the area. We allocate the site a
Projects that did well tend to have less score of 5 if there were no competing launches
competition in its vicinity. and is scaled down proportionately.
Established neighbourhoods How established the neighbourhood is
The demand for projects tend to emanate from depends on the history and cultural identity of
residents living in the same District. Most buyers the area. For projects proximate to HDB
will prefer to buy a place near where they used estates, the age of the HDB town will be taken
to live or where their parents are currently into consideration.
staying. Additionally, those living in the older
private developments may want to move to new A score is given whenever the location is
projects. within an area under URA plans. If the site is
in an area earmarked as the second CBD, we
Areas earmarked for future allocate a score of 5. If it is status quo, we
development under URA Plans allocate a score of 1.
Projects that are in areas earmarked for future Last, we allocate a score based on the
development were well-received in 2017, as negative externalities in the area. For instance,
buyers were attracted to the potential capital noise pollution from nearby expressway or
appreciation when the plans come to fruition. congestion. We award the site a score of 5 if it
Some of the upcoming areas include Paya is not affected by negative externalities and 1
Lebar, Jurong East, Punggol Digital District and if the site is adversely impacted by the
Bidadari Housing Estate surroundings.
Edmund Tie & Company Research 6
Land Parcels in H1 2018 GLS
LAND
PARCELS Confirmed List
CUSCADEN ROAD
District 10
Site Area: 0.57ha URA’s estimated number of units: 170
GPR: 2.8 Estimated Launch: February 2018
Height constraints: 20 storeys
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
N
Source: URA Space, Edmund Tie & Company Research
• Affluent buyers who enjoy the accessibility to the
shopping belt and CBD and are intending to get a
Likely buyers weekend home
• Investors seeking to rent to expatriates, medical
professionals and affluent families who have members
seeking medical services at nearby hospitals
Edmund Tie & Company Research 7
KEY FACTS
Total Stock of 25,586 units Indicative unit prices $2,800- $3,000 per sq
non-landed (forecast based on ft
homes in prices as at 28 January
District 10 2018)
Total 557 units Expected number of 8-12 bids
Transactions in bids if triggered
District 10
Within 15min of Retail Amenities Likely bid range as at 28 $1,650-$1,780 per sq
walking Orchard Road Shopping January 2018 ft per plot ratio
Belt
Lifestyle and other
Selected projects in 3 Cuscaden (90 units)
Amenities
pipeline 120 Grange (56 units)
Botanic Gardens
Gleneagles Hospital Comparable site Handy Road
Mount Elizabeth recently transacted January 2018
Hospital ($212.2m, $1,722 per
Camden Medical Centre sq ft per plot ratio)
Transport
Orchard Boulevard MRT
Station (under
construction)
Orchard Road MRT
Station (North South
Line)
Within short Regions Attractions and Expressway
driving distance Dempsey Hill area Amenities Central Expressway
Fort Canning Hill Clarke Quay (CTE)
Central Business District Robertson Quay Pan Island
(CBD) Expressway (PIE)
Buyers by Singapore: 1,253 units
nationality in Mainland China: 70 units
District 10 as of Indonesia: 70 units
28/01/2018 Malaysia: 64 units Developments and unit prices based on 2017
transactions
Lowest Highest
Pros The site is proximate to
Development Unit Price Unit Price
major shopping belts and
(tenure) in 2017 ($ in 2017 ($
has a good public
per sq ft) per sq ft)
transport network. It is
also near to the Gramercy Park
2,500 3,310
upcoming Orchard (FH)
station along the Sophia Hills (LH) 1,806 2,290
Thomson-East Coast Cairnhill Nine (LH) 2,373 2,769
Line and Botanic OUE Twin Peaks
2,152 3,394
Gardens. The supply of (LH)
homes in the area is The Orchard
2,101 3,403
limited. Residences (LH)
Cons The site is relatively
small.
