Sub-letting lets owners unlock value in times of need
05:55 AM Jul 08, 2010
Letter from Foo-Ho Yoke Ming Deputy Director (Branch Operations) Housing and Development Board
I REFER to the letter from Mr Vincent Kang, "For public, not profit" (July 1).
Mr Kang rightly pointed out that HDB flats are meant for owner-occupation, and we have various rules to uphold this. Each household can only own one HDB flat at any time. To discourage speculative flat purchases, flat owners have to fulfil a minimum occupation period (MOP) of three or five years before they can sell or sub-let.
At the same time, we recognise that a HDB flat is the single largest asset for most Singaporeans. Sub-letting allows owners to unlock some of the flat's value in times of need. The policy is applied consistently in an equitable manner - all flat owners who fulfilled their MOP and obtained an approval from HDB can sub-let their entire flat.
We thank Mr Kang for his feedback. We will continue to monitor the situation closely and refine our policy, where necessary.
For public, not profit
Jul 01, 2010
An HDB flat should be a home, not a source of income
Letter from Vincent Kang
WORKING as a real estate agent has provided me with an insight into the red-hot Housing and Development Board resale market.
Resale HDB prices have hit some amazing
highs — some Queenstown units are listed for sale at an asking price of almost
$900,000.
Yet, despite the high prices, I have seen customers who sell their HDB flats and pocket a tidy profit, but still cannot afford to make the leap to private housing.
On the other hand, there are also the cash-rich private housing owners who
willingly stump up the hefty cash-overvaluations for a resale HDB flat just so they
have a temporary place to live while they renovate their house or condominium.
After the renovation work is done, they often keep the HDB flat and rent it out
after the mandatory minimum occupation period. I have seen shocking rental rates of up to $2,000 a month for a three-room flat in a heartland neighbourhood, and up to $4,000 a month for a five-room flat in the CBD.
I wonder if these prices are signs of a truly affordable public housing market.
I would also like to ask: Why should private housing owners be allowed to rent out their HDB flats for personal gain?
If we envision a future where the majority of Singaporeans can afford public
housing, I think all public housing units should be owner-occupied.
Also, I think the Government should not allow flat owners to sub-let entire HDB
units. Perhaps an exception can be made for low-income flat owners who are undergoing
a period of financial hardship, and who need to sub-let their flat to supplement
their income.
In my opinion, public housing should be for the heartlanders who just want a roof above their heads, and not for real estate investors and speculators.
Thursday, July 8, 2010
ST : CBD makeover can pull in more MNCs
Jul 8, 2010
CBD makeover can pull in more MNCs
By Ian Poh
REJUVENATING the Central Business District (CBD) can help entice more multinationals to set up their global headquarters here amid Asia's economic rebound, according to the Ministry of National Development.
Ms Grace Fu, Senior Minister of State for National Development, said yesterday: 'We have planned for the development of Marina Bay and rejuvenation of the Central Business District to provide businesses with a diverse choice of top quality Grade A offices in state-of-the-art buildings.
'This will help our aspiration to build Singapore into a leading financial and business centre in Asia that can serve as the ideal location for global headquarters functions of multinational corporations operating in Asia.'
Ms Fu was speaking at the topping-out ceremony for Ocean Financial Centre in Raffles Place Park.
The project is being developed by Keppel Land and will add about 850,000 sq ft of Grade A office space.
Grade A is a term generally used to describe offices found in prime, well-maintained buildings that have large, column-free floor plates and high ceilings.
Keppel Corp chief executive Choo Chiau Beng, who also chairs Keppel Land, announced that Australian bank ANZ plans to lease 209,000 sq ft while BNP Paribas Singapore has earmarked 58,000 sq ft.
Other future tenants include law firms Drew & Napier, which is now at Ocean Towers, and Stamford Law, currently at Republic Plaza.
Ocean Financial Centre is the fourth Ocean building development at the former Ocean Building site.
The first was built in 1864, with redevelopments taking place in 1923 and 1974.
The latest Ocean building is also the first high-rise office development in Singapore to achieve the Platinum Green Mark Award, with the platinum level the best category in the Green Mark Award given out by the Building and Construction Authority.
It will boast features such as solar panels, an energy-efficient hybrid chilled water system and paper recycling in all offices.
Keppel Land, a unit of Keppel Corp, said in a statement that the green features will achieve energy savings of 35 per cent and save 42 million litres of water and more than 10,000 trees a year.
