​New Face In Farrer

Sourc : TODAY, Friday, July 18, 2008

Pritzker Prize-winning architect to design new $3-billion development

WHEN 31-year-old Farrer Court is demolished over the coming months, its replacement will be a “curvaceous” condominium that is set to dominate the skyline ofDistrict 10 and clock several firsts.
















Giving the media a sneak peek yesterday, a CapitaLand-led consortium gave hints of how it planned to transform the site of Singapore’s biggest-ever en bloc sale.

In a precinct made up largely of landed homes and low- to mid-rise buildings, the upcoming 99-year leasehold project will comprise seven towers, which willeach reach a height of 36 storeys. There will be a total of1,500 homes, including 32 penthouses and 12 garden villas.

The condominium, yet to be named, will be launched in the first half of next year and is estimated to cost $3 billion to build, said CapitaLand Group chief executive Liew Mun Leong. The breakeven price ranges from $1,350 to $1,450 per square foot.

Unite pricing will be set closer to the launch, “but it will be affordable and we can make money”, said Mr Liew. He was confident that the project would find takers as en bloc sellers still need homes.

He said: “I am not worried about the economic downturn in the United States. Business must still go on.”

Behind the Farrer design is Pritzker ArchitecturePrize-winner Zaha Hadid, the first woman to clinch the architecture world’s equivalent of the Nobel Prize and the one who drafted the masterplan for the Buona Vista science hub, one-north. This will be her first condominium contract here.


























“Zaha is very famous for her ‘sensuous architectural silhouettes’, whatever that means,” straight-talking Mr Liew said to laughter all round. “It just means curves to me.”

Later at the briefing, Mr Liew again had the audience in stitches when he replied to a question on how the consortium persuaded Ms Zaha to take up the job.

“It started with Mr Ong Beng Seng having a relationship — I mean ...” Mr Liew paused abruptly as the room erupted with laughter. “... Having a good working relationship with Ms Zaha, because all these require personal relationships.”

Mr Ong heads Hotel Properties Limited (HPL), which is the number-two shareholder of the consortium after CapitaLand.

Mr Liew was addressing business partners, lawyers and senior executives from the 10 banks that have sewn up a loan of $1.996 billion, the largest ever syndicated residential property development loan arranged here.

The funds will be used to cover some of the construction costs — which are estimated to total $3 billion — and to partly finance the cost of the site, which has a maximum gross floor area of 2.35 million square feet.

Last year, CapitaLand and its three partners — HPL, Morgan Stanley Real Estate Special Situations Fund III and Wachovia Development Corporation — agreed to pay$1.34 billion to buy Farrer Court.

It was the biggest collective sale in local history and made 618 homeowners instant millionaires, as each unit fetched an average of $2.15 million.

The en bloc sellers of Farrer Court will be invited to a preview of the new condominium. “But there will be no special price for them,” said CapitaLand Residential Singapore chief Patricia Chia.

Landmark Ruling

Source : TODAY, Friday, July 18, 2008

Judge sets out role of Strata Titles Board and whichof its findings can be challenged

IT IS a situation that may apply to some en bloc deals: The selling price could have been higher if the sales committee or its agent had tried harder to secure a better deal.

In the case of Horizon Towers, a potential buyer was even standing by with a higher price than the one that was eventually chosen.

But that cannot be reason enough to disallow an en bloc sale, according to Justice Choo Han Teck as he brought a protracted saga to an end.

In a landmark decision, the judge set out the role of the Strata Titles Board as well as which of its findings can be challenged, and which ones cannot.

When it comes to price, as long as the STB finds that a purchase price is fair, which would make it a “finding of fact” in legal parlance, it would have fulfilled its duty and is entitled to approve an en bloc sale.

Minority residents at Horizon Towers who argued that the $500-million sale to Horizon Partners Private Limited (HPPL) was done in bad faith — as evidenced by Vineyard Holdings’ higher offer of $510 million :— had failed to prove their case.

Justice Choo found “no error of law” and said the High Court “cannot and will not” interfere in findings of fact made by the STB.

“Whether it was the right time to sell, or that the sales committee ought to have made a little more effort to persuade the purchaser to offer more, are not crucial matters that oblige the STB to withhold approval.

“Nor would it be the concern of the STB that some, or all, of the appellants might have consented had the Vineyard offer been made known to all of them,” he said.

