ST : New homes near former tomb of Raffles' 'mistress'

Nov 26, 2009

New homes near former tomb of Raffles' 'mistress'




The body of Tan Chwee Neo was buried next to the site for Fifty-Two Stevens for nearly 100 years before being exhumed in 2003 and moved to a temple. -- ST PHOTO: TERENCE TAN

A NEW residential development is set to be built on prime land near the former tomb of a Chinese woman believed to have been the mistress of Sir Stamford Raffles.

Developer Tang City Homes is building a 20 unit residential block at 52, Stevens Road, next to the former resting place of Tan Chwee Neo, alleged to be the lover of Singapore's founder.

Her remains were left there for nearly 100 years before they were exhumed in 2003 and moved to a temple.

The new freehold Fifty-Two Stevens project, which is located opposite Stevens Close and near the Metropolitan YMCA and The Pines Club, is likely to be launched during the first quarter of next year, after Chinese New Year.

It comprises mainly one-bedroom apartments and is expected to be priced just below $2,000 per sq ft.

Despite claims at the time by family members that Tan was Raffles' mistress, some have cast doubt on the link.

In 2002, Professor Ernest Chew of the National University of Singapore's history department dismissed the notion on the grounds that she may not have been a contemporary of Raffles.

According to her ancestral tablet, she was born in 1818 and died in 1904.

This would have made her five years old during Raffles' final visit to Singapore in 1823.

However, her family claims the birth date records were inaccurate.

Measures to raise standards of real estate sector won't affect prices: analysts

Measures to raise standards of real estate sector won't affect prices: analysts
By May Wong, Channel NewsAsia | Posted: 25 November 2009 2133 hrs


SINGAPORE: Industry players say the upcoming new measures to improve standards of the real estate sector here will not affect the property prices.

The government has just finished gathering suggestions for a new regulatory framework for the industry. It will likely be introduced by the second half of next year.

Industry practitioners said the government will likely introduce a central registry to list all accredited agents, and a demerit point system to penalise errant agents and agencies.

The new measures aim to set a basic standard of professionalism in the sector.

While observers expect a slight shake-up in the industry once the measures are enforced, many do not believe property prices will be hit.

PropNex's CEO, Mohamed Ismail, said: "There should not have any impact because we're talking about increasing the service standards of the agents, in other words, professionalism.

"This should, in fact, give greater confidence to investors abroad or for that matter, any of the local people who intend to upgrade from a public to a private property. So it's plus-plus in terms of overall scenario."

Consumers back proposals to regulate real estate agents

Consumers back proposals to regulate real estate agents
By May Wong/Yasmine Yahya, Channel NewsAsia | Posted: 25 November 2009 1341 hrs


SINGAPORE: Members of the public said that property agents must pass a standard industry entrance examination before they are allowed to practise.

The exam should not only test them on practical knowledge of the real estate industry and how to carry out their work, but it should cover ethics as well.

This was part of the feedback received during a public consultation exercise for a new regulatory framework for the real estate industry. The exercise gathered over 200 comments.

The public consultation is now closed, and the Ministry of National Development (MND) said that most of the feedback received was in line with the suggestions made by industry experts during an earlier consultation exercise.

The MND spent about two months consulting industry practitioners and the public on what the new regulatory framework for the real estate industry should comprise. The key elements of the framework are expected to be announced early next year.

Most complaints about property agents stem from unethical practices or misconduct. Hence, it is no wonder why consumers who gave their views on the real estate regulatory framework supported proposed measures to weed out errant agents.

Members of the public welcomed the move to license individual agents. They also supported the proposal to disallow an agent from representing both the buyer and the seller of a property.

Some respondents also suggested that the government regulate the commission earned by agents by setting a standard commission guideline. This will serve to curb undercutting among agents and protect less-educated consumers from being over-charged by agents and minimise disputes between consumers and agents.

Other suggestions on regulating the industry include educating consumers on their rights and responsibilities, and disallowing property agencies and agents from buying properties directly from sellers or developers and reselling them during good times.

