Saturday, November 17, 2007

圣诞家居 流溢幽蓝光彩

《联合早报》Nov 17, 2007

圣诞是个温馨与共同分享的节日,许多人都希望在佳节期间,有不同的家居气氛,圣诞气氛又如何营造呢?

我们请Altered Interior Workshop的室内设计师官孔霖,来布置一个别具新意的圣诞家居。

大多数人对圣诞装饰的第一印象往往是缤纷华丽,最常用的颜色是红色与绿色。

家居设计师官孔霖却认为,圣诞家居除了装点出节日气氛之外,也可以多一点个性美。他认为,圣诞节固然是个充满欢乐的节日,但要营造活泼明朗的感觉,不一定要大量运用大红大绿等到处可见、甚至有点滥用的颜色。

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。

蓝色灯饰营造浪漫

官孔霖为坐落在红山的这一间四房式组屋,精心布置了一个有蓝色灯光装点的圣诞家居,蓝色灯光让整间屋子静静流溢着幽蓝色的光彩。

官孔霖说,以蓝色作为主题,灵感来自莎士比亚的喜剧《仲夏夜之梦》那种如梦似幻的场景,营造出的效果既浪漫又不失圣诞感,是圣诞装饰的另一种选择。

蓝色幽光下,白色圣诞树装点出宁静温馨浪漫的圣诞家居。


白色圣诞树别具情调

没有琳琅满目的圣诞装饰,也没有太多闪烁不停的圣诞灯饰,官孔霖为屋主Ryan和Ivy夫妇设计的是一个宁静而温馨的圣诞家居。

一般认为,圣诞树最能装点出圣诞气氛,因此大多数人装点圣诞家居,总会在客厅里摆上一棵闪闪发亮的圣诞树。但官孔霖认为,要布置一个具有圣诞气氛的家居环境,不一定要摆上挂满五颜六色灯饰的圣诞树。

他的做法是,在一丛喷上白漆的树枝上巧加点缀,装饰了彩灯与装饰品,这一棵别具新意的白色圣诞树,在蓝色幽光下,散发出浓浓的圣诞气氛。虽然不见白雪皑皑,却也有些许白色圣诞之感。


酒杯 烛光 红花 为圣诞召唤温馨浪漫

圣诞节也是亲友相聚共餐的日子,因此,餐厅也是圣诞节重要的家居空间。而要装饰出节日氛围,除了选用一些带圣诞气氛的餐具之外,圣诞餐桌也可摆上晶莹的酒杯、烛光闪烁的烛台,甚或一瓶带喜气的花。

卧室中摆一瓶带圣诞喜气的红花,也能增添浪漫元素;在葡萄酒助兴下,更能感受圣诞气氛。

烛光可营造温馨气氛

官孔霖说,要装饰出一个温馨浪漫的圣诞节,蜡烛、烛台也是很好的选择,因为烛光总给人温暖的感觉,有助于营造出温馨的氛围。蜡烛和烛台可以摆在餐桌上,也可以装点在咖啡桌和茶几上。别忘了,在摇曳的烛光下,除了温馨,还有几分浪漫感。

除了传统圣诞饰品之外,在茶几、客厅一角,摆放透明的水晶玻璃制品或是银器、瓷器,同样可以达到调节气氛的作用。

圣诞布置其实不难,若是懂得利用颜色来凸显环境和气氛,那更是事半功倍。红色、金色在圣诞节运用得当,还真能够为整个圣诞装饰加分。

黄色小花与烛光营造出餐厅的节日气氛。

不少人喜欢在圣诞时买盆圣诞红装饰家居,其实只要是红色花朵,都有助于装点圣诞氛围,例如在餐厅或是客厅插上一瓶黄色、金色或是红色的鲜花,又或将一些红色水果如草莓,摆设在茶几或是餐桌上,也很能带出节日气氛。


柔软织品予人温暖之感

设计师也认为,使用一些质地柔软的坐垫、纺织品、毛绒玩具,也能装点出圣诞氛围,如红色或是带红色花纹的靠垫。

官孔霖说,源自雪国的圣诞节,原本是个需要取暖的节日,新加坡虽然属于热带国家,但在圣诞的日子里,摆设一些质地柔软的坐垫或纺织品,特别予人温暖之感,同时,也可带出雪地圣诞的感觉。

Singapore’s Rising Fortunes

Source : Asia Property Report, Nov 17, 2007

Singapore’s luxury residential market looks set to continue its upward rise, both in the coming months and also the coming years.

Singapore’s residential property market is expected to resume its upward push in the final quarter of 2007, having taken a much-needed breather during the third quarter. A brief lull was no surprise, as the total of 11,458 transactions for the second quarter, according to figures from Knight Frank, was the highest ever achieved in Singapore for a single quarter.

The report noted, however, that while the number of new units launched during the third quarter had eased 7.2% quarter-on-quarter to 4,100 units, it was still a hefty 79.4% increase over the same period last year and a figure only topped by the first two quarters of 2007.

Industry watchers attributed the slowdown in transactions between July and September to both buyers and sellers taking a wait-and-see stance in the wake of market volatility stemming from US sub-prime mortgage woes, as well as anticipation of changes to laws governing collective sales.
The seasonal dip was also due in part to the traditional slow period during the Hungry Ghost Month on the lunar calendar (August 13- September 10), regarded by the Chinese as an inauspicious time to buy property.

The third quarter also coincided with summer holidays, when most expatriates are out of town, hence attributing to a further fall in property viewings, noted Ku Swee Yong, Director of Marketing and Business Development for Savills Singapore. “It’s good for the market to take a breather, for the fundamentals to solidify and grow even stronger from a firmer base,” he said.

Nevertheless, the relaxed market didn’t stop projects such as M21, the Parc Condominium and the Rochester from being launched and selling out, while others such as Scotts Square, Soleil and Latitude also enjoyed strong take-up. Property watchers pointed out that while the volumes were down, the market mood and optimism over prices were not. “Sellers (in the subsale and en-bloc markets) were still holding out for higher prices,” Ku said.

Nicholas Mak, Director of Research and Consultancy at Knight Frank, noted that while the number of transactions in the secondary market had fallen to between 6,000-6,500 units for the third quarter from about 7,700 units during the previous quarter, the total number for the first nine months amounted to about 19,000. This is significantly higher, by 41.4%, than the total of 13,800 units that changed hands for the whole of 2006.

Good times to roll on
Mak added that the appetite for real estate in Singapore would remain robust for some time to come, citing continued economic growth, strong fundamentals, healthy investor confidence and liquidity in the local market, notwithstanding the sub-prime fallout in the West.

Ku added: “Banks here are providing loans with their own funds, not borrowed funds. They have little or no exposure to the sub-prime problems. In fact, with the sub-prime problems in the West, we’re now seeing overseas investors such as retirement funds from the US and Europe reallocating their money to this part of the world.

“We’re talking about funds with a few billion British pounds or US dollars – enough to buy up Raffles Place – looking for investment opportunities and capital growth.”

Private bankers have already noticed a rise in the influx of high-net-worth individuals (HNWI) taking up residences or buying top-tier investment properties as a result of pro-business policies by the Singapore government, in its efforts to create a more globalised economy.

These initiatives include the Global Schoolhouse Programme, which hopes to attract 150,000 foreign students by 2015 (up from 70,000 in 2005) and the Headquarters Programme, which hopes to lure another 100 world-class companies to set up headquarter operations in Singapore by 2010. In addition, the government is also embarking on a drive to draw some 35,000 skilled foreigners annually to settle and so boost the quality of the Singapore workforce.

Said Ku: “The fact that Singapore doesn’t have a capital gains tax regime and has low property taxes are added attractions for HNWIs looking to preserve their wealth for their next generation.” He also pointed out that the relaxation of overseas investment laws in South Korea, punitive taxes in Japan and changes in US income tax laws for Americans living abroad have also spurred an increase in property purchases among the expatriate community.

