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.
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