Source : The Straits Times, Nov 20, 2007
THERE is still plenty of life in the property sector, if preview sales at Amber Residences apartments are anything to go by.
The Amber Road project set a new benchmark price for the area, with units going for an average of $1,650 per sq ft (psf) at a weekend preview, where showflat visitors were treated to food, drinks and live music.
Of the 114 units at Amber Residences, 74 were sold at prices ranging from $1.6 million to $3.5 million. Prices at Amber Road have risen significantly with the market this year.
The Sea View, opposite the 21-storey Amber Residences, was released in mid-2005 at just $750 psf. Sub-sales have since been done at up to $1,510 psf.
Savills Residential’s senior associate director, Ms Phylicia Ang, said the Amber Residences preview was for special guests, including the developer’s business associates.
Most of the buyers were from Singapore. They could opt for the deferred payment scheme - which added 3 per cent to the unit price - but less than half did so. Developer Voda Land was given permission to sell with deferred payment before the scheme was withdrawn late last month.
Voda Land bought the freehold Amber Lodge and the Jin Fu Apartments site in a collective sale to form the plot for Amber Residences.
‘For the price that the buyers paid, which is a benchmark for Amber, the condo has to come with quality fittings,’ said Ms Ang.
Amber Residences has two- to four-bedroom units and six penthouses, ranging from 4,133 sq ft to 6,717 sq ft. Some of the best high-floor units went for over $1,800 psf, but the penthouses, which are all still available, will be priced at around $1,900 psf, or between $8 million and $13 million.
Tuesday, November 20, 2007
Ginza Plaza To Get $26m Facelift
Source : The Business Times, November 20, 2007
It will be redesigned by DP Architects and renamed West Coast Plaza.
FAR East Organization will spend $26 million updating the 16-year old Ginza Plaza shopping mall.
Oasis: West Coast Plaza, which has a net lettable area of 160,000 sq ft, hopes to capture the 'breezy, easy-going spirit of the West Coast'
The mall, which will be renamed West Coast Plaza, is expected to be ready for business in the third quarter of 2008.
Vivienne Tan, president of Far East Retail Consultancy, said changing demographics in the West were a key factor in the decision to refurbish the mall.
‘As its original name suggests, Ginza Plaza used to cater to the Japanese expatriate community that lived in the area,’ Mrs Tan said.
‘But now we’re seeing a good number of other nationalities moving in. There is also a growing private residential population,’ she said.
Danny Yeo, director of retail at Knight Frank, which is marketing the mall, said rents at West Coast Plaza will range from $8 to $25 per sq ft per month (psf pm). Before Ginza Plaza was vacated, average rentals were $5-$6 psf pm, Mrs Tan said.
Billed as ‘An Oasis in the West’, West Coast Plaza, which has a net lettable area of 160,000 sq ft, hopes to capture the ‘breezy, easy-going spirit of the West Coast’. The mall has been redesigned by DP Architects.
Far East hopes to attract residents living in the West, who are generally thought to have higher disposable incomes than residents in other parts of Singapore.
A study by Knight Frank showed the West has a higher proportion of private housing (about 30 per cent) than the island-wide residential mix (about 18 per cent). Also, nine or more new private residential developments within 2km of West Coast Plaza are expected to be completed around the same time as the mall, Far East said.
Increased demand for private property and the presence of a more varied expatriate community are thought to be due to a growing number of professionals working in the area, in places such as science hub one-north.
Far East also hopes to attract students from more than 27 educational institutions within 3km of the mall, including students from the National University of Singapore.
It will be redesigned by DP Architects and renamed West Coast Plaza.
FAR East Organization will spend $26 million updating the 16-year old Ginza Plaza shopping mall.
Oasis: West Coast Plaza, which has a net lettable area of 160,000 sq ft, hopes to capture the 'breezy, easy-going spirit of the West Coast'The mall, which will be renamed West Coast Plaza, is expected to be ready for business in the third quarter of 2008.
Vivienne Tan, president of Far East Retail Consultancy, said changing demographics in the West were a key factor in the decision to refurbish the mall.
‘As its original name suggests, Ginza Plaza used to cater to the Japanese expatriate community that lived in the area,’ Mrs Tan said.
