Source : The Straits Times, Nov 30, 2007
He altered stamp duty payable by client and lied about address to get his child into top school.
HE WILL spend the next 11 months in jail but the immediate future of his 10-year-old daughter is less certain.
Lawyer Tan Sok Ling, 40, pleaded guilty last week to lying about his residential address in order to secure his daughter a place at a reputable school in Bukit Timah. He also admitted to altering the stamp duty payable for a property transaction from $8,100 to $13,500.
Yesterday he was sentenced to nine months’ jail for forgery and two months for giving false information. Two other forgery charges and another of giving false information were considered.
As for his daughter’s fate in the school, the Ministry of Education (MOE) said it will consider the court’s ruling in deciding the course of action for the child.
Tan, who was called to the Bar in 1993, is currently under a 12-month suspension for breaching the Solicitors Accounts Rules between 2002 and 2003.
The owner of the now-defunct firm of Tan S.L. & Partners was representing Mr Kwang Siang Jin, 46, a buyer of a Thomson Park house, when he forged the stamp duty certificate in March last year.
Mr Kwang paid $13,500 for stamp duties for the purchase of the property, not knowing that the actual figure was only $8,100.
When he found out three months later, he demanded a refund and Tan complied.
Earlier in 2003, Tan’s family was living in Bedok when he decided to rent a place within the 1km radius of the Bukit Timah school in order to enrol his daughter there.
He managed to find a unit at Maplewoods Condominium and paid a $1,600 monthly rent for 41/2 months from April 2003. He told the property agent that he was not going to live there but wanted to use the address.
After signing the licence agreement, he went to the Siglap Neighbourhood Police Post on July 6 that year to change his address to the Bukit Timah one when he knew that it was false.
His daughter, now 10, was admitted to the school. But he was found out after an MOE official lodged a police report on Dec 19 that year stating that two applicants at the 2003 Primary 1 registration exercise had used the same address.
Mr Peter Cuthbert Low of law firm Colin Ng & Partners said his client cooperated fully with the police, made restitution even before he was charged, and was genuinely remorseful.
Citing aggravating factors in the case, District Judge Liew Thiam Leng said the offence involved fraud and dishonesty as well as premeditation. Tan had abused his position of trust as a lawyer and his conduct undermined public confidence in the legal profession.
Tan could have been jailed for up to seven years for forgery. For giving false information to a public servant, the maximum penalty is six months’ jail or $1,000 fine or both.
Friday, November 30, 2007
Keen Interest At First SLA Auction For Small Plots
Source : The Straits Times, Nov 30, 2007
Sites snapped up by individuals, firms at prices ranging from $1.3m to $12.1m
MORE than 120 eager buyers yesterday crowded into a room at M Hotel hoping for a bargain deal at a first-of-its kind auction of six small plots of land.
The buyers were mostly hoping to buy a plot on which to build their own dream home.
And after some brisk bidding, six of them each left with a 99-year leasehold plot - some with what they saw as bargains.
The plots sold at prices from $1.3 million to $12.1 million, for a total of $30.64 million.
It was the Singapore Land Authority’s (SLA) first auction of residential ‘infill’ sites.
‘Infill’ sites are pockets of state land, located in the midst of an established housing estate, that have been left untouched by nearby developments or were once used for public purposes.
The six sites were mostly hotly contested, reflecting strong interest in the attractively-priced sites.
The bidders included professionals, businessmen, construction firms and niche developers, said SLA in a statement.
Included in an SLA sale for the first time were two good- class bungalow (GCB) parcels, which were sold to individual buyers for up to $12.1 million.
Still, one of the two top-end plots - a 16,689 sq ft site - attracted just one bidder. Fund manager John Foo met with zero competition when he bought the smaller of the two plots at Eng Neo Avenue for $6 million or $359.50 per sq ft (psf).
He reckoned he got a good deal for the site, which is for his own use. ‘Sentosa leasehold plots can be over $1,000 psf while District 10 GCB plots are going for $800 to $1,000 psf.’
The other GCB plot, at 29,201 sq ft in size, attracted more bidders. Bids came in hefty $50,000 increments but bidders did not hesitate long as they fired in a total of 52 bids, driving the price up from $9.5 million to $12.1 million.
The interest is not surprising, given that GCB sites, particularly one as big as 29,201 sq ft, are quite rare, said Ms Mok Sze Sze, Jones Lang LaSalle’s director and head of auction and sales.
The successful buyer, Ms Hu Nan Lee, is a Singaporean who is overseas. Her representative said it is meant for her own use.
Of the six plots, the most popular was one at Somme Road. It attracted a whopping 64 bids before local firm Sarda clinched it at $3.76 million.
Sarda’s price was 52 per cent above the $2.48 million opening bid for the 3,547 sq ft residential site, which comes with commercial use on the first floor.
A 6,971 sq ft site in Jalan Insaf, suitable for a pair of two-storey semi-detached houses or a bungalow, was sold to Lye Holdings for $3.54 million, up from the starting bid of $2.9 million.
Avadh, another firm, paid $1.3 million for a 4,228 sq ft site in Bedok Close, suitable for a two-storey bungalow. The opening bid was $880,000.
Both Sarda and Avadh have a shareholder in common: Mr Shriniwas Rai, the veteran lawyer and former Nominated Member of Parliament.
Another firm, Liverland Investments, bought a 6,293 sq ft Moonbeam Walk site for $3.94 million. Bids for the site, which can be used to build a pair of two-storey semi-detached houses, opened at $3.32 million.
Ms Mok said the strong response shows people are open to buying leasehold plots to build their dream homes.
SLA’s chief executive, Mr Lam Joon Khoi, said: ‘We will consider releasing more infill sites to help meet the current market demand for high quality residential properties.’
Sites snapped up by individuals, firms at prices ranging from $1.3m to $12.1m
MORE than 120 eager buyers yesterday crowded into a room at M Hotel hoping for a bargain deal at a first-of-its kind auction of six small plots of land.
The buyers were mostly hoping to buy a plot on which to build their own dream home.
And after some brisk bidding, six of them each left with a 99-year leasehold plot - some with what they saw as bargains.
The plots sold at prices from $1.3 million to $12.1 million, for a total of $30.64 million.
It was the Singapore Land Authority’s (SLA) first auction of residential ‘infill’ sites.
‘Infill’ sites are pockets of state land, located in the midst of an established housing estate, that have been left untouched by nearby developments or were once used for public purposes.
The six sites were mostly hotly contested, reflecting strong interest in the attractively-priced sites.
The bidders included professionals, businessmen, construction firms and niche developers, said SLA in a statement.
Included in an SLA sale for the first time were two good- class bungalow (GCB) parcels, which were sold to individual buyers for up to $12.1 million.
Still, one of the two top-end plots - a 16,689 sq ft site - attracted just one bidder. Fund manager John Foo met with zero competition when he bought the smaller of the two plots at Eng Neo Avenue for $6 million or $359.50 per sq ft (psf).
He reckoned he got a good deal for the site, which is for his own use. ‘Sentosa leasehold plots can be over $1,000 psf while District 10 GCB plots are going for $800 to $1,000 psf.’
The other GCB plot, at 29,201 sq ft in size, attracted more bidders. Bids came in hefty $50,000 increments but bidders did not hesitate long as they fired in a total of 52 bids, driving the price up from $9.5 million to $12.1 million.
The interest is not surprising, given that GCB sites, particularly one as big as 29,201 sq ft, are quite rare, said Ms Mok Sze Sze, Jones Lang LaSalle’s director and head of auction and sales.
The successful buyer, Ms Hu Nan Lee, is a Singaporean who is overseas. Her representative said it is meant for her own use.
Of the six plots, the most popular was one at Somme Road. It attracted a whopping 64 bids before local firm Sarda clinched it at $3.76 million.
Sarda’s price was 52 per cent above the $2.48 million opening bid for the 3,547 sq ft residential site, which comes with commercial use on the first floor.
A 6,971 sq ft site in Jalan Insaf, suitable for a pair of two-storey semi-detached houses or a bungalow, was sold to Lye Holdings for $3.54 million, up from the starting bid of $2.9 million.
Avadh, another firm, paid $1.3 million for a 4,228 sq ft site in Bedok Close, suitable for a two-storey bungalow. The opening bid was $880,000.
Both Sarda and Avadh have a shareholder in common: Mr Shriniwas Rai, the veteran lawyer and former Nominated Member of Parliament.
Another firm, Liverland Investments, bought a 6,293 sq ft Moonbeam Walk site for $3.94 million. Bids for the site, which can be used to build a pair of two-storey semi-detached houses, opened at $3.32 million.
Ms Mok said the strong response shows people are open to buying leasehold plots to build their dream homes.
SLA’s chief executive, Mr Lam Joon Khoi, said: ‘We will consider releasing more infill sites to help meet the current market demand for high quality residential properties.’
New Fund To Invest In Property
Source : TODAY, Friday, November 30, 2007
It will start with two projects in Bangkok and is also eyeing opportunities in S’pore.
A new fund has been set up to invest in prime development projects in Asia, including Singapore, targeting US$400 million ($580 million) of prime real estate acquisitions.
The Asia Real Estate Prime Development Fund (AREPDF) has already attracted US$250 million from institutional investors and is expected to reach the target of US$400 million by the first quarter of next year.
It’s the fourth fund launched by the real estate investment house Pacific Star Group, and earlier funds have bought into Temasek Tower, One George Street and The Adelphi.
“We are looking at all possible opportunities, including in Singapore. If the opportunity makes sense and allows us to achieve our targeted returns, then, we will consider it seriously as we have done with Bangkok as our seed investment,” said Mr Glen Chan, president of Pacific Star Investment and Development, who heads the team of fund managers of AREPDF.
The first investment, he said, would be a 49-per-cent equity stake in two residential development projects in Bangkok.
These condominium projects will be developed by Asian Property Development (APD), which is listed on the stock exchange in Thailand and is one of the largest residential property developers in downtown Bangkok.
“This investment is compelling because of the scarcity of prime freehold residential land parcels in the heart of Bangkok and the robust demand for city centre condominiums near train stations,” Mr Chan said.
This fund will invest about US$20 million via joint venture companies, which will develop two condominiums in Bangkok, targeted at upper-middle income local buyers. The two projects, which will develop 1,507 units, will be completed in three years.
“The investment returns from such condominium developments are attractive, considering that the prime location sites are within Bangkok’s central business district,” said Mr Chan, who added that the project has attracted strong interest from potential buyers.
It will start with two projects in Bangkok and is also eyeing opportunities in S’pore.
A new fund has been set up to invest in prime development projects in Asia, including Singapore, targeting US$400 million ($580 million) of prime real estate acquisitions.
The Asia Real Estate Prime Development Fund (AREPDF) has already attracted US$250 million from institutional investors and is expected to reach the target of US$400 million by the first quarter of next year.
It’s the fourth fund launched by the real estate investment house Pacific Star Group, and earlier funds have bought into Temasek Tower, One George Street and The Adelphi.
“We are looking at all possible opportunities, including in Singapore. If the opportunity makes sense and allows us to achieve our targeted returns, then, we will consider it seriously as we have done with Bangkok as our seed investment,” said Mr Glen Chan, president of Pacific Star Investment and Development, who heads the team of fund managers of AREPDF.
The first investment, he said, would be a 49-per-cent equity stake in two residential development projects in Bangkok.
These condominium projects will be developed by Asian Property Development (APD), which is listed on the stock exchange in Thailand and is one of the largest residential property developers in downtown Bangkok.
“This investment is compelling because of the scarcity of prime freehold residential land parcels in the heart of Bangkok and the robust demand for city centre condominiums near train stations,” Mr Chan said.
This fund will invest about US$20 million via joint venture companies, which will develop two condominiums in Bangkok, targeted at upper-middle income local buyers. The two projects, which will develop 1,507 units, will be completed in three years.
“The investment returns from such condominium developments are attractive, considering that the prime location sites are within Bangkok’s central business district,” said Mr Chan, who added that the project has attracted strong interest from potential buyers.
Pacific Star Sets Up Asian Property Fund
Source : The Straits Times, Nov 30, 2007
SINGAPORE-BASED investment firm Pacific Star has shrugged off concerns about global share markets to launch a fund that banks on Asia’s property prospects.
The company has set up the Asia Real Estate Prime Development Fund and aims to make $400US million ($578S.2 million) worth of real estate investments.
The fund will invest in prime residential apartments, serviced residences and mixed development projects in Singapore, China, Hong Kong, Malaysia, Thailand, South Korea and Japan.
