More Singaporeans are satisfied with the living, working and leisure environment, according to an Urban Redevelopment Authority Survey.
Data collected from the Lifestyle Survey 2009 as well as the Concept Plan 2011 online survey, found that the number of people who think Singapore is a great place to live, work and play has gone up by about 10 per cent to 84 per cent.
Compared with a Public Perception Survey conducted in 2006, more respondents also feel that Singapore is a vibrant and exciting city.
The surveys, conducted by the Urban Redevelopment Authority (URA), found that satisfaction levels have gone up in areas like quality of life, public housing and sense of belonging.
In terms of the living environment, the surveys found that the majority prefer to live in 4-room HDB flats.
Older folks also indicated that they prefer to stay in regular housing as compared to HDB studio apartments and retirement villages.
Respondents also said they’re willing to pay more for a place that incorporates green technologies.
Foreigners, who comprise about 10 per cent of the Lifestyle Survey respondents, indicated that the safe and clean environment here is the most appealing factor to them.
Meanwhile, there are some areas which the respondents say can be improved.
One area is the working environment.
While participants are mostly happy with their working environment, 66% of them prefer to work near their homes.
Many also indicated that they’d like to take a shorter time to get to work via public transport.
Also, it was felt that Singapore could do with a more vibrant nightlife.
More than 70 per cent of the respondents also felt that Singapore’s landscape is changing too quickly.
They feel that the government has to keep enough familiar buildings and places at all costs, so as to strengthen people’s sense of belonging.
Describing the survey results as ‘encouraging’, National Development Minister Mah Bow Tan said what heartened him more is that Singaporeans identify more with the country.
He noted that close to 90 per cent of the respondents say that Singapore is their home and where they belong – 20 per cent more from the last survey.
And more than 70 per cent want to retire in Singapore.
Similarly, over 70 per cent of them hope that their future generations will be based in Singapore.
Speaking at the URA Corporate Plan Seminar, Mr Mah said the survey showed that the remaking of Singapore efforts are showing a positive trend.
He told the seminar that with more Singaporeans travelling round the world and working across borders, Singapore must still mean something special, as home, to its people.
“A house is not a home. Simply having a good living environment and first world infrastructure will not create an endearing home. The character of a city, what makes it stand out among many new cities, goes beyond new buildings or iconic structures.
“Take Times Square, New York and West End, London for example. Their claim to fame is not based on the latest or best infrastructure, but they are distinctive in character and have established a personality of their own in peoples’ minds.
“While we congratulate ourselves for our achievements, there’s still work to be done,” said Mr Mah.
He added that with the new hardware in place, Singaporeans need to look beyond the physical, to search for the ‘soul’ of our city, and work towards enhancing it.
The Lifestyle Survey 2009 was done over a seven-month period from August 2009 to March 2010 while the Concept Plan 2011 online survey was conducted from January to March this year.
The two surveys are meant to identify lifestyle needs and aspirations of the public.
Information gathered from the surveys will be incorporated into the ongoing Concept Plan 2011 review, which maps out the long-term directions for Singapore’s land use.
Source : Channel NewsAsia – 30 Apr 2010
Singapore Property
Friday, April 30, 2010
Older malls need to review safety plans
In the wake of the overcrowding issue at Mustafa Centre and the fire at People’s Park Complex (picture), safety experts say older shopping malls here will need to review their safety plans to keep up with changing business operations and growing crowd numbers.
Mr Kenneth Jones, the director of building inspection and survey company Robinson Jones Associates, told MediaCorp he has seen some worrying lapses in older shopping centres along Orchard Road.
At one such mall, for example, the fire doors were sometimes not securely shut, and shopkeepers were unaware of the danger this poses should there be a fire.
It is not just about adhering to fire safety protocols, either, said National Fire and Civil Emergency Preparedness Council chairman Alan Loh.
Being older, these malls pose more of a fire hazard risk and need to keep up with the times, he said.
“For instance, when there are now more foreigners in the mall, the management should make fire announcements in multiple languages where previously it is just doing it in English,” he said.
Engaging building surveyors is one way to identify safety lapses, and conducting regular drills is another.
But even then, some retail tenants say these drills are not always done effectively.
At Far East Plaza, which is about 30 years old, some tenants said the drills usually take place in the morning, before many retailers arrive to open their shops.
Ms Adelene Tan, owner of fashion store Green Petals, said she has personally not heard of any safety evacuation plans nor fire drills in her five years at the mall.
“If a fire breaks out, I wouldn’t know what to do,” she said.
Another shopowner, Ms Jocelyn Wong, who was in the mall two years ago when a fire broke out at the residential complex there, feels assured, however, that there is enough maintenance work to upkeep the building.
There are fire sprinklers and ventilators within each store and many exits in the mall, she added. The shopping centre’s building management could not be reached for comment.
According to City Developments Limited (CDL), which oversees Orchard Road’s oldest mall, Tanglin Shopping Centre, the key considerations in fire safety is to be proactive in safety management and enforcing these measures.
A CDL spokeswoman said that sprinklers, smoke detectors and adequate fire escape routes would be enough to protect older malls against fire risks.
The Singapore Civil Defence Force did not reply to MediaCorp’s queries for this report.
At other shopping centres, building managers say they still remain watchful about fire safety.
Mr Tan How Song, vice president of property operations at YTL Pacific Star Property Management, which oversees Ngee Ann City and Wisma Atria, said staff are trained in safety preparedness.
And when safety plans are changed, there must be detailed communication with tenants on what to do when an emergency situation arises, he said.
Fostering close relations with neighbouring malls is also important, as this will enabled resources to be shared during emergencies, he added.
Source : Today – 30 Apr 2010
Singapore Property
Mr Kenneth Jones, the director of building inspection and survey company Robinson Jones Associates, told MediaCorp he has seen some worrying lapses in older shopping centres along Orchard Road.
At one such mall, for example, the fire doors were sometimes not securely shut, and shopkeepers were unaware of the danger this poses should there be a fire.
It is not just about adhering to fire safety protocols, either, said National Fire and Civil Emergency Preparedness Council chairman Alan Loh.
Being older, these malls pose more of a fire hazard risk and need to keep up with the times, he said.
“For instance, when there are now more foreigners in the mall, the management should make fire announcements in multiple languages where previously it is just doing it in English,” he said.
Engaging building surveyors is one way to identify safety lapses, and conducting regular drills is another.
But even then, some retail tenants say these drills are not always done effectively.
At Far East Plaza, which is about 30 years old, some tenants said the drills usually take place in the morning, before many retailers arrive to open their shops.
Ms Adelene Tan, owner of fashion store Green Petals, said she has personally not heard of any safety evacuation plans nor fire drills in her five years at the mall.
“If a fire breaks out, I wouldn’t know what to do,” she said.
Another shopowner, Ms Jocelyn Wong, who was in the mall two years ago when a fire broke out at the residential complex there, feels assured, however, that there is enough maintenance work to upkeep the building.
There are fire sprinklers and ventilators within each store and many exits in the mall, she added. The shopping centre’s building management could not be reached for comment.
According to City Developments Limited (CDL), which oversees Orchard Road’s oldest mall, Tanglin Shopping Centre, the key considerations in fire safety is to be proactive in safety management and enforcing these measures.
A CDL spokeswoman said that sprinklers, smoke detectors and adequate fire escape routes would be enough to protect older malls against fire risks.
The Singapore Civil Defence Force did not reply to MediaCorp’s queries for this report.
At other shopping centres, building managers say they still remain watchful about fire safety.
Mr Tan How Song, vice president of property operations at YTL Pacific Star Property Management, which oversees Ngee Ann City and Wisma Atria, said staff are trained in safety preparedness.
And when safety plans are changed, there must be detailed communication with tenants on what to do when an emergency situation arises, he said.
Fostering close relations with neighbouring malls is also important, as this will enabled resources to be shared during emergencies, he added.
Source : Today – 30 Apr 2010
Singapore Property
Marina Bay Suites relaunches this week
The next batch of units at Marina Bay Suites will be released by the the project’s developer on Thursday, BT understands.
Prices have yet to be finalised, say sources.
The units to be released are expected to be above the 46th level sky terrace in the 66-storey development. This is unlike the initial batch of 90-odd units released by the developer late last year, which were mostly below the 46th storey; they were sold at between $1,900 per square foot and $2,600 psf.
At the nearby Marina Bay Residences, units have transacted in the sub-sale market at $2,100 psf to $3,050 psf, based on caveats lodged from January to early April this year.
However, at least one unit in the project, which is expected to receive Temporary Occupation Permit soon, was recently transacted at $3,500 psf – a three-bedroom-plus-study unit of 1,970 sq ft on the 46th floor.
Both projects have 99-year leasehold tenure and are being developed by a consortium controlled by Keppel Land, Cheung Kong Holdings and Hongkong Land Holdings.
Joseph Tan, executive director (residential) at CB Richard Ellis, which is one of the marketing agents for Marina Bay Suites, notes that owners of high-floor, prime facing units in the project are currently asking prices ranging from $3,800 to $5,600 psf.
Elsewhere in Singapore, developers continue to chalk up sales.
City Developments Ltd (CDL) has sold 360 units at its Tree House condo at Chestnut Avenue since previewing the project last week. The 99-year leasehold project has an average price of about $820 psf. To date, CDL has released 400 of the project’s 429 units.
Over in the Holland Road area, CLSA Capital Partners Real Estate Fund and Lippo sold six units at their Holland Collection project last week. This means that the developers have sold eight units in the 26-unit project since previewing the project last month. Units sold last week include two penthouses (at about $6.3 million each) and a strata bungalow that fetched $6 million.
The buyers in the freehold project are mostly foreigners. The eight units sold to date are priced between $1,850 psf and $2,200 psf. The freehold project is four storeys high and has an attic level.
Meanwhile, UOL Group is understood to have achieved further sales of about 50 units at its Waterbank at Dakota condo last week, taking total sales to 570 units in the 616-unit project. The average price for the 99-year leasehold development is $1,170 psf. It has been on the market for about 21/2 weeks.
However, sales of condos on Sentosa Cove continue to be slow. For instance, CDL has to date sold about 25 units at The Residences at W Sentosa Cove. The 99-year leasehold project, priced at $2,500-3,000 psf, has been on the market for nearly a month now. To date, CDL has released 56 of the project’s 228 units.
Ho Bee and IOI, which are developing The Seascape on a more attractive spot on Sentosa Cove, are said to have sold about 33 units to date. The project has an average price of about $2,700 psf, with achieved prices ranging from $2,619 psf to $3,145 psf. The Seascape came to market at about the same time as The Residences at W.
Meanwhile, property giant Far East Organization told BT that it has sold 112 homes so far this month (as at Sunday). This is close to its 128-unit sales for the whole of March.
Looking ahead, the group hopes to launch in mid-May a 104-unit, low-rise freehold development in the East Coast area. Unit sizes at The Sound range from 581 sq ft for a one bedder to 1,873 sq ft for a five-bedroom compact unit with an attic.
A CDL spokeswoman said that the group’s planned launches include a condo at Pasir Ris located next to Livia, which will comprise 642 units, as well as a 158-unit condo on the former Concorde Residences site at Thomson Road.
‘We are also in the midst of designing the redevelopment of Copthorne Orchid (hotel) into a condominium comprising about 150 units,’ she added.
Source : AsiaOne – 29 Apr 2010
Singapore Property
Prices have yet to be finalised, say sources.
The units to be released are expected to be above the 46th level sky terrace in the 66-storey development. This is unlike the initial batch of 90-odd units released by the developer late last year, which were mostly below the 46th storey; they were sold at between $1,900 per square foot and $2,600 psf.
At the nearby Marina Bay Residences, units have transacted in the sub-sale market at $2,100 psf to $3,050 psf, based on caveats lodged from January to early April this year.
However, at least one unit in the project, which is expected to receive Temporary Occupation Permit soon, was recently transacted at $3,500 psf – a three-bedroom-plus-study unit of 1,970 sq ft on the 46th floor.
Both projects have 99-year leasehold tenure and are being developed by a consortium controlled by Keppel Land, Cheung Kong Holdings and Hongkong Land Holdings.
Joseph Tan, executive director (residential) at CB Richard Ellis, which is one of the marketing agents for Marina Bay Suites, notes that owners of high-floor, prime facing units in the project are currently asking prices ranging from $3,800 to $5,600 psf.
Elsewhere in Singapore, developers continue to chalk up sales.
City Developments Ltd (CDL) has sold 360 units at its Tree House condo at Chestnut Avenue since previewing the project last week. The 99-year leasehold project has an average price of about $820 psf. To date, CDL has released 400 of the project’s 429 units.
Over in the Holland Road area, CLSA Capital Partners Real Estate Fund and Lippo sold six units at their Holland Collection project last week. This means that the developers have sold eight units in the 26-unit project since previewing the project last month. Units sold last week include two penthouses (at about $6.3 million each) and a strata bungalow that fetched $6 million.
The buyers in the freehold project are mostly foreigners. The eight units sold to date are priced between $1,850 psf and $2,200 psf. The freehold project is four storeys high and has an attic level.
Meanwhile, UOL Group is understood to have achieved further sales of about 50 units at its Waterbank at Dakota condo last week, taking total sales to 570 units in the 616-unit project. The average price for the 99-year leasehold development is $1,170 psf. It has been on the market for about 21/2 weeks.
However, sales of condos on Sentosa Cove continue to be slow. For instance, CDL has to date sold about 25 units at The Residences at W Sentosa Cove. The 99-year leasehold project, priced at $2,500-3,000 psf, has been on the market for nearly a month now. To date, CDL has released 56 of the project’s 228 units.
Ho Bee and IOI, which are developing The Seascape on a more attractive spot on Sentosa Cove, are said to have sold about 33 units to date. The project has an average price of about $2,700 psf, with achieved prices ranging from $2,619 psf to $3,145 psf. The Seascape came to market at about the same time as The Residences at W.
Meanwhile, property giant Far East Organization told BT that it has sold 112 homes so far this month (as at Sunday). This is close to its 128-unit sales for the whole of March.
Looking ahead, the group hopes to launch in mid-May a 104-unit, low-rise freehold development in the East Coast area. Unit sizes at The Sound range from 581 sq ft for a one bedder to 1,873 sq ft for a five-bedroom compact unit with an attic.
A CDL spokeswoman said that the group’s planned launches include a condo at Pasir Ris located next to Livia, which will comprise 642 units, as well as a 158-unit condo on the former Concorde Residences site at Thomson Road.
‘We are also in the midst of designing the redevelopment of Copthorne Orchid (hotel) into a condominium comprising about 150 units,’ she added.
Source : AsiaOne – 29 Apr 2010
Singapore Property
The Minton @ Hougang
Location : Hougang Street 11, Lorong Ah Soo (District 19)
Tenure : 99 years leasehold
Expected Completion : 2014
Site Area : 472,378 sqft
Total Units : 1144
Unit Types :
1 bedroom ~ 550 sqft (121 units)
2 bedroom ~ 980 sqft (337 units)
2 bedroom + study~ 1100 sqft (158 units)
Dual Key (2 bed+1 bed)~ 1400sqft (44 units)
3 bedroom ~ 1200sqft (204 units)
3 bedroom (premium) ~ 1300 sqft (119 units)
3 bedroom + study ~ 1500 sqft (56 units)
4 bedroom ~ 1700sqft (84 units)
Penthouse ~ 2000-3500 sqft (24 units)
Contact us at propertydollars@gmail.com or +65 9650 2709 with the following for more information:
The Minton / Name / Contact # / Unit Type Interested
Singapore Property
Tenure : 99 years leasehold
Expected Completion : 2014
Site Area : 472,378 sqft
Total Units : 1144
Unit Types :
1 bedroom ~ 550 sqft (121 units)
2 bedroom ~ 980 sqft (337 units)
2 bedroom + study~ 1100 sqft (158 units)
Dual Key (2 bed+1 bed)~ 1400sqft (44 units)
3 bedroom ~ 1200sqft (204 units)
3 bedroom (premium) ~ 1300 sqft (119 units)
3 bedroom + study ~ 1500 sqft (56 units)
4 bedroom ~ 1700sqft (84 units)
Penthouse ~ 2000-3500 sqft (24 units)
Contact us at propertydollars@gmail.com or +65 9650 2709 with the following for more information:
The Minton / Name / Contact # / Unit Type Interested
Singapore Property
MRT network pushing up land value
THE opening of new MRT stations has pushed up property prices across the island and made it hard for developers to find land at viable prices.
Wing Tai Asia property director Chng Chee Beow told a discussion yesterday: ‘The transportation networking makes things much closer and that brings up property prices.
‘The biggest headache facing developers now is this: How can you find land with a reasonable price, so that the final cost of the product is reasonable?’
The panel discussion was held as part of the graduation ceremony for students in the Singapore Management University (SMU)-Building and Construction Authority advanced management programme.
The three-month course is for professionals in the building industry.
Analysts at the event, which was held at SMU, believe that property prices still have some room to move.
‘With 700 sq km of land, and five million people, (prices) can only go one way – up,’ said CIMB-GK Research economist Song Seng Woon.
‘Opportunities are opening up in Singapore – when we see residential properties popping up, we see businesses setting up shop too. For instance, we are now seeing stronger pick-up in office rental so, all in all, this will support the residential market as well.’
Keppel Land, for instance, still has most of its assets in Singapore because the value of its assets here is ‘very high’, even though it wants overseas earnings to hit 50 per cent of the total, said chief executive Kevin Wong yesterday.
‘We have been investing in office buildings… Marina Bay Financial Centre is a good example,’ he added.
‘Other than China, we’re quite big in Vietnam and we’re looking very carefully at Indonesia, where we have quite a significant exposure.’
Mr Song also points to the larger growth story in the region to explain his optimism about property values.
The price rises are a ‘combination of not just local buying, but also because we’ve seen growth around the region and we get more buyers coming in from Hong Kong and mainland China’, he said.
Low interest rates have fuelled the boom in property markets across the region, and ‘property is one asset that you can leverage up on’, he says.
The threat of central banks starting to roll back on monetary stimulus by raising interest rates does not worry Mr Song.
‘Even if rates go up, it’s going to be in environment where there’s growth opportunity and momentum. So any tightening at this point will be accompanied by strong growth,’ he said.
Source : Today – 29 Apr 2010
Singapore Property
Wing Tai Asia property director Chng Chee Beow told a discussion yesterday: ‘The transportation networking makes things much closer and that brings up property prices.
