Source : The Straits Times, Aug 3, 2007
A LAWYER, who took responsibility for his secretary's mistake in depositing clients' money into the wrong bank account, was censured on Friday for the mistake by a Court of Three Judges.
Mr Tan Chwee Wan, a lawyer since 1990 and who is now an in-house legal officer, also undertook not to practice as a sole proprietor for two years.
A disciplinary committee had found his case serious enough to be referred to the panel, which has the power to suspend or strike him off the roll.
Chief Justice Chan Sek Keong, who presided over the hearing, noted however, that while Mr Tan was careless, he was not dishonest and had not made off with his clients' money.
CJ Chan noted that as soon as the mistake was discovered, Mr Tan immediately took steps to make good.
The wrongdoing took place in 2004, when Mr Tan, then a director of law firm JHT Law Corporation, received a $33,190 cheque from his clients as deposit for a flat.
Under the Solicitors' Accounts Rules, which govern how lawyers handle their finances, clients' money for transactions have to be held in a separate bank account.
But Mr Tan's secretary mistakenly deposited the cheque into the firm's account.
A month later, $30,920 was withdrawn from the client account, under the belief that the money had been kept there.
The mistake was discovered at a directors' meeting eight months later. The next day, the funds were returned to the client account.
However, Mr Tan's colleague reported this to the Law Society so that the other directors would not get into trouble for non-disclosure.
In pleading for a light sentence on Friday, Mr Tan's counsel, Mr Chandra Mohan, said that he was sorry for failing to supervise his staff.
It was a genuine mistake, Mr Mohan argued, and there was no loss to any client.
Mr Tan voluntarily left the practice in March 2005 as a 'self-imposed punishment'.
Friday, August 3, 2007
Elderly Man In Critical Condition After Flat Explosion
Source : The Straits Times, Aug 3, 2007
Some residents living on the fifth to 12th storey units were also evacuated as a precautionary measure, said SCDF in a statement. The cause of the fire is currently under investigation. -- ST PHOTO: Francis Ong
A 70-YEAR-OLD Chinese man suffered 80 per cent first degree burns on his body, after a massive explosion and fire in the kitchen of his Jalan Bukit Merah flat on Friday morning.
The incident occured at 6.15am on the 6th floor of Block 105, with neighbours saying they heard a loud blast.
When firemen from the Singapore Civil Defence Force arrived at the scene five minutes later, they found the victim standing in the kitchen.
He was rushed to the Singapore General Hospital, along with four other casualties - believed to be his neighbours - who suffered smoke inhalation.
Another 71-year-old man was also sent to SGH, when he complained of breathing difficulties.
Some residents living on the fifth to 12th storey units were also evacuated as a precautionary measure, said SCDF in a statement.
The cause of the fire is currently under investigation.
The National Council of Social Service has also set up a temporary relief centre at the Sarah Senior Activity Centre on the second floor of Block 105 to help affected residents.
Extra staff and counselling services will be provided.
Some residents living on the fifth to 12th storey units were also evacuated as a precautionary measure, said SCDF in a statement. The cause of the fire is currently under investigation. -- ST PHOTO: Francis Ong
A 70-YEAR-OLD Chinese man suffered 80 per cent first degree burns on his body, after a massive explosion and fire in the kitchen of his Jalan Bukit Merah flat on Friday morning.
The incident occured at 6.15am on the 6th floor of Block 105, with neighbours saying they heard a loud blast.
When firemen from the Singapore Civil Defence Force arrived at the scene five minutes later, they found the victim standing in the kitchen.
He was rushed to the Singapore General Hospital, along with four other casualties - believed to be his neighbours - who suffered smoke inhalation.
Another 71-year-old man was also sent to SGH, when he complained of breathing difficulties.
Some residents living on the fifth to 12th storey units were also evacuated as a precautionary measure, said SCDF in a statement.
The cause of the fire is currently under investigation.
The National Council of Social Service has also set up a temporary relief centre at the Sarah Senior Activity Centre on the second floor of Block 105 to help affected residents.
Extra staff and counselling services will be provided.
HDB To Make It Easier For Couples To Buy Flats Near Parents
Source : The Straits Times, Aug 3, 2007
Under the Married Child Priority Scheme, first-time couples who apply for a new flat near their parents enjoy up to four times the success rate compared to regular public applicants.
NEWLYWEDS may soon get higher chances of buying popular Housing Board flats to live near their parents.
This was one of the key recommendations released by the 'Forum on HDB Heartware' on Friday.
Video Link - http://tinyurl.com/2ptg6o [The Straits Times Video News]
Launched in November 2006, the forum involved consultations with more than 1,000 Singaporeans on ways to build strong and cohesive HDB communities.
Under the thrust to support families, HDB will soon announce details to refine the Married Child Priority Scheme (MCPS).
Currently under the scheme, first-time couples who apply for a new flat near their parents, can enjoy up to four times the success rate in the balloting process compared to regular public applicants.
Forum committee members, headed by Minister of State for National Development Grace Fu, however, noted that the current demand for new flats in mature estates is very high.
As such, first-timers and MCPS applicants may not be successful in their flat applications despite their enhanced chances.
To address this, the Forum said the existing framework can be improved to give more priority to applicants who have been repeatedly unsuccessful in HDB's sales exercises.
No zero-sum game
However, the Forum also acknowledged that changing the priority framework is a zero-sum game, because setting aside more new flats for a small group would mean a smaller supply for other groups.
The Forum reasoned that 'while the priority schemes can help improve the chances of success for target groups, they cannot guarantee success for first-timers or MCPS applicants given the limited supply of new HDB flats'.
The Forum noted that such households can also pursue the option of buying resale HDB flats where first-timers are eligible for grants.
More family support measures
HDB will also introduce a family season parking scheme for its HDB carparks.
Under this scheme, HDB will offer the second season parking ticket at a 50 per cent discount to facilitate residents who visit their family members on a regular basis.
The Joint Selection Scheme for the Selective En Bloc Redevelopment Scheme (Sers) replacement flats will also be enhanced.
The existing criteria will be relaxed to allow for the joint selection of any group of up to six lessees - up from the current limit of four households.
Wet markets to make a comeback
Residents also saw the need for wet markets.
Making a comeback among Singaporeans, wet markets were cited in the report as an unofficial 'social hub' of the neighbourhood.
The Forum noted that these heartland icons will however need to be commerically viable on their own and will be built by commerical operators.
In response, the HDB will pilot a standalone, naturally-ventilated wet market-cum-hawker centre, to be built and run by a private operator in Sengkang Town Centre.
Under the Married Child Priority Scheme, first-time couples who apply for a new flat near their parents enjoy up to four times the success rate compared to regular public applicants.
NEWLYWEDS may soon get higher chances of buying popular Housing Board flats to live near their parents.
This was one of the key recommendations released by the 'Forum on HDB Heartware' on Friday.
Video Link - http://tinyurl.com/2ptg6o [The Straits Times Video News]
Launched in November 2006, the forum involved consultations with more than 1,000 Singaporeans on ways to build strong and cohesive HDB communities.
Under the thrust to support families, HDB will soon announce details to refine the Married Child Priority Scheme (MCPS).
Currently under the scheme, first-time couples who apply for a new flat near their parents, can enjoy up to four times the success rate in the balloting process compared to regular public applicants.
Forum committee members, headed by Minister of State for National Development Grace Fu, however, noted that the current demand for new flats in mature estates is very high.
As such, first-timers and MCPS applicants may not be successful in their flat applications despite their enhanced chances.
To address this, the Forum said the existing framework can be improved to give more priority to applicants who have been repeatedly unsuccessful in HDB's sales exercises.
No zero-sum game
However, the Forum also acknowledged that changing the priority framework is a zero-sum game, because setting aside more new flats for a small group would mean a smaller supply for other groups.
The Forum reasoned that 'while the priority schemes can help improve the chances of success for target groups, they cannot guarantee success for first-timers or MCPS applicants given the limited supply of new HDB flats'.
The Forum noted that such households can also pursue the option of buying resale HDB flats where first-timers are eligible for grants.
More family support measures
HDB will also introduce a family season parking scheme for its HDB carparks.
Under this scheme, HDB will offer the second season parking ticket at a 50 per cent discount to facilitate residents who visit their family members on a regular basis.
The Joint Selection Scheme for the Selective En Bloc Redevelopment Scheme (Sers) replacement flats will also be enhanced.
The existing criteria will be relaxed to allow for the joint selection of any group of up to six lessees - up from the current limit of four households.
Wet markets to make a comeback
Residents also saw the need for wet markets.
Making a comeback among Singaporeans, wet markets were cited in the report as an unofficial 'social hub' of the neighbourhood.
The Forum noted that these heartland icons will however need to be commerically viable on their own and will be built by commerical operators.
In response, the HDB will pilot a standalone, naturally-ventilated wet market-cum-hawker centre, to be built and run by a private operator in Sengkang Town Centre.
Half Of Scotts Sq Units Snapped Up In A Week
Source : The Business Times, August 3, 2007
169 units sold at average $3,983 psf; other half to go on sale at end of Sept
LUXURY developer Wheelock Properties has sold half of the 338 units in its upmarket Scotts Square development over the past week to buyers of its previous projects, it said yesterday
Super luxury: Scotts Square will have two residential towers of 35 and 43 storeys connected by a sky bridge
The 169 units were sold at an average price of $3,983 per square foot. The highest price was $4,430 psf for a one-bedroom apartment on the 41st floor, Wheelock said.
About 63 per cent of the units were bought by Singaporeans or permanent residents. As for foreigners, the buyers were predominantly Indonesians, the developer said.
'We have been receiving numerous enquiries from both locals and foreigners as early as 2005,' said Tan Bee Kim, Wheelock's executive director. 'The private placement was offered to our established clientele who understand the outstanding value of the development since Scotts Square is one of the rare freehold luxury homes located in Orchard Road.'
Scotts Square consists of two super-luxury residential towers of 35 and 43 storeys connected by a sky bridge. An upmarket retail podium with lettable area of about 80,000 sq ft will occupy four floors in the development - from Basement 1 to Level 3.
Apartment sizes in the project range from 624 sq ft for one-bedroom units to 1,249 sq ft for 3-bedroom units. A 'good mix' of one, two and three-bedroom apartments were sold, a Wheelock spokesman said.
Ms Tan said: 'We set out to sell 40 per cent of the development through private placement. However, the take-up rate and speed far exceeded our expectations and we consequently placed out an additional 10 per cent.'
The remaining apartments will be officially launched once the showflat is ready towards end-September, Wheelock said.
Wheelock's shares closed 2 cents down at $3.04 yesterday. The stock has climbed 35.1 per cent since the start of the year.
169 units sold at average $3,983 psf; other half to go on sale at end of Sept
LUXURY developer Wheelock Properties has sold half of the 338 units in its upmarket Scotts Square development over the past week to buyers of its previous projects, it said yesterday
Super luxury: Scotts Square will have two residential towers of 35 and 43 storeys connected by a sky bridge The 169 units were sold at an average price of $3,983 per square foot. The highest price was $4,430 psf for a one-bedroom apartment on the 41st floor, Wheelock said.
About 63 per cent of the units were bought by Singaporeans or permanent residents. As for foreigners, the buyers were predominantly Indonesians, the developer said.