Edmund Tie & Company Research 8
LAND
PARCELS Confirmed List
MATTAR ROAD
District 14
Site Area: 0.64ha URA’s estimated number of units: 255
GPR: 3.0 Estimated Launch: March 2018
No height constraints
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities N
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
Source: URA Space, Edmund Tie & Company Research
• Upgraders or families living in the surrounding HDB estate
• Home owners downsizing from landed homes and those
who are purchasing for their children
• Parents who intend to enrol their children into Geylang
Likely buyers
Methodist Primary School
• Investors looking to rent to professionals working in Paya
Lebar and those who are confident on the growth
prospects of the area
Edmund Tie & Company Research 9
KEY FACTS
Total Stock of 14,177 units Indicative unit prices $1,700 - $1,950per
non-landed (forecast based on sq ft
homes in prices as at 28 January
District 14 2018)
Total 661 units Expected number of bids 8-10 bids
Transactions in if triggered
District 14
Within 15min of Retail Amenities Likely bid range as at 28 $1,050 - $1,200 per
Walking Macpherson Market & January 2018 sq ft per plot ratio
Hawker Centre
Lifestyle Amenities
Selected projects in Former Eunosville
Macpherson Community
pipeline (1,399 units)
Centre
Schools
Canossa Convent Comparable site recently Eunosville
Primary School transacted June 2017
Canossian School ($765.8m, $909 per
Macpherson Primary sq ft per plot ratio
School inclusive of DC and
Geylang Methodist DP)
School (Primary)
Transport
Mattar MRT Station and
Macpherson MRT
Station (Downtown line)
Within short Regions Attractions and Expressway
driving Kaki Bukit Amenities Pan Island
distance Geylang Area Paya Lebar Quarter Expressway (PIE)
Serangoon/ Bidadari (upcoming) Kallang Paya Lebar
Area Paya Lebar Square Expressway (KPE)
Central Business District City Plaza East Coast Parkway
(CBD) (ECP)
Buyers by Singapore: 1,116 units
nationality in Mainland China: 109
District 14 units
Malaysia:104 units Developments and unit prices based on 2017
transactions
Pros Residents in the future
development will enjoy Lowest Highest
the amenities in Geylang Development Unit Price Unit Price in
and Macpherson, and it (tenure) in 2017 ($ 2017 ($ per
will benefit from Paya per sq ft) sq ft)
Lebar’s growth. The site Tre Residences
1,250 1,609
is also close to Mattar (LH)
MRT station. Sims Urban Oasis
1,204 1,586
(LH)
Cons There is a substantial Park Place
amount of State Land in Residences At 1,579 2,184
the vicinity and there is a PLQ (LH)
likelihood it will be
released in subsequent
GLS launches.
Edmund Tie & Company Research 10LAND
PARCELS Confirmed List
SILAT AVENUE
District 3
Site Area: 2.5ha URA’s estimated number of units: 1,160
GPR: 3.5 (Residential) Estimated Launch: March 2018
Residential with 450 sqm Commercial
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
N
Source: URA Space, Edmund Tie & Company Research
• Professionals working in the CBD and the creative sectors
who are attracted to the culture and lifestyle of the area,
affordable food and transport amenities
Likely buyers
• Doctors and professionals in the medical field
• Investors seeking to rent to expatriates and professionals
working in Singapore General Hospital
Edmund Tie & Company Research 11KEY FACTS
Total Stock of 6,945 units Indicative unit prices $1,800 - $2.100 per
non-landed (forecast based on sq ft
homes in prices as at 28 January
District 3 2018)
Total 861 units Expected number of 6-8
Transactions in bids if triggered
District 3
Within 15min of Retail Amenities Likely bid range as at 28 $1,000 - $1,200 per
Walking Tiong Bahru estate January 2018 sq ft per plot ratio
Everton Park estate
Other Amenities
Selected projects in Stirling Road: 1,259
Singapore General
pipeline units
Hospital (SGH)
Margaret Road: 316
Schools
units
CHIJ Kellock (under
construction) Comparable site Stirling Road
Radin Mas Primary recently transacted May 2017
School ($1.0bn, $1,163 per
CHIJ St Theresa’s sq ft per plot ratio)
Convent
Within short Regions Lifestyle and Other Expressway
driving Sentosa Amenities Central Expressway
distance Central Business District Vivocity (CTE)
(CBD) Ayer Rajah
Chinatown Expressway (AYE)
Marina Bay Sands
(MBS)
Mount Faber
Buyers by Singapore: 1,365
nationality in China: 154
District 3 Malaysia: 94 Developments and unit prices based on 2017
Indonesia: 32 transactions
Lowest Highest
Pros The site is close to many
Development Unit Price Unit Price
F&B and unique retail
(tenure) in 2017 ($ in 2017 ($
offerings in the area. It is
per sq ft) per sq ft)
within walking distance to
SGH and its specialist Highline
$1,535 $2,301
centres. Residents can Residences (LH)
also go to Mount Faber Commonwealth
$1,439 $2,056
for recreation, which Towers (LH)
could be a potential Queens Peak (LH) $1,429 $1,871
selling point. Principal Garden
$1,485 $1,932
(LH)
Cons The MRT station is not The Crest (LH) $1,555 $1,800
within walking distance to
the site.
