Suspect, Prospect or Customer?
Achieve better results by identifying the potential sale…..
FINDING leads to convert into sales is probably the most daunting part of a sales job. Good-quality leads are known as prospects, and they are what make sales possible.
Clearly, prospects are more than just a fancy pipe-dream of every stressed-out sales executive.
In fact, top sales professionals know to avoid wasting precious time and effort chasing leads that ultimately prove to be invalid.
Here is a four-step checklist to quickly and efficiently weed out dead-end leads and create a strong list of quality prospects.
1. Know who among your target audience will buy, and who won’t
To achieve the best results, you must learn to differentiate clearly between “suspects”,”prospect” and “customer”.
• A suspect is defined as someone who you think may have a need for your product.
• A prospect is someone who may buy from you. A suspect turns into a prospect if he signals:
1. a need or desire for your product,
2. the money and/or decision-making power to make a purchase, and
3. willingness to meet you to discuss a possible transaction.
• A customer is someone who has bought from you. Keep in mind that a customer may also have a need for other products you offer, and so becomes a prospect for these other items.
Prospecting, then, means to screen suspects into “prospects” or “non-prospects”.
By doing so, you then become certain about who on your list deserves your priority, moving on to the next stage of the sales process with the “prospects” group.
2. Refine you list further
To maximize your results, refine your list further to save time and effort.
In doing so, keep in mind that you want to zero in on the top-priority targets. Therefore, focus on need, clout or authority and willingness to purchase.
Strike out all suspects who :
• Have already obtained a similar product from a competitor; they would not have the need or want for your product in this case.
• Do not have the budget to buy from you due to impending insolvency, troubled finances or a freeze in spending. The exception is if your products are meant to help struggling companies.
3. Perform your initial prospecting
Having weeded out the dead-ends, your list now contains only good-quality suspects.
Follow these steps to help you start mining :
• Start by calculating how many suspects you need to convert to prospects to meet your sales quota. Work out how long it will take to convert the target number of suspects (determined above) into prospects.
For example, if cold-calling 10 suspects results in one prospect, and you need 30 prospects to make quota, then you need to cold-call 300 suspects.
Assuming you spend two-minutes on each cold call, you will need to spend a total of 10 hours cold-calling to reach your target number of suspects.
• Create a conversational script to use during a cold call to check whether your suspect has the need, budget and purchasing power.
• Cold calling can be daunting and demands the best from you. Take the time and space to prepare yourself for victory.
• You need to reach your goal of calling your target number of prospects. No ands, ifs or buts. So make certain that you are not disturbed. Then make your calls.
Remember that this part of the sales process is about prospecting, not selling, so resist the temptation to rattle off the benefits of your product.
But if the suspect brings up the desire to purchase, seize the opportunity to close the sale.
At the end of your prospect calling, you will have a list of prospects that will allow you to meet your quota.
4. Power tips for prospecting
Use the following tips to accelerate and improve the efficiency of the prospecting process described the Steps 2 and 3 above.
• Work from highest-quality suspect list you can find. The likelihood of a higher conversion rate from suspect to prospect increases with the amount of pre-qualification done. A list populated with referrals from existing customers is the best suspect list.
• Watch your timing. Motivation and attitude play a huge part in the quality of the cold calls you make. Being sensitive to the best time for cold calling makes the process more productive for both you and your suspect.
• Clos at all costs! When you become more effective at closing and selling, you won’t need to generate as many prospect to meet your quota.
If you fail to pay attention to your ability to close the sale, your competitors will benefit from the priming effect your sales efforts have created.
Always remember that a prospect is ready and willing to buy from someone. Let that someone be you.
Article by Aslam Sardar, managing director of The 8th Pinnacle, a training and consultancy firm that specializes in team-building, leadership, change management sales, negotiation and communication. For details, call 6323-1680, email aslam@8pinnacle.com or visit www.8pinnacle.com
Thursday, March 11, 2010
ST : Record prices eyed for West Coast condo
Mar 11, 2010
Record prices eyed for West Coast condo
The Vision units to be priced mostly at $1,000-$1,200 psf during preview
By Joyce Teo
ONE of Hong Kong's biggest developers, Cheung Kong, has made its intentions clear for a sleepy mass market corner of the West Coast.
It is asking what would be - if achieved - record prices for the area at a preview for The Vision, on West Coast Crescent.
The preview, starting tomorrow, involves the release of up to 100 units mostly priced at $1,000 to $1,200 per sq ft (psf). This puts the starting price for an 818 sq ft two-bedder at nearly $900,000.
Cheung Kong's vision is to develop a high-end project to be the area's most luxurious building, said sales manager Cannas Ho at a media briefing yesterday: 'We're not building a mass product, we're building a high-quality product.'
That may explain the relatively high pricing for a project in something of a backwater. A property expert noted there is no particular MRT advantage there.
Experts said if the units sell at the asking prices, it would be a record for the West Coast area.
Next door, Blue Horizon registered seven deals this year at $764 to $841 psf.
