Mortgage Payments Worry S'poreans; Expats Fret Over Pay

Source : The Business Times, March 30 2009

Job security anxieties remain the main reason

A MAJORITY of Singaporeans worry about their ability to pay their mortgages, a survey by Zurich International Life (ZIL) showed.

'I wonder about the result if the survey is done now,' said Andy Robinson, ZIL Asia regional director in a recent BT interview. Singapore is experiencing its worst downturn ever with some forecasting that the economy could shrink as much as 8-10 per cent this year.

Seventy per cent of Singaporeans in the November survey were confident in their ability to save adequately while 60 per cent worry about their ability to pay mortgages. Mr Robinson thinks the Central Provident Fund mandatory contributions accounts for the optimism on savings while job security anxieties are keeping Singaporeans awake over their mortgages.

The survey which involved 212 Singaporeans and expatriates with a minimum monthly income of $4,000 revealed a general low level of confidence in economic recovery. Ninety per cent of expatriates are making changes in the allocation of their wealth, with more going to savings. Eighty two per cent of expatriates report a reduction in disposable income which warranted 62 per cent feeling the need for a change in their lifestyle.

'Part of that is buying less property,' said Mr Robinson referring to the changes in allocation of wealth by expatriates. Foreigners had been big buyers of high-end properties in the past five years. And over the past five years, more and more expatriates have increasingly switched to local terms from expensive expatriate packages, he added.

The survey also showed that priority of saving or investing remains at the top of the list of those asked. ZIL prepares two research reports a year asking Singaporeans and expatriates about their attitudes to financial planning and the correlation between their financial and lifestyle behaviour.

Far East Sells 97 Units Of Mi Casa Over Past Week

Source : The Business Times, March 31 2009

The 457-unit 99-year leasehold condo is selling well with upgraders.

Here's yet more evidence that there's still demand for attractively priced condos in the mass-market segment. Property tycoon Ng Teng Fong's Far East Organization has sold 97 units at its Mi Casa condo near Choa Chu Kang MRT Station since it began
sales last week.

Mi Casa: Located near Choa Chu Kang MRT Station, the 457-unit condo has an average price of $625 psf. Buyers who wish to opt for an interest absorption scheme will have to pay 3% more.

The 99-year leasehold condo has an average price of $625 per square foot. Buyers who wish to opt for an interest absorption scheme will have to pay 3 per cent more.

The 457-unit condo is being developed on a plot along Choa Chu Kang Drive which is diagonally opposite Lot One mall.

In a news release last night, Far East said Mi Casa is the first new private condo project in the Choa Chu Kang town centre in eight years and offers an 'attractive value proposition' to HDB upgraders and private home owners in the area.

Upgraders accounted for 80 per cent of Mi Casa's buyers. A number of buyers also own landed homes in the area and bought units at Mi Casa for investment and for their children, according to Far East. Mi Casa also drew some foreign buyers (such as China nationals and Malaysians).

Far East Organization unit Tian Hock Properties bought the Mi Casa site at a state tender in May last year for $116.01 million or $203 per square foot per plot ratio.

Over at the Balestier Road area, City Developments is understood to have sold another 30 units between Friday and Sunday at The Arte at Thomson freehold condo.

This brings total sales in the project to nearly 90 units. The 336-unit project, which will comprise two 36-storey blocks, is being offered at an average sellling price of about $880-890 psf.

At Somerville Road, boutique developer HLH Group has sold eight of the total 25 units at its D'Almira condo since it began previews three weeks ago.

The average price of the five-storey freehold apartment development is about $750 psf, says ERA divisional director Andrew Soh, who is marketing the project.

HLH is not offering any interest absorption scheme; buyers will have to make normal progress payments on their units when they are billed by the developer, in accordance with the stage of construction.

In the River Valley area, Fortune group sold another five units last week at The Mercury in Shanghai Road. The average price for the freehold project is '$1,200 psf plus', according to Fortune Development general manager Victor Soh.

Interest absorption scheme is available to buyers in exchange for a 3 per cent premium. To date, 64 of the total 67 units in the project have been sold.

US Home Prices In Freefall

Source : The Straits Times, March 31, 2009

US Economy

WASHINGTON - US HOME prices in the 20 largest cities fell by a record 19 per cent in January from a year ago in a downward spiral with no end in sight, the Standard & Poor's/Case-Shiller survey showed on Tuesday.