‘The biggest headache facing developers now is this: How can you find land with a reasonable price, so that the final cost of the product is reasonable?’
The panel discussion was held as part of the graduation ceremony for students in the Singapore Management University (SMU)-Building and Construction Authority advanced management programme.
The three-month course is for professionals in the building industry.
Analysts at the event, which was held at SMU, believe that property prices still have some room to move.
‘With 700 sq km of land, and five million people, (prices) can only go one way – up,’ said CIMB-GK Research economist Song Seng Woon.
‘Opportunities are opening up in Singapore – when we see residential properties popping up, we see businesses setting up shop too. For instance, we are now seeing stronger pick-up in office rental so, all in all, this will support the residential market as well.’
Keppel Land, for instance, still has most of its assets in Singapore because the value of its assets here is ‘very high’, even though it wants overseas earnings to hit 50 per cent of the total, said chief executive Kevin Wong yesterday.
‘We have been investing in office buildings… Marina Bay Financial Centre is a good example,’ he added.
‘Other than China, we’re quite big in Vietnam and we’re looking very carefully at Indonesia, where we have quite a significant exposure.’
Mr Song also points to the larger growth story in the region to explain his optimism about property values.
The price rises are a ‘combination of not just local buying, but also because we’ve seen growth around the region and we get more buyers coming in from Hong Kong and mainland China’, he said.
Low interest rates have fuelled the boom in property markets across the region, and ‘property is one asset that you can leverage up on’, he says.
The threat of central banks starting to roll back on monetary stimulus by raising interest rates does not worry Mr Song.
‘Even if rates go up, it’s going to be in environment where there’s growth opportunity and momentum. So any tightening at this point will be accompanied by strong growth,’ he said.
Source : Today – 29 Apr 2010
Singapore Property
MCL Land’s Q1 profit jumps to US$48.7m
Mainboard-listed MCL Land said its first quarter net profit jumped to US$48.7 million (S$46.6 million) for the period ended March 31.
This compared to net profit of US$1.4 million posted in the same quarter a year ago.
The higher profit is due to the write back of an impairment charge of US$51 million for The Estuary, a condominium project.
Meanwhile, the company continues to carry an impairment charge of US$134 million for a number of its other developments.
Revenue for the quarter plunged 97 per cent to US$228,000, compared to US$8.3 million last year.
The company said the group revenue only reflect rental income from its investment properties.
Looking ahead, MCL Land said a better economy has boosted the residential property market.
It further expects its full year results to benefit from the completion of two other developments and the write back of the impairment charge.
Source : Channel NewsAsia – 29 Apr 2010
Singapore Property
This compared to net profit of US$1.4 million posted in the same quarter a year ago.
The higher profit is due to the write back of an impairment charge of US$51 million for The Estuary, a condominium project.
Meanwhile, the company continues to carry an impairment charge of US$134 million for a number of its other developments.
Revenue for the quarter plunged 97 per cent to US$228,000, compared to US$8.3 million last year.
The company said the group revenue only reflect rental income from its investment properties.
Looking ahead, MCL Land said a better economy has boosted the residential property market.
It further expects its full year results to benefit from the completion of two other developments and the write back of the impairment charge.
Source : Channel NewsAsia – 29 Apr 2010
Singapore Property
Office market is ‘bottoming out’
Raffles Place is not likely to lose its lustre as a business district, said Ms Lynette Leong, chief executive officer of CapitaCommercial Trust (CCT), which has three office properties in the area.
Despite some financial institutions moving to Marina Bay, she is seeing interest from existing tenants and potential tenants for more office space in the Trust’s Raffles Place properties, which include One George Street, HSBC Building and Six Battery Road.
“We believe the enlargement of the Central Business District by the extension of its boundaries … to encompass Marina Bay is well planned to meet this anticipated growing office demand,” said Ms Leong.
CCT, which held its AGM yesterday, assured the 230-odd unitholders present that the office market is bottoming out and CCT intends to ride the upside of the recovery through its “well-located properties and financial flexibility”.
“If the property has reached an optimal stage of its life cycle, then we will divest the asset and reinvest the sale proceeds into assets which have got better potential for upside,” said Ms Leong of CCT’s portfolio reconstitution strategy.
Under this strategy, CCT recently sold one of its assets, Robinson Point, to a private fund run by AEW Asia for $203.25 million.
Besides its properties in Raffles Place, CCT also counts Wilkie Edge, Bugis Village, Starhub Centre, Raffles City, Golden Shoe Car Park, Market Street Car Park and Capital Tower in its Singapore portfolio.
However, Ms Leong said with 4.5 million sq ft of office space coming on stream in the next two years, there was uncertainty clouding the recovery of office rentals.
CCT also told unitholders that as of the end of last month, the trust had tenants committed to renew close to 8 per cent of the leases due, leaving a balance of about 16 per cent of leases unrenewed. Distribution per unit for Q1 rose to 1.93 cents per unit from 1.62 cents in the corresponding period last year.
Source : Today – 29 Apr 2010
Singapore Property
Despite some financial institutions moving to Marina Bay, she is seeing interest from existing tenants and potential tenants for more office space in the Trust’s Raffles Place properties, which include One George Street, HSBC Building and Six Battery Road.
“We believe the enlargement of the Central Business District by the extension of its boundaries … to encompass Marina Bay is well planned to meet this anticipated growing office demand,” said Ms Leong.
CCT, which held its AGM yesterday, assured the 230-odd unitholders present that the office market is bottoming out and CCT intends to ride the upside of the recovery through its “well-located properties and financial flexibility”.
“If the property has reached an optimal stage of its life cycle, then we will divest the asset and reinvest the sale proceeds into assets which have got better potential for upside,” said Ms Leong of CCT’s portfolio reconstitution strategy.
Under this strategy, CCT recently sold one of its assets, Robinson Point, to a private fund run by AEW Asia for $203.25 million.
Besides its properties in Raffles Place, CCT also counts Wilkie Edge, Bugis Village, Starhub Centre, Raffles City, Golden Shoe Car Park, Market Street Car Park and Capital Tower in its Singapore portfolio.
However, Ms Leong said with 4.5 million sq ft of office space coming on stream in the next two years, there was uncertainty clouding the recovery of office rentals.
CCT also told unitholders that as of the end of last month, the trust had tenants committed to renew close to 8 per cent of the leases due, leaving a balance of about 16 per cent of leases unrenewed. Distribution per unit for Q1 rose to 1.93 cents per unit from 1.62 cents in the corresponding period last year.
Source : Today – 29 Apr 2010
Singapore Property
Two prime freehold commercial sites up for public tender
The red-hot property market has prompted the sale of two prime freehold commercial buildings.
One is a four-storey building at 23 and 25 Kampong Bahru Road, opposite the Singapore General Hospital. The price is $16 million, or $1,421 per square foot of gross floor area. The site area is about 3,402 sq ft, with a total strata area of some 11,259 sq ft.
The boutique building has been set aside for commercial use, but the vendor is seeking approval to convert it to hotel use.
Another building up for sale is another four-storey building at 213 Upper Thomson Road. It is set amid an established, affluent private residential enclave near the Singapore Island Country Club.
The asking price for the building is $5.5 million, which works out to $823 per square foot of gross floor area. This building has a site area of approximately 2,446 sq ft and a gross floor area of about 6,679 sq ft.
The proposed developments for the property are corporate offices, showroom space and F&B businesses.
CB Richard Ellis is the marketing agent for this public tender, which closes on May 20.
Source : Today – 29 Apr 2010
Singapore Property
One is a four-storey building at 23 and 25 Kampong Bahru Road, opposite the Singapore General Hospital. The price is $16 million, or $1,421 per square foot of gross floor area. The site area is about 3,402 sq ft, with a total strata area of some 11,259 sq ft.
The boutique building has been set aside for commercial use, but the vendor is seeking approval to convert it to hotel use.
Another building up for sale is another four-storey building at 213 Upper Thomson Road. It is set amid an established, affluent private residential enclave near the Singapore Island Country Club.
The asking price for the building is $5.5 million, which works out to $823 per square foot of gross floor area. This building has a site area of approximately 2,446 sq ft and a gross floor area of about 6,679 sq ft.
The proposed developments for the property are corporate offices, showroom space and F&B businesses.
CB Richard Ellis is the marketing agent for this public tender, which closes on May 20.
Source : Today – 29 Apr 2010
Singapore Property
Fined for renting shop
A 45-year-old man was fined $600 after he admitted to that he had rented out his shop space to an unlicensed massage business.
The case came to light in March last year, when police officers conducted checks at Oh Eng Siong’s shop in Fortune Centre and found three cubicles partitioned with curtains.
Investigations revealed that body massage services were being provided within these cubicles, out of the public’s view.
There was no valid massage licence on display.
Despite being warned by the police, Oh continued to rent out his shop space to the unlicensed massage business – a fact police discovered when they conducted checks a month later.
The owner of the massage business will be dealt with separately.
Source : Today – 29 Apr 2010
Singapore Property
The case came to light in March last year, when police officers conducted checks at Oh Eng Siong’s shop in Fortune Centre and found three cubicles partitioned with curtains.
Investigations revealed that body massage services were being provided within these cubicles, out of the public’s view.
There was no valid massage licence on display.
Despite being warned by the police, Oh continued to rent out his shop space to the unlicensed massage business – a fact police discovered when they conducted checks a month later.
The owner of the massage business will be dealt with separately.
Source : Today – 29 Apr 2010
Singapore Property
Raffles Place hasn’t lost lustre as business district: CapitaCommercial Trust
CapitaCommercial Trust (CCT) believes that Raffles Place has not lost its attraction as a business district.
This is according to its chief executive officer Lynette Leong, who spoke on the sidelines of the trust’s Annual General Meeting on Wednesday.
CCT has three office properties in the Raffles Place area.
The new Marina Bay Financial Centre has been attracting many financial institutions to relocate from the Central Business District.
But existing tenants are making use of that to potentially expand their offices located in CCT’s buildings such as Capital Tower and One George Street.
CCT said it is also reviewing its plans for StarHub Centre.
It is looking to allocate up to 80 per cent of Starhub Centre’s gross floor area for residential use, while the rest will remain for commercial purposes.
The trust said going forward, the office market is bottoming out and remains confident of the overall office market.
“There are encouraging signs that the office demand has recovered and office market rentals may have reached a bottom,” said Leong. “However, there is still 4.5 million square feet of new office space coming onstream in the next two years that is largely uncommitted.
“So there are no clear signs whether office market rents will recover immediately and to what extent. So we will have to wait for that.
“But given CCT’s financial flexibility and our well-located properties, as well as our proven management track record, we believe we should be able to capture and ride the recovery when it happens.”
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
This is according to its chief executive officer Lynette Leong, who spoke on the sidelines of the trust’s Annual General Meeting on Wednesday.
CCT has three office properties in the Raffles Place area.
The new Marina Bay Financial Centre has been attracting many financial institutions to relocate from the Central Business District.
But existing tenants are making use of that to potentially expand their offices located in CCT’s buildings such as Capital Tower and One George Street.
CCT said it is also reviewing its plans for StarHub Centre.
It is looking to allocate up to 80 per cent of Starhub Centre’s gross floor area for residential use, while the rest will remain for commercial purposes.
The trust said going forward, the office market is bottoming out and remains confident of the overall office market.
“There are encouraging signs that the office demand has recovered and office market rentals may have reached a bottom,” said Leong. “However, there is still 4.5 million square feet of new office space coming onstream in the next two years that is largely uncommitted.
“So there are no clear signs whether office market rents will recover immediately and to what extent. So we will have to wait for that.
“But given CCT’s financial flexibility and our well-located properties, as well as our proven management track record, we believe we should be able to capture and ride the recovery when it happens.”
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
CapitaLand announces leadership changes
Property group CapitaLand announces a slew of management changes aimed at strengthening its next level of leadership.
For its retail business, the property giant has appointed Mr Tony Tan as Deputy CEO of its CapitaRetail China Trust Management.
He will also continue to hold his current position as head of finance in the same unit.
At CapitaMalls Asia (CMA), Hazel Chew, who currently heads the finance function for CapitaLand Commercial (CCL), will be appointed as financial controller of CMA from May 1.
Meanwhile, Lui Chong Chee, currently CEO of CapitaLand Financial will be leaving the company from June 1 to pursue personal interests.
Covering his duties will be Wen Khai Meng who is currently chief investment officer of the parent group, CapitaLand.
Over at Ascott Group, its deputy CEO Gerald Lee will be leaving the company to pursue further studies and other personal pursuits.
Ascott added another layer of leadership with the appointment of Mark Chan as Senior Vice President, Investment, from May 10.
He will report directly to Ronald Tay, Acott’s Chief Investment Officer.
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
For its retail business, the property giant has appointed Mr Tony Tan as Deputy CEO of its CapitaRetail China Trust Management.
He will also continue to hold his current position as head of finance in the same unit.
At CapitaMalls Asia (CMA), Hazel Chew, who currently heads the finance function for CapitaLand Commercial (CCL), will be appointed as financial controller of CMA from May 1.
Meanwhile, Lui Chong Chee, currently CEO of CapitaLand Financial will be leaving the company from June 1 to pursue personal interests.
Covering his duties will be Wen Khai Meng who is currently chief investment officer of the parent group, CapitaLand.
Over at Ascott Group, its deputy CEO Gerald Lee will be leaving the company to pursue further studies and other personal pursuits.
Ascott added another layer of leadership with the appointment of Mark Chan as Senior Vice President, Investment, from May 10.
He will report directly to Ronald Tay, Acott’s Chief Investment Officer.
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
Govt to take fundamental re-look at real estate industry
The government is taking a “fundamental re-look” at the entire real estate industry.
Speaking in Parliament, National Development Minister Mah Bow Tan said this includes strengthening measures to curb unscrupulous practices and abuses.
Among the measures, the government plans to plug a loop hole on using public housing flats as collateral for loans.
Public housing flats are not meant to be used as security for any loans other than the mortgage to finance the unit’s purchase.
Yet, Parliament was told that some owners have fallen prey to such abuses.
“One current practice that is very common is that of credit companies filing caveats against HDB flat owners who had borrowed money from them at very high interest rates, so that when these HDB owners sell their flats, the credit card companies will get the first bite,” said Halimah Yacob, Member of Parliament (MP) for Jurong GRC.
In response, the National Development Minister said the government is working to plug the loophole.
“Unfortunately there has been a loop hole that has allowed legal money lenders to lodge such caveats, that is the reason why my ministry is now looking at how we can prevent this from happening,” said Mr Mah.
“This is going to be done even before the regulations for the real estate agents are finalised. I am treating it as a matter of urgency because it is obvious there have been cases of abuses, people have been exploited, and in this regard the role of some rogue estate agents should also be examined.
“We have received feedback that some moneylenders provide loans on the condition that the borrowers repay the loans from the sales proceeds of their HDB flats. We are currently working with the relevant authorities on appropriate measures to curb such abuses.
Complaints against real estate agents have risen in the past few years, according to figures from the Consumers Association of Singapore.
There were 1,079 cases last year, higher than 1,100 complaints in 2008 and 1,055 in 2007.
Meanwhile, the Inland Revenue Authority of Singapore, which is the licensing body for real estate agencies, received 154 complaints against agents in the past three years.
Mr Mah said existing rules are not enough to deal with potential abuses by errant property agents. He added that the industry needs to be better regulated, especially in the current climate where there are temptations for some agents to take short-cuts.
He said: “We are looking into whether we should have a more formal form of registration for real estate agents, what are the mediation avenues available, if not what are the dispute resolutions mechanisms available and if not what are the punishments that can be meted out to those who flout the rules.”
A new regulatory framework is expected to be announced shortly.
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
Speaking in Parliament, National Development Minister Mah Bow Tan said this includes strengthening measures to curb unscrupulous practices and abuses.
Among the measures, the government plans to plug a loop hole on using public housing flats as collateral for loans.
Public housing flats are not meant to be used as security for any loans other than the mortgage to finance the unit’s purchase.
Yet, Parliament was told that some owners have fallen prey to such abuses.
“One current practice that is very common is that of credit companies filing caveats against HDB flat owners who had borrowed money from them at very high interest rates, so that when these HDB owners sell their flats, the credit card companies will get the first bite,” said Halimah Yacob, Member of Parliament (MP) for Jurong GRC.
In response, the National Development Minister said the government is working to plug the loophole.
“Unfortunately there has been a loop hole that has allowed legal money lenders to lodge such caveats, that is the reason why my ministry is now looking at how we can prevent this from happening,” said Mr Mah.
“This is going to be done even before the regulations for the real estate agents are finalised. I am treating it as a matter of urgency because it is obvious there have been cases of abuses, people have been exploited, and in this regard the role of some rogue estate agents should also be examined.
“We have received feedback that some moneylenders provide loans on the condition that the borrowers repay the loans from the sales proceeds of their HDB flats. We are currently working with the relevant authorities on appropriate measures to curb such abuses.
Complaints against real estate agents have risen in the past few years, according to figures from the Consumers Association of Singapore.
There were 1,079 cases last year, higher than 1,100 complaints in 2008 and 1,055 in 2007.
Meanwhile, the Inland Revenue Authority of Singapore, which is the licensing body for real estate agencies, received 154 complaints against agents in the past three years.
Mr Mah said existing rules are not enough to deal with potential abuses by errant property agents. He added that the industry needs to be better regulated, especially in the current climate where there are temptations for some agents to take short-cuts.
He said: “We are looking into whether we should have a more formal form of registration for real estate agents, what are the mediation avenues available, if not what are the dispute resolutions mechanisms available and if not what are the punishments that can be meted out to those who flout the rules.”
A new regulatory framework is expected to be announced shortly.
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
More en bloc sale activity expected as developers cater to mid-market segment
Analysts expect more en bloc sales activity from the city fringes and East Coast areas as developers cater to a growing mid-market segment.
They were responding to proposals tabled in Parliament on Monday to smooth out the collective sales process.
The new rules also seek to address the role of the Strata Titles Board and balance the interest of property owners.
Collective sales have bounced back this year after a poor showing last year when only one deal was done.
So far, four developments have been sold with another deal at Margate Road expected to be completed this week.
These five sales combined are worth S$275 million versus the lone S$101 million deal done for the whole of 2009.
Going forward, market watchers expect between 20 and 40 en bloc deals to take place this year.
Donald Han, managing director, Cushman & Wakefield, said: “I think what we’re seeing now is more on the fringe of the central areas is looking more promising right now. Those we call the rest of the central core area. The East Coast area is looking interesting right now.
