Tribeca By The Waterfront

Live in the heart of it all

Step into a world that bings you the beat of waterfront living. Live and be seen at the centre of it all - Tribeca by the waterfront.

Imagine your own private oasis in the heart of the city. A lush paradise inspired by clean lines and distinctive facade, realizing a perfect blend of modernity and natural serenity. A magnificient freehold property, Tribeca by the waterfront offers you the opportunity to experience riverside living at its finest. Here, the choices are always yours to make - bask in the peaceful sanctity of modern refinement and pristine greenery, or move to the rhythm and pulse of the city.

It's living in the city like you've never imagined it - a world that's always hip and happening.

Your living space between work and play

With its superb location, situated near Singapore's Central Business District, the Integrated Resort and Orchard Road, this dream abode will be a gateway to endless possibilities for your lifestyle. You'll even be spoilt for education choices with a number of top educational institutions in the vicinity, which include River Valley Primary School, Chatsworth International School, SMU and more.

Indulge in the alluring temptations of Orchard Road just minutes away. Delight in the endless array of shopping, dining and entertainment options, and live it up in all the excitement.

Enjoy every amenity within close proximity to Tribeca - from the luxury of established hotels such as Grand Corpthorne Waterfront Hotel, to nearby shopping malls like Great World City, well known food centres, such as Zion Road Food Centre, popular clubs like Zouk, chic fine dining restaurants and alfresco cafes.

Location : Kim Seng Road (District 9)
Tenure : Freehold
Expected TOP : 31 Dec 2010
Site Area : 59,011 sqft
Total Units : 175 (30 storey)

Units Types:
1 BR ~ 517 to 570 sqft (50 units)
2 BR ~ 1033 sqft (24 units)
3 BR ~ 1367 to 1378 sqft (47 units)
3+1 BR ~ 1765 sqft (24 units)
4 BR ~ 1905 sqft (23 units)
1 BR Penthouses ~ 1173 to 1195 sqft (2 units)
2 BR Penthouses ~ 2174 sqft (1 unit)
4 BR + Study Suite ~ 3186 to 3315 sqft (2 units)
4 BR Penthouses ~ 3563 to 3907 sqft (2 units)












A private enclave, near the water's edge

Get into the flow of things, with an exciting life by the riverside. Enjoy the calming, pristine view of the Singapore River or find excitement amidst many activities by the river. Take a walk along the promenade or hop onto a river taxi, which conveniently brings you to the city. From catching world-famous plays at the Esplanade, attending a meeting at the Central Business District or visiting Merlion Park, going to and from work or play will not only be easier, but faster as well with the river taxi.

Look forward to the future Integrated Resort and other developments happening soon at Marina Bay and the Singapore River such as the continuous riverside promenade, which allows pedestrians to enjoy an uninterrupted walk along the full-length of the Singapore River from the Fullerton Hotel down to Great World City. At Tribeca by the waterfront, expect to live alongside a dynamic, scenic world buzzing with activities and life.

Magnificent views all yours for the taking

Tribeca by the waterfront offers breathtaking views of the vibrant city skyline. Residents can also relax and unwind amidst the soothing views of the impressive Singapore River. With all the magnificent views that surround you, you'll always want to stay and indulge in the quiet pleasures of home.













Facilities:
Level One
-Guard House (24 Hours Security)
-Drop Off Plaza
-Water Feature
-Pavilion
-Trellis over BBQ Area
-Children's Playground
-Lawn
-Main Pool
-Children's Pool
-Jacuzzi Pool
-Timber Deck
-Aqua Duct
-Tennis Court

Level Two
-Clubhouse (Male/Female Changring Room with Steam Room)
-40m Lap Pool
-Timber Deck
-Relaxation Corner @ Clubhouse
-Function Room
-Gymnasium

Analysts See Expanded Social Role For HDB

Source : The Business Times, 21 August 07

Breathing new life into old estates: As part of the move to revamp mature estates across Singapore, some 10,000 flats have been planned for Alexandra Canal

(SINGAPORE) The Housing and Development Board (HDB) appears to have taken on an expanded role as a guardian of the low income and the elderly, as well as a champion of the young by providing more revamped old estates and trendy new ones.

Following Prime Minister Lee Hsien Loong's National Day Rally speech on Sunday, Citigroup economist Chua Hak Bin said that there seems to be a 'major shift' in the thinking behind HDB's role.

Noting that the government was actively addressing issues like the income divide, ageing population and affordability of housing, Mr Chua added: 'There is a sense that the social support system is centred on HDB.'

Beyond these social implications, HDB could also be taking a greater role in shaping market forces.

On Punggol 21 Plus, CIMB-GK regional economist Song Seng Wun noted that up to 18,000 high quality flats, mostly by HDB, have been planned and that PM Lee's underlying message appears to be 'jangan panic' (don't panic) as there is a lot of supply coming on.

Another 10,000 flats have been planned for Alexandra Canal as well.

PM Lee did not directly address the issue of rising private property prices but Mr Song believed that an 'accelerated HDB building programme', including HDB estates of such apparent high quality as Punggol 21 Plus could have some influence on the lower end of the private property market.

