Rise in luxury property purchases by foreigners

Original Article by Edgeprop.sg
Over the week of April 3 to 10, there were four transactions that crossed the $10 million mark. The chart topper was a five-bedroom unit on the first level of luxury condominium Leedon Residence that fetched $12 million ($1,828 psf). The 381-unit, freehold Leedon Residence, developed by GuocoLand, was completed in 2015. It is located on Leedon Heights in prime District 10.
Facilities at Leedon Residence (Credit: Samuel Isaac Chua)
The buyer of the 6,566 sq ft unit at Leedon Residence is a Chinese national, says Dominic Lee, head of the luxury team at PropNex Realty who brokered the sale. This was not the only unit purchased by the buyer, who is believed to have snapped up another unit at New Futura, a luxury freehold 124-unit condo by City Developments located on Leonie Hill Road in prime District 9.
At Tomlinson Heights, a 4,047 sq ft, five-bedroom unit on the second level of the 36-storey tower was sold for $10.5 million ($2,594 psf). The 70-unit boutique, freehold development by Hotel Properties is on Tomlinson Road in prime District 10 and was completed in 2014.
Two other deals were for detached houses. One was a bungalow on Paradise Island in Sentosa Cove that fetched $11.2 million, according to a caveat lodged on April 10. The house sits on a land area of 8,633 sq ft. Like all the properties in Sentosa Cove, it has a 99-year lease. The seller purchased the house in a sub-sale for $10.5 million ($1,216 psf) in 2009.
Another transaction that crossed the $10 million mark was a detached house on Chancery Lane in prime District 11. The house occupies a freehold land area of 4,338 sq ft and fetched $10.5 million ($2,419 psf).
This year has seen an increase in the number of non-landed private residential property purchases by foreigners, including permanent residents. This is particularly noticeable for transactions above $5 million. According to Nicholas Mak, executive director of ZACD Group, deals above $5 million saw a 78% jump in the January 2017-March 2018 period from the October 2015-December 2016 period. Chinese were the biggest buyers, followed by Indonesians and Malaysians, adds ZACD.
According to PropNex’s Lee, the Singapore property market is enticing to foreign buyers, especially since Hong Kong property prices are still at stratospheric levels despite the more punitive property cooling measures.
Foreign investors are also flocking to Singapore, given the slowdown in the housing markets in Canada, Australia and the UK, says Edmund Tie & Co in its 1Q2018 residential report. Singapore looks attractive, as the private residential market is on the uptrend.

Pacific Mansion sold en bloc for $980m in second-highest deal

Original article from Straits Times.

Entities controlled by Singapore property tycoon Kwek Leng Beng and his Malaysian billionaire cousin Quek Leng Chan have joined forces for the $980 million purchase of a freehold site in Singapore’s upscale River Valley precinct.

Their acquisition of Pacific Mansion in District 9 marks the biggest collective sale in more than a decade and the second-highest on record, according to CBRE, which brokered the deal.

Singapore-listed GuocoLand, controlled by Mr Quek, announced yesterday that it has successfully tendered for the site with Intrepid Investments and Hong Realty.

Both Intrepid Investments and Hong Realty are majority-owned by Hong Leong Investment Holdings (HLIH), which is effectively controlled by Mr Kwek, though other family members also own stakes in these companies.

GuocoLand and Intrepid Investments each hold a 40 per cent stake in the project, while Hong Realty owns a 20 per cent interest.

The latest deal marks the largest transaction in the current collective sale cycle, exceeding Tampines Court’s $970 million and Amber Park’s $907 million, and is surpassed only by the sale of Farrer Court for $1.34 billion in 2007.

CBRE director of capital markets Galven Tan said that the tender for Pacific Mansion drew interest from a handful of local and foreign developers.

Consultants estimate that the land cost for the Pacific Mansion site may translate to a break-even price of $2,530 to $2,800 per sq ft (psf), and a potential selling price of $3,000 to $3,200 psf for the upcoming project.

In just the first three months of this year, 14 collective sales have clocked total proceeds of $5.6 billion, which is already 64 per cent of the total proceeds of $8.7 billion from 30 collective sale sites for the whole of last year.

As HLIH is deemed a substantial shareholder of GuocoLand, Intrepid Investments and Hong Realty are deemed interested persons of GuocoLand under Singapore Exchange’s listing rules.

