May 31, 2010
More Singaporeans buying pricey homes
Locals overtake PRs and foreigners as buyers of units costing above $5m
By Lee Zhi Xin
THINK most buyers of homes priced above $5million are foreigners? Not any more, according to a report by Savills Research and Consultancy.
It has reported a stunning reversal of a trend that has prevailed for at least three years, when foreigners had dominated the top end of the market here.
The proportion of Singaporeans buying these pricey homes shot up 12.8 percentage points to 42.3 per cent for homes sold in the four months ended April 30, compared with the figure in the fourth quarter of last year.
Locals have easily overtaken the 39.7per cent combined figure for permanent residents and foreigners. Their share is 21.4percentage points lower compared to that in the three months ended last December.
Companies made up the other buyers.
'This decrease could be partly due to more cautiousness as a result of the financial woes and uncertainties facing the European countries,' senior manager of Savills Research and Consultancy Christine Sun said. 'Another reason could be... that the Singapore currency is generally stronger against other currencies, making these houses more expensive for foreigners.
'On the other hand, Singaporean buyers are more upbeat, especially after seeing the boost in our gross domestic product (GDP) and the influx of tourists and investors.'
Indeed, this strong optimism was reflected in the surge in sales of non-landed, high-end private homes. An impressive 214 homes costing $5million or more were sold in the first four months of this year, surpassing the 208 for 2008.
This year's sales also amount to 70 per cent of the 307 homes sold in the whole of last year, bolstering Ms Sun's confidence that this year's sales total will better last year's as well.
Optimism in the high-end market started picking up in the third quarter of last year, when 147 homes worth at least $5million were sold - a 283per cent jump from the figure in the previous quarter. In the first quarter this year, 137 of these pricey units were sold.
But Ms Sun noted that these figures are still a far cry from 2007 figures, when 1,249 units priced at $5 million or above were sold as a result of the property boom.
In the primary market, Urban Suites sold the largest number of these high-end homes - 24 units - for the period from the third quarter of last year to this April.
Goodwood Residence and Nassim Park Residences were not far behind, with 18 and 16 units sold respectively.
In the resale market, Ardmore Park took the lead with 19 units sold, followed by Grange Residences with 15 units. The subsale market saw Tate Residences swiping first place with 17 units, while Ardmore II bit at its heels with 16 units sold.
As a result, the total transaction value of these non-landed private homes priced at $5 million and above has shot up 30 per cent in the first quarter to $953 million from the figure in the previous quarter.
This upswing looks set to continue with last month's figure of $507 million already more than half of last quarter's.
Leading the pack in price so far this year is a 6,889 sq ft unit at Nassim Park Residences, sold for an eye-popping $20million. This, however, is still some distance away from the record $33.4million for an 8,051 sq ft unit at Boulevard Vue sold in November last year.
These rising figures have translated into a larger share of the non-landed market for these homes, from 0.3 per cent in the first quarter of last year to 3.4 per cent last month.
As a result, the share of private homes priced at less than $2.5 million has dropped from 95 per cent to 87.4 per cent.
'All these findings may indicate that more buyers are increasing their risk appetite for pricier homes as the economy recovers,' said Ms Sun, who was quick to note that this may also be a result of private home prices rising in recent months.
Add another reason to the mix: Buyers are going for larger units as well.
Sales of non-landed private units above 2,000 sq ft saw a year-on-year leap of 426.7 per cent for the first quarter of this year to 553 units. These homes now make up 7.6 per cent of the non-landed private market, a 4 percentage point rise in the same period.
But Cushman & Wakefield managing director Donald Han thinks that demand for luxury homes will not continue rising at this rapid rate. 'Our rapid GDP rise is clouded by the European crisis, and the stock market does not look buoyant at the moment... I expect the property market to take a breather,' he said.
lzhixin@sph.com.sg
Monday, May 31, 2010
ST : Not many rogue agents, replies real estate body
May 28, 2010
Not many rogue agents, replies real estate body
I COMMEND Ms Tan Hui Yee ('Getting smart against rogue housing agents'; Wednesday) for highlighting how savvy consumers can protect themselves from falling prey to rogue agents.
But rogue agents are not aplenty. Most consumers have had satisfactory experiences with the agents in their transactions. The Public Perception and Expectations of Real Estate Agents survey carried out by Ngee Ann Polytechnic last year indicated that 64.6 per cent of the respondents were satisfied with their estate agents and 67.3 per cent rated them in the range of 'satisfactory' to 'excellent' for fiduciary dealings, which is meant to reflect the ethical relationship between parties.
The case of the Yuens involving gross misconduct of agents last year was a rarity.
Contrary to Ms Tan's suggestion that consumers were sceptical or unfamiliar with real estate bodies such as the Singapore Accredited Estate Agencies (SAEA), we had 329 inquiries, feedback and complaints last year, of which 40 per cent were complaints requiring our intervention, and these included disputes over commission.
The number of complaints alone was thrice more than what our agency handled in 2008. The bulk of the complaints was expeditiously resolved. SAEA also successfully helped settle all cases which required mediation. So, we do not believe we are ineffectual.
Finally, Ms Tan stated that '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'.
There is another perspective to this, that is, if indeed the estate agent is clearly proven to have misled his client resulting in financial loss or even hardship, it is likely that he will face disciplinary inquiry in addition to the possibility of civil suit. The estate agency to which he is registered with may also face censure.
Dr Tan Tee Khoon
Chief Executive Officer
Singapore Accredited Estate Agencies
Not many rogue agents, replies real estate body
I COMMEND Ms Tan Hui Yee ('Getting smart against rogue housing agents'; Wednesday) for highlighting how savvy consumers can protect themselves from falling prey to rogue agents.
But rogue agents are not aplenty. Most consumers have had satisfactory experiences with the agents in their transactions. The Public Perception and Expectations of Real Estate Agents survey carried out by Ngee Ann Polytechnic last year indicated that 64.6 per cent of the respondents were satisfied with their estate agents and 67.3 per cent rated them in the range of 'satisfactory' to 'excellent' for fiduciary dealings, which is meant to reflect the ethical relationship between parties.
The case of the Yuens involving gross misconduct of agents last year was a rarity.
Contrary to Ms Tan's suggestion that consumers were sceptical or unfamiliar with real estate bodies such as the Singapore Accredited Estate Agencies (SAEA), we had 329 inquiries, feedback and complaints last year, of which 40 per cent were complaints requiring our intervention, and these included disputes over commission.
The number of complaints alone was thrice more than what our agency handled in 2008. The bulk of the complaints was expeditiously resolved. SAEA also successfully helped settle all cases which required mediation. So, we do not believe we are ineffectual.
Finally, Ms Tan stated that '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'.
There is another perspective to this, that is, if indeed the estate agent is clearly proven to have misled his client resulting in financial loss or even hardship, it is likely that he will face disciplinary inquiry in addition to the possibility of civil suit. The estate agency to which he is registered with may also face censure.
Dr Tan Tee Khoon
Chief Executive Officer
Singapore Accredited Estate Agencies
ST : Just one lone petrol station in Punggol
May 30, 2010
Just one lone petrol station in Punggol
By Kimberly Spykerman
One is a lonely number, and it is the reason motorists in Punggol are being driven mad.
The new town has just one petrol station and long, snaking queues are common, especially during the weekends.
The Singapore Petroleum Centre (SPC) station at the junction of Punggol Central Road and Edgefield Plains caters to 82,000 residents.
