Mar 28, 2010
YOUR LETTERS
Providing homes for well-off retirees
I refer to the editorial, 'How the old will live' (March 14), and agree that retirees should be given a choice of living arrangements.
With Singaporeans becoming more affluent, there is a segment of elderly citizens who are financially stable but live on their own for various reasons. Examples are elderly couples with no children, or those with children who are all overseas, or who prefer not to live with their children.
The result is elderly folk fending for themselves, with some depending very much on foreign domestic help. An unfortunate few are abused by their maids and neglected by family members as well.
When elderly folk who live on their own grow older and become less mobile, their social lives are affected.
A recent case reported in the media was of a well-off Singapore couple who moved to Australia in 1983. The wife was believed to be suffering from dementia when she killed her husband of 70 years.
Shortly before the tragedy, she reportedly asked a friend to help look for a retirement village for her husband and herself.
So it looks like there is demand for accommodation that caters to this group of elderly people who are financially stable but without family support.
They could be put up in studio apartments or a hotel-style project - with house-cleaning and meals taken care of.
This would free them from household chores so that they can use their time and wisdom to do something meaningful for society.
I hope the authorities will look into this idea.
Doreen Tan (Mrs)
Monday, March 29, 2010
ST Letters : All maze but no real crowd-pullers
Mar 28, 2010
YOUR LETTERS
All maze but no real crowd-pullers
I refer to the report 'Orchard Central: Love it, hate it' (March 14) and doubt that I will 'grow to appreciate it in time'.
I belong to the category of visitor for whom the first time is also the last if my experience is not a positive one.
The layout at Orchard Central gives me the impression that I am entering a maze. The long escalators further confuse me as to the floor I am heading towards. The feeling that I need a global positioning system device to navigate frustrates any desire to stay on and explore.
The complex design is breaking new ground indeed - as a very shopper-unfriendly mall. The architects might have taken a wrong gamble in creating elongated, partitioned zones with narrow aisles and dead ends. The super narrow cubicles with very narrow aisles put shoppers off.
The 313@Somerset mall is also built on a long and narrow strip but its simple layout, with shops on both sides and reasonably wide aisles, is more user-friendly and easier to navigate.
Foodcourts are lunch and dinner crowd-pullers and the absence of a foodcourt in Orchard Central is not making it any more interesting.
With malls sprouting up in this city like green shoots after a summer shower, shoppers are seeing very similar product ranges - like fashion attire and accessories, electrical appliances, mobile phones and jewellery - on display.
Visitors are also unlikely to get very excited seeing the same brand-name shops repeating themselves at every mall.
Making matters worse, an awkward layout will only dissuade visitors from returning.
Paul Chan
YOUR LETTERS
All maze but no real crowd-pullers
I refer to the report 'Orchard Central: Love it, hate it' (March 14) and doubt that I will 'grow to appreciate it in time'.
I belong to the category of visitor for whom the first time is also the last if my experience is not a positive one.
The layout at Orchard Central gives me the impression that I am entering a maze. The long escalators further confuse me as to the floor I am heading towards. The feeling that I need a global positioning system device to navigate frustrates any desire to stay on and explore.
The complex design is breaking new ground indeed - as a very shopper-unfriendly mall. The architects might have taken a wrong gamble in creating elongated, partitioned zones with narrow aisles and dead ends. The super narrow cubicles with very narrow aisles put shoppers off.
The 313@Somerset mall is also built on a long and narrow strip but its simple layout, with shops on both sides and reasonably wide aisles, is more user-friendly and easier to navigate.
Foodcourts are lunch and dinner crowd-pullers and the absence of a foodcourt in Orchard Central is not making it any more interesting.
With malls sprouting up in this city like green shoots after a summer shower, shoppers are seeing very similar product ranges - like fashion attire and accessories, electrical appliances, mobile phones and jewellery - on display.
Visitors are also unlikely to get very excited seeing the same brand-name shops repeating themselves at every mall.
Making matters worse, an awkward layout will only dissuade visitors from returning.
Paul Chan
ST Letters :HDB subletting serves a need
Mar 28, 2010
YOUR LETTERS
HDB subletting serves a need
I refer to the letter, 'More babies? Ease subletting rules' (March 14).
Just last Friday, a friend approached me about her intention to rent a flat in the northern part of Singapore. She and her husband, both from China, were married last year and plan to start a family soon.
At present, they find renting a whole HDB unit beyond their budget and are thinking of subletting a room.
As a friend, I would like them to establish their nest as quickly as possible, so that they can move on to building their family. But as a real estate agent, I am mindful of the fact that I need to warn them of the restrictions on subletting.
Here is a case of foreign talent - and potential new citizens who are keen on raising a family here - that could do with the easing of subletting rules.
Chan Hock Neo (Ms)
YOUR LETTERS
HDB subletting serves a need
I refer to the letter, 'More babies? Ease subletting rules' (March 14).
Just last Friday, a friend approached me about her intention to rent a flat in the northern part of Singapore. She and her husband, both from China, were married last year and plan to start a family soon.
At present, they find renting a whole HDB unit beyond their budget and are thinking of subletting a room.
As a friend, I would like them to establish their nest as quickly as possible, so that they can move on to building their family. But as a real estate agent, I am mindful of the fact that I need to warn them of the restrictions on subletting.
Here is a case of foreign talent - and potential new citizens who are keen on raising a family here - that could do with the easing of subletting rules.
Chan Hock Neo (Ms)
ST : Trapped in a gilded condo
Mar 28, 2010
THE EX-PAT FILES
Trapped in a gilded condo
By Liam O'Brien
Any newly arrived expat in Singapore invariably finds himself corralled into living in a condo.
The usual chain of events: You move into short-term serviced accommodation, phone a property agent to help you find longer-term lodgings, and usually within a month or so are settled into a suitable home.
The downside to this - which dawned on me pretty soon after we moved into our present flat - is that property agents have a one-word vocabulary when it comes to expats.
Conduct one of those word association games with them, and the word 'expat' would most probably elicit a response of 'condo'.
All the prospective properties they usher you to are expensive condos in central areas - something not particularly surprising, given that agents earn a commission based on the size of the rent. And because you are new to Singapore, you think that this is where every newcomer lives and that condo living is a bit of a fait accompli.
No mention is made of landed properties in less expensive areas, or HDB rentals.
If you were to ask a property agent about such types of accommodation, you would be met with a blank stare. You would be taking the agent into alien territory, prompting him or her to engage in all sorts of patter to steer you back to the script.
No doubt the agents' car satellite navigation systems are able to guide you from one condo to another in record time - but not to non-expat neighbourhoods.
And not only does an expat have 'condo', metaphorically, stamped on his forehead but also the agent would have selected for you condos that are inhabited mostly by people like you.
They will tell you that this condo is predominantly Indian, that one Caucasian, and so on, the hint being that you should go for one that fits your profile.
So you move in, and once the initial novelty of living in a new place has worn off, you realise that the condo is stuffed to the gills with expats. It dawns on you that you are destined to spend the next two years with people broadly similar to you. They are all white-collar workers from Australia, New Zealand, North America or Europe.
There is not a local in sight.
Foreigners who, like me, like to take in the local culture and people when resident in another country will be in for a surprise if they spend much of their time within the gated confines of their lush and well-appointed condo.
If I close my eyes while I sit on the balcony at home, I could just as well be located in an upscale suburb of Sydney, Wellington or Washington, rather than in Tanjong Rhu Road in the East Coast.
The accents of Australians, Kiwis and Americans - plus those of Filipino maids glued to their prized mobile phones - form much of the background hubbub, rather than Hokkien or Singapore English.
This is a pity, because expats can spend years here and not really venture beyond their cultural comfort zone.
This may particularly be the case for housewives left marooned in their mono-culture condos for much of the year.
Sure, they might go out to restaurants and theatres with their friends, but they may never really speak in any significant way to a true local. They will go to the zoo - many times - as well as Sentosa, take a few weekend jaunts to neighbouring countries, play golf, and do lots of shopping.
Then their time here will come to an end, and they will go back to wherever they came from.
Will they really have come to understand Singapore? Will they have any insight into the culture of this place?
They will certainly have no idea of the various uses of 'lah', and will have little familiarity with the Yoda-like ability of some Singaporeans to turn what seem like statements into questions by ending them with 'Is it?'
It is a bit like stating the obvious to say that expats do not mix much with locals.
I know that the Government sets ethnic quotas for HDB blocks, so that every block of flats represents in a small way the multicultural mix of Singapore.
What about something similar for condos?
The writer is a Straits Times copy editor. He has lived in Singapore for two years with his wife and their three-year-old son Alex.
THE EX-PAT FILES
Trapped in a gilded condo
By Liam O'Brien
Any newly arrived expat in Singapore invariably finds himself corralled into living in a condo.
The usual chain of events: You move into short-term serviced accommodation, phone a property agent to help you find longer-term lodgings, and usually within a month or so are settled into a suitable home.
The downside to this - which dawned on me pretty soon after we moved into our present flat - is that property agents have a one-word vocabulary when it comes to expats.
Conduct one of those word association games with them, and the word 'expat' would most probably elicit a response of 'condo'.
All the prospective properties they usher you to are expensive condos in central areas - something not particularly surprising, given that agents earn a commission based on the size of the rent. And because you are new to Singapore, you think that this is where every newcomer lives and that condo living is a bit of a fait accompli.
No mention is made of landed properties in less expensive areas, or HDB rentals.
If you were to ask a property agent about such types of accommodation, you would be met with a blank stare. You would be taking the agent into alien territory, prompting him or her to engage in all sorts of patter to steer you back to the script.
No doubt the agents' car satellite navigation systems are able to guide you from one condo to another in record time - but not to non-expat neighbourhoods.
And not only does an expat have 'condo', metaphorically, stamped on his forehead but also the agent would have selected for you condos that are inhabited mostly by people like you.
They will tell you that this condo is predominantly Indian, that one Caucasian, and so on, the hint being that you should go for one that fits your profile.
So you move in, and once the initial novelty of living in a new place has worn off, you realise that the condo is stuffed to the gills with expats. It dawns on you that you are destined to spend the next two years with people broadly similar to you. They are all white-collar workers from Australia, New Zealand, North America or Europe.
There is not a local in sight.
Foreigners who, like me, like to take in the local culture and people when resident in another country will be in for a surprise if they spend much of their time within the gated confines of their lush and well-appointed condo.
If I close my eyes while I sit on the balcony at home, I could just as well be located in an upscale suburb of Sydney, Wellington or Washington, rather than in Tanjong Rhu Road in the East Coast.
The accents of Australians, Kiwis and Americans - plus those of Filipino maids glued to their prized mobile phones - form much of the background hubbub, rather than Hokkien or Singapore English.
This is a pity, because expats can spend years here and not really venture beyond their cultural comfort zone.
This may particularly be the case for housewives left marooned in their mono-culture condos for much of the year.
Sure, they might go out to restaurants and theatres with their friends, but they may never really speak in any significant way to a true local. They will go to the zoo - many times - as well as Sentosa, take a few weekend jaunts to neighbouring countries, play golf, and do lots of shopping.
Then their time here will come to an end, and they will go back to wherever they came from.
Will they really have come to understand Singapore? Will they have any insight into the culture of this place?
They will certainly have no idea of the various uses of 'lah', and will have little familiarity with the Yoda-like ability of some Singaporeans to turn what seem like statements into questions by ending them with 'Is it?'
It is a bit like stating the obvious to say that expats do not mix much with locals.
I know that the Government sets ethnic quotas for HDB blocks, so that every block of flats represents in a small way the multicultural mix of Singapore.
What about something similar for condos?
The writer is a Straits Times copy editor. He has lived in Singapore for two years with his wife and their three-year-old son Alex.
ST : Parking woes in some HDB estates
Mar 28, 2010
Parking woes in some HDB estates
HDB is looking to ease the crunch faced by residents in 10% of its carparks
By Irene Tham
University student Cai Yizhan, who drives a car, knows what it is like to face a carpark crunch.
Most nights, the National University of Singapore computing student circles, in vain, the open-air carpark near his Housing Board (HDB) block.
It is chock-full by 10pm.
Next to his block is a multi-storey carpark. In desperation, he has parked there several times. But Mr Cai, 24, has twice been fined for doing that. His season parking ticket does not include the multi-storey carpark, for which a separate ticket is needed.
'Why must I pay twice?' asked Mr Cai, who lives in Block 124, Teck Whye Lane. He often ends up parking in other open-air carparks - all at least a 10-minute walk from his block.
The Sunday Times has learnt that residents of at least two public estates face nightly parking woes, with some - like Mr Cai - resorting to parking illegally and risking fines.
Apart from Teck Whye Lane, the other estate identified is Hougang Avenue 10. The Sunday Times spoke to 15 residents in all.
They said their parking problems started in the past two years.
This carpark crunch problem was mentioned in Parliament earlier this month. Parliamentary Secretary (National Development) Mohamed Maliki Osman said about 10 per cent of HDB carparks did not meet local parking demand.
He said this was due to changes in demographic profiles and car ownership patterns.
The HDB owns about 1,800 carparks islandwide. When contacted, its spokesman declined to identify the affected carparks. She said: 'In most carparks, there are sufficient parking spots for both residents and short-term visitors.
'However, due to the growth in car ownership among our residents in recent years, localised shortages are experienced at about 10 per cent of our carparks.'
Mr Cai noted that the carpark crunch in his estate started early last year.
Until the recent spike, attractive certificate of entitlement prices since January 2005 - mostly below $20,000 - attracted many Singaporeans to own cars in the past three years. The number of cars here crossed the half-million mark in July 2007, at 504,483.
There were close to 577,000 cars in December last year, compared with about 472,300 at end-2006 - a jump of 22 per cent.
Mr Cai, meanwhile, now tries to get home by 9pm.
Madam Tok Jee Kium, another Teck Whye Lane resident, said she has been fined twice, for parking beside double yellow lines and next to a disused rubbish bin centre.
'The open-air carpark is always full after 10pm. We have no choice but to park illegally,' said Madam Tok, 52, who runs a food business and lives in Block 119.
'We have been parking here for over 10 years and never had this problem until recently,' she fumed.
She does not buy a season parking ticket for the multi-storey carpark next to her block - which she said has available spaces - because it is more expensive. Parking at the multi-storey carpark costs $90 a month compared with $65 for the open-air carpark nearby.
The HDB said it will look into adding more parking spaces 'where it is feasible and cost-effective to do so'.
In the meantime, it has taken some immediate measures, including grouping more carparks within walking distance together to provide more spots for season parking ticket holders, and removing night parking so that residents with tickets have sufficient spots at night.
itham@sph.com.sg
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Teck Whye Lane
At Teck Whye Lane, the surface carpark serving Blocks 118 to 124 is grouped together with the ones serving Blocks 109 to 117 and Blocks 101 to 108.
In total, there are 1,116 spaces - mostly white, or non-season parking - in this group of three open-air carparks. Walking from one end to another takes about 15 minutes. The HDB said residents have bought season parking tickets (SPTs) amounting to 95 per cent of the spaces.
Since January, night parking has been removed to give priority to residents with SPTs. Visitors with night parking coupons can no longer park there overnight.
A resident at Block 105, who wanted to be known only as Mr Ng, 48, said removing night parking has freed up more spots.
But he still has to park four to five blocks away if he gets home after midnight. 'It takes me 15 minutes to walk home,' he said.
Although the carparks are for season parking from 10.30pm to 7am, free parking is still available on Sundays and public holidays.
On those days, visitors can park for free for the whole day in the white spaces but must clear out by 10.30pm.
University student Cai Yizhan, 24, said the free parking should be disallowed. He also suggested that the multi-storey carpark in Block 118A be included in this group of carparks.
SPT holders for the open-air carparks in Teck Whye Lane cannot park at the multi-storey carpark, and vice versa.
Ignorance of the rules may have worsened the overcrowded open-air carpark situation.
One driver, who declined to be named, told The Sunday Times that he bought the SPT for the multi-storey carpark but parked in the open-air carpark nearby.
He believed it was permitted because he paid more - $90 compared to $65 for the open-air carparks.
Irene Tham & Ng Hui Ying
--------------------------------------------------------------------------------
Hougang Ave 10
The carpark which serves Blocks 508 to 517 and Blocks 520 to 533 is grouped together with the one that serves Blocks 501 to 507.
Another carpark at the Hougang Sports Complex (across the road from Block 508) also belongs to this HDB carpark group.
There are altogether 1,728 parking spaces in this group of open-air carparks. Walking from one end to another takes more than 15 minutes.
The HDB said 99 per cent of the 1,728 parking spots in this area have been reserved by season parking ticket (SPT) holders.
At least 242 spaces are reserved for season parking from 7pm to 7am daily.
But finding a space is a nightmare at night, affected residents said.
Mr Yap Bee Huat, 43, comes home around 10pm to find his carpark full almost daily. He lives in Block 511, but often has to park four blocks, or 10 minutes, away.
'A lot of cars park illegally along the double yellow lines at night,' said Mr Yap, who runs a mover business.
'It also does not help that many spots are taken up by construction work due to HDB upgrading.'
The Sunday Times found about 20 spots littered with debris from HDB lift upgrading work in Blocks 513 and 521. Safety barricades also blocked residents' direct access across blocks, resulting in a longer detour from one end of the estate to another.
For example, if a motorist parks at Blocks 526 to 528 in Hougang Avenue 6 (where spots are supposedly more easily available), he would have to walk more than 15 minutes to get to the other end of this group of carparks (near Hougang Sports Complex).
One resident in Block 508, who wanted to be known only as Mr Tan, said he parks at the Hougang Sports Complex, about five minutes away by foot, when he comes home after 10pm.
Another resident said the carpark crunch problem is made worse by motorists shopping at Hougang Mall, about five minutes away.
Mr Mazlan Anuar, 52, a display designer who lives in Block 513, said: 'They park here from day to night.'
Irene Tham
Parking woes in some HDB estates
HDB is looking to ease the crunch faced by residents in 10% of its carparks
By Irene Tham
University student Cai Yizhan, who drives a car, knows what it is like to face a carpark crunch.
Most nights, the National University of Singapore computing student circles, in vain, the open-air carpark near his Housing Board (HDB) block.
It is chock-full by 10pm.
Next to his block is a multi-storey carpark. In desperation, he has parked there several times. But Mr Cai, 24, has twice been fined for doing that. His season parking ticket does not include the multi-storey carpark, for which a separate ticket is needed.
'Why must I pay twice?' asked Mr Cai, who lives in Block 124, Teck Whye Lane. He often ends up parking in other open-air carparks - all at least a 10-minute walk from his block.
