Source : The Business Times, July 16, 2008
Hiap Hoe Limited said its associate, HH Properties Pte Ltd (HHP), has emerged as the top bidder for a land parcel at Balestier Road/Ah Hood Road with the ender price of $73.3 million.
The tender was for a hotel and commercial/residential development.
The Urban Redevelopment Authority is evaluating the tender and the company will make the necessary announcement in the event that HHP is awarded the tender. -- BT Newsroom
Wednesday, July 16, 2008
25-Year-Old Joo Chiat Complex Gets A Makeover
Source : The Straits Times, July 16, 2008
Shop owners hope business will improve after upgrading is completed next month
IN AN attempt to compete with Singapore's shiny new mega malls, the 25-year-old Joo Chiat Complex in Geylang Serai is getting a makeover.
Shop owners in the centre, which specialises in Malay baju, textiles and crafts, are eager to see the dim atrium, worn washrooms and old floors spruced up.
The sterile grey walls and monotone tiles are on their way out. As are the old awnings, which are making way for fire-resistant canopies.
The building is also getting neon signs, a CCTV security system and a better air-conditioning system, a Housing Board spokesman said in an e-mail message to The Straits Times on Monday. The HDB owns the centre.
The upgrades, which started in March and are expected to be completed next month, were welcomed by most shop owners.
'The complex is so old that people would rather shop at VivoCity. The interior is dark, the lights are dim, everything is rusty,' said curtain seller Jimmy Saw, 50, who has been running the family business there for 25 years.
Read the full story in Thursday's edition of The Straits Times
Shop owners hope business will improve after upgrading is completed next month
IN AN attempt to compete with Singapore's shiny new mega malls, the 25-year-old Joo Chiat Complex in Geylang Serai is getting a makeover.
Shop owners in the centre, which specialises in Malay baju, textiles and crafts, are eager to see the dim atrium, worn washrooms and old floors spruced up.
The sterile grey walls and monotone tiles are on their way out. As are the old awnings, which are making way for fire-resistant canopies.
The building is also getting neon signs, a CCTV security system and a better air-conditioning system, a Housing Board spokesman said in an e-mail message to The Straits Times on Monday. The HDB owns the centre.
The upgrades, which started in March and are expected to be completed next month, were welcomed by most shop owners.
'The complex is so old that people would rather shop at VivoCity. The interior is dark, the lights are dim, everything is rusty,' said curtain seller Jimmy Saw, 50, who has been running the family business there for 25 years.
Read the full story in Thursday's edition of The Straits Times
CapitaLand Sets Up $1.4b China Private Equity Fund
Source : Reuters, Jul 16, 2008
CAPITALAND, South-east Asia's biggest property developer, said on Wednesday it had established a US$1 billion (S$1.4 billion) private equity fund in China to acquire property assets and to invest in new projects.
The fund has the option of a final closing by the end of December, which could boost its size to US$1.3 billion, it said in a statement.
CapitaLand, which would indirectly hold a 50 per cent stake in the fund, may reduce its stake to 45 per cent if there is strong investor demand, it said. -- REUTERS
CAPITALAND, South-east Asia's biggest property developer, said on Wednesday it had established a US$1 billion (S$1.4 billion) private equity fund in China to acquire property assets and to invest in new projects.The fund has the option of a final closing by the end of December, which could boost its size to US$1.3 billion, it said in a statement.
CapitaLand, which would indirectly hold a 50 per cent stake in the fund, may reduce its stake to 45 per cent if there is strong investor demand, it said. -- REUTERS
Tampines Court Owners File Appeal
Source : The Straits Times, Jul 16, 2008
ANGRY owners at Tampines Court have opened up two fronts in their battle to save their estate's $405 million collective sale.
One bid saw the sales committee lodge a High Court appeal to overturn a ruling by the Strata Titles Board (STB), while some owners made a direct plea to National Development Minister Mah Bow Tan.
The 10 or so owners went to a weekly Meet-The-People session on Monday night to voice their concerns to Mr Mah, the MP for the Tampines ward.
The Straits Times understands that Mr Mah, in his capacity as a local MP, has agreed to appeal to the STB on the owners' behalf to bring forward a crucial hearing date.
The timing of that hearing - scheduled to let some sale objectors have a say - is also at the centre of the sales committee's legal appeal.
The committee wants the High Court to overturn an STB ruling on when the hearing should be held.
The board said on Friday the hearing should go ahead as planned on Aug 7.
The date, however, comes after the sales agreement legally expires on July 25. If the hearing is held on Aug 7, the sale cannot be done as scheduled on July 25, effectively killing it.
Two sales committee members said in an affidavit filed on Monday that the STB failed to take into account that any hearing after July 25 'will be academic', as the sales agreement would expire and the buyers were unlikely to extend the deadline.
The buyers - Far East Organization and Frasers Centrepoint - have already said they 'are ready to complete the deal', but 'the onus was upon the vendors to secure the STB order within the agreed timeframe'.
The estate's tight deadline stemmed from a sales committee decision to delay lodging its application for STB approval of the sale until Jan 7 this year although all the necessary conditions had already been met as early as July 25 last year.
It told the board that it wanted to await the outcome of legal challenges over the contentious Gillman Heights sale, as this could have a bearing on the fate of the Tampines Court deal.
As it turned out, the High Court last month cleared the way for the Gillman Heights deal and, in so doing, removed any potential obstacle to the Tampines Court sale as well.
Some owners told The Straits Times that they felt this deadline mess was the STB's fault.
Madam Irene Cheang said it was the board's duty to see the sale through within the six-month guideline, and that it had been inefficient in processing the sale.
STB registrar Bryan Chew stood by the board's decision on the date of the hearing.
The time needed to get a sale approved depends on a variety of factors, including the number of objectors, the size of the estate and the complexity of the case, he said.
'This is not the first time that we've taken more than six months,' he added.
The STB said it had pencilled in the Aug 7 date after listening to sale objectors from June 16 to 18 and 'taking into account the availability of all parties and the board'.
It has become a nerve-wracking time for the owners, as many have committed themselves to other properties.
Owner K. Balasubramaniam, 55, said residents could lose about $200,000 should the sale fail. He said the average open market value of a typical unit was $500,000 - while each owner would get about $700,000 should the sale go through.
Lawyers for the majority and minority owners declined to comment.
The Straits Times understands that there will be a High Court hearing this afternoon. It will be closed to the public.
ANGRY owners at Tampines Court have opened up two fronts in their battle to save their estate's $405 million collective sale.
One bid saw the sales committee lodge a High Court appeal to overturn a ruling by the Strata Titles Board (STB), while some owners made a direct plea to National Development Minister Mah Bow Tan.
The 10 or so owners went to a weekly Meet-The-People session on Monday night to voice their concerns to Mr Mah, the MP for the Tampines ward.The Straits Times understands that Mr Mah, in his capacity as a local MP, has agreed to appeal to the STB on the owners' behalf to bring forward a crucial hearing date.
The timing of that hearing - scheduled to let some sale objectors have a say - is also at the centre of the sales committee's legal appeal.
The committee wants the High Court to overturn an STB ruling on when the hearing should be held.
The board said on Friday the hearing should go ahead as planned on Aug 7.
The date, however, comes after the sales agreement legally expires on July 25. If the hearing is held on Aug 7, the sale cannot be done as scheduled on July 25, effectively killing it.
Two sales committee members said in an affidavit filed on Monday that the STB failed to take into account that any hearing after July 25 'will be academic', as the sales agreement would expire and the buyers were unlikely to extend the deadline.
The buyers - Far East Organization and Frasers Centrepoint - have already said they 'are ready to complete the deal', but 'the onus was upon the vendors to secure the STB order within the agreed timeframe'.
The estate's tight deadline stemmed from a sales committee decision to delay lodging its application for STB approval of the sale until Jan 7 this year although all the necessary conditions had already been met as early as July 25 last year.
It told the board that it wanted to await the outcome of legal challenges over the contentious Gillman Heights sale, as this could have a bearing on the fate of the Tampines Court deal.
As it turned out, the High Court last month cleared the way for the Gillman Heights deal and, in so doing, removed any potential obstacle to the Tampines Court sale as well.
Some owners told The Straits Times that they felt this deadline mess was the STB's fault.
Madam Irene Cheang said it was the board's duty to see the sale through within the six-month guideline, and that it had been inefficient in processing the sale.
STB registrar Bryan Chew stood by the board's decision on the date of the hearing.