If the STB were to make such enquiries, it “would never get its job done within the time limited”.

The minority owners had appealed to reverse a Dec 7 decision by STB to approve the sale. But if residents believe that the sales committee had “deliberately or negligently” not pursued a higher offer, resulting in a financial loss to them, the recourse is through litigation in the courts, said Justice Choo.

“It is necessary for this point to be made, not to encourage further litigation, but to emphasise that a subsidiary proprietor who does not wish to sell his unit can only object to the en bloc sale on such grounds as the relevant statutes allow,” he said.

And, the statutes do not allow the STB to deal with “allegations and counter-allegations against parties” as its tribunal hearing does not give such parties “the full recourse of trial to defend themselves”.

He concluded that all sides were treated fairly in this deal as “fairness requires only that the rules and regulations of each en bloc deal to be properly and duly administered”.

Condo-Like Flats For Less Than $700,000

Source : The Straits Times, July 19, 2008

Four 30-storey blocks under the design, build and sell scheme for Ang Mo Kio

SINGAPORE'S third condo-style public housing project is about to go on sale, this time in the heart of bustling Ang Mo Kio.

The project is located at Ang Mo Kio Street 52, which is flanked by Ang Mo Kio Avenue 3 and Avenue 5 and within walking distance of the Ang Mo Kio MRT station.





















LIVING IN STYLE: The Park Central development will boast amenities like barbecue pits and jogging path on the roof-top garden above the carpark. -- ARTIST'S IMPRESSION: COURTESY OF UNITED ENGINEERS

The prices for Park Central @AMK are about 10 per cent below the last such project, City View@Boon Keng, launched early this year. Sales there were slow amid some concerns that prices were too high.

Developer United Engineers (UE), through its unit Greatearth Developments, is launching the 578-unit Park Central project for sale on Wednesday.

It aims to take advantage of the small window before the Hungry Ghost month starts in early August when some home hunters are wary of buying.

The project, comprising four 30-storey towers, will feature only four- and five-room flats. The average price will be about $490 to $500 per sq ft, with the four-room units going for about $400,000 to $500,000. The five-room units will cost about $600,000 to $670,000.

Park Central also has 20 'loft units', which have higher ceilings of 3.6m, compared with the typical flat height of 2.6m. They will cost $580,000 to just below $700,000.

These high-end HDB flats will boast condo-style fittings such as built-in wardrobes, kitchen cabinets, air-conditioning systems, timber flooring and planter boxes.

The developer will also put in barbecue pits and a 400m jogging path on the roof-top garden above the carpark, allowing for more privacy, though these are public areas.

PropNex chief executive Mohamed Ismail expects strong demand as the prices are very fair, particularly considering the significant run-up in construction costs, he said.

UE chief executive Jackson Yap said he priced the units slightly above resale flat prices. He is optimistic as resale prices are still rising.

UE won the Park Central site in a tender last November at $212 per sq ft of potential gross floor area. It is the third project under under the Housing Board's Design, Build and Sell Scheme (DBSS).

In such projects, private developers set the price of the flats but are bound by general public housing rules. For instance, they can sell their flats only to households earning not more than $8,000 a month.

Because of this restriction, the project's price seems a little high, said Chesterton International's head of research and consultancy, Mr Colin Tan. 'But the interest will be strong as Ang Mo Kio is one of Singapore's largest housing estates.

'People tend to buy in areas they know or have lived in. With a little clever marketing, enough people may be persuaded to really stretch themselves and part with their hard-earned money.'

The first DBSS project, The Premiere@Tampines, met with an overwhelming response when it was launched at the end of 2006. But demand at City View@Boon Keng, which was priced over 50 per cent more than The Premiere, was slower. Some buyers felt the prices - the five-room units cost $536,000 to $727,000 - were too high.

The fourth DBSS project, in Bishan, could come to market at the end of the year.

UE's Park Central @ AMK To Sell For $490-500 PSF

Source : The Business Times, July 19, 2008

It has 'condo-style' fittings and finishes, & expects a sell-out

UNITED Engineers (UE) has priced its Design, Build and Sell Scheme (DBSS) project Park Central @ AMK at an appealing $490-$500 psf - in an apparent bid to move units fast.

