2,000 High-End Homes May Be Launched Soon

Source : The Straits Times, Oct 21, 2007

About 30 new condos may be launched by early next year, at least half of them in Orchard, Bukit Timah and Holland

SALES of new homes took a dive last month, but they might pick up soon as developers prepare to launch a string of projects over the next few months.

AMONG THE DEVELOPMENTS SCHEDULED to come on the market are The Cascadia in Bukit Timah (left) and Wilkie Studio in Wilkie Road. -- PHOTOS: ALLGREEN, CITY DEVELOPMENTS

Almost 30 new condominiums could come on the market by early next year, said property consultancy Knight Frank.

'Market sentiments are gradually picking up following the United States sub-prime crisis, and launches could also increase in tandem,' said Mr Nicholas Mak, Knight Frank's director of research and consultancy.

He estimates that more than half of the launches will be in the prime districts of 9, 10 and 11 - Orchard, Holland, Bukit Timah and Newton - as well as in luxury enclave Sentosa Cove.

If all these projects are launched as planned, about 2,000 high-end homes could flood the market over the next six months, added Mr Mak. Broadly speaking, these are properties that will cost at least $2,000 per sq ft (psf), with a three-bedroom unit going for at least $2.5 million, he said.

'We are definitely counting on foreigners to come in and help absorb these homes, so we don't end up with an oversupply problem in the top tier,' he said.

Residential areas likely to be in the spotlight include Bukit Timah, Thomson, Holland Village and East Coast. This is because prices in these areas have not moved as much as those in areas such as River Valley, Newton and Orchard.

Colliers International also predicted benchmark prices for two upcoming projects: the Ritz-Carlton Residences in Cairnhill and the development on the former Asia Hotel site. Prices at these projects could hit $4,500 psf on average, said Mr Vincent Chong, Colliers' residential sales director.

Mr Mak believes there will be few launches in the closely-watched mass-market segment until the middle of next year because developers started acquiring sites only recently.

'Most launches will come in nine to 18 months' time, and they are likely to be priced on the high side at $800 to $900 psf,' he said. 'Until then, most activity will be in the resale market, where a lack of new launches could push prices up significantly.'

Court Tells Developer Pay Up Extra $286,000

Source : The New Paper, October 21, 2007

EN BLOC TACTIC Developer pays stamp duty on each individual unit to save money

GOVT BODY SAYS: Sorry, pay stamp duty based on en bloc price and not per unit basis

THIS developer thought of a clever tactic that could save it nearly $300,000 in stamp duties in an en bloc buy.

When challenged, it went to court, but lost and ended up having to pay the entire amount, plus costs.

UOL Development (Novena) Pte Ltd paid $61 million for 53 units in Golden Towers and Eu Hock Apartments on Minbu Road in 2005.

It then decided to enter into a contract with each homeowner individually.

Stamp duty is charged at 1 per cent for the first $180,000 of the purchase price, 2 per cent for the next $180,000, and 3 per cent for the balance.

By not treating the deal as one transaction with a group, the company figured it could get the lower rates to apply 53 times over, and pay $286,200 less in stamp duties, court documents showed.

The Commissioner of Stamp Duties - who is under the Inland Revenue Authority of Singapore - took the stand that the en bloc sale was a single transaction, and so the company could enjoy the lower rates only once.

UOL Development then took its case to the High Court.

The court heard that the home owners had agreed to the collective sale as their units would fetch a higher price than if they had sold their properties individually.

When UOL Development was told that its offer of $61m had been accepted, it asked the lawyers representing the home owners, Wee Ramayah & Partners, for 53 separate letters of acceptance.

UOL Development then presented the 53 contracts - one for each unit - for stamping. Based on this, it said the stamp duty payable should be assessed on a per unit basis instead of collectively.

But Mr Liu Hern Kuan, who represented the Commissioner of Stamp Duties, pointed out that UOL Development's affiliated companies had previously acquired properties on an en bloc basis.

The properties include Eng Cheong Towers, Maryland Park and Bo Bo Tan Gardens and these affiliated companies had paid stamp duty based on the en bloc price.

On Monday, Justice Tan Lee Meng ruled that UOL Development had to pay stamp duty based on the en bloc price, and not on a per unit basis.