Mak said an expanding economy and an increasing shortage of private apartments and condo residences, due in part to the feverish pace of en-bloc sales during the first half of the year, have led to rising rentals. This has prompted many permanent residents and long-time expatriates to commit to property purchases.

Foreign interest rises
According to Colliers International, 34% of foreign buyers’ purchases were in the S$1.5 million-$5 million range during the third quarter. Savills noted that the proportion of foreign purchases of properties above $5m has been rising from 14% in 2005 to 40% in 2006 and 60% so far this year.
Alfred Lim, Executive Director of VestAsia, said: “Expats are starting to convert their rental allowance into mortgages as companies are starting to amalgamate housing allowances into individual salaries. Usually, we see more modest and ‘smarter’ expenditure on housing from individuals once housing allowances are amalgamated.”

“Singapore is beginning to attract long-term and senior foreign talent who see themselves settling in Singapore for a while, so they’ll tend to buy their own properties instead of paying high rents. We’ll continue to see growth in the high and mid-end segments.”

He added that besides the traditional prime districts, areas with good access to transport, amenities and schools, like the East Coast, Tanjong Rhu, Bukit Timah, Novena and the West Coast, will continue to be attractive to foreign buyers.

Vincent Chong, Associate Director of Residential at Colliers International, said that besides saving on gross rentals, which rose from 7.6-10.2% per quarter for luxury apartments in the first three quarters, foreign buyers also stand to benefit from both capital appreciation and the continuing strengthening of the Singapore dollar.

The Monetary Authority of Singapore (MAS) surprised the currency market in October when it announced it would “increase slightly” the pace of appreciation of the dollar in a bid to contain imported inflation. Analysts said this meant the rate of appreciation would rise to between 2-3%, up from 1.5-2.5% previously.

Ku said there isn’t likely to be a let-up in foreign interest due to the dearth in the supply in both top-end residential and commercial properties. The Urban Redevelopment Authority (URA) has already tried to step in to cool the market with the release of 16 new sites for development, compared to nine for the same period last year.

High end just gets higher
According to Savills, the top 10 residential property transactions by price has seen significant increases, from about $2,050psf in 2000 to $3,090psf in 2006 and $4,078 in the first half of this year. The number of units sold above $4,000psf rose to a record 72 in July.

Looking ahead, Colliers expect the overall residential market for 2008 to increase by 15-20%. Savills expects the luxury property market to remain bullish, with prices likely to increase another 20-30% annually till 2010 as developers continue to raise the bar for high-end apartments, featuring more spacious surroundings, eye-catching features and services such as housekeeping, 24-hour concierge, sommeliers and doormen.

Hayden Properties’ development at 37 Scotts Road, for example, features a glass car elevator that allows owners to park their ride beside their living room. The Marq at Paterson Hill and Cliveden at Grange offer the spaciousness of a bungalow in a luxury condominium setting. Others like St Regis Residences and Beaufort on Nassim are tying up with hotel operators to provide hotel-style services.

Already, the start of the fourth quarter has seen a new record of $5,600psf paid for a S$28 million penthouse in The Orchard Residences in District 9, surpassing the previous $5,500psf for another penthouse sold at the same development in August.

Two prominent projects to watch for in the coming months include the Ritz-Carlton Residences at Cairnhill (58 units) and the development at 37 Scotts Road (56 units), the former Asia Hotel site, both by Hayden and both expected to fetch approximately $4,500psf or more.

Other new high-end residences expected to be launched during the fourth quarter include Hilltops at Cairnhill (241 units), Paterson Suites at Paterson Road (102 units), Latitude in Jalan Mutiara (127 units) and The Quayside Isle in Sentosa (228 units).

Future fundamentals
“Buyers are still positive on the markets, as the stock market has shown that Singapore is decoupling itself from the sub-prime concerns,” said Lim of Vest Asia. “The market will continue to be driven by the foreign investors and to a certain extent the stock market. The stock markets are hitting new highs again and confidence is coming back. The fundamentals for real estate are only going to get stronger.

“Rents and yields are strong, as Singapore is continuing to attract long-term corporations and talent. I believe that if the global concerns are contained and the key fundamentals don’t change, we’re likely to see very strong interest in the real estate market for the next 6-12 months and possibly beyond that.”

Ku noted that additional support for the overall residential market would come in the next two quarters from the unlocking of the S$10 billion of funds to sellers of en-bloc properties from the first half of the year.

In addition, he said 200,000 civil servants will be getting wage rises as well as special one-off year-end bonuses. Further down the road, there will be the privatisation of government executive condos in 2009, fuelling another round of liquidity in the market.

Colin Tan, Head of Research at Chesterton International, said Singapore’s ‘feel good’ factor would be further boosted by the staging of the Formula One race next year and the opening of the new integrated resorts, both of which will generate more visitors and prompt greater buying interest from abroad.

“There are still a few more steps to go before the Singapore market catches up with the likes of London and New York in terms of diversity and quality in cultural and entertainment attractions that are a draw for international buyers,” Tan added. “We have yet to see, for example, a strong influx of Middle East buyers.”

Ku also pointed out that in addition to the luxury inner-city precincts and the new waterfront properties at Sentosa Cove and Marina Bay, there are proposals to develop the Southern Islands into a playground for the rich in Asia, similar to Monte Carlo, which would open up another class of luxury property in the city state.

Hot Pick: Hillview Avenue And Hume Avenue

Source : Asia Property Report, Nov 17, 2007

Savills Singapore observes, predicts and reasons for its latest Hot Pick

Observations
Since we published our forecast in June 2007 for the then undervalued Bukit Timah Road (up to King Albert Park), prices have moved up significantly. Recent transactions for the stretch of Bukit Timah Road between 6th Avenue to King Albert Park have already crossed the S$1,600psf mark (in Cascadia).

Predictions

# We expect the upcoming launches of projects such as Jardin (by Far East Organization), Floridian (by Far East Organization and Wing Tai Asia) and Cascadia (by Allgreen) to bring prices along this stretch of Bukit Timah across the S$2,000psf mark. We believe this is achievable by the second quarter of 2008, thus surpassing our previous Hot Pick forecast for the area by half a year.

# Price increases will continue to rise along Bukit Timah Road up into Upper Bukit Timah Road: the recent demand from displaced tenants in Newton, Holland and Bukit Timah Road and demand from HDB upgraders have pushed both rentals and sales prices of developments along the Upper Bukit Timah stretch higher.

# However, we still feel that the 30 or so condominiums along Hillview Avenue and Hume Avenue (most of them 999-year leasehold or freehold) have been overlooked and are still undervalued. Some of the condominiums located there include MeraLodge, The Petals, Chantilly Rise, Hillington Green, Parc Palais and Hume Park 1 and 2.

# Since January 2006, the condominiums along Hillview Avenue and Hume Avenue have traded from an average of S$455psf to S$640psf. That’s an increase of about 25% per annum. The average prices of S$640psf today still present great value as we believe that by the end of 2008, prices for condominiums here will achieve between S$900-S$1,200 psf.

Reasons

# The price gradient is rather steep compared to recent transactions at Bukit Timah Road, just two kilometres away and trading at almost double the price.

# Recent transactions of above S$775psf achieved at Hillview Regency coupled with new launches of projects such as Hillvista (by Far East Organization) and Park Natura (by UIC/SingLand) at Bukit Batok East Avenue 6, will lift prices above the S$1,000 psf mark.

# The overhang of vacant units that arose from a surge in supply of apartments in Hillview Avenue and Hume Avenue about 7-10 years ago have dropped significantly in the last year. As utilisation increases, rentals will strengthen, leading to higher capital values.

