Source : 《联合早报》June 4, 2009
国家发展部昨天宣布继续“冻结”正选名单(Confirmed List)，但由于它留意到最近的市场已开始“动”起来，因此会在今年底重新检讨这个决定。
政府也决定将今年上半年的备售地段，几乎全部都转移到下半年的名单上，因此下半年的备售名单(Reserve List)并没有太大的改变，只是增添了两幅新地段，并剔除一幅旧地段。
这意味，下半年的备售名单上总共会有38幅地段，能为市场增添8655个新私宅单位、51万2000平方公尺的商业楼面，以及4430个酒店客房。
在政府售地计划以外，贸工部、土地管理局等政府相关机构，向来也会通过其他管道为市场供应地皮。今年下半年，这些政府机构不会供应更多的私宅和酒店地段，至于商业楼面供应量也会从今年上半年的4万平方公尺，减少至大约2万8000平方公尺。其中大约7000平方公尺将来自纬壹科技城、一些来自圣淘沙、公园和地铁站的周边商店。
国家发展部在去年11月，因为全球金融大海啸的冲击而决定冻结售地计划，只通过备售名单来为市场供应地皮。这也就是说，政府不会主动推出任何土地供发展商投标，而是在发展商提出申请，而且承诺投标的价格达到政府的最低要求后，才将地段被发展商“勾”出来公开招标。
国家发展部昨天在文告中说，它留意到“最近的房地产市场在交易和投资兴趣方面出现一些正面的讯息”。例如一幅位于肃街(Short Street)的酒店地段，以及一幅位于兀兰工业园的工业地段，最近就被发展商“勾”了出来。
“我们也接到一些发展商的询问，有关备售名单中的另一些地段。”
其他的正面讯息，还包括楼市的成交量显著上升。“例如今年第一季的新私宅需求量高达2552个单位，是去年第四季的六倍以上，这也是自2007年第三季以来的最高水平。
尽管如此，国家发展部还是因为考虑到“市场情况仍不明朗”，而决定继续冻结正选名单。它相信，这将给予市场灵活度，来根据现有的经济情况做调整。
受访的市场人士认为，这是个正确而谨慎的决定。戴德梁行（DTZ）研究部高级董事蔡楚芬说：“我们现在还无法肯定，最近的私宅成交量上升是否显示楼市已经见底，因为经济仍继续紧缩，这或许只是一波累积需求量被释放出来。政府决定暂时不通过正选名单来供地，而等到年底情况比较明朗时才决定，是个较谨慎的决定。”
城市发展(CDL)执行主席郭令明也认为，这项宣布将为市场注入更多信心，让办公楼、酒店和私宅市场稳住阵脚，甚至减缓下跌的幅度。
备售名单添两地段 - 金龙寺原址 勿洛巴士转换站
新添入备售名单的两幅新地段，一幅就是位于海星中学对面的金龙寺原址，另一幅则是现有的勿洛巴士转换站。昨天受访的市场人士都相当看好它们，一些人甚至猜测，这两幅地段可能在今年内就被发展商“勾”出来。
卓登新达国际（Chesterton Suntec International）研究部主管陈瑞谨说：“这两幅地段都相当优秀，一幅位于新的巴特礼(Bartley)地铁站旁边，一幅位于勿洛新镇的心脏地带。我们可能在今年内就看到它们被‘勾’出来。”
不过，这两个地段都有各自的一些局限。以巴特礼地段来说，现有的金龙寺内一隅盘踞一棵百年的菩提树，而该树已经获保留。市区重建局发言人昨天告诉本报，成功标得有关地段的发展商必须采取措施保留它。
金龙寺在2003年被政府宣布征用，该寺的三个信徒因为不愿迁移到他处，并想保留该棵菩提树，因而在政府正式收地的两周前，采取起诉行动。今年1月，最高法院上诉庭驳回这项上诉，并允许让该寺暂时留在原址，等待附近的新院落成。
市建局发言人说，这幅占地1.98公顷的地段，其实包括了一个花圃和金龙寺。花圃的短期租约将在下个月到期，至于金龙寺最迟可在明年9月30日前搬离。不过，如果该地段在期限前被发售，那么该寺就得先搬去一个临时地点。
莱坊(KnightFrank)研究部主管麦俊荣说，保留菩提树这个销售条件，或许会影响发展商对这个地段的兴趣，迫使他们将兴趣转移到备售名单中的其他地段。不过，确实情况还是要仔细研究该地段的具体情况，例如菩提树的根部生长分布，以及所处的位置是否会对整个地段的设计带来很大的不便。
巴特礼路地段的容积率为2.8倍，可容纳大约505个共管公寓单位。
至于新樟宜路上段地段则占地2.49公顷，容积率为3.5倍，可建造475个共管公寓单位，以及33万8635平方英尺的商业楼面。由于它就坐落在勿洛巴士转换站原址，所以也附带销售条件。市建局发言人说：“成功标得有关地段的发展商，必须在工程期间为居民提供一个临时的巴士转换站。”
世邦魏理仕研究部董事郑卫铭相信，这还是无损它的魅力，这幅商住综合地段，既靠近地铁站，又包含一个巴士转换站，应该能够发展成为勿洛的勘宝坊(Compass Point)或勿洛的中荟城(The Centris) 。
仲量联行研究部主管蔡炎亮博士也指出，政府计划为勿洛新镇换上新面貌，再加上这个成熟的组屋区已经很多年没有建新公寓，再加上新组屋非常受欢迎、组屋转售价格也高，相信应该会受到不少发展商的青睐。
郑卫铭认为，除了上述两幅“新血”，下半年备售名单中的19幅私宅地段，其实还有不少“好料”。例如碧山14街地段、实龙岗三道地段，以及达哥打弯(Dakota Crescent)地段，都相当靠近地铁站。
Thursday, June 4, 2009
Grangeford Grace Period Extended
Source : The Business Times, June 4, 2009
THE Urban Redevelopment Authority (URA) has granted Overseas Union Enterprise (OUE) an extension of a grace period until July 27 to remove all partitions in units at The Grangeford condominium and cease the unauthorised use as a boarding house or hostel.
This is to allow OUE time to make arrangements and address the needs of the current residents, URA said yesterday. Having stayed there for only a few months, the tenants were given just three days' notice on Sunday to clear out by their landlord Ideal Accommodation - although the latter knew for at least a month that the partitions breached government rules.
Many residents were frustrated at the lack of information from the landlord.
OUE said in a statement yesterday that its wholly owned unit Cove Development has terminated its tenancy agreements with Ideal Accommodation.
Cove Development leased 171 units at The Grangeford to Ideal Accommodation, which began sub-letting the converted apartments this year.
URA's investigations showed Ideal Accommodation had sub-divided the apartments from the original 141 units to 600 units, and individually leased them to many tenants on an en bloc basis for boarding house or hostel use.
This breached URA regulations and infringed the Planning Act.
URA issued Enforcement Notices to Cove Development and Ideal Accommodation on April 29 over the unauthorised use. Ideal Accommodation was given one month until May 30 to remove all partitions and cease unauthorised sub-letting. It appealed, and the deadline was extended to June 3.
URA noted that during this period, apart from removing the partitions from 141 studio units, Ideal Accommodation had not taken any action on the other 459 room units.
A subsequent appeal was made by Ideal Accommodation on June 1 to the Ministry of National Development (MND) for an additional 2-3 months to comply with the enforcement notice.
URA said yesterday that MND would not consider Ideal Accommodation's latest appeal, since Cove Development had informed it of its plan to terminate its tenancy agreement with Ideal Accommodation and take action to rectify the breaches quickly.
'As the owner of The Grangeford, Cove Development will ultimately be responsible to recover the property effectively and rectify the infringement of the Planning Act,' URA said in a statement yesterday. Cove Development has also told URA it will make arrangements to address the interests of the sub-tenants.
URA said it will keep a close watch on the situation at The Grangeford for any unauthorised use and, at the same time, will bear in mind the interests of the residents and sub-tenants.
THE Urban Redevelopment Authority (URA) has granted Overseas Union Enterprise (OUE) an extension of a grace period until July 27 to remove all partitions in units at The Grangeford condominium and cease the unauthorised use as a boarding house or hostel.
This is to allow OUE time to make arrangements and address the needs of the current residents, URA said yesterday. Having stayed there for only a few months, the tenants were given just three days' notice on Sunday to clear out by their landlord Ideal Accommodation - although the latter knew for at least a month that the partitions breached government rules.
Many residents were frustrated at the lack of information from the landlord.
OUE said in a statement yesterday that its wholly owned unit Cove Development has terminated its tenancy agreements with Ideal Accommodation.
Cove Development leased 171 units at The Grangeford to Ideal Accommodation, which began sub-letting the converted apartments this year.
URA's investigations showed Ideal Accommodation had sub-divided the apartments from the original 141 units to 600 units, and individually leased them to many tenants on an en bloc basis for boarding house or hostel use.
This breached URA regulations and infringed the Planning Act.
URA issued Enforcement Notices to Cove Development and Ideal Accommodation on April 29 over the unauthorised use. Ideal Accommodation was given one month until May 30 to remove all partitions and cease unauthorised sub-letting. It appealed, and the deadline was extended to June 3.
URA noted that during this period, apart from removing the partitions from 141 studio units, Ideal Accommodation had not taken any action on the other 459 room units.
A subsequent appeal was made by Ideal Accommodation on June 1 to the Ministry of National Development (MND) for an additional 2-3 months to comply with the enforcement notice.
