Nov 20, 2010
Cashback scam: Agent's jail term cut to two weeks
A PROPERTY agent convicted of taking part in a cashback scam had his one-month jail sentence reduced to two weeks and a $1,000 fine yesterday.
Francis Clinton Wong Chee Meng, 39, was acting for a flat seller when former agent Nick Goh Chong Liang approached him and convinced him to take part in the plot.
When police started investigating, Goh - who was running the scam with two others, including fugitive lawyer David Rasif - told Wong not to implicate him, and threatened to take revenge on him if he did.
Wong then lied to the police, saying the buyer's agent had suggested the scam. He was sentenced in June to two weeks in jail for cheating and one month for giving police false information. The two terms were concurrent.
He appealed, and the High Court yesterday reduced his sentence for giving false information to a $1,000 fine. His appeal against the sentence for cheating was dismissed.
In cutting Wong's sentence, Justice Steven Chong noted the threats he had received from Goh in 2005. Wong had no other probable motivation for lying to the police, he said.
Goh, 37, hatched the cashback scam in 2003 with Rasif - who is still on the run after siphoning off $11 million of his clients' money - and fellow lawyer David Tan Hock Boon, 40.
It involved convincing flat sellers to declare an inflated amount above the actual agreed purchase price. The banks would then be deceived into issuing higher mortgage loans to the buyers.
Wong was accused of cheating Standard Chartered Bank into believing that the purchase price of a Yishun flat was $250,000 when it was actually $203,000. This resulted in the bank giving a $187,500 loan to the buyer.
Wong then convinced the seller to transfer the $47,000 'cashback' - the difference between the real price and the inflated one - to a shell company set up by Goh, saying it was a requirement by the buyer.
Goh was jailed for five years and five months in 2007.
Tan was jailed for five years in 2008.
SELINA LUM
Tuesday, November 23, 2010
ST : HK cracks down on property speculation
Nov 20, 2010
HK cracks down on property speculation
It imposes more curbs as IMF warns of the danger of asset inflation
HONG KONG: Hong Kong has imposed additional taxes and raised down payments on residential properties, stepping up a battle against surging prices after the International Monetary Fund warned that asset inflation may derail the Chinese city's economy.
Homes sold within six months of purchase will incur a 15 per cent stamp duty from today, Financial Secretary John Tsang said in a briefing yesterday. Down payments for homes costing HK$12 million (S$2 million) or more will rise to 50 per cent, from 40 per cent.
'The measures show the government is serious about curbing speculation, and that would impact on market sentiment, leading to a fall in home sales volume,' said Mr David Ng, a Hong Kong-based property analyst at Royal Bank of Scotland. 'Home prices won't see a decline immediately as speculators could still keep their stocks in the low interest rate environment.'
Governments from South Korea to Brazil are acting to stem fund inflows into their higher-yielding markets after the US Federal Reserve announced a plan to buy an additional US$600 billion (S$780 billion) in government debt to support the US economy.
Hong Kong is resorting to increased taxes and tighter lending to curb home prices that have risen more than 50 per cent since the beginning of last year because the city's currency peg to the US dollar prevents its de-facto central bank from raising interest rates.
'The unusual surge in flat prices has attracted speculators; this coupled with quantitative easing measures has distorted the market expectation regarding inflation and asset prices,' Mr Tsang said. 'The government is resolute in maintaining economic stability and curbing any threat to people's livelihoods.'
Properties resold within six months to 12 months will incur a 10 per cent stamp duty, while those resold from 12 months to 24 months will be charged 5 per cent, Mr Tsang said. The stamp duty will be split between buyers and sellers, he said.
Down payments for homes costing between HK$8 million and HK$12 million will be increased to 40 per cent from 30 per cent, Hong Kong Monetary Authority chief executive Norman Chan said at a separate briefing yesterday.
The maximum loan to value for all non-owner occupied residential properties and those held by companies will be lowered to 50 per cent, Mr Chan said.
The government will adopt more measures to make sure the market is stable, Mr Tsang said.
The additional stamp duty 'is quite substantial and is a way to deter speculation', said Mr Benedict Ma, Hong Kong- based associate director of research at CB Richard Ellis, the world's biggest real estate services firm. 'Investors, especially those in the luxury market, will have to reassess whether this is really the right time to get into the market.'
The IMF said in a report on Thursday that Hong Kong's accelerating asset inflation risks causing a bust that leads to deflation and an extended economic 'downturn', and urged further measures to rein in prices. The city has in the past year raised down payment ratios and boosted land supply to curb home prices, which have surpassed a 1997 peak on the back of record-low mortgage rates and an influx of mainland Chinese buyers.
South Korea revived a tax on foreigners investing in its bonds yesterday; Thailand is ending foreigners' 15 per cent tax exemption on income from domestic bonds; Brazil has tripled a tax on purchases of local fixed-income assets by overseas investors.
And Bank of Taiwan, the unit of the island's biggest financial services company, has cut the amount of loans for buyers of luxury residential properties and second homes as the state-owned lender seeks to reduce credit risk.
BLOOMBERG
HK cracks down on property speculation
It imposes more curbs as IMF warns of the danger of asset inflation
HONG KONG: Hong Kong has imposed additional taxes and raised down payments on residential properties, stepping up a battle against surging prices after the International Monetary Fund warned that asset inflation may derail the Chinese city's economy.
Homes sold within six months of purchase will incur a 15 per cent stamp duty from today, Financial Secretary John Tsang said in a briefing yesterday. Down payments for homes costing HK$12 million (S$2 million) or more will rise to 50 per cent, from 40 per cent.
'The measures show the government is serious about curbing speculation, and that would impact on market sentiment, leading to a fall in home sales volume,' said Mr David Ng, a Hong Kong-based property analyst at Royal Bank of Scotland. 'Home prices won't see a decline immediately as speculators could still keep their stocks in the low interest rate environment.'
Governments from South Korea to Brazil are acting to stem fund inflows into their higher-yielding markets after the US Federal Reserve announced a plan to buy an additional US$600 billion (S$780 billion) in government debt to support the US economy.
Hong Kong is resorting to increased taxes and tighter lending to curb home prices that have risen more than 50 per cent since the beginning of last year because the city's currency peg to the US dollar prevents its de-facto central bank from raising interest rates.
'The unusual surge in flat prices has attracted speculators; this coupled with quantitative easing measures has distorted the market expectation regarding inflation and asset prices,' Mr Tsang said. 'The government is resolute in maintaining economic stability and curbing any threat to people's livelihoods.'
Properties resold within six months to 12 months will incur a 10 per cent stamp duty, while those resold from 12 months to 24 months will be charged 5 per cent, Mr Tsang said. The stamp duty will be split between buyers and sellers, he said.
Down payments for homes costing between HK$8 million and HK$12 million will be increased to 40 per cent from 30 per cent, Hong Kong Monetary Authority chief executive Norman Chan said at a separate briefing yesterday.
The maximum loan to value for all non-owner occupied residential properties and those held by companies will be lowered to 50 per cent, Mr Chan said.
The government will adopt more measures to make sure the market is stable, Mr Tsang said.
The additional stamp duty 'is quite substantial and is a way to deter speculation', said Mr Benedict Ma, Hong Kong- based associate director of research at CB Richard Ellis, the world's biggest real estate services firm. 'Investors, especially those in the luxury market, will have to reassess whether this is really the right time to get into the market.'
The IMF said in a report on Thursday that Hong Kong's accelerating asset inflation risks causing a bust that leads to deflation and an extended economic 'downturn', and urged further measures to rein in prices. The city has in the past year raised down payment ratios and boosted land supply to curb home prices, which have surpassed a 1997 peak on the back of record-low mortgage rates and an influx of mainland Chinese buyers.
South Korea revived a tax on foreigners investing in its bonds yesterday; Thailand is ending foreigners' 15 per cent tax exemption on income from domestic bonds; Brazil has tripled a tax on purchases of local fixed-income assets by overseas investors.
And Bank of Taiwan, the unit of the island's biggest financial services company, has cut the amount of loans for buyers of luxury residential properties and second homes as the state-owned lender seeks to reduce credit risk.
BLOOMBERG
ST : New watchdog gets six complaints a day
Nov 19, 2010
New watchdog gets six complaints a day
By Daryl Chin
IN THE 19 days since it was set up, the Council for Estate Agencies (CEA) has received a total of 72 complaints or about six every working day, about errant property agents.
Till Nov 10, about one in two complaints to the CEA was about unprofessional agents or the quality of service they provided.
Complaints about misrepresentation, alleged fraud, disputes on commission and bickering between agents made up the rest.
The council can now only refer complaints involving disputes on commissions and contractual matters back to the agents, who will be tasked to provide the CEA with a report within 14 days.
Said a spokesman: 'If they are unable to resolve the dispute, CEA will advise consumers to go to mediation centres such as the Consumers Association of Singapore (Case) or the Singapore Mediation Centre.'
The council can also issue warning letters to errant agents for acts such as distributing fliers containing misleading information.
Beginning January next year, however, the CEA, which has a staff of 30, will start handing out licences to estate agents registered with them. Only CEA-registered agents will be allowed to transact properties.
And the council will have the authority to fine, suspend or revoke the licences of those who break the rules.
In addition, for complaints involving commission or contractual disputes, it will require estate agents to be physically present to participate in the dispute resolution process.
At present, Case can attempt to resolve the dispute only if both parties agree to do so.
If the agent does not turn up, consumers can take their grievances to the Small Claims Tribunal for further action. The process can take up to a month.
Last year, Case received 1,079 complaints against property agents for unsatisfactory service and misleading claims.
This year, it has received 961 complaints so far.
Said Case director Seah Seng Choon: 'When the CEA is able to take action next year, it will certainly speed up the dispute process. This is long overdue as estate agents have been left unregulated for too long.'
Property agencies The Straits Times spoke to said it was too early to tell how this might affect them.
PropNex, which has about 6,000 agents, receives an average of about 40 complaints monthly, most of them involving commission disputes.
New watchdog gets six complaints a day
By Daryl Chin
IN THE 19 days since it was set up, the Council for Estate Agencies (CEA) has received a total of 72 complaints or about six every working day, about errant property agents.
Till Nov 10, about one in two complaints to the CEA was about unprofessional agents or the quality of service they provided.
Complaints about misrepresentation, alleged fraud, disputes on commission and bickering between agents made up the rest.
The council can now only refer complaints involving disputes on commissions and contractual matters back to the agents, who will be tasked to provide the CEA with a report within 14 days.
Said a spokesman: 'If they are unable to resolve the dispute, CEA will advise consumers to go to mediation centres such as the Consumers Association of Singapore (Case) or the Singapore Mediation Centre.'
The council can also issue warning letters to errant agents for acts such as distributing fliers containing misleading information.
Beginning January next year, however, the CEA, which has a staff of 30, will start handing out licences to estate agents registered with them. Only CEA-registered agents will be allowed to transact properties.
And the council will have the authority to fine, suspend or revoke the licences of those who break the rules.
In addition, for complaints involving commission or contractual disputes, it will require estate agents to be physically present to participate in the dispute resolution process.
At present, Case can attempt to resolve the dispute only if both parties agree to do so.
If the agent does not turn up, consumers can take their grievances to the Small Claims Tribunal for further action. The process can take up to a month.
Last year, Case received 1,079 complaints against property agents for unsatisfactory service and misleading claims.
This year, it has received 961 complaints so far.
Said Case director Seah Seng Choon: 'When the CEA is able to take action next year, it will certainly speed up the dispute process. This is long overdue as estate agents have been left unregulated for too long.'
Property agencies The Straits Times spoke to said it was too early to tell how this might affect them.
PropNex, which has about 6,000 agents, receives an average of about 40 complaints monthly, most of them involving commission disputes.
ST : S'pore prime office rents spike in Q3
Nov 19, 2010
S'pore prime office rents spike in Q3
Biggest increase since end-2007, with 7.2% quarter-on-quarter rise
By Gabriel Chen
RISING prime office rents in Singapore accelerated in the third quarter, jumping the most since the end of 2007, according to a new report by CB Richard Ellis (CBRE).
CBRE said prime rents saw a big jump of 7.2 per cent quarter-on-quarter, from $6.90 per sq ft per month to $7.40 psf per month during the period, thanks to increasing demand from financial institutions, insurance firms and professional business service companies.
The major leasing deals reported during this period were primarily focused on various new Grade A or prime developments.
In another boost for the office market, the vacancy rate at Grade A buildings fell, the report said.
The CBRE findings come on the heels of a Colliers International report, which indicated that Singapore notched up the biggest increase in rents across the Asia-Pacific region in the third quarter.
Colliers found that in US dollar terms, Central Business District Grade A office rents leapt 15.6 per cent in the three months ended Sept 30 compared with the previous quarter.
'Singapore has enjoyed particularly strong occupier demand over the past six months,' said CBRE Singapore's executive director for office services, Mr Moray Armstrong.
'Even while the volume of leasing activity may ease going into 2011, we remain optimistic on the market outlook.'
