Thursday, October 25, 2007

Flexibility Will Be Key In Devising Longevity Insurance plan: Ng Eng Hen

Source : Channel NewsAsia, 25 October, 2007

Manpower Minister Ng Eng Hen has assured Singaporeans that flexibility will be the key in devising the longevity insurance plan.

Commenting on Senior Minister Goh Chok Tong's suggestion that some may want to start earlier at the age of 80, Dr Ng said the scheme ought to give Singaporeans what they want.

He has asked the National Longevity Insurance Committee, chaired by Professor Lim Pin, to provide a scheme which allows different Singaporeans options to suit their needs.

Dr Ng was speaking to the media at the launch of the Tourism Manpower Development Plan on Thursday morning.

The Manpower Minister said: "We should allow choices because people have different needs. The basic idea that we want is to make sure people have enough (savings to last) for as long as they live. But none of us know how long we will live, so that's a difficult part.

"Some people think they need this insurance earlier and they want to start at 80 as Senior Minister (Goh) has said. Some may even want to start at 75. Others think they need this less, so they don't mind 85... I think it's possible to allow all these options. - CNA /ls

Parklane Mall's Collective Sale Agreement Lapses

Oct 24, 2007

The enbloc sale of Parklane Shopping Mall at Selegie Road, will not go through afterall.

This is because the collective agreement for the sale has lapsed.

Singapore-listed Superbowl has 20 percent share value in the mall.

Dow Jones Newswires said Superbowl had initiated the collective sale in January.

Speaking to 938LIVE, Superbowl's Chief Financial Officer Cindy Lim explained that the collective sales agreement for Parklane Shopping Mall is no longer valid as new rulings governing collective sales kicked in on October 4th.

"Technically, the previous sales committe and the collective sales agreement when it was first drawn up was not the same procedure as the current one that was implemted in October this month."

Ms Lim said some of the new rules include the need to for the sales committee of an enbloc sale to be formally appointed.

She added that the mall's proprieters had secured less than the required 80 percent acceptance for the sale.

But, Ms Lim said the mall may still be sold en bloc, as the agents have been working on the sale for more than a year.

She added that the decision to continue with the enbloc sale depends on the malls other tenants, who may or may not have previously given their consent for the sale.

By Geraldine Ding

五方竞标新加坡新民巷工业地段 MV Land出价6888万全场最高

《联合早报》Oct 25, 2007

新民巷(Sin Ming Lane)一幅工业地段,昨天获得市场相当热烈的反应,共有五方人马出手竞夺这幅地段。房地产发展商和建筑商MV Land,以6888万8000元(即容积率每平方英尺50元),成为全场出价最高的一方。
  
根据本报通过LAWNET2系统搜索这些出价公司的资料显示,MV Land是由Lim Kim Hong和Lim Huixing掌管。这家公司在今年8月份,也曾出手竞标史各士路短期办公楼地段。
  
其他出手的还包括新顺利实业旗下的Soon Lee Land(6543万2618元)、建筑兼发展集团九鼎旗下的房地产发展公司Affluence Resource(以TGFB公司竞标,标价5500万元)、挂牌建筑公司森联集团旗下的森联置地(Sim Lian Land,标价5247万元)以及同本地建筑商益民(林)公司(Evan Lim & Co)有关的EL发展(3912万3730元)等。
  
市场人士认为,以工业用地来说,能吸引到那么多方出手,同时标价也算合理,就显示工业地段在沉寂了一段日子后,开始受到市场瞩目,前景乐观。

发展轻工业为主

这幅占地5万1320平方公尺(约55万2200平方英尺)、容积率为2.5的工业地段,将以发展轻工业为主,包括公用设施和电信用途等,最高可建八层楼,租约为60年。

第一太平戴维斯(Savills)行销与业务开发主管邱瑞荣指出,工业用地的租金一般都不会太高,一些地面层的工厂,或许能取得每平方英尺4元的租金,但如果是一些需要大型器材的工业,一些较高楼层的租金就相对更便宜,可以介于每平方英尺0.80至1元之间。  

邱瑞荣认为,若MV Land成功夺标,加上每平方英尺120元的建筑成本,发展商的总成本大约是每平方英尺170元。一旦项目在两年后完工,估计届时租金可能会介于每平方英尺1.20至1.50元之间。

但他也指出,随着工业用地的空置率下降,租金也开始慢慢向上移动,工业用地的前景越来越明朗乐观。他认为,能吸引到五方人马出手,这样的市场反应让人鼓舞。与此同时,建屋发展局即日起也推出伊莱雅路(Elias Road)的一幅私人共管公寓地段,供发展商投标。这幅占地1万4126平方公尺(15万1999平方英尺)的地段,可建筑楼面达45万5997平方英尺,地契租约为99年。  

世邦魏理仕执行董事李晓和指出,这幅地段位于巴西立政府组屋区内,到巴西立地铁站需要步行10至15分钟。

他认为,这个地段兴建的新共管公寓,应该会有附近组屋提升者这些“现成客户”。因为,附近最新推出的永久地契地段瑞俪园(Ris Grandeur)是在2004年10月推出的。较早一点的地段是99年地契的清水园(Whitewater)执行共管公寓,那也是2002年11月的事了。

同时,他认为,由于地段靠近海滩、消闲设施和樟宜国际机场,租金潜能不错。
  
邱瑞荣则认为,大众私宅市场在过去一年多来都面对供应短缺的情况,因此地段应该会受欢迎,他估计,标价应该会在容积率每平方英尺200元左右。

招标12月18日截止

以附近项目最近的单位成交价来看,瑞俪园取得每平方英尺650至700元、百馨园(Savannah CondoPark)和摩特纳(Modena)则有650元以上。李晓和因此相信,未来的建筑项目能取得大约700元的尺价,因此,标价可能介于容积率每平方英尺260至300元。

这幅地段是政府下半年售地计划的正选名单上的地段。招标截止日期是12月18日。

两机构合资1.38亿 标得巴慕乐路住宅地段

《联合早报》Oct 24, 2007

协和(Hiap Hoe)和贵族保龄球控股(SuperBowl)组成的合资企业,以1亿3800万元的价格,标到巴慕乐路(Balmoral Road)上The Aspine住宅地段的重新发展项目。  

若以7万3767平方英尺的总土地面积来计算,竞标成本相等于容积率每平方英尺1870元。以投资成本架构而言,贵族保龄球将承担40%(即5520万元),其余的60%则由协和承担。  

双方计划发展39个豪华精品公寓(boutique apartment)单位,每个单位面积介于1800到2000平方英尺之间。根据4万6104平方英尺的永久地契面积和1.6的容积率计算,该项目可建造12层楼高的住宅。

The Aspine所处环境幽静,到泛岛高速公路(PIE)和武吉知马路都很方便,附近拥有购物中心、银行、休闲和保健设施,靠近美国人俱乐部(American Club)、东陵俱乐部(Tanglin Club)和松林俱乐部(The Pines Club)。另外附近有多所著名学府,包括新加坡女子学校、英华小学和英华学校。