The Sunday Times has learnt that residents of at least two public estates face nightly parking woes, with some - like Mr Cai - resorting to parking illegally and risking fines.
Apart from Teck Whye Lane, the other estate identified is Hougang Avenue 10. The Sunday Times spoke to 15 residents in all.
They said their parking problems started in the past two years.
This carpark crunch problem was mentioned in Parliament earlier this month. Parliamentary Secretary (National Development) Mohamed Maliki Osman said about 10 per cent of HDB carparks did not meet local parking demand.
He said this was due to changes in demographic profiles and car ownership patterns.
The HDB owns about 1,800 carparks islandwide. When contacted, its spokesman declined to identify the affected carparks. She said: 'In most carparks, there are sufficient parking spots for both residents and short-term visitors.
'However, due to the growth in car ownership among our residents in recent years, localised shortages are experienced at about 10 per cent of our carparks.'
Mr Cai noted that the carpark crunch in his estate started early last year.
Until the recent spike, attractive certificate of entitlement prices since January 2005 - mostly below $20,000 - attracted many Singaporeans to own cars in the past three years. The number of cars here crossed the half-million mark in July 2007, at 504,483.
There were close to 577,000 cars in December last year, compared with about 472,300 at end-2006 - a jump of 22 per cent.
Mr Cai, meanwhile, now tries to get home by 9pm.
Madam Tok Jee Kium, another Teck Whye Lane resident, said she has been fined twice, for parking beside double yellow lines and next to a disused rubbish bin centre.
'The open-air carpark is always full after 10pm. We have no choice but to park illegally,' said Madam Tok, 52, who runs a food business and lives in Block 119.
'We have been parking here for over 10 years and never had this problem until recently,' she fumed.
She does not buy a season parking ticket for the multi-storey carpark next to her block - which she said has available spaces - because it is more expensive. Parking at the multi-storey carpark costs $90 a month compared with $65 for the open-air carpark nearby.
The HDB said it will look into adding more parking spaces 'where it is feasible and cost-effective to do so'.
In the meantime, it has taken some immediate measures, including grouping more carparks within walking distance together to provide more spots for season parking ticket holders, and removing night parking so that residents with tickets have sufficient spots at night.
itham@sph.com.sg
--------------------------------------------------------------------------------
Teck Whye Lane
At Teck Whye Lane, the surface carpark serving Blocks 118 to 124 is grouped together with the ones serving Blocks 109 to 117 and Blocks 101 to 108.
In total, there are 1,116 spaces - mostly white, or non-season parking - in this group of three open-air carparks. Walking from one end to another takes about 15 minutes. The HDB said residents have bought season parking tickets (SPTs) amounting to 95 per cent of the spaces.
Since January, night parking has been removed to give priority to residents with SPTs. Visitors with night parking coupons can no longer park there overnight.
A resident at Block 105, who wanted to be known only as Mr Ng, 48, said removing night parking has freed up more spots.
But he still has to park four to five blocks away if he gets home after midnight. 'It takes me 15 minutes to walk home,' he said.
Although the carparks are for season parking from 10.30pm to 7am, free parking is still available on Sundays and public holidays.
On those days, visitors can park for free for the whole day in the white spaces but must clear out by 10.30pm.
University student Cai Yizhan, 24, said the free parking should be disallowed. He also suggested that the multi-storey carpark in Block 118A be included in this group of carparks.
SPT holders for the open-air carparks in Teck Whye Lane cannot park at the multi-storey carpark, and vice versa.
Ignorance of the rules may have worsened the overcrowded open-air carpark situation.
One driver, who declined to be named, told The Sunday Times that he bought the SPT for the multi-storey carpark but parked in the open-air carpark nearby.
He believed it was permitted because he paid more - $90 compared to $65 for the open-air carparks.
Irene Tham & Ng Hui Ying
--------------------------------------------------------------------------------
Hougang Ave 10
The carpark which serves Blocks 508 to 517 and Blocks 520 to 533 is grouped together with the one that serves Blocks 501 to 507.
Another carpark at the Hougang Sports Complex (across the road from Block 508) also belongs to this HDB carpark group.
There are altogether 1,728 parking spaces in this group of open-air carparks. Walking from one end to another takes more than 15 minutes.
The HDB said 99 per cent of the 1,728 parking spots in this area have been reserved by season parking ticket (SPT) holders.
At least 242 spaces are reserved for season parking from 7pm to 7am daily.
But finding a space is a nightmare at night, affected residents said.
Mr Yap Bee Huat, 43, comes home around 10pm to find his carpark full almost daily. He lives in Block 511, but often has to park four blocks, or 10 minutes, away.
'A lot of cars park illegally along the double yellow lines at night,' said Mr Yap, who runs a mover business.
'It also does not help that many spots are taken up by construction work due to HDB upgrading.'
The Sunday Times found about 20 spots littered with debris from HDB lift upgrading work in Blocks 513 and 521. Safety barricades also blocked residents' direct access across blocks, resulting in a longer detour from one end of the estate to another.
For example, if a motorist parks at Blocks 526 to 528 in Hougang Avenue 6 (where spots are supposedly more easily available), he would have to walk more than 15 minutes to get to the other end of this group of carparks (near Hougang Sports Complex).
One resident in Block 508, who wanted to be known only as Mr Tan, said he parks at the Hougang Sports Complex, about five minutes away by foot, when he comes home after 10pm.
Another resident said the carpark crunch problem is made worse by motorists shopping at Hougang Mall, about five minutes away.
Mr Mazlan Anuar, 52, a display designer who lives in Block 513, said: 'They park here from day to night.'
Irene Tham
ST : Bencoolen budget hostels vanishing
Mar 28, 2010
Bencoolen budget hostels vanishing
Budget hostels from 1970s and 1980s make way for more sophisticated establishments as backpacker profile changes
By Debby Kwong
They had names like Goh's Homestay, Lee Boarding House and San Wah Hotel, and helped make Bencoolen Street a haven for backpackers in the 1970s and 1980s.
But they have all closed because of a clampdown by the Urban Redevelopment Authority (URA). The rule states that boarding house permits will be given only to operators that occupy the entire building.
Today, only one cheap-stay place - Hawaii Hostel - remains. Located in a shophouse at 171-B Bencoolen Street, it charges rates starting from $15 a day for a bunk bed.
Instead, mid-range hotels have sprung up along the street. They include Hotel Ibis on Bencoolen, Hotel 81 and even one serviced apartment complex called Somerset Bencoolen. These establishments cater more to businessmen and travellers with some means.
'We see a new breed of backpacker,' said Hotel Ibis general manager Puneet Dhawan. 'Gone are the dirty boots, quick-dry pants and backpacks as luggage.'
Today's backpacker, hailing mainly from France, Australia and Britain, travel with laptops, iPods and luggage with wheels.
The base price for a room with Internet access at Ibis starts at $138 a night. This is at least 10 times more than the fee at Hawaii Hostel across the road.
A 55-year-old employee of Hawaii, who wanted to be known only as Mr Ng, said its customers are mostly from Indonesia and Malaysia.
Further down the street behind some coffee shops is Peony Mansion. It offers long-term rates at $25 a day for a room. Such rooms are popular with Thais, Vietnamese, Chinese and Filipinos.
It was in one of these rooms that Filipino Pascua Roselyn, 30, was found dead two weeks ago. An Indian national has been arrested.
Asked if the incident has affected business, Mr Elavangovan Valaytham, the director of Al-Jilani Restaurant, a 24-hour coffee shop that has sold Muslim food in the area for the past 20 years, said: 'Our regular clientele of office workers and students from Nafa still come around to enjoy their food.'
Bencoolen is home to Nanyang Academy of Fine Arts' (Nafa) three campuses.
However, Mr Elavangovan said, there has been a drop in the number of customers from overseas.
'Backpackers used to come here, but that was about 10 years ago. It's much quieter without them around,' he said.
He noted that guests at the new hotels do not patronise the coffee shop as 'they usually have their meals catered for them by the hotels'.
Mr Ng at Hawaii Hostel has also noticed the declining interest from Western backpackers. He said many now stay at hostels in Little India.
In the past five years, about a dozen backpacker hostels have emerged across Rochor Canal.
It is a move welcomed by the Singapore Tourism Board (STB).
Said its executive director, hospitality, Mr Justin Chew: 'The STB welcomes a good mix of accommodation options to cater to the needs of different segments of visitors.'
debbyk@sph.com.sg
The plain exterior of Hawaii Hostel is reflected in the glass window of Hotel Ibis (left) across the road. The drabness of the backpacker hostel extends inside (above), where the front office is used to store linen and a fridge. -- ST PHOTOS: KEVIN LIM
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Backpacker-friendly spots around S'pore
The backpacking hostels in Bencoolen may have disappeared, but guests have other places to check out.
'Areas in Jalan Besar and Little India have recently seen the development of more hostels which cater to backpackers,' said Singapore Tourism Board executive director, hospitality, Mr Justin Chew.
Here are some options:
A Beary Good Hostel
66A & 66B Pagoda Street
The hostel in a conservation shophouse opened during Chinese New Year this year. Since then, it has seen more than 150 guests from 23 countries. One draw is that it is near the Chinatown MRT station. Bunk beds cost $20 on weekdays and $23 for weekends.
Betel Box
200 Joo Chiat Road
The area is home to many distractions, from bars with Vietnamese hostesses to glorious food in Katong.Bunk beds cost $20 to $23, depending on whether you opt for a mixed or female-only dormitory.
Bugis Backpackers
162B Rochor Road
Situated in the heart of Bugis Village, guests can check out night bazaars in the area. Tech-lovers can walk over to nearby Sim Lim Square. There is a mix of shared and private rooms. Bunk beds start at $36 for a six-bed dormitory.
Fernloft
Chinatown, East Coast Road, Lavender and Little India
Backpackers are allowed free inter-hostel transfers to experience the different vibes in each location. Bunk beds cost $10 nett for a six-bed dormitory.
Habitat Hostel
133 Devonshire Road
Just a stone's throw away from Orchard Road, it caters to flashpackers or luxury backpackers.
Bunk beds are known as pods since each guest gets a self-enclosed space. Rates start from $40, in a room with eight to 10 single pods.
The Inncrowd Backpackers' Hostel
73 Dunlop Street
It has been described by Lonely Planet guidebook as the 'insomniac' hostel which will 'do anything to meet the expectations of young, rambunctious backpackers'. Bunk beds cost $20 and triple rooms cost $79.
Bencoolen budget hostels vanishing
Budget hostels from 1970s and 1980s make way for more sophisticated establishments as backpacker profile changes
By Debby Kwong
They had names like Goh's Homestay, Lee Boarding House and San Wah Hotel, and helped make Bencoolen Street a haven for backpackers in the 1970s and 1980s.
But they have all closed because of a clampdown by the Urban Redevelopment Authority (URA). The rule states that boarding house permits will be given only to operators that occupy the entire building.
Today, only one cheap-stay place - Hawaii Hostel - remains. Located in a shophouse at 171-B Bencoolen Street, it charges rates starting from $15 a day for a bunk bed.
Instead, mid-range hotels have sprung up along the street. They include Hotel Ibis on Bencoolen, Hotel 81 and even one serviced apartment complex called Somerset Bencoolen. These establishments cater more to businessmen and travellers with some means.
'We see a new breed of backpacker,' said Hotel Ibis general manager Puneet Dhawan. 'Gone are the dirty boots, quick-dry pants and backpacks as luggage.'
Today's backpacker, hailing mainly from France, Australia and Britain, travel with laptops, iPods and luggage with wheels.
The base price for a room with Internet access at Ibis starts at $138 a night. This is at least 10 times more than the fee at Hawaii Hostel across the road.
A 55-year-old employee of Hawaii, who wanted to be known only as Mr Ng, said its customers are mostly from Indonesia and Malaysia.
Further down the street behind some coffee shops is Peony Mansion. It offers long-term rates at $25 a day for a room. Such rooms are popular with Thais, Vietnamese, Chinese and Filipinos.
It was in one of these rooms that Filipino Pascua Roselyn, 30, was found dead two weeks ago. An Indian national has been arrested.
Asked if the incident has affected business, Mr Elavangovan Valaytham, the director of Al-Jilani Restaurant, a 24-hour coffee shop that has sold Muslim food in the area for the past 20 years, said: 'Our regular clientele of office workers and students from Nafa still come around to enjoy their food.'
Bencoolen is home to Nanyang Academy of Fine Arts' (Nafa) three campuses.
However, Mr Elavangovan said, there has been a drop in the number of customers from overseas.
'Backpackers used to come here, but that was about 10 years ago. It's much quieter without them around,' he said.
He noted that guests at the new hotels do not patronise the coffee shop as 'they usually have their meals catered for them by the hotels'.
Mr Ng at Hawaii Hostel has also noticed the declining interest from Western backpackers. He said many now stay at hostels in Little India.
In the past five years, about a dozen backpacker hostels have emerged across Rochor Canal.
It is a move welcomed by the Singapore Tourism Board (STB).
Said its executive director, hospitality, Mr Justin Chew: 'The STB welcomes a good mix of accommodation options to cater to the needs of different segments of visitors.'
debbyk@sph.com.sg
The plain exterior of Hawaii Hostel is reflected in the glass window of Hotel Ibis (left) across the road. The drabness of the backpacker hostel extends inside (above), where the front office is used to store linen and a fridge. -- ST PHOTOS: KEVIN LIM
--------------------------------------------------------------------------------
Backpacker-friendly spots around S'pore
The backpacking hostels in Bencoolen may have disappeared, but guests have other places to check out.
'Areas in Jalan Besar and Little India have recently seen the development of more hostels which cater to backpackers,' said Singapore Tourism Board executive director, hospitality, Mr Justin Chew.
Here are some options:
A Beary Good Hostel
66A & 66B Pagoda Street
The hostel in a conservation shophouse opened during Chinese New Year this year. Since then, it has seen more than 150 guests from 23 countries. One draw is that it is near the Chinatown MRT station. Bunk beds cost $20 on weekdays and $23 for weekends.
Betel Box
200 Joo Chiat Road
The area is home to many distractions, from bars with Vietnamese hostesses to glorious food in Katong.Bunk beds cost $20 to $23, depending on whether you opt for a mixed or female-only dormitory.
Bugis Backpackers
162B Rochor Road
Situated in the heart of Bugis Village, guests can check out night bazaars in the area. Tech-lovers can walk over to nearby Sim Lim Square. There is a mix of shared and private rooms. Bunk beds start at $36 for a six-bed dormitory.
Fernloft
Chinatown, East Coast Road, Lavender and Little India
Backpackers are allowed free inter-hostel transfers to experience the different vibes in each location. Bunk beds cost $10 nett for a six-bed dormitory.
Habitat Hostel
133 Devonshire Road
Just a stone's throw away from Orchard Road, it caters to flashpackers or luxury backpackers.
Bunk beds are known as pods since each guest gets a self-enclosed space. Rates start from $40, in a room with eight to 10 single pods.
The Inncrowd Backpackers' Hostel
73 Dunlop Street
It has been described by Lonely Planet guidebook as the 'insomniac' hostel which will 'do anything to meet the expectations of young, rambunctious backpackers'. Bunk beds cost $20 and triple rooms cost $79.
ST : Marina malls gear up for Circle Line
Mar 28, 2010
Marina malls gear up for Circle Line
New stations will cut walking time to shops; museums around Bras Basah will benefit too
By Goh Chin Lian
What a difference two new MRT stations make.
For commuters getting off at City Hall station, their long and winding walk to Suntec City, Marina Square and Millenia Walk will soon be over.
The new Esplanade and Promenade MRT stations are at these malls' doorsteps. These stations are among the 11 on the Circle Line that will open on April 17.
'It's a 10-minute walk now from the nearest MRT station at City Hall,' said a spokesman for ARA Trust Management, the manager of Suntec Real Estate Investment Trust.
Suntec City's mall and some of its offices come under this trust.
'With the two new stations, Suntec City is less than a minute's walk away,' the spokesman said.
She added that Suntec City is building a sheltered walkway linking Promenade station to an entrance of the mall, where the Carrefour hypermarket is located.
Commuters using the sheltered link can stop for food and drinks at two new outlets, Old Town White Coffee and Japanese food chain Shin Sapporo Ramen, while a new glass facade will make the entrance to the mall more prominent, she said.
Over at Millenia Walk, Japanese mall operator Parco will open its new department store on Wednesday.
Mr Shuichi Hidaka, Parco's managing director, said accessibility to the Circle Line from Promenade station was an important factor in its choice of Millenia Walk.
The station will also be an interchange for the future Downtown Line that links the north-western and eastern regions to the city centre and Marina Bay, he noted.
The first phase of this line, from Bugis to Chinatown, is due to be completed by 2013.
Parco has lined up fashion shows for the weekend that the Circle Line stations will be opened, and a photo exhibition by Singapore-born, Tokyo-based photographer Leslie Kee later next month.
Also riding on the impending opening of the Circle Line stations is the National Heritage Board, which has several museums in the vicinity of Bras Basah station.
The new station is an alternative to City Hall or Dhoby Ghaut interchanges, which are about a 10-minute walk to the museums.
Entry to the Singapore Art Museum, National Museum of Singapore, Peranakan Museum and Singapore Philatelic Museum will be free next Sunday, the day the Land Transport Authority (LTA) will give commuters a preview of the 11 new stations.
Greater accessibility is one reason more commuters have been taking the Circle Line since five stations from Marymount to Bartley opened in May last year.
The initial figure of 30,000 commuters a day is up, to about 40,000 commuters daily today. This number is expected to grow to 200,000 when the 11 stations from Dhoby Ghaut to Tai Seng open next month, the LTA said.
It indicated that the waiting time for a train on the Marymount to Paya Lebar stretch will be at most 3.5 minutes from 7.30am to 9.30am, and seven minutes at other times.
But it will be a seven-minute wait all day for the section from Paya Lebar to Dhoby Ghaut stations, as the LTA projects much lower usage for this stretch.
chinlian@sph.com.sg
Marina malls gear up for Circle Line
New stations will cut walking time to shops; museums around Bras Basah will benefit too
By Goh Chin Lian
What a difference two new MRT stations make.
For commuters getting off at City Hall station, their long and winding walk to Suntec City, Marina Square and Millenia Walk will soon be over.
The new Esplanade and Promenade MRT stations are at these malls' doorsteps. These stations are among the 11 on the Circle Line that will open on April 17.
'It's a 10-minute walk now from the nearest MRT station at City Hall,' said a spokesman for ARA Trust Management, the manager of Suntec Real Estate Investment Trust.