OFC And 71 Robinson Road Boost Office Market

Source : Asia Property Report, Nov 17, 2007

Singapore’s office market received a big boost with the announcement of two major developments in the CBD. At an unveiling ceremony at its Reflections at Keppel Bay show gallery, Keppel Land unveiled the name and design of Ocean Financial Centre (OFC), a 43-office tower that will provide 850,000sqft of Grade A office space, with floor plates from 19,000-23,000sqft.

To be completed in 2011, OFC will be the fourth building to rise at the same site as the first Ocean Building, built in 1864.

OFC is designed by Pelli Clarke Pelli, whose portfolio includes the Petronas Twin Towers in Kuala Lumpur, Two International Finance Centre in Hong Kong and the World Financial Centre in Beijing. The project will include green features such as the largest solar-panel system and the first hybrid chilled-water system in Singapore.

“The design is environmentally sustainable,” said Cesar Pelli, Senior Principal of Pelli Clarke Pelli. “OFC will include a landscaped public plaza covered by a glass roof canopy and surrounded by extensive green walls, leafy roof terraces and a sky garden. The development will be a beautiful addition to the skyline of Singapore.”

Meanwhile, Kajima Overseas Asia and Lehman Brothers have unveiled 71 Robinson Road, which will offer 280,000sqft of Grade A office space when completed in the second quarter of 2009.

Masao Hashimoto, Kajima’s Vice Managing Director, said construction of the 15-storey tower, offering column-free 20,000sqft floor plates, will be fast-tracked to meet the increasing demand from global banks and financial institutions wishing to establish or expand operations in Singapore.

“The development will offer significant relief amid a current environment of less than 1.65% vacancy rates for prime Grade A space, while offering the purpose-built trading floors and superior connectivity favoured by international banking and financial institutions,” Hashimoto said.

All Action At Sentosa’s South Cove

Source : Asia Property Report, Nov 17, 2007

It has recently been all action at South Cove, Sentosa Cove’s smaller second phase. Firstly, Elevation Developments made headlines by paying S$78.7 million for the 71,860sqft Green Collection, at S$1,099psf/plot ratio, which far surpassed the last en-bloc sale price of S$771psf/plot ratio paid for Sandy Island in March. Sentosa Cove has just one last landed parcel to be sold en-bloc to developers.

Elevation, helmed by Singapore’s polo captain Satinder Garcha, submitted the highest of eight bids for the plot, Sentosa’s only land parcel for strata landed housing. The plot has a 200m frontage facing the fairways of the Sentosa Golf Club’s famed Tanjong Course. Garcha said he plans to build 20 houses on the site, each with a rooftop pool and a 10m glass frontage offering a clear view of the golf course.

Elevation is associated with upmarket Good Class Bungalows and has even attracted the talents of Zaha Hadid, the Iraq-born Brit who in 2004 became the first woman to win the Pritzker Architecture Prize, and is designing two bungalows on Nassim Road.

Meanwhile, Ho Bee Group has launched Turquoise (pictured), a 91-apartment development situated directly across Cove Drive from the Green Collection. Turquoise offers a selection of three and four-bedroom apartments, penthouses and the ‘uber-luxurious’ Sky villas in two six-storey blocks, as well as 21 berths in the waterway around Sandy and Pearl Islands.

Common facilities include a function room, swimming pool with spa pools, barbecue pavilions and a gymnasium. Turquoise is expected to be completed by the end of 2010.

Finally, Genesis-Alliance, the Singapore-based arm fronting the joint venture of YTL Corporation and LP Worlds of Malaysia, has announced that it has partnered with Italian architect Claudio Silvestrin and landscape designer Jamie Durie for its Sandy Island development. Set to launch early next year, Sandy Island will feature 18 villas, each with a private berth.

Silvestrin, who studied in Milan and London, has since 1989 been practising worldwide from his London office, known as Claudio Silvestrin Architects, with Giorgio Armani, Calvin Klein and Kanye West among his clients. Durie is a qualified horticulturist and landscape designer, author of five books and founder of Patio Landscape Architecture and Design, but is best known in Australia for making gardening ‘hip’ again as host of popular TV series Backyard Blitz.

When completed in 2010, the 117-hectare Sentosa Cove will feature a total of about 2,500 homes.

Marina Bay Suites Drums Up Global Interest

Source : Asia Property Report, Nov 17, 2007

The strong capital growth trend in the Singapore luxury residential property market will be powerful motivation for a new generation of non-institutional Middle Eastern investors to increase their stake in Singapore, revealed the developers of the Marina Bay Financial Centre (MBFC) at the recent Cityscape Dubai exhibition.

Non-landed property values in the core central area appreciated by 23.3% in the first nine months of 2007 following a 17% gain in 2006, according to the Urban Redevelopment Authority (URA).

Kan Kum Wah, Head of Residential Marketing for MBFC, said that while the Middle East presence in the Singapore property market had so far been led by institutions, the conditions are now right for the emergence of a new wave of individual buyers.

“As more individual investors from the Middle East learn about the potential of the Singapore market, through their work in the thriving banking and financial sector, or as part of the boom in Middle East visitors to Singapore, this creates the potential for a new category of individual Middle Eastern buyers,” Kan said.

Annual trade between the two geographies spiked by almost 50% in just two years to reach US$31 billion in 2006, according to the Economic Development Board, while the number of Middle Eastern visitors to Singapore rose 16% in 2006 according to the Singapore Tourism Board.

“Growing trade and investment is creating more reasons for Middle Eastern property buyers to invest in Singapore as well as introducing them to the capital growth and income opportunities in the Singapore residential property market, where there are very few restrictions for international buyers in the condominium market,” Kan said.

The developers of the MBFC also revealed their plans for Marina Bay Suites, a 65-storey residential tower slated for launch early next year. Like the MBFC and the sold-out Marina Bay Residences, Marina Bay Suites is a joint venture by three of Asia’s largest property developers: Cheung Kong (Holdings)/Hutchison Whampoa, Hongkong Land and Keppel Land.

“Marina Bay Suites will be a fitting, even more upscale, sister development to the 428-unit Marina Bay Residences, which sold out in just three days last December, affirming strong confidence in the MBFC,” Kan said. “Marina Bay Suites presents the last opportunity to buy luxury residences within this world-class development.”

Marina Bay Suites will offer just 223 three and four-bedroom apartments ranging from 1,500sqft-2,600sqft featuring private lift lobbies. The typical floor plate has only four apartments, while the solitary single-level penthouse and two duplex penthouses in the complex each boast their own swimming pool.

“Marina Bay Suites will offer a commanding bay-view location and will anchor one side of the new Central Linear Park, a landmark feature of Singapore’s new downtown under development at Marina Bay,” Kan said.

“With its proximity to such a variety of lifestyle options within the MBFC, Marina Bay Sands, Esplanade Theatres on the Bay, Gardens by the Bay and even Formula One racing, the new downtown is taking shape as Singapore’s most glamorous business and entertainment district.”

Outdoor and entertaining areas at the podium level of the Marina Bay Suites will include semi-outdoor spa lounges and a 50-metre lap pool, while Sky Lounges located at levels 27 and 46 offer Sky Cabanas, yoga and massage terraces set amid water features.

The distinctive design of the Marina Bay Suites reflects the hand of New York-based architects Kohn Pederson Fox (KPF). KPF has master-planned the S$4 billion MBFC development to create a ‘work, live and play’ environment for 50,000 urbanites expected to work in the precinct following completion of the MBFC in 2012.

Following strong interest from buyers last year, when almost 40% of the Marina Bay Residences were sold to international buyers, the joint venture has been showcasing the MBFC and promoting Marina Bay at key regional events such as luxury property shows in Hong Kong, Shanghai and Dubai.

