800,000 HDB households to receive $106m utility rebates
Jan 4, 2010 - PropertyGuru.com.sg
Around 800,000 HDB households will receive utilities U-Save rebates worth $106 million in 2010. The $60 million initial payout will be made in January, with the next payout expected in July.
Based on the schedule that the Ministry of Finance (MOF) released yesterday, households with one and two rooms will receive rebates amounting to $200 this year. Executive flats will receive $55; $160 for three-room flats; $150 for four-room flats; and $90 for five-room flats.
The U-Save rebates are aimed only at flats owned by Singaporeans. However, over the last few years, there has been a rise in Singapore-owned HDB flats being completely sublet, even involving non-citizen tenants.
The scheme has been revised from January this year onwards, with HDB flats fully sublet to non-citizens being ineligible for rebates.
HDB flats owned by Singaporeans, which are owner-occupied or sublet to at least one citizen tenant, will continue to receive rebates.
“U-Save rebates are used to offset utility charges directly. The amount of rebates in the forthcoming payout will be reflected in the utility bills for January 2010 of all eligible households,” said the MOF.
Intended to help Singaporeans cope with earlier two-percentage point increases in goods and services tax (GST), these rebates are part of the GST Offset Package in Budget 2007. The government will have to spend for the scheme around $620 million for a period of five years from 2007 to 2011.
Tuesday, January 5, 2010
2009 was an easy year for investors; and now comes 2010
2009 was an easy year for investors; and now comes 2010
Jan 4, 2010 - PropertyGuru.com.sg
Investing in 2009 was very easy for some people – just invest in oversold riskier assets and wait for them to rise. However, 2010 could be a difficult time, requiring selection and market timing to get the best results.
Many investors felt that the financial system would not collapse into a new Great Depression era, and as a result, many riskier assets like high-yielding bonds and stocks were sold off.
The gain last year came mostly from across-the-board buying, about 30 percent from world stocks year-to-date.
The more sold-off an asset had accounted, the higher it increased as investors almost indiscriminately charged out in what, by then, become virtually zero-yielding cash funds in favour of any yield they could find.
It was triggered by the authorities saying they would not let another major bank go under.
Entering 2010, however, a lot have changed. Large price increments are eaten up by what were seen as historic opportunities and central banks are preparing to improve the liquidity. Some 2009 correlations are now falling apart, leaving investors to work harder.
"2010 is going to be a year of discrimination with a very long bias towards quality," said Bob Parker, vice-chairman of the asset management arm for Credit Suisse.
The need of selective thinking also comes from the global economy, which is both fragile and uneven. Investors become more cautious about investment backdrop and as a result, caution intensified by debt problem in Greece, Spain and Dubai.
"Cyclical tailwinds and structural headwinds" is how William De Vijlder, the global chief investment officer of Fortis Investments, described the current investment situation.
While emerging markets remain the favourite options for many investors this year, the focus is mainly on fiscally good countries in Asia like China, rather than on Eastern Europe.
"(There will be) more differentiation rather than just buying an asset class or region," said Wayne Bowers, chief executive officer for Northern Trust Global Investments' international division.
Jan 4, 2010 - PropertyGuru.com.sg
Investing in 2009 was very easy for some people – just invest in oversold riskier assets and wait for them to rise. However, 2010 could be a difficult time, requiring selection and market timing to get the best results.
Many investors felt that the financial system would not collapse into a new Great Depression era, and as a result, many riskier assets like high-yielding bonds and stocks were sold off.
The gain last year came mostly from across-the-board buying, about 30 percent from world stocks year-to-date.
The more sold-off an asset had accounted, the higher it increased as investors almost indiscriminately charged out in what, by then, become virtually zero-yielding cash funds in favour of any yield they could find.
It was triggered by the authorities saying they would not let another major bank go under.
