10 Feb 2011,
Developers: Too soon to assess property curbs
By Esther Teo
DEVELOPERS say that although sales volumes might have fallen, it is still too early to assess the impact of the cooling measures.
Industry players at the annual Spring Festival lunch of the Real Estate Developers' Association of Singapore (Redas) yesterday noted that the Jan 13 intervention was soon followed by Chinese New Year, so buyers will need more time to take stock before deciding whether to buy.
Mr Lim Ee Seng, Redas' first vice-president and Frasers Centrepoint chief executive, said that although the number of transactions has fallen, this was expected due to buyers' initial hesitation and the uncertainty in the market after the measures were introduced.
He noted that projects launched after Jan 13 still had 'very decent take-up', demonstrating that there is still a pool of people genuinely in need of homes. 'As long as the location is good and the price is deemed to be not unduly unreasonable, they will buy,' added Mr Lim.
Developers also said the cooling steps are just one more factor to take on board when assessing investment decisions and sales campaigns.
Redas president Wong Heang Fine said that today's vibrant and dynamic market means developers are constantly reviewing their launches and marketing, irrespective of the Government's measures.
Mr Chia Ngiang Hong, Redas' second vice-president and City Developments group general manager, added that developers will have to monitor the market and plan accordingly, even as buyers re-evaluate their positions.
'It is an ongoing process that is always happening at all times, nothing is static,' Mr Chia added.
Mr Wong, who is also CapitaLand Residential chief executive, noted in his opening address that while the Government has rolled out long-term policies that have helped the industry, developers are not keen on any more measures.
'With the property market stabilising after the latest round of cooling measures by the Government, I hope that any further measures...would be made only after considering all options,' said Mr Wong.
If sales do slip, developers could introduce sweeteners to attract home buyers, but Mr Lim said market-wide incentives such as those seen in the recession have not been introduced yet.
When the property boom ended in 2008, developers started absorbing stamp duty for selected projects and rolled out gimmicks such as renovation allowances and vouchers for electrical appliances to encourage sales.
Developers are also looking forward to Budget policies that will further support economic growth, as the property sector will be able to ride on that growth, Mr Wong added. The challenge this year will be to grow on a sustainable basis and to innovate and upgrade to produce better quality homes that can continue to attract global investors.
'I think the Singapore market is now quite transformed, if you look at the tourism figures...We are very exposed to world markets now,' said Mr Wong.
He also announced that Redas will hold regular dialogues with various government agencies and industry associations this year as well as introduce specific focus groups. Mr Wong championed tapping into Generations X and Y - future leaders and home buyers - to form a youth focus group to gather the energy and ideas of younger members.
Developers also welcomed suggestions that the Government might introduce new rules to ensure that showflats accurately represent their completed products, especially with more builders entering the market.
Mr Chia said: 'If the objective is to ensure that (the showflat) is correctly represented, then it is good for the market.'
Separately, MCC Land's 320-unit Canberra Residences in Sembawang has sold 160 of the 200 preview units. The average prices of typical units range from $830 to $860 per sq ft with sizes varying between 614 sq ft and 2,250 sq ft. The project will be officially launched tomorrow.
Friday, February 11, 2011
ST : Buying a flat? Check the writing on the wall first
10 Feb 2011,
Buying a flat? Check the writing on the wall first
By Daryl Chin
ARE property agents obliged to check if a unit being sold is targeted by loan sharks, and to alert potential buyers if so?
Most agents interviewed said that while this it is not part of their job, they do so because of a sense of responsibility, or because they have to explain why a flat is being sold more cheaply.
On average, agents said, such units are cheaper than similar ones in the area.
Mr Jeff Soo, an ECG Property agent, said owners of these units may ask cash-over- valuation amounts that are two-thirds less than for other units.
This could possibly mean that a buyer might need to pay just $10,000 for the COV, which is a cash premium paid by the buyer over a flat's valuation, instead of the average $30,000.
Agency heads from PropNex, ERA and Dennis Wee Group (DWG) said that while loan shark cases remain relatively isolated, their agents are constantly on the look out for, literally, the writing on the wall.
Of 10 property agents interviewed, eight said they check out lift landings and corridors for such activities when helping their clients buy a flat.
Some will also ask residents in neighbouring units about the situation. If the unit is a target, they will either not sell the flat or will let their client know about it.
'The buyers will ask anyway, and we'll have to tell them the truth,' said Propnex agent Sean Tan. 'It'll be a waste of our time to bring clients to view these flats.'
DWG director Chris Koh said that loan shark activities are more prevalent in older estates and those with three- and four-room units.
But the responsibility does not rest solely on the agent, said PropNex spokesman Adam Tan. A buyer should ask why a seller is letting go of his unit, although the latter is not bound to reveal the true reason.
Buyers should also beware of units that are inordinately cheap, said ERA key executive officer Eugene Lim. 'The affected unit, as well as those along the same stretch, might not be going for the normal price,' he said.
The Council for Estate Agencies, which regulates the industry, said it has received three loan shark-related complaints from buyers since it began operations last Oct 22.
Additional reporting by Goh Kai Shi
A notice (above) put up by the owners of a flat in Serangoon North. A 'Citizens On Patrol' sign hanging as a deterrent at the staircase landing of the same block. -- ST PHOTOS: DESMOND WEE
Buying a flat? Check the writing on the wall first
By Daryl Chin
ARE property agents obliged to check if a unit being sold is targeted by loan sharks, and to alert potential buyers if so?
Most agents interviewed said that while this it is not part of their job, they do so because of a sense of responsibility, or because they have to explain why a flat is being sold more cheaply.
On average, agents said, such units are cheaper than similar ones in the area.
Mr Jeff Soo, an ECG Property agent, said owners of these units may ask cash-over- valuation amounts that are two-thirds less than for other units.
This could possibly mean that a buyer might need to pay just $10,000 for the COV, which is a cash premium paid by the buyer over a flat's valuation, instead of the average $30,000.
Agency heads from PropNex, ERA and Dennis Wee Group (DWG) said that while loan shark cases remain relatively isolated, their agents are constantly on the look out for, literally, the writing on the wall.
Of 10 property agents interviewed, eight said they check out lift landings and corridors for such activities when helping their clients buy a flat.
Some will also ask residents in neighbouring units about the situation. If the unit is a target, they will either not sell the flat or will let their client know about it.
'The buyers will ask anyway, and we'll have to tell them the truth,' said Propnex agent Sean Tan. 'It'll be a waste of our time to bring clients to view these flats.'
DWG director Chris Koh said that loan shark activities are more prevalent in older estates and those with three- and four-room units.
But the responsibility does not rest solely on the agent, said PropNex spokesman Adam Tan. A buyer should ask why a seller is letting go of his unit, although the latter is not bound to reveal the true reason.
Buyers should also beware of units that are inordinately cheap, said ERA key executive officer Eugene Lim. 'The affected unit, as well as those along the same stretch, might not be going for the normal price,' he said.
The Council for Estate Agencies, which regulates the industry, said it has received three loan shark-related complaints from buyers since it began operations last Oct 22.
Additional reporting by Goh Kai Shi
A notice (above) put up by the owners of a flat in Serangoon North. A 'Citizens On Patrol' sign hanging as a deterrent at the staircase landing of the same block. -- ST PHOTOS: DESMOND WEE
ST : Pay$ even when you don't Owe$
10 Feb 2011,
Pay$ even when you don't Owe$
Loan sharks hound new owners of flats, even though debtor has already moved
By Tham Yuen-C & Jalelah Abu Baker
EVERY morning, Madam Vani opens the door of her flat with trepidation. Will the door still be brown, or will it have red, blue or black paint splashed on it?
These are the favourite colours of the loan sharks that have been harassing her since she moved into the Serangoon North flat in February last year.
There have been five attacks, each leaving her more furious because she has never borrowed money from them.
After the first few incidents, she learnt from neighbours that the son of the previous flat owner had borrowed heavily from loan sharks.
'There was no sign of problems when we visited the place before signing the papers. It was always very clean,' said Madam Vani, who is using a pseudonym because she fears reprisals should her real name be published.
To protect the door from paint, she has wrapped the gate outside it with plastic cling wrap. A neighbour a few doors away has done the same, and also draped his window panes with plastic sheets.
Madam Vani's family is collateral damage in the loan-shark scourge in HDB estates. These families are innocent victims who see their doors vandalised, get words scrawled on their walls, and have their gates chained, even though they have not had contact with illegal moneylenders who now want their money back.
Their plight has been highlighted in letters to The Straits Times Forum page.
In a reply to such home owners yesterday, the HDB said that it is working with the relevant authorities to prevent innocent residents from being harassed.
It also reiterated new rules that can help track loan-shark debtors on the move. Since last February, for example, HDB flat owners who sublet rooms have had to register with the board, and inform it when these tenants renew their lease or stop renting their rooms.
Speaking in Parliament in January last year, Senior Minister of State for Law and Home Affairs Ho Peng Kee revealed that less than 1 per cent of HDB households in Singapore were harassed by loan sharks.
Even then, he said, 'every innocent household harassed is one too many'.
Laws were tightened last year to penalise people who deliberately provide outdated or false addresses when borrowing from loan sharks, resulting in innocent people being harassed. Those found guilty can be jailed for up to a year.
Former loan-shark runners told The Straits Times that they continue to vandalise a unit even when a new family has moved in - or when the house owner insists he has not borrowed money - because they can never be sure that the debtor has moved out.
'They could be hiding the person in the house or lying for the person,' said a 25-year-old former runner yesterday.
Mr Mohamed Yusof Ismail, chief executive officer at Ain Society which provides remedial and rehabilitation to youths and their families, has counselled former loan-shark runners. He said that these runners merely follow instructions: 'They don't know anything about the debtors, and have no time to bother about it as they need to finish their jobs as quickly as possible.'
Members of Parliament said the loan-sharking problem has abated since amendments to the Moneylenders Act last year enhanced penalties for harassment activities. Ms Ellen Lee, an MP for Sembawang GRC, said she used to see up to two families a month who had been harassed by runners targeting neighbours or previous occupants, but none in recent months.
Mrs Lim Hwee Hua, an MP for Aljunied GRC which oversees Serangoon North, said 'the loan-shark cases are isolated to a few blocks and the police are fully aware of the residents' plight'.
In November 2009, the Serangoon Neighbourhood Unlicensed Money Lenders Watch Group was formed by residents there and the police. Businessman Patrick Ong, 42, a member, said five to 10 volunteers walk around the estate twice a month, checking for signs of loan-shark activity, like paint-splattered doors.
If they spot anything, they will report it to the police. There are up to 800 such neighbourhood watch groups here. A police spokesman said residents can help by reporting suspicious people they see.
But for some, nothing seems to have helped. Ms L. Eng, 34, moved into her three-room flat in Bedok North three years ago. There was one incident then, after which nothing happened. The harassment started again in November last year and she had been targeted five times since.
Although a CCTV camera has been installed, the runners have not let up. 'The loan shark threatened to do something to my eight-year-old daughter,' said Ms Eng, who lives with her daughter and maid.
Besides dealing with harassment, victims have to bear cleaning costs. Town councils take care of restoring common areas which have been vandalised, but victims say they have to clean up or replace doors and windows. Said Ms Eng: 'I use thinner to get rid of the paint on the door, but the front of my house is still full of paint.'
yuenc@sph.com.sg
jalmsab@sph.com.sg
--------------------------------------------------------------------------------
Do some detective work
A HOME-BUYER'S best bet against buying a unit from someone who is in trouble with loan sharks is simply to speak to the neighbours, said security experts.
'It's the most practical thing to do. If they say it's okay, it's got to be okay since they live there,' said Mr Toby Koh of Ademco Security Group.
Buyers can also observe the block and surrounding units for tell-tale signs.
Possible signs include repainted walls outside the unit, uneven cement on the ground which could indicate it has been re-cemented to hide paint, and doors wrapped in cling film to protect them from paint.
A buyer who finds his property is being targeted after moving in should report this to the police.
A police spokesman said the installation by police of portable closed-circuit television cameras outside HDB flats targeted by loan sharks has resulted in the arrests of loan shark runners.
Last year, 1,506 people were arrested for loansharking and related harassment, compared to 965 in 2009.
Mr Koh said the best deterrent against attack is camera surveillance because 'the runner may think twice, as he knows he will be captured on camera'.
The footage can be used as evidence by the police and can eventually force the loan shark to back off.
He added that while dummy cameras may act as a deterrent, there is no real point to them as they do not help to catch the culprits.
Pay$ even when you don't Owe$
Loan sharks hound new owners of flats, even though debtor has already moved
By Tham Yuen-C & Jalelah Abu Baker
EVERY morning, Madam Vani opens the door of her flat with trepidation. Will the door still be brown, or will it have red, blue or black paint splashed on it?
These are the favourite colours of the loan sharks that have been harassing her since she moved into the Serangoon North flat in February last year.
There have been five attacks, each leaving her more furious because she has never borrowed money from them.
After the first few incidents, she learnt from neighbours that the son of the previous flat owner had borrowed heavily from loan sharks.
'There was no sign of problems when we visited the place before signing the papers. It was always very clean,' said Madam Vani, who is using a pseudonym because she fears reprisals should her real name be published.
To protect the door from paint, she has wrapped the gate outside it with plastic cling wrap. A neighbour a few doors away has done the same, and also draped his window panes with plastic sheets.
Madam Vani's family is collateral damage in the loan-shark scourge in HDB estates. These families are innocent victims who see their doors vandalised, get words scrawled on their walls, and have their gates chained, even though they have not had contact with illegal moneylenders who now want their money back.
Their plight has been highlighted in letters to The Straits Times Forum page.
In a reply to such home owners yesterday, the HDB said that it is working with the relevant authorities to prevent innocent residents from being harassed.
It also reiterated new rules that can help track loan-shark debtors on the move. Since last February, for example, HDB flat owners who sublet rooms have had to register with the board, and inform it when these tenants renew their lease or stop renting their rooms.
Speaking in Parliament in January last year, Senior Minister of State for Law and Home Affairs Ho Peng Kee revealed that less than 1 per cent of HDB households in Singapore were harassed by loan sharks.
Even then, he said, 'every innocent household harassed is one too many'.
Laws were tightened last year to penalise people who deliberately provide outdated or false addresses when borrowing from loan sharks, resulting in innocent people being harassed. Those found guilty can be jailed for up to a year.
Former loan-shark runners told The Straits Times that they continue to vandalise a unit even when a new family has moved in - or when the house owner insists he has not borrowed money - because they can never be sure that the debtor has moved out.
'They could be hiding the person in the house or lying for the person,' said a 25-year-old former runner yesterday.
Mr Mohamed Yusof Ismail, chief executive officer at Ain Society which provides remedial and rehabilitation to youths and their families, has counselled former loan-shark runners. He said that these runners merely follow instructions: 'They don't know anything about the debtors, and have no time to bother about it as they need to finish their jobs as quickly as possible.'
Members of Parliament said the loan-sharking problem has abated since amendments to the Moneylenders Act last year enhanced penalties for harassment activities. Ms Ellen Lee, an MP for Sembawang GRC, said she used to see up to two families a month who had been harassed by runners targeting neighbours or previous occupants, but none in recent months.
Mrs Lim Hwee Hua, an MP for Aljunied GRC which oversees Serangoon North, said 'the loan-shark cases are isolated to a few blocks and the police are fully aware of the residents' plight'.
In November 2009, the Serangoon Neighbourhood Unlicensed Money Lenders Watch Group was formed by residents there and the police. Businessman Patrick Ong, 42, a member, said five to 10 volunteers walk around the estate twice a month, checking for signs of loan-shark activity, like paint-splattered doors.
If they spot anything, they will report it to the police. There are up to 800 such neighbourhood watch groups here. A police spokesman said residents can help by reporting suspicious people they see.
But for some, nothing seems to have helped. Ms L. Eng, 34, moved into her three-room flat in Bedok North three years ago. There was one incident then, after which nothing happened. The harassment started again in November last year and she had been targeted five times since.
Although a CCTV camera has been installed, the runners have not let up. 'The loan shark threatened to do something to my eight-year-old daughter,' said Ms Eng, who lives with her daughter and maid.
Besides dealing with harassment, victims have to bear cleaning costs. Town councils take care of restoring common areas which have been vandalised, but victims say they have to clean up or replace doors and windows. Said Ms Eng: 'I use thinner to get rid of the paint on the door, but the front of my house is still full of paint.'
yuenc@sph.com.sg
jalmsab@sph.com.sg
--------------------------------------------------------------------------------
Do some detective work
A HOME-BUYER'S best bet against buying a unit from someone who is in trouble with loan sharks is simply to speak to the neighbours, said security experts.
'It's the most practical thing to do. If they say it's okay, it's got to be okay since they live there,' said Mr Toby Koh of Ademco Security Group.
Buyers can also observe the block and surrounding units for tell-tale signs.
Possible signs include repainted walls outside the unit, uneven cement on the ground which could indicate it has been re-cemented to hide paint, and doors wrapped in cling film to protect them from paint.
A buyer who finds his property is being targeted after moving in should report this to the police.
A police spokesman said the installation by police of portable closed-circuit television cameras outside HDB flats targeted by loan sharks has resulted in the arrests of loan shark runners.
Last year, 1,506 people were arrested for loansharking and related harassment, compared to 965 in 2009.
Mr Koh said the best deterrent against attack is camera surveillance because 'the runner may think twice, as he knows he will be captured on camera'.
The footage can be used as evidence by the police and can eventually force the loan shark to back off.
He added that while dummy cameras may act as a deterrent, there is no real point to them as they do not help to catch the culprits.
ST Forum : En bloc roadblocks
10 Feb 2011,
WHEN ESTATE UPGRADING IS THWARTED BY...
En bloc roadblocks
IN RECALLING the en bloc saga of Gillman Heights, the chairman of its sales committee stated that the condominium had to be sold en bloc because it was old and falling into disrepair ('No regrets, despite dear memories of Gillman'; Sunday).
This is a view commonly held among pro-en bloc residents, and it should be addressed. If an estate is old, it can be upgraded using the sinking fund, or through a special one-time contribution by residents. Such upgrading is far cheaper than the potential loss for owners from a collective sale.