The centre is 63 per cent pre-committed and is expected to be completed in the second quarter of next year.
Meanwhile, Overseas Union Enterprise (OUE) announced that 88,000 sq ft of space has been pre-committed at 50 Collyer Quay, which is being developed on the site of the former Overseas Union House by OUE unit Clifford Development.
The space is about 22 per cent of the project's net lettable area of 412,000 sq ft.
CBD makeover can pull in more MNCs
By Ian Poh
REJUVENATING the Central Business District (CBD) can help entice more multinationals to set up their global headquarters here amid Asia's economic rebound, according to the Ministry of National Development.
Ms Grace Fu, Senior Minister of State for National Development, said yesterday: 'We have planned for the development of Marina Bay and rejuvenation of the Central Business District to provide businesses with a diverse choice of top quality Grade A offices in state-of-the-art buildings.
'This will help our aspiration to build Singapore into a leading financial and business centre in Asia that can serve as the ideal location for global headquarters functions of multinational corporations operating in Asia.'
Ms Fu was speaking at the topping-out ceremony for Ocean Financial Centre in Raffles Place Park.
The project is being developed by Keppel Land and will add about 850,000 sq ft of Grade A office space.
Grade A is a term generally used to describe offices found in prime, well-maintained buildings that have large, column-free floor plates and high ceilings.
Keppel Corp chief executive Choo Chiau Beng, who also chairs Keppel Land, announced that Australian bank ANZ plans to lease 209,000 sq ft while BNP Paribas Singapore has earmarked 58,000 sq ft.
Other future tenants include law firms Drew & Napier, which is now at Ocean Towers, and Stamford Law, currently at Republic Plaza.
Ocean Financial Centre is the fourth Ocean building development at the former Ocean Building site.
The first was built in 1864, with redevelopments taking place in 1923 and 1974.
The latest Ocean building is also the first high-rise office development in Singapore to achieve the Platinum Green Mark Award, with the platinum level the best category in the Green Mark Award given out by the Building and Construction Authority.
It will boast features such as solar panels, an energy-efficient hybrid chilled water system and paper recycling in all offices.
Keppel Land, a unit of Keppel Corp, said in a statement that the green features will achieve energy savings of 35 per cent and save 42 million litres of water and more than 10,000 trees a year.
The centre is 63 per cent pre-committed and is expected to be completed in the second quarter of next year.
Meanwhile, Overseas Union Enterprise (OUE) announced that 88,000 sq ft of space has been pre-committed at 50 Collyer Quay, which is being developed on the site of the former Overseas Union House by OUE unit Clifford Development.
The space is about 22 per cent of the project's net lettable area of 412,000 sq ft.
ST : Attractions springing up in Marina Bay
Jul 8, 2010
Attractions springing up in Marina Bay
Big Walk and carnival to celebrate the area's development so far
HOT on the heels of the Marina Bay Sands (MBS) resort's opening last month, new additions have been springing up to add to the bay's 'necklace of attractions'.
Across the bay from the resort, the new 100-room Fullerton Bay Hotel will welcome its first guests today, while the refurbished Customs House was unveiled yesterday.
The latter has been turned into a complex that features four new restaurants, with a fifth to open soon. A new rooftop bar called Lantern will also open at the six-storey Fullerton Bay Hotel.
A measure of comfort has also been extended to visitors to the area. Several features such as solar-powered fan shelters and a mist-spraying sculpture have been completed along a 3.5km waterfront promenade which allows pedestrians to circle the bay on foot.
A timber boardwalk has also been built which lines the southeastern bank where MBS is situated. It includes seats by the water's edge.
To celebrate the developments so far, a mass walk and carnival will be held next weekend, with a movie screening, dance and music performances, games, and food stalls. More than 80,000 people are expected to participate in the activities.
The New Paper Big Walk @ Marina Bay will be held on July 18 in conjunction with The Big Carnival @ Marina Bay. For the first time, Prime Minister Lee Hsien Loong will flag off The Big Walk at 7.30am at the Singapore Flyer. Tickets for the mass walk have all been snapped up.
More attractions will come to the area over time. By early next year, 50 Collyer Quay, a development comprising an 18-storey office block, an aerial tower and an overhead bridge linked to Hitachi Tower, will come up next to the Fullerton Bay Hotel.
The overhead bridge will be an attraction in itself, featuring eight to nine shops spread out over 2,800sqft of retail space, said developer Overseas Union Enterprise.
