Wednesday, September 2, 2009

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。


“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。









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%。



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。”





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。


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%。






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


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)


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。


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。



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。




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”。




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”。