Private property market cools
Number of caveats lodged in May down
05:55 AM Jun 22, 2010
by Julie Quek
SINGAPORE - It's official - Singapore's private residential property market cooled significantly last month, going by the number of caveats lodged.
Only 1,979 caveats were lodged, down 41 per cent from April, according to latest figures from the Singapore Institute of Surveyors and Valuers (SISV). District 4 saw the biggest drop in caveat numbers, down 76 per cent. The residential district includes the Sentosa, Keppel Bay and Telok Blangah areas.
This was followed by Districts 1 and 2, covering Marina Bay and Shenton Way, falling about 75 per cent.
Caveat numbers across all districts in Singapore fell in May from the month before, ranging from 57 per cent for the Orchard area to a 24 per cent drop for District 5 spanning West Coast and Pasir Panjang.
Property analysts told MediaCorp the key reasons for May's steep fall in volumes were buyers waiting for prices to decline and fewer new launches by developers.
Coupled with World Cup fever this month, observers expect caveats for these next two months to remain constant at up to 2,400 units per month - translating to a roughly 21-per-cent decline in caveats compared with 3,053 in March.
Mr Chris Koh, director of Dennis Wee Group, said: "Genuine buyers and investors who want to buy a home would have bought it last year before the start of the property boom. So, now it's mostly investors waiting for cheaper home prices."
Despite the caution in the property market, Sentosa Cove was in the news recently after a bungalow was bought by a Chinese national for a record $36 million, or around $2,400 per square foot.
But Mr Mohamed Ismail, chief executive of PropNex, does not expect cooling sales volumes to hit demand for Sentosa Cove properties.
"Foreign investors keen to buy landed property currently can only get Sentosa Cove. As such, demand is there," he said.
According to PropNex, prices of landed properties on Sentosa currently average $2,000 per square foot but due to the World Cup, investors can expect prices to fall slightly to $1,800 to $2,000 per square foot.
Despite China possibly tightening its monetary policy in coming months and the Eurozone debt crisis, Mr Mohamed Ismail does not expect foreign investors' appetite for residential property to be dampened.
"Many China nationals believe Singapore's property will rise in the long run," he said.
Mr Koh of Dennis Wee Group also believes there will be buying support for properties, given limited land supply in Singapore and projected good economic growth in the next few years.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
Tuesday, June 22, 2010
ST : Residential property sector takes a breather
Jun 22, 2010
Residential property sector takes a breather
World Cup, euro zone crisis combine with high prices to create a lull
By Joyce Teo
THE World Cup and the euro zone debt crisis have helped create a lull in the residential property market, experts say.
They also cite other reasons for the subdued activity, including high asking prices, a lacklustre stock market and the month-long June school holidays. The market is taking a much-needed breather after running too fast, too soon, they add.
Sales are down and some developers, particularly those selling high-end homes, have also retreated to the sidelines for now.
So far this month, there has not been a major launch to excite the market.
Sales at the 1,145-unit The Minton in Lorong Ah Soo slowed to 20 units over the past weekend, bringing total sales to 350 units. It sold about 300 units in the fortnight after its preview late last month. Average prices, though, have risen slightly to $865 per sq ft (psf), said developer Kheng Leong.
At the 72-unit Horizon Residences at Pasir Panjang Hill, buyers have picked up nine more units so far this month.
The project was also released for sale late last month. Sales hit 21 units that month, Urban Redevelopment Authority data shows. The average price so far is $1,396 psf, said Far East Organization.
At the 393-unit Flamingo Valley in Siglap, just two units were sold in the past fortnight, bringing the total to 50. The project sold 46 units last month, the same month it was released for sale.
Expected high-end launches such as Twin Peaks at Grange Road have yet to hit the market.
Mr Joseph Tan, CBRE's executive director of residential services, said: 'The market conditions for high-end are not conducive, so it's only prudent for developers to monitor the market.'
Still, the take-up of 1,078 new homes last month, while down from April, was healthy, he said.
'It shows the market is stabilising and prices are stabilising. That's generally good for everyone. If the lower take-up leads to the perception that there will be a drop in prices, the scenario is unlikely because most developers have to watch their bottom line and there's no necessity for them to adjust prices now,' he said.
Land prices have not dropped and demand is intact, as interest rates are still low, said another property expert, who asked not to be named.
'Buyers hoping for prices to come down may be disappointed. If there's any price correction, it will likely be small.
'The market has been running very fast in the first four months of the year,' said the expert. 'Prices also went up very quickly, especially in the mid- and mass- market sectors. It was quite unprecedented. It cannot continue.'
Recent launches such as The Vision in the West Coast, Waterbank at Dakota and Tree House at Chestnut Avenue have all achieved benchmark prices, he said.
Experts say launches are expected to pick up next month. The 172-unit Terrene and the 468-unit The Scala have been lined up to go on sale, while Waterfront Gold at Bedok Reservoir is likely to be launched soon.
Most developers will want to launch their projects before the Hungry Ghosts' Month starts on Aug 10, experts said.
Mr Peter Ow, Knight Frank's managing director of residential services, said: 'The market may seem exceptionally quiet this month, but it is still doing well. Demand is still there and prices will hold as long as the economy continues to grow, and interest rates are still low.'
joyceteo@sph.com.sg
The lull in the residential property market has seen sales slow down for properties like The Minton in Lorong Ah Soo, which sold just 20 units over the past weekend. -- PHOTO: KHENG LEONG GROUP
Residential property sector takes a breather
World Cup, euro zone crisis combine with high prices to create a lull
By Joyce Teo
THE World Cup and the euro zone debt crisis have helped create a lull in the residential property market, experts say.
They also cite other reasons for the subdued activity, including high asking prices, a lacklustre stock market and the month-long June school holidays. The market is taking a much-needed breather after running too fast, too soon, they add.
Sales are down and some developers, particularly those selling high-end homes, have also retreated to the sidelines for now.
So far this month, there has not been a major launch to excite the market.
Sales at the 1,145-unit The Minton in Lorong Ah Soo slowed to 20 units over the past weekend, bringing total sales to 350 units. It sold about 300 units in the fortnight after its preview late last month. Average prices, though, have risen slightly to $865 per sq ft (psf), said developer Kheng Leong.
At the 72-unit Horizon Residences at Pasir Panjang Hill, buyers have picked up nine more units so far this month.
The project was also released for sale late last month. Sales hit 21 units that month, Urban Redevelopment Authority data shows. The average price so far is $1,396 psf, said Far East Organization.
At the 393-unit Flamingo Valley in Siglap, just two units were sold in the past fortnight, bringing the total to 50. The project sold 46 units last month, the same month it was released for sale.
Expected high-end launches such as Twin Peaks at Grange Road have yet to hit the market.
Mr Joseph Tan, CBRE's executive director of residential services, said: 'The market conditions for high-end are not conducive, so it's only prudent for developers to monitor the market.'
Still, the take-up of 1,078 new homes last month, while down from April, was healthy, he said.
'It shows the market is stabilising and prices are stabilising. That's generally good for everyone. If the lower take-up leads to the perception that there will be a drop in prices, the scenario is unlikely because most developers have to watch their bottom line and there's no necessity for them to adjust prices now,' he said.
Land prices have not dropped and demand is intact, as interest rates are still low, said another property expert, who asked not to be named.
'Buyers hoping for prices to come down may be disappointed. If there's any price correction, it will likely be small.
'The market has been running very fast in the first four months of the year,' said the expert. 'Prices also went up very quickly, especially in the mid- and mass- market sectors. It was quite unprecedented. It cannot continue.'
Recent launches such as The Vision in the West Coast, Waterbank at Dakota and Tree House at Chestnut Avenue have all achieved benchmark prices, he said.
Experts say launches are expected to pick up next month. The 172-unit Terrene and the 468-unit The Scala have been lined up to go on sale, while Waterfront Gold at Bedok Reservoir is likely to be launched soon.
Most developers will want to launch their projects before the Hungry Ghosts' Month starts on Aug 10, experts said.
Mr Peter Ow, Knight Frank's managing director of residential services, said: 'The market may seem exceptionally quiet this month, but it is still doing well. Demand is still there and prices will hold as long as the economy continues to grow, and interest rates are still low.'
joyceteo@sph.com.sg
The lull in the residential property market has seen sales slow down for properties like The Minton in Lorong Ah Soo, which sold just 20 units over the past weekend. -- PHOTO: KHENG LEONG GROUP
ST : PM Lee in KL to discuss land swop proposal
Jun 22, 2010
PM Lee in KL to discuss land swop proposal
By Jeremy Au Yong
PUTRAJAYA: Prime Minister Lee Hsien Loong will meet his Malaysian counterpart, Datuk Seri Najib Razak, here today to discuss terms for a land swop linked to Malayan Railway (KTM) land in Singapore.
If they succeed in ironing out details of the land swop, both countries will finally break the impasse over the railway land issue that has dogged ties for 20 years.
Today's meeting between the two leaders was announced by the foreign ministries of the two countries in separate statements yesterday.
The Singapore statement said it was to follow up on the bilateral issues the leaders had discussed in Singapore last month.
During those talks, a breakthrough was achieved when both sides agreed, among other things, to move the existing railway station in Tanjong Pagar to Woodlands by July next year.
After the relocation, the land owned by Malayan Railway in Singapore would be jointly developed.
Six parcels of land are involved - one parcel each in Tanjong Pagar, Kranji and Woodlands, and three in Bukit Timah.
There is an option, however, to swop these parcels of land for land of equivalent value in the Marina South and the Ophir-Rochor areas.
Mr Lee, in explaining last month the need for a separate meeting to iron out the terms of the proposed land swop, had observed that Singapore's property market has been 'quite active' and that both sides should obtain updated valuations.
Based on its new valuation, Singapore will make Malaysia an offer today.
It will be up to Malaysia to decide if it wants to accept the offer, Mr Lee had said last month.
The joint development of the land parcels, including the railway land, will be undertaken by a company to be set up by the end of this year.
To be called M-S Pte Ltd, the company will be 60 per cent owned by Khazanah Nasional Berhad, the investment holding arm of Malaysia, and the remainder 40 per cent will be held by Singapore investment company Temasek Holdings.
Commenting on Mr Lee's working visit, the Malaysian Foreign Affairs Ministry said in its statement yesterday: 'The visit will also further strengthen bilateral relations between the two countries.'
It also said Mr Lee will co-chair the 'four-eyes' meeting with Mr Najib, and added: 'Both prime ministers will subsequently hold a joint press conference.'
In the evening, Mr Najib will host Mr Lee and the Singapore delegation to dinner.
Accompanying Mr Lee on his one-day visit are three ministers and officials from various ministries, said the Singapore statement.
The trio are Foreign Affairs Minister George Yeo, National Development Minister Mah Bow Tan and Law Minister and Second Minister for Home Affairs K. Shanmugam.
If an agreement is reached today, a high-level joint team will sort out the implementation details.
From there, a written instrument will be produced to be signed by both countries upon approval of their respective governments.
PM Lee in KL to discuss land swop proposal
By Jeremy Au Yong
PUTRAJAYA: Prime Minister Lee Hsien Loong will meet his Malaysian counterpart, Datuk Seri Najib Razak, here today to discuss terms for a land swop linked to Malayan Railway (KTM) land in Singapore.
If they succeed in ironing out details of the land swop, both countries will finally break the impasse over the railway land issue that has dogged ties for 20 years.
Today's meeting between the two leaders was announced by the foreign ministries of the two countries in separate statements yesterday.
The Singapore statement said it was to follow up on the bilateral issues the leaders had discussed in Singapore last month.
During those talks, a breakthrough was achieved when both sides agreed, among other things, to move the existing railway station in Tanjong Pagar to Woodlands by July next year.
After the relocation, the land owned by Malayan Railway in Singapore would be jointly developed.
Six parcels of land are involved - one parcel each in Tanjong Pagar, Kranji and Woodlands, and three in Bukit Timah.
There is an option, however, to swop these parcels of land for land of equivalent value in the Marina South and the Ophir-Rochor areas.
Mr Lee, in explaining last month the need for a separate meeting to iron out the terms of the proposed land swop, had observed that Singapore's property market has been 'quite active' and that both sides should obtain updated valuations.
Based on its new valuation, Singapore will make Malaysia an offer today.
It will be up to Malaysia to decide if it wants to accept the offer, Mr Lee had said last month.
The joint development of the land parcels, including the railway land, will be undertaken by a company to be set up by the end of this year.
To be called M-S Pte Ltd, the company will be 60 per cent owned by Khazanah Nasional Berhad, the investment holding arm of Malaysia, and the remainder 40 per cent will be held by Singapore investment company Temasek Holdings.
