URA To Release Playfair Road Site For Tender

Source : Channel NewsAsia, 28 December 2007

The Urban Redevelopment Authority has said it will put the industrial site at Playfair Road up for tender in about two weeks.

This comes after a developer said it would bid a minimum of S$12 million for the site.

The 0.86 hectare site is located on the junction of Henderson, Burn, and Playfair Road.

It has a maximum permitted gross plot ratio of 2.5 with a lease period of 60 years.

The site is zoned for Business 1 development, and can be used for a range of clean and light industrial uses and warehouse.

The land parcel was made available for sale under the Reserve List of the Government Land Sales programme.

Sites under the Reserve List will only be placed out for tender if there is a minimum bid that is acceptable.

房东拖欠房屋贷款，房子被封，房客无家可归

《联合早报》Dec 27, 2007

这起封屋事件于昨天下午3时左右发生，地点是义顺11街大牌146座。

杨先生（21岁，销售人员）受访时表示，他刚搬进不到三个星期，结果却落得必须将东西全部搬出来，无家可归。

“庆幸的是，当天下午我女朋友在家，及时将东西全部搬出来，否则什么都会被锁着。”

他透露，他交了一个月的租金和押金，一共640元，结果现在不仅拿不回钱，更没有房子住。) w4 M% N* J4

“我们尝试联络屋主，结果他并没有接电话，非常无奈。”

房东吝啬又挑剔 不给房客出客厅

另一名房客林女士（38岁，家庭主妇）则表示，房东是非常吝啬的人，而且对房客诸多挑剔，经常因为水电的
事情而与房客大吵大闹。

“之前，房东就和其他的房客因为用水和用电的问题争吵，他自己睡在客厅，却不允许我们到客厅去，只能留在房间里。”

她表示，房东经常将门窗都关上，又不开灯，即使自己的孩子到厨房写字做功课，都会被骂，非常不合理。

“没有想到，现在房子被封锁，我没有及时将自己的东西搬出来，所以只好报警处理，同时联络银行，希望可以将自己的东西拿出来。”

她表示，目前当务之急，就是为自己找一个落脚处，否则就要露宿街头了。

前公寓管理代理疑卷走20万元

《联合早报》Dec 27, 2007

前公寓管理代理（managing agent）疑亏空管理费和累积基金（sinking fund）后下落不明，她可能卷走高达20万元。

这名疑卷款失踪的前公寓管理代理相信是一名30余岁印族女子，相信她是从2003年到去年以伪造支票和窜改财务账目，从4所公寓的管理费和累积基金骗走超过20万元。

其中一所遭殃的公寓是实里基路一带的“亚迪斯台”（Adis Villas），居民月前收到公寓管理委员会寄出的后天召开常年大会通知，附上一份警方寄给公寓管委会主席的报告。这份日期为今年四月的报告，详细列出前管理代理被捕后将面对205项伪造和意图欺骗的控状。

据了解，这名前公寓管理代理已逃离新加坡超过一年，警方正在追查她的下落。

除了警方的报告，“亚迪斯台”居民也收到常年大会议程，从中得知有两项款额错误地被注销（written-off），其中10万4000元相信是被公寓管理代理盗用，另一笔6万元因为纪录不正确，导致稽核员无法追查。

“亚迪斯台”管委会主席黄健强（译音）在去年6月14日曾发信告诉居民，当他发现管理费和累积基金的款项从2003年9月开始神秘“消失”后，在当年5月报警。

五楼一名女住户昨晚受访时说：“这是非常不幸的事，竟然会有如此糟糕的管理层。”
　　
部分居民受访时则无奈地表示钱已被盗用，现在又能怎么办？

另外三所同样遭遇的是苏菲雅山公寓（Mount Sophia Apartments）、苏菲雅大厦（Sophia Apartments）和柏利卡大厦（Pelikat Mansions)。据悉，前两所公寓被盗走约7万元。警方发言人受询时证实正在调查一名30余岁女子。

物业管理公司Knight Frank Estate Management董事经理梁明才告诉媒体，研究显示房地产管理的水平主要取决于两方面：管理费和累积基金，以及管理公司和屋主租户的期望。

公寓管理代理的责任是把这两大因素处理妥当，一方面善用有限的管理费为公寓保值，再做长远计划，必要时能用累积基金为公寓增添设施，为住户提供增值服务；另一方面则是让屋主租户都住得称心，加强住户间的凝聚力，让公寓有更好的口碑。

梁明才说，一些公寓管委会由于没有清楚地了解公寓管理代理的职责，如执行职务时所必须遵守的条例，结果公寓管理代理的服务无法达到要求。更糟的是，公寓管理代理服务不好，对公寓所造成的“损失”须经过一段长时间才会浮出台面。

城市发展CDL 不满百慕乐园Balmoral Park 房地产税上诉失败

《联合早报》Dec 28, 2007

由于不满需要为百慕乐园(Balmoral Park)5号的重新发展项目缴付更高的房地产税，新加坡城市发展(CDL)向高庭提出上诉，但还是以失败收场。

根据估价检讨委员会(Valuation Review Board)在2006年10月3日的裁决，城市发展必需针对百慕乐园5号的重新发展项目，偿还16万0400元的常年房地产税，而不是根据另一算法所定下的3万8000元而已。城市发展由于不服所判，向高庭提出上诉。高庭昨天裁决城市发展需偿还较高的房地产税。

城市发展是在1999年 11月，以4200万元买下当时在集体出售的百慕乐园5号两栋三层楼高(共12个单位)的私人住宅，并在2000年2月15日完成交易。在2001年2月份，城市发展为这个项目支付了674万元的发展费，以便将总容积率从1.036增加到1.6。

在2001年3月2日，城市发展也获得当局书面批准，重新发展这个项目。

在2002年1月1日以前，首席估价师是假设这12个单位个别出租，所能收取到的租金，来制定这个项目的年值(Annual Value)，然后再根据年值来决定项目的房地产税。

然而，首席估价师在2002年11月29日，通知城市发展，从2002年1月1日开始，该项目的年值将以土地的估计市场价值的5％来计算，因此，从 2002年1月1日至2005年12月31日这段期间，这个项目的年值应该是160万4000元，而发展商需要支付10％作为房地产税，因此需要支付16 万0400元的房地产税。

若以每个单位的月租来计算，城市发展所需要缴付的常年房地产税是3万8000元，低于新算法的4分之1。

计算方式视情况而定

莱坊研究部主管麦俊荣告诉本报，根据房地产税务的法令，这两种计算方法其实都是成立的，主要视该项目是否要重新发展，还是作为收取租金的用途而定。

国内税务局(IRAS)今年1月11日的一份通告显示，集体出售地段的房地产税，和其他房地产项目一样，应该是该项目年值的10％，如果地段是作为重新发展用途，其年值将以估计市场价值的5％来计算，且一律都以永久地契土地为依据。

城市发展提出反对缴付较高房地产税的理由是，在2002年到2005年这4年间，一些单位曾经出租给Waterlite工程系统和千禧国敦，由于是出租用途，且月租为每个月1500元(双方在较早前同意，将假设月租为3000元来计算年值)，因此应该用月租来计算年值。

首席估价师则指出，城市发展在2000年1月7日，就已获得重新发展项目的临时准证，城市发展也很快缴付了发展费(城市发展也曾承认，这是为了“锁定”较低的发展费)，但到了2001年3月2日，城市发展才提出申请，要在该地段上建造两座高12层楼的建筑，但城市发展过后却以重新发展计划未落实而没有执行。

