May 25, 2010
Couple sue son for condo title deeds
They say flats, in son's name, were for investment but son claims they were gifts to him
By Selina Lum
AN AGED couple from Taiwan have sued their son in the Singapore High Court for the return of the title deeds of two condominium apartments worth about $1.7 million.
In their lawsuit, Mr Yang Min-hao, 76, and Madam Yang Yuan Hsiang-ying, 71, said they funded the $344,500 downpayment for the flats but used their son's name as they were worried about not being able to get a bank loan.
The couple, who live in Taipei, say that their son was merely holding the properties and rental incomes from the flats in trust for them.
Their son, Mr Yang Chuang-yang, 49, who has lived in Singapore for more than 10 years, does not dispute he did not take part in the property purchases. But he claims that his parents gave the flats to him - an assertion the couple, who have five other children, deny.
The three-day hearing, which started yesterday, revolves around apartments in Parc Oasis in Jurong, bought in 1992, and Central Green in Tiong Bahru, bought in 1993.
The couple arranged for their daughter, Ms Yang Sheng Cheng, who was then living in Singapore, to buy the properties, telling her to rent out the units and use the income to service the housing loan instalments, property taxes and maintenance fees.
To secure the housing loan, the couple decided to put the properties in Chuang-yang's name. He was still in Taiwan at the time.
The couple transferred $160,000 for the Parc Oasis apartment and $184,500 for the Central Green apartment to Sheng Cheng as downpayment.
The rest was funded by housing loans obtained by Sheng Cheng here, and the couple later transferred money to her to maintain the apartments, which were rented out. The couple said they had explicitly told their son that the flats were intended for investment purposes and to serve as a source of income during their retirement.
In 1997, Chuang-yang moved to Singapore and, two years later, took over his sister's task of collecting rent. In October 2007, he signed a letter promising that in the event both properties were sold, he would give all the proceeds to his mother.
But when they asked him for the title deeds last year, he refused to hand them over unless they paid him $250,000.
In his defence, Chuang-yang said he was initially not aware that his parents had bought the apartments in his name and found out about it only in 2000. He claims the money did not come from his parents but from the boyfriend of another sister.
Chuang-yang denies that he was holding the properties or rental income in trust for his parents, saying instead that the flats were meant for him as gifts.
selinal@sph.com.sg
Wednesday, May 26, 2010
ST : Getting smart against rogue housing agents
May 26, 2010
Getting smart against rogue housing agents
Teaching buyers and sellers about their rights is the right move
By Tan Hui Yee
A HOUSE hunter finds a property she likes and tries to bargain down its price. The seller's housing agent tells her: 'I can make it cheaper, if you pay me a commission.'
Years after the public outcry over this double dealing, a home buyer encountered the same situation two weeks ago. The agent collected fees from both the buyer and seller in the same transaction, raising questions about which side he was working for.
Despite the obvious conflict of interest, the industry has been divided over the practice. Eager buyers have had no choice but to pay the toll. But not for long.
The Government will likely outlaw the practice under its new regulatory regime to be introduced in a Bill in Parliament in the second half of this year.
The details are still being worked out, but what has been unveiled so far is impressive. There will be a new statutory board to oversee the real estate landscape. A central registry will track disciplinary records as well as awards received by housing agents and there will be mechanisms to investigate and discipline errant agents and agencies.
The proposed regime is an acknowledgement that the market cannot regulate itself in the absence of savvy consumers and sufficient information.
For years, buyers or sellers who felt aggrieved over their agents' actions have been limited to seeking help from three parties: the Consumers Association of Singapore (Case); the Institute of Estate Agents, a trade body; and the Singapore Accredited Estate Agencies, an accreditation outfit.
Each entity was ineffectual for different reasons: Case had no means to haul errant agents to the table, while consumers were either sceptical or unfamiliar with the latter two.
On top of that, the effectiveness of having two agencies was undermined by the ability of rogue agents to move freely from one agency to another.
The new regime promises to close such loopholes. Allegations of misconduct will be investigated by the dedicated statutory board, the Council for Estate Agencies, and agents face warnings, fines, suspension or debarment if found guilty.
Disputes, meanwhile, will be mediated. Agents fingered by consumers for unsatisfactory work will be compelled to attend talks to work out a settlement. If that fails, the cases will undergo adjudication, where a neutral party will decide on a binding outcome.
Still, consumers who have been waiting since last year for this new regime have many yet unanswered questions: What constitutes misconduct? What is unethical and what is merely bad service? What sanctions will agents face?
While upcoming regulations should give clear answers soon, they cannot provide iron-clad protection.
This is because a large portion of complaints to be filed with the new statutory board will likely end up being mediated or adjudicated.
The nature of the industry is such that agreements, save for the actual sale of a property, tend to be verbal. Some agents promise that a sale is financially viable but deny that when the property sellers run into trouble; some owners raise their reserve price the minute their agent secures an offer.
The arrangements turn even more informal when property deals involve consumers who have little education and do not speak English. These consumers rely on agents to translate complex housing rules. The truth is, without proper documentation, it often comes down to the agent's word versus the consumer's - which makes either version impossible to prove.
Under the new regime, such inconclusive cases will likely be routed to Case or the Singapore Mediation Centre for resolution. But such options come at a price.
The actual fees for resolving property disputes have not been fixed but we can get a rough gauge from the current charges. Case levies a minimum of $15 for a session, while the Singapore Mediation Centre, which deals with larger disputed sums, charges an administrative fee of $250 and at least $900 per party per day of mediation. Adjudication, which is currently used in the construction sector to settle payment disputes, is likely to cost more.
Not every agent who misleads a client into an unsavoury deal will be disciplined; some could merely be made to forgo part of their commission in a mediated settlement.
So even with tough laws, not every consumer misled by an agent will see satisfaction. The consumer will also have to commit both time and money to get his grievances addressed, in however small a measure.
This is not a bad thing in itself. The Ministry of National Development states that public education will be a key focus of the new statutory board's work.
While one would expect it to roll out preventive education measures, a dedicated and compulsory dispute resolution process will also teach buyers and sellers about their rights in a way that blind exhortations cannot.
Consumers will learn, through this participative process, the importance of documenting agreements. They will learn not to blindly entrust their financial future to random property brokers. And they will learn that no amount of rules can protect them if they do not learn to protect their own interests.
When regulations were lax, the costs of pursuing justice were onerous. Few buyers or sellers have the resources of home owners like Mr Yuen Chow Hin and Madam Wong Wai Fan, who last year won their civil suit against housing agency ERA Realty Network over the misconduct of its agents.
The new regime essentially lowers the barriers to consumers seeking recourse. It gives them the necessary tools to learn about and protect their own rights.
That, ultimately, could be the strongest safeguard against unethical behaviour in the real estate industry. For no one can keep agents in line better than savvy consumers who know how to say no to double dealing and just when to blow the whistle.
tanhy@sph.com.sg
Getting smart against rogue housing agents
Teaching buyers and sellers about their rights is the right move
By Tan Hui Yee
A HOUSE hunter finds a property she likes and tries to bargain down its price. The seller's housing agent tells her: 'I can make it cheaper, if you pay me a commission.'
Years after the public outcry over this double dealing, a home buyer encountered the same situation two weeks ago. The agent collected fees from both the buyer and seller in the same transaction, raising questions about which side he was working for.
Despite the obvious conflict of interest, the industry has been divided over the practice. Eager buyers have had no choice but to pay the toll. But not for long.
The Government will likely outlaw the practice under its new regulatory regime to be introduced in a Bill in Parliament in the second half of this year.
The details are still being worked out, but what has been unveiled so far is impressive. There will be a new statutory board to oversee the real estate landscape. A central registry will track disciplinary records as well as awards received by housing agents and there will be mechanisms to investigate and discipline errant agents and agencies.
The proposed regime is an acknowledgement that the market cannot regulate itself in the absence of savvy consumers and sufficient information.
For years, buyers or sellers who felt aggrieved over their agents' actions have been limited to seeking help from three parties: the Consumers Association of Singapore (Case); the Institute of Estate Agents, a trade body; and the Singapore Accredited Estate Agencies, an accreditation outfit.
Each entity was ineffectual for different reasons: Case had no means to haul errant agents to the table, while consumers were either sceptical or unfamiliar with the latter two.
On top of that, the effectiveness of having two agencies was undermined by the ability of rogue agents to move freely from one agency to another.
The new regime promises to close such loopholes. Allegations of misconduct will be investigated by the dedicated statutory board, the Council for Estate Agencies, and agents face warnings, fines, suspension or debarment if found guilty.
Disputes, meanwhile, will be mediated. Agents fingered by consumers for unsatisfactory work will be compelled to attend talks to work out a settlement. If that fails, the cases will undergo adjudication, where a neutral party will decide on a binding outcome.
Still, consumers who have been waiting since last year for this new regime have many yet unanswered questions: What constitutes misconduct? What is unethical and what is merely bad service? What sanctions will agents face?
While upcoming regulations should give clear answers soon, they cannot provide iron-clad protection.
This is because a large portion of complaints to be filed with the new statutory board will likely end up being mediated or adjudicated.
The nature of the industry is such that agreements, save for the actual sale of a property, tend to be verbal. Some agents promise that a sale is financially viable but deny that when the property sellers run into trouble; some owners raise their reserve price the minute their agent secures an offer.
The arrangements turn even more informal when property deals involve consumers who have little education and do not speak English. These consumers rely on agents to translate complex housing rules. The truth is, without proper documentation, it often comes down to the agent's word versus the consumer's - which makes either version impossible to prove.
Under the new regime, such inconclusive cases will likely be routed to Case or the Singapore Mediation Centre for resolution. But such options come at a price.
The actual fees for resolving property disputes have not been fixed but we can get a rough gauge from the current charges. Case levies a minimum of $15 for a session, while the Singapore Mediation Centre, which deals with larger disputed sums, charges an administrative fee of $250 and at least $900 per party per day of mediation. Adjudication, which is currently used in the construction sector to settle payment disputes, is likely to cost more.
Not every agent who misleads a client into an unsavoury deal will be disciplined; some could merely be made to forgo part of their commission in a mediated settlement.
So even with tough laws, not every consumer misled by an agent will see satisfaction. The consumer will also have to commit both time and money to get his grievances addressed, in however small a measure.
