A Lush Cityscape

Source : The Straits Times, April 29, 2009

SKYRISE greenery is set to grow lusher, with a new programme launched on Wednesday in support of the government's blueprint for sustainable development.

The Urban Redevelopment Authority's (URA) LUSH programme will encourage developers to up the greenery factor on their buidlings. --PHOTO: URA

The Urban Redevelopment Authority's (URA) Lush programme, or Landscaping for Urban Spaces and High-Rises, will encourage developers to up the greenery factor on their buidlings.

New developments within the Downtown Core, Kallang Riverside and Jurong Gateway will have to provide a landscaping equivalent to to the area of the development site.

Also, existing buildings in Orchard and the Downtown Core will be allowed additional gross floor area above what is permissible for developing rooftop outdoor refreshment areas if rooftop landscaping is done

In tandem, the National Parks Board will throw in $8 million over the next three years to fund up to half the cost of setting up green roofs on existing buildings in these areas.

These cash incentives will be available from September.

Cheung Kong Looking To Invest In Singapore's Property Market

Source : Channel NewsAsia, 27 April 2009

Recession woes have not deterred Hong Kong billionaire Li Ka Shing from seeking out investment opportunities in Singapore's property market.

Future skyline of Marina Bay - URA

The tycoon's Cheung Kong Holdings is aiming to increase its investments in the city-state.

Justin Chiu, executive director, Cheung Kong Holdings, said: "Actually there are ample opportunities in Singapore right now, so we are looking at various locations. We hope that we can invest in mass market developments, so that's why we are looking at various locations in the West Coast area."

But the timing of this investment depends on when the Singapore government releases land for tender.

Speaking on the sidelines of an industry event on Monday, Cheung Kong said it hopes to buy some land in the next six months, and it is looking for a large plot of at least half a million square feet.

The developer said its investments in Marina Bay and the potential West Coast project reflect its positive outlook for the Asian property market.

While it is hard to say when the Singapore and Asian markets will bottom out, Cheung Kong believes the longer term outlook for the next three to seven years remains bright. And it is especially bullish on the property markets of China, Hong Kong and Singapore. - CNA/yt

“永续蓝图”建宜居城市

Source : 《联合早报》Apr 28, 2009

“永续新加坡发展蓝图”总投入10亿元，勾勒出新加坡未来10年至20年的永续发展目标，确保新加坡的下一代继续享有高素质的居住环境。

新加坡未来20年将发展成为一个更具活力、环保，蓝色和绿色空间不断扩大的一座宜居城市。
























到了2030年，本地八成建筑物，包括组屋将达到最基本的绿色建筑水平；整体能源耗量减少35％；空气素质进一步获得改善；公园面积增加900公顷（相等于15个碧山公园）；公园连道比目前增加两倍，达360公里；更多蓄水池和水道也将开放给公众进行消闲活动。

新加坡人的生活方式也会更趋环保，个人用水量到时将减少10％；全国废物再循环率提高至70％；脚踏车道网络将获得扩大，鼓励人们以脚踏车往返地铁站和住家。

经过一年多的筹划，收集和整理超过1300个来自各方的意见，由国家发展部长马宝山和环境及水源部长雅国博士联合领导的永续发展跨部门部长级委员会，昨天在园艺园林（Hort Park）举行记者会，公布总值10亿元的“永续新加坡发展蓝图”（Sustainable Singapore Blueprint）详情，勾勒出新加坡未来10年至20年的永续发展目标，确保新加坡的下一代继续享有高素质的居住环境。

除了马宝山和雅国，委员会成员：交通部长林双吉和贸工部兼教育部高级政务部长易华仁也出席记者会。委员会的另一名成员——财政部长尚达曼则因为身在国外而缺席。

在记者会上，马宝山首先说明新加坡未来面对的三大挑战，包括经济与人口不断增长、全球资源短缺与竞争加剧，以及应对气候变化带来的问题。

马宝山指出，新加坡要迎接未来的挑战，必须从现在起做准备，就像先辈们从40年前就开始注重绿化、保护环境，拒绝让污染工业在本地设厂一样，新加坡才得以享有目前清洁与绿化的环境。