A rooftop restaurant will open at the office block, while the aerial tower will have one or two restaurants spread out over two levels at the top. Combined, these food and beverage outlets will take up 16,000sqft of space.
Just a stone's throw away, the Marina Bay Financial Centre's two office towers and a residential tower have swiftly taken shape as well. Tenants have begun moving in, and the buildings will be occupied by the fourth quarter of this year.
By the end of the year, the new Marina Bay Link Mall located underneath the development will open its doors. The underground mall will comprise shops, restaurants and a supermarket.
MBS expects to open more offerings by that time as well. These include the museum, shops along the boardwalk, and two glass pavilions.
In the coming months, visitors to the area will be able to take water taxis making stops along the bay and up the Singapore River, said an Urban Redevelopment Authority spokesman yesterday.
TESSA WONG
Attractions springing up in Marina Bay
Big Walk and carnival to celebrate the area's development so far
HOT on the heels of the Marina Bay Sands (MBS) resort's opening last month, new additions have been springing up to add to the bay's 'necklace of attractions'.
Across the bay from the resort, the new 100-room Fullerton Bay Hotel will welcome its first guests today, while the refurbished Customs House was unveiled yesterday.
The latter has been turned into a complex that features four new restaurants, with a fifth to open soon. A new rooftop bar called Lantern will also open at the six-storey Fullerton Bay Hotel.
A measure of comfort has also been extended to visitors to the area. Several features such as solar-powered fan shelters and a mist-spraying sculpture have been completed along a 3.5km waterfront promenade which allows pedestrians to circle the bay on foot.
A timber boardwalk has also been built which lines the southeastern bank where MBS is situated. It includes seats by the water's edge.
To celebrate the developments so far, a mass walk and carnival will be held next weekend, with a movie screening, dance and music performances, games, and food stalls. More than 80,000 people are expected to participate in the activities.
The New Paper Big Walk @ Marina Bay will be held on July 18 in conjunction with The Big Carnival @ Marina Bay. For the first time, Prime Minister Lee Hsien Loong will flag off The Big Walk at 7.30am at the Singapore Flyer. Tickets for the mass walk have all been snapped up.
More attractions will come to the area over time. By early next year, 50 Collyer Quay, a development comprising an 18-storey office block, an aerial tower and an overhead bridge linked to Hitachi Tower, will come up next to the Fullerton Bay Hotel.
The overhead bridge will be an attraction in itself, featuring eight to nine shops spread out over 2,800sqft of retail space, said developer Overseas Union Enterprise.
A rooftop restaurant will open at the office block, while the aerial tower will have one or two restaurants spread out over two levels at the top. Combined, these food and beverage outlets will take up 16,000sqft of space.
Just a stone's throw away, the Marina Bay Financial Centre's two office towers and a residential tower have swiftly taken shape as well. Tenants have begun moving in, and the buildings will be occupied by the fourth quarter of this year.
By the end of the year, the new Marina Bay Link Mall located underneath the development will open its doors. The underground mall will comprise shops, restaurants and a supermarket.
MBS expects to open more offerings by that time as well. These include the museum, shops along the boardwalk, and two glass pavilions.
In the coming months, visitors to the area will be able to take water taxis making stops along the bay and up the Singapore River, said an Urban Redevelopment Authority spokesman yesterday.
TESSA WONG
ST : Upgrading, the way residents like it
Jul 8, 2010
Upgrading, the way residents like it
Tampines flat dwellers' ideas are included in first HDB design contest
By Daryl Chin
A MAJOR spruce-up is on the cards for the 25-year-old Tampines Neighbourhood 9 (N9), with residents' ideas being part of the estate's final design.
The government-funded, $10 million project represents the first time that the Housing Board has called for entries from 30 architectural firms and implemented the winning design based on residents' feedback and votes.
The project, which starts in the second quarter of next year, is also one of the largest public consultation exercises carried out for an HDB precinct.
The winning design for the Neighbourhood Renewal Programme (NRP), which was announced last Thursday, needed at least 75 per cent of residents' votes in order to go ahead.
When voting closed on Tuesday, 90.1 per cent had given their consent.
It will be carried out concurrently with the Lift Upgrading Programme and the Home Improvement Programme in the neighbourhood.
Key features of the winning design, which was done by Team Design Architects, include a green belt where residents can grow their own crops, new playground equipment with cross-trainers and stationary bikes, and a graffiti walk where aspiring artists can use chalk to express themselves.
A portion of Tampines Street 91 will also be converted into a weekend flea market at certain times.
