No-Go Yet For Kallang Site; Stamford Put On Reserve List

Source : The Straits Times, Dec 18, 2008

URA needs more time to finalise plans; consultants cite market conditions

THE Government has again postponed the release of new land - this time a hotel site in the Kallang River area - as the property market continues to flounder.

However, a historic site in North Bridge Road - which contains Singapore's first cinema Capitol Theatre and two other heritage buildings - has been released on the reserve list sale system as planned.

This means that the site will be put up for tender only if developers indicate interest by committing to a minimum bid.

The 1.59ha hotel site at Kallang River - part of plans to transform the Kallang Riverside into a waterfront lifestyle precinct - was also scheduled to be made available on the reserve list this month.

But its release has now been deferred to next June, said the Urban Redevelopment Authority (URA) yesterday.

It said it needs more time to finalise the detailed planning and development conditions of the site as they relate to the broader plans for the area. The URA is working with other agencies on that, it said.

'(The deferral) could be a reaction to the current poor market conditions,' said Credo Real Estate's executive director Tan Hong Boon.

The URA is probably taking advantage of the slower market to re-do its plans for the site, said Knight Frank's director of research and consultancy, Mr Nicholas Mak.

The two consultants said the site would be unlikely to attract interest even if it were made available now.

They are also pessimistic on prospects for the 1.46ha North Bridge Road site, boasting three historically and architecturally notable buildings: Capitol Theatre, Capitol Building and Stamford House.

'It's a lovely site as it is very central and next to the MRT station, but it won't likely be triggered in the next six to nine months due to the credit crunch and poor property market outlook,' Mr Tan said

Indeed, the 99-year leasehold site was to have been put up for sale directly this month but was transferred to the reserve list in late October, along with other sites, given economic uncertainties, the National Development Ministry had said.

At least 40 per cent of the North Bridge Road site's gross floor area has to be set aside for hotel use to strengthen the hotel cluster in the area, URA said.

However, in the current market, this may not be attractive to developers, said Mr Mak. 'There are already quite a number of hotels nearby.'

He said the site's development will be highly complex and the concept needs to be handled with great care. The developer will need to find the right mix of various uses such as retail to 'draw in the crowds and sustain their interest', he said.

'If done successfully, it can be an iconic development like the Fullerton Hotel. If it is not done successfully, its failure could be magnified due to its prominent location,' said Mr Mak.

To ensure its vision of creating a distinctive development is met, the URA will be selling the land parcel via a 'two-envelope' system, where developers have to submit their concept proposals and tender prices in two separate stages, with concepts considered first. The URA will open the price envelope only for shortlisted concepts and pick the highest bid. This is time-consuming with extra costs and this may deter some developers, said Mr Mak.

Smaller Flats Supply Upped

Source : The Straits Times, Dec 18, 2008

THE Housing Board will offer 4,000 smaller flats over the next two years, marking the biggest comeback for such flats which has not been built for 20 years.
Next year's supply of 2,000 three-room and smaller flats will almost double this year's supply of 1,163.

Prices of 20-year-old resale flats nearby are going at $175,000 to $180,000 for three-roomers - higher than the launch price, HDB figures showed. -- ST FILE PHOTO

HDB's move closely follows National Development Minister Mah Bow Tan's announcement in Parliament last month that there will be a steady supply of smaller flats for lower income families and for those who need to downgrade to smaller flats amid the current economic crisis.

The HDB had stopped building two- and three-roomers in the 1980s as growing families in Singapore's developing years fuelled demand for bigger flats.

But in 2004, three-roomers were re-introduced, and in 2006, HDB said it would resume building two-roomers to meet increasing demand.

HDB also launched a new project on Thursday - Dew Spring @ Yishun - under its build-to-order scheme.

It will offer 504 four-room, 144 two-room, 215 three-room units - the largest number of smaller flat types out of all of HDB's projects launched this year.

