Terrace homes comprise the lion’s share of landed homes
Dec 30, 2009 - PropertyGuru.com.sg
Prices of landed homes continue to escalate this year in the five most renowned districts despite the setting in of price fatigue for apartments and condominiums.
Credo Real Estate’s caveats analysis, which covered a period of four years from the time when residential property commenced into the market in 2006, presents that terrace house prices were the most resilient over the last four years, increasing by more than 50 percent in some areas.
More than semi-detached bungalows and houses, the average price of terrace houses per square foot has risen time after time between 2006 and 2009 in the five most popular districts.
District 19 is the most in demand landed housing location, followed by Districts 15, 28, 20 and 10.
The study conducted by Credo does not include Sentosa Cove (Singapore’s much exclusive landed housing locations) and the Good Class Bungalow Areas (GCBAs), and strata landed homes. The latter are usually built more intensively than conventional landed housing. They are hybrid housing structure with shared condo-type facilities like tennis courts and swimming pool.
While prices of terrace homes have fared relatively better compared to bungalows and semi-Ds, landed home prices in general have also appreciated steadily between 2006 and 2009 in the five districts. “For most districts and sub-classifications of landed, we are at the all-time peak in terms of prices,” said Karamjit Singh, managing director for Credo.
In most instances, price gains were attained in 2008 amid the general property slump.
Such resilience was attributed by agents to the relatively limited supply and stock of landed homes.
“There's a very strong desire on the part of many Singaporean households to upgrade to landed property, which is regarded as an emotionally satisfying form of housing to own because you actually own something very tangible on the ground rather than in the air,” said Mr. Singh.
The promotion of the government for larger families - with three or more children - has also driven more parents to consider having bigger homes with no less than four bedrooms.
“Many times you'll find terrace houses offer better value than large apartments and condos. A 2,000 sq ft 4-plus-1, brand-new freehold condo in Katong might costs $2.4 million. But you can probably buy an intermediate terrace for about $2 million and have a bigger gross floor area of 2,500 sq ft, with saleable area inclusive of car porches possibly exceeding 3,000 sq ft. And you could have as many as five bedrooms,” Mr. Singh said.
Terrace homes form the bulk of landed housing stock in Singapore, accounting for the lion's share or almost 60 percent of the total 1,552 caveats lodged this year for landed homes in the five hot spots.
Wednesday, December 30, 2009
S’pore government promises affordable homes despite housing price increases
S’pore government promises affordable homes despite housing price increases
Dec 30, 2009 - PropertyGuru.com.sg
It has been a tough ride for the property market in Singapore this year, plummeting in the first quarter before accounting a good rebound.
Market experts said that the housing market will more likely continue to rise in 2010, spurred by economic recovery, as well as the opening of Singapore’s integrated resorts (IRs).
The sharp turnaround of the property sector was something that no one has predicted.
Singapore welcomes the year in the midst of economic recession, and the output was bleak. But as the stock market responded in March, the output has improved.
Several market watchers said that repressed demand over the last year and the "herd instinct" triggered the buying frenzy.
National Development Minister Mah Bow Tan noted that it was an exceptional period.
"Nobody, no matter how prescient, no matter how clever, would have been able to predict that this is what is going to happen this year. All of us were caught off-guard...I did not expect the prices to go up. But the point is, are we able to respond to this change. And the answer is yes," the Minister said.
The fear of property bubbles drove the government to introduce several measures such as removing easy financing schemes to cool down the private homes sector, and taking out interest absorption scheme and interest only loan to temper the exuberance of the market.
Eugene Lim, associate director for ERA Asia Pacific, said, "The market will probably stabilise for now. But I would say that when the IR opens, and when more international investors do come into Singapore, we may expect another run. Especially now, in the recent one, two months, we have noticed a pick up in high-end properties priced above S$2,000 per square foot."
Although housing prices are expected to rise in 2010, Minister Mah said the government is monitoring the situation and will take necessary action. For instance, the Minister said that more land will be released to property developers if needed. He also promised that HDB will have more Build-To-Order projects intended particularly for first-time homebuyers.
But he said that calls for the government to intervene in housing prices is not a good solution.
"The whole question is, do we peg HDB flats to the market, or whether we follow another system. And that other system is what some countries use.”
"In other words, I sell you a flat at fixed price, when you sell the flat, you have to sell it back to me also at a fixed price. In other words, you are not allowed to profit from the flat. There you can keep flat prices fixed."
Dec 30, 2009 - PropertyGuru.com.sg
It has been a tough ride for the property market in Singapore this year, plummeting in the first quarter before accounting a good rebound.
Market experts said that the housing market will more likely continue to rise in 2010, spurred by economic recovery, as well as the opening of Singapore’s integrated resorts (IRs).
The sharp turnaround of the property sector was something that no one has predicted.
Singapore welcomes the year in the midst of economic recession, and the output was bleak. But as the stock market responded in March, the output has improved.
Several market watchers said that repressed demand over the last year and the "herd instinct" triggered the buying frenzy.
National Development Minister Mah Bow Tan noted that it was an exceptional period.
"Nobody, no matter how prescient, no matter how clever, would have been able to predict that this is what is going to happen this year. All of us were caught off-guard...I did not expect the prices to go up. But the point is, are we able to respond to this change. And the answer is yes," the Minister said.
The fear of property bubbles drove the government to introduce several measures such as removing easy financing schemes to cool down the private homes sector, and taking out interest absorption scheme and interest only loan to temper the exuberance of the market.
Eugene Lim, associate director for ERA Asia Pacific, said, "The market will probably stabilise for now. But I would say that when the IR opens, and when more international investors do come into Singapore, we may expect another run. Especially now, in the recent one, two months, we have noticed a pick up in high-end properties priced above S$2,000 per square foot."
Although housing prices are expected to rise in 2010, Minister Mah said the government is monitoring the situation and will take necessary action. For instance, the Minister said that more land will be released to property developers if needed. He also promised that HDB will have more Build-To-Order projects intended particularly for first-time homebuyers.
But he said that calls for the government to intervene in housing prices is not a good solution.
"The whole question is, do we peg HDB flats to the market, or whether we follow another system. And that other system is what some countries use.”
"In other words, I sell you a flat at fixed price, when you sell the flat, you have to sell it back to me also at a fixed price. In other words, you are not allowed to profit from the flat. There you can keep flat prices fixed."
STI to breach 3,000 in H1 2010, say market watchers
STI to breach 3,000 in H1 2010, say market watchers
Dec 30, 2009 - PropertyGuru.com.sg
Singapore’s Straits Times Index (STI) managed to end the year higher by 60 percent, despite weak response in the first three months, with various sectors being lifted by stimulus measures and pent-up liquidity from market players waiting to enter the market.
Terence Wong, senior vice president and co-head of research at DMG & Partners Securities, said: "Another thing that stuck out obviously, was the big great run that we saw since the second week of March.”
"In fact the STI has gone up over 90 per cent since that period of time, and I believe that has been one of the most impressive runs in recent memory."
"One of the sectors that I like is hospitality. I think 2010 is the Year of Visit Singapore, and there are a lot of things that are happening, chief of which would be the opening of the IRs (integrated resorts).”
"I think with the improvement in the global and regional economies, there will be a return of the tourism dollar," he added.
Vice president of SIAS Research, Roger Tan, said: "We saw good news coming from the property sector, especially the mass market sector, and that encouraged the property sector to thrive a little bit.”
"Then we also saw the banks coming back, and the oil and gas sector, because of the expectation that in 2010 and 2011, we could see higher demand from oil."
Looking forward next year, experts said that there are rooms for industries to pull ahead, including hospitality and property counters, with exposures to several cities in China.
"The Chinese government has to continue with its urbanisation, has to continue encouraging the urbanisation rate,” Mr. Tan said. "So a lot more attention will be paid down to second- and third-tier city development, away from the first-tier cities which have already benefited from the last ten years of development."
Most market watchers expect the STI to breach 3,000 in the first half of 2010. However, a slower second half is also expected due to the uncertainty behind the economic recovery in the US.
Dec 30, 2009 - PropertyGuru.com.sg
Singapore’s Straits Times Index (STI) managed to end the year higher by 60 percent, despite weak response in the first three months, with various sectors being lifted by stimulus measures and pent-up liquidity from market players waiting to enter the market.
Terence Wong, senior vice president and co-head of research at DMG & Partners Securities, said: "Another thing that stuck out obviously, was the big great run that we saw since the second week of March.”
"In fact the STI has gone up over 90 per cent since that period of time, and I believe that has been one of the most impressive runs in recent memory."
"One of the sectors that I like is hospitality. I think 2010 is the Year of Visit Singapore, and there are a lot of things that are happening, chief of which would be the opening of the IRs (integrated resorts).”
"I think with the improvement in the global and regional economies, there will be a return of the tourism dollar," he added.
Vice president of SIAS Research, Roger Tan, said: "We saw good news coming from the property sector, especially the mass market sector, and that encouraged the property sector to thrive a little bit.”
"Then we also saw the banks coming back, and the oil and gas sector, because of the expectation that in 2010 and 2011, we could see higher demand from oil."
Looking forward next year, experts said that there are rooms for industries to pull ahead, including hospitality and property counters, with exposures to several cities in China.
"The Chinese government has to continue with its urbanisation, has to continue encouraging the urbanisation rate,” Mr. Tan said. "So a lot more attention will be paid down to second- and third-tier city development, away from the first-tier cities which have already benefited from the last ten years of development."
Most market watchers expect the STI to breach 3,000 in the first half of 2010. However, a slower second half is also expected due to the uncertainty behind the economic recovery in the US.
Luxury property in Phuket recorded THB 1.1 Billion sales
Luxury property in Phuket recorded THB 1.1 Billion sales
Dec 30, 2009 - PropertyGuru.com.sg
Phuket Luxury property market accounted for transactions worth THB 1.1 billion from July to November this year, according to a market research done by C9 Hotelworks. The resale sector made up the 50 percent of the total sales.
According to C9’s managing director, Bill Barnett, “this year has seen the absence of new high end product which has propelled the secondary segment, while off plan product remains sluggish.”
“The failure to launch new projects is a key constraining factor limiting volume in the marketplace. Despite demonstrated sales of a number of ‘super’ high end villas from THB 165 – 330 million, developers remain on the sideline more out of negative risk concern then fundamentals,” he added.
Market data shows that a rising numbers of early buyers in developments are now cashing out at significant profit levels, thus, driving up pricing point for several existing products. Geographically, ‘Millionaires Mile’ in Kamala experienced the highest level of activity.
Without the important new product entering the supply market, H2 2009 saw a growing volume of premium lots acquired by buyers who committed to develop their own luxury residences.
Bill Barnett noted, “Traditionally the period of December to April remains peak sales season, and feedback in the past few weeks has seen sales traction. Ultimately the market desperately requires new launches to stimulate broader interest if there is to be a return to stabilized trading.”
Dec 30, 2009 - PropertyGuru.com.sg
Phuket Luxury property market accounted for transactions worth THB 1.1 billion from July to November this year, according to a market research done by C9 Hotelworks. The resale sector made up the 50 percent of the total sales.
According to C9’s managing director, Bill Barnett, “this year has seen the absence of new high end product which has propelled the secondary segment, while off plan product remains sluggish.”
“The failure to launch new projects is a key constraining factor limiting volume in the marketplace. Despite demonstrated sales of a number of ‘super’ high end villas from THB 165 – 330 million, developers remain on the sideline more out of negative risk concern then fundamentals,” he added.
Market data shows that a rising numbers of early buyers in developments are now cashing out at significant profit levels, thus, driving up pricing point for several existing products. Geographically, ‘Millionaires Mile’ in Kamala experienced the highest level of activity.
Without the important new product entering the supply market, H2 2009 saw a growing volume of premium lots acquired by buyers who committed to develop their own luxury residences.
Bill Barnett noted, “Traditionally the period of December to April remains peak sales season, and feedback in the past few weeks has seen sales traction. Ultimately the market desperately requires new launches to stimulate broader interest if there is to be a return to stabilized trading.”
Yuexiu Property acquires land plot in China for $112 million
Yuexiu Property acquires land plot in China for $112 million
Dec 30, 2009 - PropertyGuru.com.sg
Singapore Developer Yuexiu Property said yesterday that one of its units purchased land plot in China worth 544 million yuan or about 112 million Singapore dollars.
It said that 95 percent of its owned subsidiary acquired the land plot located in Zhongshan City in Guangdong province, China through a public land auction last week.
The said land has a site area of about 167,000 square metres with a total permissible gross floor area of about 418,000 square metres.
The property firm said the land was approved for commercial and residential use. About 84 percent of the space will be used for residential property, while the remaining 16 percent of the permissible gross floor area account for commercial use.
Yuexiu said that the acquisition of the Zhongshan site signifies an important move toward the company’s strategy of improving its real estate business.
Dec 30, 2009 - PropertyGuru.com.sg
Singapore Developer Yuexiu Property said yesterday that one of its units purchased land plot in China worth 544 million yuan or about 112 million Singapore dollars.
It said that 95 percent of its owned subsidiary acquired the land plot located in Zhongshan City in Guangdong province, China through a public land auction last week.
The said land has a site area of about 167,000 square metres with a total permissible gross floor area of about 418,000 square metres.
The property firm said the land was approved for commercial and residential use. About 84 percent of the space will be used for residential property, while the remaining 16 percent of the permissible gross floor area account for commercial use.
Yuexiu said that the acquisition of the Zhongshan site signifies an important move toward the company’s strategy of improving its real estate business.
Asian markets ended mixed during holiday trade
Asian markets ended mixed during holiday trade
Dec 30, 2009
The stock market in Asia ended narrowly mixed in a dwindling holiday trade last Tuesday, after Wall Street posted subdued gains.
The dollar was fairly higher against the yen and euro. Australian shares led the region, its resource-heavy market powered by more solid prices for gold, oil and other commodities in recent days.
Across much of the region, trade was thin and sluggish, with many investors out for the holidays and reluctant to place bets toward the end of a year marked by remarkable gains in stocks worldwide.
The Nikkei 225 stock in Japan rose 0.1 percent or 6.97 points, to 10,641.20. Hang Seng in Hong Kong fell 0.1 percent or 12.99 points, to 21,467.23.
Kospi in South Korea dropped 1.3 percent to 1,663.47, and the Shanghai index in China lost 0.3 percent to 3,177.82.
Elsewhere, the key index in Australia rose 1.1 percent to 4,845.1. Sensex in India gained 0.2 percent and Singapore's market advanced 0.2 percent.
The Dow Jones industrial in the US rose 0.3 percent or 26.98 points, to 10,547.08 in Monday. The Dow transportation fell 0.6 percent or 24.37 points, to 4,163.49.
The Standard & Poor's 500 index added 0.1 percent or 1.3 points, to 1,127.78, and the Nasdaq composite index increased 0.2 percent or 5.39 points, to 2,291.08.
In Asia, oil prices hung below $79 per barrel, with benchmark crude for February delivery down by 11 cents to $78.66. The contract settled up 72 cents at $78.77 on Monday after soaring above $79, as the extended cold snap in the US spurred an end-of-year rally in energy futures.
Dec 30, 2009
The stock market in Asia ended narrowly mixed in a dwindling holiday trade last Tuesday, after Wall Street posted subdued gains.
The dollar was fairly higher against the yen and euro. Australian shares led the region, its resource-heavy market powered by more solid prices for gold, oil and other commodities in recent days.
Across much of the region, trade was thin and sluggish, with many investors out for the holidays and reluctant to place bets toward the end of a year marked by remarkable gains in stocks worldwide.
The Nikkei 225 stock in Japan rose 0.1 percent or 6.97 points, to 10,641.20. Hang Seng in Hong Kong fell 0.1 percent or 12.99 points, to 21,467.23.
Kospi in South Korea dropped 1.3 percent to 1,663.47, and the Shanghai index in China lost 0.3 percent to 3,177.82.
Elsewhere, the key index in Australia rose 1.1 percent to 4,845.1. Sensex in India gained 0.2 percent and Singapore's market advanced 0.2 percent.
The Dow Jones industrial in the US rose 0.3 percent or 26.98 points, to 10,547.08 in Monday. The Dow transportation fell 0.6 percent or 24.37 points, to 4,163.49.
The Standard & Poor's 500 index added 0.1 percent or 1.3 points, to 1,127.78, and the Nasdaq composite index increased 0.2 percent or 5.39 points, to 2,291.08.
In Asia, oil prices hung below $79 per barrel, with benchmark crude for February delivery down by 11 cents to $78.66. The contract settled up 72 cents at $78.77 on Monday after soaring above $79, as the extended cold snap in the US spurred an end-of-year rally in energy futures.
Tuesday, December 29, 2009
Market ignores CapitaLand, SIA losses
Market ignores CapitaLand, SIA losses
Dec 31, 2009 - PropertyGuru.com.sg
Even though ‘big hitters’ such as CapitaLand and Singapore Airlines posted quarterly losses and warned of difficult days in the future, the Strait Times Index (STI) romped to 2,636 points high for over ten months.
Yesterday, the second biggest airline in the world by market capitalisation posted a loss of $307 million for the quarterly period from April to June. The incurred loss was mainly due to the combination of the global economic decline, the fuel hedging losses and the outbreak of Influenza A.
It was the company’s second time to post a quarterly loss. From April to June 2003, it dropped into red to the amount of $312 million at the height of the Sars pandemic.
However, today, unlike the fiscal year 2003 and 2004, the company was threatened that the full year could be in the red. If that happens, this year would be its first loss-making year ever since it was first established in 1972.
