Sunday, April 19, 2009

Punggol Town Transforms

Source : The Straits Times, April 18, 2009

A 4.2km waterway will add vibrancy to the town.

WHEN Mr Samuel Ng first heard in 2007 that the Government had plans to transform Punggol Town into a vibrant waterfront town, he simply could not wait for the makeover.

Artist's impression of Punggol Waterway. -- PHOTO: HDB

Yesterday, Mr Ng, 52, a Punggol resident for the last seven years, glimpsed the future at the groundbreaking ceremony of the new Punggol Waterway.

'The waterway will breathe new life and add vibrancy to this sleepy town,' he said. 'It will just be a stone's throw from where I live.'

But the waterway could have been a lost opportunity - if not for the spirit of innovation and teamwork between the Housing Board and Public Utilities Board, said Deputy Prime Minister Teo Chee Hean.

Indeed, he said the growth of Punggol, like Singapore itself, shows how citizens working as one with 'vision, determination and innovation can overcome the odds to build new communities and radically transform our living environment'.

Speaking at the groundbreaking ceremony, Mr Teo said the transformation of Punggol, an old fishing village, mirrors the experience of Singapore. The nation itself was a fishing village before it made the quantum leap to global city.

In the case of Punggol, the waterway was initially meant to be a 'drain' connecting Sungei Serangoon and Sungei Punggol at each end of Punggol Town.

But when the PUB engineers and the HDB planners discussed the town's development in the Punggol 21 masterplan, they spied an opportunity to build Punggol around this new waterway, he said.

The result? A 4.2km waterway which will flow beside 21,000 units of new public and private housing.

Cutting right through Punggol Town, the waterway is expected to be completed by the end of next year.

Then residents in Punggol and around Singapore can dine alfresco while overlooking the waterway. They can jog on scenic routes, and enjoy watersports such as kayaking.

Praising the HDB and PUB, he said the Government's long-term planning and ability to act on these plans is a key reason for Singapore's success.

'Anyone can have big plans,' he said. 'But working our plan, getting it executed effectively and efficiently is not so easily accomplished.'

Also important is the readiness to modify a plan to suit changing circumstances and to seek synergy, he said, 'while remaining connected to the ground - listening to and attending to our people'.

Indeed, yesterday he invited the people of Punggol to name the waterway.

He was joined by National Development Minister Mah Bow Tan. Also present were Mr Teo's fellow Pasir-Ris Punggol MPs - Mr Charles Chong, Ms Penny Low, Dr Ahmad Magad and Mr Michael Palmer - plus Ang Mo Kio GRC MP Lam Pin Min.

Mr Teo said the new-look Punggol is part of the larger transformation of Singapore's physical landscape that will take place over the next few years.

With the Double Helix Bridge at Marina Bay, the Gardens by the Bay and the integrated resorts being planned and built, the downtown will be rejuvenated.

Similarly, the heartlands will be spruced up, he said. Amenities will be added, such as bigger shopping malls, new hospitals and more luxurious public housing.

On Friday, Mr Mah invited Singaporeans to discover the changes all over the island, including Punggol. They can join a series of events named My New Singapore.

Said Mr Teo: 'We will press on with our efforts to remake our homeland, thus ensuring that Singapore will emerge stronger from the economic downturn when the global economy recovers.’

Saturday, April 18, 2009

URA Plans To Get S'poreans Acquainted With New Developments

Source : Channel NewsAsia, 17 April 2009

The landscape of Singapore will soon look quite different as new developments spring up in the city centre and in the heartlands over the next few years.

Future skyline of Marina Bay - URA

By 2011 for instance, residents of Jurong will have more opportunities to live by the waterfront. Southern coastal areas like the Labrador Park and Bukit Chermin will also be made more accessible to the public.

These are on top of new projects coming up in the Marina Bay and Orchard Road areas.

Many of these plans were announced in recent years, but the Urban Redevelopment Authority (URA) wants to get more Singaporeans acquainted with them.

To do that, it is holding a series of activities and public exhibitions called "My New Singapore" from May this year.

Speaking at the URA Corporate Plan Seminar on Friday, National Development Minister Mah Bow Tan said: "We will show Singaporeans the plans for their neighbourhoods, bring them to see the new Marina Bay, and let them enjoy the parks and park connectors.

"I hope that when Singaporeans rediscover Singapore, we will realise what a special little city we have and perhaps, we will love our city even more."

Other activities include the Marina Bay Festival in the later part of 2010, which will comprise a series of activities and events to showcase developments in the area.

Next year, the Housing and Development Board (HDB) will also conduct a series of roving exhibitions from March till July to show how HDB neighbourhoods have evolved and improved over the years.

There will also be new plans for public housing in the future. - CNA/so

Home Sales Set To Rise In 3 To 12 months: CDL

Source : The Straits Times, April 17, 2009

PROPERTY developer City Developments (CDL) said yesterday that it expects increasing numbers of homebuyers to enter the market in the next three to 12 months.

Its optimism stems from the sale of more than 80 per cent - or 150 units - of its newly-launched development, The Arte at Thomson. CDL has put 180 units of the 336-unit project on sale.

It said The Arte was 'a record breaker of sorts', being one of the few large projects launched in the global economic meltdown 'that has tasted success'.

CDLs' statement comes on the heels of newly released data that showed 1,220 new private homes sold last month, just shy of the 1,332 units sold in February.

