TODAY ONLINE : Why they are so hot ...

Why they are so hot ...

05:55 AM Mar 30, 2010

by Esther Ng

SINGAPORE - It has "blossomed" into an estate with many amenities such as a wet market, the MRT and Compass Point.

As such, applications for the 126 five-room units of a Built-To-Order (BTO) project, Fernvale Ridge in Sengkang, have been 10 times oversubscribed.

The flats - priced at between $281,000 and $352,000 - attracted 1,260 applications.

Also oversubscribed - five times - were the four-room flats, priced between $212,000 and $268,000, at River Lodge, another BTO project, in Sembawang.

Property agents MediaCorp spoke to were not surprised, pointing out that first-timers, usually young couples, have been priced out of the resale market.

"Permanent residents who have become Singaporeans are in the resale and direct HDB market, and young couples looking to buy a home cannot afford to pay high cash-over-valuation, so they have no choice but to turn to BTO," said Mr Jack Palanisamy.

With Sengkang, however, the attraction among home buyers is that while itis a young estate, it now offers manyamenities, he said.

Another agent, Mr G Rajan, agreed. Earlier BTO projects in the area - Fernvale Court, Fernvale Palm, Fernvale Residence, Fernvale Crest, Fernvale Vista - also found ready buyers. Another reason for their interest is the prices. BTO flats are more affordable as a four-room flat in a mature estate is now going for more than $400,000, he said.

At 5pm yesterday, the Housing and Development Board (HDB) had received 3,359 applications for Fernvale Ridge and 1,465 for Sembawang River Lodge.

The HDB said it had expected strong interest for flats in these two BTOs as the "projects are attractively priced below their equivalent market value".

Applications closed at midnight.

Last December, five-room units at SkyVille@Dawson and SkyTerrace@Dawson, in Queenstown, another BTO project, were 11.9 times oversubscribed with 2,090 applications received for 176 flats.

Next month, the HDB will launch 1,200 BTO flats in Punggol.



Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved

ST Forum : Why Clifford Pier had to be adapted

Mar 30, 2010

Why Clifford Pier had to be adapted

I THANK Mr Thomas Toh for his letter last Tuesday, 'Restore Clifford Pier to new glory', in which he reminisced about the bumboats that used to ply Clifford Pier.

Following the construction of the Marina Barrage, bumboats and other commercial vessels now operate from Marina South Pier. There are still small boats, water taxis and cruise boats that will ply Marina Bay to ferry visitors to and from the developments, including The Fullerton Heritage.

We agree with Mr Toh that Clifford Pier has played a significant role in Singapore's maritime history. Given its historical and architectural value, the Urban Redevelopment Authority (URA) conserved the building in 2007.

As Clifford Pier no longer serves its original function as a pier for commercial vessels, the building had to be adapted for reuse to remain relevant and useful.

In addition to its heritage value, Clifford Pier is strategically located along the Marina Bay waterfront, and forms part of Singapore's postcard signature skyline. URA's vision was to transform this stretch of the waterfront at Collyer Quay, comprising Clifford Pier and the former Customs Harbour Branch Building, into a distinctive waterfront development.

To achieve this, in 2006, the Collyer Quay site was sold for a commercial and hotel development. The successful tenderer decided to give Clifford Pier a new lease of life by adapting it as a restaurant.

URA worked closely with the successful tenderer and his architect to retain the intrinsic and beautiful character of Clifford Pier. They were guided to keep part of the site open as a public plaza, allow public access along the decks around the edge of the development, and provide a passageway within the development for the public to directly access the waterfront and enjoy views across the bay.

These developments at Collyer Quay form part of the necklace of attractions along the 3.5km waterfront promenade at Marina Bay. When fully completed later this year, visitors will be able to enjoy a continuous scenic walk along the waterfront from Clifford Pier to the Marina Bay Sands integrated resort, the new bridge and art park, the floating platform and the Esplanade.

Fun Siew Leng (Madam)
Group Director (Urban Planning & Design)
Urban Redevelopment Authority

ST : Sentosa Cove condos post strong sales

Mar 30, 2010

Sentosa Cove condos post strong sales

By Gabriel Chen

ABOUT a quarter of the 56 units released for The Residences at W Singapore Sentosa Cove were sold over the weekend for prices starting at $3.4 million.

This upscale condominium, which is part of the trendy 'W' boutique hotel brand, is being built by City Developments. Its spokesman said the price achieved during the exclusive by-invitation-only preview was in line with its launch price of between $2,500 per sq ft (psf) and $3,000 psf.

He said 40 per cent of the buyers were foreigners who were drawn by the project's 'unique lifestyle concept', particularly its strategic location in Sentosa Cove. It is located within the only integrated development in Sentosa Cove - the Quayside Isle, which will house trendy cafes, restaurants, speciality shops and entertainment spots.

The condo will boast 228 apartments. It has two- to four-bedroom units and penthouses, all with 99-year leases. Two bedders start from 1,227 sq ft, three bedders from 1,625 sq ft, and four bedders from 2,067 sq ft.

It is expected to be completed before year end.

Buyers will have to pay at least $3.4 million for the smallest unit of the seven, six-storey blocks.

Also at Sentosa Cove, Ho Bee and IOI said they sold 25 out of 40 units released for the 151-unit Seascape condo over the weekend. The units were sold for an average of $2,700 psf. In terms of absolute price, they were transacted between $5.7 million and $12 million.

The eight-storey development is expected to be completed late this year or early next year. It comprises three- and four-bedroom units.



The Residences at W Singapore Sentosa Cove, which is expected to be completed before year end, will boast 228 apartments. -- ST PHOTO: TERENCE TAN

ST : Mah to meet HK housing officials

Mar 30, 2010

Mah to meet HK housing officials

NATIONAL Development Minister Mah Bow Tan is on a three-day working trip to Hong Kong, starting today.

He will meet senior officials from the Transport and Housing Bureau, the Hong Kong Housing Authority, and the Estate Agents Authority, to learn more about their experiences in regulating

real estate agents, said the Ministry of National Development in a statement yesterday.

The ministry had announced plans last October to improve the industry's professionalism, including setting up a new regulatory authority, an accredited industry body and an independent tribunal for dispute resolution.

Complaints against such agents have risen in the past few years in tandem with Singapore's property boom.

The ministry said yesterday the details of the new framework will be announced within the next few months.

Mr Mah is being accompanied by ministry officials, and will also take the opportunity to update himself on public housing and other developments in Hong Kong, said the ministry.

JESSICA CHEAM

ST : Horizon Towers lawsuit set to go on

Mar 30, 2010

Horizon Towers lawsuit set to go on

High Court throws out appeal by two ex-sales committee members to halt suit

By K.C. Vijayan

MINORITY owners will get to go ahead with their suit over the failed $500 million Horizon Towers en bloc deal.

The High Court yesterday threw out an appeal by two former sales committee members who had applied to block the owners' action against them.

Three sets of minority owners are suing the pair - ex-committee chairman Arjun Samtani and ex-member Tan Kah Gee - over costs incurred in the course of trying to block the collective sale from the start.

They want to be reimbursed for the more than $800,000 they spent, including the cost of hiring lawyers to advise them and other administrative costs.

The sum is expected to be partially offset when the costs awarded to the owners by the Court of Appeal in a separate action last year, after the deal was quashed, are assessed.

Senior lawyer N. Sreenivasan and Senior Counsel Tan Cheng Han, appearing on behalf of the two appellants, had urged the court to throw out the suit by the minority owners, claiming it was an abuse of the court process.

They pointed out that the matter of costs had already been decided by the Court of Appeal in an earlier judgment and only the quantum remained to be determined.

They argued that the damages sought for alleged breach of fiduciary duties were actually a disguised move for costs and 'it would have been reasonable for them to raise the costs issues at the (earlier) hearings'.

They added in court submissions that the minority holders would have incurred legal costs even if Mr Samtani had not done any wrong as their goal was to stop the collective sale.

But lawyer Kannan Ramesh, acting for the owners, countered that this suit was aimed at different people than was the case with the costs awarded by the Court of Appeal at the earlier hearing.

He argued that the alleged acts committed by the defendants were of a different category that called for different issues to be considered than the other consenting subsidiary proprietors' decision to go ahead with the failed deal.

Among other things, both had failed to disclose to the others their potential conflicts of interest arising from their purchase of additional units while spearheading the implementation of the sales process.

Judicial Commissioner Steven Chong, who presided at last week's closed-door hearing, ruled yesterday in a reserved oral judgment that there was no abuse of process by the minority owners in filing this suit as the subject matter was not covered in the previous court cases.

The appeal was dismissed with costs. A pre-trial conference to move the case will be held next week.

The Horizon Towers collective sale process spanned more than two years and involved two Strata Titles Board hearings and two High Court hearings before being thrown out by the Court of Appeal last year.

vijayan@sph.com.sg

ST : District 15 still the top draw

Mar 30, 2010

District 15 still the top draw

Attractions include sea views and food haunts

By Joyce Teo

WHETHER the property market is up or down, some areas are always popular, according to new analyses from property consultancy Savills Singapore.

Its list of perennial property hot spots includes one surprise locale far from the city centre.

District 15, which includes the Katong, Joo Chiat, Amber Road, Marine Parade and Tanjong Rhu areas, consistently topped all 28 regions in terms of the number of non-landed resale homes sold from 2007 to February this year. Savills Research found 4,289 resale non-landed deals were done in the three-year period.