“Mainly there is a combination of investors, developers who are eager to come in and develop the mid-end segment of the market.”
Observers said such developments will likely attract small-to-mid sized developers that are currently being priced out of the government land sales programme where land prices rose up to 20 per cent last year.
Observers said they’re currently seeing appetite for en bloc sales worth under S$100 million on average and land sizes of around 15,000-50,000 square feet.
Karamjit Singh, managing director, Credo Real Estate, said: “There’s also a vacuum to satisfy larger developers demand for land in mid and prime sectors of the market because government land sale programme basically satisfies developers’ demand in mass market locations.”
Market watchers expect overall land prices to rise around five to 15 per cent this year.
They said good conditions and demand for property will drive developers into the collective market.
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
They were responding to proposals tabled in Parliament on Monday to smooth out the collective sales process.
The new rules also seek to address the role of the Strata Titles Board and balance the interest of property owners.
Collective sales have bounced back this year after a poor showing last year when only one deal was done.
So far, four developments have been sold with another deal at Margate Road expected to be completed this week.
These five sales combined are worth S$275 million versus the lone S$101 million deal done for the whole of 2009.
Going forward, market watchers expect between 20 and 40 en bloc deals to take place this year.
Donald Han, managing director, Cushman & Wakefield, said: “I think what we’re seeing now is more on the fringe of the central areas is looking more promising right now. Those we call the rest of the central core area. The East Coast area is looking interesting right now.
“Mainly there is a combination of investors, developers who are eager to come in and develop the mid-end segment of the market.”
Observers said such developments will likely attract small-to-mid sized developers that are currently being priced out of the government land sales programme where land prices rose up to 20 per cent last year.
Observers said they’re currently seeing appetite for en bloc sales worth under S$100 million on average and land sizes of around 15,000-50,000 square feet.
Karamjit Singh, managing director, Credo Real Estate, said: “There’s also a vacuum to satisfy larger developers demand for land in mid and prime sectors of the market because government land sale programme basically satisfies developers’ demand in mass market locations.”
Market watchers expect overall land prices to rise around five to 15 per cent this year.
They said good conditions and demand for property will drive developers into the collective market.
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
Orchard Parade’s Q1 net profit at S$9.3m, revenue up 140% at S$28.1m
Mainboard-listed Orchard Parade Holdings says its first quarter net profit jumped to S$9.3 million sing dollars for the period ended March 31.
This compared to net profit of S$107,000 posted in the same quarter a year ago.
The improved profit came on the back of higher revenue and a gain from the revaluation of its investment properties.
The revaluation saw a S$1.6 million gain compared to a loss of S$3.1 million in the same quarter the previous year.
Meanwhile, revenue for the quarter rose more than two-fold or 140.2 per cent to S$28.1 million, this is compared to S$11.7 million last year.
According to the company, the increase was largely due to sales from its property development, Floridian, which amounted to S$12.4 million.
Looking ahead, Orchard Parade says it is optimistic, as business conditions continue to improve.
It further adds that the company will continue to drive sales of the Floridian.
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
This compared to net profit of S$107,000 posted in the same quarter a year ago.
The improved profit came on the back of higher revenue and a gain from the revaluation of its investment properties.
The revaluation saw a S$1.6 million gain compared to a loss of S$3.1 million in the same quarter the previous year.
Meanwhile, revenue for the quarter rose more than two-fold or 140.2 per cent to S$28.1 million, this is compared to S$11.7 million last year.
According to the company, the increase was largely due to sales from its property development, Floridian, which amounted to S$12.4 million.
Looking ahead, Orchard Parade says it is optimistic, as business conditions continue to improve.
It further adds that the company will continue to drive sales of the Floridian.
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
Fragrance Group’s Q1 net profit up 42.6% to S$14.4m
Property developer Fragrance Group said its net profit rose 42.6 per cent on-year in the first quarter to S$14.4 million.
But turnover fell 17.7 per cent to S$41.8 million due to lower contributions from its property development operations.
However, this was partly offset by an increase in revenue contribution from its hotel business.
Going forward, Fragrance said it intends to launch another two landed housing projects with a total of 21 units and a mixed development project with 88 units this year.
It also recently acquired another plot of land which can yield approximately 116 condominium units.
The company said these projects are expected to contribute positively to its turnover for this financial year and beyond.
Fragrance also expects occupancy and room rates at its hotels to have a positive impact from the expected influx of tourists when the two integrated resorts are fully operational.
Barring unforeseen circumstances, the group expects to remain profitable in 2010.
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
But turnover fell 17.7 per cent to S$41.8 million due to lower contributions from its property development operations.
However, this was partly offset by an increase in revenue contribution from its hotel business.
Going forward, Fragrance said it intends to launch another two landed housing projects with a total of 21 units and a mixed development project with 88 units this year.
It also recently acquired another plot of land which can yield approximately 116 condominium units.
The company said these projects are expected to contribute positively to its turnover for this financial year and beyond.
Fragrance also expects occupancy and room rates at its hotels to have a positive impact from the expected influx of tourists when the two integrated resorts are fully operational.
Barring unforeseen circumstances, the group expects to remain profitable in 2010.
Source : Channel NewsAsia – 28 Apr 2010
Singapore Property
State land in Pasir Ris available
The Housing and Development Board (HDB) will make available a State land parcel in Pasir Ris under the Reserve List of the GLS Programme from today.
The 99-year leasehold site is located at the junction of Pasir Ris Drive 3 and Pasir Ris Drive 4. HDB said some 380 residential units can be built on the site designated for condominium housing.
Under the Reserve List System, developers who are interested in purchasing the land can submit their application indicating the minimum offer price to HDB.
Upon acceptance of their application, HDB will put up the land for sale by tender.
The land parcel has a land area of 20,000 square metres and a maximum gross plot ratio of 2.1.
The site is served by an efficient public transport network, which is connected to all parts of Singapore. Besides being close to Hai Sing Catholic School and shopping malls such as White Sands and Elias Mall, residents can also enjoy the proximity to amenities like Pasir Ris Park, Downtown East and NTUC Lifestyle World.
For the first half of 2010, 18 sites yielding 7,625 units were placed on the Reserve List. Of these, eight sites yielding 3,345 units have been sold or are being tendered after they have been successfully triggered from the Reserve List. There are another 10 sites – including the Pasir Ris site released yesterday – potentially yielding 4,280 units that are still available for sale.
Source : Today – 28 Apr 2010
Singapore Property
The 99-year leasehold site is located at the junction of Pasir Ris Drive 3 and Pasir Ris Drive 4. HDB said some 380 residential units can be built on the site designated for condominium housing.
Under the Reserve List System, developers who are interested in purchasing the land can submit their application indicating the minimum offer price to HDB.
Upon acceptance of their application, HDB will put up the land for sale by tender.
The land parcel has a land area of 20,000 square metres and a maximum gross plot ratio of 2.1.
The site is served by an efficient public transport network, which is connected to all parts of Singapore. Besides being close to Hai Sing Catholic School and shopping malls such as White Sands and Elias Mall, residents can also enjoy the proximity to amenities like Pasir Ris Park, Downtown East and NTUC Lifestyle World.
For the first half of 2010, 18 sites yielding 7,625 units were placed on the Reserve List. Of these, eight sites yielding 3,345 units have been sold or are being tendered after they have been successfully triggered from the Reserve List. There are another 10 sites – including the Pasir Ris site released yesterday – potentially yielding 4,280 units that are still available for sale.
Source : Today – 28 Apr 2010
Singapore Property
Govt measures were not intended to stop price rise: says Minister
When the Government introduced measures to cool the property market in February, the steps were not intended to stop prices from rising.
Instead, they were calibrated to temper exuberance in the market and pre-empt a property bubble from forming, Minister for National Development Mah Bow Tan told Parliament yesterday.
Overall, property prices increased 5.6 per cent in the first quarter this year compared to 7.4 per cent in the fourth quarter of last year.
Recent data for public housing show signs of moderation. Resale prices registered slower quarter-on-quarter increase and the median cash over valuation has also stabilised, said Mr Mah.
MP for West Coast GRC Ho Geok Choo had asked what other measures MND intend to introduce as public and property prices continue to rise despite recent cooling measures.
Mr Mah informed the house that the government would “inject an even larger supply” of private housing through the Government Land Sales programme in the second half of the year if demand continues to be strong. Details of this will be announced in June.
Since January, the Housing and Development Board has launched 5,100 flats.
Another 7,400 units will be launched between May and September.
Source : Today – 28 Apr 2010
Singapore Property
Instead, they were calibrated to temper exuberance in the market and pre-empt a property bubble from forming, Minister for National Development Mah Bow Tan told Parliament yesterday.
Overall, property prices increased 5.6 per cent in the first quarter this year compared to 7.4 per cent in the fourth quarter of last year.
Recent data for public housing show signs of moderation. Resale prices registered slower quarter-on-quarter increase and the median cash over valuation has also stabilised, said Mr Mah.
MP for West Coast GRC Ho Geok Choo had asked what other measures MND intend to introduce as public and property prices continue to rise despite recent cooling measures.
Mr Mah informed the house that the government would “inject an even larger supply” of private housing through the Government Land Sales programme in the second half of the year if demand continues to be strong. Details of this will be announced in June.
Since January, the Housing and Development Board has launched 5,100 flats.
Another 7,400 units will be launched between May and September.
Source : Today – 28 Apr 2010
Singapore Property
Getting tough on HDB resale exploiters
LICENSED moneylenders who exploit HDB resellers are advised to curb their activities: The Ministry for National Development (MND) is keeping a close watch on you.
In Parliament yesterday, National Development Minister Mah Bow Tan said: “HDB flats are not meant for short-term profit-taking. They are not meant to be used as collateral for loans, whether to legal or illegal moneylenders.”
He was referring to the unscrupulous practice whereby credit companies work with real- estate agents who connect them with homeowners – for a fee.
A legal loophole allows moneylenders to file a caveat on a flat, which means that they get first bite of profits when the flat is sold.
Mr Mah added that existing measures are inadequate to deal with the problem. He was responding to questions from Madam Halimah Yacob (Jurong GRC), who asked about the MND’s move to regulate real- estate agents more tightly.
Since 2007, the Inland Revenue Authority of Singapore, which licenses real-estate agencies, has received a total of 154 complaints against errant agents.
The MND is also considering “strengthening the regulatory framework…and to raise professional standards in the industry”, the elements of which will be announced “shortly”, said Mr Mah.
However, Madam Halimah pointed out one major loophole which may prevent errant agents from being reported.
“If you are the real-estate agency, I think there will be less reason for you to find fault with your own agents, because that will affect your name.”
Source : AsiaOne – 28 Apr 2010
Singapore Property
In Parliament yesterday, National Development Minister Mah Bow Tan said: “HDB flats are not meant for short-term profit-taking. They are not meant to be used as collateral for loans, whether to legal or illegal moneylenders.”
He was referring to the unscrupulous practice whereby credit companies work with real- estate agents who connect them with homeowners – for a fee.
A legal loophole allows moneylenders to file a caveat on a flat, which means that they get first bite of profits when the flat is sold.
Mr Mah added that existing measures are inadequate to deal with the problem. He was responding to questions from Madam Halimah Yacob (Jurong GRC), who asked about the MND’s move to regulate real- estate agents more tightly.
Since 2007, the Inland Revenue Authority of Singapore, which licenses real-estate agencies, has received a total of 154 complaints against errant agents.
The MND is also considering “strengthening the regulatory framework…and to raise professional standards in the industry”, the elements of which will be announced “shortly”, said Mr Mah.
However, Madam Halimah pointed out one major loophole which may prevent errant agents from being reported.
“If you are the real-estate agency, I think there will be less reason for you to find fault with your own agents, because that will affect your name.”
Source : AsiaOne – 28 Apr 2010
Singapore Property
More en bloc sale activity expected as developers cater to mid-market segment
Analysts expect more en bloc sales activity from the city fringes and East Coast areas as developers cater to a growing mid-market segment.
They were responding to proposals tabled in Parliament on Monday to smooth out the collective sales process.
The new rules also seek to address the role of the Strata Titles Board and balance the interest of property owners.
Collective sales have bounced back this year after a poor showing last year when only one deal was done.
So far, four developments have been sold with another deal at Margate Road expected to be completed this week.
These five sales combined are worth S$275 million versus the lone S$101 million deal done for the whole of 2009.
Going forward, market watchers expect between 20 and 40 en bloc deals to take place this year.
Donald Han, managing director, Cushman & Wakefield, said: “I think what we’re seeing now is more on the fringe of the central areas is looking more promising right now. Those we call the rest of the central core area. The East Coast area is looking interesting right now.
“Mainly there is a combination of investors, developers who are eager to come in and develop the mid-end segment of the market.”
Observers said such developments will likely attract small-to-mid sized developers that are currently being priced out of the government land sales programme where land prices rose up to 20 per cent last year.
Observers said they’re currently seeing appetite for en bloc sales worth under S$100 million on average and land sizes of around 15,000-50,000 square feet.
Karamjit Singh, managing director, Credo Real Estate, said: “There’s also a vacuum to satisfy larger developers demand for land in mid and prime sectors of the market because government land sale programme basically satisfies developers’ demand in mass market locations.”
Market watchers expect overall land prices to rise around five to 15 per cent this year.
They said good conditions and demand for property will drive developers into the collective market.
Source : Channel NewsAsia – 27 Apr 2010
Singapore Property
They were responding to proposals tabled in Parliament on Monday to smooth out the collective sales process.
The new rules also seek to address the role of the Strata Titles Board and balance the interest of property owners.
Collective sales have bounced back this year after a poor showing last year when only one deal was done.
So far, four developments have been sold with another deal at Margate Road expected to be completed this week.
These five sales combined are worth S$275 million versus the lone S$101 million deal done for the whole of 2009.
Going forward, market watchers expect between 20 and 40 en bloc deals to take place this year.
Donald Han, managing director, Cushman & Wakefield, said: “I think what we’re seeing now is more on the fringe of the central areas is looking more promising right now. Those we call the rest of the central core area. The East Coast area is looking interesting right now.
“Mainly there is a combination of investors, developers who are eager to come in and develop the mid-end segment of the market.”
Observers said such developments will likely attract small-to-mid sized developers that are currently being priced out of the government land sales programme where land prices rose up to 20 per cent last year.
Observers said they’re currently seeing appetite for en bloc sales worth under S$100 million on average and land sizes of around 15,000-50,000 square feet.
Karamjit Singh, managing director, Credo Real Estate, said: “There’s also a vacuum to satisfy larger developers demand for land in mid and prime sectors of the market because government land sale programme basically satisfies developers’ demand in mass market locations.”
Market watchers expect overall land prices to rise around five to 15 per cent this year.
They said good conditions and demand for property will drive developers into the collective market.
Source : Channel NewsAsia – 27 Apr 2010
Singapore Property
Top bid for residential site at Upper Changi Road North at S$148.3m
Urban Redevelopment Authority (URA) closed the tender for the residential site at Upper Changi Road North and Flora Drive Tuesday.
A total of six bids were submitted for the site and the top bid came from Tripartite Developers at S$148.3 million.
This is a joint venture company formed by Hong Leong Holdings, City Developments and Trade and Industrial Development.
Tripartite’s bid is 81 per cent higher than the minimum bid of S$82 million, which triggered the site for tender.
It is also 3.6 per cent more than the second bid of S$143.2 million jointly submitted by Nam Hee Contractor and OPH Marymount.
The lowest bid submitted for the site was from BBR-Tagore at S$91 million.
Other developers that placed their bids as well were Frasers Centrepoint, Sim Lian Land and Ho Bee Developments.
The land parcel has a 99 year lease term and sits on a site area of 30,678.7 square metres.
The maximum allowable gross floor area is 42,951 square metres.
The site was originally placed on the Reserve List of the Government Land Sales Programme and was launched for public tender on March 29.
Source : Channel NewsAsia – 27 Apr 2010
Singapore Property
A total of six bids were submitted for the site and the top bid came from Tripartite Developers at S$148.3 million.
This is a joint venture company formed by Hong Leong Holdings, City Developments and Trade and Industrial Development.
Tripartite’s bid is 81 per cent higher than the minimum bid of S$82 million, which triggered the site for tender.
It is also 3.6 per cent more than the second bid of S$143.2 million jointly submitted by Nam Hee Contractor and OPH Marymount.
The lowest bid submitted for the site was from BBR-Tagore at S$91 million.
Other developers that placed their bids as well were Frasers Centrepoint, Sim Lian Land and Ho Bee Developments.
The land parcel has a 99 year lease term and sits on a site area of 30,678.7 square metres.
The maximum allowable gross floor area is 42,951 square metres.
The site was originally placed on the Reserve List of the Government Land Sales Programme and was launched for public tender on March 29.
Source : Channel NewsAsia – 27 Apr 2010
Singapore Property
Suntec REIT’s Q1 DPU, distributable income down
Suntec Real Estate Investment Trust (Suntec REIT) said its first quarter distribution per unit (DPU) fell 13.9 per cent to 2.51 cents from 2.92 cents a year ago.
Distributable income for the quarter ended March 31 dipped 2.1 per cent to S$45.37 million on-year.
Suntec Reit added that its net property income also fell 2.7 per cent to S$47.8 million from S$49.2 million in the same quarter a year ago.
Gross revenue also fell 3.8 per cent to S$62.5 million in the quarter.
Suntec Reit attributed the decline in revenue to the lower office and retail revenue posted in the quarter.
Gross revenue from its office segment fell 2.9 per cent to S$29.3 million in the first quarter on the back of lower revenue from its office space in Suntec City.
Meanwhile, lower revenues from its retail space in Suntec City Mall also caused it gross retail revenue to fall some 4.6 per cent to S$33.1 million.
Looking ahead, Suntec REIT expects continuing challenges in both the office and retail sectors.
However, given the economic recovery trend, the reit manager said it remains cautiously optimistic of its prospects this year.
Source : Channel NewsAsia – 27 Apr 2010
Singapore Property
Distributable income for the quarter ended March 31 dipped 2.1 per cent to S$45.37 million on-year.
Suntec Reit added that its net property income also fell 2.7 per cent to S$47.8 million from S$49.2 million in the same quarter a year ago.
Gross revenue also fell 3.8 per cent to S$62.5 million in the quarter.
Suntec Reit attributed the decline in revenue to the lower office and retail revenue posted in the quarter.
Gross revenue from its office segment fell 2.9 per cent to S$29.3 million in the first quarter on the back of lower revenue from its office space in Suntec City.