'We have been receiving numerous enquiries from both locals and foreigners as early as 2005,' said Tan Bee Kim, Wheelock's executive director. 'The private placement was offered to our established clientele who understand the outstanding value of the development since Scotts Square is one of the rare freehold luxury homes located in Orchard Road.'
Scotts Square consists of two super-luxury residential towers of 35 and 43 storeys connected by a sky bridge. An upmarket retail podium with lettable area of about 80,000 sq ft will occupy four floors in the development - from Basement 1 to Level 3.
Apartment sizes in the project range from 624 sq ft for one-bedroom units to 1,249 sq ft for 3-bedroom units. A 'good mix' of one, two and three-bedroom apartments were sold, a Wheelock spokesman said.
Ms Tan said: 'We set out to sell 40 per cent of the development through private placement. However, the take-up rate and speed far exceeded our expectations and we consequently placed out an additional 10 per cent.'
The remaining apartments will be officially launched once the showflat is ready towards end-September, Wheelock said.
Wheelock's shares closed 2 cents down at $3.04 yesterday. The stock has climbed 35.1 per cent since the start of the year.
OUE Expected To Take Up Option To Buy The Grangeford
Source : The Business Times, Fri, August 3, 2007
OVERSEAS Union Enterprise is expected to exercise a put-and-call option signed in June to buy The Grangeford, after lawyers confirmed that owners controlling at least 80 per cent of share values have agreed to sell the Grange Road property.
CB Richard Ellis executive director Jeremy Lake said OUE's unit land price remains at $1,810 per square foot per plot ratio, including $92.7 million payable to the state to top up the 130,982 sq ft site's lease to the original term of 99 years.
However, OUE will be now paying Grangeford's owners $625 million instead of the $592 million agreed in June. The higher price comes after the Urban Redevelopment Authority said Grangeford's existing gross floor area (GFA) is equivalent to a 3.027 plot ratio - instead of the 2.87 based on an architect's calculations earlier.
The new development on the site will be allowed to retain the existing equivalent plot ratio of 3.027, and OUE has signed a supplementary agreement to top up its bid to $625 million to reflect this. No development charge is payable for the site.
The option in June was subject to the collective sale being approved by owners controlling at least 80 per cent of share values.
'The last few signatures were obtained a few days ago but we were waiting for confirmation from the lawyers that the signatures were in order. We received this confirmation on Wednesday night,' Mr Lake said.
The option can also be exercised by the vendors, triggering the sale to OUE. Both sides now have up to Aug 15 to exercise the option.
With the Grangeford deal now set to go ahead, its unit land price of $1,810 psf ppr will be used as a benchmark in negotiations for other prime collective-sale sites, market watchers reckon.
Grangeford's $1,810 psf ppr is the highest price paid for a 99-year leasehold residential site in Singapore, surpassing the $1,104 psf ppr paid by a Wing Tai unit in June 1997 for a site in Draycott Park, which it has since developed into the Draycott 8 condo.
For a freehold site, the current benchmark, set in June, is SC Global's acquisition of The Ardmore for $2,337 psf ppr.
OVERSEAS Union Enterprise is expected to exercise a put-and-call option signed in June to buy The Grangeford, after lawyers confirmed that owners controlling at least 80 per cent of share values have agreed to sell the Grange Road property.
CB Richard Ellis executive director Jeremy Lake said OUE's unit land price remains at $1,810 per square foot per plot ratio, including $92.7 million payable to the state to top up the 130,982 sq ft site's lease to the original term of 99 years.
However, OUE will be now paying Grangeford's owners $625 million instead of the $592 million agreed in June. The higher price comes after the Urban Redevelopment Authority said Grangeford's existing gross floor area (GFA) is equivalent to a 3.027 plot ratio - instead of the 2.87 based on an architect's calculations earlier.
The new development on the site will be allowed to retain the existing equivalent plot ratio of 3.027, and OUE has signed a supplementary agreement to top up its bid to $625 million to reflect this. No development charge is payable for the site.
The option in June was subject to the collective sale being approved by owners controlling at least 80 per cent of share values.
'The last few signatures were obtained a few days ago but we were waiting for confirmation from the lawyers that the signatures were in order. We received this confirmation on Wednesday night,' Mr Lake said.
The option can also be exercised by the vendors, triggering the sale to OUE. Both sides now have up to Aug 15 to exercise the option.
With the Grangeford deal now set to go ahead, its unit land price of $1,810 psf ppr will be used as a benchmark in negotiations for other prime collective-sale sites, market watchers reckon.
Grangeford's $1,810 psf ppr is the highest price paid for a 99-year leasehold residential site in Singapore, surpassing the $1,104 psf ppr paid by a Wing Tai unit in June 1997 for a site in Draycott Park, which it has since developed into the Draycott 8 condo.
For a freehold site, the current benchmark, set in June, is SC Global's acquisition of The Ardmore for $2,337 psf ppr.
Merchant Rd Hotel Site Up For Sale
Source : The Business Times, August 3, 2007
THE Urban Redevelopment Authority yesterday launched the tender for a hotel site in Merchant Road, near the Swissotel Merchant Court Hotel. The 99-year leasehold site can be developed into a seven-storey hotel with about 300 rooms. The tender for the 37,762 square foot site closes on Oct 25. Maximum gross floor area comes to 132,159 sq ft.
Related link:
URA's news release - https://app-pac.mica.gov.sg/data/vddp/embargo/38346959.pdf
Knight Frank director (research and consultancy) Nicholas Mak expects top bids to come in at about $70-80 million, reflecting a unit land price of $530 to $605 per square foot of potential gross floor area. That reflects a land price of around $233,000 to $267,000 per hotel room. Mr Mak reckons the site is suitable for a four-star business hotel.
Last month, URA released another hotel site on the confirmed list of the H2 2007 Government Land Sales Programme. That site can be developed into a hotel with about 500 rooms. It's on Upper Pickering Street, within walking distance of Chinatown and Clarke Quay MRT stations. That tender closes on Oct 10.
THE Urban Redevelopment Authority yesterday launched the tender for a hotel site in Merchant Road, near the Swissotel Merchant Court Hotel. The 99-year leasehold site can be developed into a seven-storey hotel with about 300 rooms. The tender for the 37,762 square foot site closes on Oct 25. Maximum gross floor area comes to 132,159 sq ft.
Related link:
URA's news release - https://app-pac.mica.gov.sg/data/vddp/embargo/38346959.pdf
Knight Frank director (research and consultancy) Nicholas Mak expects top bids to come in at about $70-80 million, reflecting a unit land price of $530 to $605 per square foot of potential gross floor area. That reflects a land price of around $233,000 to $267,000 per hotel room. Mr Mak reckons the site is suitable for a four-star business hotel.
Last month, URA released another hotel site on the confirmed list of the H2 2007 Government Land Sales Programme. That site can be developed into a hotel with about 500 rooms. It's on Upper Pickering Street, within walking distance of Chinatown and Clarke Quay MRT stations. That tender closes on Oct 10.
Sembawang Bags $250m Genting Job
Source : The Business Times, August 3, 2007
Resorts World deals worth $1.6b to be awarded by Q108
Genting International has awarded more than $600 million of contracts for its Resorts World Sentosa (RWS), with the latest $250 million deal going to Sembawang Engineers and Constructors (Sembawang).
Contracts so far have been for preliminary works including soil investigation, road diversion and procurement.
By the first quarter of next year, Genting expects to have awarded $1.6 billion of contracts, including three main building contracts.
It has also set up its own plant to supply concrete on site, which is seen as a measure to offset rising construction costs.
Sembawang CEO and president Alwyn Bowden would not comment yesterday on whether price was a deciding factor in its winning bid. The construction sector is in an upturn and Sembawang 'does not need to take huge risks in terms of time and escalation', he added.
In a statement yesterday, Sembawang - formerly a subsidiary of SembCorp Industries and now a member of India's Punj Lloyd Group - said that the contract was awarded 'following intense competition from other international consortiums'.
Mr Bowden reckons that about five other bids were submitted.
The win is especially gratifying as Sembawang beat international consortiums, he said.
'It further underlines that Sembawang's footprints can be seen in many places in the creation of modern Singapore over the past 25 years.'
Genting International has said that RWS will create 35,000 indirect jobs. And many of these are expected to be in the construction sector.
Mr Bowden said: 'It appears (Genting) was deliberate on including local firms in the bidding list.'
Sembawang's contract involves building a concrete raft foundation, basement and associated mechanical and engineering works for RWS.
He said that the contract is for phase one of RWS only and is expected to be completed by the middle of next year.
Asked if Sembawang will face any problems, he said that the RWS project is 'equipment intensive' but the company has lined up its equipment well in advance. Sembawang also owns 30-40 cranes, he said.
Sembawang is Southeast Asia's largest engineering and construction group, with projects in South-east Asia, the Middle East, China, India, Mexico and the UK.
In Singapore, it is working on a $650 million waste treatment project in Changi and a $350 million MRT project in the Alexandra Road area
Resorts World deals worth $1.6b to be awarded by Q108
Genting International has awarded more than $600 million of contracts for its Resorts World Sentosa (RWS), with the latest $250 million deal going to Sembawang Engineers and Constructors (Sembawang).Contracts so far have been for preliminary works including soil investigation, road diversion and procurement.
By the first quarter of next year, Genting expects to have awarded $1.6 billion of contracts, including three main building contracts.
It has also set up its own plant to supply concrete on site, which is seen as a measure to offset rising construction costs.
Sembawang CEO and president Alwyn Bowden would not comment yesterday on whether price was a deciding factor in its winning bid. The construction sector is in an upturn and Sembawang 'does not need to take huge risks in terms of time and escalation', he added.
In a statement yesterday, Sembawang - formerly a subsidiary of SembCorp Industries and now a member of India's Punj Lloyd Group - said that the contract was awarded 'following intense competition from other international consortiums'.
Mr Bowden reckons that about five other bids were submitted.
The win is especially gratifying as Sembawang beat international consortiums, he said.
'It further underlines that Sembawang's footprints can be seen in many places in the creation of modern Singapore over the past 25 years.'
Genting International has said that RWS will create 35,000 indirect jobs. And many of these are expected to be in the construction sector.Mr Bowden said: 'It appears (Genting) was deliberate on including local firms in the bidding list.'
Sembawang's contract involves building a concrete raft foundation, basement and associated mechanical and engineering works for RWS.
He said that the contract is for phase one of RWS only and is expected to be completed by the middle of next year.
Asked if Sembawang will face any problems, he said that the RWS project is 'equipment intensive' but the company has lined up its equipment well in advance. Sembawang also owns 30-40 cranes, he said.
Sembawang is Southeast Asia's largest engineering and construction group, with projects in South-east Asia, the Middle East, China, India, Mexico and the UK.
In Singapore, it is working on a $650 million waste treatment project in Changi and a $350 million MRT project in the Alexandra Road area
More State Properties For Office, Financial Use
Source : The Straits Times, Aug 3, 2007
In a move to increase the supply of office space, the Singapore Land Authority (SLA) has awarded more State properties for office and financial use.
The SLA awarded three State properties in July and opened two tenders last week. It is freeing up two more properties to be offered to the market in the coming months and is evaluating four tenders to meet the demand for office space, the SLA said on Friday.
'To-date, this would make the total estimated gross floor area (GFA) of 13 properties pushed out by SLA for only office use, since beginning of this year, about 90,000 square metres,' the SLA said.