Entering 2010, however, a lot have changed. Large price increments are eaten up by what were seen as historic opportunities and central banks are preparing to improve the liquidity. Some 2009 correlations are now falling apart, leaving investors to work harder.
"2010 is going to be a year of discrimination with a very long bias towards quality," said Bob Parker, vice-chairman of the asset management arm for Credit Suisse.
The need of selective thinking also comes from the global economy, which is both fragile and uneven. Investors become more cautious about investment backdrop and as a result, caution intensified by debt problem in Greece, Spain and Dubai.
"Cyclical tailwinds and structural headwinds" is how William De Vijlder, the global chief investment officer of Fortis Investments, described the current investment situation.
While emerging markets remain the favourite options for many investors this year, the focus is mainly on fiscally good countries in Asia like China, rather than on Eastern Europe.
"(There will be) more differentiation rather than just buying an asset class or region," said Wayne Bowers, chief executive officer for Northern Trust Global Investments' international division.
Main market themes for 2010
Main market themes for 2010
Jan 4, 2010 - PropertyGuru.com.sg
It is interesting to ponder what the main market themes for 2010 may be, as the second-liners and window-dressing of blue chips had been completed for 2009.
Property brokers have been busy over the past month with their market outlook reports, which all leans towards the positive. However, what is shocking is that most brokers only have modest upside targets, suggesting caution has gradually crept into the market.
UBS Investment Research was one of the first with a Dec 2, 2009 report that said domestic sectors’ earnings revisions must support an upbeat market in 2010, mainly in the first half. However, volatility could increase later due to potential US interest rate hikes.
Below is the list of market outlooks that are stated in the report:
The job market could strongly bounce back in the first half of 2010. Ongoing hiring intentions have increased sharply, particularly in banking and finance.
The upward domestic demand, followed by a structural revival in tourism, must portend well for domestic services stocks.
The government is expected to stay vigilant on a possible asset bubble forming in residential property, without let-up in negative policy risk.
Volatility in the market typically increases sharply at various points in Fed funds policy.
The end-2010 target of UBS for the Straits Times Index is 3,200, which translates to a 16.5 forward price-earnings ratio, -17.5 percent earnings per share growth in 2009, and +27 percent in 2010.
The end-2010 STI target of Credit Suisse is not far away from that of UBS at 3,180. Based on the Dec 1, 2009 report, there are three themes to consider: the launching of the two casinos, which are expected to boost tourism; consensus earnings upgrades; and cash-rich firms returning money to shareholders through special dividends.
“Rolling forward to a projected 2011 return on equity of 12 per cent and maintaining a five-year average price/book of 1.88x, we arrive at our new 2010 MSCI Index target of 388 for Singapore,” Credit Suisse said, adding that this works out to an STI of 3,180. It said it is underweight on capital goods and telecoms, but overweight on banks, transport and property.
Based on the economics-markets strategy of DBS for 2010, the local economy will grow at a more restrained pace. It said that there are cooling signs, as the economy shifts to a flatter growth trajectory, now expecting the taking over of the services sector as major growth pillar. DBS also stressed its preference for the Singapore market.
In the Dec 16, 2009 global equity strategy, Morgan Stanley said that it still likes equities, but expects increasing risks. “We think 2010 will start strong but that markets will have overshot fair value,” it said. “We expect only single-digit returns for global equities for the full year but the risks are slanted to a worse outcome.”
Jan 4, 2010 - PropertyGuru.com.sg
It is interesting to ponder what the main market themes for 2010 may be, as the second-liners and window-dressing of blue chips had been completed for 2009.
Property brokers have been busy over the past month with their market outlook reports, which all leans towards the positive. However, what is shocking is that most brokers only have modest upside targets, suggesting caution has gradually crept into the market.
UBS Investment Research was one of the first with a Dec 2, 2009 report that said domestic sectors’ earnings revisions must support an upbeat market in 2010, mainly in the first half. However, volatility could increase later due to potential US interest rate hikes.