Meanwhile, lower revenues from its retail space in Suntec City Mall also caused it gross retail revenue to fall some 4.6 per cent to S$33.1 million.
Looking ahead, Suntec REIT expects continuing challenges in both the office and retail sectors.
However, given the economic recovery trend, the reit manager said it remains cautiously optimistic of its prospects this year.
Source : Channel NewsAsia – 27 Apr 2010
Singapore Property
Leveraged developers a risk factor for China real estate
Leveraged developers, rather than end buyers, are the most likely source of risk for real estate in China.
And Citi says China’s efforts to rein in its property price bubble are unlikely to affect other sectors, thanks to the government’s effective control over policy.
Momentum in China real estate continues to build.
Citi says while the signs of a bubble are clear, the greatest risk within the market might not lie with the end buyers and high prices.
It says investors should watch the developers instead.
Thomas Flexner, global head of real estate, institutional clients group, Citi, says: “I think you do have to be sensitive which ones might have too much leverage, might have near term maturities, and might have a problem given the increasingly restrictive policies that China is beginning to apply to the residential sector.”
China recently raised down payment for second home buyers from 40 per cent to 50 per cent, while increasing mortgage rates as well.
About one third of end-buyers in China pay entirely in cash, while the rest fund around 50 per cent of their property buys with debt.
Citi adds that China’s tightening of the real estate sector is unlikely to hurt the rest of the economy for now, given the close control it has over policy making which allows it to introduce targeted changes as needed.
The lender says it remains confident about the long term growth of China’s emerging real estate market, given the strong demand in areas outside the first tier cities.
Mr Flexner says: “In some of the top tier cities, like Beijing and Shanghai, there’s been much more speculative investment… The other lesser cities that haven’t attracted speculators tend to be much more driven by real home buyers.”
But Citi stresses that while the long term fundamentals for real estate in emerging Asia are strong, investors should be prepared to accept a certain degree of volatility against a backdrop of fast, but uneven growth.”
Source : Channel NewsAsia – 27 Apr 2010
Property
And Citi says China’s efforts to rein in its property price bubble are unlikely to affect other sectors, thanks to the government’s effective control over policy.
Momentum in China real estate continues to build.
Citi says while the signs of a bubble are clear, the greatest risk within the market might not lie with the end buyers and high prices.
It says investors should watch the developers instead.
Thomas Flexner, global head of real estate, institutional clients group, Citi, says: “I think you do have to be sensitive which ones might have too much leverage, might have near term maturities, and might have a problem given the increasingly restrictive policies that China is beginning to apply to the residential sector.”
China recently raised down payment for second home buyers from 40 per cent to 50 per cent, while increasing mortgage rates as well.
About one third of end-buyers in China pay entirely in cash, while the rest fund around 50 per cent of their property buys with debt.
Citi adds that China’s tightening of the real estate sector is unlikely to hurt the rest of the economy for now, given the close control it has over policy making which allows it to introduce targeted changes as needed.
The lender says it remains confident about the long term growth of China’s emerging real estate market, given the strong demand in areas outside the first tier cities.
Mr Flexner says: “In some of the top tier cities, like Beijing and Shanghai, there’s been much more speculative investment… The other lesser cities that haven’t attracted speculators tend to be much more driven by real home buyers.”
But Citi stresses that while the long term fundamentals for real estate in emerging Asia are strong, investors should be prepared to accept a certain degree of volatility against a backdrop of fast, but uneven growth.”
Source : Channel NewsAsia – 27 Apr 2010
Property
Home sales will continue to sizzle
With first-quarter home sales rocketing to a higher-than-expected 4,446 units, property experts say that the strong sales momentum will probably spill over into the second quarter as developers plan more sizeable launches.
In fact, at least 12 developments have been identified by property consultants as possible launches this quarter.
These include Far East Organization’s 361-unit Waterfront Gold at Bedok Reservoir Road, Wing Tai Holdings’ 43-unit Le Nouvel Ardmore at Ardmore Park and KSH Holdings’ 250-unit Cityscape@Farrer Park.
The strong economic recovery and better employment prospects will continue to sustain demand, Knight Frank manager of consultancy and research Ong Kah Seng said.
This is especially so after the latest government announcement of stellar first-quarter 13.1 per cent growth for the economy year-on-year and its upward revision of full-year gross domestic product growth to 7 per cent to 9 per cent from the previous 4.5 per cent to 6.5 per cent, further contributing to positive market sentiments.
CB Richard Ellis (CBRE) residential executive director Joseph Tan added that with the coming months seeing more sizeable project launches in varying locations, there will be enough choices to continue drawing the interest of potential buyers.
Sales in the first quarter were dominated by units in the core central region, where prime and higher-end properties such as those in Cairnhill and Holland Road, or Sentosa, are located. They made up 44 per cent of total sales, according to CBRE.
The second quarter is also likely to see similar posh launches following a laggard performance of high-end residential properties in the past two years, experts say.
‘The launch and sales activity outside the central region (OCR) was buoyant in 2009 and a number of mass-market projects were launched last year. Hence fewer sites will be launched in the OCR area,’ Mr Ong said.
However, buyers can still expect to see mid-tier and mass-market launches this quarter, such as The Minton in Hougang Street 11 and UOL Group’s Terrene condominium.
CBRE’s Mr Tan noted that more than 500 units of UOL Group’s 616-unit Waterbank at Dakota had been sold in the two weeks since its preview early this month.
Ms Christine Sun, Savills Singapore’s senior manager of research and consultancy, pointed out that buying interest had remained strong despite recent anti-speculation measures.
‘The residential market is likely to perform as well moving forward, especially over the next few months as developers push out new launches to ride on the current sentiment and buyers race to lock in the lower borrowing rates ahead of the expected interest rate revision by the second half of this year,’ she added.
Home sales of 4,446 units in the first quarter were more than double the 1,860 units sold in the previous quarter and 67 per cent more than sales in the same period last year.
If the pace continues throughout the year, total sales of new homes could be comparable to last year’s volume of 14,688 units, property experts say.
Home hunters, however, will be pleased to note that with the Government’s close monitoring, most experts do not expect prices to spiral upwards rapidly.
Although Knight Frank’s Mr Ong expects to see high-end residential properties receiving strong buying interest and enjoying a higher price increase, any rise is likely to be ‘incremental and sustainable’.
He said: ‘The overall interest for high-end residential properties will be underpinned by sound economic fundamentals and buyers who carefully evaluated the investment potential of high-end residential properties.
‘The integrated resorts can enhance the international exposure and familiarity of Singapore, and provide further opportunities for owners and sellers of high-end residential properties.’
Savills’ Ms Sun said prices are likely to see moderate rises only.
She expects a 10 per cent to 15 per cent increase in the high-end market and a 5 per cent to 10 per cent increase in prices for the mid-tier and mass markets after their strong run last year.
Source : AsiaOne – 27 Apr 2010
Singapore Property
In fact, at least 12 developments have been identified by property consultants as possible launches this quarter.
These include Far East Organization’s 361-unit Waterfront Gold at Bedok Reservoir Road, Wing Tai Holdings’ 43-unit Le Nouvel Ardmore at Ardmore Park and KSH Holdings’ 250-unit Cityscape@Farrer Park.
The strong economic recovery and better employment prospects will continue to sustain demand, Knight Frank manager of consultancy and research Ong Kah Seng said.
This is especially so after the latest government announcement of stellar first-quarter 13.1 per cent growth for the economy year-on-year and its upward revision of full-year gross domestic product growth to 7 per cent to 9 per cent from the previous 4.5 per cent to 6.5 per cent, further contributing to positive market sentiments.
CB Richard Ellis (CBRE) residential executive director Joseph Tan added that with the coming months seeing more sizeable project launches in varying locations, there will be enough choices to continue drawing the interest of potential buyers.
Sales in the first quarter were dominated by units in the core central region, where prime and higher-end properties such as those in Cairnhill and Holland Road, or Sentosa, are located. They made up 44 per cent of total sales, according to CBRE.
The second quarter is also likely to see similar posh launches following a laggard performance of high-end residential properties in the past two years, experts say.
‘The launch and sales activity outside the central region (OCR) was buoyant in 2009 and a number of mass-market projects were launched last year. Hence fewer sites will be launched in the OCR area,’ Mr Ong said.
However, buyers can still expect to see mid-tier and mass-market launches this quarter, such as The Minton in Hougang Street 11 and UOL Group’s Terrene condominium.
CBRE’s Mr Tan noted that more than 500 units of UOL Group’s 616-unit Waterbank at Dakota had been sold in the two weeks since its preview early this month.
Ms Christine Sun, Savills Singapore’s senior manager of research and consultancy, pointed out that buying interest had remained strong despite recent anti-speculation measures.
‘The residential market is likely to perform as well moving forward, especially over the next few months as developers push out new launches to ride on the current sentiment and buyers race to lock in the lower borrowing rates ahead of the expected interest rate revision by the second half of this year,’ she added.
Home sales of 4,446 units in the first quarter were more than double the 1,860 units sold in the previous quarter and 67 per cent more than sales in the same period last year.
If the pace continues throughout the year, total sales of new homes could be comparable to last year’s volume of 14,688 units, property experts say.
Home hunters, however, will be pleased to note that with the Government’s close monitoring, most experts do not expect prices to spiral upwards rapidly.
Although Knight Frank’s Mr Ong expects to see high-end residential properties receiving strong buying interest and enjoying a higher price increase, any rise is likely to be ‘incremental and sustainable’.
He said: ‘The overall interest for high-end residential properties will be underpinned by sound economic fundamentals and buyers who carefully evaluated the investment potential of high-end residential properties.
‘The integrated resorts can enhance the international exposure and familiarity of Singapore, and provide further opportunities for owners and sellers of high-end residential properties.’
Savills’ Ms Sun said prices are likely to see moderate rises only.
She expects a 10 per cent to 15 per cent increase in the high-end market and a 5 per cent to 10 per cent increase in prices for the mid-tier and mass markets after their strong run last year.
Source : AsiaOne – 27 Apr 2010
Singapore Property
HDB puts up site for condo housing in Pasir Ris
The Housing & Development Board (HDB) will make available a state land parcel in Pasir Ris for application under the Reserve List of the Government Land Sales (GLS) Programme from Wednesday.
The site is located at the junction of Pasir Ris Drive 3 and Pasir Ris Drive 4.
The 20,000 square metre, 99-year leasehold site is designated for condominium housing.
HDB said some 380 residential units can be built on the site.
Under the Reserve List System, developers who are interested in purchasing the land can submit their application, indicating the minimum offer price to HDB.
Upon acceptance of their application, HDB will put up the land for sale by tender.
Source : Channel NewsAsia – 27 Apr 2010
Singapore Property
The site is located at the junction of Pasir Ris Drive 3 and Pasir Ris Drive 4.
The 20,000 square metre, 99-year leasehold site is designated for condominium housing.
HDB said some 380 residential units can be built on the site.
Under the Reserve List System, developers who are interested in purchasing the land can submit their application, indicating the minimum offer price to HDB.
Upon acceptance of their application, HDB will put up the land for sale by tender.
Source : Channel NewsAsia – 27 Apr 2010
Singapore Property
Tender for Woodlands Ave 12 site awarded to Boon Keng Development
The Urban Redevelopment Authority (URA) has awarded the tender for an industrial site at Woodlands Avenue 12 to Boon Keng Development Pte Ltd.
URA said the company submitted the highest bid in the tender for the site.
The tender was launched on 25 March 2010 and closed on 21 April 2010.
The land parcel was offered for sale on a 60-year lease.
Source : Channel NewsAsia – 27 Apr 2010
Singapore Property
URA said the company submitted the highest bid in the tender for the site.
The tender was launched on 25 March 2010 and closed on 21 April 2010.
The land parcel was offered for sale on a 60-year lease.
Source : Channel NewsAsia – 27 Apr 2010
Singapore Property
Free housing estates sidewalks – or else
Be prepared to face the authorities if your potted plants or cars obstruct sidewalks.
Minister for National Development Mr Mah Bow Tan said in parliament yesterday that Land Transport Authority (LTA) and Town Councils can take action against owners who obstruct sidewalks with their potted plants.
The Singapore Police Force can also fine car owners for illegal parking if they obstruct sidewalks.
Minister Mah was responding to Associate Professor Pauline Tay Straughan at the second session of the Eleventh Parliament yesterday.
Straughan was asking the Minister for National Development if there are specifications for the width of sidewalks in housing estates, especially those in estates with landed property and if these specifications are allowed for wheelchair access.
She also wanted to know the measures taken to ensure the sidewalks are not obstructed by parked vehicles, trash disposal bins and potted plants.
Mr Mah said the Barrier-Free Accessibility (BFA) code specifies a minimum footpath width of 1.2m to accommodate wheelchair users. All new sidewalks built in both public and private housing estates would have to comply with this minimum width.
For private housing estates, LTA has stipulated a width of 1.2m for new pedestrian footpaths along local access roads. A larger width of 1.5m is stipulated for footpaths along major roads and also for Housing Development Board (HDB) estates.
Existing sidewalks in private estates where widths may be sub-standard will be improved by LTA to the current standard where conditions permit.
As for public housing estates, Town Councils – in implementing the BFA programme – will provide a comprehensive network of barrier-free paths to connect between HDB blocks and the facilities and amenities within HDB neighbourhoods.
There are also wheelchair accessible routes in HDB estates along strategic locations such as footpaths leading to blocks near lift lobbies and staircases.
Source : AsiaOne – 27 Apr 2010
Singapore Property
Minister for National Development Mr Mah Bow Tan said in parliament yesterday that Land Transport Authority (LTA) and Town Councils can take action against owners who obstruct sidewalks with their potted plants.
The Singapore Police Force can also fine car owners for illegal parking if they obstruct sidewalks.
Minister Mah was responding to Associate Professor Pauline Tay Straughan at the second session of the Eleventh Parliament yesterday.
Straughan was asking the Minister for National Development if there are specifications for the width of sidewalks in housing estates, especially those in estates with landed property and if these specifications are allowed for wheelchair access.
She also wanted to know the measures taken to ensure the sidewalks are not obstructed by parked vehicles, trash disposal bins and potted plants.
Mr Mah said the Barrier-Free Accessibility (BFA) code specifies a minimum footpath width of 1.2m to accommodate wheelchair users. All new sidewalks built in both public and private housing estates would have to comply with this minimum width.
For private housing estates, LTA has stipulated a width of 1.2m for new pedestrian footpaths along local access roads. A larger width of 1.5m is stipulated for footpaths along major roads and also for Housing Development Board (HDB) estates.
Existing sidewalks in private estates where widths may be sub-standard will be improved by LTA to the current standard where conditions permit.
As for public housing estates, Town Councils – in implementing the BFA programme – will provide a comprehensive network of barrier-free paths to connect between HDB blocks and the facilities and amenities within HDB neighbourhoods.
There are also wheelchair accessible routes in HDB estates along strategic locations such as footpaths leading to blocks near lift lobbies and staircases.
Source : AsiaOne – 27 Apr 2010
Singapore Property
No change to HDB policies for first-time buyers
THE Government has no plans to tweak policies for first-time home buyers, National Development Minister Mah Bow Tan said yesterday.
In response to a question from MP Lim Wee Kiak (Sembawang GRC), who asked if the
Government would encourage more first-time buyers to buy resale flats, Mr Mah said: “The most important point is whether we have enough flats overall for first-timers to purchase, whether new or resale… I don’t think we want to skew the decision either way; we will let the market take care of it.”
He also addressed the affordability of homes when MP Lim Biow Chuan (Marine Parade GRC) asked whether the median household income has risen in comparison with the HDB resale- price index.
Citing the Government’s various efforts – such as having new flats come in different sizes, and catering to various income groups – Mr Mah reiterated that prices were well within the “international benchmark”.
He added: “Buying an HDB flat is not an expenditure. It is an investment.
“When you buy an HDB flat, at the end of the tenure of the flat or towards your retirement, that HDB flat is a very significant store of value.”
Source : my paper – 27 Apr 2010
Singapore Property
In response to a question from MP Lim Wee Kiak (Sembawang GRC), who asked if the
Government would encourage more first-time buyers to buy resale flats, Mr Mah said: “The most important point is whether we have enough flats overall for first-timers to purchase, whether new or resale… I don’t think we want to skew the decision either way; we will let the market take care of it.”
He also addressed the affordability of homes when MP Lim Biow Chuan (Marine Parade GRC) asked whether the median household income has risen in comparison with the HDB resale- price index.
Citing the Government’s various efforts – such as having new flats come in different sizes, and catering to various income groups – Mr Mah reiterated that prices were well within the “international benchmark”.
He added: “Buying an HDB flat is not an expenditure. It is an investment.
“When you buy an HDB flat, at the end of the tenure of the flat or towards your retirement, that HDB flat is a very significant store of value.”
Source : my paper – 27 Apr 2010
Singapore Property
Raffles Hotel to remain a gazetted National Monument
Any makeover plans for Raffles Hotel, which is to be sold to a Qatar sovereign wealth fund, will have to take into account its status as a gazetted National Monument.
Proposals for any addition or alteration to the iconic landmark building must comply with the Preservation Guidelines (PGL) under the Preservation of Monuments Act, and will require the approval of both the Urban Redevelopment Authority (URA) and the Preservation of Monuments Board (PMB).
This is Trade and Industry Minister Lim Hng Kiang’s written reply to a question from West Coast GRC MP Ho Geok Choo, who had asked about the impact of the hotel sale on the tourism and hotel industry, in Parliament today.
She also wanted to know if the proposed new look would affect the hotel’s heritage and iconic status.
In evaluating the proposal, PMB will ensure that the proposed works do not compromise the existing architectural and historical value of the hotel. The history and architecture of Raffles Hotel are unique features that set it apart from other hotels. Investors would have incentive to tap into this.
He added it is not unusual for hotels to undergo redevelopment and refurbishment to enhance their attractiveness. As the economy recovers and Singapore looks to tap on the growth in international travel, hotel room demand will be expected to increase as visitor arrival numbers grow.
The development plans for Raffles Hotel, together with the opening of new hotels, will add to the variety of accommodation experiences for tourists to choose from.
Source : AsiaOne – 26 Apr 2010
Singapore Property
Proposals for any addition or alteration to the iconic landmark building must comply with the Preservation Guidelines (PGL) under the Preservation of Monuments Act, and will require the approval of both the Urban Redevelopment Authority (URA) and the Preservation of Monuments Board (PMB).