URA said yesterday that MND would not consider Ideal Accommodation's latest appeal, since Cove Development had informed it of its plan to terminate its tenancy agreement with Ideal Accommodation and take action to rectify the breaches quickly.
'As the owner of The Grangeford, Cove Development will ultimately be responsible to recover the property effectively and rectify the infringement of the Planning Act,' URA said in a statement yesterday. Cove Development has also told URA it will make arrangements to address the interests of the sub-tenants.
URA said it will keep a close watch on the situation at The Grangeford for any unauthorised use and, at the same time, will bear in mind the interests of the residents and sub-tenants.
S'pore Sees Steepest Drop In Office Occupancy Cost
Source : The Business Times, June 4, 2009
Republic slips to No.15 on costliest markets list from No.9 a year earlier
A new report shows that office occupancy costs in Singapore fell a whopping 34.4 per cent in the 12 months to March 2009 - the largest fall among some 170 cities tracked.
CB Richard Ellis' (CBRE) semi-annual Global Office Occupancy Costs survey showed that Singapore's occupancy cost stood at US$82.79 per square foot (psf) per year, which put the country at No. 15 on the list of the most expensive markets. Singapore was No. 9 a year earlier with an occupancy cost of US$139.31 psf per year.
New topper: London's West End has been supplanted by Tokyo's inner central district as the world's most expensive office market, the survey showed
This is a reversal from what was seen in CBRE's last report on global occupancy costs, which said that office occupancy costs in Singapore rose 27.8 per cent in the 12 months to end-November 2008.
The office market here was hit as rents fell off sharply in the first quarter of this year.
'The fall in office occupancy costs escalated in Q1 2009 with an average decline of 18 per cent across the island,' said DTZ.
And data from Knight Frank showed that rents of Grade A offices in Raffles Place fell 29 per cent in Q1 2009, while rents of offices in suburban areas declined 15.3 per cent over the same period.
Singapore was not alone. Occupancy costs fell by 20 per cent or more across most of the major global office markets in the 12 months to March 2009.
CBRE considers rents as well as local taxes and service charges when calculating office costs.
'The great global recession has clearly taken its toll on the world's office markets, particularly those with significant concentrations of financial industry employers,' said Raymond Torto, CBRE's global chief economist.
Across the 170 cities as a whole, office occupancy costs fell 2.8 per cent over the 12 months ending March 2009 compared with an increase of 8 per cent for the 12-month period ending September 2008.
The findings from the survey showed that Tokyo's inner central district has supplanted London's West End as the world's most expensive office market.
London's West End is now the world's second most expensive office market, followed by Moscow, Hong Kong's central business district and Tokyo's outer central district.
'The most expensive office markets, as measured in dollars, are considerably less expensive than a year ago and occupiers are now in a strong position to procure prime space at attractive costs,' said Dr Torto. 'For instance, a year ago office space in London's West end was nearly US$300 psf, while today that space goes for $172 psf.'
In the Asia-Pacific region, Hong Kong, Tokyo and Mumbai also posted large drops in office occupancy costs together with Singapore.
The decline in office occupancy cost and rentals is expected to continue, said Andrew Ness, executive director of CBRE Research Asia. However, 'it is likely that the pace of decline will slow and leasing activity will begin to pick up, especially when corporations become more certain about their business outlook', he added.
For Singapore, analysts expect office rents to continue to fall as more new supply comes on stream over the next few quarters amid a shrinking demand.
Knight Frank, for one, predicts that rents of Grade A office space could drop by 40-50 per cent for the whole of 2009, with rents of prime office space falling more due to the substantial new supply scheduled for completion.
Republic slips to No.15 on costliest markets list from No.9 a year earlier
A new report shows that office occupancy costs in Singapore fell a whopping 34.4 per cent in the 12 months to March 2009 - the largest fall among some 170 cities tracked.
CB Richard Ellis' (CBRE) semi-annual Global Office Occupancy Costs survey showed that Singapore's occupancy cost stood at US$82.79 per square foot (psf) per year, which put the country at No. 15 on the list of the most expensive markets. Singapore was No. 9 a year earlier with an occupancy cost of US$139.31 psf per year.
New topper: London's West End has been supplanted by Tokyo's inner central district as the world's most expensive office market, the survey showedThis is a reversal from what was seen in CBRE's last report on global occupancy costs, which said that office occupancy costs in Singapore rose 27.8 per cent in the 12 months to end-November 2008.
The office market here was hit as rents fell off sharply in the first quarter of this year.
'The fall in office occupancy costs escalated in Q1 2009 with an average decline of 18 per cent across the island,' said DTZ.
And data from Knight Frank showed that rents of Grade A offices in Raffles Place fell 29 per cent in Q1 2009, while rents of offices in suburban areas declined 15.3 per cent over the same period.
Singapore was not alone. Occupancy costs fell by 20 per cent or more across most of the major global office markets in the 12 months to March 2009.
CBRE considers rents as well as local taxes and service charges when calculating office costs.
'The great global recession has clearly taken its toll on the world's office markets, particularly those with significant concentrations of financial industry employers,' said Raymond Torto, CBRE's global chief economist.
Across the 170 cities as a whole, office occupancy costs fell 2.8 per cent over the 12 months ending March 2009 compared with an increase of 8 per cent for the 12-month period ending September 2008.
The findings from the survey showed that Tokyo's inner central district has supplanted London's West End as the world's most expensive office market.
London's West End is now the world's second most expensive office market, followed by Moscow, Hong Kong's central business district and Tokyo's outer central district.
'The most expensive office markets, as measured in dollars, are considerably less expensive than a year ago and occupiers are now in a strong position to procure prime space at attractive costs,' said Dr Torto. 'For instance, a year ago office space in London's West end was nearly US$300 psf, while today that space goes for $172 psf.'
In the Asia-Pacific region, Hong Kong, Tokyo and Mumbai also posted large drops in office occupancy costs together with Singapore.
The decline in office occupancy cost and rentals is expected to continue, said Andrew Ness, executive director of CBRE Research Asia. However, 'it is likely that the pace of decline will slow and leasing activity will begin to pick up, especially when corporations become more certain about their business outlook', he added.
For Singapore, analysts expect office rents to continue to fall as more new supply comes on stream over the next few quarters amid a shrinking demand.
Knight Frank, for one, predicts that rents of Grade A office space could drop by 40-50 per cent for the whole of 2009, with rents of prime office space falling more due to the substantial new supply scheduled for completion.
Outright Land Sales Remain Suspended
Source : The Business Times, June 4, 2009
Govt cites prevailing uncertainties; reserve list has 2 more sites
THE local property market may be showing signs of buoyancy but the Government is playing it safe by continuing to suspend the sale of 'confirmed'
land sites for six more months.
It cited 'prevailing market uncertainties' for the suspension.
Confirmed sites will definitely be put out to tender, as opposed to sites on the 'reserve' list which are put out to tender only if enough initial interest is shown by developers.
The move, said analysts, is prudent as it will allow the property market more time to stabilise. CBRE Research said that, notwithstanding the recent uptick in activity in the private home market, the Singapore economy remains weak.
The Government cannot be sure if the renewed buying interest will last, said Knight Frank's director of consultancy and research Nicholas Mak. There is ample 'reserve list' supply, he said.
The land sales programme for the second half will include almost all - 36 - of the reserve list sites carried forward from the first half, as well as two new sites. It is removing a white site at Outram Road as the site will be affected by future infrastructure works.
The Government had late last year removed all sites from the 'confirmed list' to help stave off oversupply risk as the sector was clearly on a downtrend.
The move to continue the suspension will 'provide flexibility for the market to adjust supply in accordance with current market economic conditions', said the National Development Ministry.
Despite the generally cautious approach, the Urban Redevelopment Authority (URA) has added to the reserve list a 505-unit condominium site in Bartley Road and a commercial-cum-residential site at Bedok Town Centre.
A URA spokesman defended the move, saying the two sites 'provide a greater variety of choices for developers if they desire to initiate more supply'.
'Although the outlook for the Singapore economy and property market remains uncertain, there are some positive signs of increased activities and investment interest in the property market.' For instance, some developers have enquired about reserve-list sale sites. There has been increased take-up of new private homes as well.
The release of the two new sites is also to meet planning objectives as the Bartley Road site will help to raise the ridership catchment for the rail line, he said.
The Bedok North site is part of rejuvenation plans for Bedok Town Centre. The proposed development will have to incorporate a new bus interchange.
Mr Mak reckons the Bartley Road site can fetch about $150 million, or $250 per sq ft per plot ratio (psf ppr) today while the Bedok site can fetch $280 million, or $300 psf ppr. Both are in attractive locations, with the latter most certain to draw developers' interest as Bedok New Town has no shopping major mall, said CBRE Research director Leonard Tay.
Other sites that might interest developers include the residential ones in Bishan, Dakota Crescent and Serangoon Road, and maybe a few smaller-sized hotel sites, he said. But office sites are off developers' radar screens as the sector remains very weak.
Meanwhile, supply from other government agencies will include only 28,000 sq m of gross floor area of commercial space, down from a planned 40,000 sq m for the first half.
Govt cites prevailing uncertainties; reserve list has 2 more sites
THE local property market may be showing signs of buoyancy but the Government is playing it safe by continuing to suspend the sale of 'confirmed'
land sites for six more months.
It cited 'prevailing market uncertainties' for the suspension.
Confirmed sites will definitely be put out to tender, as opposed to sites on the 'reserve' list which are put out to tender only if enough initial interest is shown by developers.
The move, said analysts, is prudent as it will allow the property market more time to stabilise. CBRE Research said that, notwithstanding the recent uptick in activity in the private home market, the Singapore economy remains weak.