The CBRE report noted that overall office rents in Asia rose 3.2 per cent quarter-on-quarter in the third quarter of this year.
Aside from the higher office rents in Singapore, the increase was also attributable to the strong growth in Greater China.
For example, the Hong Kong office market recorded the largest rental growth of any market in the region.
However, rental growth in cities such as Guangzhou, Shanghai and a number of major ones in India is already being constrained by the large amount of new supply coming on stream in the short to medium term, CBRE said.
In Japan, the Tokyo Grade A office market saw mixed fortunes during the quarter with well-located Grade A buildings securing new tenants but other Grade A buildings in less attractive locations continuing to have trouble finding tenants.
gabrielc@sph.com.sg
--------------------------------------------------------------------------------
BRIGHT OUTLOOK
'Singapore has enjoyed particularly strong occupier demand over the past six months... Even while the volume of leasing activity may ease going into 2011, we remain optimistic on the market outlook.'
Mr Moray Armstrong, CBRE Singapore's executive director for office services
S'pore prime office rents spike in Q3
Biggest increase since end-2007, with 7.2% quarter-on-quarter rise
By Gabriel Chen
RISING prime office rents in Singapore accelerated in the third quarter, jumping the most since the end of 2007, according to a new report by CB Richard Ellis (CBRE).
CBRE said prime rents saw a big jump of 7.2 per cent quarter-on-quarter, from $6.90 per sq ft per month to $7.40 psf per month during the period, thanks to increasing demand from financial institutions, insurance firms and professional business service companies.
The major leasing deals reported during this period were primarily focused on various new Grade A or prime developments.
In another boost for the office market, the vacancy rate at Grade A buildings fell, the report said.
The CBRE findings come on the heels of a Colliers International report, which indicated that Singapore notched up the biggest increase in rents across the Asia-Pacific region in the third quarter.
Colliers found that in US dollar terms, Central Business District Grade A office rents leapt 15.6 per cent in the three months ended Sept 30 compared with the previous quarter.
'Singapore has enjoyed particularly strong occupier demand over the past six months,' said CBRE Singapore's executive director for office services, Mr Moray Armstrong.
'Even while the volume of leasing activity may ease going into 2011, we remain optimistic on the market outlook.'
The CBRE report noted that overall office rents in Asia rose 3.2 per cent quarter-on-quarter in the third quarter of this year.
Aside from the higher office rents in Singapore, the increase was also attributable to the strong growth in Greater China.
For example, the Hong Kong office market recorded the largest rental growth of any market in the region.
However, rental growth in cities such as Guangzhou, Shanghai and a number of major ones in India is already being constrained by the large amount of new supply coming on stream in the short to medium term, CBRE said.
In Japan, the Tokyo Grade A office market saw mixed fortunes during the quarter with well-located Grade A buildings securing new tenants but other Grade A buildings in less attractive locations continuing to have trouble finding tenants.
gabrielc@sph.com.sg
--------------------------------------------------------------------------------
BRIGHT OUTLOOK
'Singapore has enjoyed particularly strong occupier demand over the past six months... Even while the volume of leasing activity may ease going into 2011, we remain optimistic on the market outlook.'
Mr Moray Armstrong, CBRE Singapore's executive director for office services
ST : $1.7b reserve price: Will builders bite?
Nov 19, 2010
PINE GROVE COLLECTIVE SALE
$1.7b reserve price: Will builders bite?
Joint bids likely, say analysts, pointing to cautious mood
By Francis Chan & Yasmine Yahya
PINE Grove is set to be put up for collective sale but its high $1.7 billion reserve price - the same carrot that enticed residents to support the sale - may put off potential bidders, say market experts.
But most still think there would be no lack of interest from developers, which could submit joint bids for the sprawling site off Ulu Pandan Road, home to 660 units.
'I wouldn't say the price would turn them away, but it's very likely that they will form consortiums to bid for it,' said Ms Tay Huey Ying, Colliers' director of research and advisory.
Mr Colin Tan, research and consultancy director of Chesterton Suntec International, was more optimistic, saying that with the world flush with liquidity at the moment, 'anything can happen'.
But he pointed out that developers may be cautious since other projects launched between 2007 and 2008 in the area have not been fully sold yet.
'Projects like The Interlace, Farrer Court... these are huge projects that are still not fully sold,' said Mr Tan. 'So who would build a similar project when you have other existing projects that have not been fully sold?'
Jones Lang LaSalle has been appointed the marketing agent of the estate, which sits on 893,178 sq ft of land.
News broke earlier this week that the requisite 80 per cent of residents from the estate had given their support for the collective sale. This, said some Pine Grove residents yesterday, was after the reserve price had been revised upwards to $1.7 billion earlier this month.
'Some of my neighbours were still undecided, but changed their minds after they received the notice about the latest price revision,' said a 47-year-old resident from Block 1B.
At $1.7 billion, owners could receive between $2.1 million and $2.75 million per unit, depending on the size of the apartment and development charge. Most of the units are 1,754 sq ft in size.
If the sale does go through, Pine Grove would become Singapore's largest residential collective sale, beating the previous record of $1.34 billion paid for Farrer Court in 2007.
The collection of signatures from residents started on Nov 15 last year, said a resident from Block 1C.
This latest collective sale attempt by Pine Grove residents follows at least two previous failed attempts - one in 2007 and another last year. This time, collective sale committee members and property agents went door-to-door to seek support for the sale in the days leading up to the Nov 14 deadline.
'They were very proactive this time and my parents thought it was a good price, so they have agreed to it,' said a resident from Block 1P.
Residents who do not want to sell their homes, however, said they felt harassed and pressured to put pen to paper.
'Where else can I get such a spacious home?' said a semi-retired woman who has been living in Block 1B for 15 years. 'Here, I don't even close my windows and main door.'
Residents are in for a nervous few weeks as they wait for the official confirmation that an 80 per cent mandate to start the sale has been received.
franchan@sph.com.sg
yasminey@sph.com.sg
PINE GROVE COLLECTIVE SALE
$1.7b reserve price: Will builders bite?
Joint bids likely, say analysts, pointing to cautious mood
By Francis Chan & Yasmine Yahya
PINE Grove is set to be put up for collective sale but its high $1.7 billion reserve price - the same carrot that enticed residents to support the sale - may put off potential bidders, say market experts.
But most still think there would be no lack of interest from developers, which could submit joint bids for the sprawling site off Ulu Pandan Road, home to 660 units.
'I wouldn't say the price would turn them away, but it's very likely that they will form consortiums to bid for it,' said Ms Tay Huey Ying, Colliers' director of research and advisory.
Mr Colin Tan, research and consultancy director of Chesterton Suntec International, was more optimistic, saying that with the world flush with liquidity at the moment, 'anything can happen'.
But he pointed out that developers may be cautious since other projects launched between 2007 and 2008 in the area have not been fully sold yet.
'Projects like The Interlace, Farrer Court... these are huge projects that are still not fully sold,' said Mr Tan. 'So who would build a similar project when you have other existing projects that have not been fully sold?'
Jones Lang LaSalle has been appointed the marketing agent of the estate, which sits on 893,178 sq ft of land.
News broke earlier this week that the requisite 80 per cent of residents from the estate had given their support for the collective sale. This, said some Pine Grove residents yesterday, was after the reserve price had been revised upwards to $1.7 billion earlier this month.
'Some of my neighbours were still undecided, but changed their minds after they received the notice about the latest price revision,' said a 47-year-old resident from Block 1B.
At $1.7 billion, owners could receive between $2.1 million and $2.75 million per unit, depending on the size of the apartment and development charge. Most of the units are 1,754 sq ft in size.
If the sale does go through, Pine Grove would become Singapore's largest residential collective sale, beating the previous record of $1.34 billion paid for Farrer Court in 2007.
The collection of signatures from residents started on Nov 15 last year, said a resident from Block 1C.
This latest collective sale attempt by Pine Grove residents follows at least two previous failed attempts - one in 2007 and another last year. This time, collective sale committee members and property agents went door-to-door to seek support for the sale in the days leading up to the Nov 14 deadline.
'They were very proactive this time and my parents thought it was a good price, so they have agreed to it,' said a resident from Block 1P.
Residents who do not want to sell their homes, however, said they felt harassed and pressured to put pen to paper.
'Where else can I get such a spacious home?' said a semi-retired woman who has been living in Block 1B for 15 years. 'Here, I don't even close my windows and main door.'
Residents are in for a nervous few weeks as they wait for the official confirmation that an 80 per cent mandate to start the sale has been received.
franchan@sph.com.sg
yasminey@sph.com.sg
ST : 348 Waterview units offered at launch
Nov 19, 2010
348 Waterview units offered at launch
SIM Lian Group is launching its 99-year leasehold Waterview condominium in Bedok Reservoir today.
The group said it would offer 348 units - half of the 696 units in the project - at an average price of $838 per square foot.
Waterview lies at the junction of Tampines Avenue 1 and Tampines Avenue 10, right next to Bedok Reservoir Park.
It is also located near schools, such as Temasek Polytechnic, the United World College of South East Asia and St Hilda's Primary School, as well as Tampines Regional Centre and other amenities.
Sitting on a 341,654 sq ft site, the development comprises 12 15-storey blocks and offers views of Bedok Reservoir and Tampines Quarry Park.
Waterview also has two pools: one for adults and a fun pool for children.
The flats range from two-bedroom units to luxurious single-level penthouses with six bedrooms.
Most of the units have views of the reservoir, the quarry or the pools - which is why it is called Waterview, Sim Lian said yesterday.
'The selling price for the first phase of the project is within expectations and acceptable to home buyers,' said Mr Ong Kah Seng, a senior manager for Asia-Pacific research at Cushman & Wakefield.
'The level is based on the prices of neighbouring developments, the cost of the site when it was awarded in the first half of this year and the prevailing sentiment among home buyers, which suggests at least cautious optimism among potential buyers,' he noted.
The Waterview launch follows a slew of property releases that have hit the residential market in recent weeks, with more expected before the year is over.
One was the launch earlier this month of UOL Group's Spottiswoode Residences, which saw 130 units sold during a three-day preview.
The development is near the soon-to-be-rejuvenated Tanjong Pagar area.
Prices at Spottiswoode ranged from $1,720 psf to $2,150 psf.
UOL said 86 per cent of the buyers were Singaporeans, most of whom were aged 40 or above. They included doctors, professionals, bankers and businessmen, and chose higher-priced units with sea views.
CapitaLand is expected to launch The Nassim and its 1,715-unit condo at the Farrer Court site by the end of this year.
GABRIEL CHEN
348 Waterview units offered at launch
SIM Lian Group is launching its 99-year leasehold Waterview condominium in Bedok Reservoir today.
The group said it would offer 348 units - half of the 696 units in the project - at an average price of $838 per square foot.
Waterview lies at the junction of Tampines Avenue 1 and Tampines Avenue 10, right next to Bedok Reservoir Park.
It is also located near schools, such as Temasek Polytechnic, the United World College of South East Asia and St Hilda's Primary School, as well as Tampines Regional Centre and other amenities.
Sitting on a 341,654 sq ft site, the development comprises 12 15-storey blocks and offers views of Bedok Reservoir and Tampines Quarry Park.
Waterview also has two pools: one for adults and a fun pool for children.
The flats range from two-bedroom units to luxurious single-level penthouses with six bedrooms.
Most of the units have views of the reservoir, the quarry or the pools - which is why it is called Waterview, Sim Lian said yesterday.
'The selling price for the first phase of the project is within expectations and acceptable to home buyers,' said Mr Ong Kah Seng, a senior manager for Asia-Pacific research at Cushman & Wakefield.
'The level is based on the prices of neighbouring developments, the cost of the site when it was awarded in the first half of this year and the prevailing sentiment among home buyers, which suggests at least cautious optimism among potential buyers,' he noted.
The Waterview launch follows a slew of property releases that have hit the residential market in recent weeks, with more expected before the year is over.
One was the launch earlier this month of UOL Group's Spottiswoode Residences, which saw 130 units sold during a three-day preview.
The development is near the soon-to-be-rejuvenated Tanjong Pagar area.
Prices at Spottiswoode ranged from $1,720 psf to $2,150 psf.
UOL said 86 per cent of the buyers were Singaporeans, most of whom were aged 40 or above. They included doctors, professionals, bankers and businessmen, and chose higher-priced units with sea views.
CapitaLand is expected to launch The Nassim and its 1,715-unit condo at the Farrer Court site by the end of this year.
GABRIEL CHEN
ST : 1,176 BTO flats coming near scenic Yishun park
Nov 19, 2010
1,176 BTO flats coming near scenic Yishun park
Units up to 40% cheaper than comparable resale flats
By Daryl Chin
THE Housing Board has launched more than 1,100 build-to-order (BTO) flats in Yishun that will be located near the scenic Lower Seletar Reservoir Park.
Property experts expect demand for the flats to be good, especially since they are priced up to 40 per cent below the median price of comparable flats on the HDB resale market.
