Guide to residential sites in H1 2018's Government Land Sales Programme

 
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
Guide to residential sites in H1 2018's Government Land Sales Programme
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
Guide to residential sites in H1 2018's Government Land Sales Programme
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
Guide to residential sites in H1 2018's Government Land Sales Programme
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
Guide to residential sites in H1 2018's Government Land Sales Programme
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
Guide to residential sites in H1 2018's Government Land Sales Programme
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
Guide to residential sites in H1 2018's Government Land Sales Programme
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
Guide to residential sites in H1 2018's Government Land Sales Programme
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
Guide to residential sites in H1 2018's Government Land Sales Programme
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
Guide to residential sites in H1 2018's Government Land Sales Programme
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            10
LAND
 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                                           11
KEY 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            12
LAND
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   13
KEY 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             14
LAND
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                                              15
KEY 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           16
LAND
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                                           17
KEY 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.

                                                                                                                         Ed
LAND
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             19
KEY 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.

                                                                                                   Ed
LAND
    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             21
KEY 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               22
LAND
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                                 23
KEY 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)

                                                                                                       Ed
LAND
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           25
KEY 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)

                                                                                                        Ed
LAND
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           27
KEY 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)

                                                                                                  Ed
LAND
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

                                                                                                                                  Ed
KEY 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

                                                                                                       Ed
LAND
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             31
KEY 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

                                                                                                     Ed
LAND
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                                          33
KEY 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            34
LAND
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         35
KEY 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                  36
CONTACTS
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ONG Choon Fah
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+65 6393 2318
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                                                         paul.wong@etcsea.com

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SWEE Shou Fern              Joy TAN                                                              YAM Kah Heng
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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

                                                           Edmund Tie & Company Research                                              37
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