‘But now we’re seeing a good number of other nationalities moving in. There is also a growing private residential population,’ she said.
Danny Yeo, director of retail at Knight Frank, which is marketing the mall, said rents at West Coast Plaza will range from $8 to $25 per sq ft per month (psf pm). Before Ginza Plaza was vacated, average rentals were $5-$6 psf pm, Mrs Tan said.
Billed as ‘An Oasis in the West’, West Coast Plaza, which has a net lettable area of 160,000 sq ft, hopes to capture the ‘breezy, easy-going spirit of the West Coast’. The mall has been redesigned by DP Architects.
Far East hopes to attract residents living in the West, who are generally thought to have higher disposable incomes than residents in other parts of Singapore.
A study by Knight Frank showed the West has a higher proportion of private housing (about 30 per cent) than the island-wide residential mix (about 18 per cent). Also, nine or more new private residential developments within 2km of West Coast Plaza are expected to be completed around the same time as the mall, Far East said.
Increased demand for private property and the presence of a more varied expatriate community are thought to be due to a growing number of professionals working in the area, in places such as science hub one-north.
Far East also hopes to attract students from more than 27 educational institutions within 3km of the mall, including students from the National University of Singapore.
Amber Residences Condo A Hit
Source : The Business Times, November 20, 2007
70 units snapped up within hours during private preview at $1,650 psf average.
MORE than 70 of the 114 units at Voda Land’s Amber Residences in Amber Road were snapped up within hours during a private preview on Sunday at an average price of $1,650 per square foot (psf), the agency marketing the project said yesterday.
Sui Generis: The 40-unit condo in the Balmoral area is a joint project of UE and Kajima. 17 of the 23 units released have been sold at an average price of $2,500 psf
And elsewhere, about 70 per cent of units released at Sui Generis - a condominium in the Balmoral area being jointly developed by Singapore-listed United Engineers (UE) and Japan-based Kajima Corporation - have been sold at an average price of $2,500 per square foot (psf), UE said yesterday.
At the 40-unit Sui Generis, 17 units of the 23 released were sold through overseas previews during the past two months, UE said.
Prices fetched ranged from $2,300 psf to $2,580 psf. About 90 per cent of the units were bought by foreigners during roadshows in Indonesia and Hong Kong, UE said.
‘Given the continued foreign interest in Singapore properties, Sui Generis will tour various cities including Jakarta and Hong Kong,’ said Joseph Tan, executive director of residential at CB Richard Ellis (CBRE), which is marketing the project. Sui Generis will be launched in Singapore early next year.
CBRE said the average price of $2,500 psf is a benchmark for the Balmoral area.
‘Buyers are drawn by the good unit layout and quality of finishes, which explains why the project has achieved a benchmark sale price,’ Mr Tan said.
Sui Generis comprises mostly three and four-bedroom apartments. There are also four penthouses. The project’s name is a Latin expression that means ‘a person or thing that is unique and in a class of its own’.
At Amber Residences, the average price per unit came to $1,650 psf, with choice high-floor units being sold for more than $1,800 psf, said Savills Singapore, which is marketing the project.
‘Following the overwhelming success and strong demand for this unique development, we plan to release a few more units for this coming Sunday’s preview,’ said Phylicia Ang, senior associate director of Savills’ residential division. ‘It will then be followed by an official launch for the remaining units - including choice units - from Dec 1.’
The sales were done by private invitation only and most of the buyers were locals, Savills said.
Amber Residences is made up of a single 21-storey block with mostly two, three and four-bedroom apartments. There are also six penthouses.
The project is possibly the first on the East Coast where all units have a premium finish and fittings usually associated with high-end condominiums, Ms Ang said.
70 units snapped up within hours during private preview at $1,650 psf average.
MORE than 70 of the 114 units at Voda Land’s Amber Residences in Amber Road were snapped up within hours during a private preview on Sunday at an average price of $1,650 per square foot (psf), the agency marketing the project said yesterday.
Sui Generis: The 40-unit condo in the Balmoral area is a joint project of UE and Kajima. 17 of the 23 units released have been sold at an average price of $2,500 psfAnd elsewhere, about 70 per cent of units released at Sui Generis - a condominium in the Balmoral area being jointly developed by Singapore-listed United Engineers (UE) and Japan-based Kajima Corporation - have been sold at an average price of $2,500 per square foot (psf), UE said yesterday.
