Oct 21, 2007
2,000 high-end homes may be launched soon About 30 new condos may be launched by early next year, at least half of them in Orchard, Bukit Timah and Holland
By Fiona Chan, Property Reporter
SALES of new homes took a dive last month, but they might pick up soon as developers prepare to launch a string of projects over the next few months.
Almost 30 new condominiums could come on the market by early next year, said property consultancy Knight Frank.
'Market sentiments are gradually picking up following the United States sub-prime crisis, and launches could also increase in tandem,' said Mr Nicholas Mak, Knight Frank's director of research and consultancy.
He estimates that more than half of the launches will be in the prime districts of 9, 10 and 11 - Orchard, Holland, Bukit Timah and Newton - as well as in luxury enclave Sentosa Cove.
If all these projects are launched as planned, about 2,000 high-end homes could flood the market over the next six months, added Mr Mak. Broadly speaking, these are properties that will cost at least $2,000 per sq ft (psf), with a three-bedroom unit going for at least $2.5 million, he said.
'We are definitely counting on foreigners to come in and help absorb these homes, so we don't end up with an oversupply problem in the top tier,' he said. Residential areas likely to be in the spotlight include Bukit Timah, Thomson, Holland Village and East Coast. This is because prices in these areas have not moved as much as those in areas such as River Valley, Newton and Orchard.
Colliers International also predicted benchmark prices for two upcoming projects: the Ritz-Carlton Residences in Cairnhill and the development on the former Asia Hotel site. Prices at these projects could hit $4,500 psf on average, said Mr Vincent Chong, Colliers' residential sales director.
Mr Mak believes there will be few launches in the closely-watched mass-market segment until the middle of next year because developers started acquiring sites only recently.
'Most launches will come in nine to 18 months' time, and they are likely to be priced on the high side at $800 to $900 psf,' he said. 'Until then, most activity will be in the resale market, where a lack of new launches could push prices up significantly.'
Sunday, October 21, 2007
Friday, October 19, 2007
Business Times: Sites in Jurong, Holland, Orchard up for sale
October 18, 2007
Sites in Jurong, Holland, Orchard up for sale2 prime freehold sites could fetch $670-$700m each in collective sales
By KALPANA RASHIWALA
THREE sites for residential development were launched for tender yesterday - a 99-year leasehold, traditional suburban mass-market housing plot next to Lakeside MRT Station in the Jurong area, as well as two freehold, prime district sites offered through the collective sales of Villa delle Rose off Holland Road and Elizabeth Towers at Mount Elizabeth.
Villa delle Rose, with a land area of 297,132 sq ft, has a guide price of $700 million, which reflects a unit land price of $1,758 psf of potential gross floor area, inclusive of an estimated $31 million development charge. The site is zoned for residential use with a 1.4 plot ratio (ratio of maximum potential gross floor area to land area) and a four-storey maximum height under Master Plan 2003.
Its marketing agent CB Richard Ellis conducted an expression of interest for the property which ended in August and is said to have received offers of up to slightly over $1,600 psf per plot ratio (psf ppr). The EOI exercise had been launched before approval from majority owners was secured, which CBRE recently obtained.
CBRE executive director Jeremy Lake said in a news release yesterday that 'a few parties have approached us with keen interest, but the owners would like a transparent public tender to achieve the best results'.
Villa delle Rose, developed by Pontiac Land and Keck Seng, comprises 104 units ranging from 2,800 sq ft to 3,200 sq ft. All but a handful of units are rented out, CBRE said.
Over in the Orchard Road area, Elizabeth Towers' owners are looking at $673 million for their 54,318 sq ft site. This works out to $2,666 psf ppr. No development charge is payable. Planning approval has been obtained from the Urban Redevelopment Authority to build up to a plot ratio of 4.647, translating to a maximum gross floor area of 252,416 sq ft.
In Jurong, URA has launched the tender for a 2.2-hectare site flanked by Lakeside MRT Station and LakeHolmz condo. Property consultants reckon the site can be developed into around 680 apartments averaging 1,200 sq ft.
CBRE executive director Li Hiaw Ho estimates the site to be worth about $300 psf ppr, translating to a breakeven cost for a new condo at about $650 psf and an average selling price of about $700-750 psf.
Knight Frank, which predicts the site will draw between four and eight bids, estimates the site's land price at $325-$375 psf ppr, or a breakeven cost of around $650-$720 psf.
The firm's managing director, Tan Tiong Cheng, said developers will take into account the fact that the 'Jurong area has traditionally been a slower-moving market compared with other suburban/mass market locations'.
CBRE said that units in The Lakeshore condo a short distance away from the latest site are currently being marketed by its developer at around $800 psf.
In the subsale market, Lakeshore units have been sold recently at $650-750 psf, while apartments at The Centris one MRT station away have been changing hands at about $600-650 psf.
The Lakeholmz, a completed development, has been seeing sales in the $550-600 psf range, according to CBRE research.
Sites in Jurong, Holland, Orchard up for sale2 prime freehold sites could fetch $670-$700m each in collective sales
By KALPANA RASHIWALA
THREE sites for residential development were launched for tender yesterday - a 99-year leasehold, traditional suburban mass-market housing plot next to Lakeside MRT Station in the Jurong area, as well as two freehold, prime district sites offered through the collective sales of Villa delle Rose off Holland Road and Elizabeth Towers at Mount Elizabeth.
Villa delle Rose, with a land area of 297,132 sq ft, has a guide price of $700 million, which reflects a unit land price of $1,758 psf of potential gross floor area, inclusive of an estimated $31 million development charge. The site is zoned for residential use with a 1.4 plot ratio (ratio of maximum potential gross floor area to land area) and a four-storey maximum height under Master Plan 2003.
Its marketing agent CB Richard Ellis conducted an expression of interest for the property which ended in August and is said to have received offers of up to slightly over $1,600 psf per plot ratio (psf ppr). The EOI exercise had been launched before approval from majority owners was secured, which CBRE recently obtained.
CBRE executive director Jeremy Lake said in a news release yesterday that 'a few parties have approached us with keen interest, but the owners would like a transparent public tender to achieve the best results'.
Villa delle Rose, developed by Pontiac Land and Keck Seng, comprises 104 units ranging from 2,800 sq ft to 3,200 sq ft. All but a handful of units are rented out, CBRE said.
Over in the Orchard Road area, Elizabeth Towers' owners are looking at $673 million for their 54,318 sq ft site. This works out to $2,666 psf ppr. No development charge is payable. Planning approval has been obtained from the Urban Redevelopment Authority to build up to a plot ratio of 4.647, translating to a maximum gross floor area of 252,416 sq ft.
In Jurong, URA has launched the tender for a 2.2-hectare site flanked by Lakeside MRT Station and LakeHolmz condo. Property consultants reckon the site can be developed into around 680 apartments averaging 1,200 sq ft.
CBRE executive director Li Hiaw Ho estimates the site to be worth about $300 psf ppr, translating to a breakeven cost for a new condo at about $650 psf and an average selling price of about $700-750 psf.
Knight Frank, which predicts the site will draw between four and eight bids, estimates the site's land price at $325-$375 psf ppr, or a breakeven cost of around $650-$720 psf.
The firm's managing director, Tan Tiong Cheng, said developers will take into account the fact that the 'Jurong area has traditionally been a slower-moving market compared with other suburban/mass market locations'.
CBRE said that units in The Lakeshore condo a short distance away from the latest site are currently being marketed by its developer at around $800 psf.
In the subsale market, Lakeshore units have been sold recently at $650-750 psf, while apartments at The Centris one MRT station away have been changing hands at about $600-650 psf.
The Lakeholmz, a completed development, has been seeing sales in the $550-600 psf range, according to CBRE research.
Business Times: HDB expects stock of unsold flats to drop to 2,200 b
October 18, 2007
HDB expects stock of unsold flats to drop to 2,200 units by year-end
By ARTHUR SIM
THE stock of unsold Housing and Development Board (HDB) flats, which stood at about 10,000 three years ago, is now down to 3,500, and the board expects the stock to fall to 2,200 units by the end of the year.
Speaking at a press conference to release the HDB Annual Report 06/07 on Tuesday, HDB CEO Tay Kim Poh said: 'Positive growth has resulted in strong demand for HDB flats.'
Indeed, according to the figures in the latest annual report, demand appears to have outstripped supply.
For the financial year ended March 31, HDB sold 5,712 new flats, down from 10,100 flats in the previous year, a drop of over 40 per cent. But the number of flats completed in the year was also down, to just 1,764, a decline of nearly 60 per cent from the 4,378 flats of the 2005-06 period, perhaps explaining the recent spike of 6.5 per cent in HDB's Resale Price Index (flash estimate) for open market flats.
As at March 31, 14,212 flats were under construction, compared to 12,571 in the previous year. These flats have already been launched, and Mr Tay said: 'BTO (Built-to-Order) subscription is also very high.'
HDB's latest bi-monthly balloting/walk-in sale exercise also suggests that demand is high, with the 489 flats offered now almost 10 times oversubscribed. Four thousand and eight hundred online applications have been received so far.
New supply of about 6,000 flats from BTO exercises and the Design, Build and Sell Scheme is expected over the next six months but managing supply and demand will be a challenge.
HDB said that a projected 6,300 flats will be completed in FY07-08, followed by 1,700 in FY08-09, 4,000 in FY09-10, and 13,000 in FY10-11.
Savills Singapore director (marketing and business development) Ku Swee Yong said: 'Assuming about 5,000 to 7,000 flats are completed between 2008 and 2009, we are at best even on supply and demand.'
Mr Ku said improved economic conditions and population growth could have some impact on this balance.
It is, of course, difficult to predict future demand. A case in point would be the backlog of 10,000 unsold flats just three years ago.
Knight Frank director (research and consultancy) Nicholas Mak said that in the past, HDB built flats 'speculatively', hence the backlog. But, with the current practice of BTO exercises, the building programme has become more 'market responsive'.For now, any unsatisfied demand will have to be supplied by the resale market. 'The resale market is very big and has great capacity to increase demand,' added Mr Mak, but he also cautioned: 'If the economy and job market continues to expand, we can expect demand for new flats to spill over into the resale market and this could impact prices.'
While resale prices have gone up, the HDB said that the number of resale applications actually fell 7 per cent in FY06-07. This could be because HDB buyers are still very price sensitive.
HSR Property Group senior vice-president Donald Yeo said that he does not believe a supply crunch is imminent because many potential buyers already own HDB flats. Based on feedback from HSR property agents, Mr Yeo said that about eight out of 10 buyers already own flats, so even if there is a desire to buy a new flat - regardless of whether it is to upgrade or downgrade - there is no dire need to.'
Buyers who find resale prices too high are also prepared to wait for new flats rather than buy from the resale market,' he added.
HDB expects stock of unsold flats to drop to 2,200 units by year-end
By ARTHUR SIM
THE stock of unsold Housing and Development Board (HDB) flats, which stood at about 10,000 three years ago, is now down to 3,500, and the board expects the stock to fall to 2,200 units by the end of the year.
Speaking at a press conference to release the HDB Annual Report 06/07 on Tuesday, HDB CEO Tay Kim Poh said: 'Positive growth has resulted in strong demand for HDB flats.'
Indeed, according to the figures in the latest annual report, demand appears to have outstripped supply.
For the financial year ended March 31, HDB sold 5,712 new flats, down from 10,100 flats in the previous year, a drop of over 40 per cent. But the number of flats completed in the year was also down, to just 1,764, a decline of nearly 60 per cent from the 4,378 flats of the 2005-06 period, perhaps explaining the recent spike of 6.5 per cent in HDB's Resale Price Index (flash estimate) for open market flats.