HDB's deputy chief executive, Ms Tan Poh Hong, told reporters that HDB has revived smaller flats on a larger scale as 'there are are more people who wil need to downgrade to smaller flats, as well as first timer families who would also like to start with smaller flats to be financially prudent'.

Two-roomers at Dew Spring will start at $76,000 to $90,000; three-roomers from $120,000 to $146,000 and four-roomers are priced at $197,000 to $238,000.

For the first time, HDB also released comparable prices of resale flats in the same area to demonstrate the affordability of the new flats launched.

Prices of 20-year-old resale flats nearby are going at $175,000 to $180,000 for three-roomers - higher than the launch price, HDB figures showed.

HDB has launched 6,600 homes so far this year under its BTO scheme, which builds flats when a certain demand is reached.

Of these, 883, or 13 per cent, were two-room and three-room flats.

It plans to launch another 1,180 units in the next two weeks before the year is out, which will include a further 280 studio apartments, two-room and three-room homes.

中国再推出救房市措施 个人买第二套房贷条件放宽

Source :《联合早报》December 18, 2008

（北京综合讯）中国再次出招拯救房地产市场：中国国务院常务会议拟定促进房地产市场健康发展的政策措施，包括放宽个人购买第二套商品房的贷款限制等更优惠的购房政策，鼓励住房消费，力图刺激疲弱的国内房地产市场。

不过，分析人士认为，很多政策措施已在预期之中，效果有限。由于处于经济下行周期，房地产行业近期很难有起色。

武汉一住房建筑工地的工友正在搬运玻璃窗口。分析师认为，最新的拯救房市政策对于改善房地产行业的困境有一定帮助，但还是不足以让房地产业走出困境。（路透社）

据中国政府网站刊登的消息，中国总理温家宝昨日主持召开国务院常务会议，确定鼓励普通商品住房消费的政策措施。已贷款购买一套住房但人均面积低于当地平均水平，再申请购买第二套普通自住房的居民，在新措施下，可享有首次贷款购买普通自住房的优惠政策。

对住房转让环节营业税暂定一年实行减免政策。其中，将现行个人购买普通住房超过5年(含5年)改为超过2年(含2年)转让的，免征营业税；将个人购买普通住房不足2年转让的，由按其转让收入全额征收营业税，改为按其转让收入减去购买住房原价的差额征收营业税。

照顾下层住民

会议确定的其他促进房地产市场发展的政策措施，还有加大保障性住房建设力度。争取用三年时间，解决近750万户城市低收入住房困难家庭和240万户林区、垦区、煤矿等棚户区居民的住房问题，并积极推进农村危房改造。

中央继续加大廉租住房建设和棚户区改造投资支持力度，适当提高中西部地区补助标准。选择部分有条件的地区试点，将本地区部分住房公积金闲置资金补充用于经济适用住房等建设。

另外是引导房地产开发企业积极应对市场变化，促进商品住房销售。支持合理融资需求，加大对中低价位、中小套型普通商品住房建设特别是在建项目的信贷支持，对有实力有信誉的房地产开发企业兼并重组提供融资和相关金融服务。按照法定程序取消城市房地产税。

会议要求，各地区要在执行中央统一政策的前提下，结合当地实际，进一步采取促进房地产市场健康发展的政策措施。

针对中国政府最新一轮的拯救房市措施，路透社报道，海通证券房地产行业分析师帅虎认为，因为二套房主要满足投资和改善型需求，在行业下行趋势还没有改变的情况下，买房者这两方面的需求意愿不会太强。因此，政策效果会很一般，二手房成交量即使有反弹也不会太多。

国泰君安地产业分析师孙建平也认为，这些政策的出台对于改善房地产行业的困境有一定帮助，但还是不足以让房地产业走出困境，因为地产困境不仅仅是政策造成的。

另一方面，中国股市房地产板块前日已闻风而动，受中国央行可能减息及下调地产交易税等利好预期激发而大幅反弹。

由于憧憬中国政府将有更多刺激楼市的措施出台，在港上市的不少大陆房产股近一个月录得较大涨幅。近一个月来，合生创展、富力地产和远洋地产均上涨逾60%，雅居乐也上升逾30%。

