Source : The Business Times, May 1, 2008
Offer is 7% below last week's top bid for nearby plot
THE Urban Redevelopment Authority (URA) has closed the tender for a transitional office site at Scotts Road/ Anthony Road - receiving a top bid of $32.99 million.
This works out to be $226 per square foot per plot ratio (psf ppr) for the 97,284.1 sq ft site which has maximum permissible gross floor area of 145,926.2 sq ft.
Four bids were received with the highest bid coming from Sun Venture Investments, a subsidiary of interior design and build firm DB&B Developments Pte Ltd. Its bid was 3 per cent higher than the next highest bid of $32 million from Scotts Development Pte Ltd.
DB&B chief executive Billy Siew Kim Leng said that if it is awarded the site, it intends to lease the building fully. Already, Mr Siew said that it is talking to two potential tenants who may lease the entire building.
While Mr Siew did not say who these might be, a check with the DB&B website reveals that its current clients include ABN Amro Bank and Korea Development Bank.
If awarded, this will be the first development project for DB&B. Still, Mr Siew said this is the normal progression in terms of 'vertical integration' for its business.
He also said he was bullish on the office sector and is setting its sights on a monthly rental of $9.50 psf.
Cushman and Wakefield managing director Donald Han agreed that the site could eventually attract big companies. 'I think corporations would be favourable to an address like this.'
He also said that as long as the locations were good, there would still be developers interested in such sites. 'The entry level is low so it would be good for new developers,' he added.
The potential over-supply of new office space after 2010 is not likely to affect demand for this site either. Savills Singapore director (marketing and business development) Ku Swee Yong said: 'The future supply is likely to be more spaced out than originally expected due to construction delays.'
Even so, Mr Ku estimates that rentals for transitional office space in the Scotts Road area is more likely to be around $7 psf a month.
While the DB&B's bid is about 7 per cent lower than the top bid for the neighbouring transitional office site last week, Knight Frank director (research and consultancy) Nicholas Mak believes it is very likely that the government will award this site to DB&B, 'taking into consideration that this average price of $226 psf ppr is slightly higher than the price paid for the first transition office site at Scotts Road last August'.
He added: 'In an effort to ease the office space crunch, up to now, the government has awarded four transition office sites, which could yield about 650,000 sq ft of office space.'
Friday, May 2, 2008
Developers Vie For Top 'Green' Honours
Source : The Business Times, May 1, 2008
Keppel Land wins its first platinum for Ocean Financial Centre, slated for completion in 2011
THE battle for the Green Mark platinum award is heating up.
Last year, City Developments fired the first salvo, claiming two of the seven platinums, the highest rating given out by the Building and Construction Authority for environmental friendliness.
First salvo: The platinum bagged by Keppel Land for its massive Ocean Financial Centre office block is the first given for an office tower. The 43-storey building will be constructed on the site of the present Ocean Building and Ocean Towers
But this year, rival developer Keppel Land has bagged its first platinum for Ocean Financial Centre, a massive 43-storey office block to be built on the site of the present Ocean Building and Ocean Towers. This is also the first given for an office tower, said Tan Swee Yiow, chief executive officer of Singapore Commercial at Keppel Land.
City Developments had won two platinums last year and three more this year - two condominium projects, Cliveden and Solitaire, and the Tampines Grande office building.
But because of its more complex energy needs, getting the Ocean Financial Centre certified platinum was more difficult than for a similar residential tower or commercial building, Mr Tan said in an interview.
'If you want to talk about energy savings, probably the easiest way is to build a lot of concrete walls up. But the challenge is how to make an iconic architectural statement and at the same time achieve energy savings,' he said.
The green features that helped Keppel Land clinch the platinum award could add '5 to 10 per cent' to development cost, said Mr Tan, declining to be more specific because tenders have yet to be called. While the features will not come cheap, Mr Tan said that 'at this moment we can't say that we can charge a premium for its greener features'.
'To us it's a necessity. This is a historical site, so it's very visible and the extra cost is justifiable. Our client mix will also appreciate the features,' he added.