As at March 31, 14,212 flats were under construction, compared to 12,571 in the previous year. These flats have already been launched, and Mr Tay said: 'BTO (Built-to-Order) subscription is also very high.'
HDB's latest bi-monthly balloting/walk-in sale exercise also suggests that demand is high, with the 489 flats offered now almost 10 times oversubscribed. Four thousand and eight hundred online applications have been received so far.
New supply of about 6,000 flats from BTO exercises and the Design, Build and Sell Scheme is expected over the next six months but managing supply and demand will be a challenge.
HDB said that a projected 6,300 flats will be completed in FY07-08, followed by 1,700 in FY08-09, 4,000 in FY09-10, and 13,000 in FY10-11.
Savills Singapore director (marketing and business development) Ku Swee Yong said: 'Assuming about 5,000 to 7,000 flats are completed between 2008 and 2009, we are at best even on supply and demand.'
Mr Ku said improved economic conditions and population growth could have some impact on this balance.
It is, of course, difficult to predict future demand. A case in point would be the backlog of 10,000 unsold flats just three years ago.
Knight Frank director (research and consultancy) Nicholas Mak said that in the past, HDB built flats 'speculatively', hence the backlog. But, with the current practice of BTO exercises, the building programme has become more 'market responsive'.For now, any unsatisfied demand will have to be supplied by the resale market. 'The resale market is very big and has great capacity to increase demand,' added Mr Mak, but he also cautioned: 'If the economy and job market continues to expand, we can expect demand for new flats to spill over into the resale market and this could impact prices.'
While resale prices have gone up, the HDB said that the number of resale applications actually fell 7 per cent in FY06-07. This could be because HDB buyers are still very price sensitive.
HSR Property Group senior vice-president Donald Yeo said that he does not believe a supply crunch is imminent because many potential buyers already own HDB flats. Based on feedback from HSR property agents, Mr Yeo said that about eight out of 10 buyers already own flats, so even if there is a desire to buy a new flat - regardless of whether it is to upgrade or downgrade - there is no dire need to.'
Buyers who find resale prices too high are also prepared to wait for new flats rather than buy from the resale market,' he added.
Business Times: Economy's solid growth to spill into 2008: NTU
October 18, 2007
Economy's solid growth to spill into 2008: NTU
It cites uptick in world electronics demand, sizzling construction activity
By LYNETTE KHOO
THANKS to the sustained health of the global economy, an uptick in world electronics demand and sizzling construction activity here, the rosy picture for Singapore's economy will persist into next year, Nanyang Technological University economists said yesterday.
Singapore's gross domestic product is expected to grow 8.3 per cent this year and 7.5 per cent in 2008, the Econometric Modelling Unit (EMU) of the Economic Growth Centre at NTU said in its bi-annual forecast for the economy.'
The expected growth in 2008 is due to external demand conditions, mainly the world economy is expected to remain healthy, China and India are expected to drive growth in Asia and the aggressive policies of the Federal Reserve with regard to the sub-prime mortgage market in the US would likely contain the credit squeeze in the US,' said NTU Associate Professor Joseph Alba.
Based on leading indicators for the electronics cluster, the upturn in global electronics demand will likely gather pace in 2008, while construction activity amid buoyant property prices and spillover effects from the building of the two integrated resorts here will provide further stimulus, he added.
The forecasts were made barring additional risks in the Middle East that could cause oil prices to spike further, but assumed high oil prices of US$80 a barrel.
Assoc Prof Choy Keen Meng, who has been spearheading the macro-economic forecasts since 2001, said the impact of oil price spikes on economic growth is not discernable as there are offsetting factors.
'Historically, the impact of oil price increases on the Singapore economy has been ambiguous,' said Assoc Prof Choy.
For the fourth quarter of this year, EMU expects Singapore's economy to grow 8.6 per cent after the government's advance estimates showed the economy growing 9.4 per cent in Q3.
Giving a sectoral breakdown, Assoc Prof Alba said growth in manufacturing, hotels and restaurants, transport and storage and information and communications is expected to accelerate in 2008 from 2007. But sectors like construction and financial services could see slightly slower growth in 2008 given the high base of comparison in 2007.
EMU also projects that one-off impact of the two percentage-point hike in the Goods and Services Tax will likely blow over by 2008, with the Consumer Price Index (CPI) to be 2.6 per cent in Q4, 1.6 per cent for the whole year and 2.4 per cent in 2008.
This falls within the official CPI forecast by the Monetary Authority of Singapore of 1.5-2 per cent for 2007 and 2-3 per cent for 2008.
The buoyant economic outlook is expected to put more pressure on inflation as labour costs increase, EMU said, but added that these wage pressures may moderate in 2008 as productivity growth accelerates or employment is allowed to grow through Singapore's flexible foreign labour policy.
It estimates that job creation will reach a record of 200,000 this year, after an all-time high of 176,000 last year. EMU's projected job creation would take the unemployment rate to 2.3 per cent for 2007 and 2 per cent for 2008 - the lowest level in a decade.
Economy's solid growth to spill into 2008: NTU
It cites uptick in world electronics demand, sizzling construction activity
By LYNETTE KHOO
THANKS to the sustained health of the global economy, an uptick in world electronics demand and sizzling construction activity here, the rosy picture for Singapore's economy will persist into next year, Nanyang Technological University economists said yesterday.
Singapore's gross domestic product is expected to grow 8.3 per cent this year and 7.5 per cent in 2008, the Econometric Modelling Unit (EMU) of the Economic Growth Centre at NTU said in its bi-annual forecast for the economy.'
The expected growth in 2008 is due to external demand conditions, mainly the world economy is expected to remain healthy, China and India are expected to drive growth in Asia and the aggressive policies of the Federal Reserve with regard to the sub-prime mortgage market in the US would likely contain the credit squeeze in the US,' said NTU Associate Professor Joseph Alba.
Based on leading indicators for the electronics cluster, the upturn in global electronics demand will likely gather pace in 2008, while construction activity amid buoyant property prices and spillover effects from the building of the two integrated resorts here will provide further stimulus, he added.
The forecasts were made barring additional risks in the Middle East that could cause oil prices to spike further, but assumed high oil prices of US$80 a barrel.
Assoc Prof Choy Keen Meng, who has been spearheading the macro-economic forecasts since 2001, said the impact of oil price spikes on economic growth is not discernable as there are offsetting factors.
'Historically, the impact of oil price increases on the Singapore economy has been ambiguous,' said Assoc Prof Choy.
For the fourth quarter of this year, EMU expects Singapore's economy to grow 8.6 per cent after the government's advance estimates showed the economy growing 9.4 per cent in Q3.
Giving a sectoral breakdown, Assoc Prof Alba said growth in manufacturing, hotels and restaurants, transport and storage and information and communications is expected to accelerate in 2008 from 2007. But sectors like construction and financial services could see slightly slower growth in 2008 given the high base of comparison in 2007.
EMU also projects that one-off impact of the two percentage-point hike in the Goods and Services Tax will likely blow over by 2008, with the Consumer Price Index (CPI) to be 2.6 per cent in Q4, 1.6 per cent for the whole year and 2.4 per cent in 2008.
This falls within the official CPI forecast by the Monetary Authority of Singapore of 1.5-2 per cent for 2007 and 2-3 per cent for 2008.
The buoyant economic outlook is expected to put more pressure on inflation as labour costs increase, EMU said, but added that these wage pressures may moderate in 2008 as productivity growth accelerates or employment is allowed to grow through Singapore's flexible foreign labour policy.
It estimates that job creation will reach a record of 200,000 this year, after an all-time high of 176,000 last year. EMU's projected job creation would take the unemployment rate to 2.3 per cent for 2007 and 2 per cent for 2008 - the lowest level in a decade.
Business Times: MAS ups pace of Sing $ appreciation, citing price pressures
MAS ups pace of Sing $ appreciation, citing price pressuresCurrency hits 10-year-high against US$ as news of new stance trickles in
By LARRY WEE
(SINGAPORE) The Monetary Authority of Singapore (MAS) surprised currency markets with a decision to ‘increase slightly’ the pace of annual appreciation for the trade-weighted Singapore dollar in its semi-annual Monetary Policy Statement yesterday - while keeping unchanged its overall stance of a modest and gradual appreciation.
Explaining the decision, MAS in a statement said: ‘Domestic price pressures are expected to persist due to heightened supply constraints, while externally, oil, food and other commodity prices will remain firm into next year.’
A stronger currency would help contain price increases by lowering the cost of imports.
Traders reported that the US dollar slid to a fresh 10-year low of S$1.4620 when the news of MAS’ stance hit the market at the start of currency trading yesterday morning, but it was able to make a slight comeback thereafter to end the day at S$1.4645 - possibly aided by some intervention, traders speculated.
That said, the news also prompted currency strategists to lower their end-2007 and 2008 forecasts for the US dollar yesterday.
In its latest statement yesterday, MAS raised its inflation forecast for 2008 to 2-3 per cent, with the recent Goods and Services Tax (GST) hike expected to raise headline consumer price inflation (CPI) to 3.5 per cent in the first half of 2008. This is up from the 1.5-2 per cent inflation pace that MAS now expects for the local economy in 2007 as a whole - which in turn was raised from the more modest 0.5-1.5 per cent rise in prices predicted in its April 2007 statement.
For overall GDP growth, the republic is also expected to out-do April’s 4.5-6.5 per cent forecast, to grow at the upper end of a revised 7-8 per cent pace this year.
In announcing its decision yesterday, MAS revealed that besides upping its appreciation pace slightly, there would be no re-centring of its policy band, or its width - both of which are undisclosed by the local central bank.
Since the early 1980s, the local central bank has fine-tuned the value of the S$NEER as the main tool of its monetary policy, given the very open nature of the local economy.
Private sector models have estimated that since MAS first implemented its current stance for a modest and gradual appreciation of the S$NEER in April 2004, this has translated into an annual appreciation pace of something like 1.5-2.5 per cent per annum, within plus/minus bands of up to 2.5 per cent around its changing central value.
With MAS’ decision to ‘increase slightly the slope of the S$NEER policy band’ announced yesterday, that annual appreciation pace of 1.5-2.5 per cent could now have been raised to something like 2-3 per cent, suggest MAS watchers here.
Jimmy Koh, head of economic and treasury research at UOB, suggests an appreciation pace of 2.5 per cent into 2008, while JPMorgan’s head of Asia forex research Claudio Piron estimates the pace has risen now from 2.25 to 2.75 per cent per annum.
And, suggested OCBC currency strategist Emmanuel Ng yesterday: ‘Our initial take is that the slope steepening, as opposed to the other alternative of re-centring the band higher at pre-announcement levels, represents a more hawkish policy signal. Over the medium term, this suggests greater latitude for S$NEER appreciation if the need so arises compared to a band re-centring.’
Mr Koh explained his upward-revised 2.5 per cent appreciation pace for the S$NEER based on MAS’ higher inflation forecast: ‘If inflation is now expected to rise 2-3 per cent in 2008, this would seem to suggest that the S$NEER appreciation path will also increase from the previous estimate of 2 per cent to 2.5 per cent or so.’
He has accordingly revised his year-end targets for the US dollar lower this year and next - to S$1.47 and S$1.44 respectively, compared to S$1.48 and S$1.46 before MAS announcement yesterday.
He explained: ‘It appears to us that China may have also upped its appreciation pace for the yuan more recently, to something like 5-7 per cent per annum, and we expect Asian units to become more willing to take over the bigger share of appreciation versus the US dollar in 2008 - taking over from 2007’s top gainers like the euro, Australian dollar and Canadian dollar.’