上海办公楼供过于求 明年租金恐回落

Source :《联合早报》December 18, 2008

（上海路透电）全球知名地产服务提供商世邦魏理仕上海分公司表示，由于上海办公楼市场供应量的上升，以及金融危机导致的需求下降，市场供过于求的现象突出，租金年增长放缓和空置率快速上升，预计明年上海的办公楼租金可能出现下跌。

世邦魏理仕发布最新研究报告称，今年前三季度,上海市场办公楼的总供给量达93万零707平方米，而今年全年预计可以达到111万平方米，该数据是2005-2007年年均供给量的2.4倍。

另一方面，在全球金融风暴不断恶化的影响下，越来越多的企业开始裁员和搁置扩张计划，但明年的办公楼新增供应量仍将达到87万平方米，持续的高供应增加了市场修复目前供过于求状况的难度，预计2009年上海办公楼租金很有可能出现下跌。

报告还指出，上海高档住宅物业的售价在过去一年中增幅逐渐放缓。在今年第三季度，高档公寓的售价环比仅上涨1.2%，高档别墅售价环比小幅下跌0.7%。尽管高档住宅价格相对坚挺,但来自需求紧缩和成交量下降的压力不容忽视。

近期政府出台政策刺激住宅市场，从而激励市场情绪。同时，市中心区域住宅用地和别墅用地未来供应量的缩减将有效支撑高档住宅市场，而世博会和对于经济复苏的期望将成为主导2010年市场的积极因素。

港新等业主贱售上海房产

Source :《联合早报》Decemeber 18, 2008

（上海综合讯）世界金融风暴波及上海楼市，据上海媒体报道，在韩国人成为外籍人士抛售房地产的急先锋后，香港、新加坡等地业主也紧随其后。

上海《东方早报》昨日报道，目前在上海古北、镇宁、静安等市中心区域，不少香港、新加坡业主急于抛售房地产套现，成交价一般明显低于巿场价。市场人士表示，这些抛盘的业主一般长期不在中国生活，因不看好上海楼市前景，于是抱着现金为王的观点准备转移投资方向，可能会抄底美国或香港本地楼市。

报道引述上海中原地产董事长陆成的讲话指出，包括香港人在内的外籍人士持有的上海住宅房地产，主要集中在巿中心区的中高档楼盘，如新天地板块的翠湖天地、古北的华丽家族、镇宁路板块的嘉里华庭、陆家嘴的世茂滨江花园等。

他说，目前有意脱售房地产的外籍业主，占总房源量的比例，由原先的10%增加至逾20%，其中香港业主目前放盘量占比也从原先的约15%增长至超过20%。

而且，因为外籍业主急于脱手房地产，部分楼房的成交价格跌幅达两成。

总体看来，这些高档房地产目前价格与高位时相比下跌幅度在20—30%。

另外，中原地产静安区域经理金晓峰也说，随着金融风暴越演越烈，以香港、新加坡为主的境外业主抛盘量增多，其中有一半人由于资金短缺而抛售房地产套现，还有业主准备转移投资方向，包括抄底美国、澳大利亚或香港楼市。

另据《房地产时报》的报道，上海部分二手高档公寓“一降到底”。一些原本以供应稀缺，价格抗跌为特点的高档房，出现10%-20%的降幅。

业界人士受访时指出，全球金融危机全面升级，以高端人士为主要客户群的高档房市场也受到打击，客户需求减少，成交低迷。一些手头资金比较吃紧的业主选择降价放盘。

另一方面，上海不少外企裁员力度加大，担任中高层的外籍人士会在明年回国，急于将现有的自住或投资房源出手，因此价格调整幅度较大。