Industry players hope the government will implement the minimum entry qualification for agents soon.

Dr Tan Tee Khoon CEO of Singapore Accredited Estate Agencies, said: "This is to stipulate competence so that when a client is dealing with a particular agent, he or she would know that this agent has the requisite body of knowledge to deal with real estate transactions. And the demerit points system will help to provide a deterrence to negative professional conduct."

But industry players said the suggestion to limit the size of agencies to better control agents was impractical.

PropNex CEO, Mohamed Ismail, said: "We've seen such things being implemented in Malaysia. And they (agencies) beat the system by having more licences and one of the main problem they realise here is that when you limit, you not only curtail entrepreneurship but also they don't enjoy the economies of scale.

"And today, all the big agencies in Singapore, because they do have these numbers, they're able to provide greater support like in-house legal, conventions, training, mediations, disciplinary board within the company. Such things are only possible when you have the numbers."

Even though the government has only received over 200 suggestions from the public, industry players said it is not the quantity but the quality of the feedback that counts.

In fact, they said the public's proposals come as no surprise, because ultimately the practitioners and the consumers are making the same call, that is, to raise the professionalism and standards of the real estate sector in Singapore.

URA releases site at Kaki Bukit for industrial development

URA releases site at Kaki Bukit for industrial development
By Yasmine Yahya, Channel NewsAsia | Posted: 25 November 2009 1319 hrs


SINGAPORE: The Urban Redevelopment Authority (URA) has released for sale a site at Kaki Bukit Avenue 4 for industrial development.

The land parcel has a site area of about three hectares and a gross plot ratio of 2.5.

The site will have a lease period of 60 years. It is being released under the government's Reserve List.

Under the Reserve List system, a site would only be put up for tender if a developer's indicated minimum bid price in his application is acceptable to the government.

Developers interested in purchasing the site can now apply to URA for it to be put up for tender.

Boon Building at South Bridge Road goes on sale

Boon Building at South Bridge Road goes on sale
By Yasmine Yahya, Channel NewsAsia | Posted: 25 November 2009 1325 hrs


SINGAPORE: Boon Building at 61 South Bridge Road has been launched for sale through a tender.

The six-storey building is on a 999-year leasehold, sitting on a site area of about 2,300 square feet.

The building is zoned as a commercial site and will be sold with vacant possession.

DTZ Debenham Tie Leung has been appointed as the marketing agent for the sale.

DTZ said it expects the property to attract both end-users and small investors, and the availability of naming rights offers buyers the opportunity to carve out a flagship building with its own corporate identity.

TODAY Online : Why you can't mortgage your flat

Why you can't mortgage your flat

05:55 AM Nov 26, 2009

Letter from Chan-Wong Jee Choo Lily Deputy Director (Policy and Property) Housing and Development Board (HDB)

WE REFER to "A home to call your own" (Nov 9) by Mr Conrad Raj and the letter "Too many risks" (Nov 12) by Ms Elise Lee. Mr Raj has proposed for HDB to ease its restrictions on using flats as collateral, while Ms Lee thinks that, by doing so, owners risk losing their flats in the event of a loan default.

As HDB flats are provided essentially to meet the housing needs of Singaporeans, we agree with Ms Lee that flat-owners should not be unduly exposed to financial risks that could result in the loss of their home.

Prior to Aug 1994, HDB flat-owners could mortgage their flats to banks for credit facilities. However, as the bulk of these loans were used for share speculation and other risky ventures, the Government decided to discontinue such mortgages, except to finance the purchase of the HDB flat.

For most Singaporeans, the HDB flat is the single most valuable asset they own. Today, there is already a comprehensive range of options available to flat-owners who are looking to unlock their flat's value to provide some supplementary income. They can sublet their flats, buy a smaller flat, move to studio apartments, or opt for the Lease Buyback Scheme.

We thank Mr Raj and Ms Lee for their invaluable feedback.

