Source : TODAY, Wednesday, August 6, 2008
But tenants, pleased with renovations, worry the new name is out of place
THE NEXT time shop owner Mr Chua Seow Bin reprints his name-cards, they will read “The Verge (Tekka Mall).”
It is good that the mall is being renovated to attract more customers, the partyware shop owner said, but he is not sure changing the mall’s name is a good idea. Tekka Mall is a popular name, everyone recognises it, he argued.
That about sums up the general sentiment of tenants and customers at Tekka Mall.
Renovations began earlier this year, and by the fourth quarter, the mall will be relaunched as an IT, lifestyle and food and beverage (F&B) hub.
Most tenants Today spoke to were glad the works would be completed soon, and expected business to do better. But the name change raised more than a few eyebrows.
Given a more sophisticated tenant mix and service offerings, the new moniker “reflects the new positioning of The Verge,” said group director of property Amir Salleh from DRB-HICOM BERHAD, one of the co-owners of The Verge, which will feature more than 100 shops on eight levels.
The mall will be refurbished to look more contemporary and brighter. Existing tenants such as the Singapore Human Resources Institute will undergo a revamp, while discussions are underway to secure IT/electronics tenants.
Still, watch store sales assistant Allal Ho, 35, asked how the mall would compete with nearby Sim Lim Tower, famous for its electronics selection.
Mr Johnny Eng, co-owner of an optical store, applauded the new name for being “more unique, like a modern shopping centre”, while others felt the name unsuited for the area. Engineer Sidney Chng, 37, said the mall “should be remodelled as a heritage centre because of the Indian neighbourhood. The Verge sounds good, but it is out of place here.”
A store assistant, who did not want to be named, said the new name might attract the “more educated” but the customers who shop here, such as foreign Indian workers, would find it “too hard to pronounce ... My friends and other tenants also said they don’t know how to pronounce it”. The adjoining block — renamed Chill@ The Verge — will also be made over and dedicated to entertainment and F&B outlets for the younger audience. It is expected to be completed by mid-2009.
This Blog is an informational site, which provide mainly Property News, Reviews, Market Trends and Opinions regarding the real estates of Singapore. All publications belong to their respective rights owners. We do not hold any responsiblity in the correctness or accuracy of the news or reports. 23/7/2007
Wednesday, August 6, 2008
Little India Condo Sold Within 2 Hrs
Source : TODAY, Wednesday, August 6, 2008
REAL estate agents claim a new five-story condominium in Little India has been “100 per cent sold within two hours of balloting”.
The brisk sales for Urban Lofts has caught property analysts offguard, especially coming during the Hungry Ghost month, when superstitious buyers are traditionally scared away.
It was also surprising given the current economic uncertainty, when sentiments for high-end property are expected to be weak.
Huttons Real Estate Group claimed on its website yesterday that all 50 units in the freehold condo in Rangoon Road had been snapped up. They had been marketed at around $912 per square foot.
However, Chesterton International research director Colin Tan pointed out that actual transaction prices might be lower than the listed guide price and this could have attracted speculators in for a quick profit.
If so, said Mr Tan: “I’m not surprised that there is still unsatisfied demand out there. There is demand but at what price?”
Noting that the development had previously not generated much media publicity, Knight Frank research director Nicholas Mak added: “Either this product is very good and underpriced or there was a lot of pre-marketing efforts. But which developer right now would not sell its product at a higher price if they can?”
“For example, they could tell their agents to go and source for potential customers. With the cheques all lined up, within the two hours they just do the administrative work.”
Huttons could not be reached for comment.
According to online advertisements, the development is made up of one single block comprising 46 Soho homes and four commerical units.
Construction is expected to begin by year-end of the year ready for completion by end-September 2011.
REAL estate agents claim a new five-story condominium in Little India has been “100 per cent sold within two hours of balloting”.
The brisk sales for Urban Lofts has caught property analysts offguard, especially coming during the Hungry Ghost month, when superstitious buyers are traditionally scared away.
It was also surprising given the current economic uncertainty, when sentiments for high-end property are expected to be weak.
Huttons Real Estate Group claimed on its website yesterday that all 50 units in the freehold condo in Rangoon Road had been snapped up. They had been marketed at around $912 per square foot.
However, Chesterton International research director Colin Tan pointed out that actual transaction prices might be lower than the listed guide price and this could have attracted speculators in for a quick profit.
If so, said Mr Tan: “I’m not surprised that there is still unsatisfied demand out there. There is demand but at what price?”
Noting that the development had previously not generated much media publicity, Knight Frank research director Nicholas Mak added: “Either this product is very good and underpriced or there was a lot of pre-marketing efforts. But which developer right now would not sell its product at a higher price if they can?”
“For example, they could tell their agents to go and source for potential customers. With the cheques all lined up, within the two hours they just do the administrative work.”
Huttons could not be reached for comment.
According to online advertisements, the development is made up of one single block comprising 46 Soho homes and four commerical units.
Construction is expected to begin by year-end of the year ready for completion by end-September 2011.
IEA To Remove Guidelines On Property Agents' Commissions
Source : Channel NewsAsia, 05 August 2008
If you're shopping for a new home or selling one, you can now negotiate with your property agent on the appropriate commission.
The Institute of Estate Agents (IEA) will remove its guidelines on property agents' commissions next month, to fall in line with the Competition Act.
Consumer watchdog CASE has welcomed the move, pointing out that it is not compulsory to have agents facilitate a property transaction.
Property agents currently get about 2 per cent of a property's sale price from sellers, while buyers pay a fee of 1 per cent of the price. These guidelines were put in place some ten years ago.
IEA said the guidelines were meant to serve more as a reference point for agents, as well as consumers, to prevent overcharging.
But since the guidelines have been widely accepted and practised in the industry, the Competition Commission of Singapore (CCS) thinks that they may be harmful to competition.
Jeff Foo, president of Institute of Estate Agents, said: "We submitted our professional guidelines to CCS sometime in July 2007 because we were concerned whether our guidelines do or do not infringe the Competition Act.
"So after over a year of meetings and consultations, they finally came back to us on June 25 and said that our guidelines are likely to infringe on the Competition Act and advised us to remove them."
With the removal of the guidelines, it is now up to individual real estate agencies to set their own commission guidelines. It is still unclear if this will reduce commission fees paid to property agents.
IEA said the removal of the guidelines actually puts a greater burden on property buyers or sellers to do their own checks on market rates for such fees.
Mohamed Ismail, chief executive of Propnex, said: "With such a move, the industry will find its own footing in terms of the kind of support as well as service. Overall, I must say that this will help the consumer because at the end of the day, the agents do not have a choice but to increase their level of service."
Last year, the Singapore Medical Association withdrew its fee guidelines for doctors, paving the way for private doctors to set their own fees. - CNA/so
If you're shopping for a new home or selling one, you can now negotiate with your property agent on the appropriate commission.
The Institute of Estate Agents (IEA) will remove its guidelines on property agents' commissions next month, to fall in line with the Competition Act.
Consumer watchdog CASE has welcomed the move, pointing out that it is not compulsory to have agents facilitate a property transaction.
Property agents currently get about 2 per cent of a property's sale price from sellers, while buyers pay a fee of 1 per cent of the price. These guidelines were put in place some ten years ago.
IEA said the guidelines were meant to serve more as a reference point for agents, as well as consumers, to prevent overcharging.
But since the guidelines have been widely accepted and practised in the industry, the Competition Commission of Singapore (CCS) thinks that they may be harmful to competition.
Jeff Foo, president of Institute of Estate Agents, said: "We submitted our professional guidelines to CCS sometime in July 2007 because we were concerned whether our guidelines do or do not infringe the Competition Act.
"So after over a year of meetings and consultations, they finally came back to us on June 25 and said that our guidelines are likely to infringe on the Competition Act and advised us to remove them."
With the removal of the guidelines, it is now up to individual real estate agencies to set their own commission guidelines. It is still unclear if this will reduce commission fees paid to property agents.
IEA said the removal of the guidelines actually puts a greater burden on property buyers or sellers to do their own checks on market rates for such fees.
Mohamed Ismail, chief executive of Propnex, said: "With such a move, the industry will find its own footing in terms of the kind of support as well as service. Overall, I must say that this will help the consumer because at the end of the day, the agents do not have a choice but to increase their level of service."
