NUS Link In Gillman Heights Sale Under Query

Source : TODAY, Monday, 17 March 2008

Fresh revelations about the relationship between the National University of Singapore (NUS) and purchaser Ankerite have surfaced, adding a new twist to the Gillman Heights condominium collective sale brouhaha.

Residents wearing T-shirts that say 'I love Gillman Heights' outside the High Court

Acting for a group of minority owners fighting to scupper the Strata Titles Board's (STB) approval of the S$548-million sale of the property to developer CapitaLand, Senior Counsel Michael Hwang revealed in submissions to the High Court last Friday that condo majority owner NUS became a shareholder of Ankerite sometime around July 5 last year — about five months after the en bloc sale was inked.

This fact, which was not available to the STB before it approved the deal, meant the Board was unable to make a "fully-informed judgment".

CapitaLand had reportedly announced on May 15 last year that HPL Orchard Place and "two private funds" had bought 50 per cent of its subsidiary Ankerite.

The court learnt on Friday that the NUS was one of the two unidentified private funds and had acquired a 15-per-cent stake in Ankerite. The NUS owns 303 units, or about half, of the property.

The 22 owners are also citing other grounds to oppose the sale of the sprawling 607-unit Alexandra Road estate. They revolve around how the former HUDC estate's age was calculated, the way the sale process was conducted and how the sale price was arrived at.

One of the issues was whether Gillman Heights had acquired consent from 90 per cent of the owners for an en bloc sale if it were less than 10 years old.

Although it was completed in 1984, the condo only underwent privatisation in 1995 and acquired the Temporary Occupation Permits or Certificates of Strata Completion (CSC) in 2002. At the time, the NUS had agreed to the en bloc sale on June 22, 2002, the agreeing signatories made up 82.43 per cent only.

However, Senior Counsel Quek Mong Hwa, who is representing the majority owners, said en bloc sales of three privatised HUDC estates — Amberville, Waterfront View and Farrer Court — had been successfully completed before the Gillman Heights saga.

Two other similar estates, Minton Rise and Tampines Court, were also awaiting approval from the STB.

In his rebuttal, Mr Hwang said these estates did not have Temporary Occupation Permits or Certificates of Strata Completion issued by the Building and Construction Authority at the time the en bloc sales were completed.

On Sunday, some of the 22 minority owners told TODAY they were fighting to overturn the deal because they "love their homes". The hearing continues tomorrow. - TODAY/ar

Some HDB Residents Unhappy Despite Freeze On S&C Charges

Source : The Straits Times, Mar 17, 2008

They feel rates are too high compared with charges for condo residents

THE 14 town councils under the People's Action Party are all freezing their service and conservancy (S&C) rates, but some HDB residents still feel the charges are too high.











Mr Richard Lim, 42, lives in a five-room flat in Pasir Ris, but pays more for parking and maintenance charges than some condominium residents.

The accountant pays $163.50 a month: $90 for parking and $73.50 in S&C fees.

What residents in private estates pay can go as low as $150, a check with 10 condominiums found.

Mr Lim said: 'My friend who lives in a similar-size unit in a Bishan condo pays $200 and he gets so many more facilities.'

Writing to The Straits Times Forum recently, he asked why, despite fewer perks, HDB residents pay more than some condo residents: 'Are they overcharging residents or are they not giving enough value for the amount we pay?'

His letter ignited discussions in at least three online forums, with many asking why S&C charges for HDB flats were only a little lower than those for private estates.

In Parliament last month, Dr Teo Ho Pin, coordinating chairman of the PAP town councils, announced there will be no hike in their S&C charges this year.

The move is in response to Finance Minister Tharman Shanmugaratnam's call recently for them to follow the Government's lead in freezing fees for its services.

S&C rates for Singaporeans living in public housing can range from $18.50 for a one-room HDB flat to $61.50 for a five-room unit. Non-Singaporeans pay up to $30 more.

S&C charges in HDB estates are collected by the town councils and go towards cleaning, grass cutting, lift maintenance and upkeep of common areas. Costs for cyclical work such as re-painting are also taken from this kitty.

A public housing resident who owns a car has to pay between $65 and $90 for a parking spot. This, according to HDB residents, is what causes the overall charge to rocket.

Parking charges are collected by the HDB which maintains the carparks.

In a Forum letter replying to Mr Lim, the HDB explained that, unlike private property, HDB parking spaces are not included in the selling price of the flat.