COLLECTIVE ENTITY

He pointed out that in the tender, the home owners had indicated that they wanted to sell their properties as a collective entity.

And when UOL Development made an offer to purchase, it had also not indicated that it was buying the 53 units separately.

Said Justice Tan: 'Apart from the fact that there is no reference to 53 separate contracts in UOL's offer to purchase the properties, UOL didn't assert that there was any written evidence to support its claim that it had purchased the properties on the basis of 53 separate contracts.'

He also said that UOL Development's move to ask for 53 separate contracts was for the sole purpose of lowering the stamp duty payable.

'The plan for 53 separate contracts had no sound commercial basis and was so contrived that it was clearly intended to reduce or avoid tax liabilities,' said Justice Tan.

紫色营造宁静和谐家居

《联合早报》Oct 20, 2007

紫色一向来不是家居设计的热门颜色，许多人以为，很难找到合适颜色来配搭紫色，因此，紫色在家居设计中一直没有广泛被应用。可是这间公寓却使用不同的紫色，创造出不同的静谧与舒适。

紫褐色使到客厅营造出宁谧的氛围，横条形镜面则通过反射使到视觉空间达到延伸感。

坐落在实龙岗路Rosyth Ville共管公寓里的这间顶楼双层公寓(penthouse)，不但将紫色融进家居空间，而且，不同层次、不同色调的紫色在不同空间里运用自如，营造出静谧舒适的生活天地。

室内设计师钟真萍说，公寓屋主夫妇有两个小孩，一个是念中三的大男孩，一个是小学一年级的小女孩，夫妇俩希望有一个宁谧的家居环境。

为了满足屋主的期望，钟真萍首先在用色时选择了带冷色调，但冷中又带些许暖和的紫色，包括紫褐、紫蓝、紫红等不同层次的紫色，借紫色调中的冷僻营造出宁静和谐的氛围。

紫墙、紫坐垫与仙撤?

不同层次的紫色在空间里营造静谧舒适。

钟真萍为公寓客厅及主卧室的墙壁髹上紫褐色，而8岁小女孩的睡房则有一道明亮开朗的紫蓝色墙壁，再装饰上色调配合的装饰画，为小朋友装点出气氛愉悦的休息空间。

设计师为公寓客厅选择线条简洁的紫褐色沙发，透明的玻璃茶几。饭厅里特别定做的长凳子，配搭上艳丽的紫红色坐垫，叫饭厅亮丽起来。

镜面玩玩空间效果

这间顶楼双层公寓面积约为2000平方英尺，以双层公寓来说，空间看起来不算很宽敞，考虑到这一点，钟真萍着手设计时，决定使用镜面等方式，扩大视觉空间。

作为透明、反光的物体，镜面肯定具有扩大空间、增加室内深度的视觉效果，既可舒缓压迫感，也增强室内设计的美感。钟真萍除了在饭厅内设计了整面镜子覆盖墙壁，还在客厅及走廊镶上横条形镜面。

钟真萍说，在室内设计中，选用横条纹的造型或配饰也是增大视觉空间的方法，横条形镜面通过反射使到视觉空间得到延伸。以紫褐色为主色调的主卧室，同样为了在视觉上有扩大感，在墙上用了横条纹装饰。

饭厅特别定做的长凳子，配搭上艳丽的紫红色坐垫，饭厅因此亮丽起来。

为充分利用空间，设计师也在家具设计及摆放上花心思，例如在大男孩的卧室内，特别在凸窗（bay-window）前设计了可以延伸及缩小的书桌，在窗前读书写字，偶尔还可探头看风景。

由于是顶楼公寓，楼上有舒适的天台，装有水力按摩池。为充分利用天台的好环境，设计师布置了休闲桌椅，以一面流水潺潺的水帘墙，将天台装修成休闲去处，成为屋主一家闲来流连的好地方。

新加坡房地产市场火热 发展商为找建筑商发愁

《联合早报》Oct 20, 2007

我国房地产市场火热，发展商和建筑商处处都能找到赚钱的商机。不过，一些发展商和建筑商还是很烦恼，愁的是有赚钱的机会，但这钱却赚不来。
　　
目前到市区绕一圈，拐个弯都会看到正在施工的工地。有人甚至说，整个新加坡目前简直是个建筑工地。　　