The Government cannot be sure if the renewed buying interest will last, said Knight Frank's director of consultancy and research Nicholas Mak. There is ample 'reserve list' supply, he said.
The land sales programme for the second half will include almost all - 36 - of the reserve list sites carried forward from the first half, as well as two new sites. It is removing a white site at Outram Road as the site will be affected by future infrastructure works.
The Government had late last year removed all sites from the 'confirmed list' to help stave off oversupply risk as the sector was clearly on a downtrend.
The move to continue the suspension will 'provide flexibility for the market to adjust supply in accordance with current market economic conditions', said the National Development Ministry.
Despite the generally cautious approach, the Urban Redevelopment Authority (URA) has added to the reserve list a 505-unit condominium site in Bartley Road and a commercial-cum-residential site at Bedok Town Centre.
A URA spokesman defended the move, saying the two sites 'provide a greater variety of choices for developers if they desire to initiate more supply'.
'Although the outlook for the Singapore economy and property market remains uncertain, there are some positive signs of increased activities and investment interest in the property market.' For instance, some developers have enquired about reserve-list sale sites. There has been increased take-up of new private homes as well.
The release of the two new sites is also to meet planning objectives as the Bartley Road site will help to raise the ridership catchment for the rail line, he said.
The Bedok North site is part of rejuvenation plans for Bedok Town Centre. The proposed development will have to incorporate a new bus interchange.
Mr Mak reckons the Bartley Road site can fetch about $150 million, or $250 per sq ft per plot ratio (psf ppr) today while the Bedok site can fetch $280 million, or $300 psf ppr. Both are in attractive locations, with the latter most certain to draw developers' interest as Bedok New Town has no shopping major mall, said CBRE Research director Leonard Tay.
Other sites that might interest developers include the residential ones in Bishan, Dakota Crescent and Serangoon Road, and maybe a few smaller-sized hotel sites, he said. But office sites are off developers' radar screens as the sector remains very weak.
Meanwhile, supply from other government agencies will include only 28,000 sq m of gross floor area of commercial space, down from a planned 40,000 sq m for the first half.
New Sites May Entail Hefty Bids
Source : The Business Times, June 4, 2009
High values may limit number of bids for the two sites, say market watchers
THE two new sites that have been added to the Reserve List for second-half 2009 Government Land Sales (GLS) Programme are attractively located next to MRT stations. However, with estimated values of about $150 million (for the residential plot next to Bartley Station) and $300 million (for the commercial and residential plot in Bedok), bidding for the sites will involve substantial sums and this may limit the number of bids, market watchers say.
'With no new hotel rooms in the pipeline, hotels will face less pressure in resorting to fierce price-cutting measures which is currently being practised. The residential property market should sustain the recovery that we have been experiencing in the last few weeks.' -- Kwek Leng Beng
'We've seen some smaller developers starting to look out for residential sites to restock their land banks but they are generally looking for smaller-scale sites, costing less than $100 million each,' says DTZ executive director Ong Choon Fah.
Developers may still bid for bigger sites - such as the new plots announced yesterday by the Ministry of National Development (MND) - but may form joint ventures to mitigate the investment risk, she added.
The 1.98 ha plot next to the newly opened Bartley MRT Station on the Circle Line can be developed into a new condo with about 505 units. The plot has a 2.8 plot ratio (ratio of maximum potential gross floor area to site area).
It is currently occupied by a plant nursery and the Jin Long Si Temple. 'The temple will be relocated by Sept 30, 2010 or when the site is triggered for sale, whichever is earlier,' a URA spokeswoman said. Earlier this year, the Court of Appeal upheld a High Court judgment that the government did not discriminate against the temple when it acquired its land for the Circle Line.
As for the nursery, it is operating on a Temporary Occupational Licence that expires on July 31, 2009. 'The tenant has been informed to move out by this date,' URA's spokeswoman added.
Knight Frank chairman Tan Tiong Cheng estimates the site is worth about $150 million or $250 per square foot (psf) of potential gross floor area (GFA). That's assuming a new condo on the site can sell for about $600-$700 psf today and based on current construction costs.
CB Richard Ellis highlighted that four of the 19 residential sites on the H2 2009 Reserve List will be of special interest to developers because of their proximity to MRT stations. Besides the new Bartley plot, the other three are at Bishan St 14, Serangoon Ave 3 and Dakota Crescent.
Knight Frank's Mr Tan reckons that the Bedok plot, designated for commercial and residential use, could be valued at about $280 million-$300 million today, based on a blended land price of about $300 to $320 psf per plot ratio. The estimated commercial GFA in the development will be about 31,460 sq m (about 338,632 sq ft).
Market watchers feel that the most logical use for the commercial component of the Bedok project would be retail and entertainment.
The plot's developer will have to incorporate a new bus interchange. 'Transport-oriented developments or TOD are a global trend and Singapore is no different,' observes DTZ's Mrs Ong.
City Developments executive chairman Kwek Leng Beng, commenting on the MND's H2 2009 GLS Programme, which comprises entirely the Reserve List, said: 'With limited supply coming on-stream, the office sector should start to stabilise in that the drop in rentals will be less severe.
'With no new hotel rooms in the pipeline, hotels will face less pressure in resorting to fierce price-cutting measures which is currently being practised. The residential property market should sustain the recovery that we have been experiencing in the last few weeks. Overall, we welcome this news which will certainly help to instill confidence.'
Jones Lang LaSalle's head of research for South-east Asia Chua Yang Liang reckons that even when the market recovers, the Reserve List may remain the mainstay of the GLS Programme. 'The confirmed list is a policy tool for the release of sites for strategic developments,' he said.
Dr Chua acknowledged, however, that a serious drawback of such a strategy is that the lead time for releasing a reserve site is longer than a confirmed site. 'So relying solely on the Reserve List when the market picks up may cause a supply crunch,' he added.
High values may limit number of bids for the two sites, say market watchers
THE two new sites that have been added to the Reserve List for second-half 2009 Government Land Sales (GLS) Programme are attractively located next to MRT stations. However, with estimated values of about $150 million (for the residential plot next to Bartley Station) and $300 million (for the commercial and residential plot in Bedok), bidding for the sites will involve substantial sums and this may limit the number of bids, market watchers say.
'With no new hotel rooms in the pipeline, hotels will face less pressure in resorting to fierce price-cutting measures which is currently being practised. The residential property market should sustain the recovery that we have been experiencing in the last few weeks.' -- Kwek Leng Beng 'We've seen some smaller developers starting to look out for residential sites to restock their land banks but they are generally looking for smaller-scale sites, costing less than $100 million each,' says DTZ executive director Ong Choon Fah.
Developers may still bid for bigger sites - such as the new plots announced yesterday by the Ministry of National Development (MND) - but may form joint ventures to mitigate the investment risk, she added.
The 1.98 ha plot next to the newly opened Bartley MRT Station on the Circle Line can be developed into a new condo with about 505 units. The plot has a 2.8 plot ratio (ratio of maximum potential gross floor area to site area).
It is currently occupied by a plant nursery and the Jin Long Si Temple. 'The temple will be relocated by Sept 30, 2010 or when the site is triggered for sale, whichever is earlier,' a URA spokeswoman said. Earlier this year, the Court of Appeal upheld a High Court judgment that the government did not discriminate against the temple when it acquired its land for the Circle Line.
As for the nursery, it is operating on a Temporary Occupational Licence that expires on July 31, 2009. 'The tenant has been informed to move out by this date,' URA's spokeswoman added.
Knight Frank chairman Tan Tiong Cheng estimates the site is worth about $150 million or $250 per square foot (psf) of potential gross floor area (GFA). That's assuming a new condo on the site can sell for about $600-$700 psf today and based on current construction costs.
CB Richard Ellis highlighted that four of the 19 residential sites on the H2 2009 Reserve List will be of special interest to developers because of their proximity to MRT stations. Besides the new Bartley plot, the other three are at Bishan St 14, Serangoon Ave 3 and Dakota Crescent.
Knight Frank's Mr Tan reckons that the Bedok plot, designated for commercial and residential use, could be valued at about $280 million-$300 million today, based on a blended land price of about $300 to $320 psf per plot ratio. The estimated commercial GFA in the development will be about 31,460 sq m (about 338,632 sq ft).
Market watchers feel that the most logical use for the commercial component of the Bedok project would be retail and entertainment.
The plot's developer will have to incorporate a new bus interchange. 'Transport-oriented developments or TOD are a global trend and Singapore is no different,' observes DTZ's Mrs Ong.
City Developments executive chairman Kwek Leng Beng, commenting on the MND's H2 2009 GLS Programme, which comprises entirely the Reserve List, said: 'With limited supply coming on-stream, the office sector should start to stabilise in that the drop in rentals will be less severe.
'With no new hotel rooms in the pipeline, hotels will face less pressure in resorting to fierce price-cutting measures which is currently being practised. The residential property market should sustain the recovery that we have been experiencing in the last few weeks. Overall, we welcome this news which will certainly help to instill confidence.'
Jones Lang LaSalle's head of research for South-east Asia Chua Yang Liang reckons that even when the market recovers, the Reserve List may remain the mainstay of the GLS Programme. 'The confirmed list is a policy tool for the release of sites for strategic developments,' he said.
Dr Chua acknowledged, however, that a serious drawback of such a strategy is that the lead time for releasing a reserve site is longer than a confirmed site. 'So relying solely on the Reserve List when the market picks up may cause a supply crunch,' he added.
