tag:blogger.com,1999:blog-5728003281291458012024-03-13T03:40:55.706-07:00SINGAPORE PROPERTYProperty is an excellent commodity to invest in. And Singapore property is witnessing a resurgence. If you want to catch the next wave of investing in Singapore property, there is no better time than now! Let me, the Property Maestro, indulge your senses with the movements and shiftings of the times that will enhance the property market in Singapore.
Visit me at www.elijahchai.com today!Property Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.comBlogger1428125tag:blogger.com,1999:blog-572800328129145801.post-69312638626884198892010-04-30T03:59:00.001-07:002010-04-30T03:59:41.910-07:00URA survey shows Singaporeans satisfied with life in SingaporeMore Singaporeans are satisfied with the living, working and leisure environment, according to an Urban Redevelopment Authority Survey.<br /><br />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.<br /><br />Compared with a Public Perception Survey conducted in 2006, more respondents also feel that Singapore is a vibrant and exciting city.<br /><br />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.<br /><br />In terms of the living environment, the surveys found that the majority prefer to live in 4-room HDB flats.<br /><br />Older folks also indicated that they prefer to stay in regular housing as compared to HDB studio apartments and retirement villages.<br /><br />Respondents also said they’re willing to pay more for a place that incorporates green technologies.<br /><br />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.<br /><br />Meanwhile, there are some areas which the respondents say can be improved.<br /><br />One area is the working environment.<br /><br />While participants are mostly happy with their working environment, 66% of them prefer to work near their homes.<br /><br />Many also indicated that they’d like to take a shorter time to get to work via public transport.<br /><br />Also, it was felt that Singapore could do with a more vibrant nightlife.<br /><br />More than 70 per cent of the respondents also felt that Singapore’s landscape is changing too quickly.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />And more than 70 per cent want to retire in Singapore.<br /><br />Similarly, over 70 per cent of them hope that their future generations will be based in Singapore.<br /><br />Speaking at the URA Corporate Plan Seminar, Mr Mah said the survey showed that the remaking of Singapore efforts are showing a positive trend.<br /><br />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.<br /><br />“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.<br /><br />“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.<br /><br />“While we congratulate ourselves for our achievements, there’s still work to be done,” said Mr Mah.<br /><br />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.<br /><br />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.<br /><br />The two surveys are meant to identify lifestyle needs and aspirations of the public.<br /><br />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.<br /><br />Source : Channel NewsAsia – 30 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-31991588248651228402010-04-30T03:58:00.003-07:002010-04-30T03:59:41.917-07:00Older malls need to review safety plansIn 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.<br /><br />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.<br /><br />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.<br /><br />It is not just about adhering to fire safety protocols, either, said National Fire and Civil Emergency Preparedness Council chairman Alan Loh.<br /><br />Being older, these malls pose more of a fire hazard risk and need to keep up with the times, he said.<br /><br />“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.<br /><br />Engaging building surveyors is one way to identify safety lapses, and conducting regular drills is another.<br /><br />But even then, some retail tenants say these drills are not always done effectively.<br /><br />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.<br /><br />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.<br /><br />“If a fire breaks out, I wouldn’t know what to do,” she said.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />A CDL spokeswoman said that sprinklers, smoke detectors and adequate fire escape routes would be enough to protect older malls against fire risks.<br /><br />The Singapore Civil Defence Force did not reply to MediaCorp’s queries for this report.<br /><br />At other shopping centres, building managers say they still remain watchful about fire safety.<br /><br />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.<br /><br />And when safety plans are changed, there must be detailed communication with tenants on what to do when an emergency situation arises, he said.<br /><br />Fostering close relations with neighbouring malls is also important, as this will enabled resources to be shared during emergencies, he added.<br /><br />Source : Today – 30 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-2179695882186993642010-04-30T03:58:00.001-07:002010-04-30T03:59:41.924-07:00Marina Bay Suites relaunches this weekThe next batch of units at Marina Bay Suites will be released by the the project’s developer on Thursday, BT understands.<br /><br />Prices have yet to be finalised, say sources.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />Elsewhere in Singapore, developers continue to chalk up sales.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />‘We are also in the midst of designing the redevelopment of Copthorne Orchid (hotel) into a condominium comprising about 150 units,’ she added.