Source : The Straits Times, Sep 23, 2008
THE property market might not be red-hot at the moment, but the bullrun last year was enough to send sales revenue at the Singapore Land Authority (SLA) shooting to a ten-year high of $12.4 billion.
This was a two-fold increase from the $6.2 billion achieved in the 2006 financial year, and is just shy of the record set in 1997, when sales revenue climbed to $14 billion.
SLA's annual report, released on Tuesday, showed that land sales proceeds from the private sector hit a new record of $10.4 billion, compared to $3.5 billion for 2006, and $6.9 billion in the last property peak in 1997.
Land sales to the public sector dropped slightly to $2 billion, from $2.7 billion collected in 2006.
SLA's 2007 financial year, which ended March 31 this year, was marked by strong demand for office, hostels, international schools and other commercial uses.
To meet this surge in demand, the agency rolled out 78 tenders - an average of one every 4.5 days - an 8 per cent increase from 2006.
SLA's chairman Greg Seow also announced on Tuesday that SLA will focus on a new initiative in the coming year: Establishing a national spatial data infrastructure to support geographic information exchange across government agency networks
'This initiative is significant as it aids in both strategic planning and operations for the appropriate agencies. It will also demonstrate a government-wide approach to problem solving and resource sharing.'
Tuesday, September 23, 2008
Monday, September 22, 2008
中国楼市调整将加深 超五成受访者十一不看房
Source :《联合早报网》September 22, 2008
东方网9月22日消息：一系列统计数据都显示，楼市走向并不乐观。8月份，北京市房屋销售同比价格指数继续下行，涨幅比上月回落1.3个百分点，环比价格与上月持平，为今年以来的首次停涨。有业内分析人士表示，如果市场上成交量继续萎缩，房地产市场调整还将进一步加深。针对广州，有研究认为，虽然十一黄金周行情将启动，但10月份广州楼市可能依然以调整为主。
对房地产市场的统计数无不显示，行业下行已经成为主流。16日，发改委、统计局发布数据显示，8月份，全国70个大中城市房屋销售价格同比上涨5.3%，涨幅比7月低1.7个百分点；环比下降0.1%。包括广州、深圳等城市的新房价格出现负增长。而18日公布的数据表明，8月份国房景气指数环比7月份又回落了0.58点，这已是该指数环比连续9个月滑落。
万科总裁：房企日子好过得很