Home prices in 20 major US cities fell at the fastest rate on record in January and are now down a record 19 per cent in the past 12 months. -- PHOTO: AFP

The year-on-year decline was steeper than analysts' consensus forecast of an 18.6 per cent drop, and eclipsed December's record decline of 18.5 per cent.

The monthly survey found continued broad-based declines in the prices of existing single-family homes in the 20 top metropolitan areas.

A separate index of home prices in the 10 largest metropolitan areas also posted a record decline, of 19.4 per cent from January 2008.

The two monthly indices have fallen steadily since October 2007. On a monthly basis, home prices in the top 20 cities were down 2.8 per cent in January, after falling 2.6 per cent in December. In the 10 largest cities, prices fell by 2.5 per cent, after a drop of 2.3 per cent.

'Home prices, which peaked in mid-2006, continued their decline in 2009,' said David Blitzer, head of the index committee at Standard & Poor's.

'There are very few bright spots that one can see in the data. Most of the nation appears to remain on a downward path,' he said.

Average home prices across the US hovered around levels last seen in late 2003. From the peak in the second quarter of 2006, the 10-city index is down 30.2 percent and the 20-city index is down 29.1 per cent.

The three worst-performing cities on an annual basis were the former boom markets of Phoenix, Arizona, down 35.0 percent; Las Vegas (down 32.5 per cent) and San Francisco (down 32.4 per cent).

New York had a relatively soft decline of 9.6 per cent, and Dallas, Texas; Denver, Colorado; and Cleveland, Ohio fared the best, down 4.9 per cent, 5.1 per cent and 5.2 per cent, respectively. -- AFP

新乐园共管公寓 上周预售单位卖近八成

Source : 《联合早报》March 31, 2009

远东机构在上个周末的预售活动中，卖出了94个新乐园(MiCasa)共管公寓单位。据了解，这些单位的每平方英尺平均成交价格约625元。

靠近蔡厝港地铁站和第一乐购物中心的新乐园，是一座富地中海风格的郊区共管公寓项目。

这个位于蔡厝港通道的99年地契共管公寓共有460个单位，是发展商在去年5月以1亿1601万元，即容积率每平方英尺203元买下的，因此分析员估计建成的共管公寓，成本大约是每平方英尺550元。

上个周末，发展商只是开放了其中123个单位让一些贵宾选购。由于这是过去八年来，蔡厝港新镇一带所推出的唯一一个新共管公寓项目，因此新乐园吸引了许多组屋提升者进场。

远东机构营运总裁（房地产销售）谢文华透露，八成的新乐园买家是组屋提升者，他们来自蔡厝港、油池、武吉巴督和德惠区。“我们对预售成绩感到很满意，这显示蔡厝港镇中心的私人共管公寓项目有很好的需求。”

蔡厝港镇中心最后一次推出新的共管公寓是在2001年底，当时所有699个单位都在三个星期的预售活动中卖光。

市场人士指出，跟2008年相比较，过去一两个月的市道明显改善，虽然买家还是对价格非常敏感，但只要定价合理，地点和产品定位好的项目还是会有一定支持力量。

上个周末推出的新项目，还包括城市发展(CDL)的The Arte at Thomson共管公寓。这个项目在前个星期预售，并卖出了大约60个单位，即60％的推出单位，每平方英尺成交价格平均约880元。

据了解，发展商在上个周末再推出20个单位，但销售数据不详。相关人士透露：“上周末的销售反应相当好。”

The Arte是一个拥有336个单位的永久地契项目，位于汤申路和马里士他路旁的一条支路。据了解，已经成交的单位大多都是面积比较小的二、三卧房式单位。

上个周末新登场的，还包括本地上市公司合顺环球(Hup Soon Global)、特毅国际(Tee International)和一家泰国公司Chewathai联手，在泰国曼谷发展的The Surawong共管公寓。

这栋8层楼豪华共管公寓，位于曼谷的Silom地区，共有52个永久地契单位，售价从每平方英尺488元，即460万泰铢(约合19万6795新元)起。

房地产代理公司第一太平戴维斯(Savills)说，发展商在上个周末推出26个单位，结果成功卖出七成，即19个单位。它透露：“买家大多是新加坡人，或者在本地工作的外籍高管人才，有些是个人，有些是家庭，不过大多是买来自住的。”