Its first deal is under way - the purchase of a 49 per cent stake in two Bangkok freehold residential projects. The developer is Asian Property Development, one of Thailand’s largest listed residential property developers.
Both projects will target local buyers in the upper-middle-income group.
Pacific Star, although one of the newer property fund houses in Asia, is growing fast. It has launched three other funds, including the $580US million Eureka Office Fund, which owns commercial properties such as Temasek Tower, One George Street and The Adelphi.
It was also behind the Macquarie Meag Prime Real Estate Investment Trust, which is listed in Singapore and owns stakes in shopping malls Wisma Atria and Ngee Ann City.
SINGAPORE-BASED investment firm Pacific Star has shrugged off concerns about global share markets to launch a fund that banks on Asia’s property prospects.
The company has set up the Asia Real Estate Prime Development Fund and aims to make $400US million ($578S.2 million) worth of real estate investments.
The fund will invest in prime residential apartments, serviced residences and mixed development projects in Singapore, China, Hong Kong, Malaysia, Thailand, South Korea and Japan.
Its first deal is under way - the purchase of a 49 per cent stake in two Bangkok freehold residential projects. The developer is Asian Property Development, one of Thailand’s largest listed residential property developers.
Both projects will target local buyers in the upper-middle-income group.
Pacific Star, although one of the newer property fund houses in Asia, is growing fast. It has launched three other funds, including the $580US million Eureka Office Fund, which owns commercial properties such as Temasek Tower, One George Street and The Adelphi.
It was also behind the Macquarie Meag Prime Real Estate Investment Trust, which is listed in Singapore and owns stakes in shopping malls Wisma Atria and Ngee Ann City.
MI-Reit Acquires Office, Warehouse Building For $25m
Source : The Business Times, November 30, 2007
Powermatic will lease back the property for 5 years
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MACARTHURCOOK Industrial Reit (MI-Reit) has signed an agreement to acquire an office and warehouse facility in the Tai Seng industrial precinct for $25 million.
Under the agreement, Powermatic Data Systems, which is listed on the Singapore Exchange, will lease back the property at 135 Joo Seng Road for five years with the option to extend for another five years. The lease will commence upon the completion of the acquisition, which is scheduled for February 2008.
The property was transacted at the initial yield of 7.3 per cent, and will be accretive to MI-Reit's distribution per unit following completion, said MacarthurCook Investment Managers (Asia) Ltd (MCKIM), the manager of the Reit.
Chris Calvert, CEO of MCKIM, said: 'We are pleased with the acquisition of 135 Joo Seng Road. The inclusion of SGX-listed Powermatic as one of our tenants further enhances our portfolio, of which approximately 70 per cent is comprised of SGX-ST listed companies or their subsidiaries.
'This acquisition provides unitholders with the twin benefits of medium to long-term income stability and also the opportunity for capital and rental value growth, which will form the steadily increasing demand for quality office accommodation in the Tai Seng industrial precinct.'
The inclusion of the property in MI-Reit's portfolio will further contribute to income stability through enhanced tenancy and property diversification, and reduced exposure to its largest tenant, UE Tech Park Pte Ltd, from 31.6 per cent to 29.4 per cent of portfolio income, MCKIM said.
With the latest acquisition, MI-Reit will have total investments of approximately $642.6 million in 22 properties.
It intends to finance the acquisition wholly with debt but may consider alternative means of funding as appropriate. Assuming 100 per cent debt financing, the acquisition will increase MI-Reit's committed gearing level from 36.7 per cent to 39.5 per cent.
Powermatic will lease back the property for 5 years
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MACARTHURCOOK Industrial Reit (MI-Reit) has signed an agreement to acquire an office and warehouse facility in the Tai Seng industrial precinct for $25 million.Under the agreement, Powermatic Data Systems, which is listed on the Singapore Exchange, will lease back the property at 135 Joo Seng Road for five years with the option to extend for another five years. The lease will commence upon the completion of the acquisition, which is scheduled for February 2008.
The property was transacted at the initial yield of 7.3 per cent, and will be accretive to MI-Reit's distribution per unit following completion, said MacarthurCook Investment Managers (Asia) Ltd (MCKIM), the manager of the Reit.
Chris Calvert, CEO of MCKIM, said: 'We are pleased with the acquisition of 135 Joo Seng Road. The inclusion of SGX-listed Powermatic as one of our tenants further enhances our portfolio, of which approximately 70 per cent is comprised of SGX-ST listed companies or their subsidiaries.
'This acquisition provides unitholders with the twin benefits of medium to long-term income stability and also the opportunity for capital and rental value growth, which will form the steadily increasing demand for quality office accommodation in the Tai Seng industrial precinct.'
The inclusion of the property in MI-Reit's portfolio will further contribute to income stability through enhanced tenancy and property diversification, and reduced exposure to its largest tenant, UE Tech Park Pte Ltd, from 31.6 per cent to 29.4 per cent of portfolio income, MCKIM said.
With the latest acquisition, MI-Reit will have total investments of approximately $642.6 million in 22 properties.
It intends to finance the acquisition wholly with debt but may consider alternative means of funding as appropriate. Assuming 100 per cent debt financing, the acquisition will increase MI-Reit's committed gearing level from 36.7 per cent to 39.5 per cent.
Ho Bee, Banyan Tree Win Mipim Awards
Source : The Business Times, November 30, 2007
HO BEE Group and Banyan Tree Holdings have won two of the seven categories in the inaugural Mipim Asia Awards held in Hong Kong.
The Berth by the Cove: The Mipim Asia Award is the first for the Sentosa development
Mipim, the Marche international des professionnels de l'immobilier, is a real estate and city development fair that also honours innovative and outstanding buildings.
Over 100 projects from 15 different countries across the Asia-Pacific region were submitted to the Mipim Asia Awards.
'The quality of the final projects is a testimony to the high standards in Asian real estate today,' commented Robert Lie, president of the jury and chairman of ING Real Estate Investment Management Asia (Hong Kong).
Ho Bee on Wednesday won in the Residential Developments category with its Sentosa development, The Berth by the Cove, by architects Axis Architects Planners.
This is the first award for The Berth, and Ho Bee general manager of marketing and business development Chong Hock Chang added that it is also 'the first true waterfront housing in Singapore'.
He said: 'The development is designed such that you either face the vast South China Sea or the enchanting waterways within the Cove. Further, it is also the first of its kind to have its own berthing facilities.'
On the efforts of Axis Architects, Mr Chong said: 'They may be a local architect but the team has proven themselves to be able to compete against the best in the region by helping us bag this prestigious award.'
Banyan Tree Holdings won in the Hotels and Tourism Resorts category with its Banyan Tree Lijiang in China by Architrave Design & Planning.
Banyan Tree managing director (Design Services) Ho Kwoncjan explained that each Banyan Tree Resort is designed to blend into its natural surroundings, using indigenous materials as far as possible and reflecting the landscape and architecture of the destination.
'Whether redesigning rustic Tibetan farmhouses as lodges, or visualising a resort within an intimate village setting, we promote the uniqueness of indigenous cultures,' he said.
HO BEE Group and Banyan Tree Holdings have won two of the seven categories in the inaugural Mipim Asia Awards held in Hong Kong.
The Berth by the Cove: The Mipim Asia Award is the first for the Sentosa developmentMipim, the Marche international des professionnels de l'immobilier, is a real estate and city development fair that also honours innovative and outstanding buildings.
Over 100 projects from 15 different countries across the Asia-Pacific region were submitted to the Mipim Asia Awards.
'The quality of the final projects is a testimony to the high standards in Asian real estate today,' commented Robert Lie, president of the jury and chairman of ING Real Estate Investment Management Asia (Hong Kong).
Ho Bee on Wednesday won in the Residential Developments category with its Sentosa development, The Berth by the Cove, by architects Axis Architects Planners.
This is the first award for The Berth, and Ho Bee general manager of marketing and business development Chong Hock Chang added that it is also 'the first true waterfront housing in Singapore'.
He said: 'The development is designed such that you either face the vast South China Sea or the enchanting waterways within the Cove. Further, it is also the first of its kind to have its own berthing facilities.'
On the efforts of Axis Architects, Mr Chong said: 'They may be a local architect but the team has proven themselves to be able to compete against the best in the region by helping us bag this prestigious award.'
Banyan Tree Holdings won in the Hotels and Tourism Resorts category with its Banyan Tree Lijiang in China by Architrave Design & Planning.
Banyan Tree managing director (Design Services) Ho Kwoncjan explained that each Banyan Tree Resort is designed to blend into its natural surroundings, using indigenous materials as far as possible and reflecting the landscape and architecture of the destination.
'Whether redesigning rustic Tibetan farmhouses as lodges, or visualising a resort within an intimate village setting, we promote the uniqueness of indigenous cultures,' he said.
JTC Awards Two Industrial Sites By Tender
Source : The Business Times, November 30, 2007
JTC Corporation said yesterday it has awarded two industrial sites - one at Commonwealth and the other in Jalan Tepong.
The 120,300 sq ft site at L1 Commonwealth Drive/Lane went to WHB Pte Ltd, which submitted the highest of 14 bids received. WHB paid $51.2 million, or $170 per square foot per plot ratio (psf ppr). The 30-year leasehold site has a 2.5 plot ratio, giving it a maximum floor area of 300,700 sq ft.
The Jalan Tepong site was awarded to EL Development, which is fully owned by Evan Lim & Co Pte Ltd. The company submitted the highest of six bids received. It paid $9.5 million, or $30 psf ppr, for the site. The 23-year leasehold site has a land area of 224,600 sq ft and 1.4 plot ratio, giving it a maximum floor area of 314,500 sq ft.
The tender for the L1 Commonwealth Drive/Lane parcel was launched on Sept 21 and closed on Nov 2. The tender for the Jalan Tepong parcel was launched on Sept 28 and closed on Nov 9.
JTC is Singapore’s biggest industrial landlord.
JTC Corporation said yesterday it has awarded two industrial sites - one at Commonwealth and the other in Jalan Tepong. The 120,300 sq ft site at L1 Commonwealth Drive/Lane went to WHB Pte Ltd, which submitted the highest of 14 bids received. WHB paid $51.2 million, or $170 per square foot per plot ratio (psf ppr). The 30-year leasehold site has a 2.5 plot ratio, giving it a maximum floor area of 300,700 sq ft.
The Jalan Tepong site was awarded to EL Development, which is fully owned by Evan Lim & Co Pte Ltd. The company submitted the highest of six bids received. It paid $9.5 million, or $30 psf ppr, for the site. The 23-year leasehold site has a land area of 224,600 sq ft and 1.4 plot ratio, giving it a maximum floor area of 314,500 sq ft.
The tender for the L1 Commonwealth Drive/Lane parcel was launched on Sept 21 and closed on Nov 2. The tender for the Jalan Tepong parcel was launched on Sept 28 and closed on Nov 9.
JTC is Singapore’s biggest industrial landlord.
