Strategic Review Of MMP REIT Still Ongoing

Source : Channel NewsAsia, 05 April 2008

The strategic review of Macquarie MEAG Prime REIT or MMP REIT is still ongoing.

This is according to a filing with the SGX on Friday.

It said that key shareholder Macquarie Real Estate continues to support the review.

In February, Macquarie Pacific Star, the manager of MMMP REIT, announced that it was conducting a strategic review to maximise value for its unitholders.

This was after unsolicited offers were received for Macquarie Real Estate's 26 percent beneficial interest in MMP REIT.

The review will consider proposals on both the corporate and asset levels, including proposals to acquire 100 percent of the units in MMP REIT.

It also aims to close the gap between MMP REIT's net asset value and its traded unit price.

MMP REIT has been trading at a substantial discount to its net asset value of S$1.61 a unit.

In trade on Friday, MMP units closed unchanged at S$1.23 each. - CNA/ms

Minister Mah Assures There Is No Shortage Of Housing In S'pore

Source : Channel NewsAsia, 04 April 2008

National Development Minister Mah Bow Tan has said there is no shortage of housing in Singapore.

He said, "Based on all the BTO (Build-To-Order) projects that we've had so far, (for) all of the projects, all of the developments for the last year - except one - there've always been flats left over, even after everybody in the queue has been offered."

Mah Bow Tan (file pic)

But some home buyers often decline the opportunity to pick their flats, if the choices do not meet their expectations.

So the Housing and Development Board (HDB) is looking at new measures to limit this.

But Mr Mah assured that it is unlikely HDB will raise the administrative fee.

He said, "I don't think increasing it from S$10 to S$100 all round is going to work, because people will only say, 'Oh, you're now trying to collect more money, the government's trying to make more money from me'.

"I am asking HDB to study this, to find a way to discourage people from giving up their flats, or giving up their chance so easily. Yes, some people will say 'It's my prerogative to give it up, I don't want it, I can give it up'. Fair enough, but then you will have to suffer some penalties."

Mr Mah also responded to calls for the deferred payment scheme on property purchases to be brought back amid signs of a slowdown in residential property sales.

He said: "The decision to remove the deferred payment scheme was a very carefully considered decision. The objective of it was twofold. One was to remove excessive speculation from the market and two it was to make sure that there is financial prudence.

“These two objectives are still relevant today, probably more so in today's market, so I don't see any need for us to change our decision on that."

There have also been hopes for plot ratios to be increased but the minister said that changes will only be made when necessary.

For now though there won't be a major review across the board. - CNA/ms/vm

Orchard Road's 10-Month Facelift To Start On 28 April

Source : Channel NewsAsia, 04 April 2008

Orchard Road is set to undergo a facelift from 28 April. The revamp is expected to be completed next February.

Orchard Road, Singapore (File Picture)

The S$40 million makeover will include state-of-the-art lighting to highlight Orchard Road's tree-lined boulevard, new creative spaces for events and a new pedestrian mall.

Key events such as the annual Great Singapore Sale and Christmas In The Tropics will continue to be held in Orchard Road.

The Singapore Tourism Board has given the assurance that customers can shop as usual, and that building owners and tenants will only be affected for an average of ten weeks throughout the ten-month development period. - CNA/so

Government Announces Plans For Jurong Lake District

Source : Channel NewsAsia, 04 April 2008

Jurong is set to be home to the largest commercial hub outside the city centre.

The Jurong Lake District – made up of two precincts, Jurong Gateway and Lakeside – will offer a potential development area of 360 hectares or about the size of Marina Bay.

National Development Minister Mah Bow Tan announced this when he unveiled part of the government's ‘Draft Master Plan Review 2008’. The blueprint will guide Singapore's land use over the next 10 to 15 years.

Artist's impression of Lakeside Village

The Urban Redevelopment Authority (URA) said that some 750,000 square metres of land will be set aside at Jurong Gateway for offices, hotels, food and beverage, and entertainment uses.

Jurong Gateway will be nearly 2.5 times the size of the Tampines Regional Centre and is expected to attract billions of dollars in investment.