“We’re experiencing a keen appetite from investors confident in Singapore and interested in the live-work-play destination of Marina Bay,” Kan said. “We anticipate that there will be strong international interest when we commence marketing of Marina Bay Suites early next year.”

En-Bloc Good Times To Roll On

Source : Asia Property Report, Nov 17, 2007

Are the stars no longer aligned in favour of en-bloc sellers? In recent months, there has been a confluence of bearish factors, from the sub-prime market crisis in the US to higher development charge (DC) rates and a tightening of en-bloc sales rules at home. Yet, although en-bloc sales showed clear signs of cooling off during the third quarter of the year, professionals are still fairly bullish, pointing out that there are still plenty of en-bloc projects to come to the market.

“There was a slowdown in en-bloc sales over the summer, partly because of the Hungry Ghost month and partly because people were taking a wait-and-see attitude ahead of the new legislation,” Lui Seng Fatt, Jones Lang LaSalle’s Regional Director and Head of Investments, told Property Report.

“While the new rules may make it more cumbersome and may reduce supply a bit, the demand side remains very strong. Developers are turning units around very fast and will need to continue replenishing their land bank, especially in Districts 9, 10, 11 and 15.”

Steven Ming, Savills Singapore’s Director of Investment Sales, agrees, adding that the amended rules to the Land Titles (Strata) may delay some projects by three-six months.

“Our view of the en-bloc market going forward is good for as long as the property market remains robust, which we think will continue. Therefore, there’s little reason why developers wouldn’t continue to replenish their land bank,” he said.

Record sales and counting
Over the last two years, some 160 sites have been sold for redevelopment, the bulk of them in the highly sought-after Districts 9, 10 and 11.

Major deals include the sale to CapitaLand of the Farrer Court site, which at 838,488sqft is the largest residential collective sale site sold to date, in terms of both site area and absolute price. On a per square foot (psf) basis, The Ardmore, which was sold to SC Global for S$2,337psf in June, still holds the record for being the priciest collective sale site sold in Singapore.

En-bloc sales in the first nine months of the year had already reached a total value of S$11.61 billion for the 92 sites sold, considerably more than the S$8.22 billion for the 78 sites sold in the whole of 2006, estimated Jeremy Lake, Executive Director for Investment Properties at CB Richard Ellis.

But in the third quarter, only 20 sites were sold, for a total of S$2 billion, with no transactions in September. This was a marked drop from the 32 collective sale deals transacted in the second quarter.

“There are several reasons behind this significant fall. There started to be a mismatch between overly high pricing expectations and what developers were ready to pay,” Lake explained, adding that the sub-prime issue also had an impact. “The residential market is driven by sentiment, and developers chose to wait and see.”

But the trumpeted raise in the DC rates probably had little impact on the market. The rates were raised twice over the summer, first because of a change in the formula for computing them in July, which pushed them up 40% across the board, then a second time when the government announced new DC rates for all property, with the average DC for non-landed residential developments raised by 58%.

“While the majority of en-bloc sales would have DC rates, the DC component is still relatively small and anybody that says it changed everything is inaccurate,” Lake said. “The change in DC should ultimately have little impact on en-bloc sales.”

Cooling off period
Meanwhile, the amended rules governing collective sales, which took effect in October, are expected to slow down en-bloc activity, property experts said.

The changes provide additional safeguards and greater transparency for owners involved in en-bloc sales, with new rules for the formation and election criteria for a sales committee, as well as keeping homeowners regularly updated on bids received and how sales proceeds will be divided.

The amended law should also help owners better understand the legal implications of en-bloc sales, and gives them a five-day cooling-off period during which they can change their minds. One important change addressed the imbalance in voting rights in some mixed retail, office and residential developments, by adding a new level of owner consent by floor area, before a sale can proceed.

While the changes will give owners more say in a collective sale, they come at the price of a lengthier sale process. “The number of transactions is likely to tail off because it makes the sale process so much more cumbersome,” Lake pointed out.

But the slower en-bloc pipeline could have a silver lining for those that do come to the market in the coming months. With fewer sites coming onto the market, those that are correctly priced are likely to be snapped up, especially as demand for high-end properties remains strong.

Chia Ngiang Hong, Group General Manager of City Developments Limited, agrees that the pace of en-bloc sales is likely to slow down in the near term due to the more stringent procedures and requirements. “However, market sentiments still remain quite positive and we’re likely to see the pace gathering momentum again once the market gets used to the new rules,” he said.

“There will still be considerable interest in the en bloc market next year although the earlier enthusiasm experienced is likely to be slightly abated as the property market consolidates.”

Lui believes sales will remain very strong in the key districts, especially District 15, because many en-bloc sellers from Districts 9, 10 and 11 are now moving slightly outward and looking for space in District 15, whether for owner occupation or further investment growth.

No Flat = No Wedding

Source : The Straits Times, Nov 17, 2007

Newly-weds who find it hard to get a flat amid buoyant property market are putting off their weddings.

AS PROPERTY prices rise, some newly-wed couples are postponing their traditional ceremonies while they wait for a new Housing Board flat.

Many have been priced out of the resale market while others want to buy a new home, which means joining the hordes trying their luck at ballots in HDB sales exercises.
It is leaving couples in a dilemma. While they have registered their marriages officially, they are reluctant to hold the customary ceremony that legitimises the union in the eyes of the community, until they have a home to call their own.

Members of Parliament say they are getting more appeals from distressed couples.
Aljunied GRC MP Cynthia Phua, who raised a question on the availability of flats in Parliament this week, told The Straits Times that one or two such couples bring up the problem at her Meet-the-People session every week.

Although technically married, many of them live apart, in their family homes, while waiting to get a flat together.

Madam Phua said: ‘For us Asians, once you hold back your customary wedding, you can’t live together, and you can’t even have babies.’

Deliveryman Ang Kah Liong, 34, has unsuccessfully applied for a new flat 10 times since he registered his marriage with his girlfriend three years ago. The couple - who earn $3,000 a month - live with Mr Ang’s parents and three elder brothers in their family’s two-bedroom flat.

They were determined to wait until they had a flat of their own before holding the customary ceremony but family pressure finally prompted them to hold it in September.
‘I had no choice,’ said Mr Ang. ‘I could not wait anymore.’

People like Mr Ang are being caught in a supply-demand crunch.

The buoyant resale market, which has seen prices grow by 11 per cent in the first nine months of this year, is fuelling a demand for new HDB flats.

In the July to September quarter, five-room flats in Queenstown - a coveted district - sold for a median sum of $110,000 above their valuations. This means a buyer had to pay at least $110,000 in cash as that amount cannot be covered with a home loan.

So young couples who cannot afford such resale prices - even with government grants that can go up to $40,000 - are turning to new HDB flats.

MPs told The Straits Times that many seek help to get a new flat near their parents’ homes but this can be difficult as these are usually in older estates where few new flats are being built.

Jalan Besar MP Lily Neo said: ‘Many couples want to live near their parents in the Central Business District, but as you know, there aren’t many flats there.’

They stand a better chance of getting a flat if they are willing to consider other locations, said Dr Neo.

Application figures for recent HDB sales exercises show how competitive the flat race can get.

The HDB received almost 8,000 applications for just 400 flats in Telok Blangah recently, and more than 1,600 applications for 516 homes in Punggol.

The HDB is pumping up the supply of new homes to meet demand. A further 3,600 flats are expected to be offered under the build-to-order system from now until March.

However, the Government has stated that it cannot meet all the demand for new HDB flats as that would risk creating an oversupply in the future.

Meanwhile 28-year-old secretary Koh Bee Leng and fiance Julius Lim, 30, who hope to marry next year, carry on with their house-hunting.

