Singapore View | 23rd Edition

23rd Edition

Editorial & Marketing

Design & Illustration

Hector Tan Chrystal Lee Phyllis Goh Constance Chong Selvi Widjaja

Contributors

Alice Tan Calvin Yeo Ian Loh Leonard Tay Nicholas Keong Nor Adila

Khoo Zi Ting Chalene Liu Cheryl Teo Knight Frank Cambodia UOB Private Bank

Coordinators

Cleo Tan Garry Widjaja Lynette Chia Melissa Lee

Ong Huiqi Peter Tan Simon Lee Yan Wei

References & Acknowledgements

National Archives of Singapore (2015). Singapore Shophouse. Talisman Publishing Pte Ltd. National University of Singapore (2016). Singapore’s Real Estate: 50 Years of Transformation. World Scientific Publishing Co Pte Ltd.

Housing Development Board (HDB) National Archives of Singapore (NAS) Singapore Land Authority (SLA) Urban Redevelopment Authority (URA)

Photo Credits

Argent Related Ballymore Berkeley Group Creative Investments Pte Ltd Crown Resorts CS Amber Development Pte Ltd CSC Land Group (Singapore) EcoWorld Gaw Capital Kajima Development Pte Ltd & Singapore Press Holdings Ltd

KDC (77) Development Pte Ltd Lendlease Love & Co. M+S Pte Ltd Oxley Beryl Pte Ltd PT. GIJ Property Indo Qinjian Realty Pte Ltd Redrow Setia (Bukit Timah) Pte Ltd St. George TTH Development Pte Ltd

ISBN MCI (P) 063/10/2020 January 2021 © Knight Frank Pte Ltd, 2021 All rights reserved. No part of this magazine may be reproduced, in any form or by any means, without permission in writing from the publisher.

Read Singapore View on your device

While every effort has been taken to ensure the accuracy of the information presented in this publication, neither the company nor its employees can accept responsibility for any loss or damage incurred in connection with the use of the content.

For enquiries and feedback, please email marketing.comm@sg.knightfrank.com.

Foreword

Welcome to the

23 Edition rd

of Singapore View

The surprises of 2020 have taught us the importance of being innovative, prudent, and proactive.

Never has the transformation imperative been more apparent as businesses grappled with the complexities of a world where blackswan events are the norm. In less than a year, several industries matured digitally as enterprises became more reliant on mobility and collaborative virtual environments.

Even more important is the role that real estate plays in our lives. Deals in real estate and wealth management will continue to progress beyond the traditional buy-sell transaction as more elements are taken into consideration – financial, sustainability and human factors. This tri-factor imperative affects how we measure business bottom lines beyond the usual indicators of dollars and cents.

Business leaders and organisations are responsible to ensure that we use and interact with real estate in sustainable, scalable ways that impact the community and environment positively. We need to learn, unlearn and relearn to keep up with this rapidly changing times.

In this issue of the Singapore View, Leonard Tay, Head of Research, touches on how contemporary

residential design needs to adapt to the new rules of engagement that companies have with their workforce - working from home. Alice Tan, Head of Consultancy and Ian loh, Head of Capital Markets, walk us through on the dynamics between housing demand and supply, and the role that collective sales plays in Singapore’s urban renewal plans. Head of International Project Marketing, Nicholas Keong, shares on why the UK remains a haven for real estate wealth, and Head of Corporate Real Estate, Calvin Yeo, highlights how the office is set to change with new requirements from corporates and the marketplace.

In the Year 2020, Knight Frank remained steadfast in our commitment as a real estate advisor to the country and community. Our property and asset management team was at the forefront to provide essential services and guarding the safety of people and buildings. We are grateful to them and their families. I also wish to thank our clients who have shown their support and appreciation during this unprecedented times. It is such acts of recognition and understanding that motivate us to do better.

Meanwhile, I hope you will enjoy reading the magazine and I wish you a wonderful year 2021.

Wendy Tang Group Managing Director Knight Frank Singapore

Singapore View | 1

Content Article

Insights

Features PAGE

PAGE

4

8

Keeping Supply In Check

A silver lining to the private housing surplus

PAGE

10

Collective Calibration

Balancing Land Utility with Urban Renewal 25 years of Collective Sales in Singapore

PAGE

Cosmopolitan Flavours

Heritage Shophouses of Singapore

PAGE

14

16

6 Dynamics Shaping the Post-COVID-19 Workplace

PAGE

26

Surviving a K-Shaped Jungle

“Homework”

Are Singapore Homes Ready for Work?

Commentary by UOB Private Bank

PAGE

27

PAGE

24

Investing in Khmer Growth Spotlight on Cambodia

PAGE

28

Charming London

Oldest of the World’s Great Cities

Revitalising Young Communities with New-Gen Neighbourhood Centres

PAGE

Listings

7

PAGE

29

International Properties Apartments

PAGE

Under the Hammer

The History of Property Auctions PAGE

20

34

Residential

Land Good Class Bungalows Landed Homes Penthouses Condominiums Developer Sales

PAGE

39

New Launches Penthouses Condominiums

PAGE

45

Commercial

Offices Buildings Shophouses Retail

The Grand Old Dame of District 9

Preserving the Prestige of Ardmore Park

Features

Cosmopolitan Flavours

Heritage Shophouses of Singapore Conservation shophouses continue to remain a safe haven and a collectible asset class for buyers to own a piece of Singapore’s heritage.

Shophouses formed majority of the pre-war urban fabric of Singapore and are a prevalent building type in the nation’s architectural heritage. Usually two- to three- storeys high, these shophouses bear distinctive features in the form of sheltered “five-foot” walkways at the front.

The bulk of the Urban Redevelopment Authority’s gazetted conservation buildings comprise of shophouses. Conservation guidelines preserve key elements of these distinctive buildings, enabling them to be incorporated into Singapore’s modern urban landscape.

6 different styles of shophouses in Singapore

Source: Knight Frank 75th Anniversary Book.

Chulia Street, Where It All Began

Knight Frank Singapore started in 1940 as Cheong Hok Chye Pte Ltd. During the Japanese invasion of Singapore, air raids were mostly targeted at Raffles Place, Keppel Harbour and Chinatown. A bomb reportedly landed at the doorstep of the company’s shophouse office.

Private shophouses VS HDB shophouses

Early Shophouse

First Transitional Shophouse

Art Deco Shophouse

Besides the differences in facade, private shophouses are commonly designated for commercial purposes, such as F&B usage on the ground floor, with office space usage for the upper floor(s).

In comparison, the upper floors of HDB shophouses are stipulated for residential use.

Shophouses as a unique asset class Late Shophouse

Second Transitional Shophouse

Modern Shophouse

Source: URA Singapore

Although the architectural style of many shophouses was largely influenced by the southern Chinese immigrants, European classical elements along with Malay-influenced columns and louvered shutters were often incorporated into the designs. Today, these unique hybrid styles of shophouses reflect the cosmopolitan migrant society of Singapore then and now.

Successfully Sold by Knight Frank Neil Road

4 | Singapore View

Keong Saik Road

There are approximately only 6,500 conservation shophouses in Singapore, making them a unique property class to add to one’s portfolio. While the rental yield is not necessarily higher than other property classes, owners possess a rare piece of Singapore’s heritage with potential capital gains.

Ann Siang

Features

Shophouses For Sale Download the brochure

Singapore View | 5

Transparent Pricing.

Real-time Property Listing .

Seamless Transactions.

Singapore’s oldest auction house now offers property auction services on-the-go.

Knight Frank Auction App

Features

Under the

Hammer

The History of Property Auctions

Soon after property auctions recorded the highest amount transacted in a single successful bid in Singapore then – S$4 million for 17 parcels of 99-year leasehold land.

Excitement roared through the stadium, the crowd calling out towards the boxing ring. The ringing of a bell would not be recognised while every contender fought to be heard. This was no ordinary boxing match at the Happy World Boxing Ring in 1955. Instead, the end of each round was determined by the pounding of the hammer. The event was Singapore’s first property auction led by Knight Frank Singapore, in response to overwhelming interest for 96 terrace houses at Jalan Kolam Ayer; a massive crowd had gathered a day prior at Knight Frank Singapore’s premises.

The auctioneering history of Knight Frank Singapore started off with selling chattels and properties during the post-war period. The company would later be involved in auctioning off the surplus of army vehicles following the British withdrawal from the country.

Eighty years on, the firm continues to hold monthly property auctions at its premises in Ocean Financial Centre.

Pioneering Property Auctions in Singapore First shophouse auction appointed by the Urban Redevelopment Authority (URA)

1955

1993

First property auction conducted in a boxing ring at the then Gay World (Happy World) in Geylang

1994

Conducted the first pilot auction for the Housing Development Board (HDB)

1995

Appointed to auction the URA’s first state land for residential development

Enhancing Transparency in Property Transactions

Price transparency of property auctions allows buyers and sellers to transact confidently. Details of properties are released shortly before the auction, enabling buyers to view the property prior and enquire on selling terms before they make an offer. A property sold under the hammer leaves little room for disputes, especially in situations where a mortgagee or bank sale is involved.

Property auctions are not necessarily due to a bank’s foreclosure or for lenders to liquidate assets. Bidders can be discriminating, educated and influential, looking for quality real estate as to how one would appreciate fine art. In such cases, the property is often sold at a higher price than its indicative market value.

Knight Frank auctions other commodities as well, including luxury bags and vehicles.

