Source : The Business Times, March 27, 2008
Marketing agent CBRE pegs guide price at $40m
THE Presbyterian Church in Singapore has put up for sale a large 9,445 square metre (101,662 square foot) site in the Telok Kurau area.
The church said in a statement yesterday that the sale by tender is part of its strategy to unlock the value of selected properties to support the financial needs of the church, as well as its missions and school ministries.
CB Richard Ellis has been appointed marketing agent for the site which is at 116 Lorong J, Telok Kurau and 119 Lorong K, Telok Kurau. The legal owner is the Trustees of the Presbyterian Church in Singapore Registered.
The Urban Redevelopment Authority has granted an Outline Permission for the construction of a five-storey condominium development with a plot ratio of 1.4.
The development site is located a short drive away from Parkway Parade, East Coast Park and education institutions such as Tao Nan School (Primary) and Victoria Junior College.
Developers have the option to purchase the site with a leasehold tenure of 105 years or 999 years commencing Jan 26, 1939.
CBRE pegged the guide price at $40 million or about $607 per square foot per plot ratio.
Development charge is estimated at $46.44 million for a condominium development.
Under the Master Plan 2003, the site is zoned civic and community institution. Other potential uses are strata landed housing development or civic, community and cultural development. These uses incur a lower development charge.
Potential uses will, however, be subject to evaluation by the competent authority.
But for a condominium development, the developer can build about 118 units assuming an average size of 1,200 square feet each. The tender exercise closes at 3 pm on April 30, 2008.
Thursday, March 27, 2008
风景楼集体出售 因高庭裁决告吹
《联合早报》Mar 26, 2008
由于在向分层地契局申请集体出售时，没有取得超过80％业主同意出售，高庭判风景楼（Airview Towers）不能集体出售，同意出售业主的上诉失败。
分层地契局去年10月不批准其集体出售申请，同意出售业主不满判决，向高庭上诉。
位于里峇峇利路的风景楼，占地6万3264平方英尺，由两栋13层楼高的公寓大厦组成，共有100个单位。去年3月出售时，万国(Bukit Sembawang Estates)子公司Bukit Sembawang View去年3月30日以2亿零217万元将它买下，创下那一带当时的集体出售价格新高。
虽然在分层地契局审理时，只有一户人家反对集体出售，但分层地契局基于销售委员会在申请集体出售时，有两户家庭的协议书有问题，使得同意出售的业主不超过所需的至少80％，而不批准申请。
同意出售的业主向高庭提出是否能把错误当成是技术上的过失，但审理上诉的高庭法官李兆坚认为，这可能损害少数业主的利益，因此驳回上诉。
李兆坚法官指出，由于问题在协议有效期满后才修正，如果把问题看成是技术上的错误，就等于超越了国会为维护少数业主利益所设下的安全线。
国会规定集体出售协议书的有效期是索取第一个签名之后的12个月内，因此在期满之后发现问题，唯一能够修正错误的做法是重新签署新的协议书。
唯一提出反对的少数业主李克恩昨天接受本报访问时表示，由于居住在风景楼超过30年，对所有的邻居相当熟悉，加上自己作为商业顾问的经验，在翻阅集体出售文件时一眼就看出有问题。
他声称自己曾经要求销售委员会修正错误，但它们却当作耳边风，毅然向分层地契局提出申请。认为它们的做法很不诚实，而且整个集体出售过程欠缺透明，李克恩因此决定向分层地契局提出反对。李克恩表示，虽然在销售委员会找到买家后，他就立即买了新房子，已准备迁出，但还是很高兴能保住家园。