As many former Gillman Heights residents quoted in the special report ('For better or for worse'; Sunday) ended up paying more for their new homes - some in the hundreds of thousands of dollars - those who live in old estates worth preserving should learn from such experiences.
There are pro-en bloc residents who often obstruct the improvement of an estate because they wish to profit from an en bloc sale. They prefer to see the estate fall into disrepair so they can cite the high costs of replacing old pipes, water tanks, old tiles and lobby areas subsequently. Such en bloc proponents join management councils and oppose attempts to improve the estate.
While many may argue that the decision on such an issue is best left to subsidiary proprietors, the reality is that few are keen on running for office in any estate, and fewer still are willing to argue with loud neighbours who harbour an agenda.
So, this issue must be solved by a built-in safeguard, which should require residents who wish to run for office to declare that there is no conflict of interest. There should be an automatic opt-out clause for those who harbour an interest in organising an en bloc sale.
There must be a law spelling out a conflict of interest to prevent residents who intend to lobby for an en bloc sale from sitting on a management council or any other official body of the estate that may influence the en bloc process.
A management council, by definition, must work towards the good of preserving, repairing and enhancing the estate and if this is so, pro-en bloc residents should be ineligible for office.
Grace Francis (Ms)
WHEN ESTATE UPGRADING IS THWARTED BY...
En bloc roadblocks
IN RECALLING the en bloc saga of Gillman Heights, the chairman of its sales committee stated that the condominium had to be sold en bloc because it was old and falling into disrepair ('No regrets, despite dear memories of Gillman'; Sunday).
This is a view commonly held among pro-en bloc residents, and it should be addressed. If an estate is old, it can be upgraded using the sinking fund, or through a special one-time contribution by residents. Such upgrading is far cheaper than the potential loss for owners from a collective sale.
As many former Gillman Heights residents quoted in the special report ('For better or for worse'; Sunday) ended up paying more for their new homes - some in the hundreds of thousands of dollars - those who live in old estates worth preserving should learn from such experiences.
There are pro-en bloc residents who often obstruct the improvement of an estate because they wish to profit from an en bloc sale. They prefer to see the estate fall into disrepair so they can cite the high costs of replacing old pipes, water tanks, old tiles and lobby areas subsequently. Such en bloc proponents join management councils and oppose attempts to improve the estate.
While many may argue that the decision on such an issue is best left to subsidiary proprietors, the reality is that few are keen on running for office in any estate, and fewer still are willing to argue with loud neighbours who harbour an agenda.
So, this issue must be solved by a built-in safeguard, which should require residents who wish to run for office to declare that there is no conflict of interest. There should be an automatic opt-out clause for those who harbour an interest in organising an en bloc sale.
There must be a law spelling out a conflict of interest to prevent residents who intend to lobby for an en bloc sale from sitting on a management council or any other official body of the estate that may influence the en bloc process.
A management council, by definition, must work towards the good of preserving, repairing and enhancing the estate and if this is so, pro-en bloc residents should be ineligible for office.
Grace Francis (Ms)
ST : Peace Centre site back on sale at $700m
10 Feb 2011,
Peace Centre site back on sale at $700m
By Esther Teo
IT IS round two for the owners of Peace Centre and Peace Mansion, who are making a second attempt to sell their Sophia Road commercial redevelopment site.
This time they are going for collective sale tender with a hefty guide price of $700 million. That works out to $1,355 per sq ft per plot ratio - inclusive of an estimated $150 million charge to reset the 40-year-old development's leasehold tenure to 99 years, marketing agent Savills Singapore said yesterday.
The asking price is also significantly higher than the $470 million indicative price when it was first put up for sale, through an expression of interest exercise in March 2007.
The prime District 9 site - zoned for commercial use under the 2008 Masterplan - sits on a 76,618 sq ft plot and consists of a seven-storey commercial podium with 232 office and retail units, and a 32-storey residential tower with 86 apartments.
The site has a gross floor area of about 627,852 sq ft.
Savills said that besides being used for retail, alternative uses may include medical suites, offices, Soho - small office, home office - or even serviced apartments.
Apartment owners are expected to pocket about $2 million, if the guide price is met, said Savills' director of investment sales Suzie Mok.
She said that with the successful rejuvenation of the Civic District and the expected ongoing strength in the local and regional economies, there is tremendous potential for expansion of the retail scene beyond the main tourist and shopping belt of Orchard Road and into the nearby Selegie Road area.
Ms Mok also said the higher asking price compared to 2007 resulted from price trends moving up 'a fair bit' and rejuvenation of the area.
'Many plans have taken place with the whole area seeing transformation since 2007,' she added.
Experts said that while the guide price is optimistic, its central location and commercial zoning might be attractive to developers looking beyond the residential market.
Cushman & Wakefield's senior manager of Asia-Pacific research, Mr Ong Kah Seng, said although market sentiment is generally more cautious, there are still opportunities for sites in good locations.
'This site is fairly central, and enjoys proximity to Orchard Road and various educational institutions,' he said.
Nearby, the former Paradiz Centre in Selegie Road - now called PoMo - also launched an expression of interest exercise in December.
While no price has been specified, a price guide of about about $1,400 psf based on the net lettable area, or $255 million, was given.
The price tag translates to $1,355 per sq ft per plot ratio, including an estimated $150 million charge to reset the 40-year-old development's leasehold tenure to 99 years. -- PHOTO: SAVILLS
Peace Centre site back on sale at $700m
By Esther Teo
IT IS round two for the owners of Peace Centre and Peace Mansion, who are making a second attempt to sell their Sophia Road commercial redevelopment site.
This time they are going for collective sale tender with a hefty guide price of $700 million. That works out to $1,355 per sq ft per plot ratio - inclusive of an estimated $150 million charge to reset the 40-year-old development's leasehold tenure to 99 years, marketing agent Savills Singapore said yesterday.
The asking price is also significantly higher than the $470 million indicative price when it was first put up for sale, through an expression of interest exercise in March 2007.
The prime District 9 site - zoned for commercial use under the 2008 Masterplan - sits on a 76,618 sq ft plot and consists of a seven-storey commercial podium with 232 office and retail units, and a 32-storey residential tower with 86 apartments.
The site has a gross floor area of about 627,852 sq ft.
Savills said that besides being used for retail, alternative uses may include medical suites, offices, Soho - small office, home office - or even serviced apartments.
Apartment owners are expected to pocket about $2 million, if the guide price is met, said Savills' director of investment sales Suzie Mok.
She said that with the successful rejuvenation of the Civic District and the expected ongoing strength in the local and regional economies, there is tremendous potential for expansion of the retail scene beyond the main tourist and shopping belt of Orchard Road and into the nearby Selegie Road area.
Ms Mok also said the higher asking price compared to 2007 resulted from price trends moving up 'a fair bit' and rejuvenation of the area.
'Many plans have taken place with the whole area seeing transformation since 2007,' she added.
Experts said that while the guide price is optimistic, its central location and commercial zoning might be attractive to developers looking beyond the residential market.
Cushman & Wakefield's senior manager of Asia-Pacific research, Mr Ong Kah Seng, said although market sentiment is generally more cautious, there are still opportunities for sites in good locations.
'This site is fairly central, and enjoys proximity to Orchard Road and various educational institutions,' he said.
Nearby, the former Paradiz Centre in Selegie Road - now called PoMo - also launched an expression of interest exercise in December.
While no price has been specified, a price guide of about about $1,400 psf based on the net lettable area, or $255 million, was given.
The price tag translates to $1,355 per sq ft per plot ratio, including an estimated $150 million charge to reset the 40-year-old development's leasehold tenure to 99 years. -- PHOTO: SAVILLS
ST Forum : Why Iras should review formula for property tax
09 Feb 2011,
Why Iras should review formula for property tax
MR PAUL Chan ('Adopt fairer tax system for owner-occupiers'; Jan 23) is right in advocating a new and fairer formula for property tax.
The current method of tagging market value to rental value is grossly unfair to owner-occupiers, and my personal experience is a good example.
When we experienced the worst year of economic growth in 2009, the property tax went down by only 23.5 per cent from that in the preceding, pre-crisis year.
Yet the same tax shot up by a whopping 98 per cent last year, which meant the property tax paid in 2010 was 50 per cent higher than that in the 2008 pre-crisis year.
And the economy has not even recovered to pre-crisis levels.
There were also four adjustments made between 2007 and last year, three of which were increases and one, a decrease.
Is there a need for such frequent adjustments in tax rates?
All the above reinforces the view that when times are bad, the Inland Revenue Authority of Singapore (Iras) returns less than it should, but when times are good, it takes back a lot more than it deserves.
The efforts by Iras to introduce adjustments and inform taxpayers could have been saved if a different formula is used.
As an owner-occupier, I do not lose or benefit from economic changes or changes in rental value, so why is my property tax not reflecting that?
Thian Tai Chew
Why Iras should review formula for property tax
MR PAUL Chan ('Adopt fairer tax system for owner-occupiers'; Jan 23) is right in advocating a new and fairer formula for property tax.
The current method of tagging market value to rental value is grossly unfair to owner-occupiers, and my personal experience is a good example.
When we experienced the worst year of economic growth in 2009, the property tax went down by only 23.5 per cent from that in the preceding, pre-crisis year.
Yet the same tax shot up by a whopping 98 per cent last year, which meant the property tax paid in 2010 was 50 per cent higher than that in the 2008 pre-crisis year.
And the economy has not even recovered to pre-crisis levels.
There were also four adjustments made between 2007 and last year, three of which were increases and one, a decrease.
Is there a need for such frequent adjustments in tax rates?
All the above reinforces the view that when times are bad, the Inland Revenue Authority of Singapore (Iras) returns less than it should, but when times are good, it takes back a lot more than it deserves.
The efforts by Iras to introduce adjustments and inform taxpayers could have been saved if a different formula is used.
As an owner-occupier, I do not lose or benefit from economic changes or changes in rental value, so why is my property tax not reflecting that?
Thian Tai Chew
ST : Owners resolve dispute with CDL, contractors
08 Feb 2011,
EMERY POINT DEFECTS
Owners resolve dispute with CDL, contractors
By Selina Lum
THE High Court lawsuit brought by the management corporation of the Emery Point condominium in Tanjong Katong over building defects was amicably resolved yesterday.
The management corporation, representing the owners, had sued listed developer City Developments Limited (CDL), main contractor Hytech Builders, five subcontractors, and the architect, claiming about $600,000 in compensation to rectify the defects.
The hearing started on Monday, with three subcontractors reaching a settlement with the owners.
Yesterday, the owners also reached a settlement with CDL, Hytech and two other subcontractors. The terms of the settlement are confidential.
In a joint press statement, the parties said they were 'pleased that a final resolution has now been reached' and that the management corporation will be using the settlement sum to 'do up Emery Point, which should enhance its value'.
In the statement, the management corporation clarified that there were only 16 water leakage points in the basement carpark and not 280.
The 280 points - stated by its lawyers - referred to proposed grouting points to address the leakage, it said.
CDL said in the statement that it has always been conscious of the quality of its projects, and detailed how it had in fact gone beyond its obligation.
CDL said it had appointed a building surveyor to conduct an inspection before handing over the common property; defects were rectified before the management corporation took over.
CDL also obtained warranties from the main contractor and subcontractors for five or 10 years.
And when any defects arose, the architect, main contractor and the subcontractors had attended to the defects at the condo.
The statement noted that Emery Point won two Building and Construction Authority awards in May 2005 - the merit award for construction excellence in the residential buildings category, and the best buildable design award.
EMERY POINT DEFECTS
Owners resolve dispute with CDL, contractors
By Selina Lum
THE High Court lawsuit brought by the management corporation of the Emery Point condominium in Tanjong Katong over building defects was amicably resolved yesterday.
The management corporation, representing the owners, had sued listed developer City Developments Limited (CDL), main contractor Hytech Builders, five subcontractors, and the architect, claiming about $600,000 in compensation to rectify the defects.
The hearing started on Monday, with three subcontractors reaching a settlement with the owners.
Yesterday, the owners also reached a settlement with CDL, Hytech and two other subcontractors. The terms of the settlement are confidential.
In a joint press statement, the parties said they were 'pleased that a final resolution has now been reached' and that the management corporation will be using the settlement sum to 'do up Emery Point, which should enhance its value'.
In the statement, the management corporation clarified that there were only 16 water leakage points in the basement carpark and not 280.
The 280 points - stated by its lawyers - referred to proposed grouting points to address the leakage, it said.
CDL said in the statement that it has always been conscious of the quality of its projects, and detailed how it had in fact gone beyond its obligation.
CDL said it had appointed a building surveyor to conduct an inspection before handing over the common property; defects were rectified before the management corporation took over.
CDL also obtained warranties from the main contractor and subcontractors for five or 10 years.
And when any defects arose, the architect, main contractor and the subcontractors had attended to the defects at the condo.
The statement noted that Emery Point won two Building and Construction Authority awards in May 2005 - the merit award for construction excellence in the residential buildings category, and the best buildable design award.
ST : Showflats: Is what you see what you get?
08 Feb 2011,
Showflats: Is what you see what you get?
URA reviewing rules to ensure they are accurate and buyers get what they pay for
By Esther Teo
TOUGHER rules to ensure that showflats look like the apartments that eventually get built are on the cards to ensure that buyers get what they pay for.
The move is to stop developers taking artistic licence with display homes by removing structural walls and columns and placing ceilings higher to make the unit look bigger than it will actually be.
Some buyers have been shocked at how small their units turn out to be compared with the plush showflat they saw at the launch.
The Urban Redevelopment Authority (URA) said yesterday it is reviewing the Housing Developers (Control & Licensing) Act and Housing Developers Rules to provide 'more accurate and transparent information on housing projects', and so help buyers make better decisions.
That is likely to mean ensuring showflat dimensions are accurate and that advertisements do not exaggerate a project's location and plan, and so reduce the number of buyers claiming misrepresentation, sources said.
Industry watchers say the URA could insist that bomb shelters - which are built into completed units - are included in the showflat's layout.
Developers might also have to ensure that walls replaced with glass panels - tricks used to make an apartment look more spacious - are clearly indicated.
Balcony space would also be clearly demarcated so that the living room space is not made to look larger than it actually is.
Ceiling heights in showflats and the thickness of structural walls might also have to be in line with the actual home.
Most developers welcome the move, saying it will likely benefit buyers unsure about what is included and what is not.
Global Property Strategic Alliance chief executive Jeffrey Hong said the prevalence of shoebox units - those under 500 sq ft - may have prompted the URA move. The tiny flats have been promoted aggressively recently, and buyers may have been upset when they got their keys.
'Accuracy is very important. Sometimes, buyers are unsure as to what in the showflat will be included in their purchase,' said Mr Hong.
The space housing the air-conditioner ledge and planter box is sometimes included as part of the showflat area, he added.
Boutique developer Oxley Holdings' chief executive, Mr Ching Chiat Kwong, said the URA routinely checked his showflats last year: 'There is no point in taking out walls. At the end of the day, if there is a dispute, it will look bad for our image. I don't think it is worth the cost.'
EL Development managing director Lim Yew Soon noted that developers should not show things that are misleading.
The URA said yesterday it is also reviewing the Act to simplify licensing requirements for developers. There will be more details when a public consultation on the proposals is launched next month.
Developers and real estate lawyers The Straits Times spoke to said the requirements for developers were fair.
Ms Leong Pat Lynn, a partner at Rodyk & Davidson (LLP)'s real estate practice group, said the requirements are there to protect buyers. 'Simplifying licensing requirements could be procedural or...a clarification of how the URA assesses certain criteria for less straightforward or unusual cases,' she said.
This could, for example, involve re-evaluating what constitutes a developer's track record - one of the current criterion - and possibly accepting non-residential development experience.
esthert@sph.com.sg
Showflats: Is what you see what you get?
URA reviewing rules to ensure they are accurate and buyers get what they pay for
By Esther Teo
TOUGHER rules to ensure that showflats look like the apartments that eventually get built are on the cards to ensure that buyers get what they pay for.
The move is to stop developers taking artistic licence with display homes by removing structural walls and columns and placing ceilings higher to make the unit look bigger than it will actually be.
Some buyers have been shocked at how small their units turn out to be compared with the plush showflat they saw at the launch.
The Urban Redevelopment Authority (URA) said yesterday it is reviewing the Housing Developers (Control & Licensing) Act and Housing Developers Rules to provide 'more accurate and transparent information on housing projects', and so help buyers make better decisions.
That is likely to mean ensuring showflat dimensions are accurate and that advertisements do not exaggerate a project's location and plan, and so reduce the number of buyers claiming misrepresentation, sources said.
Industry watchers say the URA could insist that bomb shelters - which are built into completed units - are included in the showflat's layout.
Developers might also have to ensure that walls replaced with glass panels - tricks used to make an apartment look more spacious - are clearly indicated.
Balcony space would also be clearly demarcated so that the living room space is not made to look larger than it actually is.
Ceiling heights in showflats and the thickness of structural walls might also have to be in line with the actual home.
Most developers welcome the move, saying it will likely benefit buyers unsure about what is included and what is not.
Global Property Strategic Alliance chief executive Jeffrey Hong said the prevalence of shoebox units - those under 500 sq ft - may have prompted the URA move. The tiny flats have been promoted aggressively recently, and buyers may have been upset when they got their keys.
'Accuracy is very important. Sometimes, buyers are unsure as to what in the showflat will be included in their purchase,' said Mr Hong.
The space housing the air-conditioner ledge and planter box is sometimes included as part of the showflat area, he added.
Boutique developer Oxley Holdings' chief executive, Mr Ching Chiat Kwong, said the URA routinely checked his showflats last year: 'There is no point in taking out walls. At the end of the day, if there is a dispute, it will look bad for our image. I don't think it is worth the cost.'
EL Development managing director Lim Yew Soon noted that developers should not show things that are misleading.
The URA said yesterday it is also reviewing the Act to simplify licensing requirements for developers. There will be more details when a public consultation on the proposals is launched next month.