Related Video :- http://tinyurl.com/5n7phj

Speaking at the annual corporate plan seminar, National Development Minister Mah Bow Tan said decentralisation will be a key planning strategy. This will help bring jobs and recreational options closer to home.

Artist's impression of Jurong Lake District

Under the proposed plan, 1,000 new private apartments will also be built at Jurong Gateway.

Mr Mah said: "That is the initial estimate, but some of the sites around there are white sites. If there is more demand, we will certainly be able to reallocate.

"But all this ultimately will have to depend on the market as well - how the market responds and whether the emphasis of more housing or more office. I think we will have to be guided by the market."

Some 2,800 hotel rooms will also be added in the new district in anticipation of more visitors.

Night view of Jurong Gateway from Japanese Garden

And what will get them coming is a slew of nature-themed and edu-tainment attractions, which will spring up at Lakeside. A new world-class Science Centre will also be built next to the Chinese Garden MRT station.

Visitors can also look forward to lush greenery and water-based activities.

Urban planners said there is a lot going for Jurong as investors will be able to tap into a population catchment of over one million residents living in nearby housing estates, as well as leverage on some 3,000 companies already operating in the area.

In addition, the new district will be served by three MRT stations and two major expressways.

Apart from Jurong, Paya Lebar is also expected to be developed into a sub-regional centre. The URA will release more details in May.

十里广场Ten Mile Junction住宅地段 两方人马标价近年最低

《联合早报》Apr 04, 2008

武吉班让的十里广场(Ten Mile Junction)招标地段，获得两方人马出手竞标。同黄祖耀家族有关联的Peak Green公司，出价6100万元（即容积率每平方英尺162元），成为出手较高的一方。

162元地皮尺价，包括三层楼高的商业用途大厦十里广场，但不包括运作中轻轨列车站。

分析师认为，除了上个月11日因投标价格（容积率每平方英尺78元）太低，而没有颁发的裕廊西西林道(Westwood Avenue)地段外，这是近几年来出现的最低标价之一。

然而，由于这幅地段的位置，是在现有的三层垫楼（购物商场）上方，再发展另外四层楼的私人住宅单位或是服务公寓，因此，分析师认为，建筑成本很难估算，需视设计而定。建筑工程相信也会对目前正在营业的商场，造成一定影响。

目前在十里广场内营业的昇菘超级市场指出，其租约将在2010年底到期。届时，是否会延长租约，目前还没法说得准。
　　
昇菘董事经理林福星说，租约未到期，表示昇菘还会在十里广场内营业至少3年，但如果新租约协议能达成，则会延长租期。

林福星说：“世事无绝对，接下来就看新业主了。我们在兀兰其实也还有其他的昇菘超市，又或者到那个时候，我们在考虑其他的新地点，也说不定。”

位于蔡厝港路和兀兰路交界处的十里广场，占地1.56公顷，高三层楼。一楼和二楼为零售商场，三楼则是十里轻轨列车站。十里广场自1999年开幕以来，来往人群稀少，有“死城”之称。直到2003年，昇菘超市在那里开设分店，才引来人潮。

把已建成的商业项目出售，供发展商加建私人住宅，有别于市建局一般的售地做法。同时，这也是当局首次出售轻轨列车站上方的地段供住宅发展用途。莱坊研究部主管麦俊荣指出，虽然这次的最高标价比森联置地开出的每平方英尺122元的标价，高出33.5％，但还是近年来出现的最低标价之一。

第一太平戴维斯行销与业务开发主管邱瑞荣说，由于项目将兴建在现有的结构上，有安全和结构上的考量，因此，建筑费高或低，将取决于设计而定。

麦俊荣也认为，这幅地段，还是有机会获得颁发，但政府在决定是否要颁发这幅地段时，也应该考虑建筑费和风险增加，或导致标价偏低的因素。他相信地段很可能发展成拥有200个至240个单位的私人住宅项目。

附近的美馨园（Maysprings）公寓，在今年第一季的平均交易价格介于每平方英尺537至622元之间。

世邦魏理仕执行董事李晓和指出，新项目的收支平衡价格，相信在尺价400元左右，售价约为尺价500元。