Below is the list of market outlooks that are stated in the report:
The job market could strongly bounce back in the first half of 2010. Ongoing hiring intentions have increased sharply, particularly in banking and finance.
The upward domestic demand, followed by a structural revival in tourism, must portend well for domestic services stocks.
The government is expected to stay vigilant on a possible asset bubble forming in residential property, without let-up in negative policy risk.
Volatility in the market typically increases sharply at various points in Fed funds policy.
The end-2010 target of UBS for the Straits Times Index is 3,200, which translates to a 16.5 forward price-earnings ratio, -17.5 percent earnings per share growth in 2009, and +27 percent in 2010.
The end-2010 STI target of Credit Suisse is not far away from that of UBS at 3,180. Based on the Dec 1, 2009 report, there are three themes to consider: the launching of the two casinos, which are expected to boost tourism; consensus earnings upgrades; and cash-rich firms returning money to shareholders through special dividends.
“Rolling forward to a projected 2011 return on equity of 12 per cent and maintaining a five-year average price/book of 1.88x, we arrive at our new 2010 MSCI Index target of 388 for Singapore,” Credit Suisse said, adding that this works out to an STI of 3,180. It said it is underweight on capital goods and telecoms, but overweight on banks, transport and property.
Based on the economics-markets strategy of DBS for 2010, the local economy will grow at a more restrained pace. It said that there are cooling signs, as the economy shifts to a flatter growth trajectory, now expecting the taking over of the services sector as major growth pillar. DBS also stressed its preference for the Singapore market.
In the Dec 16, 2009 global equity strategy, Morgan Stanley said that it still likes equities, but expects increasing risks. “We think 2010 will start strong but that markets will have overshot fair value,” it said. “We expect only single-digit returns for global equities for the full year but the risks are slanted to a worse outcome.”
Construction on Menara YNH to begin in six months
Construction on Menara YNH to begin in six months
Jan 4, 2010 - PropertyGuru.com.sg
YNH Property Bhd is expecting to start work of its proposed Menara YNH project in the next six months.
Although Kuwait Finance House Bhd (KFH) cancelled the plan to purchase one of the two office blocks at Menara YNH two weeks ago, YNH said it would still carry on with the development of the project.
Early last year, KFH offered to acquire a 50 percent interest of the office blocks of Menara YNH from YNH Land Sdn Bhd, which is a wholly-owned subsidiary of YNH Property.
Daniel Chan, head of corporate strategy for YNH, said it was currently making some adjustments to the project design to improve the tenant space by 10 to 15 percent.
The project, which is according to the specifications of the Green Building Index, will have a total net space of 1.5 million square feet.
“We will be resubmitting the amended project plan for approval. The development order was obtained last December,” said Mr. Chan.
He said the project was among YNH’s target and expected to be completed within five years.
It will have two 45-storey office blocks; each will have a net space of 600,000 square feet to be constructed at the top of a three-storey retail podium. Additionally, its gross development value (GDV) is expected to be around RM 2 billion, or RM 1,500 psf.
Mr. Chan said the construction of the retail podium will be prioritised and it is expected to be completed in three years.
Several foreign and local investors signed early last year the RM300 million sale and purchase agreement for the 300,000 sq ft retail space.
On whether the YNH is looking for another buyer for the other parts of the project, Mr. Chan said: “We are not in any hurry to sell unless a good offer turns up. So far, we are talking to a few interested parties. With the strategic location of the property, we are confident of good interest and sealing a good deal.”
He added that the company is keeping its option open and that several parties offered a joint-venture partnership for the project or purchase over the property.
“We are optimistic of the project as its value has appreciated. When the project was first mulled three to four years ago, its GDV was only RM1bil but, today, its value has doubled.”
Jan 4, 2010 - PropertyGuru.com.sg
YNH Property Bhd is expecting to start work of its proposed Menara YNH project in the next six months.