It said: 'HDB parking charges are aimed at recovering the cost of providing and maintaining the carparks and help regulate demand so residents need not compete with visitors for lots.'

Mr Lim is now looking for a condo unit since the charges are not that much higher and he can enjoy condo facilities such as a swimming pool, clubhouse, playground, barbecue pit, gym, carpark and security for just a bit more.

Most condos charge a monthly fee of about $250, although some, like Ardmore Park near Orchard Road, can go as high as $1,250.

Those which charge below $200 include Normanton Park, Gillman Heights, Farrer Court and The Warren.

Condos usually collect money for a sinking fund, which is used for major repairs and improvements to the estate such as lift upgrading and re-painting.

Dr Teo, MP for Bukit Panjang, assured HDB residents that what they pay in S&C fees is 'definitely value for money'.

'We've many more covered linkways than condos and also amphitheatres and playgrounds,' he said.

He added that the Government gives a grant every year to top up the S&C fund, making major projects like lift upgrading affordable.

Mr Charles Chong, an MP for Pasir Ris-Punggol GRC, said charges for condos are higher than for HDB units because condo residents pay more upfront when they buy their homes.

'Besides, condos could also ask residents to fork out lump sums for major repairs when the sinking fund isn't fat enough,' he said.

Ms Eleana Teo, a director at Knight Frank Estate Management, said condos with more units can enjoy economies of scale and charge more affordable fees.

At Farrer Court, near Holland Road, which has 618 units, administration officer Mary Teo, 58, said the $160 a month she pays is 'very low'.

'We get our own jogging track, tennis courts and gym, and I'm paying less than some HDB residents,' said the owner of a 1,500 sq ft unit.

Information technology specialist David Seah, 30, who lives in a five-room flat in Jurong West, agreed S&C and parking fees for bigger HDB units can add up to a hefty sum.

He pays $153 a month - $63 in S&C fees and $90 for parking.

'The S&C charges for smaller flats are much lower and I think it's fair,' he said.

Mr Simon Chua, 34, owner of a four-room Bukit Batok HDB flat who pays $138 in monthly charges, has no complaints.

'We never have to worry about having to fork out extra money for major upgrading work. I think we are well taken care of for the money we pay,' he said.

TOO MUCH FOR HDB

'My friend who lives in a similar- size unit in a Bishan condo pays $200 and he gets so many more facilities.' -ACCOUNTANT RICHARD LIM, who lives in a five-room flat in Pasir Ris and pays $163.50 a month: $90 for parking and $73.50 for S&C fees

NO COMPLAINTS

'We never have to worry about having to fork out extra money for major upgrading work. I think we are well taken care of for the money we pay.' -MR SIMON CHUA, owner of a four-room Bukit Batok flat who pays $138 in monthly charges

LOW FEES FOR CONDO

'We get our own jogging track, tennis courts and gym, and I'm paying less than some HDB residents.' -ADMINISTRATION OFFICER MARY TEO, who lives in a 1,500 sq ft unit in Farrer Court near Holland Road. She pays $160 a month in charges

Will Dependants Be Liable For My Debts When I Die?

Source : The Sunday Times, Mar 16, 2008

Q What happens to a person’s liabilities when he dies? For example, if he is in debt to a bank for his personal credit line, will his dependants - say, his wife - be required to repay the debt even though she has no interest in the account, which is held in his name only?

A YOUR dependants, such as your wife, are not liable for your debts unless, for instance, they were joint-account holders with you, or acted as guarantors for your loan.

Your estate is liable for your debts. The estate includes your assets other than an HDB flat, the balance in your CPF account, and any life insurance expressed for the benefit of your spouse or children at the inception of the policy.

As the CPF Dependants’ Protection Scheme (DPS) was transferred to two private insurers about two years ago, and CPF nominations are no longer applicable to DPS, DPS death proceeds will also form part of your estate.

While the balance in your CPF account is protected from creditors, any CPF used for investment will not be protected from creditors on death. You should therefore consider liquidating any CPF investments before death.

As in the high-profile case of former NKF chairman Richard Yong, when someone, while in a state of insolvency, makes any asset transfers that could be construed as an attempt to defraud creditors, those assets may be recovered by creditors too.

Leong Sze Hian
President, Society of Financial Service Professionals

Advice provided in this column is not meant as a substitute for comprehensive professional advice.