Commenting on Mr Lee's working visit, the Malaysian Foreign Affairs Ministry said in its statement yesterday: 'The visit will also further strengthen bilateral relations between the two countries.'
It also said Mr Lee will co-chair the 'four-eyes' meeting with Mr Najib, and added: 'Both prime ministers will subsequently hold a joint press conference.'
In the evening, Mr Najib will host Mr Lee and the Singapore delegation to dinner.
Accompanying Mr Lee on his one-day visit are three ministers and officials from various ministries, said the Singapore statement.
The trio are Foreign Affairs Minister George Yeo, National Development Minister Mah Bow Tan and Law Minister and Second Minister for Home Affairs K. Shanmugam.
If an agreement is reached today, a high-level joint team will sort out the implementation details.
From there, a written instrument will be produced to be signed by both countries upon approval of their respective governments.
BT : US housing industry split on liability
Business Times - 22 Jun 2010
US housing industry split on liability
Bankers and agents disagree on responsibilities of foreclosed owners
(NEW YORK) As the housing market continues to sputter, the real estate industry is increasingly split on the responsibilities of overextended and foreclosed homeowners.
On one side are the bankers, who say borrowers should be liable for what they owe. On the other side are real estate agents, who say those who lost their houses should not be so burdened by debt that they cannot move on.
The differences have real financial consequences: Bankers want to collect on billions of dollars in outstanding loans; real estate agents want as many people as possible to return to the housing market.
For the first time, the debate is spilling into the realm of law making, with state legislators in California considering a bill that would redefine the obligations of many defaulting homeowners. The efforts to shape the bill demonstrate how much is at stake - in California and the many other states with distressed real estate markets.
The legislation introduced in the spring by the real estate lobby would have largely shielded foreclosed homeowners from debt collectors. But by the time it passed the state Senate on June 4, the banking lobby had succeeded in scaling it back. Now the bill is headed to the state Assembly, where a committee will take it up next week and bankers intend to continue lobbying against it.
'We're concerned this could adversely accelerate strategic defaults,' said Rodney K Brown, chief executive of the California Bankers Association, referring to instances in which borrowers leave their properties without settling with the lender.
For years, a house in California was a machine for building wealth, and few were the families that could resist temptation. They refinanced their loans to pay for vacations, operations, tuition or, frequently, investments in more houses. Many of these households ended up struggling after the crash.
The lenders were often aggressive in making loans and frequently were predatory. The extent to which this absolves the borrowers of responsibility is at the centre of the current debate.
In the style of King Solomon, the proposed law in its current form tries to divide defaulting borrowers into the sober and the feckless, and help only the first group.
The bill that passed the Senate by a lopsided vote of 30-4 would protect former homeowners up to the amount of their original loan. For instance, a family that took out a US$500,000 mortgage to buy a house and then refinanced and took cash out, swelling their loan to US$600,000, would be released from claims on the original sum but remain vulnerable on the US$100,000.
Ellen M Corbett, the Democratic state senator from San Leandro, California, east of San Francisco, who introduced the measure, said it is a matter of fairness.
During the Depression, she said, California legislators decided that losing your house was punishment enough. They did not want lenders endlessly hounding borrowers for the difference between what they owed and what their former house was worth, an amount called the deficiency.
Seventy-five years later, because of that law, anyone who has an original loan and wants to get rid of the house because it has fallen in value can simply walk away without further legal jeopardy. But a homeowner who refinanced, even for the straightforward reason of getting a lower interest rate, could in theory lose the house and be pursued for the deficiency.
'I don't believe the original intent was to have a two-tier system, where some were protected and some were not,' Ms Corbett said.
The agents, too, say this is a fairness issue. But there is also self-interest involved.
'Realtors are very worried about this because they think it will destroy the housing market if people end up with these huge deficiency judgements and are never able to buy a house again,' Ms Corbett said.
To some extent, this is a fight over something that is not happening, at least not yet.
Lenders in California rarely chased foreclosed borrowers for deficiency judgments. Pursuing such cases in court can be an arduous process, and few of those in foreclosure have the assets or incomes to make it worthwhile.
But the threat of such action can come in handy for lenders, servicers and collection agencies. By raising the possibility of a court fight, they can negotiate favourable terms when agreeing to loan modifications and workouts, surrenders of deeds and sales for less than the full amount owed, also known as short sales.
'Using the threat of a deficiency, full-recourse lenders often prevail upon distressed borrowers to sign new, unsecured obligations in exchange for their assent to a proposed short sale or surrender of a deed,' said William A Markham, a lawyer with Maldonado & Markham in San Diego. 'This practice will nearly vanish overnight if the new measure becomes law.' About a third of the seven million California households with a mortgage have negative equity, a condition known as being underwater, according to the research firm CoreLogic. Many of these families might be content to wait years for a rebound in real estate but others, if at least partly freed from deficiency worries, might walk away.
'This will lead to a surge in the supply of housing, a corresponding decrease in the price, and a welcome hastening of the end of the foreclosure crisis in California,' Mr Markham said.
State Senator Mimi Walters, a first-term Republican representing Laguna Hills, north of San Diego, voted against the measure precisely because it could encourage more defaults.
'I'm very sympathetic to what's going on in the economy and to people that are losing their homes,' said Ms Walters, a former executive with two Wall Street firms. 'But we have to be careful not to overleverage ourselves and to take responsibility when making investments.' The banking lobby says it could accept the bill as is, on one condition: that it apply only to new loans. In its current form, it applies to any existing loan. -- AP
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Starting block: For years, a house in California was a machine for building wealth. Families refinanced their loans to pay for vacations, operations, tuition or, frequently, investments in more houses
US housing industry split on liability
Bankers and agents disagree on responsibilities of foreclosed owners
(NEW YORK) As the housing market continues to sputter, the real estate industry is increasingly split on the responsibilities of overextended and foreclosed homeowners.
On one side are the bankers, who say borrowers should be liable for what they owe. On the other side are real estate agents, who say those who lost their houses should not be so burdened by debt that they cannot move on.
The differences have real financial consequences: Bankers want to collect on billions of dollars in outstanding loans; real estate agents want as many people as possible to return to the housing market.
For the first time, the debate is spilling into the realm of law making, with state legislators in California considering a bill that would redefine the obligations of many defaulting homeowners. The efforts to shape the bill demonstrate how much is at stake - in California and the many other states with distressed real estate markets.
The legislation introduced in the spring by the real estate lobby would have largely shielded foreclosed homeowners from debt collectors. But by the time it passed the state Senate on June 4, the banking lobby had succeeded in scaling it back. Now the bill is headed to the state Assembly, where a committee will take it up next week and bankers intend to continue lobbying against it.
'We're concerned this could adversely accelerate strategic defaults,' said Rodney K Brown, chief executive of the California Bankers Association, referring to instances in which borrowers leave their properties without settling with the lender.
For years, a house in California was a machine for building wealth, and few were the families that could resist temptation. They refinanced their loans to pay for vacations, operations, tuition or, frequently, investments in more houses. Many of these households ended up struggling after the crash.
The lenders were often aggressive in making loans and frequently were predatory. The extent to which this absolves the borrowers of responsibility is at the centre of the current debate.
In the style of King Solomon, the proposed law in its current form tries to divide defaulting borrowers into the sober and the feckless, and help only the first group.
The bill that passed the Senate by a lopsided vote of 30-4 would protect former homeowners up to the amount of their original loan. For instance, a family that took out a US$500,000 mortgage to buy a house and then refinanced and took cash out, swelling their loan to US$600,000, would be released from claims on the original sum but remain vulnerable on the US$100,000.
Ellen M Corbett, the Democratic state senator from San Leandro, California, east of San Francisco, who introduced the measure, said it is a matter of fairness.
During the Depression, she said, California legislators decided that losing your house was punishment enough. They did not want lenders endlessly hounding borrowers for the difference between what they owed and what their former house was worth, an amount called the deficiency.
Seventy-five years later, because of that law, anyone who has an original loan and wants to get rid of the house because it has fallen in value can simply walk away without further legal jeopardy. But a homeowner who refinanced, even for the straightforward reason of getting a lower interest rate, could in theory lose the house and be pursued for the deficiency.
'I don't believe the original intent was to have a two-tier system, where some were protected and some were not,' Ms Corbett said.
The agents, too, say this is a fairness issue. But there is also self-interest involved.
'Realtors are very worried about this because they think it will destroy the housing market if people end up with these huge deficiency judgements and are never able to buy a house again,' Ms Corbett said.
To some extent, this is a fight over something that is not happening, at least not yet.
Lenders in California rarely chased foreclosed borrowers for deficiency judgments. Pursuing such cases in court can be an arduous process, and few of those in foreclosure have the assets or incomes to make it worthwhile.
But the threat of such action can come in handy for lenders, servicers and collection agencies. By raising the possibility of a court fight, they can negotiate favourable terms when agreeing to loan modifications and workouts, surrenders of deeds and sales for less than the full amount owed, also known as short sales.
'Using the threat of a deficiency, full-recourse lenders often prevail upon distressed borrowers to sign new, unsecured obligations in exchange for their assent to a proposed short sale or surrender of a deed,' said William A Markham, a lawyer with Maldonado & Markham in San Diego. 'This practice will nearly vanish overnight if the new measure becomes law.' About a third of the seven million California households with a mortgage have negative equity, a condition known as being underwater, according to the research firm CoreLogic. Many of these families might be content to wait years for a rebound in real estate but others, if at least partly freed from deficiency worries, might walk away.
'This will lead to a surge in the supply of housing, a corresponding decrease in the price, and a welcome hastening of the end of the foreclosure crisis in California,' Mr Markham said.
State Senator Mimi Walters, a first-term Republican representing Laguna Hills, north of San Diego, voted against the measure precisely because it could encourage more defaults.
'I'm very sympathetic to what's going on in the economy and to people that are losing their homes,' said Ms Walters, a former executive with two Wall Street firms. 'But we have to be careful not to overleverage ourselves and to take responsibility when making investments.' The banking lobby says it could accept the bill as is, on one condition: that it apply only to new loans. In its current form, it applies to any existing loan. -- AP
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Starting block: For years, a house in California was a machine for building wealth. Families refinanced their loans to pay for vacations, operations, tuition or, frequently, investments in more houses
BT : Boutique hotels in New York
Business Times - 22 Jun 2010
Boutique hotels in New York
A new breed is standing out from the masses with designer details and special perks
(NEW YORK) A new breed of hotels is trying to stand out from the masses with designer details and memorable perks and prices around US$250 a night.
Finding a decent place to sleep in New York City has never been easy. Traditionally, you either had to spend a tonne of money (the Ty Warner Penthouse at the Four Seasons for US$35,000 a night, anyone?) or scrimp and hope for the best (warning: a recent search for 'bed bugs' on TripAdvisor found 877 mentions for city hotels).
What is a budget and style-conscious traveller to do? Go for the new middle. In a city that still boasts one of the nation's highest room rates (US$238 on average in Manhattan, according to Smith Travel, which tracks the industry), hotels aiming for the midrange are reaching new heights.
The trend began about three years ago, with a trickle of boutiquey places like the Pod, the Ace and the Jane - which offered a patina of style without the premium prices. It has accelerated in recent months, with a raft of new hotels promising cool design, nods to local flavour and wallet-friendly rates of about US$200 to US$250.
Call them budget boutiques. But instead of coming from daring young hoteliers, many are being rolled out by chains like InterContinental and Wyndham in a bid to attract a hipper clientele.
'There's a huge wave of consumer demand, especially with the younger Gen Y or millennials, for properties that have some level of style to them,' said Sean Hennessey, founder of Lodging Advisors, a hospitality consultant firm.
In May, I slept in some of these new hotels. Despite their novelty, some were already victims of their own cliches. Rooftop bars, rainfall showers and iPhone docks were everywhere. Still, rooms were large by the city's pint-size standards, service was sharp, and for the moment, they offer some of the best values around.
Distrikt Hotel
Why book? On an exhaust-choked block next to the Port Authority bus station, three new cookie-cutter hotels are stacked together like cereal boxes in a configuration that hotel bloggers have started calling a 'tri-pack'. Distrikt, next door, is different: It has a simulacrum of soul. This is impressive, not only because of its unseemly location - within shouting distance of a homeless shelter and a parole office - but also a kitschy design conceit: Every floor takes its cue from a New York City neighbourhood.
Room: My standard room was on the 28th floor: Central Park. Don't expect a wax statue of Frederick Law Olmsted. The only nods to the famous park were photo collages that hung in the room and hallways.
Needless to say, the actual park wasn't visible from the window, though tantalising glimpses of the Hudson River were. The room itself was a beige rectangle furnished with the type of inoffensive contemporary furniture one might find in a West Elm catalogue.