首席估价师提出引用土地价值来计算年值的理由，还包括当容积率增加后，土地价值已获得显著提升、当他为该项目重新评估时，项目是空置的。

尽管项目后来有租户，但城市发展收取的租金偏低，证实这个项目的主要用途，并不是拿来收租的，只是在等待重新发展时的“临时举措”。

同时，在2005年2月，城市发展向市区重建局提出申请，要同毗邻的史蒂芬路40号地段，一起发展成两栋共拥有70个单位的Solitaire共管公寓项目。

首席估价师提出，他向来鼓励发展商在买下地段后就开始发展，而不是让它闲置在那里，等待一个好时机才推出新的房地产项目。他因此希望土地价值的算法，适用于所有拥有土地的发展商，让所有发展商受到同等待遇。

他指出，现在的课题主要是地段是否属于重新发展项目，当容积率增加后，发展商能马上将地皮脱手套现，或是重新发展地段，如果选择了后者，又不马上发展，那增加的税务负担只代表等待时机的商业成本，因此是公平的。

高庭也裁决，首席估价师其实有权力决定用哪一种算法来制定项目的房地产税，且并没有错误地干预商业决策。

麦俊荣认为，过去虽然也有一些发展商曾向税务局提出用假设租金来计算年值的案例，但发展商只要有重新发展土地的“意图”，首席估价师一般都会用土地价值来计算。

同时，这个判决也意味着，市场上目前有那么多等待重新发展的集体出售项目，那些打算拖延项目，等市场更好时才推出新项目的发展商，看来就需要缴付更高的房地产税了。

Fewer Properties On Auction This Year But Sales Value Up

Source : TODAY, Friday, December 28, 2007

Fewer properties were put up for sale by auction this year, but the value of sales rose to an eight-year record as high-end condominiums and apartments with en bloc potential dominated in a vibrant market.

Next year, the auction market is likely to “focus on those sectors that have yet to experience sharp price increases”, said Ms Grace Ng, deputy managing director and auctioneer for Colliers International, the real estate consultancy firm which collated the data.

According to Colliers, 1,456 properties were put up for auction this year compared to 2,018 last year, but actual sales numbered 204 (172 last year), worth $407.43 million ($317.75 million last year). Sales by owners also increased to 810, a 10-year record, worth $264.71 million - double last year’s $129.54 million.

The shophouse sector recorded an increase of 172 per cent to $78.06 million this year, from $28.75 million last year. Although demand largely centred on properties in or near the Central Business District, high-value flats in the HDB heartlands were also transacted at record prices.

Wing Tai Unit Makes Top Bid For Alexandra Plot

Source : TODAY, Friday, December 28, 2007

A unit of Wing Tai Holdings trumped five other bidders by submitting a top bid of $288.4 million for a 92,128-sq-ft 99-year leasehold residential site at Alexandra Road.

Wing Tai subsidiary Winglow Investment placed the bid together with United Engineers’ unit Greatearth Developments, the Urban Redevelopment Authority said yesterday.

The $288.4-million bid works out to about $639 per square foot (psf) per plot ratio, which translates into an estimated breakeven price of $1,000 psf for the condominium project to be built on the site, according to Mr Leonard Tay, director of CBRE Research.

Besides the site’s convenient location near the Redhill MRT station, there is also “a potentially strong demand from the occupiers of older private residential projects in the city fringe area”, said Mr Tay.

The site, which can be developed to a maximum height of 40 storeys, can yield between 350 and 400 apartments, said Mr Nicholas Mak, the director of consultancy and research at Knight Frank.

“The relatively high level of interest and the strong bids show that developers are still bullish on the Singapore property market in 2008,” he added.
URA will announce the bid winner at a later date.

Wrong Time To Raise Property Tax On HDB Flats

Source : The Straits Times, Dec 28, 2007

I REFER to the intention of the Inland Revenue Authority of Singapore (Iras) to increase the annual property tax on all HDB flats next year.

Iras says it has to do this as the last increase was in 2004, and a tax hike on private properties has already been implemented.

Families are struggling to cope with the recent increase in goods and services tax (GST), on top of ever-increasing prices in household expenditure and marketing.

Oil prices fluctuate and this has caused a chain reaction in prices of essential goods.

The monsoon season is upon us and this, again, will cause a drastic price increase in vegetables and seafood, not to mention the recent price increase in flour which has caused another chain reaction in prices of food.

In Singapore, once there is an increase in price, it will not come down and the retailers have all sorts of excuses not to bring it down.

If there is a body set up to oversee this, it should do more to curtail such increases in prices of goods and so convince people of its effectiveness.

In view of all this, is there a good reason and is this the right time to increase property tax? Flat dwellers have no choice but to comply.

People who live in HDB flats should speak out as the impact, although marginal, could impose hardship on them bearing in mind other daily household expenditure.

Iras should help people, especially families with no breadwinner at all who are still committed to meet daily and monthly household expenditure and their children's education.

Income tax grants need to be improved to eliminate hardship on families that find it difficult to make ends meet.

Some families suffer in silence.

Ridzwan Abdullah

Condo Funds Gone, Manager Missing Too

Source : The Straits Times, Dec 28, 2007

At least $200,000 said to be missing from accounts of four condos

A CONDO manager missing since the middle of last year is expected to be the focus of a heated annual general meeting tomorrow.

About a dozen residents of the Adis Villas condominium want its management committee to explain how about $104,000 was allegedly siphoned off from the condo's sinking fund between 2004 and last year.

The 24-unit condo is on Adis Road, near Mount Sophia. Two other condos in the area - Sophia Apartments and Mount Sophia Apartments - were also managed by the missing woman.

A fourth condo, Pelikat Mansions in Hougang, was also managed by her. All four have reported discrepancies in their accounts.

At least $200,000 is said to be missing from the accounts of the four condos.

The missing manager is identified as Ms Amutha Perumal in a circular to Adis Villas residents.

Said one Adis Villas resident, Mrs Kwee Lian Kofod, 78: 'In 2000, several residents warned the committee that its accounts and funds were not properly managed but we received no response.

'Now, they want us to write off a sizeable sum just like that.'

Ms Amutha went missing around the time Adis Villas' management committee chairman Wong Kian Keong filed a police report in May last year.

Apart from Adis Villas' woes, $20,000 is missing from the accounts of Sophia Apartments, which was demolished last year after a collective sale.

It is not known how much Mount Sophia Apartments - which has been sold en bloc and is now nearly vacant - and Pelikat Mansions lost.

Adis Villas has also been sold en bloc.

Mrs Kofod said that residents at Adis Villas voted for the collective sale as they were fed up with the poor state of the condo.

They are also perplexed that another $60,000 in residents' contributions to the fund cannot be accounted for.

The management committee wants the residents to consider writing this off too but some residents are demanding that the committee produce bank statements from 2003 onwards.

The residents have to move out by July. Because of this, Mrs Kofod is worried that tomorrow's meeting will be the last. She said: 'I hope we get some answers.'

When contacted, Mr Wong said that the issue of the missing funds is in the hands of the police.

He added that the details about the residents' contributions can be traced, but that it would take time.

$407M Takings - Home Auction Sales At Eight-Year High

Source : The Straits Times, Dec 28, 2007

A WHOPPING $407 million worth of properties was auctioned off this year - the highest figure in eight years.

This was just shy of the $409 million worth of sales in 1999, figures from Colliers International show.

This year's strong showing came despite an unexpected fall in the number of properties put up for auction. The total was 1,294 properties, down from 1,814 properties in 2006, said Knight Frank.

'If not for the sub-prime crisis, which hit the market from August, more properties would have been put up for auction and more sales would have been done,' said Knight Frank's executive director (auctions), Ms Mary Sai.

The number of properties put up for auction by owners reached a 10-year high of 810. The value of the properties sold shot up to $264.7 million from $129.5 million last year.