Although Kuwait Finance House Bhd (KFH) cancelled the plan to purchase one of the two office blocks at Menara YNH two weeks ago, YNH said it would still carry on with the development of the project.
Early last year, KFH offered to acquire a 50 percent interest of the office blocks of Menara YNH from YNH Land Sdn Bhd, which is a wholly-owned subsidiary of YNH Property.
Daniel Chan, head of corporate strategy for YNH, said it was currently making some adjustments to the project design to improve the tenant space by 10 to 15 percent.
The project, which is according to the specifications of the Green Building Index, will have a total net space of 1.5 million square feet.
“We will be resubmitting the amended project plan for approval. The development order was obtained last December,” said Mr. Chan.
He said the project was among YNH’s target and expected to be completed within five years.
It will have two 45-storey office blocks; each will have a net space of 600,000 square feet to be constructed at the top of a three-storey retail podium. Additionally, its gross development value (GDV) is expected to be around RM 2 billion, or RM 1,500 psf.
Mr. Chan said the construction of the retail podium will be prioritised and it is expected to be completed in three years.
Several foreign and local investors signed early last year the RM300 million sale and purchase agreement for the 300,000 sq ft retail space.
On whether the YNH is looking for another buyer for the other parts of the project, Mr. Chan said: “We are not in any hurry to sell unless a good offer turns up. So far, we are talking to a few interested parties. With the strategic location of the property, we are confident of good interest and sealing a good deal.”
He added that the company is keeping its option open and that several parties offered a joint-venture partnership for the project or purchase over the property.
“We are optimistic of the project as its value has appreciated. When the project was first mulled three to four years ago, its GDV was only RM1bil but, today, its value has doubled.”
Property speculators now target the APAC region
Property speculators now target the APAC region
Jan 4, 2010 - PropertyGuru.com.sg
The meltdown of US property prices did not affect the enthusiasm of many home buyers in other countries, especially in Asia.
Home prices in most parts of Asia-Pacific continue to surge. But solid demand for apartments, houses and villas, coupled with a stimulus package and low interest rates, fuelled the major price increase in late 2008 and early 2009.
Singapore home prices soared 15.75 percent in Q3 2008, prompting the government to denounce property speculation and warn about a market bubble forming.
In Australia, home prices have solidified and started to rise again, despite being described by others as “unaffordable prices”. On the other side of the country, home buyers in Perth are also facing price increases as the state and city enjoys a buoyant economy due to a resources boom happening in the northwest of the state.
In China, particularly in Shanghai and Beijing, increasing demand pushed the prices to a high level, with many people now calling the property boom a "bubble". The Chinese government already implemented measures to limit price increases and is considering further measures.
Chinese Premier Wen Jiabao last week told Xinhua news agency, “property prices have risen too quickly,” and pledged to control any speculations.
Jan 4, 2010 - PropertyGuru.com.sg
The meltdown of US property prices did not affect the enthusiasm of many home buyers in other countries, especially in Asia.
Home prices in most parts of Asia-Pacific continue to surge. But solid demand for apartments, houses and villas, coupled with a stimulus package and low interest rates, fuelled the major price increase in late 2008 and early 2009.
Singapore home prices soared 15.75 percent in Q3 2008, prompting the government to denounce property speculation and warn about a market bubble forming.
In Australia, home prices have solidified and started to rise again, despite being described by others as “unaffordable prices”. On the other side of the country, home buyers in Perth are also facing price increases as the state and city enjoys a buoyant economy due to a resources boom happening in the northwest of the state.
In China, particularly in Shanghai and Beijing, increasing demand pushed the prices to a high level, with many people now calling the property boom a "bubble". The Chinese government already implemented measures to limit price increases and is considering further measures.
Chinese Premier Wen Jiabao last week told Xinhua news agency, “property prices have risen too quickly,” and pledged to control any speculations.