The couple have set their eyes on four-room flats in a mature estate such as Ang Mo Kio and Toa Payoh, but have had no luck in two sales exercises this year.

Ms Koh said: ‘Everything is uncertain now, because of the issue of the availability of the flat. That’s delaying our plan to get married.’

Singapore Projects Get New Boost

Source : Asia Property Report, Nov 17, 2007

Key figures in Singapore´s real estate industry have claimed that the country´s property boom will continue for at least another two years after the government announced the postponement of a number of public sector building projects in order to make more labour and materials available.

Although the complete list of projects to be postponed has yet to be finalised, some US$2 billion worth of public developments are expected to be put on hold. Among those already named are planed extensions to the Asian Civilisations Museum, the National Addiction Management Centre, the Communicable Disease Centre and the extension of Changi Prison Complex; all of which have been frozen until 2010 at the earliest.

Desmond Hill, president of the Singapore Contractors Association, said the move should help ease pressure being placed on the country´s construction industry. He added, “The uptake of projects has been too fast, and we´re facing a manpower shortage. This move ensures that our construction boom can be extended past 2010.”

As well as shortages in manpower, raw materials such as cement and metal bars, have also been in short supply. The price of some construction materials have risen by over 20 per cent over the last year.

Keppel Grabs New Shanghai Site

Source : Asia Property Report, Nov 17, 2007

Keppel Land Ltd is set to embark on its fourth residential development in China’s gateway city of Shanghai, the company has announced.

Keppel has revealed that it is poised to capitalise on the urban expansion and growing real estate market of Shanghai, with a new large-scale residential project in Nanhui District.

The Company has acquired a 100 per cent stake in Shanghai Hongda Property Development Co. Ltd, which owns a sprawling residential site in the Nanhui district of Xinchang Town in south-eastern Shanghai.

The total cash consideration for the acquisition of RMB 70 million (US$13.6 million) for the share capital and share premium of Shanghai Hongda was agreed on a willing-buyer willing-seller basis.

The Nanhui District has received significant government infrastructural spending and real estate investment in recent years, owing to its strategic location adjacent to China’s largest port facility, the Yangshan Deep Water Port off Hangzhou Bay.

The Shanghai government is also planning to develop the south-eastern tip of Nanhui District into a Harbour City. “Shanghai is positioned as a global financial hub. Its property market is poised for continuing good prospects,” said Mr Ang Wee Gee, Director of Regional Investments, Keppel Land.

屋龄超过30年 建屋局将拆后港区9座建筑

《联合早报》Nov 16 2007

建屋发展局将拆除后港区9座屋龄超过30年的建筑,包括5座租赁组屋、3座厂房及一座熟食中心,以重新发展为私人住宅或供其他发展用途。

建屋局昨天发表文告说,后港3道和7道的第3座和第4座组屋及第8座至第10座组屋、第11座的熟食中心及第12至第14座的单层毗邻式厂房(terrace workshop)将被拆除。受影响的有654个一房式和三房式单位、44间商店、199个摊位及60间厂房。

文告也说,这些建筑的屋龄有33年,拆除是为了在旧组屋区注入活力及确保土地获得更好的利用。

建筑拆除后,第12座至14座组屋的地段预定在2009年下半年出售供发展私人住宅;其余地段将在2010年后,根据市场情况发展为住宅或商业用途。  

受影响的厂房租户必须在明年8月31日前搬迁,以为发展私人房产作准备;其他租户则须在明年11月30日前搬离。

建屋局受询时说,拆除组屋将让租户有机会搬迁到更新的租赁组屋,同时为旧组屋区提供新的住屋选择及现代化的商业设施。当局表示,他们决定拆除组屋时,一个主要考虑因素是地段获重新发展的潜力,建屋局是在研究后认为后港第3邻区的这块土地可以获得更好的利用。

刘程强:接获传真才知道

这9座受影响的租赁建筑,位于后港区议员工人党秘书长刘程强的选区。刘程强接受本报电邮访问时说,他在昨早接获建屋局后港分局的传真,才知道后港的建筑会被拆除,他事先并不知道当局有这个计划。

他说,后港7道的巴刹及商店被拆除后,将对那里的居民造成不便。令他不解的是,按照建屋局的说法,巴刹及商店所在地要在2010年后才发展为住宅及商业用途,那么“为什么有必要在明年8月前就要租户搬迁?为何要这么迫切?”

刘程强说,他要求建屋局对受影响的租户提供足够援助。

建屋局一般会在获选展开选择性整体重建计划(SERS)的组屋区拆除旧组屋,以腾出空地来兴建新组屋。

建屋局:不是第一次

建屋局发言人说,这不是当局第一次在未展开整体重建计划的情况下拆除组屋,广东民路的两座旧组屋就是在这样的情况下被拆除。

建屋局是在2001年8月宣布拆除广东民路的旧组屋,以发展达士岭摩天组屋。

上一轮的拆除组屋计划是在今年6月宣布。金文泰1道的7座组屋获选展开选择性整体重建计划,另有两座租赁组屋也会被拆除,以发展新组屋。建屋局也会兴建两座租赁组屋来安置受影响的租户。

建屋局说,在兴建租赁组屋时,当局得确保租赁组屋均衡分布在各组屋区,因此不一定每次都会在同一组屋区兴建供出租的组屋来安置受影响的租户。 受影响的组屋租户可获得1000元搬迁费及在选择新组屋或租赁组屋时享有优先权。第一次向建屋局购买组屋的租户可享有高达三成或1万5000元的折扣。

商店租户一律可获得6万元补偿金,未来如果成功标到其他建屋局商店,也将获得10%折扣。工业租户则可接受当局的重新安置及获得4万8000元补偿金。

第一代巴刹及熟食摊贩可获得的赔偿金分别是1万8000元及2万3000元,或可搬迁到其他地方营业。

后港9座建筑将拆除 让位给私宅和商业发展

《联合早报》Nov 16 2007

后港区5座租赁组屋、3座厂房及1座熟食中心,共9座约有33年屋龄的建筑将被拆除,让位给私人住宅区和商业发展。

建屋局是于昨午发出文告宣布此计划,并表示拆除这些建筑是为了在旧组屋区注入活力及确保土地获得更好的利用。

将被拆除的建筑是位于后港3道和7道之间的第3座、第4座以及第8座至第10座组屋、第11座熟食中心,以及第12座至第14座的单层毗邻式厂房。受影响的共有654个一房和三房组赁单位、44间商店、199个摊位及60间厂房。

受影响的厂房租户必须在明年8月31日前搬迁;其他租户则需在明年11月30日前搬离。

据了解,当局已预定在2009年下半年出售第12座至第14座厂房的现处地段,以供发展私人住宅;剩余地段则等到2010年后,才根据市场需求决定用以住宅或商业用途。

建屋局表示,这已不是当局首次在未展开整体重建计划的情况下拆除组屋;广东民路的两座旧组屋便是例子。

文告也指出,受影响的租户和摊主将可获搬迁费,而当局也会给予必要的援助。

受影响者可获援助:1000元搬迁费

1)组屋租户
·新组屋或租赁组屋优先选择权
·第一次购买组屋者可获高达三成或1万5000元折扣
·等待新屋完工时,可暂安身于租赁单位

2)商店租户
·6万元补偿
·未来若标得其他建屋局商店,可获10%折扣

3)工业租户
·重新安置
·4万8000元补偿金

4)第一代巴刹及熟食摊贩
·分别获1万8000元及2万3000元赔偿金
·可搬别处营业

通知后仅一年就需搬迁,是否太仓促?

