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Three Three Robin Report prepared for Lawrence Ang

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Property Summary Sheet I. Unit Pricing Selected Address

: 33 Three Three Robin #05-04 (1368sqft)

Last Sold for

: $ 1,450,926 ($ 1,061 psf) on Feb 24, 2006

Price Index Change

: 10.2% from 2006Q1 [Last Sold] to 2009Q2 [Recent]

Index *Index

Price*

: $ 1,599,003 ($ 1,169 psf)

Today

Price is the last sale price of the unit adjusted for the market’s price change, as described by the Central Apartment price index.

II. Project Transactions Latest Avg PSF: $1,896 psf (Nov 08)

Recent Transacted Address

Size

Price

PSF

Contract

Built

Tenure

Type*

33 Robin Road #10-01

1,582

$3,000k $1,896

Nov 17, 2008

2005

Freehold

Resale

33 Robin Road #05-01

1,582

$3,000k $1,896

Sep 19, 2008

2005

Freehold

Resale

33 Robin Road #07-04

1,367

$2,050k $1,500

Sep 3, 2008

2005

Freehold

Resale

III. Compare Nearby Projects Project

Latest Average PSF

Rental

Capital gain

Rental Yield

Three Three Robin

$1,896 (Nov 08)

$3.26 psf

21.9%/yr

3.07%

Dlv.

$1,239 (Aug 08)

$2.41 psf

25.3%/yr

3.31%

Proximo

$1,099 (Jun 09)

$3.26 psf

4.8%/yr

4.54%

Chiverton

$910 (Jun 09)

$3.01 psf

9.7%/yr

3.98%

Cliften

$1,150 (Jun 09)

$3.01 psf

20.7%/yr

3.44%

Belmond Green

$1,409 (Jul 09)

$4.02 psf

12.2%/yr

4.31%

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Thank you for selecting StreetSine as a source for residential property information. We know that buying, selling, or renting a home is one of the most important decisions you will make in a lifetime. We very much appreciate your decision to use StreetSine Home Report.

Getting the Most Out of the Home Report This home report provides data on 33 Three Three Robin #05-04 (Apartment). The data is last updated on 28 Jul 09 from official sources. For information on the data, please see the footnotes contained within this report or contact us at info@streetsine.com. The intent of this report is to provide you with important information that will help you A. Price Three Three Robin for sale or rent B. Compare it with other similar projects. Please keep in mind that it is impossible to derive the undisputed value of a home solely from market data. Ultimately, each real estate transaction is unique, with the buyer and seller making the market by agreeing on a price that is mutually acceptable. Therefore, we believe home pricing is a combination of quantitative analysis and qualitative judgment. The Home Report helps you analyze the numbers, but that is only part of the pricing process. You must also use your judgment, along with that of trusted advisors, to arrive at a pricing solution that takes into consideration the market numbers and the unique characteristics of the property. The Home Report is organized into four sections: (1) (2) (3) (4)

Basic Information Pricing to buy or sell Renting Investing

In analyzing the numbers found in the Home Report and on www.streetsine.com, we recommend that you follow these steps: 1.

Understand the big picture. What direction are residential prices moving?

2.

Identify Apartment projects that are similar, or comparable, to Three Three Robin. Then, compare recent sale prices.

3.

Identify the prices that similar, or comparable, units within Three Three Robin sold for, in the recent past.

4.

Calculate an Index Price for your unit. Then compare that price with other pricing data points identified in the Home Report. Keep in mind market direction.

5.

For renters, understand steps (1) – (4) from the rental perspective.

6.

For investors, understand the results (1) – (5) plus the capital gains and rental yields found in comparable properties. Single user licence to Lawrence Ang of PropNex (mobile: 90035988) Copying and networking prohibited. Downloaded on Jul 31, 2009

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Basic Information Category

: Apartment

Location

: District 10 (Central Region)

Built

: 2005

Purchase Tenure

: Freehold

City Distance

: 2.26 km

Unit Address

: 33 Three Three Robin #05-04

Unit Size

: 1368 sqft

The location map below shows important amenities within 2 km of the property.