他说：“我们在制定永续蓝图时也考虑到全球经济不景，所以决定采取柔性劝导方式，通过提供奖励、津贴和公共教育，而不是通过立法或制定税收来达到目标。确保新加坡继续取得永续发展是一项长期挑战，新加坡的资源有限，随着世界各国迅速城市化和工业化，资源竞争只会越来越激烈，因此无论经济好坏，永续发展必然是我们的优先课题。”

雅国说：“永续蓝图将从各方面给新加坡人带来冲击，人们必须改变现有的生活方式。如果我们成功，这不仅将成为新加坡的竞争优势，我们也将是第一个展示如何在经济发展和环保取得平衡的城市国。”

永续蓝图主要从四大方面：居住、交通、休闲和工作环境着手，通过推出不同措施，逐步提高新加坡的节能效率，以及加强居住环境素质。

委员会估计，如果节能措施能取得成功，每年可节省高达36亿元的能源开销。

针对10亿元是否足够用来推展永续蓝图中的多项措施，马宝山表示，10亿元只是政府未来五年的第一笔相关拨款，随着科技日新月异，以及世界局势演变，永续蓝图设定的目标和拨款每五年会检讨及调整。

永续新加坡发展蓝图 30组屋邻里实验太阳能计划

Source : 《联合早报》Apr 28, 2009

建屋局去年实验安装太阳能板节能计划，发现能满足两座组屋公共场所的电力需求，节省10%能源，成效令人鼓舞，于是决定展开历来最大规模的实验计划。估计全面推行后，各市镇理事会每年可节省3600万元，或相等于运作开支的8%。

实龙岗北是率先装置太阳能板的两个组屋邻里之一。一座组屋屋顶一般可安装约70块太阳能板。（曾坤顺摄）

在永续新加坡发展蓝图下，建屋发展局今年将展开历来最大规模的太阳能实验计划，未来六年投入3100万元在30个组屋邻里装置太阳能板，以研究全面推广这项科技的可行性，进一步减少组屋区的耗电量。

参与实验计划的组屋邻里，包括28个现有邻里和两个新邻里，它们的地点有待确定。计划将在2015年结束。

除了这些组屋邻里，预定后年建成的榜鹅“绿馨苑”（Treelodge@Punggol）绿色组屋，屋顶30%空间也将装置太阳能板，为走廊、楼梯和停车场等公共场所提供80%的照明。

建屋局说，超过80%新加坡人住在9000多座组屋，估计每年消耗12亿元能源，因此在组屋区推行节能措施，有助于节省开支。

其实，建屋局早在去年就与国家环境局和能源市场管理局展开节省能源计划（Energy SAVE Programme），率先在实龙岗北和三巴旺威灵顿圈两个邻里的14座组屋和两座多层停车场，安装超过1000个太阳能板，每天可发动440千瓦小时（kWh）电力，满足两座组屋公共场所的电力需求，节省10%能源。

据估计，节能计划全面推行后，各市镇理事会每年可节省3600万元，或相等于运作开支的8%。

建屋局因此认为，这项节能计划的成效令人鼓舞，于是决定展开更大型的实验计划，进一步探讨组屋地点及建筑结构如何影响太阳能发动电力。

将实时收集电力数据

由于现有组屋屋顶的设计并没有将安装太阳能板的可能性考虑在内，建屋局因此能通过实验计划，更好地掌握太阳能板的设计、研发、操作、维修、安装程序等技术资料。

建屋局位于兀兰的预制科技中心里的建筑监督处，也将实时收集相关电力数据，以评估太阳能板的能源效率。

如此一来，待这项科技的发电成本与购买现有电力的费用持平后，建屋局才能以最佳方式，在其他组屋邻里大量采用太阳能科技。建屋局也希望借此吸引国际制造商在本地设立研究基地，着重研发太阳能科技。

建屋局营建技术处副处长黄良兴受访时说，目前太阳能科技的发电成本太高，是太阳能一直无法在新加坡普及化的主要原因。

他说，一块长1.6公尺、宽0.8公尺的太阳能板售价800元，而且单在一个邻里的七座组屋装置太阳能板，就需要约25万元。

不过他估计，太阳能科技全面开发后，可在25到30年内回本，长远而言，可达到节能的最终目标。

建屋局局长郑锦宝指出：“组屋屋顶有不小的空间可装置太阳能板发动电力，我们已开始利用屋顶上的空间……让组屋变得更具能源效率。”