Govt Land Sales Stay Nimble To Nurse Property Recovery
Source : The Business Times, June 4, 2009
Confirmed list still suspended; only 2 sites added to reserve list
The government yesterday announced a land sale programme for the second half of this year that should help nurse the nascent property market recovery.
As expected, the Ministry of National Development (MND) has continued its suspension of the confirmed list for the July-December period and has not made any dramatic increase to the reserve list either. In fact, it has added just two sites to the reserve list.
One is a private housing plot next to the new Bartley MRT Station on the Circle Line. The other site, next to Bedok MRT Station, is slated for a commercial and residential project incorporating a new bus interchange that will help rejuvenate Bedok Town Centre.
MND has removed from the reserve list a 'white site' above Outram MRT Station, 'as it will be affected by future infrastructure works'.
Reserve list sites are launched for tender only if there is a successful application by a developer, unlike parcels on the confirmed list, which are released for sale according to a pre-stated schedule. In October last year, the government suspended the confirmed list.
City Developments executive chairman Kwek Leng Beng said the latest announcement will 'certainly help instill confidence' in the property market.
DTZ senior director and head, South-east Asia research, Chua Chor Hoon said: 'The government is not rushing to re-introduce the confirmed list just because of a few months of strong home sales activity, which makes sense because we have not seen the economy bottom out yet.'
MND said its decision to extend the confirmed list suspension for another six months, amid prevailing uncertainties, will provide 'flexibility for the market to adjust supply in accordance with current economic conditions'.
'The government will monitor the situation closely before reviewing in late 2009 whether to suspend the confirmed list further.'
Besides the two new sites, the H2 2009 reserve list will include 36 sites from the H1 reserve list that will be rolled over to the second half.
The total 38 sites can potentially yield 8,655 private homes, 448,550 sq m of gross floor area (GFA) of commercial space and 4,430 hotel rooms.
The potential private housing supply on the H2 list is 9 per cent higher than the 7,920 units on the H1 list. The commercial supply is 12 per cent lower and the hotel room supply 14 per cent lower than in H1.
The smaller commercial space quantum is mainly due to MND's decision to remove the Outram site from the reserve list.
Knight Frank chairman Tan Tiong Cheng said: 'The government has not done anything that will cause alarm amid the supply glut for commercial space.'
According to CB Richard Ellis, 8.3 million sq ft of net lettable office space is slated for completion between now and 2013. Already, the office market has seen two consecutive quarters of negative take-up.
'The absence of new office sites on the latest Government Land Sales (GLS) list is hardly surprising,' said CBRE director (research) Leonard Tay.
Mr Tay expects more reserve list sites to be activated for release in H2 this year - including the better-located housing plots and smaller hotel sites - contrasting with a dearth of such releases in the past nine months.
CBRE figures show residential supply of about 40,300 private homes, comprising unsold units in projects launched as well as projects yet to be launched. Based on average annual demand of about 8,000 units over the past 10 years, this can last four to five years.
MND also said yesterday that outside the GLS Programme, government agencies will not release any additional supply of private homes and hotel rooms in H2 2009. And the commercial space supply from these agencies will also be lower, at about 28,000 sq m of GFA compared with planned supply of 40,000 sq m in H1.
'These comprise projects to meet strategic economic or development objectives, and some of these projects also have pre-committed end users,' MND said. The planned commercial space supply for H2 includes localised retail facilities at Sentosa, community centres, parks and MRT stations and about 7,000 sq m of GFA at one-north.
Knight Frank's Mr Tan said the latest announcement will contribute to the property market recovery. 'Private housing sales are in recovery mode but there isn't sufficient evidence to say the worst is behind us,' he said.
'The Deferred Payment Scheme, on which many high-end homes were sold in the past, may or may not cause another round of concern, as projects sold on DPS during the peak year of 2007 near completion,' he added.
'At the same time, there is a sufficient spread of suburban housing sites catering to upgrader demand on the reserve list. Anyone who thinks the upgrader market has recovered can trigger these sites for release.'
Confirmed list still suspended; only 2 sites added to reserve list
The government yesterday announced a land sale programme for the second half of this year that should help nurse the nascent property market recovery.
As expected, the Ministry of National Development (MND) has continued its suspension of the confirmed list for the July-December period and has not made any dramatic increase to the reserve list either. In fact, it has added just two sites to the reserve list.
One is a private housing plot next to the new Bartley MRT Station on the Circle Line. The other site, next to Bedok MRT Station, is slated for a commercial and residential project incorporating a new bus interchange that will help rejuvenate Bedok Town Centre.
MND has removed from the reserve list a 'white site' above Outram MRT Station, 'as it will be affected by future infrastructure works'.
Reserve list sites are launched for tender only if there is a successful application by a developer, unlike parcels on the confirmed list, which are released for sale according to a pre-stated schedule. In October last year, the government suspended the confirmed list.
City Developments executive chairman Kwek Leng Beng said the latest announcement will 'certainly help instill confidence' in the property market.
DTZ senior director and head, South-east Asia research, Chua Chor Hoon said: 'The government is not rushing to re-introduce the confirmed list just because of a few months of strong home sales activity, which makes sense because we have not seen the economy bottom out yet.'
MND said its decision to extend the confirmed list suspension for another six months, amid prevailing uncertainties, will provide 'flexibility for the market to adjust supply in accordance with current economic conditions'.
'The government will monitor the situation closely before reviewing in late 2009 whether to suspend the confirmed list further.'
Besides the two new sites, the H2 2009 reserve list will include 36 sites from the H1 reserve list that will be rolled over to the second half.
The total 38 sites can potentially yield 8,655 private homes, 448,550 sq m of gross floor area (GFA) of commercial space and 4,430 hotel rooms.
The potential private housing supply on the H2 list is 9 per cent higher than the 7,920 units on the H1 list. The commercial supply is 12 per cent lower and the hotel room supply 14 per cent lower than in H1.
The smaller commercial space quantum is mainly due to MND's decision to remove the Outram site from the reserve list.
Knight Frank chairman Tan Tiong Cheng said: 'The government has not done anything that will cause alarm amid the supply glut for commercial space.'
According to CB Richard Ellis, 8.3 million sq ft of net lettable office space is slated for completion between now and 2013. Already, the office market has seen two consecutive quarters of negative take-up.
'The absence of new office sites on the latest Government Land Sales (GLS) list is hardly surprising,' said CBRE director (research) Leonard Tay.
Mr Tay expects more reserve list sites to be activated for release in H2 this year - including the better-located housing plots and smaller hotel sites - contrasting with a dearth of such releases in the past nine months.
CBRE figures show residential supply of about 40,300 private homes, comprising unsold units in projects launched as well as projects yet to be launched. Based on average annual demand of about 8,000 units over the past 10 years, this can last four to five years.
MND also said yesterday that outside the GLS Programme, government agencies will not release any additional supply of private homes and hotel rooms in H2 2009. And the commercial space supply from these agencies will also be lower, at about 28,000 sq m of GFA compared with planned supply of 40,000 sq m in H1.
'These comprise projects to meet strategic economic or development objectives, and some of these projects also have pre-committed end users,' MND said. The planned commercial space supply for H2 includes localised retail facilities at Sentosa, community centres, parks and MRT stations and about 7,000 sq m of GFA at one-north.
Knight Frank's Mr Tan said the latest announcement will contribute to the property market recovery. 'Private housing sales are in recovery mode but there isn't sufficient evidence to say the worst is behind us,' he said.
'The Deferred Payment Scheme, on which many high-end homes were sold in the past, may or may not cause another round of concern, as projects sold on DPS during the peak year of 2007 near completion,' he added.
'At the same time, there is a sufficient spread of suburban housing sites catering to upgrader demand on the reserve list. Anyone who thinks the upgrader market has recovered can trigger these sites for release.'
MND Adds 2 Sites To H2 Reserve List Land Sales Schedule
Source : The Business Times, June 3, 2009
Singapore's Ministry of National Development (MND) has announced the Government Land Sales (GLS) Programme for second half 2009.
The confirmed list will continue to remain suspended and MND is sticking to offering land during this period only through the reserve list, where sites are launched for tender only if there is a successful application by a developer.
For H2 2009, MND will add two new sites to the reserve list - a residential site at Bartley Road/Lorong How Sun and a commercial and residential plot at New Upper Changi Road/Bedok North Drive.
'The residential site at Bartley Road/Lorong How Sun is located next to the new Bartley Circle Line (CCL) Station. Placing the site in the reserve list of H2 2009 GLS Programme will provide opportunity for early development of the site and increase the ridership catchment for the CCL.
The sale and development of the commercial & residential site at New Upper Changi Road/Bedok North Drive will form part of the rejuvenation plans for Bedok Town Centre. A new bus interchange will be incorporated into the proposed development,' MND said in a release issued on Wednesday.
Another 36 sites on the existing H1 2009 reserve list are being rolled over to the H2 2009 reserve list. As a result, the H2 2009 GLS Programme will comprise a total 38 reserve list sites that can potentially yield about 8,655 private homes, 448,550 sq metres gross floor area of commercial space and 4,430 hotel rooms.
Singapore's Ministry of National Development (MND) has announced the Government Land Sales (GLS) Programme for second half 2009.
The confirmed list will continue to remain suspended and MND is sticking to offering land during this period only through the reserve list, where sites are launched for tender only if there is a successful application by a developer.
For H2 2009, MND will add two new sites to the reserve list - a residential site at Bartley Road/Lorong How Sun and a commercial and residential plot at New Upper Changi Road/Bedok North Drive.
'The residential site at Bartley Road/Lorong How Sun is located next to the new Bartley Circle Line (CCL) Station. Placing the site in the reserve list of H2 2009 GLS Programme will provide opportunity for early development of the site and increase the ridership catchment for the CCL.