Last year, the Singapore Medical Association withdrew its fee guidelines for doctors, paving the way for private doctors to set their own fees. - CNA/so
Removal Of Property Fee Guidelines Unlikely To Have Deep Impact
Source : Channel NewsAsia, 06 August 2008
Market players said on Wednesday that the move to scrap guidelines on property agents' fees by September 25 is unlikely to leave a deep impact on the real estate sector. But they warned against rogue agents who might try to cash in on the change in rules.
The Competition Commission of Singapore (CCS) ruled on Tuesday that the fee guidelines adopted by the Institute of Estate Agents (IEA) should be removed as they are uncompetitive. Under the current guidelines, property agents stand to pocket a commission of 2 per cent of the transacted price.
With the removal of the guidelines, buyers and sellers will be free to negotiate the fee payable to their agents.
Real estate agencies are generally supportive of the move, but they are concerned that the lack of fee guidelines could trigger more rogue practices.
Chris Koh, director of Dennis Wee Group, said: "If the owner is not aware of what the market price of his property is, then he may fall into a trap where the rogue agent says, 'Ok, you want a million dollars, that's what you said you want. I will get you that S$1 million, but if I sell your property at S$1.2 million, then that S$200,000 is for me to keep since there is no guideline that it must be a percentage'."
Another real estate company, Propnex, warned against agents who offer unnecessary services just to quote a higher commission.
Without any fee guidelines, market players said it is down to the agencies to set their own commission structure. Propnex said consumers must assess their agents based on their commitment, track record and knowledge of the market.
Some industry players said the removal of the commission guidelines will not spark a price war because the cost of marketing a property has nearly doubled in the past ten years, and it will not be sustainable for agents to start under-cutting each other.
On average, about 10 to 20 per cent of the agent’s commission goes into marketing efforts, such as taking out advertisements to promote a property. Paying a lower commission does not necessarily mean a better deal as agents may not put in as much effort to sell a property.
Some Singaporeans prefer to sell their properties on their own. Rosanah Mon helped her mother sell her three-room flat at Jalan Bukit Merah for S$230,000, saving over S$2,000 in the process.
"I don't see the necessity (to get a property agent), if you know the procedures well and you follow the guidelines," she said.
In fact, the Housing and Development Board (HDB) said it has seen an increase in the number of such transactions – rising from 5.5 per cent of total resale transactions in 1998 to about 8 per cent now.
To boost greater understanding of the sales procedures, HDB holds monthly resale seminars, with the next one scheduled on September 6. More information is available online at www.hdb.gov.sg. - CNA/so
Market players said on Wednesday that the move to scrap guidelines on property agents' fees by September 25 is unlikely to leave a deep impact on the real estate sector. But they warned against rogue agents who might try to cash in on the change in rules.
The Competition Commission of Singapore (CCS) ruled on Tuesday that the fee guidelines adopted by the Institute of Estate Agents (IEA) should be removed as they are uncompetitive. Under the current guidelines, property agents stand to pocket a commission of 2 per cent of the transacted price.
With the removal of the guidelines, buyers and sellers will be free to negotiate the fee payable to their agents.
Real estate agencies are generally supportive of the move, but they are concerned that the lack of fee guidelines could trigger more rogue practices.
Chris Koh, director of Dennis Wee Group, said: "If the owner is not aware of what the market price of his property is, then he may fall into a trap where the rogue agent says, 'Ok, you want a million dollars, that's what you said you want. I will get you that S$1 million, but if I sell your property at S$1.2 million, then that S$200,000 is for me to keep since there is no guideline that it must be a percentage'."
Another real estate company, Propnex, warned against agents who offer unnecessary services just to quote a higher commission.
Without any fee guidelines, market players said it is down to the agencies to set their own commission structure. Propnex said consumers must assess their agents based on their commitment, track record and knowledge of the market.
Some industry players said the removal of the commission guidelines will not spark a price war because the cost of marketing a property has nearly doubled in the past ten years, and it will not be sustainable for agents to start under-cutting each other.
On average, about 10 to 20 per cent of the agent’s commission goes into marketing efforts, such as taking out advertisements to promote a property. Paying a lower commission does not necessarily mean a better deal as agents may not put in as much effort to sell a property.
Some Singaporeans prefer to sell their properties on their own. Rosanah Mon helped her mother sell her three-room flat at Jalan Bukit Merah for S$230,000, saving over S$2,000 in the process.
"I don't see the necessity (to get a property agent), if you know the procedures well and you follow the guidelines," she said.
In fact, the Housing and Development Board (HDB) said it has seen an increase in the number of such transactions – rising from 5.5 per cent of total resale transactions in 1998 to about 8 per cent now.
To boost greater understanding of the sales procedures, HDB holds monthly resale seminars, with the next one scheduled on September 6. More information is available online at www.hdb.gov.sg. - CNA/so
Tekka Mall Gets New Name And Focus
Source : The Business Times, August 6, 2008
TEKKA Mall will be relaunched as The Verge, according to owner Corwin Holdings yesterday.
The five-year-old mall, which is undergoing renovation, will become an IT, lifestyle and F&B hub so as to reposition itself to attract the right tenants and the right shoppers, with a better-defined identity.
The Verge: The five-year-old mall, which is undergoing renovation, will become an IT, lifestyle and F&B hub
A heavy emphasis has been put on the new hub-like nature of the mall by the name, which is derived from 'convergence'.
Both its facade and the interior are being refurbished to give it a fresh look.
The renovation, which began early this year, is expected to be completed by the fourth quarter. It is being done in phases to avoid interfering with existing tenants' business, and customers' comfort.
More than 100 shops will be spread out on eight levels in the revamped mall, and Banquet has been selected as the food court provider for The Verge.
An adjoining block is also undergoing a makeover to become Chill @ The Verge, which will be dedicated to attracting the younger set by only having entertainment and F&B outlets. The block is expected to be completed by mid-2009.
Knight Frank Shopping Centre Management Pte Ltd has been appointed by Corwin Holding as the new managing agent and sole marketing agent for the 160,000 sq ft mall.
TEKKA Mall will be relaunched as The Verge, according to owner Corwin Holdings yesterday.
The five-year-old mall, which is undergoing renovation, will become an IT, lifestyle and F&B hub so as to reposition itself to attract the right tenants and the right shoppers, with a better-defined identity.
The Verge: The five-year-old mall, which is undergoing renovation, will become an IT, lifestyle and F&B hub
A heavy emphasis has been put on the new hub-like nature of the mall by the name, which is derived from 'convergence'.
Both its facade and the interior are being refurbished to give it a fresh look.
The renovation, which began early this year, is expected to be completed by the fourth quarter. It is being done in phases to avoid interfering with existing tenants' business, and customers' comfort.
More than 100 shops will be spread out on eight levels in the revamped mall, and Banquet has been selected as the food court provider for The Verge.
An adjoining block is also undergoing a makeover to become Chill @ The Verge, which will be dedicated to attracting the younger set by only having entertainment and F&B outlets. The block is expected to be completed by mid-2009.
Knight Frank Shopping Centre Management Pte Ltd has been appointed by Corwin Holding as the new managing agent and sole marketing agent for the 160,000 sq ft mall.
Sers Scheme Gets The Thumbs Up
Source : The Business Times, August 6, 2008
HDB's latest survey, completed last year, shows support for Sers at 85%
RESIDENTS under the Selective En bloc Redevelopment Scheme (Sers) have shown strong support for the programme, said the Housing and Development Board (HDB) yesterday.
Under Sers, selected old blocks of sold flats are redeveloped, and residents involved are rehoused in new and better flats nearby.
HDB's latest survey, completed last year, showed that support for Sers stood at 85 per cent.
The survey covered 1,019 households among 4,418 which had moved to 10 Sers replacement sites from 2001 to 2006.
Under the category 'new replacement flats are value for money', the satisfaction level was 89 per cent.
The new living environment at the Sers sites, encompassing the replacement flats, new blocks and common areas within the precincts, scored satisfaction levels of 80 per cent or more.
Most residents were also pleased with Sers' role in retaining kinship and community ties.
Seventy-two per cent of residents said relations with their neighbours had either improved or remained the same. Ninety- four per cent also expressed a sense of belonging to their estates.
'The survey findings reaffirm the popularity of Sers among the residents. This is not surprising as Sers offers many attractive benefits,' said HDB's release yesterday.
Among various benefits, Sers offers affected residents new homes which come with a fresh 99-year lease at a subsidised price.
HDB's latest survey, completed last year, shows support for Sers at 85%
RESIDENTS under the Selective En bloc Redevelopment Scheme (Sers) have shown strong support for the programme, said the Housing and Development Board (HDB) yesterday.