PA Planning To Refresh And Remake Community Clubs

Source : Channel NewsAsia, 16 March 2008

The People's Association (PA) is planning to update the look and feel of community clubs to retain its attractiveness to residents.

The community clubs (CCs) of today are already a far cry from the community centres in the 1960s.

But PA's Deputy Chairman Lim Boon Heng said community clubs face stiff competition these days from places such as SAFRA clubhouses which are larger, malls and Clarke Quay clubs.

To improve with the times, issues such as space, location and funding of the CCs are being looked into.

Space-wise, for example, has remained the same for the past 20 to 30 years.

To gain greater popularity and to maintain its aim of creating community cohesion, Mr Lim said CCs may need to work with others to promote fun activities, such as joint marketing with other CCs or tie-ups with malls.

Related Video Link - http://tinyurl.com/27wqjx

He said: "At the same time, the skills of grassroots leaders will have to be upgraded, in the sense that in the past it was relatively easy for the people to find the CC interesting.

Kallang Community Club"Today, because of the competition, you need to have the skills of marketing. So how do we make sure that the grassroots leaders have those skills of marketing? That is where the training institute of PA comes into play. We have to do these various things to refresh and remake the CC."

On the timeline for these changes, Mr Lim said: "Some ideas are easier to implement and they will be rolled out in the next year. Others – such as the CC of the future – will require more study and that will take a year or two."

A People's Association internal working committee has been looking at this issue since last year. - CNA/so

Upgrading Programme Completed At Upper Boon Keng Riverview

Source : Channel NewsAsia, 16 March 2008

Celebrations were held at the recently upgraded Upper Boon Keng Riverview precinct on Sunday.

A total of 183 flats have been upgraded under the Housing and Development Board's S$11 million Main Upgrading Programme (MUP).

Information, Communications and the Arts Minister and MP for the area, Dr Lee Boon Yang, visited some of these apartments which have been improved with the fixing of new doors, more waterproofing and tiling.

Residents can also enjoy more landscaping and linkways around their estate.

So far, 21 out of 23 precincts, which have polled successfully for the MUP, have been completed in Jalan Besar GRC. - CNA/so

Architect Says New F1 Pit Design Will Be Spacious, Integrating Surroundings

Source : Channel NewsAsia, 16 March 2008

A night street race will make Singapore's Formula One circuit stands out, but its pit design is something to take note of.

Artist's impression of new F1 pit design

Costing $4 million, the pit is meant to give an impression of space.

There will be an outdoor viewing gallery for guests to get close to the race. It will be able to accommodate up to 2,000 people.

The designing team said one of the key challenges was to integrate the design with the rest of Marina Park.

The team also took the cues from pit designs in Kuala Lumpur and Shanghai.

The final product will be completed in June.

Mr Tah Kong Han, Director (projects) of Architect 61, said: "The way it is organised, the way the spaces are planned, by and large are similar to all the pit buildings because of the way they want to operate. But it is how the form comes together, and I think that was the key difference with all the rest of the pit buildings." - CNA/de

Despite Freeze, HDB Residents Still Unhappy Over S&C Charges

Source : The Sunday Times, Mar 16, 2008

They feel rates are too high compared with charges for condo residents

THE 14 town councils under the People's Action Party are all freezing their service and conservancy (S&C) rates, but some HDB residents still feel the charges are too high.

Mr Richard Lim, 42, lives in a five-room flat in Pasir Ris, but pays more for parking and maintenance charges than some condominium residents.

The accountant pays $163.50 a month: $90 for parking and $73.50 in S&C fees.

A check with 10 condominiums found what residents in private estates pay can go as low as $150.

Mr Lim said: 'My friend who lives in a similar-size unit in a Bishan condo pays $200 and he gets so many more facilities.'

Writing to The Straits Times Forum recently, he asked why, despite fewer perks, HDB residents pay more than some condo residents: 'Are they overcharging residents or are they not giving enough value for the amount we pay?'

His letter ignited discussions in at least three online forums, with many asking why S&C charges in HDB flats were only a little lower than those in private estates.

In Parliament last month, Dr Teo Ho Pin, coordinating chairman of the PAP town councils, announced there will be no hike in their S&C charges this year.

The move is in response to Finance Minister Tharman Shanmugaratnam's call recently for them to follow the Government's lead in freezing fees for its services.

S&C rates for Singaporeans living in public housing can range from $18.50 for a one-room HDB flat to $61.50 for a five-room unit to $102 for an HUDC unit. Non-Singaporeans pay up to $30 more.