有分析人士指出，房地产市场进入寒冬摆在眼前，房企的日子也越来越难过。但也有业界人士表示，房地产市场目前只是比去年最热的时候稍稍降了一点温而已。
万科集团总裁郁亮表示，虽然行业出现调整，但房企日子仍然好得很，很多房企因为去年日子太好了，现在把一点“调整”也说成是“水深火热”。目前虽然房地产企业喊“难”，但真正因经营难而倒下的几乎为零。一位房地产资深分析人士也对记者表示，任何行业的调整都需要一个时间段，而房地产调整不可能在半年或几个月就可能完成，他认为，未来一段时间房地产市场仍然处在调整当中。而北京师范大学金融研究中心主任钟伟一份最新研究报告显示，房价调整才刚拉开序幕。
超五成受访者“十一”不看房
随着整体市场继续调整，广州市场难以独善其身，甚至房价领跌全国。8月份全国70个大中城市房屋销售价格统计结果显示，珠三角三个城市房价增幅下跌，其中，广州以3.3%的跌幅位列第二。分析认为，传统“金九银十”的旺季行情今年可能有点悬。
满堂红置业专家介绍，进入8月以来该店广州的客流量与上月同期相比减少了一至两成左右，成交量也较上月同期减少10%左右。
满堂红专业人士表示，由于笋盘或者投资客手中的盘已经被前半年的市场消化的差不多了，而且下半年是一手楼集中推货的时期，届时将有大量的一手房进入市场对二手楼市也形成一定的冲击力，因此，10月份广州楼市仍然处在向下调整当中。
网易商业和寒桐投资顾问公司对广州楼市“金九银十”的调查显示，国庆前后，有55%的受访者表示不会去看房。而71.1%的受访者认为目前房价仍然太高，还有较大的下降空间。
(来源： 广州日报)
东方网9月22日消息：一系列统计数据都显示，楼市走向并不乐观。8月份，北京市房屋销售同比价格指数继续下行，涨幅比上月回落1.3个百分点，环比价格与上月持平，为今年以来的首次停涨。有业内分析人士表示，如果市场上成交量继续萎缩，房地产市场调整还将进一步加深。针对广州，有研究认为，虽然十一黄金周行情将启动，但10月份广州楼市可能依然以调整为主。
对房地产市场的统计数无不显示，行业下行已经成为主流。16日，发改委、统计局发布数据显示，8月份，全国70个大中城市房屋销售价格同比上涨5.3%，涨幅比7月低1.7个百分点；环比下降0.1%。包括广州、深圳等城市的新房价格出现负增长。而18日公布的数据表明，8月份国房景气指数环比7月份又回落了0.58点，这已是该指数环比连续9个月滑落。
万科总裁：房企日子好过得很
有分析人士指出，房地产市场进入寒冬摆在眼前，房企的日子也越来越难过。但也有业界人士表示，房地产市场目前只是比去年最热的时候稍稍降了一点温而已。
万科集团总裁郁亮表示，虽然行业出现调整，但房企日子仍然好得很，很多房企因为去年日子太好了，现在把一点“调整”也说成是“水深火热”。目前虽然房地产企业喊“难”，但真正因经营难而倒下的几乎为零。一位房地产资深分析人士也对记者表示，任何行业的调整都需要一个时间段，而房地产调整不可能在半年或几个月就可能完成，他认为，未来一段时间房地产市场仍然处在调整当中。而北京师范大学金融研究中心主任钟伟一份最新研究报告显示，房价调整才刚拉开序幕。
超五成受访者“十一”不看房
随着整体市场继续调整，广州市场难以独善其身，甚至房价领跌全国。8月份全国70个大中城市房屋销售价格统计结果显示，珠三角三个城市房价增幅下跌，其中，广州以3.3%的跌幅位列第二。分析认为，传统“金九银十”的旺季行情今年可能有点悬。
满堂红置业专家介绍，进入8月以来该店广州的客流量与上月同期相比减少了一至两成左右，成交量也较上月同期减少10%左右。
满堂红专业人士表示，由于笋盘或者投资客手中的盘已经被前半年的市场消化的差不多了，而且下半年是一手楼集中推货的时期，届时将有大量的一手房进入市场对二手楼市也形成一定的冲击力，因此，10月份广州楼市仍然处在向下调整当中。
网易商业和寒桐投资顾问公司对广州楼市“金九银十”的调查显示，国庆前后，有55%的受访者表示不会去看房。而71.1%的受访者认为目前房价仍然太高，还有较大的下降空间。
(来源： 广州日报)
万国优质组屋首享三保证
Source : 《联合早报》September 21, 2008
建屋发展局于2005年4月推出“三大保证”计划（ASSURE 3），向屋主担保若新组屋出现三个特定问题，当局将免费修理。位于万国地铁站附近的四座四房式优质组屋就是首批拥有这三个新保证的组屋邻里。
在“三大保证”计划下，建屋局保证从2005年开始发展的新组屋厕所和厨房的天花板五年不会漏水、墙壁五年不会渗水，以及混凝土10年不会脱落。在保证期内，组屋如果出现这三个问题，建屋局将免费修理。
国家发展部高级政务部长傅海燕（左三）昨天在建屋局局长郑锦宝的陪同下，参观位于万国地铁站附近的四座四房式优质组屋。