Vibe: Blame the sketchy neighbours, but parts of the hotel feel as though they're under lockdown. Key cards are needed to operate the elevators, and the marble-and-steel lobby is a tad cold, despite a 12-foot vertical garden. An adjacent lounge, called Collage, looks like a modern airport bistro. It serves breakfast by day, and drinks and bar food by night. On a recent Friday evening, it was empty. 'This is New York City,' said the young bartender. 'Who wants to stay inside their hotel?'
Mints: An organic fudge brownie awaits you in the room, along with a personalised welcome letter - nice touches for a hotel of this class. There's no fitness centre, but free passes are available to the nearby Mid City Gym. You can check your e-mail on one of three large Mac screens in the lobby, but be prepared to wait.
342 West 40th Street, between Eighth and Ninth avenues; (888) 444-5610; distrikthotel.com; free Wi-Fi; breakfast for US$14.95; 155 rooms from US$209.
Eventi Hotel
Why book? Straddling the higher end is the Eventi, a 292-room hotel that opened last month in northern Chelsea. Operated by Kimpton - a San Francisco-based chain that helped pioneer the budget boutique niche - it offers doses of luxury that are unusual at this price range. There's clever design, 24-hour room service, a large terrace, a sunny gym, a spa that offers something called spirulina body wraps, and even dog and cat massages.
Room: The standard queen was sleek and handsome, with custom-made furnishings (dark woods, cloud-gray upholstery, heavy drapes) that felt rich. It had a risque side: a huge mirror faced the bed, Frette robes were trimmed with zebra prints, the honour bar was stocked with an Intimacy Kit (US$6). Other high-end perks await in the marble-tiled bathroom. There was an elongated tub, a magnifying makeup mirror and bottles of musk-scented Italian hair products.
Vibe: It's a work in progress. Planned for October are a Basque restaurant by Jeffery Chodorow, a plaza with a movie screen and whiskey bar. Meanwhile, the lobby - with cave-red marble and quirky seating nooks - fills up during the free wine hour that begins at 5pm. For breathing room, take your glass to the wraparound terrace on the fifth floor, furnished with terra-cotta planters and oversize wicker love seats.
Mints: No Pringles here. The minibar was stocked with goodies like blueberry acai Gummy Pandas (US$4), Late July organic crackers (US$3), and Alba Botanica shave cream (US$5). There's even a 375-millilitre bottle of Absolut vodka, big enough for an impromptu party. Service was polished. A free toothbrush and hair straightener were delivered in less than five minutes.
851 Avenue of the Americas, between 29th and 30th streets; (212) 564-4567; eventihotel.com; Wi-Fi is US$10 per day (free for Kimpton rewards members); a breakfast buffet is US$22; 292 rooms starting at US$249 (at US$399 once introductory rates finish in fall)
Fashion 26
Why book? A quick step from the Fashion Institute of Technology, this shiny new hotel by Wyndham tries hard to live up to its name.
There's a Best Dressed Guest contest held occasionally (winners get room upgrades), the Mondrian-like mural above the front desk is made from thread spools, and the concierge keeps tabs on sample sales. No, you won't see a gaggle of models during check-in, but the hotel does have fun playing dress-up.
Room: A standard room was maybe a size medium, with plenty of nods to fashion: buttons on the door numbers, a merino herringbone throw on the bed and mint-green polka dots on the walls. Housekeeping staff members wear custom dresses that hint, naughtily, at French maid. A big window offered postcard views of the Empire State Building, as well as peeks inside garment showrooms across the street.
Vibe: Despite all the sartorial trappings, guests dressed like any in your typical off-the-rack hotel. On a recent Monday, there were FIT parents in the slate-gray lobby, and suits trading airport stories in the elevator. There's a chatty cocktail scene at the lobby bar, but Rare, the fiery orange dining room, was desolate. Maybe the ho-hum menu - part burger joint, part formal steakhouse - was to blame. A rooftop bar is expected to open this month.
Mints: Service was elegant and unobtrusive. Arriving two hours before check-in was no problem; the attendant had a room ready. Come back from dinner and the bed is turned down: the pillows stacked upright, the comforter removed, a note left on the sheets with tomorrow's weather, and a mint. There's also a decent gym in the basement and a single-cup Keurig coffee maker in the room.
152 West 26th Street, between Avenue of the Americas and Seventh avenues; (212) 858-5888; f26nyc.com; free Wi-Fi and a US$15 cold and US$19.70 hot breakfast buffet, along with à la carte; 280 rooms from US$229.
Hotel Indigo
Why book? Hotel Indigo may be the prototype of this new hotel class. Started by the InterContinental Hotels Group, which owns Holiday Inn and other chains, the Indigo brand aims to be affordable yet stylish, though its first property in New York City doesn't quite hit the mark. It opened last October in the heart of the flower district, so it is hemmed on all sides with orchids and pussy willow.
There are flowers inside the hotel, too, though mostly of the printed variety. Hallway carpets with comically giant indigos and carrot-orange walls conspire to create a visual jungle. Too bad the floral theme didn't extend to the scent. The lobby smelled more like cleaning fluid than roses.
Room: The oversaturated colour scheme continued inside the room, with a headboard stitched together from swatches of reds, oranges and yellows. Still, the room was bright and airy, with hardwood floors, a small desk and a floor-to-ceiling print of sewing needles. The view was quintessentially New York: fire escapes and the back of old factory buildings. As in many of these budget boutiques, the bathroom was sleekly appointed. In this case, however, the shower lacked water pressure, and a puddle from the previous night was still on the shower floor in the morning.
Vibe: An oddball mix. Foreign tourists in I (HEART) New York T-shirts sat in the lobby. Office workers crowded the smoky rooftop Glass Bar. And at Blu, its street-level Italian restaurant, there was, well, no one. The soupy risotto I was served one night may have something to do with it.
Mints: Service was unexpectedly attentive; the front desk called shortly after check-in to make sure everything was in order. In the basement, there's a basic business centre (two desktop computers) and a well-equipped, if petite, fitness studio with free weights and treadmills.
127 West 28th Street, between Avenue of the Americas and Seventh Avenue; (212) 973-9000; indigochelsea.com; 122 rooms from US$269; US$15.99 breakfast buffet, and à la carte brunch served on weekends. -- NYT
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Going places: In a city that still boasts one of the nation's highest room rates (US$238 on average in Manhattan), hotels aiming for the midrange are reaching new heights
Boutique hotels in New York
A new breed is standing out from the masses with designer details and special perks
(NEW YORK) A new breed of hotels is trying to stand out from the masses with designer details and memorable perks and prices around US$250 a night.
Finding a decent place to sleep in New York City has never been easy. Traditionally, you either had to spend a tonne of money (the Ty Warner Penthouse at the Four Seasons for US$35,000 a night, anyone?) or scrimp and hope for the best (warning: a recent search for 'bed bugs' on TripAdvisor found 877 mentions for city hotels).
What is a budget and style-conscious traveller to do? Go for the new middle. In a city that still boasts one of the nation's highest room rates (US$238 on average in Manhattan, according to Smith Travel, which tracks the industry), hotels aiming for the midrange are reaching new heights.
The trend began about three years ago, with a trickle of boutiquey places like the Pod, the Ace and the Jane - which offered a patina of style without the premium prices. It has accelerated in recent months, with a raft of new hotels promising cool design, nods to local flavour and wallet-friendly rates of about US$200 to US$250.
Call them budget boutiques. But instead of coming from daring young hoteliers, many are being rolled out by chains like InterContinental and Wyndham in a bid to attract a hipper clientele.
'There's a huge wave of consumer demand, especially with the younger Gen Y or millennials, for properties that have some level of style to them,' said Sean Hennessey, founder of Lodging Advisors, a hospitality consultant firm.
In May, I slept in some of these new hotels. Despite their novelty, some were already victims of their own cliches. Rooftop bars, rainfall showers and iPhone docks were everywhere. Still, rooms were large by the city's pint-size standards, service was sharp, and for the moment, they offer some of the best values around.
Distrikt Hotel
Why book? On an exhaust-choked block next to the Port Authority bus station, three new cookie-cutter hotels are stacked together like cereal boxes in a configuration that hotel bloggers have started calling a 'tri-pack'. Distrikt, next door, is different: It has a simulacrum of soul. This is impressive, not only because of its unseemly location - within shouting distance of a homeless shelter and a parole office - but also a kitschy design conceit: Every floor takes its cue from a New York City neighbourhood.
Room: My standard room was on the 28th floor: Central Park. Don't expect a wax statue of Frederick Law Olmsted. The only nods to the famous park were photo collages that hung in the room and hallways.
Needless to say, the actual park wasn't visible from the window, though tantalising glimpses of the Hudson River were. The room itself was a beige rectangle furnished with the type of inoffensive contemporary furniture one might find in a West Elm catalogue.
Vibe: Blame the sketchy neighbours, but parts of the hotel feel as though they're under lockdown. Key cards are needed to operate the elevators, and the marble-and-steel lobby is a tad cold, despite a 12-foot vertical garden. An adjacent lounge, called Collage, looks like a modern airport bistro. It serves breakfast by day, and drinks and bar food by night. On a recent Friday evening, it was empty. 'This is New York City,' said the young bartender. 'Who wants to stay inside their hotel?'
Mints: An organic fudge brownie awaits you in the room, along with a personalised welcome letter - nice touches for a hotel of this class. There's no fitness centre, but free passes are available to the nearby Mid City Gym. You can check your e-mail on one of three large Mac screens in the lobby, but be prepared to wait.
342 West 40th Street, between Eighth and Ninth avenues; (888) 444-5610; distrikthotel.com; free Wi-Fi; breakfast for US$14.95; 155 rooms from US$209.
Eventi Hotel
Why book? Straddling the higher end is the Eventi, a 292-room hotel that opened last month in northern Chelsea. Operated by Kimpton - a San Francisco-based chain that helped pioneer the budget boutique niche - it offers doses of luxury that are unusual at this price range. There's clever design, 24-hour room service, a large terrace, a sunny gym, a spa that offers something called spirulina body wraps, and even dog and cat massages.
Room: The standard queen was sleek and handsome, with custom-made furnishings (dark woods, cloud-gray upholstery, heavy drapes) that felt rich. It had a risque side: a huge mirror faced the bed, Frette robes were trimmed with zebra prints, the honour bar was stocked with an Intimacy Kit (US$6). Other high-end perks await in the marble-tiled bathroom. There was an elongated tub, a magnifying makeup mirror and bottles of musk-scented Italian hair products.
Vibe: It's a work in progress. Planned for October are a Basque restaurant by Jeffery Chodorow, a plaza with a movie screen and whiskey bar. Meanwhile, the lobby - with cave-red marble and quirky seating nooks - fills up during the free wine hour that begins at 5pm. For breathing room, take your glass to the wraparound terrace on the fifth floor, furnished with terra-cotta planters and oversize wicker love seats.
Mints: No Pringles here. The minibar was stocked with goodies like blueberry acai Gummy Pandas (US$4), Late July organic crackers (US$3), and Alba Botanica shave cream (US$5). There's even a 375-millilitre bottle of Absolut vodka, big enough for an impromptu party. Service was polished. A free toothbrush and hair straightener were delivered in less than five minutes.
851 Avenue of the Americas, between 29th and 30th streets; (212) 564-4567; eventihotel.com; Wi-Fi is US$10 per day (free for Kimpton rewards members); a breakfast buffet is US$22; 292 rooms starting at US$249 (at US$399 once introductory rates finish in fall)
Fashion 26
Why book? A quick step from the Fashion Institute of Technology, this shiny new hotel by Wyndham tries hard to live up to its name.
There's a Best Dressed Guest contest held occasionally (winners get room upgrades), the Mondrian-like mural above the front desk is made from thread spools, and the concierge keeps tabs on sample sales. No, you won't see a gaggle of models during check-in, but the hotel does have fun playing dress-up.
Room: A standard room was maybe a size medium, with plenty of nods to fashion: buttons on the door numbers, a merino herringbone throw on the bed and mint-green polka dots on the walls. Housekeeping staff members wear custom dresses that hint, naughtily, at French maid. A big window offered postcard views of the Empire State Building, as well as peeks inside garment showrooms across the street.
Vibe: Despite all the sartorial trappings, guests dressed like any in your typical off-the-rack hotel. On a recent Monday, there were FIT parents in the slate-gray lobby, and suits trading airport stories in the elevator. There's a chatty cocktail scene at the lobby bar, but Rare, the fiery orange dining room, was desolate. Maybe the ho-hum menu - part burger joint, part formal steakhouse - was to blame. A rooftop bar is expected to open this month.