The property at 3 Shan Road, also the former Moulmein CC, was awarded to Phillip Securities, which won the tender at a bid of $35,000 per month.
The first community centre to be adapted for office use, the site has a GFA of about 2,100 square metres. The tenancy for the site located just outside the Central Business District (CBD) is for three years and is renewable up to 2016.
Phillip Securities intend to set up an Investor Centre, offering a range of financial services, a cafeteria, seminar/meeting rooms and offices for its backend operations. It expects to commence operations by year end.
The former CPIB building at 150 Cantonment Road fetched a record number of bids for a SLA public tender with 15 bids submitted.
The site was awarded to Bravo Building Construction at the highest bid price of $91,731 per month. Sitting on the fringe of the CBD, the property has a land area of about 7,100 sq m and a GFA of about 4,500 sq m. There are plans 'to sublet units to companies providing products and services related to Integrated Resorts entertainment'. The tenancy is for three years and can be renewed till 2016.
The third property at 18 Pearl's Hill Terrace at the former CID Training Centre was awarded to Hean Nerng Warehousing. The company put in a bid of $5,300 per month for the site with 1,700 sq m of land area and GFA of about 790 sq m. The tenancy is up to December 2009.
Located at a hilltop and close to an MRT station, Hean Nerng said the property will have its units sublet to 'companies which wish to expand their businesses or services near the CBD, for their backroom processes'.
The SLA is also evaluating tenders for office space for the former Bukit Ho Swee CC, the former Pasir Panjang ITE, 10 Raeburn Park and the former police headquarters at 195 Pearl's Hill Terrace. Results are expected to be out next month.
The SLA has also freed up more State properties, offering them for office space tender. These include 169 Sims Avenue, the former Pei Chun Public School, both of which are open for tender, and the former ITE Balestier & Kim Keat Camp and the former Haig Boys' School. The SLA said the former Haig Boys' School may be given an additional GFA of 10,000 sq m for in-field development.
In a move to increase the supply of office space, the Singapore Land Authority (SLA) has awarded more State properties for office and financial use.
The SLA awarded three State properties in July and opened two tenders last week. It is freeing up two more properties to be offered to the market in the coming months and is evaluating four tenders to meet the demand for office space, the SLA said on Friday.
'To-date, this would make the total estimated gross floor area (GFA) of 13 properties pushed out by SLA for only office use, since beginning of this year, about 90,000 square metres,' the SLA said.
The property at 3 Shan Road, also the former Moulmein CC, was awarded to Phillip Securities, which won the tender at a bid of $35,000 per month.
The first community centre to be adapted for office use, the site has a GFA of about 2,100 square metres. The tenancy for the site located just outside the Central Business District (CBD) is for three years and is renewable up to 2016.
Phillip Securities intend to set up an Investor Centre, offering a range of financial services, a cafeteria, seminar/meeting rooms and offices for its backend operations. It expects to commence operations by year end.
The former CPIB building at 150 Cantonment Road fetched a record number of bids for a SLA public tender with 15 bids submitted.
The site was awarded to Bravo Building Construction at the highest bid price of $91,731 per month. Sitting on the fringe of the CBD, the property has a land area of about 7,100 sq m and a GFA of about 4,500 sq m. There are plans 'to sublet units to companies providing products and services related to Integrated Resorts entertainment'. The tenancy is for three years and can be renewed till 2016.
The third property at 18 Pearl's Hill Terrace at the former CID Training Centre was awarded to Hean Nerng Warehousing. The company put in a bid of $5,300 per month for the site with 1,700 sq m of land area and GFA of about 790 sq m. The tenancy is up to December 2009.
Located at a hilltop and close to an MRT station, Hean Nerng said the property will have its units sublet to 'companies which wish to expand their businesses or services near the CBD, for their backroom processes'.
The SLA is also evaluating tenders for office space for the former Bukit Ho Swee CC, the former Pasir Panjang ITE, 10 Raeburn Park and the former police headquarters at 195 Pearl's Hill Terrace. Results are expected to be out next month.
The SLA has also freed up more State properties, offering them for office space tender. These include 169 Sims Avenue, the former Pei Chun Public School, both of which are open for tender, and the former ITE Balestier & Kim Keat Camp and the former Haig Boys' School. The SLA said the former Haig Boys' School may be given an additional GFA of 10,000 sq m for in-field development.
Cheung Kong May Sell Stake In Marina Bay Financial Centre
Source : Today, Friday, August 3, 2007
HONG Kong billionaire Li Ka-shing’s Cheung Kong Holdings may sell its one third stake in Singapore’s Marina Bay Financial Centre (picture) to Suntec Real Estate Investment Trust (Reit) when the complex is completed in 2010.
The stake is likely to be worth “more than US$1 billion ($1.5 billion)”, Mr Justin Chiu, executive director of Cheung Kong said. The company is building the 24-hectare office and residential complex on a waterfront site in Singapore with Hongkong Land Holdings and Keppel Land.
“We haven’t made a decision yet,” Mr Chiu said. “But as a parent, of course you want to take care of your own children. If the price is not that far off from the next interested buyer, we will sell.”
Cheung Kong and its partners made a joint bid of US$1.8 billion in 2005 for the 3.55-hectare site, part of Singapore’s plans to create a new business district.
The new Marina Bay, which will include projects such as a botanical garden, a casino-and-convention centre and luxury apartments, is aimed at luring companies and tourists.
Suntec Reit owns offices and retail space in Singapore, including the Suntec City development. Recently, Cheung Kong said it will sell its one-third stake in One Raffles Quay, another downtown office block built with Hongkong Land and Keppel Land, to Suntec Reit, for US$941.5 million.
“The offer was good, so we sold it,” Mr Chiu said. “Suntec Reit is our longterm commitment to Singapore. We like the place.”
Cheung Kong is bidding for a site at Beach Road near Suntec City, Mr Chiu said. It is working with Keppel Land on the tender.
HONG Kong billionaire Li Ka-shing’s Cheung Kong Holdings may sell its one third stake in Singapore’s Marina Bay Financial Centre (picture) to Suntec Real Estate Investment Trust (Reit) when the complex is completed in 2010.The stake is likely to be worth “more than US$1 billion ($1.5 billion)”, Mr Justin Chiu, executive director of Cheung Kong said. The company is building the 24-hectare office and residential complex on a waterfront site in Singapore with Hongkong Land Holdings and Keppel Land.
“We haven’t made a decision yet,” Mr Chiu said. “But as a parent, of course you want to take care of your own children. If the price is not that far off from the next interested buyer, we will sell.”
Cheung Kong and its partners made a joint bid of US$1.8 billion in 2005 for the 3.55-hectare site, part of Singapore’s plans to create a new business district.
The new Marina Bay, which will include projects such as a botanical garden, a casino-and-convention centre and luxury apartments, is aimed at luring companies and tourists.
Suntec Reit owns offices and retail space in Singapore, including the Suntec City development. Recently, Cheung Kong said it will sell its one-third stake in One Raffles Quay, another downtown office block built with Hongkong Land and Keppel Land, to Suntec Reit, for US$941.5 million.
“The offer was good, so we sold it,” Mr Chiu said. “Suntec Reit is our longterm commitment to Singapore. We like the place.”
Cheung Kong is bidding for a site at Beach Road near Suntec City, Mr Chiu said. It is working with Keppel Land on the tender.
Wheelock Sold Half of Scotts Square
Source : Today, Friday, August 3, 2007
Developer Wheelock Properties has sold half of the 338 luxury apartments in Scotts Square (picture) in a private placement this week.
The 60:40 ratio of local and foreign buyers remains in place as Singaporeans or permanent residents bought 63 per cent of the units.
Indonesians made up the majority of the foreign buyers.
The company said the highest price paid was $4,430 psf for a one-bedroom apartment
on the 41st floor, way above the average price of $4,008 psf listed for the private placement.
The remaining apartments at Scotts Square will be launched towards the end of September.
Developer Wheelock Properties has sold half of the 338 luxury apartments in Scotts Square (picture) in a private placement this week.The 60:40 ratio of local and foreign buyers remains in place as Singaporeans or permanent residents bought 63 per cent of the units.
Indonesians made up the majority of the foreign buyers.
The company said the highest price paid was $4,430 psf for a one-bedroom apartment
on the 41st floor, way above the average price of $4,008 psf listed for the private placement.
The remaining apartments at Scotts Square will be launched towards the end of September.
Net Allocation Of JTC Ready-Built Facilities Up In Q2
Source : Channel NewsAsia, 31 July 2007
Demand for JTC Corporation's industrial facilities has bounced back strongly in the second quarter.
Net allocation of ready-built facilities – a key gauge for demand – jumped nearly nine-fold to 58,200 square metres in the April-to-June period.
This was up from the 6,700 square metres recorded in the first three months of this year.
JTC said this was mainly due to the increases in net allocation of flatted factory space and standard factory space.
Technopreneur space also grew in the quarter.
Occupancy for ready-built facilities improved to 89 percent – a touch better than the 88 percent recorded at the end of the first quarter.
JTC said net allocation for prepared industrial land remained positive at 64.4 hectares in the second quarter.
This was a third lower than the 95.7 hectares recorded in the first three months of the year.
According to JTC, the positive net allocation was supported by strong performance of gross allocation.
Occupancy for prepared industrial land reached 86 percent in the second quarter. -CNA/so
Demand for JTC Corporation's industrial facilities has bounced back strongly in the second quarter. Net allocation of ready-built facilities – a key gauge for demand – jumped nearly nine-fold to 58,200 square metres in the April-to-June period.
This was up from the 6,700 square metres recorded in the first three months of this year.
JTC said this was mainly due to the increases in net allocation of flatted factory space and standard factory space.
Technopreneur space also grew in the quarter.
Occupancy for ready-built facilities improved to 89 percent – a touch better than the 88 percent recorded at the end of the first quarter.
JTC said net allocation for prepared industrial land remained positive at 64.4 hectares in the second quarter.
This was a third lower than the 95.7 hectares recorded in the first three months of the year.
According to JTC, the positive net allocation was supported by strong performance of gross allocation.
Occupancy for prepared industrial land reached 86 percent in the second quarter. -CNA/so
Second White Site At Marina View Launched
Source : Channel NewsAsia, 31 July 2007
The Urban Redevelopment Authority has released a white site at Marina View for sale by tender.
This is the second white site in the area that has been put up for sale.
It was placed in the Confirmed List of the Government Land Sales Programme for the second half of 2007.
The 99-year leasehold site has an area of 0.9 hectare and a gross plot ratio of 13.
Property consultant Knight Frank expects the land parcel to fetch around $1.2 billion, with the cost per square foot per plot ratio at between $900 and $1,060.
It says four to eight bids from major developers and investment funds can be expected, attributing robust interest to the site's proximity to the commercial district and demand for prime office space.
It can yield a maximum permissible gross floor area of 113,580 square metres.
At least 60 percent of that must be set aside for office use and 25% for hotel use. That will give some 550 hotel rooms.
The remaining 15 percent can be spread over hotels or offices, or be used for commercial purposes like retail or entertainment outlets.
The site is situated next to the Central Business District at Raffles Place, and close to One Raffles Quay and the upcoming Marina Bay Financial Centre.
The tender closes at noon on November 13. - CNA /Is
The Urban Redevelopment Authority has released a white site at Marina View for sale by tender.