The time needed to get a sale approved depends on a variety of factors, including the number of objectors, the size of the estate and the complexity of the case, he said.
'This is not the first time that we've taken more than six months,' he added.
The STB said it had pencilled in the Aug 7 date after listening to sale objectors from June 16 to 18 and 'taking into account the availability of all parties and the board'.
It has become a nerve-wracking time for the owners, as many have committed themselves to other properties.
Owner K. Balasubramaniam, 55, said residents could lose about $200,000 should the sale fail. He said the average open market value of a typical unit was $500,000 - while each owner would get about $700,000 should the sale go through.
Lawyers for the majority and minority owners declined to comment.
The Straits Times understands that there will be a High Court hearing this afternoon. It will be closed to the public.
Property Counters Lose Ground Over Rising Costs, Pricing Power Concerns
Source : The Business Times, July 16, 2008
CITY Developments Ltd fell the most in more than four months, leading declines by Singapore developers after Credit Suisse Group AG said that rising construction costs and an inability to raise prices will erode profits.
City Developments, Singapore's second-largest developer, fell 58 cents, or 5.3 per cent, to $10.36 at the close of trade. CapitaLand Ltd, its closest domestic rival, dipped 21 cents, or 3.6 per cent, to $5.60, its biggest decline in three weeks, and Keppel Land Ltd, the third-largest real estate firm, lost 6 cents, or 1.3 per cent, to $4.65, its weakest since Sept 13, 2006.
Singapore private home prices rose at the slowest pace in almost four years in the second quarter on concerns that the global credit squeeze will dampen economic growth. Prices of so-called mass market homes, defined as those that cost between $1,000 and $1,200 per square foot, may change 'marginally' this year, said CapitaLand chief executive officer Liew Mun Leong in an interview on July 10.
Developers' profits may decline because of 'the risk of increasing construction costs', weaker confidence and lower 'pricing power, even for mass-market projects', Credit Suisse analyst Tricia Song wrote in a report yesterday.
Singapore's private home sales rose 82 per cent as slowing price increases attracted buyers. A total of 801 residential units were sold last month, compared with 441 in May, and 284 in April, the Urban Redevelopment Authority said on its website yesterday.
Still, a higher proportion of new homes available for sale was not sold in the month, said Nicholas Mak, head of research and consultancy at Knight Frank in Singapore. 'This would result in a gradual increase in the number of unsold properties in the developers' inventory,' he said.
Singapore's biggest developers will start reporting second-quarter earnings at the end of this month. -- Bloomberg
CITY Developments Ltd fell the most in more than four months, leading declines by Singapore developers after Credit Suisse Group AG said that rising construction costs and an inability to raise prices will erode profits.
City Developments, Singapore's second-largest developer, fell 58 cents, or 5.3 per cent, to $10.36 at the close of trade. CapitaLand Ltd, its closest domestic rival, dipped 21 cents, or 3.6 per cent, to $5.60, its biggest decline in three weeks, and Keppel Land Ltd, the third-largest real estate firm, lost 6 cents, or 1.3 per cent, to $4.65, its weakest since Sept 13, 2006.
Singapore private home prices rose at the slowest pace in almost four years in the second quarter on concerns that the global credit squeeze will dampen economic growth. Prices of so-called mass market homes, defined as those that cost between $1,000 and $1,200 per square foot, may change 'marginally' this year, said CapitaLand chief executive officer Liew Mun Leong in an interview on July 10.
Developers' profits may decline because of 'the risk of increasing construction costs', weaker confidence and lower 'pricing power, even for mass-market projects', Credit Suisse analyst Tricia Song wrote in a report yesterday.
Singapore's private home sales rose 82 per cent as slowing price increases attracted buyers. A total of 801 residential units were sold last month, compared with 441 in May, and 284 in April, the Urban Redevelopment Authority said on its website yesterday.
Still, a higher proportion of new homes available for sale was not sold in the month, said Nicholas Mak, head of research and consultancy at Knight Frank in Singapore. 'This would result in a gradual increase in the number of unsold properties in the developers' inventory,' he said.
Singapore's biggest developers will start reporting second-quarter earnings at the end of this month. -- Bloomberg
Choice Tanah Merah Site For Sale
Source : The Business Times, July 16, 2008
Bids expected at around $250 psf ppr, 20% below price paid for neighbouring plot in 2006
A CHOICE Government Land Sale (GLS) site at Tanah Merah Kechil Avenue is on sale by public tender. But bids are expected to be around $250 per sq ft per plot ratio (psf ppr) - or about 20 per cent less than the $318.50 psf ppr paid for a neighbouring GLS site in 2006.
The new site, which is on the GLS confirmed list, has a land area of 106,298.9 sq ft and a maximum permissible gross floor area of 297,643.4 sq ft.
CBRE Research executive director Li Hiaw Ho said Waterfront Waves, a new condominium at Bedok Reservoir, is being offered at an average of $800 psf, while a sub-sale unit at Casa Merah was sold for $750 psf in March.
In the resale market, units at nearby East Meadows changed hands at an average price of $660 psf in the first half of this year. 'Based on these comparables and taking into account the current market situation, as well as higher construction costs in view of new planning guidelines on bay windows and planter boxes, we expect a new 99-year leasehold project in this location may fetch around $750-$800 psf,' said Mr Li. 'This translates to a possible land price of around $240-260 psf ppr for the site.'
Unlike the GLS site sold in 2006, the new site is right next to Tanah Merah MRT station, which is also the interchange station for Changi Expo and Changi Airport. Mr Li believes the future project on the site will be attractive to upgraders in Bedok New Town and private home owners in the East Coast area. 'It will also be attractive to expatriates looking to rent homes along major transport nodes,' he said.
Knight Frank director (consultancy and research) Nicholas Mak said sales picked up in July, as some residential projects were launched at affordable prices. 'The slight pent-up demand in this segment is due to the lack of major mass-market project launches and the steady rise in HDB resale prices,' he said. But potential buyers in the mass to middle-tier markets are price-sensitive and there is a limit to what they are willing to pay, he noted.
As such, he reckons new units on the latest GLS site could likely fetch an average price of $700-$750 psf and the land price for the site should be $250-$300. The site can potentially be developed into a 10 to 12-storey condominium with about 230 to 270 units, he said.
The Urban Redevelopment Authority said earlier it wants to expedite the development of land around MRT stations to help increase the use of public transport.
Bids expected at around $250 psf ppr, 20% below price paid for neighbouring plot in 2006
A CHOICE Government Land Sale (GLS) site at Tanah Merah Kechil Avenue is on sale by public tender. But bids are expected to be around $250 per sq ft per plot ratio (psf ppr) - or about 20 per cent less than the $318.50 psf ppr paid for a neighbouring GLS site in 2006.
The new site, which is on the GLS confirmed list, has a land area of 106,298.9 sq ft and a maximum permissible gross floor area of 297,643.4 sq ft.
CBRE Research executive director Li Hiaw Ho said Waterfront Waves, a new condominium at Bedok Reservoir, is being offered at an average of $800 psf, while a sub-sale unit at Casa Merah was sold for $750 psf in March.
In the resale market, units at nearby East Meadows changed hands at an average price of $660 psf in the first half of this year. 'Based on these comparables and taking into account the current market situation, as well as higher construction costs in view of new planning guidelines on bay windows and planter boxes, we expect a new 99-year leasehold project in this location may fetch around $750-$800 psf,' said Mr Li. 'This translates to a possible land price of around $240-260 psf ppr for the site.'
Unlike the GLS site sold in 2006, the new site is right next to Tanah Merah MRT station, which is also the interchange station for Changi Expo and Changi Airport. Mr Li believes the future project on the site will be attractive to upgraders in Bedok New Town and private home owners in the East Coast area. 'It will also be attractive to expatriates looking to rent homes along major transport nodes,' he said.
Knight Frank director (consultancy and research) Nicholas Mak said sales picked up in July, as some residential projects were launched at affordable prices. 'The slight pent-up demand in this segment is due to the lack of major mass-market project launches and the steady rise in HDB resale prices,' he said. But potential buyers in the mass to middle-tier markets are price-sensitive and there is a limit to what they are willing to pay, he noted.
As such, he reckons new units on the latest GLS site could likely fetch an average price of $700-$750 psf and the land price for the site should be $250-$300. The site can potentially be developed into a 10 to 12-storey condominium with about 230 to 270 units, he said.