这也意味着，所有从即日起购买新组屋的屋主，也将自动在“三大保证”计划下获益。
在这之前，屋主拿到新组屋的钥匙后，只享有一年的保证期。在这一年内，建屋局会为建筑方面出现的缺陷问题负责，并承担相关费用。
如今，建屋局将针对这三大常见问题给予屋主额外的保障。不过，屋主也必须遵守一些原则，否则保证将被取消。例如屋主更改厕所和厨房的地砖，有可能会破坏建屋局原本安装的防漏水系统。
第一个提出 长期住用保证
这个保证将同时为市镇理事会带来好处，因为三个保证涵盖的范围也包括组屋外、由市镇会管理的公共场所。建屋局是第一个提出长期住用保证的房屋发展商。
位于盛港中的第270A及第271A至C座组屋，是首批在“三大保证”计划下受惠的组屋邻里。这四座组屋最迟将在下月竣工。这个名为“Tivela”的组屋邻里共有374个四房式优质组屋单位，建在盛港中路和盛港东道交界处，于2005年推出供公众预购。
国家发展部兼教育部高级政务部长傅海燕及白沙—榜鹅集选区议员张思乐昨天下午参观了这个新组屋邻里。
傅海燕受访时说，由于建屋局不断改良设计及建筑组屋的技术，组屋品质才得以提升。
比如，新组屋厨房和厕所的UPVC水管和楼板同时安装好，因此无需采用灰泥固定水管，更好地确保厨房和厕所的天花板不会漏水。
窗户和墙壁也预先在工厂预先组装好，可减少窗框和墙壁间的缝隙，确保渗水问题减至最低。
新组屋也采用更高品质的混凝土，避免碳化作用，进而减少组屋外墙混凝土剥落。
傅海燕说：“我们（因此）非常有信心能够对我们新组屋的屋主提供这种保障计划，希望5到10年间，这些较常见的问题不会再出现。”
给屋龄高的 家居改进计划
她说，当局并不预计会收到很多有关这三方面建筑缺陷的投诉，因此由建屋局承担的修理费应该也不会很高。
因为这项计划只保证从2005年开始发展的新组屋，现有组屋的屋主因此不会受惠。对此，傅海燕说：“我们也没有完全忽略屋龄高的房子，我们有家居改进计划（Home Improvement Programme），这个计划就能帮助屋主修补洋灰剥落的问题。”
家居改进计划包括基本改进配套和选择性改进配套。基本配套包括维修剥落洋灰及结构性裂缝、更换排污管和竹竿撑管或安装晾衣架、提升电流供应系统。选择性改进配套则包括翻新厕所、更换大门、铁门和垃圾槽拉门。
至于是否能将保证期延长超过10年，傅海燕回答说，这和建筑成本有直接关系。如果当局要兴建品质特别高的组屋，建筑成本将大幅度增加，一些居民恐怕负担不起，当局必须找出平衡点。
刚在昨天领钥匙的傅丽珍（27岁，财务员）告诉记者，她当初申请这个预购组屋时，并不知道有“三大保证”计划。
她受访时说：“我去年通过建屋局网站才得知有这项计划，知道后感到欣慰。我母亲的组屋天花板经常渗水，现在新组屋出现相同问题时，就不必担心了。”
万国邻里商店变「包租婆」
位于万国地铁站附近的四座优质组屋除了是首批拥有三大保证的组屋邻里，这里的邻里商店也是第一批出租给总租户（master tenant），由总租户分租的邻里商场。
这个邻里商场今年中开始营业，由Kopitiam咖啡店集团经营分租。商场有一家超级市场、一家食阁、两家餐馆，以及11家售卖各种生活用品的商店，总店面为2315平方公尺。
国家发展部兼教育部高级政务部长傅海燕昨天参观邻里商场后受访时说，总租户将商店分租出去的好处是有更大的主动权，可以决定邻里的商店组合，更好地应付居民需求。
这种出租模式目前反应不错
傅海燕说，这种出租模式可行，目前得到的反应不错，建屋局已做好准备探讨将此模式推广到其他组屋邻里的可行性。
她说：“总租户可以更好地协调商场的促销活动……也能更好地管理个别租户。”
Kopitiam集团营运与业务发展助理董事林文俊说：“我们从sengkang.com的论坛网站和居民委员会得知居民对邻里商场的要求，再决定将店面出租给谁，满足居民的需求。”
他说：“我们也特地安排了两间面包店，让它们通过竞争压低价格，居民可以从中省钱。”
建屋发展局于2005年4月推出“三大保证”计划（ASSURE 3），向屋主担保若新组屋出现三个特定问题，当局将免费修理。位于万国地铁站附近的四座四房式优质组屋就是首批拥有这三个新保证的组屋邻里。
在“三大保证”计划下，建屋局保证从2005年开始发展的新组屋厕所和厨房的天花板五年不会漏水、墙壁五年不会渗水，以及混凝土10年不会脱落。在保证期内，组屋如果出现这三个问题，建屋局将免费修理。
国家发展部高级政务部长傅海燕（左三）昨天在建屋局局长郑锦宝的陪同下，参观位于万国地铁站附近的四座四房式优质组屋。这也意味着，所有从即日起购买新组屋的屋主，也将自动在“三大保证”计划下获益。