120人竞标六洋房地段 新加坡一地段经64回合喊价才成交
《联合早报》Nov 30, 2007
新加坡土地管理局推出拍卖的六幅供建造私人洋房的官地，获得超过120人登记竞夺，最受欢迎的是松美路(Somme Road)地段，经过一来一往的64回喊价后，最终由Sarda公司夺得。市场人士认为，六幅地段的标价其实都相当合理。
据土管局透露，出席竞标的包括专业人士、商人、建筑公司和特定项目的发展商。
其中，两幅可建造优质洋房的英娘道地段(一幅1万6689平方英尺，另外一幅2万9201平方英尺)，最终成交价分别是600万元和1210万元。英娘道位于武吉知马路附近。
第一幅地段在没有竞争对手的情况下，由Foo Chee King以600万元标得。这也是昨天唯一一幅没有竞争者“出手”竞夺喊价的地段。
他在过后受访时指出，他并不是发展商，只打算买地建造优质洋房，供自己和家人居住。
他说，现在圣淘沙的99年地契地段，每平方英尺的尺价轻易超过1000元，而第十邮区的优质洋房，尺价也介于800至1000元之间，因此，对于能在没有对手的情况下，以每平方英尺360元的尺价标到这幅地段，他觉得非常幸运。
仲量联行(JLL)董事及投资部主管吕醒发受访时指出，英娘道是个“成熟”的住宅区，那里的永久地契地皮，每平方英尺约500元，99年地契地皮会稍微便宜一点。
吕醒发说，由于现在建筑成本上涨了，因此以第一幅英娘道的地段来看，建优质洋房的价格约为300至350万之间，可建筑楼面约为1万平方英尺，因此虽然地皮价格为600万元，总成本加起来也要950万元。如果与这里同等面积的崭新永久地契优质洋房的1100万至1200万元售价比较，还是相当合理的。
950万元起标一路喊到1210万
第二幅比较大的地段，则由一名新加坡人胡南莉所委派的代表，以1210万元的价格标得（尺价约414元）。这一幅地的起始标价为950万元，每一次喊标的差价是5万元，经过一来一往50多回的喊价后，被一路喊到1210万元，另一名竞标者才决定放弃该地段。
胡南莉的代表指出，胡南莉打算在地段上建造供自己居住的优质洋房。
吕醒发认为，今天市场对优质洋房的需求很不同，富裕的买家一般比较喜欢大一点的地段，因此也较愿意以更高的价格，买更大幅的地皮。这幅地的可建造楼面相信介于1万2000至1万5000平方英尺之间，需要的建筑成本约为500万元。以1710万元在英娘道建造豪华的优质洋房，还是相当合理的。
优质洋房地段有限
负责拍卖这些地皮的仲量联行拍卖营业部主管莫思思指出，供建造优质洋房的地皮其实相当有限，尤其是在寸土如金的新加坡，这些地段特别有吸引力。她认为，从拍卖中也可看出，人们对于在99年地契租约的地皮上建造理想家园，其实并不排斥。
另外三幅地皮——勿洛弄、在碧山地铁站附近的惹兰因萨和位于惹兰勿刹一带松美路地段，虽然由三名律师分别代表三家公司标得，但有消息指，这三名律师有意成立新公司，自己发展这三幅地皮。其中一名喊价的律师，是本地前官委议员莱伊（Shriniwas Rai），他代表Avadh公司标得勿洛弄地段。
月光径(Moonbeam Walk)地段则由一名男士代表Liverland投资公司标得。
这是土管局首次推出六幅这类官地在市场上拍卖，供买家自行在地皮上建造优质洋房(GCB)、半独立和独立式洋房。这回土管局进账总额达到3064万元。
这些地段过去都曾有一些公共用途，如建造电房，现在则都已成为空地，称为“填入式地段”(infill)。这些99年地契的地皮，多位于市中心或主要的私宅区内。土管局局长蓝运开说：“这次投标者的热烈反应和标价数额，让我们感到非常鼓舞。我们会考虑推出更多这类空置的填入式地段，以应付目前市场对高素质房地产项目的需求。”
新加坡土地管理局推出拍卖的六幅供建造私人洋房的官地，获得超过120人登记竞夺，最受欢迎的是松美路(Somme Road)地段，经过一来一往的64回喊价后，最终由Sarda公司夺得。市场人士认为，六幅地段的标价其实都相当合理。
据土管局透露，出席竞标的包括专业人士、商人、建筑公司和特定项目的发展商。
其中，两幅可建造优质洋房的英娘道地段(一幅1万6689平方英尺，另外一幅2万9201平方英尺)，最终成交价分别是600万元和1210万元。英娘道位于武吉知马路附近。
第一幅地段在没有竞争对手的情况下，由Foo Chee King以600万元标得。这也是昨天唯一一幅没有竞争者“出手”竞夺喊价的地段。
他在过后受访时指出，他并不是发展商，只打算买地建造优质洋房，供自己和家人居住。
他说，现在圣淘沙的99年地契地段，每平方英尺的尺价轻易超过1000元，而第十邮区的优质洋房，尺价也介于800至1000元之间，因此，对于能在没有对手的情况下，以每平方英尺360元的尺价标到这幅地段，他觉得非常幸运。
仲量联行(JLL)董事及投资部主管吕醒发受访时指出，英娘道是个“成熟”的住宅区，那里的永久地契地皮，每平方英尺约500元，99年地契地皮会稍微便宜一点。
吕醒发说，由于现在建筑成本上涨了，因此以第一幅英娘道的地段来看，建优质洋房的价格约为300至350万之间，可建筑楼面约为1万平方英尺，因此虽然地皮价格为600万元，总成本加起来也要950万元。如果与这里同等面积的崭新永久地契优质洋房的1100万至1200万元售价比较，还是相当合理的。
950万元起标一路喊到1210万
第二幅比较大的地段，则由一名新加坡人胡南莉所委派的代表，以1210万元的价格标得（尺价约414元）。这一幅地的起始标价为950万元，每一次喊标的差价是5万元，经过一来一往50多回的喊价后，被一路喊到1210万元，另一名竞标者才决定放弃该地段。
胡南莉的代表指出，胡南莉打算在地段上建造供自己居住的优质洋房。
吕醒发认为，今天市场对优质洋房的需求很不同，富裕的买家一般比较喜欢大一点的地段，因此也较愿意以更高的价格，买更大幅的地皮。这幅地的可建造楼面相信介于1万2000至1万5000平方英尺之间，需要的建筑成本约为500万元。以1710万元在英娘道建造豪华的优质洋房，还是相当合理的。
优质洋房地段有限
负责拍卖这些地皮的仲量联行拍卖营业部主管莫思思指出，供建造优质洋房的地皮其实相当有限，尤其是在寸土如金的新加坡，这些地段特别有吸引力。她认为，从拍卖中也可看出，人们对于在99年地契租约的地皮上建造理想家园，其实并不排斥。
另外三幅地皮——勿洛弄、在碧山地铁站附近的惹兰因萨和位于惹兰勿刹一带松美路地段，虽然由三名律师分别代表三家公司标得，但有消息指，这三名律师有意成立新公司，自己发展这三幅地皮。其中一名喊价的律师，是本地前官委议员莱伊（Shriniwas Rai），他代表Avadh公司标得勿洛弄地段。
月光径(Moonbeam Walk)地段则由一名男士代表Liverland投资公司标得。
这是土管局首次推出六幅这类官地在市场上拍卖，供买家自行在地皮上建造优质洋房(GCB)、半独立和独立式洋房。这回土管局进账总额达到3064万元。
这些地段过去都曾有一些公共用途，如建造电房，现在则都已成为空地，称为“填入式地段”(infill)。这些99年地契的地皮，多位于市中心或主要的私宅区内。土管局局长蓝运开说：“这次投标者的热烈反应和标价数额，让我们感到非常鼓舞。我们会考虑推出更多这类空置的填入式地段，以应付目前市场对高素质房地产项目的需求。”
Winning Designs On Shaping Marina South Waterfront Garden Homes
Source : The Straits Times, Nov 30, 2007
A LOW-RISE eco-village, active canal streets, a coastal shopping promenade, terraced communal green roofs - these are the winning ideas that will serve as an inspiration and catalyst for the future Marine South residential district, which is set to become the new landmark in Singapore.
The Urban Redevelopment Authority (URA) has set aside 60ha of land between Gardens at Marina South and the Straits of Singapore, on which will rise some 11,000 homes, with a mix of commercial, hotel and community facilities, that are just minutes away from the city.
To get ideas for this project, the URA and the Singapore Institute of Architects (SIA) held a competition in September.
Open to students and professionals in planning, architecture and landscape, both locally and internationally, it drew 30 entries.
Participants had to illustrate how high-density living can co-exist with a waterfront garden concept, and set a new landmark in residential development.
The URA on Friday announced four winning schemes, which will serve as a starting point to develop Marina South into a distinctive waterfront garden district.
The four winners each won $10,000. Two others, awarded special, will each receive $5,000.
The winning schemes, picked by a five-member panel, are from:
- Compass Studio Limited, Hong Kong,
- Khoo Teik Rong, Singapore
- SKPS - Project, Singapore
- Surbana, Singapore
Special mention went to Chor, of Australia, and ZONG Architects, from Singapore.
Mr Tai Lee Siang, President of the Singapore Institute of Architects who chaired the panel, said of the entries, some of which came from Hong Kong, Australia, Indonesia, India and the United States: 'The submissions show an exciting array of ideas that reads like a lesson on the history of urban planning.
'There is clearly a strong trend towards an integrated approach: one that seeks to present the master plan as a form of land art that combines, planning, architecture, landscape, transportation and sustainability.
'There are many well conceived schemes that are based on tried and tested principles albeit fresh expressions. There are also gems of bold and unconventional ideas that cause the jury to debate passionately.'
Most of all, he said the competition 'draws upon ideas from Singapore and abroad to bring out the best potential for this part of Singapore and truly creating unique experiences that are memorable'.
The competition further opens avenues for greater participation from private sector to take part in the transformation of Singapore's landscape, added Mr Tai.
Ms Fun Siew Leng, Director of Urban Planning & Design, URA , said: 'We are impressed with the numerous interesting and novel ideas garnered from the competition. These will serve as a starting point that stimulates reflection and inspiration to further develop Marina South into an attractive, distinctive waterfront garden district for generations to come.'
As part of the inaugural Singapore Archifest 07, a prize presentation award ceremony was held at the City Hall Chamber on Friday to celebrate the winners. All 30 submissions are exhibited at City Hall, adjacent to the former Supreme Court building, till Dec 8 as part of the Singapore Design Festival 2007.
A LOW-RISE eco-village, active canal streets, a coastal shopping promenade, terraced communal green roofs - these are the winning ideas that will serve as an inspiration and catalyst for the future Marine South residential district, which is set to become the new landmark in Singapore.
The Urban Redevelopment Authority (URA) has set aside 60ha of land between Gardens at Marina South and the Straits of Singapore, on which will rise some 11,000 homes, with a mix of commercial, hotel and community facilities, that are just minutes away from the city.
To get ideas for this project, the URA and the Singapore Institute of Architects (SIA) held a competition in September.
Open to students and professionals in planning, architecture and landscape, both locally and internationally, it drew 30 entries.
Participants had to illustrate how high-density living can co-exist with a waterfront garden concept, and set a new landmark in residential development.
The URA on Friday announced four winning schemes, which will serve as a starting point to develop Marina South into a distinctive waterfront garden district.
The four winners each won $10,000. Two others, awarded special, will each receive $5,000.
The winning schemes, picked by a five-member panel, are from:
- Compass Studio Limited, Hong Kong,
- Khoo Teik Rong, Singapore
- SKPS - Project, Singapore
- Surbana, Singapore
Special mention went to Chor, of Australia, and ZONG Architects, from Singapore.
Mr Tai Lee Siang, President of the Singapore Institute of Architects who chaired the panel, said of the entries, some of which came from Hong Kong, Australia, Indonesia, India and the United States: 'The submissions show an exciting array of ideas that reads like a lesson on the history of urban planning.
'There is clearly a strong trend towards an integrated approach: one that seeks to present the master plan as a form of land art that combines, planning, architecture, landscape, transportation and sustainability.
'There are many well conceived schemes that are based on tried and tested principles albeit fresh expressions. There are also gems of bold and unconventional ideas that cause the jury to debate passionately.'
Most of all, he said the competition 'draws upon ideas from Singapore and abroad to bring out the best potential for this part of Singapore and truly creating unique experiences that are memorable'.
The competition further opens avenues for greater participation from private sector to take part in the transformation of Singapore's landscape, added Mr Tai.
Ms Fun Siew Leng, Director of Urban Planning & Design, URA , said: 'We are impressed with the numerous interesting and novel ideas garnered from the competition. These will serve as a starting point that stimulates reflection and inspiration to further develop Marina South into an attractive, distinctive waterfront garden district for generations to come.'
As part of the inaugural Singapore Archifest 07, a prize presentation award ceremony was held at the City Hall Chamber on Friday to celebrate the winners. All 30 submissions are exhibited at City Hall, adjacent to the former Supreme Court building, till Dec 8 as part of the Singapore Design Festival 2007.
Top-End Property 'Still Good Value' Despite Higher Prices
Source : The Straits Times, Nov 30, 2007
Cost competitiveness in S'pore unlikely to be hit, says panel in HK to promote sector
THERE is little danger that Singapore's high-end property prices will affect its cost competitiveness, said a panel promoting the country's real estate prospects.
NOT OUTPRICED: While some condo units near Orchard Road (above) now cost twice as much as certain homes near New York's Times Square (next), they are still nowhere near the world's priciest homes, say developers. -- PHOTOS: ST FILE PHOTO, REUTERS
Mr Daryl Ng, the executive director of Sino Group, one of Hong Kong's largest developers, said it was healthy that prices of top-end homes in Singapore have finally caught up with those in other global cities such as New York and London.
'There is good value in Singapore...where prices were a laggard compared with those in other international cities,' he said yesterday at Mipim Asia, a major property conference and exhibition being held in Hong Kong this year.
Mr Ng is the son of Sino Group chairman Robert Ng and the grandson of group founder Ng Teng Fong.
The panel was addressing a question from an audience member on whether Singapore's costly homes would price the city out, especially as some Orchard Road flats now cost twice as much as apartments near New York's Times Square.
