Business Times - 15 Apr 2010
JLL appoints 3 int'l directors
JONES Lang LaSalle (JLL) yesterday announced the appointment of three international directors for its Singapore office.
They are Chris Archibold, head of markets, Singapore; Susheel Koul, head of regional business development for integrated facilities management, Asia-Pacific; and Marina Krishnan, head of integrated facilities management South Asia.
JLL chief executive Colin Dyer said: 'Our international directors have demonstrated an exceptional commitment to collaboration and teamwork, and have made major contributions to our clients and the growth of our company.
'We look to each of them to continue to deliver real value to our clients and shareholders in the coming years.'
Alastair Hughes, JLL Asia-Pacific chief executive, said: 'Congratulations to these individuals, they have made an outstanding contribution to our business.'
JLL pioneered its corporate real estate offerings in the Asia-Pacific. It has promoted 28 people worldwide to international director level, which is the property consultancy's top leadership group.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
__._,_.___
Friday, April 16, 2010
BT : A home at the water's edge
Business Times - 15 Apr 2010
A home at the water's edge
There's now a wealth of choices in S'pore for folks who seek a waterfront lifestyle. VINCENT WEE reports
DO BOATS help to sell waterfront properties, or do people who buy waterfront houses naturally have an inclination to go out and buy boats?
There's probably no definitive answer to this conundrum, and the response given will depend largely on which part of the market the respondent is from. What's clear, though, is that these properties are becoming increasingly popular, with developers leveraging on the waterfront lifestyle to sell their homes.
They have been making regular appearances at the Boat Asia show in recent years as more waterfront projects are set to be launched both in Singapore and the region. KOP's Montigo Resorts in Batam was launched at last year's show, for example. At this year's event, Malaysia's Eastern & Oriental Bhd is pushing its Quayside development in Penang which it launched in February.
'The concept of the waterfront lifestyle is fast catching on in Singapore. As such, home buyers are seeking waterfront properties which are in limited supply,' said Keppel Land's Singapore residential CEO Augustine Tan.
Keppel, which is developing the 1,129-unit Reflections at Keppel Bay, said it has seen keen interest in its project. The group has sold 96 per cent of the 740 units launched so far.
Sales have also been strong at Keppel's other waterfront development in the area, the 969-unit Caribbean at Keppel Bay. The 168 units that Keppel had retained for leasing were snapped up when they were released for sale last year, with over 90 per cent of the units sold to date, said Keppel Land, the group's property arm.
The luxury enclave of Sentosa Cove saw three recent launches of waterfront homes, giving buyers a wealth of choices.
Ho Bee and IOI's joint venture, The Seascape, sold 25 of the 40 units released at an average price of $2,700 per sq ft, according to reports. The entire development has 151 units.
Meanwhile, City Developments sold 14 of the 56 units released at its 228-unit condo, The Residences at W Singapore Sentosa Cove. Prices ranged from $2,500 psf to $3,000 psf. Lippo Group's Marina Collection, next to ONE°15 Marina Club, is also being relaunched.
Clearly not all waterfront developments are perceived as equal, even if all can be regarded as luxury homes.
'When selecting a waterfront home, some of the key considerations include the development's location, the views it offers, its design, the premium fittings and finishes offered, reputation of the developer, and exclusivity, to name a few,' said Mr Tan.
Keppel said the locale of Reflections at Keppel Bay is one of its unique selling points as it overlooks Resorts World Sentosa and Universal Studios Singapore and is minutes away from shopping magnet VivoCity. The 30-ha precinct with a 4.2 km coastline will eventually yield about 2,600 waterfront homes all master-planned and built by Keppel. This, Keppel claims, will give home owners and residents a 'complete and distinct waterfront lifestyle with luxurious homes, a marina playground and a host of other waterfront amenities and facilities'.
Exclusive precinct
Sentosa Cove has also been billed as an exclusive waterfront precinct since its conception, with the added allure of being on an island. In addition, some of the houses in the cove have the ultimate ostentation factor of being able to berth a boat in the backyard.
'Waterfront living has always been a lifestyle of choice for many as it epitomises class and prestige,' said Mr Tan. He added that Keppel will likely release only another 100 to 200 units (of Reflections) this year.
'Feedback from buyers and prospects indicates that they are confident that capital values and rents of waterfront housing in the vicinity will appreciate strongly in the near term,' he added.
However, as the waterfront lifestyle develops, it may be that buyers are becoming more discriminating, especially as their choices increase.
It has long been perceived that the supply of waterfront land is limited. But that could radically change if Tanjong Pagar develops into a new waterfront hub, when lease of the container terminals there expires in 2027, as was suggested by the recent Economic Strategies Committee.
There has also been an increasing release of waterfront land in neighbouring countries and many of the developers will be marketing hard at Boat Asia. Among them will be projects across the Causeway as Malaysia also revitalises its ageing waterfronts. Central Malaysian Properties' Lido Boulevard, along the Johor Straits, will stretch from the current abandoned Lot 1 shopping mall to the Harbour Master's office in Johor Baru. The 908-unit project is due to be launched by the second half of the year.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Addresses with that certain cachet: Reflections at Keppel Bay
Marina Collection
The Residences at W Singapore Sentosa Cove
Caribbean at Keppel Bay
The Seascape
A home at the water's edge
There's now a wealth of choices in S'pore for folks who seek a waterfront lifestyle. VINCENT WEE reports
DO BOATS help to sell waterfront properties, or do people who buy waterfront houses naturally have an inclination to go out and buy boats?
There's probably no definitive answer to this conundrum, and the response given will depend largely on which part of the market the respondent is from. What's clear, though, is that these properties are becoming increasingly popular, with developers leveraging on the waterfront lifestyle to sell their homes.
They have been making regular appearances at the Boat Asia show in recent years as more waterfront projects are set to be launched both in Singapore and the region. KOP's Montigo Resorts in Batam was launched at last year's show, for example. At this year's event, Malaysia's Eastern & Oriental Bhd is pushing its Quayside development in Penang which it launched in February.
'The concept of the waterfront lifestyle is fast catching on in Singapore. As such, home buyers are seeking waterfront properties which are in limited supply,' said Keppel Land's Singapore residential CEO Augustine Tan.
Keppel, which is developing the 1,129-unit Reflections at Keppel Bay, said it has seen keen interest in its project. The group has sold 96 per cent of the 740 units launched so far.
Sales have also been strong at Keppel's other waterfront development in the area, the 969-unit Caribbean at Keppel Bay. The 168 units that Keppel had retained for leasing were snapped up when they were released for sale last year, with over 90 per cent of the units sold to date, said Keppel Land, the group's property arm.
The luxury enclave of Sentosa Cove saw three recent launches of waterfront homes, giving buyers a wealth of choices.
Ho Bee and IOI's joint venture, The Seascape, sold 25 of the 40 units released at an average price of $2,700 per sq ft, according to reports. The entire development has 151 units.
Meanwhile, City Developments sold 14 of the 56 units released at its 228-unit condo, The Residences at W Singapore Sentosa Cove. Prices ranged from $2,500 psf to $3,000 psf. Lippo Group's Marina Collection, next to ONE°15 Marina Club, is also being relaunched.
Clearly not all waterfront developments are perceived as equal, even if all can be regarded as luxury homes.
'When selecting a waterfront home, some of the key considerations include the development's location, the views it offers, its design, the premium fittings and finishes offered, reputation of the developer, and exclusivity, to name a few,' said Mr Tan.
Keppel said the locale of Reflections at Keppel Bay is one of its unique selling points as it overlooks Resorts World Sentosa and Universal Studios Singapore and is minutes away from shopping magnet VivoCity. The 30-ha precinct with a 4.2 km coastline will eventually yield about 2,600 waterfront homes all master-planned and built by Keppel. This, Keppel claims, will give home owners and residents a 'complete and distinct waterfront lifestyle with luxurious homes, a marina playground and a host of other waterfront amenities and facilities'.
Exclusive precinct
Sentosa Cove has also been billed as an exclusive waterfront precinct since its conception, with the added allure of being on an island. In addition, some of the houses in the cove have the ultimate ostentation factor of being able to berth a boat in the backyard.
'Waterfront living has always been a lifestyle of choice for many as it epitomises class and prestige,' said Mr Tan. He added that Keppel will likely release only another 100 to 200 units (of Reflections) this year.
'Feedback from buyers and prospects indicates that they are confident that capital values and rents of waterfront housing in the vicinity will appreciate strongly in the near term,' he added.
However, as the waterfront lifestyle develops, it may be that buyers are becoming more discriminating, especially as their choices increase.
It has long been perceived that the supply of waterfront land is limited. But that could radically change if Tanjong Pagar develops into a new waterfront hub, when lease of the container terminals there expires in 2027, as was suggested by the recent Economic Strategies Committee.
There has also been an increasing release of waterfront land in neighbouring countries and many of the developers will be marketing hard at Boat Asia. Among them will be projects across the Causeway as Malaysia also revitalises its ageing waterfronts. Central Malaysian Properties' Lido Boulevard, along the Johor Straits, will stretch from the current abandoned Lot 1 shopping mall to the Harbour Master's office in Johor Baru. The 908-unit project is due to be launched by the second half of the year.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Addresses with that certain cachet: Reflections at Keppel Bay
Marina Collection
The Residences at W Singapore Sentosa Cove
Caribbean at Keppel Bay
The Seascape
ST : John Little to leave Orchard Rd site
Apr 15, 2010
John Little to leave Orchard Rd site
Move is part of ongoing review of all store locations, says retailer
By Esther Teo
RETAILER John Little, part of the Robinsons Group, says it will soon vacate its seven-storey Orchard Road outlet.
This means the large pool of new retail space set to come onstream later this year will grow even bigger.
The move by the retailer confirms months of speculation after it failed to exercise its option as a tenant to renew its lease with landlord OG late last year, as reported by The Straits Times in January.
Existing tenants often have priority in renewing a lease if it is within a contract's agreed terms.
John Little said its decision to relocate its Somerset branch was part of an ongoing review of all its store locations. It has not revealed the location of its new store.
'We already have presence along the main Orchard Road and Marina shopping belts as well as in the heartland areas, so it is timely for us to review our store locations to ensure we can bring the John Little proposition to different parts of the island,' a Robinsons Group spokesman said. He added that existing staff will be relocated to a different outlet.
John Little has other stores at Marina Square, Plaza Singapura, Causeway Point and Jurong Point.
The Robinsons Group includes the Robinsons and Marks & Spencer department stores. John Little moved to the OG premises in 2007 from the Specialists' Shopping Centre, across the street, which has since been redeveloped.
An OG spokesman said it is in talks with a few potential tenants, both local and foreign, from various industries.
'But nothing is confirmed as of yet, so we are still open to offers... We are confident of finding a new tenant before John Little moves out because the Somerset site is close to the MRT and is also increasingly gaining popularity with shoppers.'
OG is looking for a whole or partial building tenancy with a guide price of $10 per sq ft (psf). The rent for leasing the whole building will be about $443,150 a month, the spokesman added. The tenant gets naming rights to the building.
John Little is the sole tenant in the Orchard OG Building, with a three-year lease expiring on May 16. The building, opposite 313@Somerset, is on freehold land with a gross floor area of 44,315 sq ft. It was last refurbished in 1992.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the guide price is reasonable. He is fairly optimistic the building would be leased since the local retail scene is looking positive, with an expected increase in tourist numbers.
'But this is a huge space and finding a tenant to fill this space might be a challenge. Yet, carving it up would mean losing retail space to corridors, more tenants to manage and renovation costs for the landlord,' he added.
Ms Chua Chor Hoon, DTZ's head of South-east Asia research, noted in a report that retail rents held firm last quarter, despite new supply coming onstream last year and in the first quarter this year.
A decline in prime retail rents over recent quarters looks set to bottom out as the economic recovery gathers pace and consumer confidence rebounds, experts say. Ms Chua predicts a moderate rise in prime retail rents this year.
The estimated 2.3 million sq ft of new retail space set to come onstream this year is 15 per cent down on the 2.7 million sq ft of new supply last year, she said.
Youth-themed mall *Scape in Somerset Road has announced that tenants have committed to 80 per cent of the space ahead of its June opening. And the basement link from Raffles City to Esplanade, due to open in July, is said to be more than 63 per cent pre-let.
OG, a family-run firm, is one of Singapore's oldest department stores. The company also owns office and retail properties in Albert Street and at People's Park and Orchard Point.
esthert@sph.com.sg
--------------------------------------------------------------------------------
For lease
· Landlord OG is looking for a whole or partial tenancy for the Orchard OG Building. The guide price is $10 per sq ft.
· The building is opposite 313@Somerset. It is on freehold land with a gross floor area of 44,315 sq ft.
THE CHALLENGE
'Finding a tenant to fill this space might be a challenge. Yet, carving it up would mean losing retail space to corridors, more tenants to manage and renovation costs for the landlord.'
Ngee Ann Polytechnic real estate lecturer Nicholas Mak, on the huge retail space to be available after John Little moves out
John Little to leave Orchard Rd site
Move is part of ongoing review of all store locations, says retailer
By Esther Teo
RETAILER John Little, part of the Robinsons Group, says it will soon vacate its seven-storey Orchard Road outlet.
This means the large pool of new retail space set to come onstream later this year will grow even bigger.
The move by the retailer confirms months of speculation after it failed to exercise its option as a tenant to renew its lease with landlord OG late last year, as reported by The Straits Times in January.
Existing tenants often have priority in renewing a lease if it is within a contract's agreed terms.
John Little said its decision to relocate its Somerset branch was part of an ongoing review of all its store locations. It has not revealed the location of its new store.
'We already have presence along the main Orchard Road and Marina shopping belts as well as in the heartland areas, so it is timely for us to review our store locations to ensure we can bring the John Little proposition to different parts of the island,' a Robinsons Group spokesman said. He added that existing staff will be relocated to a different outlet.
John Little has other stores at Marina Square, Plaza Singapura, Causeway Point and Jurong Point.
The Robinsons Group includes the Robinsons and Marks & Spencer department stores. John Little moved to the OG premises in 2007 from the Specialists' Shopping Centre, across the street, which has since been redeveloped.
An OG spokesman said it is in talks with a few potential tenants, both local and foreign, from various industries.
'But nothing is confirmed as of yet, so we are still open to offers... We are confident of finding a new tenant before John Little moves out because the Somerset site is close to the MRT and is also increasingly gaining popularity with shoppers.'
OG is looking for a whole or partial building tenancy with a guide price of $10 per sq ft (psf). The rent for leasing the whole building will be about $443,150 a month, the spokesman added. The tenant gets naming rights to the building.
John Little is the sole tenant in the Orchard OG Building, with a three-year lease expiring on May 16. The building, opposite 313@Somerset, is on freehold land with a gross floor area of 44,315 sq ft. It was last refurbished in 1992.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the guide price is reasonable. He is fairly optimistic the building would be leased since the local retail scene is looking positive, with an expected increase in tourist numbers.
'But this is a huge space and finding a tenant to fill this space might be a challenge. Yet, carving it up would mean losing retail space to corridors, more tenants to manage and renovation costs for the landlord,' he added.
Ms Chua Chor Hoon, DTZ's head of South-east Asia research, noted in a report that retail rents held firm last quarter, despite new supply coming onstream last year and in the first quarter this year.
A decline in prime retail rents over recent quarters looks set to bottom out as the economic recovery gathers pace and consumer confidence rebounds, experts say. Ms Chua predicts a moderate rise in prime retail rents this year.
The estimated 2.3 million sq ft of new retail space set to come onstream this year is 15 per cent down on the 2.7 million sq ft of new supply last year, she said.
Youth-themed mall *Scape in Somerset Road has announced that tenants have committed to 80 per cent of the space ahead of its June opening. And the basement link from Raffles City to Esplanade, due to open in July, is said to be more than 63 per cent pre-let.
OG, a family-run firm, is one of Singapore's oldest department stores. The company also owns office and retail properties in Albert Street and at People's Park and Orchard Point.
esthert@sph.com.sg
--------------------------------------------------------------------------------
For lease
· Landlord OG is looking for a whole or partial tenancy for the Orchard OG Building. The guide price is $10 per sq ft.
· The building is opposite 313@Somerset. It is on freehold land with a gross floor area of 44,315 sq ft.
THE CHALLENGE
'Finding a tenant to fill this space might be a challenge. Yet, carving it up would mean losing retail space to corridors, more tenants to manage and renovation costs for the landlord.'
Ngee Ann Polytechnic real estate lecturer Nicholas Mak, on the huge retail space to be available after John Little moves out
BT : PM Lee sounds caution over GDP figures
Business Times - 15 Apr 2010
PM Lee sounds caution over GDP figures
'I fear these headlines - red hot figures, out of the woods,' he says
By CHEW XIANG
IN WASHINGTON DC
PRIME Minister Lee Hsien Loong said that he was pleased with Singapore's spectacular economic growth in the first quarter but cautioned against getting carried away.
'I fear these headlines - red hot figures, out of the woods,' Mr Lee said in Washington DC, where he was attending the inaugural Nuclear Security Summit and he also met key US officials. 'We are happy with the result of course, a remarkable recovery from a year ago . . . but it's really a rebound from the downturn last year,' Mr Lee said.
'We're lucky it's turned out more like a 'V-shaped' than an 'L-shaped' recovery, (but) I don't think it's going to continue like this indefinitely because it's not possible for us to continue expanding like this.'
The Ministry of Trade and Industry now expects GDP to grow 7-9 per cent this year, up from between 4.5 and 6.5 per cent. Inflation projections were also raised by half a percentage point, to between 2.5 per cent and 3.5 per cent this year.
Mr Lee said inflationary pressures were due to higher energy prices and higher vehicle Certificates of Entitlement (COE) prices but he did not see 'broad-based' pressures on food, clothing, education services and daily necessities.
Soaring property prices and the 'very effervescent' mood in the housing market prompted a raft of measures in recent months to curb speculation and Mr Lee said that the government would be watching closely over the next few months to see if more action was needed. 'If we need to, we will. We have some instruments (available),' he said. Mr Lee said that the Nuclear Security Summit - which ended on Tuesday after some 50 world leaders signed off on an agreement to secure nuclear material within four years - was 'an important but not urgent' subject, but one which should be on the global agenda.