Suntec City's mall and some of its offices come under this trust.
'With the two new stations, Suntec City is less than a minute's walk away,' the spokesman said.
She added that Suntec City is building a sheltered walkway linking Promenade station to an entrance of the mall, where the Carrefour hypermarket is located.
Commuters using the sheltered link can stop for food and drinks at two new outlets, Old Town White Coffee and Japanese food chain Shin Sapporo Ramen, while a new glass facade will make the entrance to the mall more prominent, she said.
Over at Millenia Walk, Japanese mall operator Parco will open its new department store on Wednesday.
Mr Shuichi Hidaka, Parco's managing director, said accessibility to the Circle Line from Promenade station was an important factor in its choice of Millenia Walk.
The station will also be an interchange for the future Downtown Line that links the north-western and eastern regions to the city centre and Marina Bay, he noted.
The first phase of this line, from Bugis to Chinatown, is due to be completed by 2013.
Parco has lined up fashion shows for the weekend that the Circle Line stations will be opened, and a photo exhibition by Singapore-born, Tokyo-based photographer Leslie Kee later next month.
Also riding on the impending opening of the Circle Line stations is the National Heritage Board, which has several museums in the vicinity of Bras Basah station.
The new station is an alternative to City Hall or Dhoby Ghaut interchanges, which are about a 10-minute walk to the museums.
Entry to the Singapore Art Museum, National Museum of Singapore, Peranakan Museum and Singapore Philatelic Museum will be free next Sunday, the day the Land Transport Authority (LTA) will give commuters a preview of the 11 new stations.
Greater accessibility is one reason more commuters have been taking the Circle Line since five stations from Marymount to Bartley opened in May last year.
The initial figure of 30,000 commuters a day is up, to about 40,000 commuters daily today. This number is expected to grow to 200,000 when the 11 stations from Dhoby Ghaut to Tai Seng open next month, the LTA said.
It indicated that the waiting time for a train on the Marymount to Paya Lebar stretch will be at most 3.5 minutes from 7.30am to 9.30am, and seven minutes at other times.
But it will be a seven-minute wait all day for the section from Paya Lebar to Dhoby Ghaut stations, as the LTA projects much lower usage for this stretch.
chinlian@sph.com.sg
ST : Artists concerned about centre revamp
Mar 28, 2010
Artists concerned about centre revamp
Not clear yet if Malay Heritage Centre makeover will mean artists have to move
By Jamie Ee Wen Wei
Plans, still being worked out, to give the Malay Heritage Centre (MHC) a revamp have upset the two artists-in-residence.
The two - master potter Iskandar Jalil and batik master Sarkasi Said - feel they are left in limbo, unsure of their future involvement with the centre.
They are also concerned about how this will affect the promotion of Malay heritage.
Both aged 70, the two have been artists-in-residence at the centre for four to five years now. The MHC is located in Sultan's Gate in the Kampong Glam area.
Established in 2005, its aim is to increase appreciation and awareness of Malay culture among the community's youth. Since last year, it has been managed by the National Heritage Board (NHB).
The two men conduct demonstration workshops at the MHC in exchange for use of working space.
Early this year, the two artists were told that their tenancy would expire this month. This was later extended to June 30 until plans for the centre are firmed up.
This is small comfort to the artists; they have to decide if they should move their equipment and artwork.
When The Sunday Times met Mr Sarkasi at the centre yesterday, some of his equipment was already packed into boxes and bags.
He said there was a lack of communication. 'Everything is not laid out on the table...we don't know if this means we are totally out of the centre or what.'
He will move his things to his four-room flat in Bishan if there is no more extension. Mr Iskandar, a Cultural Medallion winner, who was also at the centre yesterday, declined to comment.
When contacted, the NHB confirmed that plans were afoot to enhance the MHC, including upgrading the exhibits, providing more public spaces and 'contemporising the programmes and activities'.
Its spokesman would not say if the artists would have to leave permanently, but added: 'At this stage, we are not certain of the final plans as we are in the midst of evaluating various possibilities.'
She said tenants would be told of the confirmed plans as soon as these were firmed up.
When contacted, Senior Minister of State for Foreign Affairs Zainul Abidin Rasheed, who is the chairman of the Malay Heritage Foundation, stressed that the enhancement was still a 'work in progress'.
He said it was not just the artists' workspace, 'but the centre grounds, museum and facilities which have to be relooked'.
He added that a cordial relationship existed with the artists. He said they would be informed of the plans once these were finalised within the next three months.
The centre is a 167-year-old palace, formerly the seat of the Malay royalty here when the British administered the colony.
In 2005, the Singapore Government restored the two-storey building and made it a museum.
Last year, the Ministry of Information, Communications and the Arts gave $29 million in development funds to three museums. One is the MHC. The other two are Sun Yat Sen Nanyang Memorial Hall off Balestier Road, and the soon-to-be-built Indian Heritage Centre in Little India.
The NHB was also tasked to help run the museums. It has set up a Heritage Institutions Division to look at the three centres' operations, curation, programming, marketing and promotion.
Mr Sarkasi told The Sunday Times that the marketing and promotion of the centre and Malay heritage had been dismal in the past few years.
He felt that more could have been done to reach out to the Malay community.
'Today is a Saturday. Where is the Malay community?' he asked.
On the planned revamp of the MHC, he said: 'I'm not excited until I see what their plan is.'
jamieee@sph.com.sg
Mr Sarkasi will move his things to his Bishan flat if there is no extension on his tenancy. -- ST PHOTO: RAJ NADARAJAN
Artists concerned about centre revamp
Not clear yet if Malay Heritage Centre makeover will mean artists have to move
By Jamie Ee Wen Wei
Plans, still being worked out, to give the Malay Heritage Centre (MHC) a revamp have upset the two artists-in-residence.
The two - master potter Iskandar Jalil and batik master Sarkasi Said - feel they are left in limbo, unsure of their future involvement with the centre.
They are also concerned about how this will affect the promotion of Malay heritage.
Both aged 70, the two have been artists-in-residence at the centre for four to five years now. The MHC is located in Sultan's Gate in the Kampong Glam area.
Established in 2005, its aim is to increase appreciation and awareness of Malay culture among the community's youth. Since last year, it has been managed by the National Heritage Board (NHB).
The two men conduct demonstration workshops at the MHC in exchange for use of working space.
Early this year, the two artists were told that their tenancy would expire this month. This was later extended to June 30 until plans for the centre are firmed up.
This is small comfort to the artists; they have to decide if they should move their equipment and artwork.
When The Sunday Times met Mr Sarkasi at the centre yesterday, some of his equipment was already packed into boxes and bags.
He said there was a lack of communication. 'Everything is not laid out on the table...we don't know if this means we are totally out of the centre or what.'
He will move his things to his four-room flat in Bishan if there is no more extension. Mr Iskandar, a Cultural Medallion winner, who was also at the centre yesterday, declined to comment.
When contacted, the NHB confirmed that plans were afoot to enhance the MHC, including upgrading the exhibits, providing more public spaces and 'contemporising the programmes and activities'.
Its spokesman would not say if the artists would have to leave permanently, but added: 'At this stage, we are not certain of the final plans as we are in the midst of evaluating various possibilities.'
She said tenants would be told of the confirmed plans as soon as these were firmed up.
When contacted, Senior Minister of State for Foreign Affairs Zainul Abidin Rasheed, who is the chairman of the Malay Heritage Foundation, stressed that the enhancement was still a 'work in progress'.
He said it was not just the artists' workspace, 'but the centre grounds, museum and facilities which have to be relooked'.
He added that a cordial relationship existed with the artists. He said they would be informed of the plans once these were finalised within the next three months.
The centre is a 167-year-old palace, formerly the seat of the Malay royalty here when the British administered the colony.
In 2005, the Singapore Government restored the two-storey building and made it a museum.
Last year, the Ministry of Information, Communications and the Arts gave $29 million in development funds to three museums. One is the MHC. The other two are Sun Yat Sen Nanyang Memorial Hall off Balestier Road, and the soon-to-be-built Indian Heritage Centre in Little India.
The NHB was also tasked to help run the museums. It has set up a Heritage Institutions Division to look at the three centres' operations, curation, programming, marketing and promotion.
Mr Sarkasi told The Sunday Times that the marketing and promotion of the centre and Malay heritage had been dismal in the past few years.
He felt that more could have been done to reach out to the Malay community.
'Today is a Saturday. Where is the Malay community?' he asked.
On the planned revamp of the MHC, he said: 'I'm not excited until I see what their plan is.'
jamieee@sph.com.sg
Mr Sarkasi will move his things to his Bishan flat if there is no extension on his tenancy. -- ST PHOTO: RAJ NADARAJAN
ST : Er, what is refinancing?
Mar 28, 2010
FINANCIAL QUOTIENT
Er, what is refinancing?
Where do you see this?
In finance articles and websites relating to home loans.
What does it mean?
It is prudent to review your home loan once in a while by checking on the available loan packages at your existing bank and those of other lenders.
You refinance when you switch to a new home loan either with your existing bank or another bank. And when you switch to a new loan with lower interest rates at your existing bank, it is also known as re-pricing or conversion.
Why is it important?
The objective of reviewing your home loan is to see if you can get a better deal by refinancing. There are several considerations, including the penalty that is imposed if you are still in the lock-in period.
You may also incur a fee for terminating your existing loan.
Most banks will want to keep their customers, so ask your existing bank for re-pricing options before checking with other banks.
To help in your decision-making, obtain an updated repayment schedule for your current loan package and compare it with those of the refinancing packages you are considering.
Check the interest payable.
So you want to use the term. Just say...
'I was advised to read the terms and conditions and understand what the new package offers before refinancing my home loan.'
Lorna Tan
FINANCIAL QUOTIENT
Er, what is refinancing?
Where do you see this?
In finance articles and websites relating to home loans.
What does it mean?
It is prudent to review your home loan once in a while by checking on the available loan packages at your existing bank and those of other lenders.
You refinance when you switch to a new home loan either with your existing bank or another bank. And when you switch to a new loan with lower interest rates at your existing bank, it is also known as re-pricing or conversion.
Why is it important?
The objective of reviewing your home loan is to see if you can get a better deal by refinancing. There are several considerations, including the penalty that is imposed if you are still in the lock-in period.
You may also incur a fee for terminating your existing loan.
Most banks will want to keep their customers, so ask your existing bank for re-pricing options before checking with other banks.
To help in your decision-making, obtain an updated repayment schedule for your current loan package and compare it with those of the refinancing packages you are considering.
Check the interest payable.
So you want to use the term. Just say...
'I was advised to read the terms and conditions and understand what the new package offers before refinancing my home loan.'
Lorna Tan
ST : Milking HDB flats 'a very bad trend'
Mar 28, 2010
PM'S DIALOGUE WITH REACH CONTRIBUTORS
Milking HDB flats 'a very bad trend'
They are meant to be long-term assets for Singaporeans, not short-term cash cows
By Jeremy Au Yong
Of the many people turning to their MPs for help when they run into trouble paying for their flats, none is a first-time owner living in the home he bought straight from the Housing Board.
Instead, they tend to be people who have bought and sold HDB flats more than once in a bid to make a quick buck.
Prime Minister Lee Hsien Loong highlighted this point at a dialogue yesterday, as he expressed grave concerns over a trend of people trying to sell off their HDB flats to make money, with little regard for where they are going to live next.
Some turn to their MPs to appeal for cheap rental flats. Others turn to friends and relatives. Some even set up camp on the beach.
The beach communities, in particular, have been making the news of late.
During the Budget debate earlier this month, it was revealed in Parliament that many of the families living in tents on the beach had sold their homes and spent the cash. Some demanded rental flats from the Government.
The topic was raised at yesterday's dialogue at the Grassroots Club by 51-year-old counsellor Tamilarisee Muthu. She said it was worrying to see that some people did not consider the flat a home, but rather as a means to make money.
Mr Lee similarly called it 'a very bad trend' and something that the Government was watching closely.
He recounted a meeting with such a person that left a deep impression on him.
A woman had gone to him seeking help buying a new flat. When he asked her why she wanted to buy a new flat, she replied in Chinese: 'Because I have no money.'
He recalled: 'Because she had no money, she sold her present flat and took the cash. So she wants a new flat (from the HDB), and a new loan from HDB...She will borrow to the limit all over again, and hopes to pay back some time in the future...It's a disaster.'
The Prime Minister stressed that Housing Board flats are meant to be long-term assets for Singaporeans, not short-term cash cows.
'When we help people to own a home, it is really for you for life. It's an asset as well as a roof, and is meant to see you through into your old age,' he said.
Flat owners who are elderly could choose to sell their flats and move in with their children, or go into a lease buyback arrangement with HDB to generate a stream of future income, he noted.
Those who are 'not so old', however, should think twice before selling. 'What happens to you, or more importantly, your children - where do they go?'
The Government has recently taken steps to try and counter the very bad trend.
One is to reduce the amount of the loan granted by HDB, at concessionary interest rates, to second- time buyers.
HDB will now take into account how much money is in the owner's Central Provident Fund (CPF) account, and the profit he made from selling the first flat.
Said Mr Lee: 'I told the HDB, Make sure that when people sell the flat, you counsel them, tell them if you ever come back and want a loan again, this is all you're going to be entitled to, please take note.
'If you think you can't afford the new home, then please don't sell your flat.'
Moving forward, he said the Government will channel more of its housing aid via the CPF.
The Additional Housing Grant which lower-income families are already eligible for is an example. These families can get up to $40,000 to help buy a flat, but the money goes into their CPF accounts.
When they sell the flat, the money goes back into the CPF account - where it can help tide them through their old age.
jeremyau@sph.com.sg
--------------------------------------------------------------------------------
Not perturbed
'Singaporeans are completely impassive, relaxed, calm. There is no tension, there is no misapprehension that something is wrong in Singapore or can go wrong. Maybe there is a bit too much confidence, but they know that this is somebody else's problem and not Singapore's problem.'
PM LEE, on how Singaporeans reacted to the 'Allah controversy' in Malaysia
Passports still necessary
'I didn't know of any passport-free travel plan by 2010. I think we can make it more convenient to travel, but I'm not sure we can do it passport-free because it's really two countries.'
On whether there will be passport-free travel between Singapore and Malaysia, as some Malaysian newspapers have suggested
Making S'pore better
'I'm not looking for a legacy. We are looking for ways where three, four million Singaporeans can lead good lives, healthy, secure, well-educated, fulfilling with opportunities and a future for themselves and their children, which means continue making Singapore better, work harder but create for ourselves a living environment and opportunities for ourselves and for our children.'
On what legacy he wants to leave
It was revealed in Parliament earlier this month that many of the families living in tents on the beach had sold their homes and spent the cash. Yesterday, Mr Lee expressed grave concerns over the trend of people trying to sell off their HDB flats to make money, with little regard for where they are going to live next. -- ZAOBAO FILE PHOTO
PM'S DIALOGUE WITH REACH CONTRIBUTORS
Milking HDB flats 'a very bad trend'
They are meant to be long-term assets for Singaporeans, not short-term cash cows
By Jeremy Au Yong
Of the many people turning to their MPs for help when they run into trouble paying for their flats, none is a first-time owner living in the home he bought straight from the Housing Board.
Instead, they tend to be people who have bought and sold HDB flats more than once in a bid to make a quick buck.
Prime Minister Lee Hsien Loong highlighted this point at a dialogue yesterday, as he expressed grave concerns over a trend of people trying to sell off their HDB flats to make money, with little regard for where they are going to live next.
Some turn to their MPs to appeal for cheap rental flats. Others turn to friends and relatives. Some even set up camp on the beach.
The beach communities, in particular, have been making the news of late.
During the Budget debate earlier this month, it was revealed in Parliament that many of the families living in tents on the beach had sold their homes and spent the cash. Some demanded rental flats from the Government.
The topic was raised at yesterday's dialogue at the Grassroots Club by 51-year-old counsellor Tamilarisee Muthu. She said it was worrying to see that some people did not consider the flat a home, but rather as a means to make money.
Mr Lee similarly called it 'a very bad trend' and something that the Government was watching closely.
He recounted a meeting with such a person that left a deep impression on him.
A woman had gone to him seeking help buying a new flat. When he asked her why she wanted to buy a new flat, she replied in Chinese: 'Because I have no money.'
He recalled: 'Because she had no money, she sold her present flat and took the cash. So she wants a new flat (from the HDB), and a new loan from HDB...She will borrow to the limit all over again, and hopes to pay back some time in the future...It's a disaster.'
The Prime Minister stressed that Housing Board flats are meant to be long-term assets for Singaporeans, not short-term cash cows.
'When we help people to own a home, it is really for you for life. It's an asset as well as a roof, and is meant to see you through into your old age,' he said.
Flat owners who are elderly could choose to sell their flats and move in with their children, or go into a lease buyback arrangement with HDB to generate a stream of future income, he noted.
Those who are 'not so old', however, should think twice before selling. 'What happens to you, or more importantly, your children - where do they go?'
The Government has recently taken steps to try and counter the very bad trend.
One is to reduce the amount of the loan granted by HDB, at concessionary interest rates, to second- time buyers.
HDB will now take into account how much money is in the owner's Central Provident Fund (CPF) account, and the profit he made from selling the first flat.
Said Mr Lee: 'I told the HDB, Make sure that when people sell the flat, you counsel them, tell them if you ever come back and want a loan again, this is all you're going to be entitled to, please take note.
'If you think you can't afford the new home, then please don't sell your flat.'
Moving forward, he said the Government will channel more of its housing aid via the CPF.
The Additional Housing Grant which lower-income families are already eligible for is an example. These families can get up to $40,000 to help buy a flat, but the money goes into their CPF accounts.
When they sell the flat, the money goes back into the CPF account - where it can help tide them through their old age.
jeremyau@sph.com.sg
--------------------------------------------------------------------------------
Not perturbed
'Singaporeans are completely impassive, relaxed, calm. There is no tension, there is no misapprehension that something is wrong in Singapore or can go wrong. Maybe there is a bit too much confidence, but they know that this is somebody else's problem and not Singapore's problem.'
PM LEE, on how Singaporeans reacted to the 'Allah controversy' in Malaysia
Passports still necessary
'I didn't know of any passport-free travel plan by 2010. I think we can make it more convenient to travel, but I'm not sure we can do it passport-free because it's really two countries.'