Mr Piron, who estimates a slightly faster pace of 2.75 per cent, now expects the US currency to finish the year at S$1.46, down from S$1.48 before the MAS decision.
But, he cautioned that this may not have any large impact in the short-term: ‘Note that an additional half-a-per-cent increase in the slope translates into an additional 0.13 basis points per day on a 360 day count basis.
‘Indeed, the MAS is suspected by some participants to have slowed Sing appreciation this morning near the USD/SGD 1.4640-50 level, which according to our MAS S$NEER reading at the time was 130 basis points on the strong side of the policy band and close to (our estimated) 150 basis point upper limit.’
By LARRY WEE
(SINGAPORE) The Monetary Authority of Singapore (MAS) surprised currency markets with a decision to ‘increase slightly’ the pace of annual appreciation for the trade-weighted Singapore dollar in its semi-annual Monetary Policy Statement yesterday - while keeping unchanged its overall stance of a modest and gradual appreciation.
Explaining the decision, MAS in a statement said: ‘Domestic price pressures are expected to persist due to heightened supply constraints, while externally, oil, food and other commodity prices will remain firm into next year.’
A stronger currency would help contain price increases by lowering the cost of imports.
Traders reported that the US dollar slid to a fresh 10-year low of S$1.4620 when the news of MAS’ stance hit the market at the start of currency trading yesterday morning, but it was able to make a slight comeback thereafter to end the day at S$1.4645 - possibly aided by some intervention, traders speculated.
That said, the news also prompted currency strategists to lower their end-2007 and 2008 forecasts for the US dollar yesterday.
In its latest statement yesterday, MAS raised its inflation forecast for 2008 to 2-3 per cent, with the recent Goods and Services Tax (GST) hike expected to raise headline consumer price inflation (CPI) to 3.5 per cent in the first half of 2008. This is up from the 1.5-2 per cent inflation pace that MAS now expects for the local economy in 2007 as a whole - which in turn was raised from the more modest 0.5-1.5 per cent rise in prices predicted in its April 2007 statement.
For overall GDP growth, the republic is also expected to out-do April’s 4.5-6.5 per cent forecast, to grow at the upper end of a revised 7-8 per cent pace this year.
In announcing its decision yesterday, MAS revealed that besides upping its appreciation pace slightly, there would be no re-centring of its policy band, or its width - both of which are undisclosed by the local central bank.
Since the early 1980s, the local central bank has fine-tuned the value of the S$NEER as the main tool of its monetary policy, given the very open nature of the local economy.
Private sector models have estimated that since MAS first implemented its current stance for a modest and gradual appreciation of the S$NEER in April 2004, this has translated into an annual appreciation pace of something like 1.5-2.5 per cent per annum, within plus/minus bands of up to 2.5 per cent around its changing central value.
With MAS’ decision to ‘increase slightly the slope of the S$NEER policy band’ announced yesterday, that annual appreciation pace of 1.5-2.5 per cent could now have been raised to something like 2-3 per cent, suggest MAS watchers here.
Jimmy Koh, head of economic and treasury research at UOB, suggests an appreciation pace of 2.5 per cent into 2008, while JPMorgan’s head of Asia forex research Claudio Piron estimates the pace has risen now from 2.25 to 2.75 per cent per annum.
And, suggested OCBC currency strategist Emmanuel Ng yesterday: ‘Our initial take is that the slope steepening, as opposed to the other alternative of re-centring the band higher at pre-announcement levels, represents a more hawkish policy signal. Over the medium term, this suggests greater latitude for S$NEER appreciation if the need so arises compared to a band re-centring.’
Mr Koh explained his upward-revised 2.5 per cent appreciation pace for the S$NEER based on MAS’ higher inflation forecast: ‘If inflation is now expected to rise 2-3 per cent in 2008, this would seem to suggest that the S$NEER appreciation path will also increase from the previous estimate of 2 per cent to 2.5 per cent or so.’
He has accordingly revised his year-end targets for the US dollar lower this year and next - to S$1.47 and S$1.44 respectively, compared to S$1.48 and S$1.46 before MAS announcement yesterday.
He explained: ‘It appears to us that China may have also upped its appreciation pace for the yuan more recently, to something like 5-7 per cent per annum, and we expect Asian units to become more willing to take over the bigger share of appreciation versus the US dollar in 2008 - taking over from 2007’s top gainers like the euro, Australian dollar and Canadian dollar.’
Mr Piron, who estimates a slightly faster pace of 2.75 per cent, now expects the US currency to finish the year at S$1.46, down from S$1.48 before the MAS decision.
But, he cautioned that this may not have any large impact in the short-term: ‘Note that an additional half-a-per-cent increase in the slope translates into an additional 0.13 basis points per day on a 360 day count basis.
‘Indeed, the MAS is suspected by some participants to have slowed Sing appreciation this morning near the USD/SGD 1.4640-50 level, which according to our MAS S$NEER reading at the time was 130 basis points on the strong side of the policy band and close to (our estimated) 150 basis point upper limit.’
Business Times: Wealthy group growing fastest in S'pore
October 17, 2007
Wealthy group growing fastest in S'pore
By VIKRAM KHANNA IN SEOUL
SINGAPORE is home to the fastest-growing population of high net worth individuals (HNWIs) in the Asia-Pacific, according to a report by Merrill Lynch and Capgemini.
The 2007 Asia Pacific Wealth Report - released yesterday at the World Knowledge Forum, organised by the Maeil business newspaper, in Seoul - shows the number of HNWIs in Singapore rose 21.2 per cent last year to about 67,000.
India and Indonesia were the second and third-fastest growing markets for HNWIs, at 20.5 and 16 per cent respectively.
Overall, the number of HNWIs in the Asia-Pacific region grew 8.5 per cent this year to about 2.6 million.
Of the world's 10 fastest-growing HNWI markets last year, five were in the Asia-Pacific - Singapore, India, Indonesia, South Korea and Hong Kong.
HNWIs are defined as people with more than US$1 million in financial holdings excluding their primary residence. The report estimates overall HNWI wealth was about US$8.42 trillion at the end of last year.
In terms of the distribution of this wealth by market, Japan was the clear leader, accounting for 44 per cent or US$3.7 trillion, followed by China with 21 per cent or US$1.7 trillion. Singapore was the sixth-largest market, with HNWI wealth totalling US$320 billion last year.
Looking ahead, the report projects that Asia-Pacific HNWI wealth will grow about 8 per cent a year for the next three years to a staggering US$12.7 trillion by 2011.
In terms of investment behaviour, Asia-Pacific HNWI investors show certain characteristics, according to the report. In particular, they tend to prefer tangible assets - real estate and cash - to other investment classes.
They also invest most of their assets in the region. For instance, Singapore HNWIs allocated 52 per cent to the Asia-Pacific. However, in the future, Merrill Lynch and Capgemini reckon Asian HNWI investors will seek greater diversification, both by geography and investment classes.
Specifically, they foresee HNWIs seeking to invest in markets outside Asia and North America, and allocating a greater proportion of their wealth to fixed income and alternative investments such as structured products, private equity and hedge funds, as well as 'passion investments' such as wine and art.
Wealthy group growing fastest in S'pore
By VIKRAM KHANNA IN SEOUL
SINGAPORE is home to the fastest-growing population of high net worth individuals (HNWIs) in the Asia-Pacific, according to a report by Merrill Lynch and Capgemini.
The 2007 Asia Pacific Wealth Report - released yesterday at the World Knowledge Forum, organised by the Maeil business newspaper, in Seoul - shows the number of HNWIs in Singapore rose 21.2 per cent last year to about 67,000.
India and Indonesia were the second and third-fastest growing markets for HNWIs, at 20.5 and 16 per cent respectively.
Overall, the number of HNWIs in the Asia-Pacific region grew 8.5 per cent this year to about 2.6 million.
Of the world's 10 fastest-growing HNWI markets last year, five were in the Asia-Pacific - Singapore, India, Indonesia, South Korea and Hong Kong.
HNWIs are defined as people with more than US$1 million in financial holdings excluding their primary residence. The report estimates overall HNWI wealth was about US$8.42 trillion at the end of last year.
In terms of the distribution of this wealth by market, Japan was the clear leader, accounting for 44 per cent or US$3.7 trillion, followed by China with 21 per cent or US$1.7 trillion. Singapore was the sixth-largest market, with HNWI wealth totalling US$320 billion last year.
Looking ahead, the report projects that Asia-Pacific HNWI wealth will grow about 8 per cent a year for the next three years to a staggering US$12.7 trillion by 2011.
In terms of investment behaviour, Asia-Pacific HNWI investors show certain characteristics, according to the report. In particular, they tend to prefer tangible assets - real estate and cash - to other investment classes.
They also invest most of their assets in the region. For instance, Singapore HNWIs allocated 52 per cent to the Asia-Pacific. However, in the future, Merrill Lynch and Capgemini reckon Asian HNWI investors will seek greater diversification, both by geography and investment classes.
Specifically, they foresee HNWIs seeking to invest in markets outside Asia and North America, and allocating a greater proportion of their wealth to fixed income and alternative investments such as structured products, private equity and hedge funds, as well as 'passion investments' such as wine and art.
Thursday, October 18, 2007
District 21 - Jardin
JARDIN
LAUNCHING SOON (at preview prices!!)
For Preview Prices .. Call 9816 2825 now !!
Jardin (pronounced as "Jar-done")
Located at Bukit Timah / Dunearn Road. (In front of GardenVista).
Freehold / TOP 2013
Alternate Floors (1,3,5,7, etc ...) facing common garden (loft units.
Total : 140 units (90 loft units / 50 single storey units)
Maintenance (Approximate)
- 2 Bedrooms - $378
- 3 Bedrooms - $441
- 4 Bedrooms - $504
Interior Furnishings
- Marble Flooring : 600 X 600. Choice of white or beige color.
- Timber Flooring : Choice of light or dark brown.
Additional Info.
- 50m lap pool & wading pool on 11th storey.
- 4 room units are 40m away from main road.
- single storey units are 30m away from main road.
Features:·
- Refreshing “French-garden” Concept·
- Central location; near to top schools·
- Sky Garden on alternate levels·
- Recreation facilities located on roof-top·
- Private lift at all loft units
Nearby MRT Station:·
- Buona Vista MRT Station·
- Clementi MRT Station·
- Dover MRT Station
Nearby Shopping Centres:·
- Bukit Timah Plaza·
- Beauty World Plaza·
- Beauty World Centre·
- Bukit Timah Shopping Centre·
- Turf City
Nearby Schools / Institutions: ·
- Pei Hwa Presbyterian Primary School·
- Ngee Ann Polytechnic·
- Methodist Girls' School (Secondary)·
- Dutch Schools (Holland School)·
- Marketing Institution of Singapore
- S$1900 psf for single storey
- S$2200 psf for loft units
Wednesday, October 17, 2007
Straits Times: Record prices for some properties despite sliding sales
Oct 16, 2007
Record prices for some properties despite sliding salesSentiment steady last month despite fears over impact of US credit crisis
By Joyce Teo, Property Correspondent
PROPERTY sales slumped last month, as buyers stayed on the sidelines but there was a silver lining with prices at some projects hitting record levels.
The cause of the sales dip was clear - concerns in the United States over its subprime mortgage industry triggered meltdowns in share markets across the globe.
Many spooked buyers put purchases on hold but the fact that prices of the deals that were done stayed buoyant reflects the firm undertone for private residential properties.
Urban Redevelopment Authority (URA) data showed that the number of new homes sold last month fell nearly 70 per cent to just 529 units, from 1,731 in August. July sales amounted to 1,378.