<br /><br />Source : AsiaOne – 29 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-40291463228744645042010-04-30T03:57:00.004-07:002010-04-30T03:59:41.931-07:00The Minton @ HougangLocation : Hougang Street 11, Lorong Ah Soo (District 19)<br />Tenure : 99 years leasehold<br />Expected Completion : 2014<br />Site Area : 472,378 sqft<br />Total Units : 1144<br />Unit Types :<br />1 bedroom ~ 550 sqft (121 units)<br />2 bedroom ~ 980 sqft (337 units)<br />2 bedroom + study~ 1100 sqft (158 units)<br />Dual Key (2 bed+1 bed)~ 1400sqft (44 units)<br />3 bedroom ~ 1200sqft (204 units)<br />3 bedroom (premium) ~ 1300 sqft (119 units)<br />3 bedroom + study ~ 1500 sqft (56 units)<br />4 bedroom ~ 1700sqft (84 units)<br />Penthouse ~ 2000-3500 sqft (24 units)<br /><br />Contact us at propertydollars@gmail.com or +65 9650 2709 with the following for more information:<br /><br />The Minton / Name / Contact # / Unit Type Interested<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-39434277905611856832010-04-30T03:57:00.003-07:002010-04-30T03:59:41.936-07:00MRT network pushing up land valueTHE 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.<br /><br />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.<br /><br />‘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?’<br /><br />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.<br /><br />The three-month course is for professionals in the building industry.<br /><br />Analysts at the event, which was held at SMU, believe that property prices still have some room to move.<br /><br />‘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.<br /><br />‘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.’<br /><br />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.<br /><br />‘We have been investing in office buildings… Marina Bay Financial Centre is a good example,’ he added.<br /><br />‘Other than China, we’re quite big in Vietnam and we’re looking very carefully at Indonesia, where we have quite a significant exposure.’<br /><br />Mr Song also points to the larger growth story in the region to explain his optimism about property values.<br /><br />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.<br /><br />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.<br /><br />The threat of central banks starting to roll back on monetary stimulus by raising interest rates does not worry Mr Song.<br /><br />‘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.<br /><br />Source : Today – 29 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-1151061640712671892010-04-30T03:57:00.001-07:002010-04-30T03:59:41.940-07:00MCL Land’s Q1 profit jumps to US$48.7mMainboard-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.<br /><br />This compared to net profit of US$1.4 million posted in the same quarter a year ago.<br /><br />The higher profit is due to the write back of an impairment charge of US$51 million for The Estuary, a condominium project.<br /><br />Meanwhile, the company continues to carry an impairment charge of US$134 million for a number of its other developments.<br /><br />Revenue for the quarter plunged 97 per cent to US$228,000, compared to US$8.3 million last year.<br /><br />The company said the group revenue only reflect rental income from its investment properties.<br /><br />Looking ahead, MCL Land said a better economy has boosted the residential property market.<br /><br />It further expects its full year results to benefit from the completion of two other developments and the write back of the impairment charge.<br /><br />Source : Channel NewsAsia – 29 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-79789777781731718962010-04-30T03:56:00.005-07:002010-04-30T03:59:41.944-07:00Office 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.<br /><br />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.<br /><br />“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.<br /><br />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”.<br /><br />“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.<br /><br />Under this strategy, CCT recently sold one of its assets, Robinson Point, to a private fund run by AEW Asia for $203.25 million.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />Source : Today – 29 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-26269285931466787522010-04-30T03:56:00.003-07:002010-04-30T03:59:41.958-07:00Two prime freehold commercial sites up for public tenderThe red-hot property market has prompted the sale of two prime freehold commercial buildings.<br /><br />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.<br /><br />The boutique building has been set aside for commercial use, but the vendor is seeking approval to convert it to hotel use.<br /><br />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.<br /><br />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.<br /><br />The proposed developments for the property are corporate offices, showroom space and F&B businesses.<br /><br />CB Richard Ellis is the marketing agent for this public tender, which closes on May 20.<br /><br />Source : Today – 29 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-29008458528361333992010-04-30T03:56:00.001-07:002010-04-30T03:59:41.963-07:00Fined for renting shopA 45-year-old man was fined $600 after he admitted to that he had rented out his shop space to an unlicensed massage business.<br /><br />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.<br /><br />Investigations revealed that body massage services were being provided within these cubicles, out of the public’s view.<br /><br />There was no valid massage licence on display.<br /><br />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.<br /><br />The owner of the massage business will be dealt with separately.<br /><br />Source : Today – 29 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-15274594826185701132010-04-30T03:55:00.002-07:002010-04-30T03:59:41.969-07:00Raffles Place hasn’t lost lustre as business district: CapitaCommercial TrustCapitaCommercial Trust (CCT) believes that Raffles Place has not lost its attraction as a business district.<br /><br />This is according to its chief executive officer Lynette Leong, who spoke on the sidelines of the trust’s Annual General Meeting on Wednesday.