On whether there will be passport-free travel between Singapore and Malaysia, as some Malaysian newspapers have suggested
Making S'pore better
'I'm not looking for a legacy. We are looking for ways where three, four million Singaporeans can lead good lives, healthy, secure, well-educated, fulfilling with opportunities and a future for themselves and their children, which means continue making Singapore better, work harder but create for ourselves a living environment and opportunities for ourselves and for our children.'
On what legacy he wants to leave
It was revealed in Parliament earlier this month that many of the families living in tents on the beach had sold their homes and spent the cash. Yesterday, Mr Lee expressed grave concerns over the trend of people trying to sell off their HDB flats to make money, with little regard for where they are going to live next. -- ZAOBAO FILE PHOTO
ST : Case #1: Fined
Mar 28, 2010
Case #1: Fined
The owner had locked up one room in her four-room flat and sublet the rest of it to a family.
But she did not live in that room. She was staying in her parents' home, which is a private property.
This case of illegal subletting was uncovered during a routine check by the HDB.
It found out that the owner had bought her resale flat in 2006 but had not been living continuously in it.
Instead, she had sublet her flat without the HDB's approval since July 2008.
This was short of the five years that she must live in her flat, having bought it with a CPF housing grant, before she could sublet it out.
She was receiving $1,500 a month in rent, according to a written statement that the tenant gave to the HDB.
The tenant also confirmed that the owner had locked up one room, but was not living in the flat.
The owner eventually resumed living in her flat and paid HDB a fine of more than $6,000.
Case #1: Fined
The owner had locked up one room in her four-room flat and sublet the rest of it to a family.
But she did not live in that room. She was staying in her parents' home, which is a private property.
This case of illegal subletting was uncovered during a routine check by the HDB.
It found out that the owner had bought her resale flat in 2006 but had not been living continuously in it.
Instead, she had sublet her flat without the HDB's approval since July 2008.
This was short of the five years that she must live in her flat, having bought it with a CPF housing grant, before she could sublet it out.
She was receiving $1,500 a month in rent, according to a written statement that the tenant gave to the HDB.
The tenant also confirmed that the owner had locked up one room, but was not living in the flat.
The owner eventually resumed living in her flat and paid HDB a fine of more than $6,000.
ST : New price index more timely
Mar 28, 2010
property
New price index more timely
SRPI tracks prices on monthly basis, gives more accurate picture of state of market
By Joyce Teo
Last Wednesday, the Institute of Real Estate Studies at the National University of Singapore (NUS) announced that it had formulated an index called the Singapore Residential Price Index (SRPI).
It tracks prices of completed private non-landed homes month on month and will provide owners, investors, banks and property watchers with another source of price data.
Property experts have commented that it will be a more timely index than the quarterly one put out by the Urban Redevelopment Authority (URA).
The SRPI can serve as a reference index that will help expand the suite of property-based financial products, such as property derivatives.
The index is based on the transacted prices of a selected basket that broadly represents the target market. Therefore, landed homes, projects that are more than a decade old, and those that are small, rarely traded or targeted for collective sales, are excluded.
The basket will change every two years to reflect changes in the completed stock of private non-landed homes.
Its initial make-up comprises 74,359 units in 364 projects across 26 postal districts, completed between October 1998 and September last year.
Also, the SRPI takes into account the address, completion date, tenure, leasehold maturity, floor level and strata area of all units in the completed projects in this basket.
The URA property price index, on the other hand, is designed to provide the general public and industry players with a broad indication of price trends in the private residential market, a URA spokesman said.
It is thus compiled based on all types of transactions (that is, new sales, sub-sales and resales) and covers both landed and non-landed private homes.
Also, the URA releases price indices for both non-landed and landed properties.
In particular, URA's index includes prices of uncompleted units sold by developers and sub-sales. Such transactions account for about half of all transactions, said the spokesman.
The SRPI has only two sub-indices by region - central and non-central areas.
Already, its flash data for January showed a rise in prices that month.
The data shows that resale prices in the non-central regions have now exceeded the previous high in January 2008 by 4.5 per cent.
However, the prices for the central region are still about 10 per cent below the previous peak.
Associate Professor Lum Sau Kim, who led the NUS project, said one key feature of the SRPI is that it will not be unduly influenced by small numbers of transactions in a quiet market.
The impact of one-off extremely high or low prices will also be dampened, she said.
Knight Frank chairman Tan Tiong Cheng said: 'Now we have a very clear, transparent and timely index. The lag period is only one month. The main difference is that the URA indices are computed based on the moving average of the value of transactions over the last 12 quarters, so there's a greater lag effect.'
Besides the timing, Cushman & Wakefield managing director Donald Han pointed out that the SRPI should provide a more accurate picture as its basket does not include new launches. These are typically priced higher than the market and may not reflect the state of the overall market.
Mr Simon Cheong, president of the Real Estate Developers' Association of Singapore, said at the launch of the index that an index like the SRPI, computed based on the market value of a fixed reference basket of properties over time, 'can better reflect the actual movement in price'.
'We are all well aware of how, for example, the current proliferation of 'micro apartments' can distort the picture and send a wrong signal to the market when only median prices of all transactions are tracked and reported,' he said.
This is because these micro units, which can be 500 sq ft or less, are sold at a higher per sq ft price. As prices rise, units shrink to keep the total quantum price at an affordable level.
The index, updated on the 28th of every month, is available at www.ires.nus.edu.sg/srpi.aspx
joyceteo@sph.com.sg
property
New price index more timely
SRPI tracks prices on monthly basis, gives more accurate picture of state of market
By Joyce Teo
Last Wednesday, the Institute of Real Estate Studies at the National University of Singapore (NUS) announced that it had formulated an index called the Singapore Residential Price Index (SRPI).
It tracks prices of completed private non-landed homes month on month and will provide owners, investors, banks and property watchers with another source of price data.
Property experts have commented that it will be a more timely index than the quarterly one put out by the Urban Redevelopment Authority (URA).
The SRPI can serve as a reference index that will help expand the suite of property-based financial products, such as property derivatives.
The index is based on the transacted prices of a selected basket that broadly represents the target market. Therefore, landed homes, projects that are more than a decade old, and those that are small, rarely traded or targeted for collective sales, are excluded.
The basket will change every two years to reflect changes in the completed stock of private non-landed homes.
Its initial make-up comprises 74,359 units in 364 projects across 26 postal districts, completed between October 1998 and September last year.
Also, the SRPI takes into account the address, completion date, tenure, leasehold maturity, floor level and strata area of all units in the completed projects in this basket.
The URA property price index, on the other hand, is designed to provide the general public and industry players with a broad indication of price trends in the private residential market, a URA spokesman said.
It is thus compiled based on all types of transactions (that is, new sales, sub-sales and resales) and covers both landed and non-landed private homes.
Also, the URA releases price indices for both non-landed and landed properties.
In particular, URA's index includes prices of uncompleted units sold by developers and sub-sales. Such transactions account for about half of all transactions, said the spokesman.
The SRPI has only two sub-indices by region - central and non-central areas.
Already, its flash data for January showed a rise in prices that month.
The data shows that resale prices in the non-central regions have now exceeded the previous high in January 2008 by 4.5 per cent.
However, the prices for the central region are still about 10 per cent below the previous peak.
Associate Professor Lum Sau Kim, who led the NUS project, said one key feature of the SRPI is that it will not be unduly influenced by small numbers of transactions in a quiet market.
The impact of one-off extremely high or low prices will also be dampened, she said.
Knight Frank chairman Tan Tiong Cheng said: 'Now we have a very clear, transparent and timely index. The lag period is only one month. The main difference is that the URA indices are computed based on the moving average of the value of transactions over the last 12 quarters, so there's a greater lag effect.'
Besides the timing, Cushman & Wakefield managing director Donald Han pointed out that the SRPI should provide a more accurate picture as its basket does not include new launches. These are typically priced higher than the market and may not reflect the state of the overall market.
Mr Simon Cheong, president of the Real Estate Developers' Association of Singapore, said at the launch of the index that an index like the SRPI, computed based on the market value of a fixed reference basket of properties over time, 'can better reflect the actual movement in price'.
'We are all well aware of how, for example, the current proliferation of 'micro apartments' can distort the picture and send a wrong signal to the market when only median prices of all transactions are tracked and reported,' he said.
This is because these micro units, which can be 500 sq ft or less, are sold at a higher per sq ft price. As prices rise, units shrink to keep the total quantum price at an affordable level.
The index, updated on the 28th of every month, is available at www.ires.nus.edu.sg/srpi.aspx
joyceteo@sph.com.sg
ST : #3: Flat repossessed
Mar 28, 2010
#3: Flat repossessed
The tip-off came from the previous owner of a three-room flat in Bedok.
He told the HDB that after he had sold the flat to a couple in 2007, he and his family had continued to live in it as a tenant.
In 2008, after he and his family had moved out, he informed the HDB about this.
Investigations revealed that the flat had then been sublet to another family without the HDB's approval.
The HDB wrote to the owner to evict the tenants and to resume living in the flat immediately.
It said that the wife initially denied having sublet the flat but later admitted that she was not occupying it. She claimed her husband was in remand and felt it was inappropriate for her to live with the tenants.
Further checks revealed that she did not resume living in the flat after the tenants vacated it. She even sublet it to yet another group of tenants. She also did not pay the flat's loan instalments even though she had sufficient CPF funds, the HDB said.
The flat was repossessed in August last year.
#3: Flat repossessed
The tip-off came from the previous owner of a three-room flat in Bedok.
He told the HDB that after he had sold the flat to a couple in 2007, he and his family had continued to live in it as a tenant.
In 2008, after he and his family had moved out, he informed the HDB about this.
Investigations revealed that the flat had then been sublet to another family without the HDB's approval.
The HDB wrote to the owner to evict the tenants and to resume living in the flat immediately.
It said that the wife initially denied having sublet the flat but later admitted that she was not occupying it. She claimed her husband was in remand and felt it was inappropriate for her to live with the tenants.
Further checks revealed that she did not resume living in the flat after the tenants vacated it. She even sublet it to yet another group of tenants. She also did not pay the flat's loan instalments even though she had sufficient CPF funds, the HDB said.
The flat was repossessed in August last year.
ST : #2: Flat repossessed
Mar 28, 2010
#2: Flat repossessed
A man sublet his entire three-room flat without the HDB's approval while living with his family in Batam.
When the HDB found out, it told him to evict his tenants immediately and resume living in his flat.
But he sublet the flat to another group of tenants.
His offence was first uncovered when he failed to pay his mortgage arrears.
No one answered the door when the HDB branch office representative turned up, but the tenant responded to a card left behind.
The HDB found out from the tenant that the flat was sublet to him and his two classmates. The tenant also produced a copy of the tenancy agreement signed with the owner.
HDB's investigations revealed that the owner had bought the flat in 2005 with a CPF housing grant, and had sublet the flat without its approval.
As he did not resume living in the flat and even sublet the flat to another group of tenants, the HDB compulsorily acquired his flat.
#2: Flat repossessed
A man sublet his entire three-room flat without the HDB's approval while living with his family in Batam.
When the HDB found out, it told him to evict his tenants immediately and resume living in his flat.
But he sublet the flat to another group of tenants.
His offence was first uncovered when he failed to pay his mortgage arrears.
No one answered the door when the HDB branch office representative turned up, but the tenant responded to a card left behind.
The HDB found out from the tenant that the flat was sublet to him and his two classmates. The tenant also produced a copy of the tenancy agreement signed with the owner.
HDB's investigations revealed that the owner had bought the flat in 2005 with a CPF housing grant, and had sublet the flat without its approval.
As he did not resume living in the flat and even sublet the flat to another group of tenants, the HDB compulsorily acquired his flat.
ST : Subletting Rules
Mar 28, 2010
Subletting Rules
Subletting whole flat: Owners can sublet their whole flat after they have lived in it for a minimum number of years.
It is five years for flats bought directly from the HDB or resale flats bought with a CPF housing grant, and three years for resale flats bought without the grant.
Flat owners must obtain a written approval from the HDB before subletting their flats.
The number of tenants cannot exceed nine for four-room or bigger flats, six for three-room flats, and four for one- and two-room flats.
Subletting spare rooms: Only owners of three-room or larger flats can sublet spare rooms. They must live in the flat with the tenants.
They do not need HDB's approval, but must register with the HDB within seven days of subletting their rooms.
For a three-room flat, only one bedroom can be sublet with a maximum of six people living in the flat, including the owners.
For a four-room or bigger flat, two bedrooms can be sublet with at most nine occupants.
Penalties for flouting rules: The HDB may repossess the flat and pay the owner the difference between the value he paid for the flat and a financial penalty. In some cases, it may impose a fine instead.
To report unauthorised subletting: The HDB encourages residents to call its toll-free hotline on 1800-5556370 from Monday to Friday, 8am to 5pm, to report any cases of unauthorised subletting of flats.
It assures residents that it will treat the information with the strictest confidence.
Calls can be made anonymously.
Subletting Rules
Subletting whole flat: Owners can sublet their whole flat after they have lived in it for a minimum number of years.
It is five years for flats bought directly from the HDB or resale flats bought with a CPF housing grant, and three years for resale flats bought without the grant.
Flat owners must obtain a written approval from the HDB before subletting their flats.
The number of tenants cannot exceed nine for four-room or bigger flats, six for three-room flats, and four for one- and two-room flats.
Subletting spare rooms: Only owners of three-room or larger flats can sublet spare rooms. They must live in the flat with the tenants.
They do not need HDB's approval, but must register with the HDB within seven days of subletting their rooms.
For a three-room flat, only one bedroom can be sublet with a maximum of six people living in the flat, including the owners.
For a four-room or bigger flat, two bedrooms can be sublet with at most nine occupants.
Penalties for flouting rules: The HDB may repossess the flat and pay the owner the difference between the value he paid for the flat and a financial penalty. In some cases, it may impose a fine instead.
To report unauthorised subletting: The HDB encourages residents to call its toll-free hotline on 1800-5556370 from Monday to Friday, 8am to 5pm, to report any cases of unauthorised subletting of flats.
It assures residents that it will treat the information with the strictest confidence.
Calls can be made anonymously.
ST : 'Punish rogue agents and tenants too'
Mar 28, 2010
special report: illegal subletting
'Punish rogue agents and tenants too'
Call by property agents follows HDB's seizure of three flats linked to an offender
By Goh Chin Lian
Moves to clamp down on illegal subletting of HDB flats should not penalise only the owner, property agents told The Sunday Times.
Tenants and rogue property agents who close these deals should also be held responsible, they suggested.
They were responding to a case that made the headlines two weeks ago in which the HDB repossessed three flats linked to a man, Mr Poh Boon Kay, who also owned five private properties.
It was the most serious case of illegal subletting in the last two years. Only three other flats have been compulsorily acquired by the HDB over that period.
Such owners are not left with nothing. The HDB pays them the difference between the value at which they bought the flat, and the financial penalty.
So in the case of Mr Poh, who the HDB said had bought his flat in 2007 at $150,000, the HDB is considering a fine of $25,000 and returning him $125,000. The flat would fetch about $320,000 in the current market, according to property analysts cited in media reports.
Owners like Mr Poh also have 28 days to appeal to the HDB from the time they are given notice of the repossession of their flats.
In another 52 cases over the past two years, errant flat owners were fined amounts ranging from $1,000 to $21,000.
Subletting HDB flats is seen as a good source of income, property agents noted. For instance, an owner who buys a three-room flat at $250,000 and sublets it at $1,600 a month will receive an annual return of $19,200, or close to 8 per cent of the price he paid for the flat.
This is double the 3 per cent to 4 per cent rental yield for private properties.
A tenant must get HDB's approval before he sublets his flat. He does not need to do so if he sublets only spare rooms, but he must register with HDB within seven days of subletting the rooms.
An indication of the popularity of subletting is the steady increase in the number of approvals that HDB has granted, from 5,849 in 2003 to 15,344 in 2008, with a slight dip to 15,137 last year.
The HDB told The Sunday Times that while HDB flats are for owners to occupy, it has relaxed its policy over the years to make it easier for owners, including retirees, to sublet their flats to supplement their income.
Doing so also enlarges the rental market for HDB flats, and gives those who are not yet ready to buy a property more rental housing options.
Flat owners must fulfil some criteria, such as living in the flat for up to five years if they sublet the whole flat or continuing to stay in the flat if they sublet spare rooms. (see Subletting rules)
Property agents said some flat owners ignore the HDB's requirement to obtain its approval because they do not want to become ineligible for government rebates in service and conservancy charges, and they want to avoid paying more in property tax.
The property tax rate is 10 per cent for owners who sublet their whole flat, much higher than the 4 per cent for those who live in their flats, in addition to enjoying property tax rebates.
Of greater concern is the unhappiness among people who believe they are being priced out of the HDB resale market by others with deep enough pockets to buy an HDB flat - not to live in it, but to sublet it and cash out later on.
'I've heard a lot of complaints on the ground,' said Ms Lee Bee Wah, an MP for Ang Mo Kio GRC. 'These people are thinking it's because those living in private estates are allowed to buy HDB flats and jack up prices.'
However, Minister for National Development Mah Bow Tan said this month that the majority of resale flat buyers are citizens who do not own any private property.
Violating HDB rules
The HDB said of the 23,200 owners who are subletting their entire flats with its approval, close to 29 per cent are elderly households.
About 22 per cent moved in with their children, and another 38 per cent moved in with their parents, siblings and other relatives.
Property agents interviewed said private property residents out to make rental income are not the only ones who sublet their HDB flats.
Among them are singles who bought a flat but live with their parents, and young couples who own a new flat but live with their parents because they need their help to look after their children. Others sublet their flats to make ends meet.
In its reply to The Sunday Times, the HDB warned that it has stepped up enforcement against flat owners who flout the subletting rules.
The chief executive officer of real estate agency Propnex, Mr Mohamed Ismail Gafoor, supports the idea that tenants be subject to penalties as well. He suggested that the HDB require owners to show proof of their eligibility to sublet their flats to tenants. 'If the tenant goes into a contract without verifying the eligibility, the tenant becomes liable too,' he said.
A spokesman for the Institute of Estate Agents (IEA) noted that many tenants are foreigners working here.
'They could be warned that if they breach the rules, their work pass might be cancelled,' said Ms Margaret Chan, IEA's first assistant honorary secretary.
However, some foreigners may be in a bind because of a lack of cheap rental housing, said Mr Chandran Pillay, senior vice-president at real estate agency Century 21.
'People have called me saying that even if the flat is not approved for subletting, never mind. They are already here with their wife and children,' said Mr Chandran, who has rejected such requests.
While low-skilled workers are housed in dormitories, other workers end up sharing a whole flat to split the cost.