除了屋顶，建筑物其他地方也可安装太阳能板。黄良兴指出，太阳能科技多样化，实验计划将能让建屋局决定最适合个别建筑的太阳能板。

例如，建屋局正考虑今年内在一座多层停车场试装光伏建筑一体化（Building Integrated Photovoltaic，简称BIPV）太阳能板。这类太阳能板可装在外墙，也可融入窗口透明玻璃的表面吸收更多阳光，甚至能装在室内“捕捉”照入屋内的阳光。

除了太阳能板，在公共场所改用具高能源效率的灯泡，也可大大节省整座组屋的用电量，因为电灯占组屋总耗电量的40%。建屋局就在实龙岗北和威灵顿圈更换超过2300个灯泡，并装置近800个感应器，只有在居民走动时才提供照明。

Home In On Malaysia

Source : The Straits Times, April 28 2009

Market glut makes developments in prime locations in KL and Penang affordable.

An over-supply plus gloomy market sentiment are adding up to a rare buying opportunity for investors in Kuala Lumpur, particularly in the prime KL City Centre (KLCC) area.

TA Properties' Idaman Villas just outside Kuala Lumpur start from RM500 psf. -- PHOTO: TA PROPERTIES.

Dr Lee Ville, president of ERA Malaysia, said: 'In my personal view, the property market sentiment (of KL) is at its lowest since 2004.

'This sentiment has sparked a price drop in the KLCC and Mont Kiara locality.'

He gave an example of Kiaraville, a development in Mont Kiara.

'It was launched in 2005 at RM380 (S$158) per sq ft (psf) and today, there are some units being sold...as low as RM500 psf.'

At the peak, transactions of the property were in the region of RM600 psf, he said.

Mr Ivan Hoh, executive director of PropNex International, said: 'We are seeing a slowdown in property prices in KL's prime areas...we have seen a 15 per cent drop from last year.'

He added that 'many Singaporeans like to buy in areas like Bangsar, Damansara, Mont Kiara, Bukit Bintang and KLCC area'.

'As this is the capital city of Malaysia, rental yields are better than in other states.

'Yields in the current market are about 5 per cent to 7 per cent, depending on the selling price of the property,' Mr Hoh said.

TA Properties' Idaman Residence, a luxury condominium in KLCC priced from RM950 psf, has units for sale.

Prices for its Idaman Villas, double-storey semi-detached units in the Damansara region with a built-up area of 3,692 sq ft or more each, start from RM500 psf.

Dr Ville said: 'With current market sentiment, KL properties are at their most affordable and attractive.'

Penang market

Penang is a frequently overlooked but promising state for property investment. Its capital George Town, together with Malacca, received a Unesco World Heritage Site listing last year.

Mr See Kok Loong, director of Metro Homes, said home prices at Seberang Prai, which is on the mainland of Peninsular Malaysia, 'have been low for many years' due to ample land and lower purchasing power.

He said a standard terrace house on the mainland could cost between RM200,000 and RM250,000 whereas on the island, 'where the prime area' is, terrace houses could cost above RM500,000.

Dr Ville said: 'There are high-end luxury condominiums along Gurney Drive such as Silverton, Regency, Millennium and 11 Gurney.

'These fetch anywhere between RM450 psf and RM550 psf.'

Knight Frank Research said gross yields of upper-middle and high-end condominium units in Penang range between 4.5 and 6.5 per cent.

Property giant SP Setia is launching the third phase of Setia Vista - 29 two-storey terrace units with a built-up area of 1,700 sq ft each. Prices start from RM618,880.

Dr Ville said: 'It is a great place to live or retire. After all, prices remain relatively cheap compared to the rest of our Asian neighbours.'

Most Buildings To Go Green By 2030

Source : The Business Times, April 28, 2009

SUSTAINABLE SINGAPORE BLUEPRINT

Property owners can look forward to annual energy savings of $1.6b

IT'S a red-hot target in going green - the government hopes to put the Green Mark stamp on at least 80 per cent of buildings here by 2030, and has come up with a slew of new measures for building owners to help meet this goal.