Developers typically sell about 7,500 new homes a year, though the recent boom has lifted figures. The URA data is based on sale options given by developers to buyers.
With more sales in the lower price ranges, median transacted prices, or the mid-point in prices, fell 27.7 per cent, from $1,328 per sq ft (psf) in August to $960 psf last month.
And with the lunar seventh month barely over, there were only a few new launches. One of them was Hillcrest Villa, a cluster of 99-year leasehold terrace homes near Dunearn Road.
Yet MCL Land still sold 162 out of the 163 units with a median price at $865 psf - said to be fairly high for a landed project in the area.
‘The high sales volume in August has caused a bit of indigestion in the market,’ said Knight Frank director (research and consultancy) Nicholas Mak.
‘September’s figures can thus be viewed as a healthy breather before the market resumes its momentum.’
Mr Mak said monthly sales would gradually improve to 800 to 1,000 units.
Sub-sales of residential property accounted for 6.8 per cent of all transactions last month, compared with 9.4 per cent in August, according to Colliers International.
Prices in some projects managed to hit records.
In the high-end segment, Ho Bee sold 36 units of its latest Sentosa Cove project Turquoise. The 91-unit project’s median price hit $2,587 psf while the highest was $2,772 psf, a record for the Cove.
In Scotts Road, Wheelock Properties sold 27 units of Scotts Square, of which 12 were above $4,000 psf.
A high for the month of $4,359 psf was recorded, with the median price at $3,985. It was the only project to sell above $4,000 psf last month.
There were also a few record highs for suburban projects. Two units at the 318-unit Gardenvista in Dunearn Road were sold at $1,223 psf and a record high of $1,449.
Sales at The Lakeshore in Boon Lay Way ranged from $695 psf to a record $1,080.
‘These buyers could be buying for their own use because the properties have just obtained their temporary occupation permit,’ said Savills Singapore director of marketing and business development Ku Swee Yong.
New projects such as The Beacon Edge in Tembeling Road also did relatively well. Six of the 32 units sold at
a median price of $1,306 psf, with a high of $1,327.
Achieving record highs in a slow month could mean there are serious buyers out there, said Mr Ku. ‘Right now, there is strong demand in the mid-tier and mass markets.’
These are homes costing $800 psf to $1,600 psf, he said.
Mr Ku said the market was doing better this month but sub-prime hangovers may keep activity slightly muted.
Record prices for some properties despite sliding salesSentiment steady last month despite fears over impact of US credit crisis
By Joyce Teo, Property Correspondent
PROPERTY sales slumped last month, as buyers stayed on the sidelines but there was a silver lining with prices at some projects hitting record levels.
The cause of the sales dip was clear - concerns in the United States over its subprime mortgage industry triggered meltdowns in share markets across the globe.
Many spooked buyers put purchases on hold but the fact that prices of the deals that were done stayed buoyant reflects the firm undertone for private residential properties.
Urban Redevelopment Authority (URA) data showed that the number of new homes sold last month fell nearly 70 per cent to just 529 units, from 1,731 in August. July sales amounted to 1,378.
Developers typically sell about 7,500 new homes a year, though the recent boom has lifted figures. The URA data is based on sale options given by developers to buyers.
With more sales in the lower price ranges, median transacted prices, or the mid-point in prices, fell 27.7 per cent, from $1,328 per sq ft (psf) in August to $960 psf last month.
And with the lunar seventh month barely over, there were only a few new launches. One of them was Hillcrest Villa, a cluster of 99-year leasehold terrace homes near Dunearn Road.
Yet MCL Land still sold 162 out of the 163 units with a median price at $865 psf - said to be fairly high for a landed project in the area.
‘The high sales volume in August has caused a bit of indigestion in the market,’ said Knight Frank director (research and consultancy) Nicholas Mak.
‘September’s figures can thus be viewed as a healthy breather before the market resumes its momentum.’
Mr Mak said monthly sales would gradually improve to 800 to 1,000 units.
Sub-sales of residential property accounted for 6.8 per cent of all transactions last month, compared with 9.4 per cent in August, according to Colliers International.
Prices in some projects managed to hit records.
In the high-end segment, Ho Bee sold 36 units of its latest Sentosa Cove project Turquoise. The 91-unit project’s median price hit $2,587 psf while the highest was $2,772 psf, a record for the Cove.
In Scotts Road, Wheelock Properties sold 27 units of Scotts Square, of which 12 were above $4,000 psf.
A high for the month of $4,359 psf was recorded, with the median price at $3,985. It was the only project to sell above $4,000 psf last month.
There were also a few record highs for suburban projects. Two units at the 318-unit Gardenvista in Dunearn Road were sold at $1,223 psf and a record high of $1,449.
Sales at The Lakeshore in Boon Lay Way ranged from $695 psf to a record $1,080.
‘These buyers could be buying for their own use because the properties have just obtained their temporary occupation permit,’ said Savills Singapore director of marketing and business development Ku Swee Yong.
New projects such as The Beacon Edge in Tembeling Road also did relatively well. Six of the 32 units sold at
a median price of $1,306 psf, with a high of $1,327.
Achieving record highs in a slow month could mean there are serious buyers out there, said Mr Ku. ‘Right now, there is strong demand in the mid-tier and mass markets.’
These are homes costing $800 psf to $1,600 psf, he said.
Mr Ku said the market was doing better this month but sub-prime hangovers may keep activity slightly muted.
Business Times: A sprinkling of new benchmark home prices
October 16, 2007
A sprinkling of new benchmark home pricesThese include deals at Sentosa Cove, science hub one-north, Boon Lay
By UMA SHANKARI
(SINGAPORE) Several new units sold by developers set record prices in various parts of Singapore last month, despite the overall lacklustre market, latest figures show.
Data released by the Urban Redevelopment Authority (URA) yesterday show that just 529 homes were sold in September, down from 1,731 in August and 1,381 in July.
However, despite the low volume, several of the units sold set new benchmarks in various parts of Singapore - including Sentosa Cove, science hub one-north and Boon Lay - analysts said.
They indicated that the high prices fetched, although only in some cases, show there is a strong, ‘genuine’ demand for new homes, despite September’s low take-up of new homes.
‘Even though the market is quiet, you still see these kinds of prices, which means that there are many serious buyers out there,’ said Savills Singapore’s director of marketing and business development, Ku Swee Yong.
A unit in Ho Bee’s Turquoise at Sentosa Cove was sold for $2,772 per square foot (psf), which analysts said is likely to be a new benchmark for Sentosa.
And over in the Newton area, a unit in Three Buckley went for $2,888 psf, a record for the area. In fact, all 11 units were sold at a median price of $2,853 psf, which is itself a new benchmark for the location, said Li Hiaw Ho, executive director of CBRE Research.
New benchmarks were also set in the suburbs.
In the west, a unit at United Engineers’ The Rochester went for $1,577 psf, a new record for the one-north vicinity. And near Upper Bukit Timah, a unit in Far East Organization’s Gardenvista on Dunearn Road sold for $1,449 psf. Mr Ku said that both prices were new highs in their respective areas.
Elsewhere, a unit in The Beacon Edge at Tembeling Road was sold at $1,327 psf while a unit of Vetro at Mar Thoma Road was sold for $1,044 psf. Both were new levels achieved at their respective locations, CBRE said.
But perhaps most unexpectedly, a unit in Far East Organization’s The Lakeshore in Boon Lay Way went for $1,080 psf - taking most property analysts by surprise, as the project in the far western part of Singapore has been on the market for more than two years.
A sprinkling of new benchmark home pricesThese include deals at Sentosa Cove, science hub one-north, Boon Lay
By UMA SHANKARI
(SINGAPORE) Several new units sold by developers set record prices in various parts of Singapore last month, despite the overall lacklustre market, latest figures show.
Data released by the Urban Redevelopment Authority (URA) yesterday show that just 529 homes were sold in September, down from 1,731 in August and 1,381 in July.
However, despite the low volume, several of the units sold set new benchmarks in various parts of Singapore - including Sentosa Cove, science hub one-north and Boon Lay - analysts said.
They indicated that the high prices fetched, although only in some cases, show there is a strong, ‘genuine’ demand for new homes, despite September’s low take-up of new homes.
‘Even though the market is quiet, you still see these kinds of prices, which means that there are many serious buyers out there,’ said Savills Singapore’s director of marketing and business development, Ku Swee Yong.
A unit in Ho Bee’s Turquoise at Sentosa Cove was sold for $2,772 per square foot (psf), which analysts said is likely to be a new benchmark for Sentosa.
And over in the Newton area, a unit in Three Buckley went for $2,888 psf, a record for the area. In fact, all 11 units were sold at a median price of $2,853 psf, which is itself a new benchmark for the location, said Li Hiaw Ho, executive director of CBRE Research.
New benchmarks were also set in the suburbs.
In the west, a unit at United Engineers’ The Rochester went for $1,577 psf, a new record for the one-north vicinity. And near Upper Bukit Timah, a unit in Far East Organization’s Gardenvista on Dunearn Road sold for $1,449 psf. Mr Ku said that both prices were new highs in their respective areas.
Elsewhere, a unit in The Beacon Edge at Tembeling Road was sold at $1,327 psf while a unit of Vetro at Mar Thoma Road was sold for $1,044 psf. Both were new levels achieved at their respective locations, CBRE said.
But perhaps most unexpectedly, a unit in Far East Organization’s The Lakeshore in Boon Lay Way went for $1,080 psf - taking most property analysts by surprise, as the project in the far western part of Singapore has been on the market for more than two years.
BT : The Estoril put up for collective sale at $208m
Business Times - 16 Oct 2007
The Estoril put up for collective sale at $208m No DC payable; price works out to about $1,536 psf per plot ratio
By ARTHUR SIM
The Estoril: CBRE estimates that a developer can build about 75 unitsassuming an average size of 1,800 sq ft each.
THE Estoril on Holland Road has been put up for collective sale, and the indicative price is $208 million.
This works out to about $1,536 per square foot per plot ratio (psf ppr) for the 84,600 square feet site.
Marketed by CB Richard Ellis (CBRE), its executive director of investment,Jeremy Lake, said that no development charge (DC) is payable due to the high development baseline.
He also said that developers would not incur DC to build the additional 10per cent gross floor area allowable for the provision of balconies.
Currently, there are 40 three-bedroom units and four penthouses on the site.
Based on the indicative price, the three-bedroom units will receive $4.32million each and the penthouses, $8.69 million or $8.78 million.CBRE estimates that the developer can build about 75 units assuming an average size of 1,800 sq ft each. The estimated breakeven is around $2,000-$2,050 psf.
In July, Tulip Garden, also in the Holland Road area, was sold for $516 million or about $1,018 psf ppr.
A recent CBRE report did note that a 'cautious mood' is being felt in theprivate land sales market due to the global credit tightening, the higherprice tags as well as the two rounds of revision to DC rates. Only 24 sitesworth a total of $1.96 billion were sold in the third quarter of 2007compared with 51 sites (worth $6.92 billion) in the previous quarter.
Separately, Colliers International noted that for the first time in at leastthe last two years, the residential sector did not take the top spot ininvestment sales in the third quarter.
In its report, Colliers noted that total sales of residential investmentproperties dived to $2.9 billion or 21.4 per cent of total sales.'This reflects a significant 68.3 per cent drop from last quarter's record$9 billion which accounted for 82.7 per cent of total investment sales in Q2'07,' it reported. 'The trend, where developers continued to land bank atrecord high prices in the previous quarters, was evidently not repeated inthis quarter.'