District 10, consisting of the Ardmore, Bukit Timah, Holland Road and Tanglin areas, was No. 2, with 3,622 transactions.

District 23 came in a surprise third, and registered the highest price growth of the top 10 hot spots, with prices rising 25.5 per cent. It takes in Hillview, Dairy Farm, Bukit Panjang and Choa Chu Kang, and had 2,837 sales.

If transactions in 2007 were excluded, District 23 would have surpassed District 10 in popularity. In other words, District 23 has become the second most popular hot spot for non-landed resale homes since 2008.

Ms Christine Sun, Savills' senior manager for research and consultancy, said demand in District 23 could be due to attractive pricing, as the average unit price registered from 2007 to last year was still within the $500-$600 per sq ft range. Average prices reached $649 psf in the first two months of this year.

Given its proximity to the Bukit Timah belt and the nature reserves, this district has an edge over other areas in that price range, such as Tampines, Pasir Ris, Serangoon Gardens, Hougang and Punggol, Ms Sun added.

There are also a lot of developments in the area, such as The Warren, The Petals, The Madeira, Cashew Heights, Dairy Farm Estate, Regent Heights, Hillview Regency and Guilin View.

Ms Sun said the popularity of resale homes in District 15 may have been driven by the many launches in the area. Prices have risen in line with the launches, which draw attention to the area, she explained.

New launches since 2007 include Aalto, Parc Seabreeze, Silversea and The Seafront on Meyer. 'People think the area is becoming hot and they start to see value in the area,' she said.

Property experts said the area's appeal lies in its sea views and proximity to well-known food places, the airport and the city. 'It is an established residential area with ample amenities,' said DTZ head of South-east Asia research Chua Chor Hoon.

'There's also a wide range of prices to suit different budgets, from the bigger, higher-priced condos in Tanjong Rhu to the small developments in Telok Kurau.'

Said Ms Sun: 'In general, the next best areas to live in outside of Districts 9, 10 and 11 are in District 15, largely because of the sea view and the many good schools there such as Tao Nan School, CHIJ (Katong) Primary, Victoria Junior College and Chung Cheng High School.'

Ngee Ann Polytechnic real estate lecturer Nicholas Mak said: 'District 15 has quite a big catchment of private homes so that may be why it has a high number of resale deals.

'It has also been popular with the middle class and the upper middle class for a long time.'

Popular projects in District 15 include Water Place, The Waterside, Neptune Court, Mandarin Gardens and Cote D'Azur, Ms Sun said.

It came as no surprise that District 10, as a prime location, is popular with foreigners. Demand for homes in this area fell significantly in 2008 but has recovered somewhat since, she added.

Still, District 10 resale non-landed homes showed just 2.3 per cent growth in prices since 2007, from $1,386 psf in 2007 to $1,417 psf in the first two months of this year.

District 15 registered 14.8 per cent price growth, from $783 psf in 2007 to $899 psf on average in January and February this year.

joyceteo@sph.com.sg

BT : CleanTech One to be up by end-2011

Business Times - 30 Mar 2010

CleanTech One to be up by end-2011

It will be a 'seed' building to testbed and showcase innovative green solutions

By TEH SHI NING

(SINGAPORE) The first building at Singapore's CleanTech Park is expected to be up by end 2011 at a cost of $90 million, JTC Corporation said yesterday.

With a gross floor area of 403,646 square feet, CleanTech One is expected to house about 40 green tenants, such as cleantech companies' headquarters, firms financing cleantech activities, as well as private and public research institutions.

Nanyang Technological University, which is adjacent to the CleanTech Park, will be its first tenant.

Surbana International Consultants beat 30 other entries to win the design tender JTC launched last December, with its ecological and commercially sustainable design.

As the first development on the eco-business park launched last month, CleanTech One will act as a 'seed' building to testbed and showcase innovative green solutions for tropical, urban settings.

These include solar panels, sky gardens, rainwater harvesting and sky trellises. If successful, these can then be rolled out to the rest of the CleanTech Park, Singapore and even the region, said JTC director for the aerospace, marine and cleantech cluster, Tang Wai Yee.

Surbana said that green features aside, the building itself was designed to minimise 'cut and fill' of the sloping terrain on which it is located, and takes into account the direction of wind and sun so as to reduce energy consumption.

Piling works will start around June while actual construction of CleanTech One should begin by August - an 'aggressive and accelerated timeline', Surbana said.

The 50 hectare CleanTech Park, which will house cleantech research, innovation and commercialisation activities, is expected to draw $2.5 billion worth of investments in buildings by its 2030 completion.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.


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BT : New home price index makes a light splash

Business Times - 30 Mar 2010

New home price index makes a light splash

Much-anticipated index shows private home prices edged up just 0.2% in February

By UMA SHANKARI

(SINGAPORE) Prices of non-landed private homes held steady in February, a new index set up to track residential property prices here shows.

The Singapore Residential Price Index, or SRPI, showed that private home prices across the island rose just 0.2 per cent month-on-month in February 2010, after climbing 2.2 per cent in January.

But the gains come on the back of a 22.2 per cent rise in 2009 - putting the index's current value just 0.4 per cent below its peak in November 2007.

The new index, which is compiled by the Institute of Real Estate Studies at the National University of Singapore, was set up last week to serve as a resource for developing property derivatives in Singapore. It tracks month-on-month price movements in the private non-landed residential property market using a basket of 364 completed projects.

By contrast, the official Urban Redevelopment Authority (URA) private residential property price index, which is released every quarter, includes transactions at new launches and sub-sales.

According to the URA index, private home prices hit a recent high in the second quarter of 2008 - before falling for the next four quarters. Home prices then recovered somewhat, rising 15.8 per cent in Q3 2009 and 7.4 per cent in Q4. But the URA index is still some 6.6 per cent off its recent Q2 2008 peak.

Analysts said that the SRPI moved up only slightly in February as most of the market activity centred around new launches.

Developers sold 1,196 new homes in February 2010 (slightly less than the 1,480 new homes sold in January). But market watchers said that in the resale market (sales of units in completed projects) there was a larger month-on-month fall in the transaction volume.

'The new index is for completed properties and most of the price movements and market activity over the last few weeks have been seen for new launches,' said Colin Tan, director of research and consultancy at Chesterton Suntec International. 'Prices at completed properties are also more stable as these projects tend to draw a different type of investors as compared to new launches.'

Tay Huey Ying, Colliers' director for research and advisory, similarly said that the index was flat in February 2010 as only properties completed between October 1998 and September 2009 are included in the basket.

Associate Professor Lum Sau Kim, who leads the group that compiles the new index, said one key feature of the SRPI is that it is not too affected by new launches. It is also designed to not be unduly influenced by low transaction volumes in a quiet market.

She attributed the marginal movement in the index for February to the Chinese New Year season, when buying activity traditionally tapers off.

The SRPI also showed a drop in home prices in the central region (postal districts 1-4 and 9-11) in February. Prices there fell 0.1 per cent last month after climbing 1.6 per cent in January.

For the whole of 2009, prices in the central region rose 27.3 per cent. But prices in the central region are still around 10 per cent off the pre-crisis peak, according to the index.

Elsewhere, prices in the non-central areas rose 0.5 per cent in February after climbing 2.7 per cent in January. Private home prices in the non-central regions have now exceeded the pre-crisis peak.

Analysts predict that when the URA flash estimates are released early next month, it will show that private home prices climbed 5-8 per cent in the first quarter of 2010.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.


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BT : From non-core to preferred asset

Business Times - 30 Mar 2010

From non-core to preferred asset

It's clear skies for the industrial investment market with the influx of foreign investors, say LEE PEI YING and DONALD HAN

THERE has been a change in foreign investors' perception of the industrial market over the last 10 years. Industrial properties have evolved from being a non-core investment product to a preferred asset class. This became more marked around 2008. Before that, en bloc industrial investment deals were dominated by local players, primarily Ascendas, A-Reit, Cambridge Industrial Trust and Mapletree Logistics Trust.

Post-2008, foreign and institutional investors started paying more attention to this sector once ruled by the local Reits. For instance, prior to 2008, foreign investors accounted for only one per cent of the total value and number of en block industrial transactions.

The change in attitude came about in 2008, when the proportion of the total value and number of en bloc industrial transactions jumped to 52 per cent and 24 per cent in favour of foreign funds. In the first three months of this year, foreign funds were responsible for almost 60 per cent of the en bloc industrial sales value and 67 per cent of the transactions.

Higher yields derived from industrial properties were deemed as one pivotal reason. The lure of an improving economy is likely to see more foreign investors jumping on the bandwagon. This may lead to further yield compression in the medium term.

Let's analyse the reasons behind the increasing appetite of foreign investors for this asset class.

Chasing higher yields

Traditional asset classes such as residential, office, retail and hospitality properties yield between 3.5 per cent and 5.5 per cent annually. Average cost of funds for foreign investors range between 3.5 per cent and 4.5 per cent for a Sing dollar loan. Investors from the US and Europe need a higher hurdle rate to justify investing abroad. In their respective property markets, they can achieve yields of 6 per cent a year. For investors to venture abroad, they need a buffer of 100-150 basis points above their 6 per cent yield to justify undertaking the risk of a foreign investment risk. Industrial properties here can provide such high returns, and are deemed a safer bet.