1997 First and only collective sale through a public auction for Scotts Tower

Auction Enquiries Sharon Lee CEA No. R027845B Head, Auction and Sales +65 9686 4449 sharon.lee@sg.knightfrank.com

Singapore View | 7

Insights

Keeping Supply in

Check

A Silver Lining to the Private Housing Surplus

By Alice Tan

Head, Consultancy, Knight Frank Singapore The long-standing doctrine of ensuring a stable and sustainable property market has guided policymakers in the calibration of demand and supply of private homes in Singapore. The authorities manage demand through a series of property cooling measures which gathered pace since September 2009, when property home prices escalated amid a low interest rate environment. To manage the supply side, the government land sales (GLS) programme – a 53-year-old initiative where the authorities release state land bi-annually – has been a key source of land supply for the private

sector’s participation in Singapore’s urban development and economic growth.

Changing Sources of Land Supply

After a frenzy 2010/2013 period characterised by multiple roll-outs of property cooling measures and a supply-led strategy to quell rising prices, private residential land supply from the GLS Programme reduced from 2014 to 2016. Demand and prices moderated on the back of Total Debt Servicing Ratio framework and the Additional Buyer’s Stamp Duty.

Despite the sales volume and price moderation, developers needed a key ingredient – land – to continue residential sales. This manifested in the collective sales fever since May 2017, with the collective sale of Rio Casa brokered by Knight Frank.

Numerous collective sales ensued in the private residential land supply market from H2 2017 to July 2018, until the government imposed another round of property cooling measures to curtail homebuyers and developers’ exuberance for private collective sales. It is estimated that over 80 collective sale sites were concluded during the 2017/2018 period.

Stocktake of the Private Residential Surplus 1

50,3691 units

Pipeline of uncompleted private residential units

4 < 20,000 units

Possible unsold inventory by end 2021

2 > 8,000 units

New sales during the COVID-19 period from January to November 2020

3 26,4831 units

Total unsold units as at Q3 2020

Read The Full Report 1 Excludes units from other land parcels due for development

8 | Singapore View

Insights Figure 1 – Unsold Inventory of Private Residential Units 60,000

Completed & Unsold

40,000

Launched & Unsold

30,000

Not launched; with pre-requisites for sale

20,000

Planning stage; without pre-requisites for sale

10,000 2010

2011

2012

2013

2014

Source: URA REALIS, Knight Frank Research (as at Q3 2020)

This depends on whether land

parcels in the Reserve List will be shifted to the Confirmed List.

2018

2019

As at Q3 2020

40,000 35,000 30,000 25,000 20,000

Resale

15,000

Sub-sale New Sale

10,000 5,000 2010

2011

2012 2013

2014

2015

2016 2017

2018

2019

Source: URA REALIS, Knight Frank Research (as at 21 Dec 2020)

As at Nov 2020

Figure 3 - Completed stock and Occupancy of Non-Landed Private Residential Property

Number Of Units

Completed Stock (Dwelling Units)

Occupancy

350,000

95.0%

300,000

94.0%

250,000

93.0%

200,000

92.0%

150,000

91.0%

100,000

90.0%

50,000

89.0%

-

2010

2011

2012

2013 2014

2015

2016

2017

2018 2019

88.0% As at Q3 2020

Source: URA REALIS, Knight Frank Consultancy (as at Q3 2020)

Figure 4 - Completed stock and Occupancy of Landed Private Residential Property Completed Stock (Dwelling Units)

Number Of Units

Occupancy rate measures the utilisation of completed private homes and will be another closely watched metric. Occupancy rose steadily over time for both non-landed and landed residential stock, against a backdrop of a higher population base from 5.08 million in 2010 to 5.70 million in 2019.

Household size has reduced, from 3.5 persons per household in 2010 to 3.16 persons per household in 2019. Evolving demographics – falling birth rates, societal changes on living together or separately, reduction in new home sizes – could have shaped household preferences and resultant needs for new housing. The 2020 pandemic altered the needs and preferences while living and working at home. Homeowners desire more space, comfort and privacy. Household sizes are likely to shrink as this trend continues, juxtaposed by the need to sustain the population size with more housing units. The supply of land for new homes, whether from the government or from the private market, in anticipation of future needs and homebuyer preferences, would be a critical maestro stroke for the public and private players in real estate going forward.

2017

Figure 2 - Sales Volume of Non-Landed Private Residential Properties

0

Reviewing Utilisation of Completed Stock

2016

Number of Transactions

Will the surplus trigger a new wave of collective sales in H2 2021 as developers consider replenishing their land banks?

2015

End of Period

Occupancy Rate (%)

0

Occupancy

74,000

97.0%

73,000

96.5%

72,000

96.0%

71,000

95.5%

70,000

95.0%

69,000

94.5%

68,000 67,000

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

As at Q3 2020

Occupancy Rate (%)

Number Of Units

50,000

94.0%

Source: URA Realis, Knight Frank Consultancy (as at Q3 2020)

Singapore View | 9

Collective Calibration Balancing Land Utility With Urban Renewal 25 years of Collective Sales in Singapore

By Ian Loh

Nor Adila Rahim

Singapore’s collective sales phenomena dates back to 1994 with the inaugural sale of Cosy Mansion

by Knight Frank. The mechanism plays an important role beyond the recycling of land for new real estate, fostering free enterprise to create mutual benefit for owners and developers, buyers and sellers.

However, existing regulatory processes surrounding collective sales could be enhanced to improve clarity and finetune expectations for developers.

behalf of collective sale owners) can consult LTA and may conduct a PAFS.

three years for development sites of four or less units.

The criteria for PAFS submission is unclear, with the process often long-drawn. It would be better if an in-principle approval is granted after broad guidelines are covered. PAFS is currently applicable to collective sale sites and does not apply to singleowner land parcels. There are instances where different developments in the same area yielded different verdicts from LTA. Perhaps the criteria for when a PAFS is required should be determined by the proposed number of DUs in the new development and/or the category of the roads in the vicinity which lead to the development.

This creates an imbalance in what is expected of developers who develop land parcels of differing sizes, allowable built-up areas and total number of units.

The realistic amount of time needed to sell small projects is different from that of large developments, not to mention the influence of economic conditions and black swan events such as COVID-19.

Head, Capital Markets (Land & Building, Collective & Strata Sales) Knight Frank Singapore

Pre-Application Study (PAFS)

Feasibility

Consider making mandatory PAFS to be submitted to the Land Transport Authority (LTA) for collective sale proposals. In Outline Applications and Development Applications following the collective sales of residential properties, the typical result is an increase in the number of dwelling units (DUs) proposed. This may strain existing road networks and lead to congestion and disamenity. To address these issues early, real estate agencies (acting on

Analyst Research Knight Frank Singapore

ABSD Remission for Developers To obtain remission of Additional Buyer’s Stamp Duty, developers are required to complete the residential development and sell all units within five years from the acquisition date for development sites of more than four units, and within

A fairer and more calibrated treatment in the application of ABSD is required instead of a blunt one-size-fits-all instrument for all projects.

Perhaps a graduated time limited schedule in years could be prescribed based on the total number of units.

Projects of up to 600 units could be given up to five years to build and sell, with one-year extensions granted for every additional 200 units, subject to a cap of ten years. The time limit for disposal is weighed against a quantifiable scale for balanced treatment.

Seasons of Collective Sales

Demand for development land, changes in plot ratios, and bouts of economic growth triggered seasons of fevered en bloc sale over the last 25 years (Exhibit 1).

The latest en bloc craze occurred in 2017 and 2018. Homeowners jumped on the bandwagon and developers leveraged on the potential of existing developments. The real estate market witnessed 31 deals in 2017 (S$8.5 billion) and 36 deals in 2018 (S$10.3 billion). However this momentum was hamstrung by the implementation of further government measures in July 2018.

10 | Singapore View

Insights

Top Residential Collective Sale Transactions 1

Farrer Court

4

Tulip Garden

2

Pacific Mansion

5

Amber Park

3

Tampines Court

Farrer Court S$1.34 Billion

Amber Park S$906.7 Million Tampines Court S$970 Million

3

1 4 5

2

First Strata Collective Sale in Singapore, 1994

Cosy Mansion

Tulip Garden S$906.9 Million

Pacific Mansion S$980 Million

Exhibit 1: Collective Sales over the Past Five Years

Transaction Volume (S$ billion)

11.0

8.47

8.3

Facilitated by Knight Frank Cheong Hock Chye & Bailieu

Read The Full Report

10.31

5.5 2.8 0.0

0.38

2015

1.20

2016

2017

2018

0.39

0.17

2019

2020

Source: Various sources (based on data available as at 14 December 2020), Knight Frank Research

Singapore View | 11

Research, Explore, Discover.

Knight Frank Singapore Research produces property reports for residential, commercial and niche markets

Quarterly Market Bulletins Read Now

Informed, data-driven insights to help you make Established in 1940, the Knight Frank valuation & advisory department is one of the largest in Singapore. The team is known for its competence, fairness, integrity and confidentiality in its appraisals, securing exclusive appointments and accumulating relevant experience in the valuation of all property types. This include residential, commercial (offices and retail shops), industrial, hotel, recreational and other specialised properties.

Our experienced and dedicated valuation team regularly appraises properties for mortgage, sale or purchase, public listing, financial reporting and litigation. The team undertakes instructions to provide advice for rental valuations and statutory valuations involving property tax and land acquisition as well.