As a major port, Singapore plays a crucial role in intercepting illicit shipments of nuclear material and curbing nuclear terrorism. Mr Lee said earlier that several successful interdictions had been made - but noted yesterday that other countries also needed to make commitments. 'If we take (our duties) seriously, and others don't', then illicit materials will move into second-tier ports, he said. But crackdowns on radioactive material that could be used by terrorists would likely not affect Singapore's possible plans to utilise nuclear power. Modern reactors use low-grade uranium which can't be used for weapons, he said.
Mr Lee left for Chicago later yesterday where he will address the Chicago Council on Global Affairs on the second leg of a week-long US trip.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
One for the album: (from left) Spanish Prime Minister Jose Luis Rodriguez Zapatero, Mr Lee and German Chancellor Angela Merkel at a photo session at the Nuclear Security Summit
PM Lee sounds caution over GDP figures
'I fear these headlines - red hot figures, out of the woods,' he says
By CHEW XIANG
IN WASHINGTON DC
PRIME Minister Lee Hsien Loong said that he was pleased with Singapore's spectacular economic growth in the first quarter but cautioned against getting carried away.
'I fear these headlines - red hot figures, out of the woods,' Mr Lee said in Washington DC, where he was attending the inaugural Nuclear Security Summit and he also met key US officials. 'We are happy with the result of course, a remarkable recovery from a year ago . . . but it's really a rebound from the downturn last year,' Mr Lee said.
'We're lucky it's turned out more like a 'V-shaped' than an 'L-shaped' recovery, (but) I don't think it's going to continue like this indefinitely because it's not possible for us to continue expanding like this.'
The Ministry of Trade and Industry now expects GDP to grow 7-9 per cent this year, up from between 4.5 and 6.5 per cent. Inflation projections were also raised by half a percentage point, to between 2.5 per cent and 3.5 per cent this year.
Mr Lee said inflationary pressures were due to higher energy prices and higher vehicle Certificates of Entitlement (COE) prices but he did not see 'broad-based' pressures on food, clothing, education services and daily necessities.
Soaring property prices and the 'very effervescent' mood in the housing market prompted a raft of measures in recent months to curb speculation and Mr Lee said that the government would be watching closely over the next few months to see if more action was needed. 'If we need to, we will. We have some instruments (available),' he said. Mr Lee said that the Nuclear Security Summit - which ended on Tuesday after some 50 world leaders signed off on an agreement to secure nuclear material within four years - was 'an important but not urgent' subject, but one which should be on the global agenda.
As a major port, Singapore plays a crucial role in intercepting illicit shipments of nuclear material and curbing nuclear terrorism. Mr Lee said earlier that several successful interdictions had been made - but noted yesterday that other countries also needed to make commitments. 'If we take (our duties) seriously, and others don't', then illicit materials will move into second-tier ports, he said. But crackdowns on radioactive material that could be used by terrorists would likely not affect Singapore's possible plans to utilise nuclear power. Modern reactors use low-grade uranium which can't be used for weapons, he said.
Mr Lee left for Chicago later yesterday where he will address the Chicago Council on Global Affairs on the second leg of a week-long US trip.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
One for the album: (from left) Spanish Prime Minister Jose Luis Rodriguez Zapatero, Mr Lee and German Chancellor Angela Merkel at a photo session at the Nuclear Security Summit
ST : Chinese official lauds HDB success
Apr 15, 2010
Chinese official lauds HDB success
SINGAPORE'S public housing programme is testament to the foresight of its leaders.
That was the view of Dr Fang Xinghai, head of the Shanghai Municipal Government financial services office, who arrived here on Sunday. He is visiting Singapore for a week as the 30th Lee Kuan Yew Exchange Fellow.
Speaking last night at a welcome dinner in his honour at the Shangri-La Hotel, Dr Fang noted that it was because of the foresight of Singapore's leaders some 40 years ago that 80 per cent of the population today have benefited from the public housing programme.
'In Shanghai, we're facing this (housing) problem. The middle class are squeezed by housing prices,' he said. 'While we don't have plans (for public housing) yet, I think it is already a bit too late for Shanghai because most of the land has already been leased out for the next 70 years.'
In the past three days, Dr Fang has visited various government ministries, private enterprises and even attended a Meet-the-People session in Jurong East. The session was hosted by Senior Minister of State (National Development and Education) Grace Fu, who is an MP for Jurong GRC.
Last night's welcome dinner was hosted by Public Service Commission chairman Eddie Teo, who is also chairman of the Lee Kuan Yew Exchange Fellowship. He described Dr Fang as someone who has made significant contributions to the development of China's financial sector, particularly in Shanghai.
Established in 1991, the fellowship programme invites outstanding individuals for high-level exchange visits to Singapore.
Candidates are picked based on their proven track record or extraordinary potential to contribute to the development of their nations and promote international understanding and goodwill.
Dr Fang is the second exchange fellow from China.
NUR DIANAH SUHAIMI
Chinese official lauds HDB success
SINGAPORE'S public housing programme is testament to the foresight of its leaders.
That was the view of Dr Fang Xinghai, head of the Shanghai Municipal Government financial services office, who arrived here on Sunday. He is visiting Singapore for a week as the 30th Lee Kuan Yew Exchange Fellow.
Speaking last night at a welcome dinner in his honour at the Shangri-La Hotel, Dr Fang noted that it was because of the foresight of Singapore's leaders some 40 years ago that 80 per cent of the population today have benefited from the public housing programme.
'In Shanghai, we're facing this (housing) problem. The middle class are squeezed by housing prices,' he said. 'While we don't have plans (for public housing) yet, I think it is already a bit too late for Shanghai because most of the land has already been leased out for the next 70 years.'
In the past three days, Dr Fang has visited various government ministries, private enterprises and even attended a Meet-the-People session in Jurong East. The session was hosted by Senior Minister of State (National Development and Education) Grace Fu, who is an MP for Jurong GRC.
Last night's welcome dinner was hosted by Public Service Commission chairman Eddie Teo, who is also chairman of the Lee Kuan Yew Exchange Fellowship. He described Dr Fang as someone who has made significant contributions to the development of China's financial sector, particularly in Shanghai.
Established in 1991, the fellowship programme invites outstanding individuals for high-level exchange visits to Singapore.
Candidates are picked based on their proven track record or extraordinary potential to contribute to the development of their nations and promote international understanding and goodwill.
Dr Fang is the second exchange fellow from China.
NUR DIANAH SUHAIMI
ST : Wooing buyers the low-interest rate way
Apr 15, 2010
Wooing buyers the low-interest rate way
Developers of 2 residential projects tie up with finance houses to offer enticing deals
By Joyce Teo
TWO developers have tied up with financial institutions to offer low interest rates to buyers of certain residential projects.
Hong Leong Finance is offering rates of as low as 0.98 per cent a year on loans to buyers of its sister firm City Developments' (CDL) The Residences at W Singapore at Sentosa Cove.
For the Waterbank at Dakota condominium, United Overseas Bank (UOB) is offering an enticing deal: the commonly used benchmark rate SOR (Singapore swap offer rate) plus 0 per cent during the construction period. The project is being developed by UOL group, which has close ties to UOB.
Hong Leong Finance's package for the 228-unit The Residences at W Singapore is based on a special variable home rate, currently 7.25 per cent a year. The first year's rate now stands at 0.98 per cent or the special rate minus 6.27 per cent. The rate for the second year stands at 1.58 per cent, the third 2.58 per cent and thereafter 3.28 per cent.
A Hong Leong Finance spokesman said the firm had also offered a special financing package for another CDL project, Cube 8, but the rates were not as low as those for The Residences at W Singapore.
CDL is part of the Hong Leong group.
At The Residences at W Singapore, those who take up the financing package get an extra perk: a one-year membership offering dining privileges at F&B outlets under the Millennium & Copthorne International group, said Hong Leong Group.
The Residences at W Singapore was released for sale late last month at $2,500 to $3,000 per sq ft.
CDL said then that it had sold about a quarter of the 56 units released for sale.
At the 99-year leasehold Waterbank at Dakota, the special financing package is an SOR-pegged home loan. SOR is now at 0.46 per cent.
UOB and UOL could not provide details of the financing package but industry sources put it at the three-month SOR rate plus 0 per cent for the duration of the construction period.
Once the project obtains a temporary occupation permit, the rate becomes SOR plus 1.35 per cent.
The 616-unit project has seen sales already crossing 370 units. Prices, too, have risen and now range from more than $1,000 psf to more than $1,300 psf.
UOB also offered special packages for previous UOL projects but the rates were not as low as for Waterbank at Dakota, sources said.
'Banks have always been very keen to tie up with developers for new launches. They will offer a very competitive rate in such exclusive arrangements,' said Knight Frank's managing director of residential services Peter Ow.
'But in these two cases, for rates to go that low, I must say I have been in the business for more than 25 years and I have not heard of such rates. The conditions may be rather stringent.'
joyceteo@sph.com.sg
--------------------------------------------------------------------------------
'I have been in the business for more than 25 years and I have not heard of such (low) rates. The conditions may be rather stringent.'
Mr Peter Ow, Knight Frank's managing director of residential services
Wooing buyers the low-interest rate way
Developers of 2 residential projects tie up with finance houses to offer enticing deals
By Joyce Teo
TWO developers have tied up with financial institutions to offer low interest rates to buyers of certain residential projects.
Hong Leong Finance is offering rates of as low as 0.98 per cent a year on loans to buyers of its sister firm City Developments' (CDL) The Residences at W Singapore at Sentosa Cove.
For the Waterbank at Dakota condominium, United Overseas Bank (UOB) is offering an enticing deal: the commonly used benchmark rate SOR (Singapore swap offer rate) plus 0 per cent during the construction period. The project is being developed by UOL group, which has close ties to UOB.
Hong Leong Finance's package for the 228-unit The Residences at W Singapore is based on a special variable home rate, currently 7.25 per cent a year. The first year's rate now stands at 0.98 per cent or the special rate minus 6.27 per cent. The rate for the second year stands at 1.58 per cent, the third 2.58 per cent and thereafter 3.28 per cent.
A Hong Leong Finance spokesman said the firm had also offered a special financing package for another CDL project, Cube 8, but the rates were not as low as those for The Residences at W Singapore.
CDL is part of the Hong Leong group.
At The Residences at W Singapore, those who take up the financing package get an extra perk: a one-year membership offering dining privileges at F&B outlets under the Millennium & Copthorne International group, said Hong Leong Group.
The Residences at W Singapore was released for sale late last month at $2,500 to $3,000 per sq ft.
CDL said then that it had sold about a quarter of the 56 units released for sale.
At the 99-year leasehold Waterbank at Dakota, the special financing package is an SOR-pegged home loan. SOR is now at 0.46 per cent.
UOB and UOL could not provide details of the financing package but industry sources put it at the three-month SOR rate plus 0 per cent for the duration of the construction period.
Once the project obtains a temporary occupation permit, the rate becomes SOR plus 1.35 per cent.
The 616-unit project has seen sales already crossing 370 units. Prices, too, have risen and now range from more than $1,000 psf to more than $1,300 psf.
UOB also offered special packages for previous UOL projects but the rates were not as low as for Waterbank at Dakota, sources said.
'Banks have always been very keen to tie up with developers for new launches. They will offer a very competitive rate in such exclusive arrangements,' said Knight Frank's managing director of residential services Peter Ow.
'But in these two cases, for rates to go that low, I must say I have been in the business for more than 25 years and I have not heard of such rates. The conditions may be rather stringent.'
joyceteo@sph.com.sg
--------------------------------------------------------------------------------
'I have been in the business for more than 25 years and I have not heard of such (low) rates. The conditions may be rather stringent.'
Mr Peter Ow, Knight Frank's managing director of residential services
BT : Top space at OUB Centre for restaurant player
Business Times - 15 Apr 2010
Top space at OUB Centre for restaurant player
By FELDA CHAY
A NEW tenant is set to move into the top floors of OUB Centre at One Raffles Place for 10 years, where it will operate the tower's viewing gallery and roof-top restaurant.
OUB Centre said yesterday that restaurant, cafe and bar operator Synergyinthesky will take up 16,000 sq ft of commercial space on the top three levels of the tower, where it recently added 6,000 sq ft of space for a viewing gallery.
The space was previously used for storage. The viewing gallery and restaurant will open in the third quarter of this year.
OUB Centre said the occupancy rate for the tower has risen to more than 90 per cent with Synergyinthesky, which is paying rent in line with current rates in the central business district and will pay gradual step-up increases over its 10-year tenancy.
According to a CB Richard Ellis report last month, Grade A office rents were $8 per sq ft per month in the first quarter of this year, down from $8.10 psf the quarter before.
OUB Centre is one of two buildings to be packaged into a development called One Raffles Place. The second building will be ready in 2011.
While office rents have been dipping, OUB Centre said it is confident the take-up rate in its new tower will be positive.
'Our marketing agents are already in discussion with potential tenant,' it said.
When completed next year, the new tower and the existing OUB Centre will together offer 760,000 sq ft of prime Grade A office space, with the second tower to provide some 350,000 sq ft of that space.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
New Raffles Place buzz: Synergyinthesky will move into OUB Centre, which is one of two buildings to be packaged into a development called One Raffles Place
Top space at OUB Centre for restaurant player
By FELDA CHAY
A NEW tenant is set to move into the top floors of OUB Centre at One Raffles Place for 10 years, where it will operate the tower's viewing gallery and roof-top restaurant.
OUB Centre said yesterday that restaurant, cafe and bar operator Synergyinthesky will take up 16,000 sq ft of commercial space on the top three levels of the tower, where it recently added 6,000 sq ft of space for a viewing gallery.
The space was previously used for storage. The viewing gallery and restaurant will open in the third quarter of this year.
OUB Centre said the occupancy rate for the tower has risen to more than 90 per cent with Synergyinthesky, which is paying rent in line with current rates in the central business district and will pay gradual step-up increases over its 10-year tenancy.
According to a CB Richard Ellis report last month, Grade A office rents were $8 per sq ft per month in the first quarter of this year, down from $8.10 psf the quarter before.
OUB Centre is one of two buildings to be packaged into a development called One Raffles Place. The second building will be ready in 2011.
While office rents have been dipping, OUB Centre said it is confident the take-up rate in its new tower will be positive.
'Our marketing agents are already in discussion with potential tenant,' it said.
When completed next year, the new tower and the existing OUB Centre will together offer 760,000 sq ft of prime Grade A office space, with the second tower to provide some 350,000 sq ft of that space.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
New Raffles Place buzz: Synergyinthesky will move into OUB Centre, which is one of two buildings to be packaged into a development called One Raffles Place
BT Letter : Keep members of MC, sales committee distinct
Business Times - 15 Apr 2010
LETTER TO THE EDITOR
Keep members of MC, sales committee distinct
AS en bloc sales fever is revived, it is important for the government to take note that, often, members of the management corporation or council (MC) are the same people as those sitting on the sales committee set up for selling the property . This presents potential conflict of interest and leads to malpractices.
When the MC, whose main roles are to oversee maintenance is tasked with the responsibility for collective sale, there would be obvious an conflict of interest simply because they are not in neutral positions; they have the power to make decisions on maintenance matters that influence en bloc sales.
A case in point is a condominium where the MC, in pushing for an en bloc sale, has openly said that non-maintenance is a tactic to make owners fed up of their run-down properties so that they would want to sell.
The MC also said that money should not be wasted on estate planning when an en bloc sale is in prospect. As a result, the estate's conditions, amenities and facilities have so deteriorated that they are posing safety and health hazards to residents.
As en bloc sale procedures can take years, maintenance of estates need to be continued at a reasonable level. Hence, it is important that management of maintenance issues be separated from en bloc issues and that members of the respective committees be also distinct.
Florence Tan
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
__._,_.___
LETTER TO THE EDITOR
Keep members of MC, sales committee distinct
AS en bloc sales fever is revived, it is important for the government to take note that, often, members of the management corporation or council (MC) are the same people as those sitting on the sales committee set up for selling the property . This presents potential conflict of interest and leads to malpractices.
When the MC, whose main roles are to oversee maintenance is tasked with the responsibility for collective sale, there would be obvious an conflict of interest simply because they are not in neutral positions; they have the power to make decisions on maintenance matters that influence en bloc sales.
A case in point is a condominium where the MC, in pushing for an en bloc sale, has openly said that non-maintenance is a tactic to make owners fed up of their run-down properties so that they would want to sell.
The MC also said that money should not be wasted on estate planning when an en bloc sale is in prospect. As a result, the estate's conditions, amenities and facilities have so deteriorated that they are posing safety and health hazards to residents.
As en bloc sale procedures can take years, maintenance of estates need to be continued at a reasonable level. Hence, it is important that management of maintenance issues be separated from en bloc issues and that members of the respective committees be also distinct.
Florence Tan
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
__._,_.___
BT : Strong, growing demand for quality industrial space
Business Times - 15 Apr 2010
SINGAPORE INTERNATIONAL
Strong, growing demand for quality industrial space
By CHUANG PECK MING
ASCENDAS first set foot in Vietnam as one of the investors in the Vietnam-Singapore Industrial Park I in 1996, built by Sembcorp Industrial Parks.
But it was only a decade after - in December 2007 - that the total business space solutions provider got to build its own industrial park there, in partnership with Protrade Corporation.
'Vietnam is an attractive emerging market where there is a strong and growing demand for quality industrial space,' says Han Ann Foong, country head of Ascendas Vietnam.
Ascendas's 500-hectare industrial park in Binh Duong Province in south Vietnam, when completed, will support a working community of 52,000 people.
'The park will provide infrastructure and facilities for light and clean industries such as food and beverage, electronics and health care, within a trademark work-play-live environment,' Mr Han says.
Work on the park is expected to start in late 2010 or early 2011 and be fully completed by mid-2014.
'With the Ascendas-Protrade Singapore Tech Park, we aim to set standards in quality business space in this market,' Mr Han says. 'These include well-designed ready-built facilities with good quality finishes, build-to-suit facilities customised to our customers' requirements as well as prepared land parcels.'
However, Mr Han cautions that investors in Vietnam may have to deal with laws and policies that are still in the making as well as poor infrastructure. But these are short-term problems. 'We believe that over the longer term, the Vietnam market hold promise for investors like Ascendas who are prepared to ride and overcome any short-term difficulties.'
