Prime office rents in CBD core drop 4.9 percent
Dec 17, 2009 - PropertyGuru.com.sg
The average rents for Prime Grade A office buildings in the CBD core area dropped 4.9 percent in Q4 from Q3, according to the data released by Jones Lang LaSalle (JLL).
This decline is much smaller compared to the 13.7 percent drop in Q3, the 11.6 percent in Q2 and the 28.1 percent decline in Q1 of 2009.
The $7.80 psf rental value in the fourth quarter reflects a 47.8 percent slide this year. This is against the $18.40 psf set in the third quarter last year.
JLL said the gap between the newly constructed Prime Grade A office buildings and the existing Grade A buildings will widen in the next few years as new developments are finished. The gap between the two is now 85 cents or 11 percent. In terms of percentage, the gap was widest in the third quarter of 2006, when the average rent of new office space was 28 percent higher than existing office buildings.
Over the next three years, the average yearly supply of new office spaces will be two million square feet in the CBD core area. This will likely weaken rental growth, said Chua Yang Liang, JLL's head of SE Asia research.
For new Prime Grade A buildings that received good market response, rents may slide as early as the second half next year. However, rents in existing office buildings may continue to decline until the end of 2010, as vacancies are expected to increase due to 'flight to quality' by most tenants.
Thursday, December 17, 2009
Excellent year for the GCB market
Excellent year for the GCB market
Dec 17, 2009 - PropertyGuru.com.sg
The Good Class Bungalow (GCB) market recorded 100 transactions in the first 11 months of 2009, which is worth $1.6 billion in totality.
The figure, which is based on analysis done by CB Richard Ellis (CBRE), is nearly double the $827 million, or 51 deals valued for 2008.
The value also exceeded the $1.23 billion total value transacted in 2006, but the number of transactions this year is still lower than the recorded 119 deals in 2006.
According to Credo Real Estate, GCB prices could have increased 5 to 10 percent this year. In addition, the real estate company estimates a further 5 to 15 percent GCB price projection by 2010. “Current GCB prices are not far off the peak levels established between mid-2007 and mid-2008,” said Credo Real Estate managing director, Karamjit Singh.
The GCB market is expected to remain strong next year as the Singapore economy recovers and as the country attracts more wealthy citizens. But some observers expect a small slide in transactions as strong demand increased earlier this year after a year of brisk sales.
CBRE director for luxury homes, Douglas Wong, predicted 80 to 90 GCB deals in 2010 worth $1.2-$1.4 billion.
William Wong, managing director for RealStar Premier Property Consultant, foresees easing numbers of GCB deals next year. “Demand is still strong, but the pool of buyers right now is not as big as, say, earlier this year. Most of those who wanted to buy a GCB have already bought this year, so demand has been substantially satisfied for now.”
“Of course, the buying pool may expand again, for instance, as more high net worths from overseas become Singapore citizens,” he added.
A positive Mr. Singh noted, “Demand for GCBs is poised to remain robust as Singapore's economy begins to grow again and the rich get to feel richer. GCBs are also popular investment tools played by seasoned high net worth individual investors when they smell capital appreciation potential.”
This year’s strong response was largely due to buyers who decided to make a commitment before home prices further increased, said Mr. Wong. This is amid the sudden improvement in real estate market sentiment when the stock market recovered.
Dec 17, 2009 - PropertyGuru.com.sg
The Good Class Bungalow (GCB) market recorded 100 transactions in the first 11 months of 2009, which is worth $1.6 billion in totality.
The figure, which is based on analysis done by CB Richard Ellis (CBRE), is nearly double the $827 million, or 51 deals valued for 2008.
The value also exceeded the $1.23 billion total value transacted in 2006, but the number of transactions this year is still lower than the recorded 119 deals in 2006.