In some of the cases, it has resulted in significant tax savings for clients.

REITs & IPOs Knight Frank secured appointments and valuation work for the majority of Real Estate Investment Trusts (REITs) in Singapore. The team won several firsttime and repeated appointments to

strategic real estate decisions

assess the full portfolio of properties in preparation of Initial Public Offerings (IPOs) and for statutory financial reporting purposes.

Our Expertise • • • • • • • • • • • •

Development Funding Valuation Site and Property Appraisals Litigation & Expert Witness Mortgage Appraisal Sale or Purchase Appraisal Asset Valuation Valuation Analysis & Commentary Mergers & Acquisitions Work Rental Valuation Property Tax Appeal Compulsory Acquisition Statutory Valuation

Valuation Enquiries Low Kin Hon CEA No. R056963E Deputy Group Managing Director & Head, Valuation & Advisory +65 9876 9136 kinhon.low@sg.knightfrank.com

More Information on Valuation & Advisory Services

RECENT APPOINTMENTS Frasers Tower

One George Street

CapitaLand Mall Trust

Valuation of a 38-storey Grade-A office development.

Valuation of a 23-storey Grade-A office development.

Valuation of five retail malls and a mixed development.

Singapore View | 13

Features

“Homework” Are Singapore Homes

Ready for Work?

By Knight Frank Singapore Research

Work From Home A New Normal Or Temporary Contingency?

When one mentions “homework”, childhood memories of completing assignments instantly come to mind.

However, in a year characterised by a wide-sweeping pandemic that has no respect for geographical boundaries, “homework” has taken on a whole new meaning.

Although the WFH concept has been selectively practiced by some companies for a time, its relevance was largely unrecognised till the COVID-19 outbreak, when safe distancing became a concern.

EngageRocket, a leading Human Resource analytics software firm in Asia, began conducting surveys to shed light on employee sentiments during and after the circuit breaker.

Posed to some 28,000 respondents, it found that more than a quarter of employees (27%) did not feel safe returning to work, post-circuit breaker.1 Key concerns included the fear of resurging COVID-19 infections, and fellow co-workers’ compliance with safety measures.1 In addition, 75% of respondents preferred that safe distancing be observed for at least six months, post-circuit breaker.1 The survey also noted increasing productivity among respondents between April and June, the length of the circuit breaker period.

In June, about 23% 1 EngageRocket Press Release, 18 June 2020

14 | Singapore View

indicated that they were more productive working from home, as compared to working in the office pre-circuit breaker. This was an increase from 15% in April.

In addition, 84% of respondents also signalled their preference to work from home for at least 50% of work hours, based on their WFH experience during and after the circuit breaker.

Exhibit 1: Surveyed respondents indicate increased productivity the more t hey worked from home When working from home, it takes me compared to working in office.

to achieve the same productivity as

LESS TIME

MORE TIME

46%

14% 17%

39% 23%

30% APRIL

Source: EngageRocket

MAY

n-2,970

n-10,121

JUNE

n-5,186

Exhibit 2: Surveyed respondents indicate a preference to w ork from home 50% of the time Responses to “Based on my experience working through the circuit breaker and beyond, I can see myself working from permanently.”

25% work from home

100% work from home

7%

18%

75% work from home

37% 50% work from home

Source: EngageRocket

29%

84

%

I do not want to work from home

9%

Features

Are Singapore Homes Office-ready?

The imposition of the circuit breaker period caught most by surprise. Many were scrambling to isolate themselves and their families safely, leaving little time to prepare the home for office use.

While some had the luxury of creating a working corner within the home, others had to makeshift and make do. Many also struggled to manage household space with other family members, or with children who required supervision during home-based learning lessons.

With a foreeable shift in gears for homework to take place, private residential homes can be reinvented into flexible, multi-functional homes to become a truly integrated venue for live, work and play.

For homebuyers who prefer pure owner-occupation of such units, the en-suite can be comfortably converted into a workspace, offering privacy to occupiers living in the larger unit, even when working from home.

Living at Work in 2021?

Whilst price and location considerations will continue to be deciding elements in any home purchase, the provision of WFH features offer an added bit of convenience, comfort, privacy and flexibility to homebuyers who are set to be the future WFH workforce.

The Reinvented Home Working Space Common Shared Facilities Condominium facilities and clubhouses can have self- service printers and facsimiles installed, while function rooms can double-up as privacy rooms or be compartmentalised into smaller pods for individuals.

In-Unit Design Loft spaces in condominiums and duplex units distinguish between living and work spaces. Bigger balconies with adaptable features that accommodate “expandable” furniture can free up more space if needed.

For investors intending to lease their units for recurring income, such unique features could attract potential tenants such as: •

Professionals in regional or international roles, who are more dependent on their devices than a physical office space for work;

•

Time sensitive singles focused on work, who desire privacy away from family;

•

Non-Singaporeans transitioning through cross-country work postings over the medium-term;

•

Freelancers and specialists from the gig economy and startup entrepreneurs who do not require a permanent office; and

•

Digital nomads who function virtually for work, and can operate remotely easily as they move around the world frequently.

Read The Full Report

Dual-Key Units Dual-key units offer a more distinctive physical separation of living spaces, in which the en-suite can be used as a home office or meeting room with enhanced privacy.

This report was prepared by writers while 100% working-from-home.

Singapore View | 15

Insights

6 Dynamics Shaping the Post-Pandemic Workplace

By Calvin Yeo

Head, Corporate Real Estate Knight Frank Singapore

“

There is much conjecture on the role of the office post-COVID-19 with corporate chiefs endorsing working from home and the reduced need for office space. However, due to the innate need for people to interact, the starting point will not be the death of the office but the need for different or better offices.

The focus on the office should be less on the final destination (what the office of the future looks like) and more on the dynamics that will shape the future which rather than being a linear journey from point A to point B, will in fact be multi-directional.

For example, factors such as globalisation and densification that have been part of the evolution of the office over the last decade, will go into reverse either because of increasing international trade tensions, the growing need for operational resilience or because cramming more employees into less space will impact their health, safety and wellbeing.

As corporates climb out of COVID-19, the evolution of the office is being expedited and to support industry thinking, we have identified 6 dynamics shaping the postCOVID-19 workplace.

16 | Singapore View

Insights

In our view, the interplay of the following 6 dynamics will shape the evolutionary path of the office.

C O R P O R AT E

MA R K E T

OFFICE

01. A new contract between employer and employee

03. Demand for less but higher quality space

05. Returning to the off ice versus working-from-home

Resulting from a heightened awareness of who and what matters, employees will look for greater employer support not just in doing their jobs but also healthcare and re-training.

As corporates adopt work from home protocols and require less space, the savings will be deployed to occupying space in buildings of higher quality and safety to enhance the overall return-to-office experience.

A key dynamic is for the office to offer employees a variety of productive settings to carry out work activities that cannot be done from home such as interaction, high security, technical and teamwork etc.

02. Health, safety and wellbeing

04. More flex-in requirements but delivered differently

06. Satellite off ice

Employees would want to know that they are safe in the office and settings will need to be orientated towards supporting both employees’ physical and emotional well-being. Such settings would be manifested in the depth and breadth of amenities provided in the office and a requisite for attracting and retaining talents in the new normal. Technology will also be utilised to underpin and monitor experiences and actively manage or curate it.

Due to higher uncertainty in the wider operating environment occupiers will need more flexible space, but, as third-party co-working centres within buildings typically run at high occupancy with occupants not from the building, landlords would themselves increasingly provide and manage a float of flexible space exclusively for their building occupiers.

With the prevalence of a teleworking workforce, locating the majority of office functions at lower cost high quality buildings outside of the CBD while maintaining a satellite city office could gain momentum.

Our workplace consultants have the ability to support you in answering this question.

For some clients, the economic pressure is so intense that we are already engaged in designing and delivering the answer.

For others with a little more time, developing a deep understanding of your workforce will be the immediate next step.

Speak with us today about the right workplace strategy for you.

Calvin Yeo CEA No. R002952E Head, Corporate Real Estate +65 9691 0549 calvin.yeo@sg.knightfrank.com

Join the Knight Frank Corporate Real Estate Community

Our Clientele

Singapore View | 17

The new Bentayga.

Follow your instincts.

Discover more at Singapore.BentleyMotors.com The new Bentayga fuel consumption: Combined 11.3l/100km; VES Banding: C2; CO2 Emissions: 259 g/km.

The name ‘Bentley’ and the ‘B’ in wings device are registered trademarks. © 2020 Bentley Motors Limited. Model shown: Bentayga V8.

BENTLEY SINGAPORE

CA P I TA L G R AV I T Y Capital from Singapore and Hong Kong will dominate global investments in 2021, alongside major markets the US, Canada and Germany. The Knight Frank ‘capital gravity’ model forecasts the likely capital flows between nations, factoring into account global mobility and impact of the COVID -19 pandemic.

Read more about capital investment movements in the Active Capital 2020.

Singapore View | 19

Features

The Grand Old Dame of District 9

Preserving the Prestige of Ardmore Park

“

With sustainable solutions in place that improve operations efficiency, we’re able to focus on our commitment in supporting the lavish lifestyle of our residents.

Eleana Teo

Managing Director, Strata Management, Knight Frank Singapore

Sustainable Operations

1st existing condominium to receive the certification in 2011

1.3 million litres of water savings per annum from irrigation system upgrade

1st existing condominium in Singapore with a stainless steel swimming pool

Ardmore Park redefined modern luxury living in 2001 and remains one of the largest freehold condominium sites in a prime residential location in Singapore.