On the other hand, the biggest property developer in South-east Asia, CapitaLand, also posted its first quarter loss as of 2003, noting write-downs on investments.
CapitaLand pictured a dark outlook for the full year once its net loss of $156.9 million for the period of April to June increases.
According to Chairman Richard Hu, “Although some stability has been restored in the financial markets, the outlook for 2009 remains uncertain”.
CapitaLand noted that excluding impairments and revaluations, the company earned a net profit of $124 million for the quarter.
Three big banks are going to report their quarterly results next week. They will surely be closely watched to determine the levels of free-based income trends and non-performing loans.
Others like the SembCorp will supply denotations of the latest trend in world infrastructure expenditures. As the market tries to hold its hopes on the recovery, major companies like CapitaLand and SIA seems to doubt the forward indicators.
In the case of SIA, though signs of small sequential improvements can be seen, premium seat sales remain under pressure. Premium seats also account for 40 percent of the income of the airline.
For this year, the International Air Transport Association (IATA) anticipates the market to post losses of about US$9 billion.
Carriers from the Asia-Pacific experienced a 14.5 percent yearly decline in passenger demand in June, twice the world passenger traffic decline of 7.2 percent.
For the property division, repressed demand has released a new craze of buying by upgraders. Due to this, the prices of new residential property have increased by 5 to 7 percent every month.
Most developers will surely enjoy the spoils of unloading inventory. However, like what CIMB said, strong household balance sheets and loosening of the credit market have aided to carry dealings.
According to the research house, the following leg of the growth in the demand has to come from key improvements in the economy. It can still be seen whether the increasing demand in 2010 to 2011 will be enough to get the supply balanced to strike the market.
However, the liquidity that flows in the Singapore market has promoted the STI by a walloping 81 percent as of March.
Dec 31, 2009 - PropertyGuru.com.sg
Even though ‘big hitters’ such as CapitaLand and Singapore Airlines posted quarterly losses and warned of difficult days in the future, the Strait Times Index (STI) romped to 2,636 points high for over ten months.
Yesterday, the second biggest airline in the world by market capitalisation posted a loss of $307 million for the quarterly period from April to June. The incurred loss was mainly due to the combination of the global economic decline, the fuel hedging losses and the outbreak of Influenza A.
It was the company’s second time to post a quarterly loss. From April to June 2003, it dropped into red to the amount of $312 million at the height of the Sars pandemic.
However, today, unlike the fiscal year 2003 and 2004, the company was threatened that the full year could be in the red. If that happens, this year would be its first loss-making year ever since it was first established in 1972.
On the other hand, the biggest property developer in South-east Asia, CapitaLand, also posted its first quarter loss as of 2003, noting write-downs on investments.
CapitaLand pictured a dark outlook for the full year once its net loss of $156.9 million for the period of April to June increases.
According to Chairman Richard Hu, “Although some stability has been restored in the financial markets, the outlook for 2009 remains uncertain”.
CapitaLand noted that excluding impairments and revaluations, the company earned a net profit of $124 million for the quarter.
Three big banks are going to report their quarterly results next week. They will surely be closely watched to determine the levels of free-based income trends and non-performing loans.
Others like the SembCorp will supply denotations of the latest trend in world infrastructure expenditures. As the market tries to hold its hopes on the recovery, major companies like CapitaLand and SIA seems to doubt the forward indicators.
In the case of SIA, though signs of small sequential improvements can be seen, premium seat sales remain under pressure. Premium seats also account for 40 percent of the income of the airline.
For this year, the International Air Transport Association (IATA) anticipates the market to post losses of about US$9 billion.
Carriers from the Asia-Pacific experienced a 14.5 percent yearly decline in passenger demand in June, twice the world passenger traffic decline of 7.2 percent.
For the property division, repressed demand has released a new craze of buying by upgraders. Due to this, the prices of new residential property have increased by 5 to 7 percent every month.
Most developers will surely enjoy the spoils of unloading inventory. However, like what CIMB said, strong household balance sheets and loosening of the credit market have aided to carry dealings.
According to the research house, the following leg of the growth in the demand has to come from key improvements in the economy. It can still be seen whether the increasing demand in 2010 to 2011 will be enough to get the supply balanced to strike the market.
However, the liquidity that flows in the Singapore market has promoted the STI by a walloping 81 percent as of March.
Overwhelming response for BTO flats in Dawson
Overwhelming response for BTO flats in Dawson
Dec 29, 2009 - PropertyGuru.com.sg
Homebuyers who applied for BTO flats at Dawson in Queenstown are experiencing stiff competition.
Application for the flats ended yesterday, and about 1,718 premium flats were six-times oversubscribed.
Units at Skyterrace@Dawson and SkyVille@Dawson are public flats, with premium designs and finishes. These projects are comprised of studio-type units, as well as three- to five-room flats.
A total of 9,865 individuals applied for its 1,718 units.
The five-room flats, which cost around $500,000, proved to be the most popular. About 200 flats were offered but over 2,000 applicants were competing for them.
The four-room flats also saw high demand. 1,100 such flats were offered, but more than 6,000 applications were received.
One analyst said that the demand for the newest project was fuelled by "sandwich class" individuals, who were willing to pay more for public housing.
Nicholas Mak, a real estate lecturer at Ngee Ann Polytechnic said, "They may wish to buy private properties but because of the escalating prices of entry-level private properties, these people may be looking to buy more premium types of HDB flats."
Paired units, which were being offered for the first time, also proved to get good response. Over 300 applications have been received for the 70 units being offered.
Applicants will know the result, as well as their queue number by February next year.
For those unsuccessful applicants, HDB said that they can still look forward to more Build-To-Oder (BTO) projects in 2010. In fact, HDB is prepared to launch one BTO project every month, if demand for these flats continues to increase.
Dec 29, 2009 - PropertyGuru.com.sg
Homebuyers who applied for BTO flats at Dawson in Queenstown are experiencing stiff competition.
Application for the flats ended yesterday, and about 1,718 premium flats were six-times oversubscribed.
Units at Skyterrace@Dawson and SkyVille@Dawson are public flats, with premium designs and finishes. These projects are comprised of studio-type units, as well as three- to five-room flats.
A total of 9,865 individuals applied for its 1,718 units.
The five-room flats, which cost around $500,000, proved to be the most popular. About 200 flats were offered but over 2,000 applicants were competing for them.
The four-room flats also saw high demand. 1,100 such flats were offered, but more than 6,000 applications were received.
One analyst said that the demand for the newest project was fuelled by "sandwich class" individuals, who were willing to pay more for public housing.
Nicholas Mak, a real estate lecturer at Ngee Ann Polytechnic said, "They may wish to buy private properties but because of the escalating prices of entry-level private properties, these people may be looking to buy more premium types of HDB flats."
Paired units, which were being offered for the first time, also proved to get good response. Over 300 applications have been received for the 70 units being offered.
Applicants will know the result, as well as their queue number by February next year.
For those unsuccessful applicants, HDB said that they can still look forward to more Build-To-Oder (BTO) projects in 2010. In fact, HDB is prepared to launch one BTO project every month, if demand for these flats continues to increase.
Residential site in Sengkang to be launched for public tender
Residential site in Sengkang to be launched for public tender
Dec 29, 2009 - PropertyGuru.com.sg
The Housing Development Board (HDB) has received an application from a property developer to launch a residential site located at Sengkang West Avenue for public tender.
The parcel of land is under HDB's Reserve List System.
Under the Reserve List System, a site will only be put up for public tender if the government receives an application from a developer at or above the minimum price that is acceptable to them.
In this case, the Sengkang site is being offered at a minimum price of $70 million.
HDB will launch the site for tender in two weeks' time.
A 99-year leasehold condominium development is being planned for the 183,000-sq-ft site.
Dec 29, 2009 - PropertyGuru.com.sg
The Housing Development Board (HDB) has received an application from a property developer to launch a residential site located at Sengkang West Avenue for public tender.
The parcel of land is under HDB's Reserve List System.
Under the Reserve List System, a site will only be put up for public tender if the government receives an application from a developer at or above the minimum price that is acceptable to them.
In this case, the Sengkang site is being offered at a minimum price of $70 million.
HDB will launch the site for tender in two weeks' time.
A 99-year leasehold condominium development is being planned for the 183,000-sq-ft site.
Keppel Land pays $180 million for site in China
Keppel Land pays $180 million for site in China
Dec 29, 2009 - PropertyGuru.com.sg
Keppel Land has purchased a site located in northeast China through its wholly-owned subsidiary, Da Di Investment, for $180 million.
A residential township is being planned on the 30-hectare parcel of land, which is in Shenyang. It will comprise some commercial developments and around 6,000 homes. This project will target the upper-middle class.
The progressive launch of the initial phase of 1,200 high-quality apartments will start from the second half of 2011.
The waterfront project is the second township being developed by Keppel Land in Shenyang. It will increase the pipeline of the developer to over 30,000 homes throughout China.
Dec 29, 2009 - PropertyGuru.com.sg
Keppel Land has purchased a site located in northeast China through its wholly-owned subsidiary, Da Di Investment, for $180 million.
A residential township is being planned on the 30-hectare parcel of land, which is in Shenyang. It will comprise some commercial developments and around 6,000 homes. This project will target the upper-middle class.
The progressive launch of the initial phase of 1,200 high-quality apartments will start from the second half of 2011.
The waterfront project is the second township being developed by Keppel Land in Shenyang. It will increase the pipeline of the developer to over 30,000 homes throughout China.
Housing prices in the UK drop 1.9%
Housing prices in the UK drop 1.9%
Dec 29, 2009 - PropertyGuru.com.sg
Year-on-year housing prices in England and Wales dropped 1.9 percent in December, the smallest annual decline since May this year, according to property data company Hometrack.
But the monthly result of housing price increases suffered a slowdown of 0.1 percent in December, compared to 0.2 percent in November. Hometrack predicts that prices will drop one percent further in 2010.
Mortgage lenders Halifax and Nationwide also report that prices have already increased by 2 percent in the year to November.
“Unexpectedly buoyant demand and a chronic lack of housing for sale were the key drivers of the housing market in 2009,” said Hometrack’s director of research, Richard Donnell. “While a scarcity of housing for sale is set to remain an important feature of the market in 2010, it is the prospects for demand that will dictate the outlook for prices in the next 12 months.”
Several real estate agents surveyed by Hometrack reported that registration from interested homebuyers this year has increased 41 percent, while supply of property rose by only 7 percent.
Hometrack said this pattern will likely continue into 2010, with home sales equivalent to the average household moving once every 25 years, leading to a volatile price.
However, a possible increase in the unemployment rate and the growing concern about tax increases, as well as spending cuts after the June elections were likely to limit the demand.
“Against the backdrop of low sales volumes, equity-rich households could continue to put upward pressure on prices in localised markets in 2010. Yet a sustainable and broad-based recovery in the housing market needs a broader base of buyers,” Mr. Donnell said.
Dec 29, 2009 - PropertyGuru.com.sg
Year-on-year housing prices in England and Wales dropped 1.9 percent in December, the smallest annual decline since May this year, according to property data company Hometrack.
But the monthly result of housing price increases suffered a slowdown of 0.1 percent in December, compared to 0.2 percent in November. Hometrack predicts that prices will drop one percent further in 2010.
Mortgage lenders Halifax and Nationwide also report that prices have already increased by 2 percent in the year to November.
“Unexpectedly buoyant demand and a chronic lack of housing for sale were the key drivers of the housing market in 2009,” said Hometrack’s director of research, Richard Donnell. “While a scarcity of housing for sale is set to remain an important feature of the market in 2010, it is the prospects for demand that will dictate the outlook for prices in the next 12 months.”
Several real estate agents surveyed by Hometrack reported that registration from interested homebuyers this year has increased 41 percent, while supply of property rose by only 7 percent.
Hometrack said this pattern will likely continue into 2010, with home sales equivalent to the average household moving once every 25 years, leading to a volatile price.
However, a possible increase in the unemployment rate and the growing concern about tax increases, as well as spending cuts after the June elections were likely to limit the demand.
“Against the backdrop of low sales volumes, equity-rich households could continue to put upward pressure on prices in localised markets in 2010. Yet a sustainable and broad-based recovery in the housing market needs a broader base of buyers,” Mr. Donnell said.
DTZ Research sees more property deals worth above $100 million
DTZ Research sees more property deals worth above $100 million
Dec 29, 2009 - PropertyGuru.com.sg
DTZ Research, a global property adviser, said that the last quarter of the financial year saw a rising trend of larger property deals in the Singapore market.
The value of property deals transacted in the last quarter were larger compared to the trend of small deals over the past three quarters of the year.
There were eight transactions, each worth more than $100 million, which made up 77 percent of the $2.5 billion total value transacted in Q4 2009. This is substantially larger than the 48 percent in Q3 and none in Q1 and Q2.
Investments made in Q3 and Q4 composed the 83 percent of the $5.9 billion total investment value in 2009.
The residential sector was the leading performer in 2009, accounting for 50 percent of the overall transaction value. The sector also tallied 56 percent or $1.4 billion of the total investment sales in Q4, with deals like the en bloc sale of Dragon Mansion.
The retail sector was the second top performing sector, contributing 16 percent to the full year transaction value. The sale of Clementi Mall in November for $541.9 million is one of the big deals in this segment.
Looking forward, DTZ Research expects 2010 to be a more active year due to the improving market sentiment.
With more activity coming from the government land sales programme, the residential sector will continuously dominate the property market next year.
Dec 29, 2009 - PropertyGuru.com.sg
DTZ Research, a global property adviser, said that the last quarter of the financial year saw a rising trend of larger property deals in the Singapore market.
The value of property deals transacted in the last quarter were larger compared to the trend of small deals over the past three quarters of the year.
There were eight transactions, each worth more than $100 million, which made up 77 percent of the $2.5 billion total value transacted in Q4 2009. This is substantially larger than the 48 percent in Q3 and none in Q1 and Q2.
Investments made in Q3 and Q4 composed the 83 percent of the $5.9 billion total investment value in 2009.
The residential sector was the leading performer in 2009, accounting for 50 percent of the overall transaction value. The sector also tallied 56 percent or $1.4 billion of the total investment sales in Q4, with deals like the en bloc sale of Dragon Mansion.
The retail sector was the second top performing sector, contributing 16 percent to the full year transaction value. The sale of Clementi Mall in November for $541.9 million is one of the big deals in this segment.
Looking forward, DTZ Research expects 2010 to be a more active year due to the improving market sentiment.
With more activity coming from the government land sales programme, the residential sector will continuously dominate the property market next year.
HK sells land plots lower than the expected prices
HK sells land plots lower than the expected prices
Dec 29, 2009 - PropertyGuru.com.sg
The Hong Kong government sold two residential land plots at prices below market expectations in its first major land auction in two years, pressuring the stock market and property companies' shares.
However, the land plots were sold at lower-than-expected prices due to its location and it did not reflect the overall fundamental of HK’s property market, which faced a threat of bubbles forming, said analysts.
The result of the auction prompted HK’s Hang Seng index, which had been increasing before the start, ending 0.17 percent lower.
Also, the property sub-index, which had been outperforming before the auction start, fall 0.7 percent.
“The price came at the low end of expectations. The reason could be because the two plots of land are quite huge,” said Adrian Ngan, an analyst from CCB (China Construction Bank) International.
The first land plot was sold for HK$5.15 billion (US$660 million), while the second plot went for HK$5.25 billion. Both were below the expected market price of HK$5.45 billion.
Property Developer Sino Land won the first, as well as the second site, through a joint bid with K Wah International.
“The final price was reasonable. We're so grateful that other developers did not compete with us as they know we have a few plots of land nearby. We are really very happy,” said Sino Land chairman Robert Ng.
Each plot has a total of 720,000 sq ft gross floor area and is located in the Tai Po district in northern Hong Kong. The opening bid for the sites were HK$3.6 billion
“For this auction, you have to take the result with a grain of salt because you have to recognise that it is not that attractive to anyone else other than Sino Land,” said one analyst, who declined to be identified.
Analysts and experts highlighted Hong Kong, as well as China and Singapore, as a market where possible asset bubbles are forming, with the government trying to ease up prices through careful measures.
Before the Monday’s auction, HK government only sold small land parcels this year and did not have any major land sale for the past two years.
Dec 29, 2009 - PropertyGuru.com.sg
The Hong Kong government sold two residential land plots at prices below market expectations in its first major land auction in two years, pressuring the stock market and property companies' shares.
However, the land plots were sold at lower-than-expected prices due to its location and it did not reflect the overall fundamental of HK’s property market, which faced a threat of bubbles forming, said analysts.
The result of the auction prompted HK’s Hang Seng index, which had been increasing before the start, ending 0.17 percent lower.
Also, the property sub-index, which had been outperforming before the auction start, fall 0.7 percent.
“The price came at the low end of expectations. The reason could be because the two plots of land are quite huge,” said Adrian Ngan, an analyst from CCB (China Construction Bank) International.
The first land plot was sold for HK$5.15 billion (US$660 million), while the second plot went for HK$5.25 billion. Both were below the expected market price of HK$5.45 billion.
Property Developer Sino Land won the first, as well as the second site, through a joint bid with K Wah International.
“The final price was reasonable. We're so grateful that other developers did not compete with us as they know we have a few plots of land nearby. We are really very happy,” said Sino Land chairman Robert Ng.