Attention was shifted to bulk purchases of strata residential units,including those at Costa Del Sol, Reflections at Keppel Bay and M21.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
The Estoril put up for collective sale at $208m No DC payable; price works out to about $1,536 psf per plot ratio
By ARTHUR SIM
The Estoril: CBRE estimates that a developer can build about 75 unitsassuming an average size of 1,800 sq ft each.
THE Estoril on Holland Road has been put up for collective sale, and the indicative price is $208 million.
This works out to about $1,536 per square foot per plot ratio (psf ppr) for the 84,600 square feet site.
Marketed by CB Richard Ellis (CBRE), its executive director of investment,Jeremy Lake, said that no development charge (DC) is payable due to the high development baseline.
He also said that developers would not incur DC to build the additional 10per cent gross floor area allowable for the provision of balconies.
Currently, there are 40 three-bedroom units and four penthouses on the site.
Based on the indicative price, the three-bedroom units will receive $4.32million each and the penthouses, $8.69 million or $8.78 million.CBRE estimates that the developer can build about 75 units assuming an average size of 1,800 sq ft each. The estimated breakeven is around $2,000-$2,050 psf.
In July, Tulip Garden, also in the Holland Road area, was sold for $516 million or about $1,018 psf ppr.
A recent CBRE report did note that a 'cautious mood' is being felt in theprivate land sales market due to the global credit tightening, the higherprice tags as well as the two rounds of revision to DC rates. Only 24 sitesworth a total of $1.96 billion were sold in the third quarter of 2007compared with 51 sites (worth $6.92 billion) in the previous quarter.
Separately, Colliers International noted that for the first time in at leastthe last two years, the residential sector did not take the top spot ininvestment sales in the third quarter.
In its report, Colliers noted that total sales of residential investmentproperties dived to $2.9 billion or 21.4 per cent of total sales.'This reflects a significant 68.3 per cent drop from last quarter's record$9 billion which accounted for 82.7 per cent of total investment sales in Q2'07,' it reported. 'The trend, where developers continued to land bank atrecord high prices in the previous quarters, was evidently not repeated inthis quarter.'
Attention was shifted to bulk purchases of strata residential units,including those at Costa Del Sol, Reflections at Keppel Bay and M21.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Business Times: Sim Lian top bidder for Toa Payoh site
October 17, 2007
Sim Lian top bidder for Toa Payoh site.
Its $38.23m bid for 99-year leasehold commercial site beats eight others
By KALPANA RASHIWALA
SIM Lian Development Pte Ltd yesterday put in the top bid of $38.23 million, or $847.54 per square foot per plot ratio (psf ppr), for a 99-year leasehold commercial site next to HDB Hub in Toa Payoh.
The company, which is not part of the listed Sim Lian Group, plans to develop a largely office project with ground-floor retail space, Sim Lian Development director Ken Kuik said when contacted by BT yesterday.
'Our all-in investment could come in at about $55-57 million, with a breakeven cost of about $1,500 psf of net lettable area. We're looking at a net yield of over 5 per cent when the project is completed in, say, two years' time,' Mr Kuik said.
'That's on the assumption that the average gross monthly office rent in the location could climb to about $8 psf by the time the project is completed. The retail space may fetch around $15 to $20 psf a month,' he added.
The development, which could be around 10 to 15 storeys, will have about 37,000 square feet net lettable area.
Sim Lian Development plans to hold the development for long-term investment. The company is a private vehicle of the Kuik family that controls listed Sim Lian Group.
The tender for the 15,035-sq-ft site at Lorong 6 Toa Payoh attracted nine bids. Sim Lian pipped the second-highest offer of $37.34 million by Hersing Corporation by just 2.4 per cent. The other bidders were United Engineers Developments ($36.10 million), HSR International Realtors ($35.54 million), Evan Lim & Co unit EL Development ($23 million), Mr Sia Kong Wah ($20 million), Superbowl F&B Pte Ltd ($19.3 million), MV Land ($18.18 million) and Eng Wah Organisation unit Wah Pho with a bid of just $1.29 million, or $28.70 psf ppr.
Hersing Corporation, which narrowly missed out being the top bidder, had a scheme for an eight-storey complex for the site, not unlike Sim Lian's, comprising ground-floor retail and offices above. 'The offices might have been partly for our own use with the rest, along with the retail space, to be rented out,' Hersing director Janice Chng said.
Hersing holds the master franchise for ERA for 18 countries in Asia-Pacific. The group's other businesses include providing self-storage facilities in Singapore under the Storhub banner.
Sim Lian top bidder for Toa Payoh site.
Its $38.23m bid for 99-year leasehold commercial site beats eight others
By KALPANA RASHIWALA
SIM Lian Development Pte Ltd yesterday put in the top bid of $38.23 million, or $847.54 per square foot per plot ratio (psf ppr), for a 99-year leasehold commercial site next to HDB Hub in Toa Payoh.
The company, which is not part of the listed Sim Lian Group, plans to develop a largely office project with ground-floor retail space, Sim Lian Development director Ken Kuik said when contacted by BT yesterday.
'Our all-in investment could come in at about $55-57 million, with a breakeven cost of about $1,500 psf of net lettable area. We're looking at a net yield of over 5 per cent when the project is completed in, say, two years' time,' Mr Kuik said.
'That's on the assumption that the average gross monthly office rent in the location could climb to about $8 psf by the time the project is completed. The retail space may fetch around $15 to $20 psf a month,' he added.
The development, which could be around 10 to 15 storeys, will have about 37,000 square feet net lettable area.
Sim Lian Development plans to hold the development for long-term investment. The company is a private vehicle of the Kuik family that controls listed Sim Lian Group.
The tender for the 15,035-sq-ft site at Lorong 6 Toa Payoh attracted nine bids. Sim Lian pipped the second-highest offer of $37.34 million by Hersing Corporation by just 2.4 per cent. The other bidders were United Engineers Developments ($36.10 million), HSR International Realtors ($35.54 million), Evan Lim & Co unit EL Development ($23 million), Mr Sia Kong Wah ($20 million), Superbowl F&B Pte Ltd ($19.3 million), MV Land ($18.18 million) and Eng Wah Organisation unit Wah Pho with a bid of just $1.29 million, or $28.70 psf ppr.
Hersing Corporation, which narrowly missed out being the top bidder, had a scheme for an eight-storey complex for the site, not unlike Sim Lian's, comprising ground-floor retail and offices above. 'The offices might have been partly for our own use with the rest, along with the retail space, to be rented out,' Hersing director Janice Chng said.
Hersing holds the master franchise for ERA for 18 countries in Asia-Pacific. The group's other businesses include providing self-storage facilities in Singapore under the Storhub banner.
Monday, October 15, 2007
D9 : CityVista Residences
An exclusive freehold 20-storeys tower block of 70 large units walking distance from the central of Orchard... Sky terrace on the 14th floor with gym, function rooms, water features, viewing deck, changing rooms with sauna, sky lounges, wellness platform/s, private lounges & multi purpose room.
Exclusive Layout & Large Unit Types:
Type A1 - 3rm, 2,142 sqft (total of 12 units)
Type A2 - 3rm, 2,121 sqft (total of 12 units)
Type B - 4rm, 2,626 sqft (total of 22 units)
Type C1 - 4rm, 2,788 sqft (total of 11 units)
Type C2 - 4rm, 2,809 sqft (total of 11 units)
Penthse A - 5rm, 9,203 sqft (1 unit)
Penthse B - 5rm, 9,214 sqft (1 unit)
Expected TOP - 31st Dec 2011
Sunday, October 14, 2007
ST : Build dream homes on small govt plots
Oct 14, 2007
PROPERTY Build dream homes on small govt plots Infill sites to come back on market after over a decade - buyers likely to get cheap land in choice areas
By Fiona Chan
THE idea of building a house on a former septic tank site might seem noxious to some.
But it could mean the chance to build your dream home on that rarest of commodities in Singapore - cheap land.
The Government will release smallish plots - likely to be big enough for just one home each - over the next few months, to meet the sizzling demand for land.
The fine print: The sites might previously have been used for public purposes, so they could have housed parks, gardens, sub-stations, or possibly even septic tanks.
Individual investors and small developers can build homes on these plots, known in the industry as 'infill sites'. The sites usually have adjacent buildings on either side.
Such plots have not been put on the market in more than a decade, but the booming economy and high demand for land have convinced the Singapore Land Authority (SLA) to resume sales, said its deputy director for land sales, Mr Teo Jing Kok.
Infill sites were introduced in 1990 to ease housing demand. By the time sales stopped in 1993, 20 plots had been snapped up at public tenders amid growing interest.
The lowest price paid for an infill site was $402,000, in 1991. The parcel of open space, near Braddell Road, was more than 9,000 sq ft, so the price worked out to less than $45 per sq ft (psf) of land area - relatively cheap even for those times.
Over the following two years, the popularity of these sites increased sharply. A 5,581 sq ft plot on Ceylon Road, off East Coast Road, drew a whopping 62 bids when it went on sale in 1993. The highest bid was $1.3 million, or just over $230 psf.
All the plots offered in the early 1990s were zoned for building homes, and most now host bungalows or other landed homes.
Several of the plots once housed septic tanks, some were empty spaces, while a site at Mount Sinai was a cul-de-sac.
Buyers in the past were mainly boutique property development firms or individuals who wanted to build their own homes, said the SLA.
The previous sales 'showed that owners are free to create their own types of houses and are generally more satisfied with the outcome', the agency told The Sunday Times.
'They are able to exercise control in the interior and exterior designs, as well as the colours, resulting in their 'dream home'.'
The first sites, sold in 1991, came with 999-year leases. The remaining sites in following years were 99-year leasehold. The upcoming plots are believed to be mainly leasehold as well.
The SLA said it has not finalised the sites to go on sale, but based on the plots offered in the past, they are likely to be in popular residential locations.
The parcels sold in 1991 were mostly in Upper Bukit Timah and Yio Chu Kang.
The year after, the Government released sites in Sixth Avenue and Namly Drive in Bukit Timah. In 1993, plots along Dunearn Road, the East Coast and Mount Sinai went on the market.
Consultants expect a good response for the upcoming sales, as long as the locations are desirable.
'There is likely to be demand as many homebuyers are now seeking good landed homes and are willing to pay higher prices,' said Mr Nicholas Mak, the director of research and consultancy at Knight Frank.
Recent launches of 99-year leasehold cluster housing, such as MCL Land's Hillcrest Villas and the latest phase of Far East Organization's Greenwood project, have been well-received.
However, Mr Mak added that the Government might have to allay concerns from potential buyers about possible 'leaks from a previous septic tank or remaining electromagnetic waves from a former substation'.
In response, the SLA gave reassurances that the sites it puts up for sale will be safe to build homes on. It said it will obtain the necessary clearances and conduct certified tests of the soil conditions for each site before allowing the site to be offered.
It will also outline the locations of any waterpipes or sewers within a sale site for the benefit of all bidders, the agency said.
As for likely pricing, Mr Mak said landed homes have risen roughly 2.5 times in price since 1990. If the prices of infill sites match this pace, a 10,000 sq ft plot could go for less than $1.5 million - a fairly good deal.
By comparison, each unit at Hillcrest Villas sold for $2.5 million to $3 million. Nearby, the strata bungalows at 8 @ Kings Road are going for about $5.5 million each for 2,000 sq ft of land area.
PROPERTY Build dream homes on small govt plots Infill sites to come back on market after over a decade - buyers likely to get cheap land in choice areas
By Fiona Chan
THE idea of building a house on a former septic tank site might seem noxious to some.
But it could mean the chance to build your dream home on that rarest of commodities in Singapore - cheap land.
The Government will release smallish plots - likely to be big enough for just one home each - over the next few months, to meet the sizzling demand for land.