Said Mr Masagos Zulkifli, Senior Parliamentary Secretary for Education and Home Affairs and a Member of Parliament for Tampines GRC: 'In the past, many people complained that they could choose only 'yes' or 'no'.
'But now the winning design is one which had the most votes. So this is not what I think residents like, but what they want.'
Mr Masagos added that since the budget for the NRP is allocated based on the number of households, Tampines N9 - which spans 38 blocks and has 3,352 dwellings - has a chance to be made impactful to its residents and become a model for other neighbourhoods to follow.
One resident who is excited about the proposed changes is Ms Julie Gan, who attended the initial selection process and voted for the winning design.
'It's a good move because this place is a bit run-down already. Soon our place will be beautified and the value of my home will also go up,' said the 49-year-old clerk.
Another resident, housewife Ho Foong Kuan, 41, is also keen on the changes. She said: 'The new upgrades mean more facilities for my family to use during outings. It's impressive to have them in the neighbourhood.'
As of last month, 31 NRP projects have been announced, of which 13 have already polled residents for their favourite design.
The remaining 18 projects are either in the early design stage or in the first round of public consultation.
darylc@sph.com.sg
An artist's impression of Tampines Neighbourhood 9's Graffiti Walk, a place where aspiring artists can use chalk to express themselves. -- PHOTO: TEAM DESIGN ARCHITECTS
Upgrading, the way residents like it
Tampines flat dwellers' ideas are included in first HDB design contest
By Daryl Chin
A MAJOR spruce-up is on the cards for the 25-year-old Tampines Neighbourhood 9 (N9), with residents' ideas being part of the estate's final design.
The government-funded, $10 million project represents the first time that the Housing Board has called for entries from 30 architectural firms and implemented the winning design based on residents' feedback and votes.
The project, which starts in the second quarter of next year, is also one of the largest public consultation exercises carried out for an HDB precinct.
The winning design for the Neighbourhood Renewal Programme (NRP), which was announced last Thursday, needed at least 75 per cent of residents' votes in order to go ahead.
When voting closed on Tuesday, 90.1 per cent had given their consent.
It will be carried out concurrently with the Lift Upgrading Programme and the Home Improvement Programme in the neighbourhood.
Key features of the winning design, which was done by Team Design Architects, include a green belt where residents can grow their own crops, new playground equipment with cross-trainers and stationary bikes, and a graffiti walk where aspiring artists can use chalk to express themselves.
A portion of Tampines Street 91 will also be converted into a weekend flea market at certain times.
Said Mr Masagos Zulkifli, Senior Parliamentary Secretary for Education and Home Affairs and a Member of Parliament for Tampines GRC: 'In the past, many people complained that they could choose only 'yes' or 'no'.
'But now the winning design is one which had the most votes. So this is not what I think residents like, but what they want.'
Mr Masagos added that since the budget for the NRP is allocated based on the number of households, Tampines N9 - which spans 38 blocks and has 3,352 dwellings - has a chance to be made impactful to its residents and become a model for other neighbourhoods to follow.
One resident who is excited about the proposed changes is Ms Julie Gan, who attended the initial selection process and voted for the winning design.
'It's a good move because this place is a bit run-down already. Soon our place will be beautified and the value of my home will also go up,' said the 49-year-old clerk.
Another resident, housewife Ho Foong Kuan, 41, is also keen on the changes. She said: 'The new upgrades mean more facilities for my family to use during outings. It's impressive to have them in the neighbourhood.'
As of last month, 31 NRP projects have been announced, of which 13 have already polled residents for their favourite design.
The remaining 18 projects are either in the early design stage or in the first round of public consultation.
darylc@sph.com.sg
An artist's impression of Tampines Neighbourhood 9's Graffiti Walk, a place where aspiring artists can use chalk to express themselves. -- PHOTO: TEAM DESIGN ARCHITECTS
BT : Trends emerge as foreigners hunt for landed homes
Business Times - 08 Jul 2010
Trends emerge as foreigners hunt for landed homes
(SINGAPORE) Districts 15 (which includes Katong, Telok Kurau, East Coast Road and Siglap) and 4 (which includes Sentosa Cove) have been the most popular among foreigners buying landed homes this year up to June 8. They are followed by Districts 19, 10 and 16. Singaporeans, on the other hand, have zoomed in on Districts 19, 15, 16, 28 and 10 - in that order.
