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.
Thursday, December 24, 2009
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.”
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