Not only does the environment stand to gain, property owners can look forward to annual energy savings to the tune of $1.6 billion in the long run. More jobs dedicated to the development and care of green buildings may also emerge. The new target was revealed by the Inter-ministerial Committee on Sustainable Development yesterday, as part of its 10-to-20-year blueprint for Singapore's growth. In conjunction with the plan's launch, the Building and Construction Authority (BCA) rolled out its second green building master plan to improve the environmental friendliness of buildings.

Existing buildings, in particular, came under the spotlight because they consume a third of national end-use electricity. To entice owners of some private non-residential developments to carry out retrofitting works, BCA will offer cash incentives through a $100 million Green Mark incentive scheme for existing buildings. The National Parks Board will also have a new 'sky-rise' greenery incentive scheme to encourage existing developments in the city centre to green up their roofs.

The government will play its part by requiring all large existing buildings owned by its agencies to attain the Green Mark gold plus standard by 2020, at an estimated retrofitting cost of about $500 million over the next 10 years. Gold plus is second to the top platinum rating, and ranks above the gold and certified ratings.

New buildings are also on BCA's radar, and the agency is working with the Urban Redevelopment Authority (URA) to offer bonus gross floor area (GFA) for private developments. Those that attain the Green Mark platinum or gold plus rating can receive up to 2 per cent or one per cent more GFA beyond the URA master plan gross plot ratio control respectively.

The bonus GFA, however, is subject to caps and the payment of a development charge (DC) or differential premium. While City Developments managing director Kwek Leng Joo believes the additional GFA will help developers defray some investment costs in green technology and features, he suggests 'the DC rate be pegged at the previous rate of 50 per cent instead of the current 70 per cent' to 'make the incentive more attractive and effective'.

New buildings in strategic growth areas will come under greater scrutiny. Those in the Marina Bay and Downtown Core area will have to meet Green Mark platinum or gold plus standards as part of land sale conditions, while those in the Jurong Lake District, Kallang Riverside and Paya Lebar Central will have to attain the Green Mark gold plus rating.

For Marina Bay and Jurong Lake District in particular, URA will introduce a landscape replacement policy to make up for greenery lost from ground development. New projects have to put in place sky-rise greenery or ground-level landscaping equivalent to the site area in size.

The government has also set a high benchmark for new public sector buildings - all medium or large air-conditioned ones have to achieve the Green Mark platinum rating.

'BCA's second green building masterplan will not only result in more of our buildings being able to achieve substantial savings in energy costs, but also provides a boost to the green-collar job market,' said BCA CEO John Keung.

According to BCA, the masterplan will reduce energy costs by $1.6 billion a year when it is fully implemented. Some 18,000 professionals, managers, executives and technicians may also be trained over the next 10 years in the development, design, construction, operation and maintenance of green buildings.

Most Buildings To Go Green By 2030

Source : The Straits Times, April 28 2009

Property owners can look forward to annual energy savings of $1.6b.

IT'S a red-hot target in going green - the government hopes to put the Green Mark stamp on at least 80 per cent of buildings here by 2030, and has come up with a slew of new measures for building owners to help meet this goal.

Not only does the environment stand to gain, property owners can look forward to annual energy savings to the tune of $1.6 billion in the long run. More jobs dedicated to the development and care of green buildings may also emerge. The new target was revealed by the Inter-ministerial Committee on Sustainable Development yesterday, as part of its 10-to-20-year blueprint for Singapore's growth. In conjunction with the plan's launch, the Building and Construction Authority (BCA) rolled out its second green building master plan to improve the environmental friendliness of buildings.

Existing buildings, in particular, came under the spotlight because they consume a third of national end-use electricity. To entice owners of some private non-residential developments to carry out retrofitting works, BCA will offer cash incentives through a $100 million Green Mark incentive scheme for existing buildings. The National Parks Board will also have a new 'sky-rise' greenery incentive scheme to encourage existing developments in the city centre to green up their roofs.

The government will play its part by requiring all large existing buildings owned by its agencies to attain the Green Mark gold plus standard by 2020, at an estimated retrofitting cost of about $500 million over the next 10 years. Gold plus is second to the top platinum rating, and ranks above the gold and certified ratings.

New buildings are also on BCA's radar, and the agency is working with the Urban Redevelopment Authority (URA) to offer bonus gross floor area (GFA) for private developments. Those that attain the Green Mark platinum or gold plus rating can receive up to 2 per cent or one per cent more GFA beyond the URA master plan gross plot ratio control respectively.