The Ocean Financial Centre is slated for completion in 2011 and will offer 850,000 sq ft of prime office space. It will be a redevelopment of Ocean Building and Ocean Towers, now on the same site.
Ocean Building has already been torn down; some of the debris will be recycled for use in the new building. Ocean Towers will be demolished later to make way for a five-storey car park and grand plaza integrated into the entire Ocean Financial Centre complex.
Mr Tan said that among its extensive energy-saving features was a 400-sq-m roof-mounted solar panel array. Along with efficient lighting panels and air conditioning, this would save nine megawatt hours a year, enough to power a 50,000-sq-m office space.
The complex will also have a roof-top garden and rainwater-harvesting features which could save 42 million litres of water a year, Mr Tan said, enough to fill 21 Olympic-sized swimming pools.
As well, a small chute running down the middle of the tower can be used for waste paper disposal, he said, adding this was an 'in-house' innovation probably not replicated elsewhere as yet, adding there would be sprinklers and safeguards so that a carelessly discarded cigarette butt would not cause an inferno.
The company is aiming to achieve at least Green Mark gold or gold plus ratings for all future projects, he said.
Keppel Land wins its first platinum for Ocean Financial Centre, slated for completion in 2011
THE battle for the Green Mark platinum award is heating up.
Last year, City Developments fired the first salvo, claiming two of the seven platinums, the highest rating given out by the Building and Construction Authority for environmental friendliness.
First salvo: The platinum bagged by Keppel Land for its massive Ocean Financial Centre office block is the first given for an office tower. The 43-storey building will be constructed on the site of the present Ocean Building and Ocean TowersBut this year, rival developer Keppel Land has bagged its first platinum for Ocean Financial Centre, a massive 43-storey office block to be built on the site of the present Ocean Building and Ocean Towers. This is also the first given for an office tower, said Tan Swee Yiow, chief executive officer of Singapore Commercial at Keppel Land.
City Developments had won two platinums last year and three more this year - two condominium projects, Cliveden and Solitaire, and the Tampines Grande office building.
But because of its more complex energy needs, getting the Ocean Financial Centre certified platinum was more difficult than for a similar residential tower or commercial building, Mr Tan said in an interview.
'If you want to talk about energy savings, probably the easiest way is to build a lot of concrete walls up. But the challenge is how to make an iconic architectural statement and at the same time achieve energy savings,' he said.
The green features that helped Keppel Land clinch the platinum award could add '5 to 10 per cent' to development cost, said Mr Tan, declining to be more specific because tenders have yet to be called. While the features will not come cheap, Mr Tan said that 'at this moment we can't say that we can charge a premium for its greener features'.
'To us it's a necessity. This is a historical site, so it's very visible and the extra cost is justifiable. Our client mix will also appreciate the features,' he added.
The Ocean Financial Centre is slated for completion in 2011 and will offer 850,000 sq ft of prime office space. It will be a redevelopment of Ocean Building and Ocean Towers, now on the same site.
Ocean Building has already been torn down; some of the debris will be recycled for use in the new building. Ocean Towers will be demolished later to make way for a five-storey car park and grand plaza integrated into the entire Ocean Financial Centre complex.
Mr Tan said that among its extensive energy-saving features was a 400-sq-m roof-mounted solar panel array. Along with efficient lighting panels and air conditioning, this would save nine megawatt hours a year, enough to power a 50,000-sq-m office space.
The complex will also have a roof-top garden and rainwater-harvesting features which could save 42 million litres of water a year, Mr Tan said, enough to fill 21 Olympic-sized swimming pools.
As well, a small chute running down the middle of the tower can be used for waste paper disposal, he said, adding this was an 'in-house' innovation probably not replicated elsewhere as yet, adding there would be sprinklers and safeguards so that a carelessly discarded cigarette butt would not cause an inferno.
The company is aiming to achieve at least Green Mark gold or gold plus ratings for all future projects, he said.
JTC Offers 1.9ha One-North Site For Sale
Source : The Business Times, May 1, 2008
A COMMERCIAL site slated for mostly office use near the existing Buona Vista MRT Station has been made available for application under the reserve list.
