Wednesday, November 21, 2007

Jack Investment Unveils Iluma Entertainment Project At Bugis

Source : Channel NewsAsia, 21 November 2007

Developers of the upcoming urban entertainment centre at Bugis are promising to deliver a project like no other.

Jack Investment has named the project Iluma.

It is pumping in S$160 million in all, or about 60 percent more than initially budgeted for.

Iluma looks set to be the latest hip name in Singapore.

It will be the country's first Urban Entertainment Centre, costing S$160 million.

That is sharply higher than the S$100 million Jack Investment had planned to pour in.

It said the jump is due to the lavish nature of the project - targeted at the young, hip, and trendy.

Lim Swee Teck, Project Director, Jack Investment, said, "Being situated in the heart of the city and surrounded by three main institutions such as NAFA, La Salle and SMU, we are targeting the young professionals in their 20s-30s..."

At least 60 percent of the area will be used for entertainment outlets - such as restaurants, a cineplex and dance floors.

Iluma will span a total site area of 8,921 square metres - with seven levels.

Property consultant Knight Frank is marketing the project, and is expecting to see rents in the region of S$10 to S$30 per square foot.

With defining features such as a one-of-a-kind column free space measuring 27,000 square feet, and a roof space dedicated to themed restaurants, Iluma can cater for up to 60,000 to 80,000 consumers on a daily basis.

Sherene Sng, Head, Retail, Knight Frank, said, "We feel that our mall is unique because within the urban area - very highly-built up urban area - people can actually come into a property where under one roof you can do all of those things..."

Iluma is scheduled to be completed by the fourth quarter of 2008. - CNA/ms

买地活动又活跃起来 八路人马争购兀兰公寓地段

《联合早报》Nov 21, 2007

沉寂了几个星期的卖地活动,又再次“动”了起来。昨天招标截止的兀兰共管公寓地段,打破过去三幅招标活动中只有零星两三份投标书的冷清格局,吸引到八方人马进场,展开激烈的竞争。

此外,一幅位于四美4街的共管公寓地段,也被发展商从备售名单中“勾”出来,投标底价为1亿8700万元,即容积率每平方英尺235元。

一些市场人士认为,这两幅郊外地段的投资金额较低,风险不高,所以吸引到众多发展商进场。反观之前招标的几幅市区地段,包括两幅英莪街(Enggor Street)共管公寓地段和新市区的滨海景(Marina View)白色地段,投资金额较大,所以大多数发展商都宁愿采取较谨慎的态度。

土地管理局在10月23日推出的兀兰2道/花梨木通道(Rosewood Drive)这幅供建私人共管公寓的官地,获得八方人马出手竞标,同本地建筑商益民(林)公司(Evan Lim & Co)有关的EL发展,出手5600万(即容积率每平方英尺约232元),成为全场最高的竞标者。

占地17万2223平方英尺的地段,容积率为1.4,毗邻佳冠园(Casablanca),在星烁初级学院和新加坡体育学校对面,可兴建达五层楼高,约110间面积约1500平方英尺的共管公寓,总建筑楼面为24万1112平方英尺,属99年地契。

市场人士认为,以兀兰地段来看,这样的标价算是相当合理的。此外,标价之间价格分歧也相当小。

同土管局联合销售这幅地段的销售代理高力国际(Colliers)投资销售部主管何永裕指出,排第二的星狮地产(Frasers Centrepoint),出价5545万6128元(即容积率每平方英尺230元),其实只输一个马鼻,排在前5位的标价之间的差距也只有10%。

他认为,收到8份投标书,都反映了兀兰地段的实际土地价格和目前房地产市场的情况。

卓登国际(Chesterton International)研究部主管陈瑞谨也有同感,认为发展商应该是对准这一带的组屋提升者市场,标价相近也反映市场人士的观感,不会有人因“志在必得”而“重拳出击”。

由于这幅地段靠近美国学校,第一太平戴维斯(Savills)行销与业务开发主管邱瑞荣也相信,市场反应踊跃,反映发展商对优质地段的需求还是很强劲的。他认为,最近市区几幅地段表现欠佳,是因为这些地段都有各自一些“美中不足”之处。

何永裕则说:“市区地段由于对市场走势较敏感,且发展商投入的投资较大,因此在价格上会出现比较大的波动。但兀兰地段的200多元投标尺价,意味着发展商冒的风险较低,就算有什么‘风吹草动’,‘错也不会错到哪里去’。”

新地段标价合理

陈瑞谨指出,佳冠园最近四个单位的房屋转让禁令(caveats),平均销售尺价约为560元,因此他认为,新地段的标价相当合理。但由于建筑成本上涨到每平方英尺约400元,标价因此稍微偏高,最终售价可能超过每平方英尺600元。

邱瑞荣也有同感,他说,建筑成本上涨,新共管公寓在售卖的时候,可能取得每平方英尺700元以上的平均尺价,这还得取决于当时这一带的政府组屋售价而定。

市建局说,四美4街的共管公寓地段将在两个星期后推出市场招标。这幅占地3.22公顷的土地,可以建造将近80万平方英尺的楼面,即大约550至650个共管公寓单位。它相当靠近四美地铁站,旁边就是四美苑(Simei Green)EC、澎涛苑(Tropical Spring)和Modena。

目前,四美苑的转售单位中位价约每平方英尺519元。Modena和澎涛苑的中位转售价格却为每平方英尺578元。

另一方面,市区重建局昨天也正式将英莪街B地段正式颁售给标价最高的长春产业(Allgreen Properties)。这家房地产上市公司出价1亿8080万元,即容积率每平方英尺717元,击败了远东机构和国浩置业的投标书。

至于本月6日招标截止的淡滨尼总汇(Tampines Concourse)/淡滨尼5道短期办公楼地段,也已经正式颁售给唯一投标者——城市发展旗下的Glades房地产(Glades Properties)。该公司当时以1000万元,即容积率每平方英尺81元来投标这幅只有15年租约的地段。

建屋局放宽EC购买条例 屋主可第二次买新组屋私人组屋及EC

《联合早报》Nov 21, 2007

建屋发展局放宽执行共管公寓(Executive Condominium,简称EC)购买条例,允许执行共管公寓屋主卖掉公寓30个月后购买新组屋、私人组屋(DBSS flat)或新的执行共管公寓。

建屋局昨天发布文告宣布即日起放宽这项条例。过去,执行共管公寓屋主卖掉公寓后,只能购买私人房地产或在公开市场购买转售组屋。

无须付转售抽润

新条例也让他们买新的执行共管公寓时,不须付转售抽润(resale levy),这是因为发展商是根据市场价位来制定执行共管公寓售价。这项条例修改后与私人组屋的情况一致,曾拥有组屋的屋主在购买私人组屋时无须缴付转售抽润。

私人组屋是由私人发展商设计、兴建和销售的组屋。发展商可自行决定所负责项目中各类型组屋的数量和售价。

虽然市场人士欢迎建屋局放宽执行共管公寓购买条例,认同这可让购屋者有更多选择,但对须等30个月的做法有意见。

莱坊(KnightFrank)研究部主管麦俊荣受访时说:“这肯定更具伸缩性。打个比方说,现在拥有执行共管公寓的屋主,可能因为各种原因想搬到另一个地点,却仍然负担不起私人公寓,过去他们只能买转售组屋,现在他们可以购买新的执行共管公寓了。这可让执行共管公寓有多一点吸引力。”

不过,他也指出一个问题:“这30个月的等候期却可能抵销掉这一丁点吸引力,人们在这30个月里要住哪里?他们不可能30个月就搬一次家。买房子时的大笔费用、贷款、装修等,都不可能让屋主30个月就换一次房子。”

卓登国际研究部主管陈瑞谨说,放宽条例可以吸引两三年前卖掉执行共管公寓的买家,但问题是这些曾在房地产市场低潮卖掉执行共管公寓而亏不少钱的人,可能会因为“一朝被蛇咬,十年怕井绳”,不敢再碰执行共管公寓。