对此建屋局今早回复本报说,根据当局的经验,给予一年的通知应足以让受影响的租户和屋主另寻新居所。

至于工业租户需提早在8月31日就搬出,那是因为厂房所在处需于明年就空出,供予发展私人住宅;其余地段的租户,当局也已考虑到还没那么快进行发展计划,所以让他们于较迟,即11月30日再搬迁。

议员刘程强:盼当局给予充足援助

后港议员刘程强对于当局赶在明年要求居民和摊主搬迁的决定表示不解,并呼吁当局给予受影响者充分的援助。

昨天下午回复本报时,刘程强表示,他自己也是在昨天早上才接获建屋局传真通知,说要拆除那9座建筑;于此之前,他根本不知晓当局有此计划。

同时,他也对这项计划可能对居民带来的不便表示担心。他说:“拆除后港7道的巴刹和商店将对居民造成不便。既然建屋局表示要在2010年后,才根据市场情况将这些地区发展为住宅和商业用途,那为何有必要在2008年8月就将其拆除?为何要这么迫切?”

US Credit Woes Hurt Foreign Funds To Asia

Source : The Straits Times, Nov 17, 2007

THE flood of foreign funds surging into Asian bourses over the past four weeks has been reversed by the ongoing credit woes in the United States.

Singapore has started experiencing an outflow, with a net sale of US$2.1 million (S$3 million) last week by funds investing exclusively in Asian equities, according to Citigroup Investment Research.

This is a striking contrast to the situation in end-September, when US$110.4 million flowed into local equities in the space of a week.

And in other bullish regional markets such as Hong Kong, China and India, the inflow of foreign funds into equities has slowed down considerably.

Only US$84.3 million was invested in H-shares - shares of China firms listed in Hong Kong - between Nov 1 and Nov 7, compared with US$576.5 million between Sept 27 and Oct 3.

Over the same period, foreign funds spent just US$29.9 million on Hong Kong stocks, excluding H-shares, an 86 per cent plunge from the US$216.5 million they spent in the week of Sept 27 to Oct 3.

The slowdown in fresh investments in Asian equities coincided with the bearish mood in the US, where banks have been writing down billions of dollars in their pool of debts.

That has been coupled with the greenback plunging against regional currencies following two US interest rate cuts.

It raises fears of an unravelling in the carry trade - hedge funds taking out huge yen loans because of Japan's low interest rates to invest in higher-yielding assets.

Sentiment has also been spooked by perception that H-shares have shot up too fast, fuelled by foreign investors entering Hong Kong and Singapore in anticipation of China allowing domestic funds to invest in overseas equities.

Fund managers' appetite for risk has also weakened considerably. Merrill Lynch's latest survey of Pacific Rim fund managers showed that defensive sectors - insurance, retail and consumer products - are now preferred over sexy growth stocks.

And despite oil soaring close to US$100 a barrel, fund managers have started to pare down positions in the energy sector.

Despite the falls in regional markets, the Merrill Lynch report noted that fund managers are still 'overweight' on shares, having reduced cash holdings to 2.8 per cent from 3.7 per cent last month.

And even as Hong Kong's Hang Seng Index has dropped by more than 10 per cent from its record high in September, Merrill Lynch said fund managers continue to favour Hong Kong and 'sharply increase their enthusiasm for frontier markets'.

'Fund managers have also returned to Singapore and reduced their exposure in other Asean markets,' it added.

But Morgan Stanley's head of global emerging markets equity strategy, Mr Jonathan Garner, said that next year may be more difficult than this year.

While the focus is on the impact any slowdown in the US economy could have on emerging markets, Europe is a much bigger export market for developing countries. 'Weakness in the US economy could spill over to the euro zone. Emerging markets may survive a slowdown in the US, but not the US and Europe combined,' said Mr Garner.

He expressed particular concern over a possible 'contraction in valuations' in China and India, after their exceptional stock market performances this year. 'H-shares valuations are back at the 1997 and 2000 peak levels.'

Morgan Stanley has adopted a defensive posture, adding Telekom Malaysia and removing China Mobile and Hyundai Heavy from its focus list last week.

直落布兰雅 每个单位20人抢购 预购组屋售价虽高 申请者仍趋之若鹜

《联合早报》Nov 16 2007

建屋发展局在直落布兰雅供预购的新组屋“Telok Blangah Towers”虽然价值不菲,仍获得异常热烈反应,预购率超过20倍。

这个预购项目在星期三午夜停止接受申请,共有7970人申请购买Telok Blangah Towers的400个单位。换句话说,每个单位有20个人抢购。受访的市场人士都以“哇!”回应记者的询问。

这个预购率甚至比当年的达士岭(The Pinnacle@Duxton)摩天组屋和淡滨尼私人组屋The Premiere还要高,相信是组屋预购制度(Build-To-Order)自2001年推行以来最高的一次。

市场人士认为,这主要是直落布兰雅地点优越、组屋转售市场现金溢价太高、低档私宅价位太高所致。

Dennis Wee房地产经纪行董事许家荣解释说,组屋转售市场赶走了不少买家,买家对卖方开出的高价感到厌烦,因为买家得付出不少现金。

他说:“他们认为,既然现金部分这么高,干脆向建屋局申请新组屋好了,而不必支付高于估价的5万元、7万元现金。直落布兰雅的卖方都要求7万元至10万元溢价。”

卓登国际研究部主管陈瑞谨相信,低档私宅价位太高也在推波助澜,一些原本有意提升至私宅的买家已把兴趣转向地点优越的组屋。

他说:“这显示私宅市场已对不上买家的口味和能力,私宅的价格已上涨到只有投资者才能负担的水平,而不是买来自住的买家。因此,人们对Telok Blangah Towers的兴趣如此之高,我并不感到意外,因为许多人已经无法提升到更优质的房地产。”

Telok Blangah Towers有90个小型公寓单位、100个三房式和210个四房式单位组屋。四房式的售价介于30万8000元至40万2000元;三房式则介于18万7000元至23万8000元之间。以乐龄人士为对象的小型公寓,售价介于7万元至9万元之间。

高楼层单位能享受绝佳海景

建屋局在推出这个预购项目时说,Telok Blangah Towers属于优质计划,靠近即将兴建的两个环线地铁站,要通往零售和消闲设施如怡丰城、花柏山、圣淘沙和红山市中心也很便利。高楼层单位能享受绝佳海景。

许家荣说:“我们一直把焦点集中在市中心一带,忽略了南部一带的潜力。不要忘记,南部一带未来会有许多发展,所以这股涨风有可能会延伸到巴西班让一带。”

由于已完全发展组屋区的空间所剩不多,因此建屋局很少在这些组屋区推出预购项目,这是第三次。第一个是达士岭(The Pinnacle@Duxton)摩天组屋,第二个是芽笼士乃的芽笼士乃阁(Sri Geylang Serai)。

与Telok Blangah Towers同期推出的榜鹅预购项目“Punggol Lodge”吸引了1626人申购516个单位,预购率超标3倍。同过去榜鹅多个预购项目相比,这是相对正常的。

Malaysia produces maps to show disputed island not attributed to S'pore

Source : Channel NewsAsia, 17 November 2007

THE HAGUE, Netherlands : On the final day of Malaysia's arguments on the case over Pedra Branca or Pulau Batu Puteh, its team produced more geographical maps to drive home the point that the island was not attributed to Singapore.

The maps, from the 1800s and 1900s, were from countries like the US and UK.

According to the Malaysian team, the maps show that the island belongs to the Johor Sultanate.

But Singapore had argued earlier that it has maps to show how it owns the island and its two outcrops of Middle Rocks and South Ledge.

Friday's session at the International Court of Justice had to be adjourned for a short while because of an unexpected turn of events.

About half an hour into the sitting, one of Malaysia's foreign counsel, Elihu Lauterpacht, collapsed in his chair while another counsel for Malaysia was speaking.

Professor Lauterpacht was led out of the room and given medical attention.

The 79-year-old has since recovered but didn't return for the rest of the session.