金文泰两座组屋居民 为何对“一屋两门”说不？

Source : 《联合早报》March 30, 2009

电梯翻新计划为组屋居民带来电梯直达每层楼的便利，而许多人可能认为，要享有这样的方便，只需投票支持那么简单。

然而，新加坡有180座结构特殊的组屋，却让建屋发展局在翻新电梯时大伤脑筋，因为它们的设计使一些住户难以享有直达住家的电梯。

金文泰14街第101座组屋面向乌鲁班丹河和火车桥。一些居民因不愿舍去这样的风景，而不支持电梯翻新。（周柏荣摄）

碍于当初没有更好的方法，建屋局只能将电梯口开在两层楼梯级之间。居民出了电梯后，还得爬半层梯级才到家。30座组屋投票选择了这个设计。

不过，位于金文泰和后港的六座组屋拒绝了这样的设计。建屋局于是另思对策，后来想到在单位的阳台或前方多开一扇门直接通往电梯口，如此一来就能省却爬楼梯的麻烦。21座组屋在试验计划下以此设计展开翻新。

不过，受影响单位在翻新后有两扇门，一扇只通往电梯，另一扇只通往楼梯。居民对设计的好坏看法不一。后港四座组屋予以支持，前年底开始翻新电梯。金文泰两座组屋的支持率至今仍不足，电梯翻新工程一延再延。

“一屋两门”的创新设计，在居民眼里究竟有什么利与弊？它是带来更多方便，还是增添更多麻烦？记者走访受影响的六座组屋，了解居民有什么不同的看法。

金文泰14街第101座组屋面向乌鲁班丹河，环境清幽。一些居民喜欢从阳台眺望小桥流水的景致，呼吸新鲜空气。

有人因此担心在屋前建电梯井会破坏美景，外人也能从电梯口窥探住家。当周围组屋都已开始翻新电梯时，这里和毗邻的第103座组屋，翻新支持率一直达不到所需的75%。

前年11月，两座组屋就“一屋两门”的设计进行非正式民意调查，结果赞成率分别只达56%和65%。

该区议员迪舒沙说，当时若接着展开正式投票，两座组屋有可能因过不了关而被排在等候名单尾端。他于是要求建屋局先不要让居民投票。

眼看电梯翻新计划一延再延，居民的心情是五味杂陈的。有人确实为了风景才买下单位，无法想像屋前筑起电梯井后会是什么样子。也有不少居民逐渐步入老年，担心那一两层梯级有一天会变成难以克服的障碍。

住在第103座12楼的麦曼（68岁）四年前中风，从此得靠轮椅代步。她居住的楼层目前没有电梯。由于无法自行攀上楼梯，她必须等丈夫回家才能出门。

她说：“如果电梯直达我家，女佣就能推我到楼下走走，不用老是呆在家里。”

对因中风而得靠轮椅代步的麦曼（68岁）来说，住家外的一层梯级，是难以克服的障碍。

住在第101座的陈佩浈（53岁，诊所助理）虽能了解一些邻居对电梯的需要，但她认为目前的设计并不理想，担心电梯建成后会带来另一些问题。

她指出：“根据这个设计，电梯和楼梯是隔开的。如果有陌生人来敲门说电梯坏了，要我开门让他从后门走到楼梯，我要冒险让他进来吗？”

她也说，屋前一旦筑起电梯井，现在能观赏到的风景就全被挡住了。她还必须为阳台装上窗花。

另一名居民陈伊琳（33岁，家庭主妇）则觉得陌生人能从电梯口探进组屋，影响了住户的安全和隐私。

当听到其他居民的顾虑，住在14楼的麦先生（60多岁，退休）自己画了设计图，想办法让电梯和楼梯相通。他也建议电梯井可采用透明设计，看起来较明亮美观。

另一名居民叶瑞祥（63岁，退休公务员）更在今年初自己做调查，看是否已有更多居民支持翻新。结果他发现，支持率虽然已提高，却还需多四户家庭的赞成才可过75%。

他无奈地说：“当然失望啦，我想赞成的居民都会失望，但既然是这样就算了。”他透露，如果电梯迟迟不能获得翻新，他会考虑搬家。

不过，迪舒沙还是感到乐观，并承诺继续和居民沟通。他说：“我们一直积极传达关怀年长者的信息，成功改变一些居民的想法。相信我们渐渐就会达到目标。”　　