他说:“无论如何,放宽条例意味着市场扩大。但30个月是一段很长的时间,现在市场变化很快,30个月可以发生很多事。我不知道30个月是不是一段合适的时间。”

首个月内九成新单位 保留给第一次购屋者

建屋局文告也说,执行共管公寓发展商和私人组屋发展商一样,必须在开始销售的第一个月内把九成的新单位保留给第一次购屋者选购,以确保第一次购屋者能买到房子。

第一次购屋者是指还未享受过任何购屋津贴、还未向建屋局买过任何新组屋或还未向发展商买过任何私人组屋及执行共管公寓的买家。

建屋局也在文告中宣布推出榜鹅路和榜鹅草场(路)交界处地段供发展商发展执行共管公寓。这个地段已列在政府售地计划的备售名单上。从这个项目开始,再度购买新执行共管公寓的买家无须缴付转售抽润。

政府在1995年推出执行共管公寓概念,以应付家庭收入超过新组屋申请顶限、但无能力购买私宅者对住屋的需求。新执行共管公寓的销售对象和组屋一样,但家庭月入顶限设在1万元。执行共管公寓住满五年才能出售,住满10年后完全私营化,才能把屋子卖给外国人。

政府将发展北部一地段 为自然主题旅游度假胜地

Nov 21, 2007

继两个IR地段后,政府将在北部拨出另一个地段供发展自然主题的旅游度假胜地。富有丰富天然遗产的万礼(Mandai)将发展为适合全家大小、设有住宿设施的自然休闲旅游区(nature cluster)。贸工部政务部长易华仁今天为新加坡动物园的猎豹主持“新家”开幕仪式时,宣布了这项消息。

即将发展的新地段就在动物园和夜间野生动物园附近,占地30多公顷,面积介于滨海湾和圣淘沙IR之间。旅游局希望把它发展为类似Datai Langkawi和迪斯尼动物王国的自然旅游胜地。

有关的发展方案征询书(RFP)将在明年中之前发出,预料明年底颁发经营权,2011或2012年竣工。

另外,接下来5年,动物园和夜间动物园也将投资7000万元翻新和增添景区,并探讨增设第三个动物景区(animal attraction),预计面积约达10公顷。

Amber Residences首期74单位全卖光

Nov 21, 2007

位于新加坡东海岸一带的Amber Residences在上星期天的预售会上,短短几个小时内就将首期的74个单位全部卖光。

房地产代理公司第一太平戴维斯(Savills)私宅部高级副主管洪映慧说,这批单位的平均售价为每平方英尺1650元。不过,一些高楼单位的价格超过每平方英尺1800元。

她透露,上星期天的预售会只私下邀请一些客户参加,买家以本地人为主,有些是投资者,有些是年轻家庭,也有些是为孩子置业的年长父母。

这栋高21层楼的共管公寓大厦,共有114个单位,分二、三、四卧房式和顶层豪宅单位。它的前身是金福大厦(Jin Fu Apartments)和安柏苑(Amber Lodge),Voda Land在去年买下这两个集体出售项目,不过当时并没有公开成交价。

洪映慧透露,Amber Residences将在本周末举行另外一个预售活动,售价将保持在上星期天的水平。正式的推出活动预计安排在下个月展开。

售出执行公寓屋主准再买第二间新组屋

Nov 21, 2007

建屋局宣布,执行公寓(EC)房屋计划即日起将修改措施,在新计划下,第二次向发展商购买全新的执行公寓的人,无须缴付“转售抽润”(resale levy)。这项新措施将从开始购买榜鹅E4的新单位起生效。

另外,从即日起,只要符合条件,第一次购买新的执行公寓的人,也获准再购买第二间新的执行公寓、或建屋局组屋,或“供私人发展商设计、兴建和销售”的组屋。

但是,他们在卖掉第一间执行公寓后,必须等上30个月才能申请购买新的执行公寓或建屋局组屋或“供私人发展商设计、兴建和销售”的组屋。

这类屋主原本是无法再购买新的执行公寓或建屋局组屋或“供私人发展商设计、兴建和销售”的组屋的。

建屋局修改执行公寓房屋计划,目的要更好地迎合购买执行公寓者的需求,以及让执行公寓的措施与公共房屋计划更接近。

建屋局不久前也宣布推出一块地皮“榜鹅E4”,供发展商兴建执行公寓。“榜鹅E4”这块地,位于榜鹅路及榜鹅空地的交界处。

到目前为止,私人发展商兴建及售卖了23个执行公寓项目,总共有10400个单位。

Northern Exposure

Source : TODAY, Wednesday, November 21, 2007

30-ha site in Mandai to be nature retreat

IMAGINE spending a night or two in a nature retreat in Mandai, away from the hustle and bustle of the city. There, you can enjoy a spa under the rainforest canopy while relaxing to the chirping of birds.

This may come true as the Singapore Tourism Board (STB) wants to develop a 30-hectare site — the equivalent of about 42 football fields — into a nature cluster that would attract 5 million visitors by 2015, which is double the number now.

"If you look at the overall tourism positioning in Singapore, we have some very city-type products in the Marina Bay area with the IRs (integrated resorts), we have a bit more of a family-activity-type product in Sentosa.

"What we're trying to do here now is to create and build on what we have in terms of the nature-themed attraction," said Minister of State for Trade and Industry S Iswaran after launching the Cheetah enclosure at the Singapore Zoo yesterday.

The revamped home offers the zoo's five cheetahs more running space and a new glass-fronted observation hut for visitors to see the cats up close.

He described Mandai as a "natural choice" for the new nature retreat since the zoo and the Night Safari are located there.

"Obviously, we can't compete (with other countries) on size, so we have to compete on the quality of the experience, the nature of the experience," said Mr Iswaran.

In addition to the nature cluster, a third animal attraction would be developed to complement the zoo and the Night Safari.

The themed attraction would create exotic river environments and allow visitors to learn about endangered freshwater flora and fauna in natural habitats.

The Wildlife Reserves Singapore has also drawn up a $70-million master plan to build new facilities, such as upgraded amphitheatres and new trams, into the zoo and the Night Safari.

The STB will invite investors to propose suitable tourism products for the Mandai nature cluster in the middle of next year.

"Singapore has, over the years, been branded as quite a stereotypical city that is lacking in resort-style atmosphere, so the new developments will complement what we already have here," said National Association of Travel Agents chief executive Robert Khoo.

But Ms Judy Lum, vice-president for sales and marketing of Tour East, said: "Usually, tourists who are into nature want it as natural as possible and they are usually on a budget … If you want to make it exclusive and price it in the higher-end range, it really has to be different."

Since some tourists can find nature easily in their countries or travel to places with natural reserves, the Mandai nature cluster may well attract locals instead of international tourists, said Associate Professor Chang Tou Chuang, deputy head at the National University of Singapore's geography department.

Unlike in a safari where a tourist crosses from place to place to see wildlife, Assoc Prof Chang said he doubts that one will see a huge variety of wildlife staying in Mandai for one or two nights. "So, it's really for people who want to get away from it all."

Major Changes To Exec Condo Rules

Source : TODAY, Wednesday, November 21, 2007

IT HAS just become much more attractive to own an Executive Condominium (EC).

For a start, second-time flat buyers who buy a new EC will no longer have to pay the resale levy.

The policy change, announced yesterday by the Housing and Development Board (HDB), will apply to those who buy the new EC units to be built on a site at the junction of Punggol Road and Punggol Field.

The site was released under the Reserve List of the Government Land Sales programme.

"The new rules will increase the demand for ECs," said Mr Donald Han, managing director of property consultancy Cushman and Wakefield.

"At the entry level, it will help new purchasers and upgraders to consider an EC as their first choice … plus Punggol has been targeted as a waterfront township in the future, so there will be keen interest among developers and contractors for this site," he added.

The HDB also announced yesterday that first-time buyers of new ECs can now buy a second new EC, HDB or a Design, Build, Sell Scheme (DBSS) flat.