Neighbouring new town Sengkang has three petrol stations.
Staff at the Punggol petrol station told The Sunday Times that on busy days, as many as 10 cars line the road leading up to it, despite there being no huge discounts.
Said bank manager Serena Lee: 'I avoid going there on weekends and Monday mornings. I go at night, or during non-peak hours.'
Although Ms Lee, 49, does not live there, she goes to Punggol almost every day to visit her elderly mother. Her longest wait to fill up was about 10 minutes.
When contacted, the Urban Redevelopment Authority (URA) said land is set aside for petrol stations in new towns. The release of sites for tender depends on factors such as the growth and size of the new town, it added.
SPC secured the 30-year Punggol site three years ago for $8.5 million.
Mr Charles Chong, an MP for Pasir-Ris Punggol GRC, said: 'It's a chicken and egg situation.'
He explained that a critical mass would entice businesses to set up; on the other hand, residents will not move in without the facilities.
'If the essential facilities can develop together with residential properties, that is ideal but it's not an easy balance to strike.'
The URA said that while demand is a key factor, there are some areas, such as densely built-up Orchard Road, which are simply no-go zones because of 'security and technical requirements'.
One expert, Associate Professor Belinda Yuen from the Department of Real Estate, National University of Singapore, felt that safety and accessibility are top-most considerations in decisions on the location of petrol stations, especially since petrol is highly flammable.
'It's best to locate these petrol stations a safe distance from residential and crowded areas. There should also be sufficient open space around them to provide a buffer, and no flammable material in case of fire,' she added.
In all, there are about 200 petrol stations in Singapore.
Areas like Serangoon and Bukit Timah boast at least three stations in a single kilometre stretch.
Petrol stations, meanwhile, are upping their game to woo customers. Besides fuel, customers can get a whole lot more at the stations.
For example, FairPrice Xpress stores at Esso stations were recently enhanced to add fresh produce such as frozen meat, cheese and vegetables to their line-up of products. It also trotted out Citibank drive-through ATMs at several outlets last year.
Said Exxonmobil's retail manager Thia Ling Ling: 'With changing demographics such as more dual-income busy families, we offer our customers the convenience of shopping for their groceries, or withdrawing cash from an ATM, all while refuelling their cars at the station.'
The petrol station in Punggol caters to 82,000 residents, and long queues are common on weekends. -- ST PHOTO: ALPHONSUS CHERN
Just one lone petrol station in Punggol
By Kimberly Spykerman
One is a lonely number, and it is the reason motorists in Punggol are being driven mad.
The new town has just one petrol station and long, snaking queues are common, especially during the weekends.
The Singapore Petroleum Centre (SPC) station at the junction of Punggol Central Road and Edgefield Plains caters to 82,000 residents.
Neighbouring new town Sengkang has three petrol stations.
Staff at the Punggol petrol station told The Sunday Times that on busy days, as many as 10 cars line the road leading up to it, despite there being no huge discounts.
Said bank manager Serena Lee: 'I avoid going there on weekends and Monday mornings. I go at night, or during non-peak hours.'
Although Ms Lee, 49, does not live there, she goes to Punggol almost every day to visit her elderly mother. Her longest wait to fill up was about 10 minutes.
When contacted, the Urban Redevelopment Authority (URA) said land is set aside for petrol stations in new towns. The release of sites for tender depends on factors such as the growth and size of the new town, it added.
SPC secured the 30-year Punggol site three years ago for $8.5 million.
Mr Charles Chong, an MP for Pasir-Ris Punggol GRC, said: 'It's a chicken and egg situation.'
He explained that a critical mass would entice businesses to set up; on the other hand, residents will not move in without the facilities.
'If the essential facilities can develop together with residential properties, that is ideal but it's not an easy balance to strike.'
The URA said that while demand is a key factor, there are some areas, such as densely built-up Orchard Road, which are simply no-go zones because of 'security and technical requirements'.
One expert, Associate Professor Belinda Yuen from the Department of Real Estate, National University of Singapore, felt that safety and accessibility are top-most considerations in decisions on the location of petrol stations, especially since petrol is highly flammable.
'It's best to locate these petrol stations a safe distance from residential and crowded areas. There should also be sufficient open space around them to provide a buffer, and no flammable material in case of fire,' she added.
In all, there are about 200 petrol stations in Singapore.
Areas like Serangoon and Bukit Timah boast at least three stations in a single kilometre stretch.
Petrol stations, meanwhile, are upping their game to woo customers. Besides fuel, customers can get a whole lot more at the stations.
For example, FairPrice Xpress stores at Esso stations were recently enhanced to add fresh produce such as frozen meat, cheese and vegetables to their line-up of products. It also trotted out Citibank drive-through ATMs at several outlets last year.
Said Exxonmobil's retail manager Thia Ling Ling: 'With changing demographics such as more dual-income busy families, we offer our customers the convenience of shopping for their groceries, or withdrawing cash from an ATM, all while refuelling their cars at the station.'
The petrol station in Punggol caters to 82,000 residents, and long queues are common on weekends. -- ST PHOTO: ALPHONSUS CHERN
ST : New launches aplenty amid uncertainty
May 30, 2010
New launches aplenty amid uncertainty
Analysts believe demand likely to be healthy despite market volatility
By Jessica Cheam
New residential projects have been launched for the long weekend as Singapore celebrates Vesak Day. But with the recent uncertainty in the financial market, will property investors bite?
Property experts whom The Sunday Times spoke to said the jury is still out on whether April's bumper sales of 2,207 new units - the second-highest monthly sales achieved - can be sustained this month.
This figure was up from 1,761 in March and 1,202 in February.
But recent turmoil stemming from the sovereign debt crisis in Greece and other European countries, coupled with stock market volatility, may have a cooling effect on the market in the short term, experts said.
Last week, the Government also 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.
Together, the plots could yield 13,905 new homes - a figure that has experts speculating about a possible supply glut in the future.
The big question on the minds of property hunters on the prowl this weekend: Is this the right time to buy?
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that investors will now have to consider that there may be cheaper projects on the horizon.
'With the bumper crop of land sales, bids will be less aggressive and this could translate to lower launch prices,' he said.
Chesterton Suntec International research and consultancy director Colin Tan said the uncertainty of the global economic outlook could also be a reason for investors to stay away.
Mr Tan did not think, however, that the Government's recent land release would have a big impact on demand as there are still genuine buyers in the market.
But both experts agreed there is a healthy level of demand that will still move sales this weekend.
Major projects launched this weekend include Kheng Leong group's The Minton in Lorong Ah Soo/Hougang Street 11, which officially opened to the public yesterday.
The 99-year leasehold development offers a range of one- to four-bedroom apartments and is due for completion around 2014. Units were sold during the soft launch at an average price of $880 psf.
Another project launched last Friday was Frasers Centrepoint's Flamingo Valley in Siglap.
About 40 of 120 units released during the previews have been sold at an average price of $1,200 psf, said Frasers.
The freehold development offers a range of units from studios to four-bedders and penthouses.
Another recent launch: the freehold Cascadia condo in Bukit Timah Road.
More than 50 of 90 released units have been sold, said its developer Allgreen Properties. Units sold at between $1,300psf and $1,600psf, with average transacted prices close to $1,400 psf, it said.
For buyers on the lookout for completed properties, Melodies Limited's freehold 72-unit Cassia View in Guillemard Road offers three-bedroom units and penthouses. Prices range from $900 psf to $1,100 psf.