Exquisite marble finishing along the walkways display renowned art pieces that welcome residents and visitors. A team of more than 25 highly-trained in-house security officers ensure the safety of Ardmore Park’s residents.

Despite the attraction of newer condominiums featuring the latest technology and enhanced facilities, the Estate Management team at Ardmore Park continuously seeks sustainable solutions and technological advancements to maintain its allure.

Improved manpower and operational efficiency have translated to economic savings. The maintenance fees at Ardmore

Park is reportedly the lowest compared to neighbouring luxurious condominiums.* In 2011, Ardmore Park was the first condominium to receive the Green Mark Certification from the Building Construction Authority (BCA) for existing condominiums. Common facilities such as the swimming pool are being enhanced with sustainable stainless steel material, set to last 20 to 30 years.

Knight Frank Property Asset Management has been managing Ardmore Park since 2004, serving as testament to the diligence of the property management team in serving the needs of the development’s affluent residents.

*Based on market feedback from realtors actively marketing Ardmore Park.

Automation via enhanced facility management software

Residential Property Management Property Management Enquiries Eleana Teo

Managing Director Strata Management

eleana.teo@kfpam.com.sg +65 6848 5606

20 | Singapore View

High priority is placed on security to ensure a safe environment for the residents in Ardmore Park.

A dedicated in-house team of strata management staff looks after the needs of residents, while a specialised team of over 25 highly-trained security officers are deployed with strategically-located cameras that provide round-theclock surveillance.

“

still, Singapore’s “ Truly most desired residence.

Ng Koh Lip Chairman of Ardmore Park Management Committee

Ardmore Park Singapore 13 Ardmore Park Singapore 259961

Singapore View | 21

Trust and Reliability is in Our DNA Knight Frank Property Asset Management

Our clients’ goals are our primary focus.

The Knight Frank asset management team leverages on technology and rich industry experience to deliver bespoke solutions that optimises capital value and yield of assets.

With over 18 million square feet of assets across Singapore, our track record spans across retail, office, industrial and residential assets, including SLA Properties, Hillion Mall, and NTUC Income buildings.

with occupiers, reviewing strategies and operations to optimise capital expenses and budget on behalf of our valued property owners.

Knight Frank Property Asset Management is committed to real, tangible results with proven strategies to owners and investors, managing tenancies, taxes, and protecting their property assets.

Property Asset Management Enquiries Peter See-Toh Managing Director Asset Management peter.seetoh@kfpam.com.sg +65 6848 5700

Our asset management services include

A dedicated team works to each asset owner’s requirements and develops a bespoke suite of solutions that oversee the delivery of impeccable service, while minimising operating costs and protecting risk.

• Asset Enhancements

Because asset management is a people-centric business, we take it upon ourselves to build relationships

• Project Management

• Facility Management

• Finance Management

• Leasing & Tenancy Management • Marketing & Communications

More Information on Property Asset Management Services

OUR PORTFOLIO Sentosa Cove

22 | Singapore View

NTUC Income Properties

Hillion Mall

Retail Leasing Commercial

30 Raffles Place, Singapore 048622, D01 Change Alley Mall is located in the heart of the Central Business District (CBD).

Revel in a French Shopping Arcade CHANGE ALLEY MALL Change Alley Mall opened its doors on 1 October 2020 after undergoing refurbishment works. It is a reinvention of the past and construction of the new, with the use of modern materials and exquisite craftsmanship.

Exuding the charm o ​f a French shopping arcade, one gets a sense of wonderment as they traverse through the passage of ornate arches, columns and elegant shopfronts.​ The commercial development comprises of a retail podium, ranging from food & beverage outlets to retail trades and office spaces. Transiting

from an​outdoor cityscape to semiindoor streetscape, the stimulated skylight at the through-block link illuminates the arcade and creates a pleasant environment.​ The mall will serve as a place of comfort and relaxation for the working community, before and after work.​ Change Alley Mall is hopeful that the mall opening will be a successful one.

Despite the restrictions and pandemic, this is the time that we work together with good faith to build confidence​ of the tenants and invite shoppers to

come and shop and dine in the mall.​ Change Alley Mall is directly connected via underground access to Raffles Place MRT Station.

Leasing Enquiries Irene Siah

CEA No. R045649J

+65 9768 6812

irene.siah@sg.knightfrank.com Joshua Loh

CEA No. R062368J

+65 9179 5700

joshua.loh@sg.knightfrank.com

Singapore View | 23

Features

Revitalising Young Communities

with

New-Gen Neighbourhood Centres

Artist Impression

Nostalgic flavours, then and now CANBERRA PLAZA

Canberra Plaza is the latest addition to the New Generation Neighbourhood Centres by the Housing Development Board (HDB) that will open its doors in December 2020.

The mall consists of four levels of retail podiums including a basement level and is directly connected to Canberra MRT at Level 2 and the surrounding residential blocks. With an estimated gross floor area of 118,400 square feet and net lettable area of Singapore View | 24

75,000 square feet, Canberra Plaza will house approximately 50 tenants curated to remind shoppers of familiar brands and heart-warming offerings.

133 Canberra View Singapore 750133

Canberra Plaza Leasing Enquiries Sara Ching

McDonald’s

The childhood fast-food brand of Singaporeans will have its flagship restaurant serving the Northern region of Singapore. Spanning across more than 5,000 square feet, parents can recreate for their children memorable continue on facing page

CEA No. R041084I

+65 9003 8066

sara.ching@sg.knightfrank.com

Features

birthday parties experienced.

that

they

once

A&W

The well-loved American fast-food chain will have its third restaurant since its comeback in April 2019. Canberra Plaza patrons can enjoy all-time favourites such as signature Root Beer Float and Coney Dogs.

Chin Lee Restaurant

The restaurant has been serving authentic and delectable Teochew cuisine to its loyal patrons for more than 40 years. It started from a humble shop in a HDB estate, making Canberra Plaza its befitting first foray in a modern HDB shopping mall.

Singapore Homegrown Brands Supporting and celebrating local businesses, spaces in the mall are exclusively allocated to homegrown brands. The stellar assemblage

includes NTUC Fairprice, Cantine by Foodfare, Grove by Koufu, BreadTalk, Niigata Bento & Pho Street by Select Group, Gymmboxx, Swee Heng Bakery, Mr Bean, Ya Kun, Nam Kee Pau, Ngee Soon Jewelry, Tampines Optical, Eton House and many others.

Knight Frank is the Retail Consultant and Sole Marketing Agent for Canberra Plaza, as well as other HDB developments in the pipeline including Northshore Plaza, Hougang Rivercourt and Anchorvale Village.

Retail Leasing Commercial

Artist Impression

Plaza 1 | 407 Northshore Drive Singapore 820407, D19 Plaza 2 | 418 Northshore Drive Singapore 820418, D19

NORTHSHORE PLAZA The 140,000 sq ft Northshore Plaza connects residents to a world of convenience and lifestyle possibilities. It integrates seamlessly into the Punggol estate, Common Green and Punggol Waterfront. With a variety of community spaces amidst the waterfront and lush greenery, Northshore Plaza will be the hub for gatherings and community events.

Residents will enjoy a plethora of lifestyle options that include

supermarkets, food courts, cafes, enrichment centres and a childcare centre.

It will open in H1 2021 with approximately 100 shops and will be connected by Samudera LRT Station.

Northshore Plaza Leasing Enquiries Sara Ching

CEA No. R041084I

+65 9003 8066

sara.ching@sg.knightfrank.com Lin Huitian

CEA No. R060291H

huitian.lin@sg.knightfrank.com +65 9658 2983

Singapore View | 25

Insights

Surviving a

K-Shaped Jungle

By Francis Tan Investment Strategist, CIO Office, UOB Private Bank

Situation is improving The worst of the COVID-19 pandemic is over.

We are quite confident of saying this as recent global economic data releases have pointed to a rebound from Q2 2020, as many economies slowly lifted pandemic restrictions and resumed certain activities.

Moreover, despite the resurgence in COVID-19 infection cases in some countries, the extensive knowledge, accumulated experience, and increased capacity to deal with the virus have made it possible for countries to provide better medical care and enact strong public safety strategies. This helped to reduce the global daily COVID-19 incremental fatalities.

The K-shaped economic recovery

That said, economic recovery across markets has been at varying degrees.

At the height of the pandemic, economists were coming up with an alphabet soup of shapes (V,U,W,L,✓,√, or more) for their forecast of the recovery. As the months passed, it turned out more convincingly to be a “K-shaped” recovery instead.

In a K-shaped recovery, there are winners and losers on different fronts.

For example, some sectors such as technology and healthcare weathered the pandemic better than others. The pace, duration and magnitude of the economic recovery followed different paths for different people and sectors.

What created the K-shaped recovery?

Austrian economist Josef Schumpet-

26 | Singapore View

er was famous for coining the term “creative destruction”, where he described how new technologies and industries emerge to replace older ones during a recession.

And this is happening right now.

For instance, the growing awareness of the importance of implements such as e-commerce, virtual conferences and automation, as the population embraces social distancing as the new normal. With that, the entire ecosystem supporting such shifts in the way we live, work, consume and play benefitted. These include software development, artificial intelligence, cloud computing, data storage, etc.

