Source : The Strait Times, 22 August 07
HANOI - KEPPEL Land (KepLand) has received the official go-ahead - in, what observers say, is double-quick time - for the development of its latest residential project in Vietnam's booming property market.
The Estella is a 1,500-unit condominium in a residential area of Ho Chi Minh City and is set to go on sale in the next quarter.
KepLand said yesterday that it will invest US$17.6 million (S$26.8 million) in a joint-venture firm. The total project cost is set to be US$106 million, it said.
The official licence - handed over in a ceremony in the capital Hanoi before a Keppel Group- sponsored Vietnam-Singapore Friendship Concert at the Hanoi Opera House - is music to the ears of KepLand, which already has significant success in the market there.
The Estella is to be built near the firm's fully sold waterfront project Villa Riviera, about a 15-minute drive from the city centre. KepLand now has just over 20,000 units in Vietnam.
Up to a third of The Estella will be released in the first phase in the fourth quarter. It said a few hundred potential buyers have already expressed interest.
It said its unit Keppel Land Estate and established local developer Tien Phuoc have been awarded the investment licence for The Estella. This gives it the 'green light' to proceed with the launch, said KepLand managing director Kevin Wong.
The approval process in Vietnam can be time-consuming. Observers here say KepLand achieved quite a feat to obtain its investment licence in a relatively short period of several months.
'We have been here for a while and are able to leverage on that,' said KepLand's director of regional investments, Mr Ang Wee Gee. KepLand entered Vietnam about 13 years ago and is the largest foreign developer by number of projects.
The firm will take a 55 per cent stake valued at US$17.6 million in the total joint venture-registered capital of US$32 million. Tien Phuoc will take the rest. The Estella sits on a whopping 4.8ha site in An Phu Ward, which is close to major foreign schools.
While the Vietnamese property dream is villa ownership, the rapid rise of the city's condominium sector has been a major driver of its property market, said consultancy CB Richard Ellis.
The arrival of more and younger expatriates to Ho Chi Minh City has helped keep the condo market buoyant - evident from the full occupancy seen in the service apartment market, KepLand said. Its service apartments and Grade A office buildings in Ho Chi Minh City and Hanoi are also still in demand.
Apart from the two waterfront residential projects, KepLand is also building townships in Ho Chi Minh City.
Wednesday, August 22, 2007
Freehold Site At Wilkie Terrace Up For Sale
Source : The Business Times, 22 August 07
A FREEHOLD site on Wilkie Terrace in the vicinity of Mount Sophia has been put on the market.
The site belongs to a family-owned investment company, and thus, unlike an en-bloc sale, the sale of the property is not dependent on a Strata Titles Board's order of sale. The buyer will have vacant possession on completion of the sale.
Located at 7 to 11 Wilkie Terrace, the area has a potential gross plot ratio of 2.1. A seven-storey apartment block with some 30 units of boutique residential suites averaging 865 sq ft each could be built on the 13,209 sq ft site.
Credo Real Estate, which is handling the sale, said it expects to receive offers ranging from $22 million to $24 million, reflecting a land rate of $797 to $868 per sq ft per plot ratio, inclusive of an estimated development charge of about $120,000.
The successful developer's break-even cost would likely be $1,290 to $1,375 psf and units there may fetch about $1,600 psf.
'This property is suitable for building a seven-storey apartment block comprising some 30 units of boutique residential suites with an average size of 865 sq ft,' said Credo Real Estate managing director Karamjit Singh. 'Such two-bedroom units enjoy strong demand from students of the (nearby) Singapore Management University and single expatriates.'
He said that the buyer could also build service apartments or a boutique hotel, if approval is given.
'The location is popular for its close proximity to the strategic Dhoby Ghaut MRT station, educational institutions and both Orchard Road and the Raffles Place,' he added. 'The upcoming Wilkie Edge development is set to further enhance the vibrancy of the area,' said Mr Singh.
A FREEHOLD site on Wilkie Terrace in the vicinity of Mount Sophia has been put on the market.
The site belongs to a family-owned investment company, and thus, unlike an en-bloc sale, the sale of the property is not dependent on a Strata Titles Board's order of sale. The buyer will have vacant possession on completion of the sale.
Located at 7 to 11 Wilkie Terrace, the area has a potential gross plot ratio of 2.1. A seven-storey apartment block with some 30 units of boutique residential suites averaging 865 sq ft each could be built on the 13,209 sq ft site.
Credo Real Estate, which is handling the sale, said it expects to receive offers ranging from $22 million to $24 million, reflecting a land rate of $797 to $868 per sq ft per plot ratio, inclusive of an estimated development charge of about $120,000.
The successful developer's break-even cost would likely be $1,290 to $1,375 psf and units there may fetch about $1,600 psf.