The Urban Redevelopment Authority said earlier it wants to expedite the development of land around MRT stations to help increase the use of public transport.
Up 77%: New Private Home Sales
Source : The Straits Times, July 16, 2008
Best showing since last Sept following US sub-prime woes, but market still cautious
SALES of new private homes shot up 77 per cent to 801 units last month, from just 453 in May, on the back of more project launches.
That was the best showing since September last year when the property market slowed in the wake of the United States' sub-prime woes and stock market jitters.
CLOVER BY THE PARK: The 616-unit Bishan development saw 197 units sold. -- PHOTO: SIM LIAN
But these numbers do not necessarily signal the return of the good times. The mood in the property market remains cautious, particularly as more bad news emerges from the US, market watchers say.
Last month, the total number of units launched by developers - mostly in the mass to mid-end segment - registered a dramatic jump of 124 per cent to 1,069 units, according to monthly figures released by the Urban Redevelopment Authority (URA) yesterday.
Developers are stepping up launches despite the weak sentiment as they want to launch ahead of the Hungry Ghost month starting on Aug 1, said Colliers International director for research and advisory Tay Huey Ying. Some home-hunters believe it is unlucky to buy at this time.
Some developers hope to clear stocks of 99-year leasehold properties which will become less attractive as the leases run down, she said.
Last month's healthy sales figures were propped up, to a large extent, by the volume done at two large 99-year leasehold projects.
The 616-unit Clover by the Park in Bishan, alone accounted for 197 units sold - out of 308 units launched for sale - at a median price of $765 per sq ft (psf). The 348-unit Dakota Residences in Dakota Crescent sold 144 of 210 launched units at $978 psf.
Most of the properties sold last month were under $1,000 psf, indicating demand from upgraders, said the director of Savills Residential, Mr Ku Swee Yong. Only projects which were priced realistically sold fairly well, he said.
June sales show there is latent demand but buyers are price-sensitive, said DTZ executive director and regional head for consulting and research Ong Choon Fah.
Knight Frank director of research and consultancy Nicholas Mak said the number of launches has risen faster than sales figures, which could result in a gradual rise in the number of unsold housing stock.
If this stock builds up, it will be one of the factors that could weigh on prices.
But for now, this month's sales figures are expected to be even stronger owing to more new launches, consultants said.
However, there should be a drop in next month's home sales due to the Hungry Ghost month coupled with continuing fallout from the US housing crisis, said Mr Mak.
Price weakness, if any, will register only in the third or fourth quarter, he said.
The turnout at new showflats remains strong but potential buyers are very cautious when it comes to committing to a purchase, market watchers say.
'There's no push factor to buy now,' said Mrs Ong. 'Sentiment has been affected over the weekend by the US news. But affordability is still there.'
As developers are increasingly forgoing aggressive pricing strategies in favour of competitive pricing, cumulatively, the general market will see softer prices, said Ms Tay.
Colliers International's research shows that luxury apartment prices already fell 3.9 per cent from the first quarter to an average of $3,049 psf in the second quarter, she said.
Meanwhile, the URA yesterday put up for sale a condominium site that is just next to the Tanah Merah MRT station.
Consultants expect a new 99-year leasehold project on the site to fetch average prices of between $700 psf and $800 psf.
Best showing since last Sept following US sub-prime woes, but market still cautious
SALES of new private homes shot up 77 per cent to 801 units last month, from just 453 in May, on the back of more project launches.
That was the best showing since September last year when the property market slowed in the wake of the United States' sub-prime woes and stock market jitters.
CLOVER BY THE PARK: The 616-unit Bishan development saw 197 units sold. -- PHOTO: SIM LIANBut these numbers do not necessarily signal the return of the good times. The mood in the property market remains cautious, particularly as more bad news emerges from the US, market watchers say.
Last month, the total number of units launched by developers - mostly in the mass to mid-end segment - registered a dramatic jump of 124 per cent to 1,069 units, according to monthly figures released by the Urban Redevelopment Authority (URA) yesterday.
Developers are stepping up launches despite the weak sentiment as they want to launch ahead of the Hungry Ghost month starting on Aug 1, said Colliers International director for research and advisory Tay Huey Ying. Some home-hunters believe it is unlucky to buy at this time.
Some developers hope to clear stocks of 99-year leasehold properties which will become less attractive as the leases run down, she said.
Last month's healthy sales figures were propped up, to a large extent, by the volume done at two large 99-year leasehold projects.
The 616-unit Clover by the Park in Bishan, alone accounted for 197 units sold - out of 308 units launched for sale - at a median price of $765 per sq ft (psf). The 348-unit Dakota Residences in Dakota Crescent sold 144 of 210 launched units at $978 psf.
Most of the properties sold last month were under $1,000 psf, indicating demand from upgraders, said the director of Savills Residential, Mr Ku Swee Yong. Only projects which were priced realistically sold fairly well, he said.
June sales show there is latent demand but buyers are price-sensitive, said DTZ executive director and regional head for consulting and research Ong Choon Fah.
Knight Frank director of research and consultancy Nicholas Mak said the number of launches has risen faster than sales figures, which could result in a gradual rise in the number of unsold housing stock.
If this stock builds up, it will be one of the factors that could weigh on prices.
But for now, this month's sales figures are expected to be even stronger owing to more new launches, consultants said.
However, there should be a drop in next month's home sales due to the Hungry Ghost month coupled with continuing fallout from the US housing crisis, said Mr Mak.
Price weakness, if any, will register only in the third or fourth quarter, he said.
The turnout at new showflats remains strong but potential buyers are very cautious when it comes to committing to a purchase, market watchers say.
'There's no push factor to buy now,' said Mrs Ong. 'Sentiment has been affected over the weekend by the US news. But affordability is still there.'
As developers are increasingly forgoing aggressive pricing strategies in favour of competitive pricing, cumulatively, the general market will see softer prices, said Ms Tay.
Colliers International's research shows that luxury apartment prices already fell 3.9 per cent from the first quarter to an average of $3,049 psf in the second quarter, she said.
Meanwhile, the URA yesterday put up for sale a condominium site that is just next to the Tanah Merah MRT station.
Consultants expect a new 99-year leasehold project on the site to fetch average prices of between $700 psf and $800 psf.
Private Home Market Stirs To Life Again
Source : The Business Times, July 16, 2008
Developers' Q2 sales double to 1,542 from Q1 but still a far cry from 2007
Developers sold 1,542 private homes in the second quarter, double the 762 units in the preceding quarter. This takes the total sold in the first half of the year to 2,304, according to the Urban Redevelopment Authority yesterday.
The Q2 number was shored up by the sale of 801 private homes in June alone - a huge jump from the 453 units sold in May and, in fact, the best monthly showing since August last year, when the impact of the US sub-prime crisis struck home.
Even so, the first-half sales - these numbers do not include executive condos - amounted to just about a quarter of the volume in the same period last year.
CB Richard Ellis predicts that full-year sales volume will come in at 4,000-5,000 units, less than half the record 14,811 private homes that developers sold in 2007.
BT's analysis of URA's data showed that the stock of private homes that could be launched for sale immediately but have been held back continued to mount, hitting 13,005 at end-June, up 20.5 per cent from the preceding quarter and 68.5 per cent higher than the 7,720 units as at the end of last year.
These units are in projects with the necessary approvals for sale - that is, they have secured sales licence and Building Plan approvals - and include projects under construction as well as those that have received Temporary Occupation Permit.
In addition, there were 3,379 units launched but unsold at the end of June this year - some 40.3 per higher than the end-2007 number.
'Developers probably got more projects launch-ready by end-June, encouraged by the recent response at showflats,' a property consultant said.
Looking ahead, this pool of yet-to-be-launched units is expected to be dynamic. 'For the next one to two quarters, we could see the stock coming down if take-up remains encouraging. In turn, the encouraging sales may also spur other developers to get projects launch-ready and that could again add to the pool of yet-to-be-launched units,' she added.
URA's latest monthly survey of developers' homes sales data in June showed 'no consistent pattern of a downward adjustment in prices of new launches', CBRE executive director Li Hiaw Ho said.
'The differential between the prices contracted in June and in May or April could be attributed to adjustments for floor height and orientation. However, in line with the flash estimates, we expect only a marginal upside in residential prices in Q2.'
Developers launched 1,069 private homes in June, a jump of 125 per cent from 476 units in May.
For the whole of Q2, developers launched a total of 1,820 private homes, taking the figure for first-half 2008 to around 3,200 units.