Last year, Far East Organization made the news when it launched the 329-unit Centro Residences in Ang Mo Kio at over $1,100 psf - a suburban record.
Ms Ho said it is targeting upgraders, families and expatriates, and has fielded more than 1,000 inquiries in the past fortnight.
A second phase will be offered by year-end. Pricing depends on the market then, 'but we must adjust it upwards', she said.
She said The Vision, to boast 281 apartments and 14 strata terrace units, is near the science and lifestyle hub one-north, and educational institutions.
The apartments are mostly between 818 sq ft and 1,604 sq ft, with two four-bedroom penthouses at 2,702 sq ft each. The two-bedder is the smallest unit.
Cheung Kong is packing The Vision with stylish fittings and branded appliances designed to give the 99-year leasehold project a luxurious vibe.
For instance, the kitchen comes with a Smeg induction cooker and electric oven and the bathroom has a Hansa rainforest shower with body jet.
A clubhouse, Sky Paragon, is on the top floor of the 33-storey building, with a gym, spa, bar and function room.
At the preview, Cheung Kong will release up to half of the 14 strata terrace units, each with a built-up area of about 5,000 sq ft. Interested parties will have to submit offers, said Ms Ho.
Cheung Kong clinched the site in a state tender in March 2008 with a bid of $305 psf per plot ratio (ppr). Last year, the developer paid a much higher than expected sum of about $533 psf ppr for an Upper Thomson Road plot.
Meanwhile, Sing Holdings will hold a preview of its 229-unit The Laurels at Cairnhill Road this weekend, concurrently in Singapore and Jakarta, while Tiong Aik will preview Coralis near Marine Parade tomorrow.
About 100 The Laurels units will be released with typical units priced at $2,600 to $3,050 psf.
Over 80 units have been sold since the first special sale to ex-owners, staff and business associates was held late last month at $2,500 to $2,900 psf.
joyceteo@sph.com.sg
An artist's impression of The Vision in West Coast Crescent. The apartments are mostly between 818 sq ft and 1,604 sq ft. -- PHOTO: CHEUNG KONG
Record prices eyed for West Coast condo
The Vision units to be priced mostly at $1,000-$1,200 psf during preview
By Joyce Teo
ONE of Hong Kong's biggest developers, Cheung Kong, has made its intentions clear for a sleepy mass market corner of the West Coast.
It is asking what would be - if achieved - record prices for the area at a preview for The Vision, on West Coast Crescent.
The preview, starting tomorrow, involves the release of up to 100 units mostly priced at $1,000 to $1,200 per sq ft (psf). This puts the starting price for an 818 sq ft two-bedder at nearly $900,000.
Cheung Kong's vision is to develop a high-end project to be the area's most luxurious building, said sales manager Cannas Ho at a media briefing yesterday: 'We're not building a mass product, we're building a high-quality product.'
That may explain the relatively high pricing for a project in something of a backwater. A property expert noted there is no particular MRT advantage there.
Experts said if the units sell at the asking prices, it would be a record for the West Coast area.
Next door, Blue Horizon registered seven deals this year at $764 to $841 psf.
Last year, Far East Organization made the news when it launched the 329-unit Centro Residences in Ang Mo Kio at over $1,100 psf - a suburban record.
Ms Ho said it is targeting upgraders, families and expatriates, and has fielded more than 1,000 inquiries in the past fortnight.
A second phase will be offered by year-end. Pricing depends on the market then, 'but we must adjust it upwards', she said.
She said The Vision, to boast 281 apartments and 14 strata terrace units, is near the science and lifestyle hub one-north, and educational institutions.
The apartments are mostly between 818 sq ft and 1,604 sq ft, with two four-bedroom penthouses at 2,702 sq ft each. The two-bedder is the smallest unit.
Cheung Kong is packing The Vision with stylish fittings and branded appliances designed to give the 99-year leasehold project a luxurious vibe.
For instance, the kitchen comes with a Smeg induction cooker and electric oven and the bathroom has a Hansa rainforest shower with body jet.
A clubhouse, Sky Paragon, is on the top floor of the 33-storey building, with a gym, spa, bar and function room.
At the preview, Cheung Kong will release up to half of the 14 strata terrace units, each with a built-up area of about 5,000 sq ft. Interested parties will have to submit offers, said Ms Ho.
Cheung Kong clinched the site in a state tender in March 2008 with a bid of $305 psf per plot ratio (ppr). Last year, the developer paid a much higher than expected sum of about $533 psf ppr for an Upper Thomson Road plot.
Meanwhile, Sing Holdings will hold a preview of its 229-unit The Laurels at Cairnhill Road this weekend, concurrently in Singapore and Jakarta, while Tiong Aik will preview Coralis near Marine Parade tomorrow.
About 100 The Laurels units will be released with typical units priced at $2,600 to $3,050 psf.