Developers and real estate lawyers The Straits Times spoke to said the requirements for developers were fair.
Ms Leong Pat Lynn, a partner at Rodyk & Davidson (LLP)'s real estate practice group, said the requirements are there to protect buyers. 'Simplifying licensing requirements could be procedural or...a clarification of how the URA assesses certain criteria for less straightforward or unusual cases,' she said.
This could, for example, involve re-evaluating what constitutes a developer's track record - one of the current criterion - and possibly accepting non-residential development experience.
esthert@sph.com.sg
ST : Emery Point defects: CDL and others sued
08 Feb 2011,
Emery Point defects: CDL and others sued
Condo residents seek $600k compensation for problems in 17 areas
By Selina Lum
THE residents of Emery Point condominium have sued listed developer City Developments Limited (CDL), the main contractor, five subcontractors and the architect over numerous building defects.
The condo's management corporation, representing the owners, is claiming about $600,000 in compensation to rectify defects in 17 areas.
These include a leaking basement carpark, which is located below a swimming pool, cracks in walls, and lift lobbies with ceilings damaged by rainwater.
The case opened in the High Court yesterday, and is fixed for a 10-day hearing.
Emery Point, an 18-storey block of 51 units at Ipoh Lane in the Tanjong Katong area, is a freehold development completed in 2003, but not fully sold until 2007.
In his opening statement, lawyer Leo Cheng Suan, representing the condo owners, said that CDL was fully aware of the defects. 'The plaintiffs are extremely disappointed that CDL, being a public-listed company, did not live up to its social responsibility to build quality homes.'
He said many of the defects were caused by the long period in which the unsold units were closed up, and exposed to high heat and humidity.
Some defects were discovered in September 2003, when the Building and Construction Authority issued a certificate of statutory completion (CSC) for the development. Others were discovered after the management corporation assumed responsibility for the condo's common property from CDL in July 2005.
Around July 2007, the owners hired building surveyors to conduct an audit, which found extensive defects and shortcomings in 17 areas.
Highlighting the key defects, Mr Leo said the most glaring one was in the basement carpark, which had been 'leaking since the very beginning'.
Despite numerous repairs, the carpark, located below the swimming pool, is an 'unwanted water feature', said Mr Leo.
He also noted that a building surveyor hired by CDL and main contractor Hytech Builders had conceded that there were a 'staggering' 280 points of water leakage in the carpark.
The low fencing of the children's playground also poses a 'death trap' for children if they were to climb over it and fall right into the basement carpark, said Mr Leo.
Other defects include leaky windows and cracks in the tennis court surface.
Mr Leo said the defendants were prepared to do only cosmetic patch repairs at the lowest possible cost, such as 'applying silicone to try to stop the leaks for a few months'. The lawyer described these as 'delay tactics' to 'wear out' the owners until the warranties expire.
CDL, represented by Mr Ling Tien Wah, conceded that there were defects due to the contractors' 'poor workmanship', but contended that 'there is no such thing as a perfect building'.
The developer argued that it was liable only for defects for the two units sold before the CSC date. As for the rest of the owners, who had bought their units after that, CDL was not liable for any defects found in these units.
The key defence raised by the other defendants was that the problems were not defects, but were caused by wear and tear.
selinal@sph.com.sg
A key defect is located in Emery Point's basement carpark, which has been 'leaking since the very beginning', said a lawyer representing the condo owners. -- ST PHOTO: ALPHONSUS CHERN
Emery Point defects: CDL and others sued
Condo residents seek $600k compensation for problems in 17 areas
By Selina Lum
THE residents of Emery Point condominium have sued listed developer City Developments Limited (CDL), the main contractor, five subcontractors and the architect over numerous building defects.
The condo's management corporation, representing the owners, is claiming about $600,000 in compensation to rectify defects in 17 areas.
These include a leaking basement carpark, which is located below a swimming pool, cracks in walls, and lift lobbies with ceilings damaged by rainwater.
The case opened in the High Court yesterday, and is fixed for a 10-day hearing.
Emery Point, an 18-storey block of 51 units at Ipoh Lane in the Tanjong Katong area, is a freehold development completed in 2003, but not fully sold until 2007.
In his opening statement, lawyer Leo Cheng Suan, representing the condo owners, said that CDL was fully aware of the defects. 'The plaintiffs are extremely disappointed that CDL, being a public-listed company, did not live up to its social responsibility to build quality homes.'
He said many of the defects were caused by the long period in which the unsold units were closed up, and exposed to high heat and humidity.
Some defects were discovered in September 2003, when the Building and Construction Authority issued a certificate of statutory completion (CSC) for the development. Others were discovered after the management corporation assumed responsibility for the condo's common property from CDL in July 2005.
Around July 2007, the owners hired building surveyors to conduct an audit, which found extensive defects and shortcomings in 17 areas.
Highlighting the key defects, Mr Leo said the most glaring one was in the basement carpark, which had been 'leaking since the very beginning'.
Despite numerous repairs, the carpark, located below the swimming pool, is an 'unwanted water feature', said Mr Leo.
He also noted that a building surveyor hired by CDL and main contractor Hytech Builders had conceded that there were a 'staggering' 280 points of water leakage in the carpark.
The low fencing of the children's playground also poses a 'death trap' for children if they were to climb over it and fall right into the basement carpark, said Mr Leo.
Other defects include leaky windows and cracks in the tennis court surface.
Mr Leo said the defendants were prepared to do only cosmetic patch repairs at the lowest possible cost, such as 'applying silicone to try to stop the leaks for a few months'. The lawyer described these as 'delay tactics' to 'wear out' the owners until the warranties expire.
CDL, represented by Mr Ling Tien Wah, conceded that there were defects due to the contractors' 'poor workmanship', but contended that 'there is no such thing as a perfect building'.
The developer argued that it was liable only for defects for the two units sold before the CSC date. As for the rest of the owners, who had bought their units after that, CDL was not liable for any defects found in these units.
The key defence raised by the other defendants was that the problems were not defects, but were caused by wear and tear.
selinal@sph.com.sg
A key defect is located in Emery Point's basement carpark, which has been 'leaking since the very beginning', said a lawyer representing the condo owners. -- ST PHOTO: ALPHONSUS CHERN
ST : Most two-room BTO flats taken up eventually
08 Feb 2011,
Most two-room BTO flats taken up eventually
By Cheryl Ong
TWO-ROOM flats typically attract fewer takers at build-to-order (BTO) launches, but most of the leftover units are usually taken up eventually.
The Housing Board explained that this happens as buyers who first pass up on these one-bedroom units for their lack of size eventually buy them when they realise these units can still meet their needs.
The HDB noted that, on average, only about a third of two-room flats were taken up in BTO selection exercises held between July 2006 and last June.
But when the unsold units were later re-offered for sale, nearly all of them were snapped up, with buyers 'right-sizing' their purchases and settling for these smaller units for various reasons.
In November last year, the take-up rate for 270 units of completed two-room flats was nearly 100 per cent; only three units remained unsold.
Many of these buyers told The Straits Times they eventually went for these small units out of necessity or practicality, although some held on to their dream of a bigger - but still affordable - unit.
Only those households with a monthly income of $2,000 or less can buy these units.
For taxi driver William Tan, 56, the cost of the two-room Sengkang flat he shares with his wife happened to be within his tight budget in 2007.
'These flats are designed for older people like us, and if we live a simple lifestyle, it can be a good environment to retire in,' he said.
Semi-retired businessman Lai Weng Poh, 60, who travels overseas to sell design software, said he went for a two-room flat as an alternative to studio apartments, which were unavailable in 2006.
The bachelor is happy with his $90,000 10th-storey flat in Jurong West, which is a breeze for him to keep clean, given that he does not have a lot of time.
He said: 'I did my homework. There's a good view here, and the block faces away from sunrise and sunset, so it's not too hot.
'Jurong didn't have many facilities at the time, so I had to make sure the flat was worth what I was paying.'
The HDB stopped building two-room flats in the early 1980s, when demand grew for bigger units. It started building them again in 2006 to give lower-income families a shot at buying their first home or downgrading to a smaller one.
The BTO system launched in 2002 en-ables the HDB to build flats in response to demand for them. The most recent BTO launch was the one for the proposed Orchid Spring project in Yishun Avenue 11. This development will have 1,272 flats, of which 192 are two-room ones.
The smaller units are also a boon for retirees whose children live elsewhere. Retiree Ling Than Tuan, 73, lives with his wife, in a modest Jurong apartment, which he bought in 2007 for $96,000.
He said of his flat, which used to be half of a five-room unit reconfigured by the HDB into two smaller units: 'This is more than enough for two old folk like us. We rely on our savings, and whatever our two daughters give us every month. And it's enough.'
Most two-room BTO flats taken up eventually
By Cheryl Ong
TWO-ROOM flats typically attract fewer takers at build-to-order (BTO) launches, but most of the leftover units are usually taken up eventually.
The Housing Board explained that this happens as buyers who first pass up on these one-bedroom units for their lack of size eventually buy them when they realise these units can still meet their needs.
The HDB noted that, on average, only about a third of two-room flats were taken up in BTO selection exercises held between July 2006 and last June.
But when the unsold units were later re-offered for sale, nearly all of them were snapped up, with buyers 'right-sizing' their purchases and settling for these smaller units for various reasons.
In November last year, the take-up rate for 270 units of completed two-room flats was nearly 100 per cent; only three units remained unsold.
Many of these buyers told The Straits Times they eventually went for these small units out of necessity or practicality, although some held on to their dream of a bigger - but still affordable - unit.
Only those households with a monthly income of $2,000 or less can buy these units.
For taxi driver William Tan, 56, the cost of the two-room Sengkang flat he shares with his wife happened to be within his tight budget in 2007.
'These flats are designed for older people like us, and if we live a simple lifestyle, it can be a good environment to retire in,' he said.
Semi-retired businessman Lai Weng Poh, 60, who travels overseas to sell design software, said he went for a two-room flat as an alternative to studio apartments, which were unavailable in 2006.
The bachelor is happy with his $90,000 10th-storey flat in Jurong West, which is a breeze for him to keep clean, given that he does not have a lot of time.
He said: 'I did my homework. There's a good view here, and the block faces away from sunrise and sunset, so it's not too hot.
'Jurong didn't have many facilities at the time, so I had to make sure the flat was worth what I was paying.'
The HDB stopped building two-room flats in the early 1980s, when demand grew for bigger units. It started building them again in 2006 to give lower-income families a shot at buying their first home or downgrading to a smaller one.
The BTO system launched in 2002 en-ables the HDB to build flats in response to demand for them. The most recent BTO launch was the one for the proposed Orchid Spring project in Yishun Avenue 11. This development will have 1,272 flats, of which 192 are two-room ones.
The smaller units are also a boon for retirees whose children live elsewhere. Retiree Ling Than Tuan, 73, lives with his wife, in a modest Jurong apartment, which he bought in 2007 for $96,000.
He said of his flat, which used to be half of a five-room unit reconfigured by the HDB into two smaller units: 'This is more than enough for two old folk like us. We rely on our savings, and whatever our two daughters give us every month. And it's enough.'
ST : Slower take-up for build-to-order flats in Yishun
08 Feb 2011,
Slower take-up for build-to-order flats in Yishun
TWO Housing Board build-to-order (BTO) projects launched in Yishun last month have met with a more lukewarm reception compared to previous projects.
Yesterday, with hours to go before the deadline for applications, the overall oversubscription rate stayed at below two times for the projects Orchid Spring@Yishun and Vista Spring@Yishun.
This showing pales in comparison to a December BTO launch for Punggol Topaz that received six times more applicants than there were flats on offer, and a November launch in Yishun Greenwalk that was three times oversubscribed.
However, a third BTO project launched last month - Golden Daisy at Bukit Batok, which comprises 180 studio apartments for older residents - fared better. It had an oversubscription rate of three times.
In contrast, the two projects at Yishun, featuring 1,548 flats ranging from two-room to five-room units, got 1.8 times as many applicants as there were flats on offer. The two-room units were the only ones that were undersubscribed, with just 138 applicants for the 192 units available as of 6pm yesterday.
Industry watchers say the Housing Board's promise to put up as many as 22,000 new flats under the BTO scheme this year if demand is sustained, has made many buyers more selective about the BTO launches they apply for.
'Buyers are waiting for the ideal project to come along before they submit their applications,' said head of research at SLP International Nicholas Mak.
Student Genevieve Phua, 21, who applied for a four-room flat at Orchid Spring@Yishun, said the project's distance from the MRT station is not a big issue for her.
Ms Phua tried her luck with the Yishun Greenwalk project previously, but did not get the flat she wanted.
'Yishun is a mature estate, so this BTO is actually quite ideal for me,' she said. 'I've lived in Yishun since I was two and the BTO project is near the coffee shops and markets I usually go to, so I actually prefer this project to Greenwalk.'
CHERYL ONG
Slower take-up for build-to-order flats in Yishun
TWO Housing Board build-to-order (BTO) projects launched in Yishun last month have met with a more lukewarm reception compared to previous projects.
Yesterday, with hours to go before the deadline for applications, the overall oversubscription rate stayed at below two times for the projects Orchid Spring@Yishun and Vista Spring@Yishun.
This showing pales in comparison to a December BTO launch for Punggol Topaz that received six times more applicants than there were flats on offer, and a November launch in Yishun Greenwalk that was three times oversubscribed.
However, a third BTO project launched last month - Golden Daisy at Bukit Batok, which comprises 180 studio apartments for older residents - fared better. It had an oversubscription rate of three times.
In contrast, the two projects at Yishun, featuring 1,548 flats ranging from two-room to five-room units, got 1.8 times as many applicants as there were flats on offer. The two-room units were the only ones that were undersubscribed, with just 138 applicants for the 192 units available as of 6pm yesterday.
Industry watchers say the Housing Board's promise to put up as many as 22,000 new flats under the BTO scheme this year if demand is sustained, has made many buyers more selective about the BTO launches they apply for.
'Buyers are waiting for the ideal project to come along before they submit their applications,' said head of research at SLP International Nicholas Mak.
Student Genevieve Phua, 21, who applied for a four-room flat at Orchid Spring@Yishun, said the project's distance from the MRT station is not a big issue for her.
Ms Phua tried her luck with the Yishun Greenwalk project previously, but did not get the flat she wanted.
'Yishun is a mature estate, so this BTO is actually quite ideal for me,' she said. 'I've lived in Yishun since I was two and the BTO project is near the coffee shops and markets I usually go to, so I actually prefer this project to Greenwalk.'
CHERYL ONG
ST : Condos still see sales over CNY
08 Feb 2011,
Condos still see sales over CNY
New projects draw buyers but market price-sensitive now
By Cheryl Lim
BUYERS continued to pick up units at new condominiums in recent weeks despite the twin distractions of Chinese New Year and the property cooling measures.
Almost half of the 320 units at Canberra Residences, an MCC Land project, have been sold since its soft launch on Jan 22.
The Straits Times understands that almost all of the one- and four-bedroom units at the 99-year leasehold development in Sembawang have been sold.
The project, which is going for around $830 per square foot (psf), has apartments ranging from one- to four-bedders with the smallest at 614 sq ft. Prices start from around $528,000.
Values in the area seem to have headed north in recent weeks. A 1,184 sq ft unit at nearby project The Sensoria sold for $766 psf in December, significantly less than the average prices offered at Canberra Residences.
OrangeTee research and consultancy head Tan Kok Keong said that despite the higher prices, Canberra Residences' success was not surprising given that the launch follows a dearth of new condos in Sembawang.
But analysts say this could be a one-off occurrence.
Cushman and Wakefield vice-chairman Donald Han said: 'There is still confidence in the residential market but the market is very price-sensitive now.
'People are not waiting for prices to crash but they won't buy if units are priced above what is expected of the area.'
The showroom for Canberra Residences will be closed until Saturday but viewings are available by appointment.
Suites@East Coast, being developed by the Fragrance Group, is also attracting interest with apparently 30 to 40 buyers registering for Friday's preview launch.
The freehold project at the junction of Upper East Coast Road and Bedok South Avenue 1 will have 116 units across three blocks, including studios, one-, two- and three-bedroom units and penthouses. The smallest unit is at 355 sq ft with prices starting from $530,000.
Elsewhere, some 166 units of the 284 flats released at Waterfront Isle have been sold. Prices averaged $922 psf at last weekend's public launch of the joint venture between Far East Organization and Frasers Centrepoint.
The 99-year leasehold project has 561 units. Prices start at $575,000 for a one-bedroom unit of 592 sq ft, while two-bedders from 915 sq ft are priced from $820,000. The three-bedders, at 1,163 sq ft, start from $996,000.
cherlim@sph.com.sg
Condos still see sales over CNY
New projects draw buyers but market price-sensitive now
By Cheryl Lim
BUYERS continued to pick up units at new condominiums in recent weeks despite the twin distractions of Chinese New Year and the property cooling measures.
Almost half of the 320 units at Canberra Residences, an MCC Land project, have been sold since its soft launch on Jan 22.
The Straits Times understands that almost all of the one- and four-bedroom units at the 99-year leasehold development in Sembawang have been sold.
The project, which is going for around $830 per square foot (psf), has apartments ranging from one- to four-bedders with the smallest at 614 sq ft. Prices start from around $528,000.
Values in the area seem to have headed north in recent weeks. A 1,184 sq ft unit at nearby project The Sensoria sold for $766 psf in December, significantly less than the average prices offered at Canberra Residences.
OrangeTee research and consultancy head Tan Kok Keong said that despite the higher prices, Canberra Residences' success was not surprising given that the launch follows a dearth of new condos in Sembawang.
But analysts say this could be a one-off occurrence.
Cushman and Wakefield vice-chairman Donald Han said: 'There is still confidence in the residential market but the market is very price-sensitive now.
'People are not waiting for prices to crash but they won't buy if units are priced above what is expected of the area.'
The showroom for Canberra Residences will be closed until Saturday but viewings are available by appointment.
Suites@East Coast, being developed by the Fragrance Group, is also attracting interest with apparently 30 to 40 buyers registering for Friday's preview launch.