ST : Thumbs up for ending estate agents' dual role

Nov 26, 2009

Thumbs up for ending estate agents' dual role

Respondents in public consultation exercise also want an entrance exam

By Joyce Teo

A PROPOSAL to ban property agents from representing both the seller and buyer in the same transaction has generated strong public interest - with many giving the idea the thumbs up.

This practice, widespread in the HDB resale market, leaves the agent with a clear conflict of interest.

But there is likely to be resistance from some agents who stand to lose commissions if it is implemented.

The proposed ban is one of a series of possible changes in a planned industry overhaul after years of complaints about questionable practices by some agents.

A public consultation exercise on a planned real estate regulatory framework drew more than 200 comments and suggestions, said the Ministry of National Development (MND) yesterday.

The proposal most commented upon was the ban on dual representation.

Many respondents also backed a plan to ensure agents have a minimum entry qualification - probably an entrance exam. They felt it was important for the exam to cover ethics, given that complaints often stem from unethical practices.

Most respondents were 'generally supportive' of the key proposals, MND said. These also include mandatory accreditation of agencies and agents, keeping a public central registry for accredited agents, setting up an independent tribunal to resolve real estate disputes, and introducing a demerit points system.

The views received during the exercise - conducted from Oct 13 to Nov 17 - were generally consistent with feedback gathered during industry consultations a month earlier, MND said. The respondents included property agents and clients who had been caught in unpleasant encounters with agents, said a spokesman.

The Government aims to better safeguard consumers' interests and raise the level of professionalism in the industry.

Some of the key proposals are long overdue, some industry players said.

Most would be welcomed by the industry, but some agents may not be happy if dual representation is disallowed.

An agent representing both sides in an HDB deal can get two commissions, even though there is clear conflict as sellers would want the highest price for their property while buyers want the lowest.

'This practice has been around since the first day HDB flats were traded. Obviously, there will be some resistance from property agents,' said C&H Realty managing director Albert Lu.

As HDB flat transactions can be complex, it is useful for buyers and sellers to have their own agents, to ensure that an unrepresented party does not delay or mess up the transaction, he said.

Some respondents suggested disallowing dual representation for rental deals.

There were suggestions to mandate co-broking, to stipulate that all buyers are to engage an agent and to require agents to inform sellers of all offers, regardless of the offer price or agent fees.

There were also calls for a standard commission guideline to curb undercutting among agents and to protect less educated consumers, for instance.

Respondents had also called for the licensing of individual agents. While the Government had called for industry-led accreditation, some respondents wanted the Government to handle this.

Some also wanted to see minimum educational qualifications. Mr Lu felt this was unnecessary. Having paper qualifications does not guarantee an agent will act ethically, he said. Passing an entrance exam is enough, even though it does not ensure ethical behaviour. A Government accreditation board could suspend errant agents, he added.

Mr Lu felt that the entrance exam should also be conducted in Chinese, for the benefit of a group of older, experienced agents who are Chinese-educated.

PropNex chief executive Mohamed Ismail expects a central registry to come in to help control rogue agents, who are now able to switch agencies unchecked. Some respondents suggested posting the names of blacklisted agents online to warn the public.

Suggestions from the public include the use of standard forms and contracts as well as disallowing agencies and agents from buying new properties from developers with a view to selling them.

MND expects to announce key elements of the framework early next year.

BT : 80 units sold at Marina Bay Suites preview

Business Times - 26 Nov 2009


80 units sold at Marina Bay Suites preview

Developer not expected to release more units in the condo until 2010

By KALPANA RASHIWALA

ABOUT 80 of the 90 units previewed at Marina Bay Suites yesterday have been sold, at an average price understood to be slightly above $2,300 per square foot.

However, the consortium developing the project said that the 'average price range was between $2,200 psf and $2,500 psf'. Only three and four-bedroom units on the low to mid- floors at the 66-storey development were released for yesterday's preview.

'Unit sizes range from 1,572 to 2,691 sq ft for the three to four-bedroom units,' said a spokesman for Raffles Quay Asset Management, the asset manager for Marina Bay Suites.