这是双方第二次联合成功标到的项目,前一个项目是好运景(Goodluck View)住宅地段。

10公寓集体求售 赶在新法案生效前筹集到足够签名

《联合早报》Oct 24, 2007

继发展费在今年7月和9月两度调高后,本地至少有10个赶在新的分层地契(修正)法案10月4日生效前、筹集到足够签名的项目,近日陆续推出市场进行公开招标。

荷兰路一带的西班牙山庄、维林园、玫瑰山庄,黄金地段第9区的嘉文纳大厦,东海岸路上段的福东园等都相继登场。

安珀路上占地4万零917平方英尺的安珀林园(Amber Glades)日前以1亿4500万元公开集体出售,由于容积率还没有到2.8,因此可重新发展成88个平均1300平方英尺的公寓项目,发展费另需900万元。

负责销售此永久地契项目的高力国际投资分析部主管何永裕今早受询时透露,安珀林园现有63个单位,每户面积介于818至1668平方英尺,每平方英尺的售价约介于1400至1700元。

依照集体出售的标价来看,发展商的收支平衡点约介于每平方英尺1700至1800元,料重新发展后的售价可超过每平方英尺2000元。

最早明年2月后登场

受访的业内人士均表示,政府在7月和9月两度调高发展费后,或只对市场上一到两成的集体出售项目有影响;若发展费超出总发展成本的15%到20%,那么业主的赔偿金或会相应减少约10%到20%。

何永裕认为,无需提高容积率或永久地契的项目,基本不受影响:“以安珀林园1亿4500万元的标价来看,900万元的发展费只占到6.2%,如果再加上建筑费,发展费所占总发展成本的比例就更小了。”

业内人士也告诉本报,新法案将会拖长整个集体出售进程,因此在10月4日之后才开始酝酿集体出售的项目,估计最早也得等到明年2月之后才能推出市场。

齐乐行执行董事陈鸿文受访时表示,新的法案生效前,集体出售的整个过程短则2、3个月,最长可拖到9个月,新法案生效后,每宗项目平均拉长2、3个月筹备。

“现在程序上、手续上都要多花些功夫,从召开居民大会到索取业主签名,直到最后公开招标,新的项目至少要花上4、5个月的时间,最早也要等到明年春节过后才能见分晓。”

Coming To Grips With Inflation

Source : The Business Times, October 25, 2007

WHILE laments about rising business costs are pretty much a perennial complaint from the business sector, over the last 10 years and more, consumer price inflation has virtually been a non-issue in Singapore; since 1995, the annual rate has barely breached 2 per cent.

But there is now growing concern about rising costs - both on the consumer and business fronts - and particularly about the impact on the average Singaporean as well as the economy at large. The concern is not misplaced, even if the Department of Statistics (DOS) maintains that there has been no uptick in inflation in the two months since the 2-point increase in the Goods and Services Tax in July.

To be sure, the one-off GST hike is the primary reason for the leap in the Consumer Price Index (CPI), from a 2007 first-half average of 0.8 per cent, to 2.6 per cent in July. It's important to note that the tax hike merely brings a one-off rise in price levels. Still, the July CPI figure is no 'blip' - going forward, the inflation rate will probably hover around this level, until mid-2008 when the effect of the GST increase disappears from the year-on-year comparisons.

As it turns out, the CPI increase picked up to 2.9 per cent in August, and then eased to 2.6 per cent last month. And prices actually dipped, by 0.3 per cent, from August to September, following a rise of the same magnitude from July to August. The months leading up to July saw similar CPI changes - which has the DOS pronouncing 'no uptick', that inflation has remained stable.

Be that as it may, other factors are at play to nudge the CPI - and other cost indices - upwards in recent and coming months. Top of the list would be record-high oil prices, which crossed US$90 a barrel last week. The spiral effects of surging oil prices reverberate across the entire economy, especially for oil importers like Singapore, and eat into corporate margins.

But while oil prices grab the headlines, economists warn of a possibly more insidious source of imported inflation: escalating global food prices. Particularly for non-food producers like Singapore, there can be little, if any, escape or respite.

Already, in September, the food component of Singapore's CPI - the biggest item at 23 per cent - rose 3.7 per cent as the costs of fresh vegetables, fruits, seafood, milk powder, as well as hawker and restaurant food, went up. Also, market forecasts indicate that the spike in global grain prices - the key trigger of the rise in global food price inflation - is not about to ease anytime soon. And food accounts for a bigger portion of the lower-income groups' household spending.

Adding to the inflationary pressures are otherwise positive factors associated with an economic boom: a tight labour market, rising wages, rising rentals, scarce capacity. Allowing a faster pace of currency appreciation will help contain rising imported inflation. Exporters may cry foul, but the alternative could be worse: an overheated economy with (by Singapore standards) intolerably high inflation.

US$1b Renovation To Boost Holiday Inn Sales

Source : The Business Times, October 25, 2007

(LONDON) InterContinental Hotels Group plc said Holiday Inn owners and franchisees will boost sales by investing US$1 billion on renovations and new bedding, along with the first change to the chain's green logo in 50 years.

InterContinental will spend £pounds;30 million (S$89.7 million) to speed the rebranding, which will be reported as a one-time charge, the Windsor, UK-based company said yesterday. The first revamped hotel will open in the United States next year, with the improvements finished across the chain by 2010.

Holiday Inn, founded in 1952, will have 'significantly higher' revenue per available room after the renovations, InterContinental said. The chain's US sales growth has trailed the British company's more upscale brands, such as Crowne Plaza.

The International Association of Holiday Inn, which represents about 3,000 Holiday Inn owners and operators, said in the statement that it 'strongly supports this development and looks forward to the business improvement it will deliver'.

InterContinental shares slipped 8 pence, or 0.7 per cent, to 1,028 pence at 8.28am in London. Before yesterday, the stock had fallen 20 per cent in 2007, after adding about 75 per cent over the previous two years.

The company owns, manages or franchises more than 3,800 hotels in nearly 100 countries. It has sold hotels to property investors and turned to management or franchise contracts to make its revenue stream more stable.

Holiday Inn's third-quarter revenue per available room (revpar) in the US rose 4.5 per cent in the third quarter, compared with 5.4 per cent growth for all InterContinental US hotels. Crowne Plaza's so-called revpar grew 7.7 per cent, while the InterContinental brand increased 8.9 per cent.

Bass plc, InterContinental's now-defunct former parent company, bought Holiday Inn in 1998. -- Bloomberg

Hotel Rates Hike Here Could Be 2nd-Highest In Region

Source : TODAY, Thursday, October 25, 2007

Hotel room rates in Singapore are expected to show the secondhighest percentage price hikes in the Asia-Pacific region next year, behind only India, according to the annual Global Business Travel Forecast released by American Express yesterday.