他说，风景楼曾多次集体出售，但都告吹，而他一直以来都不答应参与集体出售，为的是守住对两名女儿的承诺。
“我两名女儿很喜欢这里的环境，就读的学校也都在附近。风景楼第一次集体出售时，她们要求我不能把家给卖了，直到今天我都守住对她们的承诺。”
据了解，风景楼早在1996年尝试集体出售，但由于当时需要100％业主同意出售，因此没有成功。集体出售法令改革之后，风景楼曾经与旁边的两个公寓项目——光辉楼（Chez Bright Apartments）和圣汤姆士园（St Thomas Mansions）集体出售，但最后也没有结果。
2006年6月，新一组的销售委员会寻求集体出售，但没有成功，后来在去年2月再度尝试，而且还将价格提高50％，达2亿1000万元。
风景楼集体出售告吹，一些同意出售的业主一方面感到释怀，另一方面却感到不安。
在销售委员会找到买方之后才签署集体出售协议的退休人士苏承渊说：“当时，既然大家都答应出售，反正我不签也得搬，所以就签了。后来得知他们并没有取得80％底线就申请出售，感觉自己好像受骗了，真的很生气。”
他表示，房地产价格大涨，能够不卖值得庆幸，但目前非常担心买方可能采取法律行动。
由于在向分层地契局申请集体出售时，没有取得超过80％业主同意出售，高庭判风景楼（Airview Towers）不能集体出售，同意出售业主的上诉失败。
分层地契局去年10月不批准其集体出售申请，同意出售业主不满判决，向高庭上诉。
位于里峇峇利路的风景楼，占地6万3264平方英尺，由两栋13层楼高的公寓大厦组成，共有100个单位。去年3月出售时，万国(Bukit Sembawang Estates)子公司Bukit Sembawang View去年3月30日以2亿零217万元将它买下，创下那一带当时的集体出售价格新高。
虽然在分层地契局审理时，只有一户人家反对集体出售，但分层地契局基于销售委员会在申请集体出售时，有两户家庭的协议书有问题，使得同意出售的业主不超过所需的至少80％，而不批准申请。
同意出售的业主向高庭提出是否能把错误当成是技术上的过失，但审理上诉的高庭法官李兆坚认为，这可能损害少数业主的利益，因此驳回上诉。
李兆坚法官指出，由于问题在协议有效期满后才修正，如果把问题看成是技术上的错误，就等于超越了国会为维护少数业主利益所设下的安全线。
国会规定集体出售协议书的有效期是索取第一个签名之后的12个月内，因此在期满之后发现问题，唯一能够修正错误的做法是重新签署新的协议书。
唯一提出反对的少数业主李克恩昨天接受本报访问时表示，由于居住在风景楼超过30年，对所有的邻居相当熟悉，加上自己作为商业顾问的经验，在翻阅集体出售文件时一眼就看出有问题。
他声称自己曾经要求销售委员会修正错误，但它们却当作耳边风，毅然向分层地契局提出申请。认为它们的做法很不诚实，而且整个集体出售过程欠缺透明，李克恩因此决定向分层地契局提出反对。李克恩表示，虽然在销售委员会找到买家后，他就立即买了新房子，已准备迁出，但还是很高兴能保住家园。
他说，风景楼曾多次集体出售，但都告吹，而他一直以来都不答应参与集体出售，为的是守住对两名女儿的承诺。
“我两名女儿很喜欢这里的环境，就读的学校也都在附近。风景楼第一次集体出售时，她们要求我不能把家给卖了，直到今天我都守住对她们的承诺。”
据了解，风景楼早在1996年尝试集体出售，但由于当时需要100％业主同意出售，因此没有成功。集体出售法令改革之后，风景楼曾经与旁边的两个公寓项目——光辉楼（Chez Bright Apartments）和圣汤姆士园（St Thomas Mansions）集体出售，但最后也没有结果。
2006年6月，新一组的销售委员会寻求集体出售，但没有成功，后来在去年2月再度尝试，而且还将价格提高50％，达2亿1000万元。
风景楼集体出售告吹，一些同意出售的业主一方面感到释怀，另一方面却感到不安。
在销售委员会找到买方之后才签署集体出售协议的退休人士苏承渊说：“当时，既然大家都答应出售，反正我不签也得搬，所以就签了。后来得知他们并没有取得80％底线就申请出售，感觉自己好像受骗了，真的很生气。”
他表示，房地产价格大涨，能够不卖值得庆幸，但目前非常担心买方可能采取法律行动。
Foreigner Factor In Property Here To Stay
Source : The Business Times, March 27, 2008
Rising rents, influx of foreign talent set to spur demand for homes, say analysts
THE attraction to foreigners of buying a non-landed home in Singapore isn't expected to wane in the mid- to longer-term, say property experts.
Jones Lang LaSalle's head of research (SE Asia) Chua Yang Liang expects the ratio of foreign buying to be maintained in the short term - because of sub-prime uncertainty - but to increase moderately in the medium to longer term.
'A key factor is that residential rents have moved up quite a fair bit, and the low interest rate environment will encourage more foreigners and PRs (living here) to consider taking up home ownership,' he added. This, of course, is assuming that they can get loans.