The HDB allows up to six people to live in a rented three-room flat and up to nine in a bigger unit. So three couples renting a three-room flat in Ang Mo Kio for $1,800 a month may still pay $600 each in rent.
The HDB did not directly address the question of taking tenants to task when asked.
Property agents are another group that needs to be regulated, said IEA's Ms Chan. She reckoned that there are still agents who would agree to help an owner sublet his flat even if he does not obtain HDB approval.
Others may advise owners to lock one bedroom and sublet the rest of the flat without the owners themselves living in it, said Prop-nex's Mr Mohamed Ismail. The HDB said such a practice is disallowed.
Ms Chan noted that these agents have nothing to lose: They do not need an individual licence to operate, so there is no fear of losing one.
Real estate agencies have also said they have too many agents to be responsible for every one of them.
There are about 1,700 licensed real estate agencies, with an estimated 25,000 to 30,000 real estate agents.
The lack of accountability in the real estate industry will soon change, with a new regulatory framework being worked out by the Ministry of National Development.
It has said previously that the framework would require real estate agencies to take greater responsibility for the actions of their agents, with the possibility of agencies and agents facing disciplinary actions for flouting laws and accreditation requirements.
The ministry told The Sunday Times it would share its plans over the next few months.
chinlian@sph.com.sg
special report: illegal subletting
'Punish rogue agents and tenants too'
Call by property agents follows HDB's seizure of three flats linked to an offender
By Goh Chin Lian
Moves to clamp down on illegal subletting of HDB flats should not penalise only the owner, property agents told The Sunday Times.
Tenants and rogue property agents who close these deals should also be held responsible, they suggested.
They were responding to a case that made the headlines two weeks ago in which the HDB repossessed three flats linked to a man, Mr Poh Boon Kay, who also owned five private properties.
It was the most serious case of illegal subletting in the last two years. Only three other flats have been compulsorily acquired by the HDB over that period.
Such owners are not left with nothing. The HDB pays them the difference between the value at which they bought the flat, and the financial penalty.
So in the case of Mr Poh, who the HDB said had bought his flat in 2007 at $150,000, the HDB is considering a fine of $25,000 and returning him $125,000. The flat would fetch about $320,000 in the current market, according to property analysts cited in media reports.
Owners like Mr Poh also have 28 days to appeal to the HDB from the time they are given notice of the repossession of their flats.
In another 52 cases over the past two years, errant flat owners were fined amounts ranging from $1,000 to $21,000.
Subletting HDB flats is seen as a good source of income, property agents noted. For instance, an owner who buys a three-room flat at $250,000 and sublets it at $1,600 a month will receive an annual return of $19,200, or close to 8 per cent of the price he paid for the flat.
This is double the 3 per cent to 4 per cent rental yield for private properties.
A tenant must get HDB's approval before he sublets his flat. He does not need to do so if he sublets only spare rooms, but he must register with HDB within seven days of subletting the rooms.
An indication of the popularity of subletting is the steady increase in the number of approvals that HDB has granted, from 5,849 in 2003 to 15,344 in 2008, with a slight dip to 15,137 last year.
The HDB told The Sunday Times that while HDB flats are for owners to occupy, it has relaxed its policy over the years to make it easier for owners, including retirees, to sublet their flats to supplement their income.
Doing so also enlarges the rental market for HDB flats, and gives those who are not yet ready to buy a property more rental housing options.
Flat owners must fulfil some criteria, such as living in the flat for up to five years if they sublet the whole flat or continuing to stay in the flat if they sublet spare rooms. (see Subletting rules)
Property agents said some flat owners ignore the HDB's requirement to obtain its approval because they do not want to become ineligible for government rebates in service and conservancy charges, and they want to avoid paying more in property tax.
The property tax rate is 10 per cent for owners who sublet their whole flat, much higher than the 4 per cent for those who live in their flats, in addition to enjoying property tax rebates.
Of greater concern is the unhappiness among people who believe they are being priced out of the HDB resale market by others with deep enough pockets to buy an HDB flat - not to live in it, but to sublet it and cash out later on.
'I've heard a lot of complaints on the ground,' said Ms Lee Bee Wah, an MP for Ang Mo Kio GRC. 'These people are thinking it's because those living in private estates are allowed to buy HDB flats and jack up prices.'
However, Minister for National Development Mah Bow Tan said this month that the majority of resale flat buyers are citizens who do not own any private property.
Violating HDB rules
The HDB said of the 23,200 owners who are subletting their entire flats with its approval, close to 29 per cent are elderly households.
About 22 per cent moved in with their children, and another 38 per cent moved in with their parents, siblings and other relatives.
Property agents interviewed said private property residents out to make rental income are not the only ones who sublet their HDB flats.
Among them are singles who bought a flat but live with their parents, and young couples who own a new flat but live with their parents because they need their help to look after their children. Others sublet their flats to make ends meet.
In its reply to The Sunday Times, the HDB warned that it has stepped up enforcement against flat owners who flout the subletting rules.
The chief executive officer of real estate agency Propnex, Mr Mohamed Ismail Gafoor, supports the idea that tenants be subject to penalties as well. He suggested that the HDB require owners to show proof of their eligibility to sublet their flats to tenants. 'If the tenant goes into a contract without verifying the eligibility, the tenant becomes liable too,' he said.
A spokesman for the Institute of Estate Agents (IEA) noted that many tenants are foreigners working here.
'They could be warned that if they breach the rules, their work pass might be cancelled,' said Ms Margaret Chan, IEA's first assistant honorary secretary.
However, some foreigners may be in a bind because of a lack of cheap rental housing, said Mr Chandran Pillay, senior vice-president at real estate agency Century 21.
'People have called me saying that even if the flat is not approved for subletting, never mind. They are already here with their wife and children,' said Mr Chandran, who has rejected such requests.
While low-skilled workers are housed in dormitories, other workers end up sharing a whole flat to split the cost.
The HDB allows up to six people to live in a rented three-room flat and up to nine in a bigger unit. So three couples renting a three-room flat in Ang Mo Kio for $1,800 a month may still pay $600 each in rent.
The HDB did not directly address the question of taking tenants to task when asked.
Property agents are another group that needs to be regulated, said IEA's Ms Chan. She reckoned that there are still agents who would agree to help an owner sublet his flat even if he does not obtain HDB approval.
Others may advise owners to lock one bedroom and sublet the rest of the flat without the owners themselves living in it, said Prop-nex's Mr Mohamed Ismail. The HDB said such a practice is disallowed.
Ms Chan noted that these agents have nothing to lose: They do not need an individual licence to operate, so there is no fear of losing one.
Real estate agencies have also said they have too many agents to be responsible for every one of them.
There are about 1,700 licensed real estate agencies, with an estimated 25,000 to 30,000 real estate agents.
The lack of accountability in the real estate industry will soon change, with a new regulatory framework being worked out by the Ministry of National Development.
It has said previously that the framework would require real estate agencies to take greater responsibility for the actions of their agents, with the possibility of agencies and agents facing disciplinary actions for flouting laws and accreditation requirements.
The ministry told The Sunday Times it would share its plans over the next few months.
chinlian@sph.com.sg
TODAY ONLINE : Mah Bow Tan sketches his vision of Singapore in 2020
The architect
Mah Bow Tan sketches his vision of Singapore in 2020
05:55 AM Mar 27, 2010 by Loh Chee Kong
WITH the exception of our urban planners who have meticulously mapped out the island's transformation for the decades beyond, for most of us, the Singapore of 2020 will be almost unrecognisable from today - even though the metamorphosis is already very much underway.
Who would have thought the once-sleepy and dusty Jurong will be turned into an enchanting lake enclave, lined with waterfront housing and al fresco eateries? Few could have envisaged the Kallang Basin as a tourist magnet or the Rochor-Ophir corridor as home to commercial skyscrapers amid lush greenery.
But with the transformation of the Marina Bay area almost complete - with the Marina Bay Sands soon to follow the Marina Barrage as imposing landmarks - the future could come sooner than you think.
And you would not have to step out of your homes to notice the difference, as HDB flats start to match the aesthetics of private condos. Think The Pinnacle@Duxton (picture).
But all this is only one part of the equation.
Over the next decade, national development policymakers will face a myriad of intertwining challenges stemming from the forces of globalisation and an ageing population - issues faced by every major developing city, but given an added dimension by Singapore's drive to be a top-class global city without the comforts of a hinterland which will provide its people a respite from the constant reurbanisation.
"As everybody gets plugged into the (global) network, you get the high net worth (individuals), the middle class and the lower income. Globalisation also brings with it other issues like immigration ... As a global city, how do we deal with property prices rising sharply in future?" National Development Minister Mah Bow Tan said as he gazed out of a glass window in a meeting room on the 22nd floor of the MND offices on Maxwell Road.
The picturesque view of The Pinnacle towering over rows of conserved shophouses and pockets of construction sites offered a snapshot of the opportunities and challenges ahead - little wonder that this is one of Mr Mah's favourite vistas, one he has always shown foreign visitors over the last 11 years he has served as National Development Minister.
He was speaking to Weekend Today as part of a series of reports exploring Singapore's development path in the decade ahead.
'We are not starting from scratch'
Come what may, Mr Mah reiterated the Government's "guarantee" that there will always be a sufficient supply of flats - be it new public units or existing ones on the resale market - to ensure that every newly-married couple can buy a new home. What it cannot promise is that it will be a unit of their choice.
"One new challenge we need to deal with is the challenge of rising expectations, as people don't just look for any roof over their heads - now they want a comfortable home, they want a home in a good location, they want to be able to upgrade to a private property - so they look for a HDB flat which they can monetise quickly."
Having seen several property cycles during his time at the helm, Mr Mah was unfazed with the current property frenzy - driven by a combination of pent-up demand, an influx of immigrants and panic-buying - which he believes will "die down ... and reach a certain level".
What is important, he says, is not to lose sight of the tenets of Singapore's public housing programme: Providing access to public housing for a large majority of the population; allowing Singaporeans to own their homes; and sustaining the value of their flats over a lifetime - thus enabling owners to monetise their units.
Mr Mah stressed that no other country runs a public housing programme successfully on those three counts - a fact he believes is sometimes lost on Singaporeans.
Typically, countries provide public apartments for between 20 and 30 per cent of their population - 50 per cent in the case of Hong Kong - and newlyweds find themselves staying in rented homes for several years.
Said Mr Mah: "What we have to recognise and understand is that we are not starting from scratch; we are not dealing with these challenges from a standing start. We have had 50 years of very successful public housing programmes."
Currently, more than 80 per cent of the population here lives in HDB flats - a figure that has been steadily dipping from around 90 per cent a few decades ago.
And as private housing becomes attainable to a larger segment due to rising affluence, Mr Mah expects the proportion to go down further, hitting a stable level of around 75 per cent in the decade ahead.
Said Mr Mah: "I can't see it coming down too much because then the private housing will not be able to cope" - there's only so much space designated for such property in Singapore - "and the gap between private and public housing will be even bigger".
Flat for newlyweds 'in 2, 2.5 years'
Despite the rising aspirations and an increasingly fragmented population, Mr Mah was confident that the Government can meet expectations - pointing to The Pinnacle and the premium Dawson projects as examples of how HDB would "differentiate" its products.
While some have argued that such projects would compromise the social objective of public housing - as it is generally defined elsewhere - they are in line with the Government's stance of "extensive coverage".
Said Mr Mah: "Within the HDB (flat-buying) chunk, you still have huge disparity ... if I were to build a three-room for a person with (an income of) $8,000, he will probably turn his nose up at it."
Pointing out that prices in the private and public property markets are interlinked, Mr Mah reiterated the Government's principle of letting the market set the prices. However, it will sieve out speculators and push out more supply from time to time to ensure the prices are in sync with fundamental demand.
The Government will also strive to bring down the waiting time - which stands at around three years - for newlyweds to get the keys to their new flats.
Mr Mah noted that, as recently as the late '90s, young couples had to wait five years for their flats to be ready.
With property cycles shortening and the economy becoming increasingly volatile, it was simply impossible for the Government to predict demand and build flats in advance, said Mr Mah.
It tried to do that in the past - to "huge" consequences, with new flats sitting empty for years, Mr Mah noted.
"Because HDB has been able to plan - but not build - the projects in advance, we've have been able to cut the process. We can't achieve zero waiting time ... If we can bring it down to two to two-and-a-half years, by all means," said Mr Mah.
And it is not just the economic forces that are shaping housing policies.
The strong trend towards the nuclearisation of the family structure means that the policymakers have had to provide a greater array of options, to cater for various living arrangements.
Noting that the elderly are becoming more socially and financially independent, Mr Mah said the Government will be building more studio apartments, either as standalones or attachments in the form of multigenerational flats. It will also be experimenting with new housing typologies, including variations of the existing models.
While more nursing homes will be introduced into housing estates, Mr Mah added that the existing self-contained layout of each estate will continue to serve the population well.
'Polar bears don't hit home'
For a resource-scarce country like Singapore, it is perplexing that its population are not quite seized by the issue of sustainable development.
Mr Mah, who co-chairs the inter-ministerial committee on sustainable development with Environment and Water Resources Minister Yaacob Ibrahim, said: "On a day-to-day basis, people do not feel the shortage (of resources). So if you talk about global warming, climate change, ice caps and polar bears ... it doesn't hit home."
Still, the Government will continue its educational efforts and incentivise the population to reduce their energy consumption.
Yet, as environmentalists have pointed out, the country's rapid pace of urban renewal only enhances a "use-and-throw" mentality among Singaporeans.
Mr Mah acknowledged the legitimate concerns but he reiterated the economic case for tearing down buildings, instead of repairing and refurbishing them.
"It's a pure economic argument. Why? Because land cost has gone up so much and the zoning allows you to redevelop," said Mr Mah, pointing to how the plot of land The Pinnacle sits on now houses 1,800 units - as compared to just 200 flats in the old development.
Still, environmentalists will be glad to know that the Government has every intention of preserving Singapore's "Garden City" status, with parks and greenery to remain a key feature - which Mr Mah described as a competitive advantage in the global hunt for talent.
'We are not farmers'
Recently, much focus have been centred on the construction industry, which has been cited as a sector that needs to overhaul itself and improve productivity.
And Mr Mah reckoned it would take the industry "a minimum of 10 years" to achieve that, though he said he was encouraged by a general consensus in the industry that such an overhaul was absolutely necessary.
Stressing that the increase in foreign levy would just be a means to an end, Mr Mah said the industry must ultimately turn to improved technology, prefabrication and better project management.
Said Mr Mah: "It starts off with the developers. The developers must be prepared to specify things which allow for higher productivity. The designers, architects, engineers must put in place more buildable designs, then the contractors and sub-contractors come in ... then the Government comes in with incentives."
Yet for all the remarkable strides that Singapore has made since independence, it can never run away from its intrinsic vulnerabilities - and the sobering truth is underlined by the fact that there is still one basic area where Singapore would, in all probability, never be self-sufficient: Food.
Some 70 to 80 per cent of the population's food supplies are imported.
And it is not planning to acquire land in other countries, as some rich countries have done.
A Guardian report last year pointed out that the acquisition of farmland from the world's poor by rich countries and international corporations was accelerating at an alarming rate. Some of the largest deals include South Korea's acquisition of 700,000 hectares in Sudan and Saudi Arabia's purchase of 500,000ha in Tanzania.
Citing the political sensitivities involved, Mr Mah said the Government will not go down that road.
"The Government are not farmers," he quipped.
The writer is a freelance correspondent.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
Mah Bow Tan sketches his vision of Singapore in 2020
05:55 AM Mar 27, 2010 by Loh Chee Kong
WITH the exception of our urban planners who have meticulously mapped out the island's transformation for the decades beyond, for most of us, the Singapore of 2020 will be almost unrecognisable from today - even though the metamorphosis is already very much underway.
Who would have thought the once-sleepy and dusty Jurong will be turned into an enchanting lake enclave, lined with waterfront housing and al fresco eateries? Few could have envisaged the Kallang Basin as a tourist magnet or the Rochor-Ophir corridor as home to commercial skyscrapers amid lush greenery.
But with the transformation of the Marina Bay area almost complete - with the Marina Bay Sands soon to follow the Marina Barrage as imposing landmarks - the future could come sooner than you think.
And you would not have to step out of your homes to notice the difference, as HDB flats start to match the aesthetics of private condos. Think The Pinnacle@Duxton (picture).
But all this is only one part of the equation.
Over the next decade, national development policymakers will face a myriad of intertwining challenges stemming from the forces of globalisation and an ageing population - issues faced by every major developing city, but given an added dimension by Singapore's drive to be a top-class global city without the comforts of a hinterland which will provide its people a respite from the constant reurbanisation.
"As everybody gets plugged into the (global) network, you get the high net worth (individuals), the middle class and the lower income. Globalisation also brings with it other issues like immigration ... As a global city, how do we deal with property prices rising sharply in future?" National Development Minister Mah Bow Tan said as he gazed out of a glass window in a meeting room on the 22nd floor of the MND offices on Maxwell Road.
The picturesque view of The Pinnacle towering over rows of conserved shophouses and pockets of construction sites offered a snapshot of the opportunities and challenges ahead - little wonder that this is one of Mr Mah's favourite vistas, one he has always shown foreign visitors over the last 11 years he has served as National Development Minister.
He was speaking to Weekend Today as part of a series of reports exploring Singapore's development path in the decade ahead.
'We are not starting from scratch'
Come what may, Mr Mah reiterated the Government's "guarantee" that there will always be a sufficient supply of flats - be it new public units or existing ones on the resale market - to ensure that every newly-married couple can buy a new home. What it cannot promise is that it will be a unit of their choice.
"One new challenge we need to deal with is the challenge of rising expectations, as people don't just look for any roof over their heads - now they want a comfortable home, they want a home in a good location, they want to be able to upgrade to a private property - so they look for a HDB flat which they can monetise quickly."
Having seen several property cycles during his time at the helm, Mr Mah was unfazed with the current property frenzy - driven by a combination of pent-up demand, an influx of immigrants and panic-buying - which he believes will "die down ... and reach a certain level".
What is important, he says, is not to lose sight of the tenets of Singapore's public housing programme: Providing access to public housing for a large majority of the population; allowing Singaporeans to own their homes; and sustaining the value of their flats over a lifetime - thus enabling owners to monetise their units.
Mr Mah stressed that no other country runs a public housing programme successfully on those three counts - a fact he believes is sometimes lost on Singaporeans.
Typically, countries provide public apartments for between 20 and 30 per cent of their population - 50 per cent in the case of Hong Kong - and newlyweds find themselves staying in rented homes for several years.