Pacific Mansion comprises 288 apartments and two commercial units. Owners representing more than 80 per cent of the strata area and share value of the development have consented to the collective sale. Each residential unit owner will stand to receive a gross payout of $3.26 million to $3.48 million. The shop units will receive between $2.2 million and $4.5 million.

Retiree Peter Chia, 60, who has been living in Pacific Mansion for the past 10 years, welcomed the news of the collective sale.

“It is a good price,” he said, adding that he has not decided where he will live in the future.

He said a new development could help breathe new life into the area, noting that the ageing property was not well-maintained.

But not everyone is glad. A resident, who wanted to be known only as Mr Lim, said he bought a three-bedroom apartment in Pacific Mansion in 2016 and would incur a 12 per cent seller’s stamp duty (SSD).

He said he has failed to get an SSD waiver from the authorities even though he did not sign on the collective sales agreement. The SSD, estimated to be $384,000, would have to be paid even before he receives the sale proceeds. “This defeats the purpose of the SSD because I am not a speculator,” said Mr Lim, adding that he spent $40,000 to $50,000 on renovations.

FEC Properties takes Hollandia in collective sale at S$1,703 psf ppr!

Original Article from straitstimes.com published on 2nd Mar 2018.

SINGAPORE – FEC Properties, an indirect wholly-owned subsidiary of Hong Kong-listed Far East Consortium International, has secured a collective sale site in Singapore’s Holland Road in District 10 for S$183.38 million.

The sale price for Hollandia translates to a land rate of SS$1,703 per square foot per plot ratio (psf ppr), according to the marketing agent Savills Singapore.

In a regulatory filing with the Hong Kong stock exchange, Far East Consortium said it plans to redevelop the site into a high-end residential development with total gross floor area (GFA) of about 10,000 sqm.”The acquisition is consistent with the company’s regionalisation strategy and is a great addition to the development pipeline in Singapore following Artra which was successfully launched last year,” it said. Artra, a 400-unit development near Redhill MRT station is jointly developed by FEC Properties and New World Development.

Occupying a corner plot at the junction of Holland Road and Queensway, the freehold site of 4,970.8 sqm lies within a popular residential enclave of landed homes and high-end condominiums. It is served by public transport plying Holland Road and is near Holland Village MRT. Sitting on the site now is Hollandia, a six-storey block of 48 apartments built in the mid-1980s.

Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.6. Subject to planning approvals from the relevant authorities, the land may be developed up to 12-storeys with an allowable GFA of 10,004.56 sq m.

Owing to its high development baseline with an equivalent gross plot ratio of 2.01, no development charge is payable including the additional 10 per cent gross floor area for balconies.”Undoubtedly, this freehold plot will benefit from the successful tender of the highly attractive mixed-use government land sale (GLS) site located at the heart of Holland Village,” said Suzie Mok, senior director of investment sales at Savills Singapore, who brokered the deal.

The last major transacted collective sale site in the Holland vicinity was in December 2011 for Henry Park Apartments at Holland Grove.

At the agreed sale price, owners of Hollandia could expect to receive gross sale proceeds ranging from S$3.3 million to S$4.2 million, which works out to over S$2,000 psf on strata area.

Higher Buyer’s Stamp Duty for residential properties valued above S$1M from 20 Feb 2018

Original Article from Todayonline by Angela Teng.

Buyers of residential properties valued at more than S$1 million acquired on or after Feb 20 will have to pay higher stamp duties.

The Buyer’s Stamp Duty (BSD) rate is computed on the purchase price or the property’s market value, whichever is higher. A new 4 per cent BSD will be imposed on the price or value of homes in excess of S$1 million, Finance Minister Heng Swee Keat announced on Monday (Feb 19) during his Budget statement.

For residential properties where the option to purchase has been granted and will be exercised within 3 weeks of the announcement, a “transitional provision” will be granted and current rates will apply.

The existing BSD rates for residential properties are 1 per cent for the first S$180,000, and 2 per cent for the next S$180,000. For properties valued at more than S$360,000, the next S$640,000 will be subjected to 3 per cent BSD. Following Monday’s announcement, a higher rate will apply to the remaining amount in excess of S$1 million.

Property analysts interviewed felt that the revised BSD rates were unlikely to have a significant impact on the recovering property market.