The freehold project at the junction of Upper East Coast Road and Bedok South Avenue 1 will have 116 units across three blocks, including studios, one-, two- and three-bedroom units and penthouses. The smallest unit is at 355 sq ft with prices starting from $530,000.
Elsewhere, some 166 units of the 284 flats released at Waterfront Isle have been sold. Prices averaged $922 psf at last weekend's public launch of the joint venture between Far East Organization and Frasers Centrepoint.
The 99-year leasehold project has 561 units. Prices start at $575,000 for a one-bedroom unit of 592 sq ft, while two-bedders from 915 sq ft are priced from $820,000. The three-bedders, at 1,163 sq ft, start from $996,000.
cherlim@sph.com.sg
ST : Housing agent cheated foreigners in rental scam
08 Feb 2011,
Housing agent cheated foreigners in rental scam
By Khushwant Singh
A FORMER housing agent who cheated 31 foreigners out of a total of $75,750 in a string of rental scams was jailed for two years yesterday as a deterrent to other would-be con artists.
Admond Huang Weilun, 24, was given the sentence after the prosecution urged the judge not to be lenient, on the grounds that scams of this kind are on the increase and must be stamped out.
There were 231 cases last year, 40 more than in 2009, the court heard.
District Judge John Ng agreed, saying that rental scams are very easy to carry out and the victims are especially vulnerable.
Huang pleaded guilty to nine charges of colluding with accomplices to falsely offer flats for rent and collecting advance payments. Another 25 charges were taken into consideration for sentencing.
The flats used in the rental scam were in Ang Mo Kio, Marsiling, North Bridge Road, Sengkang, Toa Payoh and Henderson Road, and were owned by some of Huang's 13 accomplices. They would be offered for rent on the Internet.
In one case last May, Huang met Indian national Sharoff S.K. Setty, who had expressed an interest in the advertised flat at Rivervale Walk in Sengkang.
The flat belonged to an accomplice, Ng Phak Bee, 54, who asked for a monthly rental of $1,400.
Also present at the meeting was Tan Boon Hua, 39, who was described in court as the mastermind of the cheating operation.
Tan and Ng then collected $3,450 from Mr Setty as payment for rental fees and agent's commission. They split the money with Huang, and the trio then failed to answer calls from the foreigner.
Huang's victims included citizens from Malaysia, Indonesia, China, Myanmar and Sri Lanka.
Ng was sentenced to nine months in prison last year, while Tan was jailed for three years.
Five other accomplices received jail terms of between a year and 31/2 years, while a sixth was sentenced to six years of corrective training as he was a recalcitrant offender.
The cases of the remaining accomplices are pending.
Pleading for leniency for Huang, who has never been in trouble with the law before, defence counsel S. Balamurugan said that his client was young and deserved a second chance.
But Deputy Public Prosecutor Nicholas Khoo said the courts have considered rental scams as a particularly egregious form of cheating, and the offence is all the more reprehensible when committed by a housing agent.
Huang could have been jailed up to 10 years and fined up to $10,000 for each charge.
Huang pleaded guilty to nine charges of falsely offering flats for rent to foreigners and collecting advance payments. He received a sentence of two years in jail.
Housing agent cheated foreigners in rental scam
By Khushwant Singh
A FORMER housing agent who cheated 31 foreigners out of a total of $75,750 in a string of rental scams was jailed for two years yesterday as a deterrent to other would-be con artists.
Admond Huang Weilun, 24, was given the sentence after the prosecution urged the judge not to be lenient, on the grounds that scams of this kind are on the increase and must be stamped out.
There were 231 cases last year, 40 more than in 2009, the court heard.
District Judge John Ng agreed, saying that rental scams are very easy to carry out and the victims are especially vulnerable.
Huang pleaded guilty to nine charges of colluding with accomplices to falsely offer flats for rent and collecting advance payments. Another 25 charges were taken into consideration for sentencing.
The flats used in the rental scam were in Ang Mo Kio, Marsiling, North Bridge Road, Sengkang, Toa Payoh and Henderson Road, and were owned by some of Huang's 13 accomplices. They would be offered for rent on the Internet.
In one case last May, Huang met Indian national Sharoff S.K. Setty, who had expressed an interest in the advertised flat at Rivervale Walk in Sengkang.
The flat belonged to an accomplice, Ng Phak Bee, 54, who asked for a monthly rental of $1,400.
Also present at the meeting was Tan Boon Hua, 39, who was described in court as the mastermind of the cheating operation.
Tan and Ng then collected $3,450 from Mr Setty as payment for rental fees and agent's commission. They split the money with Huang, and the trio then failed to answer calls from the foreigner.
Huang's victims included citizens from Malaysia, Indonesia, China, Myanmar and Sri Lanka.
Ng was sentenced to nine months in prison last year, while Tan was jailed for three years.
Five other accomplices received jail terms of between a year and 31/2 years, while a sixth was sentenced to six years of corrective training as he was a recalcitrant offender.
The cases of the remaining accomplices are pending.
Pleading for leniency for Huang, who has never been in trouble with the law before, defence counsel S. Balamurugan said that his client was young and deserved a second chance.
But Deputy Public Prosecutor Nicholas Khoo said the courts have considered rental scams as a particularly egregious form of cheating, and the offence is all the more reprehensible when committed by a housing agent.
Huang could have been jailed up to 10 years and fined up to $10,000 for each charge.
Huang pleaded guilty to nine charges of falsely offering flats for rent to foreigners and collecting advance payments. He received a sentence of two years in jail.
ST : Floor tiles in some Sengkang flats go pop
06 Feb 2011,
Floor tiles in some Sengkang flats go pop
HDB residents upset over cracked tiles; contractors say homogenous tiles are prone to this problem
By Jalelah Abu Baker
Housewife Hong Wong Chu, 50, was in the kitchen of her four-room Sengkang flat last Wednesday afternoon when she heard what she thought was fire-crackers going off in her living room.
But what she saw shocked her: The tiles covering three-quarters of the living room had popped, raising the level of the floor.
Her sales executive son, Mr Giff Loh, 23, who was asleep in his bedroom at the time, said: 'She was peeping from the kitchen, and I was peeping from my room.'
He added: 'We didn't dare come out.'
They called an HDB hotline, and workers replaced the damaged tiles with cardboard secured by masking tape as an interim measure.
'I guess we cannot have visitors over for New Year,' said a frustrated Mr Loh.
Some other neighbours in the same block at Compassvale Link experienced the same problem last year and this year.
On Monday night, Ms Sng Lay Lay, 30, who lives on the same floor as Mrs Hong and Mr Loh, was also shocked to find tiles on her study room floor cracked open.
She, too, is upset that she cannot have guests over for the Chinese New Year long weekend since her contractor needs seven days to replace the tiles.
She and her family of eight will have to move out of the five-room flat in the meantime.
'I don't know where we are going to stay,' the sales executive said.
HDB was unable to respond by press-time.
Contractors told The Sunday Times that homo-genous tiles are prone to this kind of 'popping' problem - they expand and contract easily because of the fluctuating temperature. They are also thinner than other types of tiles.
The tiles could also pop if they are laid too closely together.
'Sometimes it's also because contractors try to save money by using less cement. Cement is quite expensive now,' said Mr Vincent Koh, 44, owner of renovation firm CH Koh.
But Mr Loh said that when he called an HDB contractor, he was told that popping tiles are a common problem in the Punggol and Sengkang area, and that the contractor has seen more than 100 such cases pre-viously.
jalmsab@sph.com.sg
Mr Loh (in black), in his living room, speaking to one of the contractors who came to his Sengkang flat to remove the cracked tiles last Wednesday. Other neighbours in the block experienced the same problem last year and this year. -- ST PHOTO: NEO XIAOBIN
Floor tiles in some Sengkang flats go pop
HDB residents upset over cracked tiles; contractors say homogenous tiles are prone to this problem
By Jalelah Abu Baker
Housewife Hong Wong Chu, 50, was in the kitchen of her four-room Sengkang flat last Wednesday afternoon when she heard what she thought was fire-crackers going off in her living room.
But what she saw shocked her: The tiles covering three-quarters of the living room had popped, raising the level of the floor.
Her sales executive son, Mr Giff Loh, 23, who was asleep in his bedroom at the time, said: 'She was peeping from the kitchen, and I was peeping from my room.'
He added: 'We didn't dare come out.'
They called an HDB hotline, and workers replaced the damaged tiles with cardboard secured by masking tape as an interim measure.
'I guess we cannot have visitors over for New Year,' said a frustrated Mr Loh.
Some other neighbours in the same block at Compassvale Link experienced the same problem last year and this year.
On Monday night, Ms Sng Lay Lay, 30, who lives on the same floor as Mrs Hong and Mr Loh, was also shocked to find tiles on her study room floor cracked open.
She, too, is upset that she cannot have guests over for the Chinese New Year long weekend since her contractor needs seven days to replace the tiles.
She and her family of eight will have to move out of the five-room flat in the meantime.
'I don't know where we are going to stay,' the sales executive said.
HDB was unable to respond by press-time.
Contractors told The Sunday Times that homo-genous tiles are prone to this kind of 'popping' problem - they expand and contract easily because of the fluctuating temperature. They are also thinner than other types of tiles.
The tiles could also pop if they are laid too closely together.
'Sometimes it's also because contractors try to save money by using less cement. Cement is quite expensive now,' said Mr Vincent Koh, 44, owner of renovation firm CH Koh.
But Mr Loh said that when he called an HDB contractor, he was told that popping tiles are a common problem in the Punggol and Sengkang area, and that the contractor has seen more than 100 such cases pre-viously.
jalmsab@sph.com.sg
Mr Loh (in black), in his living room, speaking to one of the contractors who came to his Sengkang flat to remove the cracked tiles last Wednesday. Other neighbours in the block experienced the same problem last year and this year. -- ST PHOTO: NEO XIAOBIN
ST : For better or for worse
06 Feb 2011,
For better or for worse
The Sunday Times talks to families whose lives were changed by a collective sale
By Jessica Cheam
It is that time of the property cycle again. Mega collective sale launches worth upwards of $500 million have been making headlines.
Private property prices have hit historic highs amid a flood of foreign capital into Singapore, healthy developers' balance sheets and low interest rates.
There is no doubt Singapore's en bloc fever has returned.
Tulip Garden, for example, was reported to have a reserve price of $650 million, while Pine Grove's was a staggering $1.7 billion.
As I surveyed the property landscape this time of the year, I was overcome with a sense of deja vu. The conditions today reminded me of the property boom of 2007, in which a total of 116 collective sales generated record investment sales of $13.64 billion.
During that period, Horizon Towers in Leonie Hill sold for a record $500 million, then other projects smashed record after record: Gillman Heights sold for $548 million, Leedon Heights for $835 million and Farrer Court for $1.34 billion.
The arguments for collective sales are well known: some estates need urban rejuvenation, especially in land-scarce Singapore where gross plot ratios should be maximised to allow more homes to be built to house a growing population.
But as Singapore went through its strongest wave of collective sales in its history then, an unprecedented groundswell of dissatisfaction also rose among the residents.
There were bitter fights in court to halt the sale of Waterfront View, Gillman Heights, Horizon Towers and Tampines Court, to name just a few high-profile cases.
Some minority owners who refused to sell their homes won their cases after protracted lawsuits and hefty costs, such as at Horizon Towers and Tampines Court.
But most of the collective sales went ahead.
Amid the frenzy, there were many national debates surrounding the process and its legislation.
Many felt the law allowed for ambiguities that disadvantaged residents, especially those not willing to sell. A few MPs also voiced their concerns about whether such sales led to older properties being rejuvenated at a 'personal cost to citizens', with many residents experiencing social and spatial displacement after being forced to move.
In May last year, the Government passed new rules in Parliament to give greater clarity to the collective sale process.
Among other improvements, one key change was that after the first failed attempt at a collective sale, subsequent attempts will face more stringent requirements.
During these conversations, one underlying question that never went away was: How would the en bloc phenomenon - a symbol of Singapore's quest for progress and land efficiency - change the social fabric of society?
Will older folk be able to cope with a move to a new environment? Will it break up communities and neighbours who have built up friendships over decades? Or will it enable families to enjoy a better quality of life elsewhere?
As I thought about these questions amid our fresh en bloc boom, I decided it was time to track down some of these families whose lives were changed forever by the upheaval.
The Sunday Times decided to focus on one estate: Gillman Heights, whose sale was bitterly fought in court for more than two years.
Lawyers for the minority owners argued that the collective sale law had not been intended to cover HUDC estates. Another point of contention was the calculation of the development's age, which determines if an 80 or a 90 per cent level of consent is needed.
The Court of Appeal dismissed these points and gave the green light for the 607-unit, 99-year leasehold estate in Alexandra Road to be sold in 2009. It was a landmark case that clarified some ambiguity in the laws surrounding collective sales of former HUDC estates.
Through the interviews, I saw how some had adapted better than others to their new environment.
There were those for whom the sale cast a permanent shadow over their lives as they struggled to get used to living in a less-central location. Then there were those who managed to upgrade their homes and settle down with a higher or similar quality of life.
These are the stories of how people's lives have been changed - and their experience will tell you if the en bloc move has been for better or for worse.
jcheam@sph.com.sg
facebook.com/cheamjessica
--------------------------------------------------------------------------------
Most residents move on
Not many residents of estates that have been through an en bloc sale go on to buy a new home at the same location.
At Farrer Court, for example, 266 households, or 40 per cent of the 618-unit development, attended the preview of D'Leedon - the redeveloped project of Farrer Court, which offers 1,715 units.
Former owners of Farrer Court homes bought 52 units in D'Leedon at an average price of $1,680 per square foot (psf), said a CapitaLand spokesman.
For Gillman Heights Condominium (above left), a two-day preview for the redeveloped new project, The Interlace (above right), was held in September 2009 at a CapitaLand office in Shenton Way.
About 100 households visited the sales office, but a shouting match that involved the police erupted at the preview when residents complained that the units offered were too expensive and the selection was poor.
One resident also said brochures were not given, and they had to gauge the new condo from an 'amateurish miniature model which was a stark contrast to the sleek, three-dimensional and professionally crafted model displayed at the public launch'.
CapitaLand countered that the apartments offered made up a full spectrum of unit types. Only four units of The Interlace, a 1,040-unit project, were sold to former owners of Gillman Heights. The prices for the units under this first-phase release ranged from $850 to $1,150 psf.
--------------------------------------------------------------------------------
I had to downgrade to smaller flat with lower quality of life
Mr Reginald Tan, 50
Director, married with one son, 11
Former home: Gillman Heights, 1,700 sq ft mid-floor unit bought for $545,000 in 1993
En bloc sale price: $887,000
Now living in: 1,600 sq ft Housing Board executive flat in Mei Ling Street, bought for about $755,000, including cash premium of $30,000 paid above valuation
'I moved into Gillman in 1994 and loved the big open spaces of the estate. My son grew up there and it was the first home for my wife and me too, so we have deep sentiments attached to the place. When the collective sale started, we were hesitant. One of us signed the agreement, the other didn't. Initially we thought we could get at least $1 million from the sale, but in the end it was less.
As the sale dragged on, property prices also increased and we could not afford to buy a similar unit in the area. We also did not want to buy in case the sale fell through.
In the end, we had to rent an apartment at Leedon Heights when it was time for us to move out, and we have stayed there temporarily for more than a year amid unpacked boxes while looking for our home.
Finally, we decided to downgrade to a Housing Board resale flat in the Queenstown area - it's central, but definitely does not offer the same quality of life we had at Gillman. The new condo units are also very small in comparison.
We're finally going to move in next month - almost four years since the en bloc sale started. The past few years have been very disruptive for my family as we moved from one place to another. We have expended a lot of money and effort looking to rent or buy a replacement home, and designing our new home.
I've had to pay almost $50,000 in rental fees, $30,000 cash over valuation for my Housing Board unit and $70,000 in renovation costs.
I still keep in touch with some of the old neighbours, and we meet up once in a while for dinner and drinks at someone's home.
At Leedon Heights, we seldom see any of our neighbours as many units are unoccupied. I would occasionally meet my next-door neighbour in the morning. Sometimes, I have a chat with one of the neighbours there whom I knew at Gillman Heights. The traffic along Farrer Road is also worse than in Alexandra Road (where Gillman was located).
We weren't looking to make any money, just enough to buy a replacement unit - that was my only wish, but it did not work out that way. Property prices shot up so quickly, and Farrer Court, for example, sold a month after us and managed to get more than twice the price. You can't blame us for feeling shortchanged.
It would have been fair if we got a one-for-one exchange for our units in the new project, The Interlace. But even at the preview, we were not given choice units to select from.
I also feel the 80 per cent needed from owners for an en bloc sale should be raised to 90 per cent. There were a lot of people who did not want to move, and we could have upgraded our estate to make it nicer.
Now, our new home is here. I don't foresee any difficulty integrating in our neighbourhood, just that the blocks are more cramped here and we have less space. But I guess we will get used to it.'
--------------------------------------------------------------------------------
We felt like we had to give up our home against our will
Mrs Saw Yock Kee, 57
Insurance agency leader, married with one son, 30, and one daughter, 21
Former home: Gillman Heights, 2,000 sq ft ground-floor unit bought for about $650,000 in 2000
En bloc sale price: $870,000
Now living in: 1,600 sq ft high- floor unit at Lakeholmz condo in Jurong, bought for about $900,000
'We moved into Gillman Heights in 2000 from a smaller home and loved that it was like living in a landed property. Even though I had to spend $100,000 on renovations, I didn't mind because I had a garden, the estate was quiet, big and very near my office and my children's schools.
I've always lived in the Telok Blangah area and our family was very comfortable in the convenient location, so when the en bloc sale started, we were aghast and did not want to sell. We loved where we were, and it didn't matter that the estate was a bit old, because it suited us perfectly.
When the court case finally ended and the sale went through, we really felt like we had lost our home against our will.
I was hoping that it would fall through so I didn't look for a replacement - but in that time, property prices shot up. When it was time for us to move out, we had to rent a unit in Bukit Timah while I continued the search.