Said Mr Mah: "What we have to recognise and understand is that we are not starting from scratch; we are not dealing with these challenges from a standing start. We have had 50 years of very successful public housing programmes."
Currently, more than 80 per cent of the population here lives in HDB flats - a figure that has been steadily dipping from around 90 per cent a few decades ago.
And as private housing becomes attainable to a larger segment due to rising affluence, Mr Mah expects the proportion to go down further, hitting a stable level of around 75 per cent in the decade ahead.
Said Mr Mah: "I can't see it coming down too much because then the private housing will not be able to cope" - there's only so much space designated for such property in Singapore - "and the gap between private and public housing will be even bigger".
Flat for newlyweds 'in 2, 2.5 years'
Despite the rising aspirations and an increasingly fragmented population, Mr Mah was confident that the Government can meet expectations - pointing to The Pinnacle and the premium Dawson projects as examples of how HDB would "differentiate" its products.
While some have argued that such projects would compromise the social objective of public housing - as it is generally defined elsewhere - they are in line with the Government's stance of "extensive coverage".
Said Mr Mah: "Within the HDB (flat-buying) chunk, you still have huge disparity ... if I were to build a three-room for a person with (an income of) $8,000, he will probably turn his nose up at it."
Pointing out that prices in the private and public property markets are interlinked, Mr Mah reiterated the Government's principle of letting the market set the prices. However, it will sieve out speculators and push out more supply from time to time to ensure the prices are in sync with fundamental demand.
The Government will also strive to bring down the waiting time - which stands at around three years - for newlyweds to get the keys to their new flats.
Mr Mah noted that, as recently as the late '90s, young couples had to wait five years for their flats to be ready.
With property cycles shortening and the economy becoming increasingly volatile, it was simply impossible for the Government to predict demand and build flats in advance, said Mr Mah.
It tried to do that in the past - to "huge" consequences, with new flats sitting empty for years, Mr Mah noted.
"Because HDB has been able to plan - but not build - the projects in advance, we've have been able to cut the process. We can't achieve zero waiting time ... If we can bring it down to two to two-and-a-half years, by all means," said Mr Mah.
And it is not just the economic forces that are shaping housing policies.
The strong trend towards the nuclearisation of the family structure means that the policymakers have had to provide a greater array of options, to cater for various living arrangements.
Noting that the elderly are becoming more socially and financially independent, Mr Mah said the Government will be building more studio apartments, either as standalones or attachments in the form of multigenerational flats. It will also be experimenting with new housing typologies, including variations of the existing models.
While more nursing homes will be introduced into housing estates, Mr Mah added that the existing self-contained layout of each estate will continue to serve the population well.
'Polar bears don't hit home'
For a resource-scarce country like Singapore, it is perplexing that its population are not quite seized by the issue of sustainable development.
Mr Mah, who co-chairs the inter-ministerial committee on sustainable development with Environment and Water Resources Minister Yaacob Ibrahim, said: "On a day-to-day basis, people do not feel the shortage (of resources). So if you talk about global warming, climate change, ice caps and polar bears ... it doesn't hit home."
Still, the Government will continue its educational efforts and incentivise the population to reduce their energy consumption.
Yet, as environmentalists have pointed out, the country's rapid pace of urban renewal only enhances a "use-and-throw" mentality among Singaporeans.
Mr Mah acknowledged the legitimate concerns but he reiterated the economic case for tearing down buildings, instead of repairing and refurbishing them.
"It's a pure economic argument. Why? Because land cost has gone up so much and the zoning allows you to redevelop," said Mr Mah, pointing to how the plot of land The Pinnacle sits on now houses 1,800 units - as compared to just 200 flats in the old development.
Still, environmentalists will be glad to know that the Government has every intention of preserving Singapore's "Garden City" status, with parks and greenery to remain a key feature - which Mr Mah described as a competitive advantage in the global hunt for talent.
'We are not farmers'
Recently, much focus have been centred on the construction industry, which has been cited as a sector that needs to overhaul itself and improve productivity.
And Mr Mah reckoned it would take the industry "a minimum of 10 years" to achieve that, though he said he was encouraged by a general consensus in the industry that such an overhaul was absolutely necessary.
Stressing that the increase in foreign levy would just be a means to an end, Mr Mah said the industry must ultimately turn to improved technology, prefabrication and better project management.
Said Mr Mah: "It starts off with the developers. The developers must be prepared to specify things which allow for higher productivity. The designers, architects, engineers must put in place more buildable designs, then the contractors and sub-contractors come in ... then the Government comes in with incentives."
Yet for all the remarkable strides that Singapore has made since independence, it can never run away from its intrinsic vulnerabilities - and the sobering truth is underlined by the fact that there is still one basic area where Singapore would, in all probability, never be self-sufficient: Food.
Some 70 to 80 per cent of the population's food supplies are imported.
And it is not planning to acquire land in other countries, as some rich countries have done.
A Guardian report last year pointed out that the acquisition of farmland from the world's poor by rich countries and international corporations was accelerating at an alarming rate. Some of the largest deals include South Korea's acquisition of 700,000 hectares in Sudan and Saudi Arabia's purchase of 500,000ha in Tanzania.
Citing the political sensitivities involved, Mr Mah said the Government will not go down that road.
"The Government are not farmers," he quipped.
The writer is a freelance correspondent.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
ST : Save $2,000 a year
Mar 27, 2010
Save $2,000 a year
Green features at Sentosa's W Residences mean lower energy bills for home owners
By tay suan chiang
The Residences at W Singapore Sentosa Cove do not come cheap, at up to $3,000 per square foot (psf). Energy bills for owners of the newly launched waterfront project promise to be a different story, though.
Every year, each unit is expected to save its owner $2,000 in power consumption, thanks to the development's green design. The developer, City Developments Limited (CDL), also says water-efficient fittings in the bathrooms will cut about $400 a year in water bills for each home.
The 228-unit residential project received the Green Mark Platinum award last year. It is the highest rating the Building and Construction Authority hands out to green buildings in Singapore.
CDL declines to reveal construction costs for the project but says it spent about 2 per cent of the total construction cost on green innovations, which are expected to result in energy savings of over 2,800,000 kWh a year, which equates to about $2,000 a unit each year.
It says this green move is in keeping with its long-standing commitment to environmentally friendly practice. Its other residential projects that have also won Green Mark awards include The Solitaire off Stevens Road and Cliveden at Grange in Grange Road.
Designed by renowned architectural firm Wimberly Allison Tong & Goo, The Residences at W Singapore's seven blocks give home owners unblocked views of the waterfront.
There is a minimum of direct west-facing facades and most units have a north-east or south-west orientation to take advantage of prevailing wind conditions. The blocks also have extensive overhangs, balconies and planters to reduce exposure to the sun, so home owners do not have to expend energy to cool their apartments.
Green features aside, The Residences have other attractions: Units have their own private lifts and the common recreational facilities include cabanas, an infinity lap pool and a children's playground.
Premium fittings are found in the apartments: Kitchens come equipped with Miele appliances and bathrooms with Hansgrohe shower mixes.
Apart from The Residences, CDL is also developing the adjoining 240-room W Singapore Sentosa Cove hotel and a retail area comprising waterfront restaurants and shops.
There are currently 9 W Residences worldwide.
The three W projects in Sentosa Cove are likely to be ready by 2012.
taysc@sph.com.sg
A 99-year leasehold property, the W Residences at Sentosa features two- to four-bedroom units as well as penthouses, ranging from 1,227 sq ft to 6,297 sq ft. -- ST PHOTOS: TERENCE TAN
Save $2,000 a year
Green features at Sentosa's W Residences mean lower energy bills for home owners
By tay suan chiang
The Residences at W Singapore Sentosa Cove do not come cheap, at up to $3,000 per square foot (psf). Energy bills for owners of the newly launched waterfront project promise to be a different story, though.
Every year, each unit is expected to save its owner $2,000 in power consumption, thanks to the development's green design. The developer, City Developments Limited (CDL), also says water-efficient fittings in the bathrooms will cut about $400 a year in water bills for each home.
The 228-unit residential project received the Green Mark Platinum award last year. It is the highest rating the Building and Construction Authority hands out to green buildings in Singapore.
CDL declines to reveal construction costs for the project but says it spent about 2 per cent of the total construction cost on green innovations, which are expected to result in energy savings of over 2,800,000 kWh a year, which equates to about $2,000 a unit each year.
It says this green move is in keeping with its long-standing commitment to environmentally friendly practice. Its other residential projects that have also won Green Mark awards include The Solitaire off Stevens Road and Cliveden at Grange in Grange Road.
Designed by renowned architectural firm Wimberly Allison Tong & Goo, The Residences at W Singapore's seven blocks give home owners unblocked views of the waterfront.
There is a minimum of direct west-facing facades and most units have a north-east or south-west orientation to take advantage of prevailing wind conditions. The blocks also have extensive overhangs, balconies and planters to reduce exposure to the sun, so home owners do not have to expend energy to cool their apartments.
Green features aside, The Residences have other attractions: Units have their own private lifts and the common recreational facilities include cabanas, an infinity lap pool and a children's playground.
Premium fittings are found in the apartments: Kitchens come equipped with Miele appliances and bathrooms with Hansgrohe shower mixes.
Apart from The Residences, CDL is also developing the adjoining 240-room W Singapore Sentosa Cove hotel and a retail area comprising waterfront restaurants and shops.
There are currently 9 W Residences worldwide.
The three W projects in Sentosa Cove are likely to be ready by 2012.
taysc@sph.com.sg
A 99-year leasehold property, the W Residences at Sentosa features two- to four-bedroom units as well as penthouses, ranging from 1,227 sq ft to 6,297 sq ft. -- ST PHOTOS: TERENCE TAN
ST : Property ownership a priority
Mar 27, 2010
Property ownership a priority
WHEN financial adviser Hu Yaoqian heard of the policy changes, she felt elated. It meant that her decision to apply for citizenship last October was right.
The 26-year-old permanent resident (PR), who came to Singapore to study in 2003, says she realised the benefits of becoming a Singaporean when she learnt about housing policies here.
As a citizen, she would qualify for a $20,000 grant to buy an HDB resale flat. Moreover, a citizen would enjoy subsidised rates for upgrading schemes compared to a PR who has to pay the full cost.
Her software engineer husband, who is her high school sweetheart from China, came to Singapore in 2008 and is also a PR. The couple are hoping to buy a four-room or five-room flat in the Bishan or Serangoon area.
In Ms Hu's line of work, she meets middle-income Chinese, who are mostly PRs typically around age 30 and married with young children.
Where government policy is concerned, she says, 'their only consideration is property' as their children are not old enough to go to school, and their health insurance covers medical fees.
Ms Hu notes that property ownership is a typical Chinese priority.
She says Singapore's PR system is still better than China's household registration or hukou system, which denies rural migrants access to employment, housing, cheap education and health care in the cities.
Property ownership a priority
WHEN financial adviser Hu Yaoqian heard of the policy changes, she felt elated. It meant that her decision to apply for citizenship last October was right.
The 26-year-old permanent resident (PR), who came to Singapore to study in 2003, says she realised the benefits of becoming a Singaporean when she learnt about housing policies here.
As a citizen, she would qualify for a $20,000 grant to buy an HDB resale flat. Moreover, a citizen would enjoy subsidised rates for upgrading schemes compared to a PR who has to pay the full cost.
Her software engineer husband, who is her high school sweetheart from China, came to Singapore in 2008 and is also a PR. The couple are hoping to buy a four-room or five-room flat in the Bishan or Serangoon area.
In Ms Hu's line of work, she meets middle-income Chinese, who are mostly PRs typically around age 30 and married with young children.
Where government policy is concerned, she says, 'their only consideration is property' as their children are not old enough to go to school, and their health insurance covers medical fees.
Ms Hu notes that property ownership is a typical Chinese priority.
She says Singapore's PR system is still better than China's household registration or hukou system, which denies rural migrants access to employment, housing, cheap education and health care in the cities.
ST : Pender Court up for sale again with $100m price tag
Mar 27, 2010
Pender Court up for sale again with $100m price tag
PENDER Court, off West Coast Highway, has been relaunched for collective sale at an asking price of about $100 million.
That is about 20 per cent above the price the condominium fetched in an ultimately abortive sale in the 2007 property boom. Buyer Bravo Building Construction called off the deal in early 2008.
The firm had, by then, also pulled out of two other collective sale deals - Tulip Garden near Holland Road and Makeway View in Newton.
Now, the sellers of the freehold 48-unit development are expecting offers in the region of $100 million to $108 million, said marketing agent Credo Real Estate's executive director of marketing Yong Choon Fah.
On this basis, the asking price range translates to a land price of about $992 per sq ft (psf) to $1,071 psf on the potential gross floor area, she said.
At this level, a developer may expect to break even at about $1,480 psf to $1,570 psf, Ms Yong added.
This price is for a total gross floor area of about 100,840 sq ft, including an additional 10 per cent space set aside for balconies.
Pender Court was sold at the peak of the last boom in July 2007.
Bravo agreed to pay $80 million or about $872 psf of potential gross floor area. No development charge was payable then.
It decided in April 2008 to cut its losses on the deal, rather than pump in more money and make a bigger loss by pursuing the development.
The property market had slowed considerably by then, from the boom days of the previous year.
Pender Court owners got to keep the $12 million deposit, which worked out to an average of $250,000 per unit.
Meanwhile in the east, Teakhwa Real Estate launched Changi Complex at the junction of Bedok Road and Upper Changi Road for collective sale on Thursday.
Owners are expecting prices of about $45 million to $48 million. This works out to $563 psf to $598 psf of potential gross floor area, including the estimated development charge of $3.6 million.
The tenders for Changi Complex and Pender Court close on April 20 and April 27 respectively.
JOYCE TEO
Pender Court up for sale again with $100m price tag
PENDER Court, off West Coast Highway, has been relaunched for collective sale at an asking price of about $100 million.
That is about 20 per cent above the price the condominium fetched in an ultimately abortive sale in the 2007 property boom. Buyer Bravo Building Construction called off the deal in early 2008.
The firm had, by then, also pulled out of two other collective sale deals - Tulip Garden near Holland Road and Makeway View in Newton.
Now, the sellers of the freehold 48-unit development are expecting offers in the region of $100 million to $108 million, said marketing agent Credo Real Estate's executive director of marketing Yong Choon Fah.
On this basis, the asking price range translates to a land price of about $992 per sq ft (psf) to $1,071 psf on the potential gross floor area, she said.
At this level, a developer may expect to break even at about $1,480 psf to $1,570 psf, Ms Yong added.
This price is for a total gross floor area of about 100,840 sq ft, including an additional 10 per cent space set aside for balconies.
Pender Court was sold at the peak of the last boom in July 2007.
Bravo agreed to pay $80 million or about $872 psf of potential gross floor area. No development charge was payable then.
It decided in April 2008 to cut its losses on the deal, rather than pump in more money and make a bigger loss by pursuing the development.
The property market had slowed considerably by then, from the boom days of the previous year.
Pender Court owners got to keep the $12 million deposit, which worked out to an average of $250,000 per unit.
Meanwhile in the east, Teakhwa Real Estate launched Changi Complex at the junction of Bedok Road and Upper Changi Road for collective sale on Thursday.
Owners are expecting prices of about $45 million to $48 million. This works out to $563 psf to $598 psf of potential gross floor area, including the estimated development charge of $3.6 million.
The tenders for Changi Complex and Pender Court close on April 20 and April 27 respectively.
JOYCE TEO
ST : Redas chief had questioned need for govt intervention
Mar 27, 2010
Redas chief had questioned need for govt intervention
MR SIMON Cheong, president of the Real Estate Developers' Association of Singapore (Redas), raised government hackles this week when he questioned the need for government intervention to halt the rise of private home prices.
He had asked if the state should be so concerned with the prices of private home prices, when the segment serves only 16.5 per cent of the population.
The Government recently introduced cooling measures in the private and public property markets after observing signs of speculative activity.
Mr Cheong, who is also chairman and chief executive of developer SC Global, said the Government should shoulder some of the responsibility for short land supply and escalating property prices.
He cited two recent government land tenders to illustrate his point. A single bid for a Tampines site was rejected in June 2008 for being too low, but was awarded in March at a price that was about 3.6 times higher. A Ten Mile Junction mixed-use site also had a failed bid in April 2008, but went for 2.7 times higher last month.
'Had the two sites been awarded back then at 'market prices', the current demand-supply mismatch scenario in the residential market may have been smoothed and price increases for such mass market projects more muted overall,' he said.
The Ministry of National Development (MND) rebutted Mr Cheong's claims the next day, pointing out the Government's objective was to maintain a healthy property market. 'A property market bubble, if allowed to form, may not only impact housing affordability, but also severely impact the economy when it bursts,' it said.
MND said it was arguable if awarding the two sites at the low bid prices in 2008 would have moderated property prices, or simply allowed the bidders to achieve a fatter profit margin.
The sites could yield about 800 homes. Against a total supply pipeline of 60,476 uncompleted units of private housing at the end of last year, of which 34,234 units are still unsold, it was 'questionable if the added supply from these sites in 2008 would have affected prices today in any way', MND said.
Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access
Redas chief had questioned need for govt intervention
MR SIMON Cheong, president of the Real Estate Developers' Association of Singapore (Redas), raised government hackles this week when he questioned the need for government intervention to halt the rise of private home prices.
He had asked if the state should be so concerned with the prices of private home prices, when the segment serves only 16.5 per cent of the population.
The Government recently introduced cooling measures in the private and public property markets after observing signs of speculative activity.
Mr Cheong, who is also chairman and chief executive of developer SC Global, said the Government should shoulder some of the responsibility for short land supply and escalating property prices.
He cited two recent government land tenders to illustrate his point. A single bid for a Tampines site was rejected in June 2008 for being too low, but was awarded in March at a price that was about 3.6 times higher. A Ten Mile Junction mixed-use site also had a failed bid in April 2008, but went for 2.7 times higher last month.
'Had the two sites been awarded back then at 'market prices', the current demand-supply mismatch scenario in the residential market may have been smoothed and price increases for such mass market projects more muted overall,' he said.
The Ministry of National Development (MND) rebutted Mr Cheong's claims the next day, pointing out the Government's objective was to maintain a healthy property market. 'A property market bubble, if allowed to form, may not only impact housing affordability, but also severely impact the economy when it bursts,' it said.
MND said it was arguable if awarding the two sites at the low bid prices in 2008 would have moderated property prices, or simply allowed the bidders to achieve a fatter profit margin.