Syariah-compliant investments

The buyers' landscape changed significantly in 2008, when JTC Corp offloaded $1.7 billion of its assets to Mapletree Industrial Reit and the Bahrain-based Arcapita Bank. It was the latter's first foray into the Singapore property market.

Arcapita and its fund were on the lookout for Syariah- compliant investment opportunities in the region. Together with Mapletree, Arcapita bought into a majority 56.5 per cent stake. This comprised, among others, 39 blocks of flatted factories, six stack-up industrial buildings and three multi-tenanted business parks.

Under Syariah mandate, investors are not allowed to invest in properties where the tenants are involved in the sale or consumption of alcohol and cigarettes or are in the business of banking and finance, since Syariah laws prohibit the collection of interest. This leaves out market sectors such as prime offices (where tenants are mainly financial institutions), shops and hotels. Investments in industrial properties provide the perfect gateway. Another Middle Eastern investment group, Dubai-based Emirates Tarian Capital, recently purchased 29 Tai Seng Avenue for $53 million, with a leaseback to its vendor, Natural Cool, for 10 years. This would generate an annual yield in excess of 8 per cent.

Asset diversification

Core investors such as German funds SEB and Union Investments Real Estate invest in prime office premises in the financial district. SEB bought a 50 per cent stake in 79 Anson Road and 12 floors of Springleaf Tower in 2007. Union Investments Real Estate purchased Vision Crest Commercial, including the adjacent Chicago School of Business, in 2007. In 2008, these investors turned to industrial property as part of an asset diversification strategy. SEB paid $200 million to buy Starhub Green, a 412,000 sq ft high-tech industrial building at Ubi Avenue 1. Union Investment acquired Applied Materials Building, located at Changi Business Park.

Abundant industrial alternatives

There is a lot of money in the market chasing prime office assets. The recently reported sale of Robinson Point and 1 Finlayson Green clearly demonstrates the amount of ready cash, liquidity and available buyers in the market eyeing prime office properties.

Foreign (and local) investors are hungry for core office assets and there isn't enough investment stock out there for sale. This inadvertently pushes up the sale price despite a softening rental environment, thus suppressing yields to the current sub-5 per cent level. It is estimated that there are no less than 20 foreign investors in Singapore looking for prime office investments (anything in the range of $20 million to $500 million) and they could not engage in serious negotiations over the past six months as sellers raised prices. The dearth of office investment deals has swung investors' attention to industrial assets such as business parks and high-tech industrial buildings instead.

Long leases

Industrial properties, particularly owner occupied ones, are sold on a leaseback basis, often presenting investors with attractive long secured leases. Sale and leaseback premises offer the security of tenures from five years to as long as the land lease itself (up to 30 years). Such long leases are seldom found in office assets, and even if they exist, are seldom offered for sale.

In 2007, when office rents hit the stratosphere, major office users such as DBS Bank, Standard Chartered Bank and Citibank started looking at minimising occupancy cost and decentralising backroom operations to suburban business parks. They would build to suit, lease back (almost) in entirety and monetise the assets by selling them to institutional investors, funds and Reits. Such assets remain one of the favourite investment options of foreign funds. These properties are usually leased back to reputable occupiers, providing financial warranties and a stable income base. These assets present defensive characteristics to investors, minimising risk of short term space vacancies and rental cycles.

Niche asset play

Foreign fund managers are always looking for a growing niche sector to put their investors' money in. A niche play has benefits. Firstly, it provides the necessary product differentiation that helps separate one fund from another. Secondly, if the right strategy is adopted, one can be a substantial player in a niche sector, enabling some control over market pricing.

Avery Strategic Investment did just that and invested in a niche asset class where there were hardly any competitors. They went in, took control of a niche market and raised standards. Their investment - workers' dormitories - is classified under industrial use. The venture is controlled by US-based Morgan Stanley and Averic Capital Management, the asset managers with a stake of 97 per cent and 3 per cent respectively.

Together, they bought three foreign workers' dormitories (Kian Teck Dormitory in Jurong, Woodlands Dormitory and Tampines Dormitory, totalling 13,544 beds) from JTC Corp in 2008 for $153 million. A $100 million 'upmarket' dormitory called Avery Lodge housing 8,000 workers was also built and is now the largest dormitory in Singapore. Amenities and features include dining and kitchen areas, bay windows, larger floor-to-ceiling heights and space per worker, gym, video game room, sick bay, Internet cafe, mini-mart, canteen, biometric card access and 24-hour guard patrols. Avery Strategic Investment is now one of the largest developers and owners of workers' dormitories in Singapore.

Investors with bigger appetites can embark on an Arcapita-style acquisition by buying stakes in a company. Investing via the company route allows the investor to gain control of a larger asset chunk instead of slowly accumulating properties on an organic basis. AMP Capital Investors, headquartered in Australia, recently made headlines by acquiring 16.1 per cent of MacarthurCook Industrial Reit, listed on the Singapore Exchange (SGX). The Reit was later renamed Aims AMPCI Reit and its portfolio consists of 25 industrial properties in Singapore and Japan, with an appraised value of $637.4 million (as at Sept 30, 2009).

ARA Asset Management, an affiliate of the Cheung Kong group, recently made its maiden foray into industrial property through a joint venture with listed CWT. The company, known as ARA-CWT Trust Management and 60 per cent owned by ARA, will invest mainly in logistics properties in Singapore and the Asia-Pacific.

This new regional logistics real estate investment trust - to be called Cache Logistics Trust when listed on SGX - will initially have a portfolio of six high-quality logistics properties, injected into the Reit by its operators and owners as part of a sale and leaseback arrangement, with an aggregate gross floor area of 3.86 million sq ft and a value of about $730 million.

As Singapore strengthens its position as a premier logistics and value-add centre in the Asia-Pacific, we can expect more investment dollars to be pumped into this sector. More high value-add manufacturing businesses will be lured to set up operation in Singapore to take advantage of its seamless infrastructure and various tax incentives. Last year, the Economic Development Board brought in some $11.8 billion worth fixed asset investments. This figure is likely to rise in 2010 with the recovering economy.

We expect more foreign investors to start taking notice of the industrial sector here. Local developers too are taking the cue from the active industrial investment market by re-igniting a slew of industrial development projects.

Since July last year, three industrial sites have been successfully triggered and sold to private developers. Two more sites, in Woodlands and Yishun, have just been triggered after receiving minimum bids. Developers are likely to remain confident in the medium to long term with an improving leasing market. They can then offload completed projects to investors such as Reits and funds, ploughing funds back to develop more industrial properties.

Right now, it's clear skies ahead for the industrial investment market with the influx of foreign investors. What a remarkable transformation this sector has undergone over the decade.

Lee Pei Ying is research analyst and Donald Han, managing director, of Cushman & Wakefield

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : University Town to admit students next Aug

Business Times - 30 Mar 2010

University Town to admit students next Aug

By LEE U-WEN

THE National University of Singapore's (NUS) new extension campus - called University Town - will admit its inaugural intake of students next August.

For the first of a three-phase opening, the university will launch two residential colleges with 600 beds each and a graduate residence that can accommodate 1,700 students. Another two colleges will follow in 2012, while plans are on track to open an Education Sports Complex a year after that, said NUS deputy president of academic affairs and provost Tan Eng Chye.

Speaking at a media briefing yesterday, Professor Tan described the 19ha University Town as a 'first-of-its-kind educational experience' for Singapore students who wish to live and learn together with students and their professors under the same roof.

Modelled after the residential colleges of Oxford, Cambridge, Stanford and Harvard universities, each residential college will have its own academic tone and identity, shaped by a Master - typically a senior academic at the university - who will get to live in the college with his or her family, together with other faculty fellows, graduate tutors and staff.

While the cost of living in the residential colleges is likely to be 10 to 20 per cent higher than what students currently pay today to stay on NUS' Kent Ridge campus, Prof Tan assured that tuition fees would remain as they are.

'We are mindful of the costs, and they should not be too high,' he said. 'Our President (Tan Chorh Chuan) is already going to donors to persuade them to donate to University Town, and the government has been very generous in providing us funding.'

There is enough land to build up to eight residential colleges, but much will depend on how much money is available, said Prof Tan. Each college costs nearly $70 million to construct.

Building work is still ongoing at University Town, which sits on the site of the former Warren Golf Course, just opposite the Kent Ridge campus and the NUS High School. A vehicular and pedestrian bridge spanning over the Ayer Rajah Expressway will link the two campuses.

Existing NUS students will have the chance to apply for a spot in University Town at the end of the year, while others entering as a freshman can do so next March. Prof Tan said that prospective students should ideally be performing fairly well in their studies, and he hoped to see a 'good mix of local and foreign students' in each of the colleges.

Students at University Town will get exposure to a core curriculum of at least three modules: a writing programme, freshmen seminars and a multi-disciplinary module focusing on global issues in an Asian context.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.


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BT : More HDB families choose to live near parents

Business Times - 30 Mar 2010

More HDB families choose to live near parents

By ABIGAIL KOR

FAMILY ties among public housing residents have strengthened over the years, the Housing and Development Board's latest sample household survey shows.

The survey, which covered 8,000 households, also revealed a growing trend among married couples to live near or together with their parents.