Mints: Service was elegant and unobtrusive. Arriving two hours before check-in was no problem; the attendant had a room ready. Come back from dinner and the bed is turned down: the pillows stacked upright, the comforter removed, a note left on the sheets with tomorrow's weather, and a mint. There's also a decent gym in the basement and a single-cup Keurig coffee maker in the room.
152 West 26th Street, between Avenue of the Americas and Seventh avenues; (212) 858-5888; f26nyc.com; free Wi-Fi and a US$15 cold and US$19.70 hot breakfast buffet, along with à la carte; 280 rooms from US$229.
Hotel Indigo
Why book? Hotel Indigo may be the prototype of this new hotel class. Started by the InterContinental Hotels Group, which owns Holiday Inn and other chains, the Indigo brand aims to be affordable yet stylish, though its first property in New York City doesn't quite hit the mark. It opened last October in the heart of the flower district, so it is hemmed on all sides with orchids and pussy willow.
There are flowers inside the hotel, too, though mostly of the printed variety. Hallway carpets with comically giant indigos and carrot-orange walls conspire to create a visual jungle. Too bad the floral theme didn't extend to the scent. The lobby smelled more like cleaning fluid than roses.
Room: The oversaturated colour scheme continued inside the room, with a headboard stitched together from swatches of reds, oranges and yellows. Still, the room was bright and airy, with hardwood floors, a small desk and a floor-to-ceiling print of sewing needles. The view was quintessentially New York: fire escapes and the back of old factory buildings. As in many of these budget boutiques, the bathroom was sleekly appointed. In this case, however, the shower lacked water pressure, and a puddle from the previous night was still on the shower floor in the morning.
Vibe: An oddball mix. Foreign tourists in I (HEART) New York T-shirts sat in the lobby. Office workers crowded the smoky rooftop Glass Bar. And at Blu, its street-level Italian restaurant, there was, well, no one. The soupy risotto I was served one night may have something to do with it.
Mints: Service was unexpectedly attentive; the front desk called shortly after check-in to make sure everything was in order. In the basement, there's a basic business centre (two desktop computers) and a well-equipped, if petite, fitness studio with free weights and treadmills.
127 West 28th Street, between Avenue of the Americas and Seventh Avenue; (212) 973-9000; indigochelsea.com; 122 rooms from US$269; US$15.99 breakfast buffet, and à la carte brunch served on weekends. -- NYT
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Going places: In a city that still boasts one of the nation's highest room rates (US$238 on average in Manhattan), hotels aiming for the midrange are reaching new heights
BT : Asking price for London homes at record levels
Business Times - 22 Jun 2010
Asking price for London homes at record levels
Sellers capitalise on market recovery and scrapping of disclosure rules
(LONDON) London home sellers raised asking prices to a record as they sought to tap the housing-market recovery and benefit from the scrapping of costly disclosure rules, Rightmove plc said.
Average asking prices in the capital rose 2.2 per cent in June from the previous month to £429,597 (S$878,250), the operator of Britain's biggest property website said in an e- mail statement in London yesterday. Prices increased for a sixth month in the country as a whole, climbing 0.3 per cent.
Demand for properties has withstood uncertainty on the UK economy and the increase in supply caused by the end to so-called Home Information Pack requirements for marketing properties. The housing-market recovery may still falter because mortgage approvals remain at only half the level of the 2007 boom and as budget cuts and tax increases loom, Rightmove said.
'There is a bit of a post-HIP party atmosphere, with estate agents glad to restock their shelves and new sellers willing to give moving a go with fewer cost commitments,' Miles Shipside, Rightmove's commercial director, said in the statement. 'This pent-up enthusiasm to sell will tail off to a degree, though if it continues those who are serious about selling will have to consider reducing their prices.'
James Gubbins, a real-estate agent in the Pimlico area of London, close to the Tate Britain museum, said the abolition of Home Information Packs (HIPs) has helped him shift properties that otherwise would have languished unsold. He was able to turn an instruction to market a flat on Morton Place, listed for £850,000, into a sale of the entire building.
'We wouldn't have been able to move as quickly had there been a HIPs requirement, the buyer would have gone off and bought something else,' he said in a telephone interview. 'We've still got an imbalance between supply and demand, and that's sustaining prices.' The supply of new properties for sale in London rose 34 per cent from May, and is up 88 per cent from a year earlier. The time a property spends on the market dropped to 58 days from 83 days during the previous month, Rightmove said.
The 'barrier to selling' created by HIPs 'has been a major factor in underpinning prices, and indeed creating a new all-time high average asking price when combined with the robustness of London buyer demand,' Rightmove said.
London led gains across Britain, where price growth slowed to less than half of the 0.7 per cent pace recorded in May. National average asking prices rose 5 per cent from a year earlier and are less than £5,000 short of the peak reached in May 2008.
House prices may fall in the second half of the year, and may show no change for 2010, Mr Shipside said. A scarcity of mortgages, and the possibility that the government will raise capital-gains tax, will ease demand for new property, he said.
Prime Minister David Cameron has pledged 'fair and reasonable' changes to the capital-gains tax, now at 18 per cent, compared with a top rate of income tax above 40 per cent. Chancellor of the Exchequer George Osborne may announce a higher levy in tomorrow's emergency budget.
Britons' anxiety about their household finances worsened in June amid concern about looming austerity in public finances, according to a survey of more than 2,000 households by Markit Economics.
Forty-four percent of Britons said their financial position will worsen in the next 12 months, while only 22 per cent predicted an improvement.
The Council of Mortgage Lenders said last week that credit availability 'remains problematic for first-time buyers who tend not to have a substantial deposit.' The Bank of England said on June 18 that the six biggest mortgage banks approved 51,000 mortgages in May, still down by 10,000 from November.
'These factors are likely to put an end to this year's recovery in house prices,' Mr Shipside said.
'We are now seeing more competition among sellers and a slowdown in the number of buyers as the market begins to turn.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Gains: London led gains across Britain, where price growth slowed to less than half of the 0.7 per cent pace recorded in May. National average asking prices rose 5 per cent from a year earlier and are less than £5,000 short of the peak reached in May 2008
Asking price for London homes at record levels
Sellers capitalise on market recovery and scrapping of disclosure rules
(LONDON) London home sellers raised asking prices to a record as they sought to tap the housing-market recovery and benefit from the scrapping of costly disclosure rules, Rightmove plc said.
Average asking prices in the capital rose 2.2 per cent in June from the previous month to £429,597 (S$878,250), the operator of Britain's biggest property website said in an e- mail statement in London yesterday. Prices increased for a sixth month in the country as a whole, climbing 0.3 per cent.
Demand for properties has withstood uncertainty on the UK economy and the increase in supply caused by the end to so-called Home Information Pack requirements for marketing properties. The housing-market recovery may still falter because mortgage approvals remain at only half the level of the 2007 boom and as budget cuts and tax increases loom, Rightmove said.
'There is a bit of a post-HIP party atmosphere, with estate agents glad to restock their shelves and new sellers willing to give moving a go with fewer cost commitments,' Miles Shipside, Rightmove's commercial director, said in the statement. 'This pent-up enthusiasm to sell will tail off to a degree, though if it continues those who are serious about selling will have to consider reducing their prices.'
James Gubbins, a real-estate agent in the Pimlico area of London, close to the Tate Britain museum, said the abolition of Home Information Packs (HIPs) has helped him shift properties that otherwise would have languished unsold. He was able to turn an instruction to market a flat on Morton Place, listed for £850,000, into a sale of the entire building.
'We wouldn't have been able to move as quickly had there been a HIPs requirement, the buyer would have gone off and bought something else,' he said in a telephone interview. 'We've still got an imbalance between supply and demand, and that's sustaining prices.' The supply of new properties for sale in London rose 34 per cent from May, and is up 88 per cent from a year earlier. The time a property spends on the market dropped to 58 days from 83 days during the previous month, Rightmove said.
The 'barrier to selling' created by HIPs 'has been a major factor in underpinning prices, and indeed creating a new all-time high average asking price when combined with the robustness of London buyer demand,' Rightmove said.
London led gains across Britain, where price growth slowed to less than half of the 0.7 per cent pace recorded in May. National average asking prices rose 5 per cent from a year earlier and are less than £5,000 short of the peak reached in May 2008.
House prices may fall in the second half of the year, and may show no change for 2010, Mr Shipside said. A scarcity of mortgages, and the possibility that the government will raise capital-gains tax, will ease demand for new property, he said.
Prime Minister David Cameron has pledged 'fair and reasonable' changes to the capital-gains tax, now at 18 per cent, compared with a top rate of income tax above 40 per cent. Chancellor of the Exchequer George Osborne may announce a higher levy in tomorrow's emergency budget.
Britons' anxiety about their household finances worsened in June amid concern about looming austerity in public finances, according to a survey of more than 2,000 households by Markit Economics.
Forty-four percent of Britons said their financial position will worsen in the next 12 months, while only 22 per cent predicted an improvement.
The Council of Mortgage Lenders said last week that credit availability 'remains problematic for first-time buyers who tend not to have a substantial deposit.' The Bank of England said on June 18 that the six biggest mortgage banks approved 51,000 mortgages in May, still down by 10,000 from November.
'These factors are likely to put an end to this year's recovery in house prices,' Mr Shipside said.
'We are now seeing more competition among sellers and a slowdown in the number of buyers as the market begins to turn.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Gains: London led gains across Britain, where price growth slowed to less than half of the 0.7 per cent pace recorded in May. National average asking prices rose 5 per cent from a year earlier and are less than £5,000 short of the peak reached in May 2008
BT : Getting closer to the water
Business Times - 22 Jun 2010
INDUSTRIAL SPACE
Getting closer to the water
JTC is working on innovative ways to create new waterfront resources, writes UMA SHANKARI
SINGAPORE wants to maintain its leadership position on the global marine and offshore landscape. And with this in mind, the city-state is meeting a key challenge - the scarcity of waterfront land - head on.
Industrial landlord JTC has been looking at innovative ways to create new waterfront resources. And through its efforts, the government agency plans to ensure the continued growth of the offshore and marine sector by bringing in new waterfront activities and allowing for expansion by existing players.
Singapore has been a big beneficiary of the strong worldwide high growth of the offshore and marine industry in recent years. An expert cluster of marine-related service companies - including those providing classification services, maritime law and insurance services and offshore support services - has developed here.
In 2008, Singapore's marine and offshore industry output grew to $18.3 billion, which represents a compound annual growth rate of almost 30 per cent over the past five years. This makes the sector one of the fastest growing parts of Singapore's economy in the past few years. The sector's value-added in 2008 was $4.5 billion and the industry employed almost 70,000 workers that year.
Over the past few years, several world class global offshore and marine companies have either set up or expanded their operations in Singapore. They include Rolls-Royce from the UK, Halliburton from the US, Berg Propulsion from Sweden and Toll Offshore Petroleum Services from Australia.
Just a few months ago, Houston-based engineering Dril-Quip said it would develop a new $45.6 million facility at Tuas. this will handle all of the company's manufacturing operations for the Asia-Pacific and Middle East.
To support these and other global companies in their Singapore ventures, Singapore plans to sharpen its competitive advantages to entrench itself as an offshore and marine hub of choice.
JTC chief executive Manohar Khiatani said during the ground-breaking ceremony for the Dril-Quip facility that given the importance of the offshore and marine sector, all relevant government agencies - the Economic Development Board, Spring, the Agency for Science, Technology and Research and JTC - have been working together to grow the industry in Singapore.
This includes continuing to attract expert players to set up here and channelling investments and resources to develop the entire value chain, which ranges from shipyards and component manufacturing to companies offering naval architecture and marine engineering services.
And in addition to all this, JTC is looking to address Singapore's ever-present problem - a shortage of land.
'For its part, JTC has been looking at innovative infrastructural solutions to overcome some key challenges faced by the industry,' Mr Khiatani said. 'One of these is to come up with innovative ways to overcome the scarcity of waterfront land in Singapore.'
The agency is creating resources such as a new offshore marine centre, multi-vessel berthing structures and an integrated shipyard. It is also finding new waterfront land for industrial use.
Offshore marine centre
JTC is developing an offshore marine centre at a 13-hectare site in Tuas View. The multi-user facility will provide common waterfront and berthing facilities for offshore and marine companies involved in the manufacturing and fabrication of heavy equipment, components or structures. This will come in handy, as demand for such facilities is growing, market watchers say.
Multi-vessels berthing structures
JTC is also looking at redesigning Singapore's jetties to allow more vessels to berth along the same waterfront length.