The sites could yield about 800 homes. Against a total supply pipeline of 60,476 uncompleted units of private housing at the end of last year, of which 34,234 units are still unsold, it was 'questionable if the added supply from these sites in 2008 would have affected prices today in any way', MND said.
Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access
ST : 'Govt has role in property market'
Mar 27, 2010
'Govt has role in property market'
It steps in only to help ensure stability: Mah
By Jessica Cheam
NATIONAL Development Minister Mah Bow Tan yesterday emphasised that the Government has a role to play in the property market, but any intervention is 'done sparingly'.
'We try not to intervene but when we do, we do it only because we want the market to work better,' he told The Straits Times in an interview. The Government wants to see a stable, healthy market, where prices are generally moving in tandem with the fundamentals of the economy, he added.
He was responding to recent comments by the president of the Real Estate Developers' Association of Singapore, Mr Simon Cheong, who questioned the need for government intervention to halt the rise of private home prices.
Mr Cheong also commented on Wednesday that the Government should shoulder some of the responsibility for short land supply and escalating property prices. (See: Redas chief had questioned need for govt intervention)
The Ministry of National Development issued a statement on Thursday to rebut his claims, noting that the Government's role in ensuring a stable market 'matters to the well-being of Singaporeans and the economy'.
Mr Mah said yesterday that Mr Cheong's argument that the Government should not interfere in the market, or that it may be intervening too much, was 'strange'.
'It's not the intention for us to replace the market... it's like the HDB (resale) market, we don't set prices. We let the market set the prices, but we intervene to make sure the price is in line with fundamentals and there is no excessive demand from excessive speculation,' he said.
The Government wants to ensure, for example, that demand is driven by people who want to live in the property, or invest for the long term, he added.
'That's the position we take. We don't intervene unless we have to (and) only when we think the market is not working well.'
Mr Mah also said that a property bubble is not good for the market and the public should be sceptical of developers who say otherwise.
Mr Justin Chiu, executive director of Hong Kong's Cheung Kong (Holdings), said this week that contrary to what some believe, bubbles can be good as they fuel sales volumes and price rises.
But Mr Mah said yesterday: 'When developers start talking and say bubbles are good for the market, I just wonder, why are they saying that?
'It may be good for developers, but it's certainly not good for people who want to buy, because of affordability, nor for investors... because when the bubble bursts, everybody gets hurt.'
The irony, he added, was that 'if developers talk up the market, and people believe them, and prices go up and spiral out of control, then the more we will be forced to act. So I hope people realise that'.
Reacting to Mr Cheong's comment that the reserve price system is unable to respond quickly enough during periods of high volatility, Mr Mah said the system is not new and has worked well.
'So many sites have been sold by that system, and we've sold sites where people have bid below the reserve price,' he said.
But in the case of two tenders cited by Mr Cheong which were not awarded at the time, Mr Mah noted the bid prices 'were so ridiculous'.
'It was a few bidders who were trying their luck because no one else was interested,' he said. Even if developers obtained land at a low price, he thought it unlikely that they would sell cheaper homes to buyers.
When the market is high, developers will not sell for less than the market price, he added.
'So it's a really strange argument. But we've made our reply, let's leave it at that.'
jcheam@sph.com.sg
'Govt has role in property market'
It steps in only to help ensure stability: Mah
By Jessica Cheam
NATIONAL Development Minister Mah Bow Tan yesterday emphasised that the Government has a role to play in the property market, but any intervention is 'done sparingly'.
'We try not to intervene but when we do, we do it only because we want the market to work better,' he told The Straits Times in an interview. The Government wants to see a stable, healthy market, where prices are generally moving in tandem with the fundamentals of the economy, he added.
He was responding to recent comments by the president of the Real Estate Developers' Association of Singapore, Mr Simon Cheong, who questioned the need for government intervention to halt the rise of private home prices.
Mr Cheong also commented on Wednesday that the Government should shoulder some of the responsibility for short land supply and escalating property prices. (See: Redas chief had questioned need for govt intervention)
The Ministry of National Development issued a statement on Thursday to rebut his claims, noting that the Government's role in ensuring a stable market 'matters to the well-being of Singaporeans and the economy'.
Mr Mah said yesterday that Mr Cheong's argument that the Government should not interfere in the market, or that it may be intervening too much, was 'strange'.
'It's not the intention for us to replace the market... it's like the HDB (resale) market, we don't set prices. We let the market set the prices, but we intervene to make sure the price is in line with fundamentals and there is no excessive demand from excessive speculation,' he said.
The Government wants to ensure, for example, that demand is driven by people who want to live in the property, or invest for the long term, he added.
'That's the position we take. We don't intervene unless we have to (and) only when we think the market is not working well.'
Mr Mah also said that a property bubble is not good for the market and the public should be sceptical of developers who say otherwise.
Mr Justin Chiu, executive director of Hong Kong's Cheung Kong (Holdings), said this week that contrary to what some believe, bubbles can be good as they fuel sales volumes and price rises.
But Mr Mah said yesterday: 'When developers start talking and say bubbles are good for the market, I just wonder, why are they saying that?
'It may be good for developers, but it's certainly not good for people who want to buy, because of affordability, nor for investors... because when the bubble bursts, everybody gets hurt.'
The irony, he added, was that 'if developers talk up the market, and people believe them, and prices go up and spiral out of control, then the more we will be forced to act. So I hope people realise that'.
Reacting to Mr Cheong's comment that the reserve price system is unable to respond quickly enough during periods of high volatility, Mr Mah said the system is not new and has worked well.
'So many sites have been sold by that system, and we've sold sites where people have bid below the reserve price,' he said.
But in the case of two tenders cited by Mr Cheong which were not awarded at the time, Mr Mah noted the bid prices 'were so ridiculous'.
'It was a few bidders who were trying their luck because no one else was interested,' he said. Even if developers obtained land at a low price, he thought it unlikely that they would sell cheaper homes to buyers.
When the market is high, developers will not sell for less than the market price, he added.
'So it's a really strange argument. But we've made our reply, let's leave it at that.'
jcheam@sph.com.sg
BT : Motorsports Hub awaits building green light
Business Times - 27 Mar 2010
Motorsports Hub awaits building green light
SG Changi plans to start construction as early as June, provided it gets approval from all relevant authorities
By NISHA RAMCHANDANI
CONSTRUCTION on Singapore's much anticipated Changi Motorsports Hub could flag off as early as June or July, if all goes according to plan.
The winning consortium, SG Changi, is targeting to have the $330 million mega project completed by end 2011, and the first race underway by 2012.
If SG Changi manages to get approval from all the relevant authorities, construction could kick off in three-four months, said director Thia Yoke Kian.
SG Changi, which edged out both Singapore Agro Agriculture and Sports Services to win the bid, came out tops based on the innovative design, flexibility and functionality of its proposal, financial strength of the consortium as well as the quality of racing events, the Singapore Sports Council (SSC) revealed at a press briefing yesterday.
'We can only say we would have enough funding,' confirmed SG Changi director and Singaporean lawyer Eddie Koh in response to a query on whether the group had secured sufficient financing.
The majority of the investment is said to stem from the consortium's Japanese counterparts, director and former Japan GT driver Genji Hashimoto and director Fuminori Murahashi.
SG Changi's proposed project, to be built on a 41 hectare sea-facing site near Changi Airport, will include an FIA Grade-2 3.7 kilometre racetrack designed by track specialists from Japan, a CIK Grade A 1.2 km go-kart track plus seating capacity for some 20,000 spectators.
Meanwhile, its motorsports academy will train talent from the motoring community with regard to both racing and engineering, with the long-term aim of creating ambassadors who can represent Singapore on an international platform. SG Changi has linked up with Korea-based E-Rain Racing Academy and a German consultant for the motorsports academy.
To cater to a wider audience beyond race fans, the motorsports hub was designed as a lifestyle venue, integrating F&B and retail facilities, a motorsports museum, a club house, a bonded warehouse and even a hotel.
The group's winning bid also included 'green' initiatives, such as installing solar panels on the roof of the main grandstand, which could be used to generate power.
'This exciting new project will be a great boost for motorsports in Singapore by providing a permanent base to groom motorsports talent, promote industry development, host new international events and provide more entertainment and lifestyle options for Singaporeans and tourists,' affirmed Vivian Balakrishnan, Minister for Community Development, Youth and Sports.
As it currently stands, the racing calendar is expected to include international and regional events, such as the SuperGT series, Formula Nippon and the Japanese Formula 3 series. On the local front, events such as the Karting Championship, Drag Racing Championship and Drifting Championship are slated to take place.
While the Grade 2 track will not be able to host the Formula One (F1), the group is in talks to bring in MotoGP - the F1 of motorcycling - although the track first has to get the thumbs up from the Federation Internationale de Motocyclisme (FIM).
For organisations such as the Traction Circle Club, the upcoming motorsports hub will mean greater convenience and potentially, cost savings.
The club, whose members are made up of motoring enthusiasts, makes regular treks to the Sepang International Circuit (SIC) for 'track days', said president Cheong Chung Kin.
SG Changi will operate the Changi Motorsports Hub for a 30-year period.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
KEY ATTRACTION
The project will include an FIA Grade 2 3.7 km racetrack designed by track specialists from Japan, a CIK Grade A 1.2 km go-kart track plus seating capacity for some 20,000 spectators
Motorsports Hub awaits building green light
SG Changi plans to start construction as early as June, provided it gets approval from all relevant authorities
By NISHA RAMCHANDANI
CONSTRUCTION on Singapore's much anticipated Changi Motorsports Hub could flag off as early as June or July, if all goes according to plan.
The winning consortium, SG Changi, is targeting to have the $330 million mega project completed by end 2011, and the first race underway by 2012.
If SG Changi manages to get approval from all the relevant authorities, construction could kick off in three-four months, said director Thia Yoke Kian.
SG Changi, which edged out both Singapore Agro Agriculture and Sports Services to win the bid, came out tops based on the innovative design, flexibility and functionality of its proposal, financial strength of the consortium as well as the quality of racing events, the Singapore Sports Council (SSC) revealed at a press briefing yesterday.
'We can only say we would have enough funding,' confirmed SG Changi director and Singaporean lawyer Eddie Koh in response to a query on whether the group had secured sufficient financing.
The majority of the investment is said to stem from the consortium's Japanese counterparts, director and former Japan GT driver Genji Hashimoto and director Fuminori Murahashi.
SG Changi's proposed project, to be built on a 41 hectare sea-facing site near Changi Airport, will include an FIA Grade-2 3.7 kilometre racetrack designed by track specialists from Japan, a CIK Grade A 1.2 km go-kart track plus seating capacity for some 20,000 spectators.
Meanwhile, its motorsports academy will train talent from the motoring community with regard to both racing and engineering, with the long-term aim of creating ambassadors who can represent Singapore on an international platform. SG Changi has linked up with Korea-based E-Rain Racing Academy and a German consultant for the motorsports academy.
To cater to a wider audience beyond race fans, the motorsports hub was designed as a lifestyle venue, integrating F&B and retail facilities, a motorsports museum, a club house, a bonded warehouse and even a hotel.
The group's winning bid also included 'green' initiatives, such as installing solar panels on the roof of the main grandstand, which could be used to generate power.
'This exciting new project will be a great boost for motorsports in Singapore by providing a permanent base to groom motorsports talent, promote industry development, host new international events and provide more entertainment and lifestyle options for Singaporeans and tourists,' affirmed Vivian Balakrishnan, Minister for Community Development, Youth and Sports.
As it currently stands, the racing calendar is expected to include international and regional events, such as the SuperGT series, Formula Nippon and the Japanese Formula 3 series. On the local front, events such as the Karting Championship, Drag Racing Championship and Drifting Championship are slated to take place.
While the Grade 2 track will not be able to host the Formula One (F1), the group is in talks to bring in MotoGP - the F1 of motorcycling - although the track first has to get the thumbs up from the Federation Internationale de Motocyclisme (FIM).
For organisations such as the Traction Circle Club, the upcoming motorsports hub will mean greater convenience and potentially, cost savings.
The club, whose members are made up of motoring enthusiasts, makes regular treks to the Sepang International Circuit (SIC) for 'track days', said president Cheong Chung Kin.
SG Changi will operate the Changi Motorsports Hub for a 30-year period.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
KEY ATTRACTION
The project will include an FIA Grade 2 3.7 km racetrack designed by track specialists from Japan, a CIK Grade A 1.2 km go-kart track plus seating capacity for some 20,000 spectators
BT : Parkway Novena sells all 100 medical suites
Business Times - 27 Mar 2010
Parkway Novena sells all 100 medical suites
Sales could bring in more than $200 million and add almost $60 million to top line of Parkway Holdings
By CHEN HUIFEN
HEALTHCARE services provider Parkway Holdings could see a $60 million boost to its top line this year, fuelled by the sale of medical suites at its new Parkway Novena Hospital.
All 100 suites launched over the past two weeks have been taken up, the group said yesterday. The units ranged from 452-1,431 sq ft. Going by the price - $3,588-$3,828 per sq ft excluding GST - this could add up to sales of more than $200 million.
However, revenue from the sales will be recognised progressively. Typically, a buyer pays a 5 per cent booking fee for an option to purchase. The buyer then has to put down a further 15 per cent on signing a sale-and-purchase agreement. An additional 10 per cent is collected on completion of piling work.
All in all, about 30 per cent of the money from the sale of suites so far will be booked this financial year. Subsequent payments will flow over the next two years as construction progresses.
Parkway CEO-designate Tan See Leng said demand for phase one of the medical suites came largely from cardiac science, orthopaedics, neuroscience and supporting disciplines. There is a mix of doctors from public and private sectors, but Dr Tan was unable to say what the split is.
Many of the doctors who have booked the units practise outside of Parkway's system, at locations such as Lucky Plaza, Paragon or Camden Medical Centre.
'These doctors do not necessarily admit patients to our hospitals at this point in time,' said Dr Tan. 'So what we did was that we target this group of doctors. They come into Novena. It becomes a very good, very seamless type of referral structure where they actually operate within a hospital complex.'
Expected to open in the second quarter of 2012, Parkway Novena Hospital will house a specialist centre with 259 medical suites. The group will launch phase two of the sale of suites in the next few days.
It is yet to decide on pricing or the number of units to be made available. But it intends to hold on to some suites to retain flexibility for collaboration with foreign or public institutions down the track.
At a media briefing yesterday to give an update on the Novena project, Dr Tan introduced Lee Hong Huei, 39, as CEO-designate of Parkway Novena Hospital. Dr Lee joined Parkway in 2000 and was most recently CEO of Mt Elizabeth Hospital. He is stepping up hiring to form a team that will help plan operational details at the new hospital.
'At the moment, it's mainly the planning operations team,' said Dr Lee. 'Moving along, there will be some clinical positions. We are already looking at nursing staff, ancillary support staff.'
He projects a headcount of about 700-800 clinical and non-clinical staff at the hospital when it opens in 2012. By then, about 100-150 doctors are expected to practise at the specialist centre. When it is fully operational, Parkway Novena Hospital will be about the size of Mt Elizabeth today, with about 1,000-1,200 staff.
Parkway posted a net profit of $118.9 million on revenue of $979.2 million last year. It will award the tender for construction of the new hospital by the end of April. Construction is estimated to cost about $400 million.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
__._,_.___
Parkway Novena sells all 100 medical suites
Sales could bring in more than $200 million and add almost $60 million to top line of Parkway Holdings
By CHEN HUIFEN
HEALTHCARE services provider Parkway Holdings could see a $60 million boost to its top line this year, fuelled by the sale of medical suites at its new Parkway Novena Hospital.
All 100 suites launched over the past two weeks have been taken up, the group said yesterday. The units ranged from 452-1,431 sq ft. Going by the price - $3,588-$3,828 per sq ft excluding GST - this could add up to sales of more than $200 million.
However, revenue from the sales will be recognised progressively. Typically, a buyer pays a 5 per cent booking fee for an option to purchase. The buyer then has to put down a further 15 per cent on signing a sale-and-purchase agreement. An additional 10 per cent is collected on completion of piling work.
All in all, about 30 per cent of the money from the sale of suites so far will be booked this financial year. Subsequent payments will flow over the next two years as construction progresses.
Parkway CEO-designate Tan See Leng said demand for phase one of the medical suites came largely from cardiac science, orthopaedics, neuroscience and supporting disciplines. There is a mix of doctors from public and private sectors, but Dr Tan was unable to say what the split is.
Many of the doctors who have booked the units practise outside of Parkway's system, at locations such as Lucky Plaza, Paragon or Camden Medical Centre.
'These doctors do not necessarily admit patients to our hospitals at this point in time,' said Dr Tan. 'So what we did was that we target this group of doctors. They come into Novena. It becomes a very good, very seamless type of referral structure where they actually operate within a hospital complex.'
Expected to open in the second quarter of 2012, Parkway Novena Hospital will house a specialist centre with 259 medical suites. The group will launch phase two of the sale of suites in the next few days.
It is yet to decide on pricing or the number of units to be made available. But it intends to hold on to some suites to retain flexibility for collaboration with foreign or public institutions down the track.
At a media briefing yesterday to give an update on the Novena project, Dr Tan introduced Lee Hong Huei, 39, as CEO-designate of Parkway Novena Hospital. Dr Lee joined Parkway in 2000 and was most recently CEO of Mt Elizabeth Hospital. He is stepping up hiring to form a team that will help plan operational details at the new hospital.
'At the moment, it's mainly the planning operations team,' said Dr Lee. 'Moving along, there will be some clinical positions. We are already looking at nursing staff, ancillary support staff.'
He projects a headcount of about 700-800 clinical and non-clinical staff at the hospital when it opens in 2012. By then, about 100-150 doctors are expected to practise at the specialist centre. When it is fully operational, Parkway Novena Hospital will be about the size of Mt Elizabeth today, with about 1,000-1,200 staff.
Parkway posted a net profit of $118.9 million on revenue of $979.2 million last year. It will award the tender for construction of the new hospital by the end of April. Construction is estimated to cost about $400 million.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
__._,_.___
BT : Collective sales market stays cool
Business Times - 27 Mar 2010
Collective sales market stays cool
By EMILYN YAP
THE property market may be hot for new launches, but the fervour has not spilled over to collective sales.
BT understands that two residential sites put up for sale in December last year are unlikely to find new owners soon. The tender for Mayfair Gardens at Rifle Range Road closed in January, but no winner emerged and the collective sale agreement (CSA) has lapsed. Nearby, Green Lodge at Toh Tuck Road has also failed to find a buyer and the CSA is close to expiring.