According to Credo Real Estate, GCB prices could have increased 5 to 10 percent this year. In addition, the real estate company estimates a further 5 to 15 percent GCB price projection by 2010. “Current GCB prices are not far off the peak levels established between mid-2007 and mid-2008,” said Credo Real Estate managing director, Karamjit Singh.
The GCB market is expected to remain strong next year as the Singapore economy recovers and as the country attracts more wealthy citizens. But some observers expect a small slide in transactions as strong demand increased earlier this year after a year of brisk sales.
CBRE director for luxury homes, Douglas Wong, predicted 80 to 90 GCB deals in 2010 worth $1.2-$1.4 billion.
William Wong, managing director for RealStar Premier Property Consultant, foresees easing numbers of GCB deals next year. “Demand is still strong, but the pool of buyers right now is not as big as, say, earlier this year. Most of those who wanted to buy a GCB have already bought this year, so demand has been substantially satisfied for now.”
“Of course, the buying pool may expand again, for instance, as more high net worths from overseas become Singapore citizens,” he added.
A positive Mr. Singh noted, “Demand for GCBs is poised to remain robust as Singapore's economy begins to grow again and the rich get to feel richer. GCBs are also popular investment tools played by seasoned high net worth individual investors when they smell capital appreciation potential.”
This year’s strong response was largely due to buyers who decided to make a commitment before home prices further increased, said Mr. Wong. This is amid the sudden improvement in real estate market sentiment when the stock market recovered.
Singapore office market turns resilient
Singapore office market turns resilient
Dec 16, 2009 - PropertyGuru.com.sg
Press Release: Jones Lang LaSalle
The Singapore office market in 2009 was marked by falling rentals, on the expectations that some 2.2 million sq ft of space was to come on-stream island-wide in this recessionary year. In 4Q09, the positive outlook of an economic recovery in US and Asia lifted business sentiments and led to a retardation of the rental declines seen in the previous quarters. Based on Jones Lang LaSalle preliminary estimates, average gross effective rent of Prime Grade A properties in CBD Core has slowed to only 4.9% q-o-q to $7.80 per sq ft per month in 4Q09.
The return of market activity has given office demand some much needed lift. Consolidation and ‘flight-to-quality’ remain the key trends as occupiers continue to consolidate into a single location and/or upgrade into the new and better quality buildings. In CBD Core where around 1.2 million sq ft of good quality space came on-stream this year, absorption of the new supply has been encouraging with around 46% of these new spaces being taken up.
Some expansions have also taken place on the back of occupiers’ improved business outlook. Norton Rose recently expanded in One Raffles Quay North Tower to occupy a whole floor while BHP Billiton increased its take-up from 150,000 sq ft to 230,000 sq ft in the upcoming Marina Bay Financial Centre Tower 2. Many financial institutions are now planning for moderate growth and have already withdrawn some of the shadow space that they were previously marketing from the market. This led to island-wide shadow space shrinking to circa 600,000 sq ft in 4Q09 from 800,000 sq ft at its peak in 2Q09.
Landlords have also turned more positive with the return of market activity and the recovery of the office market seemingly in sight. Most landlords who have secured their buildings’ occupancy are maintaining their rentals. However, those that are competing for tenants to fill up their buildings continue to lower rentals and roll out incentives including rent-free periods and capital expenditure subsidies, albeit at a more moderated pace.
If the global and regional economies remain on their recovery track, leasing activity is expected to become increasingly stronger over 2010 as firms become more confident about business outlook. “Many large MNCs see business opportunity ahead and are planning for moderate growth but are having difficulty establishing headcounts due to the uncertainty ahead,” Mr Chris Archibold, Head of Commercial Leasing at Jones Lang LaSalle, noted.