In contrast, businesses that relied heavily on traditional face-to-face human interaction were impacted due to movement restrictions and the closure of work premises during the height of the pandemic (with the exception of “essential services” such as healthcare).

Another catalyst that created the K-shaped recovery was the swift government intervention via monetary and fiscal policies to support the entire economy. While it was the right thing to do, it also enlarged socio-economic and wealth gaps.

The super-accommodative monetary policies meant that interest rates were cut to zero, while quantitative easing to prevent a liquidity crunch flooded the market with so much cash. This benefitted investors who were able to borrow (cheaply) and invest in the stock and bond markets.

This also enabled investors to make use of the historically low mortgage rates to invest in hard assets, such as real estate.

While investors seized opportunities, savers who kept money in deposits will be expecting almost zero nominal returns. This phenomenon further deepened the divide between savers and borrowers.

How to survive the K-shaped jungle?

Overall, the ongoing global recovery remains intact, supported by ultraeasy monetary policies. As such, any potential market correction can be swiftly moderated by a liquidity flush, as seen in end-March 2020. Even if speculative buying in certain sectors turns into selling, it may not mean a market crash. Much of the liquidity could stay in the markets, with flows rotating into other sectors. Moreover, institutional cash levels remain high as investment professionals still keep trillions in cash on the sidelines.

Ongoing monetary debasement will drive further asset-price inflation, instead of the consumer-price inflation that policymakers want. As cash stockpiles on the sidelines earn negative real returns, they are poised to move into investment assets at certain junctures.

Finally, we recommend holding stocks in line with new-economy trends for longer-term strategic allocation, and to consider hedges via gold/gold shares against fat tail risks.

Read The Full Article

Insights

Investing in

Khmer Growth

“

By Ross Wheble Country Head, Knight Frank Cambodia

An open-door policy on FDIs encouraged the influx of foreign developers, capitalising on low land prices and increasing demand for international-standard real estate products.

Since the signing of the Paris Peace Treaty in 1991 and the 1993 elections, the Cambodian economy has advanced to become one of the strongest performing Southeast Asian economies.

An open-door policy on foreign direct investments encouraged the influx of foreign developers, taking advantage of low land prices and demand for international-standard real estate products.

Cambodia registered positive GDP growth during the Global Financial Crisis in 2007. The property market was stimulated by new legislations – the 2009 sub-decree for the Management and Use of Coowned Building, and Law on Foreign Ownership 2010 – that enabled strata titling and foreign purchase of freehold property.

Increasing foreign demand for condominiums, stratified offices, and rising commercial rents spurred developers like the Oxley Group to build The Peak with residential and office spaces, and retail and hotel components managed by Shangri-La and CapitaLand.

ANNUAL GDP GROWTH 8.00% 7.00% 6.00% 5.00%

Metric

Land Size

Value

181,035 sq km

Bordering Vietnam, Laos, Countries Thailand Population

15.2 million

Urban 23.4% Population Median Age

24 years

Unemployment 0.3% Rate GDP (current prices 2019)

26.7 billion USD

Real GDP per capita

1,614 USD

GDP Growth Rate (2019)

7.0%

3.00% 2.00% 1.00% 2014

Cambodia

2015

2016

2017

Developing Asia

2018

2019

Southeast Asia

Artist Impression

Inflation 2.4%

GLOBAL TECH EXCHANGE

FDI Into Cambodia (2019)

Phnom Penh City Centre, Daun Penh District

3.5 billion USD

Sources: World Bank, Ministry of Tourism, CIA World Factbook, United Nations, Ministry of Planning, International Monetary Fund, National Bank of Cambodia, UN Conference on Trade and Dev

Notable projects such as the Global Tech Exchange by Kingsland Global is Cambodia’s first ‘smart’ development with a Tier-3 data centre. Located at the heart of the new Phnom Penh City Centre, the Global Tech Exchange is a freehold mixed-use development located that sits on a unique land bank plot designated as a future prime and new central business district in Phnom Penh, with world-class purpose-built smart city infrastructure.

Other high-profile developments are mixed-use project The Gateway

by Tiong Aik Group, and new industrial estate Le Urban Eco Park by Le Urban Investment.

4.00%

0.00%

CAMBODIA AT A GLANCE

Although in its infancy, the property industry will continue to move in tandem with the economy in an upward trend, providing opportunities for foreign investors.

• Freehold • Total land area in excess of 129,000 sq ft • Commercial Units: Offices, Retail, Hotel, Data Centre

Sales Enquiries Karen Wan ❘ CEA No. R040821F Deputy Director, Capital Market Land & Building, Collective & Strata Sales +65 9772 8042 karen.wan@sg.knightfrank.com Daniel Ding Head, Capital Markets Land & Building, International Real Estate & Industrial +65 9336 3962 daniel.ding@sg.knightfrank.com

More Information on Knight Frank Capital Markets

Singapore View | 27

Insights

Article

Charming London –

Oldest of the

World’s Great Cities

“

In 2019, London was ranked by Singaporeans as the most popular choice for overseas property investment

Home to a notable population of 9.3 million within a diverse and vibrant metropolis, London’s compelling urban landscape encapsulates nearly two millennia of rich history, no doubt offering experiences and a lifestyle unlike anywhere in the world. Take a trip to South Kensington and marvel at its world-class museums, or head over to Buckingham Palace and take in the iconic, personal property of one of Britain’s longest-ruling monarchs.

Due to its strategic geographic location and status as one of the world’s financial centres, London has evolved to become home to globally recognized banks, businesses and renowned brands, which has catalysed further opportunities for the rest of the country. Steeped in history yet buzzing with energy, London’s entrancing culture and links to Europe, makes it a city of ideas, and a pioneer and innovator of art and culture.

Undoubtedly one of the top cities in the world to invest in, London is an exciting place to live, work and play in.

9.2%

6.1% PENANG, MALAYSIA

BANGKOK, THAILAND

MELBOURNE, AUSTRALIA

SYDNEY, AUSTRALIA

7.0%

LONDON, UK

With its strong track record, excellent infrastructure, transparent legal system and world class education system, London continues to form an exciting and attractive backdrop for real estate investment, and a top destination for not only Singaporeans, but property investors worldwide.

Complemented with a reliable and hassle-free purchasing process, international investors can be confident of their investment and returns in the long run due to the enforceability of their purchasing rights, whilst constant demand allow for easy exit strategies.

Buying a property in London involves a simple process, as compared to other competing locations (Exhibit 2). Knight Frank offers key, reliable services to ensure that unit is well-leased and well-maintained for a guarantee peace of mind.

11.1%

28 | Singapore View

In 2019, London was ranked by Singaporeans as the most popular choice for overseas property investment (Exhibit 1). Several key factors have driven the success of London’s continuous expansion as one of the world’s premier capitals, and a perennial choice as an ideal city to live in.

Buying in London, Made Simple

Exhibit 1: Singaporean’s Top 5 Cities for Overseas Property Investment

9.8%

Nurturing a Dynamic and Compelling Metropolitan City

An ideal choice for overseas property investors, London is an excellent option that has potential to grow and evolve. The city’s built environment continues to advance to suit modern lifestyle demands, without compromising its rich history

and flavourful culture. Amongst the up-and-coming neighbourhoods are Brentford and Westham, that give a taste of quintessential living in London.

Exhibit 2

Key milestones in Making an Overseas Property Investment

1 2

Identify the property to purchase Pay a Reservation fee: • Primary Sales

• Purchase Agreement

3 4 5 6 7

Hire a solicitor to assist with handling any legal contracts. Reputable real estate agents should be happy to recommend experts for this task.

Agents can assist with contract translation services whenever necessary, and arrange signing sessions with developers This minimises your need to travel.

Once the contract is signed, prepare to transfer the necessary deposits.

Upon completion of the project, secure a mortgage provider, if necessary.

Trusted real estate agencies will be able to recommend bank offering mortgage products for overseas buyers.

After completion, engage in reputable leasing and property management services to upkeep the value of your unit.

Download the Knight Frank London Buying Guide

PROPERTY LISTINGS

INTERNATIONAL PROPERTIES Apartments

International Properties

TWELVE TREES PARK West Ham E15, 3FQ, London, United Kingdom Enjoy 12 acres of open spaces in one of London's best connected developments.

999-year Leasehold Built-Up Area: 476 sq ft onwards Studio, 1- to 3- Bedroom Apartments Estimated Completion Date: Q3/Q4 2023 Developer: Berkeley Group

Sales Enquiries Nicholas Keong

CEA No. R048783C

+65 9839 9361 Artist Impression

nicholas.keong@sg.knightfrank.com

Guide Price: From £465,000

CHELSEA CREEK Chelsea SW6 2FS, London, United Kingdom Overlooking River Thames, Chelsea Creek offers luxurious, canal waterfront living in Central London.

999-year Leasehold Built-Up Area: 474 sq ft onwards Studio, 1- to 3-Bedroom Apartments Estimated Completion Date: Q2 2023 Developer: St George

Sales Enquiries Nicholas Keong

CEA No. R048783C

+65 9839 9361 Artist Impression

nicholas.keong@sg.knightfrank.com

Guide Price: From £725,000

THE BRENTFORD PROJECT Catherine Wheel Road, Brentford, TW8, London, United Kingdom Experience British living like no other in The Brentford Project, with a myraid of retail and lifestyle options along the River Thames.