However, they have to wait 30 months after the sale of their first EC before they can apply to buy a new EC, HDB or DBSS flat. There is no moratorium for a HDB resale flat.

While the scrapping of the debarment will increase demand for new ECs, the change is likely to have a limited impact, analysts said.

"The 30-month waiting period is a bit of a hindrance because most buyers of EC tend to be newlyweds. After five years, they would probably have children, who would be just about to go to kindergarten," said Mr Nicholas Mak, director, Consultancy and Research Department at Knight Frank.

"You expect them to sell their EC and wait for 30 months; where are they going to stay for 30 months? Not many people might take this up."

First-Time Buyers Get Better Shot At Executive Condos

Source : The Straits Times, Nov 21, 2007

FIRST-TIME home hunters will soon get increased priority to buy executive condominiums (ECs).











The Housing Board now requires EC developers to reserve at least 90 per cent of units for first-time buyers in the first month of sale. First-time buyers are those who have yet to receive a housing subsidy.

Until now, there was no such requirement.

In another change, families who have previously bought a new HDB flat will no longer have to pay a resale levy - ranging from $15,000 to $50,000 - when they buy a new EC flat.

Both new rules will apply first to ECs expected to be built in Punggol Field.

The Government made the 2.27ha plot available yesterday.

The plot, which can fit an estimated 620 homes, is now on the reserve list, which means that it will be put up for tender once a private developer commits to a minimum bid that meets the Government’s reserve price.

Property consultants say the latest moves by the HDB will raise demand for ECs, while addressing the housing needs of some newly-weds.

The EC scheme, introduced in 1995 to bridge the gap between public and private housing, allows families with monthly incomes of up to $10,000 to buy apartments similar to private condos.

Units come with facilities comparable to those of condos, such as swimming pools. But ownership restrictions apply within the first 10 years.

Eligible buyers can get a $30,000 housing grant for their EC, but they cannot sell it within the first five years, or let a foreigner buy it within the first 10 years.

Due to the restrictions, ECs were a less popular alternative to private housing to the extent that, for a while, the Government stopped offering this type of housing since the last one, La Casa, was launched in 2005 amid a property downturn.

But following a sharp run-up in property prices this year, the Government revived its EC programme to meet rising demands from Singaporeans.

New ECs typically cost 30 per cent less than full-fledged private condos, estimated Mr Lui Seng Fatt, regional director and head of investments at Jones Lang LaSalle.

Yesterday, the HDB also lifted the restriction on EC owners - who had received a housing subsidy - enjoying a second subsidised public housing unit, be it an EC, HDB flat or flat built and sold by private developers under the Design, Build and Sell Scheme (DBSS).

These EC owners can now buy another new EC, or a new flat built by the HDB or private developers, after a 30-month waiting period.

Those who used a housing grant for their first new EC will have to pay a resale levy of $55,000 on their original home if they move into a new HDB flat - to ensure a fair distribution of housing subsidies.

Previously, those who bought a new EC unit were barred permanently from buying a second new EC unit, HDB flat, or flat built and sold by private developers under the DBSS.

The change, with immediate effect, will put EC owners on an equal footing with owners of private properties, as the latter are allowed to buy new HDB dwellings after a 30-month wait from the time they dispose of their homes.

The HDB, in a statement yesterday, said the rule change was to ‘better meet the needs of EC buyers and align the EC policies more closely with public housing schemes’.

Property consultants say the changes are set to boost EC demand at a time when private home prices have quickly risen beyond the reach of many hoping to upgrade from HDB flats.

From January to September, private home prices shot up 22.9 per cent, more than twice the rate of resale HDB flats.

‘The EC will be quite a hot item now,’ said Mr Eugene Lim, ERA Singapore’s assistant vice-president.

Consultants do not expect the changes, alone, to make much of an impact on the current supply of lower cost housing, as there are no other EC plots on the market.

To date, 23 EC projects with about 10,400 homes have been developed and sold by the private sector.

Woodlands Condo Plot Draws 8 Bids

Source : The Straits Times, NOv 21, 2007

EIGHT bidders have put in tenders for a residential site near the Singapore American School and right in the middle of the heartland, Singapore’s new real estate hot zone.

Bids for the plot - located between Woodlands Avenue 2 and Rosewood Drive - ranged from $36.4 million to $56 million.

EL Development, a unit of Evan Lim, lodged the top bid.

Frasers Centrepoint came in just behind with $55.5 million, according to a Singapore Land Authority (SLA) statement yesterday.

The narrow gap between the top two bidders reflects the keen interest in the 172,223 sq ft site, which is near the American international school and, thus, in an area popular with expatriate families, said Mr Lui Seng Fatt, regional director and head of investments at Jones Lang LaSalle.

A condominium of up to five storeys with a gross floor area of 241,112 sq ft can be built on the 99-year lease site, which has a gross plot ratio of 1.4, the SLA said. This works out to about $232 per sq ft (psf) per plot ratio, which can translate into a break-even price of about $400 psf for the project, said Mr Lui, adding ‘the project may be able to sell for about $500 psf, depending on the circumstances’.
Analysts noted that the competitive bidding for the Woodlands site contrasted sharply with the lacklustre response to recent public tenders for sites at Enggor Street and Marina View, both located in the more central parts of Singapore.

This confirms ‘the trend that the focus has shifted to the outlying areas, now that the prices in the central districts, including districts 9, 10, 11, have risen significantly’, said Mr Lui.

That theory will get a further test in two weeks, when the Urban Redevelopment Authority (URA) launches a tender for a reserve site at Simei Street 4, which has an area of 3.22ha and is earmarked for residential development with a maximum gross floor area of 74,084 sq m.

The call for bidders was triggered by an application made by a developer who committed to bid at least $187 million for the land parcel.

Also, the URA has awarded the tender for a transitional office site between Tampines Concourse and Tampines Avenue 5 to Glades Properties, the sole bidder with a price of $10 million.

This works out to $868 per sq m for a site with a gross floor area of 11,520 sq m. The land parcel has a 15-year lease.

CapitaCommercial Trust Sets Up $1b Notes Programme

Source : The Business Times, November 21, 2007

Multi-currency scheme has been rated ‘Baa1′ by Moody’s agency

CapitaCommercial Trust (CCT), one of Singapore’s biggest office landlords, announced yesterday the establishment of a $1 billion multi-currency medium-term note (MTN) programme.

The programme was established by CCT MTN Pte Ltd - a wholly owned unit of CCT trustee HSBC Institutional Trust Services Singapore.

The MTN programme will allow CCT MTN to issue notes in series or tranches in any currency as may be agreed between the company and DBS Bank, the arranger and the dealer of the MTN programme.

CCT MTN may issue each series or tranche of notes in various amounts and tenors, which may bear fixed, floating or variable rates of interest.

It can also issue hybrid or zero coupon notes.

All sums payable in respect of the notes will be unconditionally and irrevocably guaranteed by the CCT trustee.

The programme has been given a ‘Baa1′ rating by Moody’s Investors Service.

The net proceeds from each notes issue will be onlent by CCT MTN to HSBC. The CCT trustee can use the funds to: refinance existing borrowings; finance or refinance its investments; lend to any trust, fund or entity in which it has an interest; finance or refinance any asset enhancement works initiated by itself or such trust, fund or entity in which it has an interest; and for its general working capital.
CCT said yesterday that it has applied to the Singapore Exchange for permission to deal in, and quotation for, any notes which are agreed at the time of issue to be listed.

CCT last month posted distributable income of $29.6 million for the third quarter ended Sept 30, 2007 - 13.5 per cent higher than its forecast based on a circular dated August last year, and a 52.4 per cent improvement from the same period last year.

CCT’s Singapore properties include 6 Battery Road, Capital Tower, Robinson Point, HSBC Building, StarHub Centre and the Golden Shoe and Market Street car parks, and a 60 per cent stake in the Raffles City complex.

CapitaMall Trust is the joint owner of Raffles City complex.