The bonus GFA, however, is subject to caps and the payment of a development charge (DC) or differential premium. While City Developments managing director Kwek Leng Joo believes the additional GFA will help developers defray some investment costs in green technology and features, he suggests 'the DC rate be pegged at the previous rate of 50 per cent instead of the current 70 per cent' to 'make the incentive more attractive and effective'.

New buildings in strategic growth areas will come under greater scrutiny. Those in the Marina Bay and Downtown Core area will have to meet Green Mark platinum or gold plus standards as part of land sale conditions, while those in the Jurong Lake District, Kallang Riverside and Paya Lebar Central will have to attain the Green Mark gold plus rating.

For Marina Bay and Jurong Lake District in particular, URA will introduce a landscape replacement policy to make up for greenery lost from ground development. New projects have to put in place sky-rise greenery or ground-level landscaping equivalent to the site area in size.

The government has also set a high benchmark for new public sector buildings - all medium or large air-conditioned ones have to achieve the Green Mark platinum rating.

'BCA's second green building masterplan will not only result in more of our buildings being able to achieve substantial savings in energy costs, but also provides a boost to the green-collar job market,' said BCA CEO John Keung.

According to BCA, the masterplan will reduce energy costs by $1.6 billion a year when it is fully implemented. Some 18,000 professionals, managers, executives and technicians may also be trained over the next 10 years in the development, design, construction, operation and maintenance of green buildings.

S Korea's Jeju Island Woos S'pore Investors

Source : The Business Times, April 29, 2009

Projects range from tourist port to healthcare town

HOWEVER you see it, Jeju is prime property on the world map. Just a two-hour flight from five other major Asian cities - Seoul, Beijing, Shanghai, Hong Kong and Tokyo - the island is three times the size of Singapore and boasts three Unesco World Natural Heritage sites.

To top it off, Jeju is also Korea's only self-governing province - a special designation that allows it to offer visa-free entry to foreigners and tax exemptions to investors.

These pluses could spell intense investment competition for the likes of Singapore. But on the flip side, there can be enticing opportunities.

At an investment seminar here yesterday - hosted by members of Jeju Special Self-Governing Province, Jeju Free International City Development Center (JDC) and Korea Trade-Investment Promotion Agency - representatives outlined many core investment prospects waiting to unfold on Jeju to an audience of Singapore companies.

Among six core projects is a 190-hectare theme park that encompasses a Water Park. Jeju island is also home to eight foreigner-only casinos, with more on the way.

'If you think of Universal Studios, you can easily imagine what Water Park is like,' said Rio Kim, project manager at JDC, a public corporation affiliated with Korea's Ministry of Land, Transportation and Maritime Affairs.

The other core projects include a healthcare town, a high-tech science complex, a tourist port, a global education city and a resort type residential complex.

Projected to cost a total of almost US$5 billion, the six projects will develop Jeju's tourism, education, medical and high-tech industries.

In particular, the US$1.8 billion resort-type residential complex, invested in by Malaysian conglomerate Berjaya, is the biggest single foreign investment in South Korea's tourism industry. Berjaya's investment in Jeju does not stand alone. Despite the global downturn, the island has secured a total of US$3 billion worth of investments in 20 months.

Part of Jeju's success can be attributed to an incentive-loaded investment package that applies equally to Korean and foreign investors.

Investments of more than US$5 million, for instance, can qualify for full corporate and income tax exemption for three to five years, depending on the investment scale, as well as shortened approval procedures by a one-stop administration service division.

Beyond tax incentives, Ko Sung Kyu, executive director of JDC, highlighted project quality and profitability as key elements attracting foreign investors. 'We can provide global standard tax incentives, but investors are more concerned about project concept and profitability,' he said.

To Singapore companies in the audience, 'strong government support for foreign investments is a plus factor', said Mr Kim.

Work Begins On S'pore's 10th Expressway

Source : The Business Times, April 29, 2009

Completion due 2013; it is first road tunnel under the sea

The Land Transport Authority (LTA) broke ground yesterday on the construction of Singapore's first road tunnel under the sea, the Marina Coastal Expressway (MCE).