But travellers will be relieved to know that this trend is likely to be softened by the lowest price inflation in airfares in the same two countries, the Amex forecast noted.

Rates for mid-range hotels are forecast to rise between 27 and 29 per cent in Singapore next year, compared to between 34 and 38 per cent in India and between 18 and 22 per cent in the Asia-Pacific region. Forecast for global rates is a 11- to 14-per-cent rise.

For high-end hotels, the expected hikes in both Singapore and global hotel rates are similar to the forecasts for the mid-range market. Forecast for India is a 38- to 41-per-cent rise and between 18 and 22 per cent for the Asia-Pacific region.

The growth of budget carriers in the region and the focus by airlines on building market share at the expense of profitability mean that expected rises in airfares remain modest despite rising fuel costs.

Economy class fares are forecast to remain flat in Singapore and India, compared to a 1- to 3-per-cent rise in the Asia-Pacific region and a 1- to 4-per-cent rise globally. Business class fares are predicted to rise by a maximum of 2 per cent higher in India and 2 to 4 per cent here, compared to a rise between 3 and 6 per cent in the Asia-Pacific region and between 5 and 8 per cent globally.

F1: S'pore To Host First Ever Night Race

Source : The Straits Times, Oct 25, 2007

IT'S confirmed. Singapore will hold the first ever Formula One night race on Sept 28 next year after the Federation International de L'Automobile (FIA), the sport's governing body, gave the go-ahead.

Singapore's first ever Formula One race will be held on a street circuit of public roads around the downtown Marina Bay area on Sept 28 next year. -- PHOTO: SINGAPORE GP


Singapore GP Pte Ltd said on Thursday that the FIA gave its approval for the night race through the Singapore Motor Sports Council.

'We are well on our way to creating history. With two positive lighting tests under our belt, we are on track to delivering the first night race in Formula One history,' said Colin Syn, deputy chairman of Singapore GP.

'Given that one of our objectives is to showcase Singapore to Formula One fans around the world, our late start-time will help us achieve this. The stunning skyline backdrop will be an added bonus.'

The race, Asia's first street race, will be held on a circuit of public roads around the downtown Marina Bay area.

Other Asian countries like Malaysia, China and Japan host a grand prix on a permanent circuit.

Singapore started construction of its Formula One Grand Prix facilities on Aug 31 with a groundbreaking ceremony for the new pit building in Raffles Boulevard. This is where the cars will be refulled and have their tyres changed uring the race.

The facility along Singapore's waterfront will hold 36 garages for 12 racing teams on the ground floor.

Race organisers said the 5.05-kilometre street route would offer 'a number of overtaking opportunities, fast turns and technically challenging sections.'

F1 season for next year will begin in March in Melbourne, Australia. Its calender also includes 17 other races in Asia, Europe, North America, South America and the Middle East.

S'pore Most Globalised Nation

Source : The Straits Times, Oct 25, 2007













NUMBER one last year, and again this year - Singapore is the world's most globalised country, says US-based magazine Foreign Policy.

Last year's top billing for global connectedness had been cited as a key reason - at last week's International Bar Association conference - Singapore was ideal as a venue to discuss cross-border and international legal issues. Senior IBA official David Rivkin made this point about the meeting.

Now, Singapore has again topped a list of 72 countries, in the magazine's latest issue, out at newsstands next week.

The magazine's annual Globalisation Index is done together with management consultancy A T Kearney.

An idea of the stiff competition Singapore faces is the emergence of Hong Kong, for the first time, as the Republic's closest rival. It edged Singapore in the economic integration category. The magazine, in its coming November-December issue, said these two top performers - in this category - 'leave other economies in the dust'.

'Economic integration is where these tiny economies flex their muscle.' Economic integration is measured by the trade and foreign direct investment levels.

Four categories are used to measure the overall index. The other three are: the level of personal contact, technological connectivity, and international political engagement. Several criteria are used in each group to measure the level of openness.

Singapore was ranked second and third on the economic and personal contact fronts respectively. In terms of technological connectivity, it dropped to 15th, from 12th position last year.

For international political engagement, it is ranked 40th - based on such factors as contributing to United Nations peacekeeping efforts.

It ranked first based on the overall tally of the categories.

This is the fourth time since the rankings began in 2001 that Singapore has topped the overall list.

Singapore kept its place despite 'stiff competition' that saw many countries previously ranked high fall off, said the report.

The United States dropped four places from last year to rank seventh while Australia slipped five places to 13th in the overall rankings.

The 72 countries in the latest study, based on data in 2005, make up for 88 per cent of the world's population and 97 per cent of the world's gross domestic product.

'Size matters,'' says the report, noting that eight of the top 10 countries are smaller than the US state of Indiana. The reason? 'Because, when you're a flyweight, globalising is a matter of necessity,'' it said, citing Singapore and Holland.

'To be globally competitive, these countries have no choice but to open up and attract trade and foreign investment.''

S'pore To Host 1st Night Race In Formula 1 On Sept 28 '08

Source : The Business Times, Oct 25, 2007

Singapore will host its first Formula One race next season - and it will be the sport's first at night.

Singapore GP said Federation International de L'Automobile (FIA), the sport's governing body, gave its approval for the night race through the Singapore Motor Sports Council.











"We are well on our way to creating history. With two positive lighting tests under our belt, we are on track to delivering the first night race in Formula One history," said Colin Syn, deputy chairman of Singapore GP.

The World Motor Sport Council released the 2008 F1 schedule on Wednesday, and Singapore was listed as the 15th event on the 18-race calendar. It will be held on a street circuit on Sept 28.

The 2008 season will begin in Melbourne, Australia, on March 13.

The calendar also includes 10 races in Europe, along with others in Malaysia, Bahrain, Canada, Japan, China and Brazil. -- AP , AFP

HDB Offers 916 Flats In Bt Merah And Punggol

Source : The Straits Times, Oct 25, 2007











THE HDB is offering 916 flats in Bukit Merah and Punggol under the Build-To-Order (BTO) System amid rising demand for public housing.

The Telok Blangah Towers in the mature Bukit Merah estate is located at the junction of Telok Blangah Street 31 and Telok Blangah Drive. It is an integrated development with 400 flats, comprising 90 studio apartments (SA), 100 units of 3-room and 210 units of 4-room premium flats.

Telok Blangah Towers, an integrated development with 400 flats, comprising 90 studio apartments, 100 units of 3-room and 210 units of 4-room premium flats. -- PHOTO: HDB

The SAs are sold with elder-friendly features such as grab bars and non-slip flooring, as well as fittings such as built-in wardrobe, kitchen cabinets and cooking facilities.

The project is adjacent to an array of shops and eateries, a supermarket, wet market and hawker centre. It is also conveniently located near the Bukit Merah Town Centre, as well as the upcoming MRT stations at Labrador Park and Telok Blangah on the Circle Line.

Punggol Lodge
Punggol Lodge, located in Punggol East along Punggol Road will consist of 516 standard flats, comprising 52 units of 3-room and 464 units of 4-room flats.