The Sunday Times Property Buying Guide

Source : The Sunday Times, Nov 18, 2007



















With affordable suburban condominiums tipped to be the next big thing and HDB resale prices finally on the move, more and more people are feeling the giddy effects of a property upswing. Is it time to buy? Which areas are value for money? What legal and financial issues should buyers think about? The Sunday Times Property Buying Guide answers these questions and more in this 36-page special.

Amber Residences

True luxurious living has arrived in the East
Designer fittings for the interiors. Located at the Amber Road enclave within East Coast, next to the ECP with just a 5-minute drive to the CBD & the Marina Bay area.

View Details - http://www.amberresidences.com.sg


Botannia

Experience freedom of space within the luxurious interiors. 3-Brm apartments available at attractive pricing. Near Clementi Town / AYE and within 1km to Nan Hua Pri Sch. Jointly developed by City Developments Limited & Capitaland.

View Details - http://www.citydev.sg/CDL/botannia/index.html


De Centurion

The only new freehold development along Tanjong Rhu nearest to the Integrated Resort and Marina Bay Golf Course.

View Details - http://tinyurl.com/2htk2v


King's 8 by Longitude Central

Within renowned District 10 lies King’s 8, where 8 units of two-storey freehold strata detached houses with an attic, basement, 2 private carparks and a pool with Jacuzzi jet exemplify the art of fine living.

View Details - http://tinyurl.com/34s5ja


LORNIE 18: The Ultimate in Cluster Bungalows

Unit size range from 4,600 to 5,000 sq ft. Prices start from $5.55 million to $6.0 million.

View Details - http://tinyurl.com/2587d2


Park Natura - closer to nature

Let nature unfold before your very eyes at the exclusive Park Natura brought to you by UIC

View Details - http://tinyurl.com/2ktaau


Seri Tanjung Pinang, Penang Island

A spectacular 1,000 –acre waterfront community, just minutes north of Gurney Drive. Dua Residency, Kuala Lumpur Chic, modern penthouses set in the exclusive KLCC enclave

View Details - http://www.eoprop.com


The Soleil @ sinaran

A shining beacon of architectural excellence. This exquisite development located next to Novena MRT station & minutes from Orchard offers holistic wellness and resort lifestyle living in the city ...

View Details - http://www.soleil.com.sg


Marketing Agent

Knight Frank

Knight Frank Singapore is one of Singapore's leading real estate consultancy firm with a full suite of real estate services in both commercial and residential property markets.

View Details - http://www.knightfrank.com.sg


Utility

City Gas

Piping warmth, convenience and comfort into your everyday life with City Gas. Variety of gas appliances going at special prices at our Gallery this festive season :19 Nov – 31 Jan 08

View Details - http://tinyurl.com/39wa96

Mandai To Get New Nature Attraction On 30-Hectare Site

Source : The Strait Times, Nov 21, 2007

AT LEAST one more nature-themed attraction will spring up in Mandai by 2015.











The Government will, in the middle of next year, release a 30ha site - roughly three times the size of VivoCity mall - for developing such an attraction.

The site can house a back-to-nature resort, a wildlife-themed restaurant, or anything with a nature theme that a developer can dream up.

Such a move will widen the range of tourism offerings by creating a cluster of nature-based attractions in Mandai, which is already home to the Zoo, the Night Safari and the Mandai Orchid Garden.

Minister of State for Trade and Industry S. Iswaran, who opened a new cheetah habitat in the Zoo yesterday, said: 'An increasing number of tourists are keen to commune with nature, visit natural habitats and see wildlife - perhaps as a counterpoint to the modern urban lifestyle.'

These nature-themed attractions, together with the integrated resorts, the Formula One race, the Gardens by the Bay and the Singapore Flyer, are meant to get Singapore closer to snagging 17 million visitors who will spend $30 billion here by 2015.

Meanwhile, Wildlife Reserves Singapore, which manages the Zoo and Night Safari, is developing a freshwater-themed animal attraction within its 89-ha compound.

To be ready by 2015, this will be the third attraction in Wildlife Reserves' stable.

The company will also put $70 million over the next five years into improving the Zoo and Night Safari, by adding more trams, building new wildlife zones and creating more restaurants, for example.

The Zoo and Night Safari now pull in 2.5 million visitors a year, but with the new attractions in place, the Singapore Tourism Board expects Mandai's visitor numbers to double by 2015.

Former Zoo chief Bernard Harrison said Mandai was due for a shot in the arm, as it has been more than a decade since the Night Safari opened there.

Ms Ng Lee Li, a section head for the Tourism Academy @ Sentosa, said the cluster will mean that the attractions there can tap each other's spillover visitors.

She added that making the 30ha plot a 'lifestyle' kind of attraction with accommodation, food and beverage and retail outlets will bring in nature lovers and non-nature lovers alike.

CTC Holidays' senior manager of outbound tours Jocelyn Su noted that more Singaporeans, too, have been flocking to countries like Australia and Malaysia in search of a connection with nature.

She said she has seen up to 40 per cent more bookings in the last two years for holidays to places like Taiwan and Hokkaido, where a stay in a forest lodge or trekking in a mangrove swamp is on the itinerary.

To her comment that Singapore's nature-themed attractions will go up against these countries' offerings, Mr Iswaran said that while Singapore could not compete in terms of size, it could do so in the quality department.

He added: 'If you come to the zoo here, you wouldn't think that five minutes away are Housing Board flats and 20 minutes away is the Central Business District.'

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

NATURE'S LURE

'An increasing number of tourists are keen to commune with nature, visit natural habitats and see wildlife - perhaps as a counterpoint to the modern urban lifestyle.'

MINISTER OF STATE FOR TRADE AND INDUSTRY S. ISWARAN, on why a nature-themed attraction is in demand

Waterfront Condos Coming Up At Bedok Reservoir

Source : The Strait Times, Nov 21, 2007

FOUR condominiums will be built where the former Waterfront View estate in Bedok Reservoir Road used to be.














WATER FRONTAGE: The first of the four projects, Waterfront Waves, may fetch prices of up to $850 psf, says Mr Ku. -- PHOTO: FRASERS CENTREPOINT

The first will be launched in the first quarter of next year, said developers Frasers Centrepoint and Far East Organization yesterday.

It will be called Waterfront Waves and have 405 units, of which more than half will be three- and four-bedroom apartments. More than 60 per cent of the units will also have reservoir views, the developers added.

The Straits Times understands that the other three condos will also have 'Waterfront' in their names and are likely to be of similar sizes.

Together known as the Waterfront collection, the four-condo development is the largest in the area to have a direct water frontage, the developers said. In all, it could have 1,600 units.

The developers are also in talks with the Public Utilities Board about 'enhancing the neighbourhood's communal parks and water bodies'.

Although property consultants will not disclose prices for Waterfront Waves, they believe prices may start from $700 per sq ft (psf).

Mr Ku Swee Yong, director of marketing and business development at Savills Singapore, said units on lower floors with no water views could fetch that price.

On higher floors, prices could go up to $850 psf, he added.

Frasers Centrepoint and Far East jointly bought the former HUDC site last year for about $240 psf of gross floor area.

GuocoLand Looking Out For More Project Sites In Vietnam

Source : The Strait Times, Nov 21, 2007

HO CHI MINH CITY - SINGAPORE developer GuocoLand Group yesterday broke ground on its maiden development in Vietnam - The Canary - and says it is already on the lookout for further development sites.

The US$58 million (S$84 million) investment in The Canary reflects a high level of investor confidence in Vietnam's booming economy, said a Singapore agency official at the ground-breaking ceremony yesterday.

The 17.5ha development will boast residential, commercial, hotel and educational facilities. It is the first integrated project to be built by a foreign investor in Vietnam, outside the commercial centre Ho Chi Minh City and the capital Hanoi.

It is being built in affluent Binh Duong province, 17km north of Ho Chi Minh City, near the Vietnam- Singapore Industrial Park (VSIP).

The flagship industrial zone was started in 1996 by a consortium of five Singapore firms led by SembCorp Parks, in a venture with Vietnamese state-owned Becamex IDC.