This is not a bad thing in itself. The Ministry of National Development states that public education will be a key focus of the new statutory board's work.
While one would expect it to roll out preventive education measures, a dedicated and compulsory dispute resolution process will also teach buyers and sellers about their rights in a way that blind exhortations cannot.
Consumers will learn, through this participative process, the importance of documenting agreements. They will learn not to blindly entrust their financial future to random property brokers. And they will learn that no amount of rules can protect them if they do not learn to protect their own interests.
When regulations were lax, the costs of pursuing justice were onerous. Few buyers or sellers have the resources of home owners like Mr Yuen Chow Hin and Madam Wong Wai Fan, who last year won their civil suit against housing agency ERA Realty Network over the misconduct of its agents.
The new regime essentially lowers the barriers to consumers seeking recourse. It gives them the necessary tools to learn about and protect their own rights.
That, ultimately, could be the strongest safeguard against unethical behaviour in the real estate industry. For no one can keep agents in line better than savvy consumers who know how to say no to double dealing and just when to blow the whistle.
tanhy@sph.com.sg
ST : Bukit Timah homes on track for price gains
May 26, 2010
railway land deal
Bukit Timah homes on track for price gains
By Fiona Chan
PROPERTY owners in Bukit Timah and Upper Bukit Timah will be cheering - and possibly reaping some capital gains - when the Malayan Railway (KTM) station moves from Tanjong Pagar to Woodlands next year.
The railway cuts through the middle of the heavily residential area and locals have long been fed up of the trains clattering past their windows as they go through Bukit Timah Railway Station.
'I think it will be a boon for many of the owners who in the past have been dismayed by the noise pollution and tracks running close to them,' said Mr Donald Han, managing director of property consultancy Cushman & Wakefield.
He believes the values of homes in the area could rise by about 5 per cent to 8 per cent if the tracks are removed, although he added that this would simply allow them to catch up to the prices of neighbouring estates that are farther from the tracks.
'It's not so much that the price will go up significantly, but now the properties will be easier to sell,' he said.
'Previously, if you owned a home in an estate that is located right next to the track, you probably had to sell at a discount to your neighbours whose properties were not affected by the noise. But now you will be on a par with them.'
Residential developments beside or near the tracks in Bukit Timah and Upper Bukit Timah include The Sterling, 1 King Albert Park, Jardin, Mayfair Gardens, The Blossomvale, Summerhill and Glendale Park.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak agreed that property values in Bukit Timah and Upper Bukit Timah could strengthen slightly if the tracks, which are an 'eyesore', are taken away.
But he added that the noise may not improve much as traffic in the area is still heavy.
There is also potential for some redevelopment of existing estates near the tracks, which could raise interest in the area, he said.
'Around the Hindhede Walk area especially, the track runs alongside a lot of private condominiums,' said Mr Mak.
'If the track is removed, there's a narrow strip of land sandwiched between the track and the road that can be freed up and possibly amalgamated with the existing condos if they are redeveloped.'
More generally, residential enclaves in the Bukit Timah district such as Holland Road, Ewart Park, King Albert Park and Rifle Range Road may become more attractive after the tracks go, said Ms Chua Chor Hoon, head of South-east Asia research for DTZ Debenham Tie Leung.
The commercial land site at North Buona Vista Drive that was recently triggered for public tender could also be seen more favourably, she added, as could land around the Bukit Panjang MRT station, which is under construction. The railway tracks also run through these areas.
railway land deal
Bukit Timah homes on track for price gains
By Fiona Chan
PROPERTY owners in Bukit Timah and Upper Bukit Timah will be cheering - and possibly reaping some capital gains - when the Malayan Railway (KTM) station moves from Tanjong Pagar to Woodlands next year.
The railway cuts through the middle of the heavily residential area and locals have long been fed up of the trains clattering past their windows as they go through Bukit Timah Railway Station.
'I think it will be a boon for many of the owners who in the past have been dismayed by the noise pollution and tracks running close to them,' said Mr Donald Han, managing director of property consultancy Cushman & Wakefield.
He believes the values of homes in the area could rise by about 5 per cent to 8 per cent if the tracks are removed, although he added that this would simply allow them to catch up to the prices of neighbouring estates that are farther from the tracks.
'It's not so much that the price will go up significantly, but now the properties will be easier to sell,' he said.
'Previously, if you owned a home in an estate that is located right next to the track, you probably had to sell at a discount to your neighbours whose properties were not affected by the noise. But now you will be on a par with them.'
Residential developments beside or near the tracks in Bukit Timah and Upper Bukit Timah include The Sterling, 1 King Albert Park, Jardin, Mayfair Gardens, The Blossomvale, Summerhill and Glendale Park.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak agreed that property values in Bukit Timah and Upper Bukit Timah could strengthen slightly if the tracks, which are an 'eyesore', are taken away.
But he added that the noise may not improve much as traffic in the area is still heavy.
There is also potential for some redevelopment of existing estates near the tracks, which could raise interest in the area, he said.
'Around the Hindhede Walk area especially, the track runs alongside a lot of private condominiums,' said Mr Mak.
'If the track is removed, there's a narrow strip of land sandwiched between the track and the road that can be freed up and possibly amalgamated with the existing condos if they are redeveloped.'
More generally, residential enclaves in the Bukit Timah district such as Holland Road, Ewart Park, King Albert Park and Rifle Range Road may become more attractive after the tracks go, said Ms Chua Chor Hoon, head of South-east Asia research for DTZ Debenham Tie Leung.
The commercial land site at North Buona Vista Drive that was recently triggered for public tender could also be seen more favourably, she added, as could land around the Bukit Panjang MRT station, which is under construction. The railway tracks also run through these areas.
ST : Sengkang exec condo plot draws 7 bidders
May 26, 2010
Sengkang exec condo plot draws 7 bidders
Sign of healthy interest, but aggressive bidding appears to have abated
By Jessica Cheam
SEVEN property developers vied for a plum executive condominium spot in Sengkang, with the top bid coming in above market expectations at $176 million.
While the number of bids showed a healthy level of interest, they amounted to fewer than half the 18 offers a recent tender in Simei attracted.
This has prompted analysts to suggest yesterday that aggressive bidding seen from developers recently seems to have abated.
A joint venture between Maxdin, part of United Engineers' unit Greatearth Holding, and Lee Metal Group's Lee Carriers, lodged the top bid for the Sengkang site, said the Housing Board yesterday.
The $176 million offer works out to about $321 per square foot per plot ratio (psf ppr) for the 183,000 sq ft plot.
The price is about 70 per cent higher than the minimum offer price of $103.8 million lodged by an undisclosed developer who triggered the plot's tender last month.
It is also 10 per cent higher than the second-highest bid, lodged by Hoi Hup Realty and Sunway Developments at $160.1 million.
The other unsuccessful contenders included Frasers Centrepoint, Qingdao Construction (Singapore) and Sim Lian Land, which was lowest at $115.8 million.
The site in Sengkang East Avenue is near the Sengkang LRT system and could yield 465 executive condominium units, which are condo-style homes subject to public housing rules.
The top bid came in about 2 per cent higher than the Compassvale Bow executive condominium site, also in Sengkang, which was awarded at $193.28 million or $315 psf ppr in March.
Analysts said they expected the break-even cost for the project to be between $590 and $620 psf.
'New units will possibly sell above $650 psf,' said CBRE Research executive director Li Hiaw Ho.
He noted that nearby units in Park Green, The Rivervale and The Florida sold on the resale market for $500 to $620 psf between January and this month.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said units could even be launched at above $700 psf, depending on the market.
'At this level, prices are quite high for executive condominiums, as buyers expect them to be cheaper than private condos,' he added.
Mr Li said the bullish top bid could be because there are no more sites for such homes in Sengkang on the confirmed and reserve lists of the Government's land sale programme for the second half of this year.
Last week, the Government released the largest amount of state land for private homes in response to surging demand.
It put 18 residential or residential/ commercial sites on the programme for confirmed sale in the second half of the year, and 13 sites for residential use on the reserve list.
The confirmed list also includes four new executive condominium sites.
Mr Mak felt that given the glut of sites available for developers to choose from, the bids for the Sengkang site were 'too bullish'.
'With the release of so many sites, we expected it to have a dampening effect on bids,' he said.
Mr Mak noted that subsequent land tender values should start to moderate given the Government's aggressive move to make a wide range of sites available to developers.
jcheam@sph.com.sg
--------------------------------------------------------------------------------
Hot properties nearby
· Resale units at three nearby executive condos - Park Green, The Rivervale and The Florida - have been selling at between $500 psf and $620 psf
· Units on the new land parcel will have to sell for between $590 psf and $620 psf for the developer to break even
· Some analysts estimate that units there will sell for $650psf or more
Sengkang exec condo plot draws 7 bidders
Sign of healthy interest, but aggressive bidding appears to have abated
By Jessica Cheam
SEVEN property developers vied for a plum executive condominium spot in Sengkang, with the top bid coming in above market expectations at $176 million.
While the number of bids showed a healthy level of interest, they amounted to fewer than half the 18 offers a recent tender in Simei attracted.
This has prompted analysts to suggest yesterday that aggressive bidding seen from developers recently seems to have abated.
A joint venture between Maxdin, part of United Engineers' unit Greatearth Holding, and Lee Metal Group's Lee Carriers, lodged the top bid for the Sengkang site, said the Housing Board yesterday.
The $176 million offer works out to about $321 per square foot per plot ratio (psf ppr) for the 183,000 sq ft plot.
The price is about 70 per cent higher than the minimum offer price of $103.8 million lodged by an undisclosed developer who triggered the plot's tender last month.
It is also 10 per cent higher than the second-highest bid, lodged by Hoi Hup Realty and Sunway Developments at $160.1 million.
The other unsuccessful contenders included Frasers Centrepoint, Qingdao Construction (Singapore) and Sim Lian Land, which was lowest at $115.8 million.
The site in Sengkang East Avenue is near the Sengkang LRT system and could yield 465 executive condominium units, which are condo-style homes subject to public housing rules.
The top bid came in about 2 per cent higher than the Compassvale Bow executive condominium site, also in Sengkang, which was awarded at $193.28 million or $315 psf ppr in March.
