Laguna Park En-Bloc Sale

Source : The Straits Times, Sep 2, 2009

EAST COAST condominium Laguna Park was put on en-bloc sale for $1.2 billion on Wednesday.

The condo, which made headlines in the past year for its spate of vandalism cases due to disputes in its en bloc sale process, reached the 80 per cent consent level last December.

The Laguna Park condo, which made headlines in the past year for its spate of vandalism cases due to disputes in its en bloc sale process, reached the 80 per cent consent level last December. --ST PHOTO: ADELINE ONG

Its marketing agent Credo Real Estate said the tender was put on hold until now 'as major developers have only recently returned to the land market with confidence.'

If it succeeds in finding a buyer, Laguna Park wil be the second billion-dollar en bloc deal in Singapore, after the 618- unit Farrer Court which was sold to a CapitaLand-led consortium for $1.3388 billion.

Like Farrer Court, Laguna Park is an ex-HUDC estate in Marine Parade and was privatised in 2007.

At the current price tag, owners of the apartment units will receive sale proceeds ranging from S$2.1 million to S$2.3 million, while the penthouses will gain between S$3.5 million and S$4.1 million.

It is also one of the few sites that come under the amended Land Titles (Strata) Act meant to tighten the en bloc sales process, which came into effect in October 2007.

Laguna Park has a land area of about 677,493 sq ft and a gross plot ratio of 2.8 under the current 2008 Master Plan, with a building height of up to 36 storeys, subject to relevant approval.

Credo's deputy managing director Tan Hong Boon estimates that the buyer would be able to build close to 1.9 million sq ft of gross floor area or some 1,500 apartments with an average size of about 1,200 sq ft.

At $1.2 billion, the land price for the condo works out to about $844 per sq ft per plot ratio.

This includes an estimated cost of about $400 million payable to the Government for maximising the plot ratio of 2.3 and the topping up of the current 67 year lease term to 99, said Mr Tan.

'At $844 per sq ft per plot ratio, the successful purchaser may work towards breaking even at around $1,200 to $1,250 psf, with a view of pricing the new units at $1,400 to $1,600 psf,' he added.

HDB Resale Prices To Rise

Source : The Straits Times, Sep 2, 2009

HDB resale flat prices - already at record high levels - are likely to continue rising this year, said National Development Minister Mah Bow Tan on Wednesday.

HDB resale prices rose 1.4 per cent in the second quarter to a record high. --ST PHOTO: ALPHONSUS CHERN

'The flat prices would probably go up ... by 1 per cent, 2 per cent,' said Mr Mah. 'It will just keep on going up if the economy recovers as people expect, and if confidence returns but affordability will always be there.'

HDB resale prices rose 1.4 per cent in the second quarter to a record high.

Resale flat prices go up in tandem with a very strong market, Mr Mah told reporters at the launch of the final skybridge at The Pinnacle@Duxton on Wednesday.

'We subsidised you when you buy and we increased the value of your flat when you live in it and... facilitate you to monetise it when you grow old. This is the best form of investment and welfare for the people,' said the minister.

Standing at 50 storeys, The Pinnacle@Duxton is Singapore's tallest public housing development.

It sits on the site of the area's first two HDB blocks, which were built 50 years ago. It was the first project in which an international architectural competition was called to get the best design ideas.

Govt May Restart Land Sales

Source : The Straits Times, Sep 2, 2009

THE Government is considering reinstating the 'confirmed list' of new sites for sale at its year-end review - a move seen by experts as a measure to cool the buzzing property market.

National Development Minister Mah Bow Tan (left) said: 'As far as (private home) prices are concerned, we want to make sure the property market do not become overheated.' --ST PHOTO: JOYCE FANG

National Development Minister Mah Bow Tan said on Wednesday: 'As far as (private home) prices are concerned, we want to make sure the property market do not become overheated, that there is no excessive speculation.'

'The government is monitoring the market very closely. If there's any necessity, obviously we will take certain actions. One of the things we are looking at is the Government land sales,' he told reporters at the launch of the final skybridge at Singapore's tallest public housing project The Pinnacle@Duxton. It has 1,848 units, of which 111 are unsold.

Bringing back the confirmed list is a 'a definite possibility', said Mr Mah.

The Government suspended the confirmed list of sale sites last October when the property market was in the doldrums and Singapore slipped into a recession.

'Now that the market is coming back, demand is coming back and the take-up is strong, there's every likelihood that we will resume the confirmed list,' said Mr Mah, adding: 'It's a question of how much we put on the confirmed list.'

Restarting the confirmed list was a measure suggested by property developer Kwek Leng Beng as a possible Government move to cool the market.