In light of the current market upswing, developers are unlikely to lower their prices as a result to try and attract buyers, they added.

“Given the upsurge in land prices in 2017 and positive market sentiments, private property prices are expected to grow by 5 to 7 per cent in 2018, and a 1 percentage point increase in BSD is unlikely to deter buying demand,” said Ms Christine Li, head of research at Cushman & Wakefield Singapore.

She added: “Given the heightened interest in the residential market, the government has timed the increase of the BSD well, as prices and transaction volumes could return in vengeance after Chinese New Year with more new launches in the pipeline.”

Moreover, as BSD rates are progressive, the effective increase would be less than 1 per cent for most properties above S$1 million but below S$1.5 million, Ms Li noted.

Taking a S$1.5 million property as an example, the current BSD payable is S$39,600. With the change, the new amount payable will be S$44,600 — or just S$5,000 more, said Mr Ong Teck Hui, national director of research and consultancy at JLL.

“As the bulk of residential transactions are below S$1.5 million, the effect of the BSD change on market demand is expected to be mild,” he said.

Nevertheless, buyers of more expensive residential properties are likely to feel the pinch, Mr Ong added. Agreeing, Ms Li felt that the increase in BSD rates would shift demand from buyers towards smaller units or properties in the suburban areas.

Mr Desmond Sim, head of CBRE Research for Singapore and South East Asia, said the higher rates may affect foreign investors more, and deter them from buying luxury properties here in prime locations. Still, he noted that overall, foreign investors pay less in property taxes and duties in Singapore, compared to place such as Hong Kong and Australia.

ZACD Group executive director Nicholas Mak said: “Over time, buyers and sellers will get used to the new BSD (rates) and it would just become a part of the property transaction costs.”

CDL top bidder for two of three private housing sites

Developer offers $212m for Handy Road plot, $472m for West Coast Vale site in state tender

City Developments (CDL) was the top bidder for two of the three private housing sites at a state tender that closed yesterday.

It lodged the top bid of $212.2 million, or $1,722 per sq ft per plot ratio (psf ppr), for a plot in Handy Road near Dhoby Ghaut MRT station.

The developer also bid $472.4 million, or $800 psf ppr, for a land parcel in West Coast Vale.

The third site on offer – in Chong Kuo Road in the Sembawang/Mandai area – received a top bid of $43.95 million, or $681 psf ppr, from a partnership between Lian Soon Holdings and OKP Land.

CDL group chief executive Sherman Kwek said: “We… see great potential in the two sites… As Singapore’s residential market begins to gradually recover, we will continue to seek suitable opportunities to increase our local land bank.”

The firm said it will explore developing three residential towers – eight to 10 storeys high – with about 200 apartments and a basement carpark for the Handy Road site. It will convert a conservation building on the site into a clubhouse

The West Coast Vale site could house two 36-storey towers. The Urban Redevelopment Authority has stipulated a maximum of 730 residential units for this plot.

The tender for the Handy Road site drew 10 bids, while the Chong Kuo Road site received eight, and the West Coast Vale plot got six.

CDL’s bid for the Handy Road plot – the most attractive of the three sites because of its District 9 location off Orchard Road – was 12.3 per cent higher than the next offer, from Sing Essential, believed to be linked to Hong Kong parties.

The bid price was also just 0.6 per cent shy of the benchmark price of $1,733 psf ppr that was set for the Jiak Kim Street site awarded to Frasers Centrepoint last month, noted Colliers International’s head of Singapore research Tricia Song.

She estimates CDL’s break-even cost for a Handy Road project at $2,300 psf and reckons the group could be looking at an average selling price of $2,650 psf.


Bidding for all three sites was bullish, with top bids exceeding or at the top end of expectations.


“Nearby, the 493-unit, 99-year leasehold Sophia Hills was 95 per cent sold as of December last year and median prices have increased to $2,127 psf in December from an average of $1,900 psf to $2,000 psf earlier,” she said.

CDL’s bid for the West Coast Vale plot was 35 per cent higher than the $592 psf ppr paid for the site of the yet-to-be-launched Twin View project, Ms Song noted.

The adjacent 752-unit Parc Riviera was 97 per cent sold as of last month at an average price of $1,200 psf, within 13 months of its launch in November 2016. This could have increased the confidence of developers in the location, despite the abundant supply, said Ms Song.