Each plot has a total of 720,000 sq ft gross floor area and is located in the Tai Po district in northern Hong Kong. The opening bid for the sites were HK$3.6 billion
“For this auction, you have to take the result with a grain of salt because you have to recognise that it is not that attractive to anyone else other than Sino Land,” said one analyst, who declined to be identified.
Analysts and experts highlighted Hong Kong, as well as China and Singapore, as a market where possible asset bubbles are forming, with the government trying to ease up prices through careful measures.
Before the Monday’s auction, HK government only sold small land parcels this year and did not have any major land sale for the past two years.
Theme park developers to focus on Asia
Theme park developers to focus on Asia
Dec 28, 2009 - PropertyGuru.com.sg
The global economic downturn has bankrupted some US theme parks and set grand plans for new ones in the Middle East.
However, in Asia, a development boom is ongoing, as operators compete to roll out parks and add attractions to draw in the region's growing middle class.
In Hong Kong, the redevelopment of Ocean Park worth around US$750 million is set to be completed in 2013, while Hong Kong Disneyland Resort just started its US$465 million expansion, which will add three more areas by 2014. In November, the Chinese government finally approved a plan by Disney to build a theme park in Shanghai. It is expected to be launched in 5 to 6 years.
In Singapore, Resorts World at Sentosa (RWS) is set to open its Universal Studios early next year.
“Even with the economic hardship the world has been feeling, there is still stability in this part of the world, and people are still looking to do things that are out of the ordinary,” said Tom Mehrmann, the Chief Executive of Ocean Park.
Based on a report by the consulting firm, Economic Research Associates, and an international industry association, Themed Entertainment Association, the overall attendance at the world's top 25 theme parks has dropped over the past couple of years.
However, visits to the 10 most-visited parks in the Asia Pacific region continues to increase, though at a slower pace. Developers want to focus on the region due to this upward trend, which is expected to accelerate.
The industry anticipates Asia will have a solid growth, although the number of what Mr. Mehrmann calls 'world-class parks' in the region has increased to over 35 from only 15, over the last six years.
“What it says is that the market is growing, the middle class is growing, discretionary time and money is growing,” he said.
Dec 28, 2009 - PropertyGuru.com.sg
The global economic downturn has bankrupted some US theme parks and set grand plans for new ones in the Middle East.
However, in Asia, a development boom is ongoing, as operators compete to roll out parks and add attractions to draw in the region's growing middle class.
In Hong Kong, the redevelopment of Ocean Park worth around US$750 million is set to be completed in 2013, while Hong Kong Disneyland Resort just started its US$465 million expansion, which will add three more areas by 2014. In November, the Chinese government finally approved a plan by Disney to build a theme park in Shanghai. It is expected to be launched in 5 to 6 years.
In Singapore, Resorts World at Sentosa (RWS) is set to open its Universal Studios early next year.
“Even with the economic hardship the world has been feeling, there is still stability in this part of the world, and people are still looking to do things that are out of the ordinary,” said Tom Mehrmann, the Chief Executive of Ocean Park.
Based on a report by the consulting firm, Economic Research Associates, and an international industry association, Themed Entertainment Association, the overall attendance at the world's top 25 theme parks has dropped over the past couple of years.
However, visits to the 10 most-visited parks in the Asia Pacific region continues to increase, though at a slower pace. Developers want to focus on the region due to this upward trend, which is expected to accelerate.
The industry anticipates Asia will have a solid growth, although the number of what Mr. Mehrmann calls 'world-class parks' in the region has increased to over 35 from only 15, over the last six years.
“What it says is that the market is growing, the middle class is growing, discretionary time and money is growing,” he said.
Chinese premier promises to cool down property prices
Chinese premier promises to cool down property prices
Dec 28, 2009 - PropertyGuru.com.sg
Chinese Premier Wen Jiabao said the Chinese government will cool down property prices, rest pressure for the yuan and keep inflation rates at “reasonable” levels.
“Property prices have risen too quickly in some areas and we should use taxes and loan interest rates to stabilize them,” Wen said in an interview yesterday, adding that China will “absolutely not yield” to calls for currency gains.
China’s property prices surged in November at the quickest pace since July 2008, adding concerns that inflows of money and lending records will trigger asset bubbles in the fastest-growing major economy in the world. Central bank adviser Fan Gang said China needs to be on alert for real-estate, commodity and stock bubbles as global capital flows into the emerging economies.
“It’s difficult to see how serious the government is about cooling the property market,” said former Morgan Stanley chief Asian economist, Andy Xie. “The issue isn’t about introducing new measures but enforcing existing measures.”
In November, property prices in over 70 major cities increased 5.7 percent from the previous year, compared with 3.9 percent in October. Wen emphasized plans to develop more low-cost housing and said the Chinese government would crack down on illegal activities like land hoarding that fuelled price increases.
Consumer prices increased 0.6 percent in November from the previous year, snapping a nine-month run of deflation.
The government will ensure a “moderately loose” monetary policy, as well as a “proactive” fiscal stance, said Wen, adding that withdrawing stimulus packages too quickly would be a big mistake.
About 9.2 trillion yuan ($1.3 trillion) of loans in the first 11 months of 2008 gave way to China’s recovery after the economic crisis cut down export demand. This also added the risk of bad loans. Wen said that it would be good if lending were not on a large scale.
The Premier noted the government’s move on the yuan after rejecting the call for a stronger currency by visiting European officials, including Jean-Claude Trichet, president of the European Central Bank. China held the yuan for about 6.83 per dollar since July 2007, shielding its exporters from the decline of global demand.
“Maintaining a stable yuan has made an important contribution globally,” Wen said. “We will absolutely not yield to pressure to appreciate.”
Dec 28, 2009 - PropertyGuru.com.sg
Chinese Premier Wen Jiabao said the Chinese government will cool down property prices, rest pressure for the yuan and keep inflation rates at “reasonable” levels.
“Property prices have risen too quickly in some areas and we should use taxes and loan interest rates to stabilize them,” Wen said in an interview yesterday, adding that China will “absolutely not yield” to calls for currency gains.
China’s property prices surged in November at the quickest pace since July 2008, adding concerns that inflows of money and lending records will trigger asset bubbles in the fastest-growing major economy in the world. Central bank adviser Fan Gang said China needs to be on alert for real-estate, commodity and stock bubbles as global capital flows into the emerging economies.
“It’s difficult to see how serious the government is about cooling the property market,” said former Morgan Stanley chief Asian economist, Andy Xie. “The issue isn’t about introducing new measures but enforcing existing measures.”
In November, property prices in over 70 major cities increased 5.7 percent from the previous year, compared with 3.9 percent in October. Wen emphasized plans to develop more low-cost housing and said the Chinese government would crack down on illegal activities like land hoarding that fuelled price increases.
Consumer prices increased 0.6 percent in November from the previous year, snapping a nine-month run of deflation.
The government will ensure a “moderately loose” monetary policy, as well as a “proactive” fiscal stance, said Wen, adding that withdrawing stimulus packages too quickly would be a big mistake.
About 9.2 trillion yuan ($1.3 trillion) of loans in the first 11 months of 2008 gave way to China’s recovery after the economic crisis cut down export demand. This also added the risk of bad loans. Wen said that it would be good if lending were not on a large scale.
The Premier noted the government’s move on the yuan after rejecting the call for a stronger currency by visiting European officials, including Jean-Claude Trichet, president of the European Central Bank. China held the yuan for about 6.83 per dollar since July 2007, shielding its exporters from the decline of global demand.
“Maintaining a stable yuan has made an important contribution globally,” Wen said. “We will absolutely not yield to pressure to appreciate.”
Rental rates in Taipei forecasted to increase
Rental rates in Taipei forecasted to increase
Dec 28, 2009 - PropertyGuru.com.sg
Rental rates and housing prices in Taipei City could continue to surge, according to real-estate brokers.
The latest list of Asia's most expensive places to live, which is published by Forbes magazine, showed that Taipei was ranked 16th with an average monthly rent of US$1,065 for a high-end two-bedroom apartment.
Tokyo topped the list at US$4,737, followed by Hong Kong with a monthly average rent of US$3,871, while Beijing was ranked 3rd at US$3,659.
Urban districts where prices increased the most include several financial hubs like Mumbai, Taipei and Singapore, according to the annual cost-of-living survey released by Mercer Consulting.
Despite the global crisis, rents are relatively high and prices of real estate are increasing in such cities, according to Forbes.
"In the past, we've seen Europe as the most expensive place. Over time, Asian cities have caught up quite a bit in terms of cost-of-living increases," said Mercer’s principal consultant, Cathy Loose. "Mainly because of the limited space, real estate in terms of demand versus supply is driving the rental price high." Huang Cheng-fu, assistant manager of Evertrust Rehouse – one of the top real estate brokers in Taiwan – said the US$1,065 monthly figure estimated by Mercer for a two-bedroom apartment in Hsinyi or Daan district in Taiwan is a reasonable price.
Compared to the US$3,871 average monthly rent for a two-room apartment in HK, housing prices and rental rates in Taipei are expected to continue to increase despite closer exchanges in the greater China area, noted Mr. Huang.
Sinyi Realty Estate manager, Su Chi-jung, said Taipei's ranking reflects its possibility to become more globalized, because its rental rates are closely related to international levels.
If there are more foreign business executives in a city, rental rates usually increase because of the foreign nationals rental of high-quality houses, said Mr. Su.
With Taiwan Strait exchanges continuing to grow, and more Chinese and foreign executives coming to Taiwan, Mr. Su predicted that the city will be leading the list in the near future.
But other locations in the country will not see a similar increase in property rental rates.
Dec 28, 2009 - PropertyGuru.com.sg
Rental rates and housing prices in Taipei City could continue to surge, according to real-estate brokers.
The latest list of Asia's most expensive places to live, which is published by Forbes magazine, showed that Taipei was ranked 16th with an average monthly rent of US$1,065 for a high-end two-bedroom apartment.
Tokyo topped the list at US$4,737, followed by Hong Kong with a monthly average rent of US$3,871, while Beijing was ranked 3rd at US$3,659.
Urban districts where prices increased the most include several financial hubs like Mumbai, Taipei and Singapore, according to the annual cost-of-living survey released by Mercer Consulting.
Despite the global crisis, rents are relatively high and prices of real estate are increasing in such cities, according to Forbes.
"In the past, we've seen Europe as the most expensive place. Over time, Asian cities have caught up quite a bit in terms of cost-of-living increases," said Mercer’s principal consultant, Cathy Loose. "Mainly because of the limited space, real estate in terms of demand versus supply is driving the rental price high." Huang Cheng-fu, assistant manager of Evertrust Rehouse – one of the top real estate brokers in Taiwan – said the US$1,065 monthly figure estimated by Mercer for a two-bedroom apartment in Hsinyi or Daan district in Taiwan is a reasonable price.
Compared to the US$3,871 average monthly rent for a two-room apartment in HK, housing prices and rental rates in Taipei are expected to continue to increase despite closer exchanges in the greater China area, noted Mr. Huang.
Sinyi Realty Estate manager, Su Chi-jung, said Taipei's ranking reflects its possibility to become more globalized, because its rental rates are closely related to international levels.
If there are more foreign business executives in a city, rental rates usually increase because of the foreign nationals rental of high-quality houses, said Mr. Su.
With Taiwan Strait exchanges continuing to grow, and more Chinese and foreign executives coming to Taiwan, Mr. Su predicted that the city will be leading the list in the near future.
But other locations in the country will not see a similar increase in property rental rates.
ST : 2 firms fined for safety lapses
Dec 29, 2009
2 firms fined for safety lapses
By Mavis Toh
TWO construction companies have been fined a total of $96,000 for worksite safety violations, which, in one case, resulted in one worker being injured.
The more severe of the two incidents happened on Oct 13 last year, when construction worker Ji Zhi Li fell while taking measurements at a staircase landing at a Sentosa Cove worksite.
Xuyi Building Engineering was on Tuesday fined $60,000 for not taking adequate measures to prevent falls at the worksite.
Investigations showed that while the worker was equipped with a safety belt, there were no anchor points or lifelines provided to secure the belt. There were also no barriers to prevent falls.
The company was charged under the Workplace Safety and Health Act for inadequate supervision and failing to provide proper fall protection measures, among other offences.
In a separate case, construction company Ho Pak Kim Realty was fined $36,000 last week for safety violations found during inspections by the Ministry of Manpower (MOM) at a Braddell Road worksite.
2 firms fined for safety lapses
By Mavis Toh
TWO construction companies have been fined a total of $96,000 for worksite safety violations, which, in one case, resulted in one worker being injured.
The more severe of the two incidents happened on Oct 13 last year, when construction worker Ji Zhi Li fell while taking measurements at a staircase landing at a Sentosa Cove worksite.
Xuyi Building Engineering was on Tuesday fined $60,000 for not taking adequate measures to prevent falls at the worksite.
Investigations showed that while the worker was equipped with a safety belt, there were no anchor points or lifelines provided to secure the belt. There were also no barriers to prevent falls.
The company was charged under the Workplace Safety and Health Act for inadequate supervision and failing to provide proper fall protection measures, among other offences.
In a separate case, construction company Ho Pak Kim Realty was fined $36,000 last week for safety violations found during inspections by the Ministry of Manpower (MOM) at a Braddell Road worksite.
ST : Electricity prices up again
Dec 29, 2009
Electricity prices up again
By Grace Chua
The electricity tariff is set to rise 5.4 per cent to 22.87 cents per kilowatt-hour (kWh) in the first quarter of the new year (2010). -- ST PHOTO: CHEW SENG KIM
ELECTRICITY prices are back on the rise for the fourth consecutive quarter.
The electricity tariff is set to rise 5.4 per cent to 22.87 cents per kilowatt-hour (kWh) in the first quarter of the new year (2010), electricity service provider SP Services announced on Tuesday.
That means the electricity bill for an average 4-room flat will go up by about $4.70 - from $87.20 to $91.90.
SP Services said the rate was based on the average fuel oil price for the last three months, which has gone up about 8 per cent to $99.38 per barrel.
Last year, fuel oil prices skyrocketed to about $155 per barrel, pushing electricity prices to 30.45 cents per kWh last October. During the global downturn, oil prices dropped and electricity rates followed.
But as economies recover, oil prices are going up again.
Electricity prices up again
By Grace Chua
The electricity tariff is set to rise 5.4 per cent to 22.87 cents per kilowatt-hour (kWh) in the first quarter of the new year (2010). -- ST PHOTO: CHEW SENG KIM
ELECTRICITY prices are back on the rise for the fourth consecutive quarter.
The electricity tariff is set to rise 5.4 per cent to 22.87 cents per kilowatt-hour (kWh) in the first quarter of the new year (2010), electricity service provider SP Services announced on Tuesday.
That means the electricity bill for an average 4-room flat will go up by about $4.70 - from $87.20 to $91.90.
SP Services said the rate was based on the average fuel oil price for the last three months, which has gone up about 8 per cent to $99.38 per barrel.
Last year, fuel oil prices skyrocketed to about $155 per barrel, pushing electricity prices to 30.45 cents per kWh last October. During the global downturn, oil prices dropped and electricity rates followed.
But as economies recover, oil prices are going up again.
ST : Know your estate through Facebook
Dec 29, 2009
Know your estate through Facebook
By Ang Yiying
Yew Tee resident Priscilla Chew, 49, will be keeping other residents who are not able to be present updated through live feeds on Facebook and Twitter. -- PHOTO: AP
YEW Tee resident Priscilla Chew, 49, has an important task during a ministerial community visit there next month.
She will be keeping other residents who are not able to be present updated through live feeds on Facebook and Twitter.
Ms Chew is among a team of about 10 'roving reporters' made up of grassroots volunteers and Republic Polytechnic students who will be on the ground during the visit by Minister for Law and Second Minister for Home Affairs K Shanmugam on Jan 17.
They will be taking photos, videos and posting short comments about the visit with iPhones. Some will also do live blogging during an hour-long dialogue session with the minister.
These plans and updates on the Yew Tee division were shared by Hong Kah GRC Member of Parliament and advisor to the division Yeo Cheow Tong on Tuesday.
Said Mr Yeo about using new media, 'While we've done a pretty good job of reaching out, it adds an additional dimension to our outreach.' He added that using new media was also in line with the composition of Yew Tee's residents, which are mostly young families.
Know your estate through Facebook
By Ang Yiying
Yew Tee resident Priscilla Chew, 49, will be keeping other residents who are not able to be present updated through live feeds on Facebook and Twitter. -- PHOTO: AP
YEW Tee resident Priscilla Chew, 49, has an important task during a ministerial community visit there next month.
She will be keeping other residents who are not able to be present updated through live feeds on Facebook and Twitter.
Ms Chew is among a team of about 10 'roving reporters' made up of grassroots volunteers and Republic Polytechnic students who will be on the ground during the visit by Minister for Law and Second Minister for Home Affairs K Shanmugam on Jan 17.
They will be taking photos, videos and posting short comments about the visit with iPhones. Some will also do live blogging during an hour-long dialogue session with the minister.
These plans and updates on the Yew Tee division were shared by Hong Kah GRC Member of Parliament and advisor to the division Yeo Cheow Tong on Tuesday.
Said Mr Yeo about using new media, 'While we've done a pretty good job of reaching out, it adds an additional dimension to our outreach.' He added that using new media was also in line with the composition of Yew Tee's residents, which are mostly young families.
ST : More BTO flats to come
Dec 29, 2009
More BTO flats to come
More flats in Choa Chu Kang, Hougang will be launched in a week's time
By Esther Teo
At Dawson, 6,015 applications were received for the 1,102 available four-room flats and 806 applications for the 270 three-room flats. --PHOTO: HDB
THE scramble for the Dawson HDB build-to-order (BTO) flats came to an end yesterday with some flats more than 11 times subscribed.