The Yishun Greenwalk, which will be sold under a standard contract, was launched yesterday. It will bring the total number of new flats for sale under the BTO and Sale of Balance Flat exercise to 16,700 since the start of this year.
The bulk of the 1,176 units will be made up of 602 four-room flats of 990 sq ft each, with a price range of $224,000 to $280,000. There will also be 462 five-room flats, each 1,205 sq ft and priced between $298,000 and $365,000. The remaining 112 units are three-room flats with a floor area of 721 sq ft, and priced between $150,000 and $186,000 each.
As with all new BTO launches, up to 95 per cent of the flats will be set aside for first-time buyers.
PropNex corporate communications manager Adam Tan said he expected the project to be oversubscribed by as much as four times. This is because first-timers will be drawn towards the price, which is up to 40 per cent lower than HDB resale flat prices in the area.
In September, a three-room flat was sold for $288,000 while a five-room unit was sold for $443,000. Both were a stone's throw from the upcoming project.
The project, located between Yishun Ring Road and Yishun Avenue 9, is near to amenities and schools, making it attractive to young first-timer couples who are planning to start a family soon.
Said Mr Tan: 'Yishun is no longer a quiet HDB estate. It has seen, and continues to see, developments that add to a more well-rounded lifestyle for residents.'
In 2007, Yishun was selected by the HDB to be part of a Remaking Our Heartland initiative to rejuvenate the middle-aged town.
These measures included extending the Northpoint Shopping Centre with a new public library within its premises; building a Heritage Garden detailing Yishun's history; the recently opened Khoo Teck Puat Hospital; and new, condo-style HDB flats in a project called Adora Green, which is expected to be launched next year.
The HDB said first-time flat buyers are estimated to use 21 per cent to 24 per cent of their monthly household income to meet loan payments. The monthly household income ceiling is set at $3,000 a month for three-room units and $8,000 a month for the rest.
Those earning not more than $5,000 can also apply for the Additional CPF Housing Grant of up to $40,000. This can be used to offset the initial down payment. Applications for flats can be submitted at the HDB's website from today to Dec 1.
darylc@sph.com.sg
1,176 BTO flats coming near scenic Yishun park
Units up to 40% cheaper than comparable resale flats
By Daryl Chin
THE Housing Board has launched more than 1,100 build-to-order (BTO) flats in Yishun that will be located near the scenic Lower Seletar Reservoir Park.
Property experts expect demand for the flats to be good, especially since they are priced up to 40 per cent below the median price of comparable flats on the HDB resale market.
The Yishun Greenwalk, which will be sold under a standard contract, was launched yesterday. It will bring the total number of new flats for sale under the BTO and Sale of Balance Flat exercise to 16,700 since the start of this year.
The bulk of the 1,176 units will be made up of 602 four-room flats of 990 sq ft each, with a price range of $224,000 to $280,000. There will also be 462 five-room flats, each 1,205 sq ft and priced between $298,000 and $365,000. The remaining 112 units are three-room flats with a floor area of 721 sq ft, and priced between $150,000 and $186,000 each.
As with all new BTO launches, up to 95 per cent of the flats will be set aside for first-time buyers.
PropNex corporate communications manager Adam Tan said he expected the project to be oversubscribed by as much as four times. This is because first-timers will be drawn towards the price, which is up to 40 per cent lower than HDB resale flat prices in the area.
In September, a three-room flat was sold for $288,000 while a five-room unit was sold for $443,000. Both were a stone's throw from the upcoming project.
The project, located between Yishun Ring Road and Yishun Avenue 9, is near to amenities and schools, making it attractive to young first-timer couples who are planning to start a family soon.
Said Mr Tan: 'Yishun is no longer a quiet HDB estate. It has seen, and continues to see, developments that add to a more well-rounded lifestyle for residents.'
In 2007, Yishun was selected by the HDB to be part of a Remaking Our Heartland initiative to rejuvenate the middle-aged town.
These measures included extending the Northpoint Shopping Centre with a new public library within its premises; building a Heritage Garden detailing Yishun's history; the recently opened Khoo Teck Puat Hospital; and new, condo-style HDB flats in a project called Adora Green, which is expected to be launched next year.
The HDB said first-time flat buyers are estimated to use 21 per cent to 24 per cent of their monthly household income to meet loan payments. The monthly household income ceiling is set at $3,000 a month for three-room units and $8,000 a month for the rest.
Those earning not more than $5,000 can also apply for the Additional CPF Housing Grant of up to $40,000. This can be used to offset the initial down payment. Applications for flats can be submitted at the HDB's website from today to Dec 1.
darylc@sph.com.sg
ST : Last lap for Turf City
Nov 19, 2010
Last lap for Turf City
Lease runs out next August but tenants unfazed; business has picked up speed
By Cheryl Lim
THE fate of the popular Turf City shopping mall appears uncertain.
Turf City in Bukit Timah has been leased out by the Singapore Land Authority (SLA) since the Turf Club moved to Kranji in 1999.
However, it has now emerged that the latest lease, which was granted by the SLA in June, was for one year rather than the usual three.
The SLA has told The Straits Times that this lease is the 'final' one, and that it will not be available for renewal when it expires on Aug 31 next year.
SLA's state property information website states 'nil' for the available tenure after the expiry of the current lease.
SLA says the development plans for the site are still under study by the relevant authorities. When contacted, the master tenant - private developer Singapore Agro Agricultural (SAA) - did not say why the lease was not being renewed.
Earlier reports have said SAA is behind the 2.33-ha Farmart Centre in Tengah, Singapore's first farm shopping centre.
The Turf City mall occupies 760,000 sq ft and houses more than 160 tenants, ranging from Giant hypermarket to car dealerships and restaurants.
Most tenants interviewed say they have not had official word from Turf City's management about what will happen when the lease ends.
Despite this, it is believed that several eateries have renovated their premises recently, while uptake for new leases remains healthy. Checks revealed several new tenants have inked new leases in the last few months.
Hair salon Yen's Hair Image celebrated its official opening earlier this month. Its owner, Ms Jolene Bousky, said she was fully aware of the risks when she signed the one-year lease with Turf City in August.
'Management did tell me that the lease may be continued when it ends. But they can't guarantee that for sure... customers have asked why I want to continue but I think even staying here for one or two years will help boost my customer base,' she said.
Since 2001, the site has been leased out to private business enterprises for various interim uses, such as sports and recreation, food and beverage, and retail.
A modest revamp in 2003 saw the addition of The Market Place, a flea-market of sorts modelled after Bangkok's Mahboonkrong shopping centre.
Over the years, the mall has also played host to several lifestyle events including performances by foreign artists and sporting events such as the Tanglin Rugby Club Barclays Cup and the Schools National Cross-Country Championships.
One tenant, Mr Teh Han Sing, managing director of Chin Lian Seng Motor Trading, said he would be sad to leave the place as business is good, having picked up in recent years.
Other tenants say they, too, have seen a recent revival in what they once called 'dead city'.
The shopping mall has turned into a favourite haunt of both expat and local families, many drawn by the array of children's activities and sports offered by businesses there.
When contacted, the Urban Redevelopment Authority (URA) said the site occupied by Turf City has been zoned for residential use since 1993, to better reflect its planning intentions.
Under the 2008 Master Plan, the site is still zoned for residential use and the URA said the development timeframe has not been firmed up yet.
OrangeTee head of research and consultancy Tan Kok Keong said the tenure of the lease is too short to warrant any meaningful investment.
He said that if the area is to be redeveloped, it could be turned into a landed residential estate, a private social club or a sports club.
Mr Danny Yeo, group managing director of Knight Frank, said the site's proximity to well-established schools and the upcoming rail network makes it an ideal location for residential development.
'The area is very green. Once you put in commercial elements there, it will destroy the serenity of the residential estate,' he added.
'There aren't many high-rise developments. It's largely landed property and it's best kept at that.'
cherlim@sph.com.sg
Additional reporting by Dhevarajan Devadas
Last lap for Turf City
Lease runs out next August but tenants unfazed; business has picked up speed
By Cheryl Lim
THE fate of the popular Turf City shopping mall appears uncertain.
Turf City in Bukit Timah has been leased out by the Singapore Land Authority (SLA) since the Turf Club moved to Kranji in 1999.
However, it has now emerged that the latest lease, which was granted by the SLA in June, was for one year rather than the usual three.
The SLA has told The Straits Times that this lease is the 'final' one, and that it will not be available for renewal when it expires on Aug 31 next year.
SLA's state property information website states 'nil' for the available tenure after the expiry of the current lease.
SLA says the development plans for the site are still under study by the relevant authorities. When contacted, the master tenant - private developer Singapore Agro Agricultural (SAA) - did not say why the lease was not being renewed.
Earlier reports have said SAA is behind the 2.33-ha Farmart Centre in Tengah, Singapore's first farm shopping centre.
The Turf City mall occupies 760,000 sq ft and houses more than 160 tenants, ranging from Giant hypermarket to car dealerships and restaurants.
Most tenants interviewed say they have not had official word from Turf City's management about what will happen when the lease ends.
Despite this, it is believed that several eateries have renovated their premises recently, while uptake for new leases remains healthy. Checks revealed several new tenants have inked new leases in the last few months.
Hair salon Yen's Hair Image celebrated its official opening earlier this month. Its owner, Ms Jolene Bousky, said she was fully aware of the risks when she signed the one-year lease with Turf City in August.
'Management did tell me that the lease may be continued when it ends. But they can't guarantee that for sure... customers have asked why I want to continue but I think even staying here for one or two years will help boost my customer base,' she said.
Since 2001, the site has been leased out to private business enterprises for various interim uses, such as sports and recreation, food and beverage, and retail.
A modest revamp in 2003 saw the addition of The Market Place, a flea-market of sorts modelled after Bangkok's Mahboonkrong shopping centre.
Over the years, the mall has also played host to several lifestyle events including performances by foreign artists and sporting events such as the Tanglin Rugby Club Barclays Cup and the Schools National Cross-Country Championships.
One tenant, Mr Teh Han Sing, managing director of Chin Lian Seng Motor Trading, said he would be sad to leave the place as business is good, having picked up in recent years.
Other tenants say they, too, have seen a recent revival in what they once called 'dead city'.
The shopping mall has turned into a favourite haunt of both expat and local families, many drawn by the array of children's activities and sports offered by businesses there.
When contacted, the Urban Redevelopment Authority (URA) said the site occupied by Turf City has been zoned for residential use since 1993, to better reflect its planning intentions.
Under the 2008 Master Plan, the site is still zoned for residential use and the URA said the development timeframe has not been firmed up yet.
OrangeTee head of research and consultancy Tan Kok Keong said the tenure of the lease is too short to warrant any meaningful investment.
He said that if the area is to be redeveloped, it could be turned into a landed residential estate, a private social club or a sports club.
Mr Danny Yeo, group managing director of Knight Frank, said the site's proximity to well-established schools and the upcoming rail network makes it an ideal location for residential development.
'The area is very green. Once you put in commercial elements there, it will destroy the serenity of the residential estate,' he added.
'There aren't many high-rise developments. It's largely landed property and it's best kept at that.'
cherlim@sph.com.sg
Additional reporting by Dhevarajan Devadas
ST : An asset which appreciates
Nov 18, 2010
An asset which appreciates
· What challenges do you see for public housing in the years ahead?
First, there is the question of how much resources we should put into this. Punggol 21 Plus, Dawson and so on look marvellous and we are very proud of these projects. But it costs money to do these things. Not just money to build the high-quality flats and amenities, but also the land we are setting aside to be able to deliver these standards, with spaces for parks and so on. So there is a significant economic cost to this, which we have to be aware of. I think it is a good investment in our social infrastructure, but we have to be conscious of the cost and the resources that we are putting into this.
Second, there is the question of income distribution. We need to be a lot more focused in the way we distribute the housing subsidy to Singaporeans. We did not use to be very discriminating about this, or precise in deciding exactly how much the subsidy should be. You bought a flat, at a discount from the market price, and if you live in it for 20-something years, it would have appreciated very substantially.
For example, a three-room flat in Ang Mo Kio in the 1970s cost less than $20,000. Today it is worth $250,000 or more. Most of the people who bought those flats in the 1970s in Ang Mo Kio were quite poor, and I think it is right that we have helped them to enjoy this tremendous capital gain over time. As the economy grew and Singapore prospered, this was how they could participate in the success of the country. It is their share of our success.
But now many families buying HDB flats are not poor. We have to make sure that what you get in terms of an implicit or explicit subsidy is appropriate, and commensurate with what people who are less well-off than you are getting.
If your monthly household income is $8,000, should you enjoy the same HDB subsidy as a $2,000 income household? I think the housing subsidy should vary with family circumstances.
In fact, we have already done that with the Additional CPF Housing Grant, which is now a maximum of $40,000 for those earning $1,500 or less per month. Over time, we probably will build up this. I think it is fair. Because if you are earning $8,000, you are not poor. You might feel entitled to some bite of the cherry, but I think it should be a somewhat smaller bite.