<br /><br />CCT has three office properties in the Raffles Place area.<br /><br />The new Marina Bay Financial Centre has been attracting many financial institutions to relocate from the Central Business District.<br /><br />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.<br /><br />CCT said it is also reviewing its plans for StarHub Centre.<br /><br />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.<br /><br />The trust said going forward, the office market is bottoming out and remains confident of the overall office market.<br /><br />“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.<br /><br />“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.<br /><br />“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.”<br /><br />Source : Channel NewsAsia – 28 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-31299757527662974282010-04-30T03:55:00.001-07:002010-04-30T03:59:41.973-07:00CapitaLand announces leadership changesProperty group CapitaLand announces a slew of management changes aimed at strengthening its next level of leadership.<br /><br />For its retail business, the property giant has appointed Mr Tony Tan as Deputy CEO of its CapitaRetail China Trust Management.<br /><br />He will also continue to hold his current position as head of finance in the same unit.<br /><br />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.<br /><br />Meanwhile, Lui Chong Chee, currently CEO of CapitaLand Financial will be leaving the company from June 1 to pursue personal interests.<br /><br />Covering his duties will be Wen Khai Meng who is currently chief investment officer of the parent group, CapitaLand.<br /><br />Over at Ascott Group, its deputy CEO Gerald Lee will be leaving the company to pursue further studies and other personal pursuits.<br /><br />Ascott added another layer of leadership with the appointment of Mark Chan as Senior Vice President, Investment, from May 10.<br /><br />He will report directly to Ronald Tay, Acott’s Chief Investment Officer.<br /><br />Source : Channel NewsAsia – 28 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-47913123132970035562010-04-30T03:54:00.006-07:002010-04-30T03:59:41.978-07:00Govt to take fundamental re-look at real estate industryThe government is taking a “fundamental re-look” at the entire real estate industry.<br /><br />Speaking in Parliament, National Development Minister Mah Bow Tan said this includes strengthening measures to curb unscrupulous practices and abuses.<br /><br />Among the measures, the government plans to plug a loop hole on using public housing flats as collateral for loans.<br /><br />Public housing flats are not meant to be used as security for any loans other than the mortgage to finance the unit’s purchase.<br /><br />Yet, Parliament was told that some owners have fallen prey to such abuses.<br /><br />“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.<br /><br />In response, the National Development Minister said the government is working to plug the loophole.<br /><br />“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.<br /><br />“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.<br /><br />“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.<br /><br />Complaints against real estate agents have risen in the past few years, according to figures from the Consumers Association of Singapore.<br /><br />There were 1,079 cases last year, higher than 1,100 complaints in 2008 and 1,055 in 2007.<br /><br />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.<br /><br />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.<br /><br />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.”<br /><br />A new regulatory framework is expected to be announced shortly.<br /><br />Source : Channel NewsAsia – 28 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com2tag:blogger.com,1999:blog-572800328129145801.post-22754637570388641882010-04-30T03:54:00.005-07:002010-04-30T03:59:41.983-07:00More en bloc sale activity expected as developers cater to mid-market segmentAnalysts expect more en bloc sales activity from the city fringes and East Coast areas as developers cater to a growing mid-market segment.<br /><br />They were responding to proposals tabled in Parliament on Monday to smooth out the collective sales process.<br /><br />The new rules also seek to address the role of the Strata Titles Board and balance the interest of property owners.<br /><br />Collective sales have bounced back this year after a poor showing last year when only one deal was done.<br /><br />So far, four developments have been sold with another deal at Margate Road expected to be completed this week.<br /><br />These five sales combined are worth S$275 million versus the lone S$101 million deal done for the whole of 2009.<br /><br />Going forward, market watchers expect between 20 and 40 en bloc deals to take place this year.<br /><br />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.<br /><br />“Mainly there is a combination of investors, developers who are eager to come in and develop the mid-end segment of the market.”<br /><br />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.<br /><br />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.<br /><br />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.”<br /><br />Market watchers expect overall land prices to rise around five to 15 per cent this year.<br /><br />They said good conditions and demand for property will drive developers into the collective market.<br /><br />Source : Channel NewsAsia – 28 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-23734083822502276822010-04-30T03:54:00.003-07:002010-04-30T03:59:41.988-07:00Orchard Parade’s Q1 net profit at S$9.3m, revenue up 140% at S$28.1mMainboard-listed Orchard Parade Holdings says its first quarter net profit jumped to S$9.3 million sing dollars for the period ended March 31.<br /><br />This compared to net profit of S$107,000 posted in the same quarter a year ago.