Whether Punggol 21 Plus is meant to take some heat off the private property sector is unclear but Mr Song said that many of his colleagues were impressed enough by PM Lee to want to move there.

The National Day Rally speech is generally seen as an address meant for heartlanders but Savills Singapore director (marketing and business development) Ku Swee Yong believed that PM Lee's stand on maintaining income tax rates for the wealthy suggests that 'luxury property prices should be allowed to go the way of market economics'.

'PM Lee prefers to raise the bottom, including the standards for government housing and the mass market,' added Mr Ku.

An immediate impact of the new policies is likely to be the formation of more family units.

As ERA Singapore assistant vice-president Eugene Lim noted, private property has moved beyond the 'threshold of affordability' for many.

'Before, a three-bedroom condo might be in the range of $500,000, but this has now increased to between $600,000 and $800,000,' he said.

Propnex CEO Mohamed Ismail estimated that with the additional $30,000 CPF Housing Grant, lower-income families can take advantage of up to $70,000 in grants, if the $30,000 family grant and the $10,000 grant for families buying a property near their parents are included.

Considering today's average resale price of $170,000 for a three-room HDB flat, buyers will then only have to take a loan of $100,000.

'This will fit into the budget of many young families and will be an incentive for married couples to purchase their own property,' Mr Mohamed added.

On the HDB policies as a whole, Cushman & Wakefield managing director Donald Han said: 'It's all coming together.'

Saying that the HDB market is the only sector that is lagging, Mr Han added: 'What will keep the HDB market afloat is a value proposition.'

Interestingly, the group of people the policies are meant to help - the elderly - may offer the most resistance, especially when it comes to buying back their flats on a shorter lease.

Citigroup's Mr Chua noted that the private sector does offer reverse mortgages, but this has had poor take-up.

Mr Chua believed that the issue of buying back of flats as well as the proposed compulsory annuity scheme may need to be 'centrally administered' to succeed.

On a philosophical level, Mr Chua noted that the government has profited from the booming global economy. 'With this revenue, it can cushion the impact of globalisation,' he said.

'In terms of fiscal traffic, it's good because it means the government will be spending more,' he added.

Is CityDev Mulling Residential Reit?

Source : The Business Times, 21 August 07

CITY Developments executive chairman Kwek Leng Beng showed at his property company's latest results briefing why he sees himself as a trend-setter.

Trend-setter: Mr Kwek indicated at CityDev's results briefing that the company may launch a new business model for its residential business

Mr Kwek revealed at the group's second-quarter results briefing last week that the group was considering retaining two blocks of apartments of its Cliveden development at Grange Road for rental purposes and long-term investment instead of selling them off in a rush.

The 66-year-old tycoon - who is known to pride himself on not aping the competition's business model - indicated that this could be the start of a new business model for the group's residential business. The idea would be for the group to retain some units in selected high-end residential projects for lease to ride on strong rental demand.

It can then sell these units later at much higher prices - if current trends continue - and who knows, in the longer term, if a collective sale were to materialise, CityDev could then buy out its fellow owners in such condo developments and redevelop these sites into new projects instead of having to go to the market and look for land all the time, as most developers have to.

Or if CityDev doesn't like some of these sites by then, it could also consider selling the apartments it has retained in such condos through a collective sale to other parties.

That seems like a good model. But it does tie up a lot of money. This could put the property giant at a disadvantage relative to its peers, for instance, when making acquisitions.

But Mr Kwek could get around the problem by spinning off these apartments held for investment into a separate vehicle and perhaps listing it, with CityDev still possibly retaining a stake, some market watchers suggest.

Such an entity - holding units in selected residential projects developed by CityDev - could be structured as a real estate investment trust (Reit), business trust or some hybrid security, depending on tax and other considerations.

Retail investors would be keen on investing in such a vehicle. To the average mom-and-pop investor, the prospect of buying an investment home for rental income may seem daunting. It involves a huge outlay, the hassle of finding a tenant, negotiating rentals and lease terms, agreeing and signing a lease, and other potential problems.

The risk would be so much more manageable for such investors if they could have exposure to income from a whole pool of such rental properties by buying any amount of shares/units they are comfortable with in a listed vehicle that owns these apartments, manages them, rents them out and, at the right time, sells them to crystallise capital appreciation.

And CityDev, if it continues to hold a stake in such a listed vehicle, could still eventually get its hands on the land on which these condos stand, possibly by securing at the outset a right-of-first-refusal to buy back the apartments it had earlier sold to the vehicle.

This would facilitate CityDev gaining full control of sites when en bloc sales come up - of course after satisfying Strata Title Board requirements that the transaction is priced on arm's-length basis and done in good faith.

Mr Kwek has been a relative latecomer to the Singapore Reit market but when his CDL Hospitality Trusts was floated on the Singapore Exchange last year, it was a novel instrument in the local market, involving units in Singapore's first hotel Reit stapled to units in a business trust.

Mr Kwek also said in last week's Q2 results briefing that he was not in any hurry to set up a Reit holding some of the group's office blocks, something that has been on the table for quite a while now.