Colliers International's deputy managing director and auctioneer, Ms Grace Ng, said this year's strong sales were due to the 'extremely vibrant' residential market in the first half of the year.

Sales were largely dominated by high-end residential condominiums and old apartments with potential for going en bloc, she added.

This year, the number of mortgagee's sales fell by 56 per cent. It was a different story in 1999, when the auction market was dominated by mortgagee sales.

Residential Site In Alexandra Road Attracts Strong Bids

Source : The Straits Times, Dec 28, 2007

Wing Tai teams up with Greatearth Construction for $288m top offer

A RESIDENTIAL plot in Alexandra Road has attracted a bullish top bid of $288.4 million despite recent talk of a cooling market.















Developer Wing Tai Land teamed up with building company Greatearth Construction to submit the top bid for the plum site near Redhill MRT Station and just outside the Central Business District.

The bid works out to $639 per sq ft (psf) per plot ratio (ppr), which broadly refers to the amount of floor space.

The site - which is likely to feature a mid-market condominium - has a gross floor area of 451,428 sq ft, which consultants estimate will yield about 400 homes in blocks of up to 40 storeys high.

At the close of the tender yesterday, the 0.86ha, 99-year leasehold site had attracted five other bids from big players including Frasers Centrepoint, GuocoLand and Billion Rise - believed to be linked to Hong Kong giant Cheung Kong Holdings.

A joint bid was made by Sunny Vista Developments and TID. The second-highest bid of $271.6 million, or $602 psf ppr, came from a relative unknown - Lafe Development, a unit of listed manufacturer Lafe Technology. The tender will be awarded later.

In November 2005, an adjacent residential plot - where The Metropolitan is being built - fetched $350 psf ppr.

Property consultants said the strong response to this latest tender bodes well for the market. Knight Frank's head of consultancy and research, Mr Nicholas Mak, said: 'It gives a certain indication of how developers feel about the market in the coming 12 months or so. They expect current prices to continue to grow, especially in the mid-tier segment.'

Sluggish results for recent land sales had fuelled talk that developers were turning cautious because of the United States sub-prime crisis.

Two residential plots in Enggor Street in Tanjong Pagar recently drew no more than three bids and lower-than-expected prices, while another in Marina View attracted just two interested parties. In Tampines, a transitional office site drew only one offer.

Savills Singapore's director of marketing and business development, Mr Ku Swee Yong, said: 'It's a good closing to the year. It means the year didn't end on a whimper.'

Both Mr Ku and Mr Mak felt the Wing Tai-Greatearth team had been able to pip the rest of the field because they could rein in building costs with the latter aboard.

Surging construction costs had recently forced the Government to delay at least $2 billion worth of public sector projects to ease the pressure on building resources.

CB Richard Ellis' director of research, Mr Leonard Tay, expects the Alexandra project to benefit from 'potentially strong demand' from residents living in older private homes on the city fringes, especially those who have just sold their homes collectively.

'There might also be some potential for upgraders from the HDB estates in the vicinity, as HDB flats in the Bukit Merah and Queenstown areas typically sell for among the highest prices in the HDB resale market,' he added.

In the July to September period, five-room flats in Queenstown were going for a median price of $603,000.

Mr Tay and Mr Ku both estimated a breakeven price of about $1,000 psf for the future condo on the Alexandra plot, which would mean the future units could sell for $1,100 psf to $1,200 psf.

Mr Mak put his estimate of the breakeven cost at $1,020 to $1,100, which could mean a three-bedroom unit would go for $1.5 million.

BRIGHT ENDING

'It's a good closing to the year. It means that the year didn't end with a whimper.'

MR KU SWEE YONG of Savills, on the joint venture's top bid for the plot

# The new development could have around 400 units.

# The expected selling price of apartments is about $1,100 to $1,200 psf.

Up For Order: 1,122 Flats In Punggol And Yishun

Source : TODAY, Friday, December 28, 2007

In line with its plan announced last month to offer another 6,000 flats under the Build-To-Order (BTO) system, the Housing and Development Board (HDB) yesterday launched two new projects comprising 1,122 flats in Damai Grove in Punggol and Jade Spring@Yishun.












Under the BTO system, flats are built only if there is sufficient take-up. With yesterday's launch, the HDB has offered more than 5,900 units of BTO flats this year.

The launch comes a day after the HDB put up for tender a Bishan site for public housing to be built by private developers, as demand for homes continues to swell amid a rising number of new citizens and permanent residents.

Last month, National Development Minister Mah Bow Tan reiterated the Government's commitment to providing a steady supply of new flats to Singaporeans, and keeping them affordable.

Located near Punggol MRT, Damai Grove comprises 62 three-room and 676 four-room flats.

The three-room flats are priced between $123,000 and $152,000, while the four-room flats are between $195,000 and $240,000. Damai Grove is near schools such as Edgefield Primary and Greendale Secondary. Commercial facilities such as a supermarket, retail shops and a childcare centre will also be available to residents.

Situated at the junction of Yishun Ring Road and Yishun Avenue 11 and served by Khatib and Yishun MRT stations, Jade Spring@Yishun consists of 48 three-room and 336 four-room flats.

The three-room flats are priced from $118,000 to $134,000, while the four-room flats are between $183,000 and $246,000. Residents can enjoy recreational activities at Safra Yishun Country Club, Orchid Country Club and Northpoint Shopping Centre. The first hospital in the north, the Khoo Teck Puat Hospital, will be completed in 2010. Schools in the area include Huamin Primary and Northbrooks Secondary.

The monthly household income ceilings for the purchase of the three-room and four-room flats at Damai Grove and Jade Spring@Yishun are $3,000 and $8,000, respectively.

Applicants must also satisfy the other usual eligibility conditions.

The HDB will hold an exhibition for the two projects at HDB Hub from now until Jan 16.Interested applicants can also visit HDB's e-sales website at www.hdb.gov.sg/esales.

今年房地产拍卖总额 创2000年以来新高

《联合早报》Dec 28, 2007

尽管以拍卖方式出售的房地产逐年下降，但以交易额来说，今年的总拍卖所得却创下自2000年以来的新高，总拍卖所得超过4亿元。

不过，市场人士相信，在高档房地产价格需求下降，涨幅减缓下，本地房地产拍卖的总交易额已见顶。到了明年，公开拍卖的高档房地产将减少，使总拍卖所得往下滑。

根据高力国际(Colliers)昨天发表的最新数据，今年公开拍卖的房地产总数为1456个，比去年的2018个少了28%，但总交易额却达到4亿零743万元，只比1999年的4亿零946万元历史高峰稍微低了一些。

另外，据莱坊(Knight Frank)新发表的数据，今年公开拍卖的房地产总数比去年少了56%，从1814个房地产减少至1294个，但总交易额却比去年高出32%，达4亿2200万元左右。两家房地产咨询有所不同是因为使用的计算法有异。

高力的数据也显示，由业主注册拍卖的房地产数额达到810个，创下10年来新高。许多业主选择拍卖方式是为了衡量它们位于黄金地区房产的价格。

抵押逼卖项目猛跌55%

反之，在房地产市场蓬勃，拖欠贷款的人减少的背景下，抵押逼卖项目猛跌了55%，从去年的1418个房地产，下降至今年的646个。

高力国际执行董事兼拍卖师黄黎明在接受本报访问时指出，今年的交易额能创下8年来新高是由于在上半年有更多屋主选择以拍卖的方式，来脱售其具有集体出售潜力的高档私人公寓或旧私宅单位。被看好可能集体出售的华登岭公寓(Watten Estate Condominium)和凯秀岭(Cashew Heights)等的公寓单位都非常抢手。