Analysts said they expected the break-even cost for the project to be between $590 and $620 psf.
'New units will possibly sell above $650 psf,' said CBRE Research executive director Li Hiaw Ho.
He noted that nearby units in Park Green, The Rivervale and The Florida sold on the resale market for $500 to $620 psf between January and this month.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said units could even be launched at above $700 psf, depending on the market.
'At this level, prices are quite high for executive condominiums, as buyers expect them to be cheaper than private condos,' he added.
Mr Li said the bullish top bid could be because there are no more sites for such homes in Sengkang on the confirmed and reserve lists of the Government's land sale programme for the second half of this year.
Last week, the Government released the largest amount of state land for private homes in response to surging demand.
It put 18 residential or residential/ commercial sites on the programme for confirmed sale in the second half of the year, and 13 sites for residential use on the reserve list.
The confirmed list also includes four new executive condominium sites.
Mr Mak felt that given the glut of sites available for developers to choose from, the bids for the Sengkang site were 'too bullish'.
'With the release of so many sites, we expected it to have a dampening effect on bids,' he said.
Mr Mak noted that subsequent land tender values should start to moderate given the Government's aggressive move to make a wide range of sites available to developers.
jcheam@sph.com.sg
--------------------------------------------------------------------------------
Hot properties nearby
· Resale units at three nearby executive condos - Park Green, The Rivervale and The Florida - have been selling at between $500 psf and $620 psf
· Units on the new land parcel will have to sell for between $590 psf and $620 psf for the developer to break even
· Some analysts estimate that units there will sell for $650psf or more
ST : Chow House, 8 others up for tender
May 26, 2010
Chow House, 8 others up for tender
Sale marks end of court feud between 3 brothers over firms which own the properties
By Jessica Cheam
NINE properties, including Chow House in Robinson Road, have been put up for public tender following the conclusion of a bitter family dispute.
Chow House is a freehold six-storey office building in the heart of the Central Business District.
DTZ, which is organising the sale, described it as the 'jewel in the crown' of the sale portfolio as it had not been built to its maximum potential.
The range of commercial blocks and residential shophouses - valued at around $100 million back in 2008 - is being marketed for Deloitte liquidator Tam Chee Chong.
The tender marks the end of a High Court battle between three feuding brothers behind three companies - Associated Development, Chow Cho Poon Limited and Lee Tung Company - which own the properties.
The siblings - two doctors and an architect in their 60s and all living in Hong Kong - are the sons of property investor Chow Cho Poon, who died in 1997.
Their father had set up three companies to hold his assets.
The firms lease out commercial space in the properties.
Eldest son Chow Kwok Chi had asked the High Court in 2007 to wind up the companies so that the brothers could make a clean break from one another.
He argued that as long as the companies exist, their father's estate would remain unadministered because of an unpaid $34 million debt.
DTZ's senior director for investment advisory service, Mr Shaun Poh, said that Chow House - with a total site area of 9,084 sq ft - has a potential commercial gross floor area of 101,749 sq ft.
An outline permission has also been granted for a residential development with commercial use on the first floor, he added.
The tender for Chow House closes on July 15.
The other properties include three restored pre-war conservation shophouses in Lorong Telok, which are being sold as one property.
They have a total site area of about 4,432 sq ft and a lease of 999 years with effect from 1831.
Other commercial shophouses up for tender are in North Canal Road and Jalan Besar.
There is also a row of six adjoining single-storey shophouses in Upper Serangoon Road with a total area of about 9,166 sq ft, being sold as one entity.
Another property comprising seven adjoining units of two-storey freehold shophouses in Lavender Street, with a site area of about 13,107 sq ft and marked for residential development with commercial use on the first floors, are also on offer.
Tenders close from July 7 to July 15, depending on the property.
DTZ said that as part of the liquidation process, sale proceeds will be distributed among the shareholders of the companies.
jcheam@sph.com.sg
Chow House, 8 others up for tender
Sale marks end of court feud between 3 brothers over firms which own the properties
By Jessica Cheam
NINE properties, including Chow House in Robinson Road, have been put up for public tender following the conclusion of a bitter family dispute.
Chow House is a freehold six-storey office building in the heart of the Central Business District.
DTZ, which is organising the sale, described it as the 'jewel in the crown' of the sale portfolio as it had not been built to its maximum potential.
The range of commercial blocks and residential shophouses - valued at around $100 million back in 2008 - is being marketed for Deloitte liquidator Tam Chee Chong.
The tender marks the end of a High Court battle between three feuding brothers behind three companies - Associated Development, Chow Cho Poon Limited and Lee Tung Company - which own the properties.
The siblings - two doctors and an architect in their 60s and all living in Hong Kong - are the sons of property investor Chow Cho Poon, who died in 1997.
Their father had set up three companies to hold his assets.
The firms lease out commercial space in the properties.
Eldest son Chow Kwok Chi had asked the High Court in 2007 to wind up the companies so that the brothers could make a clean break from one another.
He argued that as long as the companies exist, their father's estate would remain unadministered because of an unpaid $34 million debt.
DTZ's senior director for investment advisory service, Mr Shaun Poh, said that Chow House - with a total site area of 9,084 sq ft - has a potential commercial gross floor area of 101,749 sq ft.
An outline permission has also been granted for a residential development with commercial use on the first floor, he added.
The tender for Chow House closes on July 15.
The other properties include three restored pre-war conservation shophouses in Lorong Telok, which are being sold as one property.
They have a total site area of about 4,432 sq ft and a lease of 999 years with effect from 1831.
Other commercial shophouses up for tender are in North Canal Road and Jalan Besar.
There is also a row of six adjoining single-storey shophouses in Upper Serangoon Road with a total area of about 9,166 sq ft, being sold as one entity.
Another property comprising seven adjoining units of two-storey freehold shophouses in Lavender Street, with a site area of about 13,107 sq ft and marked for residential development with commercial use on the first floors, are also on offer.
Tenders close from July 7 to July 15, depending on the property.
DTZ said that as part of the liquidation process, sale proceeds will be distributed among the shareholders of the companies.
jcheam@sph.com.sg
ST : New York City still most expensive retail location
May 26, 2010
New York City still most expensive retail location
By Lee Yen Nee
NEW York City is still the world's most expensive retail location, with prime rentals almost four times that of Singapore.
According to the latest CB Richard Ellis (CBRE) Global MarketView report on the retail sector, the Big Apple was tops in terms of cost in the first quarter of this year. It was followed by Sydney, Hong Kong, London and Paris.
Prime rents in New York City, which were the highest the last time the report was compiled in the fourth quarter of last year, cost a typical retailer US$1,725 (S$2,430) per sq ft (psf) per annum at the end of the first quarter this year.
Those in Sydney and Hong Kong were US$1,155 and US$974 psf per annum respectively.
London prime rents came in at US$861 psf per annum, and Paris' were US$791 psf per annum.
In Singapore - ranked 17th in the report, up from 18th place - super prime rents stood at US$436 psf per annum, from US$444 psf per annum at the end of last year.
CBRE director of retail services Letty Lee said that while Singapore is able to attract well-known brands due to an abundant choice of pipeline supply in the Orchard Road and Marina Bay areas, this has put some pressure on prime retail rents.
The CBRE report showed that across the globe, consumer and retailer confidence started to improve in the first quarter as the economic recovery gathered momentum.
CBRE noted that while this has not translated into retail sales growth in most markets, demand for prime retail space remains buoyant and there is a low level of vacancies in the best locations.
This has fuelled prime rent rises in some markets and, in many more, the rate of rent decline has slowed or is stable.
CBRE global chief economist Ray Torto said strong demand from retailers is leading to an imbalance of supply and demand in some markets.
'Retailers still face uncertain trading conditions and continue to put pressure on landlords to offer incentive packages. However, market pressures have not stopped retailers from expanding and demand for prime retail space remains strong in many markets across the world,' he added.
--------------------------------------------------------------------------------
Prime rents
· 1 New York City: US$1,725(S$2,430) psf per annum
· 2 Sydney: US$1,155 psf per annum
· 3 Hong Kong: US$974 psf per annum
· 4 London: US$861 psf per annum
· 5 Paris: US$791 psf per annum
· 17 Singapore: US$436 psf per annum
--------------------------------------------------------------------------------
DEMAND STILL STRONG
'Market pressures have not stopped retailers from expanding and demand for prime retail space remains strong in many markets across the world.'
CBRE global chief economist Ray Torto
New York City still most expensive retail location
By Lee Yen Nee
NEW York City is still the world's most expensive retail location, with prime rentals almost four times that of Singapore.
According to the latest CB Richard Ellis (CBRE) Global MarketView report on the retail sector, the Big Apple was tops in terms of cost in the first quarter of this year. It was followed by Sydney, Hong Kong, London and Paris.
Prime rents in New York City, which were the highest the last time the report was compiled in the fourth quarter of last year, cost a typical retailer US$1,725 (S$2,430) per sq ft (psf) per annum at the end of the first quarter this year.
Those in Sydney and Hong Kong were US$1,155 and US$974 psf per annum respectively.
London prime rents came in at US$861 psf per annum, and Paris' were US$791 psf per annum.
In Singapore - ranked 17th in the report, up from 18th place - super prime rents stood at US$436 psf per annum, from US$444 psf per annum at the end of last year.
CBRE director of retail services Letty Lee said that while Singapore is able to attract well-known brands due to an abundant choice of pipeline supply in the Orchard Road and Marina Bay areas, this has put some pressure on prime retail rents.
The CBRE report showed that across the globe, consumer and retailer confidence started to improve in the first quarter as the economic recovery gathered momentum.
CBRE noted that while this has not translated into retail sales growth in most markets, demand for prime retail space remains buoyant and there is a low level of vacancies in the best locations.
This has fuelled prime rent rises in some markets and, in many more, the rate of rent decline has slowed or is stable.
CBRE global chief economist Ray Torto said strong demand from retailers is leading to an imbalance of supply and demand in some markets.
'Retailers still face uncertain trading conditions and continue to put pressure on landlords to offer incentive packages. However, market pressures have not stopped retailers from expanding and demand for prime retail space remains strong in many markets across the world,' he added.