MRT

Groceries

Schools

Hospitals

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Lifestyle

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Important Amenities within 2 km

Trains (MRT / LRT)

Groceries & Supermarts

Schools

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Distance to property

Steven MRT Downtown Line Due 2015

0.43 km

Newton (NS21)

1.13 km

Orchard (NS22)

1.44 km

Botanic Gardens MRT Circle Line Due 2010

1.60 km

Novena (NS20)

1.68 km

Cold Storage(Chancery Court)

0.85 km

Market Place(Jasons The Gourmet Grocer)

1.05 km

Market Place(Tanglin)

1.46 km

Market Place(Paragon)

1.67 km

Cold Storage(United Square)

1.69 km

Cold Storage(Takashimaya)

1.71 km

Cold Storage(Cluny Court)

1.72 km

NTUC Fairprice(Square 2)

1.75 km

Cold Storage(Novena)

1.76 km

Chinese Unite International School

0.43 km

Singapore Chinese Girls’ School

0.48 km

Singapore Chinese Girls’ School

0.48 km

Raffles Girls’ School (Secondary)

0.58 km

Anglo-Chinese Primary School

0.79 km

St. Joseph's Institution

0.79 km

Korean Church Kindergarten

0.81 km

Anglo-Chinese School (Barker Road)

0.84 km

Catholic Junior College

1.20 km

San Yu Adventist School (Private)

1.50 km

San Yu Adventist (Private)

1.50 km

ISS International School (Elementary)

1.66 km

Anglo-Chinese Junior School

1.68 km

Italian Supplementary School (Italian Embassy)

1.69 km

Overseas Family School

1.77 km

Finnish Supplementatry School (S'pore Land Twr)

1.81 km

SJI Junior School

1.92 km

Balestier Hill Secondary School

1.96 km

Chatsworth International School

1.97 km

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Lifestyle

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Gleneagles Hospital

1.40 km

Mount Elizabeth Hospital

1.53 km

Tan Tock Seng Hospital

1.94 km

Tanglin Golf Course Country Club

1.62 km

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A. Pricing to Buy or Sell 1. What are Apartment prices doing in Singapore? Three Three Robin is a Apartment in the Central Region of Singapore. The graph below shows the relevant price movements between 1990Q1 (1 Jan 1990) and 2009Q2 (30 Jun 2009). You can compare the different price indexes to help you evaluate the movement of the market. Property price index is defined as the ratio of the current price per square foot compared to that in the 4th Quarter of 1998. It is used to monitor the movement of private properties in Singapore. Central Apartment refers to the price index of all the Apartments located in the Central Region. All Apartments refers to the price index for all the Apartments in Singapore. All Private Residential refers to the price index for all private housing types combined, which includes landed homes, apartments, etc.

The table below shows the quarterly change in price index over the last 1 year. In the most recent quarter of 2009Q2, property prices have changed by -5.0% from the previous quarter. Quarter

2009Q2 2009Q1 2008Q4 2008Q3

Quarterly Percentage Change Central Apartment All Apartment All Private Residential -5.0% -4.9% -4.7% -16.5% -15.9% -14.1% -5.7% -5.6% -6.1% -2.0% -2.4% -2.4%

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2. What are Apartment prices doing in Three Three Robin? Latest Avg PSF: $1,896 psf (Nov 08) This graph shows the latest recorded monthly average PSF (Price per Square Foot) in the estate. It was calculated by taking the average PSF of units sold within each month.

The table below lists the monthly average PSF data for the last 15 months shown in the chart. Month

Average PSF

Number of Sales

Feb 09

-

0.0

Jan 09

-

0.0

Dec 08

-

0.0

Nov 08

$1,896

1 0.0

Oct 08

-

Sep 08

$1,698

2

Aug 08

-

0.0

Jul 08

-

0.0

Jun 08

-

0.0

Apartments in Three Three Robin showed a 7.5% recent price change. The recent price change is calculated by comparing the average PSF for the latest month (Nov 08) against the average PSF in the last 15 months. The 15-month period is illustrated in the table above.