Under Sers, selected old blocks of sold flats are redeveloped, and residents involved are rehoused in new and better flats nearby.
HDB's latest survey, completed last year, showed that support for Sers stood at 85 per cent.
The survey covered 1,019 households among 4,418 which had moved to 10 Sers replacement sites from 2001 to 2006.
Under the category 'new replacement flats are value for money', the satisfaction level was 89 per cent.
The new living environment at the Sers sites, encompassing the replacement flats, new blocks and common areas within the precincts, scored satisfaction levels of 80 per cent or more.
Most residents were also pleased with Sers' role in retaining kinship and community ties.
Seventy-two per cent of residents said relations with their neighbours had either improved or remained the same. Ninety- four per cent also expressed a sense of belonging to their estates.
'The survey findings reaffirm the popularity of Sers among the residents. This is not surprising as Sers offers many attractive benefits,' said HDB's release yesterday.
Among various benefits, Sers offers affected residents new homes which come with a fresh 99-year lease at a subsidised price.
Fee Guidelines For Property Agents Deemed Anti-Competitive
Source : The Business Times, August 6, 2008
IEA has until Sept25 to remove its recommendation on fees, fee structures
EXISTING commission guidelines for property agents - drawn up by industry body Institute of Estate Agents (IEA) - are likely to infringe the Competition Act, the Competition Commission of Singapore (CCS) said yesterday.
The guidelines stipulate fees and fee structures for agents and agencies dealing with various types of property transactions. For example, for HDB properties, the guidelines state that a seller pays a minimum 2 per cent of the contracted price as sales commission and a buyer pays one per cent of the contracted price as service fee to agents.
The IEA's position is that the guidelines are non- binding and that agents are free to negotiate fees with their customers.
However, the CCS holds the view that even if the price recommendations are not binding, they will still provide a focal point for prices to converge. 'This will dampen competition and facilitate price coordination,' the commission said in a statement yesterday.
CCS further noted that the fees payable by sellers are couched as a minimum fee recommendation in the guidelines. Said CCS: 'This practice discourages any price competition below the recommended rate. More efficient estate agents or agencies, which are able to charge lower rates, will have little incentive to do so.'
Estate agents and agencies should set their fees independently, the commission advised.
Likewise, consumers should exercise their right to negotiate fees and terms with estate agents as this will encourage competition among estate agents and agencies, CCS said.
CCS' decision came about after the IEA had applied to it for guidance on whether its published fees guidelines could restrict competition in the real estate agency market in Singapore.
CCS, which found that the guidelines are indeed likely to infringe the Competition Act, informed the IEA on June 25 and advised it to remove its recommendation on fees and fee structures. IEA now has until Sept 25 to comply.
Property firms here said that the removal of the guidelines is unlikely to have much of an impact.
'IEA's guidelines shadow what most property agencies have in place,' said Eugene Lim, assistant vice-president of property agency ERA Asia-Pacific.
The fee structures are unlikely to change with the removal and agencies will not undercut one another by lowering their fees, he said.
'IEA's guidelines were, in essence, just that - only guidelines,' said PropNex chief executive Mohamed Ismail. 'Many agents on the ground often negotiated their own commissions anyway.'
The move by CCS, Mr Ismail said, was not unexpected. The Singapore Medical Association and Law Society were also subject to a similar removal of guidelines, he added.
Separately, the Consumers Association of Singapore (Case) said it is glad that the guidelines will be removed. 'In our view, the guidelines are anti-competitive in orientation and work against consumers' interest,' Case said.
IEA has until Sept25 to remove its recommendation on fees, fee structures
EXISTING commission guidelines for property agents - drawn up by industry body Institute of Estate Agents (IEA) - are likely to infringe the Competition Act, the Competition Commission of Singapore (CCS) said yesterday.
The guidelines stipulate fees and fee structures for agents and agencies dealing with various types of property transactions. For example, for HDB properties, the guidelines state that a seller pays a minimum 2 per cent of the contracted price as sales commission and a buyer pays one per cent of the contracted price as service fee to agents.
The IEA's position is that the guidelines are non- binding and that agents are free to negotiate fees with their customers.
However, the CCS holds the view that even if the price recommendations are not binding, they will still provide a focal point for prices to converge. 'This will dampen competition and facilitate price coordination,' the commission said in a statement yesterday.
CCS further noted that the fees payable by sellers are couched as a minimum fee recommendation in the guidelines. Said CCS: 'This practice discourages any price competition below the recommended rate. More efficient estate agents or agencies, which are able to charge lower rates, will have little incentive to do so.'
Estate agents and agencies should set their fees independently, the commission advised.
Likewise, consumers should exercise their right to negotiate fees and terms with estate agents as this will encourage competition among estate agents and agencies, CCS said.
CCS' decision came about after the IEA had applied to it for guidance on whether its published fees guidelines could restrict competition in the real estate agency market in Singapore.
CCS, which found that the guidelines are indeed likely to infringe the Competition Act, informed the IEA on June 25 and advised it to remove its recommendation on fees and fee structures. IEA now has until Sept 25 to comply.
Property firms here said that the removal of the guidelines is unlikely to have much of an impact.
'IEA's guidelines shadow what most property agencies have in place,' said Eugene Lim, assistant vice-president of property agency ERA Asia-Pacific.
The fee structures are unlikely to change with the removal and agencies will not undercut one another by lowering their fees, he said.
'IEA's guidelines were, in essence, just that - only guidelines,' said PropNex chief executive Mohamed Ismail. 'Many agents on the ground often negotiated their own commissions anyway.'
The move by CCS, Mr Ismail said, was not unexpected. The Singapore Medical Association and Law Society were also subject to a similar removal of guidelines, he added.
Separately, the Consumers Association of Singapore (Case) said it is glad that the guidelines will be removed. 'In our view, the guidelines are anti-competitive in orientation and work against consumers' interest,' Case said.
Tough Calls In Next Property DC Revision
Source : The Business Times, August 6, 2008
Recent land sales point to cuts, but some disagree
The next revision of property development charge rates is barely a month away. So what can the market expect?
Recently a few 99-year leasehold condo sites at Woodleigh, West Coast and Choa Chu Kang were sold at prices below land values implied by current development charge (DC) rates, and this could provide evidence for a downward revision in DC rates come Sept 1.
But some property market watchers suggest that the government may leave DC rates largely unchanged for most use groups.
Any drastic cut in DC rates at this point may be seen as the government taking a bearish view on the Singapore property market and lead to a further nosedive in sentiment.
DC rates are payable for enhancing a site's use or for building a bigger project on it. They are revised twice a year - on March 1 and Sept 1 - and are specified according to use groups and location. The revisions are made by the National Development Ministry in consultation with the Chief Valuer, who takes into account current market values.
In June, a condo plot at Woodleigh Close was sold at a state land tender for $270 psf per plot ratio. This is 43 per cent below the land value implied by the March 1, 2008, DC rate for non-landed residential use for that location. Two sites at West Coast Crescent and Choa Chu Kang Drive were also sold in March and May at $305 psf ppr and $203 psf ppr, 24 per cent below the respective land value implied by current DC rates.
However, Jones Lang LaSalle's S-E Asia research head Chua Yang Liang argued that these instances are 'not statistically significant' compared to the entire market activity over the past six months and that neither a drop nor rise in DC rates is warranted.
Even in Woodleigh, West Coast and Choa Chu Kang where there is land sales evidence to justify a reduction in DC rates, the cuts are likely to be moderate, 'possibly not more than 10 per cent as the accompanying message of a downward revision in DC rate is likely to cause a further dive in market confidence', said Colliers International director of research and advisory Tay Huey Ying.
Agreeing, JLL's Dr Chua said: 'This round of DC revision is being watched closely by developers and other property players as it may provide a hint of the state's view/confidence in the property market over the next nine to 12 months.'
DTZ executive director Ong Choon Fah, too, reckons that 'where there is compelling evidence, they may trim DC rates. But where the evidence is not strong, they may say it's an aberration and keep DC rates (unchanged) for six months before the next review'.
Another property consultant takes a different view as to why there may be no rush to reduce DC rates: 'DC rates are a revenue-generating tool. They tend to go up quickly, but usually tend to come down more slowly.'
The government may also be reluctant to trim DC rates just yet as that may be read as a proxy for its assessment of land values, and could in turn create pressure for the state to accept lower land bids at state tenders in coming months. 'That's not too good for the coffers,' an analyst quipped.