The head of property firm Savills Singapore, Mr Michael Ng, noted that while Singapore homes might be getting pricey, they are still nowhere near the world's costliest residences.
There is still some way to go before they hit prices such as $15,000 per sq ft (psf), fetched recently in London, he said.
Mr Richard Johnson, who heads the Istithmar Real Estate fund, added that high prices are simply part of a market cycle. 'We're at the top of the cycle in Singapore. It's just tough luck.'
An official from Singapore's Urban Redevelopment Authority (URA) noted that while high-end homes have exceeded $5,000 psf, there are still 'good quality, suburban homes available for $500 to $600 psf'.
'What we are seeing now is market segmentation,' said Mr Marc Boey, a deputy director at the Singapore agency.
'Compared with the 1990s, we are now seeing demand not just from Indonesians and Malaysians but also from people in Monaco, London and the Middle East.'
Mr Boey also told The Straits Times that the URA and the Singapore Tourism Board were in Hong Kong to woo hotel developers that have little or no presence in Singapore, ahead of a revised Government Land Sales programme due out in two weeks.
The programme opens sites to developers for bidding.
Many companies have expressed keen interest in building hotels, ranging from smallish ones of about 300 rooms to those with about 500 rooms, said Mr Boey.
Cost competitiveness in S'pore unlikely to be hit, says panel in HK to promote sector
THERE is little danger that Singapore's high-end property prices will affect its cost competitiveness, said a panel promoting the country's real estate prospects.
NOT OUTPRICED: While some condo units near Orchard Road (above) now cost twice as much as certain homes near New York's Times Square (next), they are still nowhere near the world's priciest homes, say developers. -- PHOTOS: ST FILE PHOTO, REUTERS
Mr Daryl Ng, the executive director of Sino Group, one of Hong Kong's largest developers, said it was healthy that prices of top-end homes in Singapore have finally caught up with those in other global cities such as New York and London.
'There is good value in Singapore...where prices were a laggard compared with those in other international cities,' he said yesterday at Mipim Asia, a major property conference and exhibition being held in Hong Kong this year.
Mr Ng is the son of Sino Group chairman Robert Ng and the grandson of group founder Ng Teng Fong.
The panel was addressing a question from an audience member on whether Singapore's costly homes would price the city out, especially as some Orchard Road flats now cost twice as much as apartments near New York's Times Square.
The head of property firm Savills Singapore, Mr Michael Ng, noted that while Singapore homes might be getting pricey, they are still nowhere near the world's costliest residences.
There is still some way to go before they hit prices such as $15,000 per sq ft (psf), fetched recently in London, he said.
Mr Richard Johnson, who heads the Istithmar Real Estate fund, added that high prices are simply part of a market cycle. 'We're at the top of the cycle in Singapore. It's just tough luck.'
An official from Singapore's Urban Redevelopment Authority (URA) noted that while high-end homes have exceeded $5,000 psf, there are still 'good quality, suburban homes available for $500 to $600 psf'.
'What we are seeing now is market segmentation,' said Mr Marc Boey, a deputy director at the Singapore agency.
'Compared with the 1990s, we are now seeing demand not just from Indonesians and Malaysians but also from people in Monaco, London and the Middle East.'
Mr Boey also told The Straits Times that the URA and the Singapore Tourism Board were in Hong Kong to woo hotel developers that have little or no presence in Singapore, ahead of a revised Government Land Sales programme due out in two weeks.
The programme opens sites to developers for bidding.
Many companies have expressed keen interest in building hotels, ranging from smallish ones of about 300 rooms to those with about 500 rooms, said Mr Boey.
Demand For Subsidised HDB Rental Flats Surges
Source : The Straits Times, Nov 30, 2007
Rise - fuelled mainly by soaring open market rents - has doubled waiting time for those in queue
SOARING rents in the open market are forcing more people to opt for subsidised HDB rental flats, but the extra numbers have doubled the waiting period.
Eligible low-income households now must wait five to 11 months to move into a rental HDB flat, compared with two to six months a year ago.
The pressure had been mounting for some time: In the financial year that ended in March, HDB's stock of one- and two-room rental flats dropped slightly, but it had to deal with an 11 per cent increase in applications.
Most of the 3,000 or so applicants in the queue now are unlikely to get a home until the first quarter of next year, when the first batch of recently- refurbished flats comes on stream.
Members of Parliament, who have noticed the longer wait among their needy residents, have cited another factor: People who were unable to sell their flats during the property downturn are now offloading their flats to repay debts but find themselves priced out of the hot market.
An MP for Aljunied GRC, Madam Cynthia Phua, said: 'The alternative is to rent a flat on the open market, but that is increasingly very expensive.'
Rents for HDB flats have shot up in the past year, in some cases by more than 30 per cent.
Families who have recently sold their flats are also caught by a longstanding HDB rule that requires them to wait 30 months after selling their flat before being eligible for subsidised rental homes.
Many turn to their relatives, but Pasir Ris-Punggol GRC MP Charles Chong said: 'In cases where they have no relatives, or have conflict with the rest of their families, some end up sleeping on Changi Beach, at void decks and so on.'
The HDB allocates subsidised rental flats to families earning no more than $1,500 a month. Depending on their income and whether they have had a previous housing subsidy, they pay $26 to $205 a month for a one-room flat, and $44 to $275 for two-room flats.
These rates are far lower than in the open market, where the median monthly rental for a two-room flat in Queenstown in the July to September period was $800.
The squeeze on rental flats is hitting applicants like Ms Jannath, 41, hard. The former cleaner, who has no savings, sold her four-room flat a few months ago to help pay for her unemployed husband's medical bills.
The HDB helped her in June by waiving the 30-month waiting debarment period for a rental flat.
Her family must leave its four-room flat by Dec 5, but the waiting list for rental flats has meant that she has yet to get one.
Ms Jannath told The Straits Times: 'They can give me (a flat) anywhere...I just want a shelter for the three of us.'
In March, the HDB was managing about 42,000 one- and two-room rental flats, with about 95 per cent occupied. More are coming on stream from next year.
The Board is converting three blocks in Boon Lay and Woodlands into 938 rental units expected to be ready early next year. Next year, it will also convert two blocks in Redhill to about 290 rental homes and build 976 units in Choa Chu Kang, Sembawang and Yishun.
The stock is more limited on the open market, with only about 16,000 rented out.
The HDB said: 'HDB rental flats are...limited in stock. They are meant for poor and needy households...Those who can afford to buy or rent from the open market, as well as those with family support, should not turn to rental flats...and compete with more needy families.'
SHE JUST WANTS A ROOF OVER THEIR HEADS
'They can give me (a flat) anywhere...I just want a shelter for the three of us.' - MS JANNATH, 41, a former cleaner who sold her four-room flat a few months ago to help pay for her unemployed husband's medical bills. Her family must move out of its home by Dec 5, but the waiting list for rental flats has meant that she has yet to get one.
MEANT FOR THE NEEDY
'Those who can afford to buy or rent from the open market, as well as those with family support, should not turn to rental flats...and compete with more needy families.' - HDB, saying that rental flats are limited in stock and are meant for poor and needy households.
Rise - fuelled mainly by soaring open market rents - has doubled waiting time for those in queue
SOARING rents in the open market are forcing more people to opt for subsidised HDB rental flats, but the extra numbers have doubled the waiting period.
Eligible low-income households now must wait five to 11 months to move into a rental HDB flat, compared with two to six months a year ago.
The pressure had been mounting for some time: In the financial year that ended in March, HDB's stock of one- and two-room rental flats dropped slightly, but it had to deal with an 11 per cent increase in applications.
Most of the 3,000 or so applicants in the queue now are unlikely to get a home until the first quarter of next year, when the first batch of recently- refurbished flats comes on stream.
Members of Parliament, who have noticed the longer wait among their needy residents, have cited another factor: People who were unable to sell their flats during the property downturn are now offloading their flats to repay debts but find themselves priced out of the hot market.
An MP for Aljunied GRC, Madam Cynthia Phua, said: 'The alternative is to rent a flat on the open market, but that is increasingly very expensive.'
Rents for HDB flats have shot up in the past year, in some cases by more than 30 per cent.
Families who have recently sold their flats are also caught by a longstanding HDB rule that requires them to wait 30 months after selling their flat before being eligible for subsidised rental homes.
Many turn to their relatives, but Pasir Ris-Punggol GRC MP Charles Chong said: 'In cases where they have no relatives, or have conflict with the rest of their families, some end up sleeping on Changi Beach, at void decks and so on.'
The HDB allocates subsidised rental flats to families earning no more than $1,500 a month. Depending on their income and whether they have had a previous housing subsidy, they pay $26 to $205 a month for a one-room flat, and $44 to $275 for two-room flats.
These rates are far lower than in the open market, where the median monthly rental for a two-room flat in Queenstown in the July to September period was $800.
The squeeze on rental flats is hitting applicants like Ms Jannath, 41, hard. The former cleaner, who has no savings, sold her four-room flat a few months ago to help pay for her unemployed husband's medical bills.
The HDB helped her in June by waiving the 30-month waiting debarment period for a rental flat.
Her family must leave its four-room flat by Dec 5, but the waiting list for rental flats has meant that she has yet to get one.
Ms Jannath told The Straits Times: 'They can give me (a flat) anywhere...I just want a shelter for the three of us.'
In March, the HDB was managing about 42,000 one- and two-room rental flats, with about 95 per cent occupied. More are coming on stream from next year.
The Board is converting three blocks in Boon Lay and Woodlands into 938 rental units expected to be ready early next year. Next year, it will also convert two blocks in Redhill to about 290 rental homes and build 976 units in Choa Chu Kang, Sembawang and Yishun.
The stock is more limited on the open market, with only about 16,000 rented out.
The HDB said: 'HDB rental flats are...limited in stock. They are meant for poor and needy households...Those who can afford to buy or rent from the open market, as well as those with family support, should not turn to rental flats...and compete with more needy families.'
SHE JUST WANTS A ROOF OVER THEIR HEADS
'They can give me (a flat) anywhere...I just want a shelter for the three of us.' - MS JANNATH, 41, a former cleaner who sold her four-room flat a few months ago to help pay for her unemployed husband's medical bills. Her family must move out of its home by Dec 5, but the waiting list for rental flats has meant that she has yet to get one.
MEANT FOR THE NEEDY
'Those who can afford to buy or rent from the open market, as well as those with family support, should not turn to rental flats...and compete with more needy families.' - HDB, saying that rental flats are limited in stock and are meant for poor and needy households.
HDB To Put Bishan Site Up For Sale
Source : The Business Times, November 30, 2007
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THE Housing Board (HDB) yesterday said that it will release a residential site at Bishan Street 14 for sale by tender.
The 129,200 sq ft site has a 4.9 plot ratio - giving it a gross floor area of 632,900 sq ft. The site has a lease of 99 years.
Analysts said that the site could fetch between $370-$450 per square foot per plot ratio (psf ppr) - which will bring the total price paid by the successful developer to anywhere between $234.2 million and $284.8 million.
Private apartments in the Bishan area are now selling for about $800 psf in the resale market. Construction costs for mass market condos now stand at about $300 psf, contractors told BT. Knight Frank's director for research and consultancy Nicholas Mak expects the site to be popular with developers. 'Even with the current turbulence in the market, developers are still looking out for good sites.'
A residential site in Ang Mo Kio sold by the HDB in September set a new record for suburban land prices, fetching some $601 psf ppr. The site also drew a bullish 14 bids.
But this Bishan site is less plum as it is further from the MRT station, observers said. Market sentiment has dipped since the tender for the Ang Mo Kio site closed two months ago.
The site is being made available under the government's reserve list system.
+Logo.jpg)
THE Housing Board (HDB) yesterday said that it will release a residential site at Bishan Street 14 for sale by tender.The 129,200 sq ft site has a 4.9 plot ratio - giving it a gross floor area of 632,900 sq ft. The site has a lease of 99 years.
Analysts said that the site could fetch between $370-$450 per square foot per plot ratio (psf ppr) - which will bring the total price paid by the successful developer to anywhere between $234.2 million and $284.8 million.
Private apartments in the Bishan area are now selling for about $800 psf in the resale market. Construction costs for mass market condos now stand at about $300 psf, contractors told BT. Knight Frank's director for research and consultancy Nicholas Mak expects the site to be popular with developers. 'Even with the current turbulence in the market, developers are still looking out for good sites.'
A residential site in Ang Mo Kio sold by the HDB in September set a new record for suburban land prices, fetching some $601 psf ppr. The site also drew a bullish 14 bids.