Punggol Lodge (left) will consist of 516 standard flats, comprising 52 units of 3-room and 464 units of 4-room flats. -- PHOTO: HDB

The project is conveniently situated across the road from upcoming commercial facilities such as an eating-house, supermarket and shops, and is within walking distance from the Damai LRT station.

It is also located near the Punggol MRT Station, bus interchange and future Punggol Town Centre.

Families with school-going children can attend nearby educational institutions such as Edgefield Primary, Mee Toh School, Greendale Secondary and Punggol Secondary.

Applications for the new flats are open till Nov 14.

The HDB is holding an exhibition on the two new housing projects at the Habitat Forum, HDB Hub during the application period.

New electronic services
The HDB said in a news release on Thursday that it will introduce a new electronic services - Home Locator to help potential flat buyers search for their desired flat.

It will also start a Short Message Service (SMS) Alerts service for subscribers to inform them of HDB's new sales launches from Dec 2007. The HDB has been sending out such alerts through e-mails.

$10m Question? Son Or Nephew?

Source : The New Paper, October 25, 2007

Man says dead woman who left millions is his mum. Family says she's his aunt






















HE called her 'aunt', but claims she was his mother.

And now millions are riding on the relationship.

At issue is whether retiree Wong Tsu Chai, 63, is entitled to a share of the late Madam Lim Ai Teng's assets.

(Picture: When There's A Will,There Are Fewer Nasty Legal Disputes)

Madam Lim died without leaving a will in March 2003.

Her assets are valued at $10 million.

Mr Wong claims he is the eldest child of Madam Lim and her husband, Mr Wong Heng Sian, who died in 1993.

But the couple's seven other children refute this. They say Mr Wong is actually the son of Madam Lim's brother, and therefore her nephew.

Mr Wong, who was born in Fujian province, China, is suing the siblings for a one-eighth share of Madam Lim's estate.

In his opening statement on Monday, his lawyer, Mr Lai Swee Fung of Unilegal LLC, said the Wong siblings have not explained how they concluded Mr Wong is their cousin.

Said Mr Lai: 'Our case is that the siblings have mistaken Tsu Chai's godmother in China as his natural mother. The one document that would prove Tsu Chai's parentage is his birth certificate. However, in those days, China didn't have a registry of births.'

Mr Lai added that China was in the grip of a civil war between the Kuomintang and the Communists, until the latter won in 1949.


















He's not our sibling, (from left): Mr Wong Sing Cheng, Ms Wong Bee Poh, Mr Wong Sin Cheong and Ms Wong Mee Geok outside court yesterday. -- Picture: CHOO CHWEE HUA


Mr Wong's case is that Madam Lim decided to leave him in China when she and her husband migrated to Singapore in the 1940s.

He ended up being looked after by an aunt and his grandfather.

He said Madam Lim sent for him in 1956 after establishing a coffee shop business with her husband.

To support his claim, Mr Wong has produced an entry permit and a citizenship application form, which state that Madam Lim is his mother.

Mr Ang Tian San, his ex-boss at the coffee shop where he worked, testified that Madam Lim referred to him as her son on one occasion in 1982.

Mr Ang said Mr Wong's finger had been crushed by a meat grinder and Madam Lim rushed to his work place.

Said Mr Ang: 'Madam Lim was very anxious as she held him in her arms. She told me: 'You must save my son. I'll pay for his medical fees.

'I was puzzled as Tsu Chai addressed her as 'gu gu' (Mandarin for paternal aunt). She later told me that as their horoscopes clashed, he could not address her as 'mama'.'

DNA TEST

However, the siblings, who are represented by Mr Adrian Chong of Low Yeap Toh & Goon, said Mr Wong's identity documents do not prove his parentage conclusively.

The siblings say a DNA test would be strong evidence of Mr Wong's parentage, but he has refused to undergo such a test.

The siblings added that their parents never told them that he is their brother, and the clashing of horoscopes was never mentioned.

They also said that when their mother died, Mr Wong had sent a wreath and signed his name as 'Lim Tsu Chai' - using the surname of his real father.

However, when cross-examined by Mr Chong, Mr Wong said he had never sent the wreath.

The siblings also say that Mr Wong was listed as Madam Lim's nephew in her obituary.

Mr Wong's own son, Mr Huang Dao Yi, 24, is set to testify against him.

The trial continues before Justice Tan Lee Meng till Friday.

HDB Launches Telok Blangah Towers and Punggol Lodge Under Build-To-Order System

Source : Housing Development Board (HDB) Press Releases, Oct 25, 2007

HDB is launching 2 new housing projects, namely Telok Blangah Towers in Bukit Merah town and Punggol Lodge in Punggol town, under the Build-To-Order (BTO) System today. There are altogether 916 new Premium and Standard flats, comprising Studio Apartments (SAs), 3-room and 4-room flats offered under this sales exercise.

The application period for this BTO exercise is from 25 Oct 2007 (Thurs) to 14 Nov 2007 (Wed). Information on the 2 projects and details of the application procedures can be found at Annexes 1 and 2 respectively.


Telok Blangah Towers

Telok Blangah Towers is an integrated development with 400 flats, comprising 90 SAs, 100 units of 3-room and 210 units of 4-room Premium flats. The SAs are sold with elder-friendly features such as grab bars and non-slip flooring, as well as fittings such as built-in wardrobe, kitchen cabinets and cooking facilities.

Telok Blangah Towers is situated at the junction of Telok Blangah Street 31 and Telok Blangah Drive. The project is adjacent to an array of shops and eateries, a supermarket, wet market and hawker centre. It is also conveniently located near the Bukit Merah Town Centre, as well as the upcoming MRT stations at Labrador Park and Telok Blangah on the Circle Line. It enjoys convenient access to retail and recreational facilities such as VivoCity, Mount Faber and Sentosa.


Punggol Lodge

Punggol Lodge is a Standard contract with 516 flats, comprising 52 units of 3-room and 464 units of 4-room flats.

Located in Punggol East along Punggol Road, the project is conveniently situated across the road from upcoming commercial facilities such as an eating-house, supermarket and shops, and is within walking distance from the Damai LRT station. The project is also located near the Punggol MRT Station, bus interchange and future Punggol Town Centre. Nearby educational institutions include Edgefield Primary, Mee Toh School, Greendale Secondary and Punggol Secondary, which will cater to the needs of families with school-going children.


Eligibility Conditions

The monthly household income ceiling for the purchase of the SAs, 3-room and 4-room flats in the Premium contract at Telok Blangah Towers is $8,000. For the Standard 3-room and 4-room flats at Punggol Lodge, the usual monthly household income ceiling of $3,000 and $8,000 respectively are applicable. Applicants must also satisfy the other eligibility conditions such as citizenship, family nucleus and non-ownership of private property.

First-timer households (except for those applying for SAs) can also apply for the Additional CPF Housing Grant (AHG) of up to $30,000. To qualify, first-timer households must have been in continuous employment over the last 24 months at the date of the flat application, and have an average gross monthly income not exceeding $4,000 over the same period.

