Transportation, Road Plans For F1 Race Out

Sourc : The Business Times, July 4, 2008

Road closures, diversions from Sept 20-Oct 2; 26 bus services affected

TRAFFIC and transportation plans to transform Singapore's city streets into a race circuit for the 2008 Formula 1 SingTel Singapore Grand Prix were unveiled yesterday.



















A series of road closures in the Marina Centre area will be implemented between Sept 20 and Oct 2 in three phases. Among the roads that will be either closed or restricted are St Andrew's Road, Raffles Avenue, Nicoll Highway, Esplanade Drive, Stamford Road and Temasek Avenue. Traffic wardens will be on hand to direct traffic.

'The best way to travel to the area is to use public transportation,' said Yam Ah Mee, chief executive of LTA, highlighting that congestion and delays were expected on the roads.

Stakeholders, such as those working in the area and delivery vehicles, will be given accredited labels for priority access into restricted areas. Public transportation services are also gearing up to cope with the high volume of commuters. Trains will be running every two to three minutes during peak and race dispersal periods, as opposed to the average three minutes currently. Operating hours for public transportation may also be extended.

However, 26 bus services will be diverted to nearby roads and the Marina Centre Bus Terminal will be closed during road closure periods. Non-basic bus services, such as the Night Rider and Premium Buses, will also be affected. Information regarding the diverted routes will be available at affected bus stops and on the websites of the public transport operators.

A complimentary shuttle bus service from Bugis and City Hall MRT stations will run between Sept 20 and 29, carrying passengers to four stops along North Bridge Road and in the Suntec City area.

The two existing taxi stands at Suntec Tower 2 and 3 will remain operational, while a third temporary one will be set up at Suntec City Driveway. Other operational taxi stands are at the Millenia Tower and the Conrad Hotel.

CDL Opens Livia Condo At Pasir Ris For Preview

Source : The Business Times, July 4, 2008

Initial units are priced at $650 psf on average; Kovan Residences launched

CITY Developments Ltd (CDL) has begun to preview its much-awaited Livia condo at Pasir Ris at an average price of about $650 psf for the initial batch of units, BT understands.

And next to Kovan MRT Station, the 512-unit Kovan Residences is being soft launched today and the average price is said to be $870 psf. Both projects are 99-year leasehold.

Market watchers reckon that the $650 psf average pricing for the initial phase of Livia's marketing effort is about 10 per cent lower than what the developer could have fetched 12 months ago. 'It might have been priced at $730-750 psf last year,' an industry observer suggested. The 724-unit condo is being developed at Pasir Ris Drive 1 on a plot that is part of the group's historical Pasir Ris landbank acquired decades ago.

CDL is developing Livia jointly with Hong Leong Holdings and Hong Realty. All three companies are part of Singapore's Hong Leong Group. Livia will have a total of 10 blocks, either 15 or 16 storeys high with units ranging from two-bedroom apartments to four bedders. There are also 12 penthouses.

Next to Kovan MRT Station, Centurion Kovan, controlled by UOB-Kay Hian stockbroker pair Han Seng Juan and David Loh Kim Kang, has been testing the waters for its 512-unit Kovan Residences. The average price is believed to be around $870 psf and industry talk is that some 20 cheques were offered to the developer after a well-attended dinner preview for Messrs Han's and Loh's stockbroking community contacts last Saturday. It is not known if options have been issued.

'Perhaps some of the potential buyers may have found the developer's proposed price a little challenging and made their counter offers with cheques,' a market watcher suggested.

Kovan Residences' soft launch begins today, BT understands. Officials from Centurion Kovan, part of the Duchess Development group, have not been returning BT's calls over the past few days.

Meanwhile, the project that started the current home buying wave, Ho Bee's 99-year leasehold Dakota Residences, is said to have sold 150 units since sales began a fortnight ago.

