Reflections At Keppel Bay Units To Set New Price Benchmarks

Source : Channel NewsAsia, 08 January 2008

Remaining units at upmarket waterfront residence, Reflections at Keppel Bay, are expected to set new price benchmarks for condos in the harbourfront area.

This bullish view came from its joint developer Keppel Land.

The units released under phase one of the project last year had already set benchmark prices for the west coast.

Mirroring the buoyant property market, Reflections at Keppel Bay set new record prices for high-end luxury properties in the west last year.

620 units released under phase one were sold for an average of nearly S$2,000 per square foot.

They were snapped up within eight months of the launch last April.

Keppel Land says they expects even higher prices for the remaining 509 units as some of the more expensive blocks have been reserved for phase two.

He believes the super penthouse, which has an area of more than 12,000 square feet, will set a brand new price benchmark.

Augustine Tan, Chief Executive - Singapore Residential, Keppel Land, says: "I think the highest price is above S$2,700 psf. We've got the super penthouse we've yet to release and that would probably set the new benchmark."

The developer expects higher prices on average also because more expensive units with sea facing views and on higher floors have been reserved for phase two.

It's confident demand for high-end projects will hold up this year, despite the quieter property front.

Mr Tan says: "I do share the view by consultants that demand for high-end (properties) should hold up. I think the pace of increase in prices will be fairly regulated but from the enquiry levels that we have for the Reflections in particular, we think that the demand is still fairly strong for good quality housing, so especially waterfront. So, we do foresee the demand will hold up."

The dates have not been set for the launch of the second phase, but it'll be after the launch of Keppel's Marina Bay Residences in the first quarter.

Keppel Group awarded the main contract for Reflections to construction firm Woh Hup for a record S$1 billion.

Mr Tan says it's the largest construction contract for a condominium in Singapore to date.

Construction began on Tuesday and is expected to completed by 2013.

Reflections at Keppel Bay is jointly developed by Keppel Corporation and Keppel Land. - CNA/ch

CapitaLand Shares Dip To 9-Month Low On Offer For Ascott

Source : Channel NewsAsia, 08 January 2008

Shares of CapitaLand took a hit on Tuesday – giving up 5 percent following news it was making a move to gain total control of the Ascott Group.

The developer is offering S$1.73 a share for all the remaining shares of the serviced residence operator that it did not already own.

That is 43 percent higher than Ascott's last closing price, leading some analysts to suggest that the offer might have been overpriced.

As it is, CapitaLand already holds a 66.5 percent stake in the Ascott Group. Taking it under total control will allow Ascott to leverage fully on its capital base, resources and opportunities.

Some analysts said CapitaLand may be on to something.

Khoo Chen Hsung, Vice-President of Research, CIMB-GK Research, said: "Ascott clearly has a lot of value within that company, which clearly financial markets may not fully realise, especially with the strategy of it recycling assets into Ascott REIT. This is an interesting way for CapitaLand to extract the value, bring it in and do the necessary.

"Bringing it in suggests that CapitaLand probably has lots of other assets it wants to inject into Ascott REIT, without having to go through the hassle of getting approval."

The offer works out to about S$990 million.

CapitaLand said it is a good opportunity for Ascott shareholders to realise their investment, and some market-watchers agree.

"The valuation they got is in the mid range of five-year average valuation band for Ascott. So it's a fair deal, especially in this current market environment. Most stocks won't be expected to perform too well this year. This has definitely given them a windfall return, especially for shorter term investors," said Mr Khoo.

Ascott Group is the largest serviced residence operator in Europe and Asia, with about 600 units for rent in Singapore. Its shares jumped 41 percent in Tuesday's trade, closing at S$1.71.

Going forward, analysts are not ruling out the possibility of a re-listing.

Mr Khoo said: "I see the potential for CapitaLand to re-list Ascott Group again in the future but probably as an asset light player that will operate more through management contracts. It's the kind of model that most luxury hotel operators in the US pursue, like the Mariott Group." - CNA/so

“选择性整体重建计划” 购同层替代组屋 可多达6户家庭

《联合早报》Jan 8, 2008

为了让受“选择性整体重建计划”（Selective EnBloc Redevelopment Scheme）影响的居民对替代组屋区有更强的归属感，建屋发展局会征询居民的意见，让他们对组屋邻里名称、设计和硬体设施等发表看法。

建屋局昨天发表文告说，金殿路替代组屋的邻里名称、标志及硬体设施都是由居民决定。在接受调查的超过500户家庭中，“Kim Tian Green”脱颖而出，成为居民最喜欢的名称。街道与建筑名称局已批准了这个名称。

居民：征询意见 加强认同感与凝聚力

约八成居民支持建屋局的提议，在组屋区建造一些公共设施如社区花园、家庭游乐场、活动广场和卵石步道等，让一家大小消磨时光。建屋局已同意兴建设施。

超过九成受访居民认为，这次的征询过程能加强他们对新邻里的认同感，对促进社区凝聚力有帮助。

根据建屋局文告，国家发展部政务部长傅海燕针对调查结果说：“在往后的替代组屋项目中，我们同样会展开征询过程，让居民决定要建造什么公共设施，从而建立他们对居住环境的归属感。”

金殿路将建造约1100个替代组屋单位，安顿亨德申路（第94座和96座组屋，及石叻径／甘榜峇鲁山／石叻路的第17座到19座和第22座到31座组屋的居民，这些组屋都受选择性整体重建计划影响而必须拆除。