在这之前，屋主拿到新组屋的钥匙后，只享有一年的保证期。在这一年内，建屋局会为建筑方面出现的缺陷问题负责，并承担相关费用。
如今，建屋局将针对这三大常见问题给予屋主额外的保障。不过，屋主也必须遵守一些原则，否则保证将被取消。例如屋主更改厕所和厨房的地砖，有可能会破坏建屋局原本安装的防漏水系统。
第一个提出 长期住用保证
这个保证将同时为市镇理事会带来好处，因为三个保证涵盖的范围也包括组屋外、由市镇会管理的公共场所。建屋局是第一个提出长期住用保证的房屋发展商。
位于盛港中的第270A及第271A至C座组屋，是首批在“三大保证”计划下受惠的组屋邻里。这四座组屋最迟将在下月竣工。这个名为“Tivela”的组屋邻里共有374个四房式优质组屋单位，建在盛港中路和盛港东道交界处，于2005年推出供公众预购。
国家发展部兼教育部高级政务部长傅海燕及白沙—榜鹅集选区议员张思乐昨天下午参观了这个新组屋邻里。
傅海燕受访时说，由于建屋局不断改良设计及建筑组屋的技术，组屋品质才得以提升。
比如，新组屋厨房和厕所的UPVC水管和楼板同时安装好，因此无需采用灰泥固定水管，更好地确保厨房和厕所的天花板不会漏水。
窗户和墙壁也预先在工厂预先组装好，可减少窗框和墙壁间的缝隙，确保渗水问题减至最低。
新组屋也采用更高品质的混凝土，避免碳化作用，进而减少组屋外墙混凝土剥落。
傅海燕说：“我们（因此）非常有信心能够对我们新组屋的屋主提供这种保障计划，希望5到10年间，这些较常见的问题不会再出现。”
给屋龄高的 家居改进计划
她说，当局并不预计会收到很多有关这三方面建筑缺陷的投诉，因此由建屋局承担的修理费应该也不会很高。
因为这项计划只保证从2005年开始发展的新组屋，现有组屋的屋主因此不会受惠。对此，傅海燕说：“我们也没有完全忽略屋龄高的房子，我们有家居改进计划（Home Improvement Programme），这个计划就能帮助屋主修补洋灰剥落的问题。”
家居改进计划包括基本改进配套和选择性改进配套。基本配套包括维修剥落洋灰及结构性裂缝、更换排污管和竹竿撑管或安装晾衣架、提升电流供应系统。选择性改进配套则包括翻新厕所、更换大门、铁门和垃圾槽拉门。
至于是否能将保证期延长超过10年，傅海燕回答说，这和建筑成本有直接关系。如果当局要兴建品质特别高的组屋，建筑成本将大幅度增加，一些居民恐怕负担不起，当局必须找出平衡点。
刚在昨天领钥匙的傅丽珍（27岁，财务员）告诉记者，她当初申请这个预购组屋时，并不知道有“三大保证”计划。
她受访时说：“我去年通过建屋局网站才得知有这项计划，知道后感到欣慰。我母亲的组屋天花板经常渗水，现在新组屋出现相同问题时，就不必担心了。”
万国邻里商店变「包租婆」
位于万国地铁站附近的四座优质组屋除了是首批拥有三大保证的组屋邻里，这里的邻里商店也是第一批出租给总租户（master tenant），由总租户分租的邻里商场。
这个邻里商场今年中开始营业，由Kopitiam咖啡店集团经营分租。商场有一家超级市场、一家食阁、两家餐馆，以及11家售卖各种生活用品的商店，总店面为2315平方公尺。
国家发展部兼教育部高级政务部长傅海燕昨天参观邻里商场后受访时说，总租户将商店分租出去的好处是有更大的主动权，可以决定邻里的商店组合，更好地应付居民需求。
这种出租模式目前反应不错
傅海燕说，这种出租模式可行，目前得到的反应不错，建屋局已做好准备探讨将此模式推广到其他组屋邻里的可行性。
她说：“总租户可以更好地协调商场的促销活动……也能更好地管理个别租户。”
Kopitiam集团营运与业务发展助理董事林文俊说：“我们从sengkang.com的论坛网站和居民委员会得知居民对邻里商场的要求，再决定将店面出租给谁，满足居民的需求。”
他说：“我们也特地安排了两间面包店，让它们通过竞争压低价格，居民可以从中省钱。”
Sunday, September 21, 2008
How Asia Will Be Hit
Source : TODAY, Weekend, September 20, 2008
And how it can seize the opportunity and surge forward
WE NOW have a perfect storm with the perfect ingredients — easy liquidity, poor alignment of incentives, inadequate assessment and management of risks, greed, and lack of due diligence.