The current system of using tugs for side-berthing will be replaced by a trolley and winch system to berth ships. This means that there will not be a need to provide navigational space for tug-boats, which JTC says can increase berth space along a waterfront by between 25 and 50 per cent.
'The project will increase our potential to attract key investors from the oil and petrochemical industries who require waterfront infrastructure to support their business operations, thus strengthening Singapore's position as a leading oil trading hub,' JTC said.
Integrated yard facility
Singapore's marine and offshore industry took a major step forward with the announcement in late 2009 that Sembcorp Marine will build an integrated yard at Tuas - the country's first new-built yard in a generation.
The first phase of the 206 ha state-of-the-art yard is expected to cost about $750 million and to be completed by 2013.
The yard will boast a revolutionary design as well as the latest production technology and processes. As a result, land use will be optimised and supply-chain efficiency will be improved - achieving a jump in productivity, resource optimisation and operational synergy.
'This first integrated yard is another example of how Singapore plans to stay at the forefront of the marine and offshore industry,' said EDB chairman Leo Yip. 'It will sharpen our competitive edge and reinforce our global leadership position in this industry.'
The increased flexibility that will come from cross-deploying workers and allowing them to multi-task will also improve and upgrade the quality of the work force here, JTC and EDB said.
Development of the 73.3 ha first phase of the yard will start next month and is expected to take four years. The remainder of the site will be developed in two more phases over 12 years.
When completed, the new yard will increase total dock capacity 62 per cent to 3.08 million deadweight tonnes (dwt), from 1.90 million dwt now, and will feature optimised docking and berthing facilities. An improved dock and quay ratio will ensure effective utilisation and faster turnaround for repairs and upgrading of ships, rigs and other floating structures.
The first phase will more than triple the land area from the current 20 ha, almost quadruple drydock capacity to 1.55 million dwt from the current 400,000 dwt and boost quay length almost three-and-a-half times from 1,071 to 3,408 metres.
Integrated facilities and newer technology will make the yard more efficient and productive, which will boost capacity and profitability, according to Sembcorp Marine president and chief executive Wong Weng Sun.
Mr Wong also expects productivity at the new yard to increase at least 15-20 per cent.
Utilising currently non-usable waterfront land
JTC has also earmarked a 40 ha site with around a kilometre of water frontage at Tuas West for future stock. Although the water depth here is only one to 3 metres - making it unsuitable for industrial activity - JTC is looking at the feasibility of improving this.
Looking ahead, land supply will continue to be a challenge to Singapore, JTC says.
And while land scarcity here is not new, the nature of the challenges faced by the agency has changed, which means it will work to come up with new solutions for the growing marine and offshore sector.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Marine hub: JTC is developing an offshore marine centre in Tuas, to provide common waterfront and berthing facilities for offshore and marine companies involved in the making of heavy equipment, components or structures
Mr Khiatani: 'JTC has been looking at innovative infrastructural solutions to overcome some key challenges faced by the industry. One of these is to come up with innovative ways to overcome the scarcity of waterfront land in Singapore.'
INDUSTRIAL SPACE
Getting closer to the water
JTC is working on innovative ways to create new waterfront resources, writes UMA SHANKARI
SINGAPORE wants to maintain its leadership position on the global marine and offshore landscape. And with this in mind, the city-state is meeting a key challenge - the scarcity of waterfront land - head on.
Industrial landlord JTC has been looking at innovative ways to create new waterfront resources. And through its efforts, the government agency plans to ensure the continued growth of the offshore and marine sector by bringing in new waterfront activities and allowing for expansion by existing players.
Singapore has been a big beneficiary of the strong worldwide high growth of the offshore and marine industry in recent years. An expert cluster of marine-related service companies - including those providing classification services, maritime law and insurance services and offshore support services - has developed here.
In 2008, Singapore's marine and offshore industry output grew to $18.3 billion, which represents a compound annual growth rate of almost 30 per cent over the past five years. This makes the sector one of the fastest growing parts of Singapore's economy in the past few years. The sector's value-added in 2008 was $4.5 billion and the industry employed almost 70,000 workers that year.
Over the past few years, several world class global offshore and marine companies have either set up or expanded their operations in Singapore. They include Rolls-Royce from the UK, Halliburton from the US, Berg Propulsion from Sweden and Toll Offshore Petroleum Services from Australia.
Just a few months ago, Houston-based engineering Dril-Quip said it would develop a new $45.6 million facility at Tuas. this will handle all of the company's manufacturing operations for the Asia-Pacific and Middle East.
To support these and other global companies in their Singapore ventures, Singapore plans to sharpen its competitive advantages to entrench itself as an offshore and marine hub of choice.
JTC chief executive Manohar Khiatani said during the ground-breaking ceremony for the Dril-Quip facility that given the importance of the offshore and marine sector, all relevant government agencies - the Economic Development Board, Spring, the Agency for Science, Technology and Research and JTC - have been working together to grow the industry in Singapore.
This includes continuing to attract expert players to set up here and channelling investments and resources to develop the entire value chain, which ranges from shipyards and component manufacturing to companies offering naval architecture and marine engineering services.
And in addition to all this, JTC is looking to address Singapore's ever-present problem - a shortage of land.
'For its part, JTC has been looking at innovative infrastructural solutions to overcome some key challenges faced by the industry,' Mr Khiatani said. 'One of these is to come up with innovative ways to overcome the scarcity of waterfront land in Singapore.'
The agency is creating resources such as a new offshore marine centre, multi-vessel berthing structures and an integrated shipyard. It is also finding new waterfront land for industrial use.
Offshore marine centre
JTC is developing an offshore marine centre at a 13-hectare site in Tuas View. The multi-user facility will provide common waterfront and berthing facilities for offshore and marine companies involved in the manufacturing and fabrication of heavy equipment, components or structures. This will come in handy, as demand for such facilities is growing, market watchers say.
Multi-vessels berthing structures
JTC is also looking at redesigning Singapore's jetties to allow more vessels to berth along the same waterfront length.
The current system of using tugs for side-berthing will be replaced by a trolley and winch system to berth ships. This means that there will not be a need to provide navigational space for tug-boats, which JTC says can increase berth space along a waterfront by between 25 and 50 per cent.
'The project will increase our potential to attract key investors from the oil and petrochemical industries who require waterfront infrastructure to support their business operations, thus strengthening Singapore's position as a leading oil trading hub,' JTC said.
Integrated yard facility
Singapore's marine and offshore industry took a major step forward with the announcement in late 2009 that Sembcorp Marine will build an integrated yard at Tuas - the country's first new-built yard in a generation.
The first phase of the 206 ha state-of-the-art yard is expected to cost about $750 million and to be completed by 2013.
The yard will boast a revolutionary design as well as the latest production technology and processes. As a result, land use will be optimised and supply-chain efficiency will be improved - achieving a jump in productivity, resource optimisation and operational synergy.
'This first integrated yard is another example of how Singapore plans to stay at the forefront of the marine and offshore industry,' said EDB chairman Leo Yip. 'It will sharpen our competitive edge and reinforce our global leadership position in this industry.'
The increased flexibility that will come from cross-deploying workers and allowing them to multi-task will also improve and upgrade the quality of the work force here, JTC and EDB said.
Development of the 73.3 ha first phase of the yard will start next month and is expected to take four years. The remainder of the site will be developed in two more phases over 12 years.
When completed, the new yard will increase total dock capacity 62 per cent to 3.08 million deadweight tonnes (dwt), from 1.90 million dwt now, and will feature optimised docking and berthing facilities. An improved dock and quay ratio will ensure effective utilisation and faster turnaround for repairs and upgrading of ships, rigs and other floating structures.
The first phase will more than triple the land area from the current 20 ha, almost quadruple drydock capacity to 1.55 million dwt from the current 400,000 dwt and boost quay length almost three-and-a-half times from 1,071 to 3,408 metres.
Integrated facilities and newer technology will make the yard more efficient and productive, which will boost capacity and profitability, according to Sembcorp Marine president and chief executive Wong Weng Sun.
Mr Wong also expects productivity at the new yard to increase at least 15-20 per cent.
Utilising currently non-usable waterfront land
JTC has also earmarked a 40 ha site with around a kilometre of water frontage at Tuas West for future stock. Although the water depth here is only one to 3 metres - making it unsuitable for industrial activity - JTC is looking at the feasibility of improving this.
Looking ahead, land supply will continue to be a challenge to Singapore, JTC says.
And while land scarcity here is not new, the nature of the challenges faced by the agency has changed, which means it will work to come up with new solutions for the growing marine and offshore sector.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Marine hub: JTC is developing an offshore marine centre in Tuas, to provide common waterfront and berthing facilities for offshore and marine companies involved in the making of heavy equipment, components or structures
Mr Khiatani: 'JTC has been looking at innovative infrastructural solutions to overcome some key challenges faced by the industry. One of these is to come up with innovative ways to overcome the scarcity of waterfront land in Singapore.'
BT : S'pore, KL to follow up on land issue
Business Times - 22 Jun 2010
S'pore, KL to follow up on land issue
PMs to discuss valuation, swap proposal in KL
By CHUANG PECK MING
(SINGAPORE) Singapore and Malaysian leaders are expected to follow up on the valuation of Malaysian railway land here and the proposal for a land swap when they meet in Kuala Lumpur today.
The meeting between Singapore Prime Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak comes barely a month after the two leaders met at a 'Leaders' Retreat' in Singapore.
The two leaders had emerged from last month's talks announcing a breakthrough in the impasse over the Points of Agreement signed in 1990. Big strides were made towards resolving the dispute over land owned by the Malayan Railway in Singapore.
The two prime ministers told reporters that they had agreed to move the existing railway station from Tanjong Pagar to the Woodlands train checkpoint by July 1, 2011. They had also sorted out how the redevelopment of the railway land left behind would be dealt with.
Last month's meeting further led to an agreement to set up a rapid transit system linking Johor Baru and Singapore by 2018. And the link is to be integrated with public transport system on both sides.
With an agreement on the Tanjong Pagar KTM station finally reached, the focus is now on developing the six parcels of Malayan Railway land. The land - with one parcel each in Tanjong Pagar, Kranji and Woodlands and three in Bukit Timah - is said to worth billions of dollars.
Singapore and Malaysia have already agreed to set up a company called M-S Pte Ltd to jointly develop the land. To be established by December at the latest, MS will be 60 per cent owned by the Malaysian government's investment holding arm Khazanah Nasional Berhad, with the remaining 40 per cent stake held by Singapore investment company Temasek Holdings.
One of the first step that could be taken, which Mr Lee suggested last month, is to obtain an updated valuation of the KTM land and make an offer to Mr Najib to swap the six land parcels for land of equivalent value in Marina South near the Marina Bay Sands integrated resort and/or the Ophir-Rochor area.
Mr Lee had said that he would make a trip to Kuala Lumpur in June to make such an offer to the Malaysian leader.
Singapore's Ministry of Foreign Affairs indicated yesterday that Mr Lee would be accompanied during the one-day working trip by Foreign Affairs Minister George Yeo, National Development Minister Mah Bow Tan and Law and Second Home Affairs Minister K Shanmugam.
It said that Mr Lee's meeting with Mr Najib is 'to follow up on bilateral issues discussed during the Singapore-Malaysia Leaders Retreat' in May.
A similar statement issued by Malaysia's Ministry of Foreign Affairs, while saying there would be a 'four-eye' meeting between the two leaders, also added that they 'are expected to follow up on the valuation of lands and the proposal of the land swap' discussed last month.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
S'pore, KL to follow up on land issue
PMs to discuss valuation, swap proposal in KL
By CHUANG PECK MING
(SINGAPORE) Singapore and Malaysian leaders are expected to follow up on the valuation of Malaysian railway land here and the proposal for a land swap when they meet in Kuala Lumpur today.
The meeting between Singapore Prime Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak comes barely a month after the two leaders met at a 'Leaders' Retreat' in Singapore.
The two leaders had emerged from last month's talks announcing a breakthrough in the impasse over the Points of Agreement signed in 1990. Big strides were made towards resolving the dispute over land owned by the Malayan Railway in Singapore.
The two prime ministers told reporters that they had agreed to move the existing railway station from Tanjong Pagar to the Woodlands train checkpoint by July 1, 2011. They had also sorted out how the redevelopment of the railway land left behind would be dealt with.
Last month's meeting further led to an agreement to set up a rapid transit system linking Johor Baru and Singapore by 2018. And the link is to be integrated with public transport system on both sides.
With an agreement on the Tanjong Pagar KTM station finally reached, the focus is now on developing the six parcels of Malayan Railway land. The land - with one parcel each in Tanjong Pagar, Kranji and Woodlands and three in Bukit Timah - is said to worth billions of dollars.