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In the next table, we list the 30 latest unit transaction details from Three Three Robin. Rows highlighted in yellow refer to the highest and lowest prices in the table. Address

Size

Price

PSF

Contract

Built

Tenure

Type*

33 Robin Road #10-01

1,582

$3,000k $1,896

Nov 17, 2008

2005

Freehold

Resale

33 Robin Road #05-01

1,582

$3,000k $1,896

Sep 19, 2008

2005

Freehold

Resale

33 Robin Road #07-04

1,367

$2,050k $1,500

Sep 3, 2008

2005

Freehold

Resale

33 Robin Road #01-03

1,948

$3,450k $1,771

Sep 12, 2007

2005

Freehold

Resale

33 Robin Road #10-02

1,636

$3,480k $2,127

Jul 31, 2007

2005

Freehold

Resale

33 Robin Road #08-04

1,367

$3,000k $2,195

Jul 24, 2007

2005

Freehold

Resale

33 Robin Road #03-02

1,711

$3,350k $1,957

Jun 22, 2007

2005

Freehold

Resale

33 Robin Road #09-02

1,636

$2,950k $1,803

Jun 7, 2007

2005

Freehold

Resale

33 Robin Road #01-05

2,346

$3,500k $1,492

May 14, 2007

2005

Freehold

Resale

33 Robin Road #06-04

1,367

$2,315k $1,693

May 11, 2007

2005

Freehold

Resale

33 Robin Road #08-02

1,636

$3,080k $1,882

May 10, 2007

2005

Freehold

Resale

33 Robin Road #05-03

1,636

$2,800k $1,711

May 4, 2007

2005

Freehold

Resale

33 Robin Road #08-04

1,367

$2,150k $1,573

Apr 30, 2007

2005

Freehold

Resale

33 Robin Road #06-02

1,636

$3,100k $1,895

Apr 18, 2007

2005

Freehold

Resale

33 Robin Road #03-03

1,711

$2,775k $1,621

Mar 27, 2007

2005

Freehold

Resale

33 Robin Road #10-04

1,367

$2,150k $1,573

Mar 22, 2007

2005

Freehold

Resale

33 Robin Road #01-02

1,948

$3,100k $1,591

Feb 26, 2007

2005

Freehold

Resale

33 Robin Road #09-03

1,636

$2,220k $1,357

Oct 11, 2006

2005

Freehold

Resale

33 Robin Road #08-01

1,582

$2,300k $1,454

Oct 11, 2006

2005

Freehold

Resale

33 Robin Road #11-04

1,367

$1,980k $1,448

Jul 26, 2006

2005

Freehold

New Sale

33 Robin Road #06-02

1,636

$2,195k $1,342

Jul 7, 2006

2005

Freehold

Sub Sale

33 Robin Road #08-03

1,636

$2,308k $1,411

Jun 19, 2006

2005

Freehold

New Sale

33 Robin Road #10-03

1,636

$2,408k $1,472

Jun 12, 2006

2005

Freehold

New Sale

33 Robin Road #06-04

1,367

$1,587k $1,161

Jun 9, 2006

2005

Freehold

New Sale

33 Robin Road #11-04

1,367

$1,828k $1,337

Jun 7, 2006

2005

Freehold

New Sale

33 Robin Road #09-04

1,367

$1,699k $1,243

May 17, 2006

2005

Freehold

New Sale

33 Robin Road #10-01

1,582

$2,216k $1,400

May 15, 2006

2005

Freehold

New Sale

33 Robin Road #09-01

1,582

$2,298k $1,453

May 8, 2006

2005

Freehold

New Sale

33 Robin Road #08-01

1,582

$2,090k $1,321

Apr 27, 2006

2005

Freehold

New Sale

33 Robin Road #01-03

1,948

$2,360k $1,211

Apr 25, 2006

2005

Freehold

New Sale

Note: Some systems might show transactions caused by duplicate caveats lodged against developer in sub-sales. These misleading transactions are filtered off in StreetSine.

* Type of Sales - Developer prices are shown in New Sales while individual seller prices are shown in Sub Sales and Resales within the transactions.