999-year Leasehold Built-Up Area approx. 431 sq ft onwards Studio, 1- to 3-Bedroom Apartments Estimated Completion Date Q2 2023 Developer: Ballymore

Sales Enquiries Jay Ong

CEA No. R059661F

+65 9878 0134 Artist Impression

Guide Price: From £369,500

30 | Singapore View

jay.ong@sg.knightfrank.com

International Properties

THE WEST WORKS Merrick Road, Southall, London, UB2 4AU Conveniently linked to the rest of London, The West Works is a luxurious and vibrant development that eludes modernity.

999-year Leasehold Built-Up Area approx. 554 sq ft onwards 1- to 3-Bedroom Apartments Estimated Completion Date: Q2/Q3 2021 Developer: Redrow

Sales Enquiries Jay Ong

CEA No. R059661F

+65 9878 0134

jay.ong@sg.knightfrank.com Artist Impression

Guide Price: From £327,000

OXBOW Abbott Road, East India, E14, United Kingdom Inspired by the bow-shaped bend of the River Thames, Oxbow is situated within a youthful, exciting and vibrant community.

150-year Leasehold Built-Up Area: 420 sq ft onwards Studio, 1- to 2-Bedroom Apartments Estimated Completion Date: Q3 2022 – Q2 2023 Developer: EcoWorld

Sales Enquiries Jay Ong

CEA No. R059661F

+65 9878 0134

jay.ong@sg.knightfrank.com Artist Impression

Guide Price: From £327,000

CADENCE, KING’S CROSS 4 Lewis Cubitt Walk, London, United Kingdom Illustrating magnificent arches and located near the iconic King’s Cross Station, Cadence Court offers space for every pace of life.

250-year Leasehold Built-Up Area approx. 813 sq ft onwards 1- to 3-Bedroom Apartments Estimated Completion Date: Q3 2022 Developer: Argent Related

Sales Enquiries Yvonne Chen

CEA No. R003045J

+65 9151 5185

yvonne.chen@sg.knightfrank.com Artist Impression

Guide Price: From £1,245,000

Singapore View | 31

International Properties

TRX RESIDENCES Kuala Lumpur, Malaysia

Located within the heart of Kuala Lumpur, TRX is Lendlease's largest integrated development in Asia, topped as a world-class business and financial hub.

Freehold Built-Up Area: 474 sq ft onwards 1- to 3-Bedroom Apartments Estimated Completion Date Q4 2023 Developer: Lendlease

Sales Enquiries Jay Ong

CEA No. R059661F

+65 9878 0134

jay.ong@sg.knightfrank.com

Artist Impression

Price on Application

CITADINES BERAWA BEACH BALI Bali, Indonesia Located in a prime tourist hub Canggu, Citadines Berawa Beach Bali is a multiaward winning serviced residence and hotel. Enjoy stunning coastal views of Berawa Beach and be spoiled with food and shopping choices within the heart of the culture-rich hipster scene of Bali.

100-year Leasehold till 2117 Studio, 1- and 2-Bedroom Apartments Built-Up Area: 333.7 sq ft onwards Estimated Completion Date: Q4 2020 Developer: PT. GIJ Property Indo (Genesis Indojaya)

Sales Enquiries Yvonne Chen

CEA No. R003045J

+65 9151 5185

yvonne.chen@sg.knightfrank.com

Artist Impression

Guide Price: From S$270,000

32 | Singapore View

International Properties

THE CAB Auckland, New Zealand

THE CAB is an urban sanctuary located in the heart of Auckland's CBD, which offers dining and shopping options right at your doorstep.

Freehold Built-Up Area: 484 sq ft onwards 1- to 3-Bedroom Apartments Estimated Completion Date Q4 2021 Developer: Love & Co.

Sales Enquiries Yvonne Chen

CEA No. R003045J

+65 9151 5185

yvonne.chen@sg.knightfrank.com

Artist Impression

Guide Price: From NZ$644,000

ONE BARANGAROO Sydney, Australia

Address Australia's tallest tower as your humble abode, and go where no development has gone before. It offers a cloud-breaking lifestyle 319 metres above the glittering Sydney streetscape.

99-year Leasehold Built-Up Area: 1,646 sq ft onwards 2- to 6-Bedroom Apartments Estimated Completion Date: 2020 – 2021 Developer: Crown Resorts

Sales Enquiries Nicholas Keong

CEA No. R048783C

+65 9839 9361

nicholas.keong@sg.knightfrank.com

Artist Impression

Guide Price: From AU$9,500,000

Singapore View | 33

PROPERTY LISTINGS

RESIDENTIAL Land | Good Class Bungalows | Landed Homes | Penthouses | Condominiums | Developer Sales

34 | Singapore View

Developer Sales

QUEEN ASTRID GARDENS 5 to 13 Queen Astrid Gardens, D10 Redevelopment Site For Sale Residential/Good Class Bungalow redevelopment land, located at an exclusive cul-de-sac.

Site Area approx. 62,243 sq ft Zoned Residential within Queen Astrid Park GCBA Elevated view overlooking surrounding estates Potential to redevelop up to four GCBs or low-rise apartments, subject to authorities’ approval

Sales Enquiries

Ian Loh CEA No. R027865G +65 8838 3288 ian.loh@sg.knightfrank.com

Marvelle Wong CEA No. R055510C +65 9753 5878 marvelle.wong@sg.knightfrank.com

Singapore View | 35

Good Class Bungalows ASTRID HILL Astrid Hill, D10 Exclusive, single-storey Good Class Bungalow in a quiet enclave with absolute privacy and tranquillity. Perched on a hilltop with magnificent views of the surrounding neighbourhood and nestled amongst lush greenery.

Freehold Land Area approx. 31,358 sq ft 5 Bedrooms and 4 Bathrooms Good Class Bungalow

Sales Enquiries Linda Chern

CEA No. R030706A

+65 8228 8836

linda.chern@sg.knightfrank.com

Guide Price: S$45,000,000

REBECCA ROAD Rebecca Road, D10 Beautiful resort-style bungalow with a lap pool, garden, and a huge car porch for up to 6 cars. It is close to Holland Village and various prestigious schools.

Freehold Land Area approx. 20,500 sq ft 5 Bedrooms and 5 Bathrooms Good Class Bungalow

Sales Enquiries Linda Chern

CEA No. R030706A

+65 8228 8836

linda.chern@sg.knightfrank.com

Guide Price: S$29,500,000

OLD HOLLAND ROAD Old Holland Road, D10 Rare Good Class Bungalow surrounded by lush greenery with a wide frontage, tastefully developed by renowned designer.

Freehold Land Area approx. 25,810 sq ft 6 Bedrooms, 6 Bathrooms Good Class Bungalow

Sales Enquiries Audry Tan

CEA No. R058545B

+65 9845 0767

audry.tan@sg.knightfrank.com

Guide Price: S$32,800,000

36 | Singapore View

Landed Homes | Penthouses

FRANKEL AVENUE Frankel Avenue, D15 Luxurious 3-storey detached house located along Frankel Avenue, with 7 bedrooms (5 en suite), private swimming pool and a covered car porch for 2 cars.

Freehold Land Area approx. 5,842 sq ft 7 Bedrooms, 8 Bathrooms Detached House

Sales Enquiries Linda Chern

CEA No. R030706A

+65 8228 8836

linda.chern@sg.knightfrank.com

Guide Price: S$10,000,000

YONG AN PARK 331 River Valley Road, D09 Penthouse with unblocked view. High ceiling with three en suite and one family room which can be converted into a fourth bedroom. Ideal for families looking for a home that is conveniently located with MRT, good schools and amenities in the vicinity.

Freehold Floor Area approx. 3,606 sq ft 4 Bedrooms and 4 Bathrooms

Sales Enquiries Angeline Chong

CEA No. R010209E

+65 9478 5059

angeline.chong@sg.knightfrank.com

Guide Price: S$7,500,000

BELLE VUE RESIDENCES 31 Oxley Walk, D10 Mortgagee Sale A freehold, duplex penthouse with rooftop garden, situated in a low density condominium of 176 units.

3 bedrooms and private lift Floor Area approx. 3,497 sq ft Short stroll to Orchard shopping district

Sales Enquiries (For sale by private treaty) Tricia Tan

CEA No. R021904I

+65 9387 9668

tricia.tan@sg.knightfrank.com

Lock Sau Lai

CEA No. R002919C

+65 9181 1819

saulai.lock@sg.knightfrank.com

Guide Price: S$5,500,000

Singapore View | 37

Condominiums

Guide Price: S$3,350,000

Guide Price: S$3,860,000

PATERSON RESIDENCE

ROBINSON SUITES

83 Paterson Road, D09

50 Robinson Road, D01

A freehold development with full condominium facilities located near ION Orchard and Wheelock Place, providing a host of amenities for residents.

Rare and nicely furnished duplex unit with unblocked city views, conveniently located in the heart of the CBD.

Freehold Size Area approx. 1,313 sq ft 3 Bedrooms, 2 Bathrooms Condominium

Freehold Size Area approx. 1,410 sq ft 2 Bedrooms, 2 Bathrooms Condominium

Sales Enquiries Audry Tan

CEA No. R058545B

+65 9845 0767

audry.tan@sg.knightfrank.com

Guide Price: From S$1,3xx psf

Guide Price: S$1,830,000

LA FIESTA

THE ROCHESTER RESIDENCES

70 Sengkang Square #07-XX, D19

33 Rochester Drive, D05

The property has a direct linkway to Sengkang MRT station and Compass One shopping mall.