Singapore International - a fortnightly series brought to you by IE Singapore and The Business Times
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
SINGAPORE INTERNATIONAL
Strong, growing demand for quality industrial space
By CHUANG PECK MING
ASCENDAS first set foot in Vietnam as one of the investors in the Vietnam-Singapore Industrial Park I in 1996, built by Sembcorp Industrial Parks.
But it was only a decade after - in December 2007 - that the total business space solutions provider got to build its own industrial park there, in partnership with Protrade Corporation.
'Vietnam is an attractive emerging market where there is a strong and growing demand for quality industrial space,' says Han Ann Foong, country head of Ascendas Vietnam.
Ascendas's 500-hectare industrial park in Binh Duong Province in south Vietnam, when completed, will support a working community of 52,000 people.
'The park will provide infrastructure and facilities for light and clean industries such as food and beverage, electronics and health care, within a trademark work-play-live environment,' Mr Han says.
Work on the park is expected to start in late 2010 or early 2011 and be fully completed by mid-2014.
'With the Ascendas-Protrade Singapore Tech Park, we aim to set standards in quality business space in this market,' Mr Han says. 'These include well-designed ready-built facilities with good quality finishes, build-to-suit facilities customised to our customers' requirements as well as prepared land parcels.'
However, Mr Han cautions that investors in Vietnam may have to deal with laws and policies that are still in the making as well as poor infrastructure. But these are short-term problems. 'We believe that over the longer term, the Vietnam market hold promise for investors like Ascendas who are prepared to ride and overcome any short-term difficulties.'
Singapore International - a fortnightly series brought to you by IE Singapore and The Business Times
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Strong Q1 for CapitaMalls Asia
Business Times - 15 Apr 2010
Strong Q1 for CapitaMalls Asia
Profit rises to $96.8m from $10.3m, helped by higher rental income and The Orchard Residences
By UMA SHANKARI
CAPITAMALLS Asia (CMA) yesterday reported a net profit of $96.8 million for Q1 2010 - up from $10.3 million a year ago - as the mall operator saw higher rental income from its majority-owned malls and booked profits from selling units in The Orchard Residences.
Revenue for the three months ended March 31, 2010, rose 41 per cent to $74.6 million from $52.9 million in 2009.
'We achieved a strong first-quarter profit on the back of economic recovery in our key markets of Singapore, China and Malaysia,' said CMA chairman Liew Mun Leong. CMA has stakes in and manages 87 retail properties across five countries - Singapore, China, Malaysia, Japan and India - with a total property value of $20.4 billion.
Other than sales in The Orchard Residences and higher rents, the increase in Q1 2010 revenue also came from profit contributions from the fee management business, fair value gains on revaluation of two properties and contribution from the newly-opened Ion Orchard mall in Singapore.
Earnings per share in Q1 2010 was 2.5 cents, up from 0.6 cents in Q1 2009.
Looking ahead, CMA said it is well positioned to take advantage of the growth potential in Asia and will continue to pursue selective acquisition and development opportunities.
In Singapore - where the retail company gets the bulk of its earnings from - CMA will 'continue to create more value' from its portfolio of existing assets including Raffles City Singapore and Jurong Entertainment Centre, focus on the development of its One-North project and also pursue selective acquisition and development opportunities, it said.
CIMB-GK analyst Donald Chua yesterday issued a fresh 'underperform' call on the stock, citing the 'yield gestation' needed for CMA's China malls.
'While CMA's edge over its local competitors in mall management is apparent, average rents remain low with net property income yields (at 2-plus per cent) of immature malls in the second tier cities still some way off CMA's target of 8-9 per cent,' Mr Chua said. 'We think the malls will need 1-2 rental cycles for rents and yields of its current portfolio to stabilise.'
DBS Group Research, in contrast, issued a new 'buy' call. The catalyst for the stock lies in its ability to acquire new assets, DBS's analysts said.
CMA gained once cent to close at $2.30 yesterday.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Profit boost: contribution comes from selling units in The Orchard Residences Profit rises to $96.8m from $10.3m, helped by higher rental income and The Orchard Residences
Strong Q1 for CapitaMalls Asia
Profit rises to $96.8m from $10.3m, helped by higher rental income and The Orchard Residences
By UMA SHANKARI
CAPITAMALLS Asia (CMA) yesterday reported a net profit of $96.8 million for Q1 2010 - up from $10.3 million a year ago - as the mall operator saw higher rental income from its majority-owned malls and booked profits from selling units in The Orchard Residences.
Revenue for the three months ended March 31, 2010, rose 41 per cent to $74.6 million from $52.9 million in 2009.
'We achieved a strong first-quarter profit on the back of economic recovery in our key markets of Singapore, China and Malaysia,' said CMA chairman Liew Mun Leong. CMA has stakes in and manages 87 retail properties across five countries - Singapore, China, Malaysia, Japan and India - with a total property value of $20.4 billion.
Other than sales in The Orchard Residences and higher rents, the increase in Q1 2010 revenue also came from profit contributions from the fee management business, fair value gains on revaluation of two properties and contribution from the newly-opened Ion Orchard mall in Singapore.
Earnings per share in Q1 2010 was 2.5 cents, up from 0.6 cents in Q1 2009.
Looking ahead, CMA said it is well positioned to take advantage of the growth potential in Asia and will continue to pursue selective acquisition and development opportunities.
In Singapore - where the retail company gets the bulk of its earnings from - CMA will 'continue to create more value' from its portfolio of existing assets including Raffles City Singapore and Jurong Entertainment Centre, focus on the development of its One-North project and also pursue selective acquisition and development opportunities, it said.
CIMB-GK analyst Donald Chua yesterday issued a fresh 'underperform' call on the stock, citing the 'yield gestation' needed for CMA's China malls.
'While CMA's edge over its local competitors in mall management is apparent, average rents remain low with net property income yields (at 2-plus per cent) of immature malls in the second tier cities still some way off CMA's target of 8-9 per cent,' Mr Chua said. 'We think the malls will need 1-2 rental cycles for rents and yields of its current portfolio to stabilise.'
DBS Group Research, in contrast, issued a new 'buy' call. The catalyst for the stock lies in its ability to acquire new assets, DBS's analysts said.
CMA gained once cent to close at $2.30 yesterday.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Profit boost: contribution comes from selling units in The Orchard Residences Profit rises to $96.8m from $10.3m, helped by higher rental income and The Orchard Residences
BT : Sembcorp - the pioneer in industrial parks
Business Times - 15 Apr 2010
SINGAPORE INTERNATIONAL
Sembcorp - the pioneer in industrial parks
By CHUANG PECK MING
SINGAPORE is one of Vietnam's biggest foreign investors - the fifth largest at end-2009 with US$17.3 billion tied up in 792 projects. But Singapore is perhaps better known in Vietnam for the industrial parks its companies have built there.
And the Singapore pioneer that paved the way for other developers of industrial parks in Vietnam is Sembcorp Industrial Parks, owned by Sembcorp Industries.
Sembcorp Industrial Parks built its first park on 500 hectares - later expanded by 345 ha - in Vietnam in 1996. Fourteen years later, it has four industrial parks there on 4845 ha - two of them still being developed in the north.
The other two were built in the south and have so far attracted 380 customers with investments of US$2 billion-plus and 63,000 workers. The parks won Sembcorp Industrial Parks and its local partner - the partnership is incorporated as the Vietnam Singapore Industrial Park (VSIP) - a 'Best Industrial Developer' award among 180 industrial parks in Vietnam in a 2008 poll reported in Euromoney magazine.
'In the 1990s we had already recognised Vietnam's potential as a rising economy,' says Low Sin Leng, executive chairman of Sembcorp Industrial Parks and senior executive director of Sembcorp Industries. 'We worked with a local joint venture partner to help bring to Vietnam the industrialisation model of Singapore.'
It was tough at the start, she recalls. 'We spent a lot of time guiding the Vietnamese officials and local staff on investment-friendly measures, setting up an efficient one-stop administrative management board and reducing bureaucracy.'
VSIP has contributed much to the growth of Binh Duong, where Sembcorp's industrial parks in south Vietnam are located. 'Binh Duong has consistently been top ranked in the annual Provincial Competitiveness Index for having implemented investor-friendly measures resulting in it being a popular foreign direct investment destination,' says Ms Low.
Its success led to the development of a 4000-ha township, she says. 'We enhanced our business model from a traditional industrial park to one with commercial, residential and industrial elements, called the integrated township model.'
This model was later transplanted in north Vietnam. But there, in Hai Phong City, Sembcorp has launched a specialised cluster for manufacturing clients. 'Our VSUP Hai Phong is the first in Vietnam to offer a centralised facility for food processing,' Ms Low says.
'We have zoned 17 ha of land as the initial phase for the centralised processing of fruit, vegetables and other horticultural products. Sembcorp's industrial parks cater to three types of clients - manufacturers, commercial and residential developers. The top three manufacturing investors in VSIP are Japanese, Taiwanese and Singaporeans. Most are in the precision engineering, electronics and electrical businesses.
VSIP's tenants include Procter & Gamble and Kimberly Clark from the US, Siemens from Germany and Showa Gloves and Foster from Japan. Singaporean tenants include Gold Roast, CEI and Serrano.
'We are working with Malaysian and Singaporean developers to invest in commercial and residential projects in our townships,' says Ms Low. 'To enhance the attractiveness of our township amenities, we are also in discussion with some established brand names in the areas of education and medical care, with the aim of providing international schools and healthcare services.'
If Sembcorp had to do it all over again, Ms Low says it would still venture into Vietnam.
'When we first went into to Vietnam, we took with us the 'Singapore model' and Singapore experience. But over the years, we learned to modify and make more use of the local expertise,' she says.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
The VSIP Hai Phong project: It is the first in Vietnam to offer a centralised facility for food processing
SINGAPORE INTERNATIONAL
Sembcorp - the pioneer in industrial parks
By CHUANG PECK MING
SINGAPORE is one of Vietnam's biggest foreign investors - the fifth largest at end-2009 with US$17.3 billion tied up in 792 projects. But Singapore is perhaps better known in Vietnam for the industrial parks its companies have built there.
And the Singapore pioneer that paved the way for other developers of industrial parks in Vietnam is Sembcorp Industrial Parks, owned by Sembcorp Industries.
Sembcorp Industrial Parks built its first park on 500 hectares - later expanded by 345 ha - in Vietnam in 1996. Fourteen years later, it has four industrial parks there on 4845 ha - two of them still being developed in the north.
The other two were built in the south and have so far attracted 380 customers with investments of US$2 billion-plus and 63,000 workers. The parks won Sembcorp Industrial Parks and its local partner - the partnership is incorporated as the Vietnam Singapore Industrial Park (VSIP) - a 'Best Industrial Developer' award among 180 industrial parks in Vietnam in a 2008 poll reported in Euromoney magazine.
'In the 1990s we had already recognised Vietnam's potential as a rising economy,' says Low Sin Leng, executive chairman of Sembcorp Industrial Parks and senior executive director of Sembcorp Industries. 'We worked with a local joint venture partner to help bring to Vietnam the industrialisation model of Singapore.'
It was tough at the start, she recalls. 'We spent a lot of time guiding the Vietnamese officials and local staff on investment-friendly measures, setting up an efficient one-stop administrative management board and reducing bureaucracy.'
VSIP has contributed much to the growth of Binh Duong, where Sembcorp's industrial parks in south Vietnam are located. 'Binh Duong has consistently been top ranked in the annual Provincial Competitiveness Index for having implemented investor-friendly measures resulting in it being a popular foreign direct investment destination,' says Ms Low.
Its success led to the development of a 4000-ha township, she says. 'We enhanced our business model from a traditional industrial park to one with commercial, residential and industrial elements, called the integrated township model.'
This model was later transplanted in north Vietnam. But there, in Hai Phong City, Sembcorp has launched a specialised cluster for manufacturing clients. 'Our VSUP Hai Phong is the first in Vietnam to offer a centralised facility for food processing,' Ms Low says.
'We have zoned 17 ha of land as the initial phase for the centralised processing of fruit, vegetables and other horticultural products. Sembcorp's industrial parks cater to three types of clients - manufacturers, commercial and residential developers. The top three manufacturing investors in VSIP are Japanese, Taiwanese and Singaporeans. Most are in the precision engineering, electronics and electrical businesses.
VSIP's tenants include Procter & Gamble and Kimberly Clark from the US, Siemens from Germany and Showa Gloves and Foster from Japan. Singaporean tenants include Gold Roast, CEI and Serrano.
'We are working with Malaysian and Singaporean developers to invest in commercial and residential projects in our townships,' says Ms Low. 'To enhance the attractiveness of our township amenities, we are also in discussion with some established brand names in the areas of education and medical care, with the aim of providing international schools and healthcare services.'
If Sembcorp had to do it all over again, Ms Low says it would still venture into Vietnam.
'When we first went into to Vietnam, we took with us the 'Singapore model' and Singapore experience. But over the years, we learned to modify and make more use of the local expertise,' she says.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
The VSIP Hai Phong project: It is the first in Vietnam to offer a centralised facility for food processing
BT : Special HLF loan rates for CityDev's Sentosa project
Business Times - 15 Apr 2010
Special HLF loan rates for CityDev's Sentosa project
HONG Leong Finance (HLF) is offering buyers of The Residences at W Singapore Sentosa Cove an exclusive financing package, with rates from 0.98 per cent a year.
The 228-unit luxury project is being developed by City Developments Ltd (CDL), another Hong Leong Group unit.
HLF said that its home loan offerings feature some of the best interest rates in town.
'With an active property market, customers are no doubt looking for good home loan packages,' said HLF president Ian Macdonald. 'Our priority is to cater to their needs with competitive offers and quality service.'
Buyers at The Residences at W Singapore Sentosa Cove will enjoy a home loan interest rate of 0.98 per cent in the first year, 1.58 per cent in the second year, 2.58 per cent in the third year and 3.28 per cent subsequently.
Customers will also be entitled to a one-year a la carte membership offering dining privileges at F&B outlets under the Millennium & Copthorne International group - CDL's hotel unit.
HLF said that competitive rates and efficient services have helped it increase its share of the home loans market. Under its packages, buyers of HDB, private and good-class bungalow properties can choose from variable rates of as low as 1.23 per cent, 1.48 per cent and 1.13 per cent a year respectively, the finance company said.
CDL said on April 5 that it had sold 19 units of The Residences at W Singapore Sentosa Cove at $2,500-3,000 per sq ft. CDL has marketed the project in Singapore and Hong Kong and plans to hold roadshows in Shanghai and Jakarta.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Special HLF loan rates for CityDev's Sentosa project
HONG Leong Finance (HLF) is offering buyers of The Residences at W Singapore Sentosa Cove an exclusive financing package, with rates from 0.98 per cent a year.
The 228-unit luxury project is being developed by City Developments Ltd (CDL), another Hong Leong Group unit.
HLF said that its home loan offerings feature some of the best interest rates in town.
'With an active property market, customers are no doubt looking for good home loan packages,' said HLF president Ian Macdonald. 'Our priority is to cater to their needs with competitive offers and quality service.'
Buyers at The Residences at W Singapore Sentosa Cove will enjoy a home loan interest rate of 0.98 per cent in the first year, 1.58 per cent in the second year, 2.58 per cent in the third year and 3.28 per cent subsequently.
Customers will also be entitled to a one-year a la carte membership offering dining privileges at F&B outlets under the Millennium & Copthorne International group - CDL's hotel unit.
HLF said that competitive rates and efficient services have helped it increase its share of the home loans market. Under its packages, buyers of HDB, private and good-class bungalow properties can choose from variable rates of as low as 1.23 per cent, 1.48 per cent and 1.13 per cent a year respectively, the finance company said.
CDL said on April 5 that it had sold 19 units of The Residences at W Singapore Sentosa Cove at $2,500-3,000 per sq ft. CDL has marketed the project in Singapore and Hong Kong and plans to hold roadshows in Shanghai and Jakarta.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Course in global property marketing
Business Times - 15 Apr 2010
Course in global property marketing
THE Singapore Institute of Surveyors and Valuers, and Singapore Accredited Estate Agencies will launch a Global Real Estate Specialist course next month.
The course, which will be conducted quarterly, is part of a programme for real estate practitioners who want to make their mark in foreign markets - in particular, the UK, US, Australia, New Zealand and some parts of Asia.
They will learn how best to profile, analyse and market luxury properties in various countries, as well as consumer behaviour and the legal and investment fundamentals of marketing international property.
On completing the course, participants will receive a certificate and plaque.
The course is recognised by The International Real Estate Federation (Singapore), a worldwide federation of 120 professional real estate organisations.
It will culminate in an international real estate congress, slated to be held in September, that will bring together real estate professionals from many countries.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Course in global property marketing
THE Singapore Institute of Surveyors and Valuers, and Singapore Accredited Estate Agencies will launch a Global Real Estate Specialist course next month.
The course, which will be conducted quarterly, is part of a programme for real estate practitioners who want to make their mark in foreign markets - in particular, the UK, US, Australia, New Zealand and some parts of Asia.
They will learn how best to profile, analyse and market luxury properties in various countries, as well as consumer behaviour and the legal and investment fundamentals of marketing international property.
On completing the course, participants will receive a certificate and plaque.
The course is recognised by The International Real Estate Federation (Singapore), a worldwide federation of 120 professional real estate organisations.
It will culminate in an international real estate congress, slated to be held in September, that will bring together real estate professionals from many countries.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
ST : Four residential sites up for tender
Apr 14, 2010
Four residential sites up for tender
Move reinforces Govt's message that there is enough land: Analyst
By Jessica Cheam
FOUR plum residential sites which will yield almost 2,000 new homes are being released for tender by the Government in a move to ramp up supply in Singapore's hot property market.
They include Punggol's first executive condominium (EC) site, to boast 615 homes, which will be released for tender early next month as a developer has already made a minimum bid of $147.7 million.
In stark contrast, when a Punggol EC site was launched in September 2008, there were no takers among developers.
The other three sites are for another EC - at Sengkang - and two private development sites at Sembawang and Yishun.
This is the latest round in a slew of sites being released by the authorities to inject fresh supply into the market.
Developers have been snapping up land to replenish landbanks as they scramble to meet dizzying levels of demand for new homes.
Since the start of the year, the Government has sold four residential sites and offered three other sites for tender under the confirmed list, said the Housing Board (HDB) yesterday.
These seven sites could potentially yield a total of 2,775 housing units, and that is not counting another residential site at Upper Serangoon Road to be released for sale later this month.