Offering a contrarian view, Knight Frank managing director Tan Tiong Cheng predicts DC rates will fall. 'Selling prices of private homes have either stagnated or are slowly declining while construction costs are going up, so land values have come down, as seen in recent government land tender results.'
Mr Tan also disagreed with the view that any cut in DC rates would be confined to locations with sales evidence of low land prices. 'After all, the Chief Valuer does not take into account just land sales but the property market in general,' he reasoned.
He does not think that any drastic cuts in DC rates will send the wrong signal to the market and further depress sentiment. 'The Chief Valuer has a duty to keep the public informed of reality,' he said.
Colliers expects average DC rates to stay unchanged come Sept 1 for landed residential, commercial, industrial and hotel use but to be cut 0.5 to 1.5 per cent for non-landed residential use.
DTZ forecasts that average DC rates will generally remain unchanged except for industrial use, which may see an increase of a few per cent. For non-landed residential use, some areas in the prime districts may see a slight decrease in DC rates on the back of softer home prices in these locations.
JLL, too, expects DC rates for all use groups except industrial to remain flat. 'A rise in industrial DC rates can be attributed to rising demand for cheaper office alternatives.'
Putting things into perspective, CB Richard Ellis executive director Jeremy Lake said: 'Previously, DC rates were eagerly watched to gauge the impact on land values especially for collective sale sites with a significant DC component.
'The collective sales market is so quiet now. There have been no private residential sites sold recently that will have exposure to DC. Most developers that have sites with DC exposure would already have locked in DC rates. And if they haven't, they'll find that DC rates probably won't change much.'
Recent land sales point to cuts, but some disagree
The next revision of property development charge rates is barely a month away. So what can the market expect?
Recently a few 99-year leasehold condo sites at Woodleigh, West Coast and Choa Chu Kang were sold at prices below land values implied by current development charge (DC) rates, and this could provide evidence for a downward revision in DC rates come Sept 1.
But some property market watchers suggest that the government may leave DC rates largely unchanged for most use groups.
Any drastic cut in DC rates at this point may be seen as the government taking a bearish view on the Singapore property market and lead to a further nosedive in sentiment.
DC rates are payable for enhancing a site's use or for building a bigger project on it. They are revised twice a year - on March 1 and Sept 1 - and are specified according to use groups and location. The revisions are made by the National Development Ministry in consultation with the Chief Valuer, who takes into account current market values.
In June, a condo plot at Woodleigh Close was sold at a state land tender for $270 psf per plot ratio. This is 43 per cent below the land value implied by the March 1, 2008, DC rate for non-landed residential use for that location. Two sites at West Coast Crescent and Choa Chu Kang Drive were also sold in March and May at $305 psf ppr and $203 psf ppr, 24 per cent below the respective land value implied by current DC rates.
However, Jones Lang LaSalle's S-E Asia research head Chua Yang Liang argued that these instances are 'not statistically significant' compared to the entire market activity over the past six months and that neither a drop nor rise in DC rates is warranted.
Even in Woodleigh, West Coast and Choa Chu Kang where there is land sales evidence to justify a reduction in DC rates, the cuts are likely to be moderate, 'possibly not more than 10 per cent as the accompanying message of a downward revision in DC rate is likely to cause a further dive in market confidence', said Colliers International director of research and advisory Tay Huey Ying.
Agreeing, JLL's Dr Chua said: 'This round of DC revision is being watched closely by developers and other property players as it may provide a hint of the state's view/confidence in the property market over the next nine to 12 months.'
DTZ executive director Ong Choon Fah, too, reckons that 'where there is compelling evidence, they may trim DC rates. But where the evidence is not strong, they may say it's an aberration and keep DC rates (unchanged) for six months before the next review'.
Another property consultant takes a different view as to why there may be no rush to reduce DC rates: 'DC rates are a revenue-generating tool. They tend to go up quickly, but usually tend to come down more slowly.'
The government may also be reluctant to trim DC rates just yet as that may be read as a proxy for its assessment of land values, and could in turn create pressure for the state to accept lower land bids at state tenders in coming months. 'That's not too good for the coffers,' an analyst quipped.
Offering a contrarian view, Knight Frank managing director Tan Tiong Cheng predicts DC rates will fall. 'Selling prices of private homes have either stagnated or are slowly declining while construction costs are going up, so land values have come down, as seen in recent government land tender results.'
Mr Tan also disagreed with the view that any cut in DC rates would be confined to locations with sales evidence of low land prices. 'After all, the Chief Valuer does not take into account just land sales but the property market in general,' he reasoned.
He does not think that any drastic cuts in DC rates will send the wrong signal to the market and further depress sentiment. 'The Chief Valuer has a duty to keep the public informed of reality,' he said.
Colliers expects average DC rates to stay unchanged come Sept 1 for landed residential, commercial, industrial and hotel use but to be cut 0.5 to 1.5 per cent for non-landed residential use.
DTZ forecasts that average DC rates will generally remain unchanged except for industrial use, which may see an increase of a few per cent. For non-landed residential use, some areas in the prime districts may see a slight decrease in DC rates on the back of softer home prices in these locations.
JLL, too, expects DC rates for all use groups except industrial to remain flat. 'A rise in industrial DC rates can be attributed to rising demand for cheaper office alternatives.'
Putting things into perspective, CB Richard Ellis executive director Jeremy Lake said: 'Previously, DC rates were eagerly watched to gauge the impact on land values especially for collective sale sites with a significant DC component.
'The collective sales market is so quiet now. There have been no private residential sites sold recently that will have exposure to DC. Most developers that have sites with DC exposure would already have locked in DC rates. And if they haven't, they'll find that DC rates probably won't change much.'
GIC Takes Stake In Mexico Mall Developer
Source : The Business Times, August 6, 2008
The Government of Singapore Investment Corp's (GIC) real estate arm said on Wednesday it has taken a stake in a property fund that will invest in malls across Mexico.
GIC Real Estate declined to give details of the size of its investment in Mexico Retail Properties (MRP), which currently owns 14 retail centres in the Latin American country and has another 26 projects in the pipeline.
'The anchor space in the majority of MRP's centres is leased to Wal-Mart,' MRP, an affiliate of US private equity firm Black Creek Group, said in a statement on Tuesday.
GIC has more than 200 property investments globally. In 2005, it formed a US$700 million joint venture with US-based AMB Property Corp to invest in industrial distribution properties in Mexico. -- REUTERS
The Government of Singapore Investment Corp's (GIC) real estate arm said on Wednesday it has taken a stake in a property fund that will invest in malls across Mexico.
GIC Real Estate declined to give details of the size of its investment in Mexico Retail Properties (MRP), which currently owns 14 retail centres in the Latin American country and has another 26 projects in the pipeline.
'The anchor space in the majority of MRP's centres is leased to Wal-Mart,' MRP, an affiliate of US private equity firm Black Creek Group, said in a statement on Tuesday.
GIC has more than 200 property investments globally. In 2005, it formed a US$700 million joint venture with US-based AMB Property Corp to invest in industrial distribution properties in Mexico. -- REUTERS
GIC Buys Minority Stake In Mexican Mall Developer
Source : The Straits Times, Aug 6, 2008
THE real estate arm of the Government of Singapore Investment Corporation (GIC) said on Wednesday it has bought a minority stake in a leading shopping mall developer in Mexico.
GIC Real Estate confirmed the 'capital infusion' into Mexico Retail Properties (MRP) but would not say how much.
MRP owns 14 retail centres in Mexico, with five more projects under development and 21 others in the pipeline.
MRP, an affiliate of US private equity firm Black Creek Group, said in a statement that American retail giant Wal-Mart is the anchor tenant in majority of its centres.
'With a growing economy, emerging middle class and a scarcity of US-style retail centres, Mexico represents a compelling retail investment opportunity,' said GIC Real Estate president Seek Ngee Huat.
GIC is one of two investment vehicles of the Singapore government and manages the country's foreign reserves of more than 100 billion dollars (S$137 billion) through various investments.
Its property arm, which currently ranks among the world's top 10 real estate investment firms, has made over 200 investments in more than 30 countries. -- AFP
THE real estate arm of the Government of Singapore Investment Corporation (GIC) said on Wednesday it has bought a minority stake in a leading shopping mall developer in Mexico.
GIC Real Estate confirmed the 'capital infusion' into Mexico Retail Properties (MRP) but would not say how much.
MRP owns 14 retail centres in Mexico, with five more projects under development and 21 others in the pipeline.
MRP, an affiliate of US private equity firm Black Creek Group, said in a statement that American retail giant Wal-Mart is the anchor tenant in majority of its centres.