The survey explored three main aspects of family ties - living arrangements, interaction and support and the well-being of family life.

It showed the percentage of married couples aged between 21 and 54 who live with or close to their parents increased from 29.3 per cent in 1998 to 35.5 per cent in 2008, when the survey was carried out.

Another finding was that the frequency of visits between children and parents increased marginally.

The percentage of younger married people who visited their parents at least once a month rose to 90.7 per cent in 2008, from 87.8 per cent in 2008.

Similarly, 90.8 per cent of older people said in 2008 that their married children visited them at least once a month, up from 90.4 per cent in 1998.

Strong family support was also seen in 95 per cent of respondents who said support and care during sickness came from their spouse and married children.

Respondents were also asked whether family life was important to them and whether they were satisfied with it.

Although the response showed a slight dip from 1998, more than 90 per cent of younger married people and older people said family life is important and are satisfied with it.

Overall, the survey indicated that family life among HDB residents is in a healthy state.

The survey is carried out every five years by HDB to obtain feedback from residents and identify trends.

The findings, which are used in HDB policy reviews, help identify which aspects of the HDB environment can be improved.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : JTC's eco-friendly industrial parks

Business Times - 30 Mar 2010

INDUSTRIAL SPACE
JTC's eco-friendly industrial parks

From Seletar Aerospace Park to Biopolis and Fusionopolis, estates showcase green technologies for a sustainable environment

DEVELOPING industrial parks used to be relatively straightforward - clear the land, build the factory blocks and companies will come and set up their production lines.

But JTC Corporation's job has got more complex over the years as Singapore's manufacturing sector moved up the value chain. Industrial space has had to move beyond drab buildings, to incorporate elements of good design and environmental sustainability to attract investors.

This reflects the requirements of new economic clusters such as clean technology - sectors that need to be in areas that complement their business activities.

Also, researchers, product designers and other talent vital to these sectors are looking for more than a job these days. Many are looking for a high quality of life - and green liveable workplaces count towards that.

The wider green movement is hard to ignore. As the government puts more emphasis on sustainable development, JTC has to play its part by boosting the eco-friendliness of its estates. Examples include Seletar Aerospace Park, Biopolis and Fusionopolis.

Preserving heritage

JTC's green initiatives will be plain to see at the upcoming Seletar Aerospace Park, a 300-hectare centre for aviation maintenance, repair and overhaul and aircraft system design and production.

The agency told BT: 'Great effort was made during the planning process to balance economic and infrastructural space needs with the preservation of the area's architectural and environmental heritage.'

When JTC was developing the park's master plan, it consulted the National Parks Board and held dialogue sessions with the Nature Society on trees in the area. These discussions led it to retain nine heritage trees. Inevitably, some trees had to go for roads, and to ensure airport operations will be safe.

JTC has also kept 202 of the 378 heritage buildings on the site. It plans to convert some black-and-white houses into food and beverage establishments or training institutions.

Seletar Aerospace Park will be a unique centre 'nestled in greenery and the charm of old Seletar', the agency believes.

Besides preserving the character of the site as much as possible, JTC is looking at improving water quality there. It will test a gravel filtration system at the park, aimed at cleaning rainwater before it reaches drains and reservoirs.

The stormwater management system will comprise layers of gravel, coarse sand and granite, which will remove pollutants from rainwater. This will help save water treatment costs downstream.

The gravel filtration system will debut at the Business Aviation Complex. If it improves water quality, JTC could encourage other companies in the park to adopt it in their land parcels.

The Business Aviation Complex will also have other green features, such as natural ventilation systems, vertical greenery and energy-saving lights. Construction of the building began recently and is expected to finish by the first half of 2011.

Protecting environment

Biopolis is another estate that showcases JTC's environment protection efforts. The first phase of the development at Buona Vista for biomedical research and development received the inaugural Green Mark Gold award in 2005.

The Building and Construction Authority came up with the Green Mark scheme that year to recognise environment-friendly buildings. Such buildings not only provide good publicity for developers and designers, but also use fewer resources and can help tenants save water and electricity costs.

Biopolis Phase One took the gold award for incorporating green technologies in its seven buildings. For instance, there is a district cooling system for centralised air-conditioning - water is chilled at one location and sent through a network of pipes to keep all seven buildings cool. This arrangement frees space that would have been needed for cooling equipment in each building and reduces maintenance needs.

Phase One also makes use of a pneumatic waste conveyance system. Non-toxic waste from the seven buildings is sent to a central collection area using a network of underground pipes. This removes the need to transport waste around the site.

The buildings are also test-beds for solar LED lighting, solar hot water systems and waterless urinals. For all these green measures, Biopolis phase one has won other accolades such as the PUB Water Efficient Building award and the Landscape Industry Association of Singapore's gold award.

Providing green lungs

Nearby Fusionopolis is not to be outdone when it comes to environmental sustainability. The two towers in the first phase of development have 13 sky gardens between them. These spots, some with ponds and water wells, allow employees to take a break from work in the infocommunications, media, science and engineering centre.

The International Green Roof Congress in May last year recognised these efforts - the rooftop garden at Fusionopolis received the leadership award in the category for sustainable architecture.

The upcoming Phase 2B will extend the green theme, with more roof gardens and spiralling green terraces. It is designed by Ken Yeang, an architect renowned for his work on eco-skyscrapers, and will be ready by the end of this year.

Phase 2B will see 'a network of open interactive public and semi-public spaces, creative use of skylights and courtyards for natural light and ventilation, and cascading landscaped garden terraces,' JTC said.

'It aims to inspire and meet the needs of its resident tenants in the creative industries with the provision of a wide range of intimate spaces with differing and flexible layouts.'



Verdant vista: The two towers in Fusionopolis (above) have 13 sky gardens between them. These spots, some with ponds and water wells, allow employees to take a break from work.



Solaris (above) has a garden that spirals from the ground floor to the roof of the 15-storey building in Buona Vista

BT : 60 Goodwood Residence units sold in past 2 weekends

Business Times - 30 Mar 2010

60 Goodwood Residence units sold in past 2 weekends

However, at Sentosa Cove, buyers spoilt for choice from 3 projects on offer

By KALPANA RASHIWALA

(SINGAPORE) Malaysian tycoon Quek Leng Chan's GuocoLand has sold 60 units at the freehold Goodwood Residence along prime Bukit Timah Road over the past two weekends at prices ranging from $2,355 psf to $2,555 psf for typical units.

Mr Quek himself picked up the biggest unit in the 12-storey project - a penthouse - for $18.8 million. His brother Leng Hai purchased another penthouse for slightly over $13.8 million and their sister Guat Kim bought an apartment on the eighth floor for about $6.03 million, according to statutory filings by Guoco-Land to the Singapore Exchange.

However, it was a mixed bag of results last week at Sentosa Cove for developers of three 99-year leasehold condo projects as they laboured to move units to savvy buyers who were comparing the relative merits of the three developments against their pricing.

Of the three Sentosa Cove projects, the best sales result was achieved by the joint venture between Ho Bee and Malaysia's IOI; it sold 25 of the 40 units released at the 151-unit condo The Seascape. The development has a better orientation - directly facing the sea and located in Sentosa Cove's choicer Southern Residential Precinct - than the other two projects on offer in the waterfront housing precinct.

The Seascape units sold comprise 18 three-bedroom apartments, six four-bedders and a penthouse. The Seascape does not have smaller units such as two bedders. The majority of the buyers were Singaporeans. About a quarter of the units were purchased by foreigners - from the US, Malaysia and Hong Kong.

The 25 units fetched an average price of about $2,700 psf, with achieved prices ranging from $2,619 psf to $2,880 psf. The sole penthouse sold was a four-bedroom unit of 4,252 sq ft on the sixth level; it sold for nearly $12 million. The Seascape is an eight-storey project with an attic level.

City Developments Ltd (CDL) said it has sold 14 of 56 units units released at the weekend at its 228-unit condo, The Residences at W Singapore Sentosa Cove. The units were released at $2,500-$3,000 psf. The condo comprises two- to four-bedroom apartments as well as penthouses. BT understands the units snapped up were mostly two and three bedders.

Lippo Group, which relaunched Marina Collection last week, is understood to have received expressions of interest from potential buyers but these have yet to translate into sales. Some potential buyers are said to have tried to seek discounts off Lippo's $2,500-2,700 psf pricing.

'This is the first time buyers have a choice of three new projects from developers at Sentosa Cove, whereas in the past, it was usually one launch at a time. So for now, buyers have the luxury of choice and the time to think about their purchase,' said a property agent.

Buyers who visited Goodwood Residence's showflat were drawn by the greenery of the location as well as within the proposed development, GuocoLand Singapore managing director Trina Loh told BT yesterday.

The site shares a 150-metre boundary with the Goodwood Hill tree conservation area. The development will also have about 500 trees planted to complement the existing 58 preserved tree. A manicured lawn of about 60 metres by 30 metres, greenwalls, two tennis courts and an Olympic-size swimming pool are among the other offerings.

GuocoLand has previewed the 12-storey project this month in Hong Kong and Singapore. Of the 60 units sold lately, 40 per cent were clinched by foreigners, led by Indonesians. Other foreign buyers include Malaysians, Australians, Indians and Europeans.