The heightened level of activity is a drastic turnaround from the same period a year ago, when no sites were offered or sold by the Government amid a lacklustre property market.
Sites on the reserve list could offer an extra 7,625 homes in the first half of the year, said the HDB. Reserve list sites are offered on top of the confirmed list and are triggered for tender if at least one developer lodges an initial bid that meets a minimum threshold.
To date, eight reserve list sites - yielding about 3,345 homes - have been triggered in this way, with one sold and seven under tender or to be launched.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the Government is 'reinforcing the message that there is enough land'.
'By announcing more than one site at a time, it is also saying to developers that they do not need to bid so aggressively. The objective is to push out enough land supply so that prices can be moderated,' said Mr Mak.
Among the new sites, the plot at the junction of Sembawang Road and Canberra Drive and the EC located at Sengkang East Avenue and Buangkok Drive go on sale today.
The Sembawang plot, launched under the confirmed list, can be developed into strata-title landed housing or condominium units offering 290 homes.
CBRE Research executive director Li Hiaw Ho said the site is likely to fetch $95 million to $105 million if a condo is built. The tender closes on June 8.
The Sengkang EC site, triggered by a developer's bid of $103.8 million on April 1, is served by the Sengkang LRT system and could yield 465 homes.
ECs are condo-style homes but with public housing rules. This tender closes on May 25.
Early next month, the Government will put the EC plot located at Punggol Field and a condominium project at Yishun Avenue 2 up for public tender.
The Punggol plot is near the Punggol Town Centre while the Yishun condo site is in the established Yishun Town and could generate 600 homes. A developer triggered the tender for the Yishun site with the minimum bid of $137.9 million.
HDB said yesterday the total supply of 10,550 homes for the first half of the year from the Government's confirmed and reserve list is the highest level in the scheme's history.
jcheam@sph.com.sg
Four residential sites up for tender
Move reinforces Govt's message that there is enough land: Analyst
By Jessica Cheam
FOUR plum residential sites which will yield almost 2,000 new homes are being released for tender by the Government in a move to ramp up supply in Singapore's hot property market.
They include Punggol's first executive condominium (EC) site, to boast 615 homes, which will be released for tender early next month as a developer has already made a minimum bid of $147.7 million.
In stark contrast, when a Punggol EC site was launched in September 2008, there were no takers among developers.
The other three sites are for another EC - at Sengkang - and two private development sites at Sembawang and Yishun.
This is the latest round in a slew of sites being released by the authorities to inject fresh supply into the market.
Developers have been snapping up land to replenish landbanks as they scramble to meet dizzying levels of demand for new homes.
Since the start of the year, the Government has sold four residential sites and offered three other sites for tender under the confirmed list, said the Housing Board (HDB) yesterday.
These seven sites could potentially yield a total of 2,775 housing units, and that is not counting another residential site at Upper Serangoon Road to be released for sale later this month.
The heightened level of activity is a drastic turnaround from the same period a year ago, when no sites were offered or sold by the Government amid a lacklustre property market.
Sites on the reserve list could offer an extra 7,625 homes in the first half of the year, said the HDB. Reserve list sites are offered on top of the confirmed list and are triggered for tender if at least one developer lodges an initial bid that meets a minimum threshold.
To date, eight reserve list sites - yielding about 3,345 homes - have been triggered in this way, with one sold and seven under tender or to be launched.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the Government is 'reinforcing the message that there is enough land'.
'By announcing more than one site at a time, it is also saying to developers that they do not need to bid so aggressively. The objective is to push out enough land supply so that prices can be moderated,' said Mr Mak.
Among the new sites, the plot at the junction of Sembawang Road and Canberra Drive and the EC located at Sengkang East Avenue and Buangkok Drive go on sale today.
The Sembawang plot, launched under the confirmed list, can be developed into strata-title landed housing or condominium units offering 290 homes.
CBRE Research executive director Li Hiaw Ho said the site is likely to fetch $95 million to $105 million if a condo is built. The tender closes on June 8.
The Sengkang EC site, triggered by a developer's bid of $103.8 million on April 1, is served by the Sengkang LRT system and could yield 465 homes.
ECs are condo-style homes but with public housing rules. This tender closes on May 25.
Early next month, the Government will put the EC plot located at Punggol Field and a condominium project at Yishun Avenue 2 up for public tender.
The Punggol plot is near the Punggol Town Centre while the Yishun condo site is in the established Yishun Town and could generate 600 homes. A developer triggered the tender for the Yishun site with the minimum bid of $137.9 million.
HDB said yesterday the total supply of 10,550 homes for the first half of the year from the Government's confirmed and reserve list is the highest level in the scheme's history.
jcheam@sph.com.sg
ST : MBFC part of S'pore's next era of growth: Tharman
Apr 14, 2010
MBFC part of S'pore's next era of growth: Tharman
SINGAPORE is helping to shape a new era in Asian finance, thanks to its well-regulated but business-friendly financial regime, said Finance Minister Tharman Shanmugaratnam yesterday.
And, as a 'work, live and play' destination, the $4 billion Marina Bay Financial Centre (MBFC) is poised to support Singapore in its next era of growth, he said at the topping-out ceremony for MBFC's 50-storey Tower Two.
'Asian finance is back to growth, and Singapore is seeing enhanced growth as a gateway to the area,' he added.
MBFC, being developed in a joint venture comprising Cheung Kong (Holdings), Hongkong Land and Keppel Land, has attracted key tenants like Barclays Capital and Standard Chartered Bank.
Said CBRE executive director (office services) Moray Armstrong: 'In the long term, the uplifted quality of the office stock in Singapore will be an important platform for the city's ongoing development as a major global financial centre.'
Also, the office development opportunities at Marina Bay beyond MBFC will place Singapore in a highly competitive position, he said. 'There are few major global cities which have such a rich reservoir of prime developable land directly adjacent to the existing CBD,' he added.
Tenants at MBFC's first tower are due to start moving in from July, while those at the second tower could occupy their office suites by the end of the year.
MBFC's fully-let Phase 1 consists of commercial Towers One and Two, and has a total office space of about 1.6 million sq ft. Tower Three - 55 per cent pre- committed thanks to one tenant, DBS - will be completed in mid-2012.
Together, the three office towers will offer about three million sq ft of prime Grade A office space. Alongside office space, MBFC will provide retail and two residential towers.
The first phase of the Marina Bay Link Mall is now 65 per cent pre-committed - an improvement on the 45 per cent late last year - and new tenants include restaurant chain Din Tai Fung.
The Marina Bay Residences is sold out. But the Marina Bay Suites, which had a preview late last year, has yet to be officially launched for sale. It will be completed by 2014.
Mr Wilson Kwong, chief executive of MBFC management company Raffles Quay Asset Management, said the launch plans for the Marina Bay Suites are still being 'reviewed'.
JOYCE TEO
Mr Tharman at the topping-out ceremony for MBFC's Tower Two. -- ST PHOTO: CAROLINE CHIA
MBFC part of S'pore's next era of growth: Tharman
SINGAPORE is helping to shape a new era in Asian finance, thanks to its well-regulated but business-friendly financial regime, said Finance Minister Tharman Shanmugaratnam yesterday.
And, as a 'work, live and play' destination, the $4 billion Marina Bay Financial Centre (MBFC) is poised to support Singapore in its next era of growth, he said at the topping-out ceremony for MBFC's 50-storey Tower Two.
'Asian finance is back to growth, and Singapore is seeing enhanced growth as a gateway to the area,' he added.
MBFC, being developed in a joint venture comprising Cheung Kong (Holdings), Hongkong Land and Keppel Land, has attracted key tenants like Barclays Capital and Standard Chartered Bank.
Said CBRE executive director (office services) Moray Armstrong: 'In the long term, the uplifted quality of the office stock in Singapore will be an important platform for the city's ongoing development as a major global financial centre.'
Also, the office development opportunities at Marina Bay beyond MBFC will place Singapore in a highly competitive position, he said. 'There are few major global cities which have such a rich reservoir of prime developable land directly adjacent to the existing CBD,' he added.
Tenants at MBFC's first tower are due to start moving in from July, while those at the second tower could occupy their office suites by the end of the year.
MBFC's fully-let Phase 1 consists of commercial Towers One and Two, and has a total office space of about 1.6 million sq ft. Tower Three - 55 per cent pre- committed thanks to one tenant, DBS - will be completed in mid-2012.
Together, the three office towers will offer about three million sq ft of prime Grade A office space. Alongside office space, MBFC will provide retail and two residential towers.
The first phase of the Marina Bay Link Mall is now 65 per cent pre-committed - an improvement on the 45 per cent late last year - and new tenants include restaurant chain Din Tai Fung.
The Marina Bay Residences is sold out. But the Marina Bay Suites, which had a preview late last year, has yet to be officially launched for sale. It will be completed by 2014.
Mr Wilson Kwong, chief executive of MBFC management company Raffles Quay Asset Management, said the launch plans for the Marina Bay Suites are still being 'reviewed'.
JOYCE TEO
Mr Tharman at the topping-out ceremony for MBFC's Tower Two. -- ST PHOTO: CAROLINE CHIA
BT : 65% of Marina Bay Link Mall phase 1 taken up
Business Times - 14 Apr 2010
65% of Marina Bay Link Mall phase 1 taken up
By KAREN NG
SIXTY-FIVE per cent of the space in phase one of Marina Bay Link Mall has been taken up and the mall will open for business in the fourth quarter of this year.
The 5,202 sq m mall will house retail and food-and-beverage outlets such as Din Tai Fung, Absolut Thai, an Apple concept store and Four Seasons Market Place.
Wilson Kwong, chief executive of Raffles Quay Asset Management, announced the developments at the topping out ceremony yesterday for Tower Two at Marina Bay Financial Centre (MBFC). He also said: 'MBFC is very well placed. It has been doing an excellent job so far in attracting very big names.'
Tower One and Tower Two at MBFC have been fully let. Moray Armstrong, executive director of office services at CB Richard Ellis (CBRE), told BT: 'This is certainly confidence-boosting, particularly if you look at the quality of the tenants.'
They include American Express, Barclays Capital, BHP Billiton and Prudential.
According to a recent CBRE report, Grade A office rents averaged $8 per sq ft per month in the first quarter, down slightly from $8.10 psf per month in Q4 2009.
Mr Kwong said that there was 'ongoing interest' in Tower three at MBFC. It has 1.3 million sq ft of space, 55 per cent or 700,000 sq ft of which has already been taken up by DBS Group.
Finance Minister Tharman Shanmugaratnam, who was guest of honour at the ceremony, said that high-quality office space in Singapore is an added reason for financial institutions to invest or locate operations here.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
That's the spirit: (From left) Justin Chiu, executive director of Cheung Kong (Holdings) Ltd; YK Pang, CEO of Hongkong Land; Mr Tharman; Kevin Wong, group CEO of Keppel Land; and Teruaki Yamaguchi, senior executive officer of Kajima Corp, breaking the lid of a sake barrel, to symbolise the beginning of good fortune
65% of Marina Bay Link Mall phase 1 taken up
By KAREN NG
SIXTY-FIVE per cent of the space in phase one of Marina Bay Link Mall has been taken up and the mall will open for business in the fourth quarter of this year.
The 5,202 sq m mall will house retail and food-and-beverage outlets such as Din Tai Fung, Absolut Thai, an Apple concept store and Four Seasons Market Place.
Wilson Kwong, chief executive of Raffles Quay Asset Management, announced the developments at the topping out ceremony yesterday for Tower Two at Marina Bay Financial Centre (MBFC). He also said: 'MBFC is very well placed. It has been doing an excellent job so far in attracting very big names.'
Tower One and Tower Two at MBFC have been fully let. Moray Armstrong, executive director of office services at CB Richard Ellis (CBRE), told BT: 'This is certainly confidence-boosting, particularly if you look at the quality of the tenants.'
They include American Express, Barclays Capital, BHP Billiton and Prudential.
According to a recent CBRE report, Grade A office rents averaged $8 per sq ft per month in the first quarter, down slightly from $8.10 psf per month in Q4 2009.
Mr Kwong said that there was 'ongoing interest' in Tower three at MBFC. It has 1.3 million sq ft of space, 55 per cent or 700,000 sq ft of which has already been taken up by DBS Group.
Finance Minister Tharman Shanmugaratnam, who was guest of honour at the ceremony, said that high-quality office space in Singapore is an added reason for financial institutions to invest or locate operations here.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
That's the spirit: (From left) Justin Chiu, executive director of Cheung Kong (Holdings) Ltd; YK Pang, CEO of Hongkong Land; Mr Tharman; Kevin Wong, group CEO of Keppel Land; and Teruaki Yamaguchi, senior executive officer of Kajima Corp, breaking the lid of a sake barrel, to symbolise the beginning of good fortune
BT : Soilbuild submits top bid for Yishun site
Business Times - 14 Apr 2010
Soilbuild submits top bid for Yishun site
SOILBUILD Group Holdings submitted the highest bid for an industrial site at Yishun Avenue 6 in a government tender, the Urban Redevelopment Authority (URA) said yesterday.
There were five bids for the 1.43 hectare plot, which was offered for sale on a 60-year lease.
Soilbuild's $29.29 million bid, which works out to $76 per square foot per plot ratio (psf ppr), was 4 per cent higher than the second highest bid, by KNG Land, which offered $28.28 million, or $74 psf ppr.
The other bidders were Ho Lee Group, OKH Management and Whye Wah Group.
The site, which is on the government's reserve list, has been available since November 2007. It is zoned for Business 1 use, with a maximum permissible gross plot ratio of 2.5.
It was triggered in February after an un-named developer committed to pay at least $11.5 million, or about $30 psf ppr. It was launched for public tender on March 15.
Analysts said then that interest in the parcel - which is across the road from ITE East (Yishun) and near Yishun Industrial Park - would be healthy because industrial space end-users have been looking for land in the north of the island.
In a recent report, CB Richard Ellis said the industrial property market showed signs of improvement in the first quarter. Tenders for four industrial sites were launched. And several industrial Reit players made a few purchases.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Soilbuild submits top bid for Yishun site
SOILBUILD Group Holdings submitted the highest bid for an industrial site at Yishun Avenue 6 in a government tender, the Urban Redevelopment Authority (URA) said yesterday.
There were five bids for the 1.43 hectare plot, which was offered for sale on a 60-year lease.
Soilbuild's $29.29 million bid, which works out to $76 per square foot per plot ratio (psf ppr), was 4 per cent higher than the second highest bid, by KNG Land, which offered $28.28 million, or $74 psf ppr.
The other bidders were Ho Lee Group, OKH Management and Whye Wah Group.
The site, which is on the government's reserve list, has been available since November 2007. It is zoned for Business 1 use, with a maximum permissible gross plot ratio of 2.5.
It was triggered in February after an un-named developer committed to pay at least $11.5 million, or about $30 psf ppr. It was launched for public tender on March 15.
Analysts said then that interest in the parcel - which is across the road from ITE East (Yishun) and near Yishun Industrial Park - would be healthy because industrial space end-users have been looking for land in the north of the island.
In a recent report, CB Richard Ellis said the industrial property market showed signs of improvement in the first quarter. Tenders for four industrial sites were launched. And several industrial Reit players made a few purchases.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Over $500m of Good Class Bungalows sold in Q1: CBRE
Business Times - 14 Apr 2010
Over $500m of Good Class Bungalows sold in Q1: CBRE
Its analysis of URA Realis caveats shows that 29 deals are sealed
By KALPANA RASHIWALA
(SINGAPORE) At least $500 million worth of Good Class Bungalows (GCBs) have changed hands in the first three months of this year, according to CB Richard Ellis.
The property consultancy's analysis of URA Realis caveats shows that 29 deals were sealed in Q1 for a total of $470.33 million. In addition, CBRE director (luxury homes) Douglas Wong confirmed that he brokered a $36.3 million transaction last month which has yet to be reflected in the caveats.
Market watchers say that further caveats for deals done in March may be captured over the next few weeks.
The deal brokered by Mr Wong, for 14 Bishopsgate, would also be the biggest in dollar quantum in Q1. The single-storey conservation bungalow is over 50 years old. The land area is 32,405 square feet and the property is being sold by members of the Wong family who once controlled Tien Wah Press.
Market watchers say that transactions are continuing to stream in this month, including a $23 million sale at Victoria Park (land area of 21,190 sq ft) and at Ladyhill Road, $23.5 million (land area of slightly over 16,000 sq ft). However, market watchers generally do not expect a repeat of last year when a record $1.72 billion of GCBs were transacted, as the number of deals this year is expected to dip amid rising prices.
William Wong, managing director of RealStar Premier Property, says: 'Current GCB prices are about 10-20 per cent higher than a year ago, depending on location of the bungalows. Those in prime areas such as Tanglin have gone up as much as 20 per cent.'
Agreeing, CBRE's Mr Wong says that properties in the Jervois/Chatsworth/ Bishopsgate areas fetched about $1,000 psf in the 2007 property boom. 'Today, people are asking $1,200-1,400 psf, and even $1,500 psf.'
A spokesman for FRN Properties says that in places such as King Albert Park and Brizay Park, asking prices are $900-$1,000 psf, compared to $500-$700 psf in the 2007/2008 period.
The price appreciation has created opportunities for flipping. For instance, a property on a 15,450 sq ft plot at Swettenham Road that had sold for $13 million or $841 psf last November changed hands again for $16.3 million or $1,055 psf in February. Then, a bungalow at Queen Astrid Park that had been transacted in August last year for $24 million or $877 psf found a new owner in February for $28.28 million ($1,033 psf).
Among the interesting GCB deals done in Q1 is the $28 million sale of a property at Binjai Park. The bungalow is believed to have been sold by Amtel Group boss Sudhir Gupta to another entrepreneur, Sareen Gajendra Singh, who owns Omni United (S) Pte Ltd. Both are Singapore citizens.
GCB investor Thomas Chan is said to have picked up a property at Queen Astrid Park for about $28.3 million from Zain Fancy, formerly head of Morgan Stanley Real Estate Investing for Asia Pacific. Mr Fancy is believed to have reaped a gross profit of over $4 million.
In January, Audi distributor Premium Automobiles - controlled by Hadi Tanaga - paid $31.5 million or $1,066 psf for 4 Swettenham Road.
Island Hospital founder and Napier Properties director Mark Wee is said to have bought 36 Belmont for $18.73 million.