HDB rental tenants who are first-timers and have lived in their rental flats for a minimum of 2 years can enjoy priority when they apply for a 3-room flat under the Tenants’ Priority Scheme, if their gross monthly income does not exceed $3,000.


Optional Component Scheme (OCS)

Buyers of the Standard flats in Punggol Lodge can opt for ceramic floor tiles and/or internal timber doors to be installed in their flats. Buyers of the Premium flats in Telok Blangah Towers (which already come with flooring) can opt for internal doors to be installed. The cost of the optional components (see Annex 1) will be included in the selling price of the flat.


BTO Exhibition

An exhibition will be held at the Habitat Forum, HDB Hub during the application period from 25 Oct 2007 to 14 Nov 2007. Interested applicants can obtain the sales brochure, as well as view the 3D models and sample finishes on display. They can also visit HDB’s e-Sales website at www.hdb.gov.sg/esales, or look out for newspaper advertisements to learn more about Telok Blangah Towers and Punggol Lodge.


Introduction of new services

To better cater to the needs of potential flat buyers, HDB will introduce 2 new electronic services - Home Locator and Short Message Service (SMS) Alerts. Potential flat buyers can search for their desired flat by specifying the criteria (e.g. location, completion status, flat type/price range, ethnic group etc) they are looking for in their desired flat using the “Home Locator”. This search function facilitates a potential buyer’s search by narrowing down their choices. Users will also be able to view the selling prices and access the electronic brochures.

In addition to sending an email to subscribers of the HDB eAlert Service to inform them of HDB’s new sales launches on the launch date, HDB will also send Short Message Service (SMS) alerts to announce the launch of Build-to-Order (BTO) and Balloting Exercises (BE) to interested subscribers starting from Dec 2007. The e-mail and SMS alert services are free and new and existing eAlert subscribers can log on www.hdb.gov.sg to sign-up for this service from Nov 2007 onwards.


Enquiries

For enquiries, the public can:

- e-mail hdbsales@hdb.gov.sg;
- call the Sales/Resale Customer Service Line at 1800-866 3066 on weekdays from 8am to 5pm; or
visit the HDB Sales Office to speak with our Customer Service Officers during office hours.

Tender Closing For Industrial Site At Sin Ming Lane

Source : Urban Redevelopment Authority (URA) News Releases, 24 October 2007

The Urban Redevelopment Authority (URA) closed the tender for the industrial site at Sin Ming Lane today.

The site at Sin Ming Lane was launched for public tender on 30 August 2007 (http://www.ura.gov.sg/pr/text/2007/pr07-93.html). The site was offered for sale on a 60-year lease.

Please see Annex A for the particulars of the site and the details of the bids received.


















This is not an announcement of tender award. A decision on the award of the tenders will be made after the bids have been evaluated. This will be publicised at a later date.

-------------------------------------------------------------------------

For media enquiries, please contact:

Ms Melissa Lee
Manager, Public Relations
DID: 6321 8248
Email: melissa_lee@ura.gov.sg

SLA To Auction Six Choice Infill Sites For Residential Use

Source : Singapore Land Authority (SLA)Press Releases, 25 October 2007

Singapore Land Authority (SLA) will be releasing six residential sites on choice locations for sale, by auction, on 99-year leases. These sites are either within prime residential housing areas or they are centrally located in the heart of Singapore. Included in the sale are two large parcels of land of over 16,600 and 29,000 square feet located within the Eng Neo Avenue Good Class Bungalow (GCB) area in District 11. This is the first time that the SLA is releasing sites for a GCB development.

The distinctive feature of this land sale is that it presents a rare opportunity for buyers to purchase a plot of land to build their own dream homes tailored to their individual needs. Please refer to Annex A for details on the infill sites.

Basically, ‘infill’ sites are pockets of State land located in the midst of an established housing estate. They are State land that have either been left untouched by nearby development, or are formerly used for public purposes that have since been phased out, e.g. electrical sub-stations.

Assistant Chief Executive, Land Operations Group, Mr Simon Ong (王汉龙, 助理局长, 土地咨询商业部) said: “Our goal is to optimise the use of land in Singapore. Through this land sale, we will put the infill sites to productive use. At the same time, it will help to meet the current market demand for high quality residential properties and allow wider participation by individuals to build their own dream homes.”

Mok Sze Sze, Director, Head of Auction & Sales of Jones Lang LaSalle who is marketing the project adds: “The positive market sentiment for high-end residential developments over the last few quarters has fuelled demand for GCBs. A total of 79 GCBs worth $959.4 million changed hands in 1H07 while 61 GCBs worth $627.9 million was transacted in 1H06. This translates to a 29.5% increase in the number of units transacted and 52.8% increase in absolute value. With rising demand, the sites being released are definitely timely and offer buyers excellent choices suited for different needs.”

Interested parties are advised to register at the counter at the basement of M Hotel, 81 Anson Road, on 29 November 2007, at 2.00 pm before the auction commences at 3.00 pm. For more information, please log on to www.spio.sla.gov.sg. The table of details of six infill sites and photos of the six locations as well as artist’s impressions of a Good Class Bungalow in Eng Neo Avenue and semi-detached houses located in Jalan Insaf can be found at Annex A and Annex B respectively.

More information can be found in the developer’s packet. They can be purchased at $52.50 (inclusive of Goods and Services Tax) from the Singapore Land Authority at 8 Shenton Way #26-01, Singapore 068811 (Mon – Fri, 8.30am – 5.30pm, and Sat from 8.30am – 12.30pm) or from Jones Lang LaSalle at 9 Raffles Place #39-00 Republic Plaza, Singapore 048619, from Monday to Friday between 8.30am and 5.30pm.

For media enquiries, please contact Ms Margaret Chee at tel: 6325 7180 or e-mail: Margaret_Chee@sla.gov.sg.

Attachments:
Annex A - Table of details of six infill sites on sale
Annex B - Photos of six sites and artist’s impressions of a Good Class Bungalow in Eng Neo Avenue and semi-detached houses located in Jalan Insaf.

About SLA
Singapore Land Authority (SLA) is a statutory board with the Ministry of Law.

Its mission is to optimise land resources for the economic and social development of Singapore.

SLA is responsible for the direct management of some 14,000 hectares of State land and about 5,000 buildings.

It is also in charge of land sales, leases, acquisitions and allocation, developing and marketing land-related information, and maintaining the national land information database through digitised land information services.

SLA is also the national land registration authority for property transactions, and the issuance and guarantee of land titles in Singapore.

It also manages and maintains the national land survey system, including the defining of boundaries or legal limits of properties based on a coordinated cadastre survey system. For more details, visit www.sla.gov.sg.