This is Trade and Industry Minister Lim Hng Kiang’s written reply to a question from West Coast GRC MP Ho Geok Choo, who had asked about the impact of the hotel sale on the tourism and hotel industry, in Parliament today.
She also wanted to know if the proposed new look would affect the hotel’s heritage and iconic status.
In evaluating the proposal, PMB will ensure that the proposed works do not compromise the existing architectural and historical value of the hotel. The history and architecture of Raffles Hotel are unique features that set it apart from other hotels. Investors would have incentive to tap into this.
He added it is not unusual for hotels to undergo redevelopment and refurbishment to enhance their attractiveness. As the economy recovers and Singapore looks to tap on the growth in international travel, hotel room demand will be expected to increase as visitor arrival numbers grow.
The development plans for Raffles Hotel, together with the opening of new hotels, will add to the variety of accommodation experiences for tourists to choose from.
Source : AsiaOne – 26 Apr 2010
Singapore Property
URA takes over naming of street and building names
With effect from 30 April this year, the Urban Redevelopment Authority (URA) will take over the secretariat function for the Street and Building Names Board (SBNB) from the Inland Revenue Authority of Singapore (IRAS).
According to its press release, it will also launch a slew of e-services for the application of street, estates and building names. Agents or owners will now be able to apply for streets, estates and building names via the website http://www.ura.gov.sg/dc/sbnb/sbnb.htm.
For ease of transition, URA will continue to accept manual applications for streets, estates and building names until 30 July. From 1 August onwards, all applications for street, estates and building names will have to be submitted online.
Source : AsiaOne – 26 Apr 2010
Singapore Property
According to its press release, it will also launch a slew of e-services for the application of street, estates and building names. Agents or owners will now be able to apply for streets, estates and building names via the website http://www.ura.gov.sg/dc/sbnb/sbnb.htm.
For ease of transition, URA will continue to accept manual applications for streets, estates and building names until 30 July. From 1 August onwards, all applications for street, estates and building names will have to be submitted online.
Source : AsiaOne – 26 Apr 2010
Singapore Property
Market watchers welcome proposed changes to en bloc sale regulations
Market watchers have welcomed proposed changes to the en bloc sale regulations tabled in Parliament on Monday. They said the move is timely and could help stabilise property prices.
Farrer Court was among 111 estates sold at the peak of the en bloc market in 2007.
This year, there are only four deals so far and analysts expect the market to pick up as developers replenish their land bank.
The four en bloc sales this year are Changi Complex, Diamond Tower, Culford Garden and an industrial plot at Jalan Ampas.
And developers may well benefit from proposed new rules that will speed up the collective sale process, such as reducing the number of Extraordinary General Meetings required.
Christina Sim, director, Investment, Capital Markets, Cushman & Wakefield, said: “The truth is that the gestation for en bloc sales is just far too long usually when you get an en bloc ready for marketing. The market may have moved down to ease up and to shorten the gestation period is a good thing for the developers.”
Smaller developers, currently priced out of the state land market, may also benefit.
Observers also support rules to make it harder to restart an en bloc process after a failed attempt, including a two-year restriction period.
Tan Hong Boon, deputy managing director, Credo Real Estate, said: “This is a safeguard to the owners to minimise interference into their lives for certain projects or owners are too eager to re-initiate the en bloc process right after the failure. With that higher requirement for requisition, I think that ensures that there is sufficient interest from the owners to move ahead within the two-year period.”
The first re-try to convene an Extraordinary General Meeting to reappoint a sale committee will need the backing of at least 50 per cent share value or total number of owners.
For second or subsequent re-tries during the two-year period, 80 per cent will be needed.
Currently, the requisition threshold is set at 20 per cent by share vale or 25 per cent of the total number of owners.
Analysts said the changes may push up potential land supply and curb runaway property prices.
Some market watchers said about 50 developments are currently in the process of preparing for collective sale and they expect about 20 sites, mostly small and medium ones to hit the market by the end of the year.
Some of the potential en bloc sales this year include Neptune Court, Mandarin Gardens and Meyer Place.
The 528-unit Laguna Park at Marine Parade is also expected to convene an EOGM to elect a sale committee on May 2nd.
The deal fell through last year when they could not find a buyer for the property at S$967 million.
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
Farrer Court was among 111 estates sold at the peak of the en bloc market in 2007.
This year, there are only four deals so far and analysts expect the market to pick up as developers replenish their land bank.
The four en bloc sales this year are Changi Complex, Diamond Tower, Culford Garden and an industrial plot at Jalan Ampas.
And developers may well benefit from proposed new rules that will speed up the collective sale process, such as reducing the number of Extraordinary General Meetings required.
Christina Sim, director, Investment, Capital Markets, Cushman & Wakefield, said: “The truth is that the gestation for en bloc sales is just far too long usually when you get an en bloc ready for marketing. The market may have moved down to ease up and to shorten the gestation period is a good thing for the developers.”
Smaller developers, currently priced out of the state land market, may also benefit.
Observers also support rules to make it harder to restart an en bloc process after a failed attempt, including a two-year restriction period.
Tan Hong Boon, deputy managing director, Credo Real Estate, said: “This is a safeguard to the owners to minimise interference into their lives for certain projects or owners are too eager to re-initiate the en bloc process right after the failure. With that higher requirement for requisition, I think that ensures that there is sufficient interest from the owners to move ahead within the two-year period.”
The first re-try to convene an Extraordinary General Meeting to reappoint a sale committee will need the backing of at least 50 per cent share value or total number of owners.
For second or subsequent re-tries during the two-year period, 80 per cent will be needed.
Currently, the requisition threshold is set at 20 per cent by share vale or 25 per cent of the total number of owners.
Analysts said the changes may push up potential land supply and curb runaway property prices.
Some market watchers said about 50 developments are currently in the process of preparing for collective sale and they expect about 20 sites, mostly small and medium ones to hit the market by the end of the year.
Some of the potential en bloc sales this year include Neptune Court, Mandarin Gardens and Meyer Place.
The 528-unit Laguna Park at Marine Parade is also expected to convene an EOGM to elect a sale committee on May 2nd.
The deal fell through last year when they could not find a buyer for the property at S$967 million.
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
Starhill Global Reit’s restates 1st quarter DPU rose 2.2% to 0.95 cents
Real estate investment trust Starhill Global said its restated first quarter distribution per unit or DPU rose 2.2 per cent to 0.95 cents for the period ended March 31.
This is 2.2 per cent higher compared to 0.93 cents achieved for the previous corresponding period.
Net distributable income for the period fell 1.8 per cent to S$18.7 million from S$19 million a year ago.
However, net property income saw an increase of 7.7 per cent to S$29.1 million from S$27 million.
This was attributed to the contribution from its newly acquired David Jones Building in Perth, Australia.
Looking forward, the Reit said its retail assets in Singapore are likely to mitigate any short to medium term downward pressure on occupancy and rental rates.
It added that its Perth property will contribute to the group’s revenue while diluting geographical risks.
Source : Channel NewsAsia – 26 Apr 2010
Property
This is 2.2 per cent higher compared to 0.93 cents achieved for the previous corresponding period.
Net distributable income for the period fell 1.8 per cent to S$18.7 million from S$19 million a year ago.
However, net property income saw an increase of 7.7 per cent to S$29.1 million from S$27 million.
This was attributed to the contribution from its newly acquired David Jones Building in Perth, Australia.
Looking forward, the Reit said its retail assets in Singapore are likely to mitigate any short to medium term downward pressure on occupancy and rental rates.
It added that its Perth property will contribute to the group’s revenue while diluting geographical risks.
Source : Channel NewsAsia – 26 Apr 2010
Property
HDB looking at shortening wait for new flats
Buyers of new HDB flats may be able to get their keys more quickly.
The Housing & Development Board is looking at how to shorten the wait, from three years to two or two-and-a-half years.
National Development Minister Mah Bow Tan said the HDB will consider building new flats before selling them, especially in cases where the subscription rate is high.
He also stressed that new HDB flats remain affordable.
HDB tests this by comparing monthly mortgage installments to monthly household income.
The average Debt Service Ratio or DSR in the last six months were in the range of 17 to 25 per cent.
Mr Mah noted that this is close to the CPF contribution rate of 23 per cent, and is well within the international housing affordability benchmark of 30 to 35 per cent.
Mr Mah said: “At 25 per cent DSR for a three-room flat, we’re talking on the average of a monthly installment of $528. But the $528 can be almost fully paid using the CPF contributions. So in that particular instance, that family would probably need to pay something like $40-50 per month in cash.
“Based on the current situation, and based on the situation we’ve been seeing over the last 10 years, these figures indicate our new flats are well affordable, well within the means of all the different income groups.”
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
The Housing & Development Board is looking at how to shorten the wait, from three years to two or two-and-a-half years.
National Development Minister Mah Bow Tan said the HDB will consider building new flats before selling them, especially in cases where the subscription rate is high.
He also stressed that new HDB flats remain affordable.
HDB tests this by comparing monthly mortgage installments to monthly household income.
The average Debt Service Ratio or DSR in the last six months were in the range of 17 to 25 per cent.
Mr Mah noted that this is close to the CPF contribution rate of 23 per cent, and is well within the international housing affordability benchmark of 30 to 35 per cent.
Mr Mah said: “At 25 per cent DSR for a three-room flat, we’re talking on the average of a monthly installment of $528. But the $528 can be almost fully paid using the CPF contributions. So in that particular instance, that family would probably need to pay something like $40-50 per month in cash.
“Based on the current situation, and based on the situation we’ve been seeing over the last 10 years, these figures indicate our new flats are well affordable, well within the means of all the different income groups.”
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
Tender launched for 5 adjoining shophouses on Upper Bukit Timah Road
Property consultancy Jones Lang LaSalle has launched the tender sale of five adjoining shophouses along Upper Bukit Timah Road.
The asking price is between S$9.5 million and S$10 million for the group of properties located near Bukit Panjang Plaza, the future Ten Mile Junction development and The Rail Mall.
The price translates to S$408 to S$426 per square foot per plot ratio.
The tenanted, freehold shophouse properties are zoned for “Residential” use with a plot ratio of 2.5 under the 2008 Master Plan.
The site can be redeveloped into a residential development with a Gross Floor Area of some 26,000 square feet.
Jones Lang LaSalle’s Head of Commercial Investments Quek Soh Hoon noted that the February tender of the nearby Ten Mile Junction attracted eight bids and the site was eventually sold at S$437 per square foot of gross floor area.
As such, she said the tender for the Upper Bukit Timah site should attract good interest.
Ms Quek also said the site offers the advantage of rental income while the developer seeks approval from the relevant authorities for its intended redevelopment.
She added that a new development on this site can potentially yield some 30 to 40 studio and two-bedroom apartments.
The tender for the site closes on May 19.
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
The asking price is between S$9.5 million and S$10 million for the group of properties located near Bukit Panjang Plaza, the future Ten Mile Junction development and The Rail Mall.
The price translates to S$408 to S$426 per square foot per plot ratio.
The tenanted, freehold shophouse properties are zoned for “Residential” use with a plot ratio of 2.5 under the 2008 Master Plan.
The site can be redeveloped into a residential development with a Gross Floor Area of some 26,000 square feet.
Jones Lang LaSalle’s Head of Commercial Investments Quek Soh Hoon noted that the February tender of the nearby Ten Mile Junction attracted eight bids and the site was eventually sold at S$437 per square foot of gross floor area.
As such, she said the tender for the Upper Bukit Timah site should attract good interest.
Ms Quek also said the site offers the advantage of rental income while the developer seeks approval from the relevant authorities for its intended redevelopment.
She added that a new development on this site can potentially yield some 30 to 40 studio and two-bedroom apartments.
The tender for the site closes on May 19.
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
IPC buys 77-unit Tokyo condominium project for S$21m
Mainboard-listed IPC Corporation has bought a 77-unit uncompleted condominium project in Tokyo for about S$21 million.
IPC said it has also agreed to pre-sell the units to two unnamed Japanese real estate companies when the project, named Uraga, is completed.
The company said the project’s foundation level has been completed and the building is scheduled to be completed in February or March next year.
IPC said the total cost of the Uraga Project is estimated at S$21 million, which will be funded by internal resources.
It said the transaction will have a positive contribution for its 2011 financial year.
The Uraga project is the third in a series of condominium projects purchased by the company since 2009.
The first project was bought for S$7.5 million and sold by end 2009, while the second was bought for S$ 2.7 million and expected to start selling in the second quarter 2011.
Source : Channel NewsAsia – 26 Apr 2010
Property
IPC said it has also agreed to pre-sell the units to two unnamed Japanese real estate companies when the project, named Uraga, is completed.
The company said the project’s foundation level has been completed and the building is scheduled to be completed in February or March next year.
IPC said the total cost of the Uraga Project is estimated at S$21 million, which will be funded by internal resources.
It said the transaction will have a positive contribution for its 2011 financial year.
The Uraga project is the third in a series of condominium projects purchased by the company since 2009.
The first project was bought for S$7.5 million and sold by end 2009, while the second was bought for S$ 2.7 million and expected to start selling in the second quarter 2011.
Source : Channel NewsAsia – 26 Apr 2010
Property
Proposed changes to en bloc rules tabled at Parliament
The government has proposed several changes to provide more clarity to the en bloc sales process.
An amendment bill to the Land Titles (Strata) Act was tabled in Parliament on Monday.
It seeks to address the role of the Strata Titles Board, balance the interest of property owners and streamline the collective sale process.
The changes are expected to take effect in June.
A key revision that’s been tabled will make it more difficult to restart an en bloc sale process after a failed attempt.
A two-year restriction period will be imposed starting from the date when the collective sale fell through.
Owners who want to restart the sale process during the restriction period will have to abide by stricter rules.
The first re-try to convene an Extraordinary General Meeting to reappoint a sale committee will need the backing of at least 50 per cent share value or total number of owners.
For second or subsequent re-tries during the two-year period, 80 per cent will be needed.
Currently, the requisition threshold is set at 20 per cent by share vale or 25 per cent of the total number of owners.
The objective is to discourage numerous attempts at en bloc sales when there is insufficient interest from the owners.
It could also prevent the draw down of management committee funds where EOGMs are convened incessantly.
Another proposed amendment – the Strata Titles Board will be empowered to issue a “stop order” to cease mediation, once it becomes clear that the affected owners want adjudication to be done in Court.
Currently, the Strata Titles Board both mediates and adjudicates on objections filed by minority owners in en bloc sales.
The change could help to reduce the costs and time taken to resolve more contentious en bloc applications.
To prevent undue delays, the maximum time period spent on mediation will be set at 60 days. Presently, no time limit has been set.
Some of the changes will apply to the en bloc sale committees.
Among them, requiring those standing for election to the sale committee to declare the extent of ownership that they or their immediate family have in the development.
The additional disclosure also includes the date of purchase of the relevant strata units.
To ensure that the sales process is not dragged out, the sale committee will have one year to obtain the first signature for the Collective Sale Agreement or it will be automatically dissolved.
The one-year time frame will start from the date the sale committee is formed.
Another proposed change is to allow a non-consenting sale committee member to be voted out by other committee members by a simple majority, when an application for sale has been made to the Strata Titles Board.
The Land Titles (Strata) Act was last amended in 2007.
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
An amendment bill to the Land Titles (Strata) Act was tabled in Parliament on Monday.
It seeks to address the role of the Strata Titles Board, balance the interest of property owners and streamline the collective sale process.
The changes are expected to take effect in June.
A key revision that’s been tabled will make it more difficult to restart an en bloc sale process after a failed attempt.
A two-year restriction period will be imposed starting from the date when the collective sale fell through.
Owners who want to restart the sale process during the restriction period will have to abide by stricter rules.
The first re-try to convene an Extraordinary General Meeting to reappoint a sale committee will need the backing of at least 50 per cent share value or total number of owners.
For second or subsequent re-tries during the two-year period, 80 per cent will be needed.
Currently, the requisition threshold is set at 20 per cent by share vale or 25 per cent of the total number of owners.
The objective is to discourage numerous attempts at en bloc sales when there is insufficient interest from the owners.
It could also prevent the draw down of management committee funds where EOGMs are convened incessantly.
Another proposed amendment – the Strata Titles Board will be empowered to issue a “stop order” to cease mediation, once it becomes clear that the affected owners want adjudication to be done in Court.
Currently, the Strata Titles Board both mediates and adjudicates on objections filed by minority owners in en bloc sales.
The change could help to reduce the costs and time taken to resolve more contentious en bloc applications.
To prevent undue delays, the maximum time period spent on mediation will be set at 60 days. Presently, no time limit has been set.
Some of the changes will apply to the en bloc sale committees.
Among them, requiring those standing for election to the sale committee to declare the extent of ownership that they or their immediate family have in the development.
The additional disclosure also includes the date of purchase of the relevant strata units.
To ensure that the sales process is not dragged out, the sale committee will have one year to obtain the first signature for the Collective Sale Agreement or it will be automatically dissolved.
The one-year time frame will start from the date the sale committee is formed.
Another proposed change is to allow a non-consenting sale committee member to be voted out by other committee members by a simple majority, when an application for sale has been made to the Strata Titles Board.
The Land Titles (Strata) Act was last amended in 2007.
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
URA launches first sale site from the upcoming Jurong Lake District
The Urban Redevelopment Authority (URA) has launched the first sale site from the upcoming Jurong Lake District.
It launched the sale by public tender after a developer committed to bid at least S$350 million for the land parcel.
The site located at Jurong Gateway Road was made available for sale via the government’s reserve list system since November 2008.
The 99-year-leasehold site has a maximum permissible gross floor area of some 107,000 square metres.
Of that space, at least 30 per cent must be set aside for office use.
The remainder can be utilised as commercial, hotel and or residential space.
The development has a maximum building height of 160 metres above mean sea level and must be completed within eight and a half years.
URA said the land parcel is part of the Jurong Lake District that’s set to be the biggest commercial hub outside the city centre.
It is strategically located next to the Jurong East MRT station in the heart of the Jurong Gateway commercial precinct.
URA added that the site will be an attractive business location outside the Central Business District.
Several government agencies, including the National Development Ministry and its statutory boards, will also relocate their offices to the Jurong Lake District in the near future.
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
It launched the sale by public tender after a developer committed to bid at least S$350 million for the land parcel.
The site located at Jurong Gateway Road was made available for sale via the government’s reserve list system since November 2008.
The 99-year-leasehold site has a maximum permissible gross floor area of some 107,000 square metres.