This is the second white site in the area that has been put up for sale. It was placed in the Confirmed List of the Government Land Sales Programme for the second half of 2007.
The 99-year leasehold site has an area of 0.9 hectare and a gross plot ratio of 13.
Property consultant Knight Frank expects the land parcel to fetch around $1.2 billion, with the cost per square foot per plot ratio at between $900 and $1,060.
It says four to eight bids from major developers and investment funds can be expected, attributing robust interest to the site's proximity to the commercial district and demand for prime office space.
It can yield a maximum permissible gross floor area of 113,580 square metres.
At least 60 percent of that must be set aside for office use and 25% for hotel use. That will give some 550 hotel rooms.
The remaining 15 percent can be spread over hotels or offices, or be used for commercial purposes like retail or entertainment outlets.
The site is situated next to the Central Business District at Raffles Place, and close to One Raffles Quay and the upcoming Marina Bay Financial Centre.
The tender closes at noon on November 13. - CNA /Is
CapitaLand To Capitalise On Strong Market With Slew Of New Projects
Source : Channel NewsAsia, 31 July 2007
SINGAPORE: Property giant CapitaLand has seen its earnings leap to a new record of more than S$1.5 billion in the first six months of the year.
This was due to a booming property market, which has helped the developer rake in strong profits from new projects and has boosted the value of its investment properties.
CapitaLand's Singapore operations were its fastest-growing in the first half of the year, with pre-tax earnings jumping nine times from a year ago to reach S$1.4 billion, accounting for about 70 percent of the company's total profits.
CapitaLand is targeting to capitalise on the strong local property market with a slew of new projects, coming out of its 5.5 million square feet (gross floor area) land bank.
CapitaLand acquired the bulk of its land bank through the en bloc sites of Gillman Heights, Farrer Court and Char Yong Gardens earlier this year.
The CEO of CapitaLand, Liew Mun Leong, said: "Gillman Heights and Farrer Court are for the mid-class onwards. And I believe that as the super luxurious class prices escalate, the prices will cascade down to the middle class.
"Think about it, when somebody does an en bloc, they must live somewhere, they must have replacement apartments. Gillman Heights and Farrer Court will address this class of people."
These projects are likely to be in the S$1,200 to S$1,800 per square foot price range, while the Char Yong Gardens site in the prime Orchard Road area will be aimed at the top-end luxury market, where prices have reached over S$4,000 per square foot.
CapitaLand also viewed positively the recent moves by the government to calm the property market.
Mr Liew said: "To long-term developers, any move by the government to stabilise the market – to avoid volatility, to avoid hiccups – is positive for us. So we like what the government is doing in terms of stabilising prices because in the long term, the market must bear the prices."
He added that CapitaLand would continue to expand overseas in countries such as China, India and Vietnam. - CNA/so
SINGAPORE: Property giant CapitaLand has seen its earnings leap to a new record of more than S$1.5 billion in the first six months of the year.
This was due to a booming property market, which has helped the developer rake in strong profits from new projects and has boosted the value of its investment properties.
CapitaLand's Singapore operations were its fastest-growing in the first half of the year, with pre-tax earnings jumping nine times from a year ago to reach S$1.4 billion, accounting for about 70 percent of the company's total profits.
CapitaLand is targeting to capitalise on the strong local property market with a slew of new projects, coming out of its 5.5 million square feet (gross floor area) land bank.
CapitaLand acquired the bulk of its land bank through the en bloc sites of Gillman Heights, Farrer Court and Char Yong Gardens earlier this year.
The CEO of CapitaLand, Liew Mun Leong, said: "Gillman Heights and Farrer Court are for the mid-class onwards. And I believe that as the super luxurious class prices escalate, the prices will cascade down to the middle class. "Think about it, when somebody does an en bloc, they must live somewhere, they must have replacement apartments. Gillman Heights and Farrer Court will address this class of people."
These projects are likely to be in the S$1,200 to S$1,800 per square foot price range, while the Char Yong Gardens site in the prime Orchard Road area will be aimed at the top-end luxury market, where prices have reached over S$4,000 per square foot.
CapitaLand also viewed positively the recent moves by the government to calm the property market.
Mr Liew said: "To long-term developers, any move by the government to stabilise the market – to avoid volatility, to avoid hiccups – is positive for us. So we like what the government is doing in terms of stabilising prices because in the long term, the market must bear the prices."
He added that CapitaLand would continue to expand overseas in countries such as China, India and Vietnam. - CNA/so
Pacific Mansions, Rivershire Still In Negotiations With Developers
Source : Channel NewsAsia,31 July, 2007
Owners of two prime properties, Pacific Mansions and Rivershire, are apparently not throwing in the towel despite reports that no developers have responded to their asking prices in collective sales.
Rivershire (Left)
Separate talks are still ongoing, according to the agents who are marketing the properties.
Some observers said there may be developer interest if the asking prices were lowered by between 10 and 20 percent.
Savills Singapore, which is marketing Pacific Mansions, would not comment on the price but said it may take a while before a deal can be reached.
Pacific Mansion (Left)
Owners of Pacific Mansions had asked for S$2,400 per square foot per plot ratio for their units – higher than the S$2,338 per square foot of potential gross floor area achieved by The Ardmore at Ardmore Park recently.
The asking price for Pacific Mansions would mean a developer would have to fork out S$1.18 billion for the development.
Developers have also apparently not accepted the asking price of S$2,200 per square foot of potential gross floor area for the Rivershire near Leonie Hill.
This would have resulted in a price tag of S$348 million for the Rivershire.
Knight Frank, which is marketing the property, said negotiations are still in progress and nothing has been confirmed. - CNA/so
Owners of two prime properties, Pacific Mansions and Rivershire, are apparently not throwing in the towel despite reports that no developers have responded to their asking prices in collective sales.
Rivershire (Left)Separate talks are still ongoing, according to the agents who are marketing the properties.
Some observers said there may be developer interest if the asking prices were lowered by between 10 and 20 percent.
Savills Singapore, which is marketing Pacific Mansions, would not comment on the price but said it may take a while before a deal can be reached.
Pacific Mansion (Left)Owners of Pacific Mansions had asked for S$2,400 per square foot per plot ratio for their units – higher than the S$2,338 per square foot of potential gross floor area achieved by The Ardmore at Ardmore Park recently.
The asking price for Pacific Mansions would mean a developer would have to fork out S$1.18 billion for the development.
Developers have also apparently not accepted the asking price of S$2,200 per square foot of potential gross floor area for the Rivershire near Leonie Hill.
This would have resulted in a price tag of S$348 million for the Rivershire.
Knight Frank, which is marketing the property, said negotiations are still in progress and nothing has been confirmed. - CNA/so
Singapore Ranks Third In Economic Well-Being For Asia-Pacific Region
Source : Today, 01 August 2007
Singapore may be the second-largest economy after Brunei in the Asia-Pacific region.
But when it comes to economic well-being, the Republic lags behind Hong Kong and Taiwan, according to a recent study by the Asian Development Bank (ADB) based on 2005 figures.
In a poll of 23 economies, the Republic was ranked third, at HK$99,706 ($19,262) per capita - behind Hong Kong (HK$125,303) and Taiwan (HK$109,108) - based on the "actual findings consumption of households" (AFCH).
An indicator of a population's state of economic well-being, the AFCH calculates what households actually consume, including what they buy and what they are supplied by their governments, such as healthcare and education.
Rounding up the list of top five cities in the survey are Brunei and Macau.
At the bottom, are Nepal, Bangladesh, Laos, Cambodia and Vietnam.
Upcoming powerhouses China and India came in 15th and 17th. respectively, even though together, they account for 64 per cent of the total real gross domestic product (GDP) of the respondents.
Singapore was found to be the fourth-costliest place to live in the region, based on the ratio of the purchasing power parities to the exchange rate.
Topping the list were the Fiji islands, Hong Kong and Macau, with Taiwan coming in fifth after Singapore.
The cheapest places were Laos, Vietnam, Iran, Cambodia and Nepal, the study reported.
Singapore also em-erged as the region's second-richest economy, in real GDP per capita terms.
The study estimated that it would take China almost 30 years to catch up with Brunei — the region's richest economy — based on an annual per capita growth rate of 9.2 per cent.
And India would need nearly 50 years to catch up with Brunei, if the former continues to grow at an annual per capita rate of 6.5 per cent.
This study — the International Comparison Programme for Asia-Pacific — was part of an international effort managed by the ADB to draw up a cross-country comparison of key macro-economic indicators across economies in the region.
Mr Francois Bourguignon, senior vice-president and chief economist at the World Bank, described this undertaking as "particularly important in our developing member countries, where reliable information base for poverty alleviation and economic development policies is badly needed".
Singapore may be the second-largest economy after Brunei in the Asia-Pacific region. But when it comes to economic well-being, the Republic lags behind Hong Kong and Taiwan, according to a recent study by the Asian Development Bank (ADB) based on 2005 figures.
In a poll of 23 economies, the Republic was ranked third, at HK$99,706 ($19,262) per capita - behind Hong Kong (HK$125,303) and Taiwan (HK$109,108) - based on the "actual findings consumption of households" (AFCH).
An indicator of a population's state of economic well-being, the AFCH calculates what households actually consume, including what they buy and what they are supplied by their governments, such as healthcare and education.
Rounding up the list of top five cities in the survey are Brunei and Macau.
At the bottom, are Nepal, Bangladesh, Laos, Cambodia and Vietnam.
Upcoming powerhouses China and India came in 15th and 17th. respectively, even though together, they account for 64 per cent of the total real gross domestic product (GDP) of the respondents.
Singapore was found to be the fourth-costliest place to live in the region, based on the ratio of the purchasing power parities to the exchange rate.
Topping the list were the Fiji islands, Hong Kong and Macau, with Taiwan coming in fifth after Singapore.
The cheapest places were Laos, Vietnam, Iran, Cambodia and Nepal, the study reported.
Singapore also em-erged as the region's second-richest economy, in real GDP per capita terms.
The study estimated that it would take China almost 30 years to catch up with Brunei — the region's richest economy — based on an annual per capita growth rate of 9.2 per cent.
And India would need nearly 50 years to catch up with Brunei, if the former continues to grow at an annual per capita rate of 6.5 per cent.
This study — the International Comparison Programme for Asia-Pacific — was part of an international effort managed by the ADB to draw up a cross-country comparison of key macro-economic indicators across economies in the region.
Mr Francois Bourguignon, senior vice-president and chief economist at the World Bank, described this undertaking as "particularly important in our developing member countries, where reliable information base for poverty alleviation and economic development policies is badly needed".
URA Launches Merchant Road Hotel Site For Sale By Tender
Source : Channel NewsAsia,02 August 2007
A new hotel development is set to come up at the corner of New Market Road and Merchant Road.
The Urban Redevelopment Authority has launched the site for sale by public tender.
The land parcel, which has a 99-year lease, is on the Confirmed List of the Government Land Sales Programme for the second half of this year.
The 0.35 hectare land parcel near the Clarke Quay MRT station is zoned for hotel use.
It can generate a maximum permissible gross floor area of 12,278 square metres.
Property consultant Knight Frank believes a 4-star business hotel, with about 290 to 300 rooms, can be developed on this site.
It also says the tender could attract up to four bidders who could offer between S$70 million and S$80 million for the parcel.