The CSA is a crucial document in the collective sale process. From the time that the minimum 80 per cent consent level is secured for a CSA, agents have up to 12 months to find a buyer and submit an application to the Strata Titles Board for an order for the sale. If the CSA expires before an application, home owners have to convene extraordinary general meetings again to restart the sale process.
An industry source told BT that there were several bidders for Mayfair Gardens but their offers were below the asking price. The owners had hoped for at least $210 million. On top of this, a developer would have to pay $40 million to restore the lease to 99 years, from the current 72. This means that the cost would have come up to $857 per square foot per plot ratio (psf ppr).
The CSA for Mayfair Gardens was signed in March last year and has expired, the source said. The deal did not go through because of the 'price gap'.
The story is similar for freehold Green Lodge. BT understands that several bids were received during the tender but they failed to meet the reserve price. The owners were looking for $135 million. Add a state charge of about $9.5 million and the price would be $683 psf ppr.
A majority of the owners agreed to sell the property in April last year. Another market insider said that the CSA is close to expiring, and agents are unlikely to have enough time to find a buyer and submit an application to the authorities.
Apart from Mayfair Gardens and Green Lodge, Laguna Park at Marine Parade failed to find a buyer last year. Laguna Park's sales committee called off the collective sale in November after lower-than-expected bids came in.
These cases reflect the challenges in selling en bloc in today's market, where there is a gap in price expectations between buyers and sellers.
According to HSR investment sales assistant executive director Jeffrey Goh, many home owners are not keen to reduce asking prices and are in no hurry to sell. They have seen how well new property launches have done and this has 'given them a lot of excitement', he said.
But Credo Real Estate managing director Karamjit Singh believes that Mayfair Gardens and Green Lodge are 'not necessarily representative of the fate of en blocs to come'.
For properties where sufficient consent from owners was obtained some time back, asking prices may not be in line with market conditions, he said.
'But we are about to see a new wave of en bloc launches by tender in the months ahead, and these will be projects that would have got started end of last year or early this year.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
__._,_.___
Collective sales market stays cool
By EMILYN YAP
THE property market may be hot for new launches, but the fervour has not spilled over to collective sales.
BT understands that two residential sites put up for sale in December last year are unlikely to find new owners soon. The tender for Mayfair Gardens at Rifle Range Road closed in January, but no winner emerged and the collective sale agreement (CSA) has lapsed. Nearby, Green Lodge at Toh Tuck Road has also failed to find a buyer and the CSA is close to expiring.
The CSA is a crucial document in the collective sale process. From the time that the minimum 80 per cent consent level is secured for a CSA, agents have up to 12 months to find a buyer and submit an application to the Strata Titles Board for an order for the sale. If the CSA expires before an application, home owners have to convene extraordinary general meetings again to restart the sale process.
An industry source told BT that there were several bidders for Mayfair Gardens but their offers were below the asking price. The owners had hoped for at least $210 million. On top of this, a developer would have to pay $40 million to restore the lease to 99 years, from the current 72. This means that the cost would have come up to $857 per square foot per plot ratio (psf ppr).
The CSA for Mayfair Gardens was signed in March last year and has expired, the source said. The deal did not go through because of the 'price gap'.
The story is similar for freehold Green Lodge. BT understands that several bids were received during the tender but they failed to meet the reserve price. The owners were looking for $135 million. Add a state charge of about $9.5 million and the price would be $683 psf ppr.
A majority of the owners agreed to sell the property in April last year. Another market insider said that the CSA is close to expiring, and agents are unlikely to have enough time to find a buyer and submit an application to the authorities.
Apart from Mayfair Gardens and Green Lodge, Laguna Park at Marine Parade failed to find a buyer last year. Laguna Park's sales committee called off the collective sale in November after lower-than-expected bids came in.
These cases reflect the challenges in selling en bloc in today's market, where there is a gap in price expectations between buyers and sellers.
According to HSR investment sales assistant executive director Jeffrey Goh, many home owners are not keen to reduce asking prices and are in no hurry to sell. They have seen how well new property launches have done and this has 'given them a lot of excitement', he said.
But Credo Real Estate managing director Karamjit Singh believes that Mayfair Gardens and Green Lodge are 'not necessarily representative of the fate of en blocs to come'.
For properties where sufficient consent from owners was obtained some time back, asking prices may not be in line with market conditions, he said.
'But we are about to see a new wave of en bloc launches by tender in the months ahead, and these will be projects that would have got started end of last year or early this year.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
__._,_.___
BT : 16 houses at Fort Road close to being sold
Business Times - 27 Mar 2010
16 houses at Fort Road close to being sold
Chip Eng Seng said to have clinched option to buy the freehold properties for $86 million
By KALPANA RASHIWALA
SIXTEEN freehold terrace houses at Fort Road in the Tanjong Rhu area are said to be close to being sold for about $86 million.
Construction and property group Chip Eng Seng is believed to have been granted an option to buy the houses. However, this is still subject to one of the sellers - a company which owns a few of the houses - securing approval from its shareholders for the sale, BT understands.
The 16 houses have a land area of nearly 37,000 square feet and the party that's buying could potentially purchase from the state a cul-de-sac or dead-end road, which has a land area of about 11,000 sq ft. This would increase the total site area to about 47,900 sq ft - large enough to be redeveloped into a new condominium project with about 90 units averaging 1,100 sq ft.
The terrace houses, which make up a development named Fort Terrace, are owned by several parties who have come together for the proposed sale. The site is zoned for residential use with a 2.1 plot ratio (ratio of maximum potential gross floor area to land area) under Master Plan 2008.
Back-of-the-envelope calculations show that the price of $86 million could work out to about $1,100 per square foot of potential gross floor area, inclusive of development charge (DC), for intensifying the site and estimated payment for the state land.
Going by this unit land price, analysts estimate the breakeven cost for a new condo development on the site would be about $1,450-1,550 psf.
While that hardly leaves any profit for the developer based on current selling prices in the area, Chip Eng Seng's strategy would probably be to build a high proportion of smallish units to achieve higher per square foot selling prices, said a property consultant.
Fort Terrace was put on the market back in February 2008 with an indicative price of $95 million or $1,238 psf per plot ratio inclusive of DC prevailing at the time and the estimated cost for purchasing the state land.
But it was not sold back then. 2008 was a weak year for the property market, which was reeling from the effects of the US sub-prime crisis that began in 2007 and escalated to a global financial crisis in 2008, culminating in the collapse of Lehman Brothers in September that year.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
NUMBERS GAME
The terrace houses, which make up a development named Fort Terrace, are owned by several parties who have come together for the proposed sale
16 houses at Fort Road close to being sold
Chip Eng Seng said to have clinched option to buy the freehold properties for $86 million
By KALPANA RASHIWALA
SIXTEEN freehold terrace houses at Fort Road in the Tanjong Rhu area are said to be close to being sold for about $86 million.
Construction and property group Chip Eng Seng is believed to have been granted an option to buy the houses. However, this is still subject to one of the sellers - a company which owns a few of the houses - securing approval from its shareholders for the sale, BT understands.
The 16 houses have a land area of nearly 37,000 square feet and the party that's buying could potentially purchase from the state a cul-de-sac or dead-end road, which has a land area of about 11,000 sq ft. This would increase the total site area to about 47,900 sq ft - large enough to be redeveloped into a new condominium project with about 90 units averaging 1,100 sq ft.
The terrace houses, which make up a development named Fort Terrace, are owned by several parties who have come together for the proposed sale. The site is zoned for residential use with a 2.1 plot ratio (ratio of maximum potential gross floor area to land area) under Master Plan 2008.
Back-of-the-envelope calculations show that the price of $86 million could work out to about $1,100 per square foot of potential gross floor area, inclusive of development charge (DC), for intensifying the site and estimated payment for the state land.
Going by this unit land price, analysts estimate the breakeven cost for a new condo development on the site would be about $1,450-1,550 psf.
While that hardly leaves any profit for the developer based on current selling prices in the area, Chip Eng Seng's strategy would probably be to build a high proportion of smallish units to achieve higher per square foot selling prices, said a property consultant.
Fort Terrace was put on the market back in February 2008 with an indicative price of $95 million or $1,238 psf per plot ratio inclusive of DC prevailing at the time and the estimated cost for purchasing the state land.
But it was not sold back then. 2008 was a weak year for the property market, which was reeling from the effects of the US sub-prime crisis that began in 2007 and escalated to a global financial crisis in 2008, culminating in the collapse of Lehman Brothers in September that year.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
NUMBERS GAME
The terrace houses, which make up a development named Fort Terrace, are owned by several parties who have come together for the proposed sale
ST : W brand residences makes S'pore debut
Mar 26, 2010
W brand residences makes S'pore debut
A NEW upscale condominium that is part of the trendy 'W' boutique hotel brand has made its debut in Singapore.
The Residences at W Singapore Sentosa Cove, which boasts 228 apartments, will be priced from $2,500 to $3,000 per sq ft (psf), said City Developments (CDL) at the launch yesterday.
The record in the gated island enclave is held by Seven Palms, where nine units went for $3,100-$3,430 psf late last year. Prior to that, the record was held by Lippo Group's Marina Collection, where units fetched a median price of $2,734 psf in late 2007.
Buyers keen on W will have to pay at least $3.4 million for the smallest unit of the seven, six-storey blocks. There are two- to four-bedroom units and penthouses, all with 99-year leases, with sizes from 1,227 sq ft to 6,297 sq ft. About 40 per cent of these are two-bed and the smaller three-bed.
The development forms part of an integrated project that comprises a 240-room W Singapore Sentosa Cove hotel and 86,000 sq ft of gross commercial space for restaurants and shops. The W residences will open first, followed by the hotel and then the shops, probably by 2012.
CDL, which is releasing 60 units for the current soft launch, was behind the branded St Regis Residences in Cuscaden Road, also a collaboration with Starwood Hotels & Resorts Worldwide. CDL managing director Kwek Leng Joo said that W was targeted at 'global jetsetters'.
The firm's group general manager, Mr Chia Ngiang Hong, said the project will be marketed overseas - in Hong Kong, Shanghai and Jakarta.
There are now nine completed W residences worldwide, eight of which are in the United States. Another 13 are in the process of being developed, said Starwood asia-pacific president Miguel Ko, with four being built in Asia, including the one at Sentosa.
Elsewhere on Sentosa, Ho Bee began the preview for its Seascape condo yesterday, and Lippo is relaunching the Marina Collection today at a price of around $2,500-$2,700 psf.
JOYCE TEO
W brand residences makes S'pore debut
A NEW upscale condominium that is part of the trendy 'W' boutique hotel brand has made its debut in Singapore.
The Residences at W Singapore Sentosa Cove, which boasts 228 apartments, will be priced from $2,500 to $3,000 per sq ft (psf), said City Developments (CDL) at the launch yesterday.
The record in the gated island enclave is held by Seven Palms, where nine units went for $3,100-$3,430 psf late last year. Prior to that, the record was held by Lippo Group's Marina Collection, where units fetched a median price of $2,734 psf in late 2007.
Buyers keen on W will have to pay at least $3.4 million for the smallest unit of the seven, six-storey blocks. There are two- to four-bedroom units and penthouses, all with 99-year leases, with sizes from 1,227 sq ft to 6,297 sq ft. About 40 per cent of these are two-bed and the smaller three-bed.
The development forms part of an integrated project that comprises a 240-room W Singapore Sentosa Cove hotel and 86,000 sq ft of gross commercial space for restaurants and shops. The W residences will open first, followed by the hotel and then the shops, probably by 2012.
CDL, which is releasing 60 units for the current soft launch, was behind the branded St Regis Residences in Cuscaden Road, also a collaboration with Starwood Hotels & Resorts Worldwide. CDL managing director Kwek Leng Joo said that W was targeted at 'global jetsetters'.
The firm's group general manager, Mr Chia Ngiang Hong, said the project will be marketed overseas - in Hong Kong, Shanghai and Jakarta.
There are now nine completed W residences worldwide, eight of which are in the United States. Another 13 are in the process of being developed, said Starwood asia-pacific president Miguel Ko, with four being built in Asia, including the one at Sentosa.
Elsewhere on Sentosa, Ho Bee began the preview for its Seascape condo yesterday, and Lippo is relaunching the Marina Collection today at a price of around $2,500-$2,700 psf.
JOYCE TEO
ST : Resale home prices at new high
Mar 26, 2010
Resale home prices at new high
Jan-Feb prices surpass 2007 peak, says report
By Joyce Teo
RESALE prices for private homes have gone through the roof this year and are now above the sky-high levels seen in the 2007 boom.
A Savills Singapore report said average values in the segment in January and last month shot ahead of the dizzy heights set three years ago.
The soaring prices are part of a larger picture that depicts the entire real estate sector roaring along in top gear.
Rising prices in the HDB market - and high launch values for new homes - are helping to push buyers into private resale homes, say experts.
Savills research showed that average prices for non-landed private resale homes have surpassed the 2007 peak by 6 per cent while landed home prices are 15.6 per cent ahead.
Private resale home prices are also now above the 1996 peak. This means they are at the highest level ever seen, said Ms Christine Sun, the firm's senior manager for research and consultancy.
'HDB resale prices are on the rise and prices of new launches are quite high, so private resale homes have become a popular alternative for buyers,' said Ms Sun. Savills found that average resale prices of homes in the mass market, mid-tier and high-end segments have all crossed the 2007 peaks.
In the first two months this year, average mass market prices were at $662 per sq ft (psf), up 19 per cent from $555 psf in 2007. Average resale prices of mid-tier homes were $886 psf, up 19.7 per cent from $740 psf in 2007.
It was not as buoyant in the high-end segment where average prices reached $1,425 psf in January and last month, up 11.8 per cent from $1,275 psf in 2007.
But there have still been some gilt-edged deals in this segment this year. At The Sail @ Marina Bay, 15 units transacted for more than $2,000 psf to as high as $3,204 psf, said Ms Sun.
Private property proved unexpectedly resilient during the downturn. Prices of resale high-end homes suffered a marginal decline of 0.2 per cent from 2007, said Savills.
Prices for homes in the mid-tier segment rose 5.6 per cent while mass market ones increased 6.8 per cent.
Knight Frank chairman Tan Tiong Cheng said yesterday: 'Once there are no suitable new launches in a certain area and there's a huge gap between prices of new launches and old projects, people will chase after the old projects.'
While prices are up, sale numbers are still lagging those of the boom years. Resale volume has picked up in the past two months, but it has not surpassed the resales done in the first quarter of 2007, said Ms Sun.
Nonetheless, the Savills report showed that resale volume last year was strong, more than doubling those in 2008. But the 15,009 resale deals done last year are still below the 2007 peak level of 20,665 deals. Sales of new homes in comparison totalled 14,725 units last year and 14,811 units in 2007.
Consultancy Cushman & Wakefield managing director Donald Han told The Straits Times: 'The market is seeing activity at all levels. It remains active despite measures introduced by the Government. Given that new launches have been largely well received, it is natural to see resale prices rise in tandem.'
Owners of completed homes can also cash in on the popularity of new projects nearby that are selling at high prices, experts said. In the resale market, owners of homes near new launches that are selling at higher prices would have a better bargaining power when it comes to negotiating for higher prices.
But not every project has reached its peak price, experts cautioned. In the new launch market, mass market and mid-tier prices have exceeded the 2007 peak but luxury homes are still about 15 per cent to 20 per cent below that peak.
joyceteo@sph.com.sg
Resale home prices at new high
Jan-Feb prices surpass 2007 peak, says report
By Joyce Teo
RESALE prices for private homes have gone through the roof this year and are now above the sky-high levels seen in the 2007 boom.
A Savills Singapore report said average values in the segment in January and last month shot ahead of the dizzy heights set three years ago.
The soaring prices are part of a larger picture that depicts the entire real estate sector roaring along in top gear.
Rising prices in the HDB market - and high launch values for new homes - are helping to push buyers into private resale homes, say experts.
Savills research showed that average prices for non-landed private resale homes have surpassed the 2007 peak by 6 per cent while landed home prices are 15.6 per cent ahead.
Private resale home prices are also now above the 1996 peak. This means they are at the highest level ever seen, said Ms Christine Sun, the firm's senior manager for research and consultancy.
'HDB resale prices are on the rise and prices of new launches are quite high, so private resale homes have become a popular alternative for buyers,' said Ms Sun. Savills found that average resale prices of homes in the mass market, mid-tier and high-end segments have all crossed the 2007 peaks.
In the first two months this year, average mass market prices were at $662 per sq ft (psf), up 19 per cent from $555 psf in 2007. Average resale prices of mid-tier homes were $886 psf, up 19.7 per cent from $740 psf in 2007.
It was not as buoyant in the high-end segment where average prices reached $1,425 psf in January and last month, up 11.8 per cent from $1,275 psf in 2007.
But there have still been some gilt-edged deals in this segment this year. At The Sail @ Marina Bay, 15 units transacted for more than $2,000 psf to as high as $3,204 psf, said Ms Sun.
Private property proved unexpectedly resilient during the downturn. Prices of resale high-end homes suffered a marginal decline of 0.2 per cent from 2007, said Savills.
Prices for homes in the mid-tier segment rose 5.6 per cent while mass market ones increased 6.8 per cent.
Knight Frank chairman Tan Tiong Cheng said yesterday: 'Once there are no suitable new launches in a certain area and there's a huge gap between prices of new launches and old projects, people will chase after the old projects.'
While prices are up, sale numbers are still lagging those of the boom years. Resale volume has picked up in the past two months, but it has not surpassed the resales done in the first quarter of 2007, said Ms Sun.
Nonetheless, the Savills report showed that resale volume last year was strong, more than doubling those in 2008. But the 15,009 resale deals done last year are still below the 2007 peak level of 20,665 deals. Sales of new homes in comparison totalled 14,725 units last year and 14,811 units in 2007.
Consultancy Cushman & Wakefield managing director Donald Han told The Straits Times: 'The market is seeing activity at all levels. It remains active despite measures introduced by the Government. Given that new launches have been largely well received, it is natural to see resale prices rise in tandem.'
Owners of completed homes can also cash in on the popularity of new projects nearby that are selling at high prices, experts said. In the resale market, owners of homes near new launches that are selling at higher prices would have a better bargaining power when it comes to negotiating for higher prices.
But not every project has reached its peak price, experts cautioned. In the new launch market, mass market and mid-tier prices have exceeded the 2007 peak but luxury homes are still about 15 per cent to 20 per cent below that peak.
joyceteo@sph.com.sg
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