Singapore and Malaysia have already agreed to set up a company called M-S Pte Ltd to jointly develop the land. To be established by December at the latest, MS will be 60 per cent owned by the Malaysian government's investment holding arm Khazanah Nasional Berhad, with the remaining 40 per cent stake held by Singapore investment company Temasek Holdings.
One of the first step that could be taken, which Mr Lee suggested last month, is to obtain an updated valuation of the KTM land and make an offer to Mr Najib to swap the six land parcels for land of equivalent value in Marina South near the Marina Bay Sands integrated resort and/or the Ophir-Rochor area.
Mr Lee had said that he would make a trip to Kuala Lumpur in June to make such an offer to the Malaysian leader.
Singapore's Ministry of Foreign Affairs indicated yesterday that Mr Lee would be accompanied during the one-day working trip by Foreign Affairs Minister George Yeo, National Development Minister Mah Bow Tan and Law and Second Home Affairs Minister K Shanmugam.
It said that Mr Lee's meeting with Mr Najib is 'to follow up on bilateral issues discussed during the Singapore-Malaysia Leaders Retreat' in May.
A similar statement issued by Malaysia's Ministry of Foreign Affairs, while saying there would be a 'four-eye' meeting between the two leaders, also added that they 'are expected to follow up on the valuation of lands and the proposal of the land swap' discussed last month.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : 60% of lease top-up bids approved since 2007
Business Times - 21 Jun 2010
60% of lease top-up bids approved since 2007
More owners expected to seek lease top-ups as stock of buildings on earlier govt sales sites gets older
By KALPANA RASHIWALA
(SINGAPORE) As the stock of buildings developed on 99-year leasehold sites sold by the government since the late 1960s gets older, more building owners are expected to apply to the authorities for lease top-ups.
Two such cases are currently under evaluation. But since 2007, the Singapore Land Authority (SLA) has processed 56 applications for lease extensions of which only about 60 per cent were approved. The other 40 per cent were rejected.
SLA's spokesperson said in a written response to queries from The Business Times that in land-scarce Singapore, leases are generally allowed to expire without extension. Such a policy makes it possible for the government to recover land upon lease expiry, and reallocate it to meet fast changing socio-economic needs.
'Nevertheless, lease extensions can be considered on a case-by-case basis,' she said.
In evaluating requests for lease extensions, the government takes into account several factors including the long-term planning intention for the site and surrounding land, and whether the proposed use would optimise land.
SLA said that lease extensions granted since 2007 involved various uses such as commercial, residential, industrial and conservation properties. The period of the lease top-up depended on specific circumstances, but any top-ups together with the unexpired term of existing leases will not exceed 99 years.
'This is in line with our current policy that all new state leases (for sites which are capable of independent development) should not exceed 99 years,' said SLA.
Knight Frank chairman Tan Tiong Cheng sees a lot of soundness in the government's approach.
'To extend or not to extend? The answer lies in whether it fits into the long-term planning for the area. The government does not have to reveal its plans, so it has adopted a case by case approach,' he says.
He cites the example of the government selling land for recreational use in Marina South on short-term leases of 20 years. 'The government did not extend the leases when they expired and took the sites back because it had bigger plans for the area,' Mr Tan said.
'It's a similar situation with the government's plan for a new Central Business District on reclaimed land in the Marina area which can accommodate modern, big floor-plate office developments. What happens to ageing, pencil buildings on small plots in the old CBD? Should the government agree to reset their leases so that they can be redeveloped into new tiny office blocks for which there may not be much demand? The State may prefer to take back the sites when their leases expire and amalgamate them for a bigger development.'
In the meantime, leaving these buildings as they are may introduce urban blight. But if these owners propose to redevelop their buildings into apartments, thus furthering the government's plan to increase inner-city housing, they may get their lease extensions. The first such case was Natwest Centre, which is currently being developed into The Clift.
Market watchers say building owners who apply for lease top-ups often do have redevelopment proposals, or plans to sell the property on the assumption of redevelopment.
DTZ executive director (consulting) Ong Choon Fah says many leasehold buildings are becoming physically obsolete. Some are also drawing undesirable occupier profiles. 'If government is willing to top up leases, that will give these property owners an incentive to redevelop,' she said.
The properties for which lease top-ups have been granted since 2007 are said to include the former Ong Building site, which is being redeveloped into the 76 Shenton project comprising 202 apartments, and the former Overseas Union House site, which is making way for a new 18-storey office project, 50 Collyer Quay.
But not all successful applications have their leases topped up to 99 years.
Lease upgrades approved in connection with CBD office redevelopments have sometimes been for less than 99 years to try and synchronise future lease expiries of all the sites on the same street block. The idea is to have all sites on that stretch revert to the state around the same time to accommodate more comprehensive planning and redevelopment for the area.
Analysts recall the case of 71 Robinson Road, whose lease was topped up in April 2007 not to the usual 99 years but 85 years and 10 months to match the remaining lease term for SIA Building next door. The latter's lease was reset to 99 years in 1994. Leases for both sites will now expire in 2093.
SLA's spokesperson said that for commercial uses, lease extensions may be granted if they help to achieve a certain planning intention - such as substantial intensification in land use - significantly earlier.
Analysts say that may explain why a few office building owners in the CBD reportedly had lease top-up applications turned down when they planned only retrofitting works, which are deemed as additions and alterations. On the other hand, those who supported their applications with planning approval from the Urban Redevelopment Authority to redevelop the site into a bigger office block have succeeded at lease top-ups.
'To extend or not to extend? The answer lies in whether it fits into the long-term planning for the area.'
- Tan Tiong Cheng,
Knight Frank chairman
'If government is willing to top up leases, that will give these property owners an incentive to redevelop.'
- Ong Choon Fah,
DTZ executive director (consulting)
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
60% of lease top-up bids approved since 2007
More owners expected to seek lease top-ups as stock of buildings on earlier govt sales sites gets older
By KALPANA RASHIWALA
(SINGAPORE) As the stock of buildings developed on 99-year leasehold sites sold by the government since the late 1960s gets older, more building owners are expected to apply to the authorities for lease top-ups.
Two such cases are currently under evaluation. But since 2007, the Singapore Land Authority (SLA) has processed 56 applications for lease extensions of which only about 60 per cent were approved. The other 40 per cent were rejected.
SLA's spokesperson said in a written response to queries from The Business Times that in land-scarce Singapore, leases are generally allowed to expire without extension. Such a policy makes it possible for the government to recover land upon lease expiry, and reallocate it to meet fast changing socio-economic needs.
'Nevertheless, lease extensions can be considered on a case-by-case basis,' she said.
In evaluating requests for lease extensions, the government takes into account several factors including the long-term planning intention for the site and surrounding land, and whether the proposed use would optimise land.
SLA said that lease extensions granted since 2007 involved various uses such as commercial, residential, industrial and conservation properties. The period of the lease top-up depended on specific circumstances, but any top-ups together with the unexpired term of existing leases will not exceed 99 years.
'This is in line with our current policy that all new state leases (for sites which are capable of independent development) should not exceed 99 years,' said SLA.
Knight Frank chairman Tan Tiong Cheng sees a lot of soundness in the government's approach.
'To extend or not to extend? The answer lies in whether it fits into the long-term planning for the area. The government does not have to reveal its plans, so it has adopted a case by case approach,' he says.
He cites the example of the government selling land for recreational use in Marina South on short-term leases of 20 years. 'The government did not extend the leases when they expired and took the sites back because it had bigger plans for the area,' Mr Tan said.
'It's a similar situation with the government's plan for a new Central Business District on reclaimed land in the Marina area which can accommodate modern, big floor-plate office developments. What happens to ageing, pencil buildings on small plots in the old CBD? Should the government agree to reset their leases so that they can be redeveloped into new tiny office blocks for which there may not be much demand? The State may prefer to take back the sites when their leases expire and amalgamate them for a bigger development.'
In the meantime, leaving these buildings as they are may introduce urban blight. But if these owners propose to redevelop their buildings into apartments, thus furthering the government's plan to increase inner-city housing, they may get their lease extensions. The first such case was Natwest Centre, which is currently being developed into The Clift.
Market watchers say building owners who apply for lease top-ups often do have redevelopment proposals, or plans to sell the property on the assumption of redevelopment.
DTZ executive director (consulting) Ong Choon Fah says many leasehold buildings are becoming physically obsolete. Some are also drawing undesirable occupier profiles. 'If government is willing to top up leases, that will give these property owners an incentive to redevelop,' she said.
The properties for which lease top-ups have been granted since 2007 are said to include the former Ong Building site, which is being redeveloped into the 76 Shenton project comprising 202 apartments, and the former Overseas Union House site, which is making way for a new 18-storey office project, 50 Collyer Quay.
But not all successful applications have their leases topped up to 99 years.
Lease upgrades approved in connection with CBD office redevelopments have sometimes been for less than 99 years to try and synchronise future lease expiries of all the sites on the same street block. The idea is to have all sites on that stretch revert to the state around the same time to accommodate more comprehensive planning and redevelopment for the area.
Analysts recall the case of 71 Robinson Road, whose lease was topped up in April 2007 not to the usual 99 years but 85 years and 10 months to match the remaining lease term for SIA Building next door. The latter's lease was reset to 99 years in 1994. Leases for both sites will now expire in 2093.
SLA's spokesperson said that for commercial uses, lease extensions may be granted if they help to achieve a certain planning intention - such as substantial intensification in land use - significantly earlier.
Analysts say that may explain why a few office building owners in the CBD reportedly had lease top-up applications turned down when they planned only retrofitting works, which are deemed as additions and alterations. On the other hand, those who supported their applications with planning approval from the Urban Redevelopment Authority to redevelop the site into a bigger office block have succeeded at lease top-ups.
'To extend or not to extend? The answer lies in whether it fits into the long-term planning for the area.'
- Tan Tiong Cheng,
Knight Frank chairman
'If government is willing to top up leases, that will give these property owners an incentive to redevelop.'
- Ong Choon Fah,
DTZ executive director (consulting)
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Singapore among top 25 most liveable cities: survey
Business Times - 21 Jun 2010
Singapore among top 25 most liveable cities: survey
Low crime rate, ease of setting up business and timely emergency services
By CHAN YUPING
THERE'S no lack of Starbucks or Zara here, and certainly not sunshine, but still Singapore has slipped three rungs to 21st in a global ranking of the most liveable cities.
European cities, led by Munich, took the top spots in the latest quality-of-life survey by UK magazine Monocle, which goes beyond hard economic indicators in assessing the attractiveness of a city.
The poll includes 'soft' factors such as hours of sunshine and other attributes of urban appeal, such as the number of cinema screens and yes, the number of Zara and Starbucks outlets in town.
These are 'often-overlooked factors that can bring happiness and ease to everyday life', says the London-based lifestyle and global affairs magazine.
Singapore was rated highly for its low crime rate, ease of setting up a business - which takes about 15 minutes online - and prompt emergency services.
'However, high stress levels, a relatively high cost of living and a sense of self-censorship present room for improvement,' says Monocle.
Germany's Munich beat Zurich, which slipped from first place last year to third this year, while Copenhagen hung on to the second spot.
Munich's connectivity, cultural investment and abundance of green space helped it win top position, says Monocle. This is the second time the German city has been ranked number one since the survey started four years ago.
A growing commitment to embed environmental awareness in every aspect of urban planning was cited by Monocle as a key strength of the top three cities.
Several new metrics were introduced for this year's survey, including the amount of outdoor seating available, accessibility of green spaces, response time for emergency services and ease of starting a business.
These new attributes place a higher premium on small-scale neighbourhoods than on over-developed expatriate cities, says Monocle.
The 2010 top 25 list remains largely unchanged from 2009, with only Amsterdam dropping out and Northwestern US city Portland joining the league.
'There was a noticeable lack of reshuffling in 2010, in part because the economy saw many large-scale improvement projects put on hold,' says Tyler Brule, Monocle's editor-in-chief.
'But there were enough shifts, including Geneva, Madrid and Portland, to ensure no mayor should be resting on last year's performance.'
Tokyo, which dropped one spot to fourth position this year, was lauded for its connectivity and easily accessible transport system.
Other regional cities that made the top 25 list were Melbourne (9), Sydney (12), Fukuoka (14), Auckland (20) and Kyoto (23).
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Singapore among top 25 most liveable cities: survey
Low crime rate, ease of setting up business and timely emergency services
By CHAN YUPING
THERE'S no lack of Starbucks or Zara here, and certainly not sunshine, but still Singapore has slipped three rungs to 21st in a global ranking of the most liveable cities.
European cities, led by Munich, took the top spots in the latest quality-of-life survey by UK magazine Monocle, which goes beyond hard economic indicators in assessing the attractiveness of a city.