This translates to between S$530 and S$590 per square foot per plot ratio.
The tender will close at noon on 25 October.
The government has recently sold two hotel parcels.
One of them is a site at Tanjong Pagar Road and Gopeng Street, which was sold to Carlton Properties in May for S$123 million.
The other is a site at Tanjong Pagar Road and Tras Street that was sold to Chng Ghim Huat in June for S$97 million. - CNA/ch/so
A new hotel development is set to come up at the corner of New Market Road and Merchant Road. The Urban Redevelopment Authority has launched the site for sale by public tender.
The land parcel, which has a 99-year lease, is on the Confirmed List of the Government Land Sales Programme for the second half of this year.
The 0.35 hectare land parcel near the Clarke Quay MRT station is zoned for hotel use.
It can generate a maximum permissible gross floor area of 12,278 square metres.
Property consultant Knight Frank believes a 4-star business hotel, with about 290 to 300 rooms, can be developed on this site.
It also says the tender could attract up to four bidders who could offer between S$70 million and S$80 million for the parcel.
This translates to between S$530 and S$590 per square foot per plot ratio.
The tender will close at noon on 25 October.
The government has recently sold two hotel parcels.
One of them is a site at Tanjong Pagar Road and Gopeng Street, which was sold to Carlton Properties in May for S$123 million.
The other is a site at Tanjong Pagar Road and Tras Street that was sold to Chng Ghim Huat in June for S$97 million. - CNA/ch/so
Property Agent Jailed
Source : Today, Friday, August 3, 2007
Rasif's alleged aide gets five years and five months
THE property agent who allegedly conspired with missing lawyer David Rasif to pocket almost $1 million during the sales of 22 properties was sentenced yesterday to five years and five months jail.
Goh Chong Liang (picture), a former director of a real estate company, had overstated flat valuations in clients' applications for bank loans, thereby convincing banks and the CPF Board into providing higher loan amounts.
In passing sentence, District Judge Liew Thiam Leng said the scam was "organised" and "well-planned". The amount involved in the scam was also "considerable", he added.
Goh had earlier pleaded guilty to 22 conspiracy charges and 14 other forgery charges.
He would propose to the sellers' agent a higher price after showing buyers the flat for sale. This inflated price included purported "renovation costs" for the flat, which was paid to Danis Interior Design — a "shell" business set up by Goh, 37. Renovation works, however, never took place.
The cashback monies would then be made through Rasif's law firm, which would then deduct a share, as "legal fees". In all, Danis Interior Design pocketed a total of $917,500.
After investigations started in 2005, Goh claimed Rasif told him to forge documents, and to find someone to sign them. These documents were used to deceive Commercial Affairs Department investigators.
In mitigation, defence lawyer Peter Fernando pointed the finger at Rasif as the mastermind in the offences. Mr Fernando also argued that Goh's financial share in the scam was minimal — ranging between $5,000 and $7,000 per transaction.
The banks which had approved the inflated housing loans also stood to gain financially from the additional interest earned, argued Mr Fernando.
Judge Liew, however, said the offences committed had "an adverse impact on banking transactions".
Goh is the first to be charged in Court for his role in the scam. The whereabouts of Rasif, who disappeared last year allegedly taking with him about $12 million of his clients' money, are not known.
Rasif's alleged aide gets five years and five months
THE property agent who allegedly conspired with missing lawyer David Rasif to pocket almost $1 million during the sales of 22 properties was sentenced yesterday to five years and five months jail.
Goh Chong Liang (picture), a former director of a real estate company, had overstated flat valuations in clients' applications for bank loans, thereby convincing banks and the CPF Board into providing higher loan amounts. In passing sentence, District Judge Liew Thiam Leng said the scam was "organised" and "well-planned". The amount involved in the scam was also "considerable", he added.
Goh had earlier pleaded guilty to 22 conspiracy charges and 14 other forgery charges.
He would propose to the sellers' agent a higher price after showing buyers the flat for sale. This inflated price included purported "renovation costs" for the flat, which was paid to Danis Interior Design — a "shell" business set up by Goh, 37. Renovation works, however, never took place.
The cashback monies would then be made through Rasif's law firm, which would then deduct a share, as "legal fees". In all, Danis Interior Design pocketed a total of $917,500.
After investigations started in 2005, Goh claimed Rasif told him to forge documents, and to find someone to sign them. These documents were used to deceive Commercial Affairs Department investigators.
In mitigation, defence lawyer Peter Fernando pointed the finger at Rasif as the mastermind in the offences. Mr Fernando also argued that Goh's financial share in the scam was minimal — ranging between $5,000 and $7,000 per transaction.
The banks which had approved the inflated housing loans also stood to gain financially from the additional interest earned, argued Mr Fernando.
Judge Liew, however, said the offences committed had "an adverse impact on banking transactions".
Goh is the first to be charged in Court for his role in the scam. The whereabouts of Rasif, who disappeared last year allegedly taking with him about $12 million of his clients' money, are not known.
En Bloc Prices "Have Peaked"
SOurce : TODAY, Thursday, August 2, 2007
Price stability will be good for the market, says analysts
CAPITALAND Ltd, the biggest buyer of existing apartment blocks for redevelopment in Singapore in the past year, said en bloc sales have “peaked” as owners asked for record prices for their homes.
The market for existing buildings has hit a high “in terms of pricing”, said Mr Liew Mun Leong, chief executive officer of CapitaLand.
The developer, South-east Asia’s largest, had an 18.3-percent share in the city state’s $13.49-billion en bloc collective sales from July last year to June, according to data from real estate consultant Knight Frank.
A frenzy of redevelopment around the Orchard area and the prime Holland Road Residential district prompted the Government to raise a tax on property companies rebuilding some older apartments.
The purchases are done through collective or en bloc sales, where home owners jointly sell their developments.
“The problem now is that en bloc owners’ expectations are raising the hurdles,” said 61-year-old Mr Liew yesterday.“Going forward, en bloc owners must be realistic about what is marketable.”
Developers were buying older homes in prime areas to redevelop and resell at prices more than four times higher as demand for luxury apartments pushed prices to records.
Last year, a record 70 older developments were sold, totalling $8.1 billion, Knight Frank said. In the first half of this year, there were 48 transactions amounting to $9.48 billion.
“En bloc sales are about derived demand,” said Mr Nicholas Mak, Knight Frank’s research director. “As long as high-end property demand continues, the en bloc sales would continue.”
CapitaLand in June said it was buying Farrer Court in the Holland Road area for a record $1.3 billion. SC Global Developments Ltd, a builder of luxury homes in Singapore, said the same month it agreed to buy No 6 Ardmore Park for $262 million, or $2,338 per sq ft, the highest for an existing complex.
“There will come a time when the market cannot bear” the prices, Mr Liew said.
Some developments are having a harder time with en bloc sales. Pacific Mansions in River Valley had an asking price of $1.18 billion, or $2,400 per sq ft.
But the owners reportedly did not get bids that met their asking price, and are negotiating with possible buyers to achieve their reserve or minimum price, which is 10 to 20 per cent lower.
“We are seeing vendors adapting to be more accommodating,” said Mr Donald Han, managing director of Cushman & Wakefield Pte.
“Instead of expecting record price after record price, there is some price stabilisation, which will be good for the market.” — BLOOMBERG
Price stability will be good for the market, says analysts
CAPITALAND Ltd, the biggest buyer of existing apartment blocks for redevelopment in Singapore in the past year, said en bloc sales have “peaked” as owners asked for record prices for their homes.The market for existing buildings has hit a high “in terms of pricing”, said Mr Liew Mun Leong, chief executive officer of CapitaLand.
The developer, South-east Asia’s largest, had an 18.3-percent share in the city state’s $13.49-billion en bloc collective sales from July last year to June, according to data from real estate consultant Knight Frank.
A frenzy of redevelopment around the Orchard area and the prime Holland Road Residential district prompted the Government to raise a tax on property companies rebuilding some older apartments.
The purchases are done through collective or en bloc sales, where home owners jointly sell their developments.
“The problem now is that en bloc owners’ expectations are raising the hurdles,” said 61-year-old Mr Liew yesterday.“Going forward, en bloc owners must be realistic about what is marketable.”
Developers were buying older homes in prime areas to redevelop and resell at prices more than four times higher as demand for luxury apartments pushed prices to records.
Last year, a record 70 older developments were sold, totalling $8.1 billion, Knight Frank said. In the first half of this year, there were 48 transactions amounting to $9.48 billion.
“En bloc sales are about derived demand,” said Mr Nicholas Mak, Knight Frank’s research director. “As long as high-end property demand continues, the en bloc sales would continue.”
CapitaLand in June said it was buying Farrer Court in the Holland Road area for a record $1.3 billion. SC Global Developments Ltd, a builder of luxury homes in Singapore, said the same month it agreed to buy No 6 Ardmore Park for $262 million, or $2,338 per sq ft, the highest for an existing complex.
“There will come a time when the market cannot bear” the prices, Mr Liew said.
Some developments are having a harder time with en bloc sales. Pacific Mansions in River Valley had an asking price of $1.18 billion, or $2,400 per sq ft.
But the owners reportedly did not get bids that met their asking price, and are negotiating with possible buyers to achieve their reserve or minimum price, which is 10 to 20 per cent lower.
“We are seeing vendors adapting to be more accommodating,” said Mr Donald Han, managing director of Cushman & Wakefield Pte.
“Instead of expecting record price after record price, there is some price stabilisation, which will be good for the market.” — BLOOMBERG
Hotel Phoenix Fold Its Wings
Source : TODAY, Thursday, August 2, 2007
Staff and Guests in Teary Farewell
FINAL FAREWELL: Managing director of Hotel Phoenix, Mr Noel Hawkes,
(left) thanks the hotel’s last in-house guest, Mr Christian Ion (right).
MORE than 6 million guests, 6.5 million meals served and 30 million pieces of laundry later, Hotel Phoenix bid its last guest goodbye in a teary farewell yesterday afternoon.
French businessman Christian Ion — who stayed at the 35-year-old hotel whenever he visited Singapore over the past 17 years — was the last guest to check out.
Said Mr Ion, who was rewarded with a free night’s stay: “It’s very emotional, they (the staff) have become family. Wherever I go now, it will never be like this. It’s been a home away from home.”
In May, TODAY had reported that the hotel was closing for a major refurbishment. It was a poignant moment too yesterday for long-time staff of the 392-room hotel, many of whom gathered at the Phoenix Garden Café for a staff-only farewell party at which management cleared plates and refilled glasses as frontline service staff sat back and relaxed.
Bell captain George Chia, who began his career at the hotel when it first opened in 1972, was near tears as he hugged another regular guest goodbye.
“He gave us his address and number and told us to visit him,” said the 56-year-old, who had turned down jobs in the past to continue at the hotel.
“Here, colleagues became family and guests became friends. And I was lucky to work for a management that listened and gave staff opportunities. Where else will I find a place like this?” he added.
OCBC Bank — which owns Hotel Phoenix along with the adjacent Specialists’ Shopping Centre — declined to reveal its plans for the properties. However, the bank has submitted a development blueprint to the Government, and expects a response within the next few weeks.
Earlier media reports suggested that the big plan was for a 20-storey retail-cum-hotel complex,designed by renowned Tange Associates, on both freehold sites, located next to the Somerset MRT station.