The two-week application window resulted in a flood of applications for five-room flats, which attracted 2,090 applications for the 176 available. There were 11.9 applications for each available unit.
But home seekers need not be discouraged by the daunting odds as the Housing Board on Tuesday announced that it will offer a fresh batch of BTO flats for sale next Tuesday.
Buyers can look forward to another 1,300 BTO flats in Choa Chu Kang and Hougang, the board said in a statement yesterday. 'HDB will continue to launch more BTO projects in 2010 if there is sustained demand for new flats.'
At Dawson, 6,015 applications were received for the 1,102 available four-room flats and 806 applications for the 270 three-room flats.
Demand for studio apartments outstripped supply by a factor of 10.7, with 429 applications for just 40 units.
More BTO flats to come
More flats in Choa Chu Kang, Hougang will be launched in a week's time
By Esther Teo
At Dawson, 6,015 applications were received for the 1,102 available four-room flats and 806 applications for the 270 three-room flats. --PHOTO: HDB
THE scramble for the Dawson HDB build-to-order (BTO) flats came to an end yesterday with some flats more than 11 times subscribed.
The two-week application window resulted in a flood of applications for five-room flats, which attracted 2,090 applications for the 176 available. There were 11.9 applications for each available unit.
But home seekers need not be discouraged by the daunting odds as the Housing Board on Tuesday announced that it will offer a fresh batch of BTO flats for sale next Tuesday.
Buyers can look forward to another 1,300 BTO flats in Choa Chu Kang and Hougang, the board said in a statement yesterday. 'HDB will continue to launch more BTO projects in 2010 if there is sustained demand for new flats.'
At Dawson, 6,015 applications were received for the 1,102 available four-room flats and 806 applications for the 270 three-room flats.
Demand for studio apartments outstripped supply by a factor of 10.7, with 429 applications for just 40 units.
ST : Carrefour goes to heartlands
Dec 28, 2009
Carrefour goes to heartlands
By Tessa Wong
Known for introducing the hypermarket concept to Singapore in 1997, the French company is set to open eight new supermarkets and one hypermarket, all in the heartland, over the next three years. -- ST PHOTO: ONG CHIN KAI
FRENCH cheeses and exotic wines will soon be at the doorsteps of residents in the north, north-east and west of the island as supermarket chain Carrefour looks to expand to these neighbourhoods.
Known for introducing the hypermarket concept to Singapore in 1997, the French company is set to open eight new supermarkets and one hypermarket, all in the heartland, over the next three years.
Announcing its expansion plan yesterday, Carrefour's assistant operations and merchandise director Siva Kumar Haridas said this was prompted by greater demand from customers who want its range closer to home.
Its two current hypermarkets are located downtown at Suntec City and Plaza Singapura in Orchard Road.
Carrefour is not the only player eager to go high-end in the heartland, as consumers develop a taste for finer foods.
Local chain FairPrice this month opened two upscale FairPrice Finest supermarkets - in Marine Parade and Tampines. Its first two Finest outlets are in Bukit Timah and Upper Thomson.
Carrefour goes to heartlands
By Tessa Wong
Known for introducing the hypermarket concept to Singapore in 1997, the French company is set to open eight new supermarkets and one hypermarket, all in the heartland, over the next three years. -- ST PHOTO: ONG CHIN KAI
FRENCH cheeses and exotic wines will soon be at the doorsteps of residents in the north, north-east and west of the island as supermarket chain Carrefour looks to expand to these neighbourhoods.
Known for introducing the hypermarket concept to Singapore in 1997, the French company is set to open eight new supermarkets and one hypermarket, all in the heartland, over the next three years.
Announcing its expansion plan yesterday, Carrefour's assistant operations and merchandise director Siva Kumar Haridas said this was prompted by greater demand from customers who want its range closer to home.
Its two current hypermarkets are located downtown at Suntec City and Plaza Singapura in Orchard Road.
Carrefour is not the only player eager to go high-end in the heartland, as consumers develop a taste for finer foods.
Local chain FairPrice this month opened two upscale FairPrice Finest supermarkets - in Marine Parade and Tampines. Its first two Finest outlets are in Bukit Timah and Upper Thomson.
ST " Govt cuts biz risk share
Dec 28, 2009
Govt cuts biz risk share
By Gabriel Chen
With the economy in better shape, the Government is cutting the share of the risk that it will bear in business loans under a key programme designed to get banks to lend to cash-strapped companies. -- ST PHOTO: SAMUEL HE
WITH the economy in better shape, the Government is cutting the share of the risk that it will bear in business loans under a key programme designed to get banks to lend to cash-strapped companies.
The loans are part of a larger assistance package introduced between November last year and early this year to help companies ride out the economic slowdown.
A key aspect of the initiative involved the Government taking on more risk in bank loans as well as helping out with financing international trade.
The initiatives, which fall under the Special Risk-Sharing Initiative (SRI), include the Loan Insurance Scheme, Local Enterprise Finance Scheme, Micro Loan Programme and the Bridging Loan. The changes, which kick in from Feb 1, are sweeping - loan quantums, tenures, and risk share for instance will be lowered.
Under the Bridging Loan Programme, for example, the loan quantum limit for firms seeking loans for working capital will be reduced from $5 million to $2 million - which will meet the needs of 98 per cent of SMEs.
The Government's share of the risk for this programme will also be adjusted from 80 per cent to 50 per cent, while the maximum loan tenure will be revised from four to two years.
Govt cuts biz risk share
By Gabriel Chen
With the economy in better shape, the Government is cutting the share of the risk that it will bear in business loans under a key programme designed to get banks to lend to cash-strapped companies. -- ST PHOTO: SAMUEL HE
WITH the economy in better shape, the Government is cutting the share of the risk that it will bear in business loans under a key programme designed to get banks to lend to cash-strapped companies.
The loans are part of a larger assistance package introduced between November last year and early this year to help companies ride out the economic slowdown.
A key aspect of the initiative involved the Government taking on more risk in bank loans as well as helping out with financing international trade.
The initiatives, which fall under the Special Risk-Sharing Initiative (SRI), include the Loan Insurance Scheme, Local Enterprise Finance Scheme, Micro Loan Programme and the Bridging Loan. The changes, which kick in from Feb 1, are sweeping - loan quantums, tenures, and risk share for instance will be lowered.
Under the Bridging Loan Programme, for example, the loan quantum limit for firms seeking loans for working capital will be reduced from $5 million to $2 million - which will meet the needs of 98 per cent of SMEs.
The Government's share of the risk for this programme will also be adjusted from 80 per cent to 50 per cent, while the maximum loan tenure will be revised from four to two years.
ST High demand for BTO flats
Dec 28, 2009
High demand for BTO flats
By Esther Teo
After almost two weeks of open applications, the scramble for the Dawson Housing Development Board (HDB) build-to-order (BTO) flats came to a close on Monday innundated by overwhelming demand - with some flats more than 11 times oversubscribed. -- ST PHOTO: LAU KENG SENG
AFTER almost two weeks of open applications, the scramble for the Dawson Housing Development Board (HDB) build-to-order (BTO) flats came to a close on Monday innundated by overwhelming demand - with some flats more than 11 times oversubscribed.
Five-room Dawson flats were the most popular with 2,090 applications received for 176 available flats - approximately 11.9 times oversubscribed - while four-room and three-room flats received 6,015 applications for the 1,102 flats and 806 applications for the 270 flats available respectively.
Studio apartments were also hot property with demand outstripping supply by a factor of 10.7; it had an impressive 429 applications for 40 spots.
Paired units under the multi-generational scheme similarly saw high demand with 379 applications for the 65 such flats available.
Despite such stiff competition, systems analyst Victoria Chew, 26, who had applied for a four-room paired unit under the scheme said that she was not worried.
Her fiancee and her plan to continue looking for a suitable four-room resale flat in the area while waiting for the balloted queue position to be announced in February next year. If successful, they were willing to forgo their Dawson application despite its resonable price and good location, Ms Chew said, citing the 2015 project completion date as a significant drawback.
High demand for BTO flats
By Esther Teo
After almost two weeks of open applications, the scramble for the Dawson Housing Development Board (HDB) build-to-order (BTO) flats came to a close on Monday innundated by overwhelming demand - with some flats more than 11 times oversubscribed. -- ST PHOTO: LAU KENG SENG
AFTER almost two weeks of open applications, the scramble for the Dawson Housing Development Board (HDB) build-to-order (BTO) flats came to a close on Monday innundated by overwhelming demand - with some flats more than 11 times oversubscribed.
Five-room Dawson flats were the most popular with 2,090 applications received for 176 available flats - approximately 11.9 times oversubscribed - while four-room and three-room flats received 6,015 applications for the 1,102 flats and 806 applications for the 270 flats available respectively.
Studio apartments were also hot property with demand outstripping supply by a factor of 10.7; it had an impressive 429 applications for 40 spots.
Paired units under the multi-generational scheme similarly saw high demand with 379 applications for the 65 such flats available.
Despite such stiff competition, systems analyst Victoria Chew, 26, who had applied for a four-room paired unit under the scheme said that she was not worried.
Her fiancee and her plan to continue looking for a suitable four-room resale flat in the area while waiting for the balloted queue position to be announced in February next year. If successful, they were willing to forgo their Dawson application despite its resonable price and good location, Ms Chew said, citing the 2015 project completion date as a significant drawback.
ST : Sengkang site for tender
Dec 28, 2009
Sengkang site for tender
THE Housing Board has accepted an application under the Reserve List System to put up a residential land parcel at Sengkang West Avenue/Fernvale Link for public tender.
The 16,998 sq metre site will be open for tender in two weeks' time if a developer commits to bid for the land parcel at the minimum offer price of $70 million or more.
The 99-year leasehold site is proposed for condominium housing.
Sengkang site for tender
THE Housing Board has accepted an application under the Reserve List System to put up a residential land parcel at Sengkang West Avenue/Fernvale Link for public tender.
The 16,998 sq metre site will be open for tender in two weeks' time if a developer commits to bid for the land parcel at the minimum offer price of $70 million or more.
The 99-year leasehold site is proposed for condominium housing.
ST : CPF scam warning
Dec 25, 2009
CPF scam warning
By Lorna Tan, Senior Correspondent
CENTRAL Provident Fund members have been warned they face fines of up to $10,000 if they take part in a scam that has just come to light.
The CPF Board issued the stern warning after a report in The Straits Times on Thursday exposing a practice adopted by unscrupulous financial advisers who plunder members' CPF investment funds.
Some CPF members who are desperate for fast cash have agreed to take part in the scam, which involves the rapid buying and selling - or 'churning' - of investment products using CPF money.
The members dip into their retirement savings to buy and sell investment products under the CPF Investment Scheme - and in doing so they become eligible for cash rebates used as a carrot by errant financial advisers. The advisers get to pocket healthy commissions.
CPF rules prohibit members from pocketing such cash rebates. All gains or rebates from CPF investments must be put back into members' CPF accounts, to ensure they have enough for their golden years.
A CPF Board spokesman said: 'CPF members found guilty of working with errant financial advisers to pocket cash rebates which amount to premature withdrawals of CPF monies may be fined up to $2,500. For second or subsequent convictions, the fine may be up to $10,000.'
CPF scam warning
By Lorna Tan, Senior Correspondent
CENTRAL Provident Fund members have been warned they face fines of up to $10,000 if they take part in a scam that has just come to light.
The CPF Board issued the stern warning after a report in The Straits Times on Thursday exposing a practice adopted by unscrupulous financial advisers who plunder members' CPF investment funds.
Some CPF members who are desperate for fast cash have agreed to take part in the scam, which involves the rapid buying and selling - or 'churning' - of investment products using CPF money.
The members dip into their retirement savings to buy and sell investment products under the CPF Investment Scheme - and in doing so they become eligible for cash rebates used as a carrot by errant financial advisers. The advisers get to pocket healthy commissions.
CPF rules prohibit members from pocketing such cash rebates. All gains or rebates from CPF investments must be put back into members' CPF accounts, to ensure they have enough for their golden years.
A CPF Board spokesman said: 'CPF members found guilty of working with errant financial advisers to pocket cash rebates which amount to premature withdrawals of CPF monies may be fined up to $2,500. For second or subsequent convictions, the fine may be up to $10,000.'
Thursday, December 24, 2009
ST : 6-year wait to come 'home'
Dec 24, 2009
6-year wait to come 'home'
THEY didn't have to think twice when deciding to purchase a four-room flat at The Pinnacle@Duxton.
After all, 35-year-old tutor Jean Tay and her brother, Sammi, 42, had lived at the very location the new housing development stands, between 1984 and 2004.
Having lived in the neighbourhood for over 20 years, the two grew a sentimental attachment to the place, counting favourite food haunts and old neighbours as a pull factor in moving back to Tanjong Pagar.
Giving RazorTV a tour of their new flat, Ms Tay also took a trip down memory lane, sharing with us her fondest memories growing up in the estate.
6-year wait to come 'home'
THEY didn't have to think twice when deciding to purchase a four-room flat at The Pinnacle@Duxton.
After all, 35-year-old tutor Jean Tay and her brother, Sammi, 42, had lived at the very location the new housing development stands, between 1984 and 2004.
Having lived in the neighbourhood for over 20 years, the two grew a sentimental attachment to the place, counting favourite food haunts and old neighbours as a pull factor in moving back to Tanjong Pagar.
Giving RazorTV a tour of their new flat, Ms Tay also took a trip down memory lane, sharing with us her fondest memories growing up in the estate.
ST : 6 sites ordered to stop work
Dec 24, 2009
6 sites ordered to stop work
Inspectors checked 29 construction sites and found safety lapses at all
By Jermyn Chow
Workers with Conquer Construction were exposed to falling hazards and sharp objects due to the lack of a proper walkway at the worksite. The company was ordered to stop all work after the Manpower Ministry's inspection blitz last week found 18 safety violations. -- PHOTO: MANPOWER MINISTRY
REPEATED warnings and reminders to keep worksites safe have gone unheeded - the latest check on 29 construction sites found safety lapses at all of them.
In a three-day blitz across the island last week, the Manpower Ministry (MOM) also ordered work to stop at six sites which were found to be too dangerous.
Tying for the most violations - 18 - at any site were two projects, by Conquer Construction and Matronic Roofing & Builders respectively.
Over the three days, contractors were given 72 warnings and served summons for 107 fines - the amounts have yet to be fixed, but the maximum fine for each violation is $5,000.
Dangerous worksites that were put on notice have up to three weeks to shape up before they are checked again.
MOM inspectors were looking for just one thing - safety lapses that could result in a worker falling from a height, which is the No. 1 cause of death at worksites here.
6 sites ordered to stop work
Inspectors checked 29 construction sites and found safety lapses at all
By Jermyn Chow
Workers with Conquer Construction were exposed to falling hazards and sharp objects due to the lack of a proper walkway at the worksite. The company was ordered to stop all work after the Manpower Ministry's inspection blitz last week found 18 safety violations. -- PHOTO: MANPOWER MINISTRY
REPEATED warnings and reminders to keep worksites safe have gone unheeded - the latest check on 29 construction sites found safety lapses at all of them.
In a three-day blitz across the island last week, the Manpower Ministry (MOM) also ordered work to stop at six sites which were found to be too dangerous.
Tying for the most violations - 18 - at any site were two projects, by Conquer Construction and Matronic Roofing & Builders respectively.
Over the three days, contractors were given 72 warnings and served summons for 107 fines - the amounts have yet to be fixed, but the maximum fine for each violation is $5,000.
Dangerous worksites that were put on notice have up to three weeks to shape up before they are checked again.
MOM inspectors were looking for just one thing - safety lapses that could result in a worker falling from a height, which is the No. 1 cause of death at worksites here.
No developers yet to venture into developing retirement villages
No developers yet to venture into developing retirement villages
Dec 23, 2009 - PropertyGuru.com.sg
The ageing population in Singapore indicates a rising need for better medical facilities and care for the elderly - not least of what would be a retirement village for the more independent-minded.
Retirement communities or villages are huge businesses in countries like Australia, the US and in Europe. It includes amenities like swimming pools, clubhouses and golf courses, as well as medical facilities within the site. However, Singapore developers are not keen on the concept.
The government seeks to encourage the development of a retirement community in Singapore. In fact, it released in February 2008 a parcel of land in Jalan Jurong Kechil, near the Bukit Timah Nature Reserve, with a lease period of 30 years, specifically for a retirement village. To date, no one has taken it up.
A quick check with several major property developers showed that none were willing to embark into retirement villages. Most cited high costs and unfamiliarity as barriers to their entry.
According to Ong Choon Fah, regional head of consulting for the global real estate consultant DTZ and executive director in Singapore, building a retirement village is not a straightforward task, as there are a lot of issues that still need to be resolved first.
“I think it's something that will happen in time to come. But, in the meantime, there are some issues that need to be addressed, issues which we've explored with several clients who have expressed an interest in developing retirement homes on the Jalan Jurong Kechil site,” she said.
“First, there's a question of the land. Most of our clients have expressed an interest in a freehold plot, rather than one with a use-by date.”
“A retirement village also differs from a normal property development because it has other amenities and may need some level of medical care on site. This makes the upkeep of the entire community rather expensive - and such a concept will most likely be targeted at the higher end of the market,” she added.
However, perhaps the most important issue that must be addressed is the legislative one. While there are laws governing home purchases in Singapore, there are none that relates to transactions in retirement communities - unlike in countries like the US, Europe and Australia, where well-established laws governing the business are available.