The sale and development of the commercial & residential site at New Upper Changi Road/Bedok North Drive will form part of the rejuvenation plans for Bedok Town Centre. A new bus interchange will be incorporated into the proposed development,' MND said in a release issued on Wednesday.
Another 36 sites on the existing H1 2009 reserve list are being rolled over to the H2 2009 reserve list. As a result, the H2 2009 GLS Programme will comprise a total 38 reserve list sites that can potentially yield about 8,655 private homes, 448,550 sq metres gross floor area of commercial space and 4,430 hotel rooms.
More Small Flats In Latest Build-To-Order HDB Launch
Source : The Straits Times, June 3, 2009
The project - Fernvale Crest - is near the Fernvale and Thanggam LRT stations.
THE Housing Board has launched a build-to-order (BTO) project with far more smaller flats than usual.
The project - Fernvale Crest - is at the junction of Jalan Kayu and Sengkang West Way and near the Fernvale and Thanggam LRT stations.
There are 700 flats - 372 three-roomers, 188 four-room units and 140 two- room flats of 45 sq m each. This is the largest number of smaller BTO flats ever offered for sale.
The two-room flats will cost $74,000 to $98,000 each, while the three-roomers will go for $116,000 to $157,000 each.
A family on a total monthly income of $1,300 buying an $85,000 two-room flat will need to pay a monthly mortgage of just $180, said HDB yesterday.
But at 5pm yesterday, there was only one application for the two-room units, against 22 for the three-room flats and 131 for the four-roomers.
The four-room units are priced from $203,000 to $250,000 each - a level that HDB says compares favourably with the comparable resale flats in Sengkang.
These comparable flats - each costing $290,000 to $360,000 - are all premium units as there are no standard resale flats in the area. Fernvale Crest is a standard project, which means it comes with minimal finishes. The prices, for instance, do not include flooring in the bedrooms.
ERA Asia Pacific associate director Eugene Lim said BTO standard flats are the most affordable kind of public housing as they target first-timers and those on a lower household income band.
'This batch of units is priced very attractively. We reckon they are a good 5 to 8 per cent lower than last year's prices,' said Mr Lim.
Under the BTO scheme, flats are built only when demand hits a certain level. In the first quarter of this year, HDB launched about 1,300 new flats in two BTO projects in Punggol and Woodlands.
It plans to launch a further 2,400 BTO flats in the next two quarters.
The project - Fernvale Crest - is near the Fernvale and Thanggam LRT stations.
THE Housing Board has launched a build-to-order (BTO) project with far more smaller flats than usual.
The project - Fernvale Crest - is at the junction of Jalan Kayu and Sengkang West Way and near the Fernvale and Thanggam LRT stations. There are 700 flats - 372 three-roomers, 188 four-room units and 140 two- room flats of 45 sq m each. This is the largest number of smaller BTO flats ever offered for sale.
The two-room flats will cost $74,000 to $98,000 each, while the three-roomers will go for $116,000 to $157,000 each.
A family on a total monthly income of $1,300 buying an $85,000 two-room flat will need to pay a monthly mortgage of just $180, said HDB yesterday.
But at 5pm yesterday, there was only one application for the two-room units, against 22 for the three-room flats and 131 for the four-roomers. The four-room units are priced from $203,000 to $250,000 each - a level that HDB says compares favourably with the comparable resale flats in Sengkang.
These comparable flats - each costing $290,000 to $360,000 - are all premium units as there are no standard resale flats in the area. Fernvale Crest is a standard project, which means it comes with minimal finishes. The prices, for instance, do not include flooring in the bedrooms.
ERA Asia Pacific associate director Eugene Lim said BTO standard flats are the most affordable kind of public housing as they target first-timers and those on a lower household income band.
'This batch of units is priced very attractively. We reckon they are a good 5 to 8 per cent lower than last year's prices,' said Mr Lim.
Under the BTO scheme, flats are built only when demand hits a certain level. In the first quarter of this year, HDB launched about 1,300 new flats in two BTO projects in Punggol and Woodlands.
It plans to launch a further 2,400 BTO flats in the next two quarters.
HDB Launches BTO Project In Sengkang
Source : The Business Times, June 3, 2009
THE Housing & Development Board yesterday launched a 700-unit project at Sengkang for sale under its build-to-order (BTO) system.
Fernvale Crest, at the junction of Jalan Kayu and Sengkang West Way, comprises 140 two-room flats, 372 three-room flats and 188 four-room units.
In line with the government's commitment to increase the supply of smaller flats during the economic downturn, 75 per cent of the Fernvale Crest flats are two-room and three-room units.
'This is the largest number and proportion of smaller flats ever offered for sale in a BTO project,' HDB said.
The flats are also priced below market prices so first-time buyers can afford them, it said.
Prices range from $74,000 to $98,000 for a two-room flat, $116,000 to $157,000 for a three-room flat and $203,000 to $250,000 for a four-room flat. In comparison, a four-room resale flat at Sengkang goes for $290,000 to $360,000, according to data provided by HDB.
Analysts reckon the launch will be well received.
'We expect Fernvale Crest to be hugely popular based on the new flat types and low prices,' said Adam Tan, a spokesman for property firm PropNex. 'The four-room flats on offer are 35-45 per cent cheaper than others in the vicinity.'
Mr Tan expects Fernvale Crest to be at least five times subscribed.
THE Housing & Development Board yesterday launched a 700-unit project at Sengkang for sale under its build-to-order (BTO) system.
Fernvale Crest, at the junction of Jalan Kayu and Sengkang West Way, comprises 140 two-room flats, 372 three-room flats and 188 four-room units.
In line with the government's commitment to increase the supply of smaller flats during the economic downturn, 75 per cent of the Fernvale Crest flats are two-room and three-room units.
'This is the largest number and proportion of smaller flats ever offered for sale in a BTO project,' HDB said.
The flats are also priced below market prices so first-time buyers can afford them, it said.
Prices range from $74,000 to $98,000 for a two-room flat, $116,000 to $157,000 for a three-room flat and $203,000 to $250,000 for a four-room flat. In comparison, a four-room resale flat at Sengkang goes for $290,000 to $360,000, according to data provided by HDB.
Analysts reckon the launch will be well received.
'We expect Fernvale Crest to be hugely popular based on the new flat types and low prices,' said Adam Tan, a spokesman for property firm PropNex. 'The four-room flats on offer are 35-45 per cent cheaper than others in the vicinity.'
Mr Tan expects Fernvale Crest to be at least five times subscribed.
URA's Kallang Riverside Hotel Site Shrinks By Half
Source : The Straits Times, June 3, 2009
THE first hotel sale site at the upcoming waterfront lifestyle district of Kallang Riverside has shrunk in size by half even before it hits the market.
The Urban Redevelopment Authority (URA) initially intended to release the 1.59ha site late last year but deferred it to this month - and then reduced the size to 0.74ha after taking into account market feedback.
It has placed the plot on the reserve list, meaning that interested developers can apply for it to be put up for tender.
The delay came after the URA said that it needed more time to finalise the detailed planning and development conditions of the site as they relate to the broader plans for the area.
Industry experts speculated at the time that the URA was taking advantage of the slower market to re-do its plans and that the site would be unlikely to attract interest even if made available then.
'Originally, we planned for the land parcel to have a site area of 1.59ha with a gross floor area of about 45,000 sq m,' said a URA spokesman.
But market feedback suggested that 'a smaller hotel development is preferred'. This prompted it to scale back the site's land area to 0.74ha and the gross floor area to 20,000 sq m, said the spokesman.
The hotel investment market remains weak but six months ago, it would have been even worse than now, said Knight Frank's director of consultancy and research, Mr Nicholas Mak.
He estimated that bids could come in at $48 million to $58 million, or between $215 and $260 per sq ft per plot ratio.
Still, the hotel site is not likely to be snapped up immediately as it has challenges and there will be a lot of supply coming up in the market, he added.
The site has visibility as it is in a prominent spot but is not comfortably accessible to pedestrians, for instance. Still, whoever buys this site has first-mover advantage as the area is not yet developed, said Mr Mak.
'It is an unproven hotel market,' he added. Nearby hotels are in the red-light district of Geylang.
As part of the Greater Marina Bay district and an integral part of the city centre, the Kallang Riverside is one of the key growth areas unveiled in the latest Master Plan.
THE first hotel sale site at the upcoming waterfront lifestyle district of Kallang Riverside has shrunk in size by half even before it hits the market.
The Urban Redevelopment Authority (URA) initially intended to release the 1.59ha site late last year but deferred it to this month - and then reduced the size to 0.74ha after taking into account market feedback.
It has placed the plot on the reserve list, meaning that interested developers can apply for it to be put up for tender.
The delay came after the URA said that it needed more time to finalise the detailed planning and development conditions of the site as they relate to the broader plans for the area.
Industry experts speculated at the time that the URA was taking advantage of the slower market to re-do its plans and that the site would be unlikely to attract interest even if made available then.
'Originally, we planned for the land parcel to have a site area of 1.59ha with a gross floor area of about 45,000 sq m,' said a URA spokesman.
But market feedback suggested that 'a smaller hotel development is preferred'. This prompted it to scale back the site's land area to 0.74ha and the gross floor area to 20,000 sq m, said the spokesman.
The hotel investment market remains weak but six months ago, it would have been even worse than now, said Knight Frank's director of consultancy and research, Mr Nicholas Mak.
He estimated that bids could come in at $48 million to $58 million, or between $215 and $260 per sq ft per plot ratio.