Ngee Ann Polytechnic's Mr Mak said that despite market uncertainty, some projects - especially those attractively priced - will still do well.
Chesterton's Mr Tan said that the recent bidding by developers for land at bullish prices reflects developers' positive outlook on demand for homes.
jcheam@sph.com.sg
Additional reporting by Lee Zhi Xin
Units at the sprawling Flamingo Valley in Siglap have been going at an average of $1,200 psf during preview sales. -- PHOTO: FRASERS CENTREPOINT HOMES
New launches aplenty amid uncertainty
Analysts believe demand likely to be healthy despite market volatility
By Jessica Cheam
New residential projects have been launched for the long weekend as Singapore celebrates Vesak Day. But with the recent uncertainty in the financial market, will property investors bite?
Property experts whom The Sunday Times spoke to said the jury is still out on whether April's bumper sales of 2,207 new units - the second-highest monthly sales achieved - can be sustained this month.
This figure was up from 1,761 in March and 1,202 in February.
But recent turmoil stemming from the sovereign debt crisis in Greece and other European countries, coupled with stock market volatility, may have a cooling effect on the market in the short term, experts said.
Last week, the Government also 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.
Together, the plots could yield 13,905 new homes - a figure that has experts speculating about a possible supply glut in the future.
The big question on the minds of property hunters on the prowl this weekend: Is this the right time to buy?
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that investors will now have to consider that there may be cheaper projects on the horizon.
'With the bumper crop of land sales, bids will be less aggressive and this could translate to lower launch prices,' he said.
Chesterton Suntec International research and consultancy director Colin Tan said the uncertainty of the global economic outlook could also be a reason for investors to stay away.
Mr Tan did not think, however, that the Government's recent land release would have a big impact on demand as there are still genuine buyers in the market.
But both experts agreed there is a healthy level of demand that will still move sales this weekend.
Major projects launched this weekend include Kheng Leong group's The Minton in Lorong Ah Soo/Hougang Street 11, which officially opened to the public yesterday.
The 99-year leasehold development offers a range of one- to four-bedroom apartments and is due for completion around 2014. Units were sold during the soft launch at an average price of $880 psf.
Another project launched last Friday was Frasers Centrepoint's Flamingo Valley in Siglap.
About 40 of 120 units released during the previews have been sold at an average price of $1,200 psf, said Frasers.
The freehold development offers a range of units from studios to four-bedders and penthouses.
Another recent launch: the freehold Cascadia condo in Bukit Timah Road.
More than 50 of 90 released units have been sold, said its developer Allgreen Properties. Units sold at between $1,300psf and $1,600psf, with average transacted prices close to $1,400 psf, it said.
For buyers on the lookout for completed properties, Melodies Limited's freehold 72-unit Cassia View in Guillemard Road offers three-bedroom units and penthouses. Prices range from $900 psf to $1,100 psf.
Ngee Ann Polytechnic's Mr Mak said that despite market uncertainty, some projects - especially those attractively priced - will still do well.
Chesterton's Mr Tan said that the recent bidding by developers for land at bullish prices reflects developers' positive outlook on demand for homes.
jcheam@sph.com.sg
Additional reporting by Lee Zhi Xin
Units at the sprawling Flamingo Valley in Siglap have been going at an average of $1,200 psf during preview sales. -- PHOTO: FRASERS CENTREPOINT HOMES
ST : Singapore developers score big
May 28, 2010
Singapore developers score big
City Developments, Far East Organization, UOL and Keppel Land win international prizes for their buildings
By tay suan chiang
Four Singapore property developers were winners in this year's Fiabci Prix d'Excellence Competition, considered as the Olympics of the international real estate industry.
The Sail @ Marina Bay by City Developments came out tops in the Residential (High Rise) category. Far East Organization (FEO) won two accolades: a top award for Central at Clarke Quay in the Office category and a runner-up prize for its Square 2/Novena Medical Centre in the Specialised Project category.
UOL Group also clinched two awards. Its Pan Pacific Suzhou was tops in the Hotel category, while its one-north Residences was a runner-up in the Residential (High Rise) category.
Rounding off the list was Keppel Land, which bagged a runner-up prize in the Residential (Low Rise) category for its Jakarta Garden City project.
Indonesian Vice-President Boediono handed out the awards in Bali last night. Fiabci is the French acronym for the International Real Estate Federation, which organises the annual Prix d'Excellence to recognise excellence in property development. Entries are judged on five criteria: global concept, architecture and design, development and construction, community benefit and environmental impact, and financials and marketing.
There were 54 entries this year, with 12 winners and 12 runner-ups. Other winners included Hungary's Chemical Research Building and Malaysia's Adiva Parkhomes, Courtyard Terraces & Apartments.
On the projects by Singapore developers, Mr Yeow Thit Sang, president of the awards, said: 'They are of high standards and world-class quality.'
Strong track record
Dr Steven Choo, chief executive officer of the Real Estate Developers' Association of Singapore, said: 'It is testimony to the outstanding quality real estate that our members consistently create and a ringing endorsement of Singapore's presence as a global city of distinction in urban design and development.'
Singapore has been a strong Fiabci award winner. Past winners include Republic Plaza office tower, St Regis hotel and Esplanade Theatres On The Bay.
Said Mr Ashvinkumar Kantilai, president of the Singapore Institute of Architects: 'Our consistent success in the Fiabci awards over the years is proof of the maturing architectural design environment in Singapore.
'Over the years, the synergy among the developers, architects and contractors, with support from the Government, has helped to leapfrog Singapore's international standing in producing and delivering creative, innovative and sustainable design solutions.'
This year marks FEO's sixth time winning the awards, the most by any Singapore developer since they were introduced in 1992. Its past winners include residential projects Orchard Scotts, Gardenville and The Bayshore as well as The Fullerton Hotel Singapore and Far East Square.
While the accolade is handed out to developers, Mr Chng Kiong Huat, FEO's executive director for development and planning, said the awards give end-users 'peace of mind that the developer can build and deliver'.
taysc@sph.com.sg
--------------------------------------------------------------------------------
UOL GROUP
Pan Pacific Suzhou
Fiabci Prix d'Excellence Award winner
Located in the south-eastern part of the Ping Jiang District in Suzhou, Pan Pacific Suzhou, a winner in the Hotel category, sits in a strategic location and combines architectural grandeur with exquisite garden features.
The design of the five-star, 481-room hotel shows sensitivity to its environment and ingenuity in integrating the old and new elements.
one-north Residences
Fiabci Prix d'Excellence Award runner-up
A runner-up in the Residential (High Rise) category, the 405-unit one-north Residences is part of the larger one-north master plan in Singapore.
One-north is a 200ha development centred on knowledge-based industries that provide a stimulating and creative physical environment in which to live, congregate, interact and exchange ideas.
The condominium is arranged around a large courtyard to make the most of the surrounding park views.
FAR EAST ORGANIZATION
Central
Fiabci Prix d'Excellence Award winner
Shoppers may gripe about finding it hard to locate the shops in the mall of this development, but Central, completed in 2008, is a Fiabci winner in the Office category.
It introduced the first-of-its-kind purpose-built Small Office Home Office (Soho) units - functional and versatile spaces for office and residential use.
Central comprises two Soho towers, a 25-storey office block, a sky garden, recreational facilities and a retail podium.
It has attracted a vibrant community of entrepreneurial businesses including consultants and professionals in the legal, information technology, logistics, recruitment, education and fashion industries.