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3. Which projects are similar to Three Three Robin? Comparable projects are Apartments that are similar in location, housing type, and age. In establishing a price for a unit in Three Three Robin, it is useful to compare Three Three Robin project with other Apartment projects. By looking at the PSF (price per square foot) of properties sold in comparable projects, it is possible to establish a price range for your unit in Three Three Robin. Note that this comparison only takes into account historical sale numbers for the entire project. So it is only one data point to consider. Later we will drill down to comparables at the unit level. Here is a description of the projects that are most comparable to Three Three Robin. In the next question, we will compare the PSF between the projects. Project

Tenure

Built

City Distance

A

Three Three Robin

Freehold

2005

2.26 km

B

Proximo (0.04 km away)

Freehold

2005

2.28 km

C

Dlv. (0.39 km away)

Freehold

2005

2.37 km

D

Cliften (0.1 km away)

Freehold

2006

2.28 km

E

Chiverton (0.08 km away)

Freehold

2003

2.26 km

F

Belmond Green (0.43 km away)

Freehold

2004

1.89 km

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4. How expensive is Three Three Robin compared to other projects? Using the comparables from the previous chart, below we show the latest average PSF in each project. It is calculated by taking the average PSF of all units that are transacted in the latest month where transactions are available in the project. The average PSF for Three Three Robin was $1,896 in Nov 08. As way of comparison, the range of average PSF for the other projects was $910-$1,409 PSF. Project

Latest Average PSF

Three Three Robin

$1,896 (Nov 08)

Dlv.

$1,239 (Aug 08)

Proximo

$1,099 (Jun 09)

Chiverton

$910 (Jun 09)

Cliften

$1,150 (Jun 09)

Belmond Green

$1,409 (Jul 09)

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5. What did comparable units in Three Three Robin recently sell for ? Comparable units are other units that are similar in size and floor level to 33 Three Three Robin #05-04. In establishing a price for this unit, it is useful to observe the range of prices for which other comparable units were sold. The table below shows up to 10 comparable units that have recent transactions within the last year. The most recent transactions are shown at the top of the table. Address

Area (sqft)

Price

PSF

Contract

33 Robin Road #10-01

1,582

$3,000k

$1,896

Nov 17, 2008

33 Robin Road #05-01

1,582

$3,000k

$1,896

Sep 19, 2008

33 Robin Road #07-04

1,367

$2,050k

$1,500

Sep 3, 2008

The range of prices for which comparable units sold was $2,050k-$3,000k. The PSF range of comparable units was $1,500-$1,896.

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6. What did comparable units in other projects recently sell for? Another point of interest is the range of prices for which comparable units in similar projects were sold. The table below shows up to 10 comparable units that were sold within the last year. The most recent transactions are shown at the top of the table. Project

Address

Area

Price

PSF

Contract

PROXIMO

27 Robin Road #08-03

1,119

$1,230k

$1,099

Jun 26, 2009

BELMOND GREEN

15B Balmoral Road #08-11

1,270

$1,550k

$1,220

Jun 4, 2009

CLIFTEN

48 Ewe Boon Road #14-01

1,184

$1,250k

$1,056

May 6, 2009

PROXIMO

27 Robin Road #07-04

1,119

$1,233k

$1,101

Apr 27, 2009

PROXIMO

27 Robin Road #11-01

1,119

$1,153k

$1,030

Apr 9, 2009

PROXIMO

27 Robin Road #09-04

1,119

$1,200k

$1,072

Feb 12, 2009

BELMOND GREEN

15C Balmoral Road #09-12

1,302

$1,830k

$1,405

Dec 23, 2008

The range of prices for which comparable units in similar projects sold was $1,153k-$1,830k. The PSF range of comparable units in other similar projects was $1,030-$1,405.

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7. What is an Index Price for 33 Three Three Robin #05-04? An Index Price is the last sale price of the unit adjusted for the market’s price change, as described by the Central Apartment price index. It is based on the investment theory that, over the long run, a unit’s price reverts to the average price of the market. (For these purposes, we define "market" as all units of the same housing type in the same region.) In other words, over time, the price of a unit will not outperform the market. It will not increase (or decrease) at a greater rate than the overall growth (or decline) of the market. For example, if over the long run the average annual growth rate of the market is 3% per year, it is likely that the unit's price will be 3%, assuming no major changes to the home. In reality, the market price is determined by the buyer and the seller, based on the unique characteristics of the house and the motivations of the two parties. A house can appreciate or depreciate at a different rate than the market. Therefore, an Index Price is only a theoretical price. It is not necessarily the fair price for the home in question. However, it is useful in that it can be used, in conjunction with other data points, as a starting point in determining the pricing solution. We recommend that you discuss the Index Price with your trusted advisors. An Index Price for 33 Three Three Robin #05-04: Last Sold