Staff and Guests in Teary Farewell
FINAL FAREWELL: Managing director of Hotel Phoenix, Mr Noel Hawkes,
(left) thanks the hotel’s last in-house guest, Mr Christian Ion (right).
MORE than 6 million guests, 6.5 million meals served and 30 million pieces of laundry later, Hotel Phoenix bid its last guest goodbye in a teary farewell yesterday afternoon.
French businessman Christian Ion — who stayed at the 35-year-old hotel whenever he visited Singapore over the past 17 years — was the last guest to check out.
Said Mr Ion, who was rewarded with a free night’s stay: “It’s very emotional, they (the staff) have become family. Wherever I go now, it will never be like this. It’s been a home away from home.”
In May, TODAY had reported that the hotel was closing for a major refurbishment. It was a poignant moment too yesterday for long-time staff of the 392-room hotel, many of whom gathered at the Phoenix Garden Café for a staff-only farewell party at which management cleared plates and refilled glasses as frontline service staff sat back and relaxed.
Bell captain George Chia, who began his career at the hotel when it first opened in 1972, was near tears as he hugged another regular guest goodbye.
“He gave us his address and number and told us to visit him,” said the 56-year-old, who had turned down jobs in the past to continue at the hotel.
“Here, colleagues became family and guests became friends. And I was lucky to work for a management that listened and gave staff opportunities. Where else will I find a place like this?” he added.
OCBC Bank — which owns Hotel Phoenix along with the adjacent Specialists’ Shopping Centre — declined to reveal its plans for the properties. However, the bank has submitted a development blueprint to the Government, and expects a response within the next few weeks.
Earlier media reports suggested that the big plan was for a 20-storey retail-cum-hotel complex,designed by renowned Tange Associates, on both freehold sites, located next to the Somerset MRT station.
Farewell Phoenix, Hello Windfall
Source : New Paper, August 03, 2007
IT was a bittersweet end for these employees of Hotel Phoenix, which closed its doors yesterday.
Madam Low Chui Peh (left), a kitchen helper, shares her sorrow with colleagues at Hotel Phoenix.
The area on which it stands is being redeveloped.
Madam Susan Seah, Mr George Chia and Madam Chua Swee Jee have all been working at the Orchard Road hotel since it opened in 1972.
It felt like a long marriage to the hotel - all 35 years of it - and now, they have to break off ties.
The bitter part is, they have done nothing to jeopardise the relationship but they have to leave.
No more sharing of jokes and gossip with their colleagues, no more familiar support when they have problems to solve.
Madam Seah, for example, was just 25 when she joined the hotel. She started work as a maid.
Now, she is 60 and leaving the hotel as its former floor supervisor.
She said: 'I feel very sad because it was like a family to me. But can't be helped - all good things must come to an end.'
The General Manager of Hotel Phoenix closes the front doors.
The good things, of course, were not just the camaraderie and memories.
There was also the money.
Mr Chia, 55, a bell captain, revealed why they were such loyal employees with an understated 'the working conditions were good, and bosses took care of you'.
The good bonuses and pay didn't hurt either, it seems.
And in line with that tradition, he and his two other long-serving colleagues are getting a huge payout.
That is the sweet bit.
The retrenchment package they received: 35 months' of pay (for every year they have worked), and two more months in-lieu of notice.
The three of them did not want to reveal how much they earn, and would not say how they intend to spend the money.
But one thing is for sure, they are also quite happy to be getting a break from work.
Madam Seah said she will now 'take a breather' before deciding on future plans.
Madam Chua, 63, is definitely not putting on her apron for a while now. She is the cook behind the delicious nasi lemak served up daily at the hotel's famous Phoenix Garden Cafe.
Her husband is retired, her daughter is an army officer, and her son is a PhD student at the National University of Singapore.
She said: 'I'm looking forward to retirement, and spending time with my husband and two children.'
IT was a bittersweet end for these employees of Hotel Phoenix, which closed its doors yesterday.
Madam Low Chui Peh (left), a kitchen helper, shares her sorrow with colleagues at Hotel Phoenix.
The area on which it stands is being redeveloped.
Madam Susan Seah, Mr George Chia and Madam Chua Swee Jee have all been working at the Orchard Road hotel since it opened in 1972.
It felt like a long marriage to the hotel - all 35 years of it - and now, they have to break off ties.
The bitter part is, they have done nothing to jeopardise the relationship but they have to leave.
No more sharing of jokes and gossip with their colleagues, no more familiar support when they have problems to solve.
Madam Seah, for example, was just 25 when she joined the hotel. She started work as a maid.
Now, she is 60 and leaving the hotel as its former floor supervisor.
She said: 'I feel very sad because it was like a family to me. But can't be helped - all good things must come to an end.'
The General Manager of Hotel Phoenix closes the front doors.
The good things, of course, were not just the camaraderie and memories.
There was also the money.
Mr Chia, 55, a bell captain, revealed why they were such loyal employees with an understated 'the working conditions were good, and bosses took care of you'.
The good bonuses and pay didn't hurt either, it seems.
And in line with that tradition, he and his two other long-serving colleagues are getting a huge payout.
That is the sweet bit.
The retrenchment package they received: 35 months' of pay (for every year they have worked), and two more months in-lieu of notice.
The three of them did not want to reveal how much they earn, and would not say how they intend to spend the money.
But one thing is for sure, they are also quite happy to be getting a break from work.
Madam Seah said she will now 'take a breather' before deciding on future plans.
Madam Chua, 63, is definitely not putting on her apron for a while now. She is the cook behind the delicious nasi lemak served up daily at the hotel's famous Phoenix Garden Cafe.
Her husband is retired, her daughter is an army officer, and her son is a PhD student at the National University of Singapore.
She said: 'I'm looking forward to retirement, and spending time with my husband and two children.'
Over 100 Blocks Vote For Lift Upgrading In May-June Polling Exercises
Source : Channel NewsAsia, 03 August 2007
Five precincts were offered the "IUP Plus" scheme, comprising the Interim Upgrading Programme (IUP) and the Lift Upgrading Programme (LUP).
Residents in 104 blocks of flats in Singapore have voted for lift upgrading, according to poll results. The polls were conducted in May and June this year.
At least 75 percent of residents in all the 42 blocks in the five precincts, supported the scheme.
The precincts are;
- Bishan Street 11 (Blks 145-149)
- Bishan Street 13 (Blks 182, 184-189, and 191)
- Jurong West Ave 1 (Blks 423-431)
- Jurong West Street 42 (Blks 543-547, and 550-551)
- Bukit Batok St 32/33 (Blks 324-336).
These blocks will get their new lifts - the latest by the end of 2010.
Another 11 precincts were offered the LUP.
And 52 blocks obtained the 75 percent support level needed for the LUP to proceed.
The precincts are:
- Tampines St 83/84 (Blks 865, 866 and 871A)
- Tampines St 11 (Blks 126 and 127)
- Bedok North St 3/Ave 3 (501-510)
- Bedok Reservoir Road (Blks 140-144, and 146-151)
- Eunos Road 5 (Blks 410-411, and 414-417)
- Bukit Purmei Road (Blks 101-109)
- Toa Payoh North (Blks 205, 208 and 209)
- Fajar Road/Bukit Panjang Road (Blks 426 and 433)
- Bangkit Road (Blks 271 and 273)
- Woodlands St 81/83 (Blks 828-829, and 833)
- Yishun St 61 (Blk 645A).
The new lifts at these blocks will be ready - the latest by the second half of 2010.
Ten other blocks which were offered the Town Council Lift Upgrading Programme (TC-LUP) also obtained the 75 percent support level.
These blocks are:
- Redhill Close (Blk 86)
- Bukit Batok East Ave 3/4 (Blks 272 and 283)
- Jurong East Ave 1 (Blks 336-337, and 340)
- Bishan St 13 (Blks 183 and 190) and
- Tampines St 11 (Blks 124-125).
Currently, of the 1,870 HDB blocks which have undergone polling for the LUP, 1,835 have obtained the 75 percent support level for the programme. - CNA/de
Five precincts were offered the "IUP Plus" scheme, comprising the Interim Upgrading Programme (IUP) and the Lift Upgrading Programme (LUP).
Residents in 104 blocks of flats in Singapore have voted for lift upgrading, according to poll results. The polls were conducted in May and June this year. At least 75 percent of residents in all the 42 blocks in the five precincts, supported the scheme.
The precincts are;
- Bishan Street 11 (Blks 145-149)
- Bishan Street 13 (Blks 182, 184-189, and 191)
- Jurong West Ave 1 (Blks 423-431)
- Jurong West Street 42 (Blks 543-547, and 550-551)
- Bukit Batok St 32/33 (Blks 324-336).
These blocks will get their new lifts - the latest by the end of 2010.
Another 11 precincts were offered the LUP.
And 52 blocks obtained the 75 percent support level needed for the LUP to proceed.
The precincts are:
- Tampines St 83/84 (Blks 865, 866 and 871A)
- Tampines St 11 (Blks 126 and 127)
- Bedok North St 3/Ave 3 (501-510)
- Bedok Reservoir Road (Blks 140-144, and 146-151)
- Eunos Road 5 (Blks 410-411, and 414-417)
- Bukit Purmei Road (Blks 101-109)
- Toa Payoh North (Blks 205, 208 and 209)
- Fajar Road/Bukit Panjang Road (Blks 426 and 433)
- Bangkit Road (Blks 271 and 273)
- Woodlands St 81/83 (Blks 828-829, and 833)
- Yishun St 61 (Blk 645A).
The new lifts at these blocks will be ready - the latest by the second half of 2010.
Ten other blocks which were offered the Town Council Lift Upgrading Programme (TC-LUP) also obtained the 75 percent support level.
These blocks are:
- Redhill Close (Blk 86)
- Bukit Batok East Ave 3/4 (Blks 272 and 283)
- Jurong East Ave 1 (Blks 336-337, and 340)
- Bishan St 13 (Blks 183 and 190) and
- Tampines St 11 (Blks 124-125).
Currently, of the 1,870 HDB blocks which have undergone polling for the LUP, 1,835 have obtained the 75 percent support level for the programme. - CNA/de
URA Puts Up Second White Site At Marina View For Sale
Source : AsiaOne News, Tue, Jul 31, 2007
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The Urban Redevelopment Authority (URA) has put up a second white site at Marina View for sale today to meet the growing demand for prime office space and hotels in the Marina Bay area.
With a site area covering 0.9 ha and a gross plot ratio of 13, the land parcel can yield a maximum permissible gross floor area (GFA) of 113,580 sq m.
It is strategically located within the Marina Bay area, next to the existing Central Business District (CBD) at Raffles Place and close to other prime office developments such as One Raffles Quay (ORQ) and Marina Bay Financial Centre (MBFC).
The concept of 'white' sites is introduced to give developers more flexibility in development options on certain land parcels sold by the State.
'White' sites are sites in which a range of uses are allowed, giving developers the flexibility to decide on the mix of uses and how much floor space for each use, as long as the total permissable GFA for the whole development is not exceeded.
In addition, successful tenderers of "white" sites may also change the mix or space allotted for use as stipulated in the conditions of tender without the need to pay differential premium during the lease period.