Still, the hotel site is not likely to be snapped up immediately as it has challenges and there will be a lot of supply coming up in the market, he added.
The site has visibility as it is in a prominent spot but is not comfortably accessible to pedestrians, for instance. Still, whoever buys this site has first-mover advantage as the area is not yet developed, said Mr Mak.
'It is an unproven hotel market,' he added. Nearby hotels are in the red-light district of Geylang.
As part of the Greater Marina Bay district and an integral part of the city centre, the Kallang Riverside is one of the key growth areas unveiled in the latest Master Plan.
URA Hotel Site Available On Reserve List
Source : The Business Times, June 3, 2009
Land can yield 450 rooms, 33,906 sq ft commercial space
THE Urban Redevelopment Authority (URA) yesterday released a hotel site along Kallang River for application through the reserve list.
The first sale site in the new Kallang Riverside growth area comes with a 99-year lease and spans 0.74 hectare. The maximum permissible gross floor area (GFA) is 225,148 sq ft.
URA estimates that the plot can yield 450 hotel rooms and 33,906 sq ft of commercial space, though the actual mix would depend on the developer's plans.
The development can go up to 16 storeys high and will front Kallang River. It will also be near the upcoming Sports Hub. 'Its proximity to the Central Business District and waterfront setting makes it ideal for a hotel development that can cater to business travellers and tourists,' URA said.
Jones Lang LaSalle Hotels executive vice-president Chee Hok Yean noted that the plot may be suitable for an economy hotel. The hotel might cater to a younger crowd, such as sports teams or tourists in town for sporting events, she said.
Knight Frank's director of research and consultancy Nicholas Mak pointed out that the site has a good river view and may fit a three to three and a half-star hotel.
He estimates that bids may range from $48 million to $58 million, which works out to $215 to $260 per sq ft per plot ratio (psf ppr). In April, a reserve list hotel site in Short Street received a committed bid of $8.8 million, which works out to about $200 psf ppr.
Given the weak market however, Mr Mak noted that the site may not be triggered for launch this year. Hotel developers have already bought many sites in the last few years and several still remain on the reserve list, he said. Kallang in particular, is a relatively 'unproven market' for hotels.
Developers interested in the parcel can apply to URA for it to be put up for tender. Because of the site's prominent location, a URA-chaired design advisory panel will guide the development team with its design.
URA had planned to release the site in December last year but later deferred it to finalise planning and development conditions. With the financial and property sectors faltering then, market watchers had felt that the site would not attract interest even if it was available.
URA also reduced the size of the hotel site last year, after market feedback indicated preference for a smaller development. The plot originally had a site area of 1.59 hectares and a GFA of about 484,376 sq ft.
Land can yield 450 rooms, 33,906 sq ft commercial space
THE Urban Redevelopment Authority (URA) yesterday released a hotel site along Kallang River for application through the reserve list.
The first sale site in the new Kallang Riverside growth area comes with a 99-year lease and spans 0.74 hectare. The maximum permissible gross floor area (GFA) is 225,148 sq ft.
URA estimates that the plot can yield 450 hotel rooms and 33,906 sq ft of commercial space, though the actual mix would depend on the developer's plans.
The development can go up to 16 storeys high and will front Kallang River. It will also be near the upcoming Sports Hub. 'Its proximity to the Central Business District and waterfront setting makes it ideal for a hotel development that can cater to business travellers and tourists,' URA said.
Jones Lang LaSalle Hotels executive vice-president Chee Hok Yean noted that the plot may be suitable for an economy hotel. The hotel might cater to a younger crowd, such as sports teams or tourists in town for sporting events, she said.
Knight Frank's director of research and consultancy Nicholas Mak pointed out that the site has a good river view and may fit a three to three and a half-star hotel.
He estimates that bids may range from $48 million to $58 million, which works out to $215 to $260 per sq ft per plot ratio (psf ppr). In April, a reserve list hotel site in Short Street received a committed bid of $8.8 million, which works out to about $200 psf ppr.
Given the weak market however, Mr Mak noted that the site may not be triggered for launch this year. Hotel developers have already bought many sites in the last few years and several still remain on the reserve list, he said. Kallang in particular, is a relatively 'unproven market' for hotels.
Developers interested in the parcel can apply to URA for it to be put up for tender. Because of the site's prominent location, a URA-chaired design advisory panel will guide the development team with its design.
URA had planned to release the site in December last year but later deferred it to finalise planning and development conditions. With the financial and property sectors faltering then, market watchers had felt that the site would not attract interest even if it was available.
URA also reduced the size of the hotel site last year, after market feedback indicated preference for a smaller development. The plot originally had a site area of 1.59 hectares and a GFA of about 484,376 sq ft.
Pending Home Sales Surge 6.7% In April
Source : The Business Times, June 3, 2009
LATEST US DATA
(WASHINGTON) The number of US homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in nearly eight years, a sign that sales are finally coming to life after a long and painful slump.
The National Association of Realtors said yesterday its seasonally adjusted index of sales contracts signed in April surged 6.7 per cent to 90.3, far exceeding analysts' forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 per cent.
'This is yet another positive indication that the bottoming process is forming,' Jennifer Lee, an economist at BMO Capital Markets, told clients. 'Now if only prices would stabilise.'
Economists surveyed by Thomson Reuters expected the index would edge up to 85 from a reading of 84.6 in March. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing home sales.
'The pronounced increase in April does indicate that actual existing home sales are poised to rise in the coming month or two,' wrote Joshua Shapiro, chief US economist with MFR Inc.
The index was 3.2 per cent above last year's levels and has risen for three straight months after hitting a record low in January.
A nearly 33 per cent sales increase in the Northeast and a 9.8 per cent jump in the Midwest led the overall surge. Sales contracts rose 1.8 per cent in April from a month earlier in the West, but fell 0.2 per cent in the South.
The big boost likely reflects the impact of a new US$8,000 tax credit for first-time homebuyers that was included in the economic stimulus bill signed by President Barack Obama in February. - AP
LATEST US DATA
LATEST US DATA
(WASHINGTON) The number of US homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in nearly eight years, a sign that sales are finally coming to life after a long and painful slump.
The National Association of Realtors said yesterday its seasonally adjusted index of sales contracts signed in April surged 6.7 per cent to 90.3, far exceeding analysts' forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 per cent.
'This is yet another positive indication that the bottoming process is forming,' Jennifer Lee, an economist at BMO Capital Markets, told clients. 'Now if only prices would stabilise.'
Economists surveyed by Thomson Reuters expected the index would edge up to 85 from a reading of 84.6 in March. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing home sales.
'The pronounced increase in April does indicate that actual existing home sales are poised to rise in the coming month or two,' wrote Joshua Shapiro, chief US economist with MFR Inc.
The index was 3.2 per cent above last year's levels and has risen for three straight months after hitting a record low in January.
A nearly 33 per cent sales increase in the Northeast and a 9.8 per cent jump in the Midwest led the overall surge. Sales contracts rose 1.8 per cent in April from a month earlier in the West, but fell 0.2 per cent in the South.
The big boost likely reflects the impact of a new US$8,000 tax credit for first-time homebuyers that was included in the economic stimulus bill signed by President Barack Obama in February. - AP
LATEST US DATA
Rise In Home Buyers From China And India
Source : The Business Times, June 3, 2009
Indonesians' share of Q1 buys slips; Malaysians are biggest buyers
Mainland Chinese were the second largest group of overseas buyers of private homes in Singapore in the first three months of this year.
They accounted for 18 per cent of the 490 caveats lodged for private home purchases in Q1 by foreigners and Singapore permanent residents, compared with an 11 per cent share in the preceding quarter.
On the other hand, the proportion of Indonesian buyers dwindled from 24 per cent in Q4 2008 to 14 per cent, their lowest share in over a decade, according to property consulting group DTZ's analysis of caveats captured by URA's Realis system as at May 29.
'This is due in part to the poorer sentiments in the upper mid-tier and luxury segments which had traditionally generated interest from the Indonesians,' suggests DTZ's senior director and head, SEA Research, Chua Chor Hoon.
Malaysians had the lion's share or 26 per cent of total private homes acquired by foreigners and PRs in Q1 2009, replacing Indonesians who had enjoyed the pole position in Q4 last year.
Indians' contribution also rose from 9 per cent in Q4 2008 to 14 per cent in Q1 2009.
DTZ reckons the rising affluence of mainland Chinese and Indians will see them playing a more significant role on the Singapore property front.
More than 80 per cent of Indians and Malaysians and 60 per cent of the mainland Chinese who invested in private homes on the island in Q1 this year were Singapore permanent residents. In contrast, only 40 per cent of Indonesians who bought in Q1 were Singapore PRs.
The Indonesians, however, seem to have bigger budgets. Forty per cent of Indonesians purchased homes above $1 million in Q1, compared with less than 30 per cent for Malaysians, mainland Chinese and Indians.
Jones Lang LaSalle head of residential Jacqueline Wong said: 'Some private bankers are asking us for help to source for prime residential properties in Singapore for clients from India, Hong Kong and Indonesia. They generally want to buy prime properties, though not necessarily luxury. Some are looking for firesale prices, but fortunately or unfortunately, there are not many in the prime districts.'
Knight Frank executive director (residential) Peter Ow said foreign buyers from the region will return to the Singapore property market in stronger fashion once they see clearer signs of economic recovery in their home markets.
'They want to park their money in Singapore for the usual reasons like stability and transparency; they're waiting for clearer signs that prices are picking up before they enter the market,' he added.