The surge of the energy price — a bubble of its own — was the catalyst. To fight inflation, the United States government hiked interest rates. The housing bubble burst and mortgage default surged. With property foreclosures and defaults in mortgage payments, mortgage-backed securities were now viewed as high risk with low value. When large investors holding them attempted to unload their holdings, the action spiralled into even lower valuations.
But, the bad news did not stop there. At the beginning of the sub-prime crisis, the US government did not take decisive actions; instead, it still played the interest rate game. Fundamentally, the US borrowed too much. One could counter that by producing a lot of income growth. Unfortunately, with globalisation, the US economy now only made up about a third of the world economy. Thus, the US monetary authorities could not readily generate a surge in the US economy.
The recent spate of write-downs of losses arising from bad investments was the right thing to do, but, they came a little too late in the game. Without a clean revelation, investors were suspicious, especially after seeing some losses. The result is a systemic large-scale markdown of the real value of many financial instruments, largely stemming from fear.
The US government’s attempt to alleviate fear in the financial markets by bailing out some, but not all, had the unintended consequence of heightening investor suspicions. Trapped investment banks now found refinancing capital even more expensive. One after another, the banks had to either create a bailout (call it accepting a fire sale) or file for bankruptcy.
What this means for Singapore
The financial turmoil has real consequences on the economy. If we get up in the morning and find that our financial assets have dropped by $200,000, what would we do? We would scale down our expenditures, perhaps not dining out and having a simple home-cooked meal instead. The financial meltdown drags down our consumption levels. The high cost of capital also discourages corporate investment. We have a severe economic downturn in real terms.
Asians are affected in two ways. First, the slowdown in US consumption and investment affects our exports, and thus our earnings. Second, the losses in the US suffered by Asian banks and other financial institutions damage their books and their ability to lend. Tighter credit curtails investment. (We hasten to add that not all Asian banks are affected equally. For example, Singapore banks have insignificant exposure to Lehman’s instruments while Japan and Taiwan banks have billions. Credit is available in Singapore in a prudent manner.)
LESSONS TO BE LEARNT
This is not a simple storm and it will take time for it to pass. It is not clear what the best course of action should be. Yet, a few things are clear.
First, financial institutions should make clear what they have suffered and recognise the losses. The Japanese financial firms’ coming-out action in this regard is the right move, although it does not spare them from negative market reactions to the exposure. But not doing so will only heighten investors’ fear and worsen the current credit crunch.
Second, real fiscal economic stimulations to counter financial market over-reaction are not really nonsensical.
Third, with the weakened US aggregate demand, the pan-Asian market will be more important. Asian economies should seize this chance to strengthen the interreliance on each other’s consumer and credit markets; it is time to further foster the pan-Asian market concept.
Fourth, we should learn from this crisis. It teaches us to recognise the need to evaluate how and where financial innovations and policy initiatives will challenge our regulation and market systems. In the sub-prime case, the noble initiative to encourage home ownership and fancy financial engineering created a breakdown in the otherwise sound public regulations and monitoring system of the US.
Finally, for me, I hold on dearly to the maxim: Do not invest in what you do not know.
The writer is Dean and Stephen Riady Distinguished Professor of Finance, NUS Business School.
And how it can seize the opportunity and surge forward
WE NOW have a perfect storm with the perfect ingredients — easy liquidity, poor alignment of incentives, inadequate assessment and management of risks, greed, and lack of due diligence.
The surge of the energy price — a bubble of its own — was the catalyst. To fight inflation, the United States government hiked interest rates. The housing bubble burst and mortgage default surged. With property foreclosures and defaults in mortgage payments, mortgage-backed securities were now viewed as high risk with low value. When large investors holding them attempted to unload their holdings, the action spiralled into even lower valuations.