此外，发展商去年在见证了升涛湾(Sentosa Cove)成功以拍卖方式协助发展商为其面海的独立式洋房地段设定每平方英尺1039元的参考价(benchmark price)后，更多发展商在今年有样学样，通过国际拍卖行将黄金地段项目的顶层单位售出。

靠近植物园，拥有34个单位的BOTANIKA，其中12个单位在今年4月中旬以拍卖方式出售。发展商传慎控股(Tuan Sing Holdings)聘用了高力国际、国际著名豪宅拍卖行Christie's Great Estates，以及国际知名拍卖家Ken Jacobs联手主持拍卖会。据了解，这是本地首次有发展商通过国际拍卖行出售在本岛上的新项目。

之后，位于黄金乌节购物区的Boulevard Residence、Leonie Parc View和Lumos等新高档私宅项目的一些顶层豪宅单位也以拍卖的方式出售。

黄黎明说：“今年的拍卖大厅比往年来得热闹许多。过去，拍卖反应较理想的房地产一般会有约两个竞标者。今年，一些抢手的房地产能吸引了约10至20名竞标者，是历年来反应最好的一年。”

她也透露，当有集体出售拍卖时，竞价者会突然增加，出席的人从平时的100人增加到200人之多，把拍卖大厅挤得水泄不通。

“许多业主希望通过拍卖的方式，为自己的房地产取得最高的售价。这个现象尤其在有集体出售潜能的项目中相当常见。”

除了私人公寓项目，莱坊拍卖部执行董事蔡竺樾补偿说，今年进入拍卖市场的优质独立洋房(Good Class Bun- galow)和受保留建筑也大受欢迎。

位于黄金地段月眠路(Goodman Road)、荷兰路和瑞士俱乐部路的三个优质洋房都在拍卖里成功以800万元以上的价格出售。

翡翠山(Emerald Hill)、经禧路(Cairnhill Road)和史波蒂斯兀园路(Spottiswoode Park)一带的受保留建筑则分别以420万元、720万元和136万元拍卖出。

不单由房地产公司和拍卖行经手的房地产获得热烈反应外，土地管理局上个月底举行的拍卖会也大受市场欢迎。该局推出拍卖的六幅供建造私人洋房的官地，总共获得超过120人登记竞夺。最受欢迎的是松美路(Somme Road)地段，还经过64回一来一往的喊价，最终才由Sarda公司夺得。

展望明年，黄黎明和蔡竺樾都表示高档房地产的拍卖预料将减少，但随着大众化私宅在明年，大众化和中档私宅单位的拍卖数目将增加。

蔡竺樾说：“今年下半年爆发美国次贷危机大大影响了拍卖市场，下半年成交的房地产数目比上半年少了超过一半。到了明年，高档房地产的拍卖活动相信将在环球股市紧张气氛下继续减少，但如果本地经济增长保持强劲，大众化私宅的拍卖活动将增加，并可部分抵销高档房地产需求下跌的影响。”

黄黎明则看好价值100万元以下的大众化私宅将在拍卖厂上大受欢迎，拥有良好收益的商用和零售房地产的竞标也将相当激烈。

位于榜鹅及义顺 1122个新组屋单位供预购

《联合早报》Dec 28, 2007


建屋发展局在榜鹅及义顺推出1122个新组屋单位供预购。

下月16日申请截止

建屋局昨天发文告说，这批标准组屋包括110个三房式单位和1012个四房式单位。公众可从即日到建屋局网站提出申请，截止日期是下个月16日。

榜鹅的预购项目“Damai Grove”位于榜鹅路和榜鹅通道交界处，就在榜鹅轻轨达迈站对面，与培道中学为邻，也靠近榜鹅地铁站和巴士转换站，进出淡滨尼高速公路、加冷巴耶利峇高速公路及中央高速公路都很方便。

这个预购项目有738个单位，即676个四房式和62个三房式。90平方公尺的四房式售价介于19万5000元和24万元，65平方公尺的三房式售价介于12万3000元和15万2000元。

义顺的预购项目“Jade Spring”位于义顺环路和义顺11道交界处，靠近镇中心，使用义顺地铁站、巴士转换站和实里达高速公路都很方便。

义顺是已完全发展组屋区，附近有不少设施如纳福坊商场、义顺公园、战备军协乡村俱乐部、胡姬乡村俱乐部和多所中小学。三年后，这里将迎来北部第一所医院。

Jade Spring有384个单位，即336个四房式和48个三房式。90至94平方公尺的四房式售价介于18万3000元和24万6000元，65平方公尺的三房式售价介于11万8000元和13万4000元。

有兴趣的公众可以到建屋局大厦3楼展示厅参观及索取销售资料，展示厅平日开放时间是上午8时至下午5时，星期六是上午8时至下午1时。

建屋局在申请结束后将先评估订购率(subscription rate)，才决定是否要选出合格的申请者前去选购组屋。经过选购活动后，该局还会评估认购率(take-up rate)，才决定是否建造组屋。

欲知详情，可浏览www.hdb.gov.sg，也可以电邮hdbsales@hdb.gov.sg或在办公时间拨电1800-8663066询问。

Big Plans Afoot For Marina Bay

Source : The Business Times, December 27, 2007

Event organisers and developers of Marina Bay have visions for the area as a huge public area, starting with the New Year's Eve celebrations

IT'S not called the Bay of Celebration for nothing. Come New Year's Eve, more than 150,000 people will converge on Marina Bay, and especially on the Esplanade.

They will watch as the waterfront, already bathed in lights and the glow of thousands of floating spheres, is greeted with a burst of fireworks and music at the stroke of midnight.

The spheres, all 5,000 of them, carry the wishes of people across Singapore. Members of the public have penned their hopes and visions on the white balls, which have been progressively deployed on the waters since mid-December.

One of the biggest hopes, of course, lies with the event organisers and developers of Marina Bay, who have visions for the area as a huge public area.

'It is our hope that Marina Bay will be the 'Bay of Celebration' with a series of nationwide activities and celebrations,' said Fun Siew Leng, director of urban planning and design at the Urban Redevelopment Authority.

'It is fitting that Singapore's New Year's Eve tradition is held at Marina Bay, as the area reflects our ties with tradition and our wishes for the future.'

She said the URA works in 'close collaboration with the stakeholders' of Marina Bay at such public festivities, which includes the National Day Parade in August. The URA has worked with the Esplanade arts centre on the New Year countdowns since 2005, she said.

Marina Bay is set to be the heart of Singapore's new downtown. Over the next few years, the area, already home to the central business district and many museums and civic buildings, will see the completion of another massive financial centre, several luxury residential towers, and an integrated resort that will house hotels and a casino.

The developers appear keen to promote Marina Bay not only as a centre of finance and high living, but also as a fun space for everyone.

The area will be fitted out with parks and waterfront walkways for the use of pedestrians, joggers and the general public.

Events such as the Countdown also aim to involve various community groups such as Youth Challenge, the Singapore Indian Development Association and Yayasan Mendaki.

Aspirations

'When people from all walks of life come together to wish not only for themselves, but also collectively as a community, the occasion becomes a celebration of the aspirations of our people,' said the Esplanade's chief executive officer, Benson Puah.

Perhaps the most ambitious project concerns the waters of Marina Bay. Already, the Singapore River and Kallang Basin are the playgrounds of dragon boat rowers and wakeboarders, but greater plans are afoot.

The four water bodies of Greater Marina Bay - the Singapore River, the Kallang River, Marina Channel and Marina Bay - will provide an enlarged platform for national and international events, said Ms Fun.

'Our vision is to make the Greater Marina Bay the premier waterfront lifestyle destination for residents and visitors,' she said.

For instance, Marina Bay will be the venue for international high-speed sports events, with a 2.5 km power-sporting circuit for races.