With a gross floor area of 290,000 sq m, The Canary is expected to yield 1,200 homes, in addition to a shopping mall with 85,000 sq m of retail space, a hotel, an international school and a sports complex. Homes will also face the popular 27-hole Song Be golf course.

Centre director Chiong Woan Shin of IE Singapore's Ho Chi Minh City office told The Straits Times that the project reflects the level of confidence of Singapore companies.

Construction of the residential area's first phase is under way and due for completion in 2009.

The two- to four-bedroom apartments, ranging from 85 sq m to 160 sq m, will be targeted at locals and expatriates alike, said Mr Lawrence Peh, general manager of Guoco- Land Vietnam.

GuocoLand's international investment general manager Ho Sing added that the group is looking for more locations in Vietnam for further projects.

CBRE Vietnam's managing director, Mr Marc Townsend, said he expected the project to be well-received. 'With so many people working at the VSIP, it will be time- and cost-efficient to live there,' he said.

The project will be launched for sale next year. He estimates that the homes will be priced at a premium above US$800 per sq m, or S$108 per sq ft - a price fetched by a residential project nearby.

IE Singapore's Ms Chiong added that more Singapore companies were venturing into Vietnam.

But fast-rising home prices are also proving to be the bane of ordinary Vietnamese and even some expatriates. This is exacerbated by speculators flipping properties for a quick profit.

Property prices have jumped 50 per cent in Vietnam since the start of this year, and in Hanoi and Ho Chi Minh City, they have tripled.

The result is that owning homes in the cities is far beyond the means of most ordinary Vietnamese. The issue is a hot topic in the country's legislature.

GuocoLand To Develop 1st Project In Vietnam

Source : The Business Times, 21 November 2007

GUOCOLAND yesterday broke ground on a US$58 million development in Vietnam - its first project in the country.

The 17.5 ha site will be home to The Canary - an integrated development which will house some 1,200 residential apartments, a hotel, a trendy retail mall and an international school.

GuocoLand said that the first phase of the residential apartments will be launched soon. This will be followed by the development of the first phase of the retail mall.

The entire development is scheduled to be completed in five to six years' time, the developer said. 'However, the actual progress will depend on market conditions in Vietnam,' said Lawrence Peh, GuocoLand's general manager for Vietnam.

The Canary is located near the Vietnam-Singapore Industrial Park, near Ho Chi Minh City. The project will be the first fully integrated development in Vietnam's Binh Duong Province, GuocoLand said.

'When The Canary is completed, it will add vibrancy to Binh Duong Province, which is a leading recipient of foreign direct investment among Vietnam's provinces,' said GuocoLand in a statement.

Besides GuocoLand, many other Singaporean developers - including Keppel Land, CapitaLand, Frasers Centrepoint and Allgreen Properties - have of late made forays into Vietnam's booming property market.

GuocoLand's shares closed five cents down at $5.20 yesterday. The company's stock has climbed 128.5 per cent since the start of the year.

Allgreen Properties Wins Tender For Enggor Street Residential Site

Source : Channel NewsAsia, 20 November 2007

Developer Allgreen Properties has won the tender for the second residential site at Enggor Street.

Allgreen had put in a top bid of S$181 million for the 99-year leasehold site.

That works out to around S$7,700 per square metre of gross floor area.

But the price is 16 percent lower than that paid by Far East Organization for an adjacent site earlier. - CNA/ms

En Bloc Millionaires To Drive Market

Source : The Business Times, November 21, 2007

If just two-thirds buy homes, they may spend $6b: Savills

Around 5,700 homes were sold through collective sales in the first half of this year and the home owners who will have to look for replacement homes are expected to drive the property market.

A report by Savills Singapore estimates that if just two-thirds of those displaced by collective sales - about 3,900 of them - choose to buy replacement homes, their collective kitty could total $6 billion, representing the total payout to these en bloc millionaires.

Savills director (marketing and business development) Ku Swee Yong does not expect all $6 billion to be spent though. 'About $4 billion could be channelled into new property acquisitions,' he reckons.

And developments in the fringe and suburban areas such as Bukit Timah, Upper Bukit Timah, Clementi, Novena/Thomson, and Upper East Coast will be their targets.

Savills projects that only two-thirds of the en bloc millionaires will be in the market for a new home because it believes many already own second homes, if not more.

Savills' analysis reveals that of the 2,795 home owners affected by the collective sales in Q2 2007, up to 2,159 owned homes in the prime districts of District 9, 10 and 11.

And Mr Ku reckons that half of these home owners already own at least one other home.

Interestingly, Mr Ku believes that only 20 per cent of the displaced home owners from homes outside the prime districts have second homes. But the number of en bloc millionaires could taper off if collective sales continue to fall. In Q3 2007, only 13 en bloc deals worth about $1.1 billion were done, down from $6.4 billion for 45 sites in the previous quarter.

Yet, en bloc millionaires are also expected to support the already buoyant residential market.

Savills says that assuming that 30 per cent of owners (or their tenants) affected by collective sales require rental accommodation, 974 units would have been needed to meet the demand over the last nine months. Savills added that the situation is expected to worsen in 2008, with some 800 units needed per quarter to accommodate displaced owners (or their tenants).

Savills does expect most demand for rental units to come from an increase in the number of foreigners working here.

Its report highlighted that foreigners working here grew by 14.9 per cent, from 875,500 last year to just over one million thus far, representing the highest year-on-year growth in the last 10 years. 'With a low unemployment rate and high job creation rate, the number of foreigners working in Singapore is expected to grow sharply,' it added.

Its analysis of data reveals that average rents of all non-landed residential properties in the prime districts rose by 13 per cent to $3.70 per square foot (psf) a month between Q2 and Q3 in 2007, while high-end residential rents climbed even higher to $6 psf a month.

Savills also noted that rents in Districts 8 and 12, on the fringe of the city, have risen by 35 and 23 per cent respectively to about $1.90 psf a month.

No Resale Levy For Second-Timers Buying ECs

Source : The Business Times, November 21, 2007

NEW executive condominiums (ECs) will be even more attractive now that the resale levy is no longer payable.

The Housing and Development Board imposes the levy on those who sell their first flat to buy another from the board. It is a fixed sum that ranges from $15,000 to $50,000 according to flat type, and $55,000 for ECs.

In a statement yesterday, HDB said: 'To align the purchase of new ECs with the Design, Build and Sell Scheme (DBSS), second-timers buying a new EC unit from the developer will no longer have to pay the resale levy.'

HDB also said that previously, first-timers who bought new ECs were barred from buying another new EC, HDB or DBSS flat. This bar has now been lifted.

PropNex CEO Mohamed Ismail believes the change will give 'greater incentive' to HDB dwellers who aspire to a condominium lifestyle by way of an EC.

Mr Ismail reckons the dropping of the resale levy, coupled with rising HDB resale flat prices, could leave some second-time buyers with up to $100,000 to add to their housing budget, depending on the size of the flat they sell.

He also believes developers could be encouraged to bid for EC sites, as demand will grow.

The government has said it intends to release more EC sites.

The first to be released, after a gap of more than three years since the last EC site was sold in 2004, will be at Punggol Road/Punggol Field.

The 2.27ha site with a plot ratio of 3.0 was put on the reserve list of the Government Land Sales Programme yesterday. And with the dropping of the resale levy, consultants expect interest in the site to increase.

Cushman & Wakefield managing director Donald Han says the last EC site at Woodlands, where La Casa now stands, was sold for $150 per sq ft per plot ratio (psf ppr). Since then, two DBSS sites - launched at Tampines in October 2005 and Boon Keng Road in March 2007 - sold for $114 psf ppr and $234 psf ppr respectively.

Mr Han says EC sites typically fetch more than DBSS sites. And based on the last DBSS site price at Boon Keng Road, but factoring in Punggol's location and EC site status, he expects the Punggol EC site to fetch $190-$220 psf ppr.