The new expressway, slated for completion in 2013, will connect the Kallang-Paya Lebar Expressway (KPE) and the East Coast Parkway (ECP) to the Ayer Rajah Expressway (AYE).

'The MCE underscores the government's commitment to continue investing in Singapore's road network,' Transport Minister Raymond Lim said at the ground-breaking ceremony.

'The MCE will be our 10th expressway, after the KPE which opened last year. We will continue to invest in road infrastructure for the future, within the constraints of our limited land space. By 2020, we will complete the North South Expressway (NSE), which will provide an additional route from the north to the city.'

The 5 km MCE is the most ambitious project undertaken by the LTA and involves the widest road tunnel in Singapore, with five lanes going in each direction.

A 420 m section of the expressway will be beneath the sea bed. At its deepest point, it will be about 20 m below mean sea level. Some 13.1 ha of land will be reclaimed for the project - 9.1 ha at Marina Wharf and 4 ha at Marina East.

Singapore's 10th expressway is also notable for another superlative - it will be the country's most expensive expressway, with the value of contracts awarded so far coming up to $4.1 billion.

Exceeding a budgeted figure of $2.5 billion, based on lower construction and engineering costs in 2006, the contracts awarded so far comprise six major civil contracts and four major system-wide contracts. One minor civil contract and three other system-wide contracts are still to be awarded.

In comparison, Singapore's second most expensive expressway, the KPE, cost $1.8 billion to build.

According to LTA, some of cost of the MCE may be recovered if the prices of materials fall, due to a price fluctuation clause in contracts.

Apart from higher tender prices, construction of the MCE in difficult ground and soil conditions, as well as additional safety requirements for the sub-sea tunnel, added to the overall cost.

Construction will take place in soft clay that runs as deep as 60 m in some places.

'Soft clay is not very good for construction,' said Chuah Han Leong, LTA's director of the MCE project. 'It is like working with toothpaste. So we have to conduct extensive ground improvement to enhance the safety of the excavation.'

Planning for the MCE was done with an eye on property values. To increase the development potential of prime land in Marina Bay, the section of the ECP that runs through Marina South will be realigned and downgraded to an arterial road.

'The MCE will add to the long-term growth of Singapore and increase accessibility to the Marina Bay downtown area,' said LTA chief executive Yam Ah Mee.

Vienna Tops In Living Quality, S'pore Improves Ranking

Source : The Business Times, April 29, 2009

Mercer has released the findings of its annual quality-of-living survey, showing Vienna, Zurich and Geneva to be the top three cities to live in.

Vienna managed to oust Zurich from the top spot in this year's survey, due in part to improvements in Austria's political and social environment.

The city also led Europe in a strong showing - the top 10 list was largely dominated by German and Swiss cities, with most of them retaining their rankings from the previous year.

The Asia-Pacific region also had its bright sparks.

Ranked at 26, Singapore led all Asian cities by a comfortable margin, with Tokyo being the next highest- ranked city at 35.

Up six places from the previous survey, Singapore was also Asia-Pacific's biggest mover.

This was attributed to the development of Singapore as a key financial centre as well as the many international and private schools available to the expatriate community.

Singapore's infrastructure was also deemed a cut above the rest. Factoring in essentials like electricity supply, water availability and traffic congestion, Singapore emerged at the top of this index, beating out Munich and Copenhagen.

Aimed at helping governments and major companies decide deployment destinations for employees, the survey could also help companies streamline costs, said Cathy Loose, Asia-Pacific global mobility leader with Mercer's information product solutions.

'As a result of the current financial crisis, multinational companies are looking to review their international assignment policies with a view to cutting costs,' said Ms Loose.

'Many companies plan to reduce the number of medium to long-term international assignments and localise their expatriate compensation packages where possible, although the hardship allowance, based on quality-of-living criteria, will remain an essential component of the package.'

Two hundred and fifteen cities were considered for this survey, with New York City being used as the base with an index score of 100.

Developers Meet Valuers In Search For Common Ground

Source : The Business Times, April 29, 2009

Finger pointed at banks as some buyers struggle to raise enough loans

Developers last week held a meeting with valuers amid recent complaints in some quarters that conservative valuations have derailed some home sale deals as potential buyers could not secure the required loan quantum from banks.

BT understands that the valuers disagreed with the developers that their valuations had been too conservative, and that it was the banks that were just not lending.