At the 40-unit Sui Generis, 17 units of the 23 released were sold through overseas previews during the past two months, UE said.
Prices fetched ranged from $2,300 psf to $2,580 psf. About 90 per cent of the units were bought by foreigners during roadshows in Indonesia and Hong Kong, UE said.
‘Given the continued foreign interest in Singapore properties, Sui Generis will tour various cities including Jakarta and Hong Kong,’ said Joseph Tan, executive director of residential at CB Richard Ellis (CBRE), which is marketing the project. Sui Generis will be launched in Singapore early next year.
CBRE said the average price of $2,500 psf is a benchmark for the Balmoral area.
‘Buyers are drawn by the good unit layout and quality of finishes, which explains why the project has achieved a benchmark sale price,’ Mr Tan said.
Sui Generis comprises mostly three and four-bedroom apartments. There are also four penthouses. The project’s name is a Latin expression that means ‘a person or thing that is unique and in a class of its own’.
At Amber Residences, the average price per unit came to $1,650 psf, with choice high-floor units being sold for more than $1,800 psf, said Savills Singapore, which is marketing the project.
‘Following the overwhelming success and strong demand for this unique development, we plan to release a few more units for this coming Sunday’s preview,’ said Phylicia Ang, senior associate director of Savills’ residential division. ‘It will then be followed by an official launch for the remaining units - including choice units - from Dec 1.’
The sales were done by private invitation only and most of the buyers were locals, Savills said.
Amber Residences is made up of a single 21-storey block with mostly two, three and four-bedroom apartments. There are also six penthouses.
The project is possibly the first on the East Coast where all units have a premium finish and fittings usually associated with high-end condominiums, Ms Ang said.
Fifteen Balestier Terrace Houses Sold For $61m
Source : The Business Times, November 20, 2007
Buyer pays $739 ppr, a record for freehold residential land in vicinity.
A ROW of 15 terrace houses in Jalan Bunga Raya have been sold for $61 million or an all-up unit land price of $739 per sq ft per plot ratio (psf ppr) - a record for freehold residential land in the Balestier/Novena area.
Hot properties: GMG Building (left), a 12-storey freehold office block in Robinson Road, has been put up for sale. The 15 terrace houses along Jalan Bunga Raya have a total land area of 24,058 sq ft. Access to the houses is by Jalan Bunga Raya, which can be alienated by the state for about $7m, boosting the land area to 32,978 sq ft
Before the deal, which was brokered by DTZ, the highest residential land price fetched in the area was around $600 psf ppr.
DTZ said the buyer of the 15 houses is a consortium comprising Chinese developers and local partners. All owners of the houses have agreed to the sale.
The 15 homes have a total land area of 24,058 sq ft. Access to the houses is by Jalan Bunga Raya, which can be alienated by the state for about $7 million, boosting the land area to 32,978 sq ft, subject to approval by the Singapore Land Authority.
A development charge of about $263,000 is also payable. The $739 psf ppr unit land price to the developer includes these two payments it will have to make to the state and based on the enlarged plot size.
Under Master Plan 2003, the site has a 2.8 maximum plot ratio - the ratio of maximum potential gross floor area to land area - and a 36-storey height limit. DTZ estimates the plot can be developed into a new condo with about 56 apartments averaging 1,500 sq ft. ‘The breakeven cost is likely to be $1,150-1,200 psf,’ said DTZ senior director, investor advisory services & auction, Shaun Poh.
Separately, DTZ has put up for sale GMG Building, a 12-storey freehold office block in Robinson Road.
The property is being sold by Robinson Land Pte Ltd, which is currently refurbishing the block. Refurbishment work, estimated to cost about $5-6 million, is expected to be completed and the building ready for occupation around the first quarter of 2008.
‘This prime office building will be sold, completely refurbished and with vacant possession, which would allow investors to take advantage of current favourable office rental rates,’ Mr Poh said.