Given the recent developments in the office market, the end of this down cycle may be near. For the new Prime Grade A properties which have been well-received by the market thus far, the bottom of rentals for such properties may be as early as 2H10. However, the rentals of existing office buildings may continue to fall till the end of 2010 as vacancies are expected to rise on the back of ‘flight-to-quality’. Dr Chua Yang Liang, Head of Research of South East Asia at Jones Lang LaSalle, noted that the new supply amounting to almost 2 million sq ft per annum in the CBD Core over the next three years is likely to put a dampener on rental growth. “The rate at which the market is able to absorb the available space, which is dependent on new demand, is crucial when the new supply comes onto the market next year. A growing gap between newly completed Prime Grade A and other existing Prime Grade A buildings will emerge, similar to what was seen in 2006 with a premium gap of around 28% or $2 per sq ft per month.”
Dec 16, 2009 - PropertyGuru.com.sg
Press Release: Jones Lang LaSalle
The Singapore office market in 2009 was marked by falling rentals, on the expectations that some 2.2 million sq ft of space was to come on-stream island-wide in this recessionary year. In 4Q09, the positive outlook of an economic recovery in US and Asia lifted business sentiments and led to a retardation of the rental declines seen in the previous quarters. Based on Jones Lang LaSalle preliminary estimates, average gross effective rent of Prime Grade A properties in CBD Core has slowed to only 4.9% q-o-q to $7.80 per sq ft per month in 4Q09.
The return of market activity has given office demand some much needed lift. Consolidation and ‘flight-to-quality’ remain the key trends as occupiers continue to consolidate into a single location and/or upgrade into the new and better quality buildings. In CBD Core where around 1.2 million sq ft of good quality space came on-stream this year, absorption of the new supply has been encouraging with around 46% of these new spaces being taken up.
Some expansions have also taken place on the back of occupiers’ improved business outlook. Norton Rose recently expanded in One Raffles Quay North Tower to occupy a whole floor while BHP Billiton increased its take-up from 150,000 sq ft to 230,000 sq ft in the upcoming Marina Bay Financial Centre Tower 2. Many financial institutions are now planning for moderate growth and have already withdrawn some of the shadow space that they were previously marketing from the market. This led to island-wide shadow space shrinking to circa 600,000 sq ft in 4Q09 from 800,000 sq ft at its peak in 2Q09.
Landlords have also turned more positive with the return of market activity and the recovery of the office market seemingly in sight. Most landlords who have secured their buildings’ occupancy are maintaining their rentals. However, those that are competing for tenants to fill up their buildings continue to lower rentals and roll out incentives including rent-free periods and capital expenditure subsidies, albeit at a more moderated pace.
If the global and regional economies remain on their recovery track, leasing activity is expected to become increasingly stronger over 2010 as firms become more confident about business outlook. “Many large MNCs see business opportunity ahead and are planning for moderate growth but are having difficulty establishing headcounts due to the uncertainty ahead,” Mr Chris Archibold, Head of Commercial Leasing at Jones Lang LaSalle, noted.
Given the recent developments in the office market, the end of this down cycle may be near. For the new Prime Grade A properties which have been well-received by the market thus far, the bottom of rentals for such properties may be as early as 2H10. However, the rentals of existing office buildings may continue to fall till the end of 2010 as vacancies are expected to rise on the back of ‘flight-to-quality’. Dr Chua Yang Liang, Head of Research of South East Asia at Jones Lang LaSalle, noted that the new supply amounting to almost 2 million sq ft per annum in the CBD Core over the next three years is likely to put a dampener on rental growth. “The rate at which the market is able to absorb the available space, which is dependent on new demand, is crucial when the new supply comes onto the market next year. A growing gap between newly completed Prime Grade A and other existing Prime Grade A buildings will emerge, similar to what was seen in 2006 with a premium gap of around 28% or $2 per sq ft per month.”
Bedok site now open for application
Bedok site now open for application
Dec 16, 2009 - PropertyGuru.com.sg
A 99-year leasehold site next to Bedok MRT Station is now open for application by developers through the reserve list of the government. The site is considered by some property consultants to be worth over $500 million.