But this Bishan site is less plum as it is further from the MRT station, observers said. Market sentiment has dipped since the tender for the Ang Mo Kio site closed two months ago.
The site is being made available under the government's reserve list system.
SLA Auctions Off 6 Infill Sites For $30.6m
Source : The Business Times, November 30, 2007
Some of the 99-year leasehold residential land parcels went for bargain prices
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THE Singapore Land Authority (SLA) yesterday auctioned off six 99-year leasehold residential land parcels for some $30.6 million in all - but some of the sites went for bargain prices.
A 16,690 sq ft good class bungalow (GCB) site at Eng Neo Avenue was picked up by a buyer for at the starting auction price of $6 million - which works out to $360 per square foot (psf). The buyer, Foo Chee King John, said that he was lucky to have won the site at such a good price.
'Leasehold land on Sentosa can go for over $1,000 psf,' he pointed out. The land, he said, is for his own private use.
And another GCB plot, also on Eng Neo Avenue, was sold to individual buyer Hu Nan Lee for $12.1 million - significantly above the starting price of $9.5 million. But the 29,200 sq ft site was still considered a good buy as it went for $414 psf.
The auction was SLA's first for infill sites, the government agency said. Over 120 individuals and companies turned up for the auction, including professionals, businessmen, construction companies and niche developers.
Other than the GCB sites, SLA also auctioned off one other site in one of Singapore's prime districts - a 6,290 sq ft semi-detached housing plot Moonbeam Walk, which is in District 10. The site fetched $3.9 million (as compared to the starting bid of $3.3 million), which works out at $626 psf.
The three other sites, at Somme Road, Jalan Insaf and Bedok Close went for $3.8 million, $3.5 million and $1.3 million respectively. The price works out to $353 psf for the Somme Road site, $508 psf for the Jalan Insaf site and $307 psf for the land parcel on Bedok Close.
The Somme Road plot proved to be the most popular of the six land parcels on offer and there were altogether 64 bids before it was awarded to Sarda Pte Ltd.
'We are very encouraged by the strong bids shown at this auction,' said SLA chief executive Lam Joon Khoi. 'We will consider releasing more infill sites to help meet the current market demand for high quality residential properties.'
Some of the 99-year leasehold residential land parcels went for bargain prices
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THE Singapore Land Authority (SLA) yesterday auctioned off six 99-year leasehold residential land parcels for some $30.6 million in all - but some of the sites went for bargain prices.A 16,690 sq ft good class bungalow (GCB) site at Eng Neo Avenue was picked up by a buyer for at the starting auction price of $6 million - which works out to $360 per square foot (psf). The buyer, Foo Chee King John, said that he was lucky to have won the site at such a good price.
'Leasehold land on Sentosa can go for over $1,000 psf,' he pointed out. The land, he said, is for his own private use.
And another GCB plot, also on Eng Neo Avenue, was sold to individual buyer Hu Nan Lee for $12.1 million - significantly above the starting price of $9.5 million. But the 29,200 sq ft site was still considered a good buy as it went for $414 psf.
The auction was SLA's first for infill sites, the government agency said. Over 120 individuals and companies turned up for the auction, including professionals, businessmen, construction companies and niche developers.
Other than the GCB sites, SLA also auctioned off one other site in one of Singapore's prime districts - a 6,290 sq ft semi-detached housing plot Moonbeam Walk, which is in District 10. The site fetched $3.9 million (as compared to the starting bid of $3.3 million), which works out at $626 psf.
The three other sites, at Somme Road, Jalan Insaf and Bedok Close went for $3.8 million, $3.5 million and $1.3 million respectively. The price works out to $353 psf for the Somme Road site, $508 psf for the Jalan Insaf site and $307 psf for the land parcel on Bedok Close.
The Somme Road plot proved to be the most popular of the six land parcels on offer and there were altogether 64 bids before it was awarded to Sarda Pte Ltd.
'We are very encouraged by the strong bids shown at this auction,' said SLA chief executive Lam Joon Khoi. 'We will consider releasing more infill sites to help meet the current market demand for high quality residential properties.'
Asia May Take A Hit In 'Act Two' Of Sub-Prime Crisis
Source : The Straits Times, Nov 30, 2007
Stanchart S-E Asia chief says turmoil will hit export-driven regional economies
A TOP banker just posted to Singapore has warned that 'it's only the end of the beginning' of the global credit crisis.
The world is still reeling from US$50 billion (S$72.3 billion) in losses linked to sub-prime home loans in the United States, Standard Chartered's (Stanchart's) new chief executive (CEO) for South-east Asia, Mr Ray Ferguson, said.
Asian economies, particularly Singapore and Hong Kong, are likely to be hit by the deepening crisis, he said at a luncheon hosted by the British Chamber of Commerce's Professional Services Business Group.
Some analysts believe, on the other hand, that the sub-prime fallout will be limited in Asia. Last week, Henderson Global Investors' director of economics and asset allocation, Mr Tony Dolphin, said while the short- term outlook appears shaky, the Asian stock-market bull run would continue next year.
Several weeks ago, Senior Minister Goh Chok Tong also said Asia had emerged relatively unscathed from the crisis.
Mr Ferguson likened the crisis to a three-act play: 'Act One has just ended, and the level of losses we have seen will look small compared to Act Two.'
He highlighted some analysts' estimates that write-downs for sub-prime loans might eventually hit US$400 billion. He cited US reports suggesting 1.5 million to two million Americans could lose their homes next year.
All this is expected to undermine US consumer and investor confidence and take a toll on export-driven Asian economies still 'very dependent' on US consumption.
Mr Ferguson, who served as Stanchart's US country CEO, rejected an emerging view that Asia's growth has been decoupled from the US.
'Asia will be affected... While the direct exposure of banks in the region to sub-prime loans is relatively limited, Asian debt markets have slowed and credit criteria have been tightened.'
Oil price hikes and a weaker US dollar are set to dent US consumer confidence, so Asia will 'feel the force of a decline in the US economy'.
'Singapore and Hong Kong, being small and export-dependent, will feel far more impact', than other markets, such as India and China.
Still, 'the feel-good factor in Raffles Place is not just based on the US', he said. Singapore's strategy of diversifying its economy away from electronics exports to the financial, biomedical and other sectors will help it to weather market volatility.
'Act One has just ended, and the level of losses we have seen will look small compared to Act Two.'
MR FERGUSON, who likens the crisis to a three-act play
Stanchart S-E Asia chief says turmoil will hit export-driven regional economies
A TOP banker just posted to Singapore has warned that 'it's only the end of the beginning' of the global credit crisis.
The world is still reeling from US$50 billion (S$72.3 billion) in losses linked to sub-prime home loans in the United States, Standard Chartered's (Stanchart's) new chief executive (CEO) for South-east Asia, Mr Ray Ferguson, said.
Asian economies, particularly Singapore and Hong Kong, are likely to be hit by the deepening crisis, he said at a luncheon hosted by the British Chamber of Commerce's Professional Services Business Group.
Some analysts believe, on the other hand, that the sub-prime fallout will be limited in Asia. Last week, Henderson Global Investors' director of economics and asset allocation, Mr Tony Dolphin, said while the short- term outlook appears shaky, the Asian stock-market bull run would continue next year.
Several weeks ago, Senior Minister Goh Chok Tong also said Asia had emerged relatively unscathed from the crisis.
Mr Ferguson likened the crisis to a three-act play: 'Act One has just ended, and the level of losses we have seen will look small compared to Act Two.'
He highlighted some analysts' estimates that write-downs for sub-prime loans might eventually hit US$400 billion. He cited US reports suggesting 1.5 million to two million Americans could lose their homes next year.
All this is expected to undermine US consumer and investor confidence and take a toll on export-driven Asian economies still 'very dependent' on US consumption.
Mr Ferguson, who served as Stanchart's US country CEO, rejected an emerging view that Asia's growth has been decoupled from the US.
'Asia will be affected... While the direct exposure of banks in the region to sub-prime loans is relatively limited, Asian debt markets have slowed and credit criteria have been tightened.'
Oil price hikes and a weaker US dollar are set to dent US consumer confidence, so Asia will 'feel the force of a decline in the US economy'.
'Singapore and Hong Kong, being small and export-dependent, will feel far more impact', than other markets, such as India and China.
Still, 'the feel-good factor in Raffles Place is not just based on the US', he said. Singapore's strategy of diversifying its economy away from electronics exports to the financial, biomedical and other sectors will help it to weather market volatility.
'Act One has just ended, and the level of losses we have seen will look small compared to Act Two.'
MR FERGUSON, who likens the crisis to a three-act play
Asia Yet To Feel Full Sub-Prime Impact: Stanchart Exec
Source : The Business Times, November 30, 2007
Asia and the rest of the world have yet to see the full impact of the fallout from the collapse of the US sub-prime mortgage market, the South-east Asia head of Standard Chartered said yesterday.
Ray Ferguson, who was until recently the international banking group's US country head, warned that conditions in the housing market there are likely to worsen as more 'teaser-rate' mortgages - those sold with low initial interest rates - reset to higher interest rates in the coming months.
This is expected to trigger new defaults on home loans and lead to more homes being repossessed, which would in turn further dampen consumer and business spending and cause the US economy to grow at a slower pace or even shrink.
Also, further increases in the already high price of oil and the falling value of the US dollar, potential instability in Iran and the rest of the Middle East region 'will all put downward pressure on the US economy and affect consumer confidence further as we go into next year', he warned.
And while Singapore and Asia generally have seen 'dramatic development' in the decade since the financial crisis of 1997, 'we haven't that decoupled from the US and we will feel the force of any major decline'.
Mr Ferguson was speaking to members of the British Chamber of Commerce here at a lunch talk yesterday.
Despite the estimated US$50 billion worth of losses suffered by major banks and other financial institutions so far as a result of the recent financial turmoil, 'the worst of the sub-prime crisis and the fallout from it will not actually be felt until well into next year', he said.
The reason: 'There are hundreds of billions of dollars of low teaser-rate mortgages that haven't reset to the new higher interest rates yet. That's going to happen as we move through 2008. That's going to cause more defaults and repossessions.'
Banks are likely to report more damage to their bottom lines as they come under pressure from auditors to state the value of their investments in debt securities based on what they would fetch in the current market, rather than based on internal models, he said.
'Marking to market when there is a limited market is going to cause a few institutions to have a huge whack to the capital base. That means they're going to have to raise more money or face having to throw in the towel.'
Standard Chartered, which makes most of its profits from Asia, Africa and the Middle East, has no direct exposure to US sub-prime mortgages, he said.
'It's unclear whether the US is going to slide into recession, but the risk does appear to be increasing and there's a real need for caution. Market volatility will affect us here, and lead quickly to sub-par growth as we move forward.'
In Asia, 'the good news is that we still have strong demand out there and consumer and investment sentiment that's positive,' he said. 'This should partially offset the decline that is inevitably on its way across the Pacific.'
Asia and the rest of the world have yet to see the full impact of the fallout from the collapse of the US sub-prime mortgage market, the South-east Asia head of Standard Chartered said yesterday.
Ray Ferguson, who was until recently the international banking group's US country head, warned that conditions in the housing market there are likely to worsen as more 'teaser-rate' mortgages - those sold with low initial interest rates - reset to higher interest rates in the coming months.
This is expected to trigger new defaults on home loans and lead to more homes being repossessed, which would in turn further dampen consumer and business spending and cause the US economy to grow at a slower pace or even shrink.
Also, further increases in the already high price of oil and the falling value of the US dollar, potential instability in Iran and the rest of the Middle East region 'will all put downward pressure on the US economy and affect consumer confidence further as we go into next year', he warned.
And while Singapore and Asia generally have seen 'dramatic development' in the decade since the financial crisis of 1997, 'we haven't that decoupled from the US and we will feel the force of any major decline'.
Mr Ferguson was speaking to members of the British Chamber of Commerce here at a lunch talk yesterday.
Despite the estimated US$50 billion worth of losses suffered by major banks and other financial institutions so far as a result of the recent financial turmoil, 'the worst of the sub-prime crisis and the fallout from it will not actually be felt until well into next year', he said.
The reason: 'There are hundreds of billions of dollars of low teaser-rate mortgages that haven't reset to the new higher interest rates yet. That's going to happen as we move through 2008. That's going to cause more defaults and repossessions.'
Banks are likely to report more damage to their bottom lines as they come under pressure from auditors to state the value of their investments in debt securities based on what they would fetch in the current market, rather than based on internal models, he said.
'Marking to market when there is a limited market is going to cause a few institutions to have a huge whack to the capital base. That means they're going to have to raise more money or face having to throw in the towel.'