Indonesians' share of Q1 buys slips; Malaysians are biggest buyers
Mainland Chinese were the second largest group of overseas buyers of private homes in Singapore in the first three months of this year.
They accounted for 18 per cent of the 490 caveats lodged for private home purchases in Q1 by foreigners and Singapore permanent residents, compared with an 11 per cent share in the preceding quarter.
On the other hand, the proportion of Indonesian buyers dwindled from 24 per cent in Q4 2008 to 14 per cent, their lowest share in over a decade, according to property consulting group DTZ's analysis of caveats captured by URA's Realis system as at May 29.'This is due in part to the poorer sentiments in the upper mid-tier and luxury segments which had traditionally generated interest from the Indonesians,' suggests DTZ's senior director and head, SEA Research, Chua Chor Hoon.
Malaysians had the lion's share or 26 per cent of total private homes acquired by foreigners and PRs in Q1 2009, replacing Indonesians who had enjoyed the pole position in Q4 last year.
Indians' contribution also rose from 9 per cent in Q4 2008 to 14 per cent in Q1 2009.
DTZ reckons the rising affluence of mainland Chinese and Indians will see them playing a more significant role on the Singapore property front.
More than 80 per cent of Indians and Malaysians and 60 per cent of the mainland Chinese who invested in private homes on the island in Q1 this year were Singapore permanent residents. In contrast, only 40 per cent of Indonesians who bought in Q1 were Singapore PRs.
The Indonesians, however, seem to have bigger budgets. Forty per cent of Indonesians purchased homes above $1 million in Q1, compared with less than 30 per cent for Malaysians, mainland Chinese and Indians.
Jones Lang LaSalle head of residential Jacqueline Wong said: 'Some private bankers are asking us for help to source for prime residential properties in Singapore for clients from India, Hong Kong and Indonesia. They generally want to buy prime properties, though not necessarily luxury. Some are looking for firesale prices, but fortunately or unfortunately, there are not many in the prime districts.'
Knight Frank executive director (residential) Peter Ow said foreign buyers from the region will return to the Singapore property market in stronger fashion once they see clearer signs of economic recovery in their home markets.
'They want to park their money in Singapore for the usual reasons like stability and transparency; they're waiting for clearer signs that prices are picking up before they enter the market,' he added.
Foreigners Shopping For Homes Again
Source : The Business Times, June 3, 2009
Their purchases of private homes have picked up and the trend could continue
After a nervous lull, foreign buyers are property-hunting again. Their private home purchases in Singapore have begun to recover after bottoming out in Q4 last year, according to the latest analysis of caveats by consultancy DTZ. The momentum is expected to continue.
URA Realis data as at May 29 show that foreigners (excluding Singapore permanent residents) lodged a total 117 caveats for private home purchases in April, a relatively impressive showing given that this was two-thirds of the 174 caveats lodged by these foreigners for the whole of the first quarter of 2009.
The Q1 figure itself was an 11.5 per cent rise from the 156 caveats foreigners lodged in Q4 2008. However, with Singaporeans and PRs posting much bigger quarter-on-quarter increases of 90.8 per cent and 60.4 per cent respectively in caveats in the first three months of this year, foreigners' share of home buying slipped to 6 per cent in Q1 this year, the lowest level since Q3 2004.
On the other hand, fuelled by upgrader demand, Singaporeans' proportion of home buying increased from 79 per cent of total caveats lodged in Q4 last year to 84 per cent in Q1 - the highest proportion since Q3 2001. PRs' 10 per cent share of home buying in Q1 was the lowest since Q4 2004. There were hardly any caveats lodged by corporate purchasers in the first quarter.
'We're seeing more queries from Indonesia and North Asia. They can see the pick-up in buying by Singaporeans and want to ensure that they will also benefit should the market turn around soon,' said DTZ executive director Ong Choon Fah.
Market watchers also observed that generally, foreign buyers' share of total private residential property purchases picks up when prices are escalating and dips during the lull periods. For instance, for each quarter of 1998 during the Asian Crisis, the figure ranged from 4 to 6 per cent. And during the recent height of property buying fever in 2007, foreign buyers' share ranged from 12 to 15 per cent each quarter.
DTZ's Mrs Ong said that with capital appreciation figuring as a major goal for foreign property investors, they would prefer to enter the market on upswings. 'Foreign buying will continue to improve in tandem with the increase in home sales activity, assuming sentiment on the stockmarket remains upbeat and overall confidence returns.'
Foreigners bought 31 per cent more homes in the subsale market in Q1 2009 than in Q4 last year. They picked up 16 per cent more units from developers, Q-on-Q, and 2 per cent more in the resale market. As a result, the subsale market accounted for 27 per cent of private homes acquired by foreigners in Q1; this share was at a 10-year high.
Subsales and resales refer to secondary market deals. Subsales involve projects that have yet to obtain Certificate of Statutory Completion (CSC) while resales relate to projects that have received CSC.
Jones Lang LaSalle head of residential Jacqueline Wong said that foreigners may have been increasingly drawn to the subsale market to pick up properties in Q1 as property launches in the luxury market have almost come to a halt.
'So if foreigners want to buy something prime, they have to turn to the secondary market. They're interested in projects like Ardmore II as well as completed developments like Ardmore Park, Grange Residences and Draycott 8 that lease well,' she added.
DTZ said: 'The appeal of subsale units to foreigners could be due to immediate availability for occupation for newly-completed ones. Seventy per cent of total subsale units bought by foreigners have been granted Temporary Occupation Permit, mostly in H2 2008 and Q1 2009.'
DTZ said that while homes in districts 9, 10 and 15 remained popular with foreigners, they are increasingly more inclined to buy mass-market and mid-tier projects in suburban areas. Projects with the largest number of foreign buyers in Q1 were The Lakeshore and Caspian, both near Jurong Lake.
As for PRs, their purchases of homes directly from developers surged from 33 in Q4 last year to 115 units in Q1, as most of the mass-market launches during the period appealed to them, DTZ said. The primary market accounted for 36 per cent of homes bought by PRs in Q1 2009, double the 17 per cent share in the preceding quarter. Districts 22, 15 and 23 were the most popular among PRs, whose top picks were Caspian (in District 22) and Alexis.
Their purchases of private homes have picked up and the trend could continue
After a nervous lull, foreign buyers are property-hunting again. Their private home purchases in Singapore have begun to recover after bottoming out in Q4 last year, according to the latest analysis of caveats by consultancy DTZ. The momentum is expected to continue.
URA Realis data as at May 29 show that foreigners (excluding Singapore permanent residents) lodged a total 117 caveats for private home purchases in April, a relatively impressive showing given that this was two-thirds of the 174 caveats lodged by these foreigners for the whole of the first quarter of 2009.
The Q1 figure itself was an 11.5 per cent rise from the 156 caveats foreigners lodged in Q4 2008. However, with Singaporeans and PRs posting much bigger quarter-on-quarter increases of 90.8 per cent and 60.4 per cent respectively in caveats in the first three months of this year, foreigners' share of home buying slipped to 6 per cent in Q1 this year, the lowest level since Q3 2004.
On the other hand, fuelled by upgrader demand, Singaporeans' proportion of home buying increased from 79 per cent of total caveats lodged in Q4 last year to 84 per cent in Q1 - the highest proportion since Q3 2001. PRs' 10 per cent share of home buying in Q1 was the lowest since Q4 2004. There were hardly any caveats lodged by corporate purchasers in the first quarter.
'We're seeing more queries from Indonesia and North Asia. They can see the pick-up in buying by Singaporeans and want to ensure that they will also benefit should the market turn around soon,' said DTZ executive director Ong Choon Fah.
Market watchers also observed that generally, foreign buyers' share of total private residential property purchases picks up when prices are escalating and dips during the lull periods. For instance, for each quarter of 1998 during the Asian Crisis, the figure ranged from 4 to 6 per cent. And during the recent height of property buying fever in 2007, foreign buyers' share ranged from 12 to 15 per cent each quarter.
DTZ's Mrs Ong said that with capital appreciation figuring as a major goal for foreign property investors, they would prefer to enter the market on upswings. 'Foreign buying will continue to improve in tandem with the increase in home sales activity, assuming sentiment on the stockmarket remains upbeat and overall confidence returns.'
Foreigners bought 31 per cent more homes in the subsale market in Q1 2009 than in Q4 last year. They picked up 16 per cent more units from developers, Q-on-Q, and 2 per cent more in the resale market. As a result, the subsale market accounted for 27 per cent of private homes acquired by foreigners in Q1; this share was at a 10-year high.
Subsales and resales refer to secondary market deals. Subsales involve projects that have yet to obtain Certificate of Statutory Completion (CSC) while resales relate to projects that have received CSC.
Jones Lang LaSalle head of residential Jacqueline Wong said that foreigners may have been increasingly drawn to the subsale market to pick up properties in Q1 as property launches in the luxury market have almost come to a halt.
'So if foreigners want to buy something prime, they have to turn to the secondary market. They're interested in projects like Ardmore II as well as completed developments like Ardmore Park, Grange Residences and Draycott 8 that lease well,' she added.
DTZ said: 'The appeal of subsale units to foreigners could be due to immediate availability for occupation for newly-completed ones. Seventy per cent of total subsale units bought by foreigners have been granted Temporary Occupation Permit, mostly in H2 2008 and Q1 2009.'
DTZ said that while homes in districts 9, 10 and 15 remained popular with foreigners, they are increasingly more inclined to buy mass-market and mid-tier projects in suburban areas. Projects with the largest number of foreign buyers in Q1 were The Lakeshore and Caspian, both near Jurong Lake.