The fine print: The sites might previously have been used for public purposes, so they could have housed parks, gardens, sub-stations, or possibly even septic tanks.
Individual investors and small developers can build homes on these plots, known in the industry as 'infill sites'. The sites usually have adjacent buildings on either side.
Such plots have not been put on the market in more than a decade, but the booming economy and high demand for land have convinced the Singapore Land Authority (SLA) to resume sales, said its deputy director for land sales, Mr Teo Jing Kok.
Infill sites were introduced in 1990 to ease housing demand. By the time sales stopped in 1993, 20 plots had been snapped up at public tenders amid growing interest.
The lowest price paid for an infill site was $402,000, in 1991. The parcel of open space, near Braddell Road, was more than 9,000 sq ft, so the price worked out to less than $45 per sq ft (psf) of land area - relatively cheap even for those times.
Over the following two years, the popularity of these sites increased sharply. A 5,581 sq ft plot on Ceylon Road, off East Coast Road, drew a whopping 62 bids when it went on sale in 1993. The highest bid was $1.3 million, or just over $230 psf.
All the plots offered in the early 1990s were zoned for building homes, and most now host bungalows or other landed homes.
Several of the plots once housed septic tanks, some were empty spaces, while a site at Mount Sinai was a cul-de-sac.
Buyers in the past were mainly boutique property development firms or individuals who wanted to build their own homes, said the SLA.
The previous sales 'showed that owners are free to create their own types of houses and are generally more satisfied with the outcome', the agency told The Sunday Times.
'They are able to exercise control in the interior and exterior designs, as well as the colours, resulting in their 'dream home'.'
The first sites, sold in 1991, came with 999-year leases. The remaining sites in following years were 99-year leasehold. The upcoming plots are believed to be mainly leasehold as well.
The SLA said it has not finalised the sites to go on sale, but based on the plots offered in the past, they are likely to be in popular residential locations.
The parcels sold in 1991 were mostly in Upper Bukit Timah and Yio Chu Kang.
The year after, the Government released sites in Sixth Avenue and Namly Drive in Bukit Timah. In 1993, plots along Dunearn Road, the East Coast and Mount Sinai went on the market.
Consultants expect a good response for the upcoming sales, as long as the locations are desirable.
'There is likely to be demand as many homebuyers are now seeking good landed homes and are willing to pay higher prices,' said Mr Nicholas Mak, the director of research and consultancy at Knight Frank.
Recent launches of 99-year leasehold cluster housing, such as MCL Land's Hillcrest Villas and the latest phase of Far East Organization's Greenwood project, have been well-received.
However, Mr Mak added that the Government might have to allay concerns from potential buyers about possible 'leaks from a previous septic tank or remaining electromagnetic waves from a former substation'.
In response, the SLA gave reassurances that the sites it puts up for sale will be safe to build homes on. It said it will obtain the necessary clearances and conduct certified tests of the soil conditions for each site before allowing the site to be offered.
It will also outline the locations of any waterpipes or sewers within a sale site for the benefit of all bidders, the agency said.
As for likely pricing, Mr Mak said landed homes have risen roughly 2.5 times in price since 1990. If the prices of infill sites match this pace, a 10,000 sq ft plot could go for less than $1.5 million - a fairly good deal.
By comparison, each unit at Hillcrest Villas sold for $2.5 million to $3 million. Nearby, the strata bungalows at 8 @ Kings Road are going for about $5.5 million each for 2,000 sq ft of land area.
Cluster Lustre
Oct 14, 2007
Cluster Lustre Who says Singaporeans are an introverted bunch? They are snapping up clusterproperties which offer good ol' kampung-style livingBy Noelle Loh
INSTEAD of a phone call or a knock on the door, 11-year-old Cornelius Leesays hello to his neighbours with five loud claps. Within seconds, thepitter-patter of hands in a similar rhythm resounds through aMediterranean-style courtyard that provides a centrepiece for a grouping ofterrace houses.
Welcome to cluster housing living - the modern-day kampung, or village,where neighbours who live in individual landed dwellings share facilitiesand their lives. Cornelius, his elder brother and his parents live in Kew Residencia in theEast Coast. It is one of Singapore's early cluster housing developments,having been launched in 1996.
Cluster housing refers to uniformly designed, landed properties that arebuilt in clusters within a gated estate. Inhabitants get to enjoy the perks of condominium-style facilities likesecurity, a swimming pool and gymnasium, as well as private basement parking.
According to real estate company Colliers International, 20 cluster housingprojects have been launched so far this year, the latest being The Ambienceat Punggol by developer DB2. Inspired by old kampung communities where people 'enter a community beforetheir own house', architect Andrew Tan of ATA Architects submitted the ideain 1991 to a contest by the Ministry of National Development seeking newhousing designs. His design of groups of houses surrounding a courtyard, which is in turnconnected to a main courtyard, won top honours but was never built.
The public, too, initially took a while to latch on to the idea. Ms Tay Huey Ying, director of research and consultancy at ColliersInternational, says early developments such as the 20-unit NorthshoreBungalows in Punggol built in 1995 took over two years to sell. Prices werebetween $3.1 million and $3.7 million for a house of about 4,000 sq ft. Meanwhile, Kew Residencia took 11/2 years to sell 25 of its 37 units at anaverage of $980,000 each, says Ms Tay.
She adds that it is difficult to compare prices of the cluster developmentswith that of existing landed or condominium projects then because they werean entirely new market. But four years later, people were cosying up to clusters.
D'Manor in Tanah Merah and Horizon Garden in Ang Mo Kio - launched around 1999 at prices ranging from $880,000 to $1.5 million - hit headlines forbeing snapped up within two weeks.
Mr Tan says the initial apprehension in the early 1990s was probably due toworries about forking out large sums for a house for which you still had toshare communal space. 'Then, terrace housing was still widely available and people probablythought if they had to pay over $1 million for a house, why should theyshare,' he says.
New generation BUYERS of cluster homes - regulatory guidelines state they must be Singaporean or seek permission from the Government to buy if they aren't -have changed their tune amid soaring property prices and an increasinglyscarce amount of available land.
Knight Frank realty adviser Eddie Koh says Singaporeans tend to buy clusterhouses in prime areas, such as the 163-unit Hillcrest Villa in Dunearn Road,for investment. A check with home owners show that those eyeing projects outside the central region tend to be looking for a roof over their heads.
At Horizon Garden in Ang Mo Kio, the mix between local and expat residentsis currently about 50:50, says resident Eleanor Foong, who is in her 40s. Under the Urban Redevelopment Authority's ruling, expats can only be tenants, not owners, of cluster houses. Meanwhile, at Gardens At Gerald, a 25-unit cluster housing project in Seletar Hills completed in January, resident Roger Tan, 36, says all his neighbours are Singaporean.
And contrary to the notion that Singaporeans are a conservative, introvertedlot, all seven families LifeStyle spoke to say they enjoy thecommunity-centric living that cluster housing provides. All are fairly young couples in their 30s and early 40s with young children,which Ms Tay says is the pattern among such home owners.
In May, for example, Mr Tan invited the five other families who had moved into his estate at that point to his house to celebrate his daughter's sixth birthday.
At Kew Residencia, it is common for residents to have dinners and wine-drinking sessions or go bowling together.
'It's really like a modern-day kampung,' says Kew Residencia resident Bernard Teo, who is in his 40s.
'You have to be open to the idea of mixing with your neighbours if you are moving into a cluster house. If not, you'll stick out like a sore thumb.'
Best of both worlds UNDER URA guidelines, a strata title arrangement is used to mark public and private space within cluster housing. The strata title ensures that individual homeowners have rights not only to their own unit, but also communal facilities. Simply put, it is a marriage of condo- style facilities with the luxury ofstaying in a landed house.
Gardens At Gerald resident Roger Tan points out that children can run about more freely because of the availability of security.
At the same time, unlike condominium living, where parking can be quite far from your apartment, cluster housing allows residents to 'park your car,walk and you're inside (your home)', says Mr Olivier Honore, 40. He lives in the Sixth Avenue cluster housing project The Teneriffe. 'Clusterhousing is really designed for the people,' he says.
Prices of cluster homes have shot up with the boom - Hillcrest Villa, for example, went for $870 psf at its launch last month in comparison to the nearby Teneriffe, which was launched at $410 psf in 2000. But industry experts and buyers say the cluster is still good bang for your buck. Mr Malek Ali, who was a real estate consultant for two years until he switched careers recently, says cluster houses are usually between 10 and 15per cent cheaper than condos.
'Developers tend to give a bit of a discount when they take into consideration that spaces in cluster houses such as the carpark are actually unusable space,' says Mr Ali, who lives in a cluster development in Gilstead Road.
Knight Frank realty adviser Eddie Koh agrees. 'A condominium in the vicinity of Hillcrest Villa would probably cost $1,000psf,' he says. 'And, these days, you'll never find a condo as big or with five rooms as you would in a cluster house.'
Investors, too, are increasingly game to put their money into the once-alien market. In fact both Mr Koh and Ms Audrey Wong, an agent with JC Properties(Singapore), say all the Singaporeans they have dealt with bought their cluster homes to reap rental yields.
Cluster housing is popular among the expatriate community because of the quality of life it provides and can fetch monthly rentals of between $10,000and $13,000, Ms Wong says.
'Especially when it's in a location close to international schools and amenities.' A retiree who wants to be known only as Mr Fong is one such investor. 'Many of these properties tend to be leasehold projects that wouldeventually be returned to the Government. It thus makes sense to investinstead of stay in them, especially when they give fairly good returns,'says Mr Fong, who rents out three cluster houses he owns in the expat-friendly Bukit Timah area.
Too close for comfort BUT cluster housing is not all kampung glam. Mr Tan says some development stake integrated living too far by incorporating too many elements onto the land.
'I had seen so many before Gardens At Gerald that were very cramped and lacked exclusivity, which defeated the purpose of upgrading from a flat,' hesays. And not everyone fits in with the friendly vibe of the tribe.
'As much as we have good neighbours, we also have very strange ones,' says Ms Joyce Lim, who lives in Kew Residencia, but declines to divulge more. However, if and when your neighbours get too in your face, you just have togo inside, says The Teneriffe's Mr Honore. 'Just like in a college dorm.'
Cluster Lustre Who says Singaporeans are an introverted bunch? They are snapping up clusterproperties which offer good ol' kampung-style livingBy Noelle Loh
INSTEAD of a phone call or a knock on the door, 11-year-old Cornelius Leesays hello to his neighbours with five loud claps. Within seconds, thepitter-patter of hands in a similar rhythm resounds through aMediterranean-style courtyard that provides a centrepiece for a grouping ofterrace houses.
Welcome to cluster housing living - the modern-day kampung, or village,where neighbours who live in individual landed dwellings share facilitiesand their lives. Cornelius, his elder brother and his parents live in Kew Residencia in theEast Coast. It is one of Singapore's early cluster housing developments,having been launched in 1996.
Cluster housing refers to uniformly designed, landed properties that arebuilt in clusters within a gated estate. Inhabitants get to enjoy the perks of condominium-style facilities likesecurity, a swimming pool and gymnasium, as well as private basement parking.
According to real estate company Colliers International, 20 cluster housingprojects have been launched so far this year, the latest being The Ambienceat Punggol by developer DB2. Inspired by old kampung communities where people 'enter a community beforetheir own house', architect Andrew Tan of ATA Architects submitted the ideain 1991 to a contest by the Ministry of National Development seeking newhousing designs. His design of groups of houses surrounding a courtyard, which is in turnconnected to a main courtyard, won top honours but was never built.