She estimates CDL’s break-even for the West Coast Vale plot at $1,250 psf and an average selling price of $1,400 psf to $1,500 psf. The group’s bid was just 0.7 per cent more than the next highest bid, by China Construction (South Pacific) Development.

CDL is no stranger to the West Coast area, having developed Monterey Park Condominium and Hundred Trees.

The top bid for the Chong Kuo Road site was just 0.1 per cent more than the second highest.

The simultaneous tender closings for three sites appear to have had little impact in tempering bid prices, said property consultants.

JLL national director Ong Teck Hui said: “Bidding for all three sites was bullish, with top bids exceeding or at the top end of expectations.

“This is despite the batch tender closing, which did not seem to temper bidding in any way, as well as the availability of collective sale sites on the market.”

18 New Futura units sold at $3200 psf at launch

Original article from straitstimes.com published on 22nd Jan 2018.

City Developments (CDL) moved 18 units of its high-end condominium project New Futura at an average selling price of $3,200 per sq ft (psf) on the first day of its launch last Thursday.

Market watchers deemed this a decent showing, given that most of the units sold were the four-bedroom and three-bedroom units.

The project has an army of five marketing agencies – PropNex Realty, ERA Realty, Huttons, OrangeTee & Tie and Savills.

CDL said only 25 units were released during the private viewing on Jan 18.

A third of the buyers were Singaporeans, while two-thirds were Singapore permanent residents and foreigners.

“We are very encouraged by the positive response to New Futura. It is a highly anticipated brand-new luxury project with just 124 exclusive units on a site area of 87,000 sq ft,” its spokesman said.

The freehold project in Leonie Hill Road is a 10-minute walk from Orchard Road and is designed by internationally renowned architectural firm Skidmore, Owings & Merrill.

The units released for sale are in the South Tower, with prices starting from $3.8 million for a two-bedroom unit of 1,098 sq ft; $5.5 million for a three-bedroom unit of 1,830 sq ft; and $6.9 million for a four-bedroom unit of 2,250 sq ft, according to agents.

Only 25 units of the 124-unit New Futura, in Leonie Hill Road, were released during the private viewing last Thursday. A third of the buyers were Singaporeans, while two-thirds were Singapore permanent residents and foreigners.
Only 25 units of the 124-unit New Futura, in Leonie Hill Road, were released during the private viewing last Thursday. A third of the buyers were Singaporeans, while two-thirds were Singapore permanent residents and foreigners. PHOTO: CITY DEVELOPMENTS LIMITED

The site was acquired by CDL in 2006 for $287.3 million in a collective sale, which worked out to be $1,179 per sq ft per plot ratio.

The project received time extensions for building completion and received its temporary occupation permit last August.

JPMorgan property analyst Brandon Lee estimated that a pre-tax profit margin of 35 per cent can be chalked up, based on an average selling price of $3,100 psf.

Nearby project Gramercy Park was sold recently at $2,800 to $3,000 psf and OUE Twin Peaks, also nearby, at $2,700 to $ 2,800 psf.

Mr Lee reckoned that upcoming projects in the vicinity, such as 8 Saint Thomas, Paterson Collection and One Tree Hill, may be launched earlier than their initially targeted dates to capture the positive buying momentum.

Ongoing projects being sold en bloc may also draw more interest from developers.

In the prime core central region (CCR), there could be up to nine sites offering close to 1,400 units in the first half of the year, said luxury residential brokerage List Sotheby’s International Realty, Singapore.

Most consultants are expecting high-end projects to perform well this year. Mr Lee Nai Jia, who heads research at Edmund Tie & Company, said he expects that the number of foreign purchases will continue to grow.

“Firstly, the Singapore residential market is starting to recover compared with other international residential markets, which are peaking or have peaked. Secondly, the prices of Singapore luxury residential properties compared with other gateway cities such as Hong Kong are lower,” he added.

Based on his analysis of caveats lodged, purchases by foreigners (non-Singaporeans and non-permanent residents) formed about 14 per cent of non-landed homes sold in the CCR last year.

This is slightly below the proportion in 2016. But in absolute numbers, purchases by foreigners grew from 389 units in 2016 to 567 units in 2017.