Edmund Tie & Company Research 12LAND
PARCELS Confirmed List
Dairy Farm Road
District 23
Site Area: 1.97ha URA’s estimated number of units: 500
GPR: 2.1 Retail: 4,000 sqm
No known additional height Estimated Launch: May 2018
constraints
Subject
site
Proximity to
Established Schools
4
3.5 Proximity to MRT
Negative Externalities 3 Station
2.5
2
1.5
Upcoming area 1 Lifestyle Amenities
0.5
0 N
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
Source: URA Space, Edmund Tie & Company Research
• Owners in the area looking to downsize
Likely buyers • Owners who are buying for their children
• Malaysian home buyers working in Singapore
Edmund Tie & Company Research 13KEY FACTS
Total Stock of 17,641 units Indicative unit prices $1,560 - $1,700 per
non-landed (forecast based on sq ft
homes in prices as at 28 January
District 23 2018)
Total 1,091units Expected number of 8-12
Transactions bids if triggered
(non-landed) in
District 23
Within 15min of Retail Amenities Likely bid range as at 28 $950- $1,100 per sq ft
Walking The Rail Mall January 2018 per plot ratio
HillV2
Schools
Selected projects in Condominium
German European
pipeline Development at Jalan
School
Remaja:108 units)
Assumption English
Le Quest: 216 units
School
unsold
St Francis Methodist
School Comparable site Toh Tuck Road
CHIJ Our Lady Queen of recently transacted April 2017
Peace ($265m, $939 per sq
Lifestyle and other ft per plot ratio)
Amenities
Dairy Farm Nature Park
Chestnut Nature Park
Transport
Hillview MRT station
(Downtown Line)
Within short Regions Attractions and Expressway
driving Jurong East Amenities Pan Island
distance Clementi Bukit Timah Nature Expressway (PIE)
Reserve Bukit Timah
Former Ford Factory Expressway (BKE)
Bukit Batok Nature Park
Beauty World
Buyers by Singapore: 961
nationality in China: 74
District 23 Malaysia: 89 Developments and unit prices based on 2017
India: 34 transactions
Pros The site is proximate to Lowest Unit
an international school Highest Unit
Development Price in
and is easily accessible Price in 2017
(tenure) 2017 ($ per
to major growth clusters ($ per sq ft)
sq ft)
by car. The site is on Eco Sanctuary
elevated grounds. $954 $1,321
(FH)
Hillion Residences $1,254 $1,666
Cons It is quite a distance from
the nearest MRT station Kingsford. Hillview
$853 $1,344
or retail mall. It loses the Peak
first mover advantage to Le Quest (LH) $1,143 $1,464
the land parcel in H1
2017 GLS at Hillview.
Edmund Tie & Company Research 14LAND
PARCELS Confirmed List
Jalan Jurong Kechil
District 21
Site Area: 1.49ha
URA’s estimated number of units: 280
GPR: 1.4
Estimated Launch: June 2018
No known additional height
constraints
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
N
Source: URA Space, Edmund Tie & Company Research
• Private owners staying in vicinity that are seeking to
Likely buyers downsize
• Private owners purchasing for their children
• Upgraders staying in Bukit Batok
Edmund Tie & Company Research 15KEY FACTS
Total Stock of 13,886 units Indicative unit prices $1,600 - $1,800 per
non-landed (forecast based on sq ft
homes in prices as at 28 January
District 21 2018)
Total 676 units Expected number of 8-10
Transactions bids if triggered
(non-landed) in
District 21
Within 15min Retail Amenities Likely bid range as at 28 $950-$1,100 per sq ft
of Walking Old Bukit Timah Fire January 2018 per plot ratio
Station
Beauty World area
Selected projects in Daintree Residences:
Schools
pipeline 327 units
Pei Hwa Presbyterian
Bukit View Primary Comparable site recently Toh Tuck Road
School transacted April 2017
Lianhua Primary School ($265m, $939 per sq
Keming Primary School ft per plot ratio)
Lifestyle and other
Amenities
Bukit Batok Nature Park
Transport
Beauty World MRT
Station (Downtown Line)
Within short Regions Attractions and Expressway
driving Jurong East Amenities Pan Island
distance Clementi Expressway (PIE)
Bukit Batok
Buyers by Singapore: 685
nationality in China: 32
District 21 Malaysia: 28 Developments and unit prices based on 2017
Pros The site is very exclusive, Lowest Unit Highest Unit
and close to many natural Development Price in Price in
amenities. It is also within (tenure) 2017 ($ per 2017 ($ per
2km to Pei Hwa sq ft) sq ft)
Presbyterian Primary The Creek@Bukit
$1,256 $1,884
School. (FH)
The Hillford (LH) $1,184 $1,243
Cons It is a 10-14min walk to
the nearest MRT station.
Edmund Tie & Company Research 16LAND
PARCELS Confirmed List
Canberra Link (EC)
District 27
Site Area: 1.80ha
HDB’s estimated number of units: 450
GPR: 2.5
Estimated Launch: June 2018
No known additional height
constraints
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
N
Source: URA Space, Edmund Tie & Company Research
Likely buyers • Upgraders staying at the Sembawang and Yishun HDB
estates
Edmund Tie & Company Research 17KEY FACTS
Total Stock of EC 3,058 units Indicative unit prices $790-$950 per sq ft
in District 27 (forecast based on prices as
at 28 January 2018)
Total 1,403 units Expected number of bids if 8-12
Transactions triggered
(EC) in District 27
Within 15min of Retail Amenities Likely bid range as at 28 $360-$400 per sq ft per
Walking Sembawang Shopping Centre January 2018 plot ratio
Chong Pang Market & Food
Centre EC projects with unsold Parc Life: 107 unsold
Schools units units
Sembawang Primary School The Criterion: 33 unsold
Ahmad Ibrahim Primary School units
Furen International School
Lifestyle and other Comparable site recently Sengkang in Sep 2016
Amenities transacted ($240.95m, $355 per sq
Montreal Green ft per plot ratio)
Transport
Sembawang MRT Station
Within short Regions Attractions and Amenities Expressway
driving distance Woodlands Sembawang Park Seletar Expressway
Yishun Singapore Zoo (SLE)
Sembawang Golf Course
Northpoint City
Buyers by HDB addresses: 586 units
addresses Private addresses: 62 units
N.A: 755 units
Developments and unit prices based on 2017
Pros The site is close to Sembawang transactions
MRT station. If the site at
Canberra Drive in the Reserve Lowest Unit Highest Unit
Development
List is triggered, it will also boost Price in 2017 Price in 2017
(tenure)
sales for the EC development. ($ per sq ft) ($ per sq ft)
There are also not many EC The Visionaire (LH) $715 $886
developments in the market. The Brownstone (LH) $759 $962
The Criterion (LH) $703 $896
Cons Buyers are likely to come from
the area and targeted
marketing is needed.