'With a growing economy, emerging middle class and a scarcity of US-style retail centres, Mexico represents a compelling retail investment opportunity,' said GIC Real Estate president Seek Ngee Huat.
GIC is one of two investment vehicles of the Singapore government and manages the country's foreign reserves of more than 100 billion dollars (S$137 billion) through various investments.
Its property arm, which currently ranks among the world's top 10 real estate investment firms, has made over 200 investments in more than 30 countries. -- AFP
Revamped Tekka Mall Gets New Name
Source : The Straits Times, Aug 6, 2008
A FIVE-YEAR-OLD mall on the edge of bustling Little India is in the midst of a revamp that will make it more modern, but tone down its Indian identity.
The owners of Tekka Mall in Serangoon Road have decided to renovate the complex and rename it The Verge - as part of an effort to improve its image, a spokesman said.
The mall, located across the street from the original Tekka Market, plans to attract a new mix of restaurants, lifestyle and electronic outlets.
At the moment, less than half of the shop spaces are occupied as construction crews refurbish the interior and facade. Only a handful of stores, offering Indian-related goods or services, remain.
Spokesman Amir Salleh, the group director of property from Malaysian listed company DRB-Hicom, which owns the mall, said it would be different from its surroundings.
'We are not trying to copy and replicate what is in Little India. We are trying to find something that is complementary,' he said in a phone interview from Kuala Lumpur.
It is understood that many tenants have found the going tough at Tekka Mall over the past few years, with a number of them going belly-up.
Although Mr Amir would not give details about his tenants, he said this revamp was one way of improving the situation for the remaining retailers.
Some of the shopkeepers are hopeful that a new mix of outlets will attract buyers from outside the local Indian community.
One of them, who wanted to be known only as Mrs Nathan, said many tourists and local Chinese and Malays visit the area.'It would be good to have more stuff to cater to them,' she added.
Meanwhile, some shopkeepers interviewed felt shoppers would trip over the new name, which is a play on the word 'converge'.
Mrs Elizabeth Sakunthala, who owns a beauty shop there, said: 'The name, Tekka Mall, is easier on the tongue. The Verge is going to take people more time to get used to.'
Mr Gohulabalan, the honorary secretary of the Little India Shopkeepers and Heritage Association, said he hoped the mall would at least retain its name.
'There are so many shopping malls in Singapore already,' he said. 'We don't want to lose the originality and authenticity of Little India.'
A FIVE-YEAR-OLD mall on the edge of bustling Little India is in the midst of a revamp that will make it more modern, but tone down its Indian identity.
The owners of Tekka Mall in Serangoon Road have decided to renovate the complex and rename it The Verge - as part of an effort to improve its image, a spokesman said.
The mall, located across the street from the original Tekka Market, plans to attract a new mix of restaurants, lifestyle and electronic outlets.
At the moment, less than half of the shop spaces are occupied as construction crews refurbish the interior and facade. Only a handful of stores, offering Indian-related goods or services, remain.
Spokesman Amir Salleh, the group director of property from Malaysian listed company DRB-Hicom, which owns the mall, said it would be different from its surroundings.
'We are not trying to copy and replicate what is in Little India. We are trying to find something that is complementary,' he said in a phone interview from Kuala Lumpur.
It is understood that many tenants have found the going tough at Tekka Mall over the past few years, with a number of them going belly-up.
Although Mr Amir would not give details about his tenants, he said this revamp was one way of improving the situation for the remaining retailers.
Some of the shopkeepers are hopeful that a new mix of outlets will attract buyers from outside the local Indian community.
One of them, who wanted to be known only as Mrs Nathan, said many tourists and local Chinese and Malays visit the area.'It would be good to have more stuff to cater to them,' she added.
Meanwhile, some shopkeepers interviewed felt shoppers would trip over the new name, which is a play on the word 'converge'.
Mrs Elizabeth Sakunthala, who owns a beauty shop there, said: 'The name, Tekka Mall, is easier on the tongue. The Verge is going to take people more time to get used to.'
Mr Gohulabalan, the honorary secretary of the Little India Shopkeepers and Heritage Association, said he hoped the mall would at least retain its name.
'There are so many shopping malls in Singapore already,' he said. 'We don't want to lose the originality and authenticity of Little India.'
Support For Sers Stays Strong
Source : The Straits Times, Aug 6, 2008
HDB poll: 85% nod for scheme where old estates are rebuilt while residents get new flats nearby
RESIDENTS affected by the Housing Board's Selective En Bloc Redevelopment Scheme (Sers) are still generally happy with the programme, according to an HDB survey.
It polled 1,019 affected households between August and October last year and found that 85 per cent backed the scheme. This is about the same level as in 2005 but down from 90 per cent in 2003.
Sers, launched in 1995, allows the HDB to tear down and rebuild older estates while rehousing existing residents in new flats nearby with modern facilities and a fresh 99-year lease.
In the latest round of surveys, the households polled showed overwhelming satisfaction - well above 90 per cent - with the quality of their new blocks and lift lobbies.
They were also pleased with the workmanship of the common areas within their new precincts.
More than nine in 10 also said that the relocation allowed them to maintain their family and community ties, as their replacement flats were located near their old homes.
But respondents were less happy about the quality of the individual flats, with the satisfaction level dipping to 77 per cent for the workmanship of walls and ceilings.
In total, 4,418 households moved into their replacement flats from 2001 to 2006, the HDB said yesterday.
Most had been living in three-room or smaller flats, but had upgraded because of Sers. Now, 89 per cent live in four- and five-room flats.
The HDB said that its latest survey - the fourth it has conducted - reaffirmed the popularity of the Sers programme.
This was 'not surprising', it added, as Sers offered residents a new home at a subsidised price and gave old estates a new lease on life.
The HDB regularly conducts surveys of Sers-affected residents to gauge their satisfaction levels and support for Sers and to learn if the programme has affected community ties.
HDB poll: 85% nod for scheme where old estates are rebuilt while residents get new flats nearby
RESIDENTS affected by the Housing Board's Selective En Bloc Redevelopment Scheme (Sers) are still generally happy with the programme, according to an HDB survey.
It polled 1,019 affected households between August and October last year and found that 85 per cent backed the scheme. This is about the same level as in 2005 but down from 90 per cent in 2003.
Sers, launched in 1995, allows the HDB to tear down and rebuild older estates while rehousing existing residents in new flats nearby with modern facilities and a fresh 99-year lease.
In the latest round of surveys, the households polled showed overwhelming satisfaction - well above 90 per cent - with the quality of their new blocks and lift lobbies.
They were also pleased with the workmanship of the common areas within their new precincts.
More than nine in 10 also said that the relocation allowed them to maintain their family and community ties, as their replacement flats were located near their old homes.
But respondents were less happy about the quality of the individual flats, with the satisfaction level dipping to 77 per cent for the workmanship of walls and ceilings.
In total, 4,418 households moved into their replacement flats from 2001 to 2006, the HDB said yesterday.
Most had been living in three-room or smaller flats, but had upgraded because of Sers. Now, 89 per cent live in four- and five-room flats.
The HDB said that its latest survey - the fourth it has conducted - reaffirmed the popularity of the Sers programme.
This was 'not surprising', it added, as Sers offered residents a new home at a subsidised price and gave old estates a new lease on life.
The HDB regularly conducts surveys of Sers-affected residents to gauge their satisfaction levels and support for Sers and to learn if the programme has affected community ties.
Property Fee Guidelines Must Go, Says Watchdog
Source : The Straits Times, Aug 6, 2008
Move could foster competition and a price war among real estate agents
HOME buyers and sellers will be able to haggle over the commission they pay property agents after a guideline on fees is axed next month.
The Competition Commission of Singapore (CCS) said yesterday that the guidelines adopted by the Institute of Estate Agents (IEA) in 1999 are uncompetitive and must go.
The surprise move could spark a price war among agents, say some experts.
Mr Seah Seng Choon, executive director of the Consumers Association of Singapore, believes buyers and sellers will be the winners: 'Consumers should not accept agents who are harping on the old fee practices and should be free to bargain.'
At present, sellers of Housing Board flats generally pay the agent 2 per cent of the purchase price while the buyer pays 1 per cent. In private property transactions, only the seller pays 2 per cent.
The IEA guidelines have become standard practice, a point addressed by the competition watchdog yesterday.
It said that while the guidelines are not binding, 'they provide a focal point for prices to converge. This will... dampen competition and facilitate price coordination.'