Singapore residential market expected to recover this year
Singapore residential market expected to recover this year
Jan 4, 2010 - PropertyGuru.com.sg
2010 will see a recovery of the residential market in Singapore, said Chief Executive Lim Ee Seng of Frasers Centrepoint.
“We expected 2009 to be a very bad year for us but it turned out to be a good year,” said Managing Director Lim Yew Soon of EL Development.
Dr. Chua Yang Liang, Jones Lang LaSalle's head of South-east Asia research, agreed: “It's been a remarkable year - with transaction and pricing outperforming expectations, driven by latent demand, low interest rates and primed by lower pricing.”
Prices and sales of new private homes picked up significantly from April. It was a turnaround from Q1, when sellers were cutting prices just to offload their homes.
At the start of the year, as the private homes market swung hastily from hopelessness to 'unwarranted enthusiasm' by mid-2009, this year turned out to be a 'record-breaking' one, said Chua Chor Hoon, DTZ head of research for South-east Asia.
Record monthly and quarterly highs were achieved from sales and launches of new private homes, while some new launches outside the city area sold at record prices, Ms. Chua said.
Landed home resale located in prime districts also reach record prices, while home prices in resale mass market rebounded within two quarters to hit the 2007 peak levels, added Ms. Chua.
Jan 4, 2010 - PropertyGuru.com.sg
2010 will see a recovery of the residential market in Singapore, said Chief Executive Lim Ee Seng of Frasers Centrepoint.
“We expected 2009 to be a very bad year for us but it turned out to be a good year,” said Managing Director Lim Yew Soon of EL Development.
Dr. Chua Yang Liang, Jones Lang LaSalle's head of South-east Asia research, agreed: “It's been a remarkable year - with transaction and pricing outperforming expectations, driven by latent demand, low interest rates and primed by lower pricing.”
Prices and sales of new private homes picked up significantly from April. It was a turnaround from Q1, when sellers were cutting prices just to offload their homes.
At the start of the year, as the private homes market swung hastily from hopelessness to 'unwarranted enthusiasm' by mid-2009, this year turned out to be a 'record-breaking' one, said Chua Chor Hoon, DTZ head of research for South-east Asia.
Record monthly and quarterly highs were achieved from sales and launches of new private homes, while some new launches outside the city area sold at record prices, Ms. Chua said.
Landed home resale located in prime districts also reach record prices, while home prices in resale mass market rebounded within two quarters to hit the 2007 peak levels, added Ms. Chua.
Strong demand for The Shore Residences
Strong demand for The Shore Residences
Dec 31, 2009
Property developer Far East Organization said its newest project, The Shore Residences, saw strong demand since the start of its preview two weeks ago.
The 408-unit The Shore Residences is located in the Katong area.
The property developer said more than 70 units were sold and interested buyers have also registered for the units, which will have its official launch on January 21 next year.
Among the units, the one- and two-room units were the most popular.
Far East said that almost all of the 84 one-room units, with a price of $658,000 each, were sold out.
The two-room units, which make up the majority of the residential units, are about $1.1 million each.
The Shore Residences is expected to be fully launched in 2015.
Dec 31, 2009
Property developer Far East Organization said its newest project, The Shore Residences, saw strong demand since the start of its preview two weeks ago.
The 408-unit The Shore Residences is located in the Katong area.
The property developer said more than 70 units were sold and interested buyers have also registered for the units, which will have its official launch on January 21 next year.
Among the units, the one- and two-room units were the most popular.
Far East said that almost all of the 84 one-room units, with a price of $658,000 each, were sold out.
The two-room units, which make up the majority of the residential units, are about $1.1 million each.
The Shore Residences is expected to be fully launched in 2015.
Report reveals the UK's most expensive places to purchase property
Report reveals the UK's most expensive places to purchase property
Dec 31, 2009 - PropertyGuru.com.sg
Chelsea and Kensington in London are the most expensive places in the UK to purchase real estate, with half of the most expensive residential area in the borough.