At the Kallang Basin, a 35-hectare zone of water will be dedicated to canoeing and dragon boat races. Another five hectares at the Kallang River will be for other activities like wakeboarding.

Marina Channel will have a one-kilometre race course for rowing competitions, while the Singapore River will feature activities that showcase its history and heritage.

A waterfront loop of nearly 12 km is being built around Marina Bay, Marina Channel and the Kallang Basin, said Ms Fun.

The URA worked closely with the boards of Public Utilities, National Parks and Tourism, as well as with the Sports Council and the Singapore Land Authority to draw up this 'water-activities master plan', she added.

If skidding on the water is not your kind of thing, then you can survey the scene more serenely from the air.

The Singapore Flyer, the world's largest observation wheel, will be opened in March, but already corporate groups are snapping up tickets for the inaugural 'flights' in mid-February, said a spokesperson for sales and marketing agent Adval. 'We have set aside 20 per cent capacity to cater to walk-ins when the Flyer opens to the public on March 1, so as not to disappoint our visitors who turn up hoping to get up,' she said.

Flying high

The Flyer will give a 360 degree view of the bay and the city skyline, as its capsules rotate up to 165 metres in the air. 'No other location in Singapore will be able to provide such a comprehensive view of the island-city and beyond, to the surrounding isles of Malaysia and Indonesia,' said the spokesperson.

The Flyer is being marketed with some rather savvy ideas. The giant wheel provides a 'unique moving venue in the sky' for people to host birthdays, company functions and even weddings.

Betrothed couples can buy a 'Solemnisation Package', reserving a floral-decorated capsule for two rotations (one hour) as they make their vows in front of up to 26 guests.

As for Feb 14, around 60 couples have already booked the Valentine's Day Package.

The Flyer is close to the starting and finishing points of Singapore's first Formula One Grand Prix, which will take place at night and on the streets of Marina Bay, in September 2008.

With all this going on, it would be hard indeed to ignore Marina Bay. The hope is to catapult Singapore to the big league where public events and celebrations are concerned.

Speaking of the countdown, URA's Ms Fun said: 'It is our wish to see it grow into an annual iconic event, placing Singapore alongside London, New York, Tokyo and all major cities, as the world bids farewell to one year and embraces the next.'

It remains to be seen whether the Marina Bay festivities will one day be mentioned in the same breath as that in New York's Times Square.

Until then, it wouldn't hurt to write your wishes on a ball and throw it on the sparkling river.

Wing Tai-United Engineers Team Put In Top Bid For Alexandra Site

Source : Channel NewsAsia, 27 December 2007

The tender for the residential site at Alexandra Road has attracted six bids.

The top bid of S$288.38 million was submitted by a partnership between Wing Tai and United Engineers. The price works out to S$639 per square foot per plot ratio.

According to property consultants CB Richard Ellis, that works out to 31 percent above the reserve price, and more than 82% higher than the S$350 psf/plot ratio paid for the adjacent site at The Metropolitan in November 2005.

CB Richard Ellis estimates that a new condo project built on the site will have a breakeven price of S$1,000 per square foot. It expects units there to sell for between $1,100 and $1,200 per square foot.

Meanwhile, property consultant Knight Frank says the relatively high level of developers' interest and the strong bids show that developers are still bullish on the Singapore property market in 2008.

A decision on the award of the tender will be made after the bids have been evaluated. - CNA /ls

Singapore Economy To Post 7.6% Growth In 4th Quarter: Economists

Source : Channel NewsAsia, 27 December 2007

The Singapore economy is expected to register growth of around 7.6 percent on-year for the fourth quarter, capping off growth for the entire 2007 at 8 percent, according to economists.

They said financial services will be the main engine of growth for the economy, buffering the slack from the manufacturing sector.

The government is expected to release the fourth quarter flash estimates on January 2.

The projected 8 percent full-year growth puts Singapore near the top of world rankings, and economists said this reflects the growth in most key sectors.

David Cohen, Director of Action Economics, said: "Aside from China and India, there are few places that could boast 8 percent annual GDP growth. It'll be looking pretty decent, highlighting the broad-based strength that the Singapore economy has enjoyed.

"Manufacturing for the full year - 6 percent year-on-year - it's a respectable number in turn, reflecting the broad-based gains... with strength in oil rig production helping balance whatever sluggishness we saw in electronics and the month-to-month volatility in pharmaceutical production."

Financial services are expected to lead the pack with its robust performance this year.

"For this full year, financial services will contribute the most. Growth has been fairly sharp in the first 3 quarters and even if we are seeing a slightly slower growth in the fourth, we still expect that to be the strongest performer," said Alvin Liew, Global Research Economist at Standard Chartered.

The fourth quarter is expected to moderate from the previous three months. Manufacturing may still be sluggish, but that is offset by growth elsewhere.

Cohen said: "Outside of manufacturing, the services sector has been healthy, with strength in both financial services as well as tourist arrivals boosting retail sector.

"Finally, the construction sector is also humming along. After a number of 'soft' years, it has definitely picked up in the past year or two and will continue nicely... It seems to have considerable momentum going forward into 2008," said Cohen.

Economists said they do not expect any nasty surprises this coming Wednesday, as numbers have been coming out fairly stable this year.

"Given that we have already experienced three strong quarters, we don’t think it will fall anywhere below the forecast range of 7.5 to 8 percent. Our internal forecast of 8 percent is more or less in line with market expectations," said Liew.

For the year as a whole, the economy is forecast to grow by 7.5 to 8 percent. - CNA /ls

Bayside Hotels Fully Booked For Year-End Celebrations

Source : Channel NewsAsia, 27 December 2007

A brand new year is just days away, and almost all hotels overlooking the Marina Bay area are fully booked.

Last year, over 160,000 people ushered in 2007 as sparks lit the skies over Marina Bay.

The crowds are expected to return once again this year, and thousands more are set to welcome the new year in cosier settings.

Ritz Carlton Hotel said its 264 rooms overlooking the bay were booked by November, despite the price tag of at least S$600, which is about S$100 more compared to last year.

Related Video Link - http://tinyurl.com/2ew98s

Ritz Carlton's hotel manager Carsten Fritz said, "What we have experienced this year is that the bookings have been made far in advance, especially our suites and our club rooms. I would say one to two months earlier than usual."

"We see an increase in Japanese travellers... Now Euro is hitting 1.54... to the US dollar, so a lot of travellers from Europe are also coming into Singapore," Fritz added.

But it is Singaporeans who are making up the bulk of guests who have booked rooms at the six major bayside hotels.

At the Fullerton, rates start at S$688 per night, and most have already been taken.

Rooms at The Oriental start at S$700 and all have been booked.

Swissotel has over 200 rooms with views of the fireworks, priced at S$338 and above, and they are fully booked.

All rooms facing the harbour at Pan Pacific (left) have also been snapped up.

Marina Mandarin still has a few left, but they cost at least S$500. The hotel's marketing communications director, Lim Ee Jin, said, "Very interestingly, we're seeing a lot of rooms without the fireworks view that are being booked this year compared to last year, probably because they have their own party plans as opposed to being in the room to watch the fireworks.

"There could be parties in town or (a) party within the hotel itself where we have a balloon drop at the stroke of midnight."

And the next peak season for hotels in the area will be September 2008 when Singapore hosts its first Formula One race, which will also be the world's first night race.

All the hotels by the bay have already started gearing up for the F1 race next year.

Swissotel said rooms facing the Formula One circuit will cost about S$1,500 per night and guests must stay a minimum of five nights. Others, such as Marina Mandarin, are also offering similar packages. - CNA/ac

S'pore To Host Its 1st Professional Drifting Competition In April 2008

Source : Channel NewsAsia, 27 December 2007

Singapore will host its first professional drifting competition in April 2008.