Another factor that will contribute to the trend is the government's policy of encouraging more immigration into Singapore to power the Republic's economic growth, say market watchers.
Knight Frank executive director (residential) Peter Ow notes that non-PR foreign investors were last year a major buying force especially in the Core Central Region (CCR), drawn by the story of Singapore's transformation into a global city and its ambitions to be a hub in many fields - including financial, healthcare, education, R&D.
'The implication is that Singapore's property prices, especially in CCR, will be more affected by events in the rest of the world such as the sub-prime crisis which is now unfolding.
'But that's not necessarily a bad thing. If the situation worsens overseas and international investors view Singapore as a safe haven, that could draw more foreign funds to the local property market, especially in the CCR,' Mr Ow reckons.
'Increasingly, we may see more foreigners who will be able to afford properties in CCR. That also explains why some high-end residential developers are feeling pretty confident that prices will not slide in the luxury tier, as demand is being supported by foreign investors looking for a place to park their monies,' Mr Ow said.
A 12 percentage-point slide in Singaporean buyers' share of private apartments/condo purchases in the Outside Central Region - which covers mass-market suburban locations, the staple of Singaporean upgraders - between 2000 and 2007 revealed in JLL's study may have implications on that perpetual Singaporean dream - of upgrading to a private condo.
'The authorities may have to ramp up supply of the high-end of public housing, like the Design, Build and Sell Scheme (DBSS), and executive condos (ECs) to cater to local home buyers,' Mr Ow suggests.
ECs are condominium housing that have resale and other restrictions in the first 10 years, while DBSS are public housing flats designed, built and sold by private sector developers.
DTZ executive director Ong Choon Fah also says these housing types will help meet the aspirations of Singaporeans who feel priced out of private housing. 'There's a right product for everybody. We must understand that in a global economy, there is open competition. We must embrace meritocracy. Anybody can buy the product if they can pay. To survive, Singapore must keep attracting the best.'
Rising rents, influx of foreign talent set to spur demand for homes, say analysts
THE attraction to foreigners of buying a non-landed home in Singapore isn't expected to wane in the mid- to longer-term, say property experts.
Jones Lang LaSalle's head of research (SE Asia) Chua Yang Liang expects the ratio of foreign buying to be maintained in the short term - because of sub-prime uncertainty - but to increase moderately in the medium to longer term.
'A key factor is that residential rents have moved up quite a fair bit, and the low interest rate environment will encourage more foreigners and PRs (living here) to consider taking up home ownership,' he added. This, of course, is assuming that they can get loans.Another factor that will contribute to the trend is the government's policy of encouraging more immigration into Singapore to power the Republic's economic growth, say market watchers.
Knight Frank executive director (residential) Peter Ow notes that non-PR foreign investors were last year a major buying force especially in the Core Central Region (CCR), drawn by the story of Singapore's transformation into a global city and its ambitions to be a hub in many fields - including financial, healthcare, education, R&D.
'The implication is that Singapore's property prices, especially in CCR, will be more affected by events in the rest of the world such as the sub-prime crisis which is now unfolding.
'But that's not necessarily a bad thing. If the situation worsens overseas and international investors view Singapore as a safe haven, that could draw more foreign funds to the local property market, especially in the CCR,' Mr Ow reckons.
'Increasingly, we may see more foreigners who will be able to afford properties in CCR. That also explains why some high-end residential developers are feeling pretty confident that prices will not slide in the luxury tier, as demand is being supported by foreign investors looking for a place to park their monies,' Mr Ow said.
A 12 percentage-point slide in Singaporean buyers' share of private apartments/condo purchases in the Outside Central Region - which covers mass-market suburban locations, the staple of Singaporean upgraders - between 2000 and 2007 revealed in JLL's study may have implications on that perpetual Singaporean dream - of upgrading to a private condo.
'The authorities may have to ramp up supply of the high-end of public housing, like the Design, Build and Sell Scheme (DBSS), and executive condos (ECs) to cater to local home buyers,' Mr Ow suggests.
ECs are condominium housing that have resale and other restrictions in the first 10 years, while DBSS are public housing flats designed, built and sold by private sector developers.