就因为如此，发展商表示，目前要寻找建筑商非常困难，“投诉”他们“吊起来卖”，“身价”倍增，所要求的建筑费大幅度上涨。

发展商向本报反映，今年以来建筑费已上涨了50％以上，一些需要赶工的工程，建筑费甚至涨了一倍以上。
　　
除了费用增加之外，由于找不到建筑商，一些工程甚至被拖延。比如在8月中旬推出市场，位于诺维娜一带的Soleil@Sinaran，据说原本预定在农历七月开始之前面市，但由于找不到承包商如期建造展示厅，而延迟两个星期才推出市场。　　

对此，建筑商抱怨是因为工作太多，应接不暇，而且工人也不够用。

建筑业低迷超过10年，很多大型建筑商倒闭

联明集团（Lian Beng Group）董事主席王邦益说：“由于建筑业低迷了超过10年，在这个世纪初期很多大型的建筑商都陆续倒闭了，因此现在有规模，能承包大工程的建筑商不多。”他指出，两个综合度假胜地（IR）、滨海湾金融中心（Marina Bay Financial Centre, 简称MBFC）和新高档住宅项目等的兴建，加上集体出售地段的重新发展项目都需要大批的建筑商和工人。

集永成(Chip Eng Seng Corporation)集团执行总裁谢礼铭表示，建筑商目前面对的最大问题不是建筑材料价格上涨，而是工人短缺。

他说：“目前工人难求，即使有足够的材料和机器，也找不到人来操作。不只是建筑商，连我们的转包商（sub-contractor)也遇到同样的问题。还有，IR工程建筑期非常紧凑，需要日夜赶工。为了说服工人加班，我们不得不大大提高他们的薪金，导致建筑成本相应大幅度提高。”

谢礼铭表示，建筑业者一直有向人力部（MOM）反映了人手不足的问题，而该局也有加快外籍劳工的工作准证申请过程，但还是不足以赶上市场需要。

另一个令建筑商大伤脑筋的问题是建筑业今年以来也开始展开挖角战。据了解，一些本地和马来西亚工人可能会为了50元的加薪而跳槽。　　

此外，大型的建筑商比如联明集团和集永成等也加入发展商的阵容，自己发展住宅项目，使得已经有限的工人数量更加不够分配。　　

为解决工人吃紧的问题，王邦益表示，集团今年中已把在马尔代夫和印尼采矿业务的员工全调回新加坡。

发展商各出奇招

发展商在应对建筑商方面也各出奇招，采取创意且灵活的设计和建筑方式。

吉宝置业(Keppel Land)商业建筑董事陈瑞耀表示，他们会尽量采用较简单的设计，同时让建筑商在投标时能更自由的选择建筑材料和建造方式。“我们的新海洋金融中心(暂译，Ocean Financial Centre)就采用从简的设计，建筑商也可以自行选择利用钢铁或其他材料。”

今年2月买下集体出售项目Anderson Green的香港发展商Hillcrest Capital，则采用外国流行的改建与加建（Alteration & Addition，简称A&A）方式兴建新项目。

集团不打算把整座大楼全部拆除，而是在原有架构（existing structure）上“锦上添花”，设计出新高档豪宅21 Anderson。　　

Hillcrest Capital董事刘理安指出，保留建筑“外壳”，重新打造内部的A&A建筑方式在香港已被普遍采用，尤其是高档住宅项目方面。

他说：“这么做不但环保，还能缩短建筑时间。发展项目登场的时机是我们选择A&A的主要原因。通过改建与加建，我们能把建造时间缩短至少一两年，屋主最早将能在2008年中迁入21 Anderson。”

尽管发展新地段的成本更高了，寻找建筑商更困难了，但市场相信这不会怠慢发展商投标新地段的步伐。

仲量联行(JLL)的区域董事及投资部主管吕醒发说：“新加坡土地有限，尤其是地理位置优越的地点，如果现在不标下的话，以后就没有机会了。何况，在房地产价格持续攀升的势头下，新项目价格增长将能弥补费用和成本的增加。”