It also noted that they are stated as a 'minimum fee', which discourages any price competition below that rate.
'Agents should not be constrained to offer the same price,' said the CCS, which told the IEA on June 25 that the guidelines 'are likely to infringe the Competition Act'.
IEA president Jeff Foo said the institute, which represents about 1,600 agents, will axe the guidelines by Sept 25.
Industry leaders had mixed reactions to yesterday's news. Some say the impact will be minimal as agencies will keep the status quo but other experts forecast an agents' price war, especially during market downturns.
'This throws open negotiations between agents and sellers or buyers. Market conditions will determine who has the upper hand,' said Mr Colin Tan of property firm Chesterton International.
In bad times, agencies could start under-cutting each other, or conversely, agents could demand higher commissions from desperate sellers and buyers, said Mr Tan.
Mr Chandran Pillay, senior vice-president of Global Real Estate Services, said smaller agencies like his cannot lower fees too much as they are already quite low and the costs of selling a property are high.
House-hunter Tania Goh, 24, welcomed the room for negotiation but she was concerned about agents who 'can abuse this system when they know a buyer strongly desires a property'.
PropNex chief executive Mohamed Ismail said the removal of guidelines 'may not be a bad thing' if agents up their service quality to justify the commission they get. His agency will use the IEA fee guidelines as the basis for negotiations with its clients.
Mr Eugene Lim, assistant vice-president at ERA Asia Pacific, said the 2 per cent fee is lower than the 6 per cent norm in the US, for example.
IEA's Mr Foo said consumers should get written agreements on agents' fees before accepting any services.
Move could foster competition and a price war among real estate agents
HOME buyers and sellers will be able to haggle over the commission they pay property agents after a guideline on fees is axed next month.
The Competition Commission of Singapore (CCS) said yesterday that the guidelines adopted by the Institute of Estate Agents (IEA) in 1999 are uncompetitive and must go.
The surprise move could spark a price war among agents, say some experts.
Mr Seah Seng Choon, executive director of the Consumers Association of Singapore, believes buyers and sellers will be the winners: 'Consumers should not accept agents who are harping on the old fee practices and should be free to bargain.'
At present, sellers of Housing Board flats generally pay the agent 2 per cent of the purchase price while the buyer pays 1 per cent. In private property transactions, only the seller pays 2 per cent.
The IEA guidelines have become standard practice, a point addressed by the competition watchdog yesterday.
It said that while the guidelines are not binding, 'they provide a focal point for prices to converge. This will... dampen competition and facilitate price coordination.'
It also noted that they are stated as a 'minimum fee', which discourages any price competition below that rate.
'Agents should not be constrained to offer the same price,' said the CCS, which told the IEA on June 25 that the guidelines 'are likely to infringe the Competition Act'.
IEA president Jeff Foo said the institute, which represents about 1,600 agents, will axe the guidelines by Sept 25.
Industry leaders had mixed reactions to yesterday's news. Some say the impact will be minimal as agencies will keep the status quo but other experts forecast an agents' price war, especially during market downturns.
'This throws open negotiations between agents and sellers or buyers. Market conditions will determine who has the upper hand,' said Mr Colin Tan of property firm Chesterton International.
In bad times, agencies could start under-cutting each other, or conversely, agents could demand higher commissions from desperate sellers and buyers, said Mr Tan.
Mr Chandran Pillay, senior vice-president of Global Real Estate Services, said smaller agencies like his cannot lower fees too much as they are already quite low and the costs of selling a property are high.
House-hunter Tania Goh, 24, welcomed the room for negotiation but she was concerned about agents who 'can abuse this system when they know a buyer strongly desires a property'.