Singapore's market for new home sales have shot through the roof recently, with some projects sold at benchmark levels.

Resale prices of many popular projects have also risen from the lows early this year.

In tandem with the recovery in the Singapore economy, Mr Mah said HDB resale flat prices will continue to rise this year - by perhaps 1 or 2 per cent.

Property Run-Up May End In 2010: UK Group

Source : The Straits Times, September 02 2009

But CapitaLand remains bullish and will launch two new projects soon

THE run-up in Singapore’s private home prices may fizzle out next year, as several obstacles are still impeding global growth momentum.

That is the view of London-headquartered Royal Institution of Chartered Surveyors (Rics), which represents and regulates property professionals and surveyors.

It issued a report on Monday concluding that the sharp residential market rebound here may peter out. It cited higher unemployment in Singapore as a potential risk factor that could undermine the property rebound here.

In contrast, top local developer CapitaLand remains bullish in its outlook for Singapore, and will soon launch a 1,000-unit condo in Gillman Heights and 165 resort-style homes at the former Char Yong Gardens site. CapitaLand’s upbeat outlook on the market here was reflected in slides presented by its vice-president of investment Anson Lim at a CapitaLand CEOs forum held yesterday.

The current market upswing is being driven by positive sentiment and supported by long-term fundamentals, according to the slides. CapitaLand expects the Urban Redevelopment Authority price index to recover between 5 per cent and 10 per cent for the rest of this year, from the trough in the second quarter. The index showed a fall of 4.7 per cent in the second quarter.

The Rics report was rather less optimistic. It said while an upturn in activity is already well under way in the residential market, significant risks present a challenge to the market in the medium term.

“Labour market indicators, such as unemployment, certainly point to a less benign story,” it said. Unemployment in Singapore looks set to rise sharply in the coming quarters. Based on previous relationships with the world trade index, unemployment could easily climb to 5 per cent before the year is up, it said.

Singapore’s unemployment rate was 3.3 per cent in June. Labour chief Lim Swee Say said last month that the jobless rate this year was unlikely to match the peaks of past downturns. The rate peaked at 4.3 per cent in 2003.

In the short term, residential prices may be propelled higher on an improved global economy into the fourth quarter, said the Rics report.

However, the duration of previous downturns indicates further declines in prices may well occur, should global trade momentum fall short in the medium term as high debt and rising real interest rates weigh on the strength of the global growth recovery, it said.

This, it added, would temper buoyancy in the Singapore labour market and in turn would prevent a return to previous highs in the property sector.

The Rics report also noted that the run-up in office prices has been less acute, compared with residential prices’.

“Despite improved signs that economic activity in Singapore has passed its worst point in the cycle, the global economy will once again be pivotal in dictating the sustainability of that upturn, with real property prices unlikely to surpass recent highs in the coming quarters,” it said.

新楼盘上周末 虽逢“鬼节”仍然热卖

Source :《联合早报》September 1, 2009

除了大巴窑共管公寓Trevista，一些新楼盘，例如新加坡置地在西乃山（Mount Sinai）一带发展的Trizon，以及Bravo集团在景万岸（Kembangan）地铁站附近发展的The Lenox，也都在上个周末的“鬼节”期间取得不错的销售成绩。

德意志摩根建富证券（DMG & Partners）分析师李开安昨天发表的一份周末楼市报告书说，The Lenox在上个星期五一口气卖出了52个单位，其中一些单位还因为有几方人马争购，而必须以抽签的方式来决定买家。

这个位于樟宜路396号的项目，共有76个单位。李开安说：“至今已经售出60个单位，大多是面积介于334至463平方英尺的一两卧房式单位。”

“虽然首两天的需求相当好，达79％，不过还是比不上最近发售的一些‘迷你’项目。例如拥有60个单位的Kembangan Suites和70个单位的Airstream，都在它们的发售第一天就取得100％的销售率。”

据了解，The Lenox有大约43％的单位属于面积少于500平方英尺的“迷你型”单位，因此，其尺价虽然介于1100至1200元，但单位价却大多在50万元以下。

并非每个楼盘都热卖

当然，不是每一个楼盘都有同样热烈的销售反应。受访的产业经纪透露，特别是一些推出已有一段时间的旧项目，销售速度其实有在过去几个星期放慢了下来。

一名不愿具名的房地产顾问说：“特别是职总安居以每平方英尺平均898元来推出Trevista，附近的项目肯定会面对竞争压力。例如宏茂桥的Centro和玛丽蒙台的Trasalveo，现在的成交价分别介于每平方英尺1200元和1000元。”