· Another major issue facing public housing is the ageing of Singapore society. How will public housing provide for this?
Yes, this is a major thing we have to think about. How do we arrange it to give people a way to cash out of their house in an orderly manner? Providing rental flats is a very disorderly mechanism for people to cash out. They sell their flats, take the capital gain, which they may then save or spend. But anyway, they come back to the Government and say give me a rental flat, I now have nowhere to live, or maybe even have no money left. And it defeats the whole purpose of the home ownership programme, because the HDB flat was meant to take care of you till your sunset years.
So what do I do? I can make it harder to rent a flat, to make sure the rental flats go to those most in need, or I can raise the price of the rental flat for those who are not actually poor. But the Government does not want to be your landlord; we would like you to be a home owner for as long as you live. That is why we have the Lease Buyback Scheme. That is why we have short (30-year) leases on studio apartments.
We have to get people used to this idea and create the incentives so that people see it as a natural arrangement. You might sell your flat, but you will still need some place to live in. So you should provide for your next 30 years. If you are 60, it may be another 20 to 30 years of life. Best to provide for that in advance, and not wonder every month where are you going to find money to pay the rent.
· Do you see any major challenges in trying to deliver on some of these policies, such as the ups and downs in the economy and financial markets?
Oh yes, it depends on how the economy performs. If you want to redevelop the HDB estates, you are talking about several billion dollars a year, times 20-25 years. That's a huge amount of money. We project that we can afford it, but it is far from a trivial commitment.
· Some people believe that as a society, Singapore has over-invested in housing. What do you say?
If you look at it purely from an economic point of view, then our quality of housing is very high, whether in terms of the quality of the environment, or square metres per person. But the political and social dividends have been considerable. If you left the low end to their own devices, without the compulsory CPF savings, poorer Singaporeans would not have put so much money into their house, they would have lived in much more miserable conditions, and we would have slums in Singapore. From their personal maximisation point of view, as rational consumers, that may be their personal choice. But in terms of the overall society, we would be far worse off to have ghettos and slums.
· It would be a very different society.
It would be a very different society. And if you allowed that to happen, there would also be a racial element, which you cannot run away from, which would be big trouble.
· As Prime Minister, how much is housing on your mind as a policy concern?
Housing problems are not so urgent (now) because we have already got the population housed, and many of the schemes are already there. But these issues are growing over time and need a long lead time to tackle, so you can't wait till they become urgent, because by then, to do anything will take at least another five to 10 years.
So you have to think about them progressively, and every few years take another step, and it takes several years to get that step implemented. And that is what we have been doing...
Building flats for Singaporeans is not just a matter of awarding the contracts and administering the construction projects. We have to get the scheme right and the incentives right, so that people respond in a way that is collectively constructive and sensible for us. And every time you think you have tweaked and got it right, you will find some unexpected consequences, and then you have to adjust your scheme.
As we free up the HDB market, it resembles more closely the private property market, where booms and busts are in the nature of the market dynamics. The HDB resale market is now already linked to the private market, because people who sell their HDB flats often aim to upgrade to a condo. So when the private property market goes up or down, the HDB resale market tends to go up or down too, and that can be very painful, in both directions.
We would like the HDB flat to be an asset which appreciates gradually from year to year, but we can't guarantee that in the short term. In the long term, HDB flat values should appreciate so long as Singapore prospers, and we have a good government. And that is what we must strive for.
An asset which appreciates
· What challenges do you see for public housing in the years ahead?
First, there is the question of how much resources we should put into this. Punggol 21 Plus, Dawson and so on look marvellous and we are very proud of these projects. But it costs money to do these things. Not just money to build the high-quality flats and amenities, but also the land we are setting aside to be able to deliver these standards, with spaces for parks and so on. So there is a significant economic cost to this, which we have to be aware of. I think it is a good investment in our social infrastructure, but we have to be conscious of the cost and the resources that we are putting into this.
Second, there is the question of income distribution. We need to be a lot more focused in the way we distribute the housing subsidy to Singaporeans. We did not use to be very discriminating about this, or precise in deciding exactly how much the subsidy should be. You bought a flat, at a discount from the market price, and if you live in it for 20-something years, it would have appreciated very substantially.
For example, a three-room flat in Ang Mo Kio in the 1970s cost less than $20,000. Today it is worth $250,000 or more. Most of the people who bought those flats in the 1970s in Ang Mo Kio were quite poor, and I think it is right that we have helped them to enjoy this tremendous capital gain over time. As the economy grew and Singapore prospered, this was how they could participate in the success of the country. It is their share of our success.
But now many families buying HDB flats are not poor. We have to make sure that what you get in terms of an implicit or explicit subsidy is appropriate, and commensurate with what people who are less well-off than you are getting.
If your monthly household income is $8,000, should you enjoy the same HDB subsidy as a $2,000 income household? I think the housing subsidy should vary with family circumstances.
In fact, we have already done that with the Additional CPF Housing Grant, which is now a maximum of $40,000 for those earning $1,500 or less per month. Over time, we probably will build up this. I think it is fair. Because if you are earning $8,000, you are not poor. You might feel entitled to some bite of the cherry, but I think it should be a somewhat smaller bite.
· Another major issue facing public housing is the ageing of Singapore society. How will public housing provide for this?
Yes, this is a major thing we have to think about. How do we arrange it to give people a way to cash out of their house in an orderly manner? Providing rental flats is a very disorderly mechanism for people to cash out. They sell their flats, take the capital gain, which they may then save or spend. But anyway, they come back to the Government and say give me a rental flat, I now have nowhere to live, or maybe even have no money left. And it defeats the whole purpose of the home ownership programme, because the HDB flat was meant to take care of you till your sunset years.
So what do I do? I can make it harder to rent a flat, to make sure the rental flats go to those most in need, or I can raise the price of the rental flat for those who are not actually poor. But the Government does not want to be your landlord; we would like you to be a home owner for as long as you live. That is why we have the Lease Buyback Scheme. That is why we have short (30-year) leases on studio apartments.
We have to get people used to this idea and create the incentives so that people see it as a natural arrangement. You might sell your flat, but you will still need some place to live in. So you should provide for your next 30 years. If you are 60, it may be another 20 to 30 years of life. Best to provide for that in advance, and not wonder every month where are you going to find money to pay the rent.
· Do you see any major challenges in trying to deliver on some of these policies, such as the ups and downs in the economy and financial markets?
Oh yes, it depends on how the economy performs. If you want to redevelop the HDB estates, you are talking about several billion dollars a year, times 20-25 years. That's a huge amount of money. We project that we can afford it, but it is far from a trivial commitment.
· Some people believe that as a society, Singapore has over-invested in housing. What do you say?
If you look at it purely from an economic point of view, then our quality of housing is very high, whether in terms of the quality of the environment, or square metres per person. But the political and social dividends have been considerable. If you left the low end to their own devices, without the compulsory CPF savings, poorer Singaporeans would not have put so much money into their house, they would have lived in much more miserable conditions, and we would have slums in Singapore. From their personal maximisation point of view, as rational consumers, that may be their personal choice. But in terms of the overall society, we would be far worse off to have ghettos and slums.
· It would be a very different society.
It would be a very different society. And if you allowed that to happen, there would also be a racial element, which you cannot run away from, which would be big trouble.
· As Prime Minister, how much is housing on your mind as a policy concern?
Housing problems are not so urgent (now) because we have already got the population housed, and many of the schemes are already there. But these issues are growing over time and need a long lead time to tackle, so you can't wait till they become urgent, because by then, to do anything will take at least another five to 10 years.
So you have to think about them progressively, and every few years take another step, and it takes several years to get that step implemented. And that is what we have been doing...
Building flats for Singaporeans is not just a matter of awarding the contracts and administering the construction projects. We have to get the scheme right and the incentives right, so that people respond in a way that is collectively constructive and sensible for us. And every time you think you have tweaked and got it right, you will find some unexpected consequences, and then you have to adjust your scheme.
As we free up the HDB market, it resembles more closely the private property market, where booms and busts are in the nature of the market dynamics. The HDB resale market is now already linked to the private market, because people who sell their HDB flats often aim to upgrade to a condo. So when the private property market goes up or down, the HDB resale market tends to go up or down too, and that can be very painful, in both directions.
We would like the HDB flat to be an asset which appreciates gradually from year to year, but we can't guarantee that in the short term. In the long term, HDB flat values should appreciate so long as Singapore prospers, and we have a good government. And that is what we must strive for.
ST : Upgrading to keep up with expectations
Nov 18, 2010
Upgrading to keep up with expectations
PM Lee points out that these days, people not only want a flat, but they also want it soon and in their preferred location, all of which puts a lot of pressure on the Government. -- ST FILE PHOTO
Our Homes: 50 Years Of Housing A Nation, a history of the HDB, was launched last week by President S R Nathan. Written by Warren Fernandez and published by Singapore Press Holdings, the book carried an interview with Prime Minister Lee Hsien Loong. Below are excerpts from the interview.
· How would you describe the role of housing in the politics of Singapore?
PM Lee: It is still very important. In terms of providing roofs over people's heads, we have settled that a long time ago. What we are looking for now is communities, social integration, uplift at the lower end and also, first-class living environments across the island. Now, we are thinking not only of housing and investment, but also monetisation, because as people grow old, they have this nest egg and will want to draw on this nest egg. So we need to arrange for an orderly drawdown of this nest egg, which will see them through.
· Historically, how has public housing played a role in evolving a social compact in Singapore?
Without public housing, this would be a totally different country. It is because we have HDB public housing and all the networks which go with it - the Residents' Committees (RCs), the Citizens' Consultative Committees and so on, but particularly the RCs, which have been a tremendous success - that we have been able to have communities and activities and reach the grassroots, to hold the ground together. Take the issue of the ageing of our society. We would not be able to handle these problems without the RCs, and the senior citizens groups, and people keen to participate in these community activities. If they lived in isolation, in their own flats, without knowing their neighbours, each one shut behind their doors, it would be a lot tougher to manage.
And the social stresses would have been there - ethnic enclaves, income disparities. You cannot duck these, because these are global pressures. So you must have the network and the HDB is a very important part of this. We have given Singaporeans an asset, to give an extra leg-up at the lower end, to make this a harmonious, integrated community...
It's not just the economics, but also the community building. And also, the values and tone of the society. You could go on a totally individualistic approach, each one on your own, look after yourself, and don't poke your nose in your neighbours' business. Perhaps in the next generation, we may drift in that direction if we are not careful. But so far, we have been able to bring people along through various ways, different kinds of activities and so keep the reach out to them.
· But politics has also changed over time, with the rising expectations of public housing.
That's true. In the old days, first of all, a roof was already a great blessing. Second, if you owned your flat, the Government had done you a huge favour. But now, the desire is not only for a flat, but a flat very soon, and a flat at preferred locations. That puts a lot of pressure on the Government.
· There has been a ratcheting up of expectations, especially in the 1980s and 1990s.
In the 1990s, until 1996, during the property boom, there was a great expectation that this was not only a house, but also a fast way to turn a very quick capital gain. I came across a young man who said he had bought his house in the 1990s, and then sold it after five years, and made a five-times capital gain. And, he says, that's the right thing, and that's what the Government should do... Nowadays, why can't the Government do that any more? But that is totally not realistic.
Another time, I met a young man living in Pasir Ris, who was eager to sell his flat once the five-year occupation period was up, and move into private property. So I asked him, why do you want to do that? You have got a Pasir Ris flat, it's beautiful. At that time, it was the newest estate, spectacular sea views and so on. And he said: 'Moving on, moving on.'
There is a tremendous anxiety to get ahead, and also to segregate out. We have to try, in that environment, to keep communities integrated, bigger and smaller flats, even some rental flats and studio apartments, all mixed together so that one can't tell if you are living in a particular district, whether you are up or down, or where you rank on the totem pole.
· How do you deal with the rising expectations, of wanting to move on from public housing?
In the long term, we expect the proportion of private housing to go up. It is still now only about 15 per cent. We had expected it to go up more, but public housing has stayed around 85 per cent. I think gradually the private housing share will go up. But for a long time, HDB will be the preponderant majority, and with high quality HDB environments. That is why we have projects like Punggol 21, Dawson, and upgrading and renewal plans for all the older housing estates in Singapore. We do not want our public housing estates to gradually decline into disrepair.
Upgrading to keep up with expectations
PM Lee points out that these days, people not only want a flat, but they also want it soon and in their preferred location, all of which puts a lot of pressure on the Government. -- ST FILE PHOTO
Our Homes: 50 Years Of Housing A Nation, a history of the HDB, was launched last week by President S R Nathan. Written by Warren Fernandez and published by Singapore Press Holdings, the book carried an interview with Prime Minister Lee Hsien Loong. Below are excerpts from the interview.
· How would you describe the role of housing in the politics of Singapore?
