Land parcel at Woodlands Avenue 12 up for public tender
05:55 AM Mar 12, 2010
SINGAPORE - A land parcel at Woodlands Avenue 12 is set to be launched for public tender by the end of the month.
The Urban Redevelopment Authority (URA) said it had accepted an application from a developer which had committed to bid a price of not less than $25 million for the industrial site.
The land parcel was made available for sale through the Reserve List System last year.
Under the system, the Government will put up a Reserve List Site for public tender if it receives an application from a developer who commits to bid for the site at or above the minimum price which is acceptable to the Government.
The land parcel has a site area of about 3.2 hectares and a maximum gross plot ratio of 2.5. It is accessible via a network of roads such as Woodlands Avenue 12 and Seletar Expressway. Admiralty MRT is located about 600 metres from the site. It can be developed for a variety of uses under "Business 1" zoning, which includes clean and light industries. The site has a lease period of 60 years.
URA will launch the public tender for the site in about two weeks.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
Friday, March 12, 2010
ST Forum : Leasing checklist for foreigners and bosses hiring them
Mar 12, 2010
Leasing checklist for foreigners and bosses hiring them
WITH reference to yesterday's report, 'Agent targeted foreigners in rental scam', we would like to offer the following guide to employers recruiting foreign talent as well as individual foreigners who are leasing residential properties in Singapore.
· Request for verification of property ownership such as the latest property tax statement or utilise the e-Valuation List service at the Internal Revenue Authority of Singapore (Iras) website to find out the name of the property owner for $2.50.
· If the property is an HDB flat, request for a copy of the Housing Board's approval letter to the landlord for subletting.
· Avoid paying a security deposit and advance rent by cash or cash cheque. Make out the cheque payable directly to the landlord. If you have no cheque account, buy a cashier's order with the appropriate payee's name.
· Whenever possible, make an appointment to meet the landlord to satisfy yourself that the prospective lease is in good faith.
· When responding to Internet advertisements, ensure that the source of the advertisement is from a credible website or property portal. If in doubt, contact the agency of the estate agent who posts the advertisement online to ensure it is not a hoax.
· Be aware of comparative rentals in the area where one is planning to lease a flat/ apartment and be wary of anyone who touts an incredibly low or attractive rental.
· Be sure that tenancy agreements signed are stamped by Iras as it is an offence to evade stamp duty on tenancy agreements. Moreover, if the tenancy agreement is not stamped, it may not be admissible in a court of law in the event of a legal dispute.
· Appoint an accredited estate agent or an agent from an accredited agency who has professional indemnity insurance.
Dr Tan Tee Khoon
Chief Executive Officer
Singapore Accredited Estate Agencies
Leasing checklist for foreigners and bosses hiring them
WITH reference to yesterday's report, 'Agent targeted foreigners in rental scam', we would like to offer the following guide to employers recruiting foreign talent as well as individual foreigners who are leasing residential properties in Singapore.
· Request for verification of property ownership such as the latest property tax statement or utilise the e-Valuation List service at the Internal Revenue Authority of Singapore (Iras) website to find out the name of the property owner for $2.50.
· If the property is an HDB flat, request for a copy of the Housing Board's approval letter to the landlord for subletting.
· Avoid paying a security deposit and advance rent by cash or cash cheque. Make out the cheque payable directly to the landlord. If you have no cheque account, buy a cashier's order with the appropriate payee's name.
· Whenever possible, make an appointment to meet the landlord to satisfy yourself that the prospective lease is in good faith.
· When responding to Internet advertisements, ensure that the source of the advertisement is from a credible website or property portal. If in doubt, contact the agency of the estate agent who posts the advertisement online to ensure it is not a hoax.
· Be aware of comparative rentals in the area where one is planning to lease a flat/ apartment and be wary of anyone who touts an incredibly low or attractive rental.
· Be sure that tenancy agreements signed are stamped by Iras as it is an offence to evade stamp duty on tenancy agreements. Moreover, if the tenancy agreement is not stamped, it may not be admissible in a court of law in the event of a legal dispute.
· Appoint an accredited estate agent or an agent from an accredited agency who has professional indemnity insurance.
Dr Tan Tee Khoon
Chief Executive Officer
Singapore Accredited Estate Agencies
ST : China firm tops bid for EC site
Mar 12, 2010
China firm tops bid for EC site
MCC's $281 psf bid for Yishun site beats experts' forecast of $150-$210 psf
By Joyce Teo
A CHINESE firm new to Singapore's residential development scene has topped the bidding for an executive condominium (EC) site in Yishun.