Over 80 units have been sold since the first special sale to ex-owners, staff and business associates was held late last month at $2,500 to $2,900 psf.
joyceteo@sph.com.sg
An artist's impression of The Vision in West Coast Crescent. The apartments are mostly between 818 sq ft and 1,604 sq ft. -- PHOTO: CHEUNG KONG
CNA : Second-best place for expats to raise kids
Second-best place for expats to raise kids
Posted: 11 March 2010 0726 hrs
SINGAPORE: The talk may be all about how to help foreigners fit in Singapore, but children of expatriates here seem to find it relatively easy to integrate.
Some 56 per cent of expat parents said their children are more socially integrated here than they were in their home countries, according to the world's largest survey of expats, Expat Explorer.
Not only did 71 per cent say their kids adapted "really well" to the education system here (compared to the global average of 49 per cent), 65 per cent said their children found it easy to make new friends (global average 50 per cent).
Expat kids fit in easiest in Australia. In contrast, expat kids in the United Kingdom and United States struggled the hardest to make friends and integrate.
These were the findings of the second annual survey issued by HSBC Bank International, which polled over 3,100 expats from more than 50 countries.
Overall, Singapore was ranked next best, behind Australia, for expats to raise a family. Nine in 10 expat parents living here felt they had moved to a safer, more childcare-friendly place for their youngsters.
Three in four said education standards were better than in their home country (global average 56 per cent), while 70 per cent felt childcare had improved since moving here (global average 50 per cent).
But the Republic was also rated one of the most expensive place to raise a child - 60 per cent said they now spend more on childcare.
As for providing an environment to raise healthy kids, expat children in Singapore ate the least junk food, according to the survey. But over a third tended to spend less time outdoors and playing sports after moving here.
Overall, the UK was indicated as the worst country for childcare and education.
Agreeing with the survey's findings was one expat based here - Mr Sebastian Arcuri, HSBC Bank International's head of personal financial services.
"As a father of three young children, all born in Singapore, I have been able to experience first-hand how child-friendly Singapore is and can vouch for the high standard of childcare available here," he said.
"I found it easy to enroll my children in local kindergartens and international schools, which provide a quality education as well as a conducive environment for them to make new friends and integrate into the community here ... Having lived in five different countries, I think Singapore is a great place to raise children and I am very glad the survey confirms this."
Posted: 11 March 2010 0726 hrs
SINGAPORE: The talk may be all about how to help foreigners fit in Singapore, but children of expatriates here seem to find it relatively easy to integrate.
Some 56 per cent of expat parents said their children are more socially integrated here than they were in their home countries, according to the world's largest survey of expats, Expat Explorer.
Not only did 71 per cent say their kids adapted "really well" to the education system here (compared to the global average of 49 per cent), 65 per cent said their children found it easy to make new friends (global average 50 per cent).
Expat kids fit in easiest in Australia. In contrast, expat kids in the United Kingdom and United States struggled the hardest to make friends and integrate.
These were the findings of the second annual survey issued by HSBC Bank International, which polled over 3,100 expats from more than 50 countries.
Overall, Singapore was ranked next best, behind Australia, for expats to raise a family. Nine in 10 expat parents living here felt they had moved to a safer, more childcare-friendly place for their youngsters.
Three in four said education standards were better than in their home country (global average 56 per cent), while 70 per cent felt childcare had improved since moving here (global average 50 per cent).
But the Republic was also rated one of the most expensive place to raise a child - 60 per cent said they now spend more on childcare.
As for providing an environment to raise healthy kids, expat children in Singapore ate the least junk food, according to the survey. But over a third tended to spend less time outdoors and playing sports after moving here.
Overall, the UK was indicated as the worst country for childcare and education.
Agreeing with the survey's findings was one expat based here - Mr Sebastian Arcuri, HSBC Bank International's head of personal financial services.
"As a father of three young children, all born in Singapore, I have been able to experience first-hand how child-friendly Singapore is and can vouch for the high standard of childcare available here," he said.
"I found it easy to enroll my children in local kindergartens and international schools, which provide a quality education as well as a conducive environment for them to make new friends and integrate into the community here ... Having lived in five different countries, I think Singapore is a great place to raise children and I am very glad the survey confirms this."
ST : Sports Hub on schedule
Mar 11, 2010
Sports Hub on schedule
By Rachel Lin
CONSTRUCTION of the much-postponed Sports Hub is still on track to begin in the middle of this year, Mr Teo Ser Luck, Senior Parliamentary Secretary at the Ministry of Community Development, Youth and Sports, said yesterday.
The entire complex should be up and running by the end of 2013 or early 2014, which is in line with the new target date set last November.
The Sports Hub, a $1.87 billion mega-project built through a public-private partnership, was originally slated to open this year. It would have been the venue of the 2013 SEA Games, had rising construction costs and last year's financial downturn not scuppered attempts to get it off the ground.
As it became harder to raise funds for the project, the hub's completion date was pushed back to next year, 2012 and now 2013. These delays forced Singapore to pull out of hosting the 2013 SEA Games last December.