Of that space, at least 30 per cent must be set aside for office use.
The remainder can be utilised as commercial, hotel and or residential space.
The development has a maximum building height of 160 metres above mean sea level and must be completed within eight and a half years.
URA said the land parcel is part of the Jurong Lake District that’s set to be the biggest commercial hub outside the city centre.
It is strategically located next to the Jurong East MRT station in the heart of the Jurong Gateway commercial precinct.
URA added that the site will be an attractive business location outside the Central Business District.
Several government agencies, including the National Development Ministry and its statutory boards, will also relocate their offices to the Jurong Lake District in the near future.
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
Bungalows in Mountbatten area cross $1,000 psf
The Mountbatten area has seen transactions of landed homes pick up pace in recent months, with a couple of bungalows on Branksome Road, Wilkinson Road and, most recently, Ramsgate Road changing hands at prices above $1,000 psf since the start of the year.
Bungalows in the Mountbatten area are very much sought after,” says William Wong, managing director of RealStar Premier Property, who specialises in bungalow sales in the traditional prime districts of 9, 10 and 11, as well as the Katong/Mountbatten area of District 15. “Unless you want to be in the vicinity of the top schools in the Bukit Timah area, the Mountbatten area is the next best place.” This is because the bungalows in the Mountbatten area have larger land area and are thus farther apart from each other than those in the Bukit Timah area, which has become increasingly congested, adds Wong.
“In fact, the ambience of the bungalow neighbourhood in Katong is as good as that of some of the Good Class Bungalow estates in the prime districts,” he adds. “The Mountbatten area is also just a short drive from the CBD via the ECP [East Coast Parkway expressway], and the proximity to eateries and amenities is also a draw.” Thus, the Mountbatten area is still very popular among successful local entrepreneurs and businessmen. He reckons about 80% of the buyers are Singaporeans, with the rest being permanent residents.
The most recent transaction is for a two- storey corner detached house on Ramsgate Road just off Mountbatten Road, which has a freehold land area of 8,245 sq ft and was sold for $8.3 million, or $1,007 psf, over the March 23 to April 1 period. The previous owner had purchased the property for $3.6 million, or $437 psf, according to an April 2003 caveat lodged with URA. The last time the house changed hands was in September 1996, for $630,000, or $76 psf. The price of $1,007 psf is the highest ever achieved for Ramsgate Road since URA Realis started keeping records in January 1995.
Along Mountbatten Road, two adjacent bungalows, Nos 771 and 769, were sold for $7.5 million, or $877 psf, and $7 million, or $814 psf, respectively, according to two caveats lodged with URA on March 26. The previous owner of the house at No 771, which sits on an 8,557 sq ft freehold site, had purchased it for $6.5 million, or $760 psf, in August 2007, hence a capital gain of about 15%.
Meanwhile, a 6,437 sq ft corner semi-detached house at the intersection of Parkstone and Boscombe Roads, off Tanjong Katong Road, was recently sold for $4.9 million, or $761 psf.
RealStar’s Wong is said to have brokered about 40% of the transactions of landed homes in the Mountbatten- Katong neighbourhood. RealStar also brokered the recent sale of the bungalow at 119 Branksome Road, which has a land area of 6,222 sq ft and was sold for $6.5 million, or $1,045 psf, according to a caveat lodged in March. Another deal was 2 Branksome Road, which has a land area of 11,044 sq ft and changed hands for $8.38 million, or $850 psf, in January. That month, RealStar also brokered the sale of a bungalow at 51 Bournemouth Road, with a land area of 9,365 sq ft and which was sold for $9.38 million, or $1,002 psf. “The asking price of Mountbatten Road bungalows is easily $1,200 psf today,” says Wong.
The neighbouring Joo Chiat area has also seen several landed houses change hands recently. For instance, a semi-detached house on Duku Road was sold for $3.38 million, or $880 psf. The house, with a land area of 3,843 sq ft, last changed hands just last August for $2.6 million, or $677 psf, a capital gain of 30% in less than a year. Prior to that, the property was sold in May 1999 for $1.5 million, or $390 psf, which translates into a gain of 73% in almost a decade.
A 2,034 sq ft terrace house in Joo Chiat Place recently changed hands for $1.648 million, or $810 psf. A semi-detached house on Joo Chiat Terrace with a land area of 3,025 sq ft was sold for $2.15 million, or $710 psf. This is the third time the semi-detached house at Joo Chiat Terrace has changed hands. Just two years ago, according to an August 2008 caveat with URA, it changed hands for $1.78 million, or $588 psf. And, 12 years earlier, it was sold for $1.655 million, or $546 psf, according to an August 1996 caveat.
Other parts of East Coast are also seeing an increase in activity in landed homes. Located just off East Coast Road is Fowlie Road, where a terraced house with a 1,518 sq ft plot was recently sold for $1.22 million, or $804 psf. Meanwhile, a slightly larger terraced house with a land area of 1,894 sq ft on Sea Avenue, a short distance away, was sold for $1.8 million, or $949 psf.
Source : The Edge – 19 Apr 2010
Singapore Property
Bungalows in the Mountbatten area are very much sought after,” says William Wong, managing director of RealStar Premier Property, who specialises in bungalow sales in the traditional prime districts of 9, 10 and 11, as well as the Katong/Mountbatten area of District 15. “Unless you want to be in the vicinity of the top schools in the Bukit Timah area, the Mountbatten area is the next best place.” This is because the bungalows in the Mountbatten area have larger land area and are thus farther apart from each other than those in the Bukit Timah area, which has become increasingly congested, adds Wong.
“In fact, the ambience of the bungalow neighbourhood in Katong is as good as that of some of the Good Class Bungalow estates in the prime districts,” he adds. “The Mountbatten area is also just a short drive from the CBD via the ECP [East Coast Parkway expressway], and the proximity to eateries and amenities is also a draw.” Thus, the Mountbatten area is still very popular among successful local entrepreneurs and businessmen. He reckons about 80% of the buyers are Singaporeans, with the rest being permanent residents.
The most recent transaction is for a two- storey corner detached house on Ramsgate Road just off Mountbatten Road, which has a freehold land area of 8,245 sq ft and was sold for $8.3 million, or $1,007 psf, over the March 23 to April 1 period. The previous owner had purchased the property for $3.6 million, or $437 psf, according to an April 2003 caveat lodged with URA. The last time the house changed hands was in September 1996, for $630,000, or $76 psf. The price of $1,007 psf is the highest ever achieved for Ramsgate Road since URA Realis started keeping records in January 1995.
Along Mountbatten Road, two adjacent bungalows, Nos 771 and 769, were sold for $7.5 million, or $877 psf, and $7 million, or $814 psf, respectively, according to two caveats lodged with URA on March 26. The previous owner of the house at No 771, which sits on an 8,557 sq ft freehold site, had purchased it for $6.5 million, or $760 psf, in August 2007, hence a capital gain of about 15%.
Meanwhile, a 6,437 sq ft corner semi-detached house at the intersection of Parkstone and Boscombe Roads, off Tanjong Katong Road, was recently sold for $4.9 million, or $761 psf.
RealStar’s Wong is said to have brokered about 40% of the transactions of landed homes in the Mountbatten- Katong neighbourhood. RealStar also brokered the recent sale of the bungalow at 119 Branksome Road, which has a land area of 6,222 sq ft and was sold for $6.5 million, or $1,045 psf, according to a caveat lodged in March. Another deal was 2 Branksome Road, which has a land area of 11,044 sq ft and changed hands for $8.38 million, or $850 psf, in January. That month, RealStar also brokered the sale of a bungalow at 51 Bournemouth Road, with a land area of 9,365 sq ft and which was sold for $9.38 million, or $1,002 psf. “The asking price of Mountbatten Road bungalows is easily $1,200 psf today,” says Wong.
The neighbouring Joo Chiat area has also seen several landed houses change hands recently. For instance, a semi-detached house on Duku Road was sold for $3.38 million, or $880 psf. The house, with a land area of 3,843 sq ft, last changed hands just last August for $2.6 million, or $677 psf, a capital gain of 30% in less than a year. Prior to that, the property was sold in May 1999 for $1.5 million, or $390 psf, which translates into a gain of 73% in almost a decade.
A 2,034 sq ft terrace house in Joo Chiat Place recently changed hands for $1.648 million, or $810 psf. A semi-detached house on Joo Chiat Terrace with a land area of 3,025 sq ft was sold for $2.15 million, or $710 psf. This is the third time the semi-detached house at Joo Chiat Terrace has changed hands. Just two years ago, according to an August 2008 caveat with URA, it changed hands for $1.78 million, or $588 psf. And, 12 years earlier, it was sold for $1.655 million, or $546 psf, according to an August 1996 caveat.
Other parts of East Coast are also seeing an increase in activity in landed homes. Located just off East Coast Road is Fowlie Road, where a terraced house with a 1,518 sq ft plot was recently sold for $1.22 million, or $804 psf. Meanwhile, a slightly larger terraced house with a land area of 1,894 sq ft on Sea Avenue, a short distance away, was sold for $1.8 million, or $949 psf.
Source : The Edge – 19 Apr 2010
Singapore Property
Marina Bay Sands gets casino licence
The Casino Regulatory Authority of Singapore has issued a casino licence to Marina Bay Sands.
In a brief statement on its website, the authority said the casino operator must ensure that it remains suitable to manage and operate a casino in accordance with Section 45 of the Casino Control Act.
Marina Bay Sands is due to open its doors on Tuesday.
Staff at the integrated resort are working round the clock, gearing up for the preview opening.
It ran simulation exercises involving 2,000 guests last week to test out its system.
The integrated resort said its hotel rooms, dozens of stores, part of the exhibition and convention centre as well as some restaurants and bars will be open.
The rest of Marina Bay Sands will open in phases.
The Grand Opening will be held in June at the Sands SkyPark above the hotel towers.
The theatres, museum and Crystal Pavilions on Marina Bay will open later in the year.
Meanwhile, the Sands Expo and Convention Center will be hosting its first event from May 2.
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
In a brief statement on its website, the authority said the casino operator must ensure that it remains suitable to manage and operate a casino in accordance with Section 45 of the Casino Control Act.
Marina Bay Sands is due to open its doors on Tuesday.
Staff at the integrated resort are working round the clock, gearing up for the preview opening.
It ran simulation exercises involving 2,000 guests last week to test out its system.
The integrated resort said its hotel rooms, dozens of stores, part of the exhibition and convention centre as well as some restaurants and bars will be open.
The rest of Marina Bay Sands will open in phases.
The Grand Opening will be held in June at the Sands SkyPark above the hotel towers.
The theatres, museum and Crystal Pavilions on Marina Bay will open later in the year.
Meanwhile, the Sands Expo and Convention Center will be hosting its first event from May 2.
Source : Channel NewsAsia – 26 Apr 2010
Singapore Property
More statistics please, HDB
ONE easy way to make Cash Over Valuation (COV) more transparent for all resale flat buyers and sellers is for the Housing and Development Board (HDB) to provide better statistics. Currently, the only statistic given by HDB is the median COV.
However, any student of statistics would tell you that a median value without a reported range is almost useless.
Perhaps HDB can learn from the three public universities. The universities report their entry Grade Point Average cut-off median score, the 10th percentile, and the 90th percentile. If HDB were to give these statistics as well, the public would be able to make a better decision.
For example, it makes a big difference if the median was $50,000 with a 10th percentile of $0 and a 90th percentile of $100,000 versus the same median with the 10th percentile at $40,000 and the 90th percentile at $60,000.
This data would paint a more complete picture of the COV.
Source : Today – 26 Apr 2010
Singapore Property
However, any student of statistics would tell you that a median value without a reported range is almost useless.
Perhaps HDB can learn from the three public universities. The universities report their entry Grade Point Average cut-off median score, the 10th percentile, and the 90th percentile. If HDB were to give these statistics as well, the public would be able to make a better decision.
For example, it makes a big difference if the median was $50,000 with a 10th percentile of $0 and a 90th percentile of $100,000 versus the same median with the 10th percentile at $40,000 and the 90th percentile at $60,000.
This data would paint a more complete picture of the COV.
Source : Today – 26 Apr 2010
Singapore Property
‘We overreacted’
Yes, we overreacted to the building of a dormitory for foreign workers in our estate, admitted more than half of the Serangoon Gardens residents interviewed by MediaCorp, but the issues raised were relevant and ultimately benefited the estate, they added.
More than 100 days after the Serangoon Gardens foreign workers’ dormitory opened – a move that had drawn sharp criticism from residents determined to protect their affluent haven – there has been no friction between residents and the workers.
In fact, residents told MediaCorp reporters, who spent a day in the estate soliciting views, that they generally did not see the workers around the neighbourhood and were pleased that they had not encountered any problems with them.
Residents, such as teacher Jacqueline Loy, told MediaCorp that their concerns proved unfounded, thanks largely to how the entrances to the workers’ quarters have been designed. She pointed out that entrance to the dormitory was on the other side of the estate.
This point about workers being out of sight, and so out of mind, was made by several others interviewed. “The dormitory is all fenced up and blocked, so we don’t see them around,” said Mrs Janet Cheng. “I also don’t hear any complaints about the workers from my neighbours.”
In 2008, the Government announced plans to convert the former Serangoon Garden Technical School along Burghley Drive into a workers’ dormitory. This led to an outcry from residents.
To allay their concerns, the dormitory was fenced up and the exit to Serangoon Gardens estate was sealed. A 400m slip road, which cost $2 million, was also built to allow vehicles direct access to the dormitory from the Central Expressway.
There were, however, those who felt that the entire saga was not a complete overreaction.
“We may have overreacted a bit but if we did not complain, the dormitory entrance may not have changed,” said Ms Jenny Chan, 26.
Despite the current arrangements, there was still a handful who were unhappy about the choice of Serangoon Gardens for a workers’ dormitory. “There are other housing estates in Singapore, why was the dormitory not set up in other estates?” asked resident Karen Neo.
Member of Parliament for the area, Mrs Lim Hwee Hua, told MediaCorp that one reason there had not been many problems was that residents had worked with volunteers who represented them and voiced their concerns. “If concerns about disamenities like traffic congestion were not surfaced by the residents initially, there might have been post-dorm operation issues,” she said.
Mrs Lim is also hoping to organise joint events to promote interaction and understanding between the residents and workers.
Workers living in the dormitory told MediaCorp that they had been told by the dormitory operator not to loiter around the estate.
While residents seem to have been placated – workers complained about the long walk to the dormitory entrance and the living conditions. Said waitress Mu Jing: “The decoration of the dormitory is very bare. The rooms are filled with steel beds.”
Ms Xia Yu, who works as a hotel housekeeper, said: “There are eight people living in a room, it can be quite cramped at times.”
The dormitory, which houses about 600 workers, has a provision shop, canteen and barber shop. But such no-frills accommodation is the norm, said a manager of another dormitory for foreign workers.
“The most important thing is that the basic necessities of a mini mart and canteen are met.”
Source : Today – 26 Apr 2010
Singapore Property
More than 100 days after the Serangoon Gardens foreign workers’ dormitory opened – a move that had drawn sharp criticism from residents determined to protect their affluent haven – there has been no friction between residents and the workers.
In fact, residents told MediaCorp reporters, who spent a day in the estate soliciting views, that they generally did not see the workers around the neighbourhood and were pleased that they had not encountered any problems with them.
Residents, such as teacher Jacqueline Loy, told MediaCorp that their concerns proved unfounded, thanks largely to how the entrances to the workers’ quarters have been designed. She pointed out that entrance to the dormitory was on the other side of the estate.
This point about workers being out of sight, and so out of mind, was made by several others interviewed. “The dormitory is all fenced up and blocked, so we don’t see them around,” said Mrs Janet Cheng. “I also don’t hear any complaints about the workers from my neighbours.”
In 2008, the Government announced plans to convert the former Serangoon Garden Technical School along Burghley Drive into a workers’ dormitory. This led to an outcry from residents.
To allay their concerns, the dormitory was fenced up and the exit to Serangoon Gardens estate was sealed. A 400m slip road, which cost $2 million, was also built to allow vehicles direct access to the dormitory from the Central Expressway.
There were, however, those who felt that the entire saga was not a complete overreaction.
“We may have overreacted a bit but if we did not complain, the dormitory entrance may not have changed,” said Ms Jenny Chan, 26.
Despite the current arrangements, there was still a handful who were unhappy about the choice of Serangoon Gardens for a workers’ dormitory. “There are other housing estates in Singapore, why was the dormitory not set up in other estates?” asked resident Karen Neo.
Member of Parliament for the area, Mrs Lim Hwee Hua, told MediaCorp that one reason there had not been many problems was that residents had worked with volunteers who represented them and voiced their concerns. “If concerns about disamenities like traffic congestion were not surfaced by the residents initially, there might have been post-dorm operation issues,” she said.
Mrs Lim is also hoping to organise joint events to promote interaction and understanding between the residents and workers.
Workers living in the dormitory told MediaCorp that they had been told by the dormitory operator not to loiter around the estate.
While residents seem to have been placated – workers complained about the long walk to the dormitory entrance and the living conditions. Said waitress Mu Jing: “The decoration of the dormitory is very bare. The rooms are filled with steel beds.”
Ms Xia Yu, who works as a hotel housekeeper, said: “There are eight people living in a room, it can be quite cramped at times.”
The dormitory, which houses about 600 workers, has a provision shop, canteen and barber shop. But such no-frills accommodation is the norm, said a manager of another dormitory for foreign workers.
“The most important thing is that the basic necessities of a mini mart and canteen are met.”
Source : Today – 26 Apr 2010
Singapore Property
Saturday, April 24, 2010
Marina’s pedestrian bridge named “The Helix”, vehicular bridge named “Bayfront Bridge”
The Youth Olympic Park at Marina Bay opened on Saturday with a bang against a backdrop of pyrotechnic display and a line-up of performances.
National Development Minister Mah Bow Tan who officiated the opening also announced the names of the landmark pedestrian and vehicular bridges at Marina Bay.
After a public consultation process in November, the pedestrian bridge is named “The Helix”, reflecting its helical structure.
The Helix is part of the 3.5 kilometre continuous waterfront promenade around Marina Bay and serves as a direct connection between Marina Centre and the Bayfront area.
Meanwhile, the vehicular bridge which is part of Bayfront Avenue near Marina Bay Sands Integrated Resort, will be called “Bayfront Bridge”.
It runs parallel to the pedestrian bridge, and provides a direct vehicular connection between Marina Centre and the Marina South area for the first time.