'We expect strong interest from developers and contractors for this site due to revival of HDB market activity and recent price increases - supported mainly by HDB upgraders and new home buyers,' he said.

'In addition, the government has committed its resources to turning Punggol into a major waterfront township and Punggol itself has been a news focal point lately.'

Woodlands Ave/Rosewood Drive Site Attracts Top Bid Of S$56m

Source : Channel NewsAsia, 20 November 2007

EL Development has put in the top bid of S$56 million for a residential development at the junction of Woodlands Avenue 2 and Rosewood Drive.

The site attracted eight bids ranging between S$36.4 million and S$56 million.

The 99-year leasehold site spans a land area of over 170,000 square feet. It has a plot ratio of 1.4.

The new development can yield over 240,000 square feet, with buildings of up to five storeys.

The winner is due to be announced in a few days. - CNA/ms

Mandai To Be Turned Into Asia's Top Nature Spot

Source : Channel NewsAsia, 20 November 2007

A luxurious spa retreat in Mandai could soon be a reality, with new plans for the area.

Two new nature-themed attractions in Mandai, to complement the Singapore Zoo and Night Safari, were announced on Tuesday.

The Singapore Zoo's five cheetahs just got a bigger home, as part of a S$70 million masterplan by Wildlife Reserves Singapore to improve the facilities of the Zoo and Night Safari.

Meanwhile, even bigger things are being planned for the whole Mandai region.

The Singapore Tourism Board (STB) wants to turn the area into Asia's next top nature spot, with two new attractions on the way.

Related Video Link - http://tinyurl.com/2bbfbj
Mandai to be turned into Asia's top nature spot


A 30-hectare site in the area may soon become the next luxurious topical spa retreat, and another idea being considered is an exotic river-themed development, where visitors can learn about freshwater habitat.

S Iswaran, Minister of State, Trade and Industry, said: "Certainly if you want to go into a large national park, Singapore may not be able to compete with some of what's being offered in the region.

"If you're looking for an immersive experience, tropical rainforest in a natural setting, I think we can do quite a bit. Obviously we can't compete on size, so we have to compete on the quality of the experience, the nature of the experience.

"And when you go to an urban centre, you don't really go to a city expecting a back-to-nature experience in this total sense. You want an immersive experience and that's where the Zoo and the Night Safari can play a part, and I think the Mandai nature park kind of nature destination can play a part."

There is something very relaxing about being immersed in nature, and the government believes that if done well, visitors to Mandai can forget that they are actually only minutes away from the city centre.

STB is confident that with the new attractions, the number of visitors to Mandai could double to 5 million by 2015. - CNA/ms

S'pore Strings Arguments With Facts To Show Sovereignty Over Pedra Branca

Source : Channel NewsAsia, 21 November 2007

THE HAGUE: On the final day of its rebuttal, Singapore Tuesday strung all its arguments with facts and evidence to prove that it has sovereignty over Pedra Branca, which is also known as Pulau Batu Puteh in Malaysia.

The dispute came about after Malaysia published a new map of its territories in 1979, which included Pedra Branca. Singapore objected to it because it said the island belongs to the city-state.

Singapore's Ambassador-at-Large Professor Tommy Koh laid out Singapore's arguments in ten key points.

He maintained that Pedra Branca was no man's land in 1847, when the British went there to build the Horsburgh Lighthouse.

He said Malaysia has failed to produce any evidence to show that it owns the island.

Professor Koh also noted that between 1847 and 1851, the British possessed Pedra Branca without permission from anyone.

Related Video Link - http://tinyurl.com/yog23j
S'pore strings arguments with facts to show sovereignty over Pedra Branca


Malaysia had claimed it gave Britain permission to construct the lighthouse on the island. But again, Professor Koh said Malaysia has not shown any evidence to prove that.

He also brought up the 1953 letter. "In 1953, when Johor was a sovereign state under international law, the state secretary of Johor, writing in an official capacity, informed the Singapore government that ‘the Johore Government does not claim ownership of Pedra Branca’. This disclaimer is binding… under international law. Malaysia is clearly embarrassed by this disclaimer."

Malaysia repeated its argument that the British lacked the intention and the activities. Singapore said Malaysia's argument is flawed.

Prof Koh said Singapore's display of sovereignty over the island was "open, continuous and notorious" for over 130 years. But Malaysia had said earlier that Singapore was merely performing acts that were expected of a lighthouse operator.

He noted that "between 1962 and 1975, Malaysia published six maps which attributed Pedra Branca to Singapore. Singapore has never published a single map attributing the island to Malaysia."

Malaysia had also argued that Pedra Branca and its outcrops of Middle Rocks and South Ledge should be treated as separate features.

But Professor Koh said for reasons of proximity, geology, history and law, the "three features are inseparable and must be treated together."

Besides, Malaysia had repeatedly argued that this case is about ownership and not about competing activities on the island. But Professor Koh objected to this argument, saying Singapore's case is that Pedra Branca did not belong to anyone in 1847 and that Singapore has acquired sovereignty over it since 1847 and has maintained it from then.

Professor Koh also pointed out that all of Singapore's actions are consistent with that of a country that has sovereignty over Pedra Branca. In contrast, all of Malaysia's actions and inactions, he said, are entirely consistent with that of a country which has no title over the island.

"Singapore's actions were open and public and are the counterpart to Malaysia's silence in the face of these activities over a period of 130 years. Malaysia's official disclaimer in 1953 and its series of official maps attributing the island to Singapore are further confirmation of this picture. The whole story fits together. There can therefore be no doubt that Pedra Branca, Middle Rocks and South Ledge belong to Singapore."

Singapore's foreign counsel also listed out the various activities it has done on Pedra Branca that underscores its ownership of the island and its outcrops.

The Singapore team highlighted that Malaysia did not protest to any of those activities over the last 130 years.

Malaysia had said that it did not protest earlier because it saw the works by Singapore as that of just a lighthouse administrator. But Singapore's foreign counsel Rodman Bundy rebutted that Malaysia's conduct was very telling.

Citing examples, he said Malaysia did not object when the British expanded the jetty and landing stage on the island in the 1880s, and it did not protest either when Singapore insisted in 1974 that it had to approve Malaysian visitors going to Pedra Branca.

In contrast, Mr Bundy said, "Singapore performed numerous activities in a manner which fully reflected the reality that it regarded itself as possessing sovereignty over the island while Malaysia did nothing."

He added, "Malaysia also disclaimed ownership over Pedra Branca in 1953. Malaysia's meteorological publications listed the rainfall station on Pedra Branca as being "in Singapore" and it published a series of official maps over a 14-year period designating Pedra Branca as Singapore. And it did nothing of its own on the island."

Foreign counsel Loretta Malintoppi representing Singapore said Malaysia has "attempted to scrape the bottom of the barrel in search of some acts showing a modicum of display of sovereignty on the ground".

One point she touched on was that Malaysia claimed its fishermen fished in the waters around Pedra Branca regularly as it insisted the area was within the Johor Sultanate, but Malaysia has not shown any relevant evidence.

She also said such are private acts that do not constitute as an act displaying sovereignty.

Malaysia had argued that it had conducted navy patrols in the waters with other countries such as Australia and the United States, and those were an exhibition of its sovereignty over the island.

But Ms Malintoppi said Malaysia has no documentary evidence to indicate the precise areas covered by such patrols or that they had anything to do with Pedra Branca and its waters.

She reiterated that Malaysia's own official maps, six of them, show Pedra Branca as belonging to Singapore.

Speaking in French, Singapore's foreign counsel Professor Alain Pellet stressed that Malaysia's documents, which they claimed show its original title over the island, are insufficient.

The documents, he added, did not even mention Pedra Branca by name.

The court session will have a break on Wednesday to give Malaysia time to prepare for its reply to Singapore. Both countries will then return on Thursday and Friday to hear the Malaysian team sum up. - CNA/ac

No Resale Levy For 2nd-Time Buyers Of New Executive Condos

Source : Channel NewsAsia, 20 November 2007

Second-time flat buyers who buy a new Executive Condominium (EC) will no longer have to pay the resale levy.