Mr Michael Palmer (Pasir Ris-Punggol GRC) expressed frustration at the repeated postponements. 'We have had many final matches at the National Stadium and frankly, it's becoming a bit of a joke.'
The House was assured by Mr Teo that no further delays were expected. The consortium building the hub - Singapore Sports Hub Consortium - held a funding competition late last year and banks have shown considerable interest, he said.
Mr Teo defended the hub's public-private partnership model, saying it was not to blame for the delays.
'It harnesses the efficiencies, innovation, energy and financial rigour of private sector enterprise and banks to bring about a vibrant, compelling, viable and fully utilised public facility,' he said.
Sports Hub on schedule
By Rachel Lin
CONSTRUCTION of the much-postponed Sports Hub is still on track to begin in the middle of this year, Mr Teo Ser Luck, Senior Parliamentary Secretary at the Ministry of Community Development, Youth and Sports, said yesterday.
The entire complex should be up and running by the end of 2013 or early 2014, which is in line with the new target date set last November.
The Sports Hub, a $1.87 billion mega-project built through a public-private partnership, was originally slated to open this year. It would have been the venue of the 2013 SEA Games, had rising construction costs and last year's financial downturn not scuppered attempts to get it off the ground.
As it became harder to raise funds for the project, the hub's completion date was pushed back to next year, 2012 and now 2013. These delays forced Singapore to pull out of hosting the 2013 SEA Games last December.
Mr Michael Palmer (Pasir Ris-Punggol GRC) expressed frustration at the repeated postponements. 'We have had many final matches at the National Stadium and frankly, it's becoming a bit of a joke.'
The House was assured by Mr Teo that no further delays were expected. The consortium building the hub - Singapore Sports Hub Consortium - held a funding competition late last year and banks have shown considerable interest, he said.
Mr Teo defended the hub's public-private partnership model, saying it was not to blame for the delays.
'It harnesses the efficiencies, innovation, energy and financial rigour of private sector enterprise and banks to bring about a vibrant, compelling, viable and fully utilised public facility,' he said.
TODAY ONLINE : No hike, say some town councils
No hike, say some town councils
05:55 AM Mar 11, 2010
by Ong Dai Lin
SINGAPORE - Residents in at least seven People's Action Party (PAP) town councils can breathe a sigh of relief for the time being.
Despite rising electricity prices and maintenance costs, these town councils tell MediaCorp they will not be raising Service and Conservancy Charges (S&CC) for now. They are Ang Mo Kio-Yio Chu Kang, Bishan-Toa Payoh, East Coast, Holland-Bukit Panjang, Jalan Besar, Sembawang and Tampines.
This assurance comes after Aljunied and Jurong town councils revealed last week that they were increasing S&CC from next month. The town councils said that although their funds are sufficient to stave off a hike for now, a raise is inevitable in the future as costs keep growing.
Tampines Town Council chairman Masagos Zulkifli said: "We have no plans to raise S&CC fees at the moment but we are spending a lot of our funds on the Lift Upgrading Programme (LUP) and beautifying the place as Tampines is a relatively old town."
Mr Hawazi Daipi, chairman of Sembawang Town Council, said: "We've studied our finances and there is a need to consider increasing the fees in the future. But we want to hold on to the current fees for as long as possible ... despite the increasing costs."
To keep power bills down, the town council had in 2008 embarked on an energy-saving campaign, replacing 630 fluorescent-illuminated block signs with more energy-efficient LED ones. The lights in every other staircase landing were also turned off after midnight.
The last time all 14 PAP town councils raised S&CC was in 2004. In 2008, they had decided against another hike, following the Government's lead in freezing fees for its services because of high inflation.
Last year, because of the recession, Jurong Town Council held off increasing conservancy fees - but, MP Halimah Yacob (Jurong GRC) told MediaCorp, "costs incurred over the last few years mean that if we don't increase the fees … our service quality will be affected".
And yes, the town council does make use of energy-saving measures, but even so the rising costs impact each town council differently. "Some towns are newer and the cyclical maintenance costs are lower," explained Mdm Halimah.
Mr Hawazi agreed: "Their profiles and needs vary, and they will have different cost structures as well."
The other five PAP town councils - Hong Kah, Marine Parade, Pasir Ris-Punggol, Tanjong Pagar and West Coast - did not reply to MediaCorp queries by press time.
Hougang and Potong Pasir town councils, which are under the purview of the Workers' Party and Singapore People's Party respectively, also did not respond by press time.
Both had increased conservancy fees in 2007 by $2 to $9 and $2.50 to $8 per month, respectively.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
05:55 AM Mar 11, 2010
by Ong Dai Lin
SINGAPORE - Residents in at least seven People's Action Party (PAP) town councils can breathe a sigh of relief for the time being.
Despite rising electricity prices and maintenance costs, these town councils tell MediaCorp they will not be raising Service and Conservancy Charges (S&CC) for now. They are Ang Mo Kio-Yio Chu Kang, Bishan-Toa Payoh, East Coast, Holland-Bukit Panjang, Jalan Besar, Sembawang and Tampines.