The 2.49-hectare plot is intended for residential and commercial use. According to analysts, it can be built into a suburban mall with a 500-unit condo and a net lettable area of around 220,000 square feet.
The proposed development will include a new bus interchange to replace the existing interchange within the site.
The plot is stipulated to have a maximum gross floor area (GFA) of 938,157 sq ft. Of this GFA, 338,665 sq ft can be apportioned for the retail component, which translates to a net lettable area (NLA) of around 220,000 sq ft.
The residential GFA of the project could be around 562,900 sq ft. “Based on the simulation for the bus interchange done by Land Transport Authority, the estimated GFA for the bus interchange concourse is 3,400 sq m (about 36,600 sq ft),” said a spokesperson for HDB, who is also the sales agent for the parcel of land.
Li Hiaw Ho, executive director of CB Richard Ellis, points out that it is likely that Bedok MRT Station will be the future Eastern Region Line’s interchange station. “So this is going to be a very busy location. It's ideally suited for another regional shopping centre with a residential component,” he added.
The government earlier said that the development and sale of the site will form part of the renovation plans for Bedok Town Centre.
“Bedok is a good location compared to many suburban areas because it's not that far out. It's a pretty mature town, currently served by older HDB shophouses. However, they are not very well connected and organized; a new mall will draw a lot of retailers as it's going to be connected to the MRT station and integrated with the new bus interchange,” said Danny Yeo, managing director of Knight Frank.
According to the HDB, the plot is situated in the heart of Bedok New Town.
Mr. Yeo argues that the proposed mall is not limited for HDB flat dwellers, but it will also cater to those residing in condominiums and landed homes in the fringe of Bedok. “It will pose quite a bit of a challenge to malls in places like Tampines and Simei,” he added.
He projects the land value for the retail component of the project at around $800-900 psf of possible GFA while Mr .Li of CBRE put the figure at $850 to $900 psf ppr. Either way, the breakeven cost works out to retail NLA of about $2,000 psf. Mr. Li projects about $400 psf ppr of land value for the residential component, which reflects a breakeven cost of about $800 psf.
“They can sell the apartments to recoup part of the investment in the project. This will allow developers more leeway to bid more aggressively for the site,” suggests Mr. Yeo.
Mr. Li has high hopes that the site will be released in spite of the fact that the government is scheduled to launch eight residential sites on the confirmed list in the first half of 2010.
Dec 16, 2009 - PropertyGuru.com.sg
A 99-year leasehold site next to Bedok MRT Station is now open for application by developers through the reserve list of the government. The site is considered by some property consultants to be worth over $500 million.
The 2.49-hectare plot is intended for residential and commercial use. According to analysts, it can be built into a suburban mall with a 500-unit condo and a net lettable area of around 220,000 square feet.
The proposed development will include a new bus interchange to replace the existing interchange within the site.
The plot is stipulated to have a maximum gross floor area (GFA) of 938,157 sq ft. Of this GFA, 338,665 sq ft can be apportioned for the retail component, which translates to a net lettable area (NLA) of around 220,000 sq ft.
The residential GFA of the project could be around 562,900 sq ft. “Based on the simulation for the bus interchange done by Land Transport Authority, the estimated GFA for the bus interchange concourse is 3,400 sq m (about 36,600 sq ft),” said a spokesperson for HDB, who is also the sales agent for the parcel of land.
Li Hiaw Ho, executive director of CB Richard Ellis, points out that it is likely that Bedok MRT Station will be the future Eastern Region Line’s interchange station. “So this is going to be a very busy location. It's ideally suited for another regional shopping centre with a residential component,” he added.
The government earlier said that the development and sale of the site will form part of the renovation plans for Bedok Town Centre.
“Bedok is a good location compared to many suburban areas because it's not that far out. It's a pretty mature town, currently served by older HDB shophouses. However, they are not very well connected and organized; a new mall will draw a lot of retailers as it's going to be connected to the MRT station and integrated with the new bus interchange,” said Danny Yeo, managing director of Knight Frank.