Two-bedroom apartments (of about 1,100 sq ft) in the development cost about $2.8 million on average, while the four-bedroom deluxe units - which have been popular - are priced at about $7.5 million on average. The average price of typical units among the 60 units transacted lately is $2,409 psf, according to Mrs Loh. In June 2008, Kuwait Finance House acquired 36 units in the condo at an average price of $2,800 psf. The project has a total 210 units.

Property giant Far East Organization sold a total 25 homes last week. The units span the group's portfolio of projects, from the upgrader market to the luxury segment, and last week's take-up was comparable to the preceding week, says the developer's chief operating officer, property sales, Chia Boon Kuah.

High-end properties were also in demand at property auctions last week. An auction conducted by DTZ saw a one-bedroom unit of 775 sq ft at the freehold Claymore Plaza sold for $1.55 million or about $2,000 psf. A fourth floor studio apartment of 882 sq ft at The Beaumont, a freehold development at Devonshire Road, changed hands for $2,131 psf or $1.88 million at the same auction. Colliers International at its auction sold a 16th floor, 5-plus-1 bedroom apartment, of 2,701 sq ft for about $2,007 psf or $5.42 million. The buyer is Malaysian.

This weekend, market watchers expect CapitaLand to release new units at The InterLace in the Alexandra Road area.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.



Lush greenery: Mr Quek bought a penthouse unit at Goodwood Residence for $18.8 million; two of his siblings also acquired a unit each in the development

ST : More space for foreign schools

Mar 29, 2010

More space for foreign schools

Up to 3 schools can be built to ease shortage

By Amelia Tan

MORE public buildings and land will be released by the Government for up to three more foreign schools to meet the schooling needs of the growing expatriate community.

At full capacity, the three schools can take in between 4,500 and 7,500 students.

Currently, there are 94,000 international students enrolled in government and private schools here.

The new foreign schools can occupy the former Chong Boon Primary School in Ang Mo Kio Street 44, the former Nan Chiau High School in Kim Yam Road and three empty sites in Bukit Batok Road, Punggol Field Walk and Yishun Avenue 1.

The first can open as early as 2013 and the other two within the next five years after that, to add to the 41 international schools operating here already.

This is the second time that the Government has released vacant land and properties to meet the schooling needs of the growing expatriate community.

In 2008, the Economic Development Board (EDB) announced that seven sites would be made available for up to four international schools to ease the supply crunch situation at that time.

Many international schools then were full, and the popular ones had long waiting lists. The shortage of places was so dire that it was a stumbling block for companies looking to bring in expatriate employees and their families.

When contacted, Member of Parliament Josephine Teo, the chairman of the Government Parliamentary Committee for Education, estimated that the three schools, if constructed, will ease the supply crunch - for now.

However, it remains to be seen if they would be sufficient in the long run as Singapore positions to be an attractive Asian hub for global talent, she told The Straits Times.

'It will be a matter of time before the additional places may not be enough and we will need to review the situation,' she said.

When asked if the expatriate community should consider Singapore schools for their children, Mrs Teo said there is already a growing number of foreigners who send their children to schools here to immerse them in a Mandarin-speaking environment.

However, expatriates may still prefer to send their children to international schools, she said.

Typically, most stay here for a few years before going back to their countries and prefer to send their children to international schools which they are more familiar with and can get used to quickly, Mrs Teo added.

The supply crunch had eased considerably since last year when a new international school Stamford American International School was set up. Older schools such as the United World College of South East Asia and the Australian International School Singapore have also expanded their premises.

The EDB's executive director of human capital and professional services Toh Wee Khiang said that demand for places in international schools held strong last year despite the recession, and is expected to grow as the economy bounces back.

The EDB received more than 20 proposals in 2008 and Mr Toh expects the response from interested schools this time round to be 'comparable'.

He said proposals would be assessed on factors such as quality of education programmes, track record, and investment commitments.

The EDB may make available other plots of land for international schools in the future based on strength of demand, he added.

ameltan@sph.com.sg

Additional reporting by Jermyn Chow

ST Letters : Providing homes for well-off retirees

Mar 28, 2010

YOUR LETTERS

Providing homes for well-off retirees

I refer to the editorial, 'How the old will live' (March 14), and agree that retirees should be given a choice of living arrangements.

With Singaporeans becoming more affluent, there is a segment of elderly citizens who are financially stable but live on their own for various reasons. Examples are elderly couples with no children, or those with children who are all overseas, or who prefer not to live with their children.

The result is elderly folk fending for themselves, with some depending very much on foreign domestic help. An unfortunate few are abused by their maids and neglected by family members as well.

When elderly folk who live on their own grow older and become less mobile, their social lives are affected.

A recent case reported in the media was of a well-off Singapore couple who moved to Australia in 1983. The wife was believed to be suffering from dementia when she killed her husband of 70 years.

Shortly before the tragedy, she reportedly asked a friend to help look for a retirement village for her husband and herself.

So it looks like there is demand for accommodation that caters to this group of elderly people who are financially stable but without family support.

They could be put up in studio apartments or a hotel-style project - with house-cleaning and meals taken care of.

This would free them from household chores so that they can use their time and wisdom to do something meaningful for society.

I hope the authorities will look into this idea.

Doreen Tan (Mrs)

ST Letters : All maze but no real crowd-pullers

Mar 28, 2010

YOUR LETTERS

All maze but no real crowd-pullers

I refer to the report 'Orchard Central: Love it, hate it' (March 14) and doubt that I will 'grow to appreciate it in time'.

I belong to the category of visitor for whom the first time is also the last if my experience is not a positive one.

The layout at Orchard Central gives me the impression that I am entering a maze. The long escalators further confuse me as to the floor I am heading towards. The feeling that I need a global positioning system device to navigate frustrates any desire to stay on and explore.

The complex design is breaking new ground indeed - as a very shopper-unfriendly mall. The architects might have taken a wrong gamble in creating elongated, partitioned zones with narrow aisles and dead ends. The super narrow cubicles with very narrow aisles put shoppers off.

The 313@Somerset mall is also built on a long and narrow strip but its simple layout, with shops on both sides and reasonably wide aisles, is more user-friendly and easier to navigate.

Foodcourts are lunch and dinner crowd-pullers and the absence of a foodcourt in Orchard Central is not making it any more interesting.

With malls sprouting up in this city like green shoots after a summer shower, shoppers are seeing very similar product ranges - like fashion attire and accessories, electrical appliances, mobile phones and jewellery - on display.

Visitors are also unlikely to get very excited seeing the same brand-name shops repeating themselves at every mall.

Making matters worse, an awkward layout will only dissuade visitors from returning.

Paul Chan

ST Letters :HDB subletting serves a need

Mar 28, 2010

YOUR LETTERS

HDB subletting serves a need

I refer to the letter, 'More babies? Ease subletting rules' (March 14).

Just last Friday, a friend approached me about her intention to rent a flat in the northern part of Singapore. She and her husband, both from China, were married last year and plan to start a family soon.

At present, they find renting a whole HDB unit beyond their budget and are thinking of subletting a room.

As a friend, I would like them to establish their nest as quickly as possible, so that they can move on to building their family. But as a real estate agent, I am mindful of the fact that I need to warn them of the restrictions on subletting.

Here is a case of foreign talent - and potential new citizens who are keen on raising a family here - that could do with the easing of subletting rules.

Chan Hock Neo (Ms)

ST : Trapped in a gilded condo

Mar 28, 2010

THE EX-PAT FILES

Trapped in a gilded condo

By Liam O'Brien

Any newly arrived expat in Singapore invariably finds himself corralled into living in a condo.

The usual chain of events: You move into short-term serviced accommodation, phone a property agent to help you find longer-term lodgings, and usually within a month or so are settled into a suitable home.

The downside to this - which dawned on me pretty soon after we moved into our present flat - is that property agents have a one-word vocabulary when it comes to expats.

Conduct one of those word association games with them, and the word 'expat' would most probably elicit a response of 'condo'.

All the prospective properties they usher you to are expensive condos in central areas - something not particularly surprising, given that agents earn a commission based on the size of the rent. And because you are new to Singapore, you think that this is where every newcomer lives and that condo living is a bit of a fait accompli.

No mention is made of landed properties in less expensive areas, or HDB rentals.

If you were to ask a property agent about such types of accommodation, you would be met with a blank stare. You would be taking the agent into alien territory, prompting him or her to engage in all sorts of patter to steer you back to the script.

No doubt the agents' car satellite navigation systems are able to guide you from one condo to another in record time - but not to non-expat neighbourhoods.

And not only does an expat have 'condo', metaphorically, stamped on his forehead but also the agent would have selected for you condos that are inhabited mostly by people like you.

They will tell you that this condo is predominantly Indian, that one Caucasian, and so on, the hint being that you should go for one that fits your profile.

So you move in, and once the initial novelty of living in a new place has worn off, you realise that the condo is stuffed to the gills with expats. It dawns on you that you are destined to spend the next two years with people broadly similar to you. They are all white-collar workers from Australia, New Zealand, North America or Europe.

There is not a local in sight.

Foreigners who, like me, like to take in the local culture and people when resident in another country will be in for a surprise if they spend much of their time within the gated confines of their lush and well-appointed condo.

If I close my eyes while I sit on the balcony at home, I could just as well be located in an upscale suburb of Sydney, Wellington or Washington, rather than in Tanjong Rhu Road in the East Coast.