But, the bad news did not stop there. At the beginning of the sub-prime crisis, the US government did not take decisive actions; instead, it still played the interest rate game. Fundamentally, the US borrowed too much. One could counter that by producing a lot of income growth. Unfortunately, with globalisation, the US economy now only made up about a third of the world economy. Thus, the US monetary authorities could not readily generate a surge in the US economy.
The recent spate of write-downs of losses arising from bad investments was the right thing to do, but, they came a little too late in the game. Without a clean revelation, investors were suspicious, especially after seeing some losses. The result is a systemic large-scale markdown of the real value of many financial instruments, largely stemming from fear.
The US government’s attempt to alleviate fear in the financial markets by bailing out some, but not all, had the unintended consequence of heightening investor suspicions. Trapped investment banks now found refinancing capital even more expensive. One after another, the banks had to either create a bailout (call it accepting a fire sale) or file for bankruptcy.
What this means for Singapore
The financial turmoil has real consequences on the economy. If we get up in the morning and find that our financial assets have dropped by $200,000, what would we do? We would scale down our expenditures, perhaps not dining out and having a simple home-cooked meal instead. The financial meltdown drags down our consumption levels. The high cost of capital also discourages corporate investment. We have a severe economic downturn in real terms.
Asians are affected in two ways. First, the slowdown in US consumption and investment affects our exports, and thus our earnings. Second, the losses in the US suffered by Asian banks and other financial institutions damage their books and their ability to lend. Tighter credit curtails investment. (We hasten to add that not all Asian banks are affected equally. For example, Singapore banks have insignificant exposure to Lehman’s instruments while Japan and Taiwan banks have billions. Credit is available in Singapore in a prudent manner.)
LESSONS TO BE LEARNT
This is not a simple storm and it will take time for it to pass. It is not clear what the best course of action should be. Yet, a few things are clear.
First, financial institutions should make clear what they have suffered and recognise the losses. The Japanese financial firms’ coming-out action in this regard is the right move, although it does not spare them from negative market reactions to the exposure. But not doing so will only heighten investors’ fear and worsen the current credit crunch.
Second, real fiscal economic stimulations to counter financial market over-reaction are not really nonsensical.
Third, with the weakened US aggregate demand, the pan-Asian market will be more important. Asian economies should seize this chance to strengthen the interreliance on each other’s consumer and credit markets; it is time to further foster the pan-Asian market concept.
Fourth, we should learn from this crisis. It teaches us to recognise the need to evaluate how and where financial innovations and policy initiatives will challenge our regulation and market systems. In the sub-prime case, the noble initiative to encourage home ownership and fancy financial engineering created a breakdown in the otherwise sound public regulations and monitoring system of the US.
Finally, for me, I hold on dearly to the maxim: Do not invest in what you do not know.
The writer is Dean and Stephen Riady Distinguished Professor of Finance, NUS Business School.
Joo Chiat Exudes Laid-Back Charms
Source : The Sunday Times, Sep 21, 2008
This is the second in a four-part series on the property scene in or around 'colourful' spots of Singapore
Vietnamese women of the night have long taken over a certain stretch of Joo Chiat Road, but they have not taken away the general laid-back charm of the cosy neighbourhood, something not easily found elsewhere.
Although property prices have risen in the area in recent years, they remain below those in more popular nearby areas such as Katong and Amber Road. And for shophouse lovers, this is an estate worth checking out.
Amid the shophouses, conservation houses and landed homes, Joo Chiat has mostly small and low-rise developments. The area has a rich heritage and a distinct identity.
It is known for eateries that serve mainly local cuisines. Some of these have built up a loyal clientele over the years.
'Joo Chiat is not a dodgy area. It is a good and established residential area,' maintained the MP for Joo Chiat, Mr Chan Soo Sen.
'The presence of foreign women in bars,' he pointed out, 'is confined to a 50m stretch of Joo Chiat Road.'
This stretch is in the Blue Zone, a term coined by residents because of the bars found there, such as the Blue Lagoon Lounge, which is on the Geylang Serai side of the road.
Although the Vietnamese women can be seen gathered in coffee shops or standing around bars along that stretch, they do confine themselves to the area, said Mr Colin Chee, spokesman for the Save Joo Chiat group.
This neighbourhood group was formed in 2004 by residents who were alarmed by the sudden proliferation of bars in the area and the large number of scantily dressed women wandering into their estate in the evenings.