Square 2/Novena Medical Centre
Fiabci Prix d'Excellence Award runner-up
This project is the first of its kind in Singapore: a medical centre with a retail podium and which is connected directly to a hospital. It is a runner-up in the Specialised Project (Purpose-built) category.
The retail segment, called Square 2, has five floors offering a variety of shops and restaurants. Its basement level connects directly to the Novena MRT station.
The Novena Medical Centre has 145 clinics located on four floors. Facilities include day surgery and diagnostic radiology centres. An air-conditioned overhead linkway connects Tan Tock Seng Hospital, Singapore's second-largest public hospital, to the third-level lift lobby of the medical centre.
CITY DEVELOPMENTS
The Sail @ Marina Bay
Fiabci Prix d'Excellence Award winner
A winner in the Residential (High Rise) category, The Sail @ Marina Bay was designed by renowned Norwegian/ American architect Peter Pran.
Consisting of two 70- and 63-storey towers housing 1,111 apartments in all, it is Singapore's tallest residential development.
The towers have a unique sculptural form and their waterfront location gives home owners clear views of the Marina Bay area.
KEPPEL LAND
Jakarta Garden City
Fiabci Prix d'Excellence Award runner-up
Located a 35-minute drive from downtown Jakarta, Jakarta Garden City consists of 8,000 houses with facilities such as shopping malls and a market in its compound. It is a runner-up in the Residential (Low Rise) category.
It is modelled after 'clean, green Singapore' and will be developed as 'the ideal integrated township to live, work, play and learn in'. It is Indonesia's first township to be designed with a green lifestyle theme and will have eco-friendly features.
Singapore developers score big
City Developments, Far East Organization, UOL and Keppel Land win international prizes for their buildings
By tay suan chiang
Four Singapore property developers were winners in this year's Fiabci Prix d'Excellence Competition, considered as the Olympics of the international real estate industry.
The Sail @ Marina Bay by City Developments came out tops in the Residential (High Rise) category. Far East Organization (FEO) won two accolades: a top award for Central at Clarke Quay in the Office category and a runner-up prize for its Square 2/Novena Medical Centre in the Specialised Project category.
UOL Group also clinched two awards. Its Pan Pacific Suzhou was tops in the Hotel category, while its one-north Residences was a runner-up in the Residential (High Rise) category.
Rounding off the list was Keppel Land, which bagged a runner-up prize in the Residential (Low Rise) category for its Jakarta Garden City project.
Indonesian Vice-President Boediono handed out the awards in Bali last night. Fiabci is the French acronym for the International Real Estate Federation, which organises the annual Prix d'Excellence to recognise excellence in property development. Entries are judged on five criteria: global concept, architecture and design, development and construction, community benefit and environmental impact, and financials and marketing.
There were 54 entries this year, with 12 winners and 12 runner-ups. Other winners included Hungary's Chemical Research Building and Malaysia's Adiva Parkhomes, Courtyard Terraces & Apartments.
On the projects by Singapore developers, Mr Yeow Thit Sang, president of the awards, said: 'They are of high standards and world-class quality.'
Strong track record
Dr Steven Choo, chief executive officer of the Real Estate Developers' Association of Singapore, said: 'It is testimony to the outstanding quality real estate that our members consistently create and a ringing endorsement of Singapore's presence as a global city of distinction in urban design and development.'
Singapore has been a strong Fiabci award winner. Past winners include Republic Plaza office tower, St Regis hotel and Esplanade Theatres On The Bay.
Said Mr Ashvinkumar Kantilai, president of the Singapore Institute of Architects: 'Our consistent success in the Fiabci awards over the years is proof of the maturing architectural design environment in Singapore.
'Over the years, the synergy among the developers, architects and contractors, with support from the Government, has helped to leapfrog Singapore's international standing in producing and delivering creative, innovative and sustainable design solutions.'
This year marks FEO's sixth time winning the awards, the most by any Singapore developer since they were introduced in 1992. Its past winners include residential projects Orchard Scotts, Gardenville and The Bayshore as well as The Fullerton Hotel Singapore and Far East Square.
While the accolade is handed out to developers, Mr Chng Kiong Huat, FEO's executive director for development and planning, said the awards give end-users 'peace of mind that the developer can build and deliver'.
taysc@sph.com.sg
--------------------------------------------------------------------------------
UOL GROUP
Pan Pacific Suzhou
Fiabci Prix d'Excellence Award winner
Located in the south-eastern part of the Ping Jiang District in Suzhou, Pan Pacific Suzhou, a winner in the Hotel category, sits in a strategic location and combines architectural grandeur with exquisite garden features.
The design of the five-star, 481-room hotel shows sensitivity to its environment and ingenuity in integrating the old and new elements.
one-north Residences
Fiabci Prix d'Excellence Award runner-up
A runner-up in the Residential (High Rise) category, the 405-unit one-north Residences is part of the larger one-north master plan in Singapore.
One-north is a 200ha development centred on knowledge-based industries that provide a stimulating and creative physical environment in which to live, congregate, interact and exchange ideas.
The condominium is arranged around a large courtyard to make the most of the surrounding park views.
FAR EAST ORGANIZATION
Central
Fiabci Prix d'Excellence Award winner
Shoppers may gripe about finding it hard to locate the shops in the mall of this development, but Central, completed in 2008, is a Fiabci winner in the Office category.
It introduced the first-of-its-kind purpose-built Small Office Home Office (Soho) units - functional and versatile spaces for office and residential use.
Central comprises two Soho towers, a 25-storey office block, a sky garden, recreational facilities and a retail podium.
It has attracted a vibrant community of entrepreneurial businesses including consultants and professionals in the legal, information technology, logistics, recruitment, education and fashion industries.
Square 2/Novena Medical Centre
Fiabci Prix d'Excellence Award runner-up
This project is the first of its kind in Singapore: a medical centre with a retail podium and which is connected directly to a hospital. It is a runner-up in the Specialised Project (Purpose-built) category.
The retail segment, called Square 2, has five floors offering a variety of shops and restaurants. Its basement level connects directly to the Novena MRT station.
The Novena Medical Centre has 145 clinics located on four floors. Facilities include day surgery and diagnostic radiology centres. An air-conditioned overhead linkway connects Tan Tock Seng Hospital, Singapore's second-largest public hospital, to the third-level lift lobby of the medical centre.
CITY DEVELOPMENTS
The Sail @ Marina Bay
Fiabci Prix d'Excellence Award winner
A winner in the Residential (High Rise) category, The Sail @ Marina Bay was designed by renowned Norwegian/ American architect Peter Pran.
Consisting of two 70- and 63-storey towers housing 1,111 apartments in all, it is Singapore's tallest residential development.
The towers have a unique sculptural form and their waterfront location gives home owners clear views of the Marina Bay area.
KEPPEL LAND
Jakarta Garden City
Fiabci Prix d'Excellence Award runner-up
Located a 35-minute drive from downtown Jakarta, Jakarta Garden City consists of 8,000 houses with facilities such as shopping malls and a market in its compound. It is a runner-up in the Residential (Low Rise) category.
It is modelled after 'clean, green Singapore' and will be developed as 'the ideal integrated township to live, work, play and learn in'. It is Indonesia's first township to be designed with a green lifestyle theme and will have eco-friendly features.
ST : $92m upgrade for Six Battery Road
May 28, 2010
$92m upgrade for Six Battery Road
Makeover will include green features to boost energy efficiency
By Jessica Cheam
RAFFLES Place Grade A office building Six Battery Road is to undergo a $92 million facelift that will give its tenants a greener working environment.