Beijing-headquartered MCC Land (Singapore), which lost out on last week's tender for an EC site in Sengkang, was the highest bidder for the 15,074 sq m Yishun plot.
Its $127.8 million bid, or $281.31 per sq ft (psf) of gross floor area, easily beat earlier analysts' expectations of $150-$210 psf of gross floor area.
Qingdao-based firm Qingjian Realty - which is behind the Natura Loft HDB design, build and sell scheme in Bishan - came in second, with a bid of $118.89 million or $261.71 psf of gross floor area.
Maxdin, part of United Engineers' unit Greatearth Holding, was edged into a close third place with its offer of $117 million or $257.53 psf of gross floor area.
Among the other unsuccessful contenders were Far East Organization, Sim Lian Land and Boon Keng Development.
Most bidders also tendered for the Sengkang site last week.
Many of them are construction companies with the know-how to control and manage building costs, and are well placed to keep development expenses as low as possible, experts noted.
'The results of this second EC site tender demonstrate developers' fervour in acquiring sites for mass-market housing,' said CBRE Research executive director Li Hiaw Ho.
MCC Land is part of listed Metallurgical Corporation of China, one of the world's largest engineering and construction firms.
It has provided engineering and construction services in Singapore, and in 2008 clinched a contract for Universal Studios Singapore at Resorts World Sentosa. Qingjian Realty also began operations here as a contractor.
The Yishun EC plot can yield about 385 units and is near the completed Lilydale EC project. In the resale market of January-February this year, units there were selling at between $510 psf and $540 psf.
Although not within walking distance of an MRT station, the Yishun site is close to Yishun Park, Orchid Country Club and Lower Seletar Reservoir.
CBRE Research said the winning bid will translate into a break-even price of around $520 psf.
At this level, the final selling price of the EC units is likely to be around $600-$650 psf, said Colliers International's executive director of investment sales Ho Eng Joo.
The winning bid, he said, took its cue from last week's Sengkang EC tender, which attracted a higher-than-expected top bid of $315 psf of gross floor area.
Mr Li said the success of the recent launch of The Estuary private condominium in Yishun Avenue 1 had boosted developer confidence in selling EC projects in this location to first-timers. Over 500 units of The Estuary were reportedly sold at a price of $750-$800 psf, he said.
The winners of the Sengkang and Yishun EC tenders have to set aside 95 per cent of units in the initial month of sale for first-time home buyers.
ECs were introduced in 1995 to bridge the gap between public housing and private apartments. Only those with a gross monthly household income of $10,000 or less can apply.
joyceteo@sph.com.sg
China firm tops bid for EC site
MCC's $281 psf bid for Yishun site beats experts' forecast of $150-$210 psf
By Joyce Teo
A CHINESE firm new to Singapore's residential development scene has topped the bidding for an executive condominium (EC) site in Yishun.
Beijing-headquartered MCC Land (Singapore), which lost out on last week's tender for an EC site in Sengkang, was the highest bidder for the 15,074 sq m Yishun plot.
Its $127.8 million bid, or $281.31 per sq ft (psf) of gross floor area, easily beat earlier analysts' expectations of $150-$210 psf of gross floor area.
Qingdao-based firm Qingjian Realty - which is behind the Natura Loft HDB design, build and sell scheme in Bishan - came in second, with a bid of $118.89 million or $261.71 psf of gross floor area.
Maxdin, part of United Engineers' unit Greatearth Holding, was edged into a close third place with its offer of $117 million or $257.53 psf of gross floor area.
Among the other unsuccessful contenders were Far East Organization, Sim Lian Land and Boon Keng Development.
Most bidders also tendered for the Sengkang site last week.
Many of them are construction companies with the know-how to control and manage building costs, and are well placed to keep development expenses as low as possible, experts noted.
'The results of this second EC site tender demonstrate developers' fervour in acquiring sites for mass-market housing,' said CBRE Research executive director Li Hiaw Ho.
MCC Land is part of listed Metallurgical Corporation of China, one of the world's largest engineering and construction firms.
It has provided engineering and construction services in Singapore, and in 2008 clinched a contract for Universal Studios Singapore at Resorts World Sentosa. Qingjian Realty also began operations here as a contractor.
The Yishun EC plot can yield about 385 units and is near the completed Lilydale EC project. In the resale market of January-February this year, units there were selling at between $510 psf and $540 psf.