PM Lee: It is still very important. In terms of providing roofs over people's heads, we have settled that a long time ago. What we are looking for now is communities, social integration, uplift at the lower end and also, first-class living environments across the island. Now, we are thinking not only of housing and investment, but also monetisation, because as people grow old, they have this nest egg and will want to draw on this nest egg. So we need to arrange for an orderly drawdown of this nest egg, which will see them through.
· Historically, how has public housing played a role in evolving a social compact in Singapore?
Without public housing, this would be a totally different country. It is because we have HDB public housing and all the networks which go with it - the Residents' Committees (RCs), the Citizens' Consultative Committees and so on, but particularly the RCs, which have been a tremendous success - that we have been able to have communities and activities and reach the grassroots, to hold the ground together. Take the issue of the ageing of our society. We would not be able to handle these problems without the RCs, and the senior citizens groups, and people keen to participate in these community activities. If they lived in isolation, in their own flats, without knowing their neighbours, each one shut behind their doors, it would be a lot tougher to manage.
And the social stresses would have been there - ethnic enclaves, income disparities. You cannot duck these, because these are global pressures. So you must have the network and the HDB is a very important part of this. We have given Singaporeans an asset, to give an extra leg-up at the lower end, to make this a harmonious, integrated community...
It's not just the economics, but also the community building. And also, the values and tone of the society. You could go on a totally individualistic approach, each one on your own, look after yourself, and don't poke your nose in your neighbours' business. Perhaps in the next generation, we may drift in that direction if we are not careful. But so far, we have been able to bring people along through various ways, different kinds of activities and so keep the reach out to them.
· But politics has also changed over time, with the rising expectations of public housing.
That's true. In the old days, first of all, a roof was already a great blessing. Second, if you owned your flat, the Government had done you a huge favour. But now, the desire is not only for a flat, but a flat very soon, and a flat at preferred locations. That puts a lot of pressure on the Government.
· There has been a ratcheting up of expectations, especially in the 1980s and 1990s.
In the 1990s, until 1996, during the property boom, there was a great expectation that this was not only a house, but also a fast way to turn a very quick capital gain. I came across a young man who said he had bought his house in the 1990s, and then sold it after five years, and made a five-times capital gain. And, he says, that's the right thing, and that's what the Government should do... Nowadays, why can't the Government do that any more? But that is totally not realistic.
Another time, I met a young man living in Pasir Ris, who was eager to sell his flat once the five-year occupation period was up, and move into private property. So I asked him, why do you want to do that? You have got a Pasir Ris flat, it's beautiful. At that time, it was the newest estate, spectacular sea views and so on. And he said: 'Moving on, moving on.'
There is a tremendous anxiety to get ahead, and also to segregate out. We have to try, in that environment, to keep communities integrated, bigger and smaller flats, even some rental flats and studio apartments, all mixed together so that one can't tell if you are living in a particular district, whether you are up or down, or where you rank on the totem pole.
· How do you deal with the rising expectations, of wanting to move on from public housing?
In the long term, we expect the proportion of private housing to go up. It is still now only about 15 per cent. We had expected it to go up more, but public housing has stayed around 85 per cent. I think gradually the private housing share will go up. But for a long time, HDB will be the preponderant majority, and with high quality HDB environments. That is why we have projects like Punggol 21, Dawson, and upgrading and renewal plans for all the older housing estates in Singapore. We do not want our public housing estates to gradually decline into disrepair.
ST : Why public housing must remain primary
Nov 18, 2010
Why public housing must remain primary
· How did the idea to remake whole HDB estates come about?
We saw the new estates coming up, better than the old ones, and the comparison was very stark. So we have implemented - for more than 10 years now - all sorts of schemes to upgrade the old estates. I remember before the 1997 election, I announced the plans for upgrading the whole of Ang Mo Kio town. We included the Main Upgrading Programme, Interim Upgrading Programme, and spelt out how neighbourhoods would be done up. And progressively, over the years, we did that.
But we looked at it again a couple of years ago, as we were building the new townships, and found that unless we did still more, contrast was going to be even greater. You have to hold out hope that progress is not just for somebody else, but that the Government has not forgotten you, and will look after you also.
So we asked ourselves what we could do, on an estate basis, for the older townships, to bring them up. And it is partly the individual housing blocks, which are important, because that is where the people live in.
But it is also the estate amenities - the schools, the park connectors, the shops, businesses, jobs and industries around - so people can enjoy a complete living environment without having to travel too far.
We felt that if we put our minds to it, this is a programme which can take us forward 15, maybe 20 years, maybe even longer. Because it's a very major job to do this, it is not something you can do within five years.
It takes major investments, you need a certain consistency to keep this line and progressively build on it over time. And you can do this all over Singapore. I think it is a major plus if we can promise this, and deliver this. So we launched the project.
· But are you not raising expectations of public housing even further?
Nothing is automatic. It really depends on people working hard, making the economy grow and electing a government that can deliver. If the economy fails, there are no surpluses, or the government is incompetent, then nothing will happen, and you will be in the same situation as so many other countries. But if we can deliver it, I think we can achieve a quality of life that is quite unique almost anywhere in the world.
· Some people have argued that we should be making the transition away from the heavy reliance on public housing, now that most people have had their basic housing needs met. What do you think of this view?
I understand the aspiration of young people to say, I have arrived, I want to be in a private property, or even landed property. But from an overall societal point of view, there are great advantages to having high-quality public housing.
The alternative to this is consciously to target public housing to cater to the lower end, and make all those who are doing well live in private housing.
Then instead of providing more land for Punggol 21, we could just sell the land in Punggol and developers could build condos there for sale, or even rental, and the majority of people would live in such private estates and take care of yourselves.
But apart from the fact that the HDB can build a better town than the private sector, the tenor of an HDB town is also different from that in private housing. We can arrange a greater degree of integration, and there are social restraints we can encourage which are helpful.
For example, in public estates, we have not allowed each precinct to be ringfenced, so that there is a certain commons on the ground, and you can wander anywhere, it is open, it is one community.
In a private estate, every project, every condo is a little island unto itself, and you don't venture into the condo next door. It's a different atmosphere altogether.
Also, there is the very important issue of ethnic integration. We can integrate our public housing estates, by imposing the ethnic quota requirements on flat buyers. It is one of the conditions that people accept when they buy an HDB flat, and it is crucial for Singapore to have this.
Why public housing must remain primary
· How did the idea to remake whole HDB estates come about?
We saw the new estates coming up, better than the old ones, and the comparison was very stark. So we have implemented - for more than 10 years now - all sorts of schemes to upgrade the old estates. I remember before the 1997 election, I announced the plans for upgrading the whole of Ang Mo Kio town. We included the Main Upgrading Programme, Interim Upgrading Programme, and spelt out how neighbourhoods would be done up. And progressively, over the years, we did that.
But we looked at it again a couple of years ago, as we were building the new townships, and found that unless we did still more, contrast was going to be even greater. You have to hold out hope that progress is not just for somebody else, but that the Government has not forgotten you, and will look after you also.
So we asked ourselves what we could do, on an estate basis, for the older townships, to bring them up. And it is partly the individual housing blocks, which are important, because that is where the people live in.
But it is also the estate amenities - the schools, the park connectors, the shops, businesses, jobs and industries around - so people can enjoy a complete living environment without having to travel too far.
We felt that if we put our minds to it, this is a programme which can take us forward 15, maybe 20 years, maybe even longer. Because it's a very major job to do this, it is not something you can do within five years.
It takes major investments, you need a certain consistency to keep this line and progressively build on it over time. And you can do this all over Singapore. I think it is a major plus if we can promise this, and deliver this. So we launched the project.
· But are you not raising expectations of public housing even further?
Nothing is automatic. It really depends on people working hard, making the economy grow and electing a government that can deliver. If the economy fails, there are no surpluses, or the government is incompetent, then nothing will happen, and you will be in the same situation as so many other countries. But if we can deliver it, I think we can achieve a quality of life that is quite unique almost anywhere in the world.
· Some people have argued that we should be making the transition away from the heavy reliance on public housing, now that most people have had their basic housing needs met. What do you think of this view?
I understand the aspiration of young people to say, I have arrived, I want to be in a private property, or even landed property. But from an overall societal point of view, there are great advantages to having high-quality public housing.
The alternative to this is consciously to target public housing to cater to the lower end, and make all those who are doing well live in private housing.
Then instead of providing more land for Punggol 21, we could just sell the land in Punggol and developers could build condos there for sale, or even rental, and the majority of people would live in such private estates and take care of yourselves.
But apart from the fact that the HDB can build a better town than the private sector, the tenor of an HDB town is also different from that in private housing. We can arrange a greater degree of integration, and there are social restraints we can encourage which are helpful.
For example, in public estates, we have not allowed each precinct to be ringfenced, so that there is a certain commons on the ground, and you can wander anywhere, it is open, it is one community.
In a private estate, every project, every condo is a little island unto itself, and you don't venture into the condo next door. It's a different atmosphere altogether.
Also, there is the very important issue of ethnic integration. We can integrate our public housing estates, by imposing the ethnic quota requirements on flat buyers. It is one of the conditions that people accept when they buy an HDB flat, and it is crucial for Singapore to have this.
Wednesday, November 17, 2010
ST : Condo-style flats in Yishun to draw young couples
Nov 17, 2010
Condo-style flats in Yishun to draw young couples
By Daryl Chin
An artist's impression of Adora Green, which comprises about 800 apartments. It is slated to be launched in the first quarter of next year. -- PHOTO: GUTHRIE SK LAND
PLANS for Yishun's first Design, Build and Sell Scheme (DBSS) development were announced yesterday.
Adora Green, which comprises about 800 apartments, was announced at a ground-breaking ceremony attended by developers, prospective buyers and Mr K. Shanmugam, an MP for Sembawang GRC.
The development is slated to be launched in the first quarter of next year, and is likely to be the first DBSS project put up for sale since measures to cool the property market were introduced earlier this year.
Of the units available, an estimated 520 will be four-room flats of 990 sq ft each, 160 three-room units of 721 sq ft, and 120 five-roomers of 1,205 sq ft each.
Under DBSS, the developer tenders for the land and can exercise flexibility in pricing and design while preserving key elements of public housing, such as open access to common properties.
Guthrie SK Land, which won the bid at $148.89million for the 27,474 sq m site, will be selling the flats with a 99-year lease.
The units will likely be priced between $450 and $500 per sq ft (psf), said Mr Michael Leong, director of Guthrie SK Land, adding that some costs have yet to be factored in.
The Peak@Toa Payoh, the last DBSS project, fetched up to $600 psf when it was launched in April this year.
Speaking at the event, Mr Shanmugam, who is also Minister for Home Affairs and Law, said the project was significant for Yishun, a middle-aged town selected by the Housing Board in 2007 to enjoy a slew of new upgrading programmes.
He said Adora Green would attract younger couples because of Yishun's new facilities - such as the Heritage Garden and Khoo Teck Puat Hospital - and the recent relaxing of housing rules.
Eligible first-timer households with a monthly income of between $8,000 and $10,000 - the 'sandwich class' - can now buy new DBSS flats with Central Provident Fund housing grants of $30,000. The provision is applicable only to flats launched for public sale after Aug30.
Sandwich-class civil servant John Chan, 31, said he and his wife had been looking for a flat to buy for the past two years. 'We looked at private properties, executive condominiums and resale flats, but they were all out of reach. This project should be affordable,' he said.
But fellow civil servant Jason Tan is worried about competition because his combined household income is less than $8,000. 'With the new rules, you have quite a lot more people competing for the same property,' he said.
Condo-style flats in Yishun to draw young couples
By Daryl Chin
An artist's impression of Adora Green, which comprises about 800 apartments. It is slated to be launched in the first quarter of next year. -- PHOTO: GUTHRIE SK LAND
PLANS for Yishun's first Design, Build and Sell Scheme (DBSS) development were announced yesterday.
Adora Green, which comprises about 800 apartments, was announced at a ground-breaking ceremony attended by developers, prospective buyers and Mr K. Shanmugam, an MP for Sembawang GRC.
The development is slated to be launched in the first quarter of next year, and is likely to be the first DBSS project put up for sale since measures to cool the property market were introduced earlier this year.
Of the units available, an estimated 520 will be four-room flats of 990 sq ft each, 160 three-room units of 721 sq ft, and 120 five-roomers of 1,205 sq ft each.
Under DBSS, the developer tenders for the land and can exercise flexibility in pricing and design while preserving key elements of public housing, such as open access to common properties.
Guthrie SK Land, which won the bid at $148.89million for the 27,474 sq m site, will be selling the flats with a 99-year lease.
The units will likely be priced between $450 and $500 per sq ft (psf), said Mr Michael Leong, director of Guthrie SK Land, adding that some costs have yet to be factored in.
The Peak@Toa Payoh, the last DBSS project, fetched up to $600 psf when it was launched in April this year.
Speaking at the event, Mr Shanmugam, who is also Minister for Home Affairs and Law, said the project was significant for Yishun, a middle-aged town selected by the Housing Board in 2007 to enjoy a slew of new upgrading programmes.