Source: URA
The release of this plot comes two months after the first white site, covering 110,206 sq ft, at Marina View was launched in May, and the tender for this closes on Sept 19. Property consultants estimate that this site could fetch $850 to $1,000 psf of the potential gross floor area. This translates into bids of $1.22 billion to $1.43 billion, and some analysts reckon that the price could for even higher given the current robust property market.
The URA, in a statement, said the development "will contribute to building up the critical mass of office space and hotel rooms in the Marina Bay area and developing the precinct as an international business and financial hub."
"This land parcel offers a unique opportunity for a distinctive landmark office and hotel development in a prime downtown location," it added.
URA said at least 60% of the total permissible GFA for the land parcel will be developed for office use to meet the demand for prime office space.
The successful tenderer for this site will also be required to allocate at least another 25% of the maximum permissible GFA for hotel use, which can yield about 550 hotel rooms.
"This is to contribute to the supply of hotel rooms to meet the expected increase in demand arising from the Singapore Tourism Board's target of attracting 17 million visitors by 2015," said the URA.
Apart from the required minimum quantum for office and hotel uses, the remaining GFA may be developed for additional office, hotel or other permitted uses, such as residential and other commercial uses, for example, retail and entertainment.
The site enjoys direct frontage onto a public open space linking Marina Boulevard to Straits Boulevard and has panoramic views of the city skyline and Marina Bay. It will be connected to surrounding developments ORQ, One Marina Boulevard, MBFC and the future developments at One Shenton and the earlier white site through an extensive network of covered walkways, underground pedestrian walkways and second storey links.
The site will be served by the Common Services Tunnel, a comprehensive system of underground tunnels which house and distribute utility service lines, including power and telecommunication cables.
The future office tenants will have access to uninterrupted supply of major utilities, emergency back-up services and the capacity for expansion to meet changing utility needs.
The land parcel is one of the sites to be sold via the confirmed list under the second half of the Government Land Sales Programme announced by the Ministry of National Development on June 14.
More details of the site are available on URA website at http://www.ura.gov.sg/sales/MarinaViewLPB/MV-intro.html.
Developments around Marina Bay
The Marina Bay area, Singapore's downtown district, is located within the heart of the city. It comprises the existing CBD at Raffles Places, Shenton Way and Marina Centre, together with the new development area around the Bay. The district will be an international business and financial hub and is envisaged to be a dynamic, 24/7, Garden City by the Bay.
The URA said the Marina Bay is shaping up well and fast.
Apart from the The Sail, a luxurious condominium development, MBFC and Marina Bay Sands Integrated Resort which will be completed in the next few years, the government has also recently sold the 2.67 ha site at Collyer Quay to be developed into a lifestyle hub featuring a luxury boutique hotel with a good mix of retail and entertainment uses.
"The development at Collyer Quay site is scheduled to be completed in 2009.
Other exciting attractions that will be added to the loop of existing attractions around the bay, includes The Singapore Flyer - one of the tallest observation wheels in the world which is scheduled to be completed in 2008, 100 ha of prime land for the development of three distinctive and unique world class Gardens by the Bay and a 3.5 km long promenade and a new iconic pedestrian bridge featuring the world's first double helix
design construction.
The tender of the second white site at Marina View will close at 12 noon on Nov 13.
Selection of the successful tenderer will be based on the tendered land price only, said the URA.
+Logo.gif)
The Urban Redevelopment Authority (URA) has put up a second white site at Marina View for sale today to meet the growing demand for prime office space and hotels in the Marina Bay area.With a site area covering 0.9 ha and a gross plot ratio of 13, the land parcel can yield a maximum permissible gross floor area (GFA) of 113,580 sq m.
It is strategically located within the Marina Bay area, next to the existing Central Business District (CBD) at Raffles Place and close to other prime office developments such as One Raffles Quay (ORQ) and Marina Bay Financial Centre (MBFC).
The concept of 'white' sites is introduced to give developers more flexibility in development options on certain land parcels sold by the State.
'White' sites are sites in which a range of uses are allowed, giving developers the flexibility to decide on the mix of uses and how much floor space for each use, as long as the total permissable GFA for the whole development is not exceeded.
In addition, successful tenderers of "white" sites may also change the mix or space allotted for use as stipulated in the conditions of tender without the need to pay differential premium during the lease period.
Source: URA
The release of this plot comes two months after the first white site, covering 110,206 sq ft, at Marina View was launched in May, and the tender for this closes on Sept 19. Property consultants estimate that this site could fetch $850 to $1,000 psf of the potential gross floor area. This translates into bids of $1.22 billion to $1.43 billion, and some analysts reckon that the price could for even higher given the current robust property market.
The URA, in a statement, said the development "will contribute to building up the critical mass of office space and hotel rooms in the Marina Bay area and developing the precinct as an international business and financial hub."
"This land parcel offers a unique opportunity for a distinctive landmark office and hotel development in a prime downtown location," it added.
URA said at least 60% of the total permissible GFA for the land parcel will be developed for office use to meet the demand for prime office space.
The successful tenderer for this site will also be required to allocate at least another 25% of the maximum permissible GFA for hotel use, which can yield about 550 hotel rooms.
"This is to contribute to the supply of hotel rooms to meet the expected increase in demand arising from the Singapore Tourism Board's target of attracting 17 million visitors by 2015," said the URA.
Apart from the required minimum quantum for office and hotel uses, the remaining GFA may be developed for additional office, hotel or other permitted uses, such as residential and other commercial uses, for example, retail and entertainment.
The site enjoys direct frontage onto a public open space linking Marina Boulevard to Straits Boulevard and has panoramic views of the city skyline and Marina Bay. It will be connected to surrounding developments ORQ, One Marina Boulevard, MBFC and the future developments at One Shenton and the earlier white site through an extensive network of covered walkways, underground pedestrian walkways and second storey links.
The site will be served by the Common Services Tunnel, a comprehensive system of underground tunnels which house and distribute utility service lines, including power and telecommunication cables.
The future office tenants will have access to uninterrupted supply of major utilities, emergency back-up services and the capacity for expansion to meet changing utility needs.
The land parcel is one of the sites to be sold via the confirmed list under the second half of the Government Land Sales Programme announced by the Ministry of National Development on June 14.
More details of the site are available on URA website at http://www.ura.gov.sg/sales/MarinaViewLPB/MV-intro.html.
Developments around Marina Bay
The Marina Bay area, Singapore's downtown district, is located within the heart of the city. It comprises the existing CBD at Raffles Places, Shenton Way and Marina Centre, together with the new development area around the Bay. The district will be an international business and financial hub and is envisaged to be a dynamic, 24/7, Garden City by the Bay.
The URA said the Marina Bay is shaping up well and fast.
Apart from the The Sail, a luxurious condominium development, MBFC and Marina Bay Sands Integrated Resort which will be completed in the next few years, the government has also recently sold the 2.67 ha site at Collyer Quay to be developed into a lifestyle hub featuring a luxury boutique hotel with a good mix of retail and entertainment uses.
"The development at Collyer Quay site is scheduled to be completed in 2009.
Other exciting attractions that will be added to the loop of existing attractions around the bay, includes The Singapore Flyer - one of the tallest observation wheels in the world which is scheduled to be completed in 2008, 100 ha of prime land for the development of three distinctive and unique world class Gardens by the Bay and a 3.5 km long promenade and a new iconic pedestrian bridge featuring the world's first double helix
design construction.
The tender of the second white site at Marina View will close at 12 noon on Nov 13.
Selection of the successful tenderer will be based on the tendered land price only, said the URA.
Downtown Line: Work On 1st Stage To Start This Year
Source : The Straits Times, Aug 3, 2007
3 firms awarded contracts worth $500m in total
WORK on the new $12 billion Downtown Line (DTL) is set to begin later this year with the award of contracts worth nearly $500 million to three construction firms.
The three companies - Shimizu, Gammon and a Samsung-Soletanche Bachy joint venture - will begin excavation and structural work on the first stage of the DTL in the last quarter of this year.
The contracts were awarded on Wednesday after a tender process that lasted between four and seven months.
The 4.3km-long first stage of the DTL, slated for completion in six years, will connect Bugis station on the East-West Line to Chinatown station on the North-East Line (NEL).
The line will comprise six stations: Bugis, Promenade, Bayfront, Landmark, Cross Street and Chinatown.
When up and running in 2013, it will be a key link to new developments such as the Marina Bay Financial Centre and the Marina Bay Sands integrated resort (IR).
All the three firms awarded contracts for the first stage of the DTL have extensive experience in large-scale projects in Singapore, the Land Transport Authority said in a statement.
Japanese construction giant Shimizu, for example, was involved in the construction of Outram Park station on the NEL and is currently working on the Fusionopolis project.
For the DTL project, Shimizu has been awarded a $102.8 million contract to design and build tunnels between the Promenade station, Marina Bay and the IR development, among others.
The second contract worth $224.9 million, to design and build Cross Street station, has been awarded to the Samsung-Soletanche Bachy joint venture.
Korean conglomerate Samsung is involved in several big construction projects, such as the 12 km-long Kallang-Paya Lebar Expressway while French firm Soletanche Bachy is working on the Marina Bay Sands IR and the iconic Orchard Turn development.
The joint venture's latest contract will involve the construction of a temporary two-lane viaduct along Cross Street from Central Boulevard to keep traffic in the area flowing smoothly as building works go on.
The third contract, awarded to Hong Kong-based Gammon Construction and worth $160.3 million, will be to design and build the DTL's Chinatown station and the tunnels connected to it.
Gammon was the main contractor for the Chinatown station on the NEL. Its other projects in Singapore include the Bukit Panjang LRT and, currently, track works for the Boon Lay Extension.
3 firms awarded contracts worth $500m in total
WORK on the new $12 billion Downtown Line (DTL) is set to begin later this year with the award of contracts worth nearly $500 million to three construction firms.
The three companies - Shimizu, Gammon and a Samsung-Soletanche Bachy joint venture - will begin excavation and structural work on the first stage of the DTL in the last quarter of this year.
The contracts were awarded on Wednesday after a tender process that lasted between four and seven months.
The 4.3km-long first stage of the DTL, slated for completion in six years, will connect Bugis station on the East-West Line to Chinatown station on the North-East Line (NEL).
The line will comprise six stations: Bugis, Promenade, Bayfront, Landmark, Cross Street and Chinatown.
When up and running in 2013, it will be a key link to new developments such as the Marina Bay Financial Centre and the Marina Bay Sands integrated resort (IR).
All the three firms awarded contracts for the first stage of the DTL have extensive experience in large-scale projects in Singapore, the Land Transport Authority said in a statement.
Japanese construction giant Shimizu, for example, was involved in the construction of Outram Park station on the NEL and is currently working on the Fusionopolis project.
For the DTL project, Shimizu has been awarded a $102.8 million contract to design and build tunnels between the Promenade station, Marina Bay and the IR development, among others.
The second contract worth $224.9 million, to design and build Cross Street station, has been awarded to the Samsung-Soletanche Bachy joint venture.
Korean conglomerate Samsung is involved in several big construction projects, such as the 12 km-long Kallang-Paya Lebar Expressway while French firm Soletanche Bachy is working on the Marina Bay Sands IR and the iconic Orchard Turn development.
The joint venture's latest contract will involve the construction of a temporary two-lane viaduct along Cross Street from Central Boulevard to keep traffic in the area flowing smoothly as building works go on.