A property at Dalvey Estate was picked up for $20 million; the buyer is understood to be a banker who is a Singapore PR.
GCBs, with their stringent planning requirements, are the creme de la creme of the housing market, at least on mainland Singapore. There are only about 2,400 such bungalows in 39 gazetted GCB areas.
Property agents cite anecdotal evidence of high net-worth mainland Chinese, Indians and others who have become Singapore PRs/citizens and who are buying GCBs.
Newsman Realty managing director KH Tan notes that local players have also been active in the GCB market. These include those upgrading from smaller homes as well as investors who own several GCBs.
Foreigners need permission from the Land Dealings (Approval) Unit (LDAU) before they can own landed property. On mainland Singapore, the main criteria are that they are Singapore PRs and that they make an adequate economic contribution.
However, non-PR foreigners may buy landed homes on Sentosa Cove subject to LDAU approval.
Whether on the mainland or on Sentosa Cove, the landed home a foreigner is allowed to buy usually must not exceed 15,000 sq ft in land area, although in some instances, property agents say that approval has been granted for PRs to buy GCBs with land areas slightly larger than this if part of the site is 'unusable' - for instance, if there is sloping ground which cannot be built on.
Foreigners may at any one time own just one landed home in Singapore and that too for owner occupation only.
On the mainland, foreigners also have to hold the property for at least three years before they may resell it. There is no minimum holding period for Sentosa Cove.
'Current GCB prices are about 10-20 per cent higher than a year ago, depending on location of the bungalows. Those in prime areas such as Tanglin have gone up as much as 20 per cent.'
- William Wong, managing director of RealStar Premier Property
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Over $500m of Good Class Bungalows sold in Q1: CBRE
Its analysis of URA Realis caveats shows that 29 deals are sealed
By KALPANA RASHIWALA
(SINGAPORE) At least $500 million worth of Good Class Bungalows (GCBs) have changed hands in the first three months of this year, according to CB Richard Ellis.
The property consultancy's analysis of URA Realis caveats shows that 29 deals were sealed in Q1 for a total of $470.33 million. In addition, CBRE director (luxury homes) Douglas Wong confirmed that he brokered a $36.3 million transaction last month which has yet to be reflected in the caveats.
Market watchers say that further caveats for deals done in March may be captured over the next few weeks.
The deal brokered by Mr Wong, for 14 Bishopsgate, would also be the biggest in dollar quantum in Q1. The single-storey conservation bungalow is over 50 years old. The land area is 32,405 square feet and the property is being sold by members of the Wong family who once controlled Tien Wah Press.
Market watchers say that transactions are continuing to stream in this month, including a $23 million sale at Victoria Park (land area of 21,190 sq ft) and at Ladyhill Road, $23.5 million (land area of slightly over 16,000 sq ft). However, market watchers generally do not expect a repeat of last year when a record $1.72 billion of GCBs were transacted, as the number of deals this year is expected to dip amid rising prices.
William Wong, managing director of RealStar Premier Property, says: 'Current GCB prices are about 10-20 per cent higher than a year ago, depending on location of the bungalows. Those in prime areas such as Tanglin have gone up as much as 20 per cent.'
Agreeing, CBRE's Mr Wong says that properties in the Jervois/Chatsworth/ Bishopsgate areas fetched about $1,000 psf in the 2007 property boom. 'Today, people are asking $1,200-1,400 psf, and even $1,500 psf.'
A spokesman for FRN Properties says that in places such as King Albert Park and Brizay Park, asking prices are $900-$1,000 psf, compared to $500-$700 psf in the 2007/2008 period.
The price appreciation has created opportunities for flipping. For instance, a property on a 15,450 sq ft plot at Swettenham Road that had sold for $13 million or $841 psf last November changed hands again for $16.3 million or $1,055 psf in February. Then, a bungalow at Queen Astrid Park that had been transacted in August last year for $24 million or $877 psf found a new owner in February for $28.28 million ($1,033 psf).
Among the interesting GCB deals done in Q1 is the $28 million sale of a property at Binjai Park. The bungalow is believed to have been sold by Amtel Group boss Sudhir Gupta to another entrepreneur, Sareen Gajendra Singh, who owns Omni United (S) Pte Ltd. Both are Singapore citizens.
GCB investor Thomas Chan is said to have picked up a property at Queen Astrid Park for about $28.3 million from Zain Fancy, formerly head of Morgan Stanley Real Estate Investing for Asia Pacific. Mr Fancy is believed to have reaped a gross profit of over $4 million.
In January, Audi distributor Premium Automobiles - controlled by Hadi Tanaga - paid $31.5 million or $1,066 psf for 4 Swettenham Road.
Island Hospital founder and Napier Properties director Mark Wee is said to have bought 36 Belmont for $18.73 million.
A property at Dalvey Estate was picked up for $20 million; the buyer is understood to be a banker who is a Singapore PR.
GCBs, with their stringent planning requirements, are the creme de la creme of the housing market, at least on mainland Singapore. There are only about 2,400 such bungalows in 39 gazetted GCB areas.
Property agents cite anecdotal evidence of high net-worth mainland Chinese, Indians and others who have become Singapore PRs/citizens and who are buying GCBs.
Newsman Realty managing director KH Tan notes that local players have also been active in the GCB market. These include those upgrading from smaller homes as well as investors who own several GCBs.
Foreigners need permission from the Land Dealings (Approval) Unit (LDAU) before they can own landed property. On mainland Singapore, the main criteria are that they are Singapore PRs and that they make an adequate economic contribution.
However, non-PR foreigners may buy landed homes on Sentosa Cove subject to LDAU approval.
Whether on the mainland or on Sentosa Cove, the landed home a foreigner is allowed to buy usually must not exceed 15,000 sq ft in land area, although in some instances, property agents say that approval has been granted for PRs to buy GCBs with land areas slightly larger than this if part of the site is 'unusable' - for instance, if there is sloping ground which cannot be built on.
Foreigners may at any one time own just one landed home in Singapore and that too for owner occupation only.
On the mainland, foreigners also have to hold the property for at least three years before they may resell it. There is no minimum holding period for Sentosa Cove.
'Current GCB prices are about 10-20 per cent higher than a year ago, depending on location of the bungalows. Those in prime areas such as Tanglin have gone up as much as 20 per cent.'
- William Wong, managing director of RealStar Premier Property
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Construction costs could rise faster: DLS
Business Times - 14 Apr 2010
Construction costs could rise faster: DLS
Rise in foreign workers' levy, commodity prices among factors that may raise costs
By ARTHUR SIM
(SINGAPORE) Construction costs could rise this year more than the 3-5 per cent forecast because of a combination of new factors, says quantity surveyor Davis Langdon & Seah (DLS).
In a report released yesterday, DLS says factors such as the increase in the foreign workers' levy and reduction in man-year entitlement, announced in March, could add between one and 2 per cent to construction costs.
New iron ore pricing that has become apparent this month is likely to push up the price of steel, which could add another 1.5-2 per cent to constructions costs.
DLS forecast in January that construction costs could rise 3-5 per cent. It expected construction tender prices to remain stable in the first two quarters of 2010 and start to rise in the second half.
It has since found that while construction costs remained relatively stable in the early part of Q1, they started to increase towards the end of March.
For instance, the price of steel reinforcement bars, which fell to about $750 a tonne at end-2009, had risen to about $900 a tonne in March. And now iron ore prices have surged again, and the price has gone up to $950-$1,000 so far.
DLS said just how much further the price will climb - and whether it will surpass the $1,744 a tonne peak in July 2008 - is uncertain at this stage.
Based on the current price of $950 a tonne, the cost impact works out to an increase of 0.8-1.2 per cent for a typical residential development tendered in late 2009-early 2010, DLS said.
Apart from the price of steel, DLS says the uptrend in commodity prices in general will lift construction costs faster than expected.
While commodity prices are recovering from a low base, the price of copper hit US$7,880 a tonne this month and is edging closer to the recent peak of US$8,700 per tonne in April 2008. Copper is also up 150 per cent from its trough price of about US$3,000 a tonne in December 2008.
The price of aluminium has increased about 65 per cent to US$2,205 a tonne, from the trough price of US$1,329 in February 2009.
DLS estimates that commodity prices in general could add 1.5-2 per cent to construction costs.
Looking at rising oil prices, DLS says these could raise plant and machinery costs and add 0.5 to one per cent to construction costs.
A new policy measure that will affect costs are restrictions on construction activity on Sundays or public holidays for construction sites within 150 metres of residential and noise-sensitive areas. This could add 0.5 per cent to construction costs, says DLS.
Based on all of these factors, DLS now expects construction cost to rise more than 5 per cent this year, 'the actual level depending on the prevailing tendering climate'.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Construction costs could rise faster: DLS
Rise in foreign workers' levy, commodity prices among factors that may raise costs
By ARTHUR SIM
(SINGAPORE) Construction costs could rise this year more than the 3-5 per cent forecast because of a combination of new factors, says quantity surveyor Davis Langdon & Seah (DLS).
In a report released yesterday, DLS says factors such as the increase in the foreign workers' levy and reduction in man-year entitlement, announced in March, could add between one and 2 per cent to construction costs.
New iron ore pricing that has become apparent this month is likely to push up the price of steel, which could add another 1.5-2 per cent to constructions costs.
DLS forecast in January that construction costs could rise 3-5 per cent. It expected construction tender prices to remain stable in the first two quarters of 2010 and start to rise in the second half.
It has since found that while construction costs remained relatively stable in the early part of Q1, they started to increase towards the end of March.
For instance, the price of steel reinforcement bars, which fell to about $750 a tonne at end-2009, had risen to about $900 a tonne in March. And now iron ore prices have surged again, and the price has gone up to $950-$1,000 so far.
DLS said just how much further the price will climb - and whether it will surpass the $1,744 a tonne peak in July 2008 - is uncertain at this stage.
Based on the current price of $950 a tonne, the cost impact works out to an increase of 0.8-1.2 per cent for a typical residential development tendered in late 2009-early 2010, DLS said.
Apart from the price of steel, DLS says the uptrend in commodity prices in general will lift construction costs faster than expected.
While commodity prices are recovering from a low base, the price of copper hit US$7,880 a tonne this month and is edging closer to the recent peak of US$8,700 per tonne in April 2008. Copper is also up 150 per cent from its trough price of about US$3,000 a tonne in December 2008.
The price of aluminium has increased about 65 per cent to US$2,205 a tonne, from the trough price of US$1,329 in February 2009.
DLS estimates that commodity prices in general could add 1.5-2 per cent to construction costs.
Looking at rising oil prices, DLS says these could raise plant and machinery costs and add 0.5 to one per cent to construction costs.
A new policy measure that will affect costs are restrictions on construction activity on Sundays or public holidays for construction sites within 150 metres of residential and noise-sensitive areas. This could add 0.5 per cent to construction costs, says DLS.
Based on all of these factors, DLS now expects construction cost to rise more than 5 per cent this year, 'the actual level depending on the prevailing tendering climate'.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Two residential sites up for sale
Business Times - 14 Apr 2010
Two residential sites up for sale
By UMA SHANKARI
THE government has launched two more suburban residential sites - one for private housing and the other for executive condominium (EC) units - for sale by tender.
And sales agent Housing & Development Board said that a further two parcels will be put up for sale early next month.
Tenders for these two sites, which are on the government's reserve list, were triggered after developers committed to bid at prices deemed acceptable to the state.
The four sites can potentially yield about 1,970 homes, of which about 60 per cent are EC units.
One site offered for sale from today is a 99-year leasehold plot at the junction of Sembawang Road and Canberra Drive from the government's confirmed list. HDB said that an estimated 290 landed homes or condominium units can be built on the site, which has a maximum permissible gross floor area of 340,085 sq ft.
Li Hiaw Ho, executive director for CBRE Research expects the plot to fetch $280-310 per sq ft per plot ratio (psf ppr). 'Assuming a low-rise condominium of around 300-350 units will be built, the site is likely to fetch $95-105 million ($280-310 psf ppr),' Mr Li said. 'Alternatively, at the same land price, about 120-150 cluster units houses can be considered for strata landed housing development.'
The tender for the site closes on June 8.
The other site launched for sale by tender is an EC plot at the junction of Sengkang East Avenue and Buangkok Drive, which was triggered under the reserve list system on April 1.
HDB said then that a developer had agreed to bid at least $103.8 million - or $189 psf ppr - for the 99-year leasehold site. Analysts said at the time they expected the site to fetch $200-300 psf ppr. The tender closes on May 25.
HDB also said yesterday that it will put two 99-year leasehold residential sites on the reserve list - a plot for private homes in Yishun and an EC parcel in Punggol - up for tender in early May after they were triggered by unnamed developers.
The Yishun site - at the junction of Yishun Avenue 2, Yishun Avenue 7 and Canberra Drive - has been on the reserve list since August 2008. A developer has now committed to bid at least $137.9 million for the plot, which has a maximum gross floor area of 714,174 sq ft. The bid price works out to $193 psf ppr. About 600 condo units can be built on the site.
The EC plot, at the corner of Punggol Field and Punggol Road, has been on the reserve list since December 2008. It received a minimum bid of $147.7 million. The site has a maximum gross floor area of 726,476 sq ft, which means the minimum bid price works out to $203 psf ppr. An estimated 615 EC units can be built on the site.
The four sites offer a 'good spread' to developers and home buyers, said Colin Tan, director of research and consultancy at Chesterton Suntec International.
EC units are initially sold with eligibility and ownership restrictions similar to HDB's public housing flats, but will be converted to private housing after 10 years.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Mr Li: Expects the 99-year leasehold Sembawang plot to fetch $280-310 psf ppr
Two residential sites up for sale
By UMA SHANKARI
THE government has launched two more suburban residential sites - one for private housing and the other for executive condominium (EC) units - for sale by tender.
And sales agent Housing & Development Board said that a further two parcels will be put up for sale early next month.
Tenders for these two sites, which are on the government's reserve list, were triggered after developers committed to bid at prices deemed acceptable to the state.
The four sites can potentially yield about 1,970 homes, of which about 60 per cent are EC units.
One site offered for sale from today is a 99-year leasehold plot at the junction of Sembawang Road and Canberra Drive from the government's confirmed list. HDB said that an estimated 290 landed homes or condominium units can be built on the site, which has a maximum permissible gross floor area of 340,085 sq ft.
Li Hiaw Ho, executive director for CBRE Research expects the plot to fetch $280-310 per sq ft per plot ratio (psf ppr). 'Assuming a low-rise condominium of around 300-350 units will be built, the site is likely to fetch $95-105 million ($280-310 psf ppr),' Mr Li said. 'Alternatively, at the same land price, about 120-150 cluster units houses can be considered for strata landed housing development.'
The tender for the site closes on June 8.
The other site launched for sale by tender is an EC plot at the junction of Sengkang East Avenue and Buangkok Drive, which was triggered under the reserve list system on April 1.
HDB said then that a developer had agreed to bid at least $103.8 million - or $189 psf ppr - for the 99-year leasehold site. Analysts said at the time they expected the site to fetch $200-300 psf ppr. The tender closes on May 25.
HDB also said yesterday that it will put two 99-year leasehold residential sites on the reserve list - a plot for private homes in Yishun and an EC parcel in Punggol - up for tender in early May after they were triggered by unnamed developers.
The Yishun site - at the junction of Yishun Avenue 2, Yishun Avenue 7 and Canberra Drive - has been on the reserve list since August 2008. A developer has now committed to bid at least $137.9 million for the plot, which has a maximum gross floor area of 714,174 sq ft. The bid price works out to $193 psf ppr. About 600 condo units can be built on the site.
The EC plot, at the corner of Punggol Field and Punggol Road, has been on the reserve list since December 2008. It received a minimum bid of $147.7 million. The site has a maximum gross floor area of 726,476 sq ft, which means the minimum bid price works out to $203 psf ppr. An estimated 615 EC units can be built on the site.
The four sites offer a 'good spread' to developers and home buyers, said Colin Tan, director of research and consultancy at Chesterton Suntec International.
EC units are initially sold with eligibility and ownership restrictions similar to HDB's public housing flats, but will be converted to private housing after 10 years.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Mr Li: Expects the 99-year leasehold Sembawang plot to fetch $280-310 psf ppr
BT : One year on: Many happy returns?
Business Times - 14 Apr 2010
MONEY MATTERS
One year on: Many happy returns?
There's scepticism about the asset market rallies of the past 12 months, with many questioning the sustainability of the rebounds
By LIM SAY BOON
ONE year has passed since the 'final capitulation' on global stock markets in March 2009. Economies are continuing to recover - modestly in the West but decidedly 'V-shaped' in most parts of Asia excluding-Japan. Corporate earnings have also picked up. And funds continue to flee safety for equities, corporate debt, commodities, and properties.
But there remains considerable scepticism about the asset market rallies of the past 12 months, with many continuing to question the sustainability of the rebounds.
It is not difficult to be bearish. The risks we had warned of at the start of the year continue to dog the markets. Concerns over the timing and speed of exit from monetary stimulus remain the biggest underlying drag on asset markets. And this is a global concern, evident everywhere from the US to India to China. But there are other issues.
The sovereign debt stress that we warned of at the start of the year surfaced as a major issue over the course of the quarter, with refinancing of Greece's sovereign debt (and the risk of default) in focus over the past three months. Although sovereign debt default was always unlikely - and now most unlikely given EU and IMF safety nets - fears revolving around the sovereign debt rating and credit default swap spreads of Portugal, Italy, Ireland, Greece and Spain (so-called PIIGS) could resurface again through the course of the year. More broadly, markets are likely to remain concerned about the fiscal deficits in other parts of the world, including the UK and the US.
In the United States, it is, again, not difficult to construct a bearish argument on the economic front - government fiscal stimulus and the inventory impact are likely to weaken in 2H10. Meanwhile, there is understandable scepticism of the ability of private sector consumption and capital expenditure to take up the slack in driving growth.
But it is said often that bull markets are born in despair and bear markets are born in euphoria. In that regard, there is some almost perverse comfort in the fact that the economic cycle in the G-7 is hardly robust. Certainly, they are still a long way from peaking - a long way from the commencement of interest rate hiking cycles.