This assurance comes after Aljunied and Jurong town councils revealed last week that they were increasing S&CC from next month. The town councils said that although their funds are sufficient to stave off a hike for now, a raise is inevitable in the future as costs keep growing.
Tampines Town Council chairman Masagos Zulkifli said: "We have no plans to raise S&CC fees at the moment but we are spending a lot of our funds on the Lift Upgrading Programme (LUP) and beautifying the place as Tampines is a relatively old town."
Mr Hawazi Daipi, chairman of Sembawang Town Council, said: "We've studied our finances and there is a need to consider increasing the fees in the future. But we want to hold on to the current fees for as long as possible ... despite the increasing costs."
To keep power bills down, the town council had in 2008 embarked on an energy-saving campaign, replacing 630 fluorescent-illuminated block signs with more energy-efficient LED ones. The lights in every other staircase landing were also turned off after midnight.
The last time all 14 PAP town councils raised S&CC was in 2004. In 2008, they had decided against another hike, following the Government's lead in freezing fees for its services because of high inflation.
Last year, because of the recession, Jurong Town Council held off increasing conservancy fees - but, MP Halimah Yacob (Jurong GRC) told MediaCorp, "costs incurred over the last few years mean that if we don't increase the fees … our service quality will be affected".
And yes, the town council does make use of energy-saving measures, but even so the rising costs impact each town council differently. "Some towns are newer and the cyclical maintenance costs are lower," explained Mdm Halimah.
Mr Hawazi agreed: "Their profiles and needs vary, and they will have different cost structures as well."
The other five PAP town councils - Hong Kah, Marine Parade, Pasir Ris-Punggol, Tanjong Pagar and West Coast - did not reply to MediaCorp queries by press time.
Hougang and Potong Pasir town councils, which are under the purview of the Workers' Party and Singapore People's Party respectively, also did not respond by press time.
Both had increased conservancy fees in 2007 by $2 to $9 and $2.50 to $8 per month, respectively.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
ST : Agent targeted foreigners in rental scam
Mar 11, 2010
Agent targeted foreigners in rental scam
A PART-TIME property agent duped eight foreigners in a rental scam and collected nearly $22,000 for herself and her accomplices.
Razieya Mohamed Ali was jailed for 11 months by a district court yesterday.
From November 2008 to February last year, the 34-year-old divorcee would post flats-for-rent advertisements on the Internet and invite foreigners working here to view the premises.
To entice them to sign the tenancy agreement after they had seen the flats, she would offer very low rents. She knew that the flats were occupied and by the time her victims found out, she and her accomplices would be long gone.
However, the police tracked her down.
She initially denied the charges and on the first day of the trial on Nov 30, her friend turned up instead. She claimed that Razieya had been raped by her former husband and was in no condition to attend court proceedings.
No police report or medical certificate was offered.
Assistant Public Prosecutor Santhra Aiyyasamy said yesterday that Razieya did not attend any police interview to substantiate the accusation.
Yesterday, the prosecutor asked for a deterrent sentence as Razieya had targeted foreigners, who were vulnerable to such scams.
Two of her accomplices were dealt with last year. Axley Alexander Ryan Shah, 40, a serial offender, was sentenced to six years' jail while Letchimi Kasinathan, 52, was sentenced to 2 1/2 years.
A third accomplice, Arul Rajoo Michael Rajoo, 39, remains at large.
The court heard that in January last year, he hatched a plan with Razieya and Ryan to offer his leased flat for rent to foreigners and to cheat them of the deposit and rental. Their victims included Chinese, Filipino, Indian and Myanmar nationals.
Razieya also conspired with Letchimi, whose son stayed in a rented flat in Lengkok Bahru, near Jalan Bukit Merah. Without his knowledge, they offered it to Mr Jun Ojima, 43, a Japanese working here as a golf coach, for $1,000 a month on Jan 1 last year.
He handed over a deposit of $1,000 but two days later, he complained that the rent was too high and the two women lowered it to $700 on the condition that he pay up six months in advance.
Payment was made but before he could move in, Razieya cancelled the agreement.
Agent targeted foreigners in rental scam
A PART-TIME property agent duped eight foreigners in a rental scam and collected nearly $22,000 for herself and her accomplices.
Razieya Mohamed Ali was jailed for 11 months by a district court yesterday.
From November 2008 to February last year, the 34-year-old divorcee would post flats-for-rent advertisements on the Internet and invite foreigners working here to view the premises.
To entice them to sign the tenancy agreement after they had seen the flats, she would offer very low rents. She knew that the flats were occupied and by the time her victims found out, she and her accomplices would be long gone.
However, the police tracked her down.
She initially denied the charges and on the first day of the trial on Nov 30, her friend turned up instead. She claimed that Razieya had been raped by her former husband and was in no condition to attend court proceedings.
No police report or medical certificate was offered.
Assistant Public Prosecutor Santhra Aiyyasamy said yesterday that Razieya did not attend any police interview to substantiate the accusation.