PropNex chief executive Mohamed Ismail said the removal of guidelines 'may not be a bad thing' if agents up their service quality to justify the commission they get. His agency will use the IEA fee guidelines as the basis for negotiations with its clients.
Mr Eugene Lim, assistant vice-president at ERA Asia Pacific, said the 2 per cent fee is lower than the 6 per cent norm in the US, for example.
IEA's Mr Foo said consumers should get written agreements on agents' fees before accepting any services.
深圳“万人住房团购”被指不利房市
Source :《联合早报》Aug 06, 2008
(深圳新华电)新华社报道指出,深圳民间“万人住房团购平台”引发争议,有人指不利房地产市场。
今年以来,深圳市商品房销售价格持续调整,成交极度萎缩。曾在2006年发起“三年内不买房行动”的深圳市民邹涛近日搭建了“万人住房团购平台”,引发社会关注。
万人住房团购平台从搭建之初就有明确的基本目标:最终实现深圳特区内(罗湖区、福田区、南山区、盐田区)普通商品房团购均价每平方米8000元人民币(下同,1600新元);特区外(宝安区、龙岗区)团购均价每平方米5000至6000元。
据邹涛介绍,已登记报名2万多人中近九成为深圳本地常住市民,其他来自全国各地,其中85%的人没有买过房。他表示,目前深圳的房价远远高于市民所能承受的经济能力。
2004年深圳房价开始上涨,经过近3年的快速、大幅拉升后,上涨了3倍多。
深圳市国土资源和房产管理局的统计显示,深圳商品房销售均价从2007年10月每平方米1万7350元的历史高位,下降至今年6月的每平方米1万1159元,房价调整幅度约36%。虽然深圳房价调整幅度较大,但绝对价格并不低,与“万人住房团购平台”的目标价位相距甚远。
深圳房地产发展商郑耀雄认为,按照深圳目前房地产市场的行情,如果现在特区内新建商品房价格跌破8000元一平方米,将会对深圳房地产市场造成重大打击。
专业人士郑嘉声认为,深圳房地产市场目前正处于低迷期,突然冒出一个万人团购,暴露买房者的真实意图,使得发展商不但不降价,反而要涨价了。
广东东方金源律师事务所律师金源表示,“万人住房团购”是一个有组织、有计划,并且长时间存在的组织,这样的组织不登记属于违法行为。此外,团购还可能导致市民个人资料外泄。
支持的声音更多的来自普通深圳市民。市民朱江说,万人团购平台正在向规范化的方向运作,聘请了常年法律顾问。希望这个平台能探索解决普通百姓的住房问题,协同房地产发展商减少营销成本,让利于民。
据邹涛介绍,已有6家发展商主动与其进行价格谈判,其中南山区、龙岗区已有2家发展商的300套住房谈好价格,目前正在进行楼盘质量鉴定。
(深圳新华电)新华社报道指出,深圳民间“万人住房团购平台”引发争议,有人指不利房地产市场。
今年以来,深圳市商品房销售价格持续调整,成交极度萎缩。曾在2006年发起“三年内不买房行动”的深圳市民邹涛近日搭建了“万人住房团购平台”,引发社会关注。
万人住房团购平台从搭建之初就有明确的基本目标:最终实现深圳特区内(罗湖区、福田区、南山区、盐田区)普通商品房团购均价每平方米8000元人民币(下同,1600新元);特区外(宝安区、龙岗区)团购均价每平方米5000至6000元。
据邹涛介绍,已登记报名2万多人中近九成为深圳本地常住市民,其他来自全国各地,其中85%的人没有买过房。他表示,目前深圳的房价远远高于市民所能承受的经济能力。
2004年深圳房价开始上涨,经过近3年的快速、大幅拉升后,上涨了3倍多。
深圳市国土资源和房产管理局的统计显示,深圳商品房销售均价从2007年10月每平方米1万7350元的历史高位,下降至今年6月的每平方米1万1159元,房价调整幅度约36%。虽然深圳房价调整幅度较大,但绝对价格并不低,与“万人住房团购平台”的目标价位相距甚远。
深圳房地产发展商郑耀雄认为,按照深圳目前房地产市场的行情,如果现在特区内新建商品房价格跌破8000元一平方米,将会对深圳房地产市场造成重大打击。
专业人士郑嘉声认为,深圳房地产市场目前正处于低迷期,突然冒出一个万人团购,暴露买房者的真实意图,使得发展商不但不降价,反而要涨价了。
广东东方金源律师事务所律师金源表示,“万人住房团购”是一个有组织、有计划,并且长时间存在的组织,这样的组织不登记属于违法行为。此外,团购还可能导致市民个人资料外泄。
支持的声音更多的来自普通深圳市民。市民朱江说,万人团购平台正在向规范化的方向运作,聘请了常年法律顾问。希望这个平台能探索解决普通百姓的住房问题,协同房地产发展商减少营销成本,让利于民。
据邹涛介绍,已有6家发展商主动与其进行价格谈判,其中南山区、龙岗区已有2家发展商的300套住房谈好价格,目前正在进行楼盘质量鉴定。
建屋局调查:居民支持重建计划
Source : 《联合早报》Aug 06, 2008
建屋发展局昨天公布的调查显示,受选择性整体重建计划(SERS)影响的居民都支持这个计划,他们一般上“喜新”但不“厌旧”,喜欢新的替代组屋,也对和旧邻居住在旧的组屋区感到满意。
调查显示,居民对重建计划的支持率维持在85%,他们对搬迁后的居住环境感到满意;89%认为新替代组屋物有所值。
这是建屋局去年针对受重建计划影响的居民所展开的调查。受影响的4418户家庭于2001年至2006年搬入替代组屋,其中1019户参与调查。这项调查定期进行,以让当局了解居民对重建计划的反应。
居民对重建计划感到满意,主要是因为替代组屋通常位于同个邻里,他们可以继续住在熟悉的组屋区,并享有更好的居住环境。超过九成的受访居民表示,他们有足够时间为搬迁做好准备,也对居住在熟悉的邻里感到满意。居住环境的提升及崭新的替代组屋,都让居民感到自豪。
九成居民满意公共设施
在替代组屋的公共设施方面,超过九成的居民对电梯、景观、消闲设施及停车场等设施感到满意。
然而,居民对组屋内部的满意程度则较低,屋子地砖、墙壁及天花板的满意度分别只有80%和77%,是整个调查中比例偏低的。
以邻里和亲子关系来说,96%的居民认为现有的居住安排理想。每10名居民中,9人表示已婚的孩子每个月至少会探访他们一次,这个比例与搬迁前一样。
超过九成的居民也认为,他们能和旧邻居搬进同一区,有助于维持邻里及社区关系。72%的居民也认为,睦邻关系已改善或维持不变。
他们在新组屋平均认识17户家庭,其中5户是新认识的。80%居民有意认识更多邻居,以培养紧密的睦邻关系。
94%的居民也对邻里有归属感,因为他们居住在同一区多年,非常熟悉周遭环境。
建屋局表示,他们对重建计划获得居民欢迎不感到意外,因为居民能以受津贴的屋价购买一间有99年屋契的新组屋,组屋现代化的公共设施也能满足居民的需要。重建计划也能吸引一些年轻人搬到替代组屋,为旧组屋区注入新生命。
建屋发展局昨天公布的调查显示,受选择性整体重建计划(SERS)影响的居民都支持这个计划,他们一般上“喜新”但不“厌旧”,喜欢新的替代组屋,也对和旧邻居住在旧的组屋区感到满意。
调查显示,居民对重建计划的支持率维持在85%,他们对搬迁后的居住环境感到满意;89%认为新替代组屋物有所值。
这是建屋局去年针对受重建计划影响的居民所展开的调查。受影响的4418户家庭于2001年至2006年搬入替代组屋,其中1019户参与调查。这项调查定期进行,以让当局了解居民对重建计划的反应。
居民对重建计划感到满意,主要是因为替代组屋通常位于同个邻里,他们可以继续住在熟悉的组屋区,并享有更好的居住环境。超过九成的受访居民表示,他们有足够时间为搬迁做好准备,也对居住在熟悉的邻里感到满意。居住环境的提升及崭新的替代组屋,都让居民感到自豪。
九成居民满意公共设施
在替代组屋的公共设施方面,超过九成的居民对电梯、景观、消闲设施及停车场等设施感到满意。
然而,居民对组屋内部的满意程度则较低,屋子地砖、墙壁及天花板的满意度分别只有80%和77%,是整个调查中比例偏低的。
以邻里和亲子关系来说,96%的居民认为现有的居住安排理想。每10名居民中,9人表示已婚的孩子每个月至少会探访他们一次,这个比例与搬迁前一样。
超过九成的居民也认为,他们能和旧邻居搬进同一区,有助于维持邻里及社区关系。72%的居民也认为,睦邻关系已改善或维持不变。
他们在新组屋平均认识17户家庭,其中5户是新认识的。80%居民有意认识更多邻居,以培养紧密的睦邻关系。
94%的居民也对邻里有归属感,因为他们居住在同一区多年,非常熟悉周遭环境。
建屋局表示,他们对重建计划获得居民欢迎不感到意外,因为居民能以受津贴的屋价购买一间有99年屋契的新组屋,组屋现代化的公共设施也能满足居民的需要。重建计划也能吸引一些年轻人搬到替代组屋,为旧组屋区注入新生命。
房屋经纪抽佣 指导原则取消
Source : 《联合早报》Aug 06, 2008
在新加坡竞争局(CCS)的压力下,房地产经纪学会(IEA)昨天宣布取消它为房屋经纪拟定的抽佣指导原则。这意味,今后房屋经纪和经纪行将能自由决定自己的抽佣比率。
不过,昨天受访的几家房屋经纪行负责人不认为,这个改变会对现有的抽佣行情起太大的影响。ERA房地产公司和博纳集团(PropNex)都分别告诉本报,它们不认为目前有必要调整公司为旗下经纪建议的抽佣制。
ERA房地产公司助理副总裁林东荣说:“现在的佣金其实已经非常合理,如果再低,恐怕很多经纪都觉得不划算了。”