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Prime rents
· 1 New York City: US$1,725(S$2,430) psf per annum
· 2 Sydney: US$1,155 psf per annum
· 3 Hong Kong: US$974 psf per annum
· 4 London: US$861 psf per annum
· 5 Paris: US$791 psf per annum
· 17 Singapore: US$436 psf per annum
--------------------------------------------------------------------------------
DEMAND STILL STRONG
'Market pressures have not stopped retailers from expanding and demand for prime retail space remains strong in many markets across the world.'
CBRE global chief economist Ray Torto
BT : For sale: 9 properties of winding-up family firms
Business Times - 26 May 2010
For sale: 9 properties of winding-up family firms
By NISHA RAMCHANDANI
NINE properties owned by three family companies - Associated Development Pte Ltd, Chow Cho Poon (Pte) Ltd and Lee Tung Co (Pte) Ltd - are being liquidated and put up for sale to the public.
According to previous media reports, the three companies were set up by property investor Chow Cho Poon, and his three sons were made directors and shareholders of the three family companies.
At the time of his death in 1997, Mr Chow owed debts to the companies which could not be paid off as his estate's assets were mainly tied up as shares in the companies.
In 2007, the Singapore High Court ordered the winding up of the three solvent companies so that the brothers could go their separate ways, given that they could not get along with one another.
Tam Chee Chong, head of financial advisory services for Deloitte & Touche, has been appointed as the liquidator of all three companies.
As part of the liquidation process, the assets of the companies will be realised and distributed among the shareholders, according to a joint release by Deloitte and DTZ.
DTZ is marketing the sale of the properties via public tender.
The value of the properties was not available at press time as the liquidators are currently seeking advice on the valuation of the properties.
Chow House, the six-storey office building at 140 Robinson Road (which is owned by Associated Development) is described as the jewel in the portfolio.
'The freehold property has not been built to its maximum potential. According to the Master Plan 2008, the site is zoned 'commercial' at plot ratio 11.2+, translating to a potential commercial gross floor area of 101,749 sq ft. An outline permission has also been granted for an erection of a 'residential development with commercial on first storey',' said Shaun Poh, DTZ's senior director for investment advisory service.
The properties owned by Chow Cho Poon Pte Ltd are 490 to 500 Upper Serangoon Road, 524 to 530 Upper Serangoon Road and 296 to 308 Lavender Street.
Lee Tung Co owns 13, 14 & 15 Lorong Telok, 17 North Canal Road, 19, 20 & 21 North Canal Road, 290 Jalan Besar and 377 to 383 (odd nos) Jalan Besar.
'The leasehold 999- years conservation shophouses in Lorong Telok and North Canal Road in the CBD are rarely available and would be ideal for boutique corporate offices or F&B businesses,' added Mr Poh.
Closing dates for the tenders differ, depending on the property, and range from July 7 to 15.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
For sale: 9 properties of winding-up family firms
By NISHA RAMCHANDANI
NINE properties owned by three family companies - Associated Development Pte Ltd, Chow Cho Poon (Pte) Ltd and Lee Tung Co (Pte) Ltd - are being liquidated and put up for sale to the public.
According to previous media reports, the three companies were set up by property investor Chow Cho Poon, and his three sons were made directors and shareholders of the three family companies.
At the time of his death in 1997, Mr Chow owed debts to the companies which could not be paid off as his estate's assets were mainly tied up as shares in the companies.
In 2007, the Singapore High Court ordered the winding up of the three solvent companies so that the brothers could go their separate ways, given that they could not get along with one another.
Tam Chee Chong, head of financial advisory services for Deloitte & Touche, has been appointed as the liquidator of all three companies.
As part of the liquidation process, the assets of the companies will be realised and distributed among the shareholders, according to a joint release by Deloitte and DTZ.
DTZ is marketing the sale of the properties via public tender.
The value of the properties was not available at press time as the liquidators are currently seeking advice on the valuation of the properties.
Chow House, the six-storey office building at 140 Robinson Road (which is owned by Associated Development) is described as the jewel in the portfolio.
'The freehold property has not been built to its maximum potential. According to the Master Plan 2008, the site is zoned 'commercial' at plot ratio 11.2+, translating to a potential commercial gross floor area of 101,749 sq ft. An outline permission has also been granted for an erection of a 'residential development with commercial on first storey',' said Shaun Poh, DTZ's senior director for investment advisory service.
The properties owned by Chow Cho Poon Pte Ltd are 490 to 500 Upper Serangoon Road, 524 to 530 Upper Serangoon Road and 296 to 308 Lavender Street.
Lee Tung Co owns 13, 14 & 15 Lorong Telok, 17 North Canal Road, 19, 20 & 21 North Canal Road, 290 Jalan Besar and 377 to 383 (odd nos) Jalan Besar.
'The leasehold 999- years conservation shophouses in Lorong Telok and North Canal Road in the CBD are rarely available and would be ideal for boutique corporate offices or F&B businesses,' added Mr Poh.
Closing dates for the tenders differ, depending on the property, and range from July 7 to 15.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : KTM land parcels send out a tingle of excitement
Business Times - 26 May 2010
KTM land parcels send out a tingle of excitement
All eyes on site at Tanjong Pagar as observers sketch out the possibilities
By LEE U-WEN
(SINGAPORE) Just a day after the prime ministers of Singapore and Malaysia announced that six Malaysia- owned land parcels here would be jointly redeveloped, the market was abuzz with the possibilities awaiting these prime plots of real estate estimated to be worth billions of dollars.
The 'crown jewel' among them is a 16-hectare site in downtown Tanjong Pagar, sitting just a stone's throw from the Republic's busy financial district. The area is also where the 78-year-old Keretapi Tanah Melayu (KTM) railway station is currently located. It will be shifted to the Woodlands Train Checkpoint by July next year.
Property veteran Nicholas Mak, a real estate lecturer at Ngee Ann Polytechnic, said that one possibility for the railway building - which will be conserved because of its historical significance - could be to turn it into a historical hotel similar to the iconic Fullerton Hotel in Raffles Place.
'The site and the surrounding areas where the railway tracks run are very large. By my own estimates we could be looking at several million square feet of potential built-up area,' he told BT yesterday. 'We could see a combination of offices, shops, retail space, as well as some apartments and condominiums. I wouldn't be surprised if the land is eventually carved up into several smaller parcels.'
Prime Minister Lee Hsien Loong is now awaiting an updated valuation of the railway land, after which he will visit his Malaysian counterpart Najib Razak in Kuala Lumpur next month to discuss the swap of the railway land for other real estate in Singapore.
Between them, the six parcels of land span more than 200 hectares, according to Malaysian media reports. Apart from Tanjong Pagar, the other land parcels include one each in Kranji and Woodlands, and three in Bukit Timah.
Cushman & Wakefield managing director Donald Han said that it would make sound business sense for Malaysia to consider swapping Tanjong Pagar for a more urban and developed location such as the Ophir-Rochor area because of the greater potential in enhancing people connectivity.
'The Rochor area has hotels and shopping centres. So there is complementary potential for Malaysia to build and create more attractions for their citizens who want to come to Singapore,' said Mr Han.
While not much is known about exactly where the land parcels in Kranji or Woodlands are, two of the three Bukit Timah sites are likely to be a vacant plot and another that is currently housing workers' quarters near Methodist Girls' School, said Mr Mak. Both are likely to be used for residential purposes owing to their small size.
On Monday, Mr Lee and Mr Najib announced that a new private company set up by the two countries' sovereign wealth funds - Khazanah Nasional and Temasek Holdings - will take charge of the Tanjong Pagar land and five other sprawling plots.
Mr Mak ventured that the joint company, called M-S Pte Ltd, could well decide to allow private developers to take charge of building up the land once the master plan is completed. 'It's a much neater way to do things. The company decides what to do with the land, and then sells it in an open tender afterwards. This is a cleaner way to extract the highest value from the land with minimum hassle,' he said.
Efforts to contact KTM yesterday for comments were unsuccessful. Singapore's Foreign Affairs Ministry, which is handling all local media queries regarding Malaysia's railway land, was unable to respond to BT's queries by press time.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
KTM land parcels send out a tingle of excitement
All eyes on site at Tanjong Pagar as observers sketch out the possibilities
By LEE U-WEN
(SINGAPORE) Just a day after the prime ministers of Singapore and Malaysia announced that six Malaysia- owned land parcels here would be jointly redeveloped, the market was abuzz with the possibilities awaiting these prime plots of real estate estimated to be worth billions of dollars.
The 'crown jewel' among them is a 16-hectare site in downtown Tanjong Pagar, sitting just a stone's throw from the Republic's busy financial district. The area is also where the 78-year-old Keretapi Tanah Melayu (KTM) railway station is currently located. It will be shifted to the Woodlands Train Checkpoint by July next year.
Property veteran Nicholas Mak, a real estate lecturer at Ngee Ann Polytechnic, said that one possibility for the railway building - which will be conserved because of its historical significance - could be to turn it into a historical hotel similar to the iconic Fullerton Hotel in Raffles Place.
'The site and the surrounding areas where the railway tracks run are very large. By my own estimates we could be looking at several million square feet of potential built-up area,' he told BT yesterday. 'We could see a combination of offices, shops, retail space, as well as some apartments and condominiums. I wouldn't be surprised if the land is eventually carved up into several smaller parcels.'
Prime Minister Lee Hsien Loong is now awaiting an updated valuation of the railway land, after which he will visit his Malaysian counterpart Najib Razak in Kuala Lumpur next month to discuss the swap of the railway land for other real estate in Singapore.
Between them, the six parcels of land span more than 200 hectares, according to Malaysian media reports. Apart from Tanjong Pagar, the other land parcels include one each in Kranji and Woodlands, and three in Bukit Timah.
Cushman & Wakefield managing director Donald Han said that it would make sound business sense for Malaysia to consider swapping Tanjong Pagar for a more urban and developed location such as the Ophir-Rochor area because of the greater potential in enhancing people connectivity.
'The Rochor area has hotels and shopping centres. So there is complementary potential for Malaysia to build and create more attractions for their citizens who want to come to Singapore,' said Mr Han.
While not much is known about exactly where the land parcels in Kranji or Woodlands are, two of the three Bukit Timah sites are likely to be a vacant plot and another that is currently housing workers' quarters near Methodist Girls' School, said Mr Mak. Both are likely to be used for residential purposes owing to their small size.