Yesterday, the prosecutor asked for a deterrent sentence as Razieya had targeted foreigners, who were vulnerable to such scams.
Two of her accomplices were dealt with last year. Axley Alexander Ryan Shah, 40, a serial offender, was sentenced to six years' jail while Letchimi Kasinathan, 52, was sentenced to 2 1/2 years.
A third accomplice, Arul Rajoo Michael Rajoo, 39, remains at large.
The court heard that in January last year, he hatched a plan with Razieya and Ryan to offer his leased flat for rent to foreigners and to cheat them of the deposit and rental. Their victims included Chinese, Filipino, Indian and Myanmar nationals.
Razieya also conspired with Letchimi, whose son stayed in a rented flat in Lengkok Bahru, near Jalan Bukit Merah. Without his knowledge, they offered it to Mr Jun Ojima, 43, a Japanese working here as a golf coach, for $1,000 a month on Jan 1 last year.
He handed over a deposit of $1,000 but two days later, he complained that the rent was too high and the two women lowered it to $700 on the condition that he pay up six months in advance.
Payment was made but before he could move in, Razieya cancelled the agreement.
BT : Grand Park Orchard to open in July
Business Times - 11 Mar 2010
Grand Park Orchard to open in July
(SINGAPORE) Grand Park Orchard - formerly known as Park Hotel Orchard - will be opening its doors in July after an $80 million makeover.
The five-star 308-room hotel at Orchard Road is Park Hotel Group's flagship property. Room rates are expected to be around $350 per night.
Grand Park Orchard will bring more sparkle to the shopping belt with an eight-storey-tall media wall. It will also add to food and beverage establishments in the area, with all-day restaurant Open House serving pizzas, dim sum, sandwiches, claypot dishes and roast meat; the Champagne Bar serving Veuve Clicquot cocktails; and the Onyx Bar.
Shoppers can also look forward to the opening of Grand Park Orchard's four-storey retail podium, Knightsbridge.
Park Hotel Group has positioned Knightsbridge as a space for luxury brands, and it will soon reveal the names taking residence.
It said that it has secured pre-commitments for more than 50 per cent of the space so far.
Park Hotel Group director Allen Law said that Grand Park Orchard 'represents the aspirations of the group as we scale the heights to be the leading hospitality chain in the Asia-Pacific'.
The hotel owner, developer and manager has eight properties across three countries. These include Park Hotel Clarke Quay and Grand Park City Hall in Singapore.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Five-star luxury: The 308-room hotel is Park Hotel Group's flagship property; room rates are expected to be around $350 per night
Grand Park Orchard to open in July
(SINGAPORE) Grand Park Orchard - formerly known as Park Hotel Orchard - will be opening its doors in July after an $80 million makeover.
The five-star 308-room hotel at Orchard Road is Park Hotel Group's flagship property. Room rates are expected to be around $350 per night.
Grand Park Orchard will bring more sparkle to the shopping belt with an eight-storey-tall media wall. It will also add to food and beverage establishments in the area, with all-day restaurant Open House serving pizzas, dim sum, sandwiches, claypot dishes and roast meat; the Champagne Bar serving Veuve Clicquot cocktails; and the Onyx Bar.
Shoppers can also look forward to the opening of Grand Park Orchard's four-storey retail podium, Knightsbridge.
Park Hotel Group has positioned Knightsbridge as a space for luxury brands, and it will soon reveal the names taking residence.
It said that it has secured pre-commitments for more than 50 per cent of the space so far.
Park Hotel Group director Allen Law said that Grand Park Orchard 'represents the aspirations of the group as we scale the heights to be the leading hospitality chain in the Asia-Pacific'.
The hotel owner, developer and manager has eight properties across three countries. These include Park Hotel Clarke Quay and Grand Park City Hall in Singapore.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Five-star luxury: The 308-room hotel is Park Hotel Group's flagship property; room rates are expected to be around $350 per night
BT : Sun Plaza goes on the market for over $300m
Business Times - 11 Mar 2010
Sun Plaza goes on the market for over $300m
Investment buzz in shopping centre scene; Alpha takes stake in Katong Mall
By KALPANA RASHIWALA
THE shopping centre investment scene seems to be abuzz. At least one property is being put on the market officially.
Sun Plaza, located between Sembawang MRT station and bus interchange, will be marketed through an expression of interest exercise.
The asking price for the 11-year-old mall, owned by Heeton Holdings and Koh Brothers, is understood to be in excess of $300 million or $2,000 per square foot (psf) of net lettable area.
The mall has seven levels, two of which are basement floors, and offers scope for asset enhancement work and repositioning to boost yields.
Meanwhile, over in the Katong area, a fund managed by Alpha Investment Partners is said to have taken a majority stake, believed to be around 70 per cent, in the consortium that bought Katong Mall late last year for $247.6 million.
The consortium, originated by former CapitaMalls Trust chief executive Pua Seck Guan, also includes China-based retailer Beijing Hualian Group and BreadTalk Group.