The 1.9-hectare site can yield close to 1.3 million square feet of gross floor area, of which 21,528 sq ft are for ground-floor retail use.
The 99-year site is in the biomedical hub of one-north and is being offered for sale under the Government Land Sale Programme for first-half 2008 by JTC Corporation.
The plot could be worth about $500 million assuming it fetches $400 per square foot of potential gross floor area.
JTC Corp said the plot will be developed into a high-rise commercial building that will provide office space for the business support companies of the research institutes at one-north. The plot is next to a new MRT station that will open under the Circle Line in 2010.
Cushman & Wakefield managing director Donald Han said the development, which will have about one million sq ft net lettable area, will benefit from spillover office demand from the surrounding biomedical facilities, as well as commercial office tenants and government departments relocating out of the Central Business District.
'This is a sizeable investment, so bidders will be the big boys potentially looking at developing a project on a built-to-suit basis for anchor tenants. The end-product will be very suitable for sale to a Reit. It's pretty untested ground, but the plot could fetch about $350-$420 psf per plot ratio (psf ppr). The breakeven cost will be about $1,000 to $1,100 psf of net lettable area,' Mr Han added.
Colliers International managing director Dennis Yeo estimates the site to be worth a slightly higher $400-$500 psf ppr, reflecting a breakeven cost of around $1,200 psf of net lettable area. 'Assuming an average rent of about $7 psf, the net yield will be about 5 to 6 per cent,' he added.
A COMMERCIAL site slated for mostly office use near the existing Buona Vista MRT Station has been made available for application under the reserve list.
The 1.9-hectare site can yield close to 1.3 million square feet of gross floor area, of which 21,528 sq ft are for ground-floor retail use.The 99-year site is in the biomedical hub of one-north and is being offered for sale under the Government Land Sale Programme for first-half 2008 by JTC Corporation.
The plot could be worth about $500 million assuming it fetches $400 per square foot of potential gross floor area.
JTC Corp said the plot will be developed into a high-rise commercial building that will provide office space for the business support companies of the research institutes at one-north. The plot is next to a new MRT station that will open under the Circle Line in 2010.
Cushman & Wakefield managing director Donald Han said the development, which will have about one million sq ft net lettable area, will benefit from spillover office demand from the surrounding biomedical facilities, as well as commercial office tenants and government departments relocating out of the Central Business District.
'This is a sizeable investment, so bidders will be the big boys potentially looking at developing a project on a built-to-suit basis for anchor tenants. The end-product will be very suitable for sale to a Reit. It's pretty untested ground, but the plot could fetch about $350-$420 psf per plot ratio (psf ppr). The breakeven cost will be about $1,000 to $1,100 psf of net lettable area,' Mr Han added.
Colliers International managing director Dennis Yeo estimates the site to be worth a slightly higher $400-$500 psf ppr, reflecting a breakeven cost of around $1,200 psf of net lettable area. 'Assuming an average rent of about $7 psf, the net yield will be about 5 to 6 per cent,' he added.