‘It’s also an excellent opportunity for end-users seeking a corporate HQ with naming rights. The property is expected to fetch about $2,600 psf over the total strata area of 54,832 sq ft, working out to a total amount of $142.6 million.’
Robinson Land, whose shareholders include the Buxani Group of Singapore and some overseas investors, bought GMG Building last year for $48 million or $875 psf of strata area.
Refurbishment work, which started recently, will boost the building’s net lettable area (NLA) to 54,895 sq ft, about 5 per cent higher than the previous NLA. There is not much redevelopment.
The refurbished building is being sold through an expression of interest exercise that closes on Dec 5.
Buyer pays $739 ppr, a record for freehold residential land in vicinity.
A ROW of 15 terrace houses in Jalan Bunga Raya have been sold for $61 million or an all-up unit land price of $739 per sq ft per plot ratio (psf ppr) - a record for freehold residential land in the Balestier/Novena area.
Hot properties: GMG Building (left), a 12-storey freehold office block in Robinson Road, has been put up for sale. The 15 terrace houses along Jalan Bunga Raya have a total land area of 24,058 sq ft. Access to the houses is by Jalan Bunga Raya, which can be alienated by the state for about $7m, boosting the land area to 32,978 sq ft
Before the deal, which was brokered by DTZ, the highest residential land price fetched in the area was around $600 psf ppr.DTZ said the buyer of the 15 houses is a consortium comprising Chinese developers and local partners. All owners of the houses have agreed to the sale.
The 15 homes have a total land area of 24,058 sq ft. Access to the houses is by Jalan Bunga Raya, which can be alienated by the state for about $7 million, boosting the land area to 32,978 sq ft, subject to approval by the Singapore Land Authority.
A development charge of about $263,000 is also payable. The $739 psf ppr unit land price to the developer includes these two payments it will have to make to the state and based on the enlarged plot size.
Under Master Plan 2003, the site has a 2.8 maximum plot ratio - the ratio of maximum potential gross floor area to land area - and a 36-storey height limit. DTZ estimates the plot can be developed into a new condo with about 56 apartments averaging 1,500 sq ft. ‘The breakeven cost is likely to be $1,150-1,200 psf,’ said DTZ senior director, investor advisory services & auction, Shaun Poh.
Separately, DTZ has put up for sale GMG Building, a 12-storey freehold office block in Robinson Road.
The property is being sold by Robinson Land Pte Ltd, which is currently refurbishing the block. Refurbishment work, estimated to cost about $5-6 million, is expected to be completed and the building ready for occupation around the first quarter of 2008.
‘This prime office building will be sold, completely refurbished and with vacant possession, which would allow investors to take advantage of current favourable office rental rates,’ Mr Poh said.
‘It’s also an excellent opportunity for end-users seeking a corporate HQ with naming rights. The property is expected to fetch about $2,600 psf over the total strata area of 54,832 sq ft, working out to a total amount of $142.6 million.’
Robinson Land, whose shareholders include the Buxani Group of Singapore and some overseas investors, bought GMG Building last year for $48 million or $875 psf of strata area.
Refurbishment work, which started recently, will boost the building’s net lettable area (NLA) to 54,895 sq ft, about 5 per cent higher than the previous NLA. There is not much redevelopment.
The refurbished building is being sold through an expression of interest exercise that closes on Dec 5.
Orchard Road Prime Rents 4th Highest In Asia
Source : The Business Times, November 20, 2007
ORCHARD Road prime rents have hit $325US psf per year, making it the world’s 14th most expensive area for shopkeepers. By contrast, annual prime rents for sites on New York’s Fifth Avenue are $1US,500 psf, or $922US for sites on the Avenue des Champs Elysees, in Paris.
Orchard Road is also the fourth most expensive shopping location in this region - after those in Hong Kong (Causeway Bay - $1US,213 psf/year), Tokyo (Ginza - $683US psf/year) and Seoul (Gangnam Station - $431US psf/year).
A report by Cushman & Wakefield (C&W) shows that Singapore’s busiest shopping street did slip one place from its previous 13th position last year but attributed this to the strength of the euro over the Singapore dollar.