截至星期天晚上，职总安居已经卖出了410个Trevista共管公寓单位，这相等于九成的推出单位。

职总安居发言人告诉本报：“我们只会在这个星期六的正式推出日，才开放新的单位让买家选购。”

职总安居自上星期五起，已经推出了460个单位，这也就是说，这个拥有590个单位的项目只剩下130个单位还未发售。

它在上星期五发售的第一期210个单位，平均推出价格为每平方英尺898元，第二期发售的190个单位，以及第三期的60个单位，价格都分别调高了2％至4％。这个99年地契共管公寓，位于大巴窑2巷和3巷之间，相当靠近布莱德地铁站。

李开安认为，买家不讳“鬼节”，照样涌到示范单位，一方面是因为几个销售反应良好的楼盘，都将售价定在每平方英尺900元至1500元之间，另一方面是因为有新的项目被供应到市场上来。他相信，未来几个星期，手头上握有中低档私宅项目的发展商，应该还是会加紧筹备工作，尽快将项目推出市场销售。

德意志摩根建富证券的报告书也说，新加坡置地的The Trizon在上个周末的预售活动中推出大约200个单位，大约100个已经在上周末找到买家，每平方英尺成交价介于1300元至1500元。

这个项目共有289个单位，李开安说：“买家中，印尼人和新加坡人的比率均等，它们包括居住在武吉知马和荷兰一带的居民和投资者。组屋提升者应该不多，因为最小的两卧房式单位约1012平方英尺，要价约150万元。”

这幅位于冈林弄（Ridgewood Close）的地段，其实就是欣美阁（Himiko Court）原址。它是新加坡置地在2007年5月，以3亿3600万元，或容积率每平方英尺821元买下的集体出售地段。市场人士估计，新加坡置地在这个项目的成本大约是每平方英尺1250元。

楼市升温声中 出乎市场预料 非有地住宅发展费下调2％

Source : 《联合早报》September 1, 2009

尽管本地楼市在过去半年里已恢复“升”气，政府昨天却出乎意料地把公寓与共管公寓（非有地住宅）未来半年的发展费（development charge）平均下调2％。

此外，接下来六个月里，政府也只对商业地段、酒店与医院用地以及工商业区商业用地稍微作出调整，平均下调4％，其他用途土地的发展费则保持不变。

市场人士认为，从小幅度调整来看，政府相信很难为前景不明的楼市估价，也不愿干预，因此选择采取谨慎的调整。不过，对于非有地住宅土地发展费的下调，一些分析师感到不解。

卓登新达（Chesterton Suntec）研究部主管陈瑞谨说：“过去几个月，我们一再见证私宅市场升温的情景。新项目叫卖、价格一再被调高的情况不是孤立个案，而是如鸟群般涌现。在这样的情况下，政府为何选择继续将公寓土地的发展费下调？再来，2％至4％的调整微不足道，不会吸引发展商进场，这可能反映了政府对本地楼市前景不是很有把握。”

戴德梁行（DTZ）研究部主管蔡楚芬则指出，上半年有地和非有地住宅的价格同样年比下跌4.7％，但在这次的发展费调整中仅有非有地住宅下调，而且与新公寓项目热卖的情况背道而驰，令人百思不解。

在这一次的调整中，有地住宅的发展费几乎都保持不变，但非有地住宅土地的发展费则下调了2.7％至16.7％。

对此，国内税务局的首席估价师在回答本报询问时表示，只针对一些土地用途作出调整是由于在1、2月份的检讨中，市场信息不足，因此一些土地的发展费并没有获得妥善调整。

首席估价师也指出，土地价格一般落后楼价一至两个季度，因此过去两三个月的楼价是否将带动地价上涨，将在未来几个月明朗化。

国家发展部每年调整发展费两次，一次在3月1日，一次在9月1日，以便更好地反映市场的土地价值增长情况。这次的调整今天生效，有效期至明年2月28日，并将影响已获得临时准证（provisional permission）的项目。国家发展部是在征询首席估价师的意见和根据现行市场价格，才对被划分出来的118个地区的不同用途土地作出调整。

这个土地“价目表”广为房地产界人士留意，因为它不但反映了政府对房地产价值的看法，也会影响发展商在重建项目时的成本，甚至影响集体出售交易。

今年3月，为反映楼价下跌的趋势，政府将全岛多个地区的非有地住宅、商业地段和酒店与医院用地的发展费平均下调介于4％至15％。非有地住宅发展费平均下跌15％，其中升涛湾（Sentosa Cove）以及第9和10邮区黄金地带的调整幅度最大，下调介于25％至30％。