Joo Chiat is as safe as other parts of Singapore, Mr Chan said. 'The police told me there was no evidence of higher crime statistics in Joo Chiat.'
A business operator in the area, who declined to be named, said the efforts of the MP, the authorities and the community had led to the shutting down of several major bars and massage parlours over the past few years.
'But Joo Chiat is not saved yet as the sleaze element remains. That element is not welcomed by other businesses in the area or by the community,' he said.
The hotels along Joo Chiat Road that charge hourly rates are patronised largely by the Vietnamese women and their clients, he said.
These women, who come to Singapore on social visit passes, stay illegally in private apartments, houses and even HDB flats in the area, he added.
Still, the area has a unique charm and is changing for the better as fresh residents move into newly built developments or refurbished shophouses.
According to Mr Chee, who is a manager in a foreign firm, more yuppies and expatriates are moving into the area.
The business operator confirmed this trend, saying: 'I see success stories in many forms, from the new artists and design studios that are coming in to the food establishments that are re-inventing themselves.'
New business operators have also zoomed in on the area, hoping to convert shophouses or old buildings into boutique hotels.
As part of efforts to retain the heritage and architecture of key buildings in this area, Joo Chiat was gazetted as a conservation area in 1993, according to the Urban Redevelopment Authority (URA). Shophouses and terrace houses along Joo Chiat Road, East Coast Road and selected streets have been conserved.
In recent years, pockets of older houses have been gradually revitalised as boutique developers redeveloped them into apartment blocks and landed homes, said CB Richard Ellis (CBRE) Research.
Rows of old shophouses, too, have been bought en bloc and refurbished. Such work is still going on and Joo Chiat boasts quite a few beautiful examples. For instance, Lotus at Joo Chiat, a service apartment development that comprises 32 apartments and 17 conservation shophouses, won the URA Architectural Heritage Award in 2002.
Because Joo Chiat is in district 15, a coveted residential area, it competes with more popular areas such as Katong, Marine Parade, Siglap and Telok Kurau, said CBRE Research.
As these areas also enjoyed a large supply of new projects over the past 12 to 18 months, the take-up of new homes in Joo Chiat has not been as strong, it said. In effect, homes in Joo Chiat are more affordably priced than those in other parts of district 15, it added.
However, demand for shophouses - which are limited in supply - is healthy. Transacted prices for shophouses in Joo Chiat are now around $1 million to $4.5 million, after rising around 20 to 30 per cent over the past year, said the research unit.
For example, No. 133 Joo Chiat Road - which has a land area of 1,098 sq ft and was sold for $742,000 or $675 per sq ft (psf) in February last year - was resold for $970,000 or $883 psf in April this year. That represents an increase of 31 per cent on a psf basis, said CBRE Research.
More new homes will be coming up in Joo Chiat and the Haig Road area as some 16 projects with 428 units in total are being planned for the area, said CBRE Research, citing URA data.
These new projects, which could have eight to 80 apartments, include the 24-unit Ventura View in Rambutan Road, the 12-unit Esterina in Haig Avenue, the 16-unit Sundance Vista in Koon Seng Road, and the 26-unit Spring @ Langsat in Langsat Road.
Other yet-to-be-named developments include a 20-unit project at Duku Place and an 80-unit project in Koon Seng Road.
Some very recent launches such as D'Fresco and Ivory still have units for sale.
Still a good, safe area 'Joo Chiat is not a dodgy area. It is a good and established residential area...The presence of foreign women in bars is confined to a 50m stretch of Joo Chiat Road.'
MP for Joo Chiat, Mr Chan Soo Sen, who has been part of efforts to clean up the area
This is the second in a four-part series on the property scene in or around 'colourful' spots of Singapore
Vietnamese women of the night have long taken over a certain stretch of Joo Chiat Road, but they have not taken away the general laid-back charm of the cosy neighbourhood, something not easily found elsewhere.
Although property prices have risen in the area in recent years, they remain below those in more popular nearby areas such as Katong and Amber Road. And for shophouse lovers, this is an estate worth checking out.
Amid the shophouses, conservation houses and landed homes, Joo Chiat has mostly small and low-rise developments. The area has a rich heritage and a distinct identity.
It is known for eateries that serve mainly local cuisines. Some of these have built up a loyal clientele over the years.
'Joo Chiat is not a dodgy area. It is a good and established residential area,' maintained the MP for Joo Chiat, Mr Chan Soo Sen.