<br /><br />The improved profit came on the back of higher revenue and a gain from the revaluation of its investment properties.<br /><br />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.<br /><br />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.<br /><br />According to the company, the increase was largely due to sales from its property development, Floridian, which amounted to S$12.4 million.<br /><br />Looking ahead, Orchard Parade says it is optimistic, as business conditions continue to improve.<br /><br />It further adds that the company will continue to drive sales of the Floridian.<br /><br />Source : Channel NewsAsia – 28 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-64665933746610543342010-04-30T03:54:00.001-07:002010-04-30T03:59:41.992-07:00Fragrance Group’s Q1 net profit up 42.6% to S$14.4mProperty developer Fragrance Group said its net profit rose 42.6 per cent on-year in the first quarter to S$14.4 million.<br /><br />But turnover fell 17.7 per cent to S$41.8 million due to lower contributions from its property development operations.<br /><br />However, this was partly offset by an increase in revenue contribution from its hotel business.<br /><br />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.<br /><br />It also recently acquired another plot of land which can yield approximately 116 condominium units.<br /><br />The company said these projects are expected to contribute positively to its turnover for this financial year and beyond.<br /><br />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.<br /><br />Barring unforeseen circumstances, the group expects to remain profitable in 2010.<br /><br />Source : Channel NewsAsia – 28 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-64153378688462156892010-04-30T03:53:00.004-07:002010-04-30T03:59:41.996-07:00State land in Pasir Ris availableThe 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.<br /><br />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.<br /><br />Under the Reserve List System, developers who are interested in purchasing the land can submit their application indicating the minimum offer price to HDB.<br /><br />Upon acceptance of their application, HDB will put up the land for sale by tender.<br /><br />The land parcel has a land area of 20,000 square metres and a maximum gross plot ratio of 2.1.<br /><br />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.<br /><br />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.<br /><br />Source : Today – 28 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-59773512734529154892010-04-30T03:53:00.003-07:002010-04-30T03:59:42.001-07:00Govt measures were not intended to stop price rise: says MinisterWhen the Government introduced measures to cool the property market in February, the steps were not intended to stop prices from rising.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />Since January, the Housing and Development Board has launched 5,100 flats.<br /><br />Another 7,400 units will be launched between May and September.<br /><br />Source : Today – 28 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-16102720464271236752010-04-30T03:53:00.001-07:002010-04-30T03:59:42.007-07:00Getting tough on HDB resale exploitersLICENSED moneylenders who exploit HDB resellers are advised to curb their activities: The Ministry for National Development (MND) is keeping a close watch on you.<br /><br />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.”<br /><br />He was referring to the unscrupulous practice whereby credit companies work with real- estate agents who connect them with homeowners – for a fee.<br /><br />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.<br /><br />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.<br /><br />Since 2007, the Inland Revenue Authority of Singapore, which licenses real-estate agencies, has received a total of 154 complaints against errant agents.<br /><br />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.<br /><br />However, Madam Halimah pointed out one major loophole which may prevent errant agents from being reported.<br /><br />“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.”<br /><br />Source : AsiaOne – 28 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-9400517466343846762010-04-30T03:52:00.002-07:002010-04-30T03:59:42.012-07:00More en bloc sale activity expected as developers cater to mid-market segmentAnalysts expect more en bloc sales activity from the city fringes and East Coast areas as developers cater to a growing mid-market segment.<br /><br />They were responding to proposals tabled in Parliament on Monday to smooth out the collective sales process.<br /><br />The new rules also seek to address the role of the Strata Titles Board and balance the interest of property owners.<br /><br />Collective sales have bounced back this year after a poor showing last year when only one deal was done.<br /><br />So far, four developments have been sold with another deal at Margate Road expected to be completed this week.<br /><br />These five sales combined are worth S$275 million versus the lone S$101 million deal done for the whole of 2009.<br /><br />Going forward, market watchers expect between 20 and 40 en bloc deals to take place this year.<br /><br />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.<br /><br />“Mainly there is a combination of investors, developers who are eager to come in and develop the mid-end segment of the market.”<br /><br />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.<br /><br />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.<br /><br />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.”<br /><br />Market watchers expect overall land prices to rise around five to 15 per cent this year.<br /><br />They said good conditions and demand for property will drive developers into the collective market.