The accents of Australians, Kiwis and Americans - plus those of Filipino maids glued to their prized mobile phones - form much of the background hubbub, rather than Hokkien or Singapore English.

This is a pity, because expats can spend years here and not really venture beyond their cultural comfort zone.

This may particularly be the case for housewives left marooned in their mono-culture condos for much of the year.

Sure, they might go out to restaurants and theatres with their friends, but they may never really speak in any significant way to a true local. They will go to the zoo - many times - as well as Sentosa, take a few weekend jaunts to neighbouring countries, play golf, and do lots of shopping.

Then their time here will come to an end, and they will go back to wherever they came from.

Will they really have come to understand Singapore? Will they have any insight into the culture of this place?

They will certainly have no idea of the various uses of 'lah', and will have little familiarity with the Yoda-like ability of some Singaporeans to turn what seem like statements into questions by ending them with 'Is it?'

It is a bit like stating the obvious to say that expats do not mix much with locals.

I know that the Government sets ethnic quotas for HDB blocks, so that every block of flats represents in a small way the multicultural mix of Singapore.

What about something similar for condos?

The writer is a Straits Times copy editor. He has lived in Singapore for two years with his wife and their three-year-old son Alex.

ST : Parking woes in some HDB estates

Mar 28, 2010

Parking woes in some HDB estates

HDB is looking to ease the crunch faced by residents in 10% of its carparks

By Irene Tham

University student Cai Yizhan, who drives a car, knows what it is like to face a carpark crunch.

Most nights, the National University of Singapore computing student circles, in vain, the open-air carpark near his Housing Board (HDB) block.

It is chock-full by 10pm.

Next to his block is a multi-storey carpark. In desperation, he has parked there several times. But Mr Cai, 24, has twice been fined for doing that. His season parking ticket does not include the multi-storey carpark, for which a separate ticket is needed.

'Why must I pay twice?' asked Mr Cai, who lives in Block 124, Teck Whye Lane. He often ends up parking in other open-air carparks - all at least a 10-minute walk from his block.

The Sunday Times has learnt that residents of at least two public estates face nightly parking woes, with some - like Mr Cai - resorting to parking illegally and risking fines.

Apart from Teck Whye Lane, the other estate identified is Hougang Avenue 10. The Sunday Times spoke to 15 residents in all.

They said their parking problems started in the past two years.

This carpark crunch problem was mentioned in Parliament earlier this month. Parliamentary Secretary (National Development) Mohamed Maliki Osman said about 10 per cent of HDB carparks did not meet local parking demand.

He said this was due to changes in demographic profiles and car ownership patterns.

The HDB owns about 1,800 carparks islandwide. When contacted, its spokesman declined to identify the affected carparks. She said: 'In most carparks, there are sufficient parking spots for both residents and short-term visitors.

'However, due to the growth in car ownership among our residents in recent years, localised shortages are experienced at about 10 per cent of our carparks.'

Mr Cai noted that the carpark crunch in his estate started early last year.

Until the recent spike, attractive certificate of entitlement prices since January 2005 - mostly below $20,000 - attracted many Singaporeans to own cars in the past three years. The number of cars here crossed the half-million mark in July 2007, at 504,483.

There were close to 577,000 cars in December last year, compared with about 472,300 at end-2006 - a jump of 22 per cent.

Mr Cai, meanwhile, now tries to get home by 9pm.

Madam Tok Jee Kium, another Teck Whye Lane resident, said she has been fined twice, for parking beside double yellow lines and next to a disused rubbish bin centre.

'The open-air carpark is always full after 10pm. We have no choice but to park illegally,' said Madam Tok, 52, who runs a food business and lives in Block 119.

'We have been parking here for over 10 years and never had this problem until recently,' she fumed.

She does not buy a season parking ticket for the multi-storey carpark next to her block - which she said has available spaces - because it is more expensive. Parking at the multi-storey carpark costs $90 a month compared with $65 for the open-air carpark nearby.

The HDB said it will look into adding more parking spaces 'where it is feasible and cost-effective to do so'.

In the meantime, it has taken some immediate measures, including grouping more carparks within walking distance together to provide more spots for season parking ticket holders, and removing night parking so that residents with tickets have sufficient spots at night.

itham@sph.com.sg


--------------------------------------------------------------------------------

Teck Whye Lane



At Teck Whye Lane, the surface carpark serving Blocks 118 to 124 is grouped together with the ones serving Blocks 109 to 117 and Blocks 101 to 108.

In total, there are 1,116 spaces - mostly white, or non-season parking - in this group of three open-air carparks. Walking from one end to another takes about 15 minutes. The HDB said residents have bought season parking tickets (SPTs) amounting to 95 per cent of the spaces.

Since January, night parking has been removed to give priority to residents with SPTs. Visitors with night parking coupons can no longer park there overnight.

A resident at Block 105, who wanted to be known only as Mr Ng, 48, said removing night parking has freed up more spots.

But he still has to park four to five blocks away if he gets home after midnight. 'It takes me 15 minutes to walk home,' he said.

Although the carparks are for season parking from 10.30pm to 7am, free parking is still available on Sundays and public holidays.

On those days, visitors can park for free for the whole day in the white spaces but must clear out by 10.30pm.

University student Cai Yizhan, 24, said the free parking should be disallowed. He also suggested that the multi-storey carpark in Block 118A be included in this group of carparks.

SPT holders for the open-air carparks in Teck Whye Lane cannot park at the multi-storey carpark, and vice versa.

Ignorance of the rules may have worsened the overcrowded open-air carpark situation.

One driver, who declined to be named, told The Sunday Times that he bought the SPT for the multi-storey carpark but parked in the open-air carpark nearby.

He believed it was permitted because he paid more - $90 compared to $65 for the open-air carparks.

Irene Tham & Ng Hui Ying


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Hougang Ave 10

The carpark which serves Blocks 508 to 517 and Blocks 520 to 533 is grouped together with the one that serves Blocks 501 to 507.

Another carpark at the Hougang Sports Complex (across the road from Block 508) also belongs to this HDB carpark group.

There are altogether 1,728 parking spaces in this group of open-air carparks. Walking from one end to another takes more than 15 minutes.

The HDB said 99 per cent of the 1,728 parking spots in this area have been reserved by season parking ticket (SPT) holders.

At least 242 spaces are reserved for season parking from 7pm to 7am daily.

But finding a space is a nightmare at night, affected residents said.

Mr Yap Bee Huat, 43, comes home around 10pm to find his carpark full almost daily. He lives in Block 511, but often has to park four blocks, or 10 minutes, away.

'A lot of cars park illegally along the double yellow lines at night,' said Mr Yap, who runs a mover business.

'It also does not help that many spots are taken up by construction work due to HDB upgrading.'

The Sunday Times found about 20 spots littered with debris from HDB lift upgrading work in Blocks 513 and 521. Safety barricades also blocked residents' direct access across blocks, resulting in a longer detour from one end of the estate to another.

For example, if a motorist parks at Blocks 526 to 528 in Hougang Avenue 6 (where spots are supposedly more easily available), he would have to walk more than 15 minutes to get to the other end of this group of carparks (near Hougang Sports Complex).

One resident in Block 508, who wanted to be known only as Mr Tan, said he parks at the Hougang Sports Complex, about five minutes away by foot, when he comes home after 10pm.

Another resident said the carpark crunch problem is made worse by motorists shopping at Hougang Mall, about five minutes away.

Mr Mazlan Anuar, 52, a display designer who lives in Block 513, said: 'They park here from day to night.'

Irene Tham

ST : Bencoolen budget hostels vanishing

Mar 28, 2010

Bencoolen budget hostels vanishing

Budget hostels from 1970s and 1980s make way for more sophisticated establishments as backpacker profile changes

By Debby Kwong

They had names like Goh's Homestay, Lee Boarding House and San Wah Hotel, and helped make Bencoolen Street a haven for backpackers in the 1970s and 1980s.

But they have all closed because of a clampdown by the Urban Redevelopment Authority (URA). The rule states that boarding house permits will be given only to operators that occupy the entire building.

Today, only one cheap-stay place - Hawaii Hostel - remains. Located in a shophouse at 171-B Bencoolen Street, it charges rates starting from $15 a day for a bunk bed.

Instead, mid-range hotels have sprung up along the street. They include Hotel Ibis on Bencoolen, Hotel 81 and even one serviced apartment complex called Somerset Bencoolen. These establishments cater more to businessmen and travellers with some means.

'We see a new breed of backpacker,' said Hotel Ibis general manager Puneet Dhawan. 'Gone are the dirty boots, quick-dry pants and backpacks as luggage.'

Today's backpacker, hailing mainly from France, Australia and Britain, travel with laptops, iPods and luggage with wheels.

The base price for a room with Internet access at Ibis starts at $138 a night. This is at least 10 times more than the fee at Hawaii Hostel across the road.

A 55-year-old employee of Hawaii, who wanted to be known only as Mr Ng, said its customers are mostly from Indonesia and Malaysia.

Further down the street behind some coffee shops is Peony Mansion. It offers long-term rates at $25 a day for a room. Such rooms are popular with Thais, Vietnamese, Chinese and Filipinos.

It was in one of these rooms that Filipino Pascua Roselyn, 30, was found dead two weeks ago. An Indian national has been arrested.