这一回，升涛湾、纽顿和里峇峇利等黄金地带的调整继续最为显著，分别为16.7％、15.8％和14％，但丹戎巴葛一带的下调则从上一次的11.8％，减少至2.7％。

2007年，本地楼市最红火的时候，政府不但把土地发展费从50％调高到70％，而且在当年9月份将非有地住宅发展费平均调高58％、有地住宅则起11％。商用地和酒店与医院用地的发展费也分别起42％和23％。

资深房地产顾问麦俊荣指出，由于目前楼市红火的情况不知是否能持久，楼价上涨的情况也只是在过去两个月较为显著，政府其实很难为未来六个月的土地价格估值，因此选择小幅度的调整，以避免左右市场。

世邦魏理仕执行董事李晓和则指出，发展商是在7月份开始寻找发展地段，有四个政府备售地段被“勾”出招标出售，之前仅有一些小规模的私人土地被出让，因此政府不打算过于调整私宅的发展费。

同样的，尽管办公楼和工业厂房需求最近开始恢复，麦俊荣预料，4％的下调不足以吸引发展商进场。他指出，市场上供应充足，目前有1100万平方英尺的办公楼在建设中。

半数是二房和三房式单位 榜鹅再推出预购组屋

Source : 《联合早报》September 1, 2009

市场对榜鹅预购组屋（BTO）反应热烈，建屋发展局打铁趁热，推出另一个规模更大预购组屋项目，其中半数单位是较小型的二房和三房式。

名为Punggol Spectra的这个项目，也是建屋局今年在榜鹅推出的首个设有二房和三房式单位的预购组屋。

Punggol Spectra是今年建屋局在榜鹅推出的首个设有二房和三房式的预购组屋。（建屋局构想图）

受访的房地产经纪相信，由于这批新组屋售价相当便宜，应该会特别受到低收入家庭、年轻夫妇和年长者欢迎，而且数量相当大，多少有助于舒缓市场对转售组屋需求高涨的压力。

Punggol Spectra共有1142个单位，是今年推出的首个超过千个单位的预购组屋项目；其中301个是二房式、285个三房式及556个四房式，预计可在2013年第一季建好。

它们的面积从46平方米至96平方米不等，二房式售价介于8万9000元至10万9000元，三房式15万1000元至17万9000元，四房式23万4000元至29万3000元。

四房式售价比不久前超额认购六倍的预购组屋Punggol Residences来得低，后者售价介于26万4000元至32万2000元。同区同类转售组屋则要卖31万元至35万7000元。

建屋局说，新一批组屋售价比市场上同等类型单位来得低，是第一次购屋者负担得起的价格。

它说：“根据今年上半年组屋申请者的收入来看，第一次购屋者预计只需动用到家庭月入的20%至26%来偿还房屋贷款。”

昨天是Punggol Spectra接受申请第一天，截至傍晚5时，1142个单位已有233份申请。

新组屋位于榜鹅中路，靠近榜鹅东轻轨环线的绿洲站（Oasis），离淡滨尼高速公路不远，仅离未来榜鹅镇中心几分钟路程。附近除设有零售和小吃店及超市外，也靠近励众小学和培道中学等学校。

博纳（PropNex）集团总裁伊斯迈受访时说，建屋局推出这批预购组屋正合时宜，他相信市场反应会很热烈，尤其是二房和三房式的需求很高，因为当局已有好一段日子未推出小型预购组屋单位。

他说：“最近组屋转售价上涨不少，转售指数已创下历史新高，加上溢价上涨，转售组屋价格已攀升到不是许多新婚夫妇能负担得起的水平，新推出的预购组屋相信可应付他们的需求。”

伊斯迈指出，Punggol Spectra售价比同区转售组屋便宜至少30%，“相信它的认购率会超出五倍”。

ERA助理副总裁林东荣指出，由于新组屋有一半是四房式单位，多少会影响同区四房式转售组屋价格。

根据ERA最近完成的交易价，榜鹅四房式转售组屋平均售价介于30万元至35万元，溢价至少超出5000元至1万元。

他说：“新组屋售价这么便宜，那些认为转售组屋价格太贵的买家，应该会对新组屋有兴趣。”

但OrangeTee橙地产业执行董事陈道俊不认为Punggol Spectra售价，会对同区转售组屋售价造成太大压力，“虽然两者价格有些差距，但仍处于可接受水平”。

公众可通过建屋局网站（www.hdb.gov.sg）提出新组屋申请，并可到大巴窑建屋局中心3楼展示厅参观及索取销售资料，截止日期是本月14日。