The public, too, initially took a while to latch on to the idea. Ms Tay Huey Ying, director of research and consultancy at ColliersInternational, says early developments such as the 20-unit NorthshoreBungalows in Punggol built in 1995 took over two years to sell. Prices werebetween $3.1 million and $3.7 million for a house of about 4,000 sq ft. Meanwhile, Kew Residencia took 11/2 years to sell 25 of its 37 units at anaverage of $980,000 each, says Ms Tay.
She adds that it is difficult to compare prices of the cluster developmentswith that of existing landed or condominium projects then because they werean entirely new market. But four years later, people were cosying up to clusters.
D'Manor in Tanah Merah and Horizon Garden in Ang Mo Kio - launched around 1999 at prices ranging from $880,000 to $1.5 million - hit headlines forbeing snapped up within two weeks.
Mr Tan says the initial apprehension in the early 1990s was probably due toworries about forking out large sums for a house for which you still had toshare communal space. 'Then, terrace housing was still widely available and people probablythought if they had to pay over $1 million for a house, why should theyshare,' he says.
New generation BUYERS of cluster homes - regulatory guidelines state they must be Singaporean or seek permission from the Government to buy if they aren't -have changed their tune amid soaring property prices and an increasinglyscarce amount of available land.
Knight Frank realty adviser Eddie Koh says Singaporeans tend to buy clusterhouses in prime areas, such as the 163-unit Hillcrest Villa in Dunearn Road,for investment. A check with home owners show that those eyeing projects outside the central region tend to be looking for a roof over their heads.
At Horizon Garden in Ang Mo Kio, the mix between local and expat residentsis currently about 50:50, says resident Eleanor Foong, who is in her 40s. Under the Urban Redevelopment Authority's ruling, expats can only be tenants, not owners, of cluster houses. Meanwhile, at Gardens At Gerald, a 25-unit cluster housing project in Seletar Hills completed in January, resident Roger Tan, 36, says all his neighbours are Singaporean.
And contrary to the notion that Singaporeans are a conservative, introvertedlot, all seven families LifeStyle spoke to say they enjoy thecommunity-centric living that cluster housing provides. All are fairly young couples in their 30s and early 40s with young children,which Ms Tay says is the pattern among such home owners.
In May, for example, Mr Tan invited the five other families who had moved into his estate at that point to his house to celebrate his daughter's sixth birthday.
At Kew Residencia, it is common for residents to have dinners and wine-drinking sessions or go bowling together.
'It's really like a modern-day kampung,' says Kew Residencia resident Bernard Teo, who is in his 40s.
'You have to be open to the idea of mixing with your neighbours if you are moving into a cluster house. If not, you'll stick out like a sore thumb.'
Best of both worlds UNDER URA guidelines, a strata title arrangement is used to mark public and private space within cluster housing. The strata title ensures that individual homeowners have rights not only to their own unit, but also communal facilities. Simply put, it is a marriage of condo- style facilities with the luxury ofstaying in a landed house.
Gardens At Gerald resident Roger Tan points out that children can run about more freely because of the availability of security.
At the same time, unlike condominium living, where parking can be quite far from your apartment, cluster housing allows residents to 'park your car,walk and you're inside (your home)', says Mr Olivier Honore, 40. He lives in the Sixth Avenue cluster housing project The Teneriffe. 'Clusterhousing is really designed for the people,' he says.
Prices of cluster homes have shot up with the boom - Hillcrest Villa, for example, went for $870 psf at its launch last month in comparison to the nearby Teneriffe, which was launched at $410 psf in 2000. But industry experts and buyers say the cluster is still good bang for your buck. Mr Malek Ali, who was a real estate consultant for two years until he switched careers recently, says cluster houses are usually between 10 and 15per cent cheaper than condos.
'Developers tend to give a bit of a discount when they take into consideration that spaces in cluster houses such as the carpark are actually unusable space,' says Mr Ali, who lives in a cluster development in Gilstead Road.
Knight Frank realty adviser Eddie Koh agrees. 'A condominium in the vicinity of Hillcrest Villa would probably cost $1,000psf,' he says. 'And, these days, you'll never find a condo as big or with five rooms as you would in a cluster house.'
Investors, too, are increasingly game to put their money into the once-alien market. In fact both Mr Koh and Ms Audrey Wong, an agent with JC Properties(Singapore), say all the Singaporeans they have dealt with bought their cluster homes to reap rental yields.
Cluster housing is popular among the expatriate community because of the quality of life it provides and can fetch monthly rentals of between $10,000and $13,000, Ms Wong says.
'Especially when it's in a location close to international schools and amenities.' A retiree who wants to be known only as Mr Fong is one such investor. 'Many of these properties tend to be leasehold projects that wouldeventually be returned to the Government. It thus makes sense to investinstead of stay in them, especially when they give fairly good returns,'says Mr Fong, who rents out three cluster houses he owns in the expat-friendly Bukit Timah area.
Too close for comfort BUT cluster housing is not all kampung glam. Mr Tan says some development stake integrated living too far by incorporating too many elements onto the land.
'I had seen so many before Gardens At Gerald that were very cramped and lacked exclusivity, which defeated the purpose of upgrading from a flat,' hesays. And not everyone fits in with the friendly vibe of the tribe.
'As much as we have good neighbours, we also have very strange ones,' says Ms Joyce Lim, who lives in Kew Residencia, but declines to divulge more. However, if and when your neighbours get too in your face, you just have togo inside, says The Teneriffe's Mr Honore. 'Just like in a college dorm.'
Saturday, October 13, 2007
Turquoise
Fronted by the charming waterway and neighbour to an acclaimed golf course, Turquoise offers you pleasures like no other. Take to the ocean on a whim; it's a breeze when your yacht is docked at your own private berth. Embraced by both the sea and golfing green, Turquoise offers views of unparalleled tranquillity all around. Take your pick of 91 exclusive apartments, each served by a private lift. Spread over two low-rise blocks of six storeys each, the wide selection of three and four bedroom apartments as well as Penthouses and uber-luxurious Sky villas is sure to meet your demanding tastes. 21 private berths within the development ensure that you have all you need for true waterfront living.
The buildings are conceived beyond essential function, to be highly recognizable in mind. The architecture is responsive to the nautical context, combining a clean expression with distinctive maritime roof forms and balconies that lend an aura of prestige. The simplistic and dynamic architecture form an elegant exterior. It is a pure modern expression and a visually arresting landmark. Turquoise will play an important part to the skyline of the Sentosa Cove.
Needless to say, Turquoise features full condominium facilities including a function room, swimming pool with integrated spa pools, BBQ pavilions, landscaped gardens and a gymnasium.
Step inside and you will find an unstinting attention to detail. Designer sanitary wares from the premier Laufen Alessi Collection by Stefano Giovannoni and Axor Starck fittings by Philippe Starck which elevate the bathroom from the merely functional to an elegant oasis of relaxation. Similarly in the kitchen, expect only the finest appliances from Miele to inspire your next culinary masterpiece.
Step just beyond the island for more at VivoCity, Singapore's largest retail, entertainment and lifestyle destination; while the Orchard Road shopping belt is a mere 10-minute drive away, as is the Central Business District. Truly at Turquoise, accessibility and exclusivity go hand in hand.
Sentosa CoveUnrivalled in location, quality and prestige, Sentosa Cove is the epitome of waterfront living. With its unique integrated waterfront resort concept that blends residential, commercial and marina facilities, it is not only Singapore's most desirable address - but one of the world's most exclusive residential enclaves.
Address: Cove Drive, Sentosa Cove
No. of Units: 91
Estimated Physical Completion Date: 31 Dec 2010
Developer : Ho Bee Group
Developer : Ho Bee Group
BT : $5,600 psf for penthouse new high in property price here
Business Times - 12 Oct 2007 $
5,600 psf for penthouse new high in property price here 53rd-storey Orchard Residences unit fetches over $28m By KALPANA RASHIWALA
Orchard Residences: About 73 per cent of the total 175 units in the condoare said to have been sold
A NEW record property price for Singapore has been set, even though fewersales are being made in high-end residential projects since the time of theUS sub-prime mortgage crisis.
CapitaLand and Sun Hung Kai Properties are said to have sold earlier thisweek a penthouse on the 53rd storey of The Orchard Residences for about$5,600 per square foot (psf), or over $28 million. This surpasses theprevious benchmark of $5,500 psf set in August when a 54th storey penthousefetched about $27.8 million.
This means that all four penthouses in the 99-year leasehold development are now sold.The developers are said to have sold about 73 per cent of the total 175units in the condo. The buyer of the final penthouse sold this week isbelieved to be a foreigner. The 5,048 sq ft unit has five bedrooms, a studyand a family room.
A stone's throw away, Wheelock Properties (Singapore) is said to have soldmore than 30 apartments at its freehold Scotts Square since the officiallaunch of the project on Sept 28.
The developer is said to have largely maintained its average price at aroundthe $4,000 psf mark from its preview in July, when it sold about half of theproject's 338 apartments.
Over in Sentosa Cove, Ho Bee has sold 38 of the 50 units it has released sofar in its 91-unit condo, Turquoise, since late September. The units havebeen sold at prices ranging from nearly $2,500 psf to $2,770 psf.
The average price is about $2,600 psf, Ho Bee Investment executive directorOng Chong Hua said when contacted by BT yesterday. Buyers of the 38 units -which include four penthouses - were an equal mix of foreigners andSingaporeans, he said.
Apartments at the 99-year leasehold Turquoise typically cost around $5.3million for a three-bedroom unit, $6.4 million for a four-bedder and around$9.3 million for a penthouse.
DTZ Debenham Tie Leung executive director (residential) Margaret Thean acknowledges that buyers, both local and foreign, have been more cautiousafter the stock market setback at the time of the US sub-prime mortgage crisis.'But we still see activity going on. For the high-end projects, we've notnoticed any withdrawal of liquidity. The only difference is that prospective buyers are more cautious, doing more calculations and being more selectivein their choice of investment before making a commitment,' she said.Market watchers also say that the recovery in the stock market in recentweeks has led to a return of confidence in the property market, as seen in apick-up in subsales activity lately.
Over in the Seletar Hills area, Tong Eng Brothers unit Fairview Developmentsis launching two landed developments. One is the freehold 8 @Stratton, comprising eight cluster semi-detached houses priced at $1.98million to $2.2 million.
The houses have built-up areas ranging from 3,595 sq ft to 3,649 sq ft andstrata areas of 4,930 sq ft to 5,145 sq ft. The second project is Nim Green,a collection of just three terrace houses - a corner unit with an askingprice of $2.5 million and two intermediate units with a price tag of about$2 million.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Business Times: Average capital value of luxury apartments tops '97
October 13, 2007 Average capital value of luxury apartments tops '97 peak by 59%
By KALPANA RASHIWALA
THE average capital value of luxury apartments in Singapore has risen 43.5 per cent in the first nine months of this year since the fourth quarter of 2006. At $2,827 psf, the Q3 2007 average luxury apartment cap value has surpassed 1997's peak level by 59 per cent, according to a report by Colliers International issued yesterday.
In the leasing market, average monthly gross rents of luxury apartments were up 27.9 per cent in the first nine months of the year. The increase was at a faster clip in the third quarter of this year, with a quarter-on-quarter gain of 10.2 per cent to $6.86 per square foot a month. This was higher than earlier rises of 7.9 per cent and 7.6 per cent in Q2 and Q1.
'The supply crunch, coupled with strong demand, continued to contribute to escalating rental growth, a growing concern among the expatriate population in the Republic and the government,' Colliers noted.
The average cap value of luxury apartments rose 13.3 per cent in Q3 over the preceding quarter to $2,827 psf.