Mrs Ong says: “There's the question of the business model for the retirement village. Will residents buy or rent the units? If they buy it, will they be able to sell or will away their units to their children? Will young people be able to buy? An exit strategy is very important. And there are major issues that need to be worked out to ensure a win-win outcome for all stakeholders involved.”
Daniel Teo, property developer and former chief of Redas (Real Estate Developers' Association of Singapore) is up to the challenge. “I want to offer a better lifestyle to the elderly folk here, give them that companionship they need. Develop something that the ambulant can live in comfortably,” he said.
“But yes, there are issues that need to be worked out - laws that need to be developed. I think the government needs to take the lead in this.”
“Perhaps I can arm-twist them into developing such legislation when I build a retirement village,” he quips.
Mr. Teo has visited different retirement communities and villages worldwide to get ideas.
He said in an interview that he has already found “some 20 to 30” like-minded folk, who are also keen on developing a retirement village. These include lawyers, doctors, and even former Nominated Members of Parliament – “some of whom have even engaged their own consultants to draw up plans for a retirement village.”
“I hope this will be a reality in my lifetime,” he said.
Dec 23, 2009 - PropertyGuru.com.sg
The ageing population in Singapore indicates a rising need for better medical facilities and care for the elderly - not least of what would be a retirement village for the more independent-minded.
Retirement communities or villages are huge businesses in countries like Australia, the US and in Europe. It includes amenities like swimming pools, clubhouses and golf courses, as well as medical facilities within the site. However, Singapore developers are not keen on the concept.
The government seeks to encourage the development of a retirement community in Singapore. In fact, it released in February 2008 a parcel of land in Jalan Jurong Kechil, near the Bukit Timah Nature Reserve, with a lease period of 30 years, specifically for a retirement village. To date, no one has taken it up.
A quick check with several major property developers showed that none were willing to embark into retirement villages. Most cited high costs and unfamiliarity as barriers to their entry.
According to Ong Choon Fah, regional head of consulting for the global real estate consultant DTZ and executive director in Singapore, building a retirement village is not a straightforward task, as there are a lot of issues that still need to be resolved first.
“I think it's something that will happen in time to come. But, in the meantime, there are some issues that need to be addressed, issues which we've explored with several clients who have expressed an interest in developing retirement homes on the Jalan Jurong Kechil site,” she said.
“First, there's a question of the land. Most of our clients have expressed an interest in a freehold plot, rather than one with a use-by date.”
“A retirement village also differs from a normal property development because it has other amenities and may need some level of medical care on site. This makes the upkeep of the entire community rather expensive - and such a concept will most likely be targeted at the higher end of the market,” she added.
However, perhaps the most important issue that must be addressed is the legislative one. While there are laws governing home purchases in Singapore, there are none that relates to transactions in retirement communities - unlike in countries like the US, Europe and Australia, where well-established laws governing the business are available.
Mrs Ong says: “There's the question of the business model for the retirement village. Will residents buy or rent the units? If they buy it, will they be able to sell or will away their units to their children? Will young people be able to buy? An exit strategy is very important. And there are major issues that need to be worked out to ensure a win-win outcome for all stakeholders involved.”
Daniel Teo, property developer and former chief of Redas (Real Estate Developers' Association of Singapore) is up to the challenge. “I want to offer a better lifestyle to the elderly folk here, give them that companionship they need. Develop something that the ambulant can live in comfortably,” he said.
“But yes, there are issues that need to be worked out - laws that need to be developed. I think the government needs to take the lead in this.”
“Perhaps I can arm-twist them into developing such legislation when I build a retirement village,” he quips.
Mr. Teo has visited different retirement communities and villages worldwide to get ideas.
He said in an interview that he has already found “some 20 to 30” like-minded folk, who are also keen on developing a retirement village. These include lawyers, doctors, and even former Nominated Members of Parliament – “some of whom have even engaged their own consultants to draw up plans for a retirement village.”
“I hope this will be a reality in my lifetime,” he said.
Property sector in Vietnam to work on improving financial and legal frameworks
Property sector in Vietnam to work on improving financial and legal frameworks
Dec 23, 2009 - PropertyGuru.com.sg
Enhanced financial and legal frameworks are needed if Vietnam’s emerging real estate market is to grow into a sustained property environment.
Vietnam’s property sector will grow and attract investors next year, but several problems such as environmental pollution, rapid urbanization and low housing cost must be addressed.
Tran Kim Chung of the Central Institute for Economic Management said Vietnam’s real estate market recorded numbers of achievement in the past few years, especially on the country’s urbanization, raising the living standards and modernizing urban landscape.
Mr. Chung told the conference delegates at the Ho Chi Minh City that property market plays an important role in Vietnam’s economy and its growth has attracted more investment capitals. The economic growth of the country will stimulate and elevate other economic sectors, he said.
But the domestic real estate market still had several shortcomings, including a lack of legal framework for real estate bonds, for real estate investment, real estate saving funds and secondary real estate mortgages. Despite several banks granting credit to its clients, the market still needs more funding, said Mr. Chung.
He also said that another problem in the property sector was the lack of transparency, with buyers who do not have sufficient information on their purchases. He also called for the property regulation law to be improved and said issues regarding property information and property finance should also be examined.
Attracting foreign investment is also vital. “We will continue to gradually expand the range of foreign investors involved in the property market. This is one of the important tasks in attracting resources to the domestic property market,” Mr. Chung claimed.
Developers must support the move for change. Chairman and general director of Thu Duc Housing Development Corporation, Le Chi Hieu, said the new policies are vital for the property industry to move forward. “We need a stable and correct assessment of the real estate market and to concentrate more on developing suitable policies relating to the property sector and real estate trading.”
Former chairman of the International Real Estate Federation, Alan Tong, said the country could learn from other property markets in Asia such as Singapore and China to avoid mistakes.
Dec 23, 2009 - PropertyGuru.com.sg
Enhanced financial and legal frameworks are needed if Vietnam’s emerging real estate market is to grow into a sustained property environment.
Vietnam’s property sector will grow and attract investors next year, but several problems such as environmental pollution, rapid urbanization and low housing cost must be addressed.
Tran Kim Chung of the Central Institute for Economic Management said Vietnam’s real estate market recorded numbers of achievement in the past few years, especially on the country’s urbanization, raising the living standards and modernizing urban landscape.
Mr. Chung told the conference delegates at the Ho Chi Minh City that property market plays an important role in Vietnam’s economy and its growth has attracted more investment capitals. The economic growth of the country will stimulate and elevate other economic sectors, he said.
But the domestic real estate market still had several shortcomings, including a lack of legal framework for real estate bonds, for real estate investment, real estate saving funds and secondary real estate mortgages. Despite several banks granting credit to its clients, the market still needs more funding, said Mr. Chung.
He also said that another problem in the property sector was the lack of transparency, with buyers who do not have sufficient information on their purchases. He also called for the property regulation law to be improved and said issues regarding property information and property finance should also be examined.
Attracting foreign investment is also vital. “We will continue to gradually expand the range of foreign investors involved in the property market. This is one of the important tasks in attracting resources to the domestic property market,” Mr. Chung claimed.
Developers must support the move for change. Chairman and general director of Thu Duc Housing Development Corporation, Le Chi Hieu, said the new policies are vital for the property industry to move forward. “We need a stable and correct assessment of the real estate market and to concentrate more on developing suitable policies relating to the property sector and real estate trading.”
Former chairman of the International Real Estate Federation, Alan Tong, said the country could learn from other property markets in Asia such as Singapore and China to avoid mistakes.
Singapore shares ended 1.33% higher
Singapore shares ended 1.33% higher
Dec 23, 2009 - PropertyGuru.com.sg
Singapore shares ended 1.33 percent higher on Tuesday, with fund managers buying stocks for the year-end improvement, said an analyst.
Singapore’s Straits Times Index gained 37.01 points to 2,823.82. Share volumes totalled to 1.21 billion with gainers leading losers 256 to 172.
"Window dressing could turn out to be a self-fulfilling prophecy," said one trader with a local brokerage.
Among the banks, United Overseas Bank climbed 6 cents to S$19.32 while DBS moved 26 cents to S$14.82. Oversea-Chinese Banking Corp gained 26 cents to S$8.94.
Singapore Airlines gained 10 cents to S$14.28, while Singapore Telecom jumped 6 cents higher to S$3.03.
The property developer CapitaLand closed four cents higher at S$4.15.
Dec 23, 2009 - PropertyGuru.com.sg
Singapore shares ended 1.33 percent higher on Tuesday, with fund managers buying stocks for the year-end improvement, said an analyst.
Singapore’s Straits Times Index gained 37.01 points to 2,823.82. Share volumes totalled to 1.21 billion with gainers leading losers 256 to 172.
"Window dressing could turn out to be a self-fulfilling prophecy," said one trader with a local brokerage.
Among the banks, United Overseas Bank climbed 6 cents to S$19.32 while DBS moved 26 cents to S$14.82. Oversea-Chinese Banking Corp gained 26 cents to S$8.94.
Singapore Airlines gained 10 cents to S$14.28, while Singapore Telecom jumped 6 cents higher to S$3.03.
The property developer CapitaLand closed four cents higher at S$4.15.
GIC to pay A$260 million for retail stake in Perth
GIC to pay A$260 million for retail stake in Perth
Dec 23, 2009 - PropertyGuru.com.sg
GIC Real Estate, the global investment arm in Singapore, will purchase from Dexus Property Group a half stake in a regional shopping centre in Perth, the Australian Financial Review reported.
GIC will shell out A$260 million ($229 million) for the Whitford City property, making it the second largest deal for a shopping centre, the newspaper said.
Dec 23, 2009 - PropertyGuru.com.sg
GIC Real Estate, the global investment arm in Singapore, will purchase from Dexus Property Group a half stake in a regional shopping centre in Perth, the Australian Financial Review reported.
GIC will shell out A$260 million ($229 million) for the Whitford City property, making it the second largest deal for a shopping centre, the newspaper said.
Time to invest in mass market properties in Asia
Time to invest in mass market properties in Asia
Dec 23, 2009 - PropertyGuru.com.sg
Despite the recent rise in property prices in Hong Kong and Singapore, Managing Director Tim Murphy of IP Global Ltd is still optimistic on the sector, particularly in mass market property.
“If you want to make real money in real estate, you should be buying stuff which is at the mass market level, that's where the demand is in the region,” Mr. Murphy said on Asia Squawk Box of CNBC.
According to Mr. Murphy, the yields were better in smaller flats compared to homes that are worth a million dollars, fuelled by demands from new families.
“I'll be looking at areas with great transport links in actually the cheaper end of the market, not the stuff that makes the news,” he added.
“If you look at Hong Kong and Singapore, they've had an incredible run of maybe 3-6 months. Particularly at the high end, property markets have gone off the scales 20-30%," Murphy remarked. "But that's sort of media news."
He also noted that people are getting fixated on high-end numbers, especially in Singapore, where people have bought into the entire casino concept of Marina Bay.
“If you look at the mass market in both Singapore and Hong Kong, they've performed fairly steadily of about 10-15% these last 3-6 months. That's not even recouping some of the losses that we saw in 2007-2008, particularly in Singapore. So I think the fundamentals of these markets are still extremely strong.”
Dec 23, 2009 - PropertyGuru.com.sg
Despite the recent rise in property prices in Hong Kong and Singapore, Managing Director Tim Murphy of IP Global Ltd is still optimistic on the sector, particularly in mass market property.
“If you want to make real money in real estate, you should be buying stuff which is at the mass market level, that's where the demand is in the region,” Mr. Murphy said on Asia Squawk Box of CNBC.
According to Mr. Murphy, the yields were better in smaller flats compared to homes that are worth a million dollars, fuelled by demands from new families.
“I'll be looking at areas with great transport links in actually the cheaper end of the market, not the stuff that makes the news,” he added.
“If you look at Hong Kong and Singapore, they've had an incredible run of maybe 3-6 months. Particularly at the high end, property markets have gone off the scales 20-30%," Murphy remarked. "But that's sort of media news."
He also noted that people are getting fixated on high-end numbers, especially in Singapore, where people have bought into the entire casino concept of Marina Bay.
“If you look at the mass market in both Singapore and Hong Kong, they've performed fairly steadily of about 10-15% these last 3-6 months. That's not even recouping some of the losses that we saw in 2007-2008, particularly in Singapore. So I think the fundamentals of these markets are still extremely strong.”
London’s top-end residential market ends 2009 on a high
London’s top-end residential market ends 2009 on a high
Dec 23, 2009 - PropertyGuru.com.sg
Liam Bailey, Knight Frank’s head of residential research, has just presented the firm's Prime Central London Index for December 2009.
“The top-end of the London residential market saw a remarkable revival during 2009. With a strong 2.1% growth in December, prices have now risen 13.8% in the nine months since March, meaning prices are only 13.4% below the level they reached in March 2008,” he commented.
“In recent months the more expensive £5m-£10m and £10m+ price brackets have caught up with the price growth which initially began in the sub-£2.5m segment in the Spring. During December, the strongest market was the £5m-£10m sector with 2.6% growth.”
“The prime London market has been the strongest property sector in the UK this year, benefitting from substantial inward investment from overseas buyers looking to take advantage of the weak pound and lower overall prices. The number of buyers increased by 25% in the whole of 2009 compared to 2008. Led by interest from Russia, Europe (especially Italy) and the Middle East.”
“In more recent months the revival of the City economy has brought more traditional buyers from the banks, hedge funds and private equity houses back into the market. Locations such as Kensington, Notting Hill and Chelsea, the traditional stomping ground of financiers, have seen growth of 3% in the last month as this market comes back to life.”
“The Chancellor’s ‘bonus tax’, contained in the Pre-Budget Report, had the impact of hitting some junior bankers – we saw several £800,000 to £1m sales fall apart in the days immediately afterwards.”
On the other hand, it does not appear to have created so much impact on senior bank staff. Four of Knight Frank’s central London offices (Kensington, Belgravia, Mayfair, and Knightsbridge) recorded an extraordinary fuss of activity, seven days after the pre-budget report was presented.
“In summary the year is ending on a high note. With demand from new buyers almost 25% higher than a year ago, and supply around 18% lower over the same period - investors and occupiers are competing hard to uncover the best properties, and limited supply is leading to competitive bidding. The short term outlook looks positive, longer term market performance rather depends on the outcome of the election and next year’s emergency budget.”
Dec 23, 2009 - PropertyGuru.com.sg
Liam Bailey, Knight Frank’s head of residential research, has just presented the firm's Prime Central London Index for December 2009.
“The top-end of the London residential market saw a remarkable revival during 2009. With a strong 2.1% growth in December, prices have now risen 13.8% in the nine months since March, meaning prices are only 13.4% below the level they reached in March 2008,” he commented.
“In recent months the more expensive £5m-£10m and £10m+ price brackets have caught up with the price growth which initially began in the sub-£2.5m segment in the Spring. During December, the strongest market was the £5m-£10m sector with 2.6% growth.”
“The prime London market has been the strongest property sector in the UK this year, benefitting from substantial inward investment from overseas buyers looking to take advantage of the weak pound and lower overall prices. The number of buyers increased by 25% in the whole of 2009 compared to 2008. Led by interest from Russia, Europe (especially Italy) and the Middle East.”
“In more recent months the revival of the City economy has brought more traditional buyers from the banks, hedge funds and private equity houses back into the market. Locations such as Kensington, Notting Hill and Chelsea, the traditional stomping ground of financiers, have seen growth of 3% in the last month as this market comes back to life.”
“The Chancellor’s ‘bonus tax’, contained in the Pre-Budget Report, had the impact of hitting some junior bankers – we saw several £800,000 to £1m sales fall apart in the days immediately afterwards.”
On the other hand, it does not appear to have created so much impact on senior bank staff. Four of Knight Frank’s central London offices (Kensington, Belgravia, Mayfair, and Knightsbridge) recorded an extraordinary fuss of activity, seven days after the pre-budget report was presented.
“In summary the year is ending on a high note. With demand from new buyers almost 25% higher than a year ago, and supply around 18% lower over the same period - investors and occupiers are competing hard to uncover the best properties, and limited supply is leading to competitive bidding. The short term outlook looks positive, longer term market performance rather depends on the outcome of the election and next year’s emergency budget.”
Wednesday, December 23, 2009
ST : Nov inflation up slightly
Dec 23, 2009
Nov inflation up slightly
By Fiona Chan
Housing cost went up by 0.2 per cent in November on account of higher gas tariffs. -- ST PHOTO: ALPHONSUS CHERN
INFLATION in Singapore stayed largely flat last month, according to the latest figures released by the Department of Statistics (DOS) on Wednesday.
Consumer prices slid 0.2 per cent in November from a year ago, the eighth straight month of year-on-year decline.
The slip was largely due to the lower cost of electricity and gas tariffs, said DOS. But this was partly offset by higher prices for transport and communication, food, and healthcare.
On a month-on-month basis, the consumer price index (CPI) inched up 0.4 per cent between October and November. Adjusted for seasonal differences, the increase would have been 0.5 per cent.
This follows a 0.6 per cent rise between September and October, an uptrend that looks set to continue into next year, economists said.
Nov inflation up slightly
By Fiona Chan
Housing cost went up by 0.2 per cent in November on account of higher gas tariffs. -- ST PHOTO: ALPHONSUS CHERN
INFLATION in Singapore stayed largely flat last month, according to the latest figures released by the Department of Statistics (DOS) on Wednesday.