BT understands that the consortium developing the 221-unit, 99-year leasehold condo, does not plan to offer any more units in the development until next year. The show suite for the condo will be completed in the first half of next year and housed in an office tower in the Marina Bay Financial Centre (MBFC).

The condo, MBFC and an earlier condo project, Marina Bay Residences, are being developed on a 99-year leasehold plot sold by the Singapore government in 2005 to a consortium controlled by Keppel Land, Cheung Kong Holdings and Hongkong Land Holdings.

Yesterday's preview was held on the mezzanine level of One Raffles Quay, which was also developed earlier by the three partners. The project is being marketed by CB Richard Ellis and DTZ.

'There are no immediate plans to officially launch Marina Bay Suites (MBS). This private preview was for invited clients, business associates, registered prospects, staff and directors. We will launch MBS at the appropriate time,' the spokesman said.

Initially, the consortium had planned to release only 50 units but decided to add 40 more due to keen demand from potential buyers.

BT understands that at least a third of the buyers were foreigners (including permanent residents) and companies, with Indonesians being the predominant foreign buyers. Well-heeled Singaporeans also bought units in the condo.

Prices of three-bedders start from $3 million or about $1,908 psf, BT understands.

The least expensive four-bedder (a 2,045 sq ft unit) cost $4.3 million or $2,103 psf. For the larger four-bedroom apartments of 2,680 sq ft, prices start from $6.1 million or $2,276 psf.




In the spotlight: The developer says that the 'average price range was between $2,200 psf and $2,500 psf'

BT : TripleOne Somerset to open after $50m face-lift

Business Times - 26 Nov 2009


TripleOne Somerset to open after $50m face-lift

Ex Singapore Power Building refurnished to include retail and F&B space

By UMA SHANKARI

THE former Singapore Power Building in Somerset Road will re-open in January 2010 as TripleOne Somerset - after a $50 million make-over.

The office building - acquired by Singapore-based Pacific Star Group in February 2008 for more than $1 billion - has been refurbished to include two floors of retail and food and beverage (F&B) space with a total area of 60,000 sq ft.

Pacific Star converted some of the net lettable area (NLA) into retail space, which has been leased out at better rents. Rents for office space in TripleOne Somerset are now $6-$8 per sq ft on average, while retail rents are at $15-$20 psf.

The conversion of lower value space to higher value retail use has enhanced the building, as with other properties in Pacific Star's portfolio, such as Wisma Atria in Orchard Road, said Benett Theseira, Pacific Star's president of direct investments.

'By adding the additional retail space, we have improved our revenue (from the building) about 10 per cent,' he said.

Looking ahead, the building should be able to command higher office rents with the new retail and F&B facilities in place, Mr Theseira said. Rents could climb by 5-10 per cent when current three-year leases expire, he said.

When it was acquired by Pacific Star, the building's NLA was 550,000 sq ft - all designated for office use.

After refurbishment, there is about 500,000 sq ft of office space, 60,000 sq ft of retail space and an outdoor refreshment area of about 5,000 sq ft.

The retail and F&B extension was created by converting areas previously occupied by an auditorium, cafeteria and three office units, empty space in the lobby areas facing Somerset Road and void areas above the carpark.

Further NLA expansion will be explored in 18-24 months, Pacific Star said.

It has so far secured commitments for more than 75 per cent of the mall space and is confident the mall will be fully leased when it opens in January 2010.

Tenants signed up so far include dining chain Applebee's, whose outlet at the mall will be its first in Southeast Asia. Singapore's largest supermarket chain NTUC FairPrice will open a 14,500 sq ft gourmet supermarket at the mall to cater to tenants and people living nearby.

Besides creating retail and F&B space, Pacific Star is upgrading the office building's common areas such as the lift and reception lobbies to appeal to a wider range of tenants.

The office space is now 95 per cent leased. Singapore Power, the anchor tenant, continues to occupy around 200,000 sq ft of office space under a lease-back arrangement.

Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.




More than 75% of the mall space taken up: Tenants signed up so far include dining chain Applebee's and NTUC FairPrice

ST : Buyers snap up most of the 90 units released for sale yesterday

Strong sales at Marina Bay Suites preview

Buyers snap up most of the 90 units released for sale yesterday

By Joyce Teo



An artist's impression of the 99-year leasehold, 221-unit Marina Bay Suites condominium. Real estate experts say the plus factors of the property are its proximity to the integrated resort coming up in the area and the finite supply of homes there. -- PHOTO: MARINA BAY FINANCIAL CENTRE

A one-day preview at the upmarket Marina Bay Suites development saw invited buyers snap up most of the 90 units released for sale at average prices ranging from $2,200 to $2,500 per sq ft (psf).

At least 81 units were bought yesterday at the 99-year leasehold, 221-unit condominium in Marina Bay, whose launch had been delayed by almost two years, said a spokesman for Raffles Quay Asset Management, which manages Marina Bay Financial Centre. The centre has two residential towers - Marina Bay Residences, which sold out in late 2006, and Marina Bay Suites.

Prices achieved were below the expectations the developers had early last year, before the property market slumped as the global crisis took hold.

It was then thought that the condo could be priced around $3,000 psf, given that the most expensive units in Marina Bay Residences and The Sail @ Marina Bay had then traded beyond that price level.

The invited group of buyers yesterday consisted of registered clients, directors and staff working for the developers - a consortium comprising Keppel Land, Hongkong Land and Cheung Kong Holdings.

The condo has units of three- to four-bedrooms ranging in size from 1,572 sq ft to 2,691 sq ft, as well as three larger penthouses.

Yesterday, the three-bedroom units went for between $3 million and $3.7 million.

The smaller four-bedroom units sold for around $4.3 million to $5 million, while the larger four-bedroom units achieved prices of $6.1 million to a shade below $7 million.

About two-thirds of the Marina Bay Suites buyers were Singaporeans, with the balance made up of foreigners, permanent residents and a few companies, said Mr Joseph Tan, executive director for residential properties at one of the marketing agents, CBRE.

Marina Bay Suites had been slated for launch early last year when there was talk that the three-bedroom units would command a price of $4 million to $5 million.

But the market downturn prompted the postponement and, said Mr Tan, the preview had to be pitched at today's prices.

Cushman & Wakefield managing director Donald Han agreed that in today's high-end market, 'you need to provide a discount from the peak levels'.

'The value proposition is there for investors keen on luxury properties,' he said.

'Generally, there may be more upside as prices in the high-end to luxury markets are still about 20 per cent to 25 per cent from the peak levels in early 2008.'

Mr Han said the market is seeing demand slowly returning in the $2,000 psf to $3,000 psf range, but not yet for those priced above these prices.

Experts also said Marina Bay Suites' location is a major selling point.

'The lure factor of Marina Bay properties is the proximity to the integrated resort, and the finite supply of homes there,' said Mr Han.

Caveats lodged for The Sail @ Marina Bay this month showed deals done at between $1,744 psf and $2,800 psf, while Marina Bay Residences deals were done at $2,170 psf to $2,420 psf last month.

Sellers are hoping that values in the area will rise by the time the integrated resort in Marina Bay is completed, he said.

Indeed, Mr Tan said the plan was to launch the condo at 'better prices' in the first half of next year when the integrated resort opens.

The showflat would be ready by then.

BT : Two properties on tap for investment players

Business Times - 26 Nov 2009


Two properties on tap for investment players

Big industrial plot put on reserve list; Boon Building up for grabs for $12-13m

By KALPANA RASHIWALA

PLAYERS in the property investment sales market have just been offered two properties - an industrial plot at Kaki Bukit Avenue 4, made available for application through the government's reserve list, and Boon Building, a six-storey commercial property at 61 South Bridge Road.