Malaysians, the biggest group of foreign buyers of landed properties, purchased 38 landed homes. Their most sought-after location was District 16 (which includes Upper East Coast, Bedok and part of Upper Changi Road East) where they bought eight homes, followed by District 19 (including Serangoon Gardens, Lorong Chuan, Upper Paya Lebar, Upper Serangoon and Hougang). UK citizens were the second biggest foreign buyers of landed houses, with 21 purchases. Their top choice was District 10, which includes Tanglin and Holland roads and part of Bukit Timah.
Chinese nationals were third, with 17 purchases, the bulk (11 units) on Sentosa Cove. Australians bought 10 houses, mostly in districts 10, 15 and 19.
Reflecting their varying location preferences, the prices of landed homes bought by the various nationalities differed. The Chinese, who bought homes mostly on Sentosa Cove - where Singapore's most expensive bungalows can be found - paid $5 million and above for the bulk of their landed purchases in H1 2010 (up to June 8).
For the other major nationalities (including Singaporeans, Malaysians, UK citizens, Australians, Indonesians and Indians), purchases were predominantly in the $1.5 million to $5 million range; there were also deals in the $1 million to $1.5 million price bracket.
While no foreigner picked up a landed property costing under $1 million in H1 2010, 58 Singaporeans did so - the bulk of them probably for terrace houses, CBRE said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Trends emerge as foreigners hunt for landed homes
(SINGAPORE) Districts 15 (which includes Katong, Telok Kurau, East Coast Road and Siglap) and 4 (which includes Sentosa Cove) have been the most popular among foreigners buying landed homes this year up to June 8. They are followed by Districts 19, 10 and 16. Singaporeans, on the other hand, have zoomed in on Districts 19, 15, 16, 28 and 10 - in that order.
Malaysians, the biggest group of foreign buyers of landed properties, purchased 38 landed homes. Their most sought-after location was District 16 (which includes Upper East Coast, Bedok and part of Upper Changi Road East) where they bought eight homes, followed by District 19 (including Serangoon Gardens, Lorong Chuan, Upper Paya Lebar, Upper Serangoon and Hougang). UK citizens were the second biggest foreign buyers of landed houses, with 21 purchases. Their top choice was District 10, which includes Tanglin and Holland roads and part of Bukit Timah.
Chinese nationals were third, with 17 purchases, the bulk (11 units) on Sentosa Cove. Australians bought 10 houses, mostly in districts 10, 15 and 19.
Reflecting their varying location preferences, the prices of landed homes bought by the various nationalities differed. The Chinese, who bought homes mostly on Sentosa Cove - where Singapore's most expensive bungalows can be found - paid $5 million and above for the bulk of their landed purchases in H1 2010 (up to June 8).
For the other major nationalities (including Singaporeans, Malaysians, UK citizens, Australians, Indonesians and Indians), purchases were predominantly in the $1.5 million to $5 million range; there were also deals in the $1 million to $1.5 million price bracket.
While no foreigner picked up a landed property costing under $1 million in H1 2010, 58 Singaporeans did so - the bulk of them probably for terrace houses, CBRE said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : 22 per cent of 50 Collyer Quay taken up
Business Times - 08 Jul 2010
22 per cent of 50 Collyer Quay taken up
OVERSEAS Union Enterprise Ltd (OUE) said yesterday that 22 per cent of the net lettable area (NLA) at 50 Collyer Quay has been pre-committed.
The initial line-up of tenants include European bank Skandinaviska Enskilda Banken AB (PUBL); Bain & Company SE Asia Inc, a leading global business consulting firm; and law firm Allen & Overy LLP.
The Grade A 18-storey office block - located where Overseas Union House used to stand - has a total NLA of 412,000 sq ft. Construction of the office tower is expected to be completed in the first quarter of next year.
On top of redeveloping Overseas Union House, OUE is also conserving the Change Alley Aerial Plaza Tower. Upon completion, the entire development will comprise a total gross floor area of 503,469 sq ft, net lettable area of 412,000 sq ft, and 245 carpark spaces on four basement levels.
BT reported in February that some property consultants expect 50 Collyer Quay to be worth about $900 million. The lease on the site has been topped up to a fresh 99-year term.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
22 per cent of 50 Collyer Quay taken up
OVERSEAS Union Enterprise Ltd (OUE) said yesterday that 22 per cent of the net lettable area (NLA) at 50 Collyer Quay has been pre-committed.