EdLAND
PARCELS Reserve List
BARTLEY ROAD / JALAN BUNGA RAMPAI
District 19
Site Area: 0.47ha URA’s estimated number of units: 115
GPR: 2.1 (Residential) Estimated Launch: Available for application
Height constraints: 64m AMSL
N
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
Source: URA Space, Edmund Tie & Company Research
• Upgraders from nearby HDB estates
• Mature families seeking to downsize from their landed
Likely buyers properties
• Buyers purchasing for their children to stay near them
• Investors who are looking to rent to professionals working
in the Kaki Bukit and Tai Seng area
Edmund Tie & Company Research 19KEY FACTS
Total Stock of 24,546 Indicative unit prices $1,500- $1,800 per sq
non-landed (forecast based on ft
homes in prices as at 28 January
District 19 2018)
Total 1,843 Expected number of 8-10
Transactions bids if triggered
(non-landed) in
District 19
Within 15min of Schools Likely bid range as at 28 $900 - $1,100 per sq
Walking Bartley Secondary January 2018 ft per plot ratio
School
Maris Stella High Selected projects in GLS site at
St. Gabriel’s Secondary pipeline Serangoon North: 613
School units
Transport GLS site at
Bartley MRT Station Woodleigh Lane: 735
Tai Seng MRT Station units
GLS site at Bidadari
estate: 825 units
Former Serangoon
Ville site
Former Rio Casa site
Former Sun Rosier
site
Comparable site recently Woodleigh Lane
transacted July 2017
($700.7m, $1,111 per
sq ft per plot ratio)
Within short Regions Attractions and Expressway
driving Toa Payoh Amenities Kallang Paya Lebar
distance Braddell nex Expressway (KPE)
Serangoon Stamford American Pan Island
Macpherson International School Expressway (PIE)
Cedar Primary and Cedar Central Expressway
Girls’ Secondary School (CTE)
Paya Lebar Methodist
Primary and Secondary
Buyers by Singapore: 1,890
nationality in Mainland China: 138
District 19 Malaysia: 115 Developments and unit prices based on 2017
transactions
Pros The site is within 1km to
Maris Stella High and Lowest Unit Highest
Cedar Primary School. It Development Price in Unit Price in
is within walking (tenure) 2017 ($ per 2017 ($ per
distance to Bartley MRT sq ft) sq ft)
station. Stars of Kovan 1,304 1,629
Forest Woods (LH) 1,212 1,587
Cons The site is close to
Bartley Viaduct and there Botanique At
1,269 1,316
may be some loss of Bartley (LH)
efficiency due to the
land’s shape.
EdLAND
PARCELS Reserve List
YISHUN AVENUE 9
District 27
Site Area: 2.15ha URA’s estimated number of units: 805
GPR: 2.8 Estimated Launch: Available for application
Height constraints: 56m AMSL
Proximity to
established schools
5
4 Proximity to MRT
Upcoming area
station
3
2
1
Established
0 Lifestyle amenities
neighbourhood
Lack of competition
Shopping amenities
from other sites
Distance to
Attractiveness of location
Expressways
N
Source: URA Space, Edmund Tie & Company Research
• Upgraders from nearby HDB estates who are looking for
affordable private homes
Likely buyers • Investors who are looking to rent to professionals working
in nearby industrial estates
• Prospective buyers who work in Malaysia and Khoo Teck
Puat Hospital
Edmund Tie & Company Research 21KEY FACTS
Total Stock of 5,590 units Indicative unit prices $1,100 - $1,200 per sq
non-landed (forecast based on ft
homes in prices as at 28 January
District 27 2018)
Total 701 units Expected number of 4-8 bids
Transactions in bids if triggered
District 27
Within 15min of Retail Amenities Likely bid range as at $550 - $650 per sq ft
Walking Junction Nine 28 January 2018 per plot ratio
Northpoint City
Schools
Selected projects in Kandis Residences: 11
Northland Secondary
pipeline units not launched
School
Symphony Suites: 67
Chongfu School
units not launched
Yishun Town Secondary
School Comparable site Jalan Kandis
Xishan Primary School recently transacted April 2016
Transport ($51.1m, $480 per sq
Yishun MRT Station ft per plot ratio)
Within short Regions Attractions and Expressway
driving Sembawang Amenities Seletar Expressway
distance Woodlands Checkpoint Orchid Country Club (SLE)
Seletar Airbase Seletar Country Club Tampines Expressway
Sembawang Golf Course (TPE)
Sembawang Park
Lower Seletar Reservoir
Buyers by Singapore: 625
nationality in Mainland China: 65 Developments and unit prices based on 2017
District 27 Malaysia: 58 transactions
Lowest Unit Highest
Pros The site is proximate to
Development Price in Unit Price in
Khatib Bongsu Park
(tenure) 2017 ($ per 2017 ($ per
connector and Yishun
sq ft) sq ft)
Dam. The industrial
parks also offer several Kandis Residence
$1,176 $1,354
retail options. (LH)
North Park
$1,089 $1,474
Cons The site is less Residences (LH)
accessible compared to Symphony Suites
$968 $1,147
others in the GLS (LH)
programme, and it is The Wisteria (LH) $962 $1,163
1.3km away from Yishun
MRT Station.