Knight Frank's analysis showed that, in June, most units were launched for sale in the Rest of Central Region (RCR) - which commanded a 57 per cent share or 612 units.
The region also accounted for 57 per cent of total private homes sold by developers in June. Successful project launches such as Dakota Residences and Clover By The Park helped boost RCR's share in June.
For Q2, RCR also made up the lion's share or 44.2 per cent of units launched, according to Knight Frank.
The highest-priced transaction in June came to $3,653 per square foot, for a unit at Nassim Park Residences, compared with $4,612 psf for a Scotts Square apartment in May. The lowest priced deal last month was $541 psf for an apartment at Sunflower Regency on Lorong 20, Geylang. In May, the lowest price of $518 psf was set by a unit at Palm Galleria in Telok Kurau.
Colliers International director (research and consultancy) Tay Huey Ying said: 'As developers are increasingly forgoing aggressive pricing strategy in favour of competitive pricing strategy, cumulatively, this will result in a softening in price level for the general market.'
She expects developers to ramp up launches before the Hungry Ghosts Month starts on Aug 1, and predicts that launch volume could cross 1,300 units for July. As new launches are expected to be priced attractively, developers' sales could possibly hit 1,000 units.
Developers' Q2 sales double to 1,542 from Q1 but still a far cry from 2007
Developers sold 1,542 private homes in the second quarter, double the 762 units in the preceding quarter. This takes the total sold in the first half of the year to 2,304, according to the Urban Redevelopment Authority yesterday.
The Q2 number was shored up by the sale of 801 private homes in June alone - a huge jump from the 453 units sold in May and, in fact, the best monthly showing since August last year, when the impact of the US sub-prime crisis struck home.
Even so, the first-half sales - these numbers do not include executive condos - amounted to just about a quarter of the volume in the same period last year.CB Richard Ellis predicts that full-year sales volume will come in at 4,000-5,000 units, less than half the record 14,811 private homes that developers sold in 2007.
BT's analysis of URA's data showed that the stock of private homes that could be launched for sale immediately but have been held back continued to mount, hitting 13,005 at end-June, up 20.5 per cent from the preceding quarter and 68.5 per cent higher than the 7,720 units as at the end of last year.
These units are in projects with the necessary approvals for sale - that is, they have secured sales licence and Building Plan approvals - and include projects under construction as well as those that have received Temporary Occupation Permit.
In addition, there were 3,379 units launched but unsold at the end of June this year - some 40.3 per higher than the end-2007 number.
'Developers probably got more projects launch-ready by end-June, encouraged by the recent response at showflats,' a property consultant said.
Looking ahead, this pool of yet-to-be-launched units is expected to be dynamic. 'For the next one to two quarters, we could see the stock coming down if take-up remains encouraging. In turn, the encouraging sales may also spur other developers to get projects launch-ready and that could again add to the pool of yet-to-be-launched units,' she added.
URA's latest monthly survey of developers' homes sales data in June showed 'no consistent pattern of a downward adjustment in prices of new launches', CBRE executive director Li Hiaw Ho said.
'The differential between the prices contracted in June and in May or April could be attributed to adjustments for floor height and orientation. However, in line with the flash estimates, we expect only a marginal upside in residential prices in Q2.'
Developers launched 1,069 private homes in June, a jump of 125 per cent from 476 units in May.
For the whole of Q2, developers launched a total of 1,820 private homes, taking the figure for first-half 2008 to around 3,200 units.
Knight Frank's analysis showed that, in June, most units were launched for sale in the Rest of Central Region (RCR) - which commanded a 57 per cent share or 612 units.
The region also accounted for 57 per cent of total private homes sold by developers in June. Successful project launches such as Dakota Residences and Clover By The Park helped boost RCR's share in June.
For Q2, RCR also made up the lion's share or 44.2 per cent of units launched, according to Knight Frank.
The highest-priced transaction in June came to $3,653 per square foot, for a unit at Nassim Park Residences, compared with $4,612 psf for a Scotts Square apartment in May. The lowest priced deal last month was $541 psf for an apartment at Sunflower Regency on Lorong 20, Geylang. In May, the lowest price of $518 psf was set by a unit at Palm Galleria in Telok Kurau.
Colliers International director (research and consultancy) Tay Huey Ying said: 'As developers are increasingly forgoing aggressive pricing strategy in favour of competitive pricing strategy, cumulatively, this will result in a softening in price level for the general market.'
She expects developers to ramp up launches before the Hungry Ghosts Month starts on Aug 1, and predicts that launch volume could cross 1,300 units for July. As new launches are expected to be priced attractively, developers' sales could possibly hit 1,000 units.
Tanah Merah Site For Sale
Source : TODAY, Wednesday, July 16, 2008
THE Urban Redevelopment Authority launched a residential site at New Upper Changi Road and Tanah Merah Kechil Avenue for sale by public tender yesterday.
This is one of the four confirmed residential sites to be sold under the Government Land Sales Programme in the second half ofthis year.
The site, near Tanah Merah MRT Station, covers 106,299 sq ft and can potentially house up to 297,643 sq ft of accommodation. That’s enough for between 230 and 270 condominium units.
It is in an established residential estate with other condominiums nearby such as East Meadows, D’Manor and Palmwoods.
Mr Nicholas Mak, director of consultancy and research department at Knight Frank, said: “We noticed that this month, sales activities in mass-market segment picked up with certain residential projects launched at affordable prices.
This slight pent-up demand in the segment is due to the lack of major mass-market project launches and a steady rise in HDB resale prices.”
Mr Mak said homebuyers in the mass to middle-tier markets are currently price sensitive and there is a price limit that they are willing to pay.
As such, he estimated that new units in this development could fetch an average price of $700 to $750 per square foot. That means, the site could potentially fetch $74 million to $89 million. THE Urban Redevelopment Authority launched a residential site at New Upper Changi Road and Tanah Merah Kechil Avenue for sale by public tender yesterday.
This is one of the four confirmed residential sites to be sold under the Government Land Sales Programme in the second half ofthis year.
The site, near Tanah Merah MRT Station, covers 106,299 sq ft and can potentially house up to 297,643 sq ft of accommodation. That’s enough for between 230 and 270 condominium units.
It is in an established residential estate with other condominiums nearby such as East Meadows, D’Manor and Palmwoods.
Mr Nicholas Mak, director of consultancy and research department at Knight Frank, said: “We noticed that this month, sales activities in mass-market segment picked up with certain residential projects launched at affordable prices.
This slight pent-up demand in the segment is due to the lack of major mass-market project launches and a steady rise in HDB resale prices.”
Mr Mak said homebuyers in the mass to middle-tier markets are currently price sensitive and there is a price limit that they are willing to pay.
As such, he estimated that new units in this development could fetch an average price of $700 to $750 per square foot. That means, the site could potentially fetch $74 million to $89 million. THE Urban Redevelopment Authority launched a residential site at New Upper Changi Road and Tanah Merah Kechil Avenue for sale by public tender yesterday.
This is one of the four confirmed residential sites to be sold under the Government Land Sales Programme in the second half ofthis year.
The site, near Tanah Merah MRT Station, covers 106,299 sq ft and can potentially house up to 297,643 sq ft of accommodation. That’s enough for between 230 and 270 condominium units.
It is in an established residential estate with other condominiums nearby such as East Meadows, D’Manor and Palmwoods.
Mr Nicholas Mak, director of consultancy and research department at Knight Frank, said: “We noticed that this month, sales activities in mass-market segment picked up with certain residential projects launched at affordable prices.
This slight pent-up demand in the segment is due to the lack of major mass-market project launches and a steady rise in HDB resale prices.”
Mr Mak said homebuyers in the mass to middle-tier markets are currently price sensitive and there is a price limit that they are willing to pay.
As such, he estimated that new units in this development could fetch an average price of $700 to $750 per square foot. That means, the site could potentially fetch $74 million to $89 million.
THE Urban Redevelopment Authority launched a residential site at New Upper Changi Road and Tanah Merah Kechil Avenue for sale by public tender yesterday.
This is one of the four confirmed residential sites to be sold under the Government Land Sales Programme in the second half ofthis year.
The site, near Tanah Merah MRT Station, covers 106,299 sq ft and can potentially house up to 297,643 sq ft of accommodation. That’s enough for between 230 and 270 condominium units.
It is in an established residential estate with other condominiums nearby such as East Meadows, D’Manor and Palmwoods.