Although not within walking distance of an MRT station, the Yishun site is close to Yishun Park, Orchid Country Club and Lower Seletar Reservoir.
CBRE Research said the winning bid will translate into a break-even price of around $520 psf.
At this level, the final selling price of the EC units is likely to be around $600-$650 psf, said Colliers International's executive director of investment sales Ho Eng Joo.
The winning bid, he said, took its cue from last week's Sengkang EC tender, which attracted a higher-than-expected top bid of $315 psf of gross floor area.
Mr Li said the success of the recent launch of The Estuary private condominium in Yishun Avenue 1 had boosted developer confidence in selling EC projects in this location to first-timers. Over 500 units of The Estuary were reportedly sold at a price of $750-$800 psf, he said.
The winners of the Sengkang and Yishun EC tenders have to set aside 95 per cent of units in the initial month of sale for first-time home buyers.
ECs were introduced in 1995 to bridge the gap between public housing and private apartments. Only those with a gross monthly household income of $10,000 or less can apply.
joyceteo@sph.com.sg
CNA : EC site at Yishun Ave 11 attracts 10 bids
EC site at Yishun Ave 11 attracts 10 bids
By Wong Siew Ying | Posted: 11 March 2010 2307 hrs
The site at Yishun Ave 11 earmarked for executive condo development
SINGAPORE: The executive condominium site at Yishun Avenue 11 has attracted 10 bids.
MCC Land Singapore put in the top bid of $127.8m for the 99-year leasehold plot. This translates into S$281 per square foot per plot ratio.
The second highest bid came from Qingjian Realty, at S$118.8m, followed by Maxdin Pte Ltd which placed a bid of S$117m. The remaining offers range between S$46.8m and S$116m.
Real estate consultancy firm CB Richard Ellis says the tender results show that developers in Singapore are keen to acquire land for mass market housing.
An earlier tender for an EC site at Compassvale Bow had attracted 11 bids.
CBRE also noted that developers may have been more confident, following the success of The Estuary project which was launched recently at Yishun Avenue 1.
CBRE said the top bid of $127.8m for the latest EC site will work out to a breakeven price of S$520 psf.
- CNA/ir
By Wong Siew Ying | Posted: 11 March 2010 2307 hrs
The site at Yishun Ave 11 earmarked for executive condo development
SINGAPORE: The executive condominium site at Yishun Avenue 11 has attracted 10 bids.
MCC Land Singapore put in the top bid of $127.8m for the 99-year leasehold plot. This translates into S$281 per square foot per plot ratio.
The second highest bid came from Qingjian Realty, at S$118.8m, followed by Maxdin Pte Ltd which placed a bid of S$117m. The remaining offers range between S$46.8m and S$116m.
Real estate consultancy firm CB Richard Ellis says the tender results show that developers in Singapore are keen to acquire land for mass market housing.
An earlier tender for an EC site at Compassvale Bow had attracted 11 bids.
CBRE also noted that developers may have been more confident, following the success of The Estuary project which was launched recently at Yishun Avenue 1.
CBRE said the top bid of $127.8m for the latest EC site will work out to a breakeven price of S$520 psf.
- CNA/ir
CNA : Govt building vacancies in CBD could open half a million square feet of space
Govt building vacancies in CBD could open half a million square feet of space
By Desmond Wong | Posted: 11 March 2010 2133 hrs
SINGAPORE: About half a million square feet of office space in the core business district and fringe areas could become available when government bodies move out of Singapore's city centre by 2015.
Experts said that with occupancy in the CBD bouncing back after the downturn, the space will be sorely needed.
Government agencies such as the Ministry of National Development will be moving out of their premises in the CBD by 2015.
And when that happens, they could be leaving behind as much as half a million square feet of real estate space.
While this could present an opportunity for market players and tenants to pick up a bargain, experts said full redevelopment will be needed, for these properties to reach full commercial potential.
Chris Archibold, regional director, Head of Markets, Jones Lang LaSalle, said: "It's going to be a land sale and a total redevelopment. That's probably the most likely scenario. A top up of the land lease so that they're a 99 year lease, then a sale to the private sector so the buildings can be redeveloped to international standards and specifications.
“I think releasing a number of those buildings in their existing condition, the older ones, is not necessarily a good thing."
The government bodies that are slated to move include the Ministry of National Development, the Agri-Food and Veterinary Authority, the Building and Construction Authority and the Ministry of the Environment and Water Resources.