Edmund Tie & Company Research 22LAND
PARCELS Reserve List
CANBERRA DRIVE
District 27
Site Area: 4.11ha URA’s estimated number of units: 765
GPR: 1.4 Estimated Launch: Available for application
No height constraints
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0
N
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
Source: URA Space, Edmund Tie & Company Research
• Upgraders or families living in the surrounding HDB
Likely buyers estates
• Those seeking to downsize from their landed homes
• Those who are buying for their children to stay nearby
Edmund Tie & Company Research 23KEY FACTS
Total Stock of 5,590 units Indicative unit prices $1,200-$1,400
non-landed (forecast based on
homes in prices as at 28 January
District 27 2018)
Total 268 units Expected number of 4-8 bids
Transactions in bids if triggered
District 27
Within 15min of Retail Amenities Likely bid range as at 28 $600-$750 per sq ft
Walking Some cafes in the January 2018
vicinity
Lifestyle Amenities Selected projects in Kandis Residences:
Sembawang Sports and pipeline 11 units not launched
Community Hub (under Symphony Suites: 67
construction) units not launched
Schools
Ahmad Ibrahim Comparable site recently Jalan Kandis
Secondary School transacted April 2016
Sir Manasseh Meyer ($51.1m, $480 per sq
International School ft per plot ratio)
Ahmad Ibrahim Primary
School
Yishun Primary School
Sembawang Primary
School
Transport
Canberra MRT station
(under construction)
Within short Regions Attractions and Expressway
driving Yishun Amenities Seletar Expressway
distance Woodlands Sun Plaza (SLE)
Yishun Dam
Sembawang Golf Course
Orchid Country Club
Lower Seletar Reservoir
Buyers by Singapore: 625 Developments and unit prices based on 2017
nationality in Mainland China: 65 transactions
District 27 Malaysia: 58
Lowest Unit
Highest Unit
Pros The site is located near Development Price in
Price in 2017
the future Canberra MRT (tenure) 2017
($ per sq ft)
Station. It also has some ($ per sq ft)
cafes nearby. Kandis Residence
1,176 1,354
(LH)
Cons The launch of the EC
Canberra
site in the Confirmed List 656 1,100
Residences (LH)
will weigh on the bids for
Eight Courtyards
the site. 834 1,261
(LH)
EdLAND
PARCELS Reserve List
Sims Drive
District 14
Site Area: 1.7ha
GPR: 3.0 URA’s estimated number of units: 680
No known additional height Estimated Launch: May 2018
constraints
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
N
Attractiveness of location
Source: URA Space, Edmund Tie & Company Research
• Investors who like properties at the city fringe
Likely buyers • Upgraders from the HDB developments
• Owners who have sold their home en bloc and are buying
for their children
Edmund Tie & Company Research 25KEY FACTS
Total Stock of 15,430 units Indicative unit prices $1,600-$1,800 per sq
non-landed (forecast based on 28 Jan ft
homes in prices)
District 14
Total 1,354 units Expected number of bids if 4-8 bids
Transactions triggered
(non-landed) in
District 14
Within 15min Retail Amenities Likely bid range as at 28 $950-$1,100 per sq ft
of Walking Market and Hawker Jan 2017 per plot ratio
Centre
Schools Selected projects in Former Eunosville
Geylang Methodist pipeline (1,399 units)
School (Primary and Residential
secondary) development at
Macpherson Primary Guillemard Road (138
School units)
James Cook University Residence 1 (116
CHIJ Katong Convent units)
Cedar Primary School
Lifestyle Amenities Comparable site Former Eunosville
Singapore Badminton transacted ($765m, estimated
Hall $194m DC, $909 per
Transport sq ft per plot ratio)
Aljunied MRT station
Within short Regions Attractions and Expressway
driving Raffles Place Amenities Pan Island
distance Orchard Road shopping National Stadium Expressway (PIE)
district National Indoor Stadium Kallang Paya Lebar
Central Business District Leisure Park Kallang Expressway (KPE)
(CBD) SingPost Centre
Paya Lebar Gardens by the Bay
Proportion of Singapore: 1,116 units Developments and unit prices based on 2017
buyers by China: 109 units transactions
nationality Malaysia: 104 units
Lowest Unit Highest Unit
Pros The project is close to Development Price in Price in
Aljunied MRT station and (tenure) 2017 ($ per 2017 ($ per
located at the city fringe. sq ft) sq ft)
It is also close to many Park Place
amenities in the area. Residences at $1,579 $2,184
PLQ (LH)
Cons It is very near the
expressway and may Sims Urban Oasis
$1,204 $1,586
(LH)
face competition from the