The Kaki Bukit site is 323,133 sq ft and has a 2.5 plot ratio, which means the maximum gross floor area works out to a whopping 807,833 sq ft. It is zoned Business 2 - suitable for a range of uses such as clean/light industry, general industry and warehousing - and offered with a 60-year lease.

Under the reserve list system, the site will be launched for tender by the state only if a developer makes an application with a minimum bid price acceptable to the government.

Colliers International director (industrial) Tan Boon Leong reckons top bids for the plot - assuming a tender takes place now - could come in at $70-80 per sq ft per plot ratio (psf ppr). This works out to a land cost of about $56.5 million to $64.6 million.

According to Mr Tan, the plot is in a lesser location than an earlier plot in Kaki Bukit Road 2 that was sold in August this year after attracting a total 18 bids. 'The latest plot is farther away from the main mature industrial estate in the Kaki Bukit/Eunos area,' he said.

The earlier plot was awarded to KNG Development for $12.1 million or about $105 psf per plot ratio. It is about 1.07 hectares with a 1.0 plot ratio and is also zoned for Business 2 use, but came with a 30-year lease.

The latest plot, in Kaki Bukit Ave 4, is likely to appeal to developers, who may then build landed terrace factories to sell to end-user industrialists, as well as flatted factories, Mr Tan suggests.

'Perhaps some of the unsuccessful bidders at the earlier tender may bid for the latest plot,' he said. 'However, as the latest site is much larger in terms of land area as well as gross floor area, developing it will entail a bigger investment. Hence, it will likely fetch a lower psf ppr unit land price.'

In October last year, Sim Lian clinched a 1.15-ha, 60-year leasehold site in Ubi Ave 4 for Business 1 use for $26.3 million or $85.05 psf ppr. It has a 2.5 plot ratio.

Boon Building, a 999-year leasehold property, is being sold by Raffles Point Holdings, controlled by property investor Kishore Buxani and his family. The indicative guide price is $12-13 million, which works out to $1,165 to $1,262 psf based on the estimated net lettable area of 10,299 sq ft.

According to caveats records, the property was last transacted for about $9.5 million in August 2007. It will be sold with vacant possession and is being marketed by DTZ through a tender exercise that closes on Dec 17.

DTZ senior director for investment advisory services Shaun Poh said: 'The property's appeal lies in the building's excellent location and investment quantum. The availability of naming rights also offers the opportunity to carve out a flagship building with its own corporate identity.'

Mr Buxani and his partners also own 108 Robinson Road and six floors of Samsung Hub.

Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.




Boon Building: The 999-year leasehold property was last transacted for about $9.5 million in August 2007. It's being sold with vacant possession through a tender exercise that closes on Dec 17

BT : Public welcomes move to regulate property agents

Business Times - 26 Nov 2009


Public welcomes move to regulate property agents

By UMA SHANKARI

THE Ministry of National Development (MND) has received more than 200 independent comments and suggestions on its proposed regulatory framework for property agents.

The vast majority of respondents in a recent public consultation exercise welcomed stronger regulation of the real estate industry, MND said yesterday.

The suggestions were generally supportive of key features proposed under the new regulatory framework - such as mandatory accreditation for property agencies and agents; setting up a public central registry for agents, and an independent tribunal to deal with disputes; and introducing a demerit points system.

Public consultation took place from Oct 13 to Nov 17.

MND said that because complaints often arose from alleged unethical practices or misconduct, respondents felt it was important that agents pass a standard industry entrance examination covering not only practical knowledge but also ethics, before they are allowed to practise.

They also agreed with a proposal that an agent should represent only one party in a transaction to avoid conflict of interest.

MND said: 'These views were generally consistent with feedback gathered during industry consultations conducted from Sept 10 to Oct 1, when MND consulted stakeholders including industry associations, real estate agency directors, individual agents, Case (the Consumers Association of Singapore) and Redas (the Real Estate Developers' Association of Singapore).'

Views received from various parties will be consolidated and taken into consideration for refining the new regulatory framework, MND said.

Key elements are expected to be ready for announcement by early 2010.