The policy change is to align the purchase of new ECs with the Design, Build and Sell Scheme (DBSS). It will take effect for those who buy new EC units to be built at Punggol.

Another change - a first-time buyer of a new EC can purchase a second new EC, HDB or DBSS flat. HDB will be lifting the permanent debarment policy with immediate effect.

However, an ex-EC owner can only buy a second new flat 30 months after selling his EC. This is because ECs are considered private housing. There are no restrictions on ex-EC owners buying a resale flat.

Similar to DBSS projects, private developers of EC projects will now be required to set aside at least 90 percent of the units for first-timers during the first month of their sale.

The EC Housing Scheme was introduced in 1995 to meet the aspirations of professional couples with household incomes of up to S$10,000 a month to own private housing. - CNA/ir

Woodlands Residential Site Surprises With 8 Bids

Source : The Business Times, November 21, 2007

Evan Lim's top bid of $56m marginally higher than Frasers Centrepoint's

A 99-year leasehold residential site in Woodlands was found to have drawn a surprising eight bidders when the government tender closed yesterday, with the top bid coming to some $56 million - or $232 per square foot per plot ratio (psf ppr).

Recent government land tenders have drawn only a few bidders each, which market watchers said was a sign of the property market cooling off.

For the 172,200 sq ft site at Woodlands Avenue 2/Rosewood Drive, the top bid was put in by Evan Lim & Co Pte Ltd.

The company just pipped second highest bidder Frasers Centrepoint, which offered $55.5 million - or $230 psf ppr.

Other bidders include Wing Tai and Sim Lian Land. The site has a 1.4 plot ratio - giving it a maximum gross floor area of 241,100 sq ft.

Nicholas Mak, director of research and consultancy at Knight Frank, said that the price was 'realistic', although it came in below prior market expectations of $250-$280 psf ppr.

The number of bids was impressive, considering the recent market turbulence, experts said. 'The bids show that developers are confident of healthy suburban buyer demand,' said Mr Mak.

Ku Swee Yong, Savills Singapore's director of marketing and business development, said: 'Developers still see that there is good demand from the mass market, arising from job growth and rising wages.'

With construction costs for mass market condos estimated at about $300 psf, the break-even price for the site could be around $530 psf, experts said.

This means that apartments in the project could eventually be launched at about $700 psf - higher than what private homes in Woodlands are fetching at the moment.

Separately, the Urban Redevelopment Authority (URA) on Monday awarded a transitional office site at Tampines to City Developments' unit Glades Properties.

The developer had put in the only bid for the site, offering $10 million, or $81 psf ppr - lower than the $100 psf ppr that most property consultants had expected the 15-year leasehold site to fetch. This led to market talk that the site might not be awarded.

Yesterday, URA also said that an unnamed developer has entered a bid of $187 million for a 3.2ha, 99-year leasehold residential site at Simei Street 4, triggering a public tender which will be launched in two weeks' time.

The price offered by the developer works out to $235 psf ppr. The site has a 2.3 plot ratio - giving it a maximum gross floor area of 797,400 sq ft.

Market watchers, however, reckon that the plot could fetch more.

'I think the winning bid could come to $350 psf ppr,' said Ho Eng Joo, Colliers International's executive director for investment sales. Apartments coming up on the site could be launched at about $800 psf, he said.

URA yesterday also awarded the tender for the 99-year leasehold condo site at Enggor Street (Land Parcel B) to Allgreen Properties, which had submitted the highest bid of $717 psf ppr in a public tender.

Sweet Collective-Sale Deal For 15 Houses In Balestier

Source : The Straits Times, Nov 21, 2007

Each owner gets $4m - 2 to 3 times what they would have made if they sold separately

IT TOOK 18 months but the owners of 15 terrace houses in Balestier have pulled off a sweet deal to match some of the en bloc sales that have been making headlines all year.














SOLD: The 15 terrace houses in Jalan Bunga Raya were finally sold for $61 million. The buyers are understood to be a Chinese property developer and its Singaporean partner. They can build about 56 apartments, each about 1,500 sq ft in size. -- ST PHOTO: AZIZ HUSSIN

They have banded together to sell their properties for $61 million, giving each a payout of about $4 million.

This is two to three times what they would have made for their homes individually and a huge gain for those who bought several years ago.

It is quite a coup given that the deal was trickier than the usual collective sale and the fact that the once-roaring en bloc market has cooled considerably since tougher rules were put in place last month.

The quieter market made the sale of the 15 terraces in Jalan Bunga Raya quite an achievement, said Mr Shaun Poh, senior director for investment advisory services and auctions at DTZ Debenham Tie Leung, which marketed the houses.

The mostly two-storey homes are not strata-titled as in a typical condo. This meant every owner had to agree to sell, unlike in a strata development where only 80 per cent of owners have to agree.

While similar deals have been sealed before, getting 15 out of 15 owners to sign the deal 'was a challenge', Mr Poh said. 'If anyone doesn't sign, that's it. No deal.'

DTZ worked for about 18 months to collect all the signatures, he said.

The offer proved too sweet to resist for owners such as housewife Virgie Orlino, 47, who was initially reluctant to sell her house, which has been home for about 14 years.

'We didn't want to sell, but the rest wanted to sell, so we decided to cooperate,' she told The Straits Times, adding that the price was 'not bad'.

For some owners, who bought their homes more than 10 years ago, the payout represents a real windfall.

Retiree Ho Chaw Fu, 70, is 'very happy with the price'. No wonder: Mr Ho bought his house for $300,000 about 30 years ago.

He may not be alone. Although one or two of the homes - lined up in two rows along a cul-de-sac - appear recently renovated, others look decades-old.

Despite acrimony being the word of the day for many other collective sales, the Balestier terraces deal went quite smoothly, owners said.

One owner, who did not want to be named, said people in the street 'get along very well' and were 'very cooperative' about the sale. He added that a few were planning to relocate together to another area so they could still be neighbours.

A reason for all this harmony could be the good price the sellers fetched. It works out to $739 per sq ft (psf) of potential gross floor area - a record level for Balestier, said Mr Poh.

The Balestier area has seen keen interest from developers such as City Developments and Soilbuild, which have both picked up projects in the vicinity recently.

The buyers of the terraces are understood to be a Chinese property developer and its Singaporean partner.

They were awarded the properties on the very day the tender closed, which means their bid was fairly strong.

They can build up to 36 storeys on the site, which has a plot ratio of 2.8.

About 56 apartments can be built with an average size of 1,500 sq ft each and may eventually be sold at $1,400 to $1,500 psf.

The developers also get the road itself, which they can keep or use as development land.

A similar deal was sealed last year when owners of some bungalows in Bukit Timah teamed up to sell their properties and developer Simon Cheong bought a group of 16 terrace houses in Cairnhill last year.

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

100 PER CENT CONSENT

'If anyone doesn't sign, that's it. No deal.'
MR SHAUN POH, senior director for investment advisory services and auctions at DTZ Debenham Tie Leung, which marketed the houses

WORKING TOGETHER

'We didn't want to sell, but the rest wanted to sell, so we decided to cooperate.'
HOUSEWIFE VIRGIE ORLINO, 47, who was initially reluctant to sell her house, which has been home for about 14 years

MTI Raises '08 Forecast For 'Hotter' Economy

Source : The Business Times, 20 November 2007

Easing resource crunch, cyclical downturn will prevent overheating: officials

The Ministry of Trade & Industry has raised slightly its forecast of GDP growth in 2008, but maintains that the economy has not become 'too hot'.

In a somewhat unusual move, it has upped the 2008 growth forecast by half a point to 4.5-6.5%. For 2007, with the year’s growth pretty much in the bag, MTI has narrowed the forecast to 7.5-8%.