The average price for a real estate property in the Wycombe Square is about £5.4 million.
Overall, five out of the nine regions of Wales and England have an average home cost of over £1 million, according to the new report by Halifax.
Moles Hill in Leatherhead is the most expensive street outside the capital, with an average real estate property costing about £2.6 million. This is followed by Leys Road, also located in Leatherhead, and Woodlands Road West in Virginia Water, both offering £2.5 million for an average property.
Park Lane in Altrincham and Withinlee Road in Macclesfield are the most costly streets outside of southern England, with each property costing around £1.2 million.
Druidstone Road in Cardiff, on the other hand, has the most expensive residential street within Wales, at £621,000 per property.
Halifax’s housing economist, Nitesh Patel, said that it is not a surprise that most of the highly expensive residential streets are located in the Royal Borough of Chelsea and Kensington, with over half of the 30 highly expensive London streets in the borough.
“Kensington and Chelsea has long had a global appeal but the fall in the value of sterling has helped to attract foreign buyers over the past year despite the worldwide economic recession,” Patel said. “Across most regions, the survey shows that the most expensive streets are tightly clustered within the same area.”
In Edinburgh, the most expensive street is the Warriston Crescent, a row of luxury townhouses next to the Water of Leith, with each property costing about £960,671, according to the separate report of the Bank of Scotland.
Edinburg has six of the ten most expensive streets in Scotland.
The Drumsheugh Gardens is the second in the list, with housing prices fetching to £883,254, followed by Merchiston Gardens, where property prices reaching £672,856.
Additionally, the most expensive street outside Edinburgh is the Morningfield Road, which is located in the west end of Aberdeen, with average property reaching £592,297.
Glasgow’s most expensive street is the Royal Gardens, at £571,500 per average property while Victoria Park Gardens South in Broomhill, has an average property price of £523,429.
Dec 31, 2009 - PropertyGuru.com.sg
Chelsea and Kensington in London are the most expensive places in the UK to purchase real estate, with half of the most expensive residential area in the borough.
The average price for a real estate property in the Wycombe Square is about £5.4 million.
Overall, five out of the nine regions of Wales and England have an average home cost of over £1 million, according to the new report by Halifax.
Moles Hill in Leatherhead is the most expensive street outside the capital, with an average real estate property costing about £2.6 million. This is followed by Leys Road, also located in Leatherhead, and Woodlands Road West in Virginia Water, both offering £2.5 million for an average property.
Park Lane in Altrincham and Withinlee Road in Macclesfield are the most costly streets outside of southern England, with each property costing around £1.2 million.
Druidstone Road in Cardiff, on the other hand, has the most expensive residential street within Wales, at £621,000 per property.
Halifax’s housing economist, Nitesh Patel, said that it is not a surprise that most of the highly expensive residential streets are located in the Royal Borough of Chelsea and Kensington, with over half of the 30 highly expensive London streets in the borough.
“Kensington and Chelsea has long had a global appeal but the fall in the value of sterling has helped to attract foreign buyers over the past year despite the worldwide economic recession,” Patel said. “Across most regions, the survey shows that the most expensive streets are tightly clustered within the same area.”
In Edinburgh, the most expensive street is the Warriston Crescent, a row of luxury townhouses next to the Water of Leith, with each property costing about £960,671, according to the separate report of the Bank of Scotland.
Edinburg has six of the ten most expensive streets in Scotland.
The Drumsheugh Gardens is the second in the list, with housing prices fetching to £883,254, followed by Merchiston Gardens, where property prices reaching £672,856.
Additionally, the most expensive street outside Edinburgh is the Morningfield Road, which is located in the west end of Aberdeen, with average property reaching £592,297.
Glasgow’s most expensive street is the Royal Gardens, at £571,500 per average property while Victoria Park Gardens South in Broomhill, has an average property price of £523,429.