land parcel at Mattar Tre Residences
$1,250 $1,609
Road. (LH)
EdLAND
PARCELS Reserve List
Tampines Avenue 10 (EC)
District
Site Area: 2.56ha
HDB’s estimated number of units: 715
GPR: 2.8
Estimated Launch: May 2018
No known additional height
constraints
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
N
Source: URA Space, Edmund Tie & Company Research
• Upgraders staying at Tampines Housing Estate
• Buyers who want to stay near their parents at Tampines
• Expatriates who are working at Changi Business Park and
Likely buyers have children studying at United World College
• Pilots and aviation professionals who work in Changi
Airport
• Staff working at Temasek Polytechnic
Edmund Tie & Company Research 27KEY FACTS
Total Stock of 5,321 units Indicative unit prices $800-$940 per sq ft
EC in District (forecast based on
18 prices as at 28 January
2018)
Total 78 units Expected number of 4-10 bids
Transactions bids if triggered
(EC) in District
18
Within 15min of Schools Likely bid range as at 28 $340-$420 per sq ft
Walking United World College of January 2018 per plot ratio
South East Asia (East
Campus)
Poi Ching School EC projects with unsold NA
St Hilda Primary School units
Temasek Polytechnic
Comparable site Anchorvale Lane
recently transacted August 2016
($241m, $355 per sq
ft per plot ratio)
Within short Regions Attraction and Expressway
driving Changi Business Park Amenities Pan Island
distance Changi Airport Giant Expressway (PIE)
IKEA Tampines
Our Tampines Hub Expressway
Tampines Mall
Century Square
Tampines 1
Tampines Finance Park
Bedok Reservoir
Buyers by HDB addresses: 47 Developments and unit prices based on 2017
Addresses Private: 31 transactions
Pros There are no upcoming Lowest Unit Highest
EC developments in Development Price in Unit Price in
Tampines at the moment, (tenure) 2017 ($ per 2017 ($ per
and there is a strong sq ft) sq ft)
catchment of HDB ARC at Tampines
856 856
upgraders. (LH)
The Eden At
Cons The site is not within 616 840
Tampines (LH)
walking distance to MRT The Tampines
station. 866 866
Trilliant (LH)
Simei Green
634 867
Condominium (LH)
EdLAND
PARCELS Reserve List
Clementi Avenue 1
District 5
Site Area: 1.88ha
URA’s estimated number of units: 640
GPR: 3.5 (Residential)
Estimated Launch: June 2018
No known additional height
constraints
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
N
Source: URA Space, Edmund Tie & Company Research
• Buyers who work in NUS, NUH, Business Parks in Buona
Vista
• Investors who seek capital gains from the future growth of
Likely buyers Jurong area
• Families living in the surrounding landed developments
who are seeking to downsize
• Families that want to be within 1km from Nan Hua Primary
School
EdKEY FACTS
Total Stock of 13,565 units Indicative unit prices $1,400-$1900 per sq
non-landed (forecast based on ft
homes in prices as at 28 January
District 5 2018)
Total 1,797 Expected number of 4-6 bids
Transactions in bids if triggered
District 5
Within 15min of Retail Amenities Likely bid range as at 28 $900 -$1,085 per sq ft
Walking The Clementi Mall January 2018 per plot ratio
Grantral Mall @
Clementi
Selected projects in Twin View: 520 units
Schools
pipeline The Verandah
Nan Hua High School
Residences: 170 units
NUS High School of
Vista Park: 638 units
Mathematics and
Park West: 1,900
Science
units
National University of
Land parcel at West
Singapore
Coast: 730 units
Singapore Polytechnic
Former Normanton
United World College of
Park: 1,200 units
South East Asia (Dover
Campus) Comparable site recently Park West
The Japanese Primary transacted January 2018
School ($840.9m, $850 per
Lifestyle Amenities sq ft plot ratio,
Clementi Stadium including estimated
Clementi Sports Hall DC of $290.6m and
Transport excluding balcony
Clementi MRT station bonus)
Others
Republic of Singapore
Yacht Club
Within short Regions Attraction and Amenities Expressway
driving Jurong East Vivo City Ayer Rajah
distance one-north Sentosa Expressway (AYE)
Mediapolis Mount Faber
Holland Village
Mapletree Business City
Buyers by Singapore: 1,516 units Developments and unit prices based on 2017
Nationality Mainland China: 111 transactions
(Total Sales) units
Malaysia: 76 units Lowest Unit
Highest Unit
Development Price in
Pros The site is attractive as it Price in 2017
(tenure) 2017 ($ per
is close to the upcoming ($ per sq ft)
sq ft)
growth clusters in Jurong
Parc Riviera (LH) 934 1,394
East and Buona Vista.