Mr Nicholas Mak, director of consultancy and research department at Knight Frank, said: “We noticed that this month, sales activities in mass-market segment picked up with certain residential projects launched at affordable prices.
This slight pent-up demand in the segment is due to the lack of major mass-market project launches and a steady rise in HDB resale prices.”
Mr Mak said homebuyers in the mass to middle-tier markets are currently price sensitive and there is a price limit that they are willing to pay.
As such, he estimated that new units in this development could fetch an average price of $700 to $750 per square foot. That means, the site could potentially fetch $74 million to $89 million. THE Urban Redevelopment Authority launched a residential site at New Upper Changi Road and Tanah Merah Kechil Avenue for sale by public tender yesterday.
This is one of the four confirmed residential sites to be sold under the Government Land Sales Programme in the second half ofthis year.
The site, near Tanah Merah MRT Station, covers 106,299 sq ft and can potentially house up to 297,643 sq ft of accommodation. That’s enough for between 230 and 270 condominium units.
It is in an established residential estate with other condominiums nearby such as East Meadows, D’Manor and Palmwoods.
Mr Nicholas Mak, director of consultancy and research department at Knight Frank, said: “We noticed that this month, sales activities in mass-market segment picked up with certain residential projects launched at affordable prices.
This slight pent-up demand in the segment is due to the lack of major mass-market project launches and a steady rise in HDB resale prices.”
Mr Mak said homebuyers in the mass to middle-tier markets are currently price sensitive and there is a price limit that they are willing to pay.
As such, he estimated that new units in this development could fetch an average price of $700 to $750 per square foot. That means, the site could potentially fetch $74 million to $89 million. THE Urban Redevelopment Authority launched a residential site at New Upper Changi Road and Tanah Merah Kechil Avenue for sale by public tender yesterday.
This is one of the four confirmed residential sites to be sold under the Government Land Sales Programme in the second half ofthis year.
The site, near Tanah Merah MRT Station, covers 106,299 sq ft and can potentially house up to 297,643 sq ft of accommodation. That’s enough for between 230 and 270 condominium units.
It is in an established residential estate with other condominiums nearby such as East Meadows, D’Manor and Palmwoods.
Mr Nicholas Mak, director of consultancy and research department at Knight Frank, said: “We noticed that this month, sales activities in mass-market segment picked up with certain residential projects launched at affordable prices.
This slight pent-up demand in the segment is due to the lack of major mass-market project launches and a steady rise in HDB resale prices.”
Mr Mak said homebuyers in the mass to middle-tier markets are currently price sensitive and there is a price limit that they are willing to pay.
As such, he estimated that new units in this development could fetch an average price of $700 to $750 per square foot. That means, the site could potentially fetch $74 million to $89 million.
‘Realistic’ Prices Drive Home Sales
Source : TODAY, Wednesday, July 16, 2008
FOR nine months over an unfolding global credit crunch, developers here held back from pushing out condominiums and houses into the market. Homebuyers found little variety in the showrooms.
But when the supply gate was unlatched in June, interest poured back in — especially into the mass-market segment — resulting in a bumper month for sales despite the recent stock market and economic gloom.
In June, 801 private residential units were sold out of 1,069 launched, according to monthly data released yesterday by the Urban Redevelopment Authority (URA).
The two figures are the highest since August 2007. They also represent a surge from May, when only 476 units were launched and 453 sold.
“Developers are trying to launch their projects before the lunar seventh month. That is traditionally a very slow period for the whole market,” explained Colliers International’s research director Tay Huey Ying.
Superstitious buyers generally stay away during what is known as the Hungry Ghost Month, which starts on Aug 1.
Ms Tay said the dearth of launches before Jube had led to “pent-up demand”, which was boosted further by “realistic” prices. As the United States subprime mortgage woes weighed on buying sentiment, developers have had to ditch their “aggressive pricing strategy”, she said.
For instance, the recently-launched Dakota Residences along Geylang River reportedly drew an average price of $970 per square foot (psf), which is below the range of $1,000-$1,100 that co-developer Ho Bee Investment had expected mid-last year (2007).
Such suburban projects accounted for the bulk of launches in June. About 44 per cent of the new launches came from the Rest of Central Region, followed by 33 per cent in the Outside Central Region.
The luxury sector is seeing fewer launches, said Knight Frank’s consultancy and research director Nicholas Mak, because most of these high-end buyers are investors, not owner-occupiers. And investor sentiment is weak right now, he explained. In contrast, mass-market homebuyers are in the market for a live-in place.
June did not clock any transactions above $4,000 psf, the level generally viewed by analysts as indicative of exuberant demand. The highest price last month was $3,653 psf for a unit in Nassim Park Residences.
Asked if the fresh worries in the US financial industry would hurt property demand here in the weeks ahead, Mr Mak said July’s data should still be healthy.
August, however, may see sales volumes dip – if the worries persisted -- followed by slight price contractions in the second half of the year.
“I think homebuyers will find economic problems scarier than the Ghost Month,” said Mr Mak.
FOR nine months over an unfolding global credit crunch, developers here held back from pushing out condominiums and houses into the market. Homebuyers found little variety in the showrooms.
But when the supply gate was unlatched in June, interest poured back in — especially into the mass-market segment — resulting in a bumper month for sales despite the recent stock market and economic gloom.
In June, 801 private residential units were sold out of 1,069 launched, according to monthly data released yesterday by the Urban Redevelopment Authority (URA). The two figures are the highest since August 2007. They also represent a surge from May, when only 476 units were launched and 453 sold.
“Developers are trying to launch their projects before the lunar seventh month. That is traditionally a very slow period for the whole market,” explained Colliers International’s research director Tay Huey Ying.
Superstitious buyers generally stay away during what is known as the Hungry Ghost Month, which starts on Aug 1.
Ms Tay said the dearth of launches before Jube had led to “pent-up demand”, which was boosted further by “realistic” prices. As the United States subprime mortgage woes weighed on buying sentiment, developers have had to ditch their “aggressive pricing strategy”, she said.
For instance, the recently-launched Dakota Residences along Geylang River reportedly drew an average price of $970 per square foot (psf), which is below the range of $1,000-$1,100 that co-developer Ho Bee Investment had expected mid-last year (2007).
Such suburban projects accounted for the bulk of launches in June. About 44 per cent of the new launches came from the Rest of Central Region, followed by 33 per cent in the Outside Central Region.
The luxury sector is seeing fewer launches, said Knight Frank’s consultancy and research director Nicholas Mak, because most of these high-end buyers are investors, not owner-occupiers. And investor sentiment is weak right now, he explained. In contrast, mass-market homebuyers are in the market for a live-in place.
June did not clock any transactions above $4,000 psf, the level generally viewed by analysts as indicative of exuberant demand. The highest price last month was $3,653 psf for a unit in Nassim Park Residences.
Asked if the fresh worries in the US financial industry would hurt property demand here in the weeks ahead, Mr Mak said July’s data should still be healthy.
August, however, may see sales volumes dip – if the worries persisted -- followed by slight price contractions in the second half of the year.
“I think homebuyers will find economic problems scarier than the Ghost Month,” said Mr Mak.
Heartland To Hotspots In Under An Hour
Source : TODAY, Wednesday, July 16, 2008
Hillview and Bukit Timah areas to get rail link to town
FROM the heartland of Bukit Panjang to the bustle of Marina Bay in 45 minutes. In 2015, that will become a reality for residents in north-western Singapore, when the Downtown Line Two (DTL2) is up and running.
Scything through the Bukit Timah and :Upper Bukit Timah areas, it will mean an extra means of transport for students of the many schools in the area, such as Hwa Chong Institution and Raffles Girls’ Primary School. Consisting of 12 stations and stretching 16.6km, the new rail line will “enhance accessibility ... into corridors currently not served by rail”, said Mr Yam Ah Mee, chief executive of the Land Transport Authority (LTA), yesterday as he announced the locations of the DTL2 stations.
“While neighbouring estates, such as Bukit Batok and Clementi have been enjoying the benefits of the rail system, residents along the Bukit Timah corridor have mainly been served by our bus network,” said Mr Yam.
This will soon change, with construction of DTL2 due to start in the middle of next year. The LTA had announced last April that the DTL would be built in three stages: DTL1, due for completion in 2013, will run from Bugis to Chinatown. DTL3 is scheduled for 2016 and will run from Chinatown to Expo. The DTL is expected to cost $12 billion to build and have a daily ridership of half a million.