According to the HDB, the plot is situated in the heart of Bedok New Town.
Mr. Yeo argues that the proposed mall is not limited for HDB flat dwellers, but it will also cater to those residing in condominiums and landed homes in the fringe of Bedok. “It will pose quite a bit of a challenge to malls in places like Tampines and Simei,” he added.
He projects the land value for the retail component of the project at around $800-900 psf of possible GFA while Mr .Li of CBRE put the figure at $850 to $900 psf ppr. Either way, the breakeven cost works out to retail NLA of about $2,000 psf. Mr. Li projects about $400 psf ppr of land value for the residential component, which reflects a breakeven cost of about $800 psf.
“They can sell the apartments to recoup part of the investment in the project. This will allow developers more leeway to bid more aggressively for the site,” suggests Mr. Yeo.
Mr. Li has high hopes that the site will be released in spite of the fact that the government is scheduled to launch eight residential sites on the confirmed list in the first half of 2010.
HDB offers more flats under the BTO scheme
HDB offers more flats under the BTO scheme
Dec 16, 2009 - PropertyGuru.com.sg
The Housing Development Board (HDB) on Tuesday launched four Build-to-Order projects with 2,670 new flats, bringing a total flat supply of 13,500 units for this year.
HDB said two BTO projects, the SkyTerrace @ Dawson and SkyVille @ Dawson, provide new flats for homebuyers who are prepared to pay for a prime location with better finishes.
HDB expects a good response to these projects. Prices start from $532,000 for five-room units, $373,000 for four-room units, $280,000 for three-room units and $112,000 for studio type units.
The 40-storey Dawson projects will offer new features such as the ‘paired flats’ – for those who want to live close to their parents – which is under the Multi-Generation Living Scheme.
HDB’s deputy CEO for Estates and Corporate, Yap Chin Beng, said "Altogether, we have 65 paired studio apartment with four-room flats, or studio apartment with five-room flats so that the married children and parents can apply under a single application.”
"The flats are connected through connecting doors, but each unit have their own main entrances."
Buyers of SkyVille can choose the layout of their flat under the Flexi-Layout Scheme. For instance, buyers can opt for a bigger living room area but with fewer bedrooms.
The other two BTO projects are Segar Grove in Bukit Panjang and Montreal Dale in Sembawang. The price for a four-room flat starts at $210,000; $125,000 for a three-room flat; and $72,000 for a two-room flat.
About 95 percent of the two- to five-room units offered under the BTO scheme are reserved for first-time homebuyers.
Market watchers noted that the latest BTO projects will give homebuyers a wider range of options to suit their preferences and budgets.
"Some of the new flat buyers have expressed that there is not many locations to choose from. But actually now, it is pretty much spread out. You have your central location and also what you call the suburban locations. So it sort of caters to the needs of flat buyers,” said Eugene Lim, associate director of ERA Real Estate.
HDB said homebuyers can expect more BTO projects next year. It is prepared to launch one BTO project a month if demand for new flats remains high.
Dec 16, 2009 - PropertyGuru.com.sg
The Housing Development Board (HDB) on Tuesday launched four Build-to-Order projects with 2,670 new flats, bringing a total flat supply of 13,500 units for this year.
HDB said two BTO projects, the SkyTerrace @ Dawson and SkyVille @ Dawson, provide new flats for homebuyers who are prepared to pay for a prime location with better finishes.
HDB expects a good response to these projects. Prices start from $532,000 for five-room units, $373,000 for four-room units, $280,000 for three-room units and $112,000 for studio type units.
The 40-storey Dawson projects will offer new features such as the ‘paired flats’ – for those who want to live close to their parents – which is under the Multi-Generation Living Scheme.
HDB’s deputy CEO for Estates and Corporate, Yap Chin Beng, said "Altogether, we have 65 paired studio apartment with four-room flats, or studio apartment with five-room flats so that the married children and parents can apply under a single application.”