Frasers' Serviced Apartments Goal: Grow To 8,500 By 2010

Source : The Business Times, July 4, 2008

DRIVEN by rising corporate demand, Frasers Hospitality (Frasers) expects to grow its brand of serviced apartments to 8,500 by 2010. This will involve adding 5,000 apartments under the Frasers brand in the next two years.

China, India and Vietnam are three key areas of expansion for the hospitality arm of Frasers Centrepoint, a wholly owned subsidiary of Fraser & Neave. At least 80 per cent of the 5,000 serviced apartments will come under fee-based management, said its CEO Choe Peng Sum. Frasers will acquire the remainder with balance sheet funding.

'We have been very careful about over-leveraging and over-borrowing,' said Mr Choe. Frasers currently has a 50:50 debt-equity structure, but hopes to reduce the debt component to reach 40:60 or lower going forward.

Frasers is also looking at more collaborations with private equity funds to acquire serviced apartments.

'For serviced residences, we've seen a lot of pent-up demand,' said Mr Choe. According to him, multinational corporations have been sending teams overseas to set up new operations, and serviced apartments are aptly positioned to meet expatriates' extended-accommodation needs.

Yet, the number of serviced residences in major cities such as London and Tokyo add up to barely 10 per cent of total hotel inventory, he noted. On room rates, Mr Choe said: 'Singapore itself, we have seen year-on-year growth rates of about 26 per cent.'

Occupancy rates are also crossing 90 per cent.

With the large growth potential, Mr Choe shared that Frasers is looking at creating a separate brand of serviced residences to cater to a more dynamic group of corporate guests, or 'road warriors'.

Hiccups in some economies may create more chances for expansion.

The property market in North America has softened, said Mr Choe, and Frasers is sourcing for deals in New York. In Vietnam, falling property prices also generate investment opportunities. As to whether Frasers will set up a Reit for its properties, Mr Choe said that 'we are waiting for the right time'.

The US$135 million Fraser Suites CBD in Beijing has opened for operations.

辉盛国际拟再添5000个服务公寓单位

Source : 《联合早报》July 04, 2008

亚洲第二大服务公寓经营业者辉盛国际管理（Frasers Hospitality）计划在未来两年里添加另外5000个服务公寓单位，把经营的单位数额增加超过一倍，焦点将放在中国、印度和越南市场。

辉盛国际管理总裁曹炳森昨天在记者会上说：“中国、印度和越南的经济持续强劲增长，流入国内的外商直接投资（FDI）也在增加，服务公寓在这些市场有很大的潜在需求和增长潜能。此外，越来越多跨国企业已开始减少长期外派专才经营海外业务，宁可选择派遣一组人员，花几个月的时间开拓新市场。这个新趋势能刺激服务公寓需求。”

他指出，目前大部分亚洲市场的服务公寓单位只占总酒店客房的10％左右，住用率达90％以上，增长空间相当可观。公司在新加坡的两个服务公寓的平均住用率就超过90％，每日收费较一年前增长了26％，达400元。

辉盛国际管理目前在全球经营23个拥有约3500个单位的服务公寓，今年已在日本东京和越南河内开设两个新服务公寓，下半年还将开设另外8个，大部分设在中国，包括在香港开设的第一个服务公寓。

未来两年，公司将添加另外25个新服务公寓，把总单位数额增加至8478个。

新添服务公寓当中，80％将为管理合约，其余20％的新服务公寓则由辉盛国际管理拥有，建筑或收购资金将来自内部资金和贷款。

曹炳森认为,次贷危机和信贷吃紧的情况还要维持一段时期，因此,这样做，公司将能减少对借贷负债与资产比率，从目前的50％，下降至40％以下。

在筹集资金拓展业务方面，考虑到房地产投资信托市场淡静，曹炳森表示将暂时搁置设立房地产投资信托的计划，而计划与私募基金合作设立一个亚洲基金，进一步拓展本区域的业务。

除了亚洲，辉盛国际管理也计划在2010年之后大肆进军中东市场，在阿布扎比(Abu Dhabi)、科威特（Kuwait）、多哈(Doha)和阿曼(Oman)开业，同时加大在欧洲市场的版图，进驻布拉格(Prague）、布达佩斯(Budapest)、马德里（Madrid）和巴塞罗那（Barcelona）。