And when hearing resumed, Malaysia proceeded to show that Singapore's activities on Pedra Branca after the Horsburgh Lighthouse was built, should be considered irrelevant.

Malaysia argued that in the first place, the construction of the lighthouse was possible because the Johor government granted the British permission to do so.

They insisted that the Johor Sultanate owned Pedra Branca.

Singapore had said the island was a no man's land before the British went there in 1847 to build the Horsburgh Lighthouse.

Malaysia claimed that the British showed no intention of owning the island.

But Singapore disagreed, arguing that the British didn't think it was necessary to conduct any formal acts to stake its claim of Pedra Branca.

Instead, Singapore exercised sovereignty over the island and its two outcrops of Middle Rocks and South Ledge by openly conducting numerous activities and work there. These include building a military communications equipment and having reclamation plans for the island, all of which Malaysia did not object to.

Malaysia countered by saying that Singapore's actions were merely that expected of a lighthouse operator.

James Crawford, foreign counsel for Malaysia said: "Last week you heard a lot of atmospherics about inaction on the part of Malaysia. But why should Malaysia have done anything? The Sultan and Temenggong gladly consented to its construction and operation.

"A guest State may be permitted to set up a military hospital or a military transport depot on the territory of the host State. Assume that the guest State uses the facility to intercept governmental communications of the host State or for other extraneous purposes, that may be an infringement of the terms of the original consent. But whether or not that is so, it does not give the host State any claim to title."

He went on to say ask the court to "not allow questionable reliance on arguments redolent of consolidation or prescription to feed back into the determination of original title." Doing so, he added, would be "intellectually dishonest."

But Singapore said the British never asked for permission to build the lighthouse and never needed to because nobody owned it at that time. And all the activities Singapore carried out on the island are state functions, displaying the country's sovereignty over the island.

One of Malaysia's foreign counsel also listed a number of maps from the US and UK to show that Pedra Branca is identified as part of Johor.

"The map evidence, as a whole, illustrates and supports Malaysia's case based on the other evidence. By contrast, Singapore has failed to explain why there are no maps of Singapore which include PBP (Pulau Batu Puteh) before 1995, even though it has had supposed title since 1847 or 1851. The absence of official maps of Singapore including PBP as part of Singapore before the critical date is completely at odds with its claim that it has had sovereignty over PBP since that time," said Penelope Nevill, Malaysia's foreign counsel.

Singapore countered that it does have maps showing that Pedra Branca belongs to the city state. In fact, these maps even identified the island with Singapore's name printed under it.

Malaysia also pointed out that its navy patrolled the area around the waters of Pedra Branca because it treated the island as its own. But Singapore said Malaysia has not shown any evidence to prove that.

Another foreign counsel for Malaysia, Professor Nicolaas Schrijver, also questioned why Singapore did not protest to a maritime boundary line established in a 1969 Agreement between Malaysia and Indonesia. That line runs very close to Pedra Branca.

Malaysia said Singapore's "silence suggests that Singapore did not consider it had any territorial interest in the area affected by the delimitation. Should this have been otherwise, Singapore might have been expected to register at least some form of public objection or expression of interest, inasmuch as the outcome of the negotiations was public."

Singapore said that’s because that line did not cut into its country's territorial waters. That's why there was no need for her to raise any objections.

After spending a total of eight days arguing their case, the first round of hearing is now over.

The court will resume on Monday, November 19 and both countries will rebut each other's statements. Singapore will have two days to reply what Malaysia has been saying and Malaysia will have two days to do likewise.

At the end of next week, the panel of 16 judges will then start to deliberate the case behind closed doors. - CNA/ir/ls

Private Housing Demand Up At Slower Pace

Source : TODAY, Friday, November 16, 2007

The number of new private homes sold in Singapore last month rose marginally as sentiment remained cautious amid volatile market conditions.

There were 590 new units sold last month, up from the 529 units in September, the Urban Redevelopment Authority (URA) said yesterday. Developers launched 629 units last month, slightly higher than 590 units in September.

Despite the lacklustre interest, prices have not dropped for the units sold last month. Knight Frank director Nicholas Mak said that the median transacted price for the new private residential units increased by about 3.3 per cent to $992 per sq ft from $960 in September.

“There is still a lot of interest in the $1,000 per sq ft category,” said Savills Singapore director of marketing and business development Ku Swee Yong.

In a separate announcement yesterday, the URA said it released a 106,300-sq-ft, 99-year leasehold residential site near Tanah Merah MRT station for tender. The site can be built up to about 297,500 sq ft.

Horizon Towers Hearing Over, Strata Titles Board Yet To Rule

Source : The Straits Times, Nov 16, 2007

PUBLIC hearings on the hotly-disputed $500 million collective sale of Horizon Towers drew to a close at the Strata Titles Board (STB) yesterday.

But it is still unclear if the STB will hand down a result by Dec 11: the sale completion deadline for the 99-year leasehold property.

Both sides - those for and against the sale - must file written closing submissions by Nov 23 and a reply by Nov 30. The STB said it will make a decision in due course, after considering the submissions.

Sources said a ruling could come as soon as early December.

But even if that happened, the case could drag on if one side decided to appeal against the ruling.

Already, this STB hearing is said to be the longest ever. The dispute stems from unhappiness among some owners who feel the $500 million price tag is unfair.

The case went back to the STB last month after the High Court decided that the STB’s earlier decision to throw out the sale on technical grounds was wrong.

The consenting owners had earlier extended the sale deadline to Dec 11 in a bid to avert a lawsuit brought by developer Hotel Properties and its two partners for alleged breach of contract.

The STB had said during the hearing that it had no legal obligation to rule before the deadline.

One of the objectors, Ms J. Tan, is optimistic about the outcome of the hearing. ‘We fought hard for our homes… We are confident that a case of bad faith has been made out.’

She said the evidence suggests to them that the $500 million deal was inked this year even though the consenting owners would have objected to it, given that the premium had evaporated. After all, the premium was what had induced the consenting owners to sign the collective sale agreement, she said.

Two consenting owners - Ms Poonam Harilela, a member of the Harilela family that owns Holiday Inn Park View Singapore, and Mr Mohinder Kalra, employed by the Harilela group for 32 years - gave evidence on that point yesterday.

Mr Kalra, who owns one unit, said that he had signed the agreement because of an expected 80 per cent premium, but that this premium had almost vanished by January. He told the board yesterday: ‘I thought to myself that if this unit has to be sold at $2.3 million, why do we need a collective sale?’

A unit was valued at $2.2 million in February.

At $500 million, apartment owners would get about $2.3 million each, while penthouse owners would get at least $4 million each.

THE SAGA CONTINUES

Sources said that the Strata Titles Board could make a ruling as soon as early December.

However, even if that happened, the case could still drag on if either side decided to appeal against the ruling.

9 Hougang Blocks To Be Torn Down For Estate Makeover

Source : The Straits Times, Nov 16 2007

Move aimed at better land use, says HDB; part of area will be used for private homes.

NINE blocks of rental flats, shops and workshops, and a hawker centre in the opposition ward of Hougang are being cleared by the Housing Board.

The board said yesterday that the move was ‘part of ongoing plans to rejuvenate older estates and to facilitate better land use’.

It will give tenants a chance to move to newer or upgraded homes and ‘inject new life to the estate and offer new housing options and modern commercial facilities’, said the HDB.

Similar clearing exercises have been conducted in Clementi and Tanjong Pagar.

The selected blocks - 3, 4, 8 to 11, and 11A to 14 in Hougang Avenues 3 and 7 - are about 33 years old. The site occupied by blocks 12 to 14 - which has 60 workshops - will be put up for sale for private homes in 2009.

The remaining land freed up will be developed for residential or commercial use after 2010, depending on market conditions.