S&C charges in HDB estates are collected by the town councils and go towards cleaning, grass cutting, lift maintenance and upkeep of common areas. Costs for cyclical work such as re-painting are also taken from this kitty.

A public housing resident who owns a car has to pay between $65 and $90 for a parking spot. This, according to HDB residents, is what causes the overall charge to rocket.

Parking charges are collected by the HDB which maintains the carparks.

In a Forum letter replying to Mr Lim, the HDB explained that, unlike private property, HDB parking spaces are not included in the selling price of the flat.

Read the full report in Monday's edition of The Straits Times.

Upcoming Condo Equipped With Garage In The Sky

Source : The Sunday Times, March 16, 2008

PARKING the car is set to reach a whole new level - with a high-rise condominium where every apartment comes with its own private garage in the sky.

The Hamilton, coming up at 37 Scotts Road on the former site of Hotel Asia, will make this fantasy come true.

Residents of the 30-storey tower will be able to drive their vehicle into a special glass elevator that will lift the vehicle from the ground floor to their 'porch' on the same level as their living rooms.

The 56-unit development has not been launched yet. But when built, it will become the first residential high-rise in Singapore, and only the third in the world after developments in New York and Dubai, to have this vroom-with-a-view parking feature.

Ms Leny Suparman, director of developer Hayden Properties, said the feature offers 'a unique way of living in a condominium yet with the advantages of a landed property'.

Motorists here have already become familiar with high-tech 'stack' parking, though it is not quite the seamless elevator ride The Hamilton promises.

At the Chinatown nightlife hub Club Street, the first fully mechanised public carpark was launched last month.

And MacDonald House in Orchard Road has had an elevator take vehicles to its carpark on the second and third levels after its refurbishment in June 2005.

Owning a unit at The Hamilton, complete with its own private parking bay, will not come cheap.

Hayden Properties is unable to give any price indication for its units - averaging 3,000 sq ft in size.

But according to the Urban Redevelopment Authority's website, apartments in the vicinity have been going for around $4,000 per sq ft.

At The Hamilton, that could work out to about $12 million a unit.

In land-scarce Singapore, mechanised parking systems may seem the way to go, taking up less space than conventional parking lots.

Read the full report in Monday's edition of The Straits Times.

US Recession Will Be Mild, Predicts S&P

Source : The Business Times, March 17, 2008

THE US will suffer a mild recession that could end as early as the later part of this year, according to ratings agency Standard & Poor's.

It's the uncertainty surrounding the credit crunch caused by the sub-prime problem that has led to the present economic condition, said Paul A Coughlin, S&P executive managing director for corporate and government ratings.

But he thinks that much of the pessimism is overblown and that Asian economies are still growing despite a slowdown in their growth rates. 'China growing at 9 per cent under the current scenario is nothing to sniff at,' he told BT in Singapore.

He said that the total global writedowns for the sub-prime instruments could amount to as much as US$450 billion with financial institutions such as banks, brokers and monolines accounting for some US$285 billion (about half of which has already been disclosed). This compares with some estimates of over US$1 trillion.

'However, illiquidity has spread rapidly into other credit markets, including other parts of the structured finance market, the bond insurers market and the bank loan market. How quickly and well this is dealt with will have an impact on how long the recession will last,' he added.

His views are shared by his colleagues who, in a report dated March 13 and entitled More sub-prime writedowns to come, but the end is now in sight for large financial Institutions, noted that, in particular, the bulk of the writedowns of sub-prime securities may be behind the banks and brokers that have already announced their results for full-year 2007.

Said S&P credit analyst Tanya Azarchs: 'There may be some additional marks to market as market indicators have shown deterioration in the first quarter. However, when we dissect the percentage of writedowns taken against various types of exposures, in our opinion, the magnitude of some writedowns is greater than any reasonable estimate of ultimate losses.'

However, S&P feels that right now, market forces are placing further downward pressure on valuations, and it expects to see more writedowns related to these pressures in coming weeks and months.

'We believe that any near-term positive impact of reducing sub-prime risk in the financial system via increased disclosure and writedowns will be offset by worsening problems in the broader US real estate market and in other segments of the credit markets,' said another S&P credit analyst, Scott Bugie.