Consumer prices slid 0.2 per cent in November from a year ago, the eighth straight month of year-on-year decline.
The slip was largely due to the lower cost of electricity and gas tariffs, said DOS. But this was partly offset by higher prices for transport and communication, food, and healthcare.
On a month-on-month basis, the consumer price index (CPI) inched up 0.4 per cent between October and November. Adjusted for seasonal differences, the increase would have been 0.5 per cent.
This follows a 0.6 per cent rise between September and October, an uptrend that looks set to continue into next year, economists said.
Retail rents start to pick up
Retail rents start to pick up
Dec 22, 2009 - PropertyGuru.com.sg
Retail rents in the prime Orchard Road and suburban malls are creeping up in the last quarter, after declining for 4 straight quarters.
A report by DTZ Research showed the gross rents of prime first-storey retail space in Scotts and Orchard roads increased 1 percent to $39.70 psf per month, after it dropped 7.3 percent over the past four quarters.
In the suburban areas, retail rents escalated after it stabilized in the previous months, while rents in other areas such as Great World City and Bugis Junction continue to fall. Quarter-on-quarter prime first-storey retail rents in suburban malls increased 1.5 percent to $33.50 psf per month, after falling 2.1 percent from its peak in the third quarter last year.
Ms. Chua Chor Hoon, DTZ South-east Asia Research head, said the leasing activity has increased, as retailers gain more confidence due to the economic recovery. "There is strong demand for prime first-storey space, evident from the little availability and speed at which they are being taken up, despite the amount of new space that has come up along Orchard Road.”
DTZ estimates that 2.6 million square feet of new retail space, including Mandarin Gallery and 313@Somerset, were added to the supply this year. This is the highest new stock ever seen. Ms. Chua expects that retail rents in Scotts and Orchard Road, and the suburban areas will continue to increase by 2 to 7 percent in 2010.
The new stocks of retail spaces in Orchard Road are expected to reach 165,000 square feet next year, nearly 7 percent of the almost 2.4 million square feet of new retail space expected to be available next year. Most of the new supply outside the city areas will be concentrated in Serangoon Central, Resorts World Sentosa and Nex.
Dec 22, 2009 - PropertyGuru.com.sg
Retail rents in the prime Orchard Road and suburban malls are creeping up in the last quarter, after declining for 4 straight quarters.
A report by DTZ Research showed the gross rents of prime first-storey retail space in Scotts and Orchard roads increased 1 percent to $39.70 psf per month, after it dropped 7.3 percent over the past four quarters.
In the suburban areas, retail rents escalated after it stabilized in the previous months, while rents in other areas such as Great World City and Bugis Junction continue to fall. Quarter-on-quarter prime first-storey retail rents in suburban malls increased 1.5 percent to $33.50 psf per month, after falling 2.1 percent from its peak in the third quarter last year.
Ms. Chua Chor Hoon, DTZ South-east Asia Research head, said the leasing activity has increased, as retailers gain more confidence due to the economic recovery. "There is strong demand for prime first-storey space, evident from the little availability and speed at which they are being taken up, despite the amount of new space that has come up along Orchard Road.”
DTZ estimates that 2.6 million square feet of new retail space, including Mandarin Gallery and 313@Somerset, were added to the supply this year. This is the highest new stock ever seen. Ms. Chua expects that retail rents in Scotts and Orchard Road, and the suburban areas will continue to increase by 2 to 7 percent in 2010.
The new stocks of retail spaces in Orchard Road are expected to reach 165,000 square feet next year, nearly 7 percent of the almost 2.4 million square feet of new retail space expected to be available next year. Most of the new supply outside the city areas will be concentrated in Serangoon Central, Resorts World Sentosa and Nex.
Mayfair Gardens up for en bloc sale
Mayfair Gardens up for en bloc sale
Dec 22, 2009 - PropertyGuru.com.sg
There are more signs of life in the en bloc market, with owners of Mayfair Gardens located in Rifle Range Road being the most recent to put their estate up for sale.
Mayfair residents want $210 million or more for their 99-year leasehold plot, which accounts to around $857 per square foot of potential gross floor area.
That would permit owners of the development with 124 units to earn between $1 million and $2.1 million each, depending on the unit’s size.
In March, only about 80 percent of owners supported a sale but they preferred to hold back until the market starts to pick up prior to their launching.
Their price tag of $210 million also includes the topping of the site's lease to 99 years and an estimated development charge of $40 million.
The marketing agent for Mayfair Gardens is CKS Property Consultants, which also brokered the collective sale of Dragon Mansions.
Dec 22, 2009 - PropertyGuru.com.sg
There are more signs of life in the en bloc market, with owners of Mayfair Gardens located in Rifle Range Road being the most recent to put their estate up for sale.
Mayfair residents want $210 million or more for their 99-year leasehold plot, which accounts to around $857 per square foot of potential gross floor area.
That would permit owners of the development with 124 units to earn between $1 million and $2.1 million each, depending on the unit’s size.
In March, only about 80 percent of owners supported a sale but they preferred to hold back until the market starts to pick up prior to their launching.
Their price tag of $210 million also includes the topping of the site's lease to 99 years and an estimated development charge of $40 million.
The marketing agent for Mayfair Gardens is CKS Property Consultants, which also brokered the collective sale of Dragon Mansions.
Quest set to explore the Singapore market
Quest set to explore the Singapore market
Dec 22, 2009 - PropertyGuru.com.sg
Quest, a serviced apartment provider based in Australia is interested to break into the Asian market, beginning with Singapore. It has properties in Fiji, New Zealand and Australia.
Paul Constantinou, chairman of Quest, said that Singapore is a ‘priority market’, with its ability to lure both business travelers and investments and its stable economic performance.
“We know the market conditions here and have seen the industry to be a resilient one,” he said, referring to the Ascott Group and Frasers who have also set up in Australia. “The market is now ready for individual players to buy into the industry.”
The business model of Quest operates mainly on a franchised system. Apartments are built by Quest or a developer, and are sold to property trusts and individual investors, who lease it back to Quest for 25 years. Franchisees can buy the rights to manage the serviced apartment.
In Singapore, Quest hopes to associate with land owners and local developers.
Mr. Constantinou sees a rising tide of people who want to get involved in the serviced apartment industry, due to the growing wealth in Asia.
“Based on our own experience of starting out with a mix of company-owned and franchised properties, we found that franchised properties were able to deliver a better bottom line and scored a 15 per cent to 20 per cent better performance,” Mr. Constantinou said.
“The benefits of franchising are that the person who owns the business runs the business and there is certainty of income for the developer. Developers want the surety of income over extended periods of time.”
Currently, Quest owns 128 properties in New Zealand, Australia and Fiji, with 74 franchisees.
Dec 22, 2009 - PropertyGuru.com.sg
Quest, a serviced apartment provider based in Australia is interested to break into the Asian market, beginning with Singapore. It has properties in Fiji, New Zealand and Australia.
Paul Constantinou, chairman of Quest, said that Singapore is a ‘priority market’, with its ability to lure both business travelers and investments and its stable economic performance.
“We know the market conditions here and have seen the industry to be a resilient one,” he said, referring to the Ascott Group and Frasers who have also set up in Australia. “The market is now ready for individual players to buy into the industry.”
The business model of Quest operates mainly on a franchised system. Apartments are built by Quest or a developer, and are sold to property trusts and individual investors, who lease it back to Quest for 25 years. Franchisees can buy the rights to manage the serviced apartment.
In Singapore, Quest hopes to associate with land owners and local developers.
Mr. Constantinou sees a rising tide of people who want to get involved in the serviced apartment industry, due to the growing wealth in Asia.
“Based on our own experience of starting out with a mix of company-owned and franchised properties, we found that franchised properties were able to deliver a better bottom line and scored a 15 per cent to 20 per cent better performance,” Mr. Constantinou said.
“The benefits of franchising are that the person who owns the business runs the business and there is certainty of income for the developer. Developers want the surety of income over extended periods of time.”
Currently, Quest owns 128 properties in New Zealand, Australia and Fiji, with 74 franchisees.
Tuesday, December 22, 2009
Hong Leong unveils lowest HDB loan rates
Hong Leong unveils lowest HDB loan rates
Dec 22, 2009 - PropertyGuru.com.sg
Hong Leong Finance unveiled a new HDB loan package with the lowest rates in town.
The latest offering by the finance company is aimed at one of the hottest segments in the market, with extreme interest in projects like the new flats to be constructed at Queenstown’s Dawson estate.
Last week it unveiled a loan package for the good class bungalow market – the other end of the spectrum.
It now offers HDB buyers with variable rates for loans of $100,000 and above, with financing up to 80 percent, at 1.33 percent for the first year, 2.03 percent for the second, and 2.63 percent for the third.
This package is another step down in rates from last month’s offer of the company, with equivalent loan rates of 2.13 percent for the second year and 2.83 percent for the third.
Hong Leong now provides a borrower looking for a two-year fixed rate loan with a rate of 2.13 percent in the second year, down from 2.63 percent.
By comparison, DBS Bank is offering a two-year fixed rate of 2.9 percent for loans intended for owner-occupied homes that have been completed, with up to 60 percent financing.
According to Hong Leong, the intensifying activity in the HDB market led to more inquiries for loans of HDB homes.
“We anticipate continued growth of our HDB home loans portfolio in 2010, which will be boosted in part by HDB's plans to launch at least one build-to-order project per month to meet the housing demand here,” said President Ian Macdonald.
The company also offers its customers an added sweetener of a $20 Millenium and Copthorne hotels gift voucher for every $100,000 loan.
Customers with small loans have not been left out. Those with loans less than $100,000, and up to 80 percent financing will now be offered a variable rate of 1.93 percent for the first year, and fixed rates from 2.33 percent for over two years.
Dec 22, 2009 - PropertyGuru.com.sg
Hong Leong Finance unveiled a new HDB loan package with the lowest rates in town.
The latest offering by the finance company is aimed at one of the hottest segments in the market, with extreme interest in projects like the new flats to be constructed at Queenstown’s Dawson estate.
Last week it unveiled a loan package for the good class bungalow market – the other end of the spectrum.
It now offers HDB buyers with variable rates for loans of $100,000 and above, with financing up to 80 percent, at 1.33 percent for the first year, 2.03 percent for the second, and 2.63 percent for the third.
This package is another step down in rates from last month’s offer of the company, with equivalent loan rates of 2.13 percent for the second year and 2.83 percent for the third.
Hong Leong now provides a borrower looking for a two-year fixed rate loan with a rate of 2.13 percent in the second year, down from 2.63 percent.
By comparison, DBS Bank is offering a two-year fixed rate of 2.9 percent for loans intended for owner-occupied homes that have been completed, with up to 60 percent financing.
According to Hong Leong, the intensifying activity in the HDB market led to more inquiries for loans of HDB homes.
“We anticipate continued growth of our HDB home loans portfolio in 2010, which will be boosted in part by HDB's plans to launch at least one build-to-order project per month to meet the housing demand here,” said President Ian Macdonald.
The company also offers its customers an added sweetener of a $20 Millenium and Copthorne hotels gift voucher for every $100,000 loan.
Customers with small loans have not been left out. Those with loans less than $100,000, and up to 80 percent financing will now be offered a variable rate of 1.93 percent for the first year, and fixed rates from 2.33 percent for over two years.
Opening of Marina Bay IR delayed
Opening of Marina Bay IR delayed
Dec 22, 2009 - PropertyGuru.com.sg
The Marina Bay Sands Integrated Resort will open its first phase of operation by mid-April 2010, instead of February, as earlier announced.
About half of the integrated resort, including the casino and most of the restaurant units, will open by the end of March. The entire $5.5 billion IR project is expected to be completed by the end of next year, said Sheldon Adelson, chairman of Las Vegas Sands.
Job training for newly hired staff will only begin in January, he said. About 12,000 to 14,000 people are needed to run the entire IR. 85 percent of hired employees are Singaporeans.
The Marina Bay Sands, one of two casinos being constructed in Singapore, was scheduled to start operating this month. However, Mr. Adelson said in July that the opening of the casino would be postponed until February next year. But, heavy rains and bankruptcy of some of its sub-contractors have further pushed back its opening, said Mr. Adelson.
Mr. Adelson told reporters on Monday that it was only a “minor delay”. “We are in this not for a day or a week, but for decades. So the delay of a day or a week is nothing. If we are going to do it, we are going to do it right.”
The other casino project, Resorts World at Sentosa, is expected to open its first phase by Q1 of next year, said a spokesman from project developer Genting International. When asked about the profit projection for the said project, Mr. Adelson said the company expects around US$1 billion annually before deducting taxes, interest, amortisations and depreciation expenses.
Dec 22, 2009 - PropertyGuru.com.sg
The Marina Bay Sands Integrated Resort will open its first phase of operation by mid-April 2010, instead of February, as earlier announced.
About half of the integrated resort, including the casino and most of the restaurant units, will open by the end of March. The entire $5.5 billion IR project is expected to be completed by the end of next year, said Sheldon Adelson, chairman of Las Vegas Sands.
Job training for newly hired staff will only begin in January, he said. About 12,000 to 14,000 people are needed to run the entire IR. 85 percent of hired employees are Singaporeans.
The Marina Bay Sands, one of two casinos being constructed in Singapore, was scheduled to start operating this month. However, Mr. Adelson said in July that the opening of the casino would be postponed until February next year. But, heavy rains and bankruptcy of some of its sub-contractors have further pushed back its opening, said Mr. Adelson.
Mr. Adelson told reporters on Monday that it was only a “minor delay”. “We are in this not for a day or a week, but for decades. So the delay of a day or a week is nothing. If we are going to do it, we are going to do it right.”
The other casino project, Resorts World at Sentosa, is expected to open its first phase by Q1 of next year, said a spokesman from project developer Genting International. When asked about the profit projection for the said project, Mr. Adelson said the company expects around US$1 billion annually before deducting taxes, interest, amortisations and depreciation expenses.
Asian stocks closed mixed and HK property market hit
Asian stocks closed mixed and HK property market hit
Dec 22, 2009 - PropertyGuru.com.sg
Asian markets ended Monday on a mixed note with major indexes posting reasonable moves in pre-holiday trade, as concerns over the cooling measures of the property market weighed on Hong Kong.
"We would expect the remainder of the week to see similar, small moves in Asian markets," said Richard Hastings, a consumer strategist from Global Hunter Securities.
HK’s Hang Seng Index ended 1.1 percent lower; South Korea's Kospi Composite lost 0. 2 percent; New Zealand's NZX-50 closed 0.1 percent lower; and Australia's S&P/ASX 200 dropped 0.3 percent. But Taiwan's main index and Japan's Nikkei 225 both added 0.4 percent, while the Shanghai Composite rose 0.3 percent.
Among the regional markets, India's Sensex lost 0.3 percent, Philippine shares ended up 0.1 percent and Singapore's Straits Times Index closed with 0.4 percent.
Hong Kong shares slipped as concerns over the government’s cooling measures on the property market continued to weigh on real estate developers and banking sectors. This followed China’s announcement of a new rule, requiring a 50 percent down payment for land purchases by all property developers.
Asian markets weakened last week amid rising concerns over property-cooling measures in Beijing, and due to "renewed global crisis fears prompted by the sovereign downgrade of Greece and warnings about potential future downgrades of Spain, the U.K. and the U.S.," said Martin Hennecke, the associate director of Tyche Group Ltd. in Hong Kong. "This sovereign debt crisis is ... only getting started and this clearly warrants caution for all investors, in all markets."
Even so, the stock market in Asia "may not be the worst place to have exposure to", particularly China’s undervaluation of the yuan, the low budget deficit and low sovereign debt of the country, and the economic recovery, said Hennecke.
In Australia, the stock market closed lower after finding support from strength in the resource stocks. Traders "seemed happy to push the market a bit higher on the back of reasonable leads from the U.S. session, but momentum waned in the afternoon and sellers took control" ahead of the holiday season, said Cameron Peacock, a market analyst from IG Markets in Melbourne.
Dec 22, 2009 - PropertyGuru.com.sg
Asian markets ended Monday on a mixed note with major indexes posting reasonable moves in pre-holiday trade, as concerns over the cooling measures of the property market weighed on Hong Kong.
"We would expect the remainder of the week to see similar, small moves in Asian markets," said Richard Hastings, a consumer strategist from Global Hunter Securities.
HK’s Hang Seng Index ended 1.1 percent lower; South Korea's Kospi Composite lost 0. 2 percent; New Zealand's NZX-50 closed 0.1 percent lower; and Australia's S&P/ASX 200 dropped 0.3 percent. But Taiwan's main index and Japan's Nikkei 225 both added 0.4 percent, while the Shanghai Composite rose 0.3 percent.
Among the regional markets, India's Sensex lost 0.3 percent, Philippine shares ended up 0.1 percent and Singapore's Straits Times Index closed with 0.4 percent.
Hong Kong shares slipped as concerns over the government’s cooling measures on the property market continued to weigh on real estate developers and banking sectors. This followed China’s announcement of a new rule, requiring a 50 percent down payment for land purchases by all property developers.
Asian markets weakened last week amid rising concerns over property-cooling measures in Beijing, and due to "renewed global crisis fears prompted by the sovereign downgrade of Greece and warnings about potential future downgrades of Spain, the U.K. and the U.S.," said Martin Hennecke, the associate director of Tyche Group Ltd. in Hong Kong. "This sovereign debt crisis is ... only getting started and this clearly warrants caution for all investors, in all markets."