A spacious 2-bedroom apartment linked to Rochester Mall, next to Star Vista, and Buona Vista MRT station.

Approx 1,001 sq ft Premium stack 3-bedroom apartment Kopitiam Food Court close by

99-year w.e.f. 27/6/2005 Floor Area approx. 1571 sq ft High Rentability

Sales Enquiries (For sale by private treaty)

Sales Enquiries (For sale by private treaty)

Tricia Tan

Gwen Lim

CEA No. R021904I

+65 9387 9668

tricia.tan@sg.knightfrank.com

CEA No. R027862B

+65 9199 2377

gwen.lim@sg.knightfrank.com Lock Sau Lai

CEA No. R002919C

+65 9181 1819

saulai.lock@sg.knightfrank.com

38 | Singapore View

PROPERTY LISTINGS

NEW LAUNCHES Penthouses | Condominiums

New Launches

SLOANE RESIDENCES Balmoral Road, D10 Sloane Residences, a core city centre development at the heart of Balmoral Road, offers residents convenient access to a wealth of amenities and leisure pursuits at every turn. The city’s major shopping street is just down the road, whilst quaint cafes and restaurants are within walking distance of the development.

TOP: Q1 2023 Freehold Floor Area approx. 743 - 1,496 sq ft 2- to 4-Bedroom Apartments Total of 52 units Developed by TSky Balmoral Pte Ltd

Artist Impression

Prices starting from S$2,294,000

SCOTTS SQUARE 8 Scotts Road, D09 Soaring 43 storeys high, Scotts Square’s contemporary architecture is adorned with world-renowned art pieces, making it one of the most prominent homes in Orchard Road.

TOP: 2011 Freehold Floor Area approx. 624 sq ft onwards 1-Bedroom Apartments Total of 338 units Developed by Wharf Estates Singapore Pte Ltd

Prices starting from S$2,121,798

40 | Singapore View

Scan for property sales/ leasing enquires

New Launches

Artist Impression

Prices start from S$2,435,000 (2-Bedroom unit)

AMBER SKYE 8 Amber Road, D15 The 22-storey freehold condominium is masterfully-crafted to mimic the sea’s endless waves, featuring a series of wavy balconies that “stream” picturesquely among the clouds. Regally-spacious, the balcony is your perfect corner to curl up and gaze into the sky that stretches into the infinite.

TOP: Q2 2017 Freehold Floor Area approx. 1,216 - 5,177 sq ft 2- to 6-Bedroom Apartments Total of 109 units Developed by CS Amber Development Pte Ltd.

Scan for property sales/ leasing enquires

Singapore View | 41

New Launches

THE WOODLEIGH RESIDENCES 13 to 33 Bidadari Park Drive, D13 A Japanese-inspired development that comes with a wide offering of unique facilities, including a sunken courtyard and an onsen that overlooks the lush Bidadari Park and Alkaff Lake.

Estimated TOP: Q3 2023 99-year Leasehold Floor Area approx. 570 - 1,475 sq ft 2- to 4- Bedroom Apartments Total of 667 units Developed by Kajima Development Pte Ltd & Singapore Press Holdings Ltd

Artist Impression

Prices start from S$1,078,000 (2-Bedroom unit)

DAINTREE RESIDENCE Toh Tuck Road, D21 Sleek and sculptural, the articulated facade of Daintree Residence is reminiscent of the terrain of a quarry, creating a stunning composition that is visually cutting-edge and naturally elegant.

Estimated TOP: Q1 2023 99-year Leasehold Floor Area approx. 517 - 1,539 sq ft 1- to 4-Bedroom Apartments Total of 327 units Developed by Setia (Bukit Timah) Pte Ltd

Artist Impression

Artist Impression

Prices start from S$930,720 (1-Bedroom unit)

42 | Singapore View

New Launches

MARINA ONE RESIDENCES 21 & 23 Marina Way, D01 Marina One is an integrated development that places you on the pulse of Singapore’s vibrant CBD and beyond. Nestled amidst lush greenery, the mixed-use development comprises luxury residences, unique retail offerings and Grade-A offices.

TOP: Q3 2018 99-year Leasehold Floor Area approx. 657 - 8,708 sq ft 1- to 4- Bedroom Apartments & Penthouses Total of 1,042 units Developed by M+S Pte Ltd

Artist Impression

Prices start from S$1,778,040 (1-Bedroom unit)

77 @ EAST COAST 77 Upper East Coast Road, D15 Immerse yourself in the rich heritage of the East, where quaint shophouses, Peranakan cuisines and artisanal cafes dot the streets. Green sanctuaries and scenic coastal walks at East Coast Park offer respite from a day’s work.

Estimated TOP: Q4 2022 Freehold Floor Area approx. 409 - 1,345 sq ft 1- to 4-Bedroom Apartments Total of 41 units Developed by KDC (77) Development Pte Ltd, subsidiary of KTC Group

Artist Impression

Scan for property sales/ leasing enquires

Prices start from S$733,000 (1-Bedroom unit)

Singapore View | 43

New Launches

M5 Jalan Mutiara, D10 Cradled in the heart of the city, the M5 is surrounded by commercial hubs and hipster hotspots. Encircled by the transport network, the M5 is a few minutes’ drive to the Orchard Road shopping belt.

TOP: 2018

Artist Impression

Freehold Floor Area approx. 441 - 1,001 sq ft 1- to 2-Bedroom Units & Penthouses Total of 33 units Developed by TTH Development Pte Ltd (Amara Holdings)

Prices start from S$1,034,000 (1-Bedroom unit)

10 EVELYN 10 Evelyn Road, D11 A five-storey boutique residence, 10 Evelyn is a stone’s throw away from the bustle of Orchard Road, Novena and Bukit Timah. It is in close proximity to several top primary and secondary schools, as well as some of Singapore’s best healthcare services.

Artist Impression

Prices start from S$1,257,120 (1-Bedroom unit)

Estimated TOP: Q4 2021 Freehold Floor Area approx. 495 - 1,432 sq ft 1- to 2-Bedroom Apartments & 3-Bedroom Penthouses Total of 56 units Developed by Creative Investments Pte Ltd (Amara Holdings)

TWIN VEW 91, 93 West Coast Vale, D05 Two modern, 36-storey towers designed with the generous use of glass fenestration rise to form timeless and chic architecture by the river edge and lush greenery.

Estimated TOP: Q2 2022 99-year Leasehold Floor Area approx. 484 - 2,088 sq ft 1- to 4-Bedroom Apartments & Penthouses Total of 520 units Developed by CSC Land Group (Singapore) Artist Impression

Prices start from S$ 1,659,000 (3-Bedroom + Study)

Scan for property sales/ leasing enquires

44 | Singapore View

PROPERTY LISTINGS

COMMERCIAL Offices | Buildings | Shophouses | Retail

Singapore View | 45

Buildings For Sale

Buildings For Sale CAR SHOWROOM 3 Leng Kee Road, D03 Part single and part 2-storey car showroom with a rear workshop, located within walking distance to Redhill MRT station.

99-year Leasehold w.e.f. 1 Feb 1953 Land Area approx. 16,217 sq ft Gross Floor Area approx. 14,778 sq ft Zoned Reserve Site

5-STOREY CAR SHOWROOM 19 Leng Kee Road, D03 5-storey car showroom/factory with basement carpark, located within walking distance to Redhill MRT station.

99-year Leasehold w.e.f. 29 Mar 1955 Land Area approx. 14,617 sq ft Gross Floor Area approx. 29,028 sq ft Zoned Business 1 with Gross Plot Ratio 2.5

Sales Enquiries Ng Ee Kiat

CEA No. R002972Z

+65 9825 0900

eekiat.ng@sg.knightfrank.com

Tan Boon Leong

CEA No. R002918E

+65 9817 0009

boonleong.tan@sg.knightfrank.com

2-STOREY JTC DETACHED FACTORY 33 Tuas Basin Link, D22

JTC factory with a long lease term located near Tuas Second Link and Tuas Mega Port. Short distance to Gul Circle and Tuas Crescent MRT stations.

JTC Leasehold 30+30 years w.e.f. 16 Dec 1993 Land Area approx. 49,873 sq ft Gross Floor Area approx. 42,278 sq ft Zoned Business 2 with Gross Plot Ratio 1.4

Sales Enquiries Alvin Teng

CEA No. R002950I

+65 9380 8662

alvin.teng@sg.knightfrank.com

46 | Singapore View

Strata Units | Building For Sale

Strata Units For Sale EUNOS WAREHOUSE 3 Kaki Bukit Road 2, D14 Located at the junction of Eunos Link and Kaki Bukit Avenue 2. A single-level warehouse with a generous floor plate and a floor height of 4.2m.

Several 40-footer trucks can be parked in front of the unit, with free parking provided.

Units can be sold individually Floor Area approx. 5,952 sqft & 7,879 sqft Road facing units Gross Plot Ratio 2.0

Sales Enquiries (For sale by private treaty) Sharon Lee

CEA No. R027845B

+65 9686 4449

sharon.lee@sg.knightfrank.com James Wong

CEA No. R0017407Z

+65 9113 3113

james.wong@sg.knightfrank.com

Guide Price: From S$1,500,000 onwards

Strata Units For Sale 3 SHOP UNITS IN RESIDENTIAL DEVELOPMENT 8 Tanah Merah Kechil Link, D16 Three commercial units built with individual water supply understructure on level 1 of 582-unit residential development. Ideal for small office or retail use. Optimal floor space for business start-ups, design and consultancy firms, or minimarts, F&B cafe, and hair saloon operators. Supported with ample parking space and walking distance to MRT station.