CapitaCommercial Trust (CCT) Management, which owns the building, yesterday unveiled its ambitious asset enhancement plan.
It said it is upgrading the site to meet the needs of modern-day office tenants, while at the same time boosting its energy efficiency and cutting its environmental impact.
Among the green features that will be incorporated are a wind turbine to power lighting and reduce the building's carbon footprint, and a re-designed chiller plant room to improve energy efficiency.
The cost of the makeover is equivalent to about 8 per cent of the property's value, as at the end of December last year.
CCT Management chief executive Lynette Leong said that it was 'an opportune time to undertake asset enhancement' given that the Singapore office market was poised for rental recovery.
Six Battery Road will 'continue to offer value-for-money office accommodation to tenants, and sustain the building's high occupancy and rental rates', she said.
Ms Leong told a briefing yesterday that there was the potential for a rent increase of between 10 and 15 per cent after the upgrade.
The chairman of CCT's manager, Mr Richard Hale, said the plan 'was in line with our portfolio reconstitution strategy (where) we will proactively enhance the trust's long-term value through divestments, asset enhancement initiatives and acquisitions.'
Building work will begin in October and be carried out in phases until 2013, so that tenants can continue to operate with minimal inconvenience.
The ground-floor lift lobby, turnstiles and reception area will be the first area to be tackled.
A key highlight in the main lobby will be a 184 sq m green wall with plants - the largest of its type in Singapore.
CCT said it is undertaking the work now to capitalise on the changeover of its tenants, which will minimise downtime.
Six Battery Road this week won the BCA Green Mark Platinum award - the highest accolade for a green building.
Yesterday, Ms Leong disclosed that CCT was on the lookout for acquisitions, but said the market was still volatile and rental recovery too uncertain to commit to a purchase.
jcheam@sph.com.sg
$92m upgrade for Six Battery Road
Makeover will include green features to boost energy efficiency
By Jessica Cheam
RAFFLES Place Grade A office building Six Battery Road is to undergo a $92 million facelift that will give its tenants a greener working environment.
CapitaCommercial Trust (CCT) Management, which owns the building, yesterday unveiled its ambitious asset enhancement plan.
It said it is upgrading the site to meet the needs of modern-day office tenants, while at the same time boosting its energy efficiency and cutting its environmental impact.
Among the green features that will be incorporated are a wind turbine to power lighting and reduce the building's carbon footprint, and a re-designed chiller plant room to improve energy efficiency.
The cost of the makeover is equivalent to about 8 per cent of the property's value, as at the end of December last year.
CCT Management chief executive Lynette Leong said that it was 'an opportune time to undertake asset enhancement' given that the Singapore office market was poised for rental recovery.
Six Battery Road will 'continue to offer value-for-money office accommodation to tenants, and sustain the building's high occupancy and rental rates', she said.
Ms Leong told a briefing yesterday that there was the potential for a rent increase of between 10 and 15 per cent after the upgrade.
The chairman of CCT's manager, Mr Richard Hale, said the plan 'was in line with our portfolio reconstitution strategy (where) we will proactively enhance the trust's long-term value through divestments, asset enhancement initiatives and acquisitions.'
Building work will begin in October and be carried out in phases until 2013, so that tenants can continue to operate with minimal inconvenience.
The ground-floor lift lobby, turnstiles and reception area will be the first area to be tackled.
A key highlight in the main lobby will be a 184 sq m green wall with plants - the largest of its type in Singapore.
CCT said it is undertaking the work now to capitalise on the changeover of its tenants, which will minimise downtime.
Six Battery Road this week won the BCA Green Mark Platinum award - the highest accolade for a green building.
Yesterday, Ms Leong disclosed that CCT was on the lookout for acquisitions, but said the market was still volatile and rental recovery too uncertain to commit to a purchase.
jcheam@sph.com.sg
ST : RGS site could be worth billions if sold: Analysts
May 28, 2010
RGS site could be worth billions if sold: Analysts
ITS students may be sad to see it go, but property developers will be eagerly eyeing the plum plot of land that Raffles Girls' School (RGS) will leave behind if it relocates.
The school now sits on a prized centrally located site that is likely to be worth billions if it is converted into a residential plot, property consultants said yesterday.
'This is a very, very prime site,' said Mr Ho Eng Joo, executive director of investment sales at real estate firm Colliers International.
'It's been quite a long time since this kind of prime site has been released in the market, and at this size. There are no comparables, it's priceless,' he added.
RGS occupies one of the most coveted plots of land in Singapore, bounded on all four sides by some of the country's priciest residential areas: Ardmore Park, Draycott Park, Stevens Road and Anderson Road.
Given the location, the size of the plot is massive: 4.5ha, or 10 times the size of nearby The Ardmore and almost five times that of Anderson 18. It is about the size of the sprawling Ardmore Park.
Mr Ho believes the site could go for $1.6 billion to $2 billion, based on a plot ratio of 2.8, which is similar to that of nearby developments. This would work out to about $1,400 per sq ft (psf) of the total floor area, which could amount to 1.35 million sq ft.
Ms Chua Chor Hoon, head of South-east Asia research at DTZ Debenham Tie Leung, has an even higher estimate at well over $2 billion. This is based on a possible selling price of $2,800 to $3,200 psf of the final units in the development.
If the Government decides to sell the land as 99-year leasehold residential plots, it will probably parcel it out into more easily digestible pieces, consultants said.
Nearby land plots have sold for record prices. In 2007, SC Global bought The Ardmore, with a freehold land area of about 0.4ha, for $262 million, or a record $2,337 psf of gross floor area.
Back in 1999, Wing Tai paid $1,100 psf for its Draycott 8 site, at the time a record price for 99-year leasehold land.
FIONA CHAN
RGS site could be worth billions if sold: Analysts
ITS students may be sad to see it go, but property developers will be eagerly eyeing the plum plot of land that Raffles Girls' School (RGS) will leave behind if it relocates.
The school now sits on a prized centrally located site that is likely to be worth billions if it is converted into a residential plot, property consultants said yesterday.
'This is a very, very prime site,' said Mr Ho Eng Joo, executive director of investment sales at real estate firm Colliers International.
'It's been quite a long time since this kind of prime site has been released in the market, and at this size. There are no comparables, it's priceless,' he added.
RGS occupies one of the most coveted plots of land in Singapore, bounded on all four sides by some of the country's priciest residential areas: Ardmore Park, Draycott Park, Stevens Road and Anderson Road.
Given the location, the size of the plot is massive: 4.5ha, or 10 times the size of nearby The Ardmore and almost five times that of Anderson 18. It is about the size of the sprawling Ardmore Park.
Mr Ho believes the site could go for $1.6 billion to $2 billion, based on a plot ratio of 2.8, which is similar to that of nearby developments. This would work out to about $1,400 per sq ft (psf) of the total floor area, which could amount to 1.35 million sq ft.
Ms Chua Chor Hoon, head of South-east Asia research at DTZ Debenham Tie Leung, has an even higher estimate at well over $2 billion. This is based on a possible selling price of $2,800 to $3,200 psf of the final units in the development.
If the Government decides to sell the land as 99-year leasehold residential plots, it will probably parcel it out into more easily digestible pieces, consultants said.
Nearby land plots have sold for record prices. In 2007, SC Global bought The Ardmore, with a freehold land area of about 0.4ha, for $262 million, or a record $2,337 psf of gross floor area.