As for PRs, their purchases of homes directly from developers surged from 33 in Q4 last year to 115 units in Q1, as most of the mass-market launches during the period appealed to them, DTZ said. The primary market accounted for 36 per cent of homes bought by PRs in Q1 2009, double the 17 per cent share in the preceding quarter. Districts 22, 15 and 23 were the most popular among PRs, whose top picks were Caspian (in District 22) and Alexis.
加冷河畔首幅酒店地段备售
Source : 《联合早报》June 3, 2009
第一幅位于加冷河畔的酒店地段，昨天被拨入备售名单（Reserve List），开始接受申请。不过，分析员一般不看好这幅地段会在近期内被发展商“勾”出来。
莱坊研究部主管麦俊荣指出，虽然2008年的新加坡发展总蓝图（Master Plan）显示，加冷河畔将被赋予新生命，打造成高级濒水住宅及休闲商业区，但是这个构想还要许多年才会落实，因此发展商不会太急着将它从备售名单中“勾”出来。
“这一带就好像早期的罗拨申码头（Robertson Quay）一样，还要许多几年才会发展成熟。当然，如果你独具慧眼，第一个进场就可以掌握先发者优势，好像当年和美集团在升涛湾一样。但万一看错了，却要有很强的持守能力才行。”
再加上过去几个月的入境旅客人数持续下降，未来一两年又是新酒店客房完工的高峰期，酒店业的前景并不乐观，所以一般相信，发展商应该不会贸贸然将这幅酒店地段“勾”出来。
麦俊荣估计，发展商可能要付4800万元至5800万元，即容积率每平方英尺215元至260元，才能将这幅地段“勾”出。
前些时候，一幅位于肃街（Short Street）的酒店地段，已被发展商以880万元，即容积率每平方英尺201元“勾”出来，投标即将在10日截止。市场人士指出，这幅地段会被人看中，主要是因为总投资金额小，而且中档和经济型酒店所受到的冲击较少。
旅游局的数字显示，我国4月份的入境旅客已下降至78万人次。此外，平均住客率也猛跌了11.9个百分点，至71％；平均客房收费也猛挫27.4％至186元。
酒店业者指出：“一名酒店业者说，以前行情好，来自欧美国家的商务旅客多会入住奢华酒店，现在许多公司要削减开支，有些商务旅客已被安排住中档酒店，奢华酒店生意就难免受到影响。”
麦俊荣认为，这幅加冷河畔地段有潜能发展成类似克拉码头和罗拨申码头一带的濒水商务酒店，例如瑞士酒店茂昌阁。
根据市建局的资料，这幅地段占地0.74公顷，可建筑楼面为22万5000平方英尺。这意味，它将能为兴建一栋16层楼高的酒店大楼，当中可容纳大约450间酒店客房，以及一些零售商店。
由于它坐落于加冷河和芽笼路的交界处，面对加冷地铁站，能够俯瞰加冷河、滨海湾，以及市区的景色。
第一幅位于加冷河畔的酒店地段，昨天被拨入备售名单（Reserve List），开始接受申请。不过，分析员一般不看好这幅地段会在近期内被发展商“勾”出来。
莱坊研究部主管麦俊荣指出，虽然2008年的新加坡发展总蓝图（Master Plan）显示，加冷河畔将被赋予新生命，打造成高级濒水住宅及休闲商业区，但是这个构想还要许多年才会落实，因此发展商不会太急着将它从备售名单中“勾”出来。
“这一带就好像早期的罗拨申码头（Robertson Quay）一样，还要许多几年才会发展成熟。当然，如果你独具慧眼，第一个进场就可以掌握先发者优势，好像当年和美集团在升涛湾一样。但万一看错了，却要有很强的持守能力才行。”
再加上过去几个月的入境旅客人数持续下降，未来一两年又是新酒店客房完工的高峰期，酒店业的前景并不乐观，所以一般相信，发展商应该不会贸贸然将这幅酒店地段“勾”出来。
麦俊荣估计，发展商可能要付4800万元至5800万元，即容积率每平方英尺215元至260元，才能将这幅地段“勾”出。
前些时候，一幅位于肃街（Short Street）的酒店地段，已被发展商以880万元，即容积率每平方英尺201元“勾”出来，投标即将在10日截止。市场人士指出，这幅地段会被人看中，主要是因为总投资金额小，而且中档和经济型酒店所受到的冲击较少。
旅游局的数字显示，我国4月份的入境旅客已下降至78万人次。此外，平均住客率也猛跌了11.9个百分点，至71％；平均客房收费也猛挫27.4％至186元。
酒店业者指出：“一名酒店业者说，以前行情好，来自欧美国家的商务旅客多会入住奢华酒店，现在许多公司要削减开支，有些商务旅客已被安排住中档酒店，奢华酒店生意就难免受到影响。”
麦俊荣认为，这幅加冷河畔地段有潜能发展成类似克拉码头和罗拨申码头一带的濒水商务酒店，例如瑞士酒店茂昌阁。
根据市建局的资料，这幅地段占地0.74公顷，可建筑楼面为22万5000平方英尺。这意味，它将能为兴建一栋16层楼高的酒店大楼，当中可容纳大约450间酒店客房，以及一些零售商店。
由于它坐落于加冷河和芽笼路的交界处，面对加冷地铁站，能够俯瞰加冷河、滨海湾，以及市区的景色。
四分三为小型单位 盛港700组屋供申购
Source : 《联合早报》June 3, 2009
建屋发展局在盛港推出700个预购组屋（build-to-order）单位供公众申购，其中四分之三是二、三房式小型单位组屋。这是建屋局推出最多小型单位的预购组屋项目。
位于惹兰加由(Jalan Kayu)和盛港西大道的交界处的“Fernvale Crest”的组屋项目，将建140个二房式、372个三房式和188个四房式单位。
“Fernvale Crest”共建5座组屋，单位面积从45平方米到90平方米不等。二房式售价介于7万4000元至9万8000元，三房式介于11万6000元至15万7000元，四房式则介于20万3000元至25万元。
这个组屋地段介于芬微（Fernvale）和丹甘（Thanggam）轻轨站之间，淡滨尼高速公路（TPE）近在咫尺。附近的芬微坊（Fernvale Point）有湿巴刹、超市和食阁等设施。
价格对比同区组屋 转售价低三四成
建屋局承诺在经济低迷时增加小型组屋供应，让公众根据经济能力选择房屋类型。
按照建屋局的计算，以家庭月入2100元的申请者来说，如果购买售价13万5000元的三房式组屋，扣除3万元额外公积金购屋津贴后，约420元的每月房贷可完全从公积金户头扣除。
建屋局重申，预购组屋售价比同区组屋转售价格来得低，四房式优质组屋转售价介于29万元至36万元。“Fernvale Crest”所在的地区没有二、三房式转售组屋价格的资料可供比较。
博纳集团（PropNex）企业通讯及行销经理陈家扬估计，这批组屋会获得热烈反应，因为价格比同区组屋转售价低约三四成。此外，组屋附近也有不少基础设施，足以满足日常所需。
昨天是组屋接受申请的第一天，截至傍晚5时已有154份申请。公众可通过建屋局网站www.hdb.gov.sg提出申请，或到大巴窑建屋局中心3楼展示厅参观及索取销售资料；展示厅平日开放时间是上午8时至下午5时，星期六是上午8时至下午1时。
有意申购者也可上建屋局网站，或电邮hdbsales@hdb.gov.sg，或在办公时间拨1800-8663066询问详情。申请截止日期是本月15日。
建屋发展局在盛港推出700个预购组屋（build-to-order）单位供公众申购，其中四分之三是二、三房式小型单位组屋。这是建屋局推出最多小型单位的预购组屋项目。
位于惹兰加由(Jalan Kayu)和盛港西大道的交界处的“Fernvale Crest”的组屋项目，将建140个二房式、372个三房式和188个四房式单位。
“Fernvale Crest”共建5座组屋，单位面积从45平方米到90平方米不等。二房式售价介于7万4000元至9万8000元，三房式介于11万6000元至15万7000元，四房式则介于20万3000元至25万元。
这个组屋地段介于芬微（Fernvale）和丹甘（Thanggam）轻轨站之间，淡滨尼高速公路（TPE）近在咫尺。附近的芬微坊（Fernvale Point）有湿巴刹、超市和食阁等设施。
价格对比同区组屋 转售价低三四成
建屋局承诺在经济低迷时增加小型组屋供应，让公众根据经济能力选择房屋类型。
按照建屋局的计算，以家庭月入2100元的申请者来说，如果购买售价13万5000元的三房式组屋，扣除3万元额外公积金购屋津贴后，约420元的每月房贷可完全从公积金户头扣除。
建屋局重申，预购组屋售价比同区组屋转售价格来得低，四房式优质组屋转售价介于29万元至36万元。“Fernvale Crest”所在的地区没有二、三房式转售组屋价格的资料可供比较。
博纳集团（PropNex）企业通讯及行销经理陈家扬估计，这批组屋会获得热烈反应，因为价格比同区组屋转售价低约三四成。此外，组屋附近也有不少基础设施，足以满足日常所需。
昨天是组屋接受申请的第一天，截至傍晚5时已有154份申请。公众可通过建屋局网站www.hdb.gov.sg提出申请，或到大巴窑建屋局中心3楼展示厅参观及索取销售资料；展示厅平日开放时间是上午8时至下午5时，星期六是上午8时至下午1时。
有意申购者也可上建屋局网站，或电邮hdbsales@hdb.gov.sg，或在办公时间拨1800-8663066询问详情。申请截止日期是本月15日。
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