Asked if ratings agencies like his should accept at least some of the blame for the sub-prime problem by giving them high credit ratings, Mr Coughlin said that finger-pointing would not help resolve the problem, as even regulators were caught off-guard by the extent of the problem.

'We should move on and see how best we could improve the system,' he said, adding that there should be better monitoring of the structured debt market.

He said that, as part of a move to improve transparency in its ratings process, S&P would be setting up an office of the Ombudsman that would address concerns relating to potential conflicts of interest and to whom issuers, investors, employees and other market participants can raise concerns about potential conflicts of interest and integrity of business and compliance processes.

The ombudsman will report to S&P's president but will not be part of its management and his compensation will not be tied in any way to S&P/McGraw-Hill business results. He said that this mechanism would provide one central point where any concerns about the objectivity or soundness of the rating and other business processes can be raised.

Another measure will result in the establishment of an enterprise-wide Risk Assessment Oversight Committee that operates separately and independent of the business. The committee will assess all risks that could impact the ratings process. This committee will also assess the feasibility of rating new types of securities.

HK Houses Going For HK$300m

Source : The Business Times, March 17, 2008

Supply squeeze on luxury homes seen driving up prices by 25% this year

HOUSES at The Peak are fetching close to HK$300 million (S$53 million), and are still rising. This epitomises Hong Kong's very hot luxury property market, which is facing a tight supply squeeze. As a result, prices for top-tier homes are expected to skyrocket by 25 per cent this year alone.

Grand view: Fewer than 200 homes are expected to become available in ultra-high-end residential areas such as The Peak and the South Side. Mainland Chinese are among top buyers of super-luxurious homes

In what is likely the most supply-challenged year since 1997, fewer than 200 units are expected to become available in ultra-high-end residential areas such as The Peak and the South Side, where prices for standalone houses are going for nearly HK$300 million.

In the last quarter of 2007 alone, luxury residential prices at The Peak rose by 11.8 per cent, according to data from property group Colliers International (Hong Kong).

The property firm anticipates growth of 25 per cent in the luxury sector this year. Moreover, supply is unlikely to become better next year and in 2010, it notes.

According to Ricky Poon, executive director of sales at Colliers in Hong Kong, prices at the top end of the market are already outstripping those seen during the previous property market highs of 1997.

'In the super-luxury home area (where properties fetch HK$100 million and above), the prices are transcending the overall luxury market price,' he noted. This would include houses that are in scarce supply in areas such as The Peak - in October, for example, one house there sold for HK$296 million.

'There is limited land supply . . . all the developers are hungry for the prestigious locations,' Mr Poon added.

Some developers have tried to trigger land sales by putting in applications for plots with the government, but the requests have been rejected.

'The government has a high expectation for these types of locations,' Mr Poon explained. 'They expect more money for it.'

He said that the situation is unlikely to improve in the next three years, leading to a situation where stock will fall to as much as 59 per cent below historical averages.

On The Peak, for example, Colliers expects just 18 new houses to become available this year. On the South Side, it expects 11 new units to be completed during the year, while the Mid-Levels is likely to see 165 units become available.

The real estate firm estimates that just under 1,000 units in the residential sector will be completed in 2008, the majority being in the Residence Bel Air complex near the Cyberport development.

According to Mr Poon, among the top buyers of the super-luxurious homes are mainland Chinese. 'I would say 50 to 60 per cent are mainland Chinese, and the rest are mainly second-generation wealthy or celebrities, with a few expatriates,' he said.

Hong Kong's property market has seen a significant upswing on the heels of buoyant stock market activity and the Fed's series of interest rate cuts.

And as inflation in the city increases and rents are pushed upwards, people are opting to buy into the residential sector.

In November, the number of sale and purchase agreements for residential units rose to 15,759, the biggest number of transactions in a single month since July 1997.

In the luxury sector, the number of sale transactions exceeding HK$10 million saw growth of 40 per cent between September and November compared with the year-ago period.

Designing A House Begins With The Site It Sits On

Source : The Sunday Times, Mar 16, 2008

Each has its own look and feel, which dictate the design, developer Satinder Garcha says

AN AVID polo player - he is the captain of the Singapore team - Mr Satinder Garcha, 37, is also a landed property developer, albeit a relatively new one.

FAMOUS BAGHDAD-BORN ARCHITECT ZAHA HADID was persuaded to design Mr Satinder Garcha's two Nassim Road bungalows and they will feature her radically modern approach to design. Note the houses' cast-iron shells. -- PHOTO: ZAHA HADID ARCHITECTS

In the three years since his first Singapore property was completed, he has built up a sizeable portfolio of 22 properties, many of which are being developed. He will build more on a $78.7 million strip of land at Sentosa Cove.