Japan Land appoints new managing director
Japan Land appoints new managing director
Dec 31, 2009 - PropertyGuru.com.sg
Japan Land, a Mainboard-listed property investment company, said last Wednesday that it has appointed Leow Tet Sin as the new managing director and member of the company’s nominating committee, effective from December 23.
The recent appointment settles a conflict of interest issue that has overwhelmed the company since November, when Sin Boon Ann, a member of parliament for Tampines and Japan Land's independent director and lawyer, resigned from the board.
Mr. Sin vacated the board of directors, claiming that he is not satisfied that the company has enough control of Japan Asia Land Limited, its operating subsidiary.
The spotlight was also directed on a possible conflict of interest as Mitsutoshi Ono, one of the former managing directors of Japan Land, was at the same time the president of Japan Asia Land, the firm's subsidiary.
Mr. Ono has resigned as managing director and presently does not sit on the company's board of directors.
With Mr. Leow’s appointment, the company affirmed that there are no changes to the composition of the other Board Committees.
Dec 31, 2009 - PropertyGuru.com.sg
Japan Land, a Mainboard-listed property investment company, said last Wednesday that it has appointed Leow Tet Sin as the new managing director and member of the company’s nominating committee, effective from December 23.
The recent appointment settles a conflict of interest issue that has overwhelmed the company since November, when Sin Boon Ann, a member of parliament for Tampines and Japan Land's independent director and lawyer, resigned from the board.
Mr. Sin vacated the board of directors, claiming that he is not satisfied that the company has enough control of Japan Asia Land Limited, its operating subsidiary.
The spotlight was also directed on a possible conflict of interest as Mitsutoshi Ono, one of the former managing directors of Japan Land, was at the same time the president of Japan Asia Land, the firm's subsidiary.
Mr. Ono has resigned as managing director and presently does not sit on the company's board of directors.
With Mr. Leow’s appointment, the company affirmed that there are no changes to the composition of the other Board Committees.
Greenlodge Condo up for en bloc sale, with $135m asking price
Greenlodge Condo up for en bloc sale, with $135m asking price
Dec 31, 2009 - PropertyGuru.com.sg
Owners at Greenlodge Condominium in Toh Tuck Road launched its freehold estate for en bloc sale. This was prompted by the improving property market.
They are asking for $135 million for the site, which translates to $683 per square foot per plot ratio (psf ppr), including the development charge.
The 14,000-sq-ft freehold land currently comprises 80 units.
Newman & Goh, the marketing agent of Greenlodge Condo, believes that the site can be potentially redeveloped to 211 units of boutique apartments at an average size of 1,000 sq ft.
Newman & Goh expects to fetch no less than $1250 per sq ft for this new development project.
The collective tender for the site will close on January 13, 2010.
Dec 31, 2009 - PropertyGuru.com.sg
Owners at Greenlodge Condominium in Toh Tuck Road launched its freehold estate for en bloc sale. This was prompted by the improving property market.
They are asking for $135 million for the site, which translates to $683 per square foot per plot ratio (psf ppr), including the development charge.
The 14,000-sq-ft freehold land currently comprises 80 units.
Newman & Goh, the marketing agent of Greenlodge Condo, believes that the site can be potentially redeveloped to 211 units of boutique apartments at an average size of 1,000 sq ft.
Newman & Goh expects to fetch no less than $1250 per sq ft for this new development project.
The collective tender for the site will close on January 13, 2010.
Government to launch 10 sites for tender in H1 2010
Government to launch 10 sites for tender in H1 2010
Dec 31, 2009 - PropertyGuru.com.sg
The government announced that its industrial land sales programme will put 10 sites, including two on the confirmed list, up for tender in the first half of 2010.
Sites on the confirmed list will be launched for tender regardless of developers' interest.
The two sites on the confirmed list include a new site at Ubi Road 1 and a site at Tampines Industrial Avenue 4, which was formerly on the government’s reserve list.