The sport of drifting involves cars that race with a twist.

Tyres spinning, screeching and smoking are all part of the attraction of the sport.

The drivers, or drifters as they are known, execute various moves to get their cars to move sideways.

In competitions, two cars do it side-by-side, often within inches of each other.

However, organisers claimed that the sport is safe, and it is moving into high gear in Singapore.

Related Video Link - http://tinyurl.com/269ysb

"Today in Singapore we have a core group of about 10 drifters... I sponsor about half of them, and what we do is... to promote this sport that is safe, that is family friendly to the public here in Singapore," said Binter & Co’s general manager Marcus Lim.

And bringing the sport closer to Singaporeans will be the Formula Drift competition, slated for April 27 next year.

Thirty-seven drivers from the region and three pros from the US will be showing off their skills at the new Changi Exhibition Centre.

Two Singaporean drifters, Ivan Lim and Colin Teo (Picture, Below), are among the participants.

"I am looking forward to a lot of fun, a lot of smoke, and the crowd experience as well. Most importantly, I feel that drifting is something that everyone can get involved in," said Mr Teo.

The Singapore leg is the first to be staged outside North America, where the event has been running for four years. - CNA/ac

U-Save Rebates For Over 760,000 Eligible Households In January

Source : Channel NewsAsia, 27 December 2007

Some households will be receiving their second instalment of the Utilities-Save (U-Save) rebates in January 2008.

The rebates range from S$50 for executive flats to S$110 for 1-room to 3-room flats.

Eligible households will be notified in their January bill, and the rebates will offset against the bill directly.

The U-Save rebates is part of the S$4 billion GST Offset Package announced in the 2007 Budget Statement to help low and middle-income households.

For the next five years, eligible households will be receiving yearly rebates in January and July. The first instalment was distributed in July 2007.

Over 760,000 households will benefit from these rebates.

The rebates for 2008 will cost the government S$138 million. - CNA /ls

New BTO Housing Projects Launched In Punggol, Yishun

Source : Channel NewsAsia, 27 December 2007

HDB is launching two new Build-To-Order (BTO) housing projects in Punggol and Yishun.

1,122 flats are being offered in the sales exercise, which runs till January 16.

There are 110 units of 3-room flats and 1,012 units of 4-room flats.

The Damai Grove project, which is situated at the junction of Punggol Road and Punggol Drive, will have 738 flats, comprising 62 units of 3-room and 676 units of 4-room flats.

They are priced from S$123,000 to S$240,000.

The Jade Spring@Yishun project, located at the junction of Yishun Ring Road and Yishun Avenue 11, will have 384 flats, comprising 48 units of 3-room and 336 units of 4-room flats.

They are priced from S$118,000 to S$246,000.

The monthly household income ceilings for the purchase of the 3-room and 4-room flats are S$3,000 and S$8,000 respectively.

The public can apply online at www.hdb.gov.sg/esales, or at the HDB Hub and any HDB Branch offices.

The selection exercise will start in March 2008. - CNA /ls

Asia All Set To Decouple Further In 2008

Source : The Business Times, December 28, 2007

AT a personal level, many involved in the financial market universe will no doubt have suffered from the credit market crunch whose after-shocks have reverberated throughout the world's financial capitals since August.

Bonuses paid for 2007's efforts have by several accounts been less generous. And more cost-cutting can be expected. In the bigger picture, however, the world's financial markets have so far weathered the crisis well, thanks no doubt to timely central bank intervention, in the form of interest rate cuts and generous liquidity injections.

So despite the fact that a host of blue-chip US investment banks have announced billions of dollars in losses or provisions related to the sub-prime debt held on their books, Wall Street's blue-chip indices will end 2007 comfortably higher than in 2006. Not even the falling US dollar or the threat of slower US growth in 2008 has been enough to force the US stock market into a dizzy downward spiral. Researchers at US investment bank Morgan Stanley - itself a victim of large losses on the sub-prime front - warn that the US economy could even experience a mild contraction over the coming months.

Others warn that Japan's economy may very well suffer the same fate, and that Germany's economy could run out of puff too.

Closer to home, however, the picture remains more upbeat, despite the fact that Shanghai's composite index has exploded 330 per cent since end-2005. And, compared to where they finished in 2006, Hong Kong's Hang Seng and Singapore's STI are likely to end 2007 with gains in excess of 15 and 40 per cent respectively.

Even Morgan Stanley - which expects US GDP growth to average just 0.8 per cent next year, and for oil prices to hold above US$80 per barrel - doesn't expect weaker US growth to impact on this region by more than half to one per cent of Asian GDP in 2008. Indeed, The Economist now expects China to replace Germany as the world's largest exporting nation in 2008, and to overtake the US as the world's largest economy within the coming decade.

In short, Asian economies' healthy external accounts and accumulated surpluses put them in a much stronger position to weather any inclement economic weather.

Currency forecasts for 2008 tell the story best. While some expect the US dollar to recover against the euro and even the high-yielding New Zealand dollar (or Kiwi) by end-2008, almost all expect it to record yet more losses versus a good number of Asian counterparts.

Based on an average of five end-2008 forecasts that have come our way, the US dollar could be as much as 7 per cent stronger versus the Kiwi in a year's time, but may slide a further 5 per cent towards S$1.37 or so.

Citigroup, Merrill, JPMorgan To Face Larger Q4 Write-Offs

Source : The Business Times, December 28, 2007

Citigroup may slash dividend by 40% to preserve capital

(NEW YORK) Citigroup Inc, Merrill Lynch & Co and JPMorgan Chase & Co may face larger fourth-quarter debt write-offs than previously expected, and Citigroup may have to slash its dividend 40 per cent to preserve capital, according to a Goldman Sachs & Co analyst.

'It will be a couple of quarters before the current credit crisis is fully digested by the markets,' the analyst, William Tanona, wrote yesterday.

The analyst issued his forecast after banks said they would write off more than US$70 billion because of the global credit crunch, as rising mortgage and credit losses led investors to shun debt once thought safe but now deemed risky.

Citigroup has replaced former chief executive Charles Prince with Vikram Pandit, while Merrill replaced chief executive Stanley O'Neal with John Thain.

Citigroup, Merrill and JPMorgan did not immediately return calls seeking comment.

In pre-market electronic trading, shares of Citigroup fell 67 US cents to US$29.78, Merrill fell 68 cents to US$53.86, and JPMorgan fell 44 cents to US$44.50.

Mr Tanona, who rates Citigroup 'sell', said the largest US bank may have to write off US$18.7 billion this quarter for collateralised debt obligations (CDOs).

That's up from his prior US$11 billion forecast, and higher than Citigroup's US$8 billion to US$11 billion forecast. Mr Tanona boosted his forecast for the bank's fourth-quarter loss to US$1.33 per share from 52 US cents.

The analyst also said Citigroup may in 2008 cut its 54-cents-per-share quarterly dividend, equal to a 7.1 per cent yield, to help raise or preserve another US$5 billion to US$10 billion of capital.

In November, Citigroup shored up capital by selling a US$7.5 billion stake to Abu Dhabi's government.

Mr Tanona said Merrill, rated 'neutral', may write off US$11.5 billion for CDOs this quarter, up from his prior US$6 billion forecast, as Mr Thain tries to clean up problems now rather than let them fester in 2008. The analyst expects a fourth-quarter loss of US$7.00 per share, up from his prior US$1.50 forecast.

Brad Hintz, a Sanford C Bernstein & Co analyst, separately yesterday predicted a US$10 billion fourth-quarter write-off at Merrill, leading to a US$5.10 per share quarterly loss.