He said Adora Green would attract younger couples because of Yishun's new facilities - such as the Heritage Garden and Khoo Teck Puat Hospital - and the recent relaxing of housing rules.
Eligible first-timer households with a monthly income of between $8,000 and $10,000 - the 'sandwich class' - can now buy new DBSS flats with Central Provident Fund housing grants of $30,000. The provision is applicable only to flats launched for public sale after Aug30.
Sandwich-class civil servant John Chan, 31, said he and his wife had been looking for a flat to buy for the past two years. 'We looked at private properties, executive condominiums and resale flats, but they were all out of reach. This project should be affordable,' he said.
But fellow civil servant Jason Tan is worried about competition because his combined household income is less than $8,000. 'With the new rules, you have quite a lot more people competing for the same property,' he said.
ST : Hougang residents want lift upgrading
Nov 17, 2010
Hougang residents want lift upgrading
Resounding 'yes' from first batch of residents in constituency polled
By Teo Wan Gek
THE first residents in opposition-held Hougang to be offered lift upgrading gave the programme a resounding 'Yes' when polls closed yesterday.
There was 100 per cent support from residents of two blocks, and more than 80 per cent support in the four other blocks that were selected.
Lift Upgrading Programmes (LUP) in eligible Housing Board estates will proceed only when 75 per cent of households vote for it.
Polling among residents of Blocks 351, 352, and 354 to 357 in Hougang Avenue 7, opened last Friday night.
Housewife Lim Bee Choo, 60, who lives in a three-room maisonette in Block 357 with her three sons, voted for LUP even though her home is on the second floor.
'When I get older, I think I will need it even more. Even now, having a lift will be useful. When I carry heavy bags of groceries up the stairs, my legs get tired,' she said in Mandarin.
Madam Lim, who will have to pay $3,000 for the LUP, added: 'There are also others in the block who need it more than me.'
The constituency's People's Action Party (PAP) grassroots adviser Eric Low, who announced last October that the six blocks of 360 units were selected for LUP, cheered the results.
'I am delighted that residents involved in this first precinct in Hougang have given total support in all six blocks,' he told The Straits Times in an e-mail.
'The result reflects well on the approach taken by HDB and our grassroots leaders. We are confident the same methodology will be repeated in the next three precincts I have already announced.'
Mr Low said on Oct 31 that a further 32 blocks in three precincts had already been identified for the LUP. As for the remaining three precincts in the constituency - whose MP is Workers' Party chief Low Thia Khiang - he said that he expects to be able to make an announcement about lift upgrading for them next year.
The national programme to have lifts stop at every floor in eligible HDB blocks is heavily subsidised by the Government. Residents and town councils each co-pay between 5 per cent and 12.5 per cent of the cost.
Mr Eric Low said last week that the Government will give a subsidy of $9.5 million to upgrade lifts in the first batch of six blocks, while the town council's share of the cost will be 'just under a million'.
Construction work on the project for the first batch of flats is likely to start in the third quarter of next year, and be completed by 2013.
It usually takes about 24 to 30 months for works to complete.
The HDB has said that the nationwide LUP is on track to be completed by 2014.
Lift upgrading in Potong Pasir - the other opposition-held ward whose MP is Singapore People's Party chief Chiam See Tong - has also been previously announced.
The first precinct with nine blocks was offered LUP last year. And just over a week ago, Mr Sitoh Yih Pin, the PAP grassroots adviser there, said another 22 blocks of flats in three precincts had been identified for the LUP.
wangekt@sph.com.sg
Hougang residents want lift upgrading
Resounding 'yes' from first batch of residents in constituency polled
By Teo Wan Gek
THE first residents in opposition-held Hougang to be offered lift upgrading gave the programme a resounding 'Yes' when polls closed yesterday.
There was 100 per cent support from residents of two blocks, and more than 80 per cent support in the four other blocks that were selected.
Lift Upgrading Programmes (LUP) in eligible Housing Board estates will proceed only when 75 per cent of households vote for it.
Polling among residents of Blocks 351, 352, and 354 to 357 in Hougang Avenue 7, opened last Friday night.
Housewife Lim Bee Choo, 60, who lives in a three-room maisonette in Block 357 with her three sons, voted for LUP even though her home is on the second floor.
'When I get older, I think I will need it even more. Even now, having a lift will be useful. When I carry heavy bags of groceries up the stairs, my legs get tired,' she said in Mandarin.
Madam Lim, who will have to pay $3,000 for the LUP, added: 'There are also others in the block who need it more than me.'
The constituency's People's Action Party (PAP) grassroots adviser Eric Low, who announced last October that the six blocks of 360 units were selected for LUP, cheered the results.
'I am delighted that residents involved in this first precinct in Hougang have given total support in all six blocks,' he told The Straits Times in an e-mail.
'The result reflects well on the approach taken by HDB and our grassroots leaders. We are confident the same methodology will be repeated in the next three precincts I have already announced.'
Mr Low said on Oct 31 that a further 32 blocks in three precincts had already been identified for the LUP. As for the remaining three precincts in the constituency - whose MP is Workers' Party chief Low Thia Khiang - he said that he expects to be able to make an announcement about lift upgrading for them next year.
The national programme to have lifts stop at every floor in eligible HDB blocks is heavily subsidised by the Government. Residents and town councils each co-pay between 5 per cent and 12.5 per cent of the cost.
Mr Eric Low said last week that the Government will give a subsidy of $9.5 million to upgrade lifts in the first batch of six blocks, while the town council's share of the cost will be 'just under a million'.
Construction work on the project for the first batch of flats is likely to start in the third quarter of next year, and be completed by 2013.
It usually takes about 24 to 30 months for works to complete.
The HDB has said that the nationwide LUP is on track to be completed by 2014.
Lift upgrading in Potong Pasir - the other opposition-held ward whose MP is Singapore People's Party chief Chiam See Tong - has also been previously announced.
The first precinct with nine blocks was offered LUP last year. And just over a week ago, Mr Sitoh Yih Pin, the PAP grassroots adviser there, said another 22 blocks of flats in three precincts had been identified for the LUP.
wangekt@sph.com.sg
ST : Home buyers from Europe, US are back
Nov 17, 2010
Home buyers from Europe, US are back
Purchases surge 70%; mainland Chinese one of fastest growing groups
By Esther Teo
US and European buyers have flocked to prime districts 9, 10 and 11, covering areas such as Tanglin (above), Orchard, Holland, Newton and Bukit Timah, and District 15 in the east and District 5 in the west. -- ST PHOTO: ALPHONSUS CHERN
HOME buyers from the Americas and Europe leapt back into the Singapore property market in the first nine months of this year, with purchases surging more than 70 per cent from a year earlier.
Property consultancy Savills Singapore said that the total number of purchases by Americans jumped to 246 units this year from 154 last year, while sales to Europeans shot up to 619 units from 353 units in the same period last year.
Ms Christine Sun, Savills' senior manager of research and consultancy, said the surge in interest followed the recovery of some key Western economies.
A number of banks in these countries have shifted hedge funds here, bringing along a number of high net worth individuals and private investors who are on long-term work assignments here.
'Some may prefer to buy a private home rather than lease as current interest rates are low. Some may also be buying in anticipation of further strengthening of the Singdollar,' Ms Sun added.
Together, Americans and Europeans made up 13 per cent of home purchases by foreigners in the first three quarters of this year. Buyers from countries such as the United States, Canada, Britain, France and Germany accounted for the largest increase, Savills said.
They have flocked to prime districts 9, 10 and 11, covering areas such as Orchard, Holland, Newton and Bukit Timah. District 15, which includes Katong, Telok Kurau and East Coast Road, and District 5 in the West Coast are also popular.
Almost half of these Western buyers have also purchased homes in the $1.5 million to $5 million range.
With interest rates expected to remain low for the next few years and the US embarking on another round of effective money printing, American buyers are set to be more active in the coming months.
However, despite the rebound, their numbers are still far from levels seen in 2007 when 1,617 buyers from North and South America and Europe entered the local property market in the first nine months of 2007.
Asian buyers, however, are still expected to dominate the market as the number of wealthy Asians is set to grow further and Singapore remains a popular migration and investment choice, Ms Sun said.
In fact, Asian buyers made up 83 per cent of all foreign purchases in the first three quarters of this year. Purchases by foreigners from Oceania and Australia have also increased 60 per cent year-on-year, Savills data showed.
Foreign buyers from Malaysia, Indonesia, China, India and Britain make up the top five. Mainland Chinese buyers are one of the fastest growing groups of foreign buyers this year, with purchases surging 54per cent in the first nine months year-on-year.
A total of 1,190 homes were snapped up by Chinese buyers in the period, more than the 1,055 sold for all of last year.
Savills data also showed an increasing proportion of foreigners in the market on a month-on-month basis.
Singaporean purchasers fell to 66 per cent last month, or 947 purchases out of 1,446 in total, the lowest monthly proportion since 2007.
Foreign purchasers - including permanent residents - however, have gradually risen from 22 per cent in August to 30 per cent last month, making up 436 out of 1,446 purchases.
One such foreign buyer is Mr Abhi Shroff, an Australian citizen who bought a home in Bukit Timah earlier this year after renting for the past two years.
With low interest rates and plans to be located here for the next few years, he has decided that paying a mortgage makes more sense than paying monthly rental.
'There is also a lot of development taking place in the Bukit Timah area, such as the upcoming MRT line, which could make the location more appealing in the future... Although the property market can be quite volatile, the rental yield is okay and could be worth keeping in the long term,' he added.
esthert@sph.com.sg
Home buyers from Europe, US are back
Purchases surge 70%; mainland Chinese one of fastest growing groups
By Esther Teo
US and European buyers have flocked to prime districts 9, 10 and 11, covering areas such as Tanglin (above), Orchard, Holland, Newton and Bukit Timah, and District 15 in the east and District 5 in the west. -- ST PHOTO: ALPHONSUS CHERN
HOME buyers from the Americas and Europe leapt back into the Singapore property market in the first nine months of this year, with purchases surging more than 70 per cent from a year earlier.
Property consultancy Savills Singapore said that the total number of purchases by Americans jumped to 246 units this year from 154 last year, while sales to Europeans shot up to 619 units from 353 units in the same period last year.
Ms Christine Sun, Savills' senior manager of research and consultancy, said the surge in interest followed the recovery of some key Western economies.
A number of banks in these countries have shifted hedge funds here, bringing along a number of high net worth individuals and private investors who are on long-term work assignments here.
'Some may prefer to buy a private home rather than lease as current interest rates are low. Some may also be buying in anticipation of further strengthening of the Singdollar,' Ms Sun added.
Together, Americans and Europeans made up 13 per cent of home purchases by foreigners in the first three quarters of this year. Buyers from countries such as the United States, Canada, Britain, France and Germany accounted for the largest increase, Savills said.
They have flocked to prime districts 9, 10 and 11, covering areas such as Orchard, Holland, Newton and Bukit Timah. District 15, which includes Katong, Telok Kurau and East Coast Road, and District 5 in the West Coast are also popular.
Almost half of these Western buyers have also purchased homes in the $1.5 million to $5 million range.
With interest rates expected to remain low for the next few years and the US embarking on another round of effective money printing, American buyers are set to be more active in the coming months.
However, despite the rebound, their numbers are still far from levels seen in 2007 when 1,617 buyers from North and South America and Europe entered the local property market in the first nine months of 2007.
Asian buyers, however, are still expected to dominate the market as the number of wealthy Asians is set to grow further and Singapore remains a popular migration and investment choice, Ms Sun said.
In fact, Asian buyers made up 83 per cent of all foreign purchases in the first three quarters of this year. Purchases by foreigners from Oceania and Australia have also increased 60 per cent year-on-year, Savills data showed.
Foreign buyers from Malaysia, Indonesia, China, India and Britain make up the top five. Mainland Chinese buyers are one of the fastest growing groups of foreign buyers this year, with purchases surging 54per cent in the first nine months year-on-year.
A total of 1,190 homes were snapped up by Chinese buyers in the period, more than the 1,055 sold for all of last year.
Savills data also showed an increasing proportion of foreigners in the market on a month-on-month basis.
Singaporean purchasers fell to 66 per cent last month, or 947 purchases out of 1,446 in total, the lowest monthly proportion since 2007.
Foreign purchasers - including permanent residents - however, have gradually risen from 22 per cent in August to 30 per cent last month, making up 436 out of 1,446 purchases.
One such foreign buyer is Mr Abhi Shroff, an Australian citizen who bought a home in Bukit Timah earlier this year after renting for the past two years.
With low interest rates and plans to be located here for the next few years, he has decided that paying a mortgage makes more sense than paying monthly rental.