'This property is suitable for building a seven-storey apartment block comprising some 30 units of boutique residential suites with an average size of 865 sq ft,' said Credo Real Estate managing director Karamjit Singh. 'Such two-bedroom units enjoy strong demand from students of the (nearby) Singapore Management University and single expatriates.'
He said that the buyer could also build service apartments or a boutique hotel, if approval is given.
'The location is popular for its close proximity to the strategic Dhoby Ghaut MRT station, educational institutions and both Orchard Road and the Raffles Place,' he added. 'The upcoming Wilkie Edge development is set to further enhance the vibrancy of the area,' said Mr Singh.
Tunnel Work Stops At Circle Line Site After Road Sinks
Source : The Strait Times, 22 August 07
NO CAUSE FOR ALARM: The LTA and contractor Sembawang said there is no cause for alarm from the ground movement at Telok Blangah. -- ST PHOTO: DESMOND LIM
ALL tunnelling works on the Circle Line worksite near Telok Blangah have been halted, after part of the road sank four days ago.
The Building and Construction Authority (BCA) issued the order and revoked the contractor's tunnelling permit after a 7m stretch of two lanes sank about 20cm, close to the junction of Telok Blangah Road and Alexandra Road on Saturday evening.
The BCA said the stop-work order 'allows the Land Transport Authority to carry out investigations and take precautionary measures to ensure safety of workers and the public'.
Tunnelling work will not resume until the BCA is satisfied all is safe.
The stop-work order at the Telok Blangah site is the fourth this year on the $6.7 billion Circle Line project.
Last year, BCA stepped in three times to halt work, it told The Straits Times.
'For the Circle Line projects, the stop-work orders were mainly issued for tunnelling works when ground movements are more than what is predicted,' said the BCA spokesman.
The Straits Times understands that over the past four months, there have been two other instances when ground settlement resulted in craters measuring 8 to 10m.
Both were at the same Circle Line worksite where the future One North Station will connect to the Buona Vista interchange.
As for the problems at the Telok Blangah site, both the Land Transport Authority (LTA) and the contractor, SembCorp Engineers & Constructors, said there is no cause for alarm.
'Ground settlement is a natural occurrence close to excavation sites and above tunnels. It will not pose danger to the public as long as the settlement is within pre-
determined levels,' said LTA spokesman Naleeza Ebrahim.
An extensive array of instruments monitor the impact of construction works on structures in the vicinity of the worksite, she added.
Readings, designs and construction methods are also checked and reviewed regularly by the LTA and independent engineers to ensure the structures are safe.
In the case of Telok Blangah Road, Ms Naleeza added that the LTA had anticipated the problem and taken additional precautions by temporarily diverting traffic away from the site.
Also confident that the problem had been licked was Semb Corp.
Company spokesman Khoo Khim Seng said: 'There is no likelihood of further sinkholes because we have taken all the necessary precautions.'
SembCorp was awarded the contract worth more than $335 million three years ago, mainly to build the new orbital line's West Coast, Pasir Panjang, Alexandra and Telok Blangah stations.
The stations will form the 17km western arc of the 33km Circle Line. When completed in 2010, it will have 13 stations, with provision made for an extra three to be built later.
Work on all construction projects are subject to more stringent safety standards since tunnelling work at the Nicoll Highway stretch of the Circle Line collapsed three years ago, killing four workers.
Professor Leung Chun Fai, from the National University of Singapore department of civil engineering, said the sinkhole at Telok Blangah, although not major, is a warning sign.
'The authorities and contractors should take action before a major incident occurs,' he warned.
NO CAUSE FOR ALARM: The LTA and contractor Sembawang said there is no cause for alarm from the ground movement at Telok Blangah. -- ST PHOTO: DESMOND LIM
ALL tunnelling works on the Circle Line worksite near Telok Blangah have been halted, after part of the road sank four days ago.
The Building and Construction Authority (BCA) issued the order and revoked the contractor's tunnelling permit after a 7m stretch of two lanes sank about 20cm, close to the junction of Telok Blangah Road and Alexandra Road on Saturday evening.
The BCA said the stop-work order 'allows the Land Transport Authority to carry out investigations and take precautionary measures to ensure safety of workers and the public'.
Tunnelling work will not resume until the BCA is satisfied all is safe.
The stop-work order at the Telok Blangah site is the fourth this year on the $6.7 billion Circle Line project.
Last year, BCA stepped in three times to halt work, it told The Straits Times.
'For the Circle Line projects, the stop-work orders were mainly issued for tunnelling works when ground movements are more than what is predicted,' said the BCA spokesman.
The Straits Times understands that over the past four months, there have been two other instances when ground settlement resulted in craters measuring 8 to 10m.
Both were at the same Circle Line worksite where the future One North Station will connect to the Buona Vista interchange.