Merrill on Monday announced a US$6.2 billion capital infusion from Singapore's government and money manager Davis Selected Advisers.


Mr Tanona also doubled his forecast for fourth-quarter CDO losses at JPMorgan to US$3.4 billion from US$1.7 billion. He cut his forecast for fourth-quarter profit to 65 US cents per share from US$1.04.

The analyst rates JPMorgan 'neutral'. Through Wednesday, shares of Citigroup, Merrill and JPMorgan were down a respective 45 per cent, 41 per cent and 7 per cent this year. -- Reuters

For Sale: Amber Park At $750m

Source : The Business Times, December 28, 2007

A FREEHOLD residential redevelopment site on the east coast has been put up for sale for $750 million or $1,234 per square foot per plot ratio.

On the market: Amber Park comprises two 26-storey tower blocks that contain 192 apartments and eight penthouses. Sole marketing agent First Tree Properties says the site can be redeveloped into a high-rise condominium; this could yield about 375 apartments with an average size of 1,600 sq ft

Amber Park, in Amber Gardens, Katong, is on 213,673 sq ft of land and has an approved gross floor area of 607,601 sq ft.

It comprises two 26-storey tower blocks that contain 192 apartments and eight penthouses.

Sole marketing agent First Tree Properties says the site can be redeveloped into a high-rise condominium, subject to planning approval.

This could yield about 375 apartments with an average size of 1,600 sq ft.

According to First Tree, there will be no development charge based on the existing plot ratio of 2.843, which is slightly higher than the 2003 Master Plan plot ratio of 2.8.

The site is close to Joo Chiat, Marine Parade and East Coast Park. The nearest MRT station is Paya Lebar.

Other nearby amenities include Parkway Parade Shopping Centre, Katong Shopping Centre, eateries in the Katong vicinity, Tao Nan School, Tanjong Katong School, Chung Cheng High School and Dunman High School.

The tender for Amber Park closes on Feb 1, 2008, at 3pm.

Property Sales Under The Hammer Hit High Notes

Source : The Business Times, December 28, 2007

Auctions dominated by owners seeking good deals - not bank foreclosure

The value of properties sold at auctions in 2007 was the highest in eight years - and the second best showing ever. But property consultants reckon that this is about as good as things will get for now. Next year could see a slowdown led by the high-end residential sector, a star performer this year.























Colliers said that the value of properties sold at auctions conducted by private auction houses in 2007 reached $407.4 million, up 28.2 per cent from last year and just a tad shy of the $409.5 million achieved in 1999, when the market was recovering after the Asian Financial Crisis. Similarly, Knight Frank's research showed the value of properties transacted at auctions rose 32 per cent to $422 million this year.

'The big difference between 1999 and 2007 was that the record auction sales in 1999 was dominated by mortgagee sales as valuations had fallen a fair bit from the high in 1996 and this drew buyers. Whereas this year, auction sales were predominantly by property owners themselves who took advantage of the auction method to extract the best price, after two years of steep price appreciation,' observes Colliers' deputy managing director and auctioneer Grace Ng.

She expects the value of properties sold at auctions to fall by about 25 per cent to $300 million in 2008 as fewer high-end homes as well as fewer older apartments with en bloc potential may be put under the hammer. Ms Ng also expects the number of properties transacted at auctions to fall to about 160-170 next year from 204 this year.

Knight Frank's executive director (auctions) Mary Sai too predicts a 'cautious buying mood' at auctions next year, citing stock market uncertainty and 'exceptionally high price expectations from some owners'.

But assuming that the economy remains in fine fettle, Ms Sai expects strong demand for properties in mass-market developments, especially those near MRT stations or good schools. Auctions will also be a popular hunting ground for those who've sold their homes in collective sale and are looking for replacement properties within a short span of time, Ms Sai reckons.

The increase in value of properties transacted at auctions this year was achieved despite a drop in the total number of properties put up for auction, from 2,018 last year to 1,456 this year, going by Colliers' figures.

The drop was due to a 54.4 per cent decline in the number of properties put under the hammer by mortgagees/banks in cases where borrowers defaulted on their property loan repayments.

The value of mortgagee properties sold at auctions this year fell 24.2 per cent to $143 million, while the value of properties sold by property owners themselves through auction nearly doubled to $265 million in 2007. Colliers attributed the nosedive in mortgagee sales to a vibrant economy and high employment situation which resulted in a lower (mortgage) default rate.

And even in instances where borrowers were facing difficulty servicing their property loans, the robust property market enabled them to sell their properties in the open market - instead of waiting for bank foreclosure.

On the other hand, 810 properties were put up for auction this year by their owners - up 35 per cent from last year and the highest in 10 years, according to Colliers.

This reflects the continuing trend of auction losing its stigma among property sellers, market watchers say. 'Amidst the property boom this year, more owners turned to auction to attempt to achieve the best price for their properties,' Ms Ng said.

There was a strong deceleration of auction sales in second-half 2007 - as the mood in auction halls became more subdued amidst US sub-prime mortgage woes, stock market turmoil, as well as stricter collective sales rules, hikes in development charges and withdrawal of the deferred payment scheme. After seeing 131 properties changing hands for $263 million in H1 2007, the market slowed to just 73 deals worth $144 million in H2, based on Colliers' analysis.

The strong full-year auction sales in 2007 was buoyed by the vibrant residential market in the first half of this year, when sales were dominated by high- end residential condominiums and old apartments with potential for collective sale. The year also saw keen interest in shops/shophouse properties amidst the office supply crunch, as well as development sites put up for auction.

The value of non-landed residential properties sold at auction more than doubled to $109.5 million this year, from $41.5 million in 2006 - helped by the sale of 12 apartments at Tuan Sing's Botanika development at Napier Road, which fetched a total $52.92 million. The value of shops/shophouses sold at auctions jumped 172 per cent, to slightly over $78 million this year, from only $28.9 million in 2006.

HDB Launches Two New BTO Projects In Punggol And Yishun

Source : The Business Times, December 28, 2007

Sources say demand is expected to be strong for the flats

THE Housing and Development Board (HDB) yesterday launched two new projects - Damai Grove at Punggol and Jade Spring @ Yishun - under its Build- To-Order (BTO) system.

Some 1,122 new flats, comprising 110 three-room and 1,012 four-room flats, will be offered. And sources say demand is expected to be strong.

In a recent sale exercise, 5,147 applications were made for just 316 new HDB flats at Hougang, Punggol and Sengkang. The numbers work out to 16 would-be buyers for every flat.

ERA Singapore's assistant vice-president Eugene Lim reckons the Punggol project, because of its proximity to the LRT network, is expected to be the more sought-after of the two developments put on the market yesterday.

The Punggol flats may also represent more value for money, he says. For example, the 676 four-room flats in Damai Grove have an indicative price range of $195,000-$240,000.

But four-room resale flats in the area are going for $250,000-$300,000.

For the Yishun flats, the difference between the cost of the new flats and homes in the resale market is not as great, says Mr Lim.

The 336 four-room flats in Jade Spring @ Yishun have an indicative price range of $183,000- $246,000.

This is comparable to four-room resale flats in the area which are going for $190,000-$230,000.

However, demand for flats in Jade Spring is still likely to be strong because of the current shortage of HDB flats, according to Mr Lim.

Chris Koh, director of Dennis Wee Properties, says both locations are good and the prices are reasonable. Many resale flat owners are asking for high amounts of cash over valuation, which makes new flats more attractive, he says.

The presence of three-room flats also shows HDB is looking to cater to lower-income people, Mr Koh says.