史格士路Scotts Road B地段出价比第一幅低7％
《联合早报》May 1, 2008
正如市场人士预料，昨天招标截止的第二幅史格士路(Scotts Road)短期办公楼(transitional office)地段，只吸引了四方人马进场争夺，而且出手比一个星期前的第一幅地段低了7％。
尽管如此，房地产市场人士相信政府应该会将史格士路B地段颁售给出手最高的Sun Venture。莱坊(KnightFrank)研究部主管麦俊荣指出，这幅地段的最高投标价格仍然高于去年8月卖出的第一幅史格士路短期办公楼地段。
上星期四招标截止的史格士路A地段，一共吸引了八方人马进场争夺。当时，出手最高的大华继显(UOB Kay Hian)贸易，以3400万元，即容积率每平方英尺242.5元，来投标这幅只有15年地契的地段，价格刷新过去九个月来所有短期办公楼地段的投标价格。
昨天招标截止的史格士路B地段，战情明显较为淡静。Sun Venture的投标价为3299万元，即容积率每平方英尺226元。
这家公司很可能不是新加坡注册公司，因为商业注册局的网站无法搜索到这家公司的资料。在上星期的史格士A地段投标活动中，这家公司也曾经出击，而且当时的出价仅次于最高的大华继显贸易－－容积率每平方英尺208元。昨天再次尝试，它将出手调高了8.6％。
其余3家出手的公司，也在上星期的A地段投标活动中露过脸。本地著名家具商人——Vanguard Interior执行董事王国泰，昨天再次通过ScottsDevelopment以3200万元来投标这幅地段。
大华继显的两名红牌交易员David Loh和Han Seng Juan，也再次通过Centurion Scotts投标这幅地段，出价同样维持在2489万元。持有ERA房地产特许经营权的和兴企业(Hersing Corporation)，则以2289万元投标这幅地段。
正如市场人士预料，昨天招标截止的第二幅史格士路(Scotts Road)短期办公楼(transitional office)地段，只吸引了四方人马进场争夺，而且出手比一个星期前的第一幅地段低了7％。
尽管如此，房地产市场人士相信政府应该会将史格士路B地段颁售给出手最高的Sun Venture。莱坊(KnightFrank)研究部主管麦俊荣指出，这幅地段的最高投标价格仍然高于去年8月卖出的第一幅史格士路短期办公楼地段。
上星期四招标截止的史格士路A地段，一共吸引了八方人马进场争夺。当时，出手最高的大华继显(UOB Kay Hian)贸易，以3400万元，即容积率每平方英尺242.5元，来投标这幅只有15年地契的地段，价格刷新过去九个月来所有短期办公楼地段的投标价格。
昨天招标截止的史格士路B地段，战情明显较为淡静。Sun Venture的投标价为3299万元，即容积率每平方英尺226元。
这家公司很可能不是新加坡注册公司，因为商业注册局的网站无法搜索到这家公司的资料。在上星期的史格士A地段投标活动中，这家公司也曾经出击，而且当时的出价仅次于最高的大华继显贸易－－容积率每平方英尺208元。昨天再次尝试，它将出手调高了8.6％。
其余3家出手的公司，也在上星期的A地段投标活动中露过脸。本地著名家具商人——Vanguard Interior执行董事王国泰，昨天再次通过ScottsDevelopment以3200万元来投标这幅地段。
大华继显的两名红牌交易员David Loh和Han Seng Juan，也再次通过Centurion Scotts投标这幅地段，出价同样维持在2489万元。持有ERA房地产特许经营权的和兴企业(Hersing Corporation)，则以2289万元投标这幅地段。
JTC现成厂房租用率达93.9％
《联合早报》Apr 30, 2008
裕廊集团（JTC）今年第一季的现成厂房净出租面积增加了5倍，这也使现成厂房的租用率达到93.9％，上涨了1.3个百分点，创下新的记录。尽管如此，同去年第四季相比，现成厂房的净出租面积还是下滑了49％。
集团昨天发表今年第一季的数据，现成厂房的净出租面积(net allocation)达到3万8400平方公尺，和去年第一季的6700平方公尺比较，增加了5倍。
净出租面积指的是总出租面积(gross allocation)扣除终止使用的地段(termination)。在今年第一季，现成厂房的总出租面积达到8万9500平方公尺，同比大幅上涨了72％，但同去年第四季比较，则下滑了26％。
同样的，在终止使用的地段方面，今年第一季有5万1100平方公尺，同去年第一季和第四季相比，分别上涨了13％和11％。