"The flats are connected through connecting doors, but each unit have their own main entrances."
Buyers of SkyVille can choose the layout of their flat under the Flexi-Layout Scheme. For instance, buyers can opt for a bigger living room area but with fewer bedrooms.
The other two BTO projects are Segar Grove in Bukit Panjang and Montreal Dale in Sembawang. The price for a four-room flat starts at $210,000; $125,000 for a three-room flat; and $72,000 for a two-room flat.
About 95 percent of the two- to five-room units offered under the BTO scheme are reserved for first-time homebuyers.
Market watchers noted that the latest BTO projects will give homebuyers a wider range of options to suit their preferences and budgets.
"Some of the new flat buyers have expressed that there is not many locations to choose from. But actually now, it is pretty much spread out. You have your central location and also what you call the suburban locations. So it sort of caters to the needs of flat buyers,” said Eugene Lim, associate director of ERA Real Estate.
HDB said homebuyers can expect more BTO projects next year. It is prepared to launch one BTO project a month if demand for new flats remains high.
Sales of uncompleted private homes remain down in November
Sales of uncompleted private homes remain down in November
Dec 16, 2009 - PropertyGuru.com.sg
Singapore’s sales of uncompleted private homes in November dropped 26 percent, making it the 4th successive month of decline.
About 600 units were sold in November, the second lowest level since January 2009 when private home sales dropped below 1,000 units.
But several experts said that 600 home transactions in November was not a bad figure.
The director and head of research services (Asia-Pacific) of Cushman & Wakefield, Ang Choon Beng, said "600 is still higher than the sales in November 2007, and is about three times higher than the sales in November 2008. So all in all, I don't think the number is bad, or anything to be alarmed about."
Real estate lecturer at Ngee Ann Polytechnic, Nicholas Mak, also said "This (November) is towards the end of the year, and coupled with the government's measures, we do expect some slowdown in the home sales."
The year-end result is traditionally slow for the real estate market. In September, the government implemented anti-speculative measures to cool off the market, and announced it would release more land for homes by the second half of next year.
"This situation (cooling of property sales) is likely to persist for the next few months. The sale volume is likely to remain less than 1,000 units per month,” said Mr. Mak.
"But what is interesting in the November figures is that there is a slight increase in the number of units launched and sold in the prime districts. We suggest that developers are trying to start up the sale momentum, the sale interest, in this area," he added.
More than half of the home transactions in November had median prices beyond S$1,500 per square foot (psf).
The top seller in November was the Parvis at Holland Hill, with 103 units sold for about S$1,507 psf. The Boulevard Vue at Cuscaden Walk had the most expensive price tag last month, with three units sold at a median price of $2,850 psf.
Market watchers said they expect mass-market property prices to remain steady for the next few months, but high-end properties may increase, especially with additional attractions such as the upcoming integrated resorts.
Looking forward, experts said the prices and units sold in March to April next year will give good indication of the real estate market boom.
Dec 16, 2009 - PropertyGuru.com.sg
Singapore’s sales of uncompleted private homes in November dropped 26 percent, making it the 4th successive month of decline.
About 600 units were sold in November, the second lowest level since January 2009 when private home sales dropped below 1,000 units.
But several experts said that 600 home transactions in November was not a bad figure.
The director and head of research services (Asia-Pacific) of Cushman & Wakefield, Ang Choon Beng, said "600 is still higher than the sales in November 2007, and is about three times higher than the sales in November 2008. So all in all, I don't think the number is bad, or anything to be alarmed about."
Real estate lecturer at Ngee Ann Polytechnic, Nicholas Mak, also said "This (November) is towards the end of the year, and coupled with the government's measures, we do expect some slowdown in the home sales."
The year-end result is traditionally slow for the real estate market. In September, the government implemented anti-speculative measures to cool off the market, and announced it would release more land for homes by the second half of next year.