On Monday, Mr Lee and Mr Najib announced that a new private company set up by the two countries' sovereign wealth funds - Khazanah Nasional and Temasek Holdings - will take charge of the Tanjong Pagar land and five other sprawling plots.
Mr Mak ventured that the joint company, called M-S Pte Ltd, could well decide to allow private developers to take charge of building up the land once the master plan is completed. 'It's a much neater way to do things. The company decides what to do with the land, and then sells it in an open tender afterwards. This is a cleaner way to extract the highest value from the land with minimum hassle,' he said.
Efforts to contact KTM yesterday for comments were unsuccessful. Singapore's Foreign Affairs Ministry, which is handling all local media queries regarding Malaysia's railway land, was unable to respond to BT's queries by press time.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : State auction site goes for HK$1.33b
Business Times - 25 May 2010
State auction site goes for HK$1.33b
It is second sale to fetch less than what surveyors had forecast
(HONG KONG) A building site in Hong Kong sold for HK$1.33 billion (S$240 million) yesterday, the second government auction this year that failed to meet surveyor forecasts as the city releases more land to ease concern about a property bubble.
The government auctioned an 8,900 square metre site in the Fanling area of the New Territories in northern Hong Kong that was forecast to fetch HK$1.32 billion to HK$1.45 billion, with HK$1.37 billion the median price, according to estimates of four surveyors compiled by Bloomberg.
Hong Kong's home prices have jumped 41 per cent since the end of 2008, spurring concerns that affordable housing is out of reach of ordinary residents. Hong Kong's government on May 12 pledged to keep boosting land supply as it tries to cool the property market, a day after its first auction of the fiscal year fetched almost a third less than surveyors' estimates.
'There could be more government policies coming as it shows determination to bring down prices,' said Alnwick Chan, executive director at property consultant Knight Frank LLP before the auction.
Developers must build a minimum gross floor area of 34,290 square metres on the Fanling site.
Fanling doesn't offer sea views and is near an industrial estate, unlike the previous auction in Tung Chung, said James Cheung, director of Centaline Surveyors, a unit of one of the city's biggest property agencies. He estimated that Fanling would sell for HK$1.32 billion, 16 per cent lower than his original estimate of HK$1.57 billion prior to the Tung Chung sale.
The first auction of this fiscal year, conducted on May 11, fetched HK$3.42 billion, a third less than the median HK$4.75 billion estimate of three surveyors.
Nan Fung Development Ltd, a privately held developer controlled by billionaire Chen Din Hwa, outbid only two other builders in the auction that analyst Adrian Ngan of CCB International Securities Ltd described as 'a slam' on the property market.
Developers can build a maximum of 131,000 square metres of private residences on the site in Tung Chung on Lantau Island.
Developers are more likely to build homes with two or three bedrooms on the site, said Alvin Lam, executive director of Midland Surveyors Ltd. Prices of homes in the area are selling at an average of HK$3,500 a square foot, he said.
Yesterday's auction was triggered after the government received a minimum guaranteed bid of HK$1.05 billion, it said on April 16. The Hong Kong government sells land through auctions only after developers promise to pay a minimum amount, part of an undisclosed reserve price.
Hong Kong is auctioning a site in Ho Man Tin in Kowloon on June 8 and Mount Nicholson on the Peak on July 28. MTR Corp, the government-owned subway operator, will finish taking bids for a separate site in Kowloon today.
Martin Lee, the youngest son of real estate tycoon Lee Shau-kee, paid a record price for land on the Peak, the city's most expensive residential area, on May 18.
Mr Lee, vice-chairman of Henderson Land Development Co that is controlled by his father, paid HK$1.82 billion for a 53,350 square foot plot of land on the Peak in an auction of non-government land. On a per-square-foot price of HK$68,200, the land was the city's most expensive in an auction, auctioneer Jones Lang LaSalle Inc said\. \-- Bloomberg
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Skyscrapers: Hong Kong home prices have jumped 41 per cent since the end of 2008
State auction site goes for HK$1.33b
It is second sale to fetch less than what surveyors had forecast
(HONG KONG) A building site in Hong Kong sold for HK$1.33 billion (S$240 million) yesterday, the second government auction this year that failed to meet surveyor forecasts as the city releases more land to ease concern about a property bubble.
The government auctioned an 8,900 square metre site in the Fanling area of the New Territories in northern Hong Kong that was forecast to fetch HK$1.32 billion to HK$1.45 billion, with HK$1.37 billion the median price, according to estimates of four surveyors compiled by Bloomberg.
Hong Kong's home prices have jumped 41 per cent since the end of 2008, spurring concerns that affordable housing is out of reach of ordinary residents. Hong Kong's government on May 12 pledged to keep boosting land supply as it tries to cool the property market, a day after its first auction of the fiscal year fetched almost a third less than surveyors' estimates.
'There could be more government policies coming as it shows determination to bring down prices,' said Alnwick Chan, executive director at property consultant Knight Frank LLP before the auction.
Developers must build a minimum gross floor area of 34,290 square metres on the Fanling site.
Fanling doesn't offer sea views and is near an industrial estate, unlike the previous auction in Tung Chung, said James Cheung, director of Centaline Surveyors, a unit of one of the city's biggest property agencies. He estimated that Fanling would sell for HK$1.32 billion, 16 per cent lower than his original estimate of HK$1.57 billion prior to the Tung Chung sale.
The first auction of this fiscal year, conducted on May 11, fetched HK$3.42 billion, a third less than the median HK$4.75 billion estimate of three surveyors.
Nan Fung Development Ltd, a privately held developer controlled by billionaire Chen Din Hwa, outbid only two other builders in the auction that analyst Adrian Ngan of CCB International Securities Ltd described as 'a slam' on the property market.
Developers can build a maximum of 131,000 square metres of private residences on the site in Tung Chung on Lantau Island.
Developers are more likely to build homes with two or three bedrooms on the site, said Alvin Lam, executive director of Midland Surveyors Ltd. Prices of homes in the area are selling at an average of HK$3,500 a square foot, he said.
Yesterday's auction was triggered after the government received a minimum guaranteed bid of HK$1.05 billion, it said on April 16. The Hong Kong government sells land through auctions only after developers promise to pay a minimum amount, part of an undisclosed reserve price.
Hong Kong is auctioning a site in Ho Man Tin in Kowloon on June 8 and Mount Nicholson on the Peak on July 28. MTR Corp, the government-owned subway operator, will finish taking bids for a separate site in Kowloon today.
Martin Lee, the youngest son of real estate tycoon Lee Shau-kee, paid a record price for land on the Peak, the city's most expensive residential area, on May 18.
Mr Lee, vice-chairman of Henderson Land Development Co that is controlled by his father, paid HK$1.82 billion for a 53,350 square foot plot of land on the Peak in an auction of non-government land. On a per-square-foot price of HK$68,200, the land was the city's most expensive in an auction, auctioneer Jones Lang LaSalle Inc said\. \-- Bloomberg
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Skyscrapers: Hong Kong home prices have jumped 41 per cent since the end of 2008
BT : Bintan villas draw expats in S'pore
Business Times - 25 May 2010
Bintan villas draw expats in S'pore
MORE than 10 units at Bintan's first seaside residential estate have been sold, mainly to expats living in Singapore, the company behind the project said yesterday.
The Pantai Indah estate is a gated community of 162 resort-style luxury villas on 13 hectares at Bintan Resort's Lagoi Bay. The project is being built by Singapore's BU Holdings and is designed by DP Architects.
BU Holdings soft-laun ched 28 villas in April and has sold about 40 per cent of them. Buyers of the villas, which go for between $700,000 and $1.8 million, are mostly expatriates based in Singapore looking for weekend homes, the company said. Most of the units sold so far are beachfront properties, which means they are at the pricer end of the scale.
Pantai Indah's selling point is that it is a 45-minute ferry ride from Tanah Merah Ferry Terminal in Singapore and offers buyers a change from city life, BU Holdings said.
The villas, on the north coast of Bintan Island, will have walking access to the new Lagoi Bay Village as well as upcoming resorts, shops and restaurants, it said.
Established hotels and resorts - such as the Banyan Tree, Angsana Hotel and Spa, Nirwana Gardens Hotel, Club Med and Bintan Lagoon Resorts - are a 10-minute drive away. The combined properties have 36 F&B establishments and four golf courses, BU Holdings said.
The villas have plot areas of 400, 500 and 800 square metres. Built-up areas range from 289 to 775 sq m.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Weekend getaway: The Pantai Indah estate is a gated community of 162 resort-style luxury villas on 13 hectares at Bintan Resort's Lagoi Bay
Bintan villas draw expats in S'pore
MORE than 10 units at Bintan's first seaside residential estate have been sold, mainly to expats living in Singapore, the company behind the project said yesterday.
The Pantai Indah estate is a gated community of 162 resort-style luxury villas on 13 hectares at Bintan Resort's Lagoi Bay. The project is being built by Singapore's BU Holdings and is designed by DP Architects.
BU Holdings soft-laun ched 28 villas in April and has sold about 40 per cent of them. Buyers of the villas, which go for between $700,000 and $1.8 million, are mostly expatriates based in Singapore looking for weekend homes, the company said. Most of the units sold so far are beachfront properties, which means they are at the pricer end of the scale.
Pantai Indah's selling point is that it is a 45-minute ferry ride from Tanah Merah Ferry Terminal in Singapore and offers buyers a change from city life, BU Holdings said.
The villas, on the north coast of Bintan Island, will have walking access to the new Lagoi Bay Village as well as upcoming resorts, shops and restaurants, it said.
Established hotels and resorts - such as the Banyan Tree, Angsana Hotel and Spa, Nirwana Gardens Hotel, Club Med and Bintan Lagoon Resorts - are a 10-minute drive away. The combined properties have 36 F&B establishments and four golf courses, BU Holdings said.
The villas have plot areas of 400, 500 and 800 square metres. Built-up areas range from 289 to 775 sq m.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Weekend getaway: The Pantai Indah estate is a gated community of 162 resort-style luxury villas on 13 hectares at Bintan Resort's Lagoi Bay
BT : Arabtec sees Nakheel cash by next month
Business Times - 25 May 2010
Arabtec sees Nakheel cash by next month
It is to be used to pay Arabtec's UAE suppliers and subcontractors
(ABU DHABI) Dubai builder Arabtec expects cash from developer Nakheel's debt restructuring by end-June, while payment in the form of bonds could take several months, its chief executive said yesterday.