Units can be sold individually Floor Area approx.

377 sq ft, 420 sq ft & 420 sq ft 99 years wef. 5/11/2012

Sales Enquiries (For sale by private treaty) Sharon Lee

CEA No. R027845B

+65 9686 4449 sharon.lee@sg.knightfrank.com James Wong

CEA No. R017407Z

+65 9113 3113

james.wong@sg.knightfrank.com

Singapore View | 47

Shophouses

Shophouses For Sale 3-STOREY CORNER SHOPHOUSE WITH MEZZANINE LEVEL 22 North Canal Road This 3-storey corner shophouse with mezzanine level is located within the CBD at the junction of South Bridge Road and North Canal Road. The building is served by a private lift.

999-year Leasehold w.e.f 10 Aug 1831 Land Area approx. 3,448 sq ft Gross Floor Area approx. 11,026 sq ft Zoned Commercial within Boat Quay

Sales Enquiries Mary Sai

CEA No. R027878I

+65 9388 7879

mary.sai@sg.knightfrank.com Choo Wei Siong +65 9781 9557

CEA No. R053701F

weisiong.choo@sg.knightfrank.com

Shophouses For Sale ADJOINING 2-STOREY SHOPHOUSE WITH ATTIC 44 & 46 Bukit Pasoh Road A pair of adjoining 2-storey shophouses with attic that enjoys prominent frontage onto Bukit Pasoh and Teo Hong Road.

Located next to Outram Park MRT and upcoming Thomson-East Coast Line.

Ground and second floors approved for F&B usage.

Freehold Total Site Area: 4,747 sq ft Combined Floor Area: 10,078 sq ft Zoned “Commercial/Conservation” within Chinatown

Sales Enquiries Marvelle Wong

CEA No. R055510C

+65 9753 5878 marvelle.wong@sg.knightfrank.com Lennon Koh

CEA No. R022673H

+65 9748 7400 lennonkoh@sg.knightfrank.com

48 | Singapore View

Retail Spaces For Lease

Retail Spaces For Lease

Artist Impression

151 Lorong Chuan Singapore 556741, D19

NTP+ NTP+, derived from the acronym for

Chuan MRT Station and is one station

enhancement initiatives which will

MRT stations. The development will

New Tech Park, is currently undergoing be transformed with added F&B and lifestyle offerings in the Lorong Chuan

neighbourhood. Accessible from the

Circle Line and Central Expressway (CTE), NTP+ is located next to Lorong

away from Serangoon and Bishan

include a dedicated parking for food delivery platforms for fast pick-ups.

It is estimated to complete in early Q1 2021.

Leasing Enquiries Lin Huitian

CEA No. R060291H

+65 9658 2983

huitian.lin@sg.knightfrank.com Sara Ching

CEA No. R041084I

+65 9003 8066

sara.ching@sg.knightfrank.com

Singapore View | 49

Retail Spaces For Lease

GR.iD As a new retail development strategically situated in the epicentre of the education hub at Selegie Road, GR.iD is set to be the choice destination for youths and the young at heart. With its unique positioning as an entertainment hub, GR.iD will connect with new-age shoppers through a first-of-its-kind multisensory experience comprising “retail-tainment, eat-ertainment and edu-tainment”.

Knight Frank Singapore is the appointed asset manager and retail marketing agent for GR.iD.

Artist Impression

1 Selegie Road, Singapore 188306, D07

LE QUEST Le Quest is a mixed-use development comprising of five blocks of 516 residential units with a retail podium at Level 1. It is conceived to create an exquisite balance between space, nature and the convenience of downtown living. When completed, the mall will provide 55,000 sq ft of dining, lifestyle and convenience options, anchored by FairPrice Finest and Koufu.

The mall started serving residents in November 2020. Free shuttle bus service is available between the mall and Bukit Batok MRT station.

Artist Impression

4 Bukit Batok Street 41 , Singapore 657991

Leasing Enquiries Irene Siah

CEA No: R045649J

+65 9768 6812

irene.siah@sg.knightfrank.com

50 | Singapore View

Joshua Loh CEA No: R062368J

+65 9179 5700

joshua.loh@sg.knightfrank.com​

About The Group At Knight Frank Singapore, we believe in building long-term relationships and providing personalised, considered advice. We ensure that every client is matched with the right property that suits their needs, be it commercial or residential. The firm is the oldest and only international real estate consultancy in Singapore that began as a local small-medium enterprise (SME), founded during pre-war times in 1940.

Knight Frank LLP is a leading independent global property consultancy headquartered in London.

The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants.

GLOBAL NETWORK PRESENCE FOR 125 YEARS

488 OFFICES 57 TERRITORIES OVER 20,000 PEOPLE

The Americas

United Kingdom

12 Territories Argentina / Brazil Canada / Chile / Colombia Costa Rica / Mexico / Panama Peru / Puerto Rico The Caribbean / USA

3 Territories England / Scotland Wales

Europe 15 Territories Austria / Belgium / Cyprus Czech Republic / France / Germany Hungary / Ireland / Italy / Netherlands Poland / Romania / Russia Spain / Switzerland

87 2,413 OFFICES

161

64

PEOPLE

OFFICES

1,731

OFFICES

6,949

PEOPLE

LONDON

PEOPLE

BERLIN

3

PA R I S

OFFICES

NEW YORK

69

SAN FRANCISCO

SHANGHAI

PEOPLE

21 618

DUBAI

OFFICES

MUMBAI

HONG KONG

152

OFFICES

8,469

PEOPLE

PEOPLE

NAIROBI

SINGAPORE

Asia Pacific Africa 9 Territories Botswana / Kenya Malawi / Nigeria South Africa / Tanzania Uganda / Zambia / Zimbabwe G AT E W AY CITIES

We have identified 12 “gateway cities” that represent locations where we believe Knight Frank can make the greatest impact across our group.

The Middle East 3 Territories Saudi Arabia / Dubai Abu Dhabi

15 Territories Australia / Cambodia Chinese Mainland / Hong Kong Fiji / India / Indonesia / Japan Malaysia / New Zealand / Philippines Singapore / South Korea Taiwan / Thailand

SYDNEY

Contact us for insights, research and real estate opportunities.

Knight Frank Singapore Danny Yeo Executive Chairman danny.yeo@sg.knightfrank.com +65 6228 6808

Advisory Services

Wendy Tang Group Managing Director wendy.tang@sg.knightfrank.com +65 6228 6818

Capital Markets

Low Kin Hon Deputy Group Managing Director & Head Valuation & Advisory kinhon.low@sg.knightfrank.com +65 6228 6860

Ian Loh Head Capital Markets (Land & Building, Collective & Strata Sales) ian.loh@sg.knightfrank.com +65 6228 6823

Alice Tan Head Consultancy alice.tan@sg.knightfrank.com +65 6228 6812

Daniel Ding Head Capital Markets (Land & Building, International Real Estate & Industrial) daniel.ding@sg.knightfrank.com +65 6228 6833

Leonard Tay Head Research leonard.tay@sg.knightfrank.com +65 6228 6854

Property Asset Management

Knight Frank Pte Ltd 10 Collyer Quay #08-01 Ocean Financial Centre Singapore 049315 Tel (65) 6222 1333

KF Property Network Pte Ltd

10 Collyer Quay #08-01 Ocean Financial Centre Singapore 049315 Tel (65) 6372 7333

Knight Frank Property Asset Management Pte Ltd 160 Paya Lebar Road #05-05 Orion@Paya Lebar Singapore 409022 Tel (65) 6848 5678

52 | Singapore View

Residential & Project Marketing

Peter See-Toh Managing Director Asset Management peter.seetoh@kfpam.com.sg +65 6848 5700

Linda Chern Head Residential (Project Marketing, Prime Sales & Leasing) linda.chern@sg.knightfrank.com +65 8228 8836

Eleana Teo Managing Director Strata Management eleana.teo@kfpam.com.sg +65 6848 5606

Nicholas Keong Head Residential (International Project Marketing) nicholas.keong@sg.knightfrank.com +65 6228 6870

Auction Sharon Lee Head Auction & Sales sharon.lee@sg.knightfrank.com +65 6228 6891

Corporate Real Estate Calvin Yeo Head Corporate Real Estate & Project Management calvin.yeo@sg.knightfrank.com +65 6228 6887

Property Network Evan Chung Head KF Property Network evan.chung@sg.knightfrank.com +65 6228 6878

Retail Ethan Hsu Head Retail ethan.hsu@sg.knightfrank.com +65 6228 6832

Content & Partnerships Hector Tan Head Marketing & Communications hector.tan@sg.knightfrank.com +65 6228 7337

Other Publications Singapore View is part of a series of publications and reports by Knight Frank

© Knight Frank Singapore 2021 – This magazine is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal responsibility can be accepted by Knight Frank Pte Ltd or Knight Frank LLP for any loss or damage resultant from the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank in relation to particular properties or projects. Reproduction of this publication in whole or in part is allowed with proper reference to Knight Frank Singapore. This publication was prepared and written during the period August 2020 to January 2021, based on evidence and data available to Knight Frank Pte Ltd at the time.