UE acquired the Housing and Development Board site in November 2007 and based on the $212.40 per sq ft per plot ratio (psf ppr) it paid, property consultants estimated the launch price could be around $580 psf.

The actual price, revealed yesterday by UE, is lower than the reported average price of $520 psf for another DBSS project, City View @ Boon Keng, launched earlier this year.

UE did not comment on its pricing strategy but said Park Central @ AMK will comprise four 30-storey towers with a total of 578 four and five-room units.

With 'condominium-style' fittings and finishes, four-room units are not expected to cost more than $400,000, while five-room units will be under $600,000.

PropNex CEO Mohamed Ismail said the project is, 'competitively priced'. 'I am glad the developer has priced it sensitively.'

Mr Ismail said that when City View @ Boon Keng was launched there was, 'some resistance' to the pricing.

Savills Singapore director (marketing and business development) Ku Swee Yong agrees that Central Park @ AMK is attractively priced. He believes UE could be looking at a slim profit margin, given a breakeven price of around $400 psf.

Increasing construction costs, which he estimates at between $200-$250 psf, could also weigh in.

Still, a sell-out development would be good for overall market sentiment, he said.

Comparing the pricing of Central Park @ AMK with the prices of HDB resale flats in the area, ERA Asia-Pacific assistant vice-president Eugene Lim said UE's project looks like good value.

Mr Lim said that five-room flats in the area, which are at least five years old, are going for around $400,000.

That UE aims to sell Central Park @ AMK seems clear.

Still, the response from buyers is unlikely to reach the fever pitch experienced at the launch of the first DBSS development in late 2006. Then, almost 6,000 people applied for 616 units at Premiere @ Tampines. But those units were going for around $300 psf.

宏茂桥私人组屋下周发售 平均每平方英尺500元

Source : 《联合早报》July 19, 2008

尽管经济出现不确定因素，房地产市场也出现波动，我认为公众对组屋的需求依旧强劲，组屋转售价指数还在攀升，公共组屋市场走势比私宅市场来得平稳。宏茂桥私人组屋地点优越，价格也合理，我们有信心可销售一空。

——联合工程董事经理叶吉祥

由私人发展商设计、兴建和销售的宏茂桥52街组屋“Park Central@AMK”，下周三起发售。

Park Central@AMK是第三批私人组屋，4座30楼高组屋共有578个单位。（蔡家增摄）

这批私人组屋有类似公寓的装潢，4座30楼高组屋共有578个单位，其中172个是四房式，406个是五房式，估计2011年建成。

四房式售价40万元至50万元，而五房式为60万元至69万元，平均每平方英尺490元至500元。

宏茂桥私人组屋由联合工程(United Engineers)设计、兴建和销售。集团董事经理兼执行总裁叶吉祥受访时说，虽然它的售价比宏茂桥组屋转售价高，但比同区的公寓低。

建屋发展局记录显示，今年4月到6月售出的宏茂桥52街四房式转售组屋，介于42万元到48万8000元，平均屋龄6年。靠近宏茂桥地铁站的99年地契公寓Grandeur 8，今年上半年的平均售价约每平方英尺690元。　

Park Central@AMK是第三批私人组屋，平均售价比前年推出的淡滨尼私人组屋高，不过比今年初推出的文庆路私人组屋“City View@Boon Keng”低。

淡滨尼私人组屋平均售价是每平方英尺318元，文庆路的是520元，四房式售价介于52万3000元至59万7000元，五房式53万6000元至72万7000元。文庆路组屋在发售时掀起抢购热潮，不过最终购买者不如预期。

叶吉祥说，公司认为文庆路私人组屋售价“过高”，因此吸取了经验，为宏茂桥私人组屋定下更具竞争力的价格。

尽管经济出现不确定因素，房地产市场也出现波动，叶吉祥认为公众对组屋的需求依旧强劲，组屋转售价指数还在攀升，公共组屋市场走势比私宅市场来得平稳。

他说：“宏茂桥私人组屋地点优越，价格也合理，我们有信心可销售一空。”