Back in 1999, Wing Tai paid $1,100 psf for its Draycott 8 site, at the time a record price for 99-year leasehold land.
FIONA CHAN
ST : Railway land valuation
May 28, 2010
Railway land valuation
THE valuation of land owned by Malayan Railway (KTM) in Singapore will be completed within a month, Khazanah Nasional's managing director Azman Mokhtar said yesterday.
'Then we'll work out commercially what is the best thing to do,' Mr Azman told reporters in Kuala Lumpur.
Khazanah and Singapore's Temasek Holdings, which will set up a joint company to develop the land, have already met and set up a working group, he said.
Asked if the valuation would be based on Singapore market rates, he said it was being done by independent parties and each side would present its own valuation.
'Some numbers have been mentioned but it is certainly substantial,' he said.
Mr Azman said the resolution of the decades-long railway land dispute was a 'breakthrough' for the two countries.
'It is not like I win, you lose, it is we both win. If you look at it carefully, the exchange is fair, it is good,' the Khazanah chief said.
He said he did not expect the issue of valuation to bog down the intended development of the KTM land.
'We need to see the valuation by both sides. The intention is to move forward,' he said, adding he hoped the matter could be concluded when Prime Minister Lee Hsien Loong visits Malaysia later next month.
BERNAMA
Railway land valuation
THE valuation of land owned by Malayan Railway (KTM) in Singapore will be completed within a month, Khazanah Nasional's managing director Azman Mokhtar said yesterday.
'Then we'll work out commercially what is the best thing to do,' Mr Azman told reporters in Kuala Lumpur.
Khazanah and Singapore's Temasek Holdings, which will set up a joint company to develop the land, have already met and set up a working group, he said.
Asked if the valuation would be based on Singapore market rates, he said it was being done by independent parties and each side would present its own valuation.
'Some numbers have been mentioned but it is certainly substantial,' he said.
Mr Azman said the resolution of the decades-long railway land dispute was a 'breakthrough' for the two countries.
'It is not like I win, you lose, it is we both win. If you look at it carefully, the exchange is fair, it is good,' the Khazanah chief said.
He said he did not expect the issue of valuation to bog down the intended development of the KTM land.
'We need to see the valuation by both sides. The intention is to move forward,' he said, adding he hoped the matter could be concluded when Prime Minister Lee Hsien Loong visits Malaysia later next month.
BERNAMA
ST : Raffles Girls' School may be relocating
May 28, 2010
Raffles Girls' School may be relocating
School may move closer to RI, due to Integrated Programme
By Liew Hanqing
FOLLOWING in the footsteps of school families coming together, Raffles Girls' School (Secondary) (RGS) looks set to become a neighbour of its brother school, Raffles Institution (RI).
While the school would neither confirm nor deny the move, it admitted that its current site at Anderson Road was no longer adequate for its growing co-curricular activity (CCA) needs.
Responding to queries from The Straits Times, principal Julie Hoo said: 'Our current campus at Anderson Road is good; there are, however, many new programmes and initiatives with the Raffles Programme in RGS. These are creating a need for more - and different - facilities.'
The school's population has hovered at the 1,800 mark the past few years.
The Raffles Programme is the six-year Integrated Programme which sees girls from RGS and boys from RI progress directly to the A levels at RI without having to take the O levels.
Other school families that have come together include the Hwa Chong family, comprising Nanyang Girls' High School and Hwa Chong Institution in Bukit Timah Road, and the Saint Andrew's family, comprising the junior and secondary schools and the junior college at Potong Pasir.
Sources said it is likely RGS will occupy the former Braddell-Westlake Secondary School site along Braddell Road, across the road from RI. A Ministry of Education (MOE) spokesman would say only that development plans for RGS were 'under review'.
Mrs Hoo said the school had approached MOE last year to help provide additional venues for CCA groups to hold practice sessions.
'MOE kindly agreed and allowed for a few of our CCA groups to train at the Braddell-Westlake site, which is conveniently located not too far from RGS,' Mrs Hoo said.
A spokesman for the Urban Redevelopment Authority said the site area of RGS' Anderson Road campus is about 4.5ha, while the Braddell-Westlake site is about 7.4ha, or slightly more than 1.5 times RGS' present size.
Alumnae responses to a potential relocation were mixed.
Miss Rachelle Goh, 25, a marketing executive, said: 'I feel that the soul is lost when you up and move from a place with so much history. It won't be the same.'
But not all alumnae are against the move.
Ms Chua Soh Kheng, 59, deputy president of SGP International Academy, said: 'A bigger campus with more modern facilities and resources would provide a better learning environment for the students, and support the school's needs.'
hanqing@sph.com.sg
Raffles Girls' School may be relocating
School may move closer to RI, due to Integrated Programme
By Liew Hanqing
FOLLOWING in the footsteps of school families coming together, Raffles Girls' School (Secondary) (RGS) looks set to become a neighbour of its brother school, Raffles Institution (RI).
While the school would neither confirm nor deny the move, it admitted that its current site at Anderson Road was no longer adequate for its growing co-curricular activity (CCA) needs.
Responding to queries from The Straits Times, principal Julie Hoo said: 'Our current campus at Anderson Road is good; there are, however, many new programmes and initiatives with the Raffles Programme in RGS. These are creating a need for more - and different - facilities.'
The school's population has hovered at the 1,800 mark the past few years.
The Raffles Programme is the six-year Integrated Programme which sees girls from RGS and boys from RI progress directly to the A levels at RI without having to take the O levels.
Other school families that have come together include the Hwa Chong family, comprising Nanyang Girls' High School and Hwa Chong Institution in Bukit Timah Road, and the Saint Andrew's family, comprising the junior and secondary schools and the junior college at Potong Pasir.
Sources said it is likely RGS will occupy the former Braddell-Westlake Secondary School site along Braddell Road, across the road from RI. A Ministry of Education (MOE) spokesman would say only that development plans for RGS were 'under review'.
Mrs Hoo said the school had approached MOE last year to help provide additional venues for CCA groups to hold practice sessions.
'MOE kindly agreed and allowed for a few of our CCA groups to train at the Braddell-Westlake site, which is conveniently located not too far from RGS,' Mrs Hoo said.
A spokesman for the Urban Redevelopment Authority said the site area of RGS' Anderson Road campus is about 4.5ha, while the Braddell-Westlake site is about 7.4ha, or slightly more than 1.5 times RGS' present size.
Alumnae responses to a potential relocation were mixed.
Miss Rachelle Goh, 25, a marketing executive, said: 'I feel that the soul is lost when you up and move from a place with so much history. It won't be the same.'
But not all alumnae are against the move.
Ms Chua Soh Kheng, 59, deputy president of SGP International Academy, said: 'A bigger campus with more modern facilities and resources would provide a better learning environment for the students, and support the school's needs.'
hanqing@sph.com.sg
BT : S'porean developers lauded at Fiabci Prix competition
Business Times - 28 May 2010
S'porean developers lauded at Fiabci Prix competition
By UMA SHANKARI
SINGAPOREAN developers continued to pick up honours at this year's Fiabci Prix d'Excellence competition, which recognises excellence in property development.
Far East Organization's mixed-use development Central came out tops in the office category, UOL Group's Pan Pacific Suzhou won the top prize in the hotel category and City Developments' The Sail trumped in the high-rise residential category.
Other projects by Singaporean developers finished as runners-up in their respective categories: Square 2/Novena Medical Center (by Far East Organization) in the specialised purpose-built category; One-north Residences (a joint venture between UOL, Kheng Leong and Low Keng Huat) in the residential category; and Jakarta Garden City (a township by Keppel Land in East Jakarta) in the low-rise residential category.