'There is also a lot of development taking place in the Bukit Timah area, such as the upcoming MRT line, which could make the location more appealing in the future... Although the property market can be quite volatile, the rental yield is okay and could be worth keeping in the long term,' he added.
esthert@sph.com.sg
ST : Condos must allow new broadband cabling
Nov 17, 2010
Condos must allow new broadband cabling
They face fines if they reject wiring, must bear cost if they want cables hidden, says IDA
By Chua Hian Hou
CONDOMINIUM residents will be able to enjoy high-speed fibre broadband after all.
The Government yesterday said that all condominiums will be required to allow the installation of the fibre-optic cabling needed for the network.
Individual homeowners, however, will have the option of having the cables in their homes - cables which will enable access to the new billion-dollar broadband network, which promises cheaper, faster broadband access and other services now unavailable with SingTel and StarHub.
As many as nine in 10 condominiums had previously refused, largely on aesthetic grounds.
OpenNet, the firm appointed by the Government for the work, has been contracted to lay the cables via boxy plastic piping on wall surfaces.
But many condominiums want the cables hidden within walls or false ceilings, which costs more, and neither they nor OpenNet is willing to pay the difference.
The standoff threatened to cut off the 20 per cent of Singapore's one million households living in condominiums from the network.
At a media briefing yesterday, technology sector regulator the Infocomm Development Authority of Singapore (IDA) said condominiums will have to allow OpenNet to install the cables, and that condominium management committees which want the cables concealed will have to foot the bill. Condominiums that fail to comply with the requirement - part of a building owner's obligations under the Telecoms Act - can be fined up to $1,000 a day.
The IDA has issued OpenNet an official letter clarifying building owners' obligations.
OpenNet, which has approached about half the 2,000 condominiums here so far, has since re-started talks with those who closed their doors. Of these, six in 10 have now agreed to let OpenNet go ahead. The Straits Times understands that it is in negotiations with the rest.
The Government's move was good news to condo resident and business undergraduate Janice Huang, 23. 'It's silly to choose form over function, considering how we depend so heavily on the Internet for everything from research to entertainment.'
But some parties remain opposed to a blanket requirement. Chief executive of the Association of Management Corporations in Singapore Francis Zhan said the association supports the national broadband initiative, but he called for condos to be given the choice of rejecting the cabling.
'Put yourself in our shoes. You are a new condo where everything is spick and span and then suddenly you run trunking all over the wall. It will affect the development's market value.'
chuahh@sph.com.sg
Condos must allow new broadband cabling
They face fines if they reject wiring, must bear cost if they want cables hidden, says IDA
By Chua Hian Hou
CONDOMINIUM residents will be able to enjoy high-speed fibre broadband after all.
The Government yesterday said that all condominiums will be required to allow the installation of the fibre-optic cabling needed for the network.
Individual homeowners, however, will have the option of having the cables in their homes - cables which will enable access to the new billion-dollar broadband network, which promises cheaper, faster broadband access and other services now unavailable with SingTel and StarHub.
As many as nine in 10 condominiums had previously refused, largely on aesthetic grounds.
OpenNet, the firm appointed by the Government for the work, has been contracted to lay the cables via boxy plastic piping on wall surfaces.
But many condominiums want the cables hidden within walls or false ceilings, which costs more, and neither they nor OpenNet is willing to pay the difference.
The standoff threatened to cut off the 20 per cent of Singapore's one million households living in condominiums from the network.
At a media briefing yesterday, technology sector regulator the Infocomm Development Authority of Singapore (IDA) said condominiums will have to allow OpenNet to install the cables, and that condominium management committees which want the cables concealed will have to foot the bill. Condominiums that fail to comply with the requirement - part of a building owner's obligations under the Telecoms Act - can be fined up to $1,000 a day.
The IDA has issued OpenNet an official letter clarifying building owners' obligations.
OpenNet, which has approached about half the 2,000 condominiums here so far, has since re-started talks with those who closed their doors. Of these, six in 10 have now agreed to let OpenNet go ahead. The Straits Times understands that it is in negotiations with the rest.
The Government's move was good news to condo resident and business undergraduate Janice Huang, 23. 'It's silly to choose form over function, considering how we depend so heavily on the Internet for everything from research to entertainment.'
But some parties remain opposed to a blanket requirement. Chief executive of the Association of Management Corporations in Singapore Francis Zhan said the association supports the national broadband initiative, but he called for condos to be given the choice of rejecting the cabling.
'Put yourself in our shoes. You are a new condo where everything is spick and span and then suddenly you run trunking all over the wall. It will affect the development's market value.'
chuahh@sph.com.sg
ST : More trains for Bukit Panjang LRT?
Nov 17, 2010
More trains for Bukit Panjang LRT?
Commuter woes set to increase as township grows
By Goh Chin Lian
TRAIN operator SMRT is considering raising the capacity of the Bukit Panjang Light Rail Transit (LRT) system as more flats are slated to be built in the area.
Average daily ridership on the LRT has grown from 39,000 at the end of 2000 to 47,000 for just the first 10 months of this year, the operator said.
The township's population is expected to jump, with at least three Build-To-Order projects due to be completed over the next few years. They are the 528-unit Segar Grove at Segar Road, the 741-unit Senja Gateway at Woodlands Road, and the 577-unit Senja Parc View at Senja Road.
Current estimates put the number of people living in the township at over 110,000. They occupy more than 29,000 HDB flats in the Bukit Panjang estate.
Commuters using the 11-year-old line are already finding trains packed during peak hours, with some saying they have had to wait for a second, third, or even fourth train.
Mr Liang Eng Hwa, an MP for Holland-Bukit Timah GRC, plans to raise the issue of packed LRT trains in Parliament on Monday.
Said Mr Liang, who used the service in the morning to gain first-hand experience of the packed trains: 'If we don't solve it ahead of time, there'll be a problem when the flats are ready.'
He wants SMRT to increase its fleet of 19 trains so that it can run the entire line with two-car trains instead of a mixture of two- and single-car trains. He also wants their frequency to be increased.
The population in Bukit Panjang and Choa Chu Kang has swelled since the line opened on Nov 6, 1999. The worry then was that not enough people were taking the LRT, he noted.
Demand for the service also increased when the Institute of Technical Education opened its College West campus in Choa Chu Kang in July, with 7,200 full-time students and 8,100 part-time students attending.
The new Downtown MRT line could also feed more passengers to the LRT. The line's second phase, connecting Little India and Newton MRT stations to Bukit Panjang, is due to open in 2015.
However, the Bukit Panjang line has been operating at a loss for a number of years. Its turnaround into profitability last year has proved short-lived. It posted a $75,000 operating loss in the first half of this year, a reversal from a gain of $164,000 over the same period in the previous year.
An SMRT spokesman told The Straits Times: 'We have been working closely with the Land Transport Authority to explore increasing the capacity of the Bukit Panjang LRT system, to meet increased demand from the developments in the region.'
Of the 19 vehicles in its fleet, 18 are used during the peak period, with one on standby. SMRT operates up to six two-car trains at peak hours, with the remaining six being single-car trains.
The fleet size allows for an average frequency during peak hours of two to three minutes between Choa Chu Kang and Bukit Panjang stations, and four to five minutes between Petir and Senja stations, the SMRT said.
When The Straits Times visited on Monday between 7am and 9am, it found the trains almost packed at Senja and Petir stations. Some commuters had to stand close to the doors after boarding because of the crowd.
Accounts assistant Wong Siew Choo, 41, said she has had to wait for two or three trains at Senja station: 'The train has one car sometimes. It should be two cars all the time during busy hours.'
Naval architect Zhang Zhongming, 45, who also boards at Senja, wants a higher frequency during peak hours, from one every five minutes now to one every three or four minutes.
The LTA is already exploring the feasibility of having two-car trains on the newer Sengkang and Punggol LRT lines, to be run by SBS Transit. Both LRT systems now operate single-car trains.
chinlian@sph.com.sg
More trains for Bukit Panjang LRT?
Commuter woes set to increase as township grows
By Goh Chin Lian
TRAIN operator SMRT is considering raising the capacity of the Bukit Panjang Light Rail Transit (LRT) system as more flats are slated to be built in the area.
Average daily ridership on the LRT has grown from 39,000 at the end of 2000 to 47,000 for just the first 10 months of this year, the operator said.
The township's population is expected to jump, with at least three Build-To-Order projects due to be completed over the next few years. They are the 528-unit Segar Grove at Segar Road, the 741-unit Senja Gateway at Woodlands Road, and the 577-unit Senja Parc View at Senja Road.
Current estimates put the number of people living in the township at over 110,000. They occupy more than 29,000 HDB flats in the Bukit Panjang estate.
Commuters using the 11-year-old line are already finding trains packed during peak hours, with some saying they have had to wait for a second, third, or even fourth train.
Mr Liang Eng Hwa, an MP for Holland-Bukit Timah GRC, plans to raise the issue of packed LRT trains in Parliament on Monday.
Said Mr Liang, who used the service in the morning to gain first-hand experience of the packed trains: 'If we don't solve it ahead of time, there'll be a problem when the flats are ready.'
He wants SMRT to increase its fleet of 19 trains so that it can run the entire line with two-car trains instead of a mixture of two- and single-car trains. He also wants their frequency to be increased.
The population in Bukit Panjang and Choa Chu Kang has swelled since the line opened on Nov 6, 1999. The worry then was that not enough people were taking the LRT, he noted.
Demand for the service also increased when the Institute of Technical Education opened its College West campus in Choa Chu Kang in July, with 7,200 full-time students and 8,100 part-time students attending.
The new Downtown MRT line could also feed more passengers to the LRT. The line's second phase, connecting Little India and Newton MRT stations to Bukit Panjang, is due to open in 2015.
However, the Bukit Panjang line has been operating at a loss for a number of years. Its turnaround into profitability last year has proved short-lived. It posted a $75,000 operating loss in the first half of this year, a reversal from a gain of $164,000 over the same period in the previous year.
An SMRT spokesman told The Straits Times: 'We have been working closely with the Land Transport Authority to explore increasing the capacity of the Bukit Panjang LRT system, to meet increased demand from the developments in the region.'
Of the 19 vehicles in its fleet, 18 are used during the peak period, with one on standby. SMRT operates up to six two-car trains at peak hours, with the remaining six being single-car trains.
The fleet size allows for an average frequency during peak hours of two to three minutes between Choa Chu Kang and Bukit Panjang stations, and four to five minutes between Petir and Senja stations, the SMRT said.
When The Straits Times visited on Monday between 7am and 9am, it found the trains almost packed at Senja and Petir stations. Some commuters had to stand close to the doors after boarding because of the crowd.
Accounts assistant Wong Siew Choo, 41, said she has had to wait for two or three trains at Senja station: 'The train has one car sometimes. It should be two cars all the time during busy hours.'
Naval architect Zhang Zhongming, 45, who also boards at Senja, wants a higher frequency during peak hours, from one every five minutes now to one every three or four minutes.
The LTA is already exploring the feasibility of having two-car trains on the newer Sengkang and Punggol LRT lines, to be run by SBS Transit. Both LRT systems now operate single-car trains.
chinlian@sph.com.sg
ST : Brisk sales at UOL's condo near Tanjong Pagar
Nov 17, 2010
Brisk sales at UOL's condo near Tanjong Pagar
By Esther Teo
Spottiswoode Residences saw 130 units sold in a three-day preview ahead of its main launch today. -- PHOTO: UOL
SPOTTISWOODE Residences, near the soon-to-be-rejuvenated Tanjong Pagar area, has achieved brisk sales of 130 units during a three-day preview.
Prices ranged from $1,720 per sq ft to $2,150 psf, developer UOL Group said. Four out of the seven penthouses were also sold, with one fetching a price of $1,850 psf.
UOL said that 86 per cent of the buyers were Singaporeans, mostly aged 40 and above. They tended to buy higher-priced units commanding sea views, and included doctors, professionals, bankers and businessmen, UOL said.
The remaining 14 per cent of buyers were evenly split between permanent residents and foreigners, who were mostly Malaysians.
The freehold plot, which will host a 36-storey tower, is next to Spottiswoode Park and close to Tanjong Pagar, which is slated to be transformed into a bustling waterfront district once container terminals in the vicinity move out.
The firm will release 80 more units at the 351-unit project during its main launch today.
UOL Group chief operating officer Liam Wee Sin told The Straits Times that the good take-up rate - and benchmark prices seen at some recent property launches - reflected the growth potential that some of these locations offered.
Private home sales for the entire Singapore market last month totalled a healthy 1,058 units, he said.
'We don't want to see sales figures drop drastically low... I'm not worried that the market is overly hot if sales are about 1,000 units a month.'
Demand remains healthy for homes in good locations and for well-conceived projects, as buyers - often in the prime of their careers and with financial reserves - recognise the longer-term potential of many of these projects, Mr Liam added.
He said that the Government's Aug 30 property market cooling measures, together with the increase in supply of residential sites through the government land sales programme, have also had their intended effect in cooling the mass market segment. Mr Liam expects prices to remain steady across the market.
The Spottiswoode plot is the last in UOL's residential land bank here. However, Mr Liam said the firm is continually looking for new market opportunities.