Even so, the stock market in Asia "may not be the worst place to have exposure to", particularly China’s undervaluation of the yuan, the low budget deficit and low sovereign debt of the country, and the economic recovery, said Hennecke.
In Australia, the stock market closed lower after finding support from strength in the resource stocks. Traders "seemed happy to push the market a bit higher on the back of reasonable leads from the U.S. session, but momentum waned in the afternoon and sellers took control" ahead of the holiday season, said Cameron Peacock, a market analyst from IG Markets in Melbourne.
ST : Rents end year-long fall
Dec 22, 2009
Rents end year-long fall
Most retail property watchers bullish about next year as economy improves
By Esther Teo
Leasing activity has increased as retailers gain more confidence along with the economic recovery. -- ST PHOTO: DESMOND WEE
IN KEEPING with the festive decorations lighting up the prime Orchard retail belt, landlords on the famous strip have just received news bound to brighten the gloomy mood cast by the downturn.
After four straight quarters of decline, rents for first-storey Orchard Road and Scotts Road retail space inched up 1 per cent to $39.70 per sq ft (psf), a month after falling 7.3 per cent since the third quarter of last year.
Rents in suburban areas seem to be stabilising as well, buoyed by the upswing in the economy, property reports suggest.
The report, from DTZ Research, also said prime first-storey gross rents in suburban areas rose 1.5 per cent quarter-on-quarter to $33.50 psf per month.
However, rents in fringe city areas such as Great World City and Bugis Junction continued to fall. These malls miss out on local residents, who patronise suburban malls, and the tourist crowd that heads to Orchard, said DTZ South-east Asia research head Chua Chor Hoon.
She added that leasing activity has increased as retailers gain more confidence along with the economic recovery: 'There is strong demand for prime first-storey space, evident from the little availability and speed at which they are taken up, despite the amount of new space that has come up along Orchard Road.'
Rents end year-long fall
Most retail property watchers bullish about next year as economy improves
By Esther Teo
Leasing activity has increased as retailers gain more confidence along with the economic recovery. -- ST PHOTO: DESMOND WEE
IN KEEPING with the festive decorations lighting up the prime Orchard retail belt, landlords on the famous strip have just received news bound to brighten the gloomy mood cast by the downturn.
After four straight quarters of decline, rents for first-storey Orchard Road and Scotts Road retail space inched up 1 per cent to $39.70 per sq ft (psf), a month after falling 7.3 per cent since the third quarter of last year.
Rents in suburban areas seem to be stabilising as well, buoyed by the upswing in the economy, property reports suggest.
The report, from DTZ Research, also said prime first-storey gross rents in suburban areas rose 1.5 per cent quarter-on-quarter to $33.50 psf per month.
However, rents in fringe city areas such as Great World City and Bugis Junction continued to fall. These malls miss out on local residents, who patronise suburban malls, and the tourist crowd that heads to Orchard, said DTZ South-east Asia research head Chua Chor Hoon.
She added that leasing activity has increased as retailers gain more confidence along with the economic recovery: 'There is strong demand for prime first-storey space, evident from the little availability and speed at which they are taken up, despite the amount of new space that has come up along Orchard Road.'
ST : What's opening
Dec 22, 2009
What's opening
By mid-April: About 1,000 hotel rooms, parts of the convention centre and shopping area, restaurants (including three celebrity chef eateries) and casino
By mid-June (60 days later): The rest of the resort, including the Sands Sky Park, with the exception of the Art Science Museum and the two theatres
By September: One theatre
By end-2010: The Art Science Museum and remaining theatre
What's opening
By mid-April: About 1,000 hotel rooms, parts of the convention centre and shopping area, restaurants (including three celebrity chef eateries) and casino
By mid-June (60 days later): The rest of the resort, including the Sands Sky Park, with the exception of the Art Science Museum and the two theatres
By September: One theatre
By end-2010: The Art Science Museum and remaining theatre
ST : Marina Sands IR up by Apr
Dec 22, 2009
Marina Sands IR up by Apr
By Jessica Lim
Las Vegas Sands chairman Sheldon Adelson at a meeting with the media yesterday to give an update on the progress of the integrated resort. He was in combative mood at the hour-long session, half of which was dominated by the delay in its opening. -- ST PHOTO: NG SOR LUAN
THE first guests at the Marina Bay Sands integrated resort (IR) will be able to check in, have a meal, attend a convention and gamble by the middle of April next year, at the latest.
That was the new deadline revealed by Las Vegas Sands chairman Sheldon Adelson on Monday.
That means about 1,000 hotel rooms, several eateries (including three of its six celebrity-chef restaurants), part of the convention facilities and the casino floor will have to be ready by then, or the operator risks failing to secure its casino licence.
The rest of the project will open in phases before the end of next year.
Sands training 'early next year'
Mr Adelson also had an update for new employees, some of whom were in the news last week waiting to hear when training for their new jobs as dealers and croupiers would start.
Marina Sands IR up by Apr
By Jessica Lim
Las Vegas Sands chairman Sheldon Adelson at a meeting with the media yesterday to give an update on the progress of the integrated resort. He was in combative mood at the hour-long session, half of which was dominated by the delay in its opening. -- ST PHOTO: NG SOR LUAN
THE first guests at the Marina Bay Sands integrated resort (IR) will be able to check in, have a meal, attend a convention and gamble by the middle of April next year, at the latest.
That was the new deadline revealed by Las Vegas Sands chairman Sheldon Adelson on Monday.
That means about 1,000 hotel rooms, several eateries (including three of its six celebrity-chef restaurants), part of the convention facilities and the casino floor will have to be ready by then, or the operator risks failing to secure its casino licence.
The rest of the project will open in phases before the end of next year.
Sands training 'early next year'
Mr Adelson also had an update for new employees, some of whom were in the news last week waiting to hear when training for their new jobs as dealers and croupiers would start.
Monday, December 21, 2009
ST : $10,000 fine for forging cert
Dec 21, 2009
$10,000 fine for forging cert
By Khushwant Singh
A former board member of the Intellectual Property Office of Singapore (IPOS), Ho Ying Dat (pictured) was fined $10,000 for forging a certificate when registering as a patent agent in 2002
A FORMER board member of the Intellectual Property Office of Singapore (IPOS) was fined $10,000 for forging a certificate when registering as a patent agent in 2002
Ho Ying Dat, 52, who pleaded guilty on Monday, could have been jailed for up to two years.
His lawyer B. Ganesh said that Ho, a Malaysian and a Singapore permanent resident, had passed the examinations set by the United States Patent and Trademark Office (USPTO) in April 1992.
However, he failed to fulfil the residency qualification of working in the US for a year. The Malaysian returned here as his father was very ill then.
In July 1992, he set up his own patent firm Lawrence Y.D. Ho & Associates, with his wife.
In 2002, IPOS required all patent agents to be licensed. Ho was worried he may not be registered as he did not have certification and decided to forge an USPTA certificate.
$10,000 fine for forging cert
By Khushwant Singh
A former board member of the Intellectual Property Office of Singapore (IPOS), Ho Ying Dat (pictured) was fined $10,000 for forging a certificate when registering as a patent agent in 2002
A FORMER board member of the Intellectual Property Office of Singapore (IPOS) was fined $10,000 for forging a certificate when registering as a patent agent in 2002
Ho Ying Dat, 52, who pleaded guilty on Monday, could have been jailed for up to two years.
His lawyer B. Ganesh said that Ho, a Malaysian and a Singapore permanent resident, had passed the examinations set by the United States Patent and Trademark Office (USPTO) in April 1992.
However, he failed to fulfil the residency qualification of working in the US for a year. The Malaysian returned here as his father was very ill then.
In July 1992, he set up his own patent firm Lawrence Y.D. Ho & Associates, with his wife.
In 2002, IPOS required all patent agents to be licensed. Ho was worried he may not be registered as he did not have certification and decided to forge an USPTA certificate.
ST : Retail rents creeping up
Dec 21, 2009
Retail rents creeping up
By Esther Teo
Retail space in the prime Orchard retail belt and suburban malls have crept up in the last quarter, buoyed by the upswing in the economy, after four consecutive quarters of decline. -- ST PHOTO: ALPHONSUS CHERN
RETAIL space in the prime Orchard retail belt and suburban malls have crept up in the last quarter, buoyed by the upswing in the economy, after four consecutive quarters of decline.
In its report released on Monday, DTZ Research said that gross rents of prime first-storey retail space in Orchard and Scotts roads rose slightly by 1 per cent to $39.70 per sq feet per month, after falling 7.3 per cent in the previous four quarters.
In the suburban areas, retail rents moved up after having stablilised in the previous quarter, while rents in the other city areas like Bugis Junction and Great World City continued to fall. Prime first-storey retail gross rents in suburban malls rose 1.5 per cent quarter-on-quarter to $33.50 per square ft per month, after having fallen 2.1 per cent from the peak of the third quarter last year.
DTZ South-east Asia Research head Ms Chua Chor Hoon said that leasing activity has increased as retailers gain more confidence, along with the economic recovery. "There is strong demand for prime first-storey space, evident from the little availability and speed at which they are being taken up, despite the amount of new space that has come up along Orchard Road," she said.
DTZ estimates that 2.6 million square feet of new retail space, which included 313@Somerset and Mandarin Gallery, were added to the stock this year. This is the highest new supply ever seen. Ms Chua expects prime retail rents in Orchard and Scotts Road and the suburban areas to continue to move up by 2 to 7 per cent next year.
The new supply in Orchard Road is expected to fall to about 165,000 sq ft next year and will be a mere 7 per cent of the almost 2.4 million sq feet of new retail space projected to be available next year. Outside of the city areas, most of the new supply will be concentrated in Resorts World Sentosa, Nex and Serangoon Central.
Retail rents creeping up
By Esther Teo
Retail space in the prime Orchard retail belt and suburban malls have crept up in the last quarter, buoyed by the upswing in the economy, after four consecutive quarters of decline. -- ST PHOTO: ALPHONSUS CHERN
RETAIL space in the prime Orchard retail belt and suburban malls have crept up in the last quarter, buoyed by the upswing in the economy, after four consecutive quarters of decline.
In its report released on Monday, DTZ Research said that gross rents of prime first-storey retail space in Orchard and Scotts roads rose slightly by 1 per cent to $39.70 per sq feet per month, after falling 7.3 per cent in the previous four quarters.
In the suburban areas, retail rents moved up after having stablilised in the previous quarter, while rents in the other city areas like Bugis Junction and Great World City continued to fall. Prime first-storey retail gross rents in suburban malls rose 1.5 per cent quarter-on-quarter to $33.50 per square ft per month, after having fallen 2.1 per cent from the peak of the third quarter last year.
DTZ South-east Asia Research head Ms Chua Chor Hoon said that leasing activity has increased as retailers gain more confidence, along with the economic recovery. "There is strong demand for prime first-storey space, evident from the little availability and speed at which they are being taken up, despite the amount of new space that has come up along Orchard Road," she said.
DTZ estimates that 2.6 million square feet of new retail space, which included 313@Somerset and Mandarin Gallery, were added to the stock this year. This is the highest new supply ever seen. Ms Chua expects prime retail rents in Orchard and Scotts Road and the suburban areas to continue to move up by 2 to 7 per cent next year.
The new supply in Orchard Road is expected to fall to about 165,000 sq ft next year and will be a mere 7 per cent of the almost 2.4 million sq feet of new retail space projected to be available next year. Outside of the city areas, most of the new supply will be concentrated in Resorts World Sentosa, Nex and Serangoon Central.
Showflats to remain open during the year-end holidays
Showflats to remain open during the year-end holidays
Dec 21, 2009 - PropertyGuru.com.sg
The market for new homes is quiet, as potential buyers and developers take their time off for the holidays.
“If you are going to sell one or two units now, you might as well close shop and wait till next year,” said Donald Han, managing director of Cushman & Wakefield. “Salespeople and consultants have worked very hard this year. So, to be fair, they need a break.”
However, potential buyers who want to see new projects even during the end-year holidays can visit some showflats that remain open. These are the projects launched in recent months.
A list prepared by property consultancy firm Knight Frank shows that at least 35 showflats will be available for public viewing this holiday season.
Potential buyers looking for mass-market projects can visit Livia in Pasir Ris, Trevista in Toa Payoh, Waterfront Key in Bedok Reservoir and Double Bay Residences in Simei.
Meanwhile, for interested buyers of high-end homes, they can check out Reflections at Keppel Bay, or Cyan and Ferrell Residences in Bukit Timah Road. The showflat for St Regis Residences is also open this month, but viewing the place is by appointment only, said City Developments.
Dec 21, 2009 - PropertyGuru.com.sg
The market for new homes is quiet, as potential buyers and developers take their time off for the holidays.
“If you are going to sell one or two units now, you might as well close shop and wait till next year,” said Donald Han, managing director of Cushman & Wakefield. “Salespeople and consultants have worked very hard this year. So, to be fair, they need a break.”
However, potential buyers who want to see new projects even during the end-year holidays can visit some showflats that remain open. These are the projects launched in recent months.
A list prepared by property consultancy firm Knight Frank shows that at least 35 showflats will be available for public viewing this holiday season.
Potential buyers looking for mass-market projects can visit Livia in Pasir Ris, Trevista in Toa Payoh, Waterfront Key in Bedok Reservoir and Double Bay Residences in Simei.
Meanwhile, for interested buyers of high-end homes, they can check out Reflections at Keppel Bay, or Cyan and Ferrell Residences in Bukit Timah Road. The showflat for St Regis Residences is also open this month, but viewing the place is by appointment only, said City Developments.
Property investments in APAC region to double in 2010
Property investments in APAC region to double in 2010
Dec 21, 2009 - PropertyGuru.com.sg
The Asia Pacific region will have around $85 billion to spend for direct investment in property by next year. The amount is twice the $43 billion transacted in the past 12 months, according to DTZ Research.
The $85 billion translates to 27 percent of the total capital worth $315 billion, which will be available in 2010 for direct investment in property worldwide, added DTZ in its "The Great Wall of Money" report yesterday.
DTZ also said that worldwide transaction volume in 2010 should be more than double the $157 billion this year and could return to 2004 levels.
Globally, the capital chasing property ratio is around $2 for every deal volume worth $1.
“Asia Pacific and Europe are relative winners, with more money targeting these regions for investment than they are raising and investing elsewhere,” according to DTZ's report. “Together, these regions are targets for 77 per cent combined of the total investment in 2010 but are raising only 49 per cent of available money.”
However, it cites one main caveat - capital necessary for de-leveraging. It refers to the substantial amount of commercial property lending which is due for refinancing within the next two to four years.
“While some of the available capital may be diverted to this purpose - for example, through provision of debt financing - we expect the de-leveraging and unwinding of support policies will be slowly phased in over time, limiting the immediate impact in 2010,” said DTZ.
The largest investor category is the third party-managed funds, which accounts for 60 percent of available equity. It is followed by institutions with 28 percent and sovereign wealth funds with 6 percent. The German open-ended funds raised the remaining equity.
According to DTZ, 81 percent of the total capital yield is being directed towards multi-sector investments than to the single-sector investments. Only 19 percent of the capital was reserved to target a specific property sector - primarily in retail (3 percent), industrial (5 percent) and office (4 percent).
Also, 70 percent of the total capital will target two or more countries. Those who invest in a single country are mainly focused on the prime liquid markets of the US and UK, accounting for 7 and 9 percent respectively of total planned investment. Expected to compose the combined 5 percent of planned investment are China, Germany and Japan.
“Globally, most investors are adopting multi-sector and/or multi-country strategies as part of sector and geographic diversification strategies, and reflecting the opportunistic nature of most fund mandates,” said DTZ Research’s associate director of real estate strategy, Nigel Almond.
Dec 21, 2009 - PropertyGuru.com.sg
The Asia Pacific region will have around $85 billion to spend for direct investment in property by next year. The amount is twice the $43 billion transacted in the past 12 months, according to DTZ Research.
The $85 billion translates to 27 percent of the total capital worth $315 billion, which will be available in 2010 for direct investment in property worldwide, added DTZ in its "The Great Wall of Money" report yesterday.
DTZ also said that worldwide transaction volume in 2010 should be more than double the $157 billion this year and could return to 2004 levels.
Globally, the capital chasing property ratio is around $2 for every deal volume worth $1.
“Asia Pacific and Europe are relative winners, with more money targeting these regions for investment than they are raising and investing elsewhere,” according to DTZ's report. “Together, these regions are targets for 77 per cent combined of the total investment in 2010 but are raising only 49 per cent of available money.”
However, it cites one main caveat - capital necessary for de-leveraging. It refers to the substantial amount of commercial property lending which is due for refinancing within the next two to four years.
“While some of the available capital may be diverted to this purpose - for example, through provision of debt financing - we expect the de-leveraging and unwinding of support policies will be slowly phased in over time, limiting the immediate impact in 2010,” said DTZ.
The largest investor category is the third party-managed funds, which accounts for 60 percent of available equity. It is followed by institutions with 28 percent and sovereign wealth funds with 6 percent. The German open-ended funds raised the remaining equity.
According to DTZ, 81 percent of the total capital yield is being directed towards multi-sector investments than to the single-sector investments. Only 19 percent of the capital was reserved to target a specific property sector - primarily in retail (3 percent), industrial (5 percent) and office (4 percent).
Also, 70 percent of the total capital will target two or more countries. Those who invest in a single country are mainly focused on the prime liquid markets of the US and UK, accounting for 7 and 9 percent respectively of total planned investment. Expected to compose the combined 5 percent of planned investment are China, Germany and Japan.