The initial line-up of tenants include European bank Skandinaviska Enskilda Banken AB (PUBL); Bain & Company SE Asia Inc, a leading global business consulting firm; and law firm Allen & Overy LLP.
The Grade A 18-storey office block - located where Overseas Union House used to stand - has a total NLA of 412,000 sq ft. Construction of the office tower is expected to be completed in the first quarter of next year.
On top of redeveloping Overseas Union House, OUE is also conserving the Change Alley Aerial Plaza Tower. Upon completion, the entire development will comprise a total gross floor area of 503,469 sq ft, net lettable area of 412,000 sq ft, and 245 carpark spaces on four basement levels.
BT reported in February that some property consultants expect 50 Collyer Quay to be worth about $900 million. The lease on the site has been topped up to a fresh 99-year term.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Buyers have landed, they're mostly local
Business Times - 08 Jul 2010
Buyers have landed, they're mostly local
Foreigners may be in the spotlight, but profile of landed property buyers sticks to trend
By KALPANA RASHIWALA
(SINGAPORE) Recent high-profile purchases of bungalows on Sentosa Cove by Chinese citizens may have given the impression that foreigners (including PRs) have been snapping up more landed homes of late, but numbers tell a different story.
Not only do Singaporeans remain the predominant buyers of landed homes here, but there has also been no rising trend in the share of foreigners (and PRs) picking up such properties. Over the past four years, their combined share of landed home purchases across Singapore averaged 6.2 per cent per quarter.
This share seems to rise a bit every time the market is hot and it drops when the markets cools.
For the first half of this year, Singaporeans remained the predominant buyers of landed homes across the island. However, on Sentosa Cove, foreigners including Singapore permanent residents acquired nearly the same number of houses as Singaporeans, shows an analysis by CB Richard Ellis.
Foreigners and PRs bought 16 landed homes on Sentosa Cove while Singaporeans have picked up 17 so far this year, based on CBRE's analysis of URA Realis caveats data as of June 22. The study captured caveats lodged up to June 8.
Foreigners (including PRs) bought 129 landed residential properties this year, up to June 8. Of these, 115 were purchased by PRs.
Non-PR foreigners bought the other 14 landed houses - comprising 12 properties located on Sentosa Cove and two in district 5. The latter are likely to be strata landed houses in The Vision in the West Coast area, say market watchers. Foreigners can buy strata landed properties within developments with condominium status without seeking approval from Land Dealings (Approval) Unit.
Their purchases this year give foreigners a 6.8 per cent share of the total 1,905 landed homes transacted up to June 8. Singapore citizens had an 87.7 per cent share, with companies buying the other 5.5 per cent.
Foreigners (including PRs) typically tend to account for a bigger share of private homebuyers when the market is hot; their share ebbs when the market cools. For instance, their share of total landed home purchases in Singapore climbed to a high of 9.5 per cent in Q2 2006 and 8.7 per cent in Q1 2007 when the property market was on the ascent. The figure touched a low of 2.5 per cent in Q1 2009 in the aftermath of the global financial crisis. It stood at 6.5 per cent in Q1 this year and 7.1 per cent for Q2 but this could change as more caveats for June stream in. It has generally hovered around the 6 per cent mark over the past four years.
Between Q1 2006 and Q1 2010, on a quarterly average basis, landed homes made up just 3.8 per cent of the total number of private homes bought by foreigners and PRs here. For H1 2010 (up to June 8), the figure was 3.4 per cent. Apartments and condos remain the mainstay of foreign buyers' private residential purchases in Singapore.
CBRE's executive director (residential) Joseph Tan expects 3,500-3,800 landed homes to be sold this year as the Singapore economy continues to strengthen - in line with the four-year (2006-2009) average demand of 3,713 units. 'Since supply is relatively limited, prices of landed homes are expected to rise by 10-15 per cent in 2010. Sentosa Cove will continue to be popular with foreigners because of its resort status as well as the ease of obtaining government approval for purchase,' he added.
DTZ executive director (consulting) Ong Choon Fah does not expect the foreign share of landed home purchases to change significantly. The restrictions that foreign buyers face in owning a landed home here mean demand will be for consumption and not investment, she says. Typically, they need a go-ahead from the LDAU, may own only one landed property and are not allowed to rent it out.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Buyers have landed, they're mostly local
Foreigners may be in the spotlight, but profile of landed property buyers sticks to trend
By KALPANA RASHIWALA
(SINGAPORE) Recent high-profile purchases of bungalows on Sentosa Cove by Chinese citizens may have given the impression that foreigners (including PRs) have been snapping up more landed homes of late, but numbers tell a different story.