: Feb 24, 2006 (2006Q1)

Sale Price

: $ 1,450,926

Sale PSF

: $ 1,061 psf

Price Index Change (Central Apartment)

: 10.2% (from 2006Q1 to 2009Q2)

Index Price

: $ 1,599,003

Index PSF

: $ 1,169 psf

Note: The index price is merely 1 pricing point. You should look at the chart in the next page to get a feel of market prices. Together with index price and market direction, the chart can help you make a pricing decision.

What would a typical mortgage for the Index Price be? Based on an Index Price of $1,599,003, a 25-year loan at 4% interest and 20% downpayment, the monthly mortgage is $6,752.

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8. (SUMMARY) How does the index price for 33 Three Three Robin #05-04 compare with the other data points discussed earlier? In the previous questions, we drilled down from an overall property market trends to a Index Price for 33 Three Three Robin #05-04. We also observed the price range of units that are comparable in size and floor levels to our unit. Each chart, below, combines all the data points into one visual. Ranges 1 & 2 are the HIGH/ LOW transactions of similar units within the last 1 year in Three Three Robin and other similar projects respectively. Ranges 3 & 4 are the HIGH/LOW listing prices for Three Three Robin and other similar projects within the last 1 month in www.streetsine.com. (Note: Listing prices cover ALL units regardless of size or floor levels in the project. Refer to Annex B for details.) Use these charts as a reference to arrive at a pricing solution in which you can take comfort.

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B. Renting 1. What are rental prices for Apartments doing? Three Three Robin is a Apartment in Core Central Region of Singapore. The graph below shows the rental price movements of Apartments up to 2009Q2 (30 Jun 2009). You can compare the different rental indexes to help you evaluate the movement of the rental market. Rental Index is defined as the ratio of the current rental per square foot per month compared with that in 4th Quarter 1998. It is used to monitor the general rental movement of private properties in Singapore. Core Central Apartment refers to the rental index of all the Apartments located in the Core Central Region. All Apartments refers to the rental index for all the Apartments in Singapore. All Private Residential refers to the rental index for all private housing types combined, which includes landed homes, apartments, etc.

The table below shows the quarterly change in rental index over the last 1 year. In the most recent quarter of 2009Q2, rentals have changed by -5.1% from the previous quarter. Quarter

2009Q2 2009Q1 2008Q4 2008Q3

Quarterly Percentage Change Central Apartment All Apartment All Private Residential -5.1% -5.6% -5.2% -10.3% -8.7% -8.5% -6.1% -5.7% -5.3% -0.7% -1.1% -0.9%

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2. How do rental prices in Three Three Robin compare to those found in other similar projects? The table below shows the latest rental approximations for Apartments in Three Three Robin and other similar projects. Size is based on either the selected unit size or the median transacted square foot in each project. Note that there is a lag period of at least 1 month in the time a rent is reported. Therefore, the below points are only a reference point. You should also factor in the direction of the market. Project

Size

25th percentile

Median

75th percentile

Three Three Robin *

1 sqft

$3.26

$3.26

$6.05

1,366 sqft

$4,451

$4,453

$8,270

Belmond Green

1 sqft

$3.58

$4.02

$4.68

957 sqft

$3,428

$3,847

$4,483

1 sqft

$3.26

$3.26

$6.05

1,119 sqft

$3,645

$3,646

$6,772

1 sqft

$2.70

$3.01

$3.23

1,065 sqft

$2,879

$3,203

$3,446

1 sqft

$2.41

$2.41

$2.41

742 sqft

$1,786

$1,786

$1,786

1 sqft

$2.70

$3.01

$3.23

2,141 sqft

$5,787

$6,438

$6,927

Proximo *

Cliften *

Dlv. *

Chiverton *

Footnotes: 1.