Riad Kamal declined to say how much money Arabtec, the UAE's largest builder by market value, would get from Nakheel, a unit of state-owned conglomerate Dubai World, which announced last week that its core creditor banks had accepted proposals to restructure US$23.5 billion in debt. As part of the proposals, Nakheel's trade creditors have been offered full repayment, with 40 per cent in cash and 60 per cent in the form of an Islamic bond, or sukuk, which has a 10 per cent annual return. 'The 40 per cent (cash) will come probably in June, and the 60 per cent bonds in three to four months,' Mr Kamal told reporters, adding that the repayment offer was a 'fair deal'.
Mr Kamal said that Nakheel's cash would be circulated to pay Arabtec's suppliers and subcontractors in the United Arab Emirates, adding that the firm would not need to raise additional cash for its projects outside the Gulf state.
'Our investments outside the UAE don't need cash. They are self-financed, more or less.'
Arabtec last week said that it had signed on to Nakheel's debt repayment offer and urged others to follow suit. Mr Kamal also said that the 'door is still open' for future co-operation with Abu Dhabi's Aabar Investments after both firms called off their US$1.7 billion merger in April.
Analysts said that the deal, which would have seen Aabar take over Arabtec, was no longer necessary for Arabtec in the wake of Dubai's debt repayment plan.
Earlier yesterday, Mr Kamal said that Arabtec expects to have 10,000 employees in Saudi Arabia - up from 6,000 now - by the end of the year as the property company seeks to diversify its operations away from crisis-hit Dubai.
Arabtec is expanding overseas to diversify its portfolio away from Dubai's once-booming property sector, which has been hit hard by the global financial crisis as developers slow or cancel projects and jobs are slashed.
Property prices have been under pressure since the financial crisis and a slump in oil prices ended a six-year economic boom in the Gulf region.
'We are not willing to cut down on margins; we are looking at markets outside the UAE,' Mr Kamal said.
'We are moving into Angola and Turkmenistan and North Africa, where margins are healthier.'
The builder reported a 17 per cent slide in net attributable profit to 134.5 million dirhams (S$51.4 million) in the first three months of this year\. \-- Reuters
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Cashflow: Nakheel's creditors have been offered repayment, with 40% in cash, 60% in sukuk
Arabtec sees Nakheel cash by next month
It is to be used to pay Arabtec's UAE suppliers and subcontractors
(ABU DHABI) Dubai builder Arabtec expects cash from developer Nakheel's debt restructuring by end-June, while payment in the form of bonds could take several months, its chief executive said yesterday.
Riad Kamal declined to say how much money Arabtec, the UAE's largest builder by market value, would get from Nakheel, a unit of state-owned conglomerate Dubai World, which announced last week that its core creditor banks had accepted proposals to restructure US$23.5 billion in debt. As part of the proposals, Nakheel's trade creditors have been offered full repayment, with 40 per cent in cash and 60 per cent in the form of an Islamic bond, or sukuk, which has a 10 per cent annual return. 'The 40 per cent (cash) will come probably in June, and the 60 per cent bonds in three to four months,' Mr Kamal told reporters, adding that the repayment offer was a 'fair deal'.
Mr Kamal said that Nakheel's cash would be circulated to pay Arabtec's suppliers and subcontractors in the United Arab Emirates, adding that the firm would not need to raise additional cash for its projects outside the Gulf state.
'Our investments outside the UAE don't need cash. They are self-financed, more or less.'
Arabtec last week said that it had signed on to Nakheel's debt repayment offer and urged others to follow suit. Mr Kamal also said that the 'door is still open' for future co-operation with Abu Dhabi's Aabar Investments after both firms called off their US$1.7 billion merger in April.
Analysts said that the deal, which would have seen Aabar take over Arabtec, was no longer necessary for Arabtec in the wake of Dubai's debt repayment plan.
Earlier yesterday, Mr Kamal said that Arabtec expects to have 10,000 employees in Saudi Arabia - up from 6,000 now - by the end of the year as the property company seeks to diversify its operations away from crisis-hit Dubai.
Arabtec is expanding overseas to diversify its portfolio away from Dubai's once-booming property sector, which has been hit hard by the global financial crisis as developers slow or cancel projects and jobs are slashed.
Property prices have been under pressure since the financial crisis and a slump in oil prices ended a six-year economic boom in the Gulf region.
'We are not willing to cut down on margins; we are looking at markets outside the UAE,' Mr Kamal said.
'We are moving into Angola and Turkmenistan and North Africa, where margins are healthier.'
The builder reported a 17 per cent slide in net attributable profit to 134.5 million dirhams (S$51.4 million) in the first three months of this year\. \-- Reuters
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Cashflow: Nakheel's creditors have been offered repayment, with 40% in cash, 60% in sukuk
BT : Wellness township project to be launched within 12 months
Business Times - 25 May 2010
Wellness township project to be launched within 12 months
Khazanah, Temasek to jointly develop 200 ha site in Johor
By LEE U-WEN
(SINGAPORE) A huge 200 hectare site - the size of 374 football fields - will be set aside for a joint 'wellness township' that Singapore and Malaysia plan to build.
The township, in Johor's Iskandar Malaysia zone, will be developed by a 50-50 joint venture set up by the Malaysian government's investment company Khazanah Nasional and Singapore's state investment company Temasek Holdings.
Singapore Prime Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak said at a news conference after their retreat yesterday that the private sectors in both countries will be invited to take part in the project, which is expected to be launched within 12 months.
The idea of a wellness township was first mooted during an official visit to Singapore by Mr Najib in April last year. He said yesterday: 'We agreed that there must be real and substantive progress on this development, and today's meeting has defined the framework and concept.'
The project will offer holistic wellness services and facilities, such as alternative medicine and traditional healing.
During a closed-door retreat at the Shangri-La Hotel, the leaders also discussed the controversial water issue - in particular, the first water agreement between the two neighbours that is set to expire on Aug 31 next year.
Mr Lee said that the Skudai Water Works treatment plant in Johor, which Singapore has been using to extract water from the river, will be handed over to Malaysia 'in good working order' without any charge.
The idea of a third bridge linking the two countries - first floated when Mr Lee and Mr Najib met a year ago in Singapore - was also raised briefly during yesterday's news conference, when a Malaysian reporter asked Mr Najib for an update on whether the project could take flight.
Responding, Mr Najib said that the third link - in addition to the Causeway and the Second Link - was envisaged as a 'long-term project'.
'Our immediate priority is to maximise the usage of the Second Link, so we don't have any time frame with respect to the third link,' he said.
During last year's meeting with Mr Lee, Mr Najib proposed the construction of a bridge linking the eastern side of Johor - from Pengerang and Desaru - to Singapore in view of the increasing movements between both countries.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Wellness township project to be launched within 12 months
Khazanah, Temasek to jointly develop 200 ha site in Johor
By LEE U-WEN
(SINGAPORE) A huge 200 hectare site - the size of 374 football fields - will be set aside for a joint 'wellness township' that Singapore and Malaysia plan to build.
The township, in Johor's Iskandar Malaysia zone, will be developed by a 50-50 joint venture set up by the Malaysian government's investment company Khazanah Nasional and Singapore's state investment company Temasek Holdings.
Singapore Prime Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak said at a news conference after their retreat yesterday that the private sectors in both countries will be invited to take part in the project, which is expected to be launched within 12 months.
The idea of a wellness township was first mooted during an official visit to Singapore by Mr Najib in April last year. He said yesterday: 'We agreed that there must be real and substantive progress on this development, and today's meeting has defined the framework and concept.'
The project will offer holistic wellness services and facilities, such as alternative medicine and traditional healing.
During a closed-door retreat at the Shangri-La Hotel, the leaders also discussed the controversial water issue - in particular, the first water agreement between the two neighbours that is set to expire on Aug 31 next year.
Mr Lee said that the Skudai Water Works treatment plant in Johor, which Singapore has been using to extract water from the river, will be handed over to Malaysia 'in good working order' without any charge.
The idea of a third bridge linking the two countries - first floated when Mr Lee and Mr Najib met a year ago in Singapore - was also raised briefly during yesterday's news conference, when a Malaysian reporter asked Mr Najib for an update on whether the project could take flight.
Responding, Mr Najib said that the third link - in addition to the Causeway and the Second Link - was envisaged as a 'long-term project'.
'Our immediate priority is to maximise the usage of the Second Link, so we don't have any time frame with respect to the third link,' he said.
During last year's meeting with Mr Lee, Mr Najib proposed the construction of a bridge linking the eastern side of Johor - from Pengerang and Desaru - to Singapore in view of the increasing movements between both countries.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
ST : Huge land release 'will cool red-hot bidding'
May 25, 2010
Huge land release 'will cool red-hot bidding'
More reasonable mass market housing prices likely but worries over supply glut
By Joyce Teo
PROPERTY experts are split over whether the market can absorb the Government's largest-ever land release, to be rolled out in the second half of this year.
They agree that the flurry of new sites released will dampen red-hot bids from developers and will eventually mean more reasonable mass market prices.
Some warn of a potential supply glut later on but others say the location of many sites in mature HDB estates means a strong take-up by upgraders.
Last Friday, the National Development Ministry said it will place 18 sites for residential use on the confirmed list for tender on a schedule from July to November.
A further 13 sites will go on the reserve list, which means they go up for sale if at least one developer commits to a minimum bid acceptable to the Government.
In all, these 31 sites - of which 20 are new and not rolled over from the previous land sales programme - can accommodate a record 13,905 units.
The confirmed list sites alone - including five executive condo sites - will yield 8,135 units, which could be up for sale within seven to 12 months of the land purchase.
'It will create a potential supply glut because if you look at sales since early 2009, I am not sure if they are sustainable,' said one analyst, declining to be named. 'Prices may moderate or come down and that will be evident when we have completions of the properties.'
DMG & Partners Securities investment analyst Brandon Lee said recent mass market land tenders went for a competitive $450-$500 per sq ft per plot ratio on average. Six to eight developers have yet to replenish their land banks fully, he said.