Asked if the incident has affected business, Mr Elavangovan Valaytham, the director of Al-Jilani Restaurant, a 24-hour coffee shop that has sold Muslim food in the area for the past 20 years, said: 'Our regular clientele of office workers and students from Nafa still come around to enjoy their food.'

Bencoolen is home to Nanyang Academy of Fine Arts' (Nafa) three campuses.

However, Mr Elavangovan said, there has been a drop in the number of customers from overseas.

'Backpackers used to come here, but that was about 10 years ago. It's much quieter without them around,' he said.

He noted that guests at the new hotels do not patronise the coffee shop as 'they usually have their meals catered for them by the hotels'.

Mr Ng at Hawaii Hostel has also noticed the declining interest from Western backpackers. He said many now stay at hostels in Little India.

In the past five years, about a dozen backpacker hostels have emerged across Rochor Canal.

It is a move welcomed by the Singapore Tourism Board (STB).

Said its executive director, hospitality, Mr Justin Chew: 'The STB welcomes a good mix of accommodation options to cater to the needs of different segments of visitors.'

debbyk@sph.com.sg



The plain exterior of Hawaii Hostel is reflected in the glass window of Hotel Ibis (left) across the road. The drabness of the backpacker hostel extends inside (above), where the front office is used to store linen and a fridge. -- ST PHOTOS: KEVIN LIM


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Backpacker-friendly spots around S'pore

The backpacking hostels in Bencoolen may have disappeared, but guests have other places to check out.

'Areas in Jalan Besar and Little India have recently seen the development of more hostels which cater to backpackers,' said Singapore Tourism Board executive director, hospitality, Mr Justin Chew.

Here are some options:

A Beary Good Hostel
66A & 66B Pagoda Street

The hostel in a conservation shophouse opened during Chinese New Year this year. Since then, it has seen more than 150 guests from 23 countries. One draw is that it is near the Chinatown MRT station. Bunk beds cost $20 on weekdays and $23 for weekends.

Betel Box
200 Joo Chiat Road

The area is home to many distractions, from bars with Vietnamese hostesses to glorious food in Katong.Bunk beds cost $20 to $23, depending on whether you opt for a mixed or female-only dormitory.

Bugis Backpackers

162B Rochor Road

Situated in the heart of Bugis Village, guests can check out night bazaars in the area. Tech-lovers can walk over to nearby Sim Lim Square. There is a mix of shared and private rooms. Bunk beds start at $36 for a six-bed dormitory.

Fernloft
Chinatown, East Coast Road, Lavender and Little India

Backpackers are allowed free inter-hostel transfers to experience the different vibes in each location. Bunk beds cost $10 nett for a six-bed dormitory.

Habitat Hostel
133 Devonshire Road

Just a stone's throw away from Orchard Road, it caters to flashpackers or luxury backpackers.

Bunk beds are known as pods since each guest gets a self-enclosed space. Rates start from $40, in a room with eight to 10 single pods.

The Inncrowd Backpackers' Hostel
73 Dunlop Street

It has been described by Lonely Planet guidebook as the 'insomniac' hostel which will 'do anything to meet the expectations of young, rambunctious backpackers'. Bunk beds cost $20 and triple rooms cost $79.

ST : Marina malls gear up for Circle Line

Mar 28, 2010

Marina malls gear up for Circle Line

New stations will cut walking time to shops; museums around Bras Basah will benefit too

By Goh Chin Lian

What a difference two new MRT stations make.

For commuters getting off at City Hall station, their long and winding walk to Suntec City, Marina Square and Millenia Walk will soon be over.

The new Esplanade and Promenade MRT stations are at these malls' doorsteps. These stations are among the 11 on the Circle Line that will open on April 17.

'It's a 10-minute walk now from the nearest MRT station at City Hall,' said a spokesman for ARA Trust Management, the manager of Suntec Real Estate Investment Trust.

Suntec City's mall and some of its offices come under this trust.

'With the two new stations, Suntec City is less than a minute's walk away,' the spokesman said.

She added that Suntec City is building a sheltered walkway linking Promenade station to an entrance of the mall, where the Carrefour hypermarket is located.

Commuters using the sheltered link can stop for food and drinks at two new outlets, Old Town White Coffee and Japanese food chain Shin Sapporo Ramen, while a new glass facade will make the entrance to the mall more prominent, she said.

Over at Millenia Walk, Japanese mall operator Parco will open its new department store on Wednesday.

Mr Shuichi Hidaka, Parco's managing director, said accessibility to the Circle Line from Promenade station was an important factor in its choice of Millenia Walk.

The station will also be an interchange for the future Downtown Line that links the north-western and eastern regions to the city centre and Marina Bay, he noted.

The first phase of this line, from Bugis to Chinatown, is due to be completed by 2013.

Parco has lined up fashion shows for the weekend that the Circle Line stations will be opened, and a photo exhibition by Singapore-born, Tokyo-based photographer Leslie Kee later next month.

Also riding on the impending opening of the Circle Line stations is the National Heritage Board, which has several museums in the vicinity of Bras Basah station.

The new station is an alternative to City Hall or Dhoby Ghaut interchanges, which are about a 10-minute walk to the museums.

Entry to the Singapore Art Museum, National Museum of Singapore, Peranakan Museum and Singapore Philatelic Museum will be free next Sunday, the day the Land Transport Authority (LTA) will give commuters a preview of the 11 new stations.

Greater accessibility is one reason more commuters have been taking the Circle Line since five stations from Marymount to Bartley opened in May last year.

The initial figure of 30,000 commuters a day is up, to about 40,000 commuters daily today. This number is expected to grow to 200,000 when the 11 stations from Dhoby Ghaut to Tai Seng open next month, the LTA said.

It indicated that the waiting time for a train on the Marymount to Paya Lebar stretch will be at most 3.5 minutes from 7.30am to 9.30am, and seven minutes at other times.

But it will be a seven-minute wait all day for the section from Paya Lebar to Dhoby Ghaut stations, as the LTA projects much lower usage for this stretch.

chinlian@sph.com.sg

ST : Artists concerned about centre revamp

Mar 28, 2010

Artists concerned about centre revamp

Not clear yet if Malay Heritage Centre makeover will mean artists have to move

By Jamie Ee Wen Wei

Plans, still being worked out, to give the Malay Heritage Centre (MHC) a revamp have upset the two artists-in-residence.

The two - master potter Iskandar Jalil and batik master Sarkasi Said - feel they are left in limbo, unsure of their future involvement with the centre.

They are also concerned about how this will affect the promotion of Malay heritage.

Both aged 70, the two have been artists-in-residence at the centre for four to five years now. The MHC is located in Sultan's Gate in the Kampong Glam area.

Established in 2005, its aim is to increase appreciation and awareness of Malay culture among the community's youth. Since last year, it has been managed by the National Heritage Board (NHB).

The two men conduct demonstration workshops at the MHC in exchange for use of working space.

Early this year, the two artists were told that their tenancy would expire this month. This was later extended to June 30 until plans for the centre are firmed up.

This is small comfort to the artists; they have to decide if they should move their equipment and artwork.

When The Sunday Times met Mr Sarkasi at the centre yesterday, some of his equipment was already packed into boxes and bags.

He said there was a lack of communication. 'Everything is not laid out on the table...we don't know if this means we are totally out of the centre or what.'

He will move his things to his four-room flat in Bishan if there is no more extension. Mr Iskandar, a Cultural Medallion winner, who was also at the centre yesterday, declined to comment.

When contacted, the NHB confirmed that plans were afoot to enhance the MHC, including upgrading the exhibits, providing more public spaces and 'contemporising the programmes and activities'.

Its spokesman would not say if the artists would have to leave permanently, but added: 'At this stage, we are not certain of the final plans as we are in the midst of evaluating various possibilities.'

She said tenants would be told of the confirmed plans as soon as these were firmed up.

When contacted, Senior Minister of State for Foreign Affairs Zainul Abidin Rasheed, who is the chairman of the Malay Heritage Foundation, stressed that the enhancement was still a 'work in progress'.

He said it was not just the artists' workspace, 'but the centre grounds, museum and facilities which have to be relooked'.

He added that a cordial relationship existed with the artists. He said they would be informed of the plans once these were finalised within the next three months.

The centre is a 167-year-old palace, formerly the seat of the Malay royalty here when the British administered the colony.

In 2005, the Singapore Government restored the two-storey building and made it a museum.

Last year, the Ministry of Information, Communications and the Arts gave $29 million in development funds to three museums. One is the MHC. The other two are Sun Yat Sen Nanyang Memorial Hall off Balestier Road, and the soon-to-be-built Indian Heritage Centre in Little India.

The NHB was also tasked to help run the museums. It has set up a Heritage Institutions Division to look at the three centres' operations, curation, programming, marketing and promotion.

Mr Sarkasi told The Sunday Times that the marketing and promotion of the centre and Malay heritage had been dismal in the past few years.

He felt that more could have been done to reach out to the Malay community.

'Today is a Saturday. Where is the Malay community?' he asked.

On the planned revamp of the MHC, he said: 'I'm not excited until I see what their plan is.'

jamieee@sph.com.sg



Mr Sarkasi will move his things to his Bishan flat if there is no extension on his tenancy. -- ST PHOTO: RAJ NADARAJAN

ST : Er, what is refinancing?

