Whitley Road Homes Ooze Quiet Charm

Source : The Sunday Times, Mar 16, 2008

Buyers love the area's lush greenery and wide open spaces, as well as its proximity to the city

THE escape of terrorist Mas Selamat Kastari from the Whitley Road Detention Centre has thrown the spotlight on the quiet, high-end residential area.














Previously, many people had no idea that the relatively upmarket area with many landed homes boasted a detention centre in its midst.

Still, this discovery is not expected to dent the values of properties in the area's private estates, though interest levels could dip a bit, said a property consultant.

'Some people are just superstitious and they don't want to live near a prison,' he said.

Currently, the existing residential pockets are found at the two ends of Whitley Road, with quite a few apartment blocks on the Thomson Road side.

On the Merryn Road side, there are houses and a few condominiums such as The Trevose and Trevose Park.

Black and white bungalows, whose monthly rentals range from several thousand dollars to tens of thousands, can also be found around the area. Quite a few large and exclusive units dot the peaceful, tree-lined stretch along Mount Pleasant Road.

For people who love greenery and space, there are few places like Whitley, property consultants said.

'The area is attractive because it is only a short drive to Orchard Road and there is easy access to the rest of the island via the Pan- Island Expressway (PIE),' said CBRE Research's executive director, Mr Li Hiaw Ho.

Apartments in the Whitley Road residential areas were sold at $900 per sq ft (psf) to $1,300 psf in the second half of last year, said CBRE Research. At The Trevose, there were two deals in February: one for $1 million or $1,050 psf and the other for $1.5 million or $1,142 psf, based on caveats lodged.

Freehold detached houses in the area were sold for between $6 million and $11 million each. Semi-detached houses went for around $4 million each over the same period.

The location also offers the cheaper option of 99-year leasehold landed homes, which can cost $2 million to $5 million.

A check with the Urban Redevelopment Authority (URA) shows that the area is zoned mainly for residential use. The URA says there are currently no specific detailed plans for the area.

Still, a section of the Whitley Road stretch that flanks the PIE remains largely undeveloped and might be reserved for future development, said CBRE Research.

S'poreans Flocking To Overseas Property Launches Held Here

Source : The Sunday Times, Mar 16, 2008

IT IS the world's tallest condominium, a spiral-shaped architectural feat that soars 150 storeys into the Chicago sky.

THE CHICAGO SPIRE is the world's tallest condominium at 150 storeys, and the one- and two-bedroom apartments sell for an average of S$1.38 million. -- PHOTOS: COURTESY OF EASTWEST PR

The best part: An apartment in this iconic building in the United States will cost you less than a unit at The Sail @ Marina Bay here.

Little wonder, then, that more than 800 people turned up at the launch of the much-vaunted Chicago Spire (below left) in Singapore's Four Seasons Hotel last week.

'Both the turnout and the sales were overwhelming and way beyond expectations,' said Mr Michael Ng, managing director of Savills Singapore, which is marketing the project worldwide.

'Everyone was a bit uncertain about how the market would take to it, given the United States' economic issues. But I think the strength was that the Singapore dollar was at a record high and the interest came pouring in,' he said.

Savills could not disclose official sale figures, but sources said about 30 units were sold, mostly one- and two-bedroom flats that averaged US$1 million (S$1.38 million) each.

About half the buyers are said to be Singaporeans or permanent residents and the rest, expatriates.

The response to the Chicago Spire - where units cost about US$1,000 per sq ft, 60 per cent less than The Sail - mirrors the growing demand in Singapore for overseas properties, said marketing agents.

'Interest has definitely increased as Singapore becomes more open and more receptive to overseas investments,' said Mrs Doris Tan, managing director of DST International Property Services, which markets foreign properties in Singapore and South-east Asia.

Her company brings in developments both in established markets such as Britain and the United States, as well as emerging ones, including Bulgaria, Bali and Dubai.

Mrs Tan's clients, mainly Singaporeans or permanent residents, are 'sophisticated investors who know what's going on in property markets around the world'.