'This competition, coupled with a resilient HDB market and improving economic fundamentals, could lead to further rises in mass market prices (already at record highs) if new supply is not introduced,' he said. 'Quantum-wise, the confirmed list sites seem like a lot but if you look closely at the sites offered, a lot of them are in established HDB estates and would appeal to HDB upgraders.'
Still, Ngee Ann Polytechnic real estate lecturer Nicholas Mak said units to be built on land 'sold this year will likely not be absorbed in a single year. Developers will have to space out the launches over a longer period'. He said land for at least 14,400 units will be sold this year, far higher than average annual sales over the past decade of about 8,700 units.
Jones Lang LaSalle's head of South- east Asia research Chua Yang Liang said the 34,233 unsold units - 13,000 of them available for immediate sale - suggest bullish demand is largely driven by sentiment rather than a supply shortage.
He said the Government is taking a 'pre-emptive measure' to alert the market that there will be no supply shortage in coming months, with no need to bid aggressively for land or rush to buy units.
'This has the effect of calming the 'fear of losing' and distributes demand more evenly over time.'
Dr Chua said supply is not short and with more housing to be injected into the market, 'if economic factors turn unfavourable (which has a low probability), we could end up in a supply glut in about two to four years' time when the supply is physically ready for occupation'.
He added: 'Demand-side measures are probably more effective should transaction volumes and prices begin to outpace the general economic recovery.'
A property expert, who declined to be named, said: 'Buyers won't be in a hurry. Sales will slow. Once sales slow, prices may fall.' Prices of new suburban launches may come back to a more sustainable level of $800 psf, he said.
Still, given that sentiment has weakened, releasing so much supply could be risky. It may take another cycle to correct the market, he added.
On the other hand, said a developer: 'I would rather they increase supply than come out with a demand measure. The glut may not happen if the buyers are big developers and are thus able to hold if needed.'
Experts say leasing demand will be a key factor determining whether the mass market can absorb all the new supply.
' If the Government continues to be aggressive in its immigration policy, the supply may still be comfortably absorbed,' said Colliers International's research and advisory director, Ms Tay Huey Ying.
The full market impact will be clear when these projects are completed in at least 31/2 years, she said.
joyceteo@sph.com.sg
Huge land release 'will cool red-hot bidding'
More reasonable mass market housing prices likely but worries over supply glut
By Joyce Teo
PROPERTY experts are split over whether the market can absorb the Government's largest-ever land release, to be rolled out in the second half of this year.
They agree that the flurry of new sites released will dampen red-hot bids from developers and will eventually mean more reasonable mass market prices.
Some warn of a potential supply glut later on but others say the location of many sites in mature HDB estates means a strong take-up by upgraders.
Last Friday, the National Development Ministry said it will place 18 sites for residential use on the confirmed list for tender on a schedule from July to November.
A further 13 sites will go on the reserve list, which means they go up for sale if at least one developer commits to a minimum bid acceptable to the Government.
In all, these 31 sites - of which 20 are new and not rolled over from the previous land sales programme - can accommodate a record 13,905 units.
The confirmed list sites alone - including five executive condo sites - will yield 8,135 units, which could be up for sale within seven to 12 months of the land purchase.
'It will create a potential supply glut because if you look at sales since early 2009, I am not sure if they are sustainable,' said one analyst, declining to be named. 'Prices may moderate or come down and that will be evident when we have completions of the properties.'
DMG & Partners Securities investment analyst Brandon Lee said recent mass market land tenders went for a competitive $450-$500 per sq ft per plot ratio on average. Six to eight developers have yet to replenish their land banks fully, he said.
'This competition, coupled with a resilient HDB market and improving economic fundamentals, could lead to further rises in mass market prices (already at record highs) if new supply is not introduced,' he said. 'Quantum-wise, the confirmed list sites seem like a lot but if you look closely at the sites offered, a lot of them are in established HDB estates and would appeal to HDB upgraders.'
Still, Ngee Ann Polytechnic real estate lecturer Nicholas Mak said units to be built on land 'sold this year will likely not be absorbed in a single year. Developers will have to space out the launches over a longer period'. He said land for at least 14,400 units will be sold this year, far higher than average annual sales over the past decade of about 8,700 units.
Jones Lang LaSalle's head of South- east Asia research Chua Yang Liang said the 34,233 unsold units - 13,000 of them available for immediate sale - suggest bullish demand is largely driven by sentiment rather than a supply shortage.
He said the Government is taking a 'pre-emptive measure' to alert the market that there will be no supply shortage in coming months, with no need to bid aggressively for land or rush to buy units.
'This has the effect of calming the 'fear of losing' and distributes demand more evenly over time.'
Dr Chua said supply is not short and with more housing to be injected into the market, 'if economic factors turn unfavourable (which has a low probability), we could end up in a supply glut in about two to four years' time when the supply is physically ready for occupation'.
He added: 'Demand-side measures are probably more effective should transaction volumes and prices begin to outpace the general economic recovery.'
A property expert, who declined to be named, said: 'Buyers won't be in a hurry. Sales will slow. Once sales slow, prices may fall.' Prices of new suburban launches may come back to a more sustainable level of $800 psf, he said.
Still, given that sentiment has weakened, releasing so much supply could be risky. It may take another cycle to correct the market, he added.
On the other hand, said a developer: 'I would rather they increase supply than come out with a demand measure. The glut may not happen if the buyers are big developers and are thus able to hold if needed.'
Experts say leasing demand will be a key factor determining whether the mass market can absorb all the new supply.
' If the Government continues to be aggressive in its immigration policy, the supply may still be comfortably absorbed,' said Colliers International's research and advisory director, Ms Tay Huey Ying.
The full market impact will be clear when these projects are completed in at least 31/2 years, she said.
joyceteo@sph.com.sg
BT : Office market improving with rents edging up
Business Times - 25 May 2010
Office market improving with rents edging up
Demand for space returning, although huge supply will be onstream next year
By EMILYN YAP
(SINGAPORE) Sentiment in the commercial property sector is improving as leasing activity shows signs of growing in tandem with economic recovery.
A real estate consultancy has detected rising office rents in some parts of town in the past six weeks. And two research houses expect rents to rebound as much as 30 per cent by 2012.
In Singapore, 'office rents have a tendency to overshoot on the downside', CIMB analysts Donald Chua and Janice Ding said in a report last Thursday. 'However, past cycles also teach us that an office recovery can be surprisingly swift.'
According to Cushman & Wakefield's mid-second-quarter report, the monthly rent for Grade A buildings in Raffles Place averaged $7.53 per sq ft, up marginally from $7.52 psf in Q1.
And in the Shenton area, the average prime office rent edged up 1.6 per cent to $5.85 psf in Q2 from $5.76 psf in Q1.
Rents for top grade space at Raffles Place, City Hall and Orchard still dipped, but there is a 'glimmer of hope on the bottoming of prime rentals', according to Cushman & Wakefield.
Demand for space is returning, with companies absorbing about 90,000 sq ft in the past six weeks, it said. Reflecting this, the prime office vacancy rate slid 0.6 percentage points to 5.8 per cent.
Although things are looking up, Cushman & Wakefield has reservations on how soon a turnaround will kick in. So far, only rents for newer office buildings have risen, and a huge supply of space is coming on stream this year and next, it noted. 'To expect a robust recovery in overall CBD prime rents would be premature,' it said. But 'growth looks promising in the second half of the year'.
Also bullish are analysts from UOB Kay Hian and CIMB. Vikrant Pandey from the former expects a strong rebound in demand, which he reckons could lift prime office rents 10 per cent next year and 19 per cent in 2012.
Concerns about the large upcoming supply of office space are overstated, he said in a report this month. About 1.1 million sq ft of older office space could be converted into residences and after 2012, supply 'drops to near-zero levels', he said.
At the same time, existing companies and new businesses are seeking more space, Mr Pandey said, pointing out that more than 70 per cent of the upcoming supply of 2.7 million sq ft has been leased.
Analysts from CIMB said that historically, demand for office space has picked up in line with economic expansion. 'We believe this cycle is no different,' Mr Chua and Ms Ding said, noting that the government has raised its GDP growth forecast this year to 7-9 per cent.
In addition, office rents in Singapore have fallen below those in Hong Kong and the gap could widen further, increasing Singapore's relative attractiveness. 'Our base case suggests future demand can absorb supply and assumes a 30 per cent increase in office rents by 2012,' the CIMB analysts said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Outlook: Prime office vacancy has dipped but so far, only rents for newer office buildings have risen
Office market improving with rents edging up
Demand for space returning, although huge supply will be onstream next year
By EMILYN YAP
(SINGAPORE) Sentiment in the commercial property sector is improving as leasing activity shows signs of growing in tandem with economic recovery.
A real estate consultancy has detected rising office rents in some parts of town in the past six weeks. And two research houses expect rents to rebound as much as 30 per cent by 2012.
In Singapore, 'office rents have a tendency to overshoot on the downside', CIMB analysts Donald Chua and Janice Ding said in a report last Thursday. 'However, past cycles also teach us that an office recovery can be surprisingly swift.'
According to Cushman & Wakefield's mid-second-quarter report, the monthly rent for Grade A buildings in Raffles Place averaged $7.53 per sq ft, up marginally from $7.52 psf in Q1.
And in the Shenton area, the average prime office rent edged up 1.6 per cent to $5.85 psf in Q2 from $5.76 psf in Q1.
Rents for top grade space at Raffles Place, City Hall and Orchard still dipped, but there is a 'glimmer of hope on the bottoming of prime rentals', according to Cushman & Wakefield.
Demand for space is returning, with companies absorbing about 90,000 sq ft in the past six weeks, it said. Reflecting this, the prime office vacancy rate slid 0.6 percentage points to 5.8 per cent.
Although things are looking up, Cushman & Wakefield has reservations on how soon a turnaround will kick in. So far, only rents for newer office buildings have risen, and a huge supply of space is coming on stream this year and next, it noted. 'To expect a robust recovery in overall CBD prime rents would be premature,' it said. But 'growth looks promising in the second half of the year'.
Also bullish are analysts from UOB Kay Hian and CIMB. Vikrant Pandey from the former expects a strong rebound in demand, which he reckons could lift prime office rents 10 per cent next year and 19 per cent in 2012.