私人组屋计划让发展商自行决定付款形式和各类单位数量。但私人组屋仍属公共住屋，购买者须符合建屋局的购屋条例，包括有种族比例限制，及家庭月入不超过8000元。

私人组屋售价 仍比公寓便宜

Dennis Wee房地产经纪行董事许家荣说，尽管私人组屋价格不菲，不过售价仍是同区公寓的四分之三，相信会引起公众兴趣。

他劝请公众购屋前谨慎计算，确保有能力负担每个月分期付款。如果购买69万元的五房式组屋，以建屋局贷款利率和贷款30年计算，一对夫妇每月分期付款约2400元，除了用公积金支付约1800元，每个月还得拿出600元现款。

莱坊研究部主管麦俊荣说，宏茂桥是成熟组屋区，私人组屋地段靠近地铁站和宏茂桥城，周围有不少学校，相当具吸引力。“不过，私人组屋毕竟还是组屋，不是公寓，售价如果比同区转售组屋高，未来增值空间可能有限。”

他也说，虽然宏茂桥五房式最高售价比文庆私人组屋低，不过前者的最低售价却比后者高。

宏茂桥私人组屋有许多类似公寓设计的装潢，例如植物槽、凸窗、阳台和冷气化卧房等，顶楼20间阁楼单位也有3.6公尺高天花板。组屋也有多层停车场、健身角落及公园等公共设施。

这个项目的示范单位还未开放给公众参观，但昨天下午已有人查探。

居住兀兰组屋的林丽娟（38岁，主管）有意在宏茂桥购买转售组屋，因此前去参观示范单位。她说，以地点和设计而言，宏茂桥私人组屋四房式价格合理，因此她和丈夫会考虑。“要是价格再低一些，我们应该会购买。”

设在宏茂桥51和52街交界处的示范单位周三（23日）起开放给公众参观并接受申请，时间是早上10时至傍晚6时，截止日期是下月5日，公众可拨64518002了解详情。

作词人小寒的寒舍 非黑即白

Source : 《联合早报》July 19, 2008

著名作词人小寒刚搬入的新家，是真正的“寒舍”——整间屋子主要采用黑白两个冷色调，营造出“森寒”效果。“寒舍”里几乎每件家具与物品都非黑即白。小寒承认，她的性格仍保有赤子般的天真，待人处事也习惯采二分法：非黑即白。

本地著名作词人小寒刚搬新家，本报记者就追上门来了。

小寒的家，简称“寒舍”应该没错。可是这个位于荷兰路一带高尚地段的公寓单位，跟一般人理解的“寒舍”可不同。它约有1200余平方英尺，前年底买入时96万8000元。小寒说，如果不是因为面积小，以及门牌号码听起来不吉利，它会像周围邻居的单位一样卖破百万元。

“寒舍”客厅的墙壁都用墙纸，一边是“女孩”的图画，设计师以小寒的女儿为蓝本，花舞蝶飞中顺着她温柔的目光看去，有高速公路、街灯和方向牌，天上乌云遮住了白云，雨点斜斜而下，小鸟纷纷归巢。（谢光凭摄）

不过这个家说“寒”也挺“寒”的。整间屋子主要采用黑白两个冷色调，营造出“森寒”效果。

小寒笑说，以前她住在盛港，家里髹上鲜艳的颜色，富乡村情调，所以这回决定以无色取代有色，换换口味。

她说：“我需要冷静，生活很多事要烦了，你不觉得我们文字工作者，情绪起伏太大了吗？”

担任科技研究所实验师超过10年的她，下个月中便辞职了，转而投身她和音乐人黄韵仁合开的“Funkie Monkies”制作室，负责掌管音乐学院和版权，闲时继续写歌。同时，她又是医生娘——老公是在私人诊所工作的医生，两人有个4岁的女儿。家庭、事业、爱好团团围绕，难怪她需要冷静。

她最近才忙完新居的装修与设计，“老公什么都没意见，只要他的东西能整整齐齐摆放就行了。”