The Clement
1,187 1,724
Cons There is a lot of Canopy (LH)
upcoming supply. The Trilinq (LH) 1,005 1,672
EdLAND
PARCELS Reserve List
Anchorvale Crescent (EC)
District 19
Site Area: 1.80ha
HDB’s estimated number of units: 540
GPR: 3.0 (Residential)
Estimated Launch: June 2018
No known additional height
constraints
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities N
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
Source: URA Space, Edmund Tie & Company Research
• Upgraders staying in the public housing estate
Likely buyers • First time buyers who are professionals and aspire to own
a higher quality home
Edmund Tie & Company Research 31KEY FACTS
Total Stock of 5,321 units Indicative unit prices $780-$990 per sq ft
EC homes in (forecast based on
District 19 prices as at 28 January
2018)
Total 846 units Expected number of 8-12 bids
Transactions bids if triggered
(EC) in
District 19
Within 15min Retail Amenities Likely bid range as at 28 $360-$461 per sq ft
of Walking Compass One January 2018 per plot ratio
Schools
Upcoming Skool4kidz EC projects not yet Rivercove
Campus @ Sengkang launched and projects Residences: 628 units
Riverside Park with unsold units
Springdale Primary School
Nan Chiau Primary School Comparable site Anchorvale Lane
Lifestyle Amenities recently transacted August 2016
Sengkang Sports Complex ($241m, $355 per sq
Sengkang Sports Centre ft per plot ratio)
Anchorvale Community
Club
Seng Kang Floating Wet
land
Transport
Cheng Lin LRT station
Sengkang MRT station
Others
Sengkang General
Community Hospital (2020)
Within short Regions Attraction and Expressway
driving Punggol Central Amenities Tampines
distance (upcoming Digital District) Seletar Mall Expressway (TPE)
Hougang nex
Serangoon Heartland Mall
Tampines Hougang Mall
Pasir Ris Waterway Point
Coney Island
Buyers by HDB addresses: 380 Developments and unit prices based on 2017
Addresses Private addresses: 137 transactions
NA: 329
Lowest Highest
Pros The site is close to many Development Unit Price Unit Price in
amenities and there is a (tenure) in 2017 ($ 2017 ($ per
strong upgrader catchment. per sq ft) sq ft)
Hundred Palms
Cons Buyers may be diverted to 777 908
Residences (LH)
the other EC. The Vales (LH) 745 909
developments such as
The Terrace (LH) 725 848
Sumang Walk.
Treasure Crest
679 878
(LH)
Bellewaters (LH) 729 864
EdLAND
PARCELS Reserve List
Peck Seah Street
District 2
Site Area: 0.72ha URA’s estimated number of units: 700
GPR: 8.4 (Residential) Estimated Launch: June 2018
Height Constraint: 250m AMSL
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
N
Source: URA Space, Edmund Tie & Company Research
• Foreign buyers who are purchasing for investment
Likely buyers • Millennials, who are also working professionals in the
area, will be attracted given the thematic cafes in the area
Edmund Tie & Company Research 33KEY FACTS
Total Stock of 3,528 units Indicative unit prices $2,600-$3,300 per sq
non-landed (forecast based on ft
homes in prices as at 28 January
District 2 2018)
Total 309 units Expected number of 6-8 bids
Transactions bids if triggered
(non-landed) in
District 2
Within 15min of Retail Amenities Likely bid range as at 28 $1,500 to $1800 per
Walking Chinatown January 2018 sq ft per plot ratio
Maxwell Market
Amoy Market
Selected projects in Apartments at Hoe
Ann Siang Road/ Club
pipeline Chiang Road: 270
Street cafes
units)
Guoco Tower
South Beach
International Plaza
Residences: 190 units
OUE Downtown
Central Boulevard
Schools
and Beach Road land
Cantonment Primary
parcels: Not Known
School
Lifestyle Amenities Comparable site Jiak Kim Street
Pearl’s Hill City Park recently transacted December 2017
Telok Ayer Park ($955.4m, $1,733 per
AnnSiang Hill Park sq ft per plot ratio)
Transport
Tanjong Pagar MRT
station
Within short Regions Attraction and Expressway
driving Orchard Road Amenities Marina Coastal
distance Marina Bay Marina Bay Sands Expressway (MCE)
Chinatown Garden by the Bay Ayer Rajah
City Hall Suntec City Expressway (AYE)
Central Business District Esplanade
(CBD)
Buyers by Singapore: 238 units Developments and unit prices based on 2017
Nationality Mainland China: 20 units transactions
Malaysia: 13 units
Lowest Unit Highest
Pros This is a prime site that Development Price in Unit Price in
will benefit from the (tenure) 2017 ($ per 2017 ($ per
rejuvenation of Tanjong sq ft) sq ft)
Pagar and Shenton Way. Marina One
$2,126 $3,157
Residences (LH)
Cons - V on Shenton (LH) $1,786 $2,757
Wallich Residence
At Tanjong Pagar $2,935 $4,000
Centre (LH)
Edmund Tie & Company Research 34LAND
PARCELS Reserve List
Woodlands Square
URA’s estimated number of residential units:
310 units
Maximum overall GFA: 78,347 sqm
Office Space: 52,009 sqm (minimum)