Office occupancy rates within the CBD have hit 93 per cent in recent months, their highest levels in a year.
And property-watchers said the additional space left vacant by the government agencies will help to relieve growing pressure on demand for prime office space.
They expect supply to be tight, even with additional space at the Marina Bay Financial Centre.
Donald Han, managing director, Cushman & Wakefield, said: "There will be a scenario of supply overhang that flows into the year but the scenario is that landlords are becoming more confident of the market.
They're no longer dropping rentals as fast as they did 12 months ago. On top of that, if you look at the economic prospects, a lot of tenants are looking into an expansionary process, looking to increase head count."
And with little new space in the pipeline after 2013 in both the fringe and non-core CBD areas, experts said the government's plan to move out within three to five years is timely because it gives developers additional time to figure out what to do with the area once it becomes available.
By Desmond Wong | Posted: 11 March 2010 2133 hrs
SINGAPORE: About half a million square feet of office space in the core business district and fringe areas could become available when government bodies move out of Singapore's city centre by 2015.
Experts said that with occupancy in the CBD bouncing back after the downturn, the space will be sorely needed.
Government agencies such as the Ministry of National Development will be moving out of their premises in the CBD by 2015.
And when that happens, they could be leaving behind as much as half a million square feet of real estate space.
While this could present an opportunity for market players and tenants to pick up a bargain, experts said full redevelopment will be needed, for these properties to reach full commercial potential.
Chris Archibold, regional director, Head of Markets, Jones Lang LaSalle, said: "It's going to be a land sale and a total redevelopment. That's probably the most likely scenario. A top up of the land lease so that they're a 99 year lease, then a sale to the private sector so the buildings can be redeveloped to international standards and specifications.
“I think releasing a number of those buildings in their existing condition, the older ones, is not necessarily a good thing."
The government bodies that are slated to move include the Ministry of National Development, the Agri-Food and Veterinary Authority, the Building and Construction Authority and the Ministry of the Environment and Water Resources.
Office occupancy rates within the CBD have hit 93 per cent in recent months, their highest levels in a year.
And property-watchers said the additional space left vacant by the government agencies will help to relieve growing pressure on demand for prime office space.
They expect supply to be tight, even with additional space at the Marina Bay Financial Centre.
Donald Han, managing director, Cushman & Wakefield, said: "There will be a scenario of supply overhang that flows into the year but the scenario is that landlords are becoming more confident of the market.
They're no longer dropping rentals as fast as they did 12 months ago. On top of that, if you look at the economic prospects, a lot of tenants are looking into an expansionary process, looking to increase head count."
And with little new space in the pipeline after 2013 in both the fringe and non-core CBD areas, experts said the government's plan to move out within three to five years is timely because it gives developers additional time to figure out what to do with the area once it becomes available.
CNA : Industrial site at Woodlands Ave 12 put up for public tender
Industrial site at Woodlands Ave 12 put up for public tender
By Jonathan Peeris | Posted: 11 March 2010 1504 hrs
SINGAPORE: The government has accepted an application from a developer to put up an industrial site at Woodlands Avenue 12 for public tender.
The Urban Redevelopment Authority (URA) said it has received an application from a developer who has committed to bid a price of not less than S$25 million for the land parcel.
The land parcel has a site area of about 3.2 hectares and a maximum gross plot ratio of 2.5. It can be developed for a variety of uses under "Business 1" zoning and has a lease period of 60 years.
URA will launch the public tender for the site in about four weeks.
The land parcel was made available for sale through the Reserve List System.
Under the system, the government will put up a Reserve List Site for public tender if it receives an application from a developer who commits to bid at or above an acceptable minimum price.
- CNA/sc
By Jonathan Peeris | Posted: 11 March 2010 1504 hrs
SINGAPORE: The government has accepted an application from a developer to put up an industrial site at Woodlands Avenue 12 for public tender.
The Urban Redevelopment Authority (URA) said it has received an application from a developer who has committed to bid a price of not less than S$25 million for the land parcel.
The land parcel has a site area of about 3.2 hectares and a maximum gross plot ratio of 2.5. It can be developed for a variety of uses under "Business 1" zoning and has a lease period of 60 years.
URA will launch the public tender for the site in about four weeks.
The land parcel was made available for sale through the Reserve List System.
Under the system, the government will put up a Reserve List Site for public tender if it receives an application from a developer who commits to bid at or above an acceptable minimum price.
- CNA/sc
Subscribe to:
Posts (Atom)
Posts