Three stations on DTL2 will be interchanges — Botanic Gardens, Newton and Little India — which will connect commuters to the Circle Line, the North South Line and the North East Line, respectively.
DTL2 will link north-western Singapore directly to the Marina Bay area, including the integrated resort. It will result in “significant time savings” — for example, the current one-hour journey from Bukit Panjang to the city centre will be cut to 40 minutes.
DTL2’s land acquisition will also be minimal, confined to a vacant two-storey building on Halifax Road and two narrow strips at Upper Bukit Timah Road.
Schools near future DTL2 stations welcomed the news. With a station to be built right on Hwa Chong Institution’s doorstep, students, parents and staff “will enjoy even greater convenience and comfort, travelling to school”, said its principal and chief executive officer Ang Wee Hiong.
Boys’ Town in Upper Bukit Timah, which has about 1,600 children under its wing, will also benefit greatly, said its director-general Irene Loi. “A very high percentage of our kids take public transport, or the school bus. This will help not only the kids; it will also help bring in more people from around the island to work for us,” said Mrs Loi.
Real estate agency ERA Singapore’s assistant vice-president Eugene Lim said the announcement of DTL2 sites would cause “initial euphoria” in residents living close by, and some sellers would “take the opportunity to raise the asking price” of their properties.
“It will make condominiums more marketable, and properties around the schools could see even more enhanced value,” Mr Lim said.
Meanwhile, work on the Circle Line’s five stages is progressing well, said Transport Minister Raymond Lim yesterday when he toured the new Esplanade station. He said around 90 per cent of the Circle Line’s tunnels are complete, and plans are on-track to open Stage 3 of the line in the middle of next year.
Hillview and Bukit Timah areas to get rail link to town
FROM the heartland of Bukit Panjang to the bustle of Marina Bay in 45 minutes. In 2015, that will become a reality for residents in north-western Singapore, when the Downtown Line Two (DTL2) is up and running.
Scything through the Bukit Timah and :Upper Bukit Timah areas, it will mean an extra means of transport for students of the many schools in the area, such as Hwa Chong Institution and Raffles Girls’ Primary School. Consisting of 12 stations and stretching 16.6km, the new rail line will “enhance accessibility ... into corridors currently not served by rail”, said Mr Yam Ah Mee, chief executive of the Land Transport Authority (LTA), yesterday as he announced the locations of the DTL2 stations.
“While neighbouring estates, such as Bukit Batok and Clementi have been enjoying the benefits of the rail system, residents along the Bukit Timah corridor have mainly been served by our bus network,” said Mr Yam.
This will soon change, with construction of DTL2 due to start in the middle of next year. The LTA had announced last April that the DTL would be built in three stages: DTL1, due for completion in 2013, will run from Bugis to Chinatown. DTL3 is scheduled for 2016 and will run from Chinatown to Expo. The DTL is expected to cost $12 billion to build and have a daily ridership of half a million.
Three stations on DTL2 will be interchanges — Botanic Gardens, Newton and Little India — which will connect commuters to the Circle Line, the North South Line and the North East Line, respectively.
DTL2 will link north-western Singapore directly to the Marina Bay area, including the integrated resort. It will result in “significant time savings” — for example, the current one-hour journey from Bukit Panjang to the city centre will be cut to 40 minutes.
DTL2’s land acquisition will also be minimal, confined to a vacant two-storey building on Halifax Road and two narrow strips at Upper Bukit Timah Road.
Schools near future DTL2 stations welcomed the news. With a station to be built right on Hwa Chong Institution’s doorstep, students, parents and staff “will enjoy even greater convenience and comfort, travelling to school”, said its principal and chief executive officer Ang Wee Hiong.
Boys’ Town in Upper Bukit Timah, which has about 1,600 children under its wing, will also benefit greatly, said its director-general Irene Loi. “A very high percentage of our kids take public transport, or the school bus. This will help not only the kids; it will also help bring in more people from around the island to work for us,” said Mrs Loi.
Real estate agency ERA Singapore’s assistant vice-president Eugene Lim said the announcement of DTL2 sites would cause “initial euphoria” in residents living close by, and some sellers would “take the opportunity to raise the asking price” of their properties.
“It will make condominiums more marketable, and properties around the schools could see even more enhanced value,” Mr Lim said.
Meanwhile, work on the Circle Line’s five stages is progressing well, said Transport Minister Raymond Lim yesterday when he toured the new Esplanade station. He said around 90 per cent of the Circle Line’s tunnels are complete, and plans are on-track to open Stage 3 of the line in the middle of next year.
12 MRT Stations For Bukit Timah By 2015
Source : The Straits Times, July 16, 2008
180,000 rides expected on the underground line
A DOZEN new MRT stations will come up in the Bukit Timah area as part of Stage 2 of the Downtown Line.
They will serve several schools such as Singapore Chinese Girls' School, National Junior College, Hwa Chong Institution, Nanyang Girls' High, Raffles Girls' Primary, and Assumption English School.
This phase, to be completed by 2015, will give Bukit Timah residents access to trains for the first time. They are now served only by buses.
The stations will also serve the Toh Yi and Bukit Panjang Housing Board estates, and take commuters to shopping malls such as Serene Centre, Beauty World and Ten Mile Junction.
The Downtown Line is being built in three stages and will have 40 stations, with trains running from the north-western and eastern areas of Singapore to the Central Business District and Marina Bay.
Stage 2 will intersect other MRT lines at Little India, Newton and the Botanic Gardens.
Details of this phase were announced yesterday. This section spans 16.6km, from Rochor in the south to Bukit Panjang in the north.
Taking the train is expected to shave travelling time from Bukit Panjang to Marina Bay by almost half an hour.
Major construction on the line is expected to start in the middle of next year, and the Land Transport Authority (LTA) said very little land acquisition will be needed.
LTA deputy chief executive Lim Bok Ngam said builders will face new challenges.
For one thing, the area's rocky soil, unlike the marine clay encountered in most previous lines, is hard, so tunnel boring will be slower.
The all-underground line will also go under the Rochor Canal, which will have to be diverted during construction.
The line is expected to be well used, said LTA chief executive Yam Ah Mee. He expects it to account for 180,000 rides a day - more than a third of the $12billion Downtown Line's anticipated total ridership of 500,000.
Besides giving Bukit Timah residents quicker access to the city, the line will bring another benefit: The values of their properties are expected to rise.
Jones Lang LaSalle's head of research (South-east Asia) Chua Yang Liang said: 'Typically, properties within walking distance of MRT stations would see an enhancement in value.'
But Mr Nicholas Mak, director of research and consultancy at Knight Frank, said the completion date is a long way off. In that time, 'the economy and financial market will have a stronger effect on property prices'.
Stage 1 of the Downtown Line is a 4.3km stretch with six stations. It will be completed in 2013. Stage 3, spanning 19.1km with 15 stops, will be ready by 2016.
When the line is completed, a commuter can travel from Bukit Panjang to Tampines in 65 minutes.
180,000 rides expected on the underground line
A DOZEN new MRT stations will come up in the Bukit Timah area as part of Stage 2 of the Downtown Line.
They will serve several schools such as Singapore Chinese Girls' School, National Junior College, Hwa Chong Institution, Nanyang Girls' High, Raffles Girls' Primary, and Assumption English School.
This phase, to be completed by 2015, will give Bukit Timah residents access to trains for the first time. They are now served only by buses.
The stations will also serve the Toh Yi and Bukit Panjang Housing Board estates, and take commuters to shopping malls such as Serene Centre, Beauty World and Ten Mile Junction.
The Downtown Line is being built in three stages and will have 40 stations, with trains running from the north-western and eastern areas of Singapore to the Central Business District and Marina Bay.
Stage 2 will intersect other MRT lines at Little India, Newton and the Botanic Gardens.Details of this phase were announced yesterday. This section spans 16.6km, from Rochor in the south to Bukit Panjang in the north.
Taking the train is expected to shave travelling time from Bukit Panjang to Marina Bay by almost half an hour.
Major construction on the line is expected to start in the middle of next year, and the Land Transport Authority (LTA) said very little land acquisition will be needed.
LTA deputy chief executive Lim Bok Ngam said builders will face new challenges.
For one thing, the area's rocky soil, unlike the marine clay encountered in most previous lines, is hard, so tunnel boring will be slower.
The all-underground line will also go under the Rochor Canal, which will have to be diverted during construction.