MI-Reit’s Q2 Distributable Income Meets Forecast

Source : The Business Times, October 25, 2007

MACARTHURCOOK Industrial Reit (MI-Reit) said yesterday that its distributable income for the second quarter ended Sept 30 came in at $4.85 million, with distribution per unit (DPU) at 1.86 cents, both in line with its forecast.

This worked out to an annualised DPU of 7.38 cents, said MI-Reit. The annualised yield is 6.05 per cent based on the closing price of $1.22 per unit on Sept 30.

Its net property income of $5.91 million for the quarter was higher than the $4.7 million seen in the preceding quarter but was a 0.6 per cent dip from its own estimate.

Thanks to a revaluation of the initial 12 properties in MI-Reit’s portfolio, its net asset value per unit rose by 13.3 per cent quarter-on-quarter to $1.28, and raised its book value from $316.2 million to $354 million at the end of the fiscal second quarter.

‘In the short time since listing on April 19, we have successfully executed the acquisition of three properties; two of which are pending completion with an aggregate value of $109.3 million and the third, which has been completed for $16.8 million,’ said Chris Calvert, chief executive of the MI-Reit manager.

‘We continue to be focused on achieving our target of $500 million in acquisitions per annum,’ he added.

He noted that these acquisitions will enhance income stability and diversification as a result of the reduced reliance on any single asset for income.

Over the next 12-18 months, a majority of MI-Reit’s acquisitions will be made in Singapore but investment grade industrial property in Japan, Hong Kong, Korea and Malaysia will also be considered.

Given the bullish outlook on the rents and capital values of industrial space, which are poised for a further rise of up to 10 per cent in the final quarter of 2007, MI-Reit manager said it expects to deliver an annualised distribution of 7.58 cents for the current financial year ending March 31, 2008, in line with forecasts.

MI-Reit also announced yesterday that it has signed an agreement to buy a logistics and warehouse building at 11 Changi South Street 3 from Prologis Singapore Pte Ltd for $20.8 million. The property will then be sub-leased to its current tenant, Builders Shop Pte Ltd, for the remainder of the existing 10- year lease term that commenced on Dec 16, 2004.

At an initial yield of 7.23 per cent, the acquisition is accretive to MI-Reit’s DPU, it said, and is estimated to raise its fiscal 2008 DPU by 0.23 cent to 7.64 cents per unit and fiscal 2009 DPU by 0.22 cents to 7.81 cents per unit.

Related Link -
http://tinyurl.com/ytg53j
MI-REIT's news release

http://tinyurl.com/24epxs
Financial statement

http://tinyurl.com/yvudxu
Presentation slides

ART Q3 Distribution Up 84% To $12m

Source : The Business Times, October 25, 2007

ASCOTT Residence Trust (ART), the first pan-Asian serviced residence real estate investment trust (Reit), achieved an 84 per cent year-on-year growth in unitholders’ distribution to $12 million for the third quarter ended Sept 30. The results, which also exceeded its own estimate by 9 per cent, were underpinned by strong operating performance and accretive acquisitions.

This gave a distribution per unit of 1.99 cents for the quarter, which is 39 per cent higher than for the corresponding period last year and 9 per cent better than forecast.

What stood out was that revenues per available unit for its serviced residences in the Philippines and Singapore were 32 per cent and 22 per cent better than forecast in the third quarter.

‘As part of the overall growth strategy, ART will continue to acquire quality serviced residences and rental housing properties to achieve a portfolio value of $2 billion by end-2008,’ said Lim Jit Poh, chairman of Ascott Residence Trust Management Ltd (ARTML), the manager of the trust.

ART has a geographically diversified portfolio of 18 properties in 10 cities across seven countries including Australia, China, Indonesia, Japan, the Philippines, Singapore and Vietnam. Its portfolio value is currently $1.2 billion, comprising of 2,952 serviced residence units.

‘Demand for serviced residences is expected to remain strong and we are confident of delivering the forecast distribution per unit of 7.27 cents for the year,’ ARTML’s chief executive Chong Kee Hiong said.

Paragon Bags 2 Industry Awards

Source : The Business Times, October 25, 2007

PARAGON Shopping Centre has clinched two awards in Shopping Centre Scorecard, an annual national industry rating scheme which recognises well-run malls in Singapore.

Accolades: Paragon was tops in two of the three categories - best efforts in advertising & promotions and tenant relationships - awarded by the Shopping Centre Scorecard

Paragon, which is fully owned by Singapore Press Holdings Ltd (SPH), emerged tops in two of the three categories - best efforts in advertising & promotions and tenant relationships.

The results were based on votes by retailers. The contest is organised by the Singapore Retailers Association.

This is the second year the mall has won the Shopping Centre Scorecard. Last year, it won for best efforts in maintaining its premises, the third category.

Paragon, which now enjoys full occupancy, is positioned as an upscale fashion and accessories mall. The mall is home to many international fashion designer names such as Prada, Gucci, Burberry and Versace.

'Good mall management is a synergy of getting the right tenant mix and increasing shopper traffic, apart from handling ongoing building maintenance,' said Linda Kwan, the mall's general manager . 'Cultivating a good working relationship with our tenants is a big factor in our success. Coupled with strong brand building and proactive A&P programmes, our efforts in mall management would further boost shopper traffic and sales for the mutual benefit of all.'

Global Property Investment Expected To Fall

Source : The Business Times, October 25, 2007

Mortgage defaults in US may prompt lenders to tighten credit, says JLL

(TOKYO) Global direct real estate investment may fall this year as concerns about defaults on US mortgages prompted lenders to tighten credit, said Jones Lang LaSalle Inc, the world's second-largest commercial real estate broker.

Asian boom: China, Japan, S'pore, India are among the markets offering the best opportunities, JLL says

Asia may be the only market to experience an increase in investment in the second half of this year, Jane Murray, Asia-Pacific head of research at Jones Lang LaSalle, said in Tokyo yesterday. Global direct property investment rose 41 per cent in 2006 to US$699 billion, advancing for a third-straight year.

'The highly leveraged players who were very active earlier in the year are certainly sitting on the sidelines at the moment,' Ms Murray said.

The four-year boom in real estate is threatened after the US housing slump raised concerns about the value of mortgages and bonds linked to those loans. Investors are finding it harder to borrow money when they want to fund property acquisitions.

Japan, Singapore, China and India are among the markets offering the best opportunities for investors, according to Jones Lang LaSalle research.

Grade A office rents in Japan have gained 80 per cent in the past three years and have more than doubled in Singapore, Ms Murray said. Grade A buildings are no more than 25 years old, with total leasable floor area of more than 10,000 square metres and more than 800 square metres a floor, according to Jones Lang LaSalle.

Japan features strong economic growth in a large market and is the only country where returns on office buildings exceed local interest rates, also known as a positive yield spread, Ms Murray said.

Morgan Stanley raised a record US$8 billion for a real estate investment fund in June. In April the firm agreed to buy 13 Japanese hotels from All Nippon Airways in the country's biggest real estate deal.