'The presence of foreign women in bars,' he pointed out, 'is confined to a 50m stretch of Joo Chiat Road.'
This stretch is in the Blue Zone, a term coined by residents because of the bars found there, such as the Blue Lagoon Lounge, which is on the Geylang Serai side of the road.
Although the Vietnamese women can be seen gathered in coffee shops or standing around bars along that stretch, they do confine themselves to the area, said Mr Colin Chee, spokesman for the Save Joo Chiat group.
This neighbourhood group was formed in 2004 by residents who were alarmed by the sudden proliferation of bars in the area and the large number of scantily dressed women wandering into their estate in the evenings.
Joo Chiat is as safe as other parts of Singapore, Mr Chan said. 'The police told me there was no evidence of higher crime statistics in Joo Chiat.'
A business operator in the area, who declined to be named, said the efforts of the MP, the authorities and the community had led to the shutting down of several major bars and massage parlours over the past few years.
'But Joo Chiat is not saved yet as the sleaze element remains. That element is not welcomed by other businesses in the area or by the community,' he said.
The hotels along Joo Chiat Road that charge hourly rates are patronised largely by the Vietnamese women and their clients, he said.
These women, who come to Singapore on social visit passes, stay illegally in private apartments, houses and even HDB flats in the area, he added.
Still, the area has a unique charm and is changing for the better as fresh residents move into newly built developments or refurbished shophouses.
According to Mr Chee, who is a manager in a foreign firm, more yuppies and expatriates are moving into the area.
The business operator confirmed this trend, saying: 'I see success stories in many forms, from the new artists and design studios that are coming in to the food establishments that are re-inventing themselves.'
New business operators have also zoomed in on the area, hoping to convert shophouses or old buildings into boutique hotels.
As part of efforts to retain the heritage and architecture of key buildings in this area, Joo Chiat was gazetted as a conservation area in 1993, according to the Urban Redevelopment Authority (URA). Shophouses and terrace houses along Joo Chiat Road, East Coast Road and selected streets have been conserved.
In recent years, pockets of older houses have been gradually revitalised as boutique developers redeveloped them into apartment blocks and landed homes, said CB Richard Ellis (CBRE) Research.
Rows of old shophouses, too, have been bought en bloc and refurbished. Such work is still going on and Joo Chiat boasts quite a few beautiful examples. For instance, Lotus at Joo Chiat, a service apartment development that comprises 32 apartments and 17 conservation shophouses, won the URA Architectural Heritage Award in 2002.
Because Joo Chiat is in district 15, a coveted residential area, it competes with more popular areas such as Katong, Marine Parade, Siglap and Telok Kurau, said CBRE Research.
As these areas also enjoyed a large supply of new projects over the past 12 to 18 months, the take-up of new homes in Joo Chiat has not been as strong, it said. In effect, homes in Joo Chiat are more affordably priced than those in other parts of district 15, it added.
However, demand for shophouses - which are limited in supply - is healthy. Transacted prices for shophouses in Joo Chiat are now around $1 million to $4.5 million, after rising around 20 to 30 per cent over the past year, said the research unit.
For example, No. 133 Joo Chiat Road - which has a land area of 1,098 sq ft and was sold for $742,000 or $675 per sq ft (psf) in February last year - was resold for $970,000 or $883 psf in April this year. That represents an increase of 31 per cent on a psf basis, said CBRE Research.
More new homes will be coming up in Joo Chiat and the Haig Road area as some 16 projects with 428 units in total are being planned for the area, said CBRE Research, citing URA data.
These new projects, which could have eight to 80 apartments, include the 24-unit Ventura View in Rambutan Road, the 12-unit Esterina in Haig Avenue, the 16-unit Sundance Vista in Koon Seng Road, and the 26-unit Spring @ Langsat in Langsat Road.
Other yet-to-be-named developments include a 20-unit project at Duku Place and an 80-unit project in Koon Seng Road.
Some very recent launches such as D'Fresco and Ivory still have units for sale.
Still a good, safe area 'Joo Chiat is not a dodgy area. It is a good and established residential area...The presence of foreign women in bars is confined to a 50m stretch of Joo Chiat Road.'
MP for Joo Chiat, Mr Chan Soo Sen, who has been part of efforts to clean up the area
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