The line is expected to be well used, said LTA chief executive Yam Ah Mee. He expects it to account for 180,000 rides a day - more than a third of the $12billion Downtown Line's anticipated total ridership of 500,000.
Besides giving Bukit Timah residents quicker access to the city, the line will bring another benefit: The values of their properties are expected to rise.
Jones Lang LaSalle's head of research (South-east Asia) Chua Yang Liang said: 'Typically, properties within walking distance of MRT stations would see an enhancement in value.'
But Mr Nicholas Mak, director of research and consultancy at Knight Frank, said the completion date is a long way off. In that time, 'the economy and financial market will have a stronger effect on property prices'.
Stage 1 of the Downtown Line is a 4.3km stretch with six stations. It will be completed in 2013. Stage 3, spanning 19.1km with 15 stops, will be ready by 2016.
When the line is completed, a commuter can travel from Bukit Panjang to Tampines in 65 minutes.
Route, Stations For Downtown Line 2 Unveiled
Source : The Business Times, July 16, 2008
RESIDENTS in north-western Singapore now have an idea of how the Downtown Line 2 (DTL2) will run through their part of the island after its rail alignment and station locations were announced yesterday.
The 16.6km second stage of the Downtown Line will provide rail access to the Bukit Timah Corridor.
It comprises one depot and 12 stations, including three interchange stations at Little India, Newton and the Botanic Gardens linking to the North-east Line (NEL), North-south Line (NSL) and Circle Line (CCL) respectively.
The update on DTL2 was given by Minister of Transport Raymond Lim during a site visit to the Circle Line's Esplanade Station yesterday.
According to the Land Transport Authority, DTL2 will offer many connectivity benefits when it is completed in 2015.
One of them is the significant time savings for commuters, said LTA chief executive Yam Ah Mee. 'For example, the current one-hour journey from Bukit Panjang to the city centre will be reduced by a third to approximately 40 minutes,' he said, adding that accessibility to other parts of Singapore will also be improved as commuters can transfer to other MRT lines at the three DTL2 interchange stations. In addition, DTL2 will link them directly to the commercial, residential and entertainment developments in the Marina Bay area.
'DTL2 will support the growth of these new developments, and more importantly, make public transport a more viable commuting choice,' said Mr Yam.
LTA said that land acquisitions for DTL2 will be minimal and limited to a two-storey building at Halifax Road and two strips of land at Upper Bukit Timah Road. The land to be acquired was gazetted yesterday by the Singapore Land Authority (SLA).
The government announced its decision to build the $12 billion DTL in three stages on April 27 last year. Since then, LTA has called the tender for the civil construction of DTL1.
RESIDENTS in north-western Singapore now have an idea of how the Downtown Line 2 (DTL2) will run through their part of the island after its rail alignment and station locations were announced yesterday.
The 16.6km second stage of the Downtown Line will provide rail access to the Bukit Timah Corridor.
It comprises one depot and 12 stations, including three interchange stations at Little India, Newton and the Botanic Gardens linking to the North-east Line (NEL), North-south Line (NSL) and Circle Line (CCL) respectively.
The update on DTL2 was given by Minister of Transport Raymond Lim during a site visit to the Circle Line's Esplanade Station yesterday.
According to the Land Transport Authority, DTL2 will offer many connectivity benefits when it is completed in 2015.
One of them is the significant time savings for commuters, said LTA chief executive Yam Ah Mee. 'For example, the current one-hour journey from Bukit Panjang to the city centre will be reduced by a third to approximately 40 minutes,' he said, adding that accessibility to other parts of Singapore will also be improved as commuters can transfer to other MRT lines at the three DTL2 interchange stations. In addition, DTL2 will link them directly to the commercial, residential and entertainment developments in the Marina Bay area.
'DTL2 will support the growth of these new developments, and more importantly, make public transport a more viable commuting choice,' said Mr Yam.
LTA said that land acquisitions for DTL2 will be minimal and limited to a two-storey building at Halifax Road and two strips of land at Upper Bukit Timah Road. The land to be acquired was gazetted yesterday by the Singapore Land Authority (SLA).
The government announced its decision to build the $12 billion DTL in three stages on April 27 last year. Since then, LTA has called the tender for the civil construction of DTL1.
大众私宅楼盘 销售表现参差不齐
Source :《联合早报》July 15, 2008
大众私宅新楼盘上个周末迎来看屋人潮，但销售表现参差不齐，有些新楼盘跑得很快，一些则表现有欠理想。
城市发展(CDL)在两个星期前推出位于白沙的莉雅苑(Livia)供公众认购。在第一个星期卖出了160个单位，刚过去的周末也卖出了约100个单位，将销售总数推高到约256个(在已推出的320个单位中占了80％)，销售表现算得上强劲。