According to List Sotheby’s, the number of luxury apartments (above $5 million) bought by foreigners and permanent residents in Singapore’s CCR last year more than doubled to 202 units.

Mr Leong Boon Hoe, chief operating officer of List Sotheby’s International Realty, Singapore, said: “As the Singapore economy recovers and stabilises, we expect the property market to continue to grow at a steady rate, and in particular, for the luxury property sector to lead the market.”

2017 developers’ sales hit 4-year high; momentum expected to continue

14,707 units sold last year beat 2016 total by 23 per cent; market recovery and steady pipeline of launches seen supporting 2018 buying.

Original article from Businesstimes.com.sg publiched on 16th Jan 2018 by Lynette Khoo. 

REFLECTING the upbeat sentiment in the property market, developers’ sales of private homes and executive condominiums (ECs) were the highest in four years in 2017. This momentum is expected to gain traction this year, given a healthy pipeline of new property launches.

Based on preliminary estimates, developers sold 14,707 units, 23 per cent higher than the 11,971 units sold in 2016. The 14,707 figure included 10,682 private residential units, 34 per cent more than the 7,972 units sold in 2016; the sales of ECs held steady at around 4,000 last year.

These figures are based on the developers’ sales survey conducted by the Urban Redevelopment Authority (URA) and final sales data from the first three quarters of last year.

Tricia Song, head of Singapore research at Colliers International, said: “The encouraging sales volume and the pick-up in home prices in the second half of 2017 signalled that the private residential market had turned a corner, and should continue to recover this year in view of a steady pipeline of upcoming projects and positive market sentiment.

About 25 major private non-landed projects (excluding ECs) with the potential to yield 15,000 to 16,000 units could be put on the market this year; she said this takes into account sites sold to developers as well as projects yet to be launched.

Another sign of the strong momentum can be seen in how developers’ sales outpaced their launches last year – 6,066 private residential units were released for sale, 23 per cent lower than the year before, the consultants noted.

On recovery track

Cushman & Wakefield research director Christine Li reckoned that the 2017 sales tally could have been higher, if not for several developers holding back launches in anticipation of an expected upturn in prices this year. Developers have thus pared back unsold inventory in older existing projects, with the majority of the top 20 sellers in December already more than 80 per cent sold.

Ms Li added: “As such, we could see high sales volumes in 2018, as the launch pipeline expands due to expected launches from the en bloc market, government land sale sites and re-launches from existing projects. We expect around 13,000 to 14,000 units sold by developers in 2018.”

JLL national director of research and consultancy Ong Teck Hui estimated that 9,000 to 10,000 private residential units could be launched this year, and, together with about 2,000 units unsold in launched projects, should provide a healthy level of supply.

But he added that developers’ sales performance this year will not only hinge on their launch supply, but also on pricing, a major determinant in sales take-up in new project launches.

The diverse risk appetite that developers have demonstrated in their land bids have, however, drawn varied projections from consultants on the potential price increase this year – from 3 per cent to as high as 15 per cent, following a one per cent uptick last year.

Mr Ong said: “If launches are slowed deliberately and pricing becomes over-optimistic, sales could be less brisk than anticipated.”

The risk of rising interest rates could keep buying demand in check as well. “If interest rates are raised gradually, that will not hurt the market, but it will dampen over-exuberance among buyers who are overly optimistic,” he added.

Ms Song observed that based on caveats lodged, the bulk of new homes sold last year were in the price range of S$1,000 to S$1,499 per sq ft (psf). This indicates that amid the euphoria in the market, home buyers are still price-sensitive and that quantum is still a key determinant in property purchase, she said.

Developers that sold the most units last year were Qingjian Realty, Frasers Centrepoint and City Developments (CDL); each clocked sales of more than 1,000 units last year, based on the tabulation of boutique consultancy SRI Research.

URA’s data indicates that developers sold 531 private residential units and ECs in December, a month typically marked by a lull. The figure is 43 per cent lower than that for November, and eight per cent below that for December 2016.

Of the 531, 431 were private residential units – a 45-per-cent drop from November, but a 17-per-cent increase from the year before.

LIIV Residences, a 23-unit development by LCT Land, was launched in December. Three units were sold at a median price of S$1,761 psf.