StreetSine employs proprietary algorithms to derive the approximations shown above. It combines input data from the Inland Revenue Authority of Singapore (IRAS) with rental trends from other sources.

2.

Projects marked with * have their project rentals estimated from all Apartments along the same street as the project. This is necessary when there are insufficient rental data for that project. For uncompleted projects, this may be an indication of its rental potential.

3.

For uncompleted projects without rental history, this table could be a good indication of rental potential. The rental quartiles are estimated from comparable projects of the same housing type along the same street.

4.

Rental quartiles are based on at least 10 rental contracts signed within a stipulated period. The data will help you make better informed rental decisions.

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3. What could the landlord be paying for his monthly mortgage instalments? The monthly mortgage based on the last sold price is an indication of part of the current landlord's cost. Address

: 33 Three Three Robin #05-04

Purchase price

: $ 1,450,926

Purchase date

: Feb 24, 2006

Assumptions Interest rate

: 4%

Down payment

: 20%

Term of loan

: 25 years

Monthly mortgage payments

: $6,127 per month

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C. Investing 1. What return have owners earned from selling their Three Three Robin units? On average, the annual profit/loss experienced for all resale transactions in Three Three Robin was 21.9%. (Resale is defined as any property that is sold after the original sale from the developer.) This table was created by calculating the average annual price change for all units that were bought and held for at least one year and then resold. Address

Area sqft

Bought

Sold

Price Change

33 Robin Road #10-01

1,582

$2,216k (May 06) $3,000k (Nov 08)

35.4%

12.8%

33 Robin Road #07-04

1,367

$1,567k (Apr 06)

$2,050k (Sep 08)

30.8%

11.9%

33 Robin Road #01-03

1,948

$2,360k (Apr 06)

$3,450k (Sep 07)

46.2%

31.6%

33 Robin Road #03-02

1,711

$1,962k (Nov 04)

$3,350k (Jun 07)

70.7%

23.1%

33 Robin Road #09-02

1,636

$1,880k (Nov 05)

$2,950k (Jun 07)

56.9%

33.1%

33 Robin Road #01-05

2,346

$2,428k (Aug 05)

$3,500k (May 07)

44.2%

24.0%

33 Robin Road #08-02

1,636

$2,148k (Mar 06)

$3,080k (May 07)

43.4%

38.3%

33 Robin Road #05-03

1,636

$1,674k (Sep 04)

$2,800k (May 07)

67.3%

21.3%

33 Robin Road #08-04

1,367

$1,555k (Aug 05)

$2,150k (Apr 07)

38.3%

21.0%

33 Robin Road #03-03

1,711

$1,882k (Jun 04)

$2,775k (Mar 07)

47.4%

15.0%

33 Robin Road #10-04

1,367

$1,610k (Aug 05)

$2,150k (Mar 07)

33.5%

19.9%

33 Robin Road #01-02

1,948

$2,280k (Jan 06)

$3,100k (Feb 07)

36.0%

31.2%

33 Robin Road #09-03

1,636

$1,829k (Sep 04)

$2,220k (Oct 06)

21.4%

9.7%

33 Robin Road #06-02

1,636

$1,703k (Jun 04)

$2,195k (Jul 06)

28.9%

13.2%

Average Annual Capital Gain

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Annualized Capital Gain

21.9%

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2. How does the Three Three Robin return compare with returns from sales in comparable projects? The table below compares Three Three Robin average annual capital gain of 21.9% per year with that of comparable projects. The comparables benchmark showed a capital gain of 15.8% per year. (Comparables Benchmark is defined as the overall average of annualized capital gains in comparable projects, including Three Three Robin.)

Project

First Resale

Last Resale

Avg annual gain

Three Three Robin

Jul 2006

Nov 2008

21.9%

Dlv.

Oct 2007

Aug 2008

25.3%

Proximo

May 2007

Jun 2009

4.8%

Chiverton

Feb 2007

Jun 2009

9.7%

Cliften

Feb 2007

Jun 2009

20.7%

Belmond Green

Sep 2004

Jul 2009

12.2%

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3. What are the recent rental yields in Three Three Robin? Good property price appreciations are usually associated with higher rental yields. Gross Rental Yield of a property is its rental income divided by its sale price. Net Rental Yield is the rental income minus taxes and expenses, divided by its sale price. Equity Dividend Rate is the rental income minus taxes and expenses, divided by the invested equity.