Because of my age, the banks also did not want to grant us a bank loan so our choices were limited. In the end, we had to move far away from the city centre to Jurong to be able to afford a decent-sized unit. I could have bought an HDB flat in the same area with the sale money, but I thought: Why should I downgrade?
Our lifestyle has changed drastically since we moved to Jurong last year. I spend a lot more time commuting into town for work, there are more traffic jams, and my children complain that their taxi rides into the city are expensive.
I have to cook more now too, because it's not as convenient as in the past where shops were around us. I also used to grow many plants in my garden, where my dog would run around. We can't enjoy that any more.
My mother-in-law, who's in her 80s, suffered the most. She got very disorientated after having to move twice - first to the rental home, and now here - and couldn't remember simple things, like where the toilet was, for a long time.
She also kept asking us: 'Where's my home?' repeatedly. She has lost touch with the old folk who lived in the Redhill area and used to gather to chit chat in the day. In the past she had friends visiting her, now she doesn't any more.
I'm not against the idea of an en bloc (sale), since I understand Singapore is a small country. But I wish that more protection was given to minority owners to ensure they don't suffer a (reduced) quality of life when they are forced to move.
I wish I had the foresight to invest in another place early. By the time we received the funds from the sale, the money was not enough for us to buy a new home in the same location.
I still keep in touch with a few neighbours.
Here in my new home, I say 'hi and bye' to my neighbours and that's about it. The condo sometimes organises barbecues and gatherings for National Day, for example, and we make an effort to attend. We're still trying to get used to how different our lives are now.'
--------------------------------------------------------------------------------
I wanted to live there for the rest of my life
Mr Alan Chow, 67
Retiree, married with two children
Former home: Gillman Heights, 1,700 sq ft unit bought for about $300,000 in 1985 when it was first launched for sale.
En bloc sale price: $870,000
Now living in: 1,100 sq ft five-room HDB flat in Tiong Bahru bought for more than $600,000
'I remembered in 1985, when I made the decision to buy a unit at Gillman Heights, I intended to live there for the rest of my life.
We forged steady friendships with neighbours over this long period of time, and have seen each other through the ups and downs of life.
Life at Gillman was very peaceful, the grounds were big and exclusive and it was kampung-like: Everyone knew each other. Almost every day, we'd go downstairs and sit in the garden and just chat about life.
But then we privatised the estate and then the en bloc sale happened.
My family chose not to sell and was part of the minority group that fought the sale in the courts.
We had to spend a lot of money and effort and in the end, we still lost our home.
We decided to downgrade to an HDB resale flat in the same area, as our children are grown, and we wanted to live in a similar location.
It's not been easy to rebuild our lives, as change is always difficult. Although to be fair, as Singaporeans, we are quite adaptable people. We've got used to life since moving into our HDB flat.
But we've lost the kinship we felt at Gillman.
Here in my new estate, there's a larger mix of PRs (permanent residents) and locals. My neighbours are friendly, but we say 'hello', that's all, and don't talk that much. We're less familiar with each other and everyone's not as close.
We're also in a home that has less space. Location is still convenient, but there are no more condo facilities for us to enjoy, or big spacious grounds. But we'll have to make do.
Is our life better now?
I'd say we did not feel like we got a fair deal, as most of us have had to downgrade our homes. For those who are younger, they are better equipped to buy new homes with similar attributes. For people like us who have already retired, it's not really an option.
There's a group of 20 to 30 of us, old neighbours, who have dispersed all over the island in our new homes.
We do regularly meet, about once a month, for coffee. We no longer hang out at the coffee shops in the vicinity of Gillman Heights. Sometimes we meet at the McDonald's at West Coast to chat about everything, just like in the old days.'
--------------------------------------------------------------------------------
Sale created economic value, but at what cost?
Mr Harish Pillay, 51
IT consultant, married with two sons, 11 and 13
Former home: Gillman Heights, 1,800 sq ft mid-floor unit bought for about $430,000 in 1992
En bloc sale price: $870,000
Now living in: 2,200 sq ft penthouse at Carabelle condo in West Coast, bought for more than $1 million
'I've always been a West Coast person as I grew up in this area, so when Gillman Heights was sold, I knew my next home had to be in this location. But the money from the sale was not enough for us to buy an equivalent unit in the same area so I moved further away to Carabelle.
Gillman Heights was quiet, spacious and in a convenient location with many buses. My two sons were born when we lived there.
We made some very good friends, who were our neighbours, and we regularly met for potluck in the estate whenever it was the festive season, such as Chinese New Year or Hari Raya.
I was a neutral party when the en bloc sale process kicked off, and did not sign the collective sale agreement. But when my wife and I heard it was in the works, we immediately went looking and paid a deposit on a home at Varsity Park in Clementi.
We were not very happy about the way the sale was carried out, and how a month later, Farrer Court sold for a million dollars more for each unit. But we knew the sale was going to happen, so we had to be prepared.
We moved to Varsity Park in 2008, but realised it was too cramped and not big enough for our boys, who were growing up. So we went back to the market to hunt for another place, and finally settled on a penthouse unit at Carabelle, which we moved into last year.
We could afford it because we had bought Varsity Park early and the gains from selling that helped us fund the next home.
Here, there is the roar of the Ayer Rajah Expressway that we have to contend with, and fewer buses. But we still have condo facilities and a nice home that's spacious.
As we have just moved in, we haven't made that many new friends. We don't see our neighbours as often as we did in Gillman where it was easier to meet neighbours because of its open-air carpark.
We know a few of our neighbours in our block, but the ties are not as good as in Gillman.
Sure, the en bloc created economic value, but at what cost? It destroyed perfectly good buildings. My family would have been happy to continue living at Gillman. Maybe we could have done some upgrading work to the estate.
My boys were excited to move into a new place, but they often mention that they want to return to Gillman. After all, it's a place that holds fond memories for us.'
--------------------------------------------------------------------------------
No regrets, despite dear memories of Gillman
Mr Robert Wiener, 57
Co-owns a security business and has three children, aged 19 to 27
Former home: Gillman Heights, 1,900 sq ft upper-floor unit bought for more than $600,000 in 1996
En bloc sale price: $900,000
Now living in: 3,660 sq ft landed house in Pasir Ris, bought for more than $1 million
'Gillman Heights holds dear memories for me as I lived there for 12 years and my children spent their formative years growing up in the estate.
When the en bloc fever started a few years ago, we decided to try selling the estate as many of us felt that it was getting run down and its lease was decreasing year by year, making it a depreciating asset.
I was the sales committee chairman. We got the majority vote needed and sold it for $548 million to CapitaLand which, at that time, was more than what each unit could have sold for on the open market. I firmly believed we were realising the value of our assets.
Unfortunately, the market shot up so quickly after that and many were upset that we sold at that price. I wasn't happy either. It was an emotional period for all of us.
If the market had gone the other way - down, instead of up - we (the sales committee) would have been heroes instead.
I totally understand why some residents were so upset as they had lived there for more than two decades and had spouses die there, or children born there, and the memories attached to the place were so strong. It's a traumatic experience.
But we did have a majority who wanted to sell and who later became unhappy because it wasn't the price they wanted.
It became untenable for everyone to go on living there because hostility grew and people just weren't friendly any more.
It was sad to leave the West Coast area, where I had lived all my life. But I'm enjoying the same quality of life at Pasir Ris, though it's so much farther from the city centre.
It's like comparing chalk and cheese. Here, the beach is nearby. I can take my dog for walks in the parks and I can invite my friends for a barbecue in my own backyard.
Of course, there is a fundamental change in my lifestyle as I'm so much farther from everything. I now have to plan what to buy at the supermarket in advance, whereas in Gillman, we had gourmet supermarkets within walking distance. Here, I can't get the right meat or herbs and it's a long drive for me to get to my golf courses.
The other change is that I had to go into debt to finance this home. It's also more expensive to live in a house than in a condo, where common expenses are shared. So I've had to cut back a little, but still, I have no regrets.
I don't keep in touch with the old neighbours, but I believe if you are good friends you'll make a point to meet up anyway, whether you are neighbours or not.'
For better or for worse
The Sunday Times talks to families whose lives were changed by a collective sale
By Jessica Cheam
It is that time of the property cycle again. Mega collective sale launches worth upwards of $500 million have been making headlines.
Private property prices have hit historic highs amid a flood of foreign capital into Singapore, healthy developers' balance sheets and low interest rates.
There is no doubt Singapore's en bloc fever has returned.
Tulip Garden, for example, was reported to have a reserve price of $650 million, while Pine Grove's was a staggering $1.7 billion.
As I surveyed the property landscape this time of the year, I was overcome with a sense of deja vu. The conditions today reminded me of the property boom of 2007, in which a total of 116 collective sales generated record investment sales of $13.64 billion.
During that period, Horizon Towers in Leonie Hill sold for a record $500 million, then other projects smashed record after record: Gillman Heights sold for $548 million, Leedon Heights for $835 million and Farrer Court for $1.34 billion.
The arguments for collective sales are well known: some estates need urban rejuvenation, especially in land-scarce Singapore where gross plot ratios should be maximised to allow more homes to be built to house a growing population.
But as Singapore went through its strongest wave of collective sales in its history then, an unprecedented groundswell of dissatisfaction also rose among the residents.
There were bitter fights in court to halt the sale of Waterfront View, Gillman Heights, Horizon Towers and Tampines Court, to name just a few high-profile cases.
Some minority owners who refused to sell their homes won their cases after protracted lawsuits and hefty costs, such as at Horizon Towers and Tampines Court.
But most of the collective sales went ahead.
Amid the frenzy, there were many national debates surrounding the process and its legislation.
Many felt the law allowed for ambiguities that disadvantaged residents, especially those not willing to sell. A few MPs also voiced their concerns about whether such sales led to older properties being rejuvenated at a 'personal cost to citizens', with many residents experiencing social and spatial displacement after being forced to move.
In May last year, the Government passed new rules in Parliament to give greater clarity to the collective sale process.
Among other improvements, one key change was that after the first failed attempt at a collective sale, subsequent attempts will face more stringent requirements.
During these conversations, one underlying question that never went away was: How would the en bloc phenomenon - a symbol of Singapore's quest for progress and land efficiency - change the social fabric of society?
Will older folk be able to cope with a move to a new environment? Will it break up communities and neighbours who have built up friendships over decades? Or will it enable families to enjoy a better quality of life elsewhere?
As I thought about these questions amid our fresh en bloc boom, I decided it was time to track down some of these families whose lives were changed forever by the upheaval.
The Sunday Times decided to focus on one estate: Gillman Heights, whose sale was bitterly fought in court for more than two years.
Lawyers for the minority owners argued that the collective sale law had not been intended to cover HUDC estates. Another point of contention was the calculation of the development's age, which determines if an 80 or a 90 per cent level of consent is needed.
The Court of Appeal dismissed these points and gave the green light for the 607-unit, 99-year leasehold estate in Alexandra Road to be sold in 2009. It was a landmark case that clarified some ambiguity in the laws surrounding collective sales of former HUDC estates.
Through the interviews, I saw how some had adapted better than others to their new environment.
There were those for whom the sale cast a permanent shadow over their lives as they struggled to get used to living in a less-central location. Then there were those who managed to upgrade their homes and settle down with a higher or similar quality of life.
These are the stories of how people's lives have been changed - and their experience will tell you if the en bloc move has been for better or for worse.
jcheam@sph.com.sg
facebook.com/cheamjessica
--------------------------------------------------------------------------------
Most residents move on
Not many residents of estates that have been through an en bloc sale go on to buy a new home at the same location.
At Farrer Court, for example, 266 households, or 40 per cent of the 618-unit development, attended the preview of D'Leedon - the redeveloped project of Farrer Court, which offers 1,715 units.
Former owners of Farrer Court homes bought 52 units in D'Leedon at an average price of $1,680 per square foot (psf), said a CapitaLand spokesman.
For Gillman Heights Condominium (above left), a two-day preview for the redeveloped new project, The Interlace (above right), was held in September 2009 at a CapitaLand office in Shenton Way.
About 100 households visited the sales office, but a shouting match that involved the police erupted at the preview when residents complained that the units offered were too expensive and the selection was poor.
One resident also said brochures were not given, and they had to gauge the new condo from an 'amateurish miniature model which was a stark contrast to the sleek, three-dimensional and professionally crafted model displayed at the public launch'.
CapitaLand countered that the apartments offered made up a full spectrum of unit types. Only four units of The Interlace, a 1,040-unit project, were sold to former owners of Gillman Heights. The prices for the units under this first-phase release ranged from $850 to $1,150 psf.
--------------------------------------------------------------------------------
I had to downgrade to smaller flat with lower quality of life
Mr Reginald Tan, 50
Director, married with one son, 11
Former home: Gillman Heights, 1,700 sq ft mid-floor unit bought for $545,000 in 1993
En bloc sale price: $887,000
Now living in: 1,600 sq ft Housing Board executive flat in Mei Ling Street, bought for about $755,000, including cash premium of $30,000 paid above valuation
'I moved into Gillman in 1994 and loved the big open spaces of the estate. My son grew up there and it was the first home for my wife and me too, so we have deep sentiments attached to the place. When the collective sale started, we were hesitant. One of us signed the agreement, the other didn't. Initially we thought we could get at least $1 million from the sale, but in the end it was less.
As the sale dragged on, property prices also increased and we could not afford to buy a similar unit in the area. We also did not want to buy in case the sale fell through.
In the end, we had to rent an apartment at Leedon Heights when it was time for us to move out, and we have stayed there temporarily for more than a year amid unpacked boxes while looking for our home.
Finally, we decided to downgrade to a Housing Board resale flat in the Queenstown area - it's central, but definitely does not offer the same quality of life we had at Gillman. The new condo units are also very small in comparison.
We're finally going to move in next month - almost four years since the en bloc sale started. The past few years have been very disruptive for my family as we moved from one place to another. We have expended a lot of money and effort looking to rent or buy a replacement home, and designing our new home.
I've had to pay almost $50,000 in rental fees, $30,000 cash over valuation for my Housing Board unit and $70,000 in renovation costs.
I still keep in touch with some of the old neighbours, and we meet up once in a while for dinner and drinks at someone's home.
At Leedon Heights, we seldom see any of our neighbours as many units are unoccupied. I would occasionally meet my next-door neighbour in the morning. Sometimes, I have a chat with one of the neighbours there whom I knew at Gillman Heights. The traffic along Farrer Road is also worse than in Alexandra Road (where Gillman was located).
We weren't looking to make any money, just enough to buy a replacement unit - that was my only wish, but it did not work out that way. Property prices shot up so quickly, and Farrer Court, for example, sold a month after us and managed to get more than twice the price. You can't blame us for feeling shortchanged.
It would have been fair if we got a one-for-one exchange for our units in the new project, The Interlace. But even at the preview, we were not given choice units to select from.
I also feel the 80 per cent needed from owners for an en bloc sale should be raised to 90 per cent. There were a lot of people who did not want to move, and we could have upgraded our estate to make it nicer.
Now, our new home is here. I don't foresee any difficulty integrating in our neighbourhood, just that the blocks are more cramped here and we have less space. But I guess we will get used to it.'
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We felt like we had to give up our home against our will
Mrs Saw Yock Kee, 57
Insurance agency leader, married with one son, 30, and one daughter, 21
Former home: Gillman Heights, 2,000 sq ft ground-floor unit bought for about $650,000 in 2000
En bloc sale price: $870,000
Now living in: 1,600 sq ft high- floor unit at Lakeholmz condo in Jurong, bought for about $900,000
'We moved into Gillman Heights in 2000 from a smaller home and loved that it was like living in a landed property. Even though I had to spend $100,000 on renovations, I didn't mind because I had a garden, the estate was quiet, big and very near my office and my children's schools.
I've always lived in the Telok Blangah area and our family was very comfortable in the convenient location, so when the en bloc sale started, we were aghast and did not want to sell. We loved where we were, and it didn't matter that the estate was a bit old, because it suited us perfectly.
When the court case finally ended and the sale went through, we really felt like we had lost our home against our will.
I was hoping that it would fall through so I didn't look for a replacement - but in that time, property prices shot up. When it was time for us to move out, we had to rent a unit in Bukit Timah while I continued the search.
Because of my age, the banks also did not want to grant us a bank loan so our choices were limited. In the end, we had to move far away from the city centre to Jurong to be able to afford a decent-sized unit. I could have bought an HDB flat in the same area with the sale money, but I thought: Why should I downgrade?
Our lifestyle has changed drastically since we moved to Jurong last year. I spend a lot more time commuting into town for work, there are more traffic jams, and my children complain that their taxi rides into the city are expensive.
I have to cook more now too, because it's not as convenient as in the past where shops were around us. I also used to grow many plants in my garden, where my dog would run around. We can't enjoy that any more.
My mother-in-law, who's in her 80s, suffered the most. She got very disorientated after having to move twice - first to the rental home, and now here - and couldn't remember simple things, like where the toilet was, for a long time.
She also kept asking us: 'Where's my home?' repeatedly. She has lost touch with the old folk who lived in the Redhill area and used to gather to chit chat in the day. In the past she had friends visiting her, now she doesn't any more.
I'm not against the idea of an en bloc (sale), since I understand Singapore is a small country. But I wish that more protection was given to minority owners to ensure they don't suffer a (reduced) quality of life when they are forced to move.
I wish I had the foresight to invest in another place early. By the time we received the funds from the sale, the money was not enough for us to buy a new home in the same location.
I still keep in touch with a few neighbours.
Here in my new home, I say 'hi and bye' to my neighbours and that's about it. The condo sometimes organises barbecues and gatherings for National Day, for example, and we make an effort to attend. We're still trying to get used to how different our lives are now.'
--------------------------------------------------------------------------------
I wanted to live there for the rest of my life
Mr Alan Chow, 67
Retiree, married with two children
Former home: Gillman Heights, 1,700 sq ft unit bought for about $300,000 in 1985 when it was first launched for sale.
En bloc sale price: $870,000
Now living in: 1,100 sq ft five-room HDB flat in Tiong Bahru bought for more than $600,000
'I remembered in 1985, when I made the decision to buy a unit at Gillman Heights, I intended to live there for the rest of my life.