The poll includes 'soft' factors such as hours of sunshine and other attributes of urban appeal, such as the number of cinema screens and yes, the number of Zara and Starbucks outlets in town.
These are 'often-overlooked factors that can bring happiness and ease to everyday life', says the London-based lifestyle and global affairs magazine.
Singapore was rated highly for its low crime rate, ease of setting up a business - which takes about 15 minutes online - and prompt emergency services.
'However, high stress levels, a relatively high cost of living and a sense of self-censorship present room for improvement,' says Monocle.
Germany's Munich beat Zurich, which slipped from first place last year to third this year, while Copenhagen hung on to the second spot.
Munich's connectivity, cultural investment and abundance of green space helped it win top position, says Monocle. This is the second time the German city has been ranked number one since the survey started four years ago.
A growing commitment to embed environmental awareness in every aspect of urban planning was cited by Monocle as a key strength of the top three cities.
Several new metrics were introduced for this year's survey, including the amount of outdoor seating available, accessibility of green spaces, response time for emergency services and ease of starting a business.
These new attributes place a higher premium on small-scale neighbourhoods than on over-developed expatriate cities, says Monocle.
The 2010 top 25 list remains largely unchanged from 2009, with only Amsterdam dropping out and Northwestern US city Portland joining the league.
'There was a noticeable lack of reshuffling in 2010, in part because the economy saw many large-scale improvement projects put on hold,' says Tyler Brule, Monocle's editor-in-chief.
'But there were enough shifts, including Geneva, Madrid and Portland, to ensure no mayor should be resting on last year's performance.'
Tokyo, which dropped one spot to fourth position this year, was lauded for its connectivity and easily accessible transport system.
Other regional cities that made the top 25 list were Melbourne (9), Sydney (12), Fukuoka (14), Auckland (20) and Kyoto (23).
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
ST : Agent goes far by going the distance for clients
Jun 20, 2010
Agent goes far by going the distance for clients
Real estate agent Jasmine Png drives a limited sports edition Mercedes C-class, carries a Prada handbag and cuts a smart figure with her tight black suits and crisp, white shirts monogrammed with her initials.
It is an image that goes down well with her millionaire clients.
Over the past two years, Ms Png has been specialising in marketing properties in Sentosa Cove. These homes start from about $4 million for a condominium and can hit more than $30 million for a bungalow.
She collects a 2 per cent commission from each sale but declines to reveal the tidy sum she makes each year. Her clients are from countries like Singapore, Malaysia and China.
The 29-year-old business and marketing graduate from the University of South Australia started work at real estate firm OrangeTee in 2005 and said she is still learning the ways of her wealthy Chinese clients.
One thing she has found out is their aversion to revealing personal details, even in small talk.
'I once asked a couple what part of China they came from, and they replied: 'Why must we tell you?' ' she said.
Ms Png has also met Chinese nationals who do not fully appreciate the rules here and assume that money can buy everything.
She related the case of a man who showed up to make a purchase, shouting that he wanted to buy a house immediately.
When told that there was a sales process to follow, he left in a huff.
'But he came back the next day with two suitcases full of money. Often we have to explain to such people that there are rules and paperwork in Singapore and you can't just buy a house like that,' she said.
Other real estate agents note the difference in tastes between Chinese clients and those of other nationalities.
Mr Dennis Wee, chairman of Dennis Wee Realty, said that while Westerners may prefer clean lines or contemporary furniture, the Chinese tend to go for more opulent designs.
'They like ornate styles which are quite grand, with lots of gold. Sometimes, the wood in the furniture doesn't even match. They just like the gold,' he said.
Chinese clients also prefer their property to be facing north or south, away from direct sunlight, agents said. This is so that the houses do not get too hot.
Westerners, on the other hand, like their houses to face west for the sun.
Agents also said Chinese clients often turn to them for help with other matters, besides buying properties.
Mr Markus Tay, vice-president for sales and marketing at Luxe Group, said: 'I've been asked to help clients find interior designers, good schools, chauffeurs and even domestic helpers.'
Ms Png said she does not mind going the extra mile for her clients, such as taking their wives shopping in her car.
It helps to build up social relationships that could lead to more referrals, which is how most real estate agents get their business.
'They are nice people at the end of the day,' said Ms Png. 'When they've learnt that they can trust you, they'll introduce you to all their friends and you even go out with them. Most of my Chinese clients have become my friends.'
Ms Png, who lives with her parents in their terrace house in Katong, is well aware that there are many agents who would love to get a piece of the Sentosa Cove pie.
She has her own Sentosa Cove website to garner business and knows of more than half a dozen similar websites set up by other property agents.
That is why she plans to fly to Shanghai within the next two weeks to meet a client, at her own expense.
The client plans to buy a few units in Sentosa Cove with his friends, she said.
'I love houses and seeing my clients satisfied, and it makes me happy when they refer me to other people,' she said, adding 'that's why I am successful'.
Goh Chin Lian,
Shuli Sudderuddin
Agent goes far by going the distance for clients
Real estate agent Jasmine Png drives a limited sports edition Mercedes C-class, carries a Prada handbag and cuts a smart figure with her tight black suits and crisp, white shirts monogrammed with her initials.
It is an image that goes down well with her millionaire clients.
Over the past two years, Ms Png has been specialising in marketing properties in Sentosa Cove. These homes start from about $4 million for a condominium and can hit more than $30 million for a bungalow.
She collects a 2 per cent commission from each sale but declines to reveal the tidy sum she makes each year. Her clients are from countries like Singapore, Malaysia and China.
The 29-year-old business and marketing graduate from the University of South Australia started work at real estate firm OrangeTee in 2005 and said she is still learning the ways of her wealthy Chinese clients.
One thing she has found out is their aversion to revealing personal details, even in small talk.
'I once asked a couple what part of China they came from, and they replied: 'Why must we tell you?' ' she said.
Ms Png has also met Chinese nationals who do not fully appreciate the rules here and assume that money can buy everything.
She related the case of a man who showed up to make a purchase, shouting that he wanted to buy a house immediately.
When told that there was a sales process to follow, he left in a huff.
'But he came back the next day with two suitcases full of money. Often we have to explain to such people that there are rules and paperwork in Singapore and you can't just buy a house like that,' she said.
Other real estate agents note the difference in tastes between Chinese clients and those of other nationalities.
Mr Dennis Wee, chairman of Dennis Wee Realty, said that while Westerners may prefer clean lines or contemporary furniture, the Chinese tend to go for more opulent designs.
'They like ornate styles which are quite grand, with lots of gold. Sometimes, the wood in the furniture doesn't even match. They just like the gold,' he said.
Chinese clients also prefer their property to be facing north or south, away from direct sunlight, agents said. This is so that the houses do not get too hot.
Westerners, on the other hand, like their houses to face west for the sun.
Agents also said Chinese clients often turn to them for help with other matters, besides buying properties.
Mr Markus Tay, vice-president for sales and marketing at Luxe Group, said: 'I've been asked to help clients find interior designers, good schools, chauffeurs and even domestic helpers.'
Ms Png said she does not mind going the extra mile for her clients, such as taking their wives shopping in her car.
It helps to build up social relationships that could lead to more referrals, which is how most real estate agents get their business.
'They are nice people at the end of the day,' said Ms Png. 'When they've learnt that they can trust you, they'll introduce you to all their friends and you even go out with them. Most of my Chinese clients have become my friends.'
Ms Png, who lives with her parents in their terrace house in Katong, is well aware that there are many agents who would love to get a piece of the Sentosa Cove pie.
She has her own Sentosa Cove website to garner business and knows of more than half a dozen similar websites set up by other property agents.
That is why she plans to fly to Shanghai within the next two weeks to meet a client, at her own expense.
The client plans to buy a few units in Sentosa Cove with his friends, she said.
'I love houses and seeing my clients satisfied, and it makes me happy when they refer me to other people,' she said, adding 'that's why I am successful'.
Goh Chin Lian,
Shuli Sudderuddin
ST : $36m home not a problem
Jun 20, 2010
special report: buyers from china
$36m home not a problem
Wealthy Chinese nationals find prices in S'pore a bargain
By Goh Chin Lian , Shuli Sudderuddin
When real estate agent Jasmine Png told her client from China that the Sentosa Cove property he was eyeing was about $15 million, he did a double take.
He asked her to repeat the amount.
'Then he asked if it was haunted because he thought it was too cheap,' said Ms Png.
He is not the only one.
Most high net worth Chinese nationals feel that Sentosa Cove properties are great value for money, costing half of what similar homes command in other cities like Hong Kong and London.
Ultra-rich Chinese nationals buying Singapore property made headlines this month when a Chinese paid $36 million for a luxury home on Paradise Island in Sentosa Cove.
It is probably the most expensive bungalow in Sentosa Cove in terms of the total amount paid and its per sq ft price.
At 14,983 sq ft and a built-up
area of about 17,000 sq ft, the 21/2 storey bungalow has one of the larger land areas in the development.
The registered owner, a man named Shen Bin, is a Singapore permanent resident. The Sunday Times understands he is in his early 30s and frequently travels in and out of Singapore.
UOB economist Jimmy Koh said that luxury property in Singapore has become an international product on a par with luxury homes in big cities like Hong Kong, but costing less.
'It's similar to brands like Prada and Louis Vuitton, all around the world the standard of the product is the same. The difference in Singapore compared to other places like Hong Kong and New York is that the property here is about 50 per cent cheaper.'
A luxury bungalow in Singapore costs about $2,000 psf but can cost $2,800 to $3,000 psf in Hong Kong.
Mr Koh added that the number of Chinese nationals entering the property market is expected to rise.
Figures from real estate firm DTZ bear this out.
Among foreign nationalities looking for homes here, the share of mainland Chinese rose from 15 per cent in the fourth quarter of last year to 17 per cent in the first quarter of this year.
Twenty-one per cent of these Chinese bought houses in the prime districts of 9 to 11, the Central Business District and Sentosa, said DTZ.
Real estate agents said that the wealthy Chinese are usually businessmen from Beijing and Shanghai with a few factories in China or an office here.
Some buy property in Singapore even if it has a 99-year lease because they want their children to go to government or international schools here in order to benefit from an English- and Chinese- speaking environment.
Said Mr Markus Tay, vice-president for sales and marketing in Luxe Group, which specialises mainly in luxury property: 'Chinese nationals live here mainly so that their children can go to school here. Most of the children are quite young, at primary school age.'
This was one reason China-born action star Jet Li bought a 22,723 sq ft bungalow at Binjai Rise, in Bukit Timah, for $19.8 million last year.
He told reporters in Shanghai last Monday that he took up Singapore citizenship so that his two daughters could get a Chinese and English education here.
He chose Singapore over China and the United States where he had lived for many years, and Australia and Switzerland. His children attend the Singapore American School.
The Sunday Times understands that his family moved into his Binjai Rise home - which comes with a swimming pool and whose balcony is decorated with a pair of deer statues with huge antlers - about five months ago, together with at least three maids and a driver.
Other rich Chinese nationals who bought property here just want a place for a weekend getaway, in addition to houses they own in cities like London and Hong Kong.
They typically buy more than one property. Some own homes in the East Coast close to their children's schools - Tao Nan School is said to be a popular choice - as well as at the exclusive Sentosa Cove.
Others own one or more landed houses in Sentosa Cove, as well as one or more condominium units there. They can rent out a three-bedroom apartment for $5,500 a month.
They consider top-end Singapore property facing the sea, like Sentosa Cove, a good quality international product - at half the price of similar properties in China.
Adding to the attractiveness of buying a property here is a carrot dangled by the Singapore Government: A foreigner who buys a Sentosa Cove bungalow and places at least another $3 million in financial assets here can get on the fast track to becoming a Singapore permanent resident.
The Financial Investor Scheme, run by the Monetary Authority of Singapore (MAS), is targeted at foreigners with at least $20 million in net personal assets.
The MAS declined to disclose the number of people who have applied for the scheme or a breakdown by nationality.
But Mr Jason Yeo, general manager of Sentosa Cove Resort Management, the site manager of Sentosa Cove, was reported earlier this year as saying that its 3,000-plus residents comprise about 60 per cent foreigners and 40 per cent local people.
He also said that the top five of 22 nationalities living there are Singaporeans, Australians, Britons, Germans and Chinese.
Real estate agents said the Chinese nationals prefer to keep a low profile and are vague about what they actually do for a living.
They may dress simply - such as a polo shirt and jeans for men - but have specific preferences.
At Sentosa Cove, for instance, they want the entrance of their house to open up to a spacious living room instead of a corridor.