Fiabci is the French acronym for the International Real Estate Federation, which organises the annual Prix d'Excellence. Last year, three property projects in Singapore picked up honours in the competition.
Entrants are evaluated on five criteria: global concept, architecture and design, development and construction, community benefit and environmental impact, and financials and marketing.
This year's winners were announced last night at the gala dinner of the Fiabci World Congress held in Bali.
The win for Central marks Far East Organization's sixth Fiabci international real estate award.
Central, located above the Clarke Quay MRT station, is in the city's civic, cultural and tourist precinct. Far East, which won the site in a government land tender, said it set out to create a product that would be relevant to the community and complement the character of the area.
Built at a cost of $631 million, Central aims to integrate residential, lifestyle, business, community and transportation functions within one complex. It comprises two small office home office towers, a 25-storey office tower, a sky garden, recreational facilities and a retail podium. A 17,000 sq ft civic space was also purpose-built and donated to the National Volunteer & Philanthropy Centre to serve as a hub for public activities.
'As the area grows, Central is also evolving in tandem with the changing market profile, consumer behaviour and lifestyle trends,' said Far East Organization's executive director and chief operating officer Chia Boon Kuah.
UOL's Pan-Pacific Suzhou, a five-star, 481-room hotel, was recognised for mixing traditional Chinese architecture and contemporary design to capture the architectural essence of the Suzhou garden - such as open courtyards, flowing rivers, poetic Chinese landscape and an intimate sense of proportion. The jury citation described the hotel as being 'designed in harmony with the surrounding environment and existing structure'.
UOL chief operating officer Liam Wee Sin said that building the project was challenging as the developer had to 'respect the traditional architecture'.
Competitions such as the Fiabci Prix d'Excellence improve both the winning developer's brand as well as Singapore's, Mr Liam added.
'I strongly feel that as more and more Singaporean developers and buildings win global awards (such as the Fiabci award), we are in some sense contributing to Singapore becoming a vibrant city,' he said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
S'porean developers lauded at Fiabci Prix competition
By UMA SHANKARI
SINGAPOREAN developers continued to pick up honours at this year's Fiabci Prix d'Excellence competition, which recognises excellence in property development.
Far East Organization's mixed-use development Central came out tops in the office category, UOL Group's Pan Pacific Suzhou won the top prize in the hotel category and City Developments' The Sail trumped in the high-rise residential category.
Other projects by Singaporean developers finished as runners-up in their respective categories: Square 2/Novena Medical Center (by Far East Organization) in the specialised purpose-built category; One-north Residences (a joint venture between UOL, Kheng Leong and Low Keng Huat) in the residential category; and Jakarta Garden City (a township by Keppel Land in East Jakarta) in the low-rise residential category.
Fiabci is the French acronym for the International Real Estate Federation, which organises the annual Prix d'Excellence. Last year, three property projects in Singapore picked up honours in the competition.
Entrants are evaluated on five criteria: global concept, architecture and design, development and construction, community benefit and environmental impact, and financials and marketing.
This year's winners were announced last night at the gala dinner of the Fiabci World Congress held in Bali.
The win for Central marks Far East Organization's sixth Fiabci international real estate award.
Central, located above the Clarke Quay MRT station, is in the city's civic, cultural and tourist precinct. Far East, which won the site in a government land tender, said it set out to create a product that would be relevant to the community and complement the character of the area.
Built at a cost of $631 million, Central aims to integrate residential, lifestyle, business, community and transportation functions within one complex. It comprises two small office home office towers, a 25-storey office tower, a sky garden, recreational facilities and a retail podium. A 17,000 sq ft civic space was also purpose-built and donated to the National Volunteer & Philanthropy Centre to serve as a hub for public activities.
'As the area grows, Central is also evolving in tandem with the changing market profile, consumer behaviour and lifestyle trends,' said Far East Organization's executive director and chief operating officer Chia Boon Kuah.
UOL's Pan-Pacific Suzhou, a five-star, 481-room hotel, was recognised for mixing traditional Chinese architecture and contemporary design to capture the architectural essence of the Suzhou garden - such as open courtyards, flowing rivers, poetic Chinese landscape and an intimate sense of proportion. The jury citation described the hotel as being 'designed in harmony with the surrounding environment and existing structure'.
UOL chief operating officer Liam Wee Sin said that building the project was challenging as the developer had to 'respect the traditional architecture'.
Competitions such as the Fiabci Prix d'Excellence improve both the winning developer's brand as well as Singapore's, Mr Liam added.
'I strongly feel that as more and more Singaporean developers and buildings win global awards (such as the Fiabci award), we are in some sense contributing to Singapore becoming a vibrant city,' he said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Stanchart to lighten up, CCT gears up for $92m improvement
Business Times - 28 May 2010
Stanchart to lighten up, CCT gears up for $92m improvement
Bank gets ready to give up some space at Six Battery Road when lease expires next year
By KALPANA RASHIWALA
STANDARD Chartered Bank will be vacating about 70,000 sq ft at Six Battery Road when its lease at the building runs out next year. However, the bank will retain its remaining space of 129,000 sq ft in the building on which the lease expires in 2020. The latter space is understood to include the banking hall.
The building's owner, CapitaCommercial Trust (CCT), has already identified prospective tenants to take up the space Stanchart will be vacating, and will take advantage of the transitional downtime in occupancy during the changeover of tenants to execute a $92 million asset enhancement at the building, which will be done in phases from October this year to 2013 to minimise inconvenience to tenants.
Earlier this week, Six Battery Road was awarded the Building and Construction Authority's Green Mark Platinum award, the first time an operating office building here has won the highest Green Mark accolade. The award has been conferred for the proposed environmentally sustainable features CCT is implementing as part of the asset enhancement works for the 42-storey building. The Grade A office property contributed 22 per cent of CCT's net property income in Q1 this year and 'the asset enhancement ensures this robust income continues from this asset', said Lynette Leong, CEO of CapitaCommercial Trust Management Ltd (CCTML).
'We believe that market rents have reached a trough and we're positioning this asset for the recovery of the market and we believe this is an opportune time to undertake asset enhancement so that it will continue to offer value-for-money office accommodation to tenants and sustain the building's high occupancy and rental rates,' she added.
CCTML is projecting a return on investment of 8.1 per cent on a stabilised basis for the $92 million asset enhancement works based on incremental annual net property income of $7.4 million once the works are completed. A fifth of the increase in income will arise from cost savings due to improved operating efficiency, while the other 80 per cent will be from higher rental projection. CCTML expects rents in the building to appreciate 10-15 per cent arising from superior specifications following the upgrade.
The increase in value of the building (net of the investment cost) is projected at about $82.9 million when the works are completed at end-2013. Six Battery Road was valued at $1.114 billion at end-2009. CCT will fund the asset enhancement from internal cash resources.
The upgrading works will kick off in October with the ground-floor lift lobby, turnstiles and reception area. Other planned works include redesigning of the chiller plant room system, incorporating a thermal energy storage system which will improve efficiency. The onyx wall in the main lobby will make way for the largest 'green' wall with living plants in a Singapore office building. This will help reduce indoor heat gain; the onyx will be reused in other parts of the lobby.
Rainwater will be harvested to irrigate the green wall. Exhaust air will be used to power a wind turbine that will in turn power the green wall's irrigation pumps and lighting. To nudge tenants to use cleaner emission vehicles, CCT will set aside carpark lots for hybrid cars.