GDP growth in the third quarter has turned out a slower-than-expected 8.9% - lower than the flash estimate of 9.4%, due mainly to weaker manufacturing growth. This brings GDP expansion in the first nine months of 2007 to 8.1%, which spells, going by the official forecast, a slowdown in Q4. But MTI says it expects the growth momentum to continue into Q4 as sustained growth in the EU and Asia offset a somewhat softer pace in the US.

MTI’s forecast for 2008, however, amounts to a ‘moderation in growth towards the economy’s underlying potential rate after four years of abovetrend growth’, the ministry says.

The economy should grow in the upper half of the 4.5-6.5% range next year if - as the market consensus expects - the US economy rebounds in the second half of 2008 from a first-half slowdown, MTI says.

But, if the US sub-prime problems worsen or if oil prices continue to soar, and a sharp, protracted US slump ensues, Singapore’s growth could be nearer the lower end of the forecast.

At a briefing on the Q3 GDP data yesterday, MTI’s second permanent secretary Ravi Menon told reporters that Singapore’s 2008 growth forecast should be intact even if US economic growth slows to about 1.5% next year.

MTI’s forecast also assumes that oil prices will round out the rest of the year at an average US$90 a barrel, and ease to US$80-85 in 2008.

As for the weak US dollar, Mr Menon said the concern, if any, is not so much on any impact on Singapore’s exports, but if it should see a precipitous decline that triggers off massive selloffs in the financial markets and second-round effects on the global economy. ‘It’s one of the wild cards,’ he added.

For now, the key concern here remains centred on rising price pressures, though Mr Menon reiterates the government’s assessment that there is no overheating in the system.

Resource constraints are being eased as supply catches up with demand, he said, citing the release of vacant land and state buildings for lease, and increased land sales in business parks for companies’ backroom operations, all of which should check the rise in office rental costs.

Foreign worker quotas will also be increased to ease the labour bottlenecks in construction.

Not least, a cyclical slowdown in the economy next year will help cool demand pressures, Mr Menon said.

‘Has the economy gotten hotter? Yes,’ he said. ‘Has it got too hot? No.’ Singapore’s short and medium-term economic prognosis remains good, he added.

The Monetary Authority of Singapore’s officials at the briefing also maintained that - apart from the one-off technical effects of the Goods and Services Tax hike and the taxman’s upcoming revision of the annual values of HDB flats, which will boost the consumer price index - underlying cost pressures haven’t gone out of whack.

The underlying inflation rate - excluding housing and private road transport costs - is still expected to average 1.5-2% this year and next.

MAS deputy managing director Ong ChongTee said its monetary policy stance ‘remains appropriate’ and will be reviewed, as scheduled, next April.

Economists such as Citigroup’s Chua HakBin reckon the risk of further MAS tightening is high early next year, as the move to a ’slightly’ steeper slope last month ‘may be too gentle a move’.

Citigroup has raised its 2008 inflation forecast to 3.8% from 3%. It expects CPI inflation to swing from a 5% average in the first half of 2008 to 2.8% in the second half. A 20% rise in imputed rents could drive up headline CPI by 1.5-2 percentage points, Dr Chua estimates.

Merrill Lynch’s Emerging Asia currency strategist, Simon Flint, says he is not concerned about overheating risks here.

‘MAS reacted very quickly to rising price pressures,’ he said, referring to last month’s monetary tightening. ‘They’re being reasonably prudent about inflationary threats. ‘I’m optimistic about sustainable growth,’ he added.

Singapore Lifts Forecasts For Growth And Inflation

Source : Bloomberg News, 20 November 2007

The city-state raised its economic growth and inflation forecasts as financial services expanded the most in a decade, boosting property prices and bank lending.

Singapore's economy would expand as much as 6.5% next year, higher than an earlier estimate of 6%, the trade ministry said in a statement yesterday. Still, growth in 2008 will ease from between 7.5% and 8% this year.

Financial services, including wealth management and stockbroking, jumped 19.9% in the third quarter from a year earlier, withstanding a slump in global credit markets that has triggered about US$45bil in writedowns among the world's largest banks.

The Singapore dollar rose after the government increased its forecast and said inflation may accelerate to as much as 4.5% next year.

"There is a lot of pressure coming from wages and rentals," said Alvin Liew, an economist at Standard Chartered Bank in Singapore. "We are somewhat due for a moderation in growth, and are probably looking at a slowing down in the first half of next year."

The average monthly wages climbed 8.5% in the second quarter, the fastest since 2000, according to the manpower ministry. Office rents in Singapore's central business district have risen to record levels and private home prices have climbed every quarter in the past 3½ years.

Inflationary pressures are rising as the economy expands, prompting the central bank last month to say it will allow a faster appreciation in its currency. Inflation is expected to accelerate to as much as 4.5% in 2008 from an average 2% this year.

The Monetary Authority of Singapore said yesterday its currency band, which will be reviewed in April, remained "appropriate".

The Singapore dollar has gained 5.8% this year against the greenback.

Singapore's Gross domestic product would probably increase at the "upper end" of a 7.5% to 8% range in 2007, the trade ministry said in yesterday's statement, boosting the lower end of its forecast from 7%.

Services climbed 8.3% in the third quarter from a year earlier, while the construction industry grew 17.7% in the same period, according to yesterday's report.

The growth in the services and construction industries has helped lessen the impact of a weaker performance in manufacturing, dampened by electronics exports, which are mired in their worst slump in 5 years.

"The labour market is booming, tourist arrivals are at record levels, hotels are full and we are seeing strength across a broad swathe of service activities,'' said Song Seng-Wun, an economist at CIMB-GK Research.

Growth Forecasts For Next 2 Years Up

Source : TODAY, Tuesday, 20 November 2007

Average 8.1% Growth In First 3 Quarters Points To Positive Outlook, Says Analysts

Singapore has raised its economic growth forecasts for this year and next, despite concerns the extend of the fallout of the US sub-prime mortgage crisis.

The Ministry of Trade and Industry (MTI) is forecasting GDP expansion at the upper end of the range of 7.5% to 8.0% this year, up from its earlier 7-to-8% band - after growth in the first 3 quarters averaged 8.1%. The MTI is also expecting the economy to expand between 4.5% and 6.5% next year, higher than its previous forecast of 4% to 6%.

In the third quarter, the economy expanded by 8.9%. Growth was led by the financial sector, which surged nearly 20% on strong domestic banking, wealth management services and offshore lending activities, the MTI said. Construction growth remained robust on strong building activities in the industrial and commercial segments, with the sector expanding 17.7% in the quarter.

"Loans growth has been impressive and we are not seeing signs that bank lending is tapering off with the construction industry still going strong," Bloomberg quoted Mr Song SengWun of CIMB-GK Research as saying. "We're expecting growth to exceed 8% this year."

Mr Ravi Menon, Second Permanent Secretary at the MTI, said the outlook for Singapore remained "positive", although growth prospects were cloubed by sub-prime problems plaguing the US economy. EU growth is expected to soften as a strong Euro erodes export competitiveness, while the Chinese economy will continue to grow at a double-digit pace, he added.

"The essential scenario - or market consensus - is that the US economy will resume healthy growth in the second half of 2008, which will support GDP growth in Singapore at the upper half of the forecast range," he said.

"However, if the sub-prime problem worsens and the housing market goes into a deeper slump, the US economy could face a more protracted slowdown. Under this secenario, Singapore GDP could come in at the lower half of the range," he said.

The MTI's forecasts for the Singapore economy will hold even if the US economy grows at a modest 1.5% or slightly less, but if the expansion slows to "below 1%, it's harder to say" what the broader impact would be, he said.

According to Citigroup economist Dr Chua HakBin, while a US recession could not be ruled out, the Singapore economy is sufficiently diversified so its dependence on the world's largest economy is reduced.

"Regardless of what happens to the US market, the marine and offshore orders will go ahead - oil prices will remain high anyway," Dr Chua said.

Sectors such as healthcare and biomedicals are "not really sensitive to the US business cycle. There are enough separate engines from the ones that are more sensitive to the US cycles, such as wholesale trade and electronic cycle, to generate that growth", said Dr Chua.