新加坡更多旧国有建筑 将让商家改为办公室

《联合早报》Oct 20, 2007

新加坡土地管理局(SLA)接下来将推出更多位于中央商业中心外和郊外地区的旧国有建筑，让商家改为办公室，以便舒缓办公楼供应吃紧的问题。最近招标截止，供办公楼用途的国有房地产项目都获得市场的热烈反应，不但吸引多方竞相投标，标租也比预示月租来得高，有些甚至高出一倍多。

为了应付金融机构和其他商业服务的需要，土管局今年2月第一次宣布，出租纯粹作办公用途的国有房地产，供私人企业投标作办公用途。至今为止，土地局已推出15个可改建为办公室的国有建筑物。　　

土地咨询商业处长王汉龙说：“推出更多国有地段是亲商的举措，不但有助于企业降低营运和创业成本，靠近住宅区的这些地段也将方便员工。由于这些地段较大、设施完善，要改成办公室相当便利，同时靠近地铁站，因此越来越受希望迁移到市区外的企业欢迎。”

只要市场有这方面的需求，王汉龙表示，政府将推出更多这类地段，供短期办公用途。

河水山联络所旧址，标价比预示月租高逾倍

6月份推出市场的河水山民众联络所旧址，共吸引了三份投标书，出价都比4万1200元的预示月租高。成功标得这个地段的均富集团(Equation Corp)，标价更比预示月租高了超过一倍，达9万元(每平方公尺月租为35.40元)。
　　
另一个位于亚历山大路991号的前校舍则由RichZone Properties Investment以每平方公尺14.21元月租标得，同样比9.85元预示月租高。

最近成功租出的国有地段还包括位于白姑路3号的前托儿所。这个地段由伟达控股(Vita Holdings)属下子公司Vita Property Management以1万3824元的月租标得。伟达控股属下另一家子公司Whitehouse Holdings Private Limited近期也以10万1788元的月租标下大巴窑6巷3号，比7万6900元预示月租多。伟达控股(Vita Holdings)是国有建筑的最大租户之一，自1998年开始租用旧国有建筑，目前的15个建筑当中，12个是国有建筑。公司除把这些建筑转换为宿舍和精品酒店外，也把旧校舍装修成办公室，转租给其他企业。

伟达控股财务总监郭秀慧受访时说：“旧国有建筑的楼面很大，比如食堂和礼堂空间大，可灵活使用，能有效地满足需要宽阔空间的企业，比如广告公司等的需要。在市区以及市镇中心的租金价格节节攀升下，市镇中心附近的建筑的租金相对较为便宜，对一些中小型企业以及跨国公司有一定的吸引力。”

由于办公楼供应短缺的情况要到2009年、市区新办公楼建成后才会明显改善，第一太平戴维斯(Savills)商业资产董事蔡芬兰表示，国有房地产项目的需求在接下来两年里将会非常强劲，未来预料将有更多业者前来竞标，在装修后分租出去。　　

她指出，相比商业园区以及短期办公楼(transitional office)地段，国有房地产项目没有严格的用途限制，也无需花好几个月的时间重新建造，只需对现有建筑进行装修，不但能快速缓和办公楼短缺的情况，租金较低也对面对成本压力的中小型企业具非常大的吸引力。

“比如亚历山大路991号前校舍，RichZone所开出的每平方公尺14.21元标价，相等于每平方英尺1.32元，即使加上装修费用，回报还是相当可观。装修后，公司可向租户收取每平方英尺4.50元左右租金。”

Indian International School To Open In January At Balestier

Source : Channel NewsAsia, 21 October 2007

Three more Indian international schools are being opened by the Global Indian Foundation which runs the Global Indian International School in Singapore.

The announcement was made at the fifth anniversary celebration of the foundation.

One of the campuses will open in January in the Balestier area. There will be a primary and secondary school.

The other campuses are in Japan and Vietnam.

A four-hour performance was put on specially to mark the occasion by thousands of students from countries like Thailand and Malaysia.

Speaking at the event, Deputy Prime Minister Professor S Jayakumar said the Global Indian International School offers parents more choice.

"You compliment the range of educational options and opportunities available in Singapore from both public and private institutions and I believe it also strengthens the presence of quality institutions in Singapore," said Mr Jayakumar. - CNA /ls