Mr Chris Koh, a director at Dennis Wee Group, said they also look for unblocked views as they do not get them in places like Shanghai.
He added: 'For those buying condominiums, they enjoy communal facilities and they always ask about security features.'
Many opt for regular, squarish shaped houses without odd angles. Older customers are concerned about fengshui, while younger buyers are less superstitious.
Like other wealthy residents, they furnish their homes with fine European classical furniture from Da Vinci, as well as expensive paintings and vases.
Their homes have at least two to three maids and they own cars ranging from BMWs and Mercedes-Benzes to Aston Martins, Lamborghinis and Bentleys.
They may have a yacht berthed next to their house that they take for a leisurely sail in the vicinity.
Behind all the creature comforts are also the hard calculations made for a good investment.
Said DTZ's South-east Asia research head Chua Chor Hoon: 'The main thing they want is a place that is politically stable so that over the long term the investment is safe and can appreciate in value.'
chinlian@sph.com.sg
shulis@sph.com.sg
A view of the bungalow in Sentosa Cove (top, second house from the left) bought this month for $36 million by a Chinese. The 21/2-storey bungalow
special report: buyers from china
$36m home not a problem
Wealthy Chinese nationals find prices in S'pore a bargain
By Goh Chin Lian , Shuli Sudderuddin
When real estate agent Jasmine Png told her client from China that the Sentosa Cove property he was eyeing was about $15 million, he did a double take.
He asked her to repeat the amount.
'Then he asked if it was haunted because he thought it was too cheap,' said Ms Png.
He is not the only one.
Most high net worth Chinese nationals feel that Sentosa Cove properties are great value for money, costing half of what similar homes command in other cities like Hong Kong and London.
Ultra-rich Chinese nationals buying Singapore property made headlines this month when a Chinese paid $36 million for a luxury home on Paradise Island in Sentosa Cove.
It is probably the most expensive bungalow in Sentosa Cove in terms of the total amount paid and its per sq ft price.
At 14,983 sq ft and a built-up
area of about 17,000 sq ft, the 21/2 storey bungalow has one of the larger land areas in the development.
The registered owner, a man named Shen Bin, is a Singapore permanent resident. The Sunday Times understands he is in his early 30s and frequently travels in and out of Singapore.
UOB economist Jimmy Koh said that luxury property in Singapore has become an international product on a par with luxury homes in big cities like Hong Kong, but costing less.
'It's similar to brands like Prada and Louis Vuitton, all around the world the standard of the product is the same. The difference in Singapore compared to other places like Hong Kong and New York is that the property here is about 50 per cent cheaper.'
A luxury bungalow in Singapore costs about $2,000 psf but can cost $2,800 to $3,000 psf in Hong Kong.
Mr Koh added that the number of Chinese nationals entering the property market is expected to rise.
Figures from real estate firm DTZ bear this out.
Among foreign nationalities looking for homes here, the share of mainland Chinese rose from 15 per cent in the fourth quarter of last year to 17 per cent in the first quarter of this year.
Twenty-one per cent of these Chinese bought houses in the prime districts of 9 to 11, the Central Business District and Sentosa, said DTZ.
Real estate agents said that the wealthy Chinese are usually businessmen from Beijing and Shanghai with a few factories in China or an office here.
Some buy property in Singapore even if it has a 99-year lease because they want their children to go to government or international schools here in order to benefit from an English- and Chinese- speaking environment.
Said Mr Markus Tay, vice-president for sales and marketing in Luxe Group, which specialises mainly in luxury property: 'Chinese nationals live here mainly so that their children can go to school here. Most of the children are quite young, at primary school age.'
This was one reason China-born action star Jet Li bought a 22,723 sq ft bungalow at Binjai Rise, in Bukit Timah, for $19.8 million last year.
He told reporters in Shanghai last Monday that he took up Singapore citizenship so that his two daughters could get a Chinese and English education here.
He chose Singapore over China and the United States where he had lived for many years, and Australia and Switzerland. His children attend the Singapore American School.
The Sunday Times understands that his family moved into his Binjai Rise home - which comes with a swimming pool and whose balcony is decorated with a pair of deer statues with huge antlers - about five months ago, together with at least three maids and a driver.
Other rich Chinese nationals who bought property here just want a place for a weekend getaway, in addition to houses they own in cities like London and Hong Kong.
They typically buy more than one property. Some own homes in the East Coast close to their children's schools - Tao Nan School is said to be a popular choice - as well as at the exclusive Sentosa Cove.
Others own one or more landed houses in Sentosa Cove, as well as one or more condominium units there. They can rent out a three-bedroom apartment for $5,500 a month.
They consider top-end Singapore property facing the sea, like Sentosa Cove, a good quality international product - at half the price of similar properties in China.
Adding to the attractiveness of buying a property here is a carrot dangled by the Singapore Government: A foreigner who buys a Sentosa Cove bungalow and places at least another $3 million in financial assets here can get on the fast track to becoming a Singapore permanent resident.
The Financial Investor Scheme, run by the Monetary Authority of Singapore (MAS), is targeted at foreigners with at least $20 million in net personal assets.
The MAS declined to disclose the number of people who have applied for the scheme or a breakdown by nationality.
But Mr Jason Yeo, general manager of Sentosa Cove Resort Management, the site manager of Sentosa Cove, was reported earlier this year as saying that its 3,000-plus residents comprise about 60 per cent foreigners and 40 per cent local people.
He also said that the top five of 22 nationalities living there are Singaporeans, Australians, Britons, Germans and Chinese.
Real estate agents said the Chinese nationals prefer to keep a low profile and are vague about what they actually do for a living.
They may dress simply - such as a polo shirt and jeans for men - but have specific preferences.
At Sentosa Cove, for instance, they want the entrance of their house to open up to a spacious living room instead of a corridor.
Mr Chris Koh, a director at Dennis Wee Group, said they also look for unblocked views as they do not get them in places like Shanghai.
He added: 'For those buying condominiums, they enjoy communal facilities and they always ask about security features.'
Many opt for regular, squarish shaped houses without odd angles. Older customers are concerned about fengshui, while younger buyers are less superstitious.
Like other wealthy residents, they furnish their homes with fine European classical furniture from Da Vinci, as well as expensive paintings and vases.
Their homes have at least two to three maids and they own cars ranging from BMWs and Mercedes-Benzes to Aston Martins, Lamborghinis and Bentleys.
They may have a yacht berthed next to their house that they take for a leisurely sail in the vicinity.
Behind all the creature comforts are also the hard calculations made for a good investment.
Said DTZ's South-east Asia research head Chua Chor Hoon: 'The main thing they want is a place that is politically stable so that over the long term the investment is safe and can appreciate in value.'
chinlian@sph.com.sg
shulis@sph.com.sg
A view of the bungalow in Sentosa Cove (top, second house from the left) bought this month for $36 million by a Chinese. The 21/2-storey bungalow
ST : Muted home sales not a worry
Jun 20, 2010
property
Muted home sales not a worry
Analysts say demand for HDB flats is strong and private home prices are holding up
By Joyce Teo
Don't blame it on the action in South Africa.
If the property market in Singapore appears to have been affected by the World Cup fever, it is only because it coincides with the usually slow June school holidays, the Eurozone crisis and a lacklustre stock market.
Sales of new private homes halved last month from the near-record level in April. This month looks to be a quieter one, say property experts.
All in, 1,078 new homes were sold last month, which is still a pretty good tally considering that it was only last December when developers sold 481 units.
On how the World Cup may not be the only cause of this month's slowdown, DTZ South-east Asia research head Chua Chor Hoon said: 'Market sentiment was already slowing, so since the World Cup started, many buyers have continued to stay on the sidelines.'
When the market was on the way up as in 2006, transaction activity remained high during the World Cup season, she said.
'Conversely, in 1998 when the market was down due to the Asian financial crisis, transaction activity was low throughout June to December.'
There are no major launches to excite the market this month, though a few are being lined up.
The Housing Board resale market has also quietened slightly because of the school holidays and the World Cup, but generally demand for HDB flats is still very strong, said ERA Asia-Pacific associate director Eugene Lim.
Although the HDB has ramped up its supply of build-to-order flats, it takes a long time for the impact of increased supply to be felt, said Mr Lim.
It is still early days and the typical cash-over-valuation sum one hears in the market is still around $25,000 to $30,000, he added.
In the private homes market, prices continue to hold, experts said.
If the economy keeps growing, home prices are unlikely to fall this year, but increases will be kept in check by substantial upcoming land supply, Ms Chua said.
More moderate rises are expected for the rest of this year, compared with price rises of 5 per cent and more seen last year, she added.
Among the few new launches lined up for this month is the freehold Stevens Suites in Stevens Close. Yesterday, its developer EL Development held a private preview of the project.
It has only 32 units, which range from 657 sq ft for a 1+study unit to 1,981 sq ft for a four-bedroom penthouse.
It is priced between $1,680 and $2,050 per sq ft, said EL's managing director Lim Yew Soon.
He did not think the World Cup season is as big a distraction to the property market as it is to the stock market.
Most developers put off launches this month because they feel that buyers will be distracted by the World Cup. But it is 'more of a self-fulfilling prophecy', he said.
Next month, Hong Leong Holdings plans to launch the 99-year leasehold The Scala, a 468-unit project in Serangoon Avenue 3.
Other projects lined up for launch this year include a 157-unit project in Thomson Road; the 103-unit The Waterline in Poh Huat Road West; the 172-unit Terrene @ Bukit Timah and the 361-unit Waterfront Gold in Bedok Reservoir, consultants said.
joyceteo@sph.com.sg
--------------------------------------------------------------------------------
Slowdown had already kicked in
'Market sentiment was already slowing, so since the World Cup started, many buyers have continued to stay on the sidelines.'
MS CHUA CHOR HOON, DTZ South-east Asia research head
property
Muted home sales not a worry
Analysts say demand for HDB flats is strong and private home prices are holding up
By Joyce Teo
Don't blame it on the action in South Africa.
If the property market in Singapore appears to have been affected by the World Cup fever, it is only because it coincides with the usually slow June school holidays, the Eurozone crisis and a lacklustre stock market.
Sales of new private homes halved last month from the near-record level in April. This month looks to be a quieter one, say property experts.
All in, 1,078 new homes were sold last month, which is still a pretty good tally considering that it was only last December when developers sold 481 units.
On how the World Cup may not be the only cause of this month's slowdown, DTZ South-east Asia research head Chua Chor Hoon said: 'Market sentiment was already slowing, so since the World Cup started, many buyers have continued to stay on the sidelines.'
When the market was on the way up as in 2006, transaction activity remained high during the World Cup season, she said.
'Conversely, in 1998 when the market was down due to the Asian financial crisis, transaction activity was low throughout June to December.'
There are no major launches to excite the market this month, though a few are being lined up.
The Housing Board resale market has also quietened slightly because of the school holidays and the World Cup, but generally demand for HDB flats is still very strong, said ERA Asia-Pacific associate director Eugene Lim.
Although the HDB has ramped up its supply of build-to-order flats, it takes a long time for the impact of increased supply to be felt, said Mr Lim.
It is still early days and the typical cash-over-valuation sum one hears in the market is still around $25,000 to $30,000, he added.
In the private homes market, prices continue to hold, experts said.
If the economy keeps growing, home prices are unlikely to fall this year, but increases will be kept in check by substantial upcoming land supply, Ms Chua said.
More moderate rises are expected for the rest of this year, compared with price rises of 5 per cent and more seen last year, she added.
Among the few new launches lined up for this month is the freehold Stevens Suites in Stevens Close. Yesterday, its developer EL Development held a private preview of the project.
It has only 32 units, which range from 657 sq ft for a 1+study unit to 1,981 sq ft for a four-bedroom penthouse.
It is priced between $1,680 and $2,050 per sq ft, said EL's managing director Lim Yew Soon.
He did not think the World Cup season is as big a distraction to the property market as it is to the stock market.
Most developers put off launches this month because they feel that buyers will be distracted by the World Cup. But it is 'more of a self-fulfilling prophecy', he said.
Next month, Hong Leong Holdings plans to launch the 99-year leasehold The Scala, a 468-unit project in Serangoon Avenue 3.
Other projects lined up for launch this year include a 157-unit project in Thomson Road; the 103-unit The Waterline in Poh Huat Road West; the 172-unit Terrene @ Bukit Timah and the 361-unit Waterfront Gold in Bedok Reservoir, consultants said.
joyceteo@sph.com.sg
--------------------------------------------------------------------------------
Slowdown had already kicked in
'Market sentiment was already slowing, so since the World Cup started, many buyers have continued to stay on the sidelines.'
MS CHUA CHOR HOON, DTZ South-east Asia research head
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