There is a high probability of another positive year for US equities. Yes, it is true the greatest returns after a bear market are registered in the first year of the recovery. We are just past that first anniversary of the rebound. And typically, returns ease in the second year. But out of 11 recession-linked bear markets recorded in the US since the Great Depression, the cyclical rebounds in only two instances were restricted to the first year. Historically, this represents 82 per cent probability of further gains in the second year of the rebound. So it would be a relatively rare event for the US market not to have another positive close this year. It has to be noted though that returns this past year have been outstanding in historical terms. The S&P500 recorded its largest gains, since the Great Depression, in the 12 months from its cyclical trough in March last year. And given the size of the gains over the past 12 months, investors should lower their returns expectations over the next 12 months.
But ultra-low interest rates continue to drive assets away from 'safety'. Near-term, risk appetites remain buoyant. Asset markets have been resilient in the face of considerable negative newsflow surrounding the Euro area sovereign debt in 1Q10.
Assets continued to leave US money market funds. Indeed, ultra-low interest rates - near zero in many parts of the world - continue to be a major driver of funds into risky assets. The assets sitting in US money market funds and bank deposits as a ratio of the S&P500 market capitalisation is still quite some way from normalising to the levels before the collapse of Lehman Brothers. Meanwhile, the net inflows into US mutual funds are still some way from the previous cyclical peak which coincided with a termination of the rally in 2007.
For government bonds, there is a risk of aversion as yields recover from cyclical lows. Government bond yields appear well past their cyclical lows all around the world. The feared revisit of those lows on another round of risk aversion at this stage appears unlikely. Policy rates around the world have bottomed and have started to move up in Asia ex-Japan and in some developed economies such as Australia and Norway. The risk is now for yields to move even higher in coming months.
While we are overweight equities on a three-month view, we recognise this will be a volatile ride. Equities volatility appears underpriced at the moment. Over the coming months, we expect volatility to remain muted and this is bullish for stocks. But the risk is complacency. Investors should not be dogmatic in this environment - they would want to be nimble and be prepared to reposition when the mood changes. But for now, the upside momentum in equities appears to remain intact.
In commodities, the resumption of the US dollar weakness and stronger end-demand should nudge prices higher. Over the past quarter, the broad commodities complex generally traded sideways and more recently, lagged gains in equities. The strength of the US dollar was likely to have been a constraint on prices. A weaker US dollar from 2Q10 onwards is likely to see a narrowing of the recent divergence between commodities and equities - in favour of commodities. Stronger demand in Asia will also support prices.
Investors with greater appetite for risk could consider hedge funds. Broad market gains over the next 12 months are almost certain to be much lower than those registered over the past year. Riding the 'beta' wave is almost certain to be less rewarding. While the broad hedge fund space generally tracks equities - with a 0.98 correlation between the HFRX Global Hedge Fund Index and the MSCI World Index since 2003 (and 0.93 over the past six months) - there are specific strategies which could offer 'alpha' over the course of the coming year particularly if equities volatility rises significantly. But it has to be clearly said that there are huge sector differences within the hedge fund industry, in terms of strategies/styles, management skills, and risk management systems. With the greatest gains already pocketed, stock picking is going to be more important in generating returns over the next 12 months of the equities rebound. Indeed, long-short strategies, effectively executed, could generate better returns than simply riding market 'beta'. Similarly, given the dramatic tightening of credit spreads over the past year, the higher risk profile investor may want to look to hedge funds with expertise in distressed corporate debt and event-driven credit strategies. Again, it has to be stressed that these are higher risk investments than plain vanilla equities or corporate bonds. And that much depends on the skills and risk management systems of the individual fund managers.
The writer is chief investment strategist for Standard Chartered Bank, Group Wealth Management & Private Banking
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
MONEY MATTERS
One year on: Many happy returns?
There's scepticism about the asset market rallies of the past 12 months, with many questioning the sustainability of the rebounds
By LIM SAY BOON
ONE year has passed since the 'final capitulation' on global stock markets in March 2009. Economies are continuing to recover - modestly in the West but decidedly 'V-shaped' in most parts of Asia excluding-Japan. Corporate earnings have also picked up. And funds continue to flee safety for equities, corporate debt, commodities, and properties.
But there remains considerable scepticism about the asset market rallies of the past 12 months, with many continuing to question the sustainability of the rebounds.
It is not difficult to be bearish. The risks we had warned of at the start of the year continue to dog the markets. Concerns over the timing and speed of exit from monetary stimulus remain the biggest underlying drag on asset markets. And this is a global concern, evident everywhere from the US to India to China. But there are other issues.
The sovereign debt stress that we warned of at the start of the year surfaced as a major issue over the course of the quarter, with refinancing of Greece's sovereign debt (and the risk of default) in focus over the past three months. Although sovereign debt default was always unlikely - and now most unlikely given EU and IMF safety nets - fears revolving around the sovereign debt rating and credit default swap spreads of Portugal, Italy, Ireland, Greece and Spain (so-called PIIGS) could resurface again through the course of the year. More broadly, markets are likely to remain concerned about the fiscal deficits in other parts of the world, including the UK and the US.
In the United States, it is, again, not difficult to construct a bearish argument on the economic front - government fiscal stimulus and the inventory impact are likely to weaken in 2H10. Meanwhile, there is understandable scepticism of the ability of private sector consumption and capital expenditure to take up the slack in driving growth.
But it is said often that bull markets are born in despair and bear markets are born in euphoria. In that regard, there is some almost perverse comfort in the fact that the economic cycle in the G-7 is hardly robust. Certainly, they are still a long way from peaking - a long way from the commencement of interest rate hiking cycles.
There is a high probability of another positive year for US equities. Yes, it is true the greatest returns after a bear market are registered in the first year of the recovery. We are just past that first anniversary of the rebound. And typically, returns ease in the second year. But out of 11 recession-linked bear markets recorded in the US since the Great Depression, the cyclical rebounds in only two instances were restricted to the first year. Historically, this represents 82 per cent probability of further gains in the second year of the rebound. So it would be a relatively rare event for the US market not to have another positive close this year. It has to be noted though that returns this past year have been outstanding in historical terms. The S&P500 recorded its largest gains, since the Great Depression, in the 12 months from its cyclical trough in March last year. And given the size of the gains over the past 12 months, investors should lower their returns expectations over the next 12 months.
But ultra-low interest rates continue to drive assets away from 'safety'. Near-term, risk appetites remain buoyant. Asset markets have been resilient in the face of considerable negative newsflow surrounding the Euro area sovereign debt in 1Q10.
Assets continued to leave US money market funds. Indeed, ultra-low interest rates - near zero in many parts of the world - continue to be a major driver of funds into risky assets. The assets sitting in US money market funds and bank deposits as a ratio of the S&P500 market capitalisation is still quite some way from normalising to the levels before the collapse of Lehman Brothers. Meanwhile, the net inflows into US mutual funds are still some way from the previous cyclical peak which coincided with a termination of the rally in 2007.
For government bonds, there is a risk of aversion as yields recover from cyclical lows. Government bond yields appear well past their cyclical lows all around the world. The feared revisit of those lows on another round of risk aversion at this stage appears unlikely. Policy rates around the world have bottomed and have started to move up in Asia ex-Japan and in some developed economies such as Australia and Norway. The risk is now for yields to move even higher in coming months.
While we are overweight equities on a three-month view, we recognise this will be a volatile ride. Equities volatility appears underpriced at the moment. Over the coming months, we expect volatility to remain muted and this is bullish for stocks. But the risk is complacency. Investors should not be dogmatic in this environment - they would want to be nimble and be prepared to reposition when the mood changes. But for now, the upside momentum in equities appears to remain intact.
In commodities, the resumption of the US dollar weakness and stronger end-demand should nudge prices higher. Over the past quarter, the broad commodities complex generally traded sideways and more recently, lagged gains in equities. The strength of the US dollar was likely to have been a constraint on prices. A weaker US dollar from 2Q10 onwards is likely to see a narrowing of the recent divergence between commodities and equities - in favour of commodities. Stronger demand in Asia will also support prices.
Investors with greater appetite for risk could consider hedge funds. Broad market gains over the next 12 months are almost certain to be much lower than those registered over the past year. Riding the 'beta' wave is almost certain to be less rewarding. While the broad hedge fund space generally tracks equities - with a 0.98 correlation between the HFRX Global Hedge Fund Index and the MSCI World Index since 2003 (and 0.93 over the past six months) - there are specific strategies which could offer 'alpha' over the course of the coming year particularly if equities volatility rises significantly. But it has to be clearly said that there are huge sector differences within the hedge fund industry, in terms of strategies/styles, management skills, and risk management systems. With the greatest gains already pocketed, stock picking is going to be more important in generating returns over the next 12 months of the equities rebound. Indeed, long-short strategies, effectively executed, could generate better returns than simply riding market 'beta'. Similarly, given the dramatic tightening of credit spreads over the past year, the higher risk profile investor may want to look to hedge funds with expertise in distressed corporate debt and event-driven credit strategies. Again, it has to be stressed that these are higher risk investments than plain vanilla equities or corporate bonds. And that much depends on the skills and risk management systems of the individual fund managers.
The writer is chief investment strategist for Standard Chartered Bank, Group Wealth Management & Private Banking
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
ST : Developers snapping up own units
Apr 13, 2010
Developers snapping up own units
At least four have sold units in their projects to kin or 'interested parties'
By Esther Teo
THE sizzling property market is prompting even the developers themselves to snap up units in their new projects, especially high-end properties.
Singapore Exchange filings show that at least four listed developers have sold units in their residential developments to relatives or 'interested parties'.
An interested party can be a director, a chief executive, a controlling shareholder or one of their associates.
Madam Cecilia Kok, wife of City Developments (CDL) executive chairman Kwek Leng Beng, has bought a third-floor unit in the 228-unit Residences at W Singapore Sentosa Cove for $4.6 million after a 22 per cent discount.
At the time the option to purchase was granted, members of the public were being offered a 20 per cent discount.
An additional 2 per cent discount was offered to the company's directors, including their spouses and children, under its preferential discount scheme for buying units in its developments, said CDL in its statutory filing.
The chairman and chief executive of Ho Bee Investment, Mr Chua Thian Poh, and his wife, Madam Ng Noi Hinoy, have both bought units in the 151-unit condo Seascape at Sentosa Cove. A 2,863 sq ft unit cost $7.6 million while one of 2,164 sq ft went for $5.6 million.
The couple received an additional 2 per cent discount over the price offered to the public.
Nine units at The Laurels - an upmarket 229-unit project in Cairnhill Road - have been bought by interested parties of its developer Sing Holdings, at a 3 per cent discount.
The buyers included chief executive Lee Sze Hao and his wife, Madam Susan Soh, and controlling shareholders Lee Sze Siong and Lee Yit, both siblings of Mr Lee.
Sale prices ranged from $1.4 million to $4.9 million.
Four similar sales have been recorded at GuocoLand's Goodwood Residence in Bukit Timah Road.
Malaysian tycoon Quek Leng Chan, a director of the company, picked up the biggest unit in the 12-storey project - a penthouse - for $18.8 million.
Brother Leng Hai bought another penthouse for just over $13.8 million while sister Guat Kim secured an apartment on the eighth floor for $6.03 million. Another sister, Lay Lian, bought a ninth-storey unit for $7.46 million.
No discounts were given, according to statutory filings by GuocoLand.
Chesterton Suntec International's research and consultancy director, Mr Colin Tan, said purchases by interested parties can be a marketing strategy to kickstart sales when a development is launched.
'But if it's a good unit in a good development location, then it also makes for a good investment that usually pays off for family members who have first pickings,' he said.
Mr David Gerald, president of the Securities Investors Association of Singapore, said statutory filings allowed developers to be transparent and above board in their dealings.
'Stakeholders need to be informed that this is a fair transaction...since too many of these sales at too steep a discount might affect the bottom line of the firm,' he said.
Sales to interested parties must be approved by a firm's audit committee and be considered fair and reasonable and not prejudicial to the interests of the company or minority shareholders.
esthert@sph.com.sg
Developers snapping up own units
At least four have sold units in their projects to kin or 'interested parties'
By Esther Teo
THE sizzling property market is prompting even the developers themselves to snap up units in their new projects, especially high-end properties.
Singapore Exchange filings show that at least four listed developers have sold units in their residential developments to relatives or 'interested parties'.
An interested party can be a director, a chief executive, a controlling shareholder or one of their associates.
Madam Cecilia Kok, wife of City Developments (CDL) executive chairman Kwek Leng Beng, has bought a third-floor unit in the 228-unit Residences at W Singapore Sentosa Cove for $4.6 million after a 22 per cent discount.
At the time the option to purchase was granted, members of the public were being offered a 20 per cent discount.
An additional 2 per cent discount was offered to the company's directors, including their spouses and children, under its preferential discount scheme for buying units in its developments, said CDL in its statutory filing.
The chairman and chief executive of Ho Bee Investment, Mr Chua Thian Poh, and his wife, Madam Ng Noi Hinoy, have both bought units in the 151-unit condo Seascape at Sentosa Cove. A 2,863 sq ft unit cost $7.6 million while one of 2,164 sq ft went for $5.6 million.
The couple received an additional 2 per cent discount over the price offered to the public.
Nine units at The Laurels - an upmarket 229-unit project in Cairnhill Road - have been bought by interested parties of its developer Sing Holdings, at a 3 per cent discount.
The buyers included chief executive Lee Sze Hao and his wife, Madam Susan Soh, and controlling shareholders Lee Sze Siong and Lee Yit, both siblings of Mr Lee.
Sale prices ranged from $1.4 million to $4.9 million.
Four similar sales have been recorded at GuocoLand's Goodwood Residence in Bukit Timah Road.
Malaysian tycoon Quek Leng Chan, a director of the company, picked up the biggest unit in the 12-storey project - a penthouse - for $18.8 million.
Brother Leng Hai bought another penthouse for just over $13.8 million while sister Guat Kim secured an apartment on the eighth floor for $6.03 million. Another sister, Lay Lian, bought a ninth-storey unit for $7.46 million.
No discounts were given, according to statutory filings by GuocoLand.
Chesterton Suntec International's research and consultancy director, Mr Colin Tan, said purchases by interested parties can be a marketing strategy to kickstart sales when a development is launched.
'But if it's a good unit in a good development location, then it also makes for a good investment that usually pays off for family members who have first pickings,' he said.
Mr David Gerald, president of the Securities Investors Association of Singapore, said statutory filings allowed developers to be transparent and above board in their dealings.
'Stakeholders need to be informed that this is a fair transaction...since too many of these sales at too steep a discount might affect the bottom line of the firm,' he said.
Sales to interested parties must be approved by a firm's audit committee and be considered fair and reasonable and not prejudicial to the interests of the company or minority shareholders.
esthert@sph.com.sg
ST Forum : Allay uncertainty over HDB leasehold
Apr 13, 2010
Allay uncertainty over HDB leasehold
BUYERS are chasing Housing Board resale prices relentlessly as if they are freehold properties.
For instance, five-room flats in Marine Parade, with less than 65 years of lease left, are changing hands at $700,000 each or more.
If these prices are averaged out over 99 years to compare with new apartments with 99-year leases, it would put the valuation of such units at more than $1 million.
Is the price reasonable?
It would be fairer if the Government spells out the policy on the expiry of HDB leaseholds, so that buyers will have a clearer idea of what they are buying into.
Wong Pang Yee
Allay uncertainty over HDB leasehold
BUYERS are chasing Housing Board resale prices relentlessly as if they are freehold properties.
For instance, five-room flats in Marine Parade, with less than 65 years of lease left, are changing hands at $700,000 each or more.
If these prices are averaged out over 99 years to compare with new apartments with 99-year leases, it would put the valuation of such units at more than $1 million.
Is the price reasonable?
It would be fairer if the Government spells out the policy on the expiry of HDB leaseholds, so that buyers will have a clearer idea of what they are buying into.
Wong Pang Yee
BT : Stalwart of real estate walks path with purpose
Business Times - 13 Apr 2010
Stalwart of real estate walks path with purpose
Edmund Tie tells how he built his business and saw Singapore evolve
By KALPANA RASHIWALA
ABOUT 40 years ago, when Edmund Tie was just starting out in his property consultancy career as an apprentice, one of his daily morning duties was to walk around the 'dungeons' or underground vault of the old Chartered Bank Chambers building at Battery Road.
'There was a double wall surrounding the vault and I was given that special privilege to look at the cracks, and check whether there was water seepage,' he recalls.
Mr Tie was then an apprentice at Wicks & Partners, one of a handful of chartered surveying firms in Singapore and which was at the time appointed property manager for Chartered Bank.
Today, as executive chairman of DTZ Debenham Tie Leung (SEA), the 62-year-old is well placed to describe how the property consultancy business in Singapore has evolved over the past four decades.
Back then, the business was serviced by a handful of established local auction firms and a few small chartered surveying firms affiliated to the Royal Institute of Chartered Surveyors in London.
Today, the business of property consulting covers a gamut of advisory services from marketing to property and facilities management, asset management and even financial real estate advisory services. The operations of property consulting groups span the globe to service their clients.
'The property consultancy business has to respond to clients becoming more sophisticated and demanding as the economy matures and grows into a regional financial centre.'
A major challenge facing the real estate profession today is how to nurture a dedicated pool of talented professionals who are prepared to look beyond immediate financial rewards by rolling up their sleeves and acquiring practical in-depth experience, says Mr Tie. 'That is something you cannot buy, something you develop and accumulate over the years.'
Mr Tie cites his own experience.
After he completed his GCE A Level studies at St Joseph's Institution here in 1965, he enrolled for a diploma course in architecture at Singapore Polytechnic. After a two-year stint, he decided to switch to the four-year part-time Diploma Course in Valuation Surveying. When he enrolled for this course in 1968, there were 40 students in the class. Only four made it to the final year and graduated in 1972.
'I apprenticed at Wicks & Partners from 9am to 5pm each day and then took classes at the Poly from 6pm to 10pm.'
After graduation, Mr Tie continued to work at Wicks & Partners for a year before joining DBS Bank as a property valuer. A year later, he left to join Sime Darby as property executive and subsequently projects manager. There, while negotiating the lease terms for Sime Darby's new headquarters at the old Sin Chew Jit Poh Building at Keppel Road, he met a senior partner of Jones Lang Wootton (JLW) who was marketing the building. Six months later, Mr Tie received an invitation to join JLW. 'I agreed to start with them on July 1, 1976. The rest is history.'