Kovan Residences上周末吸引了超过1000人前往看屋，迄今已卖出超过100个单位，包括一些顶层豪宅。（谢光凭摄）
这个靠近巴西立地铁站的项目，属于99年地契，是一个拥有724个单位的霸型共管公寓项目。因此，目前为止所售出的单位相等于单位总数的35％。在刚推出时，平均尺价是每平方英尺650元。
城市发展发言人透露，在上个周末推出时，售价稍微提高了1至3％，取决于单位的面积和面向而定。城市发展目前也还在筹备接下来要推出的The Arte @ Thomson，以及升涛湾的项目。
另一方面，Kovan Residences的主要发展商胜捷集团(Centurion Group)的发言人指出，在刚过去的周末，集团正式向公众推出这个私宅项目，吸引了超过1000人前往看屋，迄今已卖出超过100个单位(周末卖出约20个单位)，包括一些顶层豪宅。
据一名市场人士透露，这个项目的平均尺价虽介于每平方英尺870至900元，但一些楼层较低的较小单位，每平方英尺的尺价可从700多元开始。
这似乎显示一些发展商已开始“暗中”放软身段。
亚洲第一栋在单位内设有停车位的高档豪华公寓“Hamilton Scotts”，虽然是通过私下预售的方式出售，并开出每平方英尺平均3800元的要价，但根据市场人士透露，在56个单位中，已有6个单位售出，价格介于每平方英尺3000至4100元。另外还有5个单位获得预订。
另外一个中高档项目，即协和(Hiap Hoe)在周末推出第十邮区鲁易士路的永久地契私宅Signature At Lewis(莱佛士城市俱乐部对面)，起始要价是每平方英尺1670元，虽然有约200人前往看屋，但目前尚未售出任何单位。然而，项目在推出前已有三个单位被预订，但价格不详。
据了解，科威特金融屋(Kuwait Finance House)不久前也以较低的价格(每平方英尺2800元)，向国浩(Guocoland)买下36个优景苑(Goodwood Residence)共管公寓单位。科威特金融屋较早前原本是要以平均每平方英尺3200元，买下优景苑97个单位，但却没有在最后限期之前行使认购权。
一些中低档项目 销售持续上升
另一方面，一些推出已有一阵子的中低档次项目，销售数字则还在上升中。
其中，和美投资以每平方英尺970元来推出达高轩(Dakota Residences)单位，目前已卖出大约170个单位(上个周末卖出了十个单位)。
碧山共管公寓——Clover by the Park，虽然已没有刚推出时那么旺热，但上个星期也取得不错的销售成绩，发展商森联集团发言人指出，目前这个以每平方英尺平均750元推出的项目，上个周末卖出了19个单位，将销售总数提高到273个单位。
森联另一个较小的项目——The Amery在周末卖了一个单位，目前已卖出39个单位中的32个，占了82％。这个位于直落古楼的小型公寓的每平方英尺推出价格平均为860元。
大众私宅新楼盘上个周末迎来看屋人潮，但销售表现参差不齐，有些新楼盘跑得很快，一些则表现有欠理想。
城市发展(CDL)在两个星期前推出位于白沙的莉雅苑(Livia)供公众认购。在第一个星期卖出了160个单位，刚过去的周末也卖出了约100个单位，将销售总数推高到约256个(在已推出的320个单位中占了80％)，销售表现算得上强劲。
Kovan Residences上周末吸引了超过1000人前往看屋，迄今已卖出超过100个单位，包括一些顶层豪宅。（谢光凭摄）这个靠近巴西立地铁站的项目，属于99年地契，是一个拥有724个单位的霸型共管公寓项目。因此，目前为止所售出的单位相等于单位总数的35％。在刚推出时，平均尺价是每平方英尺650元。
城市发展发言人透露，在上个周末推出时，售价稍微提高了1至3％，取决于单位的面积和面向而定。城市发展目前也还在筹备接下来要推出的The Arte @ Thomson，以及升涛湾的项目。
另一方面，Kovan Residences的主要发展商胜捷集团(Centurion Group)的发言人指出，在刚过去的周末，集团正式向公众推出这个私宅项目，吸引了超过1000人前往看屋，迄今已卖出超过100个单位(周末卖出约20个单位)，包括一些顶层豪宅。
据一名市场人士透露，这个项目的平均尺价虽介于每平方英尺870至900元，但一些楼层较低的较小单位，每平方英尺的尺价可从700多元开始。
这似乎显示一些发展商已开始“暗中”放软身段。
亚洲第一栋在单位内设有停车位的高档豪华公寓“Hamilton Scotts”，虽然是通过私下预售的方式出售，并开出每平方英尺平均3800元的要价，但根据市场人士透露，在56个单位中，已有6个单位售出，价格介于每平方英尺3000至4100元。另外还有5个单位获得预订。
另外一个中高档项目，即协和(Hiap Hoe)在周末推出第十邮区鲁易士路的永久地契私宅Signature At Lewis(莱佛士城市俱乐部对面)，起始要价是每平方英尺1670元，虽然有约200人前往看屋，但目前尚未售出任何单位。然而，项目在推出前已有三个单位被预订，但价格不详。
据了解，科威特金融屋(Kuwait Finance House)不久前也以较低的价格(每平方英尺2800元)，向国浩(Guocoland)买下36个优景苑(Goodwood Residence)共管公寓单位。科威特金融屋较早前原本是要以平均每平方英尺3200元，买下优景苑97个单位，但却没有在最后限期之前行使认购权。
一些中低档项目 销售持续上升
另一方面，一些推出已有一阵子的中低档次项目，销售数字则还在上升中。
其中，和美投资以每平方英尺970元来推出达高轩(Dakota Residences)单位，目前已卖出大约170个单位(上个周末卖出了十个单位)。
碧山共管公寓——Clover by the Park，虽然已没有刚推出时那么旺热，但上个星期也取得不错的销售成绩，发展商森联集团发言人指出，目前这个以每平方英尺平均750元推出的项目，上个周末卖出了19个单位，将销售总数提高到273个单位。
森联另一个较小的项目——The Amery在周末卖了一个单位，目前已卖出39个单位中的32个，占了82％。这个位于直落古楼的小型公寓的每平方英尺推出价格平均为860元。
越南经济欠佳 吉宝置业项目“料暂不受影响”
Source :《联合早报》July 15, 2008
吉宝置业(Keppel Land)向投资者表示，越南的经济窘境短期内相信不会对集团在当地的项目有显著影响。
在越南面对通货膨胀急速上升、货币贬值以及贸易逆差不断扩大的三方打击之际，不少分析师指出，越南房地产市场暗流汹涌，认为吉宝置业在当地的业务会将影响集团整体盈利，纷纷降低该股的目标价。
吉宝置业股价自去年2月达到9.60元的高峰后已下滑了约50％，昨天闭市报4.71元，下跌0.13元或2.7％。
吉宝置业有信心将位于胡志明市的The Estella，大部分的单位在今年底之前售出。
目前在越南发展九个住宅和城镇项目的吉宝置业，昨天向新交所提呈有关其越南项目的最新投资者报告。
吉宝置业在报告中指出，这些项目都是与越南高信誉的合作伙伴进行，协议的结构把所须的现金减少至最低。此外，这些策略合作伙伴是供应商或建筑商，而项目规模非常大，能确保建筑材料价格具竞争力，建筑成本相信能够获得控制。
售屋与租金 都以美元计算
至于越南盾持续贬值，集团表示，所有项目和资产的售价和征收的租金都以美元来计算。
吉宝置业发言人受本报询问时举例，集团持有主要股权的西贡中心(Saigon Centre)，租金是以美元计算，该商业大楼目前的租用率是100％，签署的租期为期至少两年。至于今年三月推出的位于越南胡志明市的The Estella项目，650个单位当中，至今已有228个单位已签署购买协议，取得20％定金，平均售价为每平方公尺2200美元。
有分析师指出，The Estella的售价比去年底预期来得低30％，而由于买家只是支付象征性的定金以取得优先购买权，发展商过去宣扬的热烈反应可能最后无法兑现。
对此，发言人表示，当地市场的私宅需求依然稳健，日后还将获得崛起的中层阶级以及外籍人士支撑，集团有信心将The Estella大部分的单位在今年底之前售出。此外，The Estella的售价是集团所预期的，集团从中还是能够赚钱可观的盈利。
越南政府计划从明年1月起开放房地产市场，允许一些外籍人士购买50年地契的私宅，预计将有2万1000名外籍人士能受惠。
发言人也说：“吉宝置业希望在越南长远发展，设定的价格是合理的，不会轻易变动。何况，吉宝置业目前在越南发展的地段都是在去年，当地房地产市场达到顶峰之前买下的。”
上个星期，本地另一上市房地产公司国浩置地(GuocoLand)表示，今年2月在越南签署的一份购买胡志明市第二区一幅约5.3公顷的地皮的有条件合资协议，因为在限期内没有执行而作废。市场人士相信，这可能同越南目前的高利率、通货膨胀居高不下，市场情况转淡有关。
截至2008财年第一季，包括在当地的办公楼商业和服务公寓项目，吉宝置业在越南的资产总值为3亿6000万新元，占集团总资产的6.5％，对集团税后归属股东净利的贡献为4.1％。
吉宝置业(Keppel Land)向投资者表示，越南的经济窘境短期内相信不会对集团在当地的项目有显著影响。
在越南面对通货膨胀急速上升、货币贬值以及贸易逆差不断扩大的三方打击之际，不少分析师指出，越南房地产市场暗流汹涌，认为吉宝置业在当地的业务会将影响集团整体盈利，纷纷降低该股的目标价。
吉宝置业股价自去年2月达到9.60元的高峰后已下滑了约50％，昨天闭市报4.71元，下跌0.13元或2.7％。
吉宝置业有信心将位于胡志明市的The Estella，大部分的单位在今年底之前售出。目前在越南发展九个住宅和城镇项目的吉宝置业，昨天向新交所提呈有关其越南项目的最新投资者报告。
吉宝置业在报告中指出，这些项目都是与越南高信誉的合作伙伴进行，协议的结构把所须的现金减少至最低。此外，这些策略合作伙伴是供应商或建筑商，而项目规模非常大，能确保建筑材料价格具竞争力，建筑成本相信能够获得控制。
售屋与租金 都以美元计算
至于越南盾持续贬值，集团表示，所有项目和资产的售价和征收的租金都以美元来计算。
吉宝置业发言人受本报询问时举例，集团持有主要股权的西贡中心(Saigon Centre)，租金是以美元计算，该商业大楼目前的租用率是100％，签署的租期为期至少两年。至于今年三月推出的位于越南胡志明市的The Estella项目，650个单位当中，至今已有228个单位已签署购买协议，取得20％定金，平均售价为每平方公尺2200美元。
有分析师指出，The Estella的售价比去年底预期来得低30％，而由于买家只是支付象征性的定金以取得优先购买权，发展商过去宣扬的热烈反应可能最后无法兑现。
对此，发言人表示，当地市场的私宅需求依然稳健，日后还将获得崛起的中层阶级以及外籍人士支撑，集团有信心将The Estella大部分的单位在今年底之前售出。此外，The Estella的售价是集团所预期的，集团从中还是能够赚钱可观的盈利。
越南政府计划从明年1月起开放房地产市场，允许一些外籍人士购买50年地契的私宅，预计将有2万1000名外籍人士能受惠。
发言人也说：“吉宝置业希望在越南长远发展，设定的价格是合理的，不会轻易变动。何况，吉宝置业目前在越南发展的地段都是在去年，当地房地产市场达到顶峰之前买下的。”
上个星期，本地另一上市房地产公司国浩置地(GuocoLand)表示，今年2月在越南签署的一份购买胡志明市第二区一幅约5.3公顷的地皮的有条件合资协议，因为在限期内没有执行而作废。市场人士相信，这可能同越南目前的高利率、通货膨胀居高不下，市场情况转淡有关。
截至2008财年第一季，包括在当地的办公楼商业和服务公寓项目，吉宝置业在越南的资产总值为3亿6000万新元，占集团总资产的6.5％，对集团税后归属股东净利的贡献为4.1％。