Before the Marina Bay Sands Integrated Resort is fully completed, pedestrians planning to cross from Marina Centre to the Bayfront area can use The Helix.
They can cross over to the four-metre wide pedestrian walkway of Bayfront Bridge at midway point.
The Helix will be open to the public from 9.30pm on Saturday while the Bayfront Bridge will be opened from 3.00pm on Sunday.
As part of the opening activities, the Urban Redevelopment Authority (URA) is inviting members of the public to take photographs of the bridge and post them online on the Marina Bay Facebook page.
A 3-D image of the bridge will then be constantly recreated based on photographs contributed by the community.
Members of the public can log on here for more details.
The official opening is one of many events under “Marina Bay Invitations 2010″, a year-long series of activities to mark the completion of the key developments in Marina Bay.
Source : Channel NewsAsia – 24 Apr 2010
Singapore Property
National Development Minister Mah Bow Tan who officiated the opening also announced the names of the landmark pedestrian and vehicular bridges at Marina Bay.
After a public consultation process in November, the pedestrian bridge is named “The Helix”, reflecting its helical structure.
The Helix is part of the 3.5 kilometre continuous waterfront promenade around Marina Bay and serves as a direct connection between Marina Centre and the Bayfront area.
Meanwhile, the vehicular bridge which is part of Bayfront Avenue near Marina Bay Sands Integrated Resort, will be called “Bayfront Bridge”.
It runs parallel to the pedestrian bridge, and provides a direct vehicular connection between Marina Centre and the Marina South area for the first time.
Before the Marina Bay Sands Integrated Resort is fully completed, pedestrians planning to cross from Marina Centre to the Bayfront area can use The Helix.
They can cross over to the four-metre wide pedestrian walkway of Bayfront Bridge at midway point.
The Helix will be open to the public from 9.30pm on Saturday while the Bayfront Bridge will be opened from 3.00pm on Sunday.
As part of the opening activities, the Urban Redevelopment Authority (URA) is inviting members of the public to take photographs of the bridge and post them online on the Marina Bay Facebook page.
A 3-D image of the bridge will then be constantly recreated based on photographs contributed by the community.
Members of the public can log on here for more details.
The official opening is one of many events under “Marina Bay Invitations 2010″, a year-long series of activities to mark the completion of the key developments in Marina Bay.
Source : Channel NewsAsia – 24 Apr 2010
Singapore Property
Marina Bay Sands gears up for preview opening next week
Things are heating up at the Marina Bay Sands Integrated Resort as it gears up for its preview opening on Tuesday.
The integrated resort, the second in Singapore, has been running simulation exercises involving 2,000 guests this week.
It said the hotel, stores and part of the exhibition and convention centre will be open.
The rest of Marina Bay Sands will open in phases with the grand opening on June 23.
The theatres, museum and Crystal Pavilions on Marina Bay will open later in the year.
Meanwhile, the Sands Expo and Convention Center will host its first event from May 2 onwards.
Restaurants, retailers and other tourist attractions in the area said they expect spillover effects from the opening of the integrated resort.
They are hopeful of a 20 per cent increase in business.
Caleb Goi, managing director, The Naturalist, Esplanade Mall, said: “I hope that it will be able to bring more crowds because of the new attractions at the Marina Bay area.”
Source : Channel NewsAsia – 24 Apr 2010
Singapore Property
The integrated resort, the second in Singapore, has been running simulation exercises involving 2,000 guests this week.
It said the hotel, stores and part of the exhibition and convention centre will be open.
The rest of Marina Bay Sands will open in phases with the grand opening on June 23.
The theatres, museum and Crystal Pavilions on Marina Bay will open later in the year.
Meanwhile, the Sands Expo and Convention Center will host its first event from May 2 onwards.
Restaurants, retailers and other tourist attractions in the area said they expect spillover effects from the opening of the integrated resort.
They are hopeful of a 20 per cent increase in business.
Caleb Goi, managing director, The Naturalist, Esplanade Mall, said: “I hope that it will be able to bring more crowds because of the new attractions at the Marina Bay area.”
Source : Channel NewsAsia – 24 Apr 2010
Singapore Property
Private property prices continue to rise
Prices of Singapore’s private homes market defied recent property cooling measures and continued their upward climb in the first quarter of this year, even though the rate of growth has moderated slightly.
Statistics released by the Urban Redevelopment Authority (URA) on Friday show private residential properties prices rising to 175 points for the first quarter of this year, around 5.6 per cent higher than the previous quarter.
Analysts told MediaCorp that the whopping 7.4 per cent growth in private home prices in the fourth quarter of last year was “too high and unsustainable”.
“Although the price increase has dropped to 5.6 per cent this first quarter, it is still of the higher range”, said Mr Nicholas Mak, real-estate lecturer at Ngee Ann Polytechnic.
He said that if this trend continued, by year-end there could be a 22-per-cent jump in private home prices, reaching the peak level of 2008.
Real-estate agency ERA Asia Pacific said the market’s bullishness could be attributed to the opening of the two integrated resorts, as well as the Youth Olympic Games to be held in Singapore.
Singapore is becoming increasingly visible among international investors and high net worth individuals, said Mr Eugene Lim, associate director of ERA Asia Pacific.
According to the URA, prices of private homes on the city fringe during the first quarter rose the highest, by 7.9 per cent.
Prices of private homes located in the city climbed 4.4 per cent, while those in suburban areas rose 4.3 per cent. Rentals of private residential properties also increased 4.7 per cent.
URA statistics show a total of 4,372 uncompleted private residential units launched for sale by developers in the first quarter of the year – almost twice the 2,227 units released in the previous quarter.
Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, reckons that the increase in supply of private residential units may help temper prices further in the next quarter.
To lower inflation risks, Mr Tan said the healthy price growth for private homes should hover between 2 and 3 per cent every quarter.
In terms of sub-sales, the total number of such transactions was 806 in the first quarter, up from 771 in the previous quarter.
Sub-sales, or re-sales that occurred before the completion of a project, are usually used as an indicator of speculative activity.
Source : Today – 24 Apr 2010
Singapore Property
Statistics released by the Urban Redevelopment Authority (URA) on Friday show private residential properties prices rising to 175 points for the first quarter of this year, around 5.6 per cent higher than the previous quarter.
Analysts told MediaCorp that the whopping 7.4 per cent growth in private home prices in the fourth quarter of last year was “too high and unsustainable”.
“Although the price increase has dropped to 5.6 per cent this first quarter, it is still of the higher range”, said Mr Nicholas Mak, real-estate lecturer at Ngee Ann Polytechnic.
He said that if this trend continued, by year-end there could be a 22-per-cent jump in private home prices, reaching the peak level of 2008.
Real-estate agency ERA Asia Pacific said the market’s bullishness could be attributed to the opening of the two integrated resorts, as well as the Youth Olympic Games to be held in Singapore.
Singapore is becoming increasingly visible among international investors and high net worth individuals, said Mr Eugene Lim, associate director of ERA Asia Pacific.
According to the URA, prices of private homes on the city fringe during the first quarter rose the highest, by 7.9 per cent.
Prices of private homes located in the city climbed 4.4 per cent, while those in suburban areas rose 4.3 per cent. Rentals of private residential properties also increased 4.7 per cent.
URA statistics show a total of 4,372 uncompleted private residential units launched for sale by developers in the first quarter of the year – almost twice the 2,227 units released in the previous quarter.
Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, reckons that the increase in supply of private residential units may help temper prices further in the next quarter.
To lower inflation risks, Mr Tan said the healthy price growth for private homes should hover between 2 and 3 per cent every quarter.
In terms of sub-sales, the total number of such transactions was 806 in the first quarter, up from 771 in the previous quarter.
Sub-sales, or re-sales that occurred before the completion of a project, are usually used as an indicator of speculative activity.
Source : Today – 24 Apr 2010
Singapore Property
Boutique developments: a new trend?
Boutique developments are the new buzzword among property investors who value privacy and exclusivity.
Unlike condominiums or landed properties, boutique developments offer a smaller but luxurious living space with high-quality furnishings, personalised amenities, sleek interiors and avant-garde facades, often in prime locations or scenic spots.
A key selling point is the sense of privacy afforded by such developments, which typically consists of only 20 to 40 units of one to four bedrooms.
And what these developments lack in size, they more than make up for in their unique features.
“Some locations lend themselves more readily to boutique developments, for example, projects in lush green areas, seafronts, on a hilltop, overlooking city lights or some other interesting features,” said Colin Tan, head of research and consultancy at Chesterton Suntec International.
“The other way to add exclusivity to boutique developments is to tie in with hotels for special concierge services, especially if the location does not have a natural advantage.
“Large apartment sizes can be a special feature in themselves but of course this reduces affordability,” he added.
Mr Tan said such developments don’t come cheap and are more likely to be bought by homeowners rather than investors. Such homeowners tend to be working couples or singles who earn between $5,000 to $6,000 a month, said Mr Dennis Yong, head of special projects at HSR International.
But investors are unfazed by the high prices. The Holland Collection was launched today (April 24), and its developers said it is likely to “attract sizeable interest among home owners and property investors.”
Developed jointly by Lippo Group and CLSA Capital Partners Real Estate Fund, the freehold Holland Collection is located in the prime district 10 location on Holland Road.
All 26 units are selling for an average of $2,000 per square foot (psf) and range from 1,281 square feet for a two-bedroom unit to 3,606 square feet for a four-bedroom penthouse.
Selling at about the same price are the 34-unit Ferrell Residences on Bukit Timah Road at $2,001 psf and the 15-unit Promont at Cairnhill Circle at $2,086 psf, according to statistics from the Urban Redevelopment Authority.
But given that such developments are niche investments, investors should be aware of the caveats especially if they are looking to sell.
“The marketing period will be much longer as the property is catering to a niche market. Hence panic-selling will not get you a good price. But price-wise, it will not be much worse off than other types of properties in property downturn,” said Chesterton’s Mr Tan.
Source : Today – 24 Apr 2010
Singapore Property
Unlike condominiums or landed properties, boutique developments offer a smaller but luxurious living space with high-quality furnishings, personalised amenities, sleek interiors and avant-garde facades, often in prime locations or scenic spots.
A key selling point is the sense of privacy afforded by such developments, which typically consists of only 20 to 40 units of one to four bedrooms.
And what these developments lack in size, they more than make up for in their unique features.
“Some locations lend themselves more readily to boutique developments, for example, projects in lush green areas, seafronts, on a hilltop, overlooking city lights or some other interesting features,” said Colin Tan, head of research and consultancy at Chesterton Suntec International.
“The other way to add exclusivity to boutique developments is to tie in with hotels for special concierge services, especially if the location does not have a natural advantage.
“Large apartment sizes can be a special feature in themselves but of course this reduces affordability,” he added.
Mr Tan said such developments don’t come cheap and are more likely to be bought by homeowners rather than investors. Such homeowners tend to be working couples or singles who earn between $5,000 to $6,000 a month, said Mr Dennis Yong, head of special projects at HSR International.
But investors are unfazed by the high prices. The Holland Collection was launched today (April 24), and its developers said it is likely to “attract sizeable interest among home owners and property investors.”
Developed jointly by Lippo Group and CLSA Capital Partners Real Estate Fund, the freehold Holland Collection is located in the prime district 10 location on Holland Road.
All 26 units are selling for an average of $2,000 per square foot (psf) and range from 1,281 square feet for a two-bedroom unit to 3,606 square feet for a four-bedroom penthouse.
Selling at about the same price are the 34-unit Ferrell Residences on Bukit Timah Road at $2,001 psf and the 15-unit Promont at Cairnhill Circle at $2,086 psf, according to statistics from the Urban Redevelopment Authority.
But given that such developments are niche investments, investors should be aware of the caveats especially if they are looking to sell.
“The marketing period will be much longer as the property is catering to a niche market. Hence panic-selling will not get you a good price. But price-wise, it will not be much worse off than other types of properties in property downturn,” said Chesterton’s Mr Tan.
Source : Today – 24 Apr 2010
Singapore Property
Fears not groundless
MINISTRY of Law’s rebuttal (“No conflict of interest”, April 23) attempts to dismiss lightly Ms Florence Tan’s comments in an earlier Voices letter of a perceived conflict of interest when Collective Sale Committee (CSC) members are also on a private estate’s management committee (MC).
It is surprising, and not a little disappointing, for an official reply published for public information to be so riddled with controversial if not confusing statements.
Not just once accidentally, but three times in the last three paragraphs of its letter, MinLaw expatiates on the supposed rights of residents, whereas in reality they have almost no say, unless they are also unit owners, or subsidiary proprietors as they are termed.
Is MinLaw really unaware that there could be, and in fact there are, many residents who are no more than mere tenants with few rights except that of occupation of the unit for which they pay rent?
By no stretch of imagination, or for that matter, law, (and here I stand open to correction by MinLaw) are they in the position to “elect, remove en bloc sale committee members” etc, which MinLaw so easily suggests.
MinLaw opines that “separating the members of an MC and SC may not be very practical for smaller estates if insufficient persons come forward to form two separate committees”. It fails to define, even broadly, where the line of demarcation between “smaller” and “not smaller” starts, and/or ends.
EXTENT OF POSSIBLE CONFLICT
The (experienced) managing agent of the estate where I live in informed me that under the Land Titles (Strata) Act, just one person can in fact make up the MC, while the CSC needs to have a minimum of three.
In this scenario, does MinLaw seriously contend that there is not even one committed individual in any private estate who is uninterested in what happens in a property into which one’s life savings would probably have been sunk?
If so, it says a lot about the apathy commonly attributed to Singaporeans, who generally are kiasu otherwise.
Instead of pooh-poohing Ms Tan’s fears and reservations as groundless, MinLaw should look more seriously into the extent of a conflict of interest which could, and in fact does, arise when a private estate’s MC is dominated by those who are also on its CSC, with diametrically opposing objectives – one entrusted with maintaining the estate in good order, and the other the avowed objective of selling it for eventual demolishment.
Surely, when the stakes could run into hundreds of millions of dollars, it would be naive to believe that a conflict of interest does not exist, as MinLaw tries to convince in its rejection of Ms Tan’s reservations and fears.
PERSONAL EXPERIENCE
Perhaps it would not be out of place here to record my own personal experiences on this issue.
My family and I moved into a private estate with over 250 units almost 13 years ago. At our first AGM, I was elected to the MC, and for the succeeding 10 years, served as either secretary or treasurer (in fact, one year as both simultaneously).
Due to a lack of the necessary quorum, almost no AGM ever started promptly at the scheduled time, from which can be gauged the practical difficulty in getting people to serve as (honorary) members on an MC.
Nevertheless, it was never really difficult to get a group of us to stand in the common interest.
However, changes made in Land Titles (Strata) Act rules from October 2007 altered this scenario radically, when a group looking to engineer an en bloc sale of our estate moved in to oust (successfully) everyone in the previous MC (except one who was also in favour) and taking absolute control.
Their elected and still-serving chairman is a property agent, and he also sits on the CSC, which was quickly formed.
But at the end of the first year, less than 50 per cent of residents have signed the collective sale agreement, with the mandate lapsing. This did not deter the group from seeking and obtaining a fresh (on-going) mandate immediately.
That was almost six months ago, and apparently the CSC has met only once in the interim, with anxious unit owners totally in the dark as to what progress has been made.
Apparently, there is no provision in the present rules to compel the CSC to provide periodical “progress reports” to be made known to affected subsidiary proprietors.
Why not indeed, when a half-billion dollars could be involved, and with that current buzzword of “transparency” being so freely bandied around everywhere?
RESERVATIONS ARE REAL
Against such a background, Ms Tan’s reservations on the propriety of such a perceptible conflict of interest seem real and more than valid.
MinLaw’s summary dismissal of the issue in its letter, with all the flaws outlined above, is unlikely to satisfy subsidiary proprietors who are strongly opposed to the sale of their homes, with the resultant upheaval in their lifestyles, if not lives as well, and who prefer to stay rooted in Singapore.
To sum up, within just months of the October 2007 amendments, another publication ran an article wherein a MinLaw spokeswoman was quoted as candidly admitting: “Since the amended Land Titles (Strata) Act came into effect, we have received feedback mainly from affected (read ‘aggrieved’) owners to make the collective sale process even more rigorous by introducing more safeguards.” Thus, by MinLaw’s own admission, there are flaws in the current Land Titles (Strata) Act.
That was well over two years ago, and perhaps MinLaw could at least now take steps to make suitable amendments to set matters right, instead of trying to argue that everything is well.
It is unlikely that the defensive arguments advanced by MinLaw will find acceptance among most subsidiary proprietors. They are more likely to go along with the reservations voiced by Ms Tan, which it has tried to shoot down.
Source : Today – 24 Apr 2010
Singapore Property
It is surprising, and not a little disappointing, for an official reply published for public information to be so riddled with controversial if not confusing statements.
Not just once accidentally, but three times in the last three paragraphs of its letter, MinLaw expatiates on the supposed rights of residents, whereas in reality they have almost no say, unless they are also unit owners, or subsidiary proprietors as they are termed.
Is MinLaw really unaware that there could be, and in fact there are, many residents who are no more than mere tenants with few rights except that of occupation of the unit for which they pay rent?
By no stretch of imagination, or for that matter, law, (and here I stand open to correction by MinLaw) are they in the position to “elect, remove en bloc sale committee members” etc, which MinLaw so easily suggests.
MinLaw opines that “separating the members of an MC and SC may not be very practical for smaller estates if insufficient persons come forward to form two separate committees”. It fails to define, even broadly, where the line of demarcation between “smaller” and “not smaller” starts, and/or ends.
EXTENT OF POSSIBLE CONFLICT
The (experienced) managing agent of the estate where I live in informed me that under the Land Titles (Strata) Act, just one person can in fact make up the MC, while the CSC needs to have a minimum of three.
In this scenario, does MinLaw seriously contend that there is not even one committed individual in any private estate who is uninterested in what happens in a property into which one’s life savings would probably have been sunk?
If so, it says a lot about the apathy commonly attributed to Singaporeans, who generally are kiasu otherwise.
Instead of pooh-poohing Ms Tan’s fears and reservations as groundless, MinLaw should look more seriously into the extent of a conflict of interest which could, and in fact does, arise when a private estate’s MC is dominated by those who are also on its CSC, with diametrically opposing objectives – one entrusted with maintaining the estate in good order, and the other the avowed objective of selling it for eventual demolishment.