Mar 28, 2010

FINANCIAL QUOTIENT

Er, what is refinancing?

Where do you see this?

In finance articles and websites relating to home loans.

What does it mean?

It is prudent to review your home loan once in a while by checking on the available loan packages at your existing bank and those of other lenders.

You refinance when you switch to a new home loan either with your existing bank or another bank. And when you switch to a new loan with lower interest rates at your existing bank, it is also known as re-pricing or conversion.

Why is it important?

The objective of reviewing your home loan is to see if you can get a better deal by refinancing. There are several considerations, including the penalty that is imposed if you are still in the lock-in period.

You may also incur a fee for terminating your existing loan.

Most banks will want to keep their customers, so ask your existing bank for re-pricing options before checking with other banks.

To help in your decision-making, obtain an updated repayment schedule for your current loan package and compare it with those of the refinancing packages you are considering.

Check the interest payable.

So you want to use the term. Just say...

'I was advised to read the terms and conditions and understand what the new package offers before refinancing my home loan.'

Lorna Tan

ST : Milking HDB flats 'a very bad trend'

Mar 28, 2010

PM'S DIALOGUE WITH REACH CONTRIBUTORS

Milking HDB flats 'a very bad trend'

They are meant to be long-term assets for Singaporeans, not short-term cash cows

By Jeremy Au Yong

Of the many people turning to their MPs for help when they run into trouble paying for their flats, none is a first-time owner living in the home he bought straight from the Housing Board.

Instead, they tend to be people who have bought and sold HDB flats more than once in a bid to make a quick buck.

Prime Minister Lee Hsien Loong highlighted this point at a dialogue yesterday, as he expressed grave concerns over a trend of people trying to sell off their HDB flats to make money, with little regard for where they are going to live next.

Some turn to their MPs to appeal for cheap rental flats. Others turn to friends and relatives. Some even set up camp on the beach.

The beach communities, in particular, have been making the news of late.

During the Budget debate earlier this month, it was revealed in Parliament that many of the families living in tents on the beach had sold their homes and spent the cash. Some demanded rental flats from the Government.

The topic was raised at yesterday's dialogue at the Grassroots Club by 51-year-old counsellor Tamilarisee Muthu. She said it was worrying to see that some people did not consider the flat a home, but rather as a means to make money.

Mr Lee similarly called it 'a very bad trend' and something that the Government was watching closely.

He recounted a meeting with such a person that left a deep impression on him.

A woman had gone to him seeking help buying a new flat. When he asked her why she wanted to buy a new flat, she replied in Chinese: 'Because I have no money.'

He recalled: 'Because she had no money, she sold her present flat and took the cash. So she wants a new flat (from the HDB), and a new loan from HDB...She will borrow to the limit all over again, and hopes to pay back some time in the future...It's a disaster.'

The Prime Minister stressed that Housing Board flats are meant to be long-term assets for Singaporeans, not short-term cash cows.

'When we help people to own a home, it is really for you for life. It's an asset as well as a roof, and is meant to see you through into your old age,' he said.

Flat owners who are elderly could choose to sell their flats and move in with their children, or go into a lease buyback arrangement with HDB to generate a stream of future income, he noted.

Those who are 'not so old', however, should think twice before selling. 'What happens to you, or more importantly, your children - where do they go?'

The Government has recently taken steps to try and counter the very bad trend.

One is to reduce the amount of the loan granted by HDB, at concessionary interest rates, to second- time buyers.

HDB will now take into account how much money is in the owner's Central Provident Fund (CPF) account, and the profit he made from selling the first flat.

Said Mr Lee: 'I told the HDB, Make sure that when people sell the flat, you counsel them, tell them if you ever come back and want a loan again, this is all you're going to be entitled to, please take note.

'If you think you can't afford the new home, then please don't sell your flat.'

Moving forward, he said the Government will channel more of its housing aid via the CPF.

The Additional Housing Grant which lower-income families are already eligible for is an example. These families can get up to $40,000 to help buy a flat, but the money goes into their CPF accounts.

When they sell the flat, the money goes back into the CPF account - where it can help tide them through their old age.

jeremyau@sph.com.sg


--------------------------------------------------------------------------------

Not perturbed

'Singaporeans are completely impassive, relaxed, calm. There is no tension, there is no misapprehension that something is wrong in Singapore or can go wrong. Maybe there is a bit too much confidence, but they know that this is somebody else's problem and not Singapore's problem.'

PM LEE, on how Singaporeans reacted to the 'Allah controversy' in Malaysia



Passports still necessary

'I didn't know of any passport-free travel plan by 2010. I think we can make it more convenient to travel, but I'm not sure we can do it passport-free because it's really two countries.'

On whether there will be passport-free travel between Singapore and Malaysia, as some Malaysian newspapers have suggested



Making S'pore better

'I'm not looking for a legacy. We are looking for ways where three, four million Singaporeans can lead good lives, healthy, secure, well-educated, fulfilling with opportunities and a future for themselves and their children, which means continue making Singapore better, work harder but create for ourselves a living environment and opportunities for ourselves and for our children.'

On what legacy he wants to leave



It was revealed in Parliament earlier this month that many of the families living in tents on the beach had sold their homes and spent the cash. Yesterday, Mr Lee expressed grave concerns over the trend of people trying to sell off their HDB flats to make money, with little regard for where they are going to live next. -- ZAOBAO FILE PHOTO

ST : Case #1: Fined

Mar 28, 2010

Case #1: Fined

The owner had locked up one room in her four-room flat and sublet the rest of it to a family.

But she did not live in that room. She was staying in her parents' home, which is a private property.

This case of illegal subletting was uncovered during a routine check by the HDB.

It found out that the owner had bought her resale flat in 2006 but had not been living continuously in it.

Instead, she had sublet her flat without the HDB's approval since July 2008.

This was short of the five years that she must live in her flat, having bought it with a CPF housing grant, before she could sublet it out.

She was receiving $1,500 a month in rent, according to a written statement that the tenant gave to the HDB.

The tenant also confirmed that the owner had locked up one room, but was not living in the flat.

The owner eventually resumed living in her flat and paid HDB a fine of more than $6,000.

ST : New price index more timely

Mar 28, 2010

property

New price index more timely

SRPI tracks prices on monthly basis, gives more accurate picture of state of market

By Joyce Teo



Last Wednesday, the Institute of Real Estate Studies at the National University of Singapore (NUS) announced that it had formulated an index called the Singapore Residential Price Index (SRPI).

It tracks prices of completed private non-landed homes month on month and will provide owners, investors, banks and property watchers with another source of price data.

Property experts have commented that it will be a more timely index than the quarterly one put out by the Urban Redevelopment Authority (URA).

The SRPI can serve as a reference index that will help expand the suite of property-based financial products, such as property derivatives.

The index is based on the transacted prices of a selected basket that broadly represents the target market. Therefore, landed homes, projects that are more than a decade old, and those that are small, rarely traded or targeted for collective sales, are excluded.

The basket will change every two years to reflect changes in the completed stock of private non-landed homes.

Its initial make-up comprises 74,359 units in 364 projects across 26 postal districts, completed between October 1998 and September last year.

Also, the SRPI takes into account the address, completion date, tenure, leasehold maturity, floor level and strata area of all units in the completed projects in this basket.

The URA property price index, on the other hand, is designed to provide the general public and industry players with a broad indication of price trends in the private residential market, a URA spokesman said.

It is thus compiled based on all types of transactions (that is, new sales, sub-sales and resales) and covers both landed and non-landed private homes.

Also, the URA releases price indices for both non-landed and landed properties.

In particular, URA's index includes prices of uncompleted units sold by developers and sub-sales. Such transactions account for about half of all transactions, said the spokesman.

The SRPI has only two sub-indices by region - central and non-central areas.

Already, its flash data for January showed a rise in prices that month.

The data shows that resale prices in the non-central regions have now exceeded the previous high in January 2008 by 4.5 per cent.

However, the prices for the central region are still about 10 per cent below the previous peak.

Associate Professor Lum Sau Kim, who led the NUS project, said one key feature of the SRPI is that it will not be unduly influenced by small numbers of transactions in a quiet market.

The impact of one-off extremely high or low prices will also be dampened, she said.

Knight Frank chairman Tan Tiong Cheng said: 'Now we have a very clear, transparent and timely index. The lag period is only one month. The main difference is that the URA indices are computed based on the moving average of the value of transactions over the last 12 quarters, so there's a greater lag effect.'

Besides the timing, Cushman & Wakefield managing director Donald Han pointed out that the SRPI should provide a more accurate picture as its basket does not include new launches. These are typically priced higher than the market and may not reflect the state of the overall market.

Mr Simon Cheong, president of the Real Estate Developers' Association of Singapore, said at the launch of the index that an index like the SRPI, computed based on the market value of a fixed reference basket of properties over time, 'can better reflect the actual movement in price'.

'We are all well aware of how, for example, the current proliferation of 'micro apartments' can distort the picture and send a wrong signal to the market when only median prices of all transactions are tracked and reported,' he said.

This is because these micro units, which can be 500 sq ft or less, are sold at a higher per sq ft price. As prices rise, units shrink to keep the total quantum price at an affordable level.

The index, updated on the 28th of every month, is available at www.ires.nus.edu.sg/srpi.aspx

joyceteo@sph.com.sg