Strong sell-through

The first project to come onstream this year is CDL’s New Futura, a 124-unit freehold development in Leonie Hill in District 9. It will begin sales this Thursday through appointment-only viewing. Prices start at S$3.8 million for a two-bedroom unit of 1,098 sq ft, said agents.

Also in the pipeline is the only new EC project this year, Rivercove Residences. Jointly developed by Hoi Hup Realty and Sunway Developments, this is likely to be launched in March.

Twin View at West Coast Vale, by China Construction (South Pacific) Developments, is expected to be launched in March or April.

Private home sales rise 17.4% year-on-year in December

Original Article from Channel News Asia publiched on 15th Jan 2018.

SINGAPORE: Sales of new private homes rose 17.4 per cent in December 2017 compared to the same month a year ago, according to data released by the Urban Redevelopment Authority (URA) on Monday (Jan 15).

Excluding executive condominiums (ECs), developers sold 431 units last month, compared with 367 units in December 2016.

On a month-on-month basis, sales fell 45.3 per cent from the revised 788 units sold in November.

Including ECs, 531 units were sold in December, a drop from the 937 sold the previous month.

December’s sales performance is traditionally lower due to the school holidays and festive celebrations, noted PropNex Realty CEO Ismail Gafoor.

However, he said that for the whole of 2017, the number of new residential homes sold by developers showed market confidence in new projects.

A total of 11,562 new private residential homes, excluding ECs, were sold in 2017, a 38 per cent increase from the 8,364 units sold in 2016, according to PropNex.

Said Mr Gafoor: “With prices expected to increase in 2018, there was a strong sense of urgency amongst home buyers and upgraders to make a move and purchase unsold units and new projects.”

Source: CNA/zl

Watch Channel News Asia Report.

Unit at Ardmore Three hits record price of $4,439 psf

Unit at Ardmore Three hits record price of $4,439 psf

On Dec 1, a three-bedroom unit on the penthouse floor at Ardmore Three sold for $4,439 psf, a new high for the project, according to caveats lodged with URA Realis as at Dec 12.

According to Dominic Lee, head of The Luxury Team at PropNex Realty, prices for luxury properties will continue to soar. “[In this property cycle,] we could easily see prices surpass $5,000 psf in more than one project,” he says.

Those who bought at luxury developments such as OUE Twin Peaks, Gramercy Park, Leedon Residence and Martin Modern early on would be sitting on profits right now, says Lee. He likens luxury properties to blue-chip stocks — there is always demand.


Exterior of Ardmore Three

Ardmore Three is not done setting record prices. Prices reached $4,439 psf on Dec 1, the highest among District 10 non-landed properties sold so far this year (Credit: Samuel Isaac Chua/The Edge Singapore)

Owners who hold on to their luxury property for 10 years or more would have an opportunity to exit at a profit some time along the way, he says. “I can only remember two occasions (1997 and 2007) where the owners took a longer period to make a decent profit,” comments Lee.

The potential rate hikes by the US Fed are unlikely to dampen luxury property prices, reckons Lee. “Singapore has unbelievably low interest rates compared with our peers in the region,” he says.

High-net-worth individuals, the typical buyer of luxury properties, usually do not take on high levels of housing debt, says Desmond Sim, head of CBRE Research for Singapore and Southeast Asia. “Additional Buyer’s Stamp Duty will continue to have a larger impact,” Sim says. “That’s the first hurdle.”

Ardmore Three is not the only luxury property to have seen a record price recently. A week ago, prices hit $4,000 psf for the first time at the 181-unit Wallich Residence, the high-end residential component of GuocoLand’s mixed-use project Tanjong Pagar Centre, based on caveats lodged with URA Realis as at Dec 12.

Elsewhere in District 10, where the Ardmore Series is located, The Nassim saw a unit sold at $3,423 psf on Nov 30. It was the second-highest price psf achieved at the development, according to URA caveat data.

This article appeared in EdgeProp Pullout, Issue 810 (Dec 18, 2017).

north tower now available. Limited.


It is our pleasure to help you take your first steps to ownership of New Futura.

To schedule a visit to our showflat, CLICK HERE.


Copyright 2017 new-futuracondo.com No part of this website may be reproduced or duplicated without express permission. Propnex Realty Pte Ltd. 3008022J. Dominic Lee R010497G.

Disclaimer| Data Protection & Privacy Policy

Design by apsbay