<br /><br />Source : Channel NewsAsia – 27 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-25589780475919246422010-04-30T03:52:00.001-07:002010-04-30T03:59:42.019-07:00Top bid for residential site at Upper Changi Road North at S$148.3mUrban Redevelopment Authority (URA) closed the tender for the residential site at Upper Changi Road North and Flora Drive Tuesday.<br /><br />A total of six bids were submitted for the site and the top bid came from Tripartite Developers at S$148.3 million.<br /><br />This is a joint venture company formed by Hong Leong Holdings, City Developments and Trade and Industrial Development.<br /><br />Tripartite’s bid is 81 per cent higher than the minimum bid of S$82 million, which triggered the site for tender.<br /><br />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.<br /><br />The lowest bid submitted for the site was from BBR-Tagore at S$91 million.<br /><br />Other developers that placed their bids as well were Frasers Centrepoint, Sim Lian Land and Ho Bee Developments.<br /><br />The land parcel has a 99 year lease term and sits on a site area of 30,678.7 square metres.<br /><br />The maximum allowable gross floor area is 42,951 square metres.<br /><br />The site was originally placed on the Reserve List of the Government Land Sales Programme and was launched for public tender on March 29.<br /><br />Source : Channel NewsAsia – 27 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-57009825933191319752010-04-30T03:51:00.006-07:002010-04-30T03:59:42.023-07:00Suntec REIT’s Q1 DPU, distributable income downSuntec 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.<br /><br />Distributable income for the quarter ended March 31 dipped 2.1 per cent to S$45.37 million on-year.<br /><br />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.<br /><br />Gross revenue also fell 3.8 per cent to S$62.5 million in the quarter.<br /><br />Suntec Reit attributed the decline in revenue to the lower office and retail revenue posted in the quarter.<br /><br />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.<br /><br />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.<br /><br />Looking ahead, Suntec REIT expects continuing challenges in both the office and retail sectors.<br /><br />However, given the economic recovery trend, the reit manager said it remains cautiously optimistic of its prospects this year.<br /><br />Source : Channel NewsAsia – 27 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-17484270472656423262010-04-30T03:51:00.005-07:002010-04-30T03:59:42.027-07:00Leveraged developers a risk factor for China real estateLeveraged developers, rather than end buyers, are the most likely source of risk for real estate in China.<br /><br />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.<br /><br />Momentum in China real estate continues to build.<br /><br />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.<br /><br />It says investors should watch the developers instead.<br /><br />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.”<br /><br />China recently raised down payment for second home buyers from 40 per cent to 50 per cent, while increasing mortgage rates as well.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.”<br /><br />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.”<br /><br />Source : Channel NewsAsia – 27 Apr 2010<br />PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-27518590964204732402010-04-30T03:51:00.003-07:002010-04-30T03:59:42.034-07:00Home sales will continue to sizzleWith 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.<br /><br />In fact, at least 12 developments have been identified by property consultants as possible launches this quarter.<br /><br />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.<br /><br />The strong economic recovery and better employment prospects will continue to sustain demand, Knight Frank manager of consultancy and research Ong Kah Seng said.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />‘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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />‘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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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’.<br /><br />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.<br /><br />‘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.’<br /><br />Savills’ Ms Sun said prices are likely to see moderate rises only.<br /><br />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.<br /><br />Source : AsiaOne – 27 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-17848352098018830362010-04-30T03:51:00.001-07:002010-04-30T03:59:42.039-07:00HDB puts up site for condo housing in Pasir RisThe 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.<br /><br />The site is located at the junction of Pasir Ris Drive 3 and Pasir Ris Drive 4.<br /><br />The 20,000 square metre, 99-year leasehold site is designated for condominium housing.<br /><br />HDB said some 380 residential units can be built on the site.<br /><br />Under the Reserve List System, developers who are interested in purchasing the land can submit their application, indicating the minimum offer price to HDB.<br /><br />Upon acceptance of their application, HDB will put up the land for sale by tender.<br /><br />Source : Channel NewsAsia – 27 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0tag:blogger.com,1999:blog-572800328129145801.post-48380669866150489042010-04-30T03:50:00.005-07:002010-04-30T03:59:42.043-07:00Tender for Woodlands Ave 12 site awarded to Boon Keng DevelopmentThe Urban Redevelopment Authority (URA) has awarded the tender for an industrial site at Woodlands Avenue 12 to Boon Keng Development Pte Ltd.<br /><br />URA said the company submitted the highest bid in the tender for the site.<br /><br />The tender was launched on 25 March 2010 and closed on 21 April 2010.<br /><br />The land parcel was offered for sale on a 60-year lease.<br /><br />Source : Channel NewsAsia – 27 Apr 2010<br />Singapore PropertyProperty Maestrohttp://www.blogger.com/profile/14226920248796788492noreply@blogger.com0