This makes two consecutive months with more than 1,000 units sold - the first time it has happened in a year.

First-quarter private home sales have hit 2,660 units - about 62 per cent of all of last year's new home sales.

It has led some to speculate that the market has indeed turned a corner.

CDL said that 'after absorbing news of forecasts of a steep decline in GDP growth for 2009, the upbeat in sales volume could mean that there is greater confidence that a turnaround is in sight - with a steady rise expected in the property market within the next three to 12 months'.

But analysts maintain that this level of buying may not be sustainable.

Knight Frank director of research and consultancy, Mr Nicholas Mak, has estimated that only 6,000 to 7,000 new private homes are expected to be sold this year, unless the Singapore economy and employment market improve significantly.

However, CDL's group general manager, Mr Chia Ngiang Hong, said that recent launches have shown that 'buyers are still willing to spend when they see value and see a good deal'.

Developers, prompted by the challenging economic conditions, have lowered selling prices - by between 5 to 25 per cent - and these factors have contributed to larger transaction volumes, said CDL.

Raffles Hotel Reported To Be Going On Sale

Source : The Straits Times, April 17, 2009

THE wealthy Arab owner of Raffles Hotel is reported to have put the local icon back on the market in a bid to offset billion-dollar losses racked up in the financial meltdown.

Saudi Arabian Prince Alwaleed bin Taal Alsaud (next picture), who owns Raffles Hotel, is said to have put the heritage icon back on the market in a bid to offset billion-dollar losses racked up in the financial crisis. -- PHOTOS: ST FILE PHOTO, BUSINESS TIMES, ISTOCKPHOTO


Prince Alwaleed Bin Talal Alsaud of Saudi Arabia is said to have put a price tag of $674 million on Raffles, the iconic heritage hotel on Beach Road.

London's Times newspaper said yesterday that Fairmont Raffles Hotels International is seeking buyers for Raffles and other hotel assets, despite a severely depressed market.

If true, this is the second time in as many years that the Singapore landmark has been the subject of a sale.

However, the communications manager for Prince Alwaleed's Kingdom Holding Company, which has a controlling stake in Fairmont Raffles, said early this morning that the Prince was not seeking a buyer for Raffles Hotel.

Last May, a proposed sale of Raffles Hotel to a consortium led by former Credit Suisse banker Mark Pawley failed to materialise for reasons that remain unclear. The deal was said to have been tagged at about $650 million.

The hotel is more than 120 years old and gazetted as a national monument.

Built by the Sarkies Brothers in 1887 on the site of a 10-room bungalow, the hotel expanded quickly and its fame grew far and wide, partly thanks to it being mentioned in the works of writers Somerset Maugham and Joseph Conrad.

In 2005, it was part of a hotel portfolio belonging to Raffles Holdings - since delisted - that was sold to US-based Colony Capital for $1.7 billion.

Colony Capital later merged that portfolio with Fairmont's assets to create Fairmont Raffles. Other local assets owned by Fairmont Raffles include Fairmont Singapore and Swiss�tel The Stamford.

The group has 123 hotels under the Fairmont, Raffles, Swiss�tel and Delta brands.

The Saudi Arabia-based firm is one of the world's leading hotel investors.

But industry sources told The Times the Saudi Prince is considering a range of disposals after a sharp fall in value of some of his biggest investments.

The Evening Standard in Britain yesterday said he is also looking for a buyer for the Savoy, London's most famous hotel, which could be worth more than £200 million (S$445 million). Kingdom Holding has denied this report as well.

Prince Alwaleed's investments have taken bruising hits, most notably in American banking giant Citigroup. His initial 3.9 per cent stake has plunged in value from more than US$50 a share two years ago to about US$4 today.

Last October, the Prince tried to stabilise the situation by increasing his stake to 5 per cent, but the shares have continued to nosedive.

KHC also lost a bundle of cash on its investments in Songbird Estates, the majority owner of London's Canary Wharf financial complex, Euro Disney and Rupert Murdoch's News Corporation.

Kingdom Hotel Investments, a small London-listed vehicle in which the Prince has a 55 per cent stake, has also lost more than two-thirds of its value in the past 12 months.

Fortune magazine said his wealth has fallen from US$21 billion to about US$13 billion (S$19 billion) over the past year. - BLOOMBERG

New DBSS Project Sees Queue Days Before Applications Open

Source : Channel NewsAsia, 17 April 2009

Over a hundred people have started queuing for the latest public housing project in Simei even though bookings are not scheduled to start till Tuesday.

Artist's impression of Parc Lumiere - SIM LIAN GROUP website

Eager house-hunters have been at the Simei Road site since 8am in hope of viewing and eventually booking a unit at Parc Lumiere – a new project under the Housing and Development Board's (HDB) Design, Build and Sell Scheme (DBSS).

They are taking no chances, especially when applications will be accepted on a first-come-first-served basis only.

Given the strong response, developers said applications may open from Saturday instead.

Four-room units at Parc Lumiere are priced between S$378,000 and S$425,000, while 5-room units are priced between S$462,000 and S$575,000.

One house-hunter said: "Price-wise, I don't have a choice! I need a house. The longer I wait, the price will keep increasing. I haven't seen a trend in prices dropping, so I have to get it. It's now or never."

Under this scheme, private developers manage the project from its design to construction and sale.

While units may come with condominium-like furnishings, the projects do not have facilities found in condominiums such as swimming pools. - CNA/so