C&W’s report tracks retail rents in the world’s top 231 shopping locations across 44 countries. Its data show that annual prime rents increased by 11.3 per cent for Orchard Road while in the top three most expensive locations in New York’s Fifth Avenue, Hong Kong’s Causeway Bay and Paris’s Avenue des Champs Elysees, rents increased by 11.1, 6.97 and 14.5 per cent respectively.
At the fourth and fifth most expensive locations - London’s New Bond Street ($814US psf/year) and Tokyo’s Ginza - annual rents increased by 20.95 and 4.8 per cent respectively.
Although C&W expects retail rents in Singapore to continue their upward trend, it noted that rents in other cities have increased faster, notably in India. It believes that this will help make Singapore more competitive and maintain its attractiveness as a retail destination in the region.
Rental growth across Asia as a whole increased by 23.8 per cent. C&W head of retail services (Asia Pacific) Sebastian Skiff said: ‘Of particular note is the robust performance in Tokyo driven largely by lack of supply. India saw particularly strong growth, with rents nationally up 53.5 per cent.’
He also noted that Australia, Korea, Singapore and Hong Kong saw solid growth from already relatively high bases.
On the demand for prime retail space, C&W’s global head of retail, John Strachan, said: ‘We are seeing the emergence of a line-up of global shopping destinations, whether Fifth Avenue in New York, Causeway Bay in Hong Kong or Avenue des Champs Elysees in Paris, where retailers are using flagship stores in prestige locations to leverage the value of their brands.’
Globally, Chicago’s Oak Street was the location with the biggest rental increases in local currency. Rents for prime properties doubled in one year.
This was followed by rents in New Delhi’s Ansal Plaza and Connaught Place which saw annual increases of 87.5 per cent while rents in St Petersburg’s Nevsky Prospekt increase by 81.8 per cent.
ORCHARD Road prime rents have hit $325US psf per year, making it the world’s 14th most expensive area for shopkeepers. By contrast, annual prime rents for sites on New York’s Fifth Avenue are $1US,500 psf, or $922US for sites on the Avenue des Champs Elysees, in Paris.
Orchard Road is also the fourth most expensive shopping location in this region - after those in Hong Kong (Causeway Bay - $1US,213 psf/year), Tokyo (Ginza - $683US psf/year) and Seoul (Gangnam Station - $431US psf/year).
A report by Cushman & Wakefield (C&W) shows that Singapore’s busiest shopping street did slip one place from its previous 13th position last year but attributed this to the strength of the euro over the Singapore dollar.
C&W’s report tracks retail rents in the world’s top 231 shopping locations across 44 countries. Its data show that annual prime rents increased by 11.3 per cent for Orchard Road while in the top three most expensive locations in New York’s Fifth Avenue, Hong Kong’s Causeway Bay and Paris’s Avenue des Champs Elysees, rents increased by 11.1, 6.97 and 14.5 per cent respectively.
At the fourth and fifth most expensive locations - London’s New Bond Street ($814US psf/year) and Tokyo’s Ginza - annual rents increased by 20.95 and 4.8 per cent respectively.
Although C&W expects retail rents in Singapore to continue their upward trend, it noted that rents in other cities have increased faster, notably in India. It believes that this will help make Singapore more competitive and maintain its attractiveness as a retail destination in the region.
Rental growth across Asia as a whole increased by 23.8 per cent. C&W head of retail services (Asia Pacific) Sebastian Skiff said: ‘Of particular note is the robust performance in Tokyo driven largely by lack of supply. India saw particularly strong growth, with rents nationally up 53.5 per cent.’
He also noted that Australia, Korea, Singapore and Hong Kong saw solid growth from already relatively high bases.
On the demand for prime retail space, C&W’s global head of retail, John Strachan, said: ‘We are seeing the emergence of a line-up of global shopping destinations, whether Fifth Avenue in New York, Causeway Bay in Hong Kong or Avenue des Champs Elysees in Paris, where retailers are using flagship stores in prestige locations to leverage the value of their brands.’
Globally, Chicago’s Oak Street was the location with the biggest rental increases in local currency. Rents for prime properties doubled in one year.
This was followed by rents in New Delhi’s Ansal Plaza and Connaught Place which saw annual increases of 87.5 per cent while rents in St Petersburg’s Nevsky Prospekt increase by 81.8 per cent.
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