辉盛国际管理目前也在美国纽约寻找收购不良资产(distressed assets)的投资机会。

另外，今年庆祝成立10周年，成功从新加坡走到全世界的辉盛国际管理也计划在今年内推出一个全新的中档服务公寓品牌。辉盛国际管理属下的服务公寓都属于高档次的“金质标准酒店式服务公寓”。

曹炳森透露，看准中层管理人员对简约且设备齐全的经济型服务公寓有需要，辉盛国际管理计划进军这个市场，概念类似香格里拉酒店的关联中档酒店品牌商贸饭店。

曹炳森没有透露更多详情，但新品牌相信会首先在亚洲推出，以收费代管理合约形式进行。至于母公司星狮集团（F&N）刚宣布的新管理层以及把重心放在饮食业务方面计划，曹炳森表示，公司一向独立运作，新格局不会限制公司的拓展计划。

升涛湾300住宅完工 超过50单位已租出

Source : 《联合早报》July 03, 2008

尽管圣淘沙岛上的房子大多都还在施工中，几个已经完工的升涛湾(Sentosa Cove)共管公寓和有地住宅项目，已有相当不错的出租市场。

高力(Colliers)国际昨天发表的一份报告说，目前升涛湾有大约300个住宅单位取得了临时入伙准证。在去年1月至今年4月这段期间，超过50个单位签下了一纸租约。

其中46个单位来自升涛湾唯一已完工的共管公寓泊宁轩(The Berth)。由于该项目只有200个单位，所以这相等于23%的出租比率。

高力国际研究部主管郑惠匀说：“这已经算是相当不错的成就，因为整个升涛湾区正展开庞大规模的建筑活动，来完成剩余的2200个房屋单位。”

占地117公顷的升涛湾，位于圣淘沙岛的东部填土地区。这个豪华住宅区自2003年开始销售区内的地段以来，99.6%地段已经找到买家。一旦发展完成，整个区内将建有2500个濒水住宅单位，以及酒店、游艇滨海中心和商店。

目前，已经完工的项目包括泊宁轩、The Berthside(8个单位)、Ocean 8(8个单位)、珊瑚岛(21个单位)、The Villas@Sentosa Cove(8个单位)，以及North Cove (6个单位)。

根据Realis和Info- Tools，升涛湾的两卧房单位租金介于4700元至6000元。三卧房和四卧房单位最高可以租到9500元和1万2250元一个月。

郑惠匀指出，升涛湾的共管公寓租用活动比有地住宅来得活跃。自2007年以来，岛上只有5间有地住宅单位租了出去。排屋最高可以租到1万9000元一个月，豪华别墅能够租到3万元一个月。

美国的次贷风暴和全球金融市场的动荡，不但冲击了我国的楼市，造成成交量暴跌。对于岛上的租用活动，似乎也带来了一些影响。

去年7月至9月是升涛湾租用活动最旺热的时期，51间房子有30间，即六成是在这三个月内租出去的。这带动随后一个季度，即10月至12月的泊宁轩租金中位数，攀升至每平方英尺7.28元的最高峰。

进入2008年后，升涛湾的租用活动却开始降温，1月至4月只租出10间房子。这带动泊宁轩的租金中位数也走软至每平方英尺6.89元。

尽管如此，郑惠匀指出，只要是在2004年底、2005年初，也就是泊宁轩刚推出时就进场的第一手买家，还是能够享有相当吸引(5.5%)的净租金回报率。当时，泊宁轩的每平方英尺平均推出价格为860元。

不过，如果是在2007年才进场，并以平均每平方英尺1520元买下泊宁轩单位的人，净租金回报率就只有3.5%了。但如果跟在本岛买下一间永久地契豪华共管公寓单位比较(净租金回报率估计只有大约2.3%)，这些投资者还是能够享有较高的租金回报率。