BRIEF PROJECT SUMMARY

• Freehold
• Two Towers Of 20 Storey Tall
• On High Ground (near to SC Global's Hilltop)
• Full Condo Facilities (Unique "Rainwater" shower deck)
• TOP likely 2009

UNIT FOR SALE

• Various units of 3 Bedroom, 1173-1431  sqft plus Penthouse unit (with pte lap pool)
• Stack 02/05/06 (see siteplan below)  

KEY SELLING POINT(S)

1. Unlike many at Carinhill which along traffic-heavy Cairnhill Road, this is one of the few more exclusive location sitting on high ground looking over Orchard & Surrounding area -> Unique Selling Point which increases resale value
   
2. Potential for further upside at psf $2600 level (read news article below).  Helios Residences is now launched at average psf $3000 average SC Global's keenly followed super luxury project Hilltop Apartments to be launched in Q3 above psf $4000, market interest to focus in Cairnhill area very soon.  This will further drive up transacted prices for subsale (new uncompleted projects) to easily psf $3000 level.
   
3. Projects that TOP soon will be able to tap into high rental yields in the next 2 years due to mismatch in demand & supply as huge influx of foreigners stream in before opening of IRs by 2010.  Nearer 2010 price increase & also rentals will likely taper off as supply will increase with completion of many projects in pipeline.

----------------------- Recent Article On Singapore Straits Times March 23, 2007 ---------------------------

Sesdaq firm pays big bucks for Cairnhill plot
$361m buy by Sing Holdings comes in the wake of bullish market sentiment

By Property Correspondent, Joyce Teo

A TINY-TOT firm worth just $97 million is making a $361 million bet on the Orchard area property market by buying a prime Cairnhill Road estate.

Sing Holdings is clearly counting on prices in the coveted area to keep soaring, to ensure its massive investment in freehold Hillcourt Apartments pays off.

'The buzz is in Orchard,' said managing director Lee Sze Hao. 'It is hard to get such a site, just a three-minute walk to Orchard Road.'

But the numbers are daunting. Sing Holdings will fork out a mind-boggling $1,542 per sq ft (psf) per plot ratio for the estate, well above the $1,107 psf that property giant CapitaLand paid last year for Silver Tower next door.

Hillcourt has 102 units. Owners will each get $3.46 million, with the owners of the two 4,241 sq ft penthouses each collecting $7.26 million.

Sing Holdings will spread the risk by recruiting partners - perhaps from the United States or Hong Kong - to shoulder about half the deal, said Mr Lee, who is confident his gamble will pay off.

'I am very bullish about the area. There will also be two new malls coming up in Somerset,' he said.

Sing Holdings, a long-time but recently listed developer, is capitalised at about $97 million on Sesdaq. It plans to launch a high-end project with 160 to 180 two- to three- bedroom units next year.

Mr Lee said his break-even cost is around $2,000 psf to $2,100 psf, which will allow him to easily achieve a minimum sale price of $2,300 psf to make it worth his while.

Mr Steven Ming of Savills Singapore, which brokered the $361 million sale, said Sing Holdings could sell a new development on the site for about $2,500 to $2,600 psf.

'This won't be too difficult to achieve,' said Mr Lee.

'There's a lot of potential in the area. In the vicinity, developers like SC Global and WingTai will be pitching prices of $2,500 to $2,800 psf.'

The area's boom feel is a far cry from last June when the tender for Silver Tower closed with only four bids and all below the reserve price.

Sing Holdings' purchase will allow it to participate in the bull run of a prime area normally reserved for the property world's big guns.

Wing Tai could soon launch its Phoenix Mansion site, next to The Light @ Cairnhill, for about $2,500 psf, market sources said.

High-end developer SC Global, for example, will launch its Hilltops condo this year with prices perhaps reaching as high as $3,000 psf. It bought the site for under $1,000 psf last April.

Sing Holdings has two potential partners in the wings to help it spread the risk.

United States-based fund Forum Asian Realty Income II, which holds 4.8 per cent of Sing Holdings, is expected to invest and could take up to 40 per cent, said Mr Lee.

The fund, which has bought a block of flats in a prime Draycott condo, previously linked up with Sing Holdings to buy two sites, taking a 30 per cent stake in each. A Hong Kong property investment firm has also indicated an interest in taking a 20 per cent share, though its final stake, if any, could be less.

Sing Holdings has sold its Shanghai operations, resulting in a cash inflow of $81 million, which it is investing in the market here, said Mr Lee.

Other small local developers have joined with foreign funds to buy costly sites in order to cash in on a hot market.

Chip Eng Seng, for one, tied up with US investment bank Lehman Brothers and US-based hedge fund Citadel Investment Group to develop properties here.

There could be more ventures with funds in future, said Credo Real Estate managing director Karamjit Singh.

'There are foreign funds from the US and Middle East, which are looking to participate in the local property development market.'

LOCATION MAP

On the hilltop of Carinhill Circle.

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SITE PLAN

FLOOR PLAN
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TO YOUR REAL ESTATE SUCCESS!

Darren Goh
ERA
Your Real Estate Partner
(65) 9106 - 5661

Disclaimer :
This article represents solely my personal view and care should be exercised by you in your property purchase which should be based strictly on your own due diligence and judgment.  I do not represent that you will certainly make money on any part of my advice and I cannot be held liable for any losses, damage or failure in your property transaction now or in the future.  When figures are quoted, the sources will be credit-mention based on best of knowledge.