Not only do Singaporeans remain the predominant buyers of landed homes here, but there has also been no rising trend in the share of foreigners (and PRs) picking up such properties. Over the past four years, their combined share of landed home purchases across Singapore averaged 6.2 per cent per quarter.
This share seems to rise a bit every time the market is hot and it drops when the markets cools.
For the first half of this year, Singaporeans remained the predominant buyers of landed homes across the island. However, on Sentosa Cove, foreigners including Singapore permanent residents acquired nearly the same number of houses as Singaporeans, shows an analysis by CB Richard Ellis.
Foreigners and PRs bought 16 landed homes on Sentosa Cove while Singaporeans have picked up 17 so far this year, based on CBRE's analysis of URA Realis caveats data as of June 22. The study captured caveats lodged up to June 8.
Foreigners (including PRs) bought 129 landed residential properties this year, up to June 8. Of these, 115 were purchased by PRs.
Non-PR foreigners bought the other 14 landed houses - comprising 12 properties located on Sentosa Cove and two in district 5. The latter are likely to be strata landed houses in The Vision in the West Coast area, say market watchers. Foreigners can buy strata landed properties within developments with condominium status without seeking approval from Land Dealings (Approval) Unit.
Their purchases this year give foreigners a 6.8 per cent share of the total 1,905 landed homes transacted up to June 8. Singapore citizens had an 87.7 per cent share, with companies buying the other 5.5 per cent.
Foreigners (including PRs) typically tend to account for a bigger share of private homebuyers when the market is hot; their share ebbs when the market cools. For instance, their share of total landed home purchases in Singapore climbed to a high of 9.5 per cent in Q2 2006 and 8.7 per cent in Q1 2007 when the property market was on the ascent. The figure touched a low of 2.5 per cent in Q1 2009 in the aftermath of the global financial crisis. It stood at 6.5 per cent in Q1 this year and 7.1 per cent for Q2 but this could change as more caveats for June stream in. It has generally hovered around the 6 per cent mark over the past four years.
Between Q1 2006 and Q1 2010, on a quarterly average basis, landed homes made up just 3.8 per cent of the total number of private homes bought by foreigners and PRs here. For H1 2010 (up to June 8), the figure was 3.4 per cent. Apartments and condos remain the mainstay of foreign buyers' private residential purchases in Singapore.
CBRE's executive director (residential) Joseph Tan expects 3,500-3,800 landed homes to be sold this year as the Singapore economy continues to strengthen - in line with the four-year (2006-2009) average demand of 3,713 units. 'Since supply is relatively limited, prices of landed homes are expected to rise by 10-15 per cent in 2010. Sentosa Cove will continue to be popular with foreigners because of its resort status as well as the ease of obtaining government approval for purchase,' he added.
DTZ executive director (consulting) Ong Choon Fah does not expect the foreign share of landed home purchases to change significantly. The restrictions that foreign buyers face in owning a landed home here mean demand will be for consumption and not investment, she says. Typically, they need a go-ahead from the LDAU, may own only one landed property and are not allowed to rent it out.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : UOL, CDL to release condos for preview this week
Business Times - 07 Jul 2010
UOL, CDL to release condos for preview this week
By KALPANA RASHIWALA
AT least two new condos are expected to be released this week - 368 Thomson and The Terrene @ Bukit Timah.
UOL Group and LaSalle Investment Management are jointly developing The Terrene on the former Rainbow Gardens site in the Toh Tuck/Jalan Jurong Kechil area.
The 999-year leasehold, 5-storey project will have 172 units, ranging from one bedders (starting from 506 sq ft) to five-bedroom penthouses (of up to 3,025 sq ft). It will be close to two green lungs - Bukit Timah Nature Reserve and Bukit Batok Nature Park - and about half a kilometre from the Beauty World MRT Station, which is being built.
Prices of typical units are expected to be in the $1,200-1,400 psf range. However, one bedders could touch around $1,500 psf. Ground floor apartments with private enclosed areas could be priced closer to the $1,000 psf mark, BT understands.
In October last year, UOL announced it had taken a half-share in the Rainbow Gardens site, which had been bought by the LaSalle Asia Opportunity II fund in a collective sale a few years earlier.
Terrene is being marketed by Knight Frank and Jones Lang LaSalle.