'Generally, if there are transactions, we'll match (with valuations). It's the banks that are more cautious about lending to certain profiles of borrowers like investors, especially if they are foreigners,' a valuer told BT.

The valuers also raised issues that they had been facing in recent months, such as a dearth of comparable transactions, and explained the methods that they use to arrive at valuations in such situations.

'We explained that some banks require valuers to look at three comparable transactions, and how we generally do not take into account outlier transactions that may perhaps reflect 'depressed' prices,' another valuer said.

Sources say that the meeting was amicable, drawing more than 20 valuers and heads of property consulting groups and the executive committee members of the Real Estate Developers Association of Singapore led by its president, Simon Cheong.

When contacted, a Redas spokesman said: 'We wanted to better understand issues that valuers may have in their day-to-day valuation and what else the profession may need from developers to enable them to give (as) updated and relevant (a) valuation as possible.

'The discussions were general in nature and discrepancies in valuations in some instances were highlighted and analysed. Valuers shared with us some of the constraints they are facing such as the lack of or insufficient comparable sales data and other issues.

'The session was fruitful as it helped us understand one another better and we agreed to look into areas where communication and interaction could be improved upon.'

A property consultant told BT that he found it odd that the same banks that were willing to give a 75 per cent or 80 per cent loan on a high-end residential unit when it was priced at $2,000 psf (thus assuming an exposure for about $1,500 to $1,600 psf) are now reluctant to give even 50 or 60 per cent loan when the property is going for a much lower price of $1,200 psf (which works out to $600-720 psf exposure for the bank).

'It's particularly difficult for foreign buyers, even PRs in some instances, to get loans for investment properties. Banks are more willing to lend to Singaporeans buying residential properties for owner occupation.

'Some of the bigger banks should take the lead and be more proactive in lending to property buyers, not just for entry-level but also luxury homes, given that spot prices have already come off about 40 per cent.'

Agreeing, another valuer said: 'We provide the valuations. It's up to the banks whether they want to lend, and how much. It's a commercial decision for them.'

Giving his take on the challenges facing the profession, a senior valuer said: 'We have to be as level headed as possible and (assign) a sensible value. Valuers play a very important role in the financial system and economy, as we're marking everybody's asset values.'

This was the first time Redas has met valuers as a group, at least in recent years, and this follows its maiden meeting in November with analysts in stockbroking research houses covering the sector.

Redas also holds regular dialogues with government agencies such as Urban Redevelopment Authority, and Building and Construction Authority. 'Such dialogues provide learning opportunities for Redas and promote better understanding across the industry leading to a healthy property market,' the association's spokesman added.

UK Home Prices Fall 10.1% In April

Source : The Business Times, April 28, 2009

(LONDON) House prices in England and Wales fell by 10.1 per cent in April compared with a year ago, while prices declined at their slowest monthly pace for a year, property data company Hometrack said yesterday.

April's annual fall is a modest improvement from the 10.3 per cent decline recorded in March, which was a survey low, and leaves the achievable price of a home at £155,600, it said.

Hometrack said the slowdown in the monthly rate of decline to 0.3 per cent from 0.6 per cent in March reflected an increase in optimism from estate agents driven by increased levels of market activity.

However, it said it was too early to call a revival of the housing market, and warned the improvements in April's survey may be seasonal.

Recent housing market data have been mixed: official figures suggest that approvals for home loans have edged up from record lows, but surveys from mortgage lenders Nationwide and Halifax sent opposing signals on house prices last month.

Analysts reckon the housing market will remain under pressure for some time yet as rising unemployment and tough borrowing conditions deter people from entering the property market.

'Only when first-time buyers feel confident to enter the market in significant numbers can we really start to claim any 'real' green shoots of recovery,' said Hometrack director of research Richard Donnell.

'This suggests to us that the recent pick-up in demand is largely seasonal and unlikely to be sustained over the rest of the year.' Still, the survey did show improvement in a number of indicators.

The number of sales agreed in April rose by nearly 15 per cent after a rise of 18.6 per cent in March, while the number of prospective buyers registering with estate agents rose by 6 per cent in April after an 8.5 per cent rise in March.

'The increase in demand, together with a move to more realistic pricing, has supported a growth in the number of sales,' according to the survey. -- Reuters