Japan offers a positive yield spread of 1.56 per cent, compared with negative spreads in other major cities including London, Paris, Frankfurt and New York, said Takeshi Akagi, local director in Japan for Jones Lang LaSalle.

Investment in China rose 23 per cent in the first half of the year even after the government sought to curb property investment to cool gains in housing prices. India, where more than half the population is under the age of 25, doesn't have enough offices, shops and houses to meet demand, Ms Murray said.

'It will require major additions to the stock base across every sector over the coming years to accommodate its rapidly growing services sector and the increasing wealth of its population,' Ms Murray said.

'When the Indian government begins to deregulate investment for foreign players, we will see a flood of money pouring into that market.' - Bloomberg

S'pore Hotel Tax Hike Won't Apply To Service Flats

Source : The Business Times, October 25, 2007

Singapore's hike in property tax on hotels next year will not apply to service residences, the Inland Revenue Authority of Singapore (IRAS) said yesterday.

Service residences, many of which provide food and cleaning services, have emerged as an alternative to hotels in recent years for business travellers on longer stays.

Singapore-listed Ascott Group, the largest service residence operator in Europe and Asia, has about 600 units for rent in Singapore.

The annual value of a hotel next year will be calculated based on 20 per cent of gross room receipts in the preceding year, and at 25 per cent in 2009, up from the current 15 per cent, according to the IRAS. Hotel owners have to pay 10 per cent of the annual value to IRAS as property tax. -- Reuters

Barclays Seen Leasing Four Floors At MBFC

Source : The Business Times, October 25, 2007

British bank among several eyeing new financial hotspot

British bank Barclays is expected to sign a lease soon for about 100,000 square feet of space - or four floors - at Marina Bay Financial Centre's 50-storey Tower 2, industry observers say. This will be under the project's first phase, to be completed early in 2010.

So far, MBFC's developer has signed up Swiss private bank Pictet and UK-based stockbroking firm Icap as tenants for Tower 2. They will take 25,000 sq ft and 35,000 sq ft respectively.

Singapore's DBS is also believed to be close to finalising a deal to lease about 700,000 sq ft at MBFC's Tower 3, which will also be 50 storeys high. This tower, which will have about 1.3 million sq ft of net lettable space for offices, is part of the second phase of the development, slated for completion in late 2011.

A host of other foreign banks - including Royal Bank of Scotland, Merrill Lynch, HSBC, JP Morgan and Lehman Brothers - are also in negotiations for space at MBFC, industry observers say.

MBFC's 33-storey Tower 1 has been fully leased, mostly to Standard Chartered which is taking 508,298 sq ft. Smaller tenants signed up at this tower include French corporate and investment bank Natixis, which is taking 65,000 sq ft, and Wellington International Management Co (21,000 sq ft).

MBFC is developed by a consortium comprising Keppel Land, Hongkong Land and Cheung Kong Holdings. The trio also developed One Raffles Quay (ORQ) nearby. Barclays would be the first common tenant in the two developments. It occupies about 90,000 sq ft on the top three levels of ORQ's 27-storey South Tower.

Barclays has also leased premises at Samsung Hub (about 52,400 sq ft) and Capital Square (more than 40,000 sq ft) - both in Church Street - and at The Atrium @ Orchard near Dhoby Ghaut MRT Station (about 80,000 sq ft).

MBFC's total development cost is estimated at more than $4 billion. Its developers clinched the 99-year leasehold site in an Urban Redevelopment Authority tender in July 2005 and bought the land parcel in two phases - paying $381 per square foot per plot ratio for the initial phase in 2005, and an effective land price of $435 psf ppr for the second phase earlier this year under a formula that factored in an increase in office land values in the vicinity since the initial bid in the 2005 tender.

The entire site can be developed to yield a gross floor area of about 4.7 million sq ft.

MV Land's $68.9m Bid The Highest For Sin Ming Site

Source : The Business Times, October 25, 2007

Unit price of industrial parcel works out to about $50 psf ppr

THE public tender for an industrial site at Sin Ming Lane has closed with the top bid of $68.9 million put in by MV Land Pte Ltd.

Based on land area of about 5.13 ha and a plot ratio of 2.5, the unit price of the parcel works out to about $50 per square foot per plot ratio (psf ppr).

The parcel was the first of the two industrial sites tendered under the confirmed list for the second-half 2007 Government Industrial Land Sales programme. The other site on the confirmed list is at Jalan Tepong.

The tender for the Sin Ming Lane site closed yesterday with five bids received by the Urban Redevelopment Authority.

The second highest bid of $65.4 million - about 5 per cent lower than MV Land's bid - came from Soon Lee Land Pte Ltd.

This should come as some relief for MV Land, which through associate company Eastpoint Development, recently outbid EL Development for an industrial site at Kaki Bukit Road 3 by 58 per cent to pay $72 psf ppr - the highest-ever unit land price for a 30-year leasehold industrial plot.

Eastpoint Development is controlled by Lim Kim Hong and Lim Huixing.

The top bid of $50 psf ppr for the Sing Ming Lane site is 'reasonable', said Savills Singapore's director of industrial business space Dominic Peters. 'The market for such properties has gone up about 15 per cent in the last six months.'

The site is zoned Business 1 and can be used for clean and light industrial use. Mr Peters expects that the developer will want to build a ramp-up facility. A possible use could be a service centre, he said.

The breakeven price for a project could be around $220 psf, which would mean it could be sold for $250-$280 psf, he reckons. 'Similar developments are already selling for between $260-$280 psf.'

A decision on the award of the tender will be made after the bids have been evaluated by URA.

MV Land and Eastpoint Development have been hot on the acquisition trail this year, bidding for - though not clinching - a commercial site next to HDB Hub in Toa Payoh, a residential site near Potong Pasir MRT Station and the maiden transitional office site next to Newton MRT Station.

Pasir Ris Leasehold Condo Site Launched For Tender

Source : The Business Times, October 25, 2007

A 99-YEAR leasehold site for private condo development at Elias Road in Pasir Ris has been launched for tender by the state.

CB Richard Ellis expects the 152,054 square foot site to fetch bids of between $260 and $300 per square foot of potential gross floor area, translating into a breakeven cost of about $620 to $660 psf for a new condo on the site. CBRE reckons that the future project would be able to sell for above $700 psf, assuming it is launched in the third quarter next year.

It noted that recent transactions for units in the freehold Ris Grandeur have been at $650-700 psf and those at Savannah CondoPark and Modena (both on 99-year leasehold sites) at above $650 psf.

Referring to the Elias Road site, CBRE executive director Li Hiaw Ho reckons that there may be a pool of HDB dwellers in the neighbourhood ready to upgrade to a new private condo. 'Units in the new condo project will also have rental potential given the proximity to the beach and other recreational facilities, as well as Changi International Airport,' he added.

Analysts estimate that the site offered by the Housing & Development Board can be developed into a condominium with about 380 units averaging 1,200 sq ft. The tender closes on Dec 18.