Project

Gross Rental Yield

Net Rental Yield

Equity Dividend Rate

Three Three Robin*

3.07%

2.45%

-7.74%

Dlv.*

3.31%

2.65%

-6.76%

Chiverton*

3.98%

3.19%

-4.06%

Proximo*

4.54%

3.63%

-1.83%

Belmond Green

4.31%

3.45%

-2.77%

Cliften*

3.44%

2.75%

-6.25%

The table above shows an estimate of the average comparative rental yield for Apartments in Three Three Robin and other comparable projects. Note: (a)

Assume 20% typical expenses to obtain net income. This covers property taxes, maintenance, insurance, repairs, and agent commission.

(b)

Equity dividend rate calculations are based on 20% downpayment (i.e. 80% loan) at an interest rate of 4% per annum.

(c)

Projects marked with * have their project rentals estimated from all Apartments along the same street as the project. For uncompleted projects, this may be an indication of its investment potential.

(d)

Refer to Annex A for the rental yield derivation of Three Three Robin.

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Annex A

Rental yield calculations for Apartments in Three Three Robin 25th percentile

50th percentile

75th percentile

Size

1,366 sqft

1,635 sqft

1,711 sqft

A

Sale price

$2,243,156

$2,610,769

$2,844,859

B

Down payment (20%)

$448,631

$522,154

$568,972

C

Housing Loan (80%)

$1,794,525

$2,088,615

$2,275,887

D

Interest (4%) per annum

0.04 x $2,243,156 = $89,726

0.04 x $2,610,769 = $104,431

0.04 x $2,844,859 = $113,794

E

Rent (psf) per month

$3.26

$3.26

$6.05

F

Rent (p.m.) [size]x[E]

$4,451

$5,329

$10,354

G

Gross Rent per annum

$53,416

$63,949

$124,249

H

20% outgoings

$10,683

$12,790

$24,850

I

Gross income = [G] - [H]

$42,733

$51,160

$99,399

J

Net income = [I] - [D]

-$46,993

-$53,271

-$14,395

K

Gross Yield = [G] / [A]

2.38%

2.45%

4.37%

L

Net Yield (ROC) = [I] / [A]

1.91%

1.96%

3.49%

M

Equity Dividend Rate (ROE) -10.47% = [J] / [B]

-10.20%

-2.53%

Avg Gross Yield:

3.07%

Avg ROC:

2.45%

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Avg ROE:

-7.74%

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Annex B The tables below show Apartment listings in Three Three Robin and other comparable projects. All listings are active in StreetSine as at Jul 31, 2009. Highlighted in red are the highest / lowest asking prices and psf. (Click on the address link to contact sellers on StreetSine website)