"This situation (cooling of property sales) is likely to persist for the next few months. The sale volume is likely to remain less than 1,000 units per month,” said Mr. Mak.
"But what is interesting in the November figures is that there is a slight increase in the number of units launched and sold in the prime districts. We suggest that developers are trying to start up the sale momentum, the sale interest, in this area," he added.
More than half of the home transactions in November had median prices beyond S$1,500 per square foot (psf).
The top seller in November was the Parvis at Holland Hill, with 103 units sold for about S$1,507 psf. The Boulevard Vue at Cuscaden Walk had the most expensive price tag last month, with three units sold at a median price of $2,850 psf.
Market watchers said they expect mass-market property prices to remain steady for the next few months, but high-end properties may increase, especially with additional attractions such as the upcoming integrated resorts.
Looking forward, experts said the prices and units sold in March to April next year will give good indication of the real estate market boom.
ST : Dawson BTO flats a hit
Dec 16, 2009
Dawson BTO flats a hit
By Esther Teo
As of 5 pm on Wednesday, most flat types - studio apartment, four-room and five-room flats - were over subscribed. -- PHOTO: HDB
The much-anticipated Dawson estate Housing Board (HDB) build-to-order (BTO) flats have drawn an overwhelming response, just two days after they were opened for bookings.
As of 5 pm on Wednesday, most flat types - studio apartment, four-room and five-room flats - were over subscribed, with the exception of the three-room flats and the paired flats under the multi-generation living scheme. The scheme allows a young couple to live close to their elderly parents, with a studio apartment attached to a four-room or five-room flat.
There were 104 applications for the 40 studio apartments, 159 for the 270 three-room units, 1,440 for 1,102 four-room flats, and 507 for 176 five-room units. For the 65 paired flats under the multi-generation living scheme, there were 44 bookings.
Some applicants like Mr Lingeswaran, 29, even took a day off from work to register for the Dawson flats. Currently living at Telok Blangah, he cited the prime location of the flats and its proximity to his daughter's school as the main reasons for his selection.
"This is something new and different that the HDB is offering. It will take longer to build but we think that with its nicer features, it's worth waiting for," he added.
The other two BTO projects in Sembawang and Bukit Panjang also attracted good response, with the four-room flats in both estates already oversubscribed. Applicants said they found the prices more affordable.
Dawson BTO flats a hit
By Esther Teo
As of 5 pm on Wednesday, most flat types - studio apartment, four-room and five-room flats - were over subscribed. -- PHOTO: HDB
The much-anticipated Dawson estate Housing Board (HDB) build-to-order (BTO) flats have drawn an overwhelming response, just two days after they were opened for bookings.
As of 5 pm on Wednesday, most flat types - studio apartment, four-room and five-room flats - were over subscribed, with the exception of the three-room flats and the paired flats under the multi-generation living scheme. The scheme allows a young couple to live close to their elderly parents, with a studio apartment attached to a four-room or five-room flat.
There were 104 applications for the 40 studio apartments, 159 for the 270 three-room units, 1,440 for 1,102 four-room flats, and 507 for 176 five-room units. For the 65 paired flats under the multi-generation living scheme, there were 44 bookings.
Some applicants like Mr Lingeswaran, 29, even took a day off from work to register for the Dawson flats. Currently living at Telok Blangah, he cited the prime location of the flats and its proximity to his daughter's school as the main reasons for his selection.
"This is something new and different that the HDB is offering. It will take longer to build but we think that with its nicer features, it's worth waiting for," he added.
The other two BTO projects in Sembawang and Bukit Panjang also attracted good response, with the four-room flats in both estates already oversubscribed. Applicants said they found the prices more affordable.