The property consultancy firm predicts that average capital values and monthly gross rents of luxury apartments will rise by up to 10 per cent in the final quarter of the year. But it acknowledged the downside risks in the coming months, including the negative spillover from the US housing market and potential negative oil supply shocks.
'Nevertheless, the strong economic and demand fundamentals in the Singapore market, coupled with the continuing commitment of the government to maintain Singapore's attractiveness as a stable market for investments, should lend support to the private residential property market amid cautious sentiments,' the report added.
Colliers also highlighted the government's assurance that it would continue to monitor the market and ensure that prices do not run ahead because of a shortage of supply.
Earlier this month, the Urban Redevelopment Authority said that it was reviewing the Government Land Sales programme for the first half of next year and that the government would make available more sites for private residential development through the GLS programme next year if the demand continues to remain strong.
By KALPANA RASHIWALA
THE average capital value of luxury apartments in Singapore has risen 43.5 per cent in the first nine months of this year since the fourth quarter of 2006. At $2,827 psf, the Q3 2007 average luxury apartment cap value has surpassed 1997's peak level by 59 per cent, according to a report by Colliers International issued yesterday.
In the leasing market, average monthly gross rents of luxury apartments were up 27.9 per cent in the first nine months of the year. The increase was at a faster clip in the third quarter of this year, with a quarter-on-quarter gain of 10.2 per cent to $6.86 per square foot a month. This was higher than earlier rises of 7.9 per cent and 7.6 per cent in Q2 and Q1.
'The supply crunch, coupled with strong demand, continued to contribute to escalating rental growth, a growing concern among the expatriate population in the Republic and the government,' Colliers noted.
The average cap value of luxury apartments rose 13.3 per cent in Q3 over the preceding quarter to $2,827 psf.
The property consultancy firm predicts that average capital values and monthly gross rents of luxury apartments will rise by up to 10 per cent in the final quarter of the year. But it acknowledged the downside risks in the coming months, including the negative spillover from the US housing market and potential negative oil supply shocks.
'Nevertheless, the strong economic and demand fundamentals in the Singapore market, coupled with the continuing commitment of the government to maintain Singapore's attractiveness as a stable market for investments, should lend support to the private residential property market amid cautious sentiments,' the report added.
Colliers also highlighted the government's assurance that it would continue to monitor the market and ensure that prices do not run ahead because of a shortage of supply.
Earlier this month, the Urban Redevelopment Authority said that it was reviewing the Government Land Sales programme for the first half of next year and that the government would make available more sites for private residential development through the GLS programme next year if the demand continues to remain strong.
Tuesday, October 9, 2007
District 02 : Icon
The lure of a downtown Manhattan lifestyle beckons the worldly individual in the form of Icon, an exploration of Modernistic expression located in the heart of the Central Business District with the Tanjong Pagar MRT at your doorstep.
Icon consists of two towers of compact residential units that beckon the soul that seeks a life less ordinary.
Located in the heart of the Central Business District at Gopeng Street, Icon transcends traditional notions of living space.
It neighbors include concrete skyscrapers like Capital Towers and SIA building, an eclectic mix of pubs converted from conservation shop houses and renowned food centers.
It is a home like no other. It is unconventional in theme yet holistic in its approach of providing unparalleled comfort.
It is a home like no other. It is unconventional in theme yet holistic in its approach of providing unparalleled comfort.
Lifestyle facilities such as spa-inspired saunas, massages, Jacuzzis and a picturesque 50-meter lap pool, provide respite from the demands of the corporate world. Coupled with ample parking space and 24-hour security, Icon is your ideal home and investment.
Icon attracts trendy cosmopolitans who thrive on the pulse of the city. They want and dare to be different. They seek alternative ways of doing things and live by the motto “I beg to differ”.
They are iconoclasts who relish the silence of the city center at night and who define the aural resonance create by the occasional passing vehicle, as music to their ears. They are free-sprits who worship urbanism and are one with the concrete jungle
BASIC INFORMATION:
Location : Along Gopeng Street in the heart of the Central Business District next to Tanjong Pagar MRT
TOP : July 2007
Total Units : 646
Total Units for Sale : 50 on top floor
No of Rooms/ Size Range : Two bedrooms (86 sqm to 104sqm)
Two-bedroom lofts (116 sqm to121 sqm)
Total Units for Sale : 50 on top floor
No of Rooms/ Size Range : Two bedrooms (86 sqm to 104sqm)
Two-bedroom lofts (116 sqm to121 sqm)
Orientation : North (City View) South (Sea View)
Provisions
- Gaggenau kitchen Appliances
- Refrigerator
- Borsch Washing Machine and Dryer
- Phillip Starck Bathroom Finishings
RECREATIONAL FACILITIES:
7th Storey Facilities:
1) 50m lap pool (Approx 8m wide x 1.2m
depth)
2) 2 nos. of Jacuzzi
3) 4 nos. of BBQ pit
4) 2 nos. of Tennis Court
5) Leisure Pool – 1.2m depth
6) Reflexology Water Jets
7) Water Labyrinth (1.2m depth)
8) Massaging Aqua Aerobics Pool (10m x
8m x 1.8m depth)
9) Splash Zone
10) Lounging Shelf (0.5m depth)
11) Aqua Loungers
12) Landscaped island
13) Fun Corner
14) Bubble Tub
15) Bubble Seats
16) Cascading Water Feature
17) Verandah – Timber deck & Lawn
18) Launderette
19) Sun Deck
20) Pavilion
21) Bridge
31st Storey Facilities:
1) Clubhouse
2) Indoor & Outdoor Gym
3) 3 nos. Jacuzzi
4) 2 nos. hot tubs
5) 2 nos. changing room
6) Terrace Garden
7) Outdoor Terrace
8) Water Gardens
9) Reflective Pool
10) 2 nos. Aroma areas
11) 2 nos. Timber Deck Sitting Area
12) Link Bridge to Tower 2
13) Sky Terrace Telescope
District 09 : Orchard Scotts
More than 20 choice units still available. Availble Units
- 3 Bedrooms , 3 + Study (1625sqft to 2713 sqft)
- 4 Bedrooms + Study (2088sqft to 2896 sqft)
- 5+Study Penthouses (3003sqft to 3627sqft)
Prices : from S$2,600psf
With landscaping and facilities occupying over 75% of the development, the only condominium providing with a lifestyle living in the city.
RECREATIONAL FACILITIES:
Pool occupying 1,500 sq m: 60 m lap Pool, Fun Pool, Wading Pool and Bubble Pool
Outdoor Jacuzzi and indoor Furo Bath
Male and Female Changing rooms with Sauna, Steam Room and Lockers
Spa Pavilions
Two Tennis courts
One full-sized basketball court
6,000 sqft Children’s Play Club
Gymnasium and Fitness Corner
Outdoor Giant Chess Set
Outdoor Dinning and Barbecue Pavilions
Wine and Cigar Room
Function/Dinning Rooms with Western & Chinese Kitchen facilities
District 09 : Orchard Scotts
Orchard Scotts - The Urban Resort in the Heart of Orchard Road
Far East Organization seeks to cater to your exquisite taste. We present our most exclusive project to date Orchard Scotts…
Far East Organization seeks to cater to your exquisite taste. We present our most exclusive project to date Orchard Scotts…
Orchard Scotts is a premier development located amidst the serenity of Cairnhill Road and Anthony Road., next to Newton MRT. Only a ten-minute stroll from the bustling shopping paradise of Orchard Road, Orchard Scotts offers you the best of both worlds. Its arresting modernistic design is the brainchild of Arquitectonica, the world-renowned firm responsible for urban architectural legends such as the Golden Moon Hotel and Casino and The Westin New York at Times Square.
Designed with the discerning elite in mind, the Orchard Scotts’ lifestyle epitomizes luxury and elegance. Our sprawling landscape spans some 2.5 hectares, allowing you the experience of vast, unadulterated space, where urbanite sensibilities co-exist in harmony with nature. Comprising three towers, Orchard Scotts is a unique residence that provides six-star luxury trappings helmed by a team of hospitality professionals. We offer a 24-hour concierge service to cater to the residents every need.
Each home comes complete with quality finishes and branded fittings that provide the accent to the holistic lifestyle you deserve to enjoy. Orchard Scotts will push the boundaries of modern living by providing you with the four exclusive lifestyle clubs to cater to your every decadent need.
Basic Information:
Location : Next to Newton MRT. Next to Top Singapore Schools - Anglo Chinese Primary and Singapore Chinese Girls School.
TOP : December 2008.
Total Units : 387 in 3 towers. (1 tower of service residence maintained by Developer)
Size Range : from 1,873 to 4,434 sqft (3-bedroom to penthouses)
No of Rooms/ Size Range : A mixture of single storey units and duplexes
3 bedrooms, 3 + study (1,625 to 2,713sqft)
4 bedrooms + study (2,088 to 2,896sqft)
4+study and 5+study Penthouses (3,003 to 3,627sqft)
3 bedrooms, 3 + study (1,625 to 2,713sqft)
4 bedrooms + study (2,088 to 2,896sqft)
4+study and 5+study Penthouses (3,003 to 3,627sqft)
RECREATIONAL FACILITIES:
1. Pool occupying 1,500 sq m: 60 m lap Pool, Fun Pool, Wading Pool and Bubble Pool
2. Outdoor Jacuzzi and indoor Furo Bath
3. Male and Female Changing rooms with Sauna, Steam Room and Lockers
4. Spa Pavilions
5. Two Tennis courts
6. One full-sized basketball court
7. 6,000 sqft Children’s Play Club
8. Gymnasium and Fitness Corner
9. Outdoor Giant Chess Set
10. Outdoor Dinning and Barbecue Pavilions
11. Wine and Cigar Room
12. Function/Dinning Rooms with Western & Chinese Kitchen facilities
1. Pool occupying 1,500 sq m: 60 m lap Pool, Fun Pool, Wading Pool and Bubble Pool
2. Outdoor Jacuzzi and indoor Furo Bath
3. Male and Female Changing rooms with Sauna, Steam Room and Lockers
4. Spa Pavilions
5. Two Tennis courts
6. One full-sized basketball court
7. 6,000 sqft Children’s Play Club
8. Gymnasium and Fitness Corner
9. Outdoor Giant Chess Set
10. Outdoor Dinning and Barbecue Pavilions
11. Wine and Cigar Room
12. Function/Dinning Rooms with Western & Chinese Kitchen facilities
District 15 - Aalto @ Meyer Road
LAUNCHING IN OCTOBER !!!
Register with me for a Pre-launch Invitation!!
Call/SMS : 9816 2825 or
Email : catherine.fong@kf.com.sg
Location: 191, 193, Meyer Road (Previous Eastern Mansions)
Tenure: Freehold
TOP: 2012
Total Units: 196
Unit Description:
Type No. of Units Unit Description
3 bedrooms --1,442sqft / 1,528sqft /1,550sqft.
4 bedrooms -- 1,959sqft / 2,023sqft
4 bedrooms + Study -- 2,443sqft.
5 bedrooms + Family + RT -- 3,940sqft / 4,424sqft.
5 bedrooms + Family + RT + Pool -- 5,425sqft / 6,017 sqft.
Carpark Lots : 221 (Inclusive 3 handicap carpark lots at basement and 10 car park lots at 1st storey.)
Building Storey: 27 Stories
RECREATIONAL FACILITIES
Swimming Pool
Children’s Pool
Children’s Playground
BBQ Area
Reflexory Footpath
Hydrotherapy Pool
Jacuzzi
Gymnasium
Function Room
Lounge Room
1 Tennis Court
Covered sky bridge (Hardcourt surface)
Subscribe to:
Posts (Atom)