他相信,几家规模较大的房屋经纪行应该还是会依照现在的行情来抽佣,但是一些较小的经纪行或许会以较低的佣金,来吸引屋主雇用他们的服务。“不过我不认为这是一个大问题,因为即使是现在,他们也常常这么做。”
房地产经纪学会的指导原则建议:房屋经纪向卖方收取至少相等于房屋成交价2%的佣金;在转售组屋交易中,如果买方没有经纪,卖方的经纪也会向买方收取1%的佣金。
该指导原则是房地产经纪学会于1999年创立时推出的,不过最早其实起源于1974年的政府宪报。它虽然广泛被业内人士采用,不过并非强制性。
博纳集团总裁伊斯迈说:“说到底,这只是一项指导原则,现在许多房屋经纪其实都常常针对佣金私下跟客户达成协议。”
不过,新加坡竞争局认为,作为一个行业的代表团体,房地产经纪学会不应该设定价格指导原则,因为这将干扰自由市场竞争,让一些较有效率、能收取较低廉佣金的经纪,没有这么做的动力。
目前,房地产经纪学会旗下有大约1400名会员,其自愿性中央登记系统(一个让房地产经纪学会和各别经纪行合作和交换资讯的平台)则有来自359家房屋经纪行的2万1000名房屋经纪向它登记。
“新加坡竞争局也注意到,其中一些房地产经纪学会会员和第五届理事会成员都是大房屋经纪行的主管。”
据了解,我国较有规模的房屋经纪行,例如ERA和博纳,都依照房地产经纪学会的的指导原则来抽佣。
博纳集团总裁伊斯迈认为,即使指导原则取消了,房屋经纪也不应该展开削价战,单靠低廉的佣金来竞争。他支持这项新宣布,不过他强调,在接下来的环境下,房屋经纪更有必要自我提升,让买卖双方因为自己所提供的服务较好、专业知识较渊博,而情愿支付较高的佣金。
房地产经纪学会会长符志强也担心,这项指导原则取消后,可能会被一些行内的害群之马滥用,利用外国人不熟悉行情的弱点,或者客户的一时疏忽,而抽取过高的佣金。
他提醒屋主在雇用房屋经纪之前,应该先了解经纪和其经纪行的背景。“如果你要选择一名专业的房屋经纪,请选择房地产经纪学会旗下的会员。这样你至少可以安心,万一真的发生问题,起码也有个管道来伸冤。”
过去两年房地产市场相当蓬勃,这不但带动成交量剧增,也吸引更多人投身房地产经纪业,导致跟房地产有关的投诉显著增加。截至去年9月,消协接到跟房地产业有关的投诉达到991起,比2005年多出约300起,也比2004年的469起多。
伊斯迈透露,在这之前,新加坡医药协会(Singapore Medical Association)和法律协会也取消它们的类似收费指导原则,因此这个宣布并不令人意外。
对于房地产经纪学会(IEA)取消为房屋经纪拟定的抽佣指导原则,消费者协会表示欢迎,并认为这将保障消费者的利益。
消协理事长谢成春说:“消费者不应该接受那些老提到旧抽佣指导原则的经纪,因为他们可以自由地讨价还价,以支付适当的收费。”
消协发表文告说,房屋经纪也应该在合约中列清楚收费,保持透明度。消协也吁请消费者举报那些企图制定佣金比率的经纪行,因为这会抵触竞争法令。
针对市场出现不愿联合代理(co-broke)的经纪,消协也表示关注。联合代理指的是不同经纪代表买卖双方,并各自收取佣金。不愿联合代理的经纪是想独自完成交易,收取两边的佣金。
消协表示,一人收取两边佣金的做法,对买卖双方的利益都有害。协会注意到,一些屋主的经纪会把潜在买家拒于门外,因为他们不愿支付佣金给屋主的经纪。
对屋主来说,前来参观屋子的买家减少,使他们更难以成功卖出房子,并取得好价钱。对买家而言,他们的选择范围缩小,找到心仪组屋的几率也降低。
因此,消协建议买卖双方不要让经纪享有买卖屋子的专有权(exclusivity),以确保交易具灵活度。
受访的公众说,他们购买转售组屋时都按照指导原则支付1%的佣金给经纪,并认为这样的佣金比率是合理的。
刚在今年初购买转售组屋的许秋燕(29岁,电疗师)说,她曾碰到不少屋主的经纪,因为想赚取买卖双方的佣金,而宁可不要让聘有经纪的她参观房子。
她欢迎房地产经纪学会的建议,让买卖双方与经纪讨论佣金比例,这样公众就能按照经纪的服务水准来支付佣金,有助于提升他们的服务水平。
然而,她也担心这可能增加市场的不确定因素,因为买卖双方和经纪可能因佣金比率而僵持不下。
“消费者会想压低佣金,经纪自然想抽更多佣金,使交易更难完成。政府或许应该介入管制,设定最低佣金比例作为参考依据。”
另一名不愿具名的男屋主说,让公众和经纪自由决定佣金数额的用意是好,不过推行上会有难度。他说,房屋经纪可能都已习惯收取1%或2%的佣金,要他们马上改变观念相当困难。
“房屋经纪是代表我们和对方协商的,现在我们还得和经纪讨价还价,这样也太难了吧。”
消协吁请房地产经纪学会继续观察市场走势,确保经纪不再遵照抽佣指导原则,干扰自由市场竞争。
此外,组屋屋主和买主也不一定非得通过房地产经纪才能完成交易,双方可到建屋局完成交易程序。尽管如此,目前只有小部分的转售组屋交易是在屋主或卖主没有聘用房地产经纪的情况下完成。
在新加坡竞争局(CCS)的压力下,房地产经纪学会(IEA)昨天宣布取消它为房屋经纪拟定的抽佣指导原则。这意味,今后房屋经纪和经纪行将能自由决定自己的抽佣比率。
不过,昨天受访的几家房屋经纪行负责人不认为,这个改变会对现有的抽佣行情起太大的影响。ERA房地产公司和博纳集团(PropNex)都分别告诉本报,它们不认为目前有必要调整公司为旗下经纪建议的抽佣制。
ERA房地产公司助理副总裁林东荣说:“现在的佣金其实已经非常合理,如果再低,恐怕很多经纪都觉得不划算了。”
他相信,几家规模较大的房屋经纪行应该还是会依照现在的行情来抽佣,但是一些较小的经纪行或许会以较低的佣金,来吸引屋主雇用他们的服务。“不过我不认为这是一个大问题,因为即使是现在,他们也常常这么做。”
房地产经纪学会的指导原则建议:房屋经纪向卖方收取至少相等于房屋成交价2%的佣金;在转售组屋交易中,如果买方没有经纪,卖方的经纪也会向买方收取1%的佣金。
该指导原则是房地产经纪学会于1999年创立时推出的,不过最早其实起源于1974年的政府宪报。它虽然广泛被业内人士采用,不过并非强制性。
博纳集团总裁伊斯迈说:“说到底,这只是一项指导原则,现在许多房屋经纪其实都常常针对佣金私下跟客户达成协议。”
不过,新加坡竞争局认为,作为一个行业的代表团体,房地产经纪学会不应该设定价格指导原则,因为这将干扰自由市场竞争,让一些较有效率、能收取较低廉佣金的经纪,没有这么做的动力。
目前,房地产经纪学会旗下有大约1400名会员,其自愿性中央登记系统(一个让房地产经纪学会和各别经纪行合作和交换资讯的平台)则有来自359家房屋经纪行的2万1000名房屋经纪向它登记。
“新加坡竞争局也注意到,其中一些房地产经纪学会会员和第五届理事会成员都是大房屋经纪行的主管。”
据了解,我国较有规模的房屋经纪行,例如ERA和博纳,都依照房地产经纪学会的的指导原则来抽佣。
博纳集团总裁伊斯迈认为,即使指导原则取消了,房屋经纪也不应该展开削价战,单靠低廉的佣金来竞争。他支持这项新宣布,不过他强调,在接下来的环境下,房屋经纪更有必要自我提升,让买卖双方因为自己所提供的服务较好、专业知识较渊博,而情愿支付较高的佣金。
房地产经纪学会会长符志强也担心,这项指导原则取消后,可能会被一些行内的害群之马滥用,利用外国人不熟悉行情的弱点,或者客户的一时疏忽,而抽取过高的佣金。
他提醒屋主在雇用房屋经纪之前,应该先了解经纪和其经纪行的背景。“如果你要选择一名专业的房屋经纪,请选择房地产经纪学会旗下的会员。这样你至少可以安心,万一真的发生问题,起码也有个管道来伸冤。”
过去两年房地产市场相当蓬勃,这不但带动成交量剧增,也吸引更多人投身房地产经纪业,导致跟房地产有关的投诉显著增加。截至去年9月,消协接到跟房地产业有关的投诉达到991起,比2005年多出约300起,也比2004年的469起多。
伊斯迈透露,在这之前,新加坡医药协会(Singapore Medical Association)和法律协会也取消它们的类似收费指导原则,因此这个宣布并不令人意外。
对于房地产经纪学会(IEA)取消为房屋经纪拟定的抽佣指导原则,消费者协会表示欢迎,并认为这将保障消费者的利益。
消协理事长谢成春说:“消费者不应该接受那些老提到旧抽佣指导原则的经纪,因为他们可以自由地讨价还价,以支付适当的收费。”
消协发表文告说,房屋经纪也应该在合约中列清楚收费,保持透明度。消协也吁请消费者举报那些企图制定佣金比率的经纪行,因为这会抵触竞争法令。
针对市场出现不愿联合代理(co-broke)的经纪,消协也表示关注。联合代理指的是不同经纪代表买卖双方,并各自收取佣金。不愿联合代理的经纪是想独自完成交易,收取两边的佣金。
消协表示,一人收取两边佣金的做法,对买卖双方的利益都有害。协会注意到,一些屋主的经纪会把潜在买家拒于门外,因为他们不愿支付佣金给屋主的经纪。
对屋主来说,前来参观屋子的买家减少,使他们更难以成功卖出房子,并取得好价钱。对买家而言,他们的选择范围缩小,找到心仪组屋的几率也降低。
因此,消协建议买卖双方不要让经纪享有买卖屋子的专有权(exclusivity),以确保交易具灵活度。
受访的公众说,他们购买转售组屋时都按照指导原则支付1%的佣金给经纪,并认为这样的佣金比率是合理的。
刚在今年初购买转售组屋的许秋燕(29岁,电疗师)说,她曾碰到不少屋主的经纪,因为想赚取买卖双方的佣金,而宁可不要让聘有经纪的她参观房子。
她欢迎房地产经纪学会的建议,让买卖双方与经纪讨论佣金比例,这样公众就能按照经纪的服务水准来支付佣金,有助于提升他们的服务水平。
然而,她也担心这可能增加市场的不确定因素,因为买卖双方和经纪可能因佣金比率而僵持不下。
“消费者会想压低佣金,经纪自然想抽更多佣金,使交易更难完成。政府或许应该介入管制,设定最低佣金比例作为参考依据。”
另一名不愿具名的男屋主说,让公众和经纪自由决定佣金数额的用意是好,不过推行上会有难度。他说,房屋经纪可能都已习惯收取1%或2%的佣金,要他们马上改变观念相当困难。
“房屋经纪是代表我们和对方协商的,现在我们还得和经纪讨价还价,这样也太难了吧。”
消协吁请房地产经纪学会继续观察市场走势,确保经纪不再遵照抽佣指导原则,干扰自由市场竞争。
此外,组屋屋主和买主也不一定非得通过房地产经纪才能完成交易,双方可到建屋局完成交易程序。尽管如此,目前只有小部分的转售组屋交易是在屋主或卖主没有聘用房地产经纪的情况下完成。