Milestones
Mr Tie started as a senior executive and was posted to Jakarta for half a year to undertake a major market research and feasibility study for the first mixed-use project at the time, Ratu Plaza in Senayan. 'When I came back, within six months, I was promoted to be the first local associate director at JLW in Singapore.'
In 1986, he became the first Asian to head JLW's Singapore office as managing director. In 1989, he was appointed regional director at JLW Asia Pacific Division.
In November 1994, after nine years as managing director, he made a shocking exit from JLW to forge his own destiny. Many of the other Singaporean directors followed suit and together they set up Edmund Tie and Company in May 1995 in a loose strategic alliance with CY Leung in North Asia, DTZ Debenham Thorpe in UK and CB Commercial in the US.
In January 2000, the alliance was formalised with CY Leung in North Asia and DTZ Holdings in London to form DTZ Debenham Tie Leung, with the Singapore-based entity having territorial control of South-east Asia.
As part of that process, DTZ Holdings International acquired a 5 per cent stake in the South-east Asia outfit and a 20 per cent stake in CY Leung & Co. In November 2005, as part of longer-range plans and to spearhead further regional expansion, DTZ bought a further 46 per cent interest in the South-east Asia company, taking its interest to a majority 51 per cent stake.
'More significantly is the further initiative for the globalisation of our South-east Asian operations. This is subject to successful negotiations with DTZ International for the ongoing divestment of our shares in the medium term to support strategic longer term business growth and succession plans for the region,' says Mr Tie.
Already, DTZ Debenham Tie Leung SEA has operations in Singapore, Kuala Lumpur, Bangkok and Jakarta with a total full-time staff strength of nearly 500. In May, it will open an office in Ho Chi Minh City.
Mr Tie lists the firm as his biggest professional achievement - building up a property consultancy from scratch with his fellow directors and then taking it to a global platform through the merger with CY Leung and DTZ Holdings International to compete with the other international property consultancies.
On a personal front, what has given him great satisfaction is the realisation of a long-term dream, finally completing the construction of his dream home, a Good Class Bungalow in the Holland Road area. He moved into it about five months ago.
'I had the satisfaction of conceptualising the architectural design brief, interiors, etc and personally selecting the overall finishes, fittings and furnishings down to every tile and fabric. It was a labour of love and is hence named 'Te Koha Aroha' ,which in New Zealand Maori translates to (my) 'Gift of Love' to the family.'
He lives in the house with his 91-year old mother; his two sisters - who live in New Zealand and Canada - and their families also drop in from time to time.
He also lets on that he owns a home in the eastern suburbs of St Heliers in Auckland, New Zealand, perched on a 20-metre clifftop site with stunning 180-degree waterfront views of Auckland Harbour and Rangitoto Island.
'With much regret I am considering disposing of this property, which I have owned for about a decade, by international tender being handled by Bayleys in the light of my mother's reduced capacity to go on long-haul flights to visit.' The two-level property has a land area of about 9,500 sq ft and comprises four bedrooms and three bathrooms.
'My love for residential (property market) was acquired as a result of my architectural studies stint. That's how I developed my expertise on planning, design and layout issues as well as acquired a flair for interior design and finishes.'
Witnessing history
This streak has given Mr Tie an advantage over the competition in clinching residential project marketing, leasing or management jobs. His other forte is the office leasing market. 'Over a span of about 20 years, from 1976 to 1995, I was involved in leasing about 80-90 per cent of the office buildings in the CBD.'
His office on the 35th floor of Shaw Towers at Beach Road affords a panoramic view of the CBD skyline. Mr Tie points out where the former Chartered Bank Chambers used to be located at Battery Road, where he used to work at Wicks & Partners. 'From the fourth floor of Chartered Bank Chambers, I witnessed the burning and later demolition of the Robinsons department store at Raffles Place in 1972.'
'Robinsons was where OUB Centre now stands,' he says as he points to the location on an oil painting at his office depicting the Singapore River/Boat Quay area. The painting is one he did 45 years ago, during his break after the GCE A Level exams in 1965.
When OCBC Centre was built in 1976, it was the first modern high-rise sky scraper in the CBD at 52 storeys. Mr Tie, at JLW, was actively involved with leasing the building.
'We succeeded in filling it up after we brought in the first bank, Deustche Bank, followed by Banco do Brasil.' OCBC Centre was soon home to many foreign banks and MNCs entering Singapore at the time. 'We were leasing the building at gross monthly rents of $1.80 to $2.40 per square foot a month,' Mr Tie recalls.
Singapore's political stability, efficient infrastructure (including the MRT system) and sustainable economic growth are the three most important factors that have laid the foundation for Singapore's property market, Mr Tie says.
What were the major 'strokes of the pen' that have shaped the island's real estate market in the past 45 years?
'First, Singapore's long-range plans for urban renewal. Second, the en bloc sales initiative which has fast-tracked the redevelopment of older residential properties and enabled the extraction of enhanced asset values. Third, the introduction of integrated resorts incorporating previously forbidden casino gaming facilities.'
One of his biggest concerns about the Singapore property market is how to optimise scarce land resources to achieve a balance amongst many essential competing uses.
'The intensity of growing competition for Singapore's limited land in the longer term may result in price escalation which may make real estate values no longer attractive/feasible for buyers/investors and undermine Singapore's competitiveness as a global business and financial hub,' he says.
Mr Tie is a passionate fund raiser as vice-chairman of Community Chest. He counts collecting art and attending musicals and theatre as his hobbies.
Five years ago, he underwent major surgery. 'The experience has reinforced and strengthened my Christian faith with the realisation that life is short, and to be grateful for the blessings and joys of each passing day, despite the trials and tribulations of life.'
Ask him if he would have done anything differently in his career given another chance, and he replies: 'Not really, I think it's all fate, it's left to Providence. I think one's life is cast in stone by Him,' he says, looking up.
What is the role of a human being then? 'I philosophically believe that God has a role for each individual to play in life, whoever you are. And even with the ups and downs when you are confronted with problems and issues, I believe that there is a purpose in that. Sometimes it could be a wake-up call. Sometimes it could be a blessing in disguise. And when you look back, you realise 'Oh, that turned out to be eventually a good thing for me.' '
Mr Tie lists going on occasional overseas holidays and travels with his mother and other family members as his happiest moments.
He ends the interview quoting a scroll which has followed him from his previous home to his new one:
Having a place to go is HOME
Having someone to love is FAMILY
Having both is a BLESSING
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Top of the world: Edmund Tie owns a home in the eastern suburbs of St Heliers in Auckland, New Zealand, perched on a 20-metre clifftop site with stunning 180-degree waterfront views of Auckland Harbour and Rangitoto Island. The two-level property has a land area of about 9,500 sq ft
Stalwart of real estate walks path with purpose
Edmund Tie tells how he built his business and saw Singapore evolve
By KALPANA RASHIWALA
ABOUT 40 years ago, when Edmund Tie was just starting out in his property consultancy career as an apprentice, one of his daily morning duties was to walk around the 'dungeons' or underground vault of the old Chartered Bank Chambers building at Battery Road.
'There was a double wall surrounding the vault and I was given that special privilege to look at the cracks, and check whether there was water seepage,' he recalls.
Mr Tie was then an apprentice at Wicks & Partners, one of a handful of chartered surveying firms in Singapore and which was at the time appointed property manager for Chartered Bank.
Today, as executive chairman of DTZ Debenham Tie Leung (SEA), the 62-year-old is well placed to describe how the property consultancy business in Singapore has evolved over the past four decades.
Back then, the business was serviced by a handful of established local auction firms and a few small chartered surveying firms affiliated to the Royal Institute of Chartered Surveyors in London.
Today, the business of property consulting covers a gamut of advisory services from marketing to property and facilities management, asset management and even financial real estate advisory services. The operations of property consulting groups span the globe to service their clients.
'The property consultancy business has to respond to clients becoming more sophisticated and demanding as the economy matures and grows into a regional financial centre.'
A major challenge facing the real estate profession today is how to nurture a dedicated pool of talented professionals who are prepared to look beyond immediate financial rewards by rolling up their sleeves and acquiring practical in-depth experience, says Mr Tie. 'That is something you cannot buy, something you develop and accumulate over the years.'
Mr Tie cites his own experience.
After he completed his GCE A Level studies at St Joseph's Institution here in 1965, he enrolled for a diploma course in architecture at Singapore Polytechnic. After a two-year stint, he decided to switch to the four-year part-time Diploma Course in Valuation Surveying. When he enrolled for this course in 1968, there were 40 students in the class. Only four made it to the final year and graduated in 1972.
'I apprenticed at Wicks & Partners from 9am to 5pm each day and then took classes at the Poly from 6pm to 10pm.'
After graduation, Mr Tie continued to work at Wicks & Partners for a year before joining DBS Bank as a property valuer. A year later, he left to join Sime Darby as property executive and subsequently projects manager. There, while negotiating the lease terms for Sime Darby's new headquarters at the old Sin Chew Jit Poh Building at Keppel Road, he met a senior partner of Jones Lang Wootton (JLW) who was marketing the building. Six months later, Mr Tie received an invitation to join JLW. 'I agreed to start with them on July 1, 1976. The rest is history.'
Milestones
Mr Tie started as a senior executive and was posted to Jakarta for half a year to undertake a major market research and feasibility study for the first mixed-use project at the time, Ratu Plaza in Senayan. 'When I came back, within six months, I was promoted to be the first local associate director at JLW in Singapore.'
In 1986, he became the first Asian to head JLW's Singapore office as managing director. In 1989, he was appointed regional director at JLW Asia Pacific Division.
In November 1994, after nine years as managing director, he made a shocking exit from JLW to forge his own destiny. Many of the other Singaporean directors followed suit and together they set up Edmund Tie and Company in May 1995 in a loose strategic alliance with CY Leung in North Asia, DTZ Debenham Thorpe in UK and CB Commercial in the US.
In January 2000, the alliance was formalised with CY Leung in North Asia and DTZ Holdings in London to form DTZ Debenham Tie Leung, with the Singapore-based entity having territorial control of South-east Asia.
As part of that process, DTZ Holdings International acquired a 5 per cent stake in the South-east Asia outfit and a 20 per cent stake in CY Leung & Co. In November 2005, as part of longer-range plans and to spearhead further regional expansion, DTZ bought a further 46 per cent interest in the South-east Asia company, taking its interest to a majority 51 per cent stake.
'More significantly is the further initiative for the globalisation of our South-east Asian operations. This is subject to successful negotiations with DTZ International for the ongoing divestment of our shares in the medium term to support strategic longer term business growth and succession plans for the region,' says Mr Tie.
Already, DTZ Debenham Tie Leung SEA has operations in Singapore, Kuala Lumpur, Bangkok and Jakarta with a total full-time staff strength of nearly 500. In May, it will open an office in Ho Chi Minh City.
Mr Tie lists the firm as his biggest professional achievement - building up a property consultancy from scratch with his fellow directors and then taking it to a global platform through the merger with CY Leung and DTZ Holdings International to compete with the other international property consultancies.
On a personal front, what has given him great satisfaction is the realisation of a long-term dream, finally completing the construction of his dream home, a Good Class Bungalow in the Holland Road area. He moved into it about five months ago.
'I had the satisfaction of conceptualising the architectural design brief, interiors, etc and personally selecting the overall finishes, fittings and furnishings down to every tile and fabric. It was a labour of love and is hence named 'Te Koha Aroha' ,which in New Zealand Maori translates to (my) 'Gift of Love' to the family.'
He lives in the house with his 91-year old mother; his two sisters - who live in New Zealand and Canada - and their families also drop in from time to time.
He also lets on that he owns a home in the eastern suburbs of St Heliers in Auckland, New Zealand, perched on a 20-metre clifftop site with stunning 180-degree waterfront views of Auckland Harbour and Rangitoto Island.
'With much regret I am considering disposing of this property, which I have owned for about a decade, by international tender being handled by Bayleys in the light of my mother's reduced capacity to go on long-haul flights to visit.' The two-level property has a land area of about 9,500 sq ft and comprises four bedrooms and three bathrooms.
'My love for residential (property market) was acquired as a result of my architectural studies stint. That's how I developed my expertise on planning, design and layout issues as well as acquired a flair for interior design and finishes.'
Witnessing history
This streak has given Mr Tie an advantage over the competition in clinching residential project marketing, leasing or management jobs. His other forte is the office leasing market. 'Over a span of about 20 years, from 1976 to 1995, I was involved in leasing about 80-90 per cent of the office buildings in the CBD.'
His office on the 35th floor of Shaw Towers at Beach Road affords a panoramic view of the CBD skyline. Mr Tie points out where the former Chartered Bank Chambers used to be located at Battery Road, where he used to work at Wicks & Partners. 'From the fourth floor of Chartered Bank Chambers, I witnessed the burning and later demolition of the Robinsons department store at Raffles Place in 1972.'
'Robinsons was where OUB Centre now stands,' he says as he points to the location on an oil painting at his office depicting the Singapore River/Boat Quay area. The painting is one he did 45 years ago, during his break after the GCE A Level exams in 1965.
When OCBC Centre was built in 1976, it was the first modern high-rise sky scraper in the CBD at 52 storeys. Mr Tie, at JLW, was actively involved with leasing the building.
'We succeeded in filling it up after we brought in the first bank, Deustche Bank, followed by Banco do Brasil.' OCBC Centre was soon home to many foreign banks and MNCs entering Singapore at the time. 'We were leasing the building at gross monthly rents of $1.80 to $2.40 per square foot a month,' Mr Tie recalls.
Singapore's political stability, efficient infrastructure (including the MRT system) and sustainable economic growth are the three most important factors that have laid the foundation for Singapore's property market, Mr Tie says.
What were the major 'strokes of the pen' that have shaped the island's real estate market in the past 45 years?
'First, Singapore's long-range plans for urban renewal. Second, the en bloc sales initiative which has fast-tracked the redevelopment of older residential properties and enabled the extraction of enhanced asset values. Third, the introduction of integrated resorts incorporating previously forbidden casino gaming facilities.'
One of his biggest concerns about the Singapore property market is how to optimise scarce land resources to achieve a balance amongst many essential competing uses.
'The intensity of growing competition for Singapore's limited land in the longer term may result in price escalation which may make real estate values no longer attractive/feasible for buyers/investors and undermine Singapore's competitiveness as a global business and financial hub,' he says.
Mr Tie is a passionate fund raiser as vice-chairman of Community Chest. He counts collecting art and attending musicals and theatre as his hobbies.
Five years ago, he underwent major surgery. 'The experience has reinforced and strengthened my Christian faith with the realisation that life is short, and to be grateful for the blessings and joys of each passing day, despite the trials and tribulations of life.'
Ask him if he would have done anything differently in his career given another chance, and he replies: 'Not really, I think it's all fate, it's left to Providence. I think one's life is cast in stone by Him,' he says, looking up.
What is the role of a human being then? 'I philosophically believe that God has a role for each individual to play in life, whoever you are. And even with the ups and downs when you are confronted with problems and issues, I believe that there is a purpose in that. Sometimes it could be a wake-up call. Sometimes it could be a blessing in disguise. And when you look back, you realise 'Oh, that turned out to be eventually a good thing for me.' '
Mr Tie lists going on occasional overseas holidays and travels with his mother and other family members as his happiest moments.
He ends the interview quoting a scroll which has followed him from his previous home to his new one:
Having a place to go is HOME
Having someone to love is FAMILY
Having both is a BLESSING
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Top of the world: Edmund Tie owns a home in the eastern suburbs of St Heliers in Auckland, New Zealand, perched on a 20-metre clifftop site with stunning 180-degree waterfront views of Auckland Harbour and Rangitoto Island. The two-level property has a land area of about 9,500 sq ft
BT : Bubbles in Asia, but severe crash unlikely: DBS CEO
Business Times - 13 Apr 2010
Bubbles in Asia, but severe crash unlikely: DBS CEO
By CONRAD TAN
(SINGAPORE) Asset bubbles have already formed in Singapore, Hong Kong and mainland China, but any correction in prices should be manageable and won't precipitate a severe crash that derails Asia's economic recovery, DBS Group chief executive Piyush Gupta said yesterday.
'There are asset bubbles in Asia. That's true of Singapore property, of Hong Kong property, of Shanghai property - there's no question,' Mr Gupta said at the annual general meeting of the American Chamber of Commerce in Singapore, where he was the keynote speaker.
'But the nature of the bubble is not very different from previous cyclical bubbles we've seen around Asia. So I think there will be a correction - markets will level off - but I don't think we'll see a crash which brings everything back down on its knees.'
Asian central banks are likely to tighten monetary policy by raising borrowing costs more quickly than expected this year, partly in response to the asset bubbles, he told reporters afterwards.
'Most Asian central banks might be a little bit behind the curve on raising rates, but I think we'll start seeing that pretty quickly. I think you'll see more tightening this year than people expect.'
On average, DBS analysts expect interest rates across most of Asia to rise by 1-1.25 percentage points by the end of this year, he said.
But he stopped short of criticising governments and central banks for not acting sooner to cool the property market in Singapore and elsewhere in Asia.
'In hindsight it's easy to say that we could have done more. Given where the economies are coming from, being prudent about withdrawing monetary easing and stimulus was the right thing, but I think now is when you might want to see a faster pace of tightening.'
Here, analysts are split over whether the Monetary Authority of Singapore (MAS) will shift its neutral stance on the Singapore dollar in its monetary policy statement tomorrow by nudging the currency higher, or keep it unchanged.
But many economists believe that Singapore's economic output surged in the first quarter - by as much as 14 per cent - compared to the same period last year, making it likely that MAS will tighten monetary policy later this year, if not this week, to cool inflationary pressures stemming from the rapid growth.
'Asia, in particular, has rebounded in a convincing manner,' Mr Gupta said, citing anecdotal evidence from DBS's operations across the region.
Credit-card spending is rising for various goods and services, including luxury items - signalling genuine optimism among consumers in Asia, he said. 'This is not about people who've been able to get some money from a government voucher programme and are going out to buy groceries. People have confidence that things are good around here.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Mr Gupta: Rate hikes in Asia will come sooner than expected this year
Bubbles in Asia, but severe crash unlikely: DBS CEO
By CONRAD TAN
(SINGAPORE) Asset bubbles have already formed in Singapore, Hong Kong and mainland China, but any correction in prices should be manageable and won't precipitate a severe crash that derails Asia's economic recovery, DBS Group chief executive Piyush Gupta said yesterday.