In recent years, the exhibitions she holds have seen bigger crowds and better sales. A popular property now attracts up to 100 people over two days.

'Of course, the prices in Singapore have gone up a lot, so these provide an alternative,' she added.

But large crowds do not always translate into many buyers, warned an agent who declined to be named.

'You can get fantastic turnouts, but sales usually amount to only about 5 per cent of the crowd,' he said.

Generally, the most seasoned investors buy homes in markets they know well.

Civil engineer Peter Rudland, 58, now owns six homes in London, where he worked before coming to Singapore, and one in Manchester, where he was born.

The British-born permanent resident has also resold a number of London investment properties for a profit of at least 20 per cent.

'London is very safe financially,' he said. 'Singapore has too many speculators. I wouldn't want to speculate here.'

GIC拟脱售香港中远大厦办公楼面

《联合早报》Mar 14, 2008

在美国次贷阴影笼罩下，各地的房地产物业大洗牌。在香港，新加坡政府投资公司(GIC)和摩根士丹利都计划趁高退场，以招标的方式脱售它们分别位于上环和中环的房地产投资。

在澳大利亚，由于当地房地产市场一片凄风苦雨，房地产投资信托公司纷纷脱售房地产来减轻负债。例如古曼集团(Goodman Group)就有意把它在腾飞信托(A-REIT)的股份，卖给新加坡的合作伙伴——腾飞(Ascendas)私人有限公司，以筹集资金来减少债务。

古曼集团在呈给澳大利亚交易所的文告中说，它计划以2亿8200万元，把它在腾飞信托管理公司持有的40％股份，以及在腾飞信托的6.8％股份，卖给腾飞私人有限公司。这将能协助它将债务减少0.15个百分点。

古曼集团说，它将能够从脱售管理公司套取超过9000万元的税前盈利。至于脱售在腾飞信托的股份，则能为它带来超过6000万元的税前盈利。

在美国次贷风暴连累下，澳大利亚多家房地产信托公司，包括Centro房地产集团、麦格理全国信托(Macquarie CountryWide Trust)等纷纷脱售物业来削减债务，以加强投资者对它们的债务状况的信心。

根据澳大利亚金融评论三天前的报道，Centro房地产集团计划通过脱售它在两家非上市房地产基金的股票，来协助它在4月30日之前，再融资偿还49亿元的债务。麦格理全国信托则计划脱售它在区域的购物商场，来筹集1亿澳元，以协助它减轻债务。

海外基金在香港套现

香港方面，在美国次贷风暴的影响下，再加上香港楼价大幅上扬，推动一些海外基金开始趁高离场，套现之前以较低价格买进的香港房地产。

据香港《东方日报》报道，近期外资基金明显较积极地为手头上的物业寻求买家。例如新加坡政府投资公司大半年前就已经在市场上低调放售位于上环的中远大厦15层全层办公楼面。

这个面积约31万平方英尺的办公楼面，是新加坡政府投资公司在2000年以26亿4000万港元买进的。现在市价估计已经上升至每平方公尺1万至1万5000港元，即超过40亿港元。

该报道也指出，新加坡政府投资公司是其中一家近年在香港赚大钱的外资基金。除了正在放售的中远大厦可能让它大赚10多亿港元外，新加坡政府投资公司也在 2006年5月，因为将部分新纪元广场和中远大厦的车位卖给澳大利亚的麦格理亚洲基金，而在账面上劲赚10亿7500万港元。

这批总楼面达38万3091平方英尺的房地产，是位于上环皇后大道中181至183号的新纪元广场低座全幢，以及高座中远大厦的34个车位，当时的售价是23亿7500万港元，即每平方英尺约6420港元。

实际上，麦格理旗下的房产基金(MGPA)，也在2007年第三季先卖出金钟力宝中心的六层楼面，套现约9亿港元，账面盈利超过4亿7000万港元。它随后又在去年6月，以10亿港元将半山豪景阁全幢豪宅卖给长江实业，七年多来账面盈利高达4亿1500万港元。