Who knows if, instead of following in the footsteps of others who have floated office Reits here, Mr Kwek might pleasantly surprise investors by offering them an opportunity to invest in Singapore's first residential Reit or some such hybrid vehicle?

Collective Sale Fever Expected To Push Up Key Development Fee

Source : The Strait Times, 21 August 07

THE recent record-breaking run of collective sales is likely to push up a key government charge imposed on developers, making land sites - and collective deals - more expensive.

This development charge, which is due for a half-yearly revision on Sept 1, could rise by up to 25 per cent islandwide for residential non-landed sites on average, say property consultants.

This is almost double the 14 per cent rise in the previous revision in March, which was already considered a large increase. Even so, most consultants believe higher charges may not dampen the collective sale market as long as developers remain bullish.

Development charges reflect recent land and property values and affect future acquisition decisions by developers. They can reach millions of dollars, and vary according to land use for the 118 locations in Singapore.

The upcoming revision is likely to be watched closely by developers, as it comes on top of a surprise 40 per cent hike in development charges last month.

Given the frenzied pace of collective sales and the soaring prices of offices, most consultants expect the charges to jump the most for residential and commercial sites.

According to property firm Jones Lang LaSalle (JLL), collective sales added up to $10.2 billion in the first seven months of this year alone, boosted by benchmark deals such as The Ardmore in Ardmore Park and Fairways Condominium in Telok Blangah.

JLL expects development charges for non-landed sites to rise by up to 60 per cent in certain areas, led by District 9, East Coast and Telok Blangah.

But another firm, Colliers International, believes city-fringe sites will see higher increases.

While charges for non-landed sites jumped the most in prime areas during the last revision, Colliers expects that this time round, they will rise more in areas 'located at the immediate fringe of Orchard, downtown and Sentosa Cove'. These include the Novena, Newton, Holland Road, Farrer Road and Telok Blangah areas.

But large increases are also likely in areas as far afield as St Patrick's Road near Katong and the area around Upper Paya Lebar and Geylang, due to recent transactions in those areas, added Colliers' director of research and consultancy, Ms Tay Huey Ying.

As for landed sites, JLL is predicting a 20 to 30 per cent rise in development charges islandwide, with those for District 11 sites jumping by up to 50 per cent.

Office sites are also expected to see higher charges.

Colliers' forecast is a 40 to 50 per cent jump for Collyer Quay and Marina Bay, and 25 to 40 per cent for the Central Business District. JLL expects increases of 20 to 25 per cent islandwide.

Despite the fact that the hikes in development charges are likely to be higher and more widespread this time, consultants believe they may not slow the collective sale market or halt rising land prices.

Ms Tay noted that in the last revision, the charges had been raised by up to 64 per cent for some locations, but that did not deter the collective sale fever from going strong.

'For well-located sites, developers' bullishness in the end-user market gives them the confidence to bid for land at benchmark prices,' she said. 'They are confident of passing on the increased costs to end-purchasers through benchmark launch prices.'

But she added that for sites in less desirable locations, a steep hike in development charges could 'serve as a wake-up call to home owners who have been holding out for a higher premium'.

Agreeing, JLL's regional director and head of investments, Mr Lui Seng Fatt, said that development charges for freehold land are small as a proportion of the total land price and development cost.

'However, it will have a more significant impact for leasehold land because more charges are usually payable,' he said.

Property Players Laud New Scheme To Monetise Flats For Elderly

Source : Channel NewsAsia, 20 August 2007

SINGAPORE: Property industry players said a new initiative to help older Singaporeans monetise their flats is expected to be popular because it is a viable alternative to the reverse mortgage scheme.

The new initiative, announced by Prime Minister Lee Hsien Loong during his National Day Rally speech, is targeted at those aged 62 and above, living in two or three-room flats, and who have only made use of the government's housing subsidy once.

The Housing and Development Board (HDB) will shorten the lease of their flat to 30 years and pay them the value of the lease foregone in cash, through an upfront lump sum and monthly payments for the rest of their lives.

They can also stay in their own flats for the remaining 30 years.

Property industry players said this move would help many older flat owners derive income from their most valuable assets – their homes.

Mohamed Ismail, CEO of PropNex, said: "This scheme really helps people to unlock and monetise their assets. A lot of Singaporeans are asset rich and some of them may have challenges as far as their cash situation is concerned. And currently, there are not many solutions available."

Under current schemes, these home owners are allowed to sublet their units, but this would entail a loss of privacy.

A reverse mortgage scheme for HDB flats – introduced in March last year – also drew little interest, with just ten people signing up so far.

Assistant Vice President of ERA Realty, Eugene Lim, said: "Previously, the government was trying to implement reverse mortgage, but this was not very well-received especially by the senior citizens.

"Number one, they found it difficult to understand, and number two, they didn't have a very good feeling about mortgaging their house which is already paid for."

Property watchers said the new scheme could potentially boost demand for three-room flats, which are comparatively scarce in the HDB resale market.

"Three-room flats provide a very basic, essential need. And with these things in place, I do think – depending on the outcome of the package – three-rooms will be in better demand," said Mr Mohamed Ismail.

The government is also studying other arrangements should a flat owner outlive the 30-year lease period. - CNA/so