'There are asset bubbles in Asia. That's true of Singapore property, of Hong Kong property, of Shanghai property - there's no question,' Mr Gupta said at the annual general meeting of the American Chamber of Commerce in Singapore, where he was the keynote speaker.
'But the nature of the bubble is not very different from previous cyclical bubbles we've seen around Asia. So I think there will be a correction - markets will level off - but I don't think we'll see a crash which brings everything back down on its knees.'
Asian central banks are likely to tighten monetary policy by raising borrowing costs more quickly than expected this year, partly in response to the asset bubbles, he told reporters afterwards.
'Most Asian central banks might be a little bit behind the curve on raising rates, but I think we'll start seeing that pretty quickly. I think you'll see more tightening this year than people expect.'
On average, DBS analysts expect interest rates across most of Asia to rise by 1-1.25 percentage points by the end of this year, he said.
But he stopped short of criticising governments and central banks for not acting sooner to cool the property market in Singapore and elsewhere in Asia.
'In hindsight it's easy to say that we could have done more. Given where the economies are coming from, being prudent about withdrawing monetary easing and stimulus was the right thing, but I think now is when you might want to see a faster pace of tightening.'
Here, analysts are split over whether the Monetary Authority of Singapore (MAS) will shift its neutral stance on the Singapore dollar in its monetary policy statement tomorrow by nudging the currency higher, or keep it unchanged.
But many economists believe that Singapore's economic output surged in the first quarter - by as much as 14 per cent - compared to the same period last year, making it likely that MAS will tighten monetary policy later this year, if not this week, to cool inflationary pressures stemming from the rapid growth.
'Asia, in particular, has rebounded in a convincing manner,' Mr Gupta said, citing anecdotal evidence from DBS's operations across the region.
Credit-card spending is rising for various goods and services, including luxury items - signalling genuine optimism among consumers in Asia, he said. 'This is not about people who've been able to get some money from a government voucher programme and are going out to buy groceries. People have confidence that things are good around here.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Mr Gupta: Rate hikes in Asia will come sooner than expected this year
BT : Tiong Aik, CDL gearing up condo projects for preview
Business Times - 13 Apr 2010
Tiong Aik, CDL gearing up condo projects for preview
They are at River Valley Cl, Chestnut Ave; recent property releases yield mixed response
By KALPANA RASHIWALA
DEVELOPERS are busy readying private residential projects for launch to meet demand from buyers before the onset of competition, including projects on new sites being sold by the government.
Tiong Aik group is expected to preview this week its freehold Starlight Suites at River Valley Close at an average price of about $2,050 per sq ft. Unit sizes range from 560 sq ft for a studio to 3,401 sq ft for a penthouse.
City Developments Ltd (CDL) has also unveiled some details of its upcoming condominium at the corner of Chestnut Avenue and Petir Road, which it will preview by month-end.
The 99-year leasehold project will be named Tree House and is aimed at families. It will have 429 units, none of which will be a one-bedder. There will be two-bedroom apartments to four-bedders and penthouses.
'The development will offer a panoramic view of the nature reserves and have extensive and unique recreational facilities,' a CDL spokeswoman said. She declined to give an indication of pricing.
CDL bought the site for $280 per sq ft per plot ratio. The project's breakeven cost is thought to be in the $600-700 psf range.
Meanwhile, developers continued to post a mixed bag of results for recent property releases.
While projects in mass and mid-segments continue to be sought after, demand is cooler for higher-end developments, particularly if they don't have smallish units.
UOL Group is said to have sold more than 100 units at its Waterbank at Dakota condo at the weekend, taking total sales in the 99-year leasehold project to around 370 units.
Prices are also believed to have crept up slightly - between one and 3 per cent. Prices of typical units range from 'above $1,000 psf to above $1,300 psf'.
UOL is said to have released more than 400 of the 616 units in the project, which fronts Geylang River and is next to Dakota MRT Station, which opens this Saturday. It began selling the project last week.
BT understands the showflat will be closed today and tomorrow in preparation for the project's official launch on Saturday.
The buzz about UOL's project has also benefited the neighbouring Dakota Residences, where another 15 units - four-bedders facing the river - have been sold. The average price is close to $1,050 psf. And the 348-unit condo now has fewer than 40 unsold units. It is being developed by a joint venture between Ho Bee and NTUC Choice Homes.
TID - a tie-up between Hong Leong Group Singapore and Japan's Mitsui Fudosan - last week sold a further seven units of the freehold Nathan Suites.
This means TID has sold 30 of the 52 units released in the 65-unit development, which will rise 24 storeys and is being sold at an average price of about $2,100 psf.
High-net-worth Singaporeans have made up the bulk of buyers, a Hong Leong spokeswoman said.
CDL, the listed property arm of Hong Leong Group, says it marketed The Residences at W Singapore Sentosa Cove in Hong Kong at the weekend.
'The interest level is good and our marketing staff are awaiting telegraphic transfers for some units, while a number of prospective buyers have made arrangements to conduct on-site visits,' CDL's spokeswoman said.
The group, which expects to do roadshows in Shanghai and Jakarta in the next few weeks, declined to provide sales updates in the meantime.
CDL is selling the 99-year leasehold condo at $2,500-$3,000 psf. Sales in Singapore are said to be tepid.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Starlight Suites: Expected to command an average price of about $2,050 per sq ft, units' sizes here range from 560 sq ft for a studio to 3,401 sq ft for a penthouse
Tiong Aik, CDL gearing up condo projects for preview
They are at River Valley Cl, Chestnut Ave; recent property releases yield mixed response
By KALPANA RASHIWALA
DEVELOPERS are busy readying private residential projects for launch to meet demand from buyers before the onset of competition, including projects on new sites being sold by the government.
Tiong Aik group is expected to preview this week its freehold Starlight Suites at River Valley Close at an average price of about $2,050 per sq ft. Unit sizes range from 560 sq ft for a studio to 3,401 sq ft for a penthouse.
City Developments Ltd (CDL) has also unveiled some details of its upcoming condominium at the corner of Chestnut Avenue and Petir Road, which it will preview by month-end.
The 99-year leasehold project will be named Tree House and is aimed at families. It will have 429 units, none of which will be a one-bedder. There will be two-bedroom apartments to four-bedders and penthouses.
'The development will offer a panoramic view of the nature reserves and have extensive and unique recreational facilities,' a CDL spokeswoman said. She declined to give an indication of pricing.
CDL bought the site for $280 per sq ft per plot ratio. The project's breakeven cost is thought to be in the $600-700 psf range.
Meanwhile, developers continued to post a mixed bag of results for recent property releases.
While projects in mass and mid-segments continue to be sought after, demand is cooler for higher-end developments, particularly if they don't have smallish units.
UOL Group is said to have sold more than 100 units at its Waterbank at Dakota condo at the weekend, taking total sales in the 99-year leasehold project to around 370 units.
Prices are also believed to have crept up slightly - between one and 3 per cent. Prices of typical units range from 'above $1,000 psf to above $1,300 psf'.
UOL is said to have released more than 400 of the 616 units in the project, which fronts Geylang River and is next to Dakota MRT Station, which opens this Saturday. It began selling the project last week.
BT understands the showflat will be closed today and tomorrow in preparation for the project's official launch on Saturday.
The buzz about UOL's project has also benefited the neighbouring Dakota Residences, where another 15 units - four-bedders facing the river - have been sold. The average price is close to $1,050 psf. And the 348-unit condo now has fewer than 40 unsold units. It is being developed by a joint venture between Ho Bee and NTUC Choice Homes.
TID - a tie-up between Hong Leong Group Singapore and Japan's Mitsui Fudosan - last week sold a further seven units of the freehold Nathan Suites.
This means TID has sold 30 of the 52 units released in the 65-unit development, which will rise 24 storeys and is being sold at an average price of about $2,100 psf.
High-net-worth Singaporeans have made up the bulk of buyers, a Hong Leong spokeswoman said.
CDL, the listed property arm of Hong Leong Group, says it marketed The Residences at W Singapore Sentosa Cove in Hong Kong at the weekend.
'The interest level is good and our marketing staff are awaiting telegraphic transfers for some units, while a number of prospective buyers have made arrangements to conduct on-site visits,' CDL's spokeswoman said.
The group, which expects to do roadshows in Shanghai and Jakarta in the next few weeks, declined to provide sales updates in the meantime.
CDL is selling the 99-year leasehold condo at $2,500-$3,000 psf. Sales in Singapore are said to be tepid.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Starlight Suites: Expected to command an average price of about $2,050 per sq ft, units' sizes here range from 560 sq ft for a studio to 3,401 sq ft for a penthouse
BT : Govt launched 8 sites for about 3,340 units in Q1
Business Times - 12 Apr 2010
Govt launched 8 sites for about 3,340 units in Q1
Move comes amid developers' clamour to replenish their shrinking landbanks
By UMA SHANKARI
(SINGAPORE) The government launched eight residential sites - which can yield an estimated 3,340 private and executive condominium homes - in Q1 2010, as developers clamoured for plots to replenish shrinking landbanks and buyers continued to snap up new homes.
Five of the sites - on which some 2,175 housing units can be built - have been sold to date. The tenders for the remaining three sites will close in the next few weeks.
In contrast, no sites were launched or sold by the state in Q1 2009 amid a depressed property market.
'The government is responding to developers, who are short of land, as well as consumers, because of how the market has been behaving,' said Knight Frank chairman Tan Tiong Cheng.
Most of the sites launched for sale by tender in Q1 2010 are for mass market homes, as 'mass market projects that have been launched have been very successful', he added.
The government pushed out new supply as demand for new homes continued unabated. Analysts estimate that 3,600-4,000 homes were sold in the first three months of this year - more than double the 1,860 units sold in Q4 2009.
The launch and sale momentum is expected to continue into Q2. Property firm CB Richard Ellis expects developers to sell around 3,000 new homes this quarter and said that the government land sales programme will be a 'viable source' for developers to replenish their stocks.
Analysts welcome the fact that the spotlight has turned to landbanking and launches instead of policy tightening talk.
Adrian Chua of DBS Vickers said that last week's triggering of two sites on the government's reserve list - a 1.9 ha white site in Jurong Lake District and a 3.02 ha residential site at Hougang Avenue 2 - shows that appetite for land remains strong and developers are taking the initiative.
Six tenders for private residential and executive condominium sites put up for sale by the government - including three for sites that were launched in Q1 2010 - are expected to close in April and May.
'The strong sale calendar is expected to be positive for developers looking for landbanks, particularly those that are active in the mass-market segment,' said Mr Chua.
With significant supply in the pipeline, private home prices are expected to rise at a gradual pace, held in check by the government measures and financial prudence on the part of buyers, analysts reckon.
The market appears to be stabilising, according to Foo Sze Ming of OCBC Investment Research. The Urban Redevelopment Authority's official price index for private homes showed prices rose 5.1 per cent in Q1 2010 - slower than the 7.4 per cent clip in Q4 2009 and 15.8 per cent rate in Q3 2009.
In the HDB resale market, prices gained 2.7 per cent quarter-on-quarter in Q1 2010 - a slower rate of increase in comparison to 3.9 per cent in Q4 2009 and 3.6 per cent in Q3.
'Recent government measures were aimed at achieving stability in the property market, and with the latest data showing signs of stabilisation, this could ease concerns of further government intervention in the property market and drive the re-rating of Singapore property developers,' Mr Foo said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Govt launched 8 sites for about 3,340 units in Q1
Move comes amid developers' clamour to replenish their shrinking landbanks
By UMA SHANKARI
(SINGAPORE) The government launched eight residential sites - which can yield an estimated 3,340 private and executive condominium homes - in Q1 2010, as developers clamoured for plots to replenish shrinking landbanks and buyers continued to snap up new homes.
Five of the sites - on which some 2,175 housing units can be built - have been sold to date. The tenders for the remaining three sites will close in the next few weeks.
In contrast, no sites were launched or sold by the state in Q1 2009 amid a depressed property market.
'The government is responding to developers, who are short of land, as well as consumers, because of how the market has been behaving,' said Knight Frank chairman Tan Tiong Cheng.
Most of the sites launched for sale by tender in Q1 2010 are for mass market homes, as 'mass market projects that have been launched have been very successful', he added.
The government pushed out new supply as demand for new homes continued unabated. Analysts estimate that 3,600-4,000 homes were sold in the first three months of this year - more than double the 1,860 units sold in Q4 2009.
The launch and sale momentum is expected to continue into Q2. Property firm CB Richard Ellis expects developers to sell around 3,000 new homes this quarter and said that the government land sales programme will be a 'viable source' for developers to replenish their stocks.
Analysts welcome the fact that the spotlight has turned to landbanking and launches instead of policy tightening talk.
Adrian Chua of DBS Vickers said that last week's triggering of two sites on the government's reserve list - a 1.9 ha white site in Jurong Lake District and a 3.02 ha residential site at Hougang Avenue 2 - shows that appetite for land remains strong and developers are taking the initiative.
Six tenders for private residential and executive condominium sites put up for sale by the government - including three for sites that were launched in Q1 2010 - are expected to close in April and May.
'The strong sale calendar is expected to be positive for developers looking for landbanks, particularly those that are active in the mass-market segment,' said Mr Chua.
With significant supply in the pipeline, private home prices are expected to rise at a gradual pace, held in check by the government measures and financial prudence on the part of buyers, analysts reckon.
The market appears to be stabilising, according to Foo Sze Ming of OCBC Investment Research. The Urban Redevelopment Authority's official price index for private homes showed prices rose 5.1 per cent in Q1 2010 - slower than the 7.4 per cent clip in Q4 2009 and 15.8 per cent rate in Q3 2009.
In the HDB resale market, prices gained 2.7 per cent quarter-on-quarter in Q1 2010 - a slower rate of increase in comparison to 3.9 per cent in Q4 2009 and 3.6 per cent in Q3.
'Recent government measures were aimed at achieving stability in the property market, and with the latest data showing signs of stabilisation, this could ease concerns of further government intervention in the property market and drive the re-rating of Singapore property developers,' Mr Foo said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Diamond Tower in Balestier sold in collective sale
Business Times - 12 Apr 2010
Diamond Tower in Balestier sold in collective sale
By KALPANA RASHIWALA
(SINGAPORE) EL Development has inked a deal to buy the freehold Diamond Tower at Jalan Rajah in the Balestier area for $49.6 million through a collective sale.
The price works out to a unit land price of about $652 per square foot of potential gross floor area inclusive of an estimated $300,000 development charge payable to the state.
Diamond Tower has a land area of about 27,323 sq ft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area).
'We intend to build an 18-20 storey apartment block with about 100 units, mostly one and two bedroom units but we'll also have some three bedders,' EL Development managing director Lim Yew Soon said when contacted by BT.
The breakeven cost for a new apartment development based on today's construction costs works out to about $1,200 psf.
BT understands that EL Development may enter into a partnership with another party, said to be construction group Teambuild, for the site's acquisition.
Diamond Tower's collective sale was marketed by Urban Front Real Estate. It was offered through a tender exercise which closed last month without a deal being sealed.
'We submitted our offer after that and are buying under a private treaty deal,' Mr Lim said.
The proposed collective sale of Diamond Tower will be subject to approval from Strata Titles Board as its owners have not unanimously consented to the sale.
Developers have been hungry for land, following strong home sales over the past year.
Property consultants say that while the bigger developers with deep pockets are focusing on the Government Land Sales Programme to replenish their landbank, smaller and mid-sized players on smaller budgets are aggressively looking for land through private sources.
'They are interested in smaller collective sale sites as well as redevelopment plots comprising a few landed homes. There are also investors/developers who may have bought land in the past and who are willing to divest now,' says DTZ senior director, investment sales, Shaun Poh.
EL Development's Mr Lim acknowledges that developers like him are 'not that choosy location wise' these days and that a more important criterion is to find sites with pricing that is 'more acceptable'.
'Districts like 9, 10, 11 and 15 are very popular but sites in these areas command very high price premiums; so we'll consider even other districts.
'For us, the site should be at least 20,000 sq ft and it should also be a regular shaped plot of land so we can build a project with a decent-sized swimming pool,' he said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
The plan: EL Development, which bought the freehold property for $49.6 million, plans to build an 18-20 storey apartment block with about 100 units
Diamond Tower in Balestier sold in collective sale
By KALPANA RASHIWALA
(SINGAPORE) EL Development has inked a deal to buy the freehold Diamond Tower at Jalan Rajah in the Balestier area for $49.6 million through a collective sale.
The price works out to a unit land price of about $652 per square foot of potential gross floor area inclusive of an estimated $300,000 development charge payable to the state.
Diamond Tower has a land area of about 27,323 sq ft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area).
'We intend to build an 18-20 storey apartment block with about 100 units, mostly one and two bedroom units but we'll also have some three bedders,' EL Development managing director Lim Yew Soon said when contacted by BT.
The breakeven cost for a new apartment development based on today's construction costs works out to about $1,200 psf.
BT understands that EL Development may enter into a partnership with another party, said to be construction group Teambuild, for the site's acquisition.
Diamond Tower's collective sale was marketed by Urban Front Real Estate. It was offered through a tender exercise which closed last month without a deal being sealed.
'We submitted our offer after that and are buying under a private treaty deal,' Mr Lim said.
The proposed collective sale of Diamond Tower will be subject to approval from Strata Titles Board as its owners have not unanimously consented to the sale.
Developers have been hungry for land, following strong home sales over the past year.
Property consultants say that while the bigger developers with deep pockets are focusing on the Government Land Sales Programme to replenish their landbank, smaller and mid-sized players on smaller budgets are aggressively looking for land through private sources.
'They are interested in smaller collective sale sites as well as redevelopment plots comprising a few landed homes. There are also investors/developers who may have bought land in the past and who are willing to divest now,' says DTZ senior director, investment sales, Shaun Poh.
EL Development's Mr Lim acknowledges that developers like him are 'not that choosy location wise' these days and that a more important criterion is to find sites with pricing that is 'more acceptable'.
'Districts like 9, 10, 11 and 15 are very popular but sites in these areas command very high price premiums; so we'll consider even other districts.
'For us, the site should be at least 20,000 sq ft and it should also be a regular shaped plot of land so we can build a project with a decent-sized swimming pool,' he said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
The plan: EL Development, which bought the freehold property for $49.6 million, plans to build an 18-20 storey apartment block with about 100 units
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