Standard Chartered, which makes most of its profits from Asia, Africa and the Middle East, has no direct exposure to US sub-prime mortgages, he said.
'It's unclear whether the US is going to slide into recession, but the risk does appear to be increasing and there's a real need for caution. Market volatility will affect us here, and lead quickly to sub-par growth as we move forward.'
In Asia, 'the good news is that we still have strong demand out there and consumer and investment sentiment that's positive,' he said. 'This should partially offset the decline that is inevitably on its way across the Pacific.'
Since When Did Resale Prices Decide Cost Of HDB Flat?
Source : The Business Times, November 30, 2007
LETTER TO THE EDITOR
I WAS surprised to learn that the new HBD flat prices are to be influenced by resale market prices ('More supply but HDB prices will go up: Mah', BT, Nov 29).
I wonder whether 'new' HDB prices came down during the extremely poor resale period of five or six years ago?
If they did come down, did they ever touch the 'cost plus' level, including the 'value' placed by the government/HDB on state lands upon which the flats are built?
Since when did resale prices decide the cost of building a flat? How much money did HDB make from selling its new flats over the last five years?
The article also reveals that the property market is not a free market but a 'controlled' one as the government controls the supply side. There is thus no need to panic, as Singapore still has plenty of land to build cheap and affordable and high-quality housing for its citizens.
For the expensive and luxurious segments, permanent residents and other new migrants can afford them.
Lu Keehong
Singapore
LETTER TO THE EDITOR
I WAS surprised to learn that the new HBD flat prices are to be influenced by resale market prices ('More supply but HDB prices will go up: Mah', BT, Nov 29).
I wonder whether 'new' HDB prices came down during the extremely poor resale period of five or six years ago?
If they did come down, did they ever touch the 'cost plus' level, including the 'value' placed by the government/HDB on state lands upon which the flats are built?
Since when did resale prices decide the cost of building a flat? How much money did HDB make from selling its new flats over the last five years?
The article also reveals that the property market is not a free market but a 'controlled' one as the government controls the supply side. There is thus no need to panic, as Singapore still has plenty of land to build cheap and affordable and high-quality housing for its citizens.
For the expensive and luxurious segments, permanent residents and other new migrants can afford them.
Lu Keehong
Singapore
Grim US Housing Outlook In 2008
Source : The Business Times, November 29, 2007
(CHICAGO) US homebuilders said the housing market probably will weaken in 2008 as foreclosures rise and banks tighten lending standards.
Demand has deteriorated in many markets, limiting the prospect of a rebound in new home sales, chief executive officers for D R Horton Inc and Beazer Homes USA Inc. said on Tuesday at a JPMorgan Chase & Co conference in Las Vegas.
Next year 'is going to be worse than '07 for us and for the industry in general', said Donald Tomnitz, CEO of Fort Worth, Texas-based D R Horton, the fourth- largest US homebuilder.
The housing slump that began in 2005 has erased about US$36 billion in stock market value for the largest 15 homebuilders this year.
New home sales dropped 23 per cent in the year through September and home delinquencies have reached a five-year high.
The California and Florida housing markets continue to weaken and the Las Vegas market is 'soft', Mr Tomnitz said.
New home sales in Phoenix will probably get worse in 2008, he said.
Stephen Scarborough, Standard Pacific Corp's CEO, said at the conference that his company isn't planning on filing for bankruptcy.
Shares of Standard Pacific have fallen 91 per cent this year on concern the company can't pay back its debt.
'There's no effort on our part and nothing is in process as far as filing for bankruptcy protection,' Mr Scarborough said. 'That is not our present intent. We have a multifaceted approach to conserve cash and generate cash,' he said.
Homebuilders are cutting jobs and trying to reduce their construction costs to boost cash flow to pay off debt. They're also selling land and writing down property values. -- Bloomberg
(CHICAGO) US homebuilders said the housing market probably will weaken in 2008 as foreclosures rise and banks tighten lending standards.
Demand has deteriorated in many markets, limiting the prospect of a rebound in new home sales, chief executive officers for D R Horton Inc and Beazer Homes USA Inc. said on Tuesday at a JPMorgan Chase & Co conference in Las Vegas.
Next year 'is going to be worse than '07 for us and for the industry in general', said Donald Tomnitz, CEO of Fort Worth, Texas-based D R Horton, the fourth- largest US homebuilder.
The housing slump that began in 2005 has erased about US$36 billion in stock market value for the largest 15 homebuilders this year.
New home sales dropped 23 per cent in the year through September and home delinquencies have reached a five-year high.
The California and Florida housing markets continue to weaken and the Las Vegas market is 'soft', Mr Tomnitz said.
New home sales in Phoenix will probably get worse in 2008, he said.
Stephen Scarborough, Standard Pacific Corp's CEO, said at the conference that his company isn't planning on filing for bankruptcy.
Shares of Standard Pacific have fallen 91 per cent this year on concern the company can't pay back its debt.
'There's no effort on our part and nothing is in process as far as filing for bankruptcy protection,' Mr Scarborough said. 'That is not our present intent. We have a multifaceted approach to conserve cash and generate cash,' he said.
Homebuilders are cutting jobs and trying to reduce their construction costs to boost cash flow to pay off debt. They're also selling land and writing down property values. -- Bloomberg
Keppel Land To Build 140 Viet Waterfront Villas
Source : The Business Times, November 29, 2007
KEPPEL Land will build 140 waterfront villa homes in Ho Chi Minh City, its eighth residential development in Vietnam this year.
In a statement yesterday, Keppel Land said that it had formed a joint venture, through wholly owned subsidiary VN Investment Pte Ltd, with Vietnamese property developer Hung Phu Real Estate Investment Corporation (Hung Phu), to develop a 9.7-hectare site into waterfront landed housing in District 9 of Ho Chi Minh City.
The total investment capital for the project is estimated at US$55.2 million. Upon receiving the investment certificate and obtaining the relevant government approvals, VN Investment will take up a 60 per cent stake in the joint venture company and Hung Phu, the remainder.
Citing reports by The World Bank Group, Keppel Land highlighted that the rate of urbanisation in Vietnam is projected to reach 40 per cent by 2020, up from 23.5 per cent in 2000. This translates into more than 31 million people of the country's population living in urban areas, compared with 19 million in 2000.
Said Keppel Land director of regional investments Ang Wee Gee: 'There is growing demand for luxury homes in Vietnam. We will continue to capitalise on Vietnam's rising property market with premier developments in prime locations.
'Villa developments, in particular, are limited in Ho Chi Minh City, and demand for villas is expected to be very strong.'
The villa homes are expected to be launched in early 2009 and will be targeted at wealthy locals, expatriate communities and overseas Vietnamese (Viet Kieus).
This latest development follows two recently formed joint ventures to develop luxury villas and condominiums, also in Ho Chi Minh City's District 9.
To date, Keppel Land has an existing pipeline of more than 25,000 homes in Vietnam.
KEPPEL Land will build 140 waterfront villa homes in Ho Chi Minh City, its eighth residential development in Vietnam this year.In a statement yesterday, Keppel Land said that it had formed a joint venture, through wholly owned subsidiary VN Investment Pte Ltd, with Vietnamese property developer Hung Phu Real Estate Investment Corporation (Hung Phu), to develop a 9.7-hectare site into waterfront landed housing in District 9 of Ho Chi Minh City.
The total investment capital for the project is estimated at US$55.2 million. Upon receiving the investment certificate and obtaining the relevant government approvals, VN Investment will take up a 60 per cent stake in the joint venture company and Hung Phu, the remainder.
Citing reports by The World Bank Group, Keppel Land highlighted that the rate of urbanisation in Vietnam is projected to reach 40 per cent by 2020, up from 23.5 per cent in 2000. This translates into more than 31 million people of the country's population living in urban areas, compared with 19 million in 2000.
Said Keppel Land director of regional investments Ang Wee Gee: 'There is growing demand for luxury homes in Vietnam. We will continue to capitalise on Vietnam's rising property market with premier developments in prime locations.
'Villa developments, in particular, are limited in Ho Chi Minh City, and demand for villas is expected to be very strong.'
The villa homes are expected to be launched in early 2009 and will be targeted at wealthy locals, expatriate communities and overseas Vietnamese (Viet Kieus).
This latest development follows two recently formed joint ventures to develop luxury villas and condominiums, also in Ho Chi Minh City's District 9.
To date, Keppel Land has an existing pipeline of more than 25,000 homes in Vietnam.
Keen Interest At First SLA Auction For Small Plots
Source : The Straits Times, Nov 30, 2007
MORE than 120 eager buyers yesterday crowded into a room at M Hotel hoping for a bargain deal at a first-of-its kind auction of six small plots of land.
The buyers were mostly hoping to buy a plot on which to build their own dream home.
And after some brisk bidding, six of them each left with a 99-year leasehold plot - some with what they saw as bargains.
The plots sold at prices from $1.3 million to $12.1 million, for a total of $30.64 million.
It was the Singapore Land Authority's (SLA) first auction of residential 'infill' sites.
'Infill' sites are pockets of state land, located in the midst of an established housing estate, that have been left untouched by nearby developments or were once used for public purposes.
The six sites were mostly hotly contested, reflecting strong interest in the attractively-priced sites.
The bidders included professionals, businessmen, construction firms and niche developers, said SLA in a statement.
Included in an SLA sale for the first time were two good- class bungalow (GCB) parcels, which were sold to individual buyers for up to $12.1 million.
Still, one of the two top-end plots - a 16,689 sq ft site - attracted just one bidder. Fund manager John Foo met with zero competition when he bought the smaller of the two plots at Eng Neo Avenue for $6 million or $359.50 per sq ft (psf).
He reckoned he got a good deal for the site, which is for his own use. 'Sentosa leasehold plots can be over $1,000 psf while District 10 GCB plots are going for $800 to $1,000 psf.'
The other GCB plot, at 29,201 sq ft in size, attracted more bidders. Bids came in hefty $50,000 increments but bidders did not hesitate long as they fired in a total of 52 bids, driving the price up from $9.5 million to $12.1 million.
The interest is not surprising, given that GCB sites, particularly one as big as 29,201 sq ft, are quite rare, said Ms Mok Sze Sze, Jones Lang LaSalle's director and head of auction and sales.
The successful buyer, Ms Hu Nan Lee, is a Singaporean who is overseas. Her representative said it is meant for her own use.
Of the six plots, the most popular was one at Somme Road. It attracted a whopping 64 bids before local firm Sarda clinched it at $3.76 million.
Sarda's price was 52 per cent above the $2.48 million opening bid for the 3,547 sq ft residential site, which comes with commercial use on the first floor.
A 6,971 sq ft site in Jalan Insaf, suitable for a pair of two-storey semi-detached houses or a bungalow, was sold to Lye Holdings for $3.54 million, up from the starting bid of $2.9 million.
Avadh, another firm, paid $1.3 million for a 4,228 sq ft site in Bedok Close, suitable for a two-storey bungalow. The opening bid was $880,000.
Both Sarda and Avadh have a shareholder in common: Mr Shriniwas Rai, the veteran lawyer and former Nominated Member of Parliament.
Another firm, Liverland Investments, bought a 6,293 sq ft Moonbeam Walk site for $3.94 million. Bids for the site, which can be used to build a pair of two-storey semi-detached houses, opened at $3.32 million.
Ms Mok said the strong response shows people are open to buying leasehold plots to build their dream homes.
SLA's chief executive, Mr Lam Joon Khoi, said: 'We will consider releasing more infill sites to help meet the current market demand for high quality residential properties.'
MORE than 120 eager buyers yesterday crowded into a room at M Hotel hoping for a bargain deal at a first-of-its kind auction of six small plots of land.
The buyers were mostly hoping to buy a plot on which to build their own dream home.
And after some brisk bidding, six of them each left with a 99-year leasehold plot - some with what they saw as bargains.
The plots sold at prices from $1.3 million to $12.1 million, for a total of $30.64 million.
It was the Singapore Land Authority's (SLA) first auction of residential 'infill' sites.
'Infill' sites are pockets of state land, located in the midst of an established housing estate, that have been left untouched by nearby developments or were once used for public purposes.
The six sites were mostly hotly contested, reflecting strong interest in the attractively-priced sites.
The bidders included professionals, businessmen, construction firms and niche developers, said SLA in a statement.
Included in an SLA sale for the first time were two good- class bungalow (GCB) parcels, which were sold to individual buyers for up to $12.1 million.
Still, one of the two top-end plots - a 16,689 sq ft site - attracted just one bidder. Fund manager John Foo met with zero competition when he bought the smaller of the two plots at Eng Neo Avenue for $6 million or $359.50 per sq ft (psf).