ST : Office rents to bottom out
Dec 16, 2009
Office rents to bottom out
By Joyce Teo, Property Correspondent
Its preliminary estimates show that the average gross effective rent of Grade A office properties in the core of the central business district reached $7.80 per sq ft per month in the fourth quarter. -- ST PHOTO: JOYCE FANG
RENTALS of popular new prime Grade A office properties look set to bottom out as early as the second half of next year, while rentals of existing office buildings may touch bottom in a year's time, according to the latest report from Jones Lang LaSalle.
Its preliminary estimates show that the average gross effective rent of Grade A office properties in the core of the central business district reached $7.80 per sq ft per month in the fourth quarter, down 4.9 per cent from the third.
Rents in Singapore's office market have been falling as demand slows and supply grows.
Experts expect rents to continue falling into next year, though at a slower pace. Vacancies are still rising as companies take advantage of falling rents to move to better quality office space.
The good news is that activities have picked up lately, with many financial institutions planning for moderate growth.
Office rents to bottom out
By Joyce Teo, Property Correspondent
Its preliminary estimates show that the average gross effective rent of Grade A office properties in the core of the central business district reached $7.80 per sq ft per month in the fourth quarter. -- ST PHOTO: JOYCE FANG
RENTALS of popular new prime Grade A office properties look set to bottom out as early as the second half of next year, while rentals of existing office buildings may touch bottom in a year's time, according to the latest report from Jones Lang LaSalle.
Its preliminary estimates show that the average gross effective rent of Grade A office properties in the core of the central business district reached $7.80 per sq ft per month in the fourth quarter, down 4.9 per cent from the third.
Rents in Singapore's office market have been falling as demand slows and supply grows.
Experts expect rents to continue falling into next year, though at a slower pace. Vacancies are still rising as companies take advantage of falling rents to move to better quality office space.
The good news is that activities have picked up lately, with many financial institutions planning for moderate growth.
ST : Pick-your-layout flats
Dec 16, 2009
Pick-your-layout flats
Scheme for the young to live close to parents revived and tweaked
By Esther Teo
For the first time, the Housing Board (HDB) is offering flexible flat layouts to best suit individual family needs. -- PHOTO: HDB
THE eagerly anticipated new flats in the mature Dawson estate in Queenstown were launched for sale on Tuesday - complete with plenty of wow factors.
For the first time, the Housing Board (HDB) is offering flexible flat layouts to best suit individual family needs. Three floor plans are available: a standard layout, a larger living room option or a larger master bedroom option.
The HDB is also tweaking a plan first tried 22 years ago which allows young families to live close to elderly parents by selling flats in pairs.
HDB deputy chief executive (estates and corporate) Yap Chin Beng said that in 1987, these flats in estates such as Bishan were sold like a single unit.
'Under this new arrangement, however, there are two units with each applicant - the married child and elderly parents - needing to meet the respective conditions. We believe that through this arrangement we can relook this multi-generation living arrangement,' he said.
In 1987, 367 units were built but the plan was scrapped due to poor demand.
Pick-your-layout flats
Scheme for the young to live close to parents revived and tweaked
By Esther Teo
For the first time, the Housing Board (HDB) is offering flexible flat layouts to best suit individual family needs. -- PHOTO: HDB
THE eagerly anticipated new flats in the mature Dawson estate in Queenstown were launched for sale on Tuesday - complete with plenty of wow factors.
For the first time, the Housing Board (HDB) is offering flexible flat layouts to best suit individual family needs. Three floor plans are available: a standard layout, a larger living room option or a larger master bedroom option.
The HDB is also tweaking a plan first tried 22 years ago which allows young families to live close to elderly parents by selling flats in pairs.
HDB deputy chief executive (estates and corporate) Yap Chin Beng said that in 1987, these flats in estates such as Bishan were sold like a single unit.
'Under this new arrangement, however, there are two units with each applicant - the married child and elderly parents - needing to meet the respective conditions. We believe that through this arrangement we can relook this multi-generation living arrangement,' he said.
In 1987, 367 units were built but the plan was scrapped due to poor demand.
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