DTZ executive director Ong Choon Fah also says these housing types will help meet the aspirations of Singaporeans who feel priced out of private housing. 'There's a right product for everybody. We must understand that in a global economy, there is open competition. We must embrace meritocracy. Anybody can buy the product if they can pay. To survive, Singapore must keep attracting the best.'
Rising Tide Of Foreigners Snapping Up S'pore Property
Source : The Business Times, March 27, 2008
S'poreans buying more private homes but their share is still falling as foreigners outpace them
Take a walk down some of the poshest parts of Singapore and your eyes will confirm precisely what the numbers say. With its immigration-friendly policies and its growing attraction for wealthy individuals across the world, Singapore is seeing more foreigners than ever before parking their funds in private property here - especially in the Core Central Region (CCR).
Singaporeans, too, are buying more private property but, in relative terms, their share is dwindling because of the foreign influx.
Result: From a 77 per cent share in the purchases of private apartments and condo units here in 2000, Singaporeans have seen their slice drop to 63 per cent in 2007, according to a study by Jones Lang LaSalle. This is their lowest share since 1995, which is as far back as the caveats captured by Urban Redevelopment Authority's Realis system go.
Conversely, foreigners (including permanent residents) accounted for 29 per cent of non-landed private homes purchased here last year - nearly double their 16 per cent share seven years earlier and also their highest ever.
Companies account for the remaining purchases.
Market watchers expect the trend to continue in the mid- to long-term. 'We need the external talent to support Singapore's economic growth in the long term, as the citizen population has not been replacing itself sufficiently,' says JLL's head of research (SE Asia) Chua Yang Liang.
JLL's study shows the trend of declining ratio of Singaporeans among non-landed private home buyers was most apparent in CCR - which has been a hotbed of purchases by foreign investors.
Here, Singaporeans accounted for 47 per cent or less than half the caveats lodged for the purchase of non-landed private homes last year, while foreigners (including PRs) had a 41 per cent share, nearly double their 21 per cent share back in 2000, according to Jones Lang LaSalle's analysis.
Foreigners who are not PRs have shot up the buying charts. They picked up 26 per cent of non-landed homes that changed hands in CCR last year, compared to their 11 per cent share seven years earlier. CCR includes the prime districts 9,10 and 11, Downtown Core location and Sentosa Cove.
DTZ executive director Ong Choon Fah likens the luxury residential sector in CCR to Central London, with a high proportion of foreign ownership. 'We'll have to accept that Singapore will be open to international competition, with funds and high net-worth individuals coming in. People who cannot afford to live in these areas will have to find alternative locations,' Mrs Ong says.
JLL's study showed that even in the Outside Central Region (which covers suburban locations and is a realm dominated by typical Singaporean home upgraders), the share of foreign buyers (including PRs) went up to 22 per cent last year from 13 per cent in 2000.
In the Rest of Central Region, which covers the mid-tier market, foreigners' (including PRs') share increased from 18 per cent in 2000 to 29 per cent in 2007. The percentage of non-landed homes bought by Singaporeans in the area fell from 74 per cent in 2000 to 61 per cent last year.
Jones Lang LaSalle analysis covered caveats lodged for the purchase of non-landed private homes in both primary and secondary markets (including subsales).
Overall, the absolute number of such properties purchased by all categories of buyers has increased over seven years. The total caveats lodged for purchases of apartments/condos more than tripled, from 9,347 in 2000 to 30,576 last year. Even though Singaporeans bought more than they did in 2000, their share fell as purchases by foreigners saw higher percentage gains.
Islandwide, the number of private apartments/con- dos bought by Singaporeans jumped 165 per cent from 7,225 units in 2000 to 19,154 units last year.
Over the same period, the number of private apartments/condos bought by foreigners (counting PRs as well) leapt 496 per cent from 1,491 units in 2000 to 8,884 units in 2007.
The increase was due partly to the influx of foreign talent into Singapore. 'As birth rate of the citizen population is below replacement level, in-migration has been necessary to sustain economic growth. As at end-2007, Singapore's total population stood at 4.588 million, with well over a million foreigners. This is a 33 per cent increase from the 750,000 foreigners as at-end 2000,' JLL says.
S'poreans buying more private homes but their share is still falling as foreigners outpace them
Take a walk down some of the poshest parts of Singapore and your eyes will confirm precisely what the numbers say. With its immigration-friendly policies and its growing attraction for wealthy individuals across the world, Singapore is seeing more foreigners than ever before parking their funds in private property here - especially in the Core Central Region (CCR).