建屋局说，要让这类组屋享有每层停留的电梯，目前就只有这样的做法。它也说，如果情况显示多数居民已改而支持设计，而该区的基层组织顾问或翻新工作委员会希望展开正式的投票，它将同意他们的要求。

后港四座组屋 翻新展开后 居民还一知半解

在投下支持电梯翻新的一票时，住在后港22街第245座组屋的方炳华（59岁，退休）没有料到，自己日后会对设计有这么多不满。

他在工程展开后才发现新电梯井相当靠近住家阳台，而工程师基于安全理由，打算把阳台约1.5公尺的部分围起。

“刚开始我还以为他们就围一点点，后来听其他邻居说才知道他们要围这么多。”他于是召集20户受影响的居民签名请愿，通过议员潘惜玉要求建屋局修改设计。

和金文泰14道的两座组屋一样，后港1道、3道和22街的四座组屋当初也因不赞成把电梯口开在两层楼之间，而获建屋局建议在阳台增设一扇门直达电梯。和前者不同的是，四座组屋在前年9月以介于76%到92%的支持率，同意展开电梯翻新。

当记者走访这些组屋时，翻新工作已进行了一半，预计最迟明年中可竣工。然而，还是有居民对最终的“成品”没什么概念，例如不知电梯只能通往设在阳台的大门，不能通往别处。

方炳华楼上的邻居爱薇不喜欢电梯和楼梯隔开的设计。她认为，从电梯出来只能走向大门，对居民构成危险。她问道：“万一有歹徒在电梯口等候，我要往哪里逃？”

该区议员潘惜玉说，为了消除居民的担忧，当局把一些电梯口的围墙高度减了一半，并设紧急按钮供居民在发生火患或电梯故障时求救。当局也在电梯口装置通风铁片，避免外人窥探屋里的情况。

针对有居民仍不清楚电梯设计一事，潘惜玉回应说，她之前已花了相当多功夫向居民解释，也亲自走访一些单位。此外，建屋局官员也分头上门向居民讲解设计，并在正式投票前做了民意调查。在民意调查和正式投票的阶段，当局都有办展览让居民参观，投票通知书也附上宣传册，清楚讲解电梯设计和所需费用。

居住在后港3道第249座组屋的张捷荣（55岁，自雇者）就表示有听过议员的讲解和参观展览，非常清楚电梯的设计。

他说：“虽然挡住了风景，也变得不那么通风，但长远来看，拥有电梯更重要。老实说，这是个不错的点子，让坐轮椅、年长和没有力气爬楼梯的人都能受益。”

住在第251座组屋的黄世平（65岁，退休）则认为，住家有两个门也无妨。他说：“万一有火患，我们就有另一个逃生口。带多一把钥匙也是小事，反正现在每天都已经带一大串钥匙出门了。”

后记

今年初，淡滨尼两座四层楼分隔式组屋成为率先采用“一屋两门”设计完成电梯翻新的组屋。媒体本月初受邀参观其中一座组屋，了解设计如何解决了电梯不能在每层停留的问题。当时受访的住户普遍对这个方法感到满意。

笔者事后翻查过去资料，发现金文泰和后港的六座组屋两年前也在探讨是否采用类似设计，而它们都拒绝了之前的“半层楼”设计。

笔者于是向这些组屋的居民了解他们是否已采纳新设计，结果发现新设计在金文泰14道的两座组屋无法过关。后港的四座组屋则赞成采用新设计，电梯翻新在一年多前展开。

在走访金文泰组屋时，笔者发觉，年长居民较迫切希望拥有每层停留的电梯，对设计的的好坏意见不多。较年轻的居民则会更关注设计如何影响住家的布局和他们的隐私，宁愿等当局提出更好的方法才赞成翻新。

另一方面，后港的组屋虽通过了新设计，但还是有居民对它一知半解。有人看到电梯井逐渐成形，才发现设计并不称心，后悔当初没有仔细考虑。

从“半层楼”到“一屋两门”的设计，建屋局的出发点是在成本允许的情况下（政府把平均成本限制在每户最多3万元），尽量为居民提供电梯直达每层的便利。

然而，从受影响居民反应也可看到，最实际可行方法未必能尽善尽美。当局只能在限制中继续寻求突破，根据所得到的反馈继续改良设计。在有更好的设计出炉之前，居民唯一能做的，是在衡量他们的需要后，作出取舍。