一切遵照设计师的意思。沙发是黑的，天花板是白的，地毯是黑的，地板是白的，饭桌和椅子是黑的，烛台是白的，窗帘是黑的，橱柜是白的，墙纸则有黑的也有白的。

900元的饭桌和90元一张的椅子是分别买到的，合起来却很“速配”。（谢光凭摄）

是的，几乎每件家具与物品都非黑即白。小寒承认，她的性格仍保有赤子般的天真，待人处事也习惯采二分法：非黑即白。

客厅有两点最特别。首先是墙壁都用墙纸，一边是图画，一边是线条，活泼与严整，动感与静态，恰成鲜明对比。

图画是个女孩大头特写，花舞蝶飞中顺着她温柔的目光看去，有高速公路、街灯和方向牌，天上乌云遮住了白云，雨点斜斜而下，小鸟纷纷归巢。

这是个怎样的意境呢？

小寒笑说：“我受不了整个家充满开心欢乐的感觉。我跟设计师说，我喜欢台湾组合苏打绿的MV《小情歌》里的墙饰，他一听就明白了。然后我告诉他我想要有点忧郁和愁思，他就画出了这幅画。”

以她的女儿为蓝本的“女孩”对面是一道直线条。小寒问：“像不像以前电视节目开播前电视机的画面？”

落叶从客厅　飘进女儿房

“寒舍”客厅的另一特点是灯饰，枝形玻璃吊灯摆出无比华丽的姿态，配上一个圆形黑色灯帘，犹如一具白色玉女肉身，披上一袭黑色性感礼服。

客厅的憩息角落和摆设台巧妙利用空间。（谢光凭摄）

饭厅的吊灯比较起来简朴得多。三盏灯泡装进一个大圆桶，从透明灯罩射出来的灯光，加倍柔和。小寒说，灯罩像是蒸锅盖子，装在饭厅刚好。

看起来很贵？小寒说她找了很久才买到便宜货。客厅玻璃吊灯加灯帘约1000元，饭厅圆桶吊灯才十分之一。黑色真皮沙发老老实实没花样，却是屋里最贵的家具，要2700元。900元的饭桌和90元一张的椅子是分别买到，合起来却很“速配”。

由于厨房建得小——幸好两夫妻因为工作日夜颠倒难以天天一起进餐，平日三餐都在外面解决，也没什么用武之地，小寒把客厅一个摆设台兼橱柜善加利用，上面摆放她这几年在音乐颁奖礼上获得的奖项，还有名酒数瓶，下面则收藏碗盘碟杯。

摆设台旁边有一扇窗，可作紧急出口，平日封上不开，小寒在窗下放了一张软褥垫座，窗帘用彩结束起，很聪明地把一个不知可做什么用途的尴尬空间，转变成感觉很舒适的憩息角落。

在客厅的另一角是占去很大空间的阳台。阳台面积有近半个客厅那么大，除了一大片木地板，空秃秃一片。不喜欢花草树木的小寒选择保留它的原始与纯朴，乍看有点空，倒也与客厅的现代感形成巧妙有趣的对比。

小女孩房：不见粉红色

从客厅通往房间的走道，两旁的墙壁上也是黑白贴纸，上面尽是落叶飘飘，一直“飘”进女儿许予希的房间。环顾四壁，落叶纷纷，只有小床上的被单枕头和周围的小摆设才见淡颜粉色。和一般小女孩房里铺天盖地的粉红天悬地殊。

作风与性格率直如男生的小寒笑着解释：“我受不了粉红色，也不希望女儿太小姐脾气，她已经继承了我老公的温柔，够娇嗲了。”

窗旁摆放了个黑白键盘，是妈妈买给女儿的，却跟4岁小女孩仿佛有点格格不入。记者眼尖，发现有个五颜六色的儿童玩具键盘被黑白键盘逼退到墙角，才了解妈妈不但想及早培养女儿的音乐细胞，也想她快快成长，才会对缤纷的器材“赶尽杀绝”。小寒笑说：“不是啦，我是受不了玩具键盘尖锐的声音！”

主人房：昏暗幽雅易入梦

主人房里是另一番情境。黑漆漆的墙壁，暗红色的窗帘，仅有浴室和台灯的白微弱地反照，情调昏暗而幽雅。小寒解释，她是个不易好眠的人，所以特意营造容易入梦的环境。

褐色主人床看起来有点小，但两个人睡可以很甜蜜。这张3000元的床是小寒家最贵的家具，也是小寒最喜爱的，因为千金难买好梦。（谢光凭摄）

小寒不迷信，当初这个单位门牌有两个“4”字，她都不介意。住进来后连续发生屋子漏水、墙裂事件，跟着摔伤脚，又在台湾金曲奖落马，她都没有怪罪风水。这个本地第一个入围金曲奖最佳作词的才女，还要在这个家写出更多的好词呢！