Katong Mall, located at the corner of East Coast and Joo Chiat roads, will be revamped and its net lettable area boosted by about 20 per cent.
Alpha, Keppel Land's fund management unit, has also been active in other segments of the property market. Another of its funds controls 90 per cent of a company that owns the newly spruced-up office block at Cecil Street known as The Spazio (formerly Dapenso Building).
In Shanghai, Alpha is expected to bag an upscale service apartment block from Morgan Stanley Real Estate in a transaction estimated at about 900 million yuan (S$184 million).
Over in Singapore's Sembawang area, CB Richard Ellis is handling the expression of interest exercise for Sun Plaza.
The property has been built to its maximum plot ratio; hence, it is being pitched for its asset enhancement potential.
For instance, a community library on the third level could be moved to a higher level with the library space decanted to create higher-value retail / restaurant space, for example, in basement 1.
As well, a cineplex on the fourth and fifth levels that was formerly operated by Eng Wah has been left vacant, presenting an opportunity for a new investor to reconfigure the space into smaller lots for lease to higher-paying tenants.
Sun Plaza's retail area is spread across six levels, including basement 1. Basement 2 is occupied by 260 carpark lots.
Currently, the average gross monthly rental for the mall is said to be about $8 per square foot but market watchers reckon that through asset enhancement works and improving tenant mix, it might be possible to raise this figure to $12-14 psf.
Sun Plaza is on a site with a remaining lease term of about 85 years. Tenants include NTUC FairPrice, Yamaha Music School, Taka Jewellery and Kopitiam.
Above Sun Plaza are 76 apartments which were sold by the developers years ago.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Hopeful: Currently, the average gross monthly rental for Sun Plaza is said to be about $8 psf but market watchers reckon that through asset enhancement works and improving tenant mix, it might be possible to raise this figure to $12-14 psf
Sun Plaza goes on the market for over $300m
Investment buzz in shopping centre scene; Alpha takes stake in Katong Mall
By KALPANA RASHIWALA
THE shopping centre investment scene seems to be abuzz. At least one property is being put on the market officially.
Sun Plaza, located between Sembawang MRT station and bus interchange, will be marketed through an expression of interest exercise.
The asking price for the 11-year-old mall, owned by Heeton Holdings and Koh Brothers, is understood to be in excess of $300 million or $2,000 per square foot (psf) of net lettable area.
The mall has seven levels, two of which are basement floors, and offers scope for asset enhancement work and repositioning to boost yields.
Meanwhile, over in the Katong area, a fund managed by Alpha Investment Partners is said to have taken a majority stake, believed to be around 70 per cent, in the consortium that bought Katong Mall late last year for $247.6 million.
The consortium, originated by former CapitaMalls Trust chief executive Pua Seck Guan, also includes China-based retailer Beijing Hualian Group and BreadTalk Group.
Katong Mall, located at the corner of East Coast and Joo Chiat roads, will be revamped and its net lettable area boosted by about 20 per cent.
Alpha, Keppel Land's fund management unit, has also been active in other segments of the property market. Another of its funds controls 90 per cent of a company that owns the newly spruced-up office block at Cecil Street known as The Spazio (formerly Dapenso Building).
In Shanghai, Alpha is expected to bag an upscale service apartment block from Morgan Stanley Real Estate in a transaction estimated at about 900 million yuan (S$184 million).
Over in Singapore's Sembawang area, CB Richard Ellis is handling the expression of interest exercise for Sun Plaza.
The property has been built to its maximum plot ratio; hence, it is being pitched for its asset enhancement potential.
For instance, a community library on the third level could be moved to a higher level with the library space decanted to create higher-value retail / restaurant space, for example, in basement 1.
As well, a cineplex on the fourth and fifth levels that was formerly operated by Eng Wah has been left vacant, presenting an opportunity for a new investor to reconfigure the space into smaller lots for lease to higher-paying tenants.
Sun Plaza's retail area is spread across six levels, including basement 1. Basement 2 is occupied by 260 carpark lots.
Currently, the average gross monthly rental for the mall is said to be about $8 per square foot but market watchers reckon that through asset enhancement works and improving tenant mix, it might be possible to raise this figure to $12-14 psf.
Sun Plaza is on a site with a remaining lease term of about 85 years. Tenants include NTUC FairPrice, Yamaha Music School, Taka Jewellery and Kopitiam.
Above Sun Plaza are 76 apartments which were sold by the developers years ago.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Hopeful: Currently, the average gross monthly rental for Sun Plaza is said to be about $8 psf but market watchers reckon that through asset enhancement works and improving tenant mix, it might be possible to raise this figure to $12-14 psf
BT : Cheung Kong has a grand Vision for the West Coast
Business Times - 11 Mar 2010
Cheung Kong has a grand Vision for the West Coast
By EMILYN YAP
CHEUNG Kong has set its sights on building the tallest - and perhaps priciest - condominium project in the West Coast area.
The Hong Kong developer will launch The Vision at West Coast Crescent this weekend. It plans to release no more than 100 units at the 99-year leasehold project, and the average asking price will range from $1,000-$1,200 per sq ft (psf).