1,100 Flats Go On Sale In Punggol And Yishun

Source : The Straits Times, Dec 27, 2007

Projects, ready by 2011, signal to the market that there is adequate supply

MORE than 1,100 Housing Board flats went on sale in Punggol and Yishun on Thursday, just a day after a plum Bishan site reserved for condo-style flats was launched.

The new projects - Damai Grove in Punggol town and Jade Spring @ Yishun - are being offered under the build-to-order (BTO) system where flats are built only when a certain demand is reached.

On Wednesday, the HDB released a site in Bishan Street 24 that can accommodate 460 upmarket flats built by private developers.

Market watchers say the consecutive HDB sales is a clear sign the government is addressing the housing shortage that has worsened amid soaring resale prices.

Damai Grove, which consists of 738 flats - 62 three-roomers and 676 four-room units - caught the industry's eye due to the potential of its location.

The estate is next to Damai LRT station and a stone's throw from Punggol MRT but its proximity to Punggol's proposed waterway is its greatest selling point.

This 5.5km waterway is part of the ambitious 'Punggol 21-plus' vision Prime Minister Lee Hsien Loong unveiled in his National Day Rally speech in August.

The town will boast features like a freshwater lake while homes and a town centre will line the waterway's banks with recreational facilities and amenities nearby.

Prices at Damai Grove will range from $123,000 to $152,000 for a 65 sq m three-room flat and $195,000 to $240,000 for a 90 sq m four-room unit.

This is significantly lower than the resale market, where a four-room unit's median price in Punggol is about $271,000, according to HDB's third quarter data.

Damai Grove is Punggol's ninth BTO project and fourth for the year.

Jade Spring @ Yishun offers 384 flats - 48 three-room and 336 four-room - at the junction of Yishun Ring Road and Yishun Avenue 11.

It is also near the Khatib and Yishun MRT stations.

Prices range from $118,000 to $134,000 for a three-roomer to $183,000 to $246,000 for a four-roomer.

At the close of the HDB's last BTO sale, 7,970 people applied for 400 flats at Telok Blangah while 1,626 applicants were lodged for 516 flats in Punggol Lodge, which is next door to Damai Grove.

The HDB website www.hdb.gov.sg on Thursday showed 112 applications for Damai Grove and 106 for Jade Spring. Applications close on Jan 16.

Both projects are expected to be completed by 2011, and the construction of the waterway, which will take up to four years, will likely start at the end of 2009.

Models of the two estates are being exhibited at the HDB Hub Habitat Forum at Toa Payoh until Jan 16.

Alexandra Road Site Draws Six Bids

Source : The Business Times, December 28, 2007

Top bid of $288.4m made jointly by Wing Tai Holdings, United Engineers

A RESIDENTIAL site at Alexandra Road saw a bullish six bids and a top bid of $288.4 million - or $639 per square foot per plot ratio (psf ppr) - at the tender's close yesterday.

The top bid for the 92,100 sq ft site was jointly put in by Wing Tai Holdings and United Engineers (UE).

Other bidders include familiar names such as Singapore's Hong Leong Group, GuocoLand and Frasers Centrepoint, as well as mainboard-listed Lafe Technology, which designs and manufactures computer magnetic heads.

'This price is bullish and shows that developers have not lost their appetite for good quality plots of land,' said Ku Swee Yong, director of marketing and business development at Savills Singapore.

The site is conveniently located along Alexandra Road and less than five minutes' walk away from Redhill MRT station.

Nicholas Mak, director of research and consultancy at Knight Frank said: 'The relatively high level of developers' interest and the strong bids reflect that developers are still bullish on the Singapore property market in 2008.'

Leonard Tay, director of research at CB Richard Ellis (CBRE), pointed out that the top bid is 31 per cent above the reserve price of $489 psf ppr and 83 per cent above the price of $350 psf ppr paid for the adjacent The Metropolitan site in November 2005.

'This price of $639 psf ppr will translate into an estimated breakeven price of about $1,000 psf for the future condominium project to be built on this site, and it is likely that units will sell between $1,100 and $1,200 psf,' Mr Tay said.

Sub-sales of units at The Metropolitan are currently at around $900-1,100 psf, CBRE said.

The 99-year leasehold site has a maximum gross floor area of 451,400 sq ft. The site could yield about 360 to 400 condominium units, said Knight Frank's Mr Mak.

Market watchers said that the upcoming development could see strong demand from occupiers of older private residential projects - especially home owners who had benefited from collective sales.

There might also be some potential for upgraders from the HDB estates in the vicinity, as HDB flats in the Bukit Merah and Queenstown area typically sell for among the highest prices in the HDB resale market, CBRE's Mr Tay said.

According to HDB's data for the third quarter of 2007, five-room flats in Bukit Merah have a median resale price of $530,000, while five-room and executive flats in Queenstown have median resale prices of $603,000 and $719,000 respectively.

Wing Tai and UE's bid is 6 per cent higher than the second highest bid of $602 psf ppr put in by Lafe Technology.

The partners' bid is also 28 per cent higher than the lowest bid of $501 psf ppr put in by GuocoLand.

Morgan Stanley Seeks Pot Of Gold In Workers' Dorms

Source : The Business Times, December 27, 2007

$153m deal comes at a time when shortage, building boom boost returns

Morgan Stanley has expanded its Singapore real estate investment portfolio to include an unusual asset class - foreign workers' dormitories.

An entity understood to be linked to the US bank recently bought three dormitories from JTC Corp for $153 million and is said to have teamed up with a local party to purchase more such properties from the private sector, sources say.

'It may seem an unglamorous property type but the yields can be very attractive and Morgan Stanley has clearly sensed a business opportunity in an area that other foreign funds and property investment groups may not have spotted yet,' a source says.

Morgan Stanley is said to be targeting dormitories whose tenants include blue-chip companies that lease space in these facilities for their foreign workers.

DTZ Debenham Tie Leung executive director Ong Choon Fah notes that foreign institutional investors have been diversifying their property investments in Asia, including Singapore, over the years.

'Traditionally, most institutional investors go for income-generating commercial properties like offices and retail, as well as industrial (specifically logistics and warehousing). And then serviced apartments started featuring in their portfolios. In Asia, these investors have started to look at non-traditional assets that offer higher yields as well as (residential) property development, because of yield compression for the traditional asset classes they used to focus on.

'Yields on these segments have fallen as more and more investments chase limited assets. You now have superannuation funds from Australia, Reits, and sovereign wealth funds, private equity...,' Mrs Ong says.

She suggests that student housing is another sector that foreign funds may target. 'Studies have shown this to be quite a stable source of income. In places like the US and Europe, anything with P&L (income flow) can be Reited or be attractive to institutional investors - like senior housing, nursing homes, self-storage facilities, even prisons,' Mrs Ong notes.

The three dormitories that Morgan Stanley has purchased from JTC are Kian Teck Dormitory in Jurong, Tampines Dormitory and Woodlands Dormitory. Kian Teck Dormitory has 411 units with two types of units - one that can house six to 12 persons per unit, and another for seven to 14 persons per unit. Morgan Stanley unit Avery Strategic Investments bagged the properties following a public tender that closed earlier this year. It was the highest of eight bidders for the dormitories. The sale was completed in the fourth quarter.

There are currently over 20 other major dormitories for housing foreign workers in Singapore. Dormitory rentals have been on the rise, especially in the past 12 months. 'There's a shortage of dorms islandwide mainly because of the construction boom. That's why some property investors are starting to look at these facilities,' an industry observer says.

Some industry watchers suggest that property yields for dormitory investors could be around 20 per cent or even higher. 'It depends to a large extent on the length of the balance lease term on the land - the shorter the remaining lease, the higher the return a potential investor will seek. There's a whole range of land leases for dormitories in the market - freehold, 60 years, 30 years and some even as short as 3 + 3 years,' an industry observer explains.