The two confirmed sites have a total of 8.39 hectares site area.
The remaining sites are on the reserve list.
These sites will be launched for sale only after a developer commits to bid at or above the minimum price.
Only the Pioneer Road North site is new to the list.
The rest of the seven sites will be carried over from the reserve list in 2009. These include the Yishun Ave 6, Woodlands Ave 12, Toh Tuck Ave. and Serangoon North Ave 4.
Eight sites included on the reserve list have a total of 13.46 hectares site area.
Due to the uncertain market outlook in October 2008, the confirmed list was suspended then.
However, with the stronger demand seen this year, National Development Minister Mah Bow Tan announced in September 2009 that the confirmed list will be reinstated in the Government Land Sales (GLS) Programme for H1 2010.
Dec 31, 2009 - PropertyGuru.com.sg
The government announced that its industrial land sales programme will put 10 sites, including two on the confirmed list, up for tender in the first half of 2010.
Sites on the confirmed list will be launched for tender regardless of developers' interest.
The two sites on the confirmed list include a new site at Ubi Road 1 and a site at Tampines Industrial Avenue 4, which was formerly on the government’s reserve list.
The two confirmed sites have a total of 8.39 hectares site area.
The remaining sites are on the reserve list.
These sites will be launched for sale only after a developer commits to bid at or above the minimum price.
Only the Pioneer Road North site is new to the list.
The rest of the seven sites will be carried over from the reserve list in 2009. These include the Yishun Ave 6, Woodlands Ave 12, Toh Tuck Ave. and Serangoon North Ave 4.
Eight sites included on the reserve list have a total of 13.46 hectares site area.
Due to the uncertain market outlook in October 2008, the confirmed list was suspended then.
However, with the stronger demand seen this year, National Development Minister Mah Bow Tan announced in September 2009 that the confirmed list will be reinstated in the Government Land Sales (GLS) Programme for H1 2010.
ST : HDB prices hit new high
Jan 4, 2010
HDB prices hit new high
By Jessica Cheam
HDB resale flat prices rose about 8 per cent for 2009. -- ST PHOTO: STEPAHNIE YEOW
PRICES of Housing Board resale flats continued its relentless climb, rising 3.8 per cent in the fourth quarter of last year to hit a fresh record.
The Resale Price Index (RPI) hit 150.7 in the fourth quarter, up from 145.2 in the third quarter, according to flash estimate released by the HDB on Monday.
This means HDB resale flat prices rose about 8 per cent for 2009. Analysts say this is due to the nascent economic recovery and strong demand for resale flats.
HDB said on Monday it will continue to launch more build-to-order flats in 2010 'if there is sustained demand for new flats',.
It will ensure that there is an adequate supply of flats to meet prevailing housing needs, it said.
About 1,300 new flats will be launched for sale tomorrow in Choa Chu Kang and Hougang.
Full public housing data for the fourth quarter will be released on Jan 22.
HDB prices hit new high
By Jessica Cheam
HDB resale flat prices rose about 8 per cent for 2009. -- ST PHOTO: STEPAHNIE YEOW
PRICES of Housing Board resale flats continued its relentless climb, rising 3.8 per cent in the fourth quarter of last year to hit a fresh record.
The Resale Price Index (RPI) hit 150.7 in the fourth quarter, up from 145.2 in the third quarter, according to flash estimate released by the HDB on Monday.
This means HDB resale flat prices rose about 8 per cent for 2009. Analysts say this is due to the nascent economic recovery and strong demand for resale flats.
HDB said on Monday it will continue to launch more build-to-order flats in 2010 'if there is sustained demand for new flats',.
It will ensure that there is an adequate supply of flats to meet prevailing housing needs, it said.
About 1,300 new flats will be launched for sale tomorrow in Choa Chu Kang and Hougang.
Full public housing data for the fourth quarter will be released on Jan 22.
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