For UOL, the preview of The Terrene follows the virtual sell-out of its Waterbank at Dakota, a 616-unit condo fronting Geylang River and next to Dakota MRT Station. The 99-year leasehold condo's launch in April was timed with the opening of the station.
Over in the Balestier/Thomson Road area, City Developments Ltd is getting ready to preview 368 Thomson later this week on the former Concorde Residence site.
Prices in the 36-storey freehold development are expected to range from $1,300-1,500 psf. The condo's 157 units range from one-bedders to penthouses, with unit sizes of 689 sq ft to 3,391 sq ft. The project is being marketed by Huttons.
Meanwhile, over in the Bedok Reservoir location, Frasers Centrepoint and Far East Organization have sold 93 of the 150 units released since June 25 at the Waterfront Gold condo. The average price for the 99-year leasehold project is $950 psf. Waterfront Gold comprises 361 units and will be the first condo in Singapore to feature a skypark. This will be on the roof of the 15-storey project.
Property consultants say home sales are still slow, with many potential buyers still glued to the World Cup, which ends in the wee hours of Monday next week. More developers are then expected to begin releasing projects again.
'Buyers will do their homework and evaluation, but the good thing is that the Singapore stock market has still fared relatively better than some overseas markets,' notes DTZ executive director (consulting) Ong Choon Fah.
'The underlying desire to buy a private residential property here is still there among owner occupiers and local investors, as there's still a lot of liquidity. And our market is quite unique, with a large part of our population living in public housing, which provides a natural feed to the private housing market,' she added.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Terrene: The 999-year leasehold project will have 172 units, ranging from one bedders (starting from 505 sq ft) to five-bedroom penthouses (of up to 3,025 sq ft)
UOL, CDL to release condos for preview this week
By KALPANA RASHIWALA
AT least two new condos are expected to be released this week - 368 Thomson and The Terrene @ Bukit Timah.
UOL Group and LaSalle Investment Management are jointly developing The Terrene on the former Rainbow Gardens site in the Toh Tuck/Jalan Jurong Kechil area.
The 999-year leasehold, 5-storey project will have 172 units, ranging from one bedders (starting from 506 sq ft) to five-bedroom penthouses (of up to 3,025 sq ft). It will be close to two green lungs - Bukit Timah Nature Reserve and Bukit Batok Nature Park - and about half a kilometre from the Beauty World MRT Station, which is being built.
Prices of typical units are expected to be in the $1,200-1,400 psf range. However, one bedders could touch around $1,500 psf. Ground floor apartments with private enclosed areas could be priced closer to the $1,000 psf mark, BT understands.
In October last year, UOL announced it had taken a half-share in the Rainbow Gardens site, which had been bought by the LaSalle Asia Opportunity II fund in a collective sale a few years earlier.
Terrene is being marketed by Knight Frank and Jones Lang LaSalle.
For UOL, the preview of The Terrene follows the virtual sell-out of its Waterbank at Dakota, a 616-unit condo fronting Geylang River and next to Dakota MRT Station. The 99-year leasehold condo's launch in April was timed with the opening of the station.
Over in the Balestier/Thomson Road area, City Developments Ltd is getting ready to preview 368 Thomson later this week on the former Concorde Residence site.
Prices in the 36-storey freehold development are expected to range from $1,300-1,500 psf. The condo's 157 units range from one-bedders to penthouses, with unit sizes of 689 sq ft to 3,391 sq ft. The project is being marketed by Huttons.
Meanwhile, over in the Bedok Reservoir location, Frasers Centrepoint and Far East Organization have sold 93 of the 150 units released since June 25 at the Waterfront Gold condo. The average price for the 99-year leasehold project is $950 psf. Waterfront Gold comprises 361 units and will be the first condo in Singapore to feature a skypark. This will be on the roof of the 15-storey project.
Property consultants say home sales are still slow, with many potential buyers still glued to the World Cup, which ends in the wee hours of Monday next week. More developers are then expected to begin releasing projects again.
'Buyers will do their homework and evaluation, but the good thing is that the Singapore stock market has still fared relatively better than some overseas markets,' notes DTZ executive director (consulting) Ong Choon Fah.
'The underlying desire to buy a private residential property here is still there among owner occupiers and local investors, as there's still a lot of liquidity. And our market is quite unique, with a large part of our population living in public housing, which provides a natural feed to the private housing market,' she added.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Terrene: The 999-year leasehold project will have 172 units, ranging from one bedders (starting from 505 sq ft) to five-bedroom penthouses (of up to 3,025 sq ft)
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