根据香港《经济日报》报道，摩根士丹利目前也正为其位于中环皇后大道139号的23楼整层办公楼面寻找买家。这个面积约9万零703平方英尺的办公楼面，是摩根士丹利在2006年5月以6亿5500万港元向星展银行买入的，事隔不到两年，物业已升值过倍，市值约14亿港元。

Bush Economy To Grow; Clinton: Recession Here Now

Source : The Straits Times, Mar 15, 2008

NEW YORK - PRESIDENT George W. Bush, seeking to bolster faith in the economy amid fears of a recession, acknowledged on Friday the United States was going through hard times but said growth would resume over the long run because economic fundamentals were sound.

Democratic presidential candidate Hillary Clinton countered that much of the country was already in a recession.

With oil prices at record highs, the mortgage market on the verge of meltdown and the spectre of recession looming, Bush has been scrambling to halt the slide in the economy.

'In the long run I am confident that our economy will continue to grow because the foundation is solid,' President Bush told about 500 people at the nonpartisan Economic Club of New York, a group of top business executives, bankers and economists.

His trip to New York came amid reports of further slippage in consumer confidence and word that the Federal Reserve and JPMorgan Chase had agreed to provide emergency funding to Bear Stearns because of a credit crunch at the major US investment bank.

Campaigning in Pennsylvania, which holds the next primary contest on April 22, Mrs Clinton renewed her attack on oil company profits and accused Senator Barack Obama, her rival for the Democratic presidential nomination, of supporting tax breaks for oil companies.

Speaking at a campaign rally for about 2,000 supporters in Pittsburgh, Mrs Clinton said both Obama and Republican presidential candidate Senator John McCain had voted for a bill to cut oil company taxes.

'They voted yes to more giveaways to the oil companies,' she said in a 40-minute speech.

Windfall tax
Citing Exxon Mobil Corp's latest annual profit of US$40 billion, Mrs Clinton said that as president, she would require oil companies to invest in alternative forms of energy or else be subject to a windfall profits tax.

Development of alternative energy sources and the promotion of energy independence could generate 5 million new jobs in the next 10 years, she added.

Earlier on Friday, Mrs Clinton visited a Pittsburgh gas station to promote her plan to fight the high energy costs she said are hurting the economy.

'There are many places in our country, and there are many families that are already in recession,' Mrs Clinton said. 'I believe we are on a course that is going to worsen that economic stress.'

As conditions have gotten worse, the economy has surpassed the Iraq war as the top concern of voters who will pick President Bush's successor in November.

That could bode ill for presumptive Republican nominee John McCain, who has made national security the centrepiece of his candidacy and once said the economy was not his strong suit.

Mr McCain, who has visited Iraq seven times, plans a trip to the Middle East and Europe next week.

Mrs Clinton, a New York senator and former first lady who would be the first woman president, will continue her battle for the Democratic nomination with Illinois Senator Barack Obama, who would be the first black president.

Senator Obama was forced to quell another campaign controversy tinged with race on Friday, repudiating 'inflammatory and appalling remarks' remarks made by his Chicago pastor.

'I vehemently disagree and strongly condemn the statements that have been the subject of this controversy,' Senator Obama said in a statement, responding to persistent media coverage of Rev.

Jeremiah Wright's sermons in which he called the September 2001 attacks retribution for US foreign policy and railed against a racist America.

In an interview with the cable channel CNBC, President Bush said he trusted McCain to maintain his tax-cutting legacy.

'Not only do I think he will be good (on) tax cuts, I know he'll be a good, sound, you know, fiscal watchdog,' President Bush said, according to a transcript.

At a town hall meeting in a Philadelphia suburb, Mr McCain said US economic fundamentals remain strong despite the housing crisis, and said he would soon unveil more proposals to help the economy.

'We will come forward in the days and weeks ahead with more and stronger proposals to try to fix this economy and I'm sure that we can,' the Arizona senator said. -- REUTERS

Property Transactions With Contract Dates Between Feb 18th-23rd, 2008