The plot is on the confirmed list of the Government Land Sales Programme for second-half 2007. Earlier this month, the state offered two other condo sites, also under the confirmed list. They are a 2.2-hectare plot next to Lakeside MRT Station in Jurong that can be developed into about 680 units, and a site at Woodlands Ave 2/ Rosewood Drive that can yield about 200 units.

Strong Demand For Office Space Will Continue To Push Up Rents: Analysts

Source : Channel NewsAsia, 25 October 2007

Higher rents in the Central Business District (CBD) are forcing companies to re-configure their current space, or consider shifting part of their operations to other locations.

To meet demand, the government is releasing transitional office sites into the market.

But property watchers say demand remains strong and rents will continue to push upwards.

Property firm Savills can now fit another 10 staff into its Shaw House office at Orchard Road.

It did so simply by halving its reception area.

Like Savills, more companies are reconfiguring their offices to maximise use of space and keep costs down.

Ku Swee Yong, Director, International Marketing, Savills, says: "There is still a lot more scope to restructure office space usage in the CBD - Shenton Way, Robinsons Road, Raffles Place. Many of these so called lower value type of work that probably is not customer facing, for example backroom operations, IT, maybe even administrative, human resource, transaction processing work, could be moved out of the CBD office."

The government is releasing transitional office sites to help meet demand.

Property watchers say there are sites near the CBD which could be opened up.

Last Friday, the government released a site the size of two football fields at Upper Aljunied.

Mr Ku says: "So if you drive around town, you will see a few more properties, you will see a few more land parcels, just vacant grass land which could be potentially very attractive - for example next to Central Mall, Havelock Road. These sites I think would be a lot more attractive to the MNCs and the financial services industries."

Consultants say transitional office sites will have little impact on rents in the CBD as they merely absorb low rent-yielding tenants so they can make way for companies who are willing to pay the higher rents.

They might, however, slow down the rate of increase.

Office rents in the CBD have shot up by 60 to 70 percent in the last 12 months.

Donald Han, Managing Director, Cushman & Wakefield, says: "Singapore is being recognised as a hub to position your original business in Southeast Asia as well as the Asian region, so more and more companies are demanding more space and expanding their operations. We are generally looking at almost every company (seeking) a minimal of 20 to 30 percent expansion of space upon every lease expiry, so that adds on to the pressure in terms of demand. So we think that this year, we expect net demand to be 3 to 3.5 million square feet."

Analysts say Singapore needs about 2 million square feet of office space a year for the next 4 years but supply is estimated at just about half of that. - CNA/ch

HDB Releases 99-Year Leasehold Site At Elias Road For Condo

Source : Channel NewsAsia, 24 October 2007

The Housing and Development Board (HDB) is releasing a land parcel for condominium housing at Elias Road in Pasir Ris.

The 99-year leasehold site occupies an area of 14,126 square metres and has an allowable gross floor area of 42,379 square metres.

The site is located within the Pasir Ris HDB estate and is about 10 to 15 minutes' walk to the Pasir Ris MRT station.

It is also near amenities such as Elias Mall, Whitesands shopping centre, Pasir Ris Park, Downtown East and Meridien Junior College.

Consultant CB Richard Ellis says the future project will be able to fetch prices of around S$700 per square foot.

It expects the site to attract bids between S$260 and S$300 per square foot per plot ratio.

The site is being released under its confirmed list system, which means the parcel will be sold by tender at a pre-determined date, without the need for the sale to be triggered by any developer's application.

The tender closes on December 18th. - CNA/ch

MacPherson Residents Complain Of Cracks Appearing In Some Flats

Source : Channel NewsAsia, 25 October 2007

Cracks have recently appeared in the outer walls and walkways of several flats at Balam Road, raising concern among residents.

The flats in the MacPherson area were upgraded in 1999 and residents say the cracks are a consistent problem.

The Marine Parade Town Council has tried to solve the problem but to no avail.

Residents think this could be due to the construction of the Kallang/Paya Lebar Expressway.

But the Land Transport Authority says the KPE construction site is away from the affected flats.

LTA says it will still conduct an investigation into the matter.

Meanwhile, the town council has sent maintenance workers to rectify the problem. - CNA/de

Singapore Gets In-Principle Approval To Host F1 Night Race Next September

Singapore will host the first Formula One night race next year.

The sport's governing body, FIA, has given the in-principle approval to Singapore to host the September 28 race under the floodlights.

Lighting trials have been conducted overseas to assess if a night race could be staged in Singapore.

Singapore had earlier said that a night race will be unique, different and allow the Singapore event to reach out to television audiences in Asia, Europe and the US.

And Singapore would proceed with a night race only if the safety and operational requirements of all parties including the FIA, FOA and Formula 1 teams were fully met.

Singapore will host the F1 Grand Prix for five years with the option to extend the deal by another five years.

The race is expected to rev up Singapore's tourism sector with a projected revenue of some $100 million.

The 2008 campaign starts as usual in Melbourne on 16 March and concludes at Interlagos in Brazil on 2 November. - CNA/ir

Kallang-Payar Lebar Expressway To Open On Friday

Source : Channel NewsAsia, 24 October 2007

The Kallang-Payar Lebar Expressway (KPE) is set to open this Friday after six years of construction.

In the building of this underground road project, the Geylang River had to be dammed, diverted and then re-diverted onto its original path.

The Land Transport Authority (LTA) also used multiple waterproofing elements in the part of the tunnel running under the river.

Related Video Link - http://tinyurl.com/257btj
Kallang-Payar Lebar Expressway to open on Friday


Part of the construction work has been captured by the LTA in the form of a documentary, which will be aired on Channel NewsAsia on Thursday night.

The documentary includes, among others, the challenges faced by the engineers and the solutions they used. It describes the biggest challenge as diverting the Geylang River while the construction was taking place.

Even with cutting-edge technology, engineers had to manage the risks of digging below Geylang River.

"Anything below ground is a risk," said Marcus Karakashian, LTA's director of KPE. "It does not matter if you are one metre below ground. We are going 25 metres below ground."

Another problem was the ground that the tunnel was being built in.

"One of the key challenges is the soil condition in the east," said Tammie Loke, the deputy group director of LTA's corporate communications. "As one project manager puts it, the soil consistency is like toothpaste."

The documentary also highlights the tunnel's security features: emergency doors that open to allow ambulances and fire engines through to the other side. In the case of a fire, giant fans can be activated to swiftly extract smoke.

The LTA is running a safety campaign so motorists will know what to do when travelling through the three-kilometre tunnel.

The campaign includes safety habits like switching on the headlights and not stopping their vehicles in the tunnel.

This whole week on MediaCorp Radio, songs from a KPE Safety music CD will be aired, emphasising safe driving in the tunnel with lyrics like "don't you try and overtake" and "look at the signs".

The entire expressway will be fully operational by the end of 2008.

Catch the first building phase of Southeast Asia's longest underground expressway in the documentary on Channel NewsAsia on Thursday at 9.32pm. - CNA/yb