We forged steady friendships with neighbours over this long period of time, and have seen each other through the ups and downs of life.
Life at Gillman was very peaceful, the grounds were big and exclusive and it was kampung-like: Everyone knew each other. Almost every day, we'd go downstairs and sit in the garden and just chat about life.
But then we privatised the estate and then the en bloc sale happened.
My family chose not to sell and was part of the minority group that fought the sale in the courts.
We had to spend a lot of money and effort and in the end, we still lost our home.
We decided to downgrade to an HDB resale flat in the same area, as our children are grown, and we wanted to live in a similar location.
It's not been easy to rebuild our lives, as change is always difficult. Although to be fair, as Singaporeans, we are quite adaptable people. We've got used to life since moving into our HDB flat.
But we've lost the kinship we felt at Gillman.
Here in my new estate, there's a larger mix of PRs (permanent residents) and locals. My neighbours are friendly, but we say 'hello', that's all, and don't talk that much. We're less familiar with each other and everyone's not as close.
We're also in a home that has less space. Location is still convenient, but there are no more condo facilities for us to enjoy, or big spacious grounds. But we'll have to make do.
Is our life better now?
I'd say we did not feel like we got a fair deal, as most of us have had to downgrade our homes. For those who are younger, they are better equipped to buy new homes with similar attributes. For people like us who have already retired, it's not really an option.
There's a group of 20 to 30 of us, old neighbours, who have dispersed all over the island in our new homes.
We do regularly meet, about once a month, for coffee. We no longer hang out at the coffee shops in the vicinity of Gillman Heights. Sometimes we meet at the McDonald's at West Coast to chat about everything, just like in the old days.'
--------------------------------------------------------------------------------
Sale created economic value, but at what cost?
Mr Harish Pillay, 51
IT consultant, married with two sons, 11 and 13
Former home: Gillman Heights, 1,800 sq ft mid-floor unit bought for about $430,000 in 1992
En bloc sale price: $870,000
Now living in: 2,200 sq ft penthouse at Carabelle condo in West Coast, bought for more than $1 million
'I've always been a West Coast person as I grew up in this area, so when Gillman Heights was sold, I knew my next home had to be in this location. But the money from the sale was not enough for us to buy an equivalent unit in the same area so I moved further away to Carabelle.
Gillman Heights was quiet, spacious and in a convenient location with many buses. My two sons were born when we lived there.
We made some very good friends, who were our neighbours, and we regularly met for potluck in the estate whenever it was the festive season, such as Chinese New Year or Hari Raya.
I was a neutral party when the en bloc sale process kicked off, and did not sign the collective sale agreement. But when my wife and I heard it was in the works, we immediately went looking and paid a deposit on a home at Varsity Park in Clementi.
We were not very happy about the way the sale was carried out, and how a month later, Farrer Court sold for a million dollars more for each unit. But we knew the sale was going to happen, so we had to be prepared.
We moved to Varsity Park in 2008, but realised it was too cramped and not big enough for our boys, who were growing up. So we went back to the market to hunt for another place, and finally settled on a penthouse unit at Carabelle, which we moved into last year.
We could afford it because we had bought Varsity Park early and the gains from selling that helped us fund the next home.
Here, there is the roar of the Ayer Rajah Expressway that we have to contend with, and fewer buses. But we still have condo facilities and a nice home that's spacious.
As we have just moved in, we haven't made that many new friends. We don't see our neighbours as often as we did in Gillman where it was easier to meet neighbours because of its open-air carpark.
We know a few of our neighbours in our block, but the ties are not as good as in Gillman.
Sure, the en bloc created economic value, but at what cost? It destroyed perfectly good buildings. My family would have been happy to continue living at Gillman. Maybe we could have done some upgrading work to the estate.
My boys were excited to move into a new place, but they often mention that they want to return to Gillman. After all, it's a place that holds fond memories for us.'
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No regrets, despite dear memories of Gillman
Mr Robert Wiener, 57
Co-owns a security business and has three children, aged 19 to 27
Former home: Gillman Heights, 1,900 sq ft upper-floor unit bought for more than $600,000 in 1996
En bloc sale price: $900,000
Now living in: 3,660 sq ft landed house in Pasir Ris, bought for more than $1 million
'Gillman Heights holds dear memories for me as I lived there for 12 years and my children spent their formative years growing up in the estate.
When the en bloc fever started a few years ago, we decided to try selling the estate as many of us felt that it was getting run down and its lease was decreasing year by year, making it a depreciating asset.
I was the sales committee chairman. We got the majority vote needed and sold it for $548 million to CapitaLand which, at that time, was more than what each unit could have sold for on the open market. I firmly believed we were realising the value of our assets.
Unfortunately, the market shot up so quickly after that and many were upset that we sold at that price. I wasn't happy either. It was an emotional period for all of us.
If the market had gone the other way - down, instead of up - we (the sales committee) would have been heroes instead.
I totally understand why some residents were so upset as they had lived there for more than two decades and had spouses die there, or children born there, and the memories attached to the place were so strong. It's a traumatic experience.
But we did have a majority who wanted to sell and who later became unhappy because it wasn't the price they wanted.
It became untenable for everyone to go on living there because hostility grew and people just weren't friendly any more.
It was sad to leave the West Coast area, where I had lived all my life. But I'm enjoying the same quality of life at Pasir Ris, though it's so much farther from the city centre.
It's like comparing chalk and cheese. Here, the beach is nearby. I can take my dog for walks in the parks and I can invite my friends for a barbecue in my own backyard.
Of course, there is a fundamental change in my lifestyle as I'm so much farther from everything. I now have to plan what to buy at the supermarket in advance, whereas in Gillman, we had gourmet supermarkets within walking distance. Here, I can't get the right meat or herbs and it's a long drive for me to get to my golf courses.
The other change is that I had to go into debt to finance this home. It's also more expensive to live in a house than in a condo, where common expenses are shared. So I've had to cut back a little, but still, I have no regrets.
I don't keep in touch with the old neighbours, but I believe if you are good friends you'll make a point to meet up anyway, whether you are neighbours or not.'
ST : District 19 leaps into favour
05 Feb 2011,
District 19 leaps into favour
Area in north-east is second-most popular among home buyers, up from 7th spot in 2009
By Esther Teo
THE evergreen estates of Katong, Marine Parade and Siglap in District 15 continued to top the charts of home buyers last year, although new areas gained popularity as well.
There were 4,053 non-landed transactions made in District 15 - about 12 per cent of the 34,767 caveats in total - entrenching its position as the most favoured district among Singapore home buyers.
District 19 followed with 2,911 transactions, a jump from seventh place in 2009.
Third place went to District 9 - the prime areas of Orchard, Cairnhill and Leonie Hill - with 2,478 caveats lodged, according to an analysis by Dennis Wee Group.
The main change in the pecking order last year centred on new areas such as District 19, which covers Hougang, Serangoon and other suburban areas.
Experts said the rankings show that estates in the north-east, such as Punggol and Sengkang, are beginning to gain popularity, in line with the Government's plans to spruce up these new towns.
Mr Colin Tan, research and consultancy director at Chesterton Suntec International, said the rise in popularity of District 19 could be attributed to the increased number of residential launches there, as the Government released more land for sale in the north-east.
'People tend to buy where they are familiar with, and with the HDB's movement into Punggol and Sengkang, the population there has increased...Some of these buyers might be HDB upgraders,' he added.
Projects in District 19 such as The Scala, The Minton and Kovan Grandeur, which were launched last year, were all well received.
PropNex chief executive Mohamed Ismail said newer developments, such as the Australian International School, have also livened up the area.
He expects increased demand and higher prices in the district as it continues to get spruced up in line with the Government's rejuvenation plans.
He also flagged the Jurong Lake District as the area with the highest potential for capital appreciation - even greater than District 19 - after it was earmarked by the Government as the biggest commercial hub outside the city centre.
But District 15 remains a perennial favourite. It straddles the mid-tier to high-end market, falls between the city fringe and suburban regions, and brings a cosmopolitan yet local flavour, experts said. It also offers the largest supply of private homes.
Dennis Wee Group director Chris Koh said the many condominium projects in the district offer more affordable prices compared with those in prime districts 9, 10 and 11. Most Indian and Chinese nationals have chosen to settle in the east, he added.
Chesterton's Mr Tan said the area tends to attract middle-income buyers and is 'easy to assimilate' into.
Private homes in districts 9 and 10 also remained popular due to the continued interest of investors in centrally located homes, said experts.
Cushman & Wakefield's senior manager of Asia-Pacific research, Mr Ong Kah Seng, said the many collective sales in prime districts in 2007 mean that new projects have been going onstream at attractive prices.
'Homes in the area could also have partially benefited from the successful remaking of Orchard Road...with the completion of new major malls,' he added.
For landed homes, districts 19, 15 and 16, which cover Bedok and Upper East Coast Road, were the three most popular districts last year, as in 2009.
Experts said landed homes in areas like Serangoon Gardens in District 19 are cheaper compared with those in prime districts, possibly attracting more buyers.
esthert@sph.com.sg
District 19 leaps into favour
Area in north-east is second-most popular among home buyers, up from 7th spot in 2009
By Esther Teo
THE evergreen estates of Katong, Marine Parade and Siglap in District 15 continued to top the charts of home buyers last year, although new areas gained popularity as well.
There were 4,053 non-landed transactions made in District 15 - about 12 per cent of the 34,767 caveats in total - entrenching its position as the most favoured district among Singapore home buyers.
District 19 followed with 2,911 transactions, a jump from seventh place in 2009.
Third place went to District 9 - the prime areas of Orchard, Cairnhill and Leonie Hill - with 2,478 caveats lodged, according to an analysis by Dennis Wee Group.
The main change in the pecking order last year centred on new areas such as District 19, which covers Hougang, Serangoon and other suburban areas.
Experts said the rankings show that estates in the north-east, such as Punggol and Sengkang, are beginning to gain popularity, in line with the Government's plans to spruce up these new towns.
Mr Colin Tan, research and consultancy director at Chesterton Suntec International, said the rise in popularity of District 19 could be attributed to the increased number of residential launches there, as the Government released more land for sale in the north-east.
'People tend to buy where they are familiar with, and with the HDB's movement into Punggol and Sengkang, the population there has increased...Some of these buyers might be HDB upgraders,' he added.
Projects in District 19 such as The Scala, The Minton and Kovan Grandeur, which were launched last year, were all well received.
PropNex chief executive Mohamed Ismail said newer developments, such as the Australian International School, have also livened up the area.
He expects increased demand and higher prices in the district as it continues to get spruced up in line with the Government's rejuvenation plans.
He also flagged the Jurong Lake District as the area with the highest potential for capital appreciation - even greater than District 19 - after it was earmarked by the Government as the biggest commercial hub outside the city centre.
But District 15 remains a perennial favourite. It straddles the mid-tier to high-end market, falls between the city fringe and suburban regions, and brings a cosmopolitan yet local flavour, experts said. It also offers the largest supply of private homes.
Dennis Wee Group director Chris Koh said the many condominium projects in the district offer more affordable prices compared with those in prime districts 9, 10 and 11. Most Indian and Chinese nationals have chosen to settle in the east, he added.
Chesterton's Mr Tan said the area tends to attract middle-income buyers and is 'easy to assimilate' into.
Private homes in districts 9 and 10 also remained popular due to the continued interest of investors in centrally located homes, said experts.
Cushman & Wakefield's senior manager of Asia-Pacific research, Mr Ong Kah Seng, said the many collective sales in prime districts in 2007 mean that new projects have been going onstream at attractive prices.
'Homes in the area could also have partially benefited from the successful remaking of Orchard Road...with the completion of new major malls,' he added.
For landed homes, districts 19, 15 and 16, which cover Bedok and Upper East Coast Road, were the three most popular districts last year, as in 2009.
Experts said landed homes in areas like Serangoon Gardens in District 19 are cheaper compared with those in prime districts, possibly attracting more buyers.
esthert@sph.com.sg
ST : LTA assures residents about noise
04 Feb 2011,
PLANNED NORTH-SOUTH EXPRESSWAY
LTA assures residents about noise
MP says it will look into various ways to cut noise from expressway
By Goh Chin Lian
RESIDENTS from three condominiums next to the planned North-South Expressway (NSE) have been assured by the authorities that the noise will conform to environmental standards for traffic.
To cut the noise, the Land Transport Authority (LTA) will consider putting in screens to deflect traffic noise away from homes and into a 'semi-tunnel' stretch of the expressway, among other measures.
Ang Mo Kio GRC MP Lee Bee Wah, whose ward includes Bullion Park, Castle Green and Nuovo condominiums, gave this update to The Straits Times after a dialogue last week involving about 80 residents and representatives from the LTA and the Singapore Land Authority.
Construction work is expected to start in two years. The project, costing $7 billion to $8 billion, will link northern Singapore to the city and is expected to be ready by 2020.
It will have the longest viaduct as well as surface road, 'open' or semi-tunnels and tunnels. It is expected to cut travelling time from Woodlands to the city by 30 per cent at peak hours and ease congestion on the Central Expressway. Its 15.9km northern section from Admiralty Road West to Toa Payoh Rise was announced on Jan 19.
After the Jan 26 dialogue, Ms Lee announced via Facebook that the LTA had given the assurance that the noise level would not exceed 67 decibels when the expressway is open.
An LTA spokesman confirmed that the NSE would have to comply with the National Environment Agency's standards for road traffic noise, capped at 67 decibels.
Ms Lee said the LTA would also plant a row of trees along the 'open' tunnel section to soften the view of the highway, and consider using porous asphalt on the road to reduce traffic noise.
The LTA said it will do a detailed study and implement suitable measures to meet the NEA noise standard.
'LTA is committed to doing all we can to minimise the impact of NSE on residents,' it said.
Along with other government agencies, it has been working with advisers and grassroots leaders to hold dialogues with residents, businesses, property owners and community leaders to take questions and clarify doubts on the NSE.
'These dialogues will continue as part of LTA's regular engagement to provide information to our stakeholders on our road and rail infrastructure projects,' it added.
On her part, Ms Lee said she had sent every household in the three affected condominiums an LTA information sheet on the NSE in a question and answer format.
She has also formed a working committee of representatives from the three condominiums to engage the LTA during the design and construction of the NSE.
Over at Chong Pang ward, where an 8.8km viaduct will pass several Housing Board blocks, the MP, Home Affairs and Law Minister K. Shanmugam, said he has met some residents and was looking into the issues raised.
Residents have also contacted the LTA themselves asking for more information about the work near their homes.
Those living at Nuovo, along Ang Mo Kio Avenue 6, have been signing a petition since Monday for the 'open' tunnel section next to the executive condominium to be made a covered tunnel instead.
About half the owners of the 297-unit development have signed the petition, which will be given to the authorities, said management committee chairman Dennis Toh, 40.
Resident Cheong Choon Ghee, 40, an engineer, said people living there were concerned that screens would have only limited effect in reducing noise.
He said many had young children and aged parents and were also concerned about the air quality after the expressway opens.
According to the LTA information sheet distributed by Ms Lee, making the whole of NSE south of the Seletar Expressway a tunnel would require six large ventilation buildings. These are needed to suck in fresh air and blow out foul air from the tunnel.
These would have to be built close to the tunnel at intervals, and each would need about 15,000 sq m of land and be taller than surrounding buildings to meet minimum emission height requirements, it said.�Given competing land uses, the LTA could identify only five suitable sites.
It said: 'As a result, LTA had to design the sections of the NSE between the SLE and Ang Mo Kio Avenue 9, and between Sin Ming Avenue and north of Pemimpin Place, as semi-tunnels for natural ventilation.'
Nuovo's Mr Toh reckoned the residents' petition would entail stretching the full tunnel northwards by about another 800m.
He said: 'The question is whether this will warrant another ventilation building. If not, then it is feasible to stretch the full tunnel without too much additional cost or acquisition of land.'
chinlian@sph.com.sg
PLANNED NORTH-SOUTH EXPRESSWAY
LTA assures residents about noise
MP says it will look into various ways to cut noise from expressway
By Goh Chin Lian
RESIDENTS from three condominiums next to the planned North-South Expressway (NSE) have been assured by the authorities that the noise will conform to environmental standards for traffic.
To cut the noise, the Land Transport Authority (LTA) will consider putting in screens to deflect traffic noise away from homes and into a 'semi-tunnel' stretch of the expressway, among other measures.
Ang Mo Kio GRC MP Lee Bee Wah, whose ward includes Bullion Park, Castle Green and Nuovo condominiums, gave this update to The Straits Times after a dialogue last week involving about 80 residents and representatives from the LTA and the Singapore Land Authority.
Construction work is expected to start in two years. The project, costing $7 billion to $8 billion, will link northern Singapore to the city and is expected to be ready by 2020.
It will have the longest viaduct as well as surface road, 'open' or semi-tunnels and tunnels. It is expected to cut travelling time from Woodlands to the city by 30 per cent at peak hours and ease congestion on the Central Expressway. Its 15.9km northern section from Admiralty Road West to Toa Payoh Rise was announced on Jan 19.
After the Jan 26 dialogue, Ms Lee announced via Facebook that the LTA had given the assurance that the noise level would not exceed 67 decibels when the expressway is open.
An LTA spokesman confirmed that the NSE would have to comply with the National Environment Agency's standards for road traffic noise, capped at 67 decibels.
Ms Lee said the LTA would also plant a row of trees along the 'open' tunnel section to soften the view of the highway, and consider using porous asphalt on the road to reduce traffic noise.
The LTA said it will do a detailed study and implement suitable measures to meet the NEA noise standard.
'LTA is committed to doing all we can to minimise the impact of NSE on residents,' it said.
Along with other government agencies, it has been working with advisers and grassroots leaders to hold dialogues with residents, businesses, property owners and community leaders to take questions and clarify doubts on the NSE.
'These dialogues will continue as part of LTA's regular engagement to provide information to our stakeholders on our road and rail infrastructure projects,' it added.
On her part, Ms Lee said she had sent every household in the three affected condominiums an LTA information sheet on the NSE in a question and answer format.
She has also formed a working committee of representatives from the three condominiums to engage the LTA during the design and construction of the NSE.