“Globally, most investors are adopting multi-sector and/or multi-country strategies as part of sector and geographic diversification strategies, and reflecting the opportunistic nature of most fund mandates,” said DTZ Research’s associate director of real estate strategy, Nigel Almond.
Prices of prime real-estate sets new high
Prices of prime real-estate sets new high
Dec 21, 2009 - PropertyGuru.com.sg
Prices of resale landed homes have already set high records this year despite the uncertain economic recovery, according to a recent report.
The report by DTZ Research highlights the prices of resale landed homes in the prime districts of 9, 10 and 11, including the Bukit Timah, Orchard and Tanglin areas.
Among the expensive homes, good class bungalows (GCBs) also recorded a psf price high. But prices of non-landed homes such as luxury condos are also catching up.
The average price of prime freehold landed resale homes increased 4.6 percent in Q4 or 18.4 percent for the whole of 2009 to hit a new price of $1,447 per sq ft (psf).
This is about 12 percent above the previous price of $1,293 psf in Q1 last year, the report said.
The average price of freehold landed resale homes outside the prime districts also climbed 2.8 percent in Q4 or 12.2 percent for the whole year to reach a new high of $860 psf.
Dec 21, 2009 - PropertyGuru.com.sg
Prices of resale landed homes have already set high records this year despite the uncertain economic recovery, according to a recent report.
The report by DTZ Research highlights the prices of resale landed homes in the prime districts of 9, 10 and 11, including the Bukit Timah, Orchard and Tanglin areas.
Among the expensive homes, good class bungalows (GCBs) also recorded a psf price high. But prices of non-landed homes such as luxury condos are also catching up.
The average price of prime freehold landed resale homes increased 4.6 percent in Q4 or 18.4 percent for the whole of 2009 to hit a new price of $1,447 per sq ft (psf).
This is about 12 percent above the previous price of $1,293 psf in Q1 last year, the report said.
The average price of freehold landed resale homes outside the prime districts also climbed 2.8 percent in Q4 or 12.2 percent for the whole year to reach a new high of $860 psf.
Mortgagee sales volume at 12-year low
Mortgagee sales volume at 12-year low
Dec 21, 2009 - PropertyGuru.com.sg
Many are expecting to see a surge in the volume of home loan defaults, with the worst recession in the history of Singapore and the growing tide of unemployed people who struggle with mortgage installments.
It turns out that nothing could be further from the truth. The volume of properties up for mortgagee sales dropped to a 12-year low in 2009, according to the report from Colliers International.
Of the 927 properties up for auction in 2009, only 195 were forced sales of repossessed properties or mortgagee sales. It said that the figure is 25 percent lower than the 260 properties in 2008.
When banks repossess properties defaulted by homebuyers, they constantly prefer to sell at an auction as it is a transparent and fast mode of sale.
The recent low figures are far different from the situation in 1998, when the Asian financial turmoil hit home. A total of 452 properties were put up that year for mortgagee sale, it said.
“The low number of mortgagee sales could be due to the introduction of the Government's Jobs Credit scheme which stabilized the employment market; which, in turn, provided some home owners with the ability to service their monthly mortgage loans,” said Grace Ng, deputy managing director (agency and business services) of the firm.
“Additionally, buoyant sales experienced in the primary market and a steadily improving economy boosted sentiments in the secondary market, hence enabling owners to dispose of their properties and evading the need for banks to foreclose their properties.”
Based on the Colliers report, 118 properties amounting to $168.39 million were auctioned off in 2009, a little more than double the $83.67 million generated in 2008.
This year, residential sales at auctions totaled to $88.35 million, up from last year’s $25.23 million, as the low housing loan rates and more positive economic sentiments motivated the upgraders.
Ms. Ng also noted that there was competitive bidding this year for old semi-detached houses with big land areas.
Dec 21, 2009 - PropertyGuru.com.sg
Many are expecting to see a surge in the volume of home loan defaults, with the worst recession in the history of Singapore and the growing tide of unemployed people who struggle with mortgage installments.
It turns out that nothing could be further from the truth. The volume of properties up for mortgagee sales dropped to a 12-year low in 2009, according to the report from Colliers International.
Of the 927 properties up for auction in 2009, only 195 were forced sales of repossessed properties or mortgagee sales. It said that the figure is 25 percent lower than the 260 properties in 2008.
When banks repossess properties defaulted by homebuyers, they constantly prefer to sell at an auction as it is a transparent and fast mode of sale.
The recent low figures are far different from the situation in 1998, when the Asian financial turmoil hit home. A total of 452 properties were put up that year for mortgagee sale, it said.
“The low number of mortgagee sales could be due to the introduction of the Government's Jobs Credit scheme which stabilized the employment market; which, in turn, provided some home owners with the ability to service their monthly mortgage loans,” said Grace Ng, deputy managing director (agency and business services) of the firm.
“Additionally, buoyant sales experienced in the primary market and a steadily improving economy boosted sentiments in the secondary market, hence enabling owners to dispose of their properties and evading the need for banks to foreclose their properties.”
Based on the Colliers report, 118 properties amounting to $168.39 million were auctioned off in 2009, a little more than double the $83.67 million generated in 2008.
This year, residential sales at auctions totaled to $88.35 million, up from last year’s $25.23 million, as the low housing loan rates and more positive economic sentiments motivated the upgraders.
Ms. Ng also noted that there was competitive bidding this year for old semi-detached houses with big land areas.
ST : Sands IR on track to open
Dec 21, 2009
Sands IR on track to open
Artist impression of the Marina Bay IR by Las Vegas Sands. --PHOTO: LAS VEGAS SANDS
HONG KONG - LAS Vegas Sands, the world's second-most valuable casino operator by market capitalisation, said on Monday that its US$5.5 billion (S$7.7 billion) Singapore casino resort is on track to open around the end of March.
Elsewhere in Asia, the company, which saw many of its projects under development on Macau's Cotai Strip put on hold during the global financial crisis, could also 'easily open' all its planned properties there in the next five years, Chief Executive and Chairman Sheldon Adelson said in an interview on CNBC.
Sands' original target was to open the Marina Bay Sands casino-resort on the edge of Singapore's central business district by the fourth quarter of 2009. The opening date was later revised to end-March 2010 because of a shortage of sand and workers.
The Singapore project, which was originally expected to cost around $3.2 billion, has also suffered massive cost overruns. -- REUTERS
Sands IR on track to open
Artist impression of the Marina Bay IR by Las Vegas Sands. --PHOTO: LAS VEGAS SANDS
HONG KONG - LAS Vegas Sands, the world's second-most valuable casino operator by market capitalisation, said on Monday that its US$5.5 billion (S$7.7 billion) Singapore casino resort is on track to open around the end of March.
Elsewhere in Asia, the company, which saw many of its projects under development on Macau's Cotai Strip put on hold during the global financial crisis, could also 'easily open' all its planned properties there in the next five years, Chief Executive and Chairman Sheldon Adelson said in an interview on CNBC.
Sands' original target was to open the Marina Bay Sands casino-resort on the edge of Singapore's central business district by the fourth quarter of 2009. The opening date was later revised to end-March 2010 because of a shortage of sand and workers.
The Singapore project, which was originally expected to cost around $3.2 billion, has also suffered massive cost overruns. -- REUTERS
ST : Having a splash in the park
Dec 20, 2009
Having a splash in the park
By Amresh Gunasingham
SPORTS enthusiasts in Pasir Ris will have a shiny new facility to call on in by June 2011. Built at a cost of $40 million, it will be equipped with swimming pools, a 2,000-seater multi-purpose sports hall and tennis courts, among other features.
Work on the project, located near the MRT and bus interchange, commenced officially yesterday at a ceremony attended by Deputy Prime Minister Teo Chee Hean and Minister for Community, Youth and Sports, Dr Vivian Balakrishnan.
First announced at the 2006 General Election as part of the Government's $850-million plan to spruce up the Pasir Ris, Punggol and Sengkang areas, it will also be retrofitted with green features to reduce its energy consumption. These include the installation of solar panels and a rainwater-harvesting container that channels stormwater into a storage tank to be later used to irrigate plants.
Savings of up to 15 per cent in operating costs could be earned annually on electrical equipment alone, said Mr Kenneth Hui, chief of sports facilities group at the Singapore Sports Council (SSC).
Having a splash in the park
By Amresh Gunasingham
SPORTS enthusiasts in Pasir Ris will have a shiny new facility to call on in by June 2011. Built at a cost of $40 million, it will be equipped with swimming pools, a 2,000-seater multi-purpose sports hall and tennis courts, among other features.
Work on the project, located near the MRT and bus interchange, commenced officially yesterday at a ceremony attended by Deputy Prime Minister Teo Chee Hean and Minister for Community, Youth and Sports, Dr Vivian Balakrishnan.
First announced at the 2006 General Election as part of the Government's $850-million plan to spruce up the Pasir Ris, Punggol and Sengkang areas, it will also be retrofitted with green features to reduce its energy consumption. These include the installation of solar panels and a rainwater-harvesting container that channels stormwater into a storage tank to be later used to irrigate plants.
Savings of up to 15 per cent in operating costs could be earned annually on electrical equipment alone, said Mr Kenneth Hui, chief of sports facilities group at the Singapore Sports Council (SSC).
ST : Punggol renewal
Dec 19, 2009
Punggol renewal
More than a decade after its first masterplan was unveiled, Punggol is finally taking shape as a waterfront haven that will be a top residential and recreational spot. -- ST PHOTO: AZIZ HUSSIN
MORE than a decade after its first masterplan was unveiled, Punggol is finally taking shape as a waterfront haven that will be a top residential and recreational spot.
Lifestyle tells you what you can expect to see from this former backwater town.
Punggol renewal
More than a decade after its first masterplan was unveiled, Punggol is finally taking shape as a waterfront haven that will be a top residential and recreational spot. -- ST PHOTO: AZIZ HUSSIN
MORE than a decade after its first masterplan was unveiled, Punggol is finally taking shape as a waterfront haven that will be a top residential and recreational spot.
Lifestyle tells you what you can expect to see from this former backwater town.
ST : Still open for viewing
Dec 19, 2009
Still open for viewing
By Joyce Teo, Property Correspondent
Artist impression of the Double Bay Residences in Simei. -- PHOTO: UOL
THE market for new homes is quiet as most developers and potential buyers have taken time off for the year-end holidays.
'If you are going to sell one or two units now, you might as well close shop and wait till next year,' said Cushman & Wakefield managing director Donald Han.
'Salespeople and consultants have worked very hard this year. So, to be fair, they need a break.'
But for those potential buyers itching to check out new projects, a fair number of showflats are still open. These are mostly projects launched in recent months.
A list compiled by property consultancy Knight Frank shows there are at least 35 showflats staying open this month.
Those keen on mass-market projects can check out Waterfront Key in Bedok Reservoir, Livia in Pasir Ris, Double Bay Residences in Simei and Trevista in Toa Payoh.
Still open for viewing
By Joyce Teo, Property Correspondent
Artist impression of the Double Bay Residences in Simei. -- PHOTO: UOL
THE market for new homes is quiet as most developers and potential buyers have taken time off for the year-end holidays.
'If you are going to sell one or two units now, you might as well close shop and wait till next year,' said Cushman & Wakefield managing director Donald Han.
'Salespeople and consultants have worked very hard this year. So, to be fair, they need a break.'
But for those potential buyers itching to check out new projects, a fair number of showflats are still open. These are mostly projects launched in recent months.
A list compiled by property consultancy Knight Frank shows there are at least 35 showflats staying open this month.
Those keen on mass-market projects can check out Waterfront Key in Bedok Reservoir, Livia in Pasir Ris, Double Bay Residences in Simei and Trevista in Toa Payoh.
ST : 2 HDB blocks turned dorms
Dec 19, 2009
2 HDB blocks turned dorms
More than 300 units used to house Resorts World Sentosa's foreign staff
By Tessa Wong
Two Housing Board blocks in Toa Payoh have been converted into dormitories for foreign employees at Resorts World Sentosa. -- ST PHOTO: ALPHONSUS CHERN
TWO Housing Board blocks in Toa Payoh have been converted into dormitories for foreign employees at Resorts World Sentosa.
Blocks 32 and 33 in Toa Payoh Lorong 6 were to be demolished as part of redevelopment plans until a few months ago, when dozens of croupiers, hotel service staff and casino pit supervisors started moving in.
It is estimated that there are more than 300 units in the two blocks. According to interviews with tenants, each flat houses four to six people who each pay between $140 and $260.
When asked about the length of the leases, the HDB would only say it is a private short-term arrangement between Resorts World and its managing agent, EM Services.
Resorts World said it provides accommodation to its foreign employees working and training in preparation for the integrated resort's opening next year 'to help reduce their stress and anxiety of relocating overseas'. It also ensures that its foreign staff enjoy a similar lifestyle to their Singaporean colleagues'. It did not state the total number of foreign employees who have moved in so far.
When The Straits Times visited the blocks on Friday, the flats were clean and had been given a fresh coat of paint.
2 HDB blocks turned dorms
More than 300 units used to house Resorts World Sentosa's foreign staff
By Tessa Wong
Two Housing Board blocks in Toa Payoh have been converted into dormitories for foreign employees at Resorts World Sentosa. -- ST PHOTO: ALPHONSUS CHERN
TWO Housing Board blocks in Toa Payoh have been converted into dormitories for foreign employees at Resorts World Sentosa.
Blocks 32 and 33 in Toa Payoh Lorong 6 were to be demolished as part of redevelopment plans until a few months ago, when dozens of croupiers, hotel service staff and casino pit supervisors started moving in.
It is estimated that there are more than 300 units in the two blocks. According to interviews with tenants, each flat houses four to six people who each pay between $140 and $260.
When asked about the length of the leases, the HDB would only say it is a private short-term arrangement between Resorts World and its managing agent, EM Services.
Resorts World said it provides accommodation to its foreign employees working and training in preparation for the integrated resort's opening next year 'to help reduce their stress and anxiety of relocating overseas'. It also ensures that its foreign staff enjoy a similar lifestyle to their Singaporean colleagues'. It did not state the total number of foreign employees who have moved in so far.
When The Straits Times visited the blocks on Friday, the flats were clean and had been given a fresh coat of paint.
Saturday, December 19, 2009
ST Forum : Why investors won't bite yet
Dec 19, 2009
CLOB SAGA AND AFTER...
Why investors won't bite yet
I REFER to Monday's report, 'Singaporeans told: Don't be put off by Clob', on the Malaysian bourse chief calling on investors not to let the 1998 saga deter them from investing in Malaysian companies.
To recap what happened, thousands of Singaporeans who invested in Malaysian shares via Singapore's Central Limit Order Book (Clob) system found their investments abruptly frozen.
In September 1998, Kuala Lumpur banned trading of Malaysian stocks outside the country and imposed widespread capital controls that affected thousands of investors here. This was at the height of the Asian financial crisis.
A few years of insults followed, including one offer to buy out the shares at a mere fraction of their pre-suspension market price which was rebuffed by almost all involved Singaporeans.
Finally, they paid to redeem their own shares which were released to them in instalments instead of in full.
To now tell us not to be put off is no compensation for the insults and financial loss suffered.
Further, under the Clob system, shares were registered in the investors' own names, and investors received annual reports and other announcements as well as dividends, rights and bonus entitlements direct from the companies.
Today, Singaporeans who wish to buy Malaysian shares must do so through Malaysian-based brokers with shares registered in the names of the brokers' nominee companies, which means they receive no annual reports and company announcements.
It is also necessary to hold a ringgit bank account in Malaysia to facilitate payments for purchases and receipt of proceeds of sales.
The bank in Johor Baru I visited to open an account handed me the relevant forms to complete but when I produced my Singapore passport, I was told I could not open an account because of Malaysian exchange control regulations.
Sorry, I must continue to give Malaysian shares a miss until trading becomes as convenient as it is in Singapore, or until they are listed on the Singapore Exchange.
Denis Distant
CLOB SAGA AND AFTER...
Why investors won't bite yet
I REFER to Monday's report, 'Singaporeans told: Don't be put off by Clob', on the Malaysian bourse chief calling on investors not to let the 1998 saga deter them from investing in Malaysian companies.
To recap what happened, thousands of Singaporeans who invested in Malaysian shares via Singapore's Central Limit Order Book (Clob) system found their investments abruptly frozen.
In September 1998, Kuala Lumpur banned trading of Malaysian stocks outside the country and imposed widespread capital controls that affected thousands of investors here. This was at the height of the Asian financial crisis.
A few years of insults followed, including one offer to buy out the shares at a mere fraction of their pre-suspension market price which was rebuffed by almost all involved Singaporeans.
Finally, they paid to redeem their own shares which were released to them in instalments instead of in full.
To now tell us not to be put off is no compensation for the insults and financial loss suffered.
Further, under the Clob system, shares were registered in the investors' own names, and investors received annual reports and other announcements as well as dividends, rights and bonus entitlements direct from the companies.
Today, Singaporeans who wish to buy Malaysian shares must do so through Malaysian-based brokers with shares registered in the names of the brokers' nominee companies, which means they receive no annual reports and company announcements.
It is also necessary to hold a ringgit bank account in Malaysia to facilitate payments for purchases and receipt of proceeds of sales.
The bank in Johor Baru I visited to open an account handed me the relevant forms to complete but when I produced my Singapore passport, I was told I could not open an account because of Malaysian exchange control regulations.
Sorry, I must continue to give Malaysian shares a miss until trading becomes as convenient as it is in Singapore, or until they are listed on the Singapore Exchange.
Denis Distant
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