Mr Garcha, a New Delhi-born Singaporean, came to the Republic after selling his Silicon Valley information technology services company, People.com, in 2000.

The very first house he built in the Republic - a stately bungalow in White House Park that he and his family now live in - was featured in a coffee-table book titled 25 Tropical Houses: In Singapore And Malaysia.

Mr Garcha also managed to secure the services of world-renowned architect Zaha Hadid for two bungalows to be built on Nassim Road. Based in Britain, the Baghdad-born architect became, in 2004, the first woman to receive the Pritzker Architecture Prize.

Ms Hadid is acclaimed for her unwavering commitment to modernism and innovation. She has built her career on defying convention, by disregarding traditional ideas of space and construction. The fragmented geometry and fluid mobility of her buildings demonstrate that architecture is a fine art that celebrates the human imagination.

Her masterpieces include the Chanel mobile art museum, a travelling exhibition featuring pieces inspired by the Chanel quilt bag; and Germany's Phaeno Science Centre, located in Wolfsburg, and the BMW Central Building, located in Leipzig.

Ms Hadid has also worked on the masterplan for one-north, but the bungalows, for which she was given an open budget, are her first residential project in Asia. CapitaLand has announced that she will design its huge Farrer Court site condo.

Q How involved are you in your projects? Do you come up with the design ideas yourself?

A Yes. An architect also responds to the needs of the clients and what he perceives the clients need. Every developer has his own flavour. In our case, we have a very strong flavour. We collect input from everyone, though about 80 per cent comes from me.

Q Where and how do you start?

A The most important thing that dictates the design is the site. No two sites should be alike in look, feel or design simply because every site is different.

When I talk about sites, I talk about the gradient, the steepness, the surrounding views, the shape, the neighbours - all of these things strongly dictate the design.

We spend a lot of time thinking about the form and the design of every site, studying it and thinking up something suitable for it.

Some people said they didn't bid for the Sentosa Cove site because it was too long and narrow. I find that odd because that is the strength of the site. Every house would have a great view.

Q Why Zaha Hadid and how did you persuade her to sign on?

A I really like her forms. They are more sculptural, more organic. She is more the new-generation architect.

I'd contacted her office before about other projects but I didn't push. When we procured this Nassim Road site, we actually flew to London to see her. It's a great site, right next to the Botanic Gardens, and we were willing to be more experimental.

The Singapore brand helped. She wanted to do something in Asia and the timing was right.

We are using her latest ideas, including cast-iron shells for the houses. It's pure art... The houses will be masterpieces. They'll be among only five to six houses ever done by her.

Q How vital is it to rope in a famous architect?

A There are many architects in Singapore who could do the job, but there is the branding to consider. If a local architect said a project would cost double to develop, it would be hard to sell.

(Mr Garcha says his Nassim Road bungalows will cost far more to build than a typical house. For one thing, the cast-iron shells will be constructed overseas.)

Q What is good design?

A The form is very, very important. I see a lot of properties that are built around the layout of the rooms.

You'd be surprised how many buildings are built with bad designs. Small things can make a huge difference.

We focus a lot on the quality of the spaces and the feel of the spaces. The utility of the home is important to me. You can't look at just the external design and forget about the space inside. You also can't do the layout without giving thought to the shape of the house. It's called inside out, outside in.

When you're inside a house, it has to feel like a house - albeit a grand one - and not a museum. We don't want to do crazy things with the inside of the house.

We sell a house and it is up to the client to make it a home... I don't believe in adding gimmicky features.

Q How important is good design?

A It's like having a Prada or Gucci bag... Hopefully, the properties will survive for 50 years or more, and add to the beauty of the neighbourhood. Good design does not necessarily mean more expense. It means giving thought to the quality of the space.

Today's consumers are much more sophisticated. New-generation buyers are well-travelled and appreciate good design. Things that are not well-designed will become harder and harder to sell.

Whitley Road Homes Ooze Quiet Charm

Source : The Sunday Times, Mar 16, 2008

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

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














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

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

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

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

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

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

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

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

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

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

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

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

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

S'poreans Flocking To Overseas Property Launches Held Here

Source : The Sunday Times, Mar 16, 2008

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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