Over at Chong Pang ward, where an 8.8km viaduct will pass several Housing Board blocks, the MP, Home Affairs and Law Minister K. Shanmugam, said he has met some residents and was looking into the issues raised.
Residents have also contacted the LTA themselves asking for more information about the work near their homes.
Those living at Nuovo, along Ang Mo Kio Avenue 6, have been signing a petition since Monday for the 'open' tunnel section next to the executive condominium to be made a covered tunnel instead.
About half the owners of the 297-unit development have signed the petition, which will be given to the authorities, said management committee chairman Dennis Toh, 40.
Resident Cheong Choon Ghee, 40, an engineer, said people living there were concerned that screens would have only limited effect in reducing noise.
He said many had young children and aged parents and were also concerned about the air quality after the expressway opens.
According to the LTA information sheet distributed by Ms Lee, making the whole of NSE south of the Seletar Expressway a tunnel would require six large ventilation buildings. These are needed to suck in fresh air and blow out foul air from the tunnel.
These would have to be built close to the tunnel at intervals, and each would need about 15,000 sq m of land and be taller than surrounding buildings to meet minimum emission height requirements, it said.�Given competing land uses, the LTA could identify only five suitable sites.
It said: 'As a result, LTA had to design the sections of the NSE between the SLE and Ang Mo Kio Avenue 9, and between Sin Ming Avenue and north of Pemimpin Place, as semi-tunnels for natural ventilation.'
Nuovo's Mr Toh reckoned the residents' petition would entail stretching the full tunnel northwards by about another 800m.
He said: 'The question is whether this will warrant another ventilation building. If not, then it is feasible to stretch the full tunnel without too much additional cost or acquisition of land.'
chinlian@sph.com.sg
ST : Capitol gains
04 Feb 2011,
Capitol gains
Pritzker Prize-winning architect Richard Meier is aiming to turn the Capitol project into a landmark building in Singapore
By tay suan chiang
One of Singapore's most exciting landmark transformations is in the hands of his company.
It involves developing the site of the much-loved Capitol Theatre building and its Stamford Road surrounds into an iconic arts and commerce destination worthy of its former glory.
Meet American Richard Meier, one of the world's best-known architects. His company, Richard Meier & Partners Architects, which he founded in 1963, was appointed project designers last year.
So just who is the man on whom Singaporeans are pinning their hopes to do justice to reviving the faded grand dame Capitol Theatre, plus Capitol Building and Stamford House?
Well, someone not without his quirks.
Mr Meier says he loves building houses but, ironically, his home of 40 years is not one that he built.
Home is a 5,000 sq ft duplex on New York's Upper East Side in a pre-war limestone building, where Mr Meier lives on his own.
Asked why he has not built his own home, he says: 'I've no time, I'm too busy. Someday I will build my own home and I look forward to that time.'
This from a man aged all of 76.
He spoke to Life! on the telephone from his New York office last month. The divorced father of two is the managing partner of his architectural company.
Fans of the old white neo-classical building that is Capitol Theatre will be pleased to know that Mr Meier is renowned for the use of white in his buildings.
'In architecture, I feel white best reflects the colours of nature around you, and allows you to appreciate the architecture in its context,' he says.
His love of white extends to all aspects of his life. 'My office is white, my kitchen is white, my shirts are white. It's my colour,' he adds.
On the other hand, he is also known for his Modernist style - using plain geometry, layered definition of spaces and the effects of light and shade to create clear, comprehensible spaces.
He reassures: 'We have proposed a timeless architecture to give the area the authority of a landmark without diminishing the quality and presence of the historic Capitol Theatre, Capitol Building and Stamford House.'
The primary goal in redeveloping the Capitol site is to create a strong sense of place by enhancing and transforming the existing site in a dramatic way, he adds. What is more, he foresees the Capitol project as the landmark building in Singapore when it is completed.
'We hope it becomes a landmark, a destination for art, culture and commerce,' he says. 'People can visit the theatre, they can enjoy the public spaces and they can live and stay in beautifully, well-appointed environments.'
Mr Meier landed the prestigious project after being appointed by Capitol Investment Holdings, the consortium that made the winning bid for the Capitol site for $250 million last year.
It consists of joint venture partners Kwee Liong Seen's Chesham Properties, Pua Seck Guan's Perennial Real Estate and Sukmawati Widjaja's Top Global, all property developers.
'Mr Kwee approached us to ask if this is a design competition in which we would like to participate. There is a lot of great architecture being built in Singapore and we wanted to be part of it,' says MrMeier.
The Capitol development is his second project in Singapore. His first was Camden Medical Centre in Orchard Boulevard which was completed in 1999.
Though the silver-haired architect has not been back to Singapore since completing the Camden building, he has seen Singapore's development since then through photographs.
'There is a very high quality of architecture built throughout the city, although there is not one building that stands superior to the others,' he points out.
While he has not seen the site of the Capitol project, Mr Michael Palladino, the firm's design partner, has. 'This is an opportunity for us to create a unique civic centre that will reflect the city's past through the historic structures and celebrate the future with the new and contemporary additions,' says Mr Palladino.
Under the project, Capitol Theatre, Capitol Building and Stamford House will be conserved and restored.
The theatre will be refurbished and transformed into Singapore's largest single-screen cinema with about 800 seats. It will be operated by Golden Village for most of the year.
The theatre will also alternate as a performance venue for dance and theatre groups.
Capitol Building and Stamford House will be restored into a new luxury hotel with about 200 rooms.
Capitol Centre will be torn down to make way for a 15-storey building that will have retail space, and 60 to 70 apartments.
There will also be a public plaza with a glass canopy that will provide sheltered outdoor space.
Construction of the $500-million development will start in the third quarter of this year and it is expected to be ready by 2014.
With just a few years to complete the project, MrMeier says one of the challenges he foresees is the deadline.
'The construction schedule is very ambitious,' he says. 'Our goal is to make this as fine a project as humanly possible.'
His longest project so far was the Getty Center art museum in Los Angeles, which opened in 1997 and is named after its benefactor, the late oil tycoon J. Paul Getty.
It is also Mr Meier's most famous building. 'The Getty is probably my most important building. It was 13 years of my life,' says Mr Meier, who was commissioned to design the US$1-billion building in 1984.
It was a complex project due to site challenges and other restrictions but Mr Meier speaks of it fondly: 'There are as many people visiting it today as there were when it first opened. People come up to me when I'm at the centre and they tell me how much they enjoy it. It is very gratifying.'
When asked for three words that best describe his buildings, he says: 'Beautiful, inspiring... functional. No, forget functional, memorable is the third. Any good building is functional. Architecture has to go beyond functional, but have meaning for the place and the people who use it.'
His favourite moment of a project is 'when it is finished, but that is also the saddest moment'.
'I enjoy working on the project so much that I want to keep working on it. But once it is done, it is no longer my building anymore,' he says.
As for which of his buildings is his favourite, he breaks into a chuckle and says: 'The next one is always my favourite.'
When it comes to building types, museums are a clear favourite of his. 'I love to build museums. I love to create public spaces where people can come together and appreciate art or just appreciate the environment around them,' he says.
Museums he has designed include the High Museum of Art in Atlanta, the Barcelona Museum of Contemporary Art and the Frankfurt Museum for the Decorative Arts.
Mr Meier says he rarely turns down jobs but there are some buildings that he 'wouldn't be interested in doing'.
A prison is one such building as 'it is a place without life, not a humanistic kind of place to build'.
The other is a hospital which he says is very special and specific. 'Its main role is in getting a patient well. Architecture is not important in a hospital. It is not a place I want to get involved in.'
In 1984, he was awarded the Pritzker Prize for Architecture, considered the field's highest honour. At 49, he was then the youngest recipient. 'It was great to get it but I didn't think about being the youngest,' he says. 'I thought it was gratifying to receive it but it was nothing that changed my life.'
He has wanted to be an architect since he was 14. 'I feel you need that passion and drive to be an architect. It takes total dedication,' he says.
He adds that his love for making things such as model airplanes and boats during his childhood created an interest in this profession. 'I could never get the airplanes to fly, and my boats sometimes sank,' he says with a laugh.
The man has humour. When asked what is the best thing about being Richard Meier, his immediate response is: 'I can tell you what's worst. Growing old,' before bursting into a chuckle.
His two children have not followed in his footsteps. His 33-year-old son Joseph is a sculptor, while daughter Ana, 30, designs furniture.
'It would be nice if they had become architects but it is up to them,' he says.
While some see architects such as Briton Norman Foster and American Daniel Libeskind as the design stars of today, Mr Meier does not think of himself as one. In Singapore, Mr Foster designed the Supreme Court building, while Mr Libeskind designed the Reflections at Keppel Bay condominium.
Mr Meier says there are stars in every field, be it in architecture, medicine, law or film.
'There are certain people who do well and people respond to that. Some of us are better than others. I am happy for the opportunity to build good architecture, but I don't respond to the notion of 'starchitects'.'
Despite his own stellar success, there are no airs about him.
When complimented, he replies with a polite 'thank you'.
Was there a moment in his career when he knew he made it as an architect? He answers: 'I'm not sure I have yet made it.
'There's no point at which you made it, but you keep working and do the best you can.'
taysc@sph.com.sg
--------------------------------------------------------------------------------
PHOTOS: AMY ETRA, CAPITOL INVESTMENT HOLDINGS
Capitol gains
Pritzker Prize-winning architect Richard Meier is aiming to turn the Capitol project into a landmark building in Singapore
By tay suan chiang
One of Singapore's most exciting landmark transformations is in the hands of his company.
It involves developing the site of the much-loved Capitol Theatre building and its Stamford Road surrounds into an iconic arts and commerce destination worthy of its former glory.
Meet American Richard Meier, one of the world's best-known architects. His company, Richard Meier & Partners Architects, which he founded in 1963, was appointed project designers last year.
So just who is the man on whom Singaporeans are pinning their hopes to do justice to reviving the faded grand dame Capitol Theatre, plus Capitol Building and Stamford House?
Well, someone not without his quirks.
Mr Meier says he loves building houses but, ironically, his home of 40 years is not one that he built.
Home is a 5,000 sq ft duplex on New York's Upper East Side in a pre-war limestone building, where Mr Meier lives on his own.
Asked why he has not built his own home, he says: 'I've no time, I'm too busy. Someday I will build my own home and I look forward to that time.'
This from a man aged all of 76.
He spoke to Life! on the telephone from his New York office last month. The divorced father of two is the managing partner of his architectural company.
Fans of the old white neo-classical building that is Capitol Theatre will be pleased to know that Mr Meier is renowned for the use of white in his buildings.
'In architecture, I feel white best reflects the colours of nature around you, and allows you to appreciate the architecture in its context,' he says.
His love of white extends to all aspects of his life. 'My office is white, my kitchen is white, my shirts are white. It's my colour,' he adds.
On the other hand, he is also known for his Modernist style - using plain geometry, layered definition of spaces and the effects of light and shade to create clear, comprehensible spaces.
He reassures: 'We have proposed a timeless architecture to give the area the authority of a landmark without diminishing the quality and presence of the historic Capitol Theatre, Capitol Building and Stamford House.'
The primary goal in redeveloping the Capitol site is to create a strong sense of place by enhancing and transforming the existing site in a dramatic way, he adds. What is more, he foresees the Capitol project as the landmark building in Singapore when it is completed.
'We hope it becomes a landmark, a destination for art, culture and commerce,' he says. 'People can visit the theatre, they can enjoy the public spaces and they can live and stay in beautifully, well-appointed environments.'
Mr Meier landed the prestigious project after being appointed by Capitol Investment Holdings, the consortium that made the winning bid for the Capitol site for $250 million last year.
It consists of joint venture partners Kwee Liong Seen's Chesham Properties, Pua Seck Guan's Perennial Real Estate and Sukmawati Widjaja's Top Global, all property developers.
'Mr Kwee approached us to ask if this is a design competition in which we would like to participate. There is a lot of great architecture being built in Singapore and we wanted to be part of it,' says MrMeier.
The Capitol development is his second project in Singapore. His first was Camden Medical Centre in Orchard Boulevard which was completed in 1999.
Though the silver-haired architect has not been back to Singapore since completing the Camden building, he has seen Singapore's development since then through photographs.
'There is a very high quality of architecture built throughout the city, although there is not one building that stands superior to the others,' he points out.
While he has not seen the site of the Capitol project, Mr Michael Palladino, the firm's design partner, has. 'This is an opportunity for us to create a unique civic centre that will reflect the city's past through the historic structures and celebrate the future with the new and contemporary additions,' says Mr Palladino.
Under the project, Capitol Theatre, Capitol Building and Stamford House will be conserved and restored.
The theatre will be refurbished and transformed into Singapore's largest single-screen cinema with about 800 seats. It will be operated by Golden Village for most of the year.
The theatre will also alternate as a performance venue for dance and theatre groups.
Capitol Building and Stamford House will be restored into a new luxury hotel with about 200 rooms.
Capitol Centre will be torn down to make way for a 15-storey building that will have retail space, and 60 to 70 apartments.
There will also be a public plaza with a glass canopy that will provide sheltered outdoor space.
Construction of the $500-million development will start in the third quarter of this year and it is expected to be ready by 2014.
With just a few years to complete the project, MrMeier says one of the challenges he foresees is the deadline.
'The construction schedule is very ambitious,' he says. 'Our goal is to make this as fine a project as humanly possible.'
His longest project so far was the Getty Center art museum in Los Angeles, which opened in 1997 and is named after its benefactor, the late oil tycoon J. Paul Getty.
It is also Mr Meier's most famous building. 'The Getty is probably my most important building. It was 13 years of my life,' says Mr Meier, who was commissioned to design the US$1-billion building in 1984.
It was a complex project due to site challenges and other restrictions but Mr Meier speaks of it fondly: 'There are as many people visiting it today as there were when it first opened. People come up to me when I'm at the centre and they tell me how much they enjoy it. It is very gratifying.'
When asked for three words that best describe his buildings, he says: 'Beautiful, inspiring... functional. No, forget functional, memorable is the third. Any good building is functional. Architecture has to go beyond functional, but have meaning for the place and the people who use it.'
His favourite moment of a project is 'when it is finished, but that is also the saddest moment'.
'I enjoy working on the project so much that I want to keep working on it. But once it is done, it is no longer my building anymore,' he says.
As for which of his buildings is his favourite, he breaks into a chuckle and says: 'The next one is always my favourite.'
When it comes to building types, museums are a clear favourite of his. 'I love to build museums. I love to create public spaces where people can come together and appreciate art or just appreciate the environment around them,' he says.
Museums he has designed include the High Museum of Art in Atlanta, the Barcelona Museum of Contemporary Art and the Frankfurt Museum for the Decorative Arts.
Mr Meier says he rarely turns down jobs but there are some buildings that he 'wouldn't be interested in doing'.
A prison is one such building as 'it is a place without life, not a humanistic kind of place to build'.
The other is a hospital which he says is very special and specific. 'Its main role is in getting a patient well. Architecture is not important in a hospital. It is not a place I want to get involved in.'
In 1984, he was awarded the Pritzker Prize for Architecture, considered the field's highest honour. At 49, he was then the youngest recipient. 'It was great to get it but I didn't think about being the youngest,' he says. 'I thought it was gratifying to receive it but it was nothing that changed my life.'
He has wanted to be an architect since he was 14. 'I feel you need that passion and drive to be an architect. It takes total dedication,' he says.
He adds that his love for making things such as model airplanes and boats during his childhood created an interest in this profession. 'I could never get the airplanes to fly, and my boats sometimes sank,' he says with a laugh.
The man has humour. When asked what is the best thing about being Richard Meier, his immediate response is: 'I can tell you what's worst. Growing old,' before bursting into a chuckle.
His two children have not followed in his footsteps. His 33-year-old son Joseph is a sculptor, while daughter Ana, 30, designs furniture.
'It would be nice if they had become architects but it is up to them,' he says.
While some see architects such as Briton Norman Foster and American Daniel Libeskind as the design stars of today, Mr Meier does not think of himself as one. In Singapore, Mr Foster designed the Supreme Court building, while Mr Libeskind designed the Reflections at Keppel Bay condominium.
Mr Meier says there are stars in every field, be it in architecture, medicine, law or film.
'There are certain people who do well and people respond to that. Some of us are better than others. I am happy for the opportunity to build good architecture, but I don't respond to the notion of 'starchitects'.'
Despite his own stellar success, there are no airs about him.
When complimented, he replies with a polite 'thank you'.
Was there a moment in his career when he knew he made it as an architect? He answers: 'I'm not sure I have yet made it.
'There's no point at which you made it, but you keep working and do the best you can.'
taysc@sph.com.sg
--------------------------------------------------------------------------------
PHOTOS: AMY ETRA, CAPITOL INVESTMENT HOLDINGS
ST : New head for Redas
01 Feb 2011,
New head for Redas
CapitaLand Residential chief Wong Heang Fine takes over from Simon Cheong
By Cheryl Lim
CAPITALAND Residential chief executive Wong Heang Fine is the new president of the Real Estate Developers' Association of Singapore (Redas).
The 52-year-old took over from SC Global Developments chairman and chief executive Simon Cheong, 53, yesterday.
Mr Wong is in charge of developing CapitaLand's business in the Gulf Cooperation Council region, which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Before joining CapitaLand, he was president and chief executive of Sembcorp Engineers and Constructors, and chief executive of Cathay Organisation Holdings.
He has also held several senior appointments at the Singapore Technologies Industrial Corporation and the Economic Development Board.
Mr Wong has a Master of Science in engineering production and management from Birmingham University, and a Bachelor of Science in mechanical engineering from Leeds University.
Mr Cheong led Redas for the maximum two consecutive two-year terms. He will now serve on the new management committee.
The new committee includes Frasers Centrepoint chief executive Lim Ee Seng, who will be first vice-president, and City Developments group general manager Chia Ngiang Hong, who will be second vice-president.
Members of the Redas management committee were elected at an annual general meeting last week, but the make-up of the executive committee was finalised at a meeting only yesterday afternoon.
The committees comprise members from key property developers of Singapore.