Sale Listings in Three Three Robin and other comparable projects Sale Address

Asking

PSF

Built Area

Bedrooms

Posted

Three Three Robin, 33

$2,800k

$2,064

1,356

2

Jul 30, 2009

Three Three Robin, 33

$2,829k

$2,102

1,345

2

Jul 28, 2009

Three Three Robin, 33

$3,280k

$2,058

1,593

3

Jul 28, 2009

Three Three Robin, 33

$2,680k

$1,976

1,356

2

Jul 20, 2009

Cliften, 48

$1,400k

$1,313

1,066

3

Jul 30, 2009

Proximo, 27

$1,540k

$1,389

1,109

3

Jul 29, 2009

Cliften, 48

$1,400k

$1,313

1,066

3

Jul 26, 2009

Cliften, 48

$1,630k

$1,389

1,173

3

Jul 26, 2009

Cliften, 48

$1,480k

$1,388

1,066

3

Jul 24, 2009

Dlv., 70

$5,198k

$1,399

3,713

3

Jul 24, 2009

Cliften, 48

CALL

-

1,055

3

Jul 24, 2009

Belmond Green, 15C

$2,400k

$1,798

1,335

3

Jul 22, 2009

Belmond Green, 15

$1,880k

$1,455

1,292

3

Jul 21, 2009

Proximo, 27

$1,250k

$1,127

1,109

3

Jul 20, 2009

Cliften, 48

$1,720k

$1,465

1,173

3

Jul 16, 2009

Proximo, 27

$2,300k

$917

2,508

3

Jul 16, 2009

Proximo, 27

$1,280k

$1,154

1,109

3

Jul 15, 2009

Proximo, 27

$1,280k

$1,154

1,109

3

Jul 15, 2009

Cliften, 48

$1,450k

$1,360

1,066

3

Jul 15, 2009

Cliften, 48

CALL

-

1,173

3

Jul 15, 2009

Rental Listings in Three Three Robin and other comparable projects Rental Address

Asking

PSF

Built Area

Bedrooms

Posted

Three Three Robin, 33

CALL

-

1,356

2

Jul 30, 2009

Three Three Robin, 33

$7,500

$5.57

1,345

2

Jul 28, 2009

Three Three Robin, 33

$7,500

$5.57

1,345

2

Jul 27, 2009

Three Three Robin, 33

$7,500

$5.57

1,345

2

Jul 26, 2009

Three Three Robin, 33

$7,500

$5.57

1,345

2

Jul 25, 2009

Three Three Robin, 33

$7,500

$5.53

1,356

2

Jul 20, 2009

Three Three Robin, 33

$8,500

$6.32

1,345

2

Jul 20, 2009

Belmond Green, 15

$5,800

$3.69

1,571

4

Jul 31, 2009

Cliften, 48

$4,000

$3.41

1,173

3

Jul 26, 2009

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Rental Address

Asking

PSF

Built Area

Bedrooms

Posted

Belmond Green, 15

$4,200

$3.02

1,388

2

Jul 26, 2009

Belmond Green, 15

$5,000

$4.00

1,249

3

Jul 26, 2009

Belmond Green, 15

$5,000

$3.90

1,281

3

Jul 26, 2009

Belmond Green, 15

$9,000

$3.75

2,400

5

Jul 24, 2009

Proximo, 27

$3,400

$3.07

1,109

3

Jul 22, 2009

Cliften, 48

$4,000

$3.64

1,098

3

Jul 21, 2009

Belmond Green, 15C

$5,500

$3.96

1,388

3

Jul 20, 2009

Proximo, 27

$4,000

$3.35

1,195

3

Jul 16, 2009

Proximo, 27

$6,000

$2.46

2,443

4

Jul 16, 2009

Chiverton, 50

$3,900

$3.02

1,292

3

Jul 3, 2009

Cliften, 48

$4,000

$3.41

1,173

3

Jul 2, 2009

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Important Information StreetSine crunches thousands of numbers to arrive at the analysis found in the Home Report. Using proprietary algorithms, StreetSine quickly processes raw data from the government and other publicly available sources, as well as data found in the StreetSine marketplace, to derive the analysis found in the report. This valuable information is time-sensitive, as the market is always changing. Therefore, we recommend that you update your understanding of the market by visiting www.streetsine.com, generating new Home Reports, and discussing the housing market with trusted advisors. StreetSine Pte. Ltd. collects and collates public information from sources that include user input, real estate professionals, retail business, and government agencies that include URA Realis, SingStat, SingPost, etc. StreetSine Ltd. Pte. does not alter or manipulate the accuracy of that data when it conducts analysis or presents information in its Services. To the best of our knowledge, the raw data and analytical output are accurate, but no decision should be made solely on these numbers. Property investments are subject to risks, including possible loss of principal amount invested. The value of properties may fall or rise. Past performance or any prediction or forecast is not necessarily indicative of future performance. Services rendered by StreetSine Pte. Ltd. do not constitute and shall not be construed as constituting investment advice or recommendations and are prepared without regard to the specific objectives, financial situations or needs of any particular person who may receive or use the Services or Site. Investors should study all relevant information and consider whether the investment is appropriate for them. You should seek the advice of your financial, property, and legal advisors before purchasing, renting, or selling property. If you are using information from StreetSine to make decisions regarding the purchase of goods or services from a retail business marketing on www.streetsine.com, you should thoroughly consider all your options or alternatives. Your purchase and investment decisions are solely your responsibility.

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