Singaporeans, too, are buying more private property but, in relative terms, their share is dwindling because of the foreign influx.Result: From a 77 per cent share in the purchases of private apartments and condo units here in 2000, Singaporeans have seen their slice drop to 63 per cent in 2007, according to a study by Jones Lang LaSalle. This is their lowest share since 1995, which is as far back as the caveats captured by Urban Redevelopment Authority's Realis system go.
Conversely, foreigners (including permanent residents) accounted for 29 per cent of non-landed private homes purchased here last year - nearly double their 16 per cent share seven years earlier and also their highest ever.
Companies account for the remaining purchases.
Market watchers expect the trend to continue in the mid- to long-term. 'We need the external talent to support Singapore's economic growth in the long term, as the citizen population has not been replacing itself sufficiently,' says JLL's head of research (SE Asia) Chua Yang Liang.
JLL's study shows the trend of declining ratio of Singaporeans among non-landed private home buyers was most apparent in CCR - which has been a hotbed of purchases by foreign investors.
Here, Singaporeans accounted for 47 per cent or less than half the caveats lodged for the purchase of non-landed private homes last year, while foreigners (including PRs) had a 41 per cent share, nearly double their 21 per cent share back in 2000, according to Jones Lang LaSalle's analysis.
Foreigners who are not PRs have shot up the buying charts. They picked up 26 per cent of non-landed homes that changed hands in CCR last year, compared to their 11 per cent share seven years earlier. CCR includes the prime districts 9,10 and 11, Downtown Core location and Sentosa Cove.
DTZ executive director Ong Choon Fah likens the luxury residential sector in CCR to Central London, with a high proportion of foreign ownership. 'We'll have to accept that Singapore will be open to international competition, with funds and high net-worth individuals coming in. People who cannot afford to live in these areas will have to find alternative locations,' Mrs Ong says.
JLL's study showed that even in the Outside Central Region (which covers suburban locations and is a realm dominated by typical Singaporean home upgraders), the share of foreign buyers (including PRs) went up to 22 per cent last year from 13 per cent in 2000.
In the Rest of Central Region, which covers the mid-tier market, foreigners' (including PRs') share increased from 18 per cent in 2000 to 29 per cent in 2007. The percentage of non-landed homes bought by Singaporeans in the area fell from 74 per cent in 2000 to 61 per cent last year.
Jones Lang LaSalle analysis covered caveats lodged for the purchase of non-landed private homes in both primary and secondary markets (including subsales).
Overall, the absolute number of such properties purchased by all categories of buyers has increased over seven years. The total caveats lodged for purchases of apartments/condos more than tripled, from 9,347 in 2000 to 30,576 last year. Even though Singaporeans bought more than they did in 2000, their share fell as purchases by foreigners saw higher percentage gains.
Islandwide, the number of private apartments/con- dos bought by Singaporeans jumped 165 per cent from 7,225 units in 2000 to 19,154 units last year.
Over the same period, the number of private apartments/condos bought by foreigners (counting PRs as well) leapt 496 per cent from 1,491 units in 2000 to 8,884 units in 2007.
The increase was due partly to the influx of foreign talent into Singapore. 'As birth rate of the citizen population is below replacement level, in-migration has been necessary to sustain economic growth. As at end-2007, Singapore's total population stood at 4.588 million, with well over a million foreigners. This is a 33 per cent increase from the 750,000 foreigners as at-end 2000,' JLL says.
CCT To Buy CapitaLand Building For $1.165b
Source : The Straits Times, Mar 27, 2008
South-east Asia's largest developer CapitaLand said on Thursday that it has granted CapitaCommercial Trust (CCT) an option to buy the 1 George Street office building for $1.165 billion (US$844.2 million).
CapitaLand, which owns a 30-per cent stake in CCT, a Singapore-listed office property trust, said in a statement that it expects to recognise a $47.1 million gain from the sale. -- REUTERS
South-east Asia's largest developer CapitaLand said on Thursday that it has granted CapitaCommercial Trust (CCT) an option to buy the 1 George Street office building for $1.165 billion (US$844.2 million).CapitaLand, which owns a 30-per cent stake in CCT, a Singapore-listed office property trust, said in a statement that it expects to recognise a $47.1 million gain from the sale. -- REUTERS
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