Concerns about the large upcoming supply of office space are overstated, he said in a report this month. About 1.1 million sq ft of older office space could be converted into residences and after 2012, supply 'drops to near-zero levels', he said.
At the same time, existing companies and new businesses are seeking more space, Mr Pandey said, pointing out that more than 70 per cent of the upcoming supply of 2.7 million sq ft has been leased.
Analysts from CIMB said that historically, demand for office space has picked up in line with economic expansion. 'We believe this cycle is no different,' Mr Chua and Ms Ding said, noting that the government has raised its GDP growth forecast this year to 7-9 per cent.
In addition, office rents in Singapore have fallen below those in Hong Kong and the gap could widen further, increasing Singapore's relative attractiveness. 'Our base case suggests future demand can absorb supply and assumes a 30 per cent increase in office rents by 2012,' the CIMB analysts said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Outlook: Prime office vacancy has dipped but so far, only rents for newer office buildings have risen
BT : 3 HDB DBSS sites to yield 1,590 units
Business Times - 25 May 2010
3 HDB DBSS sites to yield 1,590 units
THE Housing & Development Board will launch three sites under the Design, Build and Sell Scheme (DBSS) from June.
The sites can yield 1,590 flats in all. One plot, at Tampines Avenue 5/Tam- pines Central 8, will be rolled out next month and can accommodate an estimated 580 units.
The other two will be released in the second half of the year. Some 430 units can be built on a plot at Bedok Reservoir Crescent, and 580 on the parcel at Upper Serangoon Road.
The DBSS allows private developers to tender for state land to build public housing. They have flexibility in designing, pricing and selling the flats.
DBSS flats come with a 99-year lease and buyers have to meet eligibility criteria set by HDB.
In March, HDB had released a DBSS site at Yishun Avenue 11/Yishun Central. Yesterday it awarded the tender to a joint venture between Guthrie and SK Land, which put in the highest bid of $148.89 million or $180 per sq ft per plot ratio.
The site has a 103-year lease and can yield an estimated 700 units.
Besides the DBSS, HDB has been making more flats available through the build-to-order (BTO) scheme. It has launched 6,132 new BTO units since January.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
3 HDB DBSS sites to yield 1,590 units
THE Housing & Development Board will launch three sites under the Design, Build and Sell Scheme (DBSS) from June.
The sites can yield 1,590 flats in all. One plot, at Tampines Avenue 5/Tam- pines Central 8, will be rolled out next month and can accommodate an estimated 580 units.
The other two will be released in the second half of the year. Some 430 units can be built on a plot at Bedok Reservoir Crescent, and 580 on the parcel at Upper Serangoon Road.
The DBSS allows private developers to tender for state land to build public housing. They have flexibility in designing, pricing and selling the flats.
DBSS flats come with a 99-year lease and buyers have to meet eligibility criteria set by HDB.
In March, HDB had released a DBSS site at Yishun Avenue 11/Yishun Central. Yesterday it awarded the tender to a joint venture between Guthrie and SK Land, which put in the highest bid of $148.89 million or $180 per sq ft per plot ratio.
The site has a 103-year lease and can yield an estimated 700 units.
Besides the DBSS, HDB has been making more flats available through the build-to-order (BTO) scheme. It has launched 6,132 new BTO units since January.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Property veteran joins Jones Lang
Business Times - 25 May 2010
Property veteran joins Jones Lang
Alistair Meadows to head Int'l Capital Group, Asia-Pacific
JONES Lang LaSalle (JLL) yesterday said that it appointed Alistair Meadows as head of its International Capital Group, Asia-Pacific (ICG) with effect from August this year.
Mr Meadows, a capital markets specialist, will be based in Singapore. He has 15 years of international real estate experience within the Asia-Pacific and Europe, and joins JLL from DTZ Sydney, where he held the role of regional director, Capital Markets.
JLL's press statement yesterday said that Mr Meadows will work alongside Andrew Martin, a member of the ICG based in Sydney, Australia, and Stuart Crow, head of Asia-Pacific Capital Markets in Singapore, to help drive the expansion of the firm's global capital markets business. JLL's ICG team comprises senior Capital Markets professionals who oversee and coordinate the sale and financing of trophy assets with global investor appeal.
Mr Meadows will focus on facilitating cross border capital flows and investment transactions, driving sources of capital especially in Korea, China and South-east Asia, to invest outside of the Asia-Pacific.
Alastair Hughes, JLL's chief executive officer for Asia-Pacific, said in the press statement that the group was well positioned to take advantage of the increase in capital volumes in the property market.
'Cross border momentum is building as economies continue to recover and with an expected growth in investment volumes of 35-45 per cent across the region this year, we are seeing a renewed appeal to investors in the market,' he said.
Mr Meadows, who is 39, holds a Masters Degree in Land Economy from Cambridge University and a Bachelor of Arts from University of Newcastle-upon-Tyne.
During his tenure with DTZ, he was responsible for major cross border investment transactions totalling over US$3 billion, with both in-bound capital to Australia and out-bound capital to Europe and Japan.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Property veteran joins Jones Lang
Alistair Meadows to head Int'l Capital Group, Asia-Pacific
JONES Lang LaSalle (JLL) yesterday said that it appointed Alistair Meadows as head of its International Capital Group, Asia-Pacific (ICG) with effect from August this year.
Mr Meadows, a capital markets specialist, will be based in Singapore. He has 15 years of international real estate experience within the Asia-Pacific and Europe, and joins JLL from DTZ Sydney, where he held the role of regional director, Capital Markets.
JLL's press statement yesterday said that Mr Meadows will work alongside Andrew Martin, a member of the ICG based in Sydney, Australia, and Stuart Crow, head of Asia-Pacific Capital Markets in Singapore, to help drive the expansion of the firm's global capital markets business. JLL's ICG team comprises senior Capital Markets professionals who oversee and coordinate the sale and financing of trophy assets with global investor appeal.
Mr Meadows will focus on facilitating cross border capital flows and investment transactions, driving sources of capital especially in Korea, China and South-east Asia, to invest outside of the Asia-Pacific.
Alastair Hughes, JLL's chief executive officer for Asia-Pacific, said in the press statement that the group was well positioned to take advantage of the increase in capital volumes in the property market.
'Cross border momentum is building as economies continue to recover and with an expected growth in investment volumes of 35-45 per cent across the region this year, we are seeing a renewed appeal to investors in the market,' he said.
Mr Meadows, who is 39, holds a Masters Degree in Land Economy from Cambridge University and a Bachelor of Arts from University of Newcastle-upon-Tyne.
During his tenure with DTZ, he was responsible for major cross border investment transactions totalling over US$3 billion, with both in-bound capital to Australia and out-bound capital to Europe and Japan.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Persian Gulf property market likely to worsen
Business Times - 25 May 2010
Persian Gulf property market likely to worsen
Moody's cites vast supply in pipeline, scarce lending
(DUBAI) Persian Gulf real estate markets will probably worsen in the coming months as a 'vast' supply of properties becomes available and lending remains scarce, Moody's Investors Service said.
Moody's gave the industry a negative outlook for the next 12 months to 18 months and has downgraded the ratings of all Gulf Cooperation Council-based companies affected by real estate, analyst Martin Kohlhase said in a report yesterday.
'The supply-demand imbalance in commercial property, and to some degree in residential units, is likely to grow worse as vast supply meets slack demand,' he said.
Gulf property companies are struggling after the global financial crisis choked off lending, making it more difficult for them to finance developments and depriving the market of homebuyers.
The average long-term debt rating for the companies is Ba1, one step below investment grade. In April 2009, the average was A2, five steps above 'junk' status, according to the report.
The GCC is made up of Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Oman and Kuwait.
The market in Dubai, part of the UAE, has worsened the most, with house prices falling by 50 per cent, according to the report. Emaar Properties PJSC, Dubai's largest developer, is rated B1, four levels below investment grade, and is on watch for further downgrade, according to the report.
Government intervention could improve prospects in the region, Mr Kohlhase wrote. Moody's is unlikely to give the GCC countries a 'stable' outlook in the near term, he said.
Saudi Arabia is the 'brightest spot' in the region, with a young and growing population bolstering the residential market, Moody's said.
The peak year for debt coming due will be 2012, meaning companies will have to address refinancing over the next 18 months, Mr Kohlhase wrote.
Saudi Arabia's Dar Al-Arkan Real Estate Development Co, for example, has US$1 billion of Islamic bonds, or sukuk, due to be repaid in July 2012, according to data compiled by Bloomberg\. \-- Bloomberg
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Persian Gulf property market likely to worsen
Moody's cites vast supply in pipeline, scarce lending
(DUBAI) Persian Gulf real estate markets will probably worsen in the coming months as a 'vast' supply of properties becomes available and lending remains scarce, Moody's Investors Service said.
Moody's gave the industry a negative outlook for the next 12 months to 18 months and has downgraded the ratings of all Gulf Cooperation Council-based companies affected by real estate, analyst Martin Kohlhase said in a report yesterday.
'The supply-demand imbalance in commercial property, and to some degree in residential units, is likely to grow worse as vast supply meets slack demand,' he said.
Gulf property companies are struggling after the global financial crisis choked off lending, making it more difficult for them to finance developments and depriving the market of homebuyers.
The average long-term debt rating for the companies is Ba1, one step below investment grade. In April 2009, the average was A2, five steps above 'junk' status, according to the report.
The GCC is made up of Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Oman and Kuwait.
The market in Dubai, part of the UAE, has worsened the most, with house prices falling by 50 per cent, according to the report. Emaar Properties PJSC, Dubai's largest developer, is rated B1, four levels below investment grade, and is on watch for further downgrade, according to the report.
Government intervention could improve prospects in the region, Mr Kohlhase wrote. Moody's is unlikely to give the GCC countries a 'stable' outlook in the near term, he said.
Saudi Arabia is the 'brightest spot' in the region, with a young and growing population bolstering the residential market, Moody's said.
The peak year for debt coming due will be 2012, meaning companies will have to address refinancing over the next 18 months, Mr Kohlhase wrote.
Saudi Arabia's Dar Al-Arkan Real Estate Development Co, for example, has US$1 billion of Islamic bonds, or sukuk, due to be repaid in July 2012, according to data compiled by Bloomberg\. \-- Bloomberg
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
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