He reckoned he got a good deal for the site, which is for his own use. 'Sentosa leasehold plots can be over $1,000 psf while District 10 GCB plots are going for $800 to $1,000 psf.'
The other GCB plot, at 29,201 sq ft in size, attracted more bidders. Bids came in hefty $50,000 increments but bidders did not hesitate long as they fired in a total of 52 bids, driving the price up from $9.5 million to $12.1 million.
The interest is not surprising, given that GCB sites, particularly one as big as 29,201 sq ft, are quite rare, said Ms Mok Sze Sze, Jones Lang LaSalle's director and head of auction and sales.
The successful buyer, Ms Hu Nan Lee, is a Singaporean who is overseas. Her representative said it is meant for her own use.
Of the six plots, the most popular was one at Somme Road. It attracted a whopping 64 bids before local firm Sarda clinched it at $3.76 million.
Sarda's price was 52 per cent above the $2.48 million opening bid for the 3,547 sq ft residential site, which comes with commercial use on the first floor.
A 6,971 sq ft site in Jalan Insaf, suitable for a pair of two-storey semi-detached houses or a bungalow, was sold to Lye Holdings for $3.54 million, up from the starting bid of $2.9 million.
Avadh, another firm, paid $1.3 million for a 4,228 sq ft site in Bedok Close, suitable for a two-storey bungalow. The opening bid was $880,000.
Both Sarda and Avadh have a shareholder in common: Mr Shriniwas Rai, the veteran lawyer and former Nominated Member of Parliament.
Another firm, Liverland Investments, bought a 6,293 sq ft Moonbeam Walk site for $3.94 million. Bids for the site, which can be used to build a pair of two-storey semi-detached houses, opened at $3.32 million.
Ms Mok said the strong response shows people are open to buying leasehold plots to build their dream homes.
SLA's chief executive, Mr Lam Joon Khoi, said: 'We will consider releasing more infill sites to help meet the current market demand for high quality residential properties.'
Lawyer Jailed For Forgery, Giving False Information
Source : The Straits Times, Nov 29, 2007
LAWYER Tan Sok Ling was sentenced to a total of 11 months on Thursday for forgery and giving false information to the police.
The 40-year-old, who has been suspended from practice since March this year for breaching the Solicitors Accounts Rules, had admitted to forging a stamp duty certificate for the sale and purchase of a property by fraudulently altering the amount of stamp duty from $8,100 to $13,500, to cheat Mr Kwang Siang Jin, the buyer of a Thomson Park house, on Mar 6 last year.
Three years earlier, he lied to a police officer that he had changed his address to Bukit Timah Road when this was false.
He did this to prove that he was living within 1km from Methodist Girls' School in Blackmore Drive where he wanted to enrol his daughter. She was a Primary 4 student this year.
The court was told that he rented a place within the 1km-radius and paid a monthly rent of $1,600 for 4-1/2 months between April and August 2003.
The offence came to light when a staff of the school found out in December that year that two applicants had used the same address in the 2003 Primary 1 registration exercise.
In the forgery case, the court heard that Mr Kwang, 47, found out that he had overpaid Tan for his stamp fees after inquiring from Inland Revenue Authority of Singapore on June 7 last year.
He contacted Tan who refunded him the excess $5,400 the same day.
Three other charges - two of forgery and one of giving false information - were taken into consideration during sentencing.
Citing aggravating factors, District Judge Liew Thiam Leng said the offence involved fraud and dishonesty and there was pre-meditation.
He said Tan had abused his position of trust and his conduct undermined public trust in the legal profession, and the sentence had to deter other like-minded lawyers.
Tan could have been jailed for up to seven years and fined for forgery.
For giving false information the maximum penalty is a jail term of up to six months or a fine of up to $1,000, or both.
LAWYER Tan Sok Ling was sentenced to a total of 11 months on Thursday for forgery and giving false information to the police.
The 40-year-old, who has been suspended from practice since March this year for breaching the Solicitors Accounts Rules, had admitted to forging a stamp duty certificate for the sale and purchase of a property by fraudulently altering the amount of stamp duty from $8,100 to $13,500, to cheat Mr Kwang Siang Jin, the buyer of a Thomson Park house, on Mar 6 last year.
Three years earlier, he lied to a police officer that he had changed his address to Bukit Timah Road when this was false.
He did this to prove that he was living within 1km from Methodist Girls' School in Blackmore Drive where he wanted to enrol his daughter. She was a Primary 4 student this year.
The court was told that he rented a place within the 1km-radius and paid a monthly rent of $1,600 for 4-1/2 months between April and August 2003.
The offence came to light when a staff of the school found out in December that year that two applicants had used the same address in the 2003 Primary 1 registration exercise.
In the forgery case, the court heard that Mr Kwang, 47, found out that he had overpaid Tan for his stamp fees after inquiring from Inland Revenue Authority of Singapore on June 7 last year.
He contacted Tan who refunded him the excess $5,400 the same day.
Three other charges - two of forgery and one of giving false information - were taken into consideration during sentencing.
Citing aggravating factors, District Judge Liew Thiam Leng said the offence involved fraud and dishonesty and there was pre-meditation.
He said Tan had abused his position of trust and his conduct undermined public trust in the legal profession, and the sentence had to deter other like-minded lawyers.
Tan could have been jailed for up to seven years and fined for forgery.
For giving false information the maximum penalty is a jail term of up to six months or a fine of up to $1,000, or both.
Prime Plots Going, Going ...
Source : TODAY, Friday November 30, 2007
Six residential sites fetch $31m at first SLA auction
THE Singapore Land Authority's (SLA) first auction of six 99-year leasehold residential sites yesterday fetched $30.64 million — another sign that the local property market is still bubbling.
More than 120 individuals — comprising professionals, businessmen and niche developers — as well as several private companies turned up at M Hotel to bid for six infill sites, or pockets of State land located in the midst of prime residential housing estates.
Previous bids for sites were through open tender, but the SLA said yesterday's auction would "help meet the current market demand for high quality residential properties and allow wider participation by individuals to build their own dream homes".
Included in the sale were two large parcels — 1,550.5 and 2,712.9 sq m respectively — at Eng Neo Avenue, a 585.7-sq-m plot at Moonbeam Walk off Holland Road, another at Jalan Insaf in Bishan measuring 647.6 sq m, a 392.8-sq-m plot at Bedok Close as well as a 329.5-sq-m tract at Somme Road, off Jalan Besar.
For more than two hours, the hotel meeting room was filled with eager punters eyeing the best deals. The Somme Road site received the most bids — 64 in all — and was eventually went to Sarda Pte Ltd for $3.76 million.
The Eng Neo Avenue sites fetched the highest bids at $6 million and $12.1 million respectively, with both lots earmarked for good class bungalows, going to private investors.
The Bedok Close plot went for $1.3 million to Avadh, while the Jalan Insaf parcel in Bishan fetched $3.54 million from Lye Holdings. The plot at Moonbeam Walk went to Liverland Investments for $3.94 million.
Encouraged by the strong bids, SLA chief executive Mr Lam Joon Khoi said the authority would consider releasing more infill sites to help meet the current market demand for high quality residential properties.
The auction proved that there are still eager buyers looking for opportunities in the landed property market, said Mr Donald Han, managing director of property consultants Cushman and Wakefield.
"There are a lot of new entrants and smaller developers coming into the market and taking the 99-year lease route, which is quite encouraging considering the market has been fairly quiet over the last three months," he said.
But things have been picking up: Last week, the 30-year-old Westwood Apartments at Orchard Boulevard was sold to Malaysia's YTL Corporation for $435 million, or $2,525 psf, making it the most expensive site to be sold by collective sale to date.
For one of yesterday's buyers, securing the 1,550.5-sq-m plot at Eng Neo Avenue for $6 million was anything but extravagant.
"Land prices will be firm because it is limited in supply here," said a 40-something financer who declined to be named.
"I had no problems buying a 99-year lease because it's an opportunity. A freehold piece of bungalow would have cost me more than double.
"I've seen the plot and it has potential and it's in District 10. This auction has saved me a lot of money."
Six residential sites fetch $31m at first SLA auction
THE Singapore Land Authority's (SLA) first auction of six 99-year leasehold residential sites yesterday fetched $30.64 million — another sign that the local property market is still bubbling.
More than 120 individuals — comprising professionals, businessmen and niche developers — as well as several private companies turned up at M Hotel to bid for six infill sites, or pockets of State land located in the midst of prime residential housing estates.
Previous bids for sites were through open tender, but the SLA said yesterday's auction would "help meet the current market demand for high quality residential properties and allow wider participation by individuals to build their own dream homes".
Included in the sale were two large parcels — 1,550.5 and 2,712.9 sq m respectively — at Eng Neo Avenue, a 585.7-sq-m plot at Moonbeam Walk off Holland Road, another at Jalan Insaf in Bishan measuring 647.6 sq m, a 392.8-sq-m plot at Bedok Close as well as a 329.5-sq-m tract at Somme Road, off Jalan Besar.
For more than two hours, the hotel meeting room was filled with eager punters eyeing the best deals. The Somme Road site received the most bids — 64 in all — and was eventually went to Sarda Pte Ltd for $3.76 million.
The Eng Neo Avenue sites fetched the highest bids at $6 million and $12.1 million respectively, with both lots earmarked for good class bungalows, going to private investors.
The Bedok Close plot went for $1.3 million to Avadh, while the Jalan Insaf parcel in Bishan fetched $3.54 million from Lye Holdings. The plot at Moonbeam Walk went to Liverland Investments for $3.94 million.
Encouraged by the strong bids, SLA chief executive Mr Lam Joon Khoi said the authority would consider releasing more infill sites to help meet the current market demand for high quality residential properties.
The auction proved that there are still eager buyers looking for opportunities in the landed property market, said Mr Donald Han, managing director of property consultants Cushman and Wakefield.
"There are a lot of new entrants and smaller developers coming into the market and taking the 99-year lease route, which is quite encouraging considering the market has been fairly quiet over the last three months," he said.
But things have been picking up: Last week, the 30-year-old Westwood Apartments at Orchard Boulevard was sold to Malaysia's YTL Corporation for $435 million, or $2,525 psf, making it the most expensive site to be sold by collective sale to date.
For one of yesterday's buyers, securing the 1,550.5-sq-m plot at Eng Neo Avenue for $6 million was anything but extravagant.
"Land prices will be firm because it is limited in supply here," said a 40-something financer who declined to be named.
"I had no problems buying a 99-year lease because it's an opportunity. A freehold piece of bungalow would have cost me more than double.
"I've seen the plot and it has potential and it's in District 10. This auction has saved me a lot of money."