由傅海燕领导的“组屋社区心件论坛”小组是在去年提议加强居民对替代组屋区的归属感。这个小组主要是通过不同管道，广泛收集不同年龄层居民的意见和反馈，探讨如何加强组屋区社群之间的感情。

建屋局也采纳小组另一项建议，放宽选择性整体重建计划的联合选购条件，让多达6户家庭购买同一层楼的替代组屋单位。

目前，只有邻居或亲戚可选择在搬到附近的替代组屋时，继续保持睦邻关系。申请条件放宽后，受惠家庭从4户增至6户，他们不需要是邻居或亲戚关系，只要替代组屋位于同个地区，便可申请住在彼此的隔壁或同一层楼。

建屋局表示，它在重新发展旧组屋区时，也希望让受影响的居民继续和亲友及邻居维持良好关系，因此放宽联合选购条件。

首批受惠的是锦茂路第9座到第12座，及第9A座和第12A座的组屋居民。建屋局将在旁边的联邦西道建造约1300个单位的二房式、三房式、四房式和五房式替代组屋，安顿受选择性整体重建计划影响的锦茂路居民。

建屋局发言人受询时说，至今有约2万8908户家庭受选择性整体重建计划影响，其中2839户选择与邻居或亲戚搬迁到替代组屋，继续成为邻居。

住在锦茂路的卡斯尼（51岁，自雇人士）受访时说，虽然计划的用意很好，不过他不会申请和同区的朋友作邻居，因为他不介意隔壁住的是谁。“组屋区范围不大，要找朋友也很容易。我比较在乎住的是第几层楼，而不是谁是我的邻居。”

另一名林姓男子说，他不太认识住在附近的居民，所以不会在意和谁成为邻居。他说，只要邻居之间和睦共处，谁是邻居不是问题。

Rosy Outlook For S’pore

Source : TODAY, Tuesday, January 8, 2008

MM Lee predicts another 10 years of prosperity

Minister Mentor Lee Kuan Yew, gazing into the future, sees continued prosperity in Singapore over the next five to 10 years, even if there is a slowdown in the United States and Europe.






















Predicting that China and Europe will grow between 8 to 10 per cent, Singapore will - with the integrated resorts and Formula One coming on stream - be at a new level after five years to take off to new heights in growth, with a robust inflow of tourists, capital and talent into the Republic.

“At the end of the five years, I think we should be on a new platform. The old Singapore we are leaving behind.

“And if that continues for another five years, we will be like, say, Italy or Austria, which isn’t bad, considering that we started off with zero reserves after independence in 1965,” he said, speaking at a dinner to mark the 40th anniversary of the Institute of South East Asian Studies (Iseas).

He might well be around to see that happen - “if we take care of our growing pile of chips, remember we will be then playing at a bigger table and so, we must be practical, don’t rush, move cautiously,” he said, reminding his audience that Singapore did take its chances well in the ’60s, when nobody gave the Republic much chance of survival.

But as to whether Singapore would grow into a gracious society where, for example, motorists give way to one another, he was not that confident. It would take a long time, he said. “Maybe not even in 50 years and I will not be around to see that happen.”

But Singaporeans had come some way. Forty-five years ago, “we were living in shanties, a hole in the ground for a toilet and some took their chickens with them when they moved into high-rise apartments”.

Mr Lee, who took a variety of questions from the audience, which included business leaders, academics and diplomats, had this to say about Myanmar: “Thailand, China and India can have an influence on Myanmar. The rest of Asean, we are background mosaic.

“Because you are dealing with leaders with fixated minds, quite convinced that they got the natural resources to weather any sanctions, they can dispense with the world. They got China, they got India and the Thais wanting to trade with them.

“I personally have given up trying to solve this problem. I leave it to the Singapore Foreign Ministry to sort things out.”

A Costly Commitment

Source : TODAY, Tuesday, January 8, 2008

High price of DBSS flats mean buyers may have to spend a significant portion of their lives paying off loans

THE recent launch of City View @ Boon Keng and the identification by the Housing and Development Board (HDB) of three more sites in Simei, Toa Payoh and Bedok for such developments has taken the price of public housing to a new level.

When compared to other private properties in the area, it seems the prices offered are cheaper. However, one of the points that needs to be answered is whether this is public or private housing?

All reports about this latest development have labelled it as HDB flats, but are these HDB prices?

As part of its Design, Build and Sell Scheme (DBSS), the HDB has allowed private developers to buy and then build on the sites and sell the flats.

Benefits of this scheme have been widely published in the print media as well as HDB’s website.

On paper, it seems a wonderful situation for both the public and the HDB - the public gets to have flats with better quality finishes, while the HDB does not have to run the construction itself.

One of the criteria set by the HDB is that the combined family income of the applicants must be below $8,000. Thus, if a couple buys the most expensive flat at City View @ Boon Keng at just over $700,000, they face the prospect of paying more than $2,000 in monthly instalments based on a 90-per-cent loan over 30 years. They would also have to fork out cash on top of their CPF contributions.

The rationale is the same even if they had bought the average-priced ones at about $500,000.

It seems that unless the applicants have healthy savings, they will be spending a significant portion of their lives paying off their loans.

I believe the HDB might need to review the criteria that it has set for DBSS. If the HDB decides that DBSS is the way to go for Singapore’s future housing development, it should take a serious look at the prices that private developers would be setting.

Affordable housing might no longer be realistic if we leave these potential issues unaddressed.