The Vision comprises 281 apartments and 14 strata terrace units. The apartments will be housed in two towers - one with 33 levels and the other with 32. The project will be the tallest residential development in the area, said Cheung Kong sales manager Cannas Ho yesterday.
It will have two-, three- and four-bedroom units ranging from 818-1,604 sq ft. There will also be two penthouses. Going by the average asking price cited, a four-bedder could cost about $1.9 million.
The target psf price tag for units at The Vision looks high compared with those at developments nearby. Just next door is the 99-year leasehold Blue Horizon, which was launched around 2001. Units there went for $764-$808 psf last month, as caveats lodged show.
Homes at ClementiWoods Condominium in the vicinity changed hands at $836-$957 psf last month. It has a 99-year lease and entered the market in 2007.
But Cheung Kong is marketing The Vision as a high-end project in the West Coast area - and that probably shows in the asking prices.
According to the developer, the construction cost is 'high due to the quality finishes and high-end fittings used'.
For instance, Cheung Kong says it will cost about three times more to build a bathroom in The Vision than in a typical condominium.
The developer says it is confident there will be demand because of several factors. For one thing, the site is across the road from West Coast Park, and about 70 per cent of units will enjoy unblocked sea views.
The area is also popular with expatriates. And this is a group which The Vision is targeting, besides Singaporeans.
Ms Ho expects owner-occupiers to make up the majority of buyers, and says there have been plenty of enquiries. BT understands agents have collected cheques from potential buyers.
Chesterton Suntec International research and consultancy director Colin Tan reckons The Vision's target pricing could be 'a bit strong' for owner-occupiers. Investors would not mind paying, if they believe property prices will continue rising, but they tend to be more interested in one- bedroom units, he said.
'If the launch is successful, it will set the benchmark' for developments in the West Coast area, he said.
Elsewhere, more property launches are on their way. Agents are gathering interest for Ho Bee's Seascape and City Developments' The Residences at W, both at Sentosa Cove.
Sources say Seascape could be launched towards the end of the month, at asking prices of $2,700-$3,000 psf.
Agents are also advertising for Hong Leong Group's 76 Shenton Way, said to comprise mostly one and two-bedders. BT understands it could be previewed at month-end, and agents are quoting prices above $2,000 psf.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Cheung Kong has a grand Vision for the West Coast
By EMILYN YAP
CHEUNG Kong has set its sights on building the tallest - and perhaps priciest - condominium project in the West Coast area.
The Hong Kong developer will launch The Vision at West Coast Crescent this weekend. It plans to release no more than 100 units at the 99-year leasehold project, and the average asking price will range from $1,000-$1,200 per sq ft (psf).
The Vision comprises 281 apartments and 14 strata terrace units. The apartments will be housed in two towers - one with 33 levels and the other with 32. The project will be the tallest residential development in the area, said Cheung Kong sales manager Cannas Ho yesterday.
It will have two-, three- and four-bedroom units ranging from 818-1,604 sq ft. There will also be two penthouses. Going by the average asking price cited, a four-bedder could cost about $1.9 million.
The target psf price tag for units at The Vision looks high compared with those at developments nearby. Just next door is the 99-year leasehold Blue Horizon, which was launched around 2001. Units there went for $764-$808 psf last month, as caveats lodged show.
Homes at ClementiWoods Condominium in the vicinity changed hands at $836-$957 psf last month. It has a 99-year lease and entered the market in 2007.
But Cheung Kong is marketing The Vision as a high-end project in the West Coast area - and that probably shows in the asking prices.
According to the developer, the construction cost is 'high due to the quality finishes and high-end fittings used'.
For instance, Cheung Kong says it will cost about three times more to build a bathroom in The Vision than in a typical condominium.
The developer says it is confident there will be demand because of several factors. For one thing, the site is across the road from West Coast Park, and about 70 per cent of units will enjoy unblocked sea views.
The area is also popular with expatriates. And this is a group which The Vision is targeting, besides Singaporeans.
Ms Ho expects owner-occupiers to make up the majority of buyers, and says there have been plenty of enquiries. BT understands agents have collected cheques from potential buyers.
Chesterton Suntec International research and consultancy director Colin Tan reckons The Vision's target pricing could be 'a bit strong' for owner-occupiers. Investors would not mind paying, if they believe property prices will continue rising, but they tend to be more interested in one- bedroom units, he said.
'If the launch is successful, it will set the benchmark' for developments in the West Coast area, he said.
Elsewhere, more property launches are on their way. Agents are gathering interest for Ho Bee's Seascape and City Developments' The Residences at W, both at Sentosa Cove.
Sources say Seascape could be launched towards the end of the month, at asking prices of $2,700-$3,000 psf.
Agents are also advertising for Hong Leong Group's 76 Shenton Way, said to comprise mostly one and two-bedders. BT understands it could be previewed at month-end, and agents are quoting prices above $2,000 psf.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
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