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
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