The Hougang cluster includes 654 one- and three-room rental flats as well as a hawker centre described by residents as the heart of the ageing community.

‘The stallholders are very close to the customers…the community spirit is very strong,’ said Ms Nur Aidah Abdullah, 39, who sells drinks at a stall.

The food centre is also a place where local MP Low Thia Khiang, who is the Workers’ Party’s secretary-general, meets his residents. The incumbent MP defeated People’s Action Party challenger Eric Low in last year’s election.

Among the 654 rental flats being cleared, 400 are let out to low-income families. The rest are leased to companies - which use them mainly to house foreign workers - and managing agents, who let them out in turn.

All residents will have to move out in about a year.

Many, like Ms Lin Caifeng, 65, said they will miss the place. ‘I’ve been living here for 10 years and have friends from all the blocks. If I move elsewhere, I won’t have anybody,’ she said.

Unlike HDB’s selective en-bloc redevelopment scheme - which is offered to property owners - relocated tenants are not offered a single alternative development to move to.

The HDB will offer flats in housing estates such as Pipit Road, Beach Road, Geylang Bahru and Ang Mo Kio, but has reserved small clusters of flats so that some tenants can be rehoused together.

Eligible low-income tenants and stallholders will get the standard clearance benefits and aid when necessary.

Tenants who want to continue renting will receive priority in getting flats. Those who choose to buy will be given priority over other buyers.

Tenants will also get a $1,000 allowance to help with the move.

MP Mr Low told The Straits Times by e-mail that he was informed about the plan only yesterday morning.

‘I would expect the HDB to provide adequate assistance to residents, market stall holders and shop tenants who are affected,’ he said.

The removal of the market and shops will inconvenience Hougang residents, he added.
‘Since the market and commercial area, according to HDB, will only be developed for residential and commercial use after 2010, depending on prevailing market conditions, why is there a need to clear them by August 2008? What is the urgency?’
He did not reply when asked how he would help affected residents.

The PAP’s Mr Low said the residents would be better off on the whole after the move: ‘The kampong spirit may have to be given up. But on the whole, this will be better for them.’


MOVE TOO RUSHED?

‘Since the market and commercial area, according to HDB, will only be developed for residential and commercial use after 2010…why is there a need to clear them by August 2008? What is the urgency?’ HOUGANG MP Low Thia Khiang, who is also the Workers’ Party’s secretary-general, on the clearing exercise

Keppel Land To Develop Big Housing Project In Shanghai

Source : The Business Times, 16 November 2007

KEPPEL Land is embarking on a large-scale residential project in Shanghai.

The Singapore-based developer announced yesterday that it has, through two subsidiaries, acquired full ownership of Shanghai Hongda Property Development for about $13.6 million.

Shanghai Hongda owns a 26.4-hectare residential site in Xinchang Town, in Nanhui District in south-eastern Shanghai.

With the acquisition, Keppel Land said it is 'poised to capitalise on the urban expansion and growing real estate market of Shanghai'.

Keppel Land already has three residential developments in Shanghai.

'Shanghai is positioned as a global financial hub,' said Ang Wee Gee, Keppel Land's director of regional investments. 'Its property market is poised for continuing good prospects.'

Nanhui District has in recent years received significant attention from the government, owing to its strategic location adjacent to China's largest port facility, the Yangshan Deep Water Port off Hangzhou Bay.

The Shanghai government has pumped money into infrastructure and real estate development in the district. It also has plans to develop the south-eastern tip of Nanhui District into a harbour city to support the activities of Yangshan Port and trade-related industries and services, said Keppel Land. The harbour city will house 800,000 people and several industrial parks by 2020.

'Earmarked as one of key housing zones in Shanghai, Nanhui District has taken off rapidly with a surge of public and private real estate investments,' Mr Ang said.

'Our latest project is well-timed to capture Nanhui's growing housing demand, which is expected to be underpinned by strong owner-occupiers' demand over the next few years.'

According to Keppel Land, more residents are expected to be drawn into Nanhui District by increasing economic activities and opportunities pouring into the area.

The project in Nanhui District is aimed at middle-income buyers. Keppel plans to build it in phases over five years into a mixed residential enclave of 3,000 homes ranging from terrace houses to low and mid-rise apartment blocks. The development will include a club house and retail shops.

'Keppel Land has been present in Shanghai for more than a decade, during which we have established ourselves as a quality developer with keen market knowledge and strong business networks,' Mr Ang said.

'We are confident that with our valuable experience and expertise, Keppel Land is well-placed to identify and tap new opportunities, and to meet the demand for quality homes in this market.'

Keppel Land said the latest acquisition is not expected to have any significant impact on its net tangible asset and earnings per share for the financial year ending Dec 31, 2007.

Xpress Sells Office Building For $14m To MI-Reit

Source : The Business Times, 16 November 2007

XPRESS Holdings Ltd, which prints financial reports, is selling an industrial office building for $14 million to MacarthurCook Industrial Real Estate Investment Trust (MI-Reit).

The sale of the Kallang Way property will result in an excess of approximately $2.9 million over the net book value based on the latest announced consolidated accounts, Xpress said.

Xpress will lease the property back for an initial seven-year period with an option to renew the lease for another seven years. The company said that the transaction will help fund expansion.

Chief executive Sam Chong Keen said: 'This sale of the building at $14.0 million, together with the recently announced $25.0 million convertible bond deal with Credit Suisse, as well as the $21.5 million raised last year from a share placement exercise, provide a solid financial platform for Xpress to grow its core business further.'

For MI-Reit, the deal - with an initial net yield of 7 per cent - will be accretive to its distribution per unit following completion.

MI-Reit also said that independent annual revaluations of the six properties in its initial portfolio have been completed, resulting in a $9.8 million increase in book value. The Reit's investments have increased to a total value of $592.7 million in 20industrial properties.

Proposal To Green Grey Granite Stockpile

Source : The Strait Times, 16 November 2007

THE Building and Construction Authority's granite stockpile located in Lim Chu Kang is well under way. Covering about 80ha of undulating scrubland, it has reduced a large chunk of earmarked farmland to sterility. It has also reduced considerably the habitat for open-country wildlife.

The area had been promoted recently by the Kranji Countryside Association and the Singapore Tourism Board as an agri-tainment hub. Rules had been relaxed by the Agri-Food and Veterinary Authority to allow for restaurants, farm-stays, workshops, etc. Thus the presence of the massive pile of grey concrete is certainly in conflict with this initiative.

The boundary of the stockpile even reaches the very verge of charming Neo Tiew Road, the main transport artery in the area for visitors. This is indeed deplorable. A towering opaque fence detracts greatly from the pleasant and natural greenery.

Apart from the heat effect, granite dust blown by the wind causes air pollution. Vegetation nearby is coated with dust and orchids are dying in an adjacent farm. It is most unfortunate that no substantial buffer was provided between the stockpile and the contiguous roads and farms.

Something could and should be done to alleviate this ugly situation. The stockpile is a national reserve - to be used only in times of critical shortage. We propose that a layer of earth be dumped onto the surface of the pile to cover the rocks. The hollowing out of the ground now being undertaken should provide sufficient earth for such a purpose.

The whole pile should be landscaped into an undulating terrain and lawn grass grown over it as an interim measure to prevent erosion. After this, wild grass and shrubs should be allowed to colonise it to give a natural look to the stockpile.

Trees will find it difficult to colonise, but they can be planted along the boundary to provide a natural screen.

When the area becomes fully green, the opaque fence should be dismantled. The area could then be used for recreational activities that are in harmony with the tranquillity of the countryside.

The result will not recover the original landscape and habitat with all its charms and wildlife, but at least it will not be an eyesore and, hopefully, it is something that the farmers can live with.

Dr Geh Min
President
Nature Society (Singapore)