The canopy at the building's entrance will be extended to cover the entire length of the drop-off area. For lettable areas, CCT will raise ceiling height from 2.6 metres to 2.8 metres and install variable air volume box and carbon dioxide sensors to improve indoor air quality. But these works will be done only for units for which leases have expired, before new tenants move in. The intention is to tie the upgrading of interior office spaces with the natural lease expiry profile. Six Battery Road received Temporary Occupation Permit in 1984 and was last retrofitted in 2000 at a cost of about $37 million.
The space to be vacated by Stanchart covers six to seven floors and CCTML's plan is to upgrade the interiors of this space before leasing it out to other tenants.
The 70,000 sq ft that Stanchart will be giving up represents 14 per cent of the building's net lettable area of 496,851 sq ft and 2 per cent of the 3.3 million sq ft total net lettable space in the trust's portfolio.
Stanchart's two main premises will be at Marina Bay Financial Centre (which it will start to move to by Q4 2010) and Changi Business Park (which it has already moved into). However, Stanchart will continue to house its flagship branch at Six Battery Road. Some consumer banking and group functions will also remain at this location, a Stanchart spokesman said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Stanchart to lighten up, CCT gears up for $92m improvement
Bank gets ready to give up some space at Six Battery Road when lease expires next year
By KALPANA RASHIWALA
STANDARD Chartered Bank will be vacating about 70,000 sq ft at Six Battery Road when its lease at the building runs out next year. However, the bank will retain its remaining space of 129,000 sq ft in the building on which the lease expires in 2020. The latter space is understood to include the banking hall.
The building's owner, CapitaCommercial Trust (CCT), has already identified prospective tenants to take up the space Stanchart will be vacating, and will take advantage of the transitional downtime in occupancy during the changeover of tenants to execute a $92 million asset enhancement at the building, which will be done in phases from October this year to 2013 to minimise inconvenience to tenants.
Earlier this week, Six Battery Road was awarded the Building and Construction Authority's Green Mark Platinum award, the first time an operating office building here has won the highest Green Mark accolade. The award has been conferred for the proposed environmentally sustainable features CCT is implementing as part of the asset enhancement works for the 42-storey building. The Grade A office property contributed 22 per cent of CCT's net property income in Q1 this year and 'the asset enhancement ensures this robust income continues from this asset', said Lynette Leong, CEO of CapitaCommercial Trust Management Ltd (CCTML).
'We believe that market rents have reached a trough and we're positioning this asset for the recovery of the market and we believe this is an opportune time to undertake asset enhancement so that it will continue to offer value-for-money office accommodation to tenants and sustain the building's high occupancy and rental rates,' she added.
CCTML is projecting a return on investment of 8.1 per cent on a stabilised basis for the $92 million asset enhancement works based on incremental annual net property income of $7.4 million once the works are completed. A fifth of the increase in income will arise from cost savings due to improved operating efficiency, while the other 80 per cent will be from higher rental projection. CCTML expects rents in the building to appreciate 10-15 per cent arising from superior specifications following the upgrade.
The increase in value of the building (net of the investment cost) is projected at about $82.9 million when the works are completed at end-2013. Six Battery Road was valued at $1.114 billion at end-2009. CCT will fund the asset enhancement from internal cash resources.
The upgrading works will kick off in October with the ground-floor lift lobby, turnstiles and reception area. Other planned works include redesigning of the chiller plant room system, incorporating a thermal energy storage system which will improve efficiency. The onyx wall in the main lobby will make way for the largest 'green' wall with living plants in a Singapore office building. This will help reduce indoor heat gain; the onyx will be reused in other parts of the lobby.
Rainwater will be harvested to irrigate the green wall. Exhaust air will be used to power a wind turbine that will in turn power the green wall's irrigation pumps and lighting. To nudge tenants to use cleaner emission vehicles, CCT will set aside carpark lots for hybrid cars.
The canopy at the building's entrance will be extended to cover the entire length of the drop-off area. For lettable areas, CCT will raise ceiling height from 2.6 metres to 2.8 metres and install variable air volume box and carbon dioxide sensors to improve indoor air quality. But these works will be done only for units for which leases have expired, before new tenants move in. The intention is to tie the upgrading of interior office spaces with the natural lease expiry profile. Six Battery Road received Temporary Occupation Permit in 1984 and was last retrofitted in 2000 at a cost of about $37 million.
The space to be vacated by Stanchart covers six to seven floors and CCTML's plan is to upgrade the interiors of this space before leasing it out to other tenants.
The 70,000 sq ft that Stanchart will be giving up represents 14 per cent of the building's net lettable area of 496,851 sq ft and 2 per cent of the 3.3 million sq ft total net lettable space in the trust's portfolio.
Stanchart's two main premises will be at Marina Bay Financial Centre (which it will start to move to by Q4 2010) and Changi Business Park (which it has already moved into). However, Stanchart will continue to house its flagship branch at Six Battery Road. Some consumer banking and group functions will also remain at this location, a Stanchart spokesman said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Industrial plot near Pioneer MRT available
Business Times - 28 May 2010
Industrial plot near Pioneer MRT available
THE Urban Redevelopment Authority (URA) has made a 30-year leasehold industrial site at Pioneer Road North / Soon Lee Street available for sale.
The land parcel is on the reserve list, and interested developers can ask URA to put it up for tender.
The site spans 155,427 sq ft and has a maximum gross plot ratio of 2.0. It is zoned for Business 2 use, making it suitable for clean industries and other activities such as vehicle repair and furniture production.
The land parcel is near Pioneer MRT station. It is also right next to a site which URA sold in December last year. KNG Realty beat stiff competition from seven other developers to win that site then, with a bid of $19.4 million or $48 per sq ft per plot ratio (psf ppr).
Demand for industrial sites in the last few months has been strong as the economy picked up. In April, the tender of a larger 60-year site at Woodlands Avenue 12 drew six bids, with the highest one at $65.2 million or $75 psf ppr.
Colliers International said this month that demand could grow further, as manufacturers expand their operations and institutional funds return to scout for investments. Already, the average monthly gross rent at single-user factories in the central part of Singapore has increased by 3.8 per cent to $1.35 psf between October last year and March this year. Capital values of such properties have also risen.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Industrial plot near Pioneer MRT available
THE Urban Redevelopment Authority (URA) has made a 30-year leasehold industrial site at Pioneer Road North / Soon Lee Street available for sale.
The land parcel is on the reserve list, and interested developers can ask URA to put it up for tender.
The site spans 155,427 sq ft and has a maximum gross plot ratio of 2.0. It is zoned for Business 2 use, making it suitable for clean industries and other activities such as vehicle repair and furniture production.
The land parcel is near Pioneer MRT station. It is also right next to a site which URA sold in December last year. KNG Realty beat stiff competition from seven other developers to win that site then, with a bid of $19.4 million or $48 per sq ft per plot ratio (psf ppr).
Demand for industrial sites in the last few months has been strong as the economy picked up. In April, the tender of a larger 60-year site at Woodlands Avenue 12 drew six bids, with the highest one at $65.2 million or $75 psf ppr.
Colliers International said this month that demand could grow further, as manufacturers expand their operations and institutional funds return to scout for investments. Already, the average monthly gross rent at single-user factories in the central part of Singapore has increased by 3.8 per cent to $1.35 psf between October last year and March this year. Capital values of such properties have also risen.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
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