As for the problems at the Telok Blangah site, both the Land Transport Authority (LTA) and the contractor, SembCorp Engineers & Constructors, said there is no cause for alarm.
'Ground settlement is a natural occurrence close to excavation sites and above tunnels. It will not pose danger to the public as long as the settlement is within pre-
determined levels,' said LTA spokesman Naleeza Ebrahim.
An extensive array of instruments monitor the impact of construction works on structures in the vicinity of the worksite, she added.
Readings, designs and construction methods are also checked and reviewed regularly by the LTA and independent engineers to ensure the structures are safe.
In the case of Telok Blangah Road, Ms Naleeza added that the LTA had anticipated the problem and taken additional precautions by temporarily diverting traffic away from the site.
Also confident that the problem had been licked was Semb Corp.
Company spokesman Khoo Khim Seng said: 'There is no likelihood of further sinkholes because we have taken all the necessary precautions.'
SembCorp was awarded the contract worth more than $335 million three years ago, mainly to build the new orbital line's West Coast, Pasir Panjang, Alexandra and Telok Blangah stations.
The stations will form the 17km western arc of the 33km Circle Line. When completed in 2010, it will have 13 stations, with provision made for an extra three to be built later.
Work on all construction projects are subject to more stringent safety standards since tunnelling work at the Nicoll Highway stretch of the Circle Line collapsed three years ago, killing four workers.
Professor Leung Chun Fai, from the National University of Singapore department of civil engineering, said the sinkhole at Telok Blangah, although not major, is a warning sign.
'The authorities and contractors should take action before a major incident occurs,' he warned.
One Jervois
For the discerning few who appreciate the finer things in life, we would like to present One Jervois. Cloistered within lush greenery on the city’s edge, this neighbourhood of distinction affords a home of a different league, reserved only for those with the most exacting of standards.
Steeped in a history rich in exclusivity, the Jervois district is, till today, home to the embassies of the world. Surrounded by lush greenery, One Jervois sits amongst luxury residences along Bishopsgate and Chatsworth Road.
Location : Jervois Close (District 10)
Tenure : Freehold
Expected TOP : Dec 2011
Site Area : 125,605 sqft
Total Units : 275 (2 blocks of 12 Storeys)
Unit Types:
1BR ~ 635-753 sqft (11 units)
2BR ~ 990-1,378 sqft (113 units)
3BR ~ 1,281-2,196 sqft (118 units)
4BR ~ 1,701-3,046 sqft (32 units)
Penthouse ~ 4,542 sqft (1 unit)
Facilities:
-Entrance Feature Wall
-Water Feature at Entrance Drop-off
-Pebble Garden cum Reflexology Area
-Lap Pool
-1 Normal Temperature Spa & 1 Heated Spa
-Walkway / Footpath
-Landscape Deck
-Recreational Tennis Court
-Fitness Corner
-BBQ Areas
-Children’s Play Pool
-Fitness Area
-Clubhouse
-Multi-Purpose Function Rooms
-Outdoor Function Area
-Gymnasium
-Male and Female Changing Rooms with Steam Rooms
-Roof Terrace
-Handicap Toilet
Keppel Land Sets Up JV To Develop Another Residential Project In Vietnam
Source : Channel NewsAsia, 21 August 2007
SINGAPORE: A subsidiary of Keppel Land has received the green light from Vietnamese authorities to proceed with yet another residential project in Ho Chi Minh City.
To spearhead the project, it has set up a joint venture company with a registered capital of US$32 million or S$49 million.
Keppel has a 55 percent stake in the JV amounting to S$27 million.
Its partner, local property developer Tien Phuoc, will subscribe for the remaining interest.
The project, called the Estella, will be built on a 4.8-hectare site next to another Keppel Land housing development.
The site will yield about 1,500 apartments with a potential gross floor area of 280,000 square metres.
The sales launch of the first phase is slated for later this year.
The project will see an investment of US$106 million or S$162 million.
The proposed development will house a comprehensive range of lifestyle and recreational facilities as well as 24-hour security. - CNA/ir
SINGAPORE: A subsidiary of Keppel Land has received the green light from Vietnamese authorities to proceed with yet another residential project in Ho Chi Minh City. To spearhead the project, it has set up a joint venture company with a registered capital of US$32 million or S$49 million.
Keppel has a 55 percent stake in the JV amounting to S$27 million.
Its partner, local property developer Tien Phuoc, will subscribe for the remaining interest.
The project, called the Estella, will be built on a 4.8-hectare site next to another Keppel Land housing development.
The site will yield about 1,500 apartments with a potential gross floor area of 280,000 square metres.
The sales launch of the first phase is slated for later this year.
The project will see an investment of US$106 million or S$162 million.
The proposed development will house a comprehensive range of lifestyle and recreational facilities as well as 24-hour security. - CNA/ir
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