Surely, when the stakes could run into hundreds of millions of dollars, it would be naive to believe that a conflict of interest does not exist, as MinLaw tries to convince in its rejection of Ms Tan’s reservations and fears.
PERSONAL EXPERIENCE
Perhaps it would not be out of place here to record my own personal experiences on this issue.
My family and I moved into a private estate with over 250 units almost 13 years ago. At our first AGM, I was elected to the MC, and for the succeeding 10 years, served as either secretary or treasurer (in fact, one year as both simultaneously).
Due to a lack of the necessary quorum, almost no AGM ever started promptly at the scheduled time, from which can be gauged the practical difficulty in getting people to serve as (honorary) members on an MC.
Nevertheless, it was never really difficult to get a group of us to stand in the common interest.
However, changes made in Land Titles (Strata) Act rules from October 2007 altered this scenario radically, when a group looking to engineer an en bloc sale of our estate moved in to oust (successfully) everyone in the previous MC (except one who was also in favour) and taking absolute control.
Their elected and still-serving chairman is a property agent, and he also sits on the CSC, which was quickly formed.
But at the end of the first year, less than 50 per cent of residents have signed the collective sale agreement, with the mandate lapsing. This did not deter the group from seeking and obtaining a fresh (on-going) mandate immediately.
That was almost six months ago, and apparently the CSC has met only once in the interim, with anxious unit owners totally in the dark as to what progress has been made.
Apparently, there is no provision in the present rules to compel the CSC to provide periodical “progress reports” to be made known to affected subsidiary proprietors.
Why not indeed, when a half-billion dollars could be involved, and with that current buzzword of “transparency” being so freely bandied around everywhere?
RESERVATIONS ARE REAL
Against such a background, Ms Tan’s reservations on the propriety of such a perceptible conflict of interest seem real and more than valid.
MinLaw’s summary dismissal of the issue in its letter, with all the flaws outlined above, is unlikely to satisfy subsidiary proprietors who are strongly opposed to the sale of their homes, with the resultant upheaval in their lifestyles, if not lives as well, and who prefer to stay rooted in Singapore.
To sum up, within just months of the October 2007 amendments, another publication ran an article wherein a MinLaw spokeswoman was quoted as candidly admitting: “Since the amended Land Titles (Strata) Act came into effect, we have received feedback mainly from affected (read ‘aggrieved’) owners to make the collective sale process even more rigorous by introducing more safeguards.” Thus, by MinLaw’s own admission, there are flaws in the current Land Titles (Strata) Act.
That was well over two years ago, and perhaps MinLaw could at least now take steps to make suitable amendments to set matters right, instead of trying to argue that everything is well.
It is unlikely that the defensive arguments advanced by MinLaw will find acceptance among most subsidiary proprietors. They are more likely to go along with the reservations voiced by Ms Tan, which it has tried to shoot down.
Source : Today – 24 Apr 2010
Singapore Property
Some COVs turn negative
Rising cash-over-valuations (COV) have been the gripe of home-hunters, but some have gotten lucky in Queenstown.
Between January and March, the median COV for executive flats there was a negative $6,000, meaning a buyer paid below valuation – a far cry from the $50,000 median COV for the same flat type in the same area, in the preceding quarter.
But the first-quarter median COV for executive flats in Toa Payoh was a staggering $63,500. This was the highest COV sum in the Housing and Development Board’s list released on Friday, which broke down flat prices for the first quarter. In all three instances, HDB noted, the figures should not be taken as representative as there were fewer than 20 resale transactions in those towns for those flat types.
Indeed, overall, the median COV for the first three months of the year stabilised at $25,000 after a marginal increase of just $1,000 – compared to the fourth quarter of last year which saw the COV double.
And the HDB’s resale price index rose more slowly as well, by 2.8 per cent, as the number of resale transactions slipped 5 per cent – in large part, some analysts noted, due to the huge cash-out-of-pocket sums being demanded by sellers.
Generally, resale flats in Bishan attracted the highest median COV of $32,000, followed by those in Punggol ($31,000) and Marine Parade, Central and Sengkang ($30,000).
The COV rose for three-, four- and five-room flat types in Kallang/Whampoa, where a five-room unit which previously drew a $16,600 COV now commanded $40,000. The trend was similar in Clementi.
“It could be that market is playing catch-up and that that people have bought flats in anticipation of the Circle Line,” said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
In general, “COVs are still going up but at a much slower pace and they might be starting to reach a ceiling”, he noted. But prices overall would continue to rise as “the valuation of resale flats will also rise”.
For those short on cash, Woodlands, Pasir Ris and Geylang were their best bets, with the median COV ranging from $20,000 to $22,000.
To meet demand, HDB said it plans to launch about 12,300 new Build-To-Order (BTO) flats by September, with 1,100 to be offered next month in Yishun and Jurong West. In addition, a Punggol executive condominium site on the Government’s Reserve List will be put up for tender early next month.
Source : Today – 24 Apr 2010
Singapore Property
Between January and March, the median COV for executive flats there was a negative $6,000, meaning a buyer paid below valuation – a far cry from the $50,000 median COV for the same flat type in the same area, in the preceding quarter.
But the first-quarter median COV for executive flats in Toa Payoh was a staggering $63,500. This was the highest COV sum in the Housing and Development Board’s list released on Friday, which broke down flat prices for the first quarter. In all three instances, HDB noted, the figures should not be taken as representative as there were fewer than 20 resale transactions in those towns for those flat types.
Indeed, overall, the median COV for the first three months of the year stabilised at $25,000 after a marginal increase of just $1,000 – compared to the fourth quarter of last year which saw the COV double.
And the HDB’s resale price index rose more slowly as well, by 2.8 per cent, as the number of resale transactions slipped 5 per cent – in large part, some analysts noted, due to the huge cash-out-of-pocket sums being demanded by sellers.
Generally, resale flats in Bishan attracted the highest median COV of $32,000, followed by those in Punggol ($31,000) and Marine Parade, Central and Sengkang ($30,000).
The COV rose for three-, four- and five-room flat types in Kallang/Whampoa, where a five-room unit which previously drew a $16,600 COV now commanded $40,000. The trend was similar in Clementi.
“It could be that market is playing catch-up and that that people have bought flats in anticipation of the Circle Line,” said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
In general, “COVs are still going up but at a much slower pace and they might be starting to reach a ceiling”, he noted. But prices overall would continue to rise as “the valuation of resale flats will also rise”.
For those short on cash, Woodlands, Pasir Ris and Geylang were their best bets, with the median COV ranging from $20,000 to $22,000.
To meet demand, HDB said it plans to launch about 12,300 new Build-To-Order (BTO) flats by September, with 1,100 to be offered next month in Yishun and Jurong West. In addition, a Punggol executive condominium site on the Government’s Reserve List will be put up for tender early next month.
Source : Today – 24 Apr 2010
Singapore Property
Link Prestige Homes to launch Residence@Holland
Developer Link Prestige Homes is launching its Link Residence@Holland development this weekend. This is the firm’s maiden cluster housing project.
The development is a collection of 14 houses of sizes ranging from 5,000 to 7,000 square feet each.
Average selling prices are about S$1,185 per square foot.
Link Residence@Holland, situated along Greenleaf Road, is close to schools, including the National University of Singapore, and other amenities in Holland Village.
The property boasts environmentally-friendly features that aim to conserve energy.
It has also tied up with sporting brand Puma to provide each home with a sports bike to encourage owners to switch to cycling when travelling to nearby places.
Source : Channel NewsAsia – 23 Apr 2010
Singapore Property
The development is a collection of 14 houses of sizes ranging from 5,000 to 7,000 square feet each.
Average selling prices are about S$1,185 per square foot.
Link Residence@Holland, situated along Greenleaf Road, is close to schools, including the National University of Singapore, and other amenities in Holland Village.
The property boasts environmentally-friendly features that aim to conserve energy.
It has also tied up with sporting brand Puma to provide each home with a sports bike to encourage owners to switch to cycling when travelling to nearby places.
Source : Channel NewsAsia – 23 Apr 2010
Singapore Property
China’s cooling measures hit China-linked property stocks in S’pore
China’s recent steps to cool its property market have taken the shine off China-linked property counters in Singapore, with analysts seeing limited upside for many stocks.
For now, experts prefer property stocks with more Singapore-based portfolios.
They said these currently offer more potential growth, thanks to exposure to hot sectors like residential and hospitality.
China has been clamping down on its red-hot residential property sector. And some China-linked Singapore property counters are feeling the pinch.
Some analysts have put out “hold” calls on stocks like Yanlord Land and Allgreen Properties due to their large exposure to the China residential market.
Instead, analysts favour companies with more diverse markets.
Lock Mun Yee, VP Research, DBS Vickers, said: “From the Singapore-listed developer’s perspective, which tends to be more diversified in the first place, companies such as CapitaLand, which we like, generally have a multi-sector, multi-country approach, which is more balanced. And it has a strong balance sheet.”
Analysts also like property stocks with a local flavour.
They pick City Developments and SC Global because they are involved in Singapore’s residential and hospitality sectors, which are booming now.
Both DBS Vickers and DMG & Partners have “buy” calls on City Developments, with a target price of up to S$12.47, from the current S$10.84.
SC Global also as a “buy” call from the two houses, with a target price of up to S$2.26. It is currently trading at S$1.79.
And experts said that if the government does implement further cooling measures for the property market in the future, the policies will most likely target the mid- to mass-market segment. They said this will be good news for City Developments and SG Global as they have more high-end exposure.
Analysts added that investors can get alternative exposure to Singapore’s property market through REITs, which are currently sporting some very decent leads, as well as providing exposure to a wide variety of sectors.
Lock Mun Yee said: “At dividend yields of about six to seven per cent, that is fairly attractive as well. And the same sub-sectors echo into the REITs sector. We like the hospitality, retail, and also the industrial sub-sectors.”
DBS Vickers cites CDL Hospitality and Frasers Centrepoint as picks for the REIT sectors.
Source : Channel NewsAsia – 23 Apr 2010
Singapore Property
For now, experts prefer property stocks with more Singapore-based portfolios.
They said these currently offer more potential growth, thanks to exposure to hot sectors like residential and hospitality.
China has been clamping down on its red-hot residential property sector. And some China-linked Singapore property counters are feeling the pinch.
Some analysts have put out “hold” calls on stocks like Yanlord Land and Allgreen Properties due to their large exposure to the China residential market.
Instead, analysts favour companies with more diverse markets.
Lock Mun Yee, VP Research, DBS Vickers, said: “From the Singapore-listed developer’s perspective, which tends to be more diversified in the first place, companies such as CapitaLand, which we like, generally have a multi-sector, multi-country approach, which is more balanced. And it has a strong balance sheet.”
Analysts also like property stocks with a local flavour.
They pick City Developments and SC Global because they are involved in Singapore’s residential and hospitality sectors, which are booming now.
Both DBS Vickers and DMG & Partners have “buy” calls on City Developments, with a target price of up to S$12.47, from the current S$10.84.
SC Global also as a “buy” call from the two houses, with a target price of up to S$2.26. It is currently trading at S$1.79.
And experts said that if the government does implement further cooling measures for the property market in the future, the policies will most likely target the mid- to mass-market segment. They said this will be good news for City Developments and SG Global as they have more high-end exposure.
Analysts added that investors can get alternative exposure to Singapore’s property market through REITs, which are currently sporting some very decent leads, as well as providing exposure to a wide variety of sectors.
Lock Mun Yee said: “At dividend yields of about six to seven per cent, that is fairly attractive as well. And the same sub-sectors echo into the REITs sector. We like the hospitality, retail, and also the industrial sub-sectors.”
DBS Vickers cites CDL Hospitality and Frasers Centrepoint as picks for the REIT sectors.
Source : Channel NewsAsia – 23 Apr 2010
Singapore Property
CapitaRetail China Trust’s Q1 DPU at 2.14 cents
CapitaRetail China Trust said its first-quarter distribution per unit stood at 2.14 cents.
This was unchanged from a year ago but up almost five per cent from the previous quarter.
Distributable income in the three months ended March 31 edged up 0.26 per cent on-year to S$13.34 million.
CapitaRetail China Trust said the higher revenue is due to higher rental at Xinwu Mall and contribution from Beijing Hualian Supermarket at Xizhimen Mall.
Source : Channel NewsAsia – 23 Apr 2010
Property
This was unchanged from a year ago but up almost five per cent from the previous quarter.
Distributable income in the three months ended March 31 edged up 0.26 per cent on-year to S$13.34 million.
CapitaRetail China Trust said the higher revenue is due to higher rental at Xinwu Mall and contribution from Beijing Hualian Supermarket at Xizhimen Mall.
Source : Channel NewsAsia – 23 Apr 2010
Property
HDB quarterly resale prices hit new record, but analysts say prices stabilising
HDB resale prices have hit a fresh record in the first quarter of this year rising by 2.8 per cent compared with the previous quarter. But the latest figures show signs of a market that’s finally stabilising after months of runaway prices.
Some analysts expect demand to continue to rise in the next few months but said cash premiums are unlikely to go much higher than the current median of S$25,000.
The official figures confirm estimates released earlier this month.
Resale transactions have dipped by about five per cent while median cash premiums, or COVs, have risen at a much slower pace than in previous quarters.
They went up S$1,000 in the last three months compared to the jump of S$12,000 between the third and fourth quarters last year.
They now stand at S$25,000, with flats in Bishan fetching the highest COVs, of about S$32,000.
Strong demand for newer estates has also translated into high premiums.
Towns like Punggol and Sengkang are seeing premiums of about S$30,000.
Eugene Lim, associate director, ERA Asia Pacific, said: “If you compare Punggol, Sengkang prices vis-a-vis mature HDB estates, they are still cheaper. Even though with high COVs of around S$30,000, you find that S$30,000 actually is the average COV nowadays for most flats. So, if you’re paying thereabouts, why not get something newer versus something older?”
Analysts said measures to cool the market have worked including the launch of more HDB projects.
Other measures include restricting the cash portion of the second concessionary home loan, channeling the loan through the buyer’s CPF account.
Moving forward, ERA’a Eugene Lim said the government may consider further measures to ease demand.
And while some observers say possible interest rate increases later this year will hit buyers’ pockets, others disagree.
Jeffrey Hong, executive director, HSR International Realtors, said: “In general they don’t look at, ‘At the end of 30 years of loan, how much do I actually pay for my flat?’ The first-time buyers are more concerned about how much they pay on a monthly basis. So if the increase in the interest is not much, the increment of the monthly payment is probably S$20 to S$50 a month more.”
In the rental market, demand between January and March increased sharply, with transactions up 69 per cent over the previous quarter.
The HDB said subletting transactions went up from 3,902 in the last three months of 2009, to 6,606 cases.
Analysts said this is partly driven by foreigners returning to Singapore to work as the economy improves.
However, rents remain relatively stable, with median prices for four- and five-room flats hovering just under S$2,000 a month.
Analysts said this is partly driven by foreigners returning to Singapore to work as the economy improves while the HDB said the spike is also due to an increase in renewals of rental flats.
In the last three months, 2,323 flatowners applied to continue renting their flats, 19 per cent more than the previous quarter.
The HDB added that more homeowners are also aware that they have to apply to the HDB for approval which could add to the increase.
However, rents remain relatively stable with median prices for four- and five-room flats hovering just under S$2,000 a month.
ERA’s Eugene Lim said strong demand will not likely translate into escalating rents because the supply of flats that can be subletted is high.
Under HDB rules, flats can be sublet after a minimum of three years.
But analysts said there is no similar jump in demand in the private rental market, suggesting that rental budgets remain low.
In the private residential market, prices were up 5.6 per cent, marginally higher than the 5.1 percent hike initially estimated.
Source : Channel NewsAsia – 23 Apr 2010
Singapore Property
Some analysts expect demand to continue to rise in the next few months but said cash premiums are unlikely to go much higher than the current median of S$25,000.
The official figures confirm estimates released earlier this month.
Resale transactions have dipped by about five per cent while median cash premiums, or COVs, have risen at a much slower pace than in previous quarters.
They went up S$1,000 in the last three months compared to the jump of S$12,000 between the third and fourth quarters last year.
They now stand at S$25,000, with flats in Bishan fetching the highest COVs, of about S$32,000.
Strong demand for newer estates has also translated into high premiums.
Towns like Punggol and Sengkang are seeing premiums of about S$30,000.
Eugene Lim, associate director, ERA Asia Pacific, said: “If you compare Punggol, Sengkang prices vis-a-vis mature HDB estates, they are still cheaper. Even though with high COVs of around S$30,000, you find that S$30,000 actually is the average COV nowadays for most flats. So, if you’re paying thereabouts, why not get something newer versus something older?”
Analysts said measures to cool the market have worked including the launch of more HDB projects.
Other measures include restricting the cash portion of the second concessionary home loan, channeling the loan through the buyer’s CPF account.
Moving forward, ERA’a Eugene Lim said the government may consider further measures to ease demand.
And while some observers say possible interest rate increases later this year will hit buyers’ pockets, others disagree.
Jeffrey Hong, executive director, HSR International Realtors, said: “In general they don’t look at, ‘At the end of 30 years of loan, how much do I actually pay for my flat?’ The first-time buyers are more concerned about how much they pay on a monthly basis. So if the increase in the interest is not much, the increment of the monthly payment is probably S$20 to S$50 a month more.”
In the rental market, demand between January and March increased sharply, with transactions up 69 per cent over the previous quarter.
The HDB said subletting transactions went up from 3,902 in the last three months of 2009, to 6,606 cases.
Analysts said this is partly driven by foreigners returning to Singapore to work as the economy improves.
However, rents remain relatively stable, with median prices for four- and five-room flats hovering just under S$2,000 a month.
Analysts said this is partly driven by foreigners returning to Singapore to work as the economy improves while the HDB said the spike is also due to an increase in renewals of rental flats.
In the last three months, 2,323 flatowners applied to continue renting their flats, 19 per cent more than the previous quarter.
The HDB added that more homeowners are also aware that they have to apply to the HDB for approval which could add to the increase.
However, rents remain relatively stable with median prices for four- and five-room flats hovering just under S$2,000 a month.
ERA’s Eugene Lim said strong demand will not likely translate into escalating rents because the supply of flats that can be subletted is high.
Under HDB rules, flats can be sublet after a minimum of three years.
But analysts said there is no similar jump in demand in the private rental market, suggesting that rental budgets remain low.
In the private residential market, prices were up 5.6 per cent, marginally higher than the 5.1 percent hike initially estimated.
Source : Channel NewsAsia – 23 Apr 2010
Singapore Property
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