现成厂房细分为多层厂房(flatted factory)、科技企业营运楼面（TP Space）、商业园、标准厂房(standard factory)和堆叠式厂房(stack-up factory)。
在现成厂房净出租面积中，多层厂房占了其中的68％，标准厂房则占了其中的21％。
市场对多层厂房的季比需求，稍微上涨了2％，在第一季达到123万平方公尺，而供应则稍微下滑1％，报139.9万平方公尺。这也促使租用率上涨2.9个百分点，达到87.7％。
然而，裕廊集团也注意到，租户在终止租用多层厂房时提供的理由中，以生意差为由的百分比上涨了不少，从去年第四季的只有7％，上升到23％。集团认为，这可能反映了目前商业情绪和环球经济环境皆不稳定的情况。
标准厂房也在供应有限，而需求上涨239万平方公尺的带动下，租用率上涨到98.2％。
商业园的总出租面积同比虽然下滑了19％，但由于终止使用的地段也下滑了2％，使净出租面积大致维持不变，但租用率季比则上涨了1.3个百分点，达到94.7％。科技企业营运楼面和堆叠式厂房的租用率，则分别维持在85.5％和87.6％的水平。在备用工业地领域，净出租面积也达到114.9公顷（ha）——总出租面积达到120.4公顷，终止使用地段则只有5.5公顷。虽然表现算得上强劲，同比上涨了9.2公顷，但还是比去年第四季的表现逊色。
备用工业地主要分为特殊工业园和一般地段两大类。
一般地段在今年第一季取得骄人成绩，总出租面积达到84.4公顷，终止使用的面积则只有2.5公顷，使净出租面积达到81.8公顷，这只比去年全年取得的成绩，少了9公顷。
然而，特殊工业园在去年取得杰出表现后，在今年第一季的表现就没有那么亮眼。净出租面积同比下滑了57％，季比也降低了67％，报33.1公顷，只占备用工业地总出租面积的28.8％。在33.1公顷中，30.6公顷来自化工领域。
裕廊集团（JTC）今年第一季的现成厂房净出租面积增加了5倍，这也使现成厂房的租用率达到93.9％，上涨了1.3个百分点，创下新的记录。尽管如此，同去年第四季相比，现成厂房的净出租面积还是下滑了49％。
集团昨天发表今年第一季的数据，现成厂房的净出租面积(net allocation)达到3万8400平方公尺，和去年第一季的6700平方公尺比较，增加了5倍。
净出租面积指的是总出租面积(gross allocation)扣除终止使用的地段(termination)。在今年第一季，现成厂房的总出租面积达到8万9500平方公尺，同比大幅上涨了72％，但同去年第四季比较，则下滑了26％。同样的，在终止使用的地段方面，今年第一季有5万1100平方公尺，同去年第一季和第四季相比，分别上涨了13％和11％。
现成厂房细分为多层厂房(flatted factory)、科技企业营运楼面（TP Space）、商业园、标准厂房(standard factory)和堆叠式厂房(stack-up factory)。
在现成厂房净出租面积中，多层厂房占了其中的68％，标准厂房则占了其中的21％。
市场对多层厂房的季比需求，稍微上涨了2％，在第一季达到123万平方公尺，而供应则稍微下滑1％，报139.9万平方公尺。这也促使租用率上涨2.9个百分点，达到87.7％。
然而，裕廊集团也注意到，租户在终止租用多层厂房时提供的理由中，以生意差为由的百分比上涨了不少，从去年第四季的只有7％，上升到23％。集团认为，这可能反映了目前商业情绪和环球经济环境皆不稳定的情况。
标准厂房也在供应有限，而需求上涨239万平方公尺的带动下，租用率上涨到98.2％。
商业园的总出租面积同比虽然下滑了19％，但由于终止使用的地段也下滑了2％，使净出租面积大致维持不变，但租用率季比则上涨了1.3个百分点，达到94.7％。科技企业营运楼面和堆叠式厂房的租用率，则分别维持在85.5％和87.6％的水平。在备用工业地领域，净出租面积也达到114.9公顷（ha）——总出租面积达到120.4公顷，终止使用地段则只有5.5公顷。虽然表现算得上强劲，同比上涨了9.2公顷，但还是比去年第四季的表现逊色。
备用工业地主要分为特殊工业园和一般地段两大类。
一般地段在今年第一季取得骄人成绩，总出租面积达到84.4公顷，终止使用的面积则只有2.5公顷，使净出租面积达到81.8公顷，这只比去年全年取得的成绩，少了9公顷。
然而，特殊工业园在去年取得杰出表现后，在今年第一季的表现就没有那么亮眼。净出租面积同比下滑了57％，季比也降低了67％，报33.1公顷，只占备用工业地总出租面积的28.8％。在33.1公顷中，30.6公顷来自化工领域。
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