The third contract, awarded to Hong Kong-based Gammon Construction and worth $160.3 million, will be to design and build the DTL's Chinatown station and the tunnels connected to it.
Gammon was the main contractor for the Chinatown station on the NEL. Its other projects in Singapore include the Bukit Panjang LRT and, currently, track works for the Boon Lay Extension.
Half Of Scotts Square Condo Sold In One week
Source : The Straits Times, Aug 2, 2007
In just one week, Wheelock Properties has already sold half of its highly anticipated Scotts Square, a new condominium being built on the former Scotts Shopping Centre site.
The developer said on Thursday 169 units have been sold at an average price of $4,008 per sq ft (psf).
That makes Scotts Square second only to The Marq on Paterson Hill in terms of median value. Units at The Marq were reported to have fetched an average price of $4,044 psf in June.
The highest price achieved at Scotts Square was $4,430 psf for a one-bedroom apartment on the 41st floor, Wheelock said. A Singaporean bought the unit for $2.67 million.
Only two other condos are known to have commanded higher prices on a psf basis: The Marq, which had a unit sold for $5,100 psf; and, The Orchard Residences at Orchard Turn, where a penthouse unit was recently snapped up for $5,500 psf.
The units sold at Scotts Square so far were offered by invitation to past buyers of Wheelock projects.
The rest of the apartments will be officially launched to the public late next month, together with the show flat.
About 63 per cent of the units sold were taken up by Singaporeans or permanent residents, Wheelock said.
The remaining buyers were predominantly Indonesians.
In just one week, Wheelock Properties has already sold half of its highly anticipated Scotts Square, a new condominium being built on the former Scotts Shopping Centre site.
The developer said on Thursday 169 units have been sold at an average price of $4,008 per sq ft (psf).
That makes Scotts Square second only to The Marq on Paterson Hill in terms of median value. Units at The Marq were reported to have fetched an average price of $4,044 psf in June.
The highest price achieved at Scotts Square was $4,430 psf for a one-bedroom apartment on the 41st floor, Wheelock said. A Singaporean bought the unit for $2.67 million.
Only two other condos are known to have commanded higher prices on a psf basis: The Marq, which had a unit sold for $5,100 psf; and, The Orchard Residences at Orchard Turn, where a penthouse unit was recently snapped up for $5,500 psf.
The units sold at Scotts Square so far were offered by invitation to past buyers of Wheelock projects.
The rest of the apartments will be officially launched to the public late next month, together with the show flat.
About 63 per cent of the units sold were taken up by Singaporeans or permanent residents, Wheelock said.
The remaining buyers were predominantly Indonesians.
Sold - Grangeford Fetches $625m
Source : The Straits Times, Aug 2, 2007
The sale price paid by Overseas Union Enterprise (OUE) for the Grangeford (above) works out at about $1,820 per sq ft per plot ratio (psf ppr) but the owners had demanded $2,016 psf. -- PHOTO: LILIAN LEE
THE Grangeford near Orchard Road, the condominium where Hong Kong movie star Jackie Chan has an apartment, has been sold for $625 million - significantly below the owners' asking price.
The sale price paid by Overseas Union Enterprise (OUE) works out at about $1,820 per sq ft per plot ratio (psf ppr) but the owners had demanded $2,016 psf.
But it is still the highest price for a collective sale of a 99-year leasehold property. The priciest freehold deal was the $2,337 psf ppr paid by SC Global for The Ardmore.
Owners of two-bedroom apartments at The Grangeford will pocket about $2.7 million from the sale, while owners of three-bedders could get around $3.4 million.
Chan owns a 1,755 sq ft three-bedroom apartment there, which he bought in 1996.
Cove Development, a subsidiary of OUE, inked the deal.
The 193-unit Grangeford is on Grange Road, across from the Indian High Comission.
The condominium sits on a land area of nearly 131,000 square feet.
OUE, controlled by Indonesia's Lippo Group and Malaysia's Ananda Krishnan, will have to pay the Government a premium in addition to the $625 million purchase price, to top up the remaining 66-year lease back to 99-years.
The sale price paid by Overseas Union Enterprise (OUE) for the Grangeford (above) works out at about $1,820 per sq ft per plot ratio (psf ppr) but the owners had demanded $2,016 psf. -- PHOTO: LILIAN LEETHE Grangeford near Orchard Road, the condominium where Hong Kong movie star Jackie Chan has an apartment, has been sold for $625 million - significantly below the owners' asking price.
The sale price paid by Overseas Union Enterprise (OUE) works out at about $1,820 per sq ft per plot ratio (psf ppr) but the owners had demanded $2,016 psf.
But it is still the highest price for a collective sale of a 99-year leasehold property. The priciest freehold deal was the $2,337 psf ppr paid by SC Global for The Ardmore.
Owners of two-bedroom apartments at The Grangeford will pocket about $2.7 million from the sale, while owners of three-bedders could get around $3.4 million.
Chan owns a 1,755 sq ft three-bedroom apartment there, which he bought in 1996.
Cove Development, a subsidiary of OUE, inked the deal.
The 193-unit Grangeford is on Grange Road, across from the Indian High Comission.
The condominium sits on a land area of nearly 131,000 square feet.
OUE, controlled by Indonesia's Lippo Group and Malaysia's Ananda Krishnan, will have to pay the Government a premium in addition to the $625 million purchase price, to top up the remaining 66-year lease back to 99-years.
Agent Jailed For Cashback Scam
Source : The Straits Times, Aug 2, 2007
THE property agent who was in cahoots with fugitive lawyer David Rasif in a cashback scam was jailed five years and five months on Thursday.
Goh Chong Liang, 37, had earlier pleaded guilty to cheating banks here to give out housing loans worth nearly $1 million in the scam.
A district court heard last week how Goh had conspired with Rasif to dupe the banks.
Goh's role in the scam was to inflate the price of a seller's flat. This secured a higher housing loan for the buyer.
The difference between the loan amount and the actual price of the resale flat would then be split among those involved in the scam.
The court heard that Goh had roped in Rasif, through Rasif's law firm at the time, to act for flat sellers in the scam.
Renovation costs were added to inflate the price of a flat. Goh even helped set up a shell company which never carried out any such work.
Rasif's law firm - since closed - deducted its fees from the sale of the flats. The remainder of the money Goh made was shared by those involved in the scam.
The firm was involved in 22 such transactions in 2004 valued at over $4 million.
THE property agent who was in cahoots with fugitive lawyer David Rasif in a cashback scam was jailed five years and five months on Thursday.
Goh Chong Liang, 37, had earlier pleaded guilty to cheating banks here to give out housing loans worth nearly $1 million in the scam.
A district court heard last week how Goh had conspired with Rasif to dupe the banks.
Goh's role in the scam was to inflate the price of a seller's flat. This secured a higher housing loan for the buyer.
The difference between the loan amount and the actual price of the resale flat would then be split among those involved in the scam.
The court heard that Goh had roped in Rasif, through Rasif's law firm at the time, to act for flat sellers in the scam.
Renovation costs were added to inflate the price of a flat. Goh even helped set up a shell company which never carried out any such work.
Rasif's law firm - since closed - deducted its fees from the sale of the flats. The remainder of the money Goh made was shared by those involved in the scam.
The firm was involved in 22 such transactions in 2004 valued at over $4 million.
New Downtown Line: Nearly $500m Worth Of Contracts Awarded
Source : The Straits Times, Aug 2, 2007
WORK on the new $12 billion Downtown Line is set to begin later this year with the award of contracts worth nearly $500 million to three construction firms.
The three companies - Shimizu, Gammon and a Samsung-Soletanche Bachy joint venture - will begin excavation and structural work on the first stage of the Downtown Line in the last quarter of this year.
The contracts were awarded on Wednesday after a tender process that lasted between four and seven months.
The 4.3 km-long first stage of the DTL, slated for completion in six years, will connect Bugis station on the East-West Line to Chinatown Station, on the North-East Line.
The stretch will comprise six stations: Bugis, Promenade, Bayfront, Landmark, Cross Street and Chinatown.
When up and running in 2013, it will be a key link to new developments such as the Marina Bay Financial Centre and the Marina Bay Sands Integrated Resort.
All three firms awarded contracts for the first stage of the DTL have extensive experience in large-scale projects in Singapore, the Land Transport Authority said in a statement.
Japanese construction giant Shimizu, for example, was involved in the construction of Outram Park station on the NEL and is currently working on the FusionPolis project.
For the DTL project, Shimizu has been awarded the $102.8 million contract to design and build tunnels between the Promenade Station, Marina Bay and the IR development, among others.
The second contract, worth $224.9 million, to design and build Cross Street Station, has been awarded to the Samsung-Soletanche Bachy joint venture.
Korean conglomerate Samsung is involved in several big construction projects, such as the 12 km-long Kallang-Paya Lebar Expressway while French firm Soletanche Bachy is working on the Marina Bay Sands IR and the iconic Orchard Turn development.
The joint-venture's latest contract will involve the construction of a temporary two-lane viaduct along Cross Street from Central Boulevard to keep traffic in the area flowing smoothly as building works go on.
The third contract, awarded to Hong Kong-based Gammon Construction and worth $160.3 million, will be to design and build Chinatown Station and tunnels connected to it.
Gammon was the main contractor for the Chinatown Station on the NEL. Its other projects in Singapore include the Bukit Panjang LRT and currently, track works for the Boon Lay Extension.
WORK on the new $12 billion Downtown Line is set to begin later this year with the award of contracts worth nearly $500 million to three construction firms.
The three companies - Shimizu, Gammon and a Samsung-Soletanche Bachy joint venture - will begin excavation and structural work on the first stage of the Downtown Line in the last quarter of this year.
The contracts were awarded on Wednesday after a tender process that lasted between four and seven months.
The 4.3 km-long first stage of the DTL, slated for completion in six years, will connect Bugis station on the East-West Line to Chinatown Station, on the North-East Line.
The stretch will comprise six stations: Bugis, Promenade, Bayfront, Landmark, Cross Street and Chinatown.
When up and running in 2013, it will be a key link to new developments such as the Marina Bay Financial Centre and the Marina Bay Sands Integrated Resort.
All three firms awarded contracts for the first stage of the DTL have extensive experience in large-scale projects in Singapore, the Land Transport Authority said in a statement.
Japanese construction giant Shimizu, for example, was involved in the construction of Outram Park station on the NEL and is currently working on the FusionPolis project.
For the DTL project, Shimizu has been awarded the $102.8 million contract to design and build tunnels between the Promenade Station, Marina Bay and the IR development, among others.
The second contract, worth $224.9 million, to design and build Cross Street Station, has been awarded to the Samsung-Soletanche Bachy joint venture.
Korean conglomerate Samsung is involved in several big construction projects, such as the 12 km-long Kallang-Paya Lebar Expressway while French firm Soletanche Bachy is working on the Marina Bay Sands IR and the iconic Orchard Turn development.
The joint-venture's latest contract will involve the construction of a temporary two-lane viaduct along Cross Street from Central Boulevard to keep traffic in the area flowing smoothly as building works go on.
The third contract, awarded to Hong Kong-based Gammon Construction and worth $160.3 million, will be to design and build Chinatown Station and tunnels connected to it.
Gammon was the main contractor for the Chinatown Station on the NEL. Its other projects in Singapore include the Bukit Panjang LRT and currently, track works for the Boon Lay Extension.
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