District 25 Shop/Restaurant: 3,000 sqm (maximum)
Site Area: 2.24ha Childcare Centre: 1,000 sqm (minimum)
GPR: 3.5 (Commercial) Remaining:
No additional height constraints Additional Office, Commercial school,
Serviced apartments or residential use (not
more than 23,504 sq m for serviced
apartments and/or residential use)
Available for application
Proximity to
Established Schools
5
Proximity to MRT
Negative Externalities 4
Station
3
2
Upcoming area 1 Lifestyle Amenities
0 N
Established
Shopping Amenities
Neighbourhood
Lack of Competition Distance to Express
from other sites ways
Attractiveness of location
Source: URA Space, Edmund Tie & Company Research
• Malaysians who work in Singapore
Likely buyers • Investors purchasing to leverage on the upcoming MRT
link to Johor Bahru
• Upgraders
Edmund Tie & Company Research 35KEY FACTS
Total Stock of 2,422 residential units Indicative unit prices Residential: $1,200
non-landed (forecast based on prices per sq ft
homes in as at 28 January 2018)
District 25
Total office 186,141 sq ft of office
stock NLA space
(public and
private)
Total 101 residential units Expected number of bids 6-8 bids
Transactions if triggered
(non-landed)
in District 25
Total office 16,931.77 sq ft
space
transacted
(sale)
Within 15min Retail Amenities Likely bid range as at 28 $1,000-$1,200 per sq
of Walking Causeway Point January 2018 ft per plot ratio
Woodlands Civic Centre
Schools Selected projects in Woods Square
Innova Primary School pipeline (Commercial, 634,424
Woodgrove Primary sq ft GFA)
School
Woodlands Primary No residential
School projects
Transport
Woodlands MRT station Comparable site Woodlands Square
Upcoming MRT station to transacted April 2014
Johor Bahru ($634m, $906 per sq
Existing KTM train station ft per plot ratio)
Within short Regions Attraction and Amenities Expressway
driving Johor Bahru Singapore Zoo Seletar Expressway
distance Sungei Buloh Wetland Furniture Hub at Sungei (SLE)
Reserves Kadut
Republic Polytechnic
Singapore Sports School
Singapore Turf Club
Pros The area has much Developments and unit prices based on 2017
potential for growth, and transactions
there is demand for
residential developments. Lowest Unit Highest
Development Price in Unit Price in
Cons The demand for office (tenure) 2017 ($ per 2017 ($ per
space is subdued until the sq ft) sq ft)
opening of MRT station. The Woodgrove
$1,009 $1,009
(LH/Retail)
Woods Square
$1,786 $1,926
(LH/Office)
Parc Rosewood
$738 $1,277
(LH/Residential)
Woodhaven
$958 $1,060
(LH/Residential)
Edmund Tie & Company Research 36CONTACTS
Edmund TIE
Executive Chairman
+65 6393 2386
edmund.tie@etcsea.com
ONG Choon Fah
Chief Executive Officer
+65 6393 2318
choonfah.ong@etcsea.com
PROFESSIONAL SERVICES
Valuation Advisory Valuation Advisory Property Tax Advisory & Statutory Valuation
POH Kwee Eng Hazel NG NG Poh Chue
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nicholas.cheng@etcsea.com carolyn.teo@etcsea.com peili.tay@etcsea.com
Alden Cheong
+65 6393 2517
alden.cheong@etcsea.com
Research Consulting Property Management Hospitality
ONG Choon Fah ONG Choon Fah Philip LEOW HENG Hua Thong
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LEE Nai Jia Constance LEUNG KWOK Sai Kuai TAY Hock Soon
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+65 6417 9225
paul.wong@etcsea.com
AGENCY SERVICES
Investment Advisory Auction & Sales Commercial & Retail China Desk
Edmund TIE Nicholas CHENG CHUA Wei Lin HENG Hua Thong
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SWEE Shou Fern Joy TAN YAM Kah Heng
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shoufern.swee@etcsea.com joy.tan@etcsea.com kahheng.yam@etcsea.com
TAN Chun Ming Author:
+65 6393 2360 Dr LEE Nai Jia
chunming.tan@etcsea.com Senior Director,
Research
+65 6393 2329
Residential
Margaret THEAN Edmund Tie & Company (SEA) Pte Ltd
+65 6393 2383 5 Shenton Way #13-05 UIC Building, Singapore (068808)
margaret.thean@etcsea.com phone +65 6293 3228
fax +65 6298 9328
Gary TAN
email mail.sg@etcsea.com
+65 6393 2311
gary.tan@etcsea.com
Disclaimer
Karen ONG This report should not be relied upon as a basis for entering into
+65 6393 2366 transactions without seeking specific, qualified, professional advice.
karen.ong@etcsea.com Whilst facts have been rigorously checked, Edmund Tie and Company
can take no responsibility for any damage or loss suffered as a result of
any inadvertent inaccuracy within this report. Information contained
herein should not, in whole or part, be published, reproduced or
referred to without prior approval. Any such reproduction should be
credited to Edmund Tie and Company.
© Edmund Tie & Company 2018
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