政府未来半年 供应万间组屋
《联合早报》Nov 29, 2007
在直落布兰雅组屋预购项目获得20倍预购率的热烈反应后，国家发展部昨天公布未来半年近一万个单位组屋的建屋计划详情，再度向新加坡人保证组屋的供应将能满足购屋者的需求。
这一系列的建屋计划包括昨天开始接受申请的两个预购项目、未来半年陆续推出的四个私人发展商设计、兴建和出售组屋项目（DBSS）和三个执行共管公寓项目（EC），以及今年12月至明年6月底陆续展开的预购项目。
两个预购项目是武吉班让的“Segar Meadows”和盛港的“Compassvale Beacon”，将分别建412间组屋和750间组屋。Segar Meadows坐落在武吉班让环路，将有90间三房式和322间四房式优质组屋单位。Compassvale Beacon位于盛港东道、榜鹅路及康埔桦通道交界处，将建60间二房式、150间三房式和540间四房式标准组屋单位。
如果未来半年新组屋需求仍然强劲，建屋局会推出总数6000间的组屋预购项目。
四个私人组屋地段位于碧山、四美、大巴窑和勿洛，将在下个月、明年2月、4月和6月推出招标，总共可建1900个单位。
三个执行共管公寓地段位于义顺、裕廊西和盛港，将于明年2月、3月和4 月通过政府售地计划的备售名单出售，总共可建1300个单位。
国家发展部长马宝山昨天在大巴窑建屋局中心为两个预购项目主持推介仪式后，宣布这一系列的建屋计划详情。
马宝山重申，政府会以稳定的供应满足第一次购屋者和年轻新婚夫妇的需求，也会通过不同的计划提供不同种类的房子如标准组屋、优质组屋、私人组屋和执行共管公寓，供不同要求的购屋者选购。
申请四次没抽中 将获更多优先权
建屋局最近也改变多项措施，确保首次购屋者在申请组屋时更容易被抽中所选购的组屋。这包括规定每个新组屋项目须保留九成的单位给首次购屋者，那些申请过四次新组屋都没被抽中选购组屋的首次购屋者，往后提出申请时将获得更多优先权。
马宝山说：“简单来说，我们在幸运抽奖中给予这些购屋者更多机会，提高他们被抽中的几率。如果你连续四次没被抽中，我们给你更多机会。不过，我们也必须知道，一些年轻夫妇一直买不到组屋，并不是因为没被抽中，而是因为种种原因例如选不到理想中的单位而放弃了他们的选购机会。”
“建屋局不可能根据每一个购屋者要求的地点、楼层、类型和价格来满足他们的需要。购屋者得实际一点，虽然不是你理想中的单位，但如果你需要一间组屋，请先买下来，以后才慢慢地提升到你喜欢的组屋。”
他也说，过去经济不景导致大量组屋过剩的经验显示，建屋局不可能为每一对新婚夫妇或年轻夫妇建造组屋，否则组屋过剩的问题会再次出现，影响转售市场。
自2001年以来，建屋局展开了32个预购项目，单是今年就推出了4800个单位，比去年的2300个增加了超过一倍。
抽签选购计划和双月组屋销售计划仍会继续展开，因为选择性整体重建计划总会有组屋剩下，可通过抽签选购计划出售，所有卖不出的组屋最终仍须要通过双月组屋销售计划出售。
两个预购项目从即日起至下个月18日接受申请，有意申请者可参阅今天建屋局刊登在本报的广告或浏览建屋局网站（www.hdb.gov.sg/esales）。
在直落布兰雅组屋预购项目获得20倍预购率的热烈反应后，国家发展部昨天公布未来半年近一万个单位组屋的建屋计划详情，再度向新加坡人保证组屋的供应将能满足购屋者的需求。
这一系列的建屋计划包括昨天开始接受申请的两个预购项目、未来半年陆续推出的四个私人发展商设计、兴建和出售组屋项目（DBSS）和三个执行共管公寓项目（EC），以及今年12月至明年6月底陆续展开的预购项目。
两个预购项目是武吉班让的“Segar Meadows”和盛港的“Compassvale Beacon”，将分别建412间组屋和750间组屋。Segar Meadows坐落在武吉班让环路，将有90间三房式和322间四房式优质组屋单位。Compassvale Beacon位于盛港东道、榜鹅路及康埔桦通道交界处，将建60间二房式、150间三房式和540间四房式标准组屋单位。
如果未来半年新组屋需求仍然强劲，建屋局会推出总数6000间的组屋预购项目。
四个私人组屋地段位于碧山、四美、大巴窑和勿洛，将在下个月、明年2月、4月和6月推出招标，总共可建1900个单位。
三个执行共管公寓地段位于义顺、裕廊西和盛港，将于明年2月、3月和4 月通过政府售地计划的备售名单出售，总共可建1300个单位。
国家发展部长马宝山昨天在大巴窑建屋局中心为两个预购项目主持推介仪式后，宣布这一系列的建屋计划详情。
马宝山重申，政府会以稳定的供应满足第一次购屋者和年轻新婚夫妇的需求，也会通过不同的计划提供不同种类的房子如标准组屋、优质组屋、私人组屋和执行共管公寓，供不同要求的购屋者选购。
申请四次没抽中 将获更多优先权
建屋局最近也改变多项措施，确保首次购屋者在申请组屋时更容易被抽中所选购的组屋。这包括规定每个新组屋项目须保留九成的单位给首次购屋者，那些申请过四次新组屋都没被抽中选购组屋的首次购屋者，往后提出申请时将获得更多优先权。
马宝山说：“简单来说，我们在幸运抽奖中给予这些购屋者更多机会，提高他们被抽中的几率。如果你连续四次没被抽中，我们给你更多机会。不过，我们也必须知道，一些年轻夫妇一直买不到组屋，并不是因为没被抽中，而是因为种种原因例如选不到理想中的单位而放弃了他们的选购机会。”
“建屋局不可能根据每一个购屋者要求的地点、楼层、类型和价格来满足他们的需要。购屋者得实际一点，虽然不是你理想中的单位，但如果你需要一间组屋，请先买下来，以后才慢慢地提升到你喜欢的组屋。”
他也说，过去经济不景导致大量组屋过剩的经验显示，建屋局不可能为每一对新婚夫妇或年轻夫妇建造组屋，否则组屋过剩的问题会再次出现，影响转售市场。
自2001年以来，建屋局展开了32个预购项目，单是今年就推出了4800个单位，比去年的2300个增加了超过一倍。
抽签选购计划和双月组屋销售计划仍会继续展开，因为选择性整体重建计划总会有组屋剩下，可通过抽签选购计划出售，所有卖不出的组屋最终仍须要通过双月组屋销售计划出售。
两个预购项目从即日起至下个月18日接受申请，有意申请者可参阅今天建屋局刊登在本报的广告或浏览建屋局网站（www.hdb.gov.sg/esales）。
建屋局未来半年建屋计划公布 - 市场分析员：组屋转售市场会降温 现金溢价也将降低
《联合早报》Nov 29, 2007
市场分析员普遍认为，国家发展部公布的未来半年近一万个单位组屋的建屋计划，将能减缓过热的转售组屋市场，使转售市场现金溢价降低。
博纳集团总裁伊斯迈认为，国家发展部长马宝山此时宣布这个消息正合时宜。他说，近期政府组屋的需求强劲，组屋转售市场现金溢价攀升，使组屋转售价频创新高，让许多打算购屋成家的年轻新婚夫妇无法承担。
他说，以当前的市场而言，在中央地段购买转售组屋至少需要5万元现金，而其他地段则至少需要2万元。
他相信，新推出的预购组屋、私人组屋、执行共管公寓将能帮助许多年轻夫妇拥有负担得起的住屋。
马宝山昨日宣布从现在至明年6月底推出一系列的建屋计划，包括两个预购项目、四个私人组屋项目和三个执行共管公寓项目。
C&H房地产公司董事经理卢元士认为，对于那些认为当前转售组屋售价过高的人，这项计划对他们来说是一个好消息。
他说，那些部分原本打算在近期内购买转售组屋的人，可能会延迟购屋计划，改买这些新组屋。这将使转售组屋的需求下降。
不过，莱坊(Knight Frank)研究部主管麦俊荣说，由于新推出的组屋预计将在两三年后才会建成，因此对于那些急着购屋的人来说，这项措施不会有太大的影响。
盛港的预购组屋“Compassvale Beacon”位于盛港东道、榜鹅路及康埔桦通道交界处，将建60间二房式、150间三房式和540间四房式标准组屋。（建屋局设计图）
他估计，组屋转售市场将会降温，转售价在短期内会维持在今年第三季的水平，在未来两三年则会下降3%至5%左右。
预购组屋料超出预购率
伊斯迈则估计，相比于今年的上涨17%到18%，组屋转售价明年的上升幅度应该不会超过10%。
从即日开始接受申请的两个预购组屋项目位于盛港和武吉班让，伊斯迈认为这两个项目地点优越、交通便利，因此预料这两个项目将超出预购率。
麦俊荣则认为，盛港比武吉班让靠近市区，地点比较优越，因此相信盛港的预购组屋会比较受欢迎。
市场分析员普遍认为，随着1万零362个新组屋单位的推出，市场应该有足够的单位应付未来半年的需求。
麦俊荣相信，即使在明年上半年出现需求增加的情况，政府也会在明年下半年推出更多单位，以应付需求。
转售市场稳健成长 新组屋价格将上涨
建屋发展局按照转售组屋的估价和政府津贴为新组屋制订售价。随着各区转售市场稳健成长，国家发展部长马宝山不否认新组屋的价格会跟着上升。
马宝山在为建屋局的两个预购项目主持推介仪式后受访时说，随着转售市场的价格上升，新组屋的价格也会上升，但政府会确保新组屋售价是购屋者负担得起的。
坐落在武吉班让的“Segar Meadows”将有90间三房式和322间四房式优质组屋。（建屋局设计图）
他说：“新组屋的价格不会根据那些售价创新高的情况来制订，我们是根据估价来制订售价的。我们不可能因为某个买家愿意出高价来买某个他喜欢的单位，就制订那样的新组屋售价。”
马宝山不否认本地建筑业现在一片炽热，各种成本都上涨了，整体建筑成本都上升了。不过，建屋局是根据转售组屋的估价和购屋者的负担能力来为新组屋制订售价，而不是建筑成本。
一般来说，每个家庭平均花费20%至25%的家庭月入来支付房屋贷款。由于他们也可以动用公积金支付贷款，须动用的现金其实并不多。
他也说，组屋转售市场目前正稳健成长，并没有出现泡沫。虽然组屋转售市场过去一年来上升不少，但幅度不如私人住宅转售市场。而且组屋转售市场比私人住宅市场大得多，相对较稳定，目前的成长是健康的。
市场分析员普遍认为，国家发展部公布的未来半年近一万个单位组屋的建屋计划，将能减缓过热的转售组屋市场，使转售市场现金溢价降低。
博纳集团总裁伊斯迈认为，国家发展部长马宝山此时宣布这个消息正合时宜。他说，近期政府组屋的需求强劲，组屋转售市场现金溢价攀升，使组屋转售价频创新高，让许多打算购屋成家的年轻新婚夫妇无法承担。
他说，以当前的市场而言，在中央地段购买转售组屋至少需要5万元现金，而其他地段则至少需要2万元。
他相信，新推出的预购组屋、私人组屋、执行共管公寓将能帮助许多年轻夫妇拥有负担得起的住屋。
马宝山昨日宣布从现在至明年6月底推出一系列的建屋计划，包括两个预购项目、四个私人组屋项目和三个执行共管公寓项目。
C&H房地产公司董事经理卢元士认为，对于那些认为当前转售组屋售价过高的人，这项计划对他们来说是一个好消息。
他说，那些部分原本打算在近期内购买转售组屋的人，可能会延迟购屋计划，改买这些新组屋。这将使转售组屋的需求下降。
不过，莱坊(Knight Frank)研究部主管麦俊荣说，由于新推出的组屋预计将在两三年后才会建成，因此对于那些急着购屋的人来说，这项措施不会有太大的影响。
盛港的预购组屋“Compassvale Beacon”位于盛港东道、榜鹅路及康埔桦通道交界处，将建60间二房式、150间三房式和540间四房式标准组屋。（建屋局设计图）
他估计，组屋转售市场将会降温，转售价在短期内会维持在今年第三季的水平，在未来两三年则会下降3%至5%左右。
预购组屋料超出预购率
伊斯迈则估计，相比于今年的上涨17%到18%，组屋转售价明年的上升幅度应该不会超过10%。
从即日开始接受申请的两个预购组屋项目位于盛港和武吉班让，伊斯迈认为这两个项目地点优越、交通便利，因此预料这两个项目将超出预购率。
麦俊荣则认为，盛港比武吉班让靠近市区，地点比较优越，因此相信盛港的预购组屋会比较受欢迎。
市场分析员普遍认为，随着1万零362个新组屋单位的推出，市场应该有足够的单位应付未来半年的需求。
麦俊荣相信，即使在明年上半年出现需求增加的情况，政府也会在明年下半年推出更多单位，以应付需求。
转售市场稳健成长 新组屋价格将上涨
建屋发展局按照转售组屋的估价和政府津贴为新组屋制订售价。随着各区转售市场稳健成长，国家发展部长马宝山不否认新组屋的价格会跟着上升。
马宝山在为建屋局的两个预购项目主持推介仪式后受访时说，随着转售市场的价格上升，新组屋的价格也会上升，但政府会确保新组屋售价是购屋者负担得起的。
坐落在武吉班让的“Segar Meadows”将有90间三房式和322间四房式优质组屋。（建屋局设计图）
他说：“新组屋的价格不会根据那些售价创新高的情况来制订，我们是根据估价来制订售价的。我们不可能因为某个买家愿意出高价来买某个他喜欢的单位，就制订那样的新组屋售价。”
马宝山不否认本地建筑业现在一片炽热，各种成本都上涨了，整体建筑成本都上升了。不过，建屋局是根据转售组屋的估价和购屋者的负担能力来为新组屋制订售价，而不是建筑成本。
一般来说，每个家庭平均花费20%至25%的家庭月入来支付房屋贷款。由于他们也可以动用公积金支付贷款，须动用的现金其实并不多。
他也说，组屋转售市场目前正稳健成长，并没有出现泡沫。虽然组屋转售市场过去一年来上升不少，但幅度不如私人住宅转售市场。而且组屋转售市场比私人住宅市场大得多，相对较稳定，目前的成长是健康的。
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