The association represents all bodies concerning the planning, organisation, promotion, development, financing and administration of businesses in real estate and public utilities.
cherlim@sph.com.sg
Mr Wong has held senior appointments at several companies.
New head for Redas
CapitaLand Residential chief Wong Heang Fine takes over from Simon Cheong
By Cheryl Lim
CAPITALAND Residential chief executive Wong Heang Fine is the new president of the Real Estate Developers' Association of Singapore (Redas).
The 52-year-old took over from SC Global Developments chairman and chief executive Simon Cheong, 53, yesterday.
Mr Wong is in charge of developing CapitaLand's business in the Gulf Cooperation Council region, which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Before joining CapitaLand, he was president and chief executive of Sembcorp Engineers and Constructors, and chief executive of Cathay Organisation Holdings.
He has also held several senior appointments at the Singapore Technologies Industrial Corporation and the Economic Development Board.
Mr Wong has a Master of Science in engineering production and management from Birmingham University, and a Bachelor of Science in mechanical engineering from Leeds University.
Mr Cheong led Redas for the maximum two consecutive two-year terms. He will now serve on the new management committee.
The new committee includes Frasers Centrepoint chief executive Lim Ee Seng, who will be first vice-president, and City Developments group general manager Chia Ngiang Hong, who will be second vice-president.
Members of the Redas management committee were elected at an annual general meeting last week, but the make-up of the executive committee was finalised at a meeting only yesterday afternoon.
The committees comprise members from key property developers of Singapore.
The association represents all bodies concerning the planning, organisation, promotion, development, financing and administration of businesses in real estate and public utilities.
cherlim@sph.com.sg
Mr Wong has held senior appointments at several companies.
ST : Apartments at Capitol site to be priced lower
01 Feb 2011,
Apartments at Capitol site to be priced lower
Luxury units at iconic site to go for at least $2,500 psf
By Esther Teo
NEW high-end apartments to be built on the Capitol site have been priced lower than originally planned due to the recent round of property cooling measures, one of its developers revealed yesterday.
Top Global, part of the consortium undertaking the $500 million makeover of the landmark site, said the units are expected to go for between $2,500 and $3,000 per sq ft (psf).
But the prices may be raised if the market holds up, said Top Global's chief executive Hano Maeloa.
He also disclosed that the initial target price was in the $3,000 to $3,500 psf range until the Jan 13 property cooling measures prompted a rethink.
The 60 to 70 luxury homes are part of a 15-storey development with shops and eateries, to be built on the site of Capitol Centre, which will be demolished.
The building will rise above the site's conservation heritage buildings: Stamford House, Capitol Building and Capitol Theatre.
A consortium comprising Top Global and Mr Kwee Liong Seen's Chesham Properties and led by Mr Pua Seck Guan's Perennial Real Estate is redeveloping the site. It revealed more details at a ceremony to sign the building agreement yesterday.
The homes, ranging in size from 1,200 sq ft to more than 2,000 sq ft, are expected to be launched for sale in the second half of this year. Mr Maeloa said they will be targeted mainly at owner-occupiers and not speculators, so the measures are unlikely to affect sales greatly.
The consortium also said that at least $30 million will be spent to conserve the Capitol Theatre, Singapore's first cinema.
It is expected to be converted into a single-screen cinema with about 800 seats. About half the season will be allocated to screening blockbuster films, with the rest to works by arts groups.
Six dance and theatre companies have been identified and plans are being finalised to present a primarily Singaporean and Asian repertoire.
The retail component of the project - which will take up almost half of the site's total gross floor area (GFA) - will include at least eight retail and 30 food and beverage flagship outlets.
At least 40 per cent of it will also be brands that have not been introduced to the local market before. A boutique hotel with about 200 rooms will sit atop the ground-level shop fronts of Stamford House and Capitol Building.
Mr Pua said the site has a historical background that will draw tourists.
He added that the consortium will see 'comfortable break-even costs' for the retail and residential segments due to the relatively low price at which the land was purchased. The winning bid of $250 million for the site tendered in October translates to just $461 psf of GFA.
Construction is set to begin in the third quarter with completion in 2014.
esthert@sph.com.sg
--------------------------------------------------------------------------------
Developer rejects criticism of design
PERENNIAL Real Estate chief executive Pua Seck Guan has rejected criticism that the Capitol site's architectural design is a bit lacklustre.
When impressions of it were unveiled in October, some industry players commented that the design had been more 'okay' than 'wow'.
Mr Pua said yesterday that the winning design was sensitive to the civic and cultural district, and offered a concept that gelled with the Government's vision for the area.
The developers' consortium had initially submitted two proposals, with the rejected one having more of a 'wow' factor, he said. 'That approach could be 'too wow' to the extent that it may not complement the surroundings.'
Mr Michael Palladino, design partner of Richard Meier & Partners - the design architects of the project - added that not every building needs a 'wow' factor. 'This site has important iconic architecture already. Sometimes it's better to stand back and look at what else is around the site and how you can contribute,' he said, adding that the design will evolve as plans are finalised.
ESTHER TEO
Apartments at Capitol site to be priced lower
Luxury units at iconic site to go for at least $2,500 psf
By Esther Teo
NEW high-end apartments to be built on the Capitol site have been priced lower than originally planned due to the recent round of property cooling measures, one of its developers revealed yesterday.
Top Global, part of the consortium undertaking the $500 million makeover of the landmark site, said the units are expected to go for between $2,500 and $3,000 per sq ft (psf).
But the prices may be raised if the market holds up, said Top Global's chief executive Hano Maeloa.
He also disclosed that the initial target price was in the $3,000 to $3,500 psf range until the Jan 13 property cooling measures prompted a rethink.
The 60 to 70 luxury homes are part of a 15-storey development with shops and eateries, to be built on the site of Capitol Centre, which will be demolished.
The building will rise above the site's conservation heritage buildings: Stamford House, Capitol Building and Capitol Theatre.
A consortium comprising Top Global and Mr Kwee Liong Seen's Chesham Properties and led by Mr Pua Seck Guan's Perennial Real Estate is redeveloping the site. It revealed more details at a ceremony to sign the building agreement yesterday.
The homes, ranging in size from 1,200 sq ft to more than 2,000 sq ft, are expected to be launched for sale in the second half of this year. Mr Maeloa said they will be targeted mainly at owner-occupiers and not speculators, so the measures are unlikely to affect sales greatly.
The consortium also said that at least $30 million will be spent to conserve the Capitol Theatre, Singapore's first cinema.
It is expected to be converted into a single-screen cinema with about 800 seats. About half the season will be allocated to screening blockbuster films, with the rest to works by arts groups.
Six dance and theatre companies have been identified and plans are being finalised to present a primarily Singaporean and Asian repertoire.
The retail component of the project - which will take up almost half of the site's total gross floor area (GFA) - will include at least eight retail and 30 food and beverage flagship outlets.
At least 40 per cent of it will also be brands that have not been introduced to the local market before. A boutique hotel with about 200 rooms will sit atop the ground-level shop fronts of Stamford House and Capitol Building.
Mr Pua said the site has a historical background that will draw tourists.
He added that the consortium will see 'comfortable break-even costs' for the retail and residential segments due to the relatively low price at which the land was purchased. The winning bid of $250 million for the site tendered in October translates to just $461 psf of GFA.
Construction is set to begin in the third quarter with completion in 2014.
esthert@sph.com.sg
--------------------------------------------------------------------------------
Developer rejects criticism of design
PERENNIAL Real Estate chief executive Pua Seck Guan has rejected criticism that the Capitol site's architectural design is a bit lacklustre.
When impressions of it were unveiled in October, some industry players commented that the design had been more 'okay' than 'wow'.
Mr Pua said yesterday that the winning design was sensitive to the civic and cultural district, and offered a concept that gelled with the Government's vision for the area.
The developers' consortium had initially submitted two proposals, with the rejected one having more of a 'wow' factor, he said. 'That approach could be 'too wow' to the extent that it may not complement the surroundings.'
Mr Michael Palladino, design partner of Richard Meier & Partners - the design architects of the project - added that not every building needs a 'wow' factor. 'This site has important iconic architecture already. Sometimes it's better to stand back and look at what else is around the site and how you can contribute,' he said, adding that the design will evolve as plans are finalised.
ESTHER TEO
ST : 88 units sold at Bedok preview
01 Feb 2011,
88 units sold at Bedok preview
By Esther Teo
THE preview of Waterfront Isle in Bedok Reservoir Road has found buyers for 88 units, despite talk that last month's cooling measures might dampen enthusiasm.
Prices at the preview, which started last Friday with 132 units up for grabs, have averaged $920 per sq ft (psf).
Waterfront Isle is being jointly developed by Far East Organization and Frasers Centrepoint, and consists of 561 units. It will be officially launched on Saturday.
About 80 per cent of the buyers are Singaporeans and permanent residents, with about half of them living in the east, in areas like Bedok and Tampines, said Far East.
Prices will start at $575,000 for a one-bedroom unit of 592 sq ft, while two-bedders from 915 sq ft will start at $820,000 at the official launch. The three-bedroom apartments of 1,163 sq ft will carry price tags starting from $996,000.
Four-bedroom apartments and penthouses will not be for sale at the launch.
Far East's chief operating officer of property sales Chia Boon Kuah said the good network of MRT and expressways, coupled with government plans to revamp regional centres, have created new value in precincts like Bedok Town Centre.
Experts said the project's close proximity to the upcoming Bedok Reservoir MRT station was also a plus.
Dennis Wee Group director Chris Koh said most buyers were probably genuine first-timers who might not be affected by the Jan 13 cooling measures.
'First-time buyers might have a longer-term perspective. They don't intend to flip, and so by the time the project is completed in about three or four years, some of the measures might have already been lifted,' he added.
The first three projects in the Waterfront collection in Bedok Reservoir Road have seen successful sales. Waterfront Waves is fully sold, Waterfront Key is more than 85 per cent sold, and Waterfront Gold is more than 75 per cent taken up.
An artist's impression of Waterfront Isle in Bedok Reservoir Road. It will be officially launched on Saturday. The project consists of 561 units and prices will start at $575,000 for a one-bedroom unit. -- PHOTO: FAR EAST ORGANIZATION
88 units sold at Bedok preview
By Esther Teo
THE preview of Waterfront Isle in Bedok Reservoir Road has found buyers for 88 units, despite talk that last month's cooling measures might dampen enthusiasm.
Prices at the preview, which started last Friday with 132 units up for grabs, have averaged $920 per sq ft (psf).
Waterfront Isle is being jointly developed by Far East Organization and Frasers Centrepoint, and consists of 561 units. It will be officially launched on Saturday.
About 80 per cent of the buyers are Singaporeans and permanent residents, with about half of them living in the east, in areas like Bedok and Tampines, said Far East.
Prices will start at $575,000 for a one-bedroom unit of 592 sq ft, while two-bedders from 915 sq ft will start at $820,000 at the official launch. The three-bedroom apartments of 1,163 sq ft will carry price tags starting from $996,000.
Four-bedroom apartments and penthouses will not be for sale at the launch.
Far East's chief operating officer of property sales Chia Boon Kuah said the good network of MRT and expressways, coupled with government plans to revamp regional centres, have created new value in precincts like Bedok Town Centre.
Experts said the project's close proximity to the upcoming Bedok Reservoir MRT station was also a plus.
Dennis Wee Group director Chris Koh said most buyers were probably genuine first-timers who might not be affected by the Jan 13 cooling measures.
'First-time buyers might have a longer-term perspective. They don't intend to flip, and so by the time the project is completed in about three or four years, some of the measures might have already been lifted,' he added.
The first three projects in the Waterfront collection in Bedok Reservoir Road have seen successful sales. Waterfront Waves is fully sold, Waterfront Key is more than 85 per cent sold, and Waterfront Gold is more than 75 per cent taken up.
An artist's impression of Waterfront Isle in Bedok Reservoir Road. It will be officially launched on Saturday. The project consists of 561 units and prices will start at $575,000 for a one-bedroom unit. -- PHOTO: FAR EAST ORGANIZATION
ST Forum : Agent's application was late and incomplete
01 Feb 2011,
Agent's application was late and incomplete
I REFER to Mr Yak Kiat Song's letter ('Slow-coach regulator'; Jan 20) about his company's licence application.
The Council for Estate Agencies (CEA) had earlier informed estate agents to submit their licence applications early by Nov 30 last year to avoid any delay in obtaining their licences. Applications received after the deadline may not be registered on time.
The CEA received Mr Yak's estate agent licence application on Dec 3. Moreover, it was incomplete, as he did not include an important document in his application. We promptly informed Mr Yak of this, and he later submitted the required documents to the CEA on Dec 14.
With all documents in place, the CEA has processed his application. We have informed him that his company has been granted a three-year licence.
Yeap Soon Teck
Deputy Director (Licensing)
Council for Estate Agencies
Agent's application was late and incomplete
I REFER to Mr Yak Kiat Song's letter ('Slow-coach regulator'; Jan 20) about his company's licence application.
The Council for Estate Agencies (CEA) had earlier informed estate agents to submit their licence applications early by Nov 30 last year to avoid any delay in obtaining their licences. Applications received after the deadline may not be registered on time.
The CEA received Mr Yak's estate agent licence application on Dec 3. Moreover, it was incomplete, as he did not include an important document in his application. We promptly informed Mr Yak of this, and he later submitted the required documents to the CEA on Dec 14.
With all documents in place, the CEA has processed his application. We have informed him that his company has been granted a three-year licence.
Yeap Soon Teck
Deputy Director (Licensing)
Council for Estate Agencies
ST : Mortgages steal show as bank lending grows
01 Feb 2011,
Mortgages steal show as bank lending grows
Housing loans rose to $112.4b in December from $111b in November
By Gabriel Chen
MORTGAGES are still powering the growth in bank lending although analysts reckon that blistering housing sales will taper off soon once the cooling measures bite.
While a slowdown is expected, the story now is of huge loans growth, in both the commercial and residential sectors.
Total loans by banks - foreign and local - grew to $322.7 billion in December, from $281.3 billion in the same period a year ago, according to the Monetary Authority of Singapore (MAS) yesterday.
Business loans were up 11.7 per cent over the same period in 2009, helped by companies in the manufacturing, building and construction and general commerce space hitting a higher gear.
Housing-related loans rose to an estimated $112.4 billion in December from $111 billion in November.
The jump in mortgages was even more significant on a year-on-year basis, up 23 per cent over December 2009.
This is not surprising given that private home prices climbed 17.6 per cent last year, with the sale of a record 16,292 new homes.
Hot on the heels of the August property cooling measures, the Government recently announced new rules that raised the seller's stamp duty on properties to as much as 16 per cent of the sale price if the home is offloaded within a year.
The amount banks can lend on a second property has also been lowered to 60 per cent of the home's value.
DMG analyst Leng Seng Choon expects housing loans to slow as resale transaction volumes soften.
He said the new residential property loans will take time to 'filter through the system', as the Temporary Occupation Permit dates could be around three years later and the drawdown for these loans would continue over the next few quarters.
'However, we expect the private resale market to see some slowdown in transaction volumes going ahead, due to the government measures. This could lead to loans growth slowing from 2011 onwards,' he said.
Bankers, speaking on condition of anonymity, said that some customers had even been forgoing their option to buy in some newer developments.
Deutsche Bank analyst Andrew Hill said in a report last month that 'although the latest action to cool the residential property market shouldn't come as a great surprise, it will likely dampen sentiment towards the banks near-term'.
He said that in the month following the August measures, banks under-performed the Straits Times Index by 5per cent. UOB shares were the most affected, with a fall of 8 per cent, while DBS' and OCBC's fell by 3 per cent.
Phillip Securities analyst Magdalene Choong estimated that housing loans comprised 29 per cent of UOB's loan book. This compared with 25.3 per cent for DBS and 25.4 per cent for OCBC.
gabrielc@sph.com.sg
Mortgages steal show as bank lending grows
Housing loans rose to $112.4b in December from $111b in November
By Gabriel Chen
MORTGAGES are still powering the growth in bank lending although analysts reckon that blistering housing sales will taper off soon once the cooling measures bite.
While a slowdown is expected, the story now is of huge loans growth, in both the commercial and residential sectors.
Total loans by banks - foreign and local - grew to $322.7 billion in December, from $281.3 billion in the same period a year ago, according to the Monetary Authority of Singapore (MAS) yesterday.
Business loans were up 11.7 per cent over the same period in 2009, helped by companies in the manufacturing, building and construction and general commerce space hitting a higher gear.
Housing-related loans rose to an estimated $112.4 billion in December from $111 billion in November.
The jump in mortgages was even more significant on a year-on-year basis, up 23 per cent over December 2009.
This is not surprising given that private home prices climbed 17.6 per cent last year, with the sale of a record 16,292 new homes.
Hot on the heels of the August property cooling measures, the Government recently announced new rules that raised the seller's stamp duty on properties to as much as 16 per cent of the sale price if the home is offloaded within a year.
The amount banks can lend on a second property has also been lowered to 60 per cent of the home's value.
DMG analyst Leng Seng Choon expects housing loans to slow as resale transaction volumes soften.
He said the new residential property loans will take time to 'filter through the system', as the Temporary Occupation Permit dates could be around three years later and the drawdown for these loans would continue over the next few quarters.
'However, we expect the private resale market to see some slowdown in transaction volumes going ahead, due to the government measures. This could lead to loans growth slowing from 2011 onwards,' he said.
Bankers, speaking on condition of anonymity, said that some customers had even been forgoing their option to buy in some newer developments.
Deutsche Bank analyst Andrew Hill said in a report last month that 'although the latest action to cool the residential property market shouldn't come as a great surprise, it will likely dampen sentiment towards the banks near-term'.
He said that in the month following the August measures, banks under-performed the Straits Times Index by 5per cent. UOB shares were the most affected, with a fall of 8 per cent, while DBS' and OCBC's fell by 3 per cent.
Phillip Securities analyst Magdalene Choong estimated that housing loans comprised 29 per cent of UOB's loan book. This compared with 25.3 per cent for DBS and 25.4 per cent for OCBC.
gabrielc@sph.com.sg
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