UOL said that more than 10 former owners of units in Spottiswoode Apartment and Oakswood Heights - which stood on the site before being sold en bloc in 2007 - bought units in the new project. Several people bought multiple units for family members, it added.
Spottiswoode Residences comprises a 36-storey block with mostly one- and two-bedroom apartments, 25 three-bedroom units and seven penthouses.
Sizes for the typical one- to three- bedroom units vary from 603 sq ft to 1,421 sq ft.
Brisk sales at UOL's condo near Tanjong Pagar
By Esther Teo
Spottiswoode Residences saw 130 units sold in a three-day preview ahead of its main launch today. -- PHOTO: UOL
SPOTTISWOODE Residences, near the soon-to-be-rejuvenated Tanjong Pagar area, has achieved brisk sales of 130 units during a three-day preview.
Prices ranged from $1,720 per sq ft to $2,150 psf, developer UOL Group said. Four out of the seven penthouses were also sold, with one fetching a price of $1,850 psf.
UOL said that 86 per cent of the buyers were Singaporeans, mostly aged 40 and above. They tended to buy higher-priced units commanding sea views, and included doctors, professionals, bankers and businessmen, UOL said.
The remaining 14 per cent of buyers were evenly split between permanent residents and foreigners, who were mostly Malaysians.
The freehold plot, which will host a 36-storey tower, is next to Spottiswoode Park and close to Tanjong Pagar, which is slated to be transformed into a bustling waterfront district once container terminals in the vicinity move out.
The firm will release 80 more units at the 351-unit project during its main launch today.
UOL Group chief operating officer Liam Wee Sin told The Straits Times that the good take-up rate - and benchmark prices seen at some recent property launches - reflected the growth potential that some of these locations offered.
Private home sales for the entire Singapore market last month totalled a healthy 1,058 units, he said.
'We don't want to see sales figures drop drastically low... I'm not worried that the market is overly hot if sales are about 1,000 units a month.'
Demand remains healthy for homes in good locations and for well-conceived projects, as buyers - often in the prime of their careers and with financial reserves - recognise the longer-term potential of many of these projects, Mr Liam added.
He said that the Government's Aug 30 property market cooling measures, together with the increase in supply of residential sites through the government land sales programme, have also had their intended effect in cooling the mass market segment. Mr Liam expects prices to remain steady across the market.
The Spottiswoode plot is the last in UOL's residential land bank here. However, Mr Liam said the firm is continually looking for new market opportunities.
UOL said that more than 10 former owners of units in Spottiswoode Apartment and Oakswood Heights - which stood on the site before being sold en bloc in 2007 - bought units in the new project. Several people bought multiple units for family members, it added.
Spottiswoode Residences comprises a 36-storey block with mostly one- and two-bedroom apartments, 25 three-bedroom units and seven penthouses.
Sizes for the typical one- to three- bedroom units vary from 603 sq ft to 1,421 sq ft.
ST : Collective sale: Pine Grove gets nod at latest attempt
Nov 17, 2010
Collective sale: Pine Grove gets nod at latest attempt
Reserve price of $1.7b beats record set by Farrer Court in 2007
By Esther Teo
The 660-unit Pine Grove sits on 893,178 sq ft of land. Many units are 1,754 sq ft in size. The reserve price of $1.7 billion could work out to be between $2.1 million and $2.75 million per unit, depending on the apartment size and development charge. -- ST FILE PHOTO
PINE Grove residents have successfully obtained the crucial 80 per cent approval needed to embark on a collective sale of their sprawling Ulu Pandan estate.
This follows failed attempts to do so last year and during the 2007 boom.
The reserve price has been set at $1.7 billion, which means Pine Grove could become Singapore's largest residential collective sale, beating the $1.34 billion record set by Farrer Court in 2007.
The Straits Times understands that the condominium's latest attempt at a collective sale crossed the requisite 80 per cent majority approval threshold last Saturday. Jones Lang LaSalle is the marketing agent.
The process, however, is now going through a five-day 'cooling off' period during which home owners may change their minds. The period begins after a collective sale agreement is signed. The measure was introduced this year.
The collection of signatures at the 660-unit former Housing and Urban Development Company (HUDC) estate on 893,178 sq ft of land started on Nov 15 last year. Many units are 1,754 sq ft in size.
The reserve price of $1.7 billion could work out to be between $2.1 million and $2.75 million per unit, depending on the apartment size and development charge.
Resident Sing Tien Foo, who has been living at the estate since 2003, said it would be good to have the place redeveloped.
But the associate professor at the National University of Singapore added that there were many residents who have strong attachments to the estate.
'I have mixed feelings about the sale as well. While we will get a higher price than if we sell the units individually, I like this place very much,' he said.
Mr Colin Tan, research and consultancy director of property firm Chesterton Suntec International, said Pine Grove was likely to be redeveloped into a high-end to luxury development.
It is in a good location, he said, in an established expatriate area near an international school and close to an area of good-class bungalows.
Mr Tan added that bigger property players or joint ventures formed to mitigate the level of risk are likely to bid as the reserve price of $1.7 billion is a very large sum to stump up.
'The luxury market hasn't quite recovered yet, so if we are targeting developers who plan to launch such luxury condos, then maybe it isn't the right time to launch the sale yet... although the market is likely to pick up in the future.'
Pine Grove's collective sale attempt in 2007 failed to bear fruit, even though the average payout was eventually raised to about $2 million a unit.
The current record for a collective sale is held by Farrer Court located along Farrer Road, also a former HUDC estate. It was sold to CapitaLand and had a development charge of about $500 million.
esthert@sph.com.sg
Collective sale: Pine Grove gets nod at latest attempt
Reserve price of $1.7b beats record set by Farrer Court in 2007
By Esther Teo
The 660-unit Pine Grove sits on 893,178 sq ft of land. Many units are 1,754 sq ft in size. The reserve price of $1.7 billion could work out to be between $2.1 million and $2.75 million per unit, depending on the apartment size and development charge. -- ST FILE PHOTO
PINE Grove residents have successfully obtained the crucial 80 per cent approval needed to embark on a collective sale of their sprawling Ulu Pandan estate.
This follows failed attempts to do so last year and during the 2007 boom.
The reserve price has been set at $1.7 billion, which means Pine Grove could become Singapore's largest residential collective sale, beating the $1.34 billion record set by Farrer Court in 2007.
The Straits Times understands that the condominium's latest attempt at a collective sale crossed the requisite 80 per cent majority approval threshold last Saturday. Jones Lang LaSalle is the marketing agent.
The process, however, is now going through a five-day 'cooling off' period during which home owners may change their minds. The period begins after a collective sale agreement is signed. The measure was introduced this year.
The collection of signatures at the 660-unit former Housing and Urban Development Company (HUDC) estate on 893,178 sq ft of land started on Nov 15 last year. Many units are 1,754 sq ft in size.
The reserve price of $1.7 billion could work out to be between $2.1 million and $2.75 million per unit, depending on the apartment size and development charge.
Resident Sing Tien Foo, who has been living at the estate since 2003, said it would be good to have the place redeveloped.
But the associate professor at the National University of Singapore added that there were many residents who have strong attachments to the estate.
'I have mixed feelings about the sale as well. While we will get a higher price than if we sell the units individually, I like this place very much,' he said.
Mr Colin Tan, research and consultancy director of property firm Chesterton Suntec International, said Pine Grove was likely to be redeveloped into a high-end to luxury development.
It is in a good location, he said, in an established expatriate area near an international school and close to an area of good-class bungalows.
Mr Tan added that bigger property players or joint ventures formed to mitigate the level of risk are likely to bid as the reserve price of $1.7 billion is a very large sum to stump up.
'The luxury market hasn't quite recovered yet, so if we are targeting developers who plan to launch such luxury condos, then maybe it isn't the right time to launch the sale yet... although the market is likely to pick up in the future.'
Pine Grove's collective sale attempt in 2007 failed to bear fruit, even though the average payout was eventually raised to about $2 million a unit.
The current record for a collective sale is held by Farrer Court located along Farrer Road, also a former HUDC estate. It was sold to CapitaLand and had a development charge of about $500 million.
esthert@sph.com.sg
ST : Retail giants to compete under one roof
Nov 17, 2010
Retail giants to compete under one roof
Serangoon's Nex mall will house two foodcourts and two supermarkets
By Jamie Ee Wen Wei
Nex, which is about the size of Ion Orchard, is the largest suburban mall in the north-east, and will feature a 24-hour FairPrice Xtra hypermarket, as well as Cold Storage, an Isetan outlet, a cinema and a 2,000 sq ft dog run on the roof garden. -- ST PHOTO: DESMOND LIM
NEX shopping mall in Serangoon is pitting retailers against each other: Cold Storage versus FairPrice, Food Republic versus Food Junction.
While it may seem unusual for rival brands to co-exist under one roof, mall manager Guthrie Consultancy Services is confident that its retail space is 'big enough to accommodate establishments in the same retail category'.
Nex is similar to sprawling suburban malls in the United States, Britain and Australia, where more than one anchor tenant and supermarket sit comfortably under one roof.
The seven-storey mall, located next to Serangoon interchange station, has over 600,000 sq ft of retail space. It is about the size of Ion Orchard and is the largest suburban mall in the north-east.
The $1.3 billion shopping centre, which took about two years to build, is slated to open by the end of this month.
A spokesman for Nex said rival brands - such as Cold Storage and FairPrice - will appeal to different types of shoppers.
The Cold Storage supermarket will feature several exclusive imported products, while the 24-hour hypermarket FairPrice Xtra will offer products from food to home electronics and casual wear.
The mall will also have two foodcourts, Food Junction and Food Republic, 'to offer more food varieties and choices for family shoppers', its spokesman said.
Food Junction will run a 17,000sqft foodcourt that can seat about 500 people, while Food Republic's 6,500sqft food atrium will seat about 250 people.
Residents in the area clearly welcome the choices at the mall.
Madam Daisy Toh, 75, likes having the two rival supermarkets in the same mall. The retiree, who lives about five bus stops away from the mall, said: 'If I want to shop for gourmet food, I will go to Cold Storage. But if I want to buy daily items, I will go to FairPrice Xtra.'
At present, the mall is almost fully occupied. Its anchor tenants are Japanese chain store Isetan, cinema chain Shaw, FairPrice Xtra and the Serangoon Public Library.
Other key tenants include bookstore Popular, Japanese food street Shokutsu 10, Courts, Crystal Jade Kitchen, Party World KTV and children's boutique Kiddy Palace.
It hopes to draw about two million customers each month. To do so, it is introducing a number of new concepts.
Department store Isetan, which is opening its first outlet in 14 years, will have a section dedicated to handbags and fashion labels from Japan.
Its spokesman said the merchandise mix at its new three-storey outlet will be better than those offered by malls in the vicinity. For one thing, it will have more than 14 cosmetic brands not available in those malls, he said.
Guardian pharmacy will have its first private patient care counselling room for its clinical pharmacist to help patients better understand their medication and draw out treatment plans for those with long-term disease or weight issues.
Food-wise, there will also be new offerings: Japan's popular burger chain Freshness Burger and famous pasta restaurant Kabe no Ana will open their debut outlets.
There is a retail and food zone that operates on extended hours till about 2am.
Dog owners can also make use of the 2,000sqft dog run located on the roof garden. The run is the first in a mall here, and is meant for dogs to exercise and play in an off-leash environment under the supervision of their owners.
The run can be accessed via designated lifts and escalators. Dogs, however, are not allowed in other areas of the mall.
To cater to families, there will also be a children's playground with dry and wet interactive play equipment, and 11 nursing rooms for mothers - more than any other mall.
Housewife Jennifer Yew, 36, who used to shop at Compasspoint in Sengkang, said she is likely to shop at Nex instead after it opens.
'I will take my two children to the library and the playground. But one of the most attractive things is the cinema, which other nearby malls do not have,' she said.
jamieee@sph.com.sg
Retail giants to compete under one roof
Serangoon's Nex mall will house two foodcourts and two supermarkets
By Jamie Ee Wen Wei
Nex, which is about the size of Ion Orchard, is the largest suburban mall in the north-east, and will feature a 24-hour FairPrice Xtra hypermarket, as well as Cold Storage, an Isetan outlet, a cinema and a 2,000 sq ft dog run on the roof garden. -- ST PHOTO: DESMOND LIM
NEX shopping mall in Serangoon is pitting retailers against each other: Cold Storage versus FairPrice, Food Republic versus Food Junction.
While it may seem unusual for rival brands to co-exist under one roof, mall manager Guthrie Consultancy Services is confident that its retail space is 'big enough to accommodate establishments in the same retail category'.
Nex is similar to sprawling suburban malls in the United States, Britain and Australia, where more than one anchor tenant and supermarket sit comfortably under one roof.
The seven-storey mall, located next to Serangoon interchange station, has over 600,000 sq ft of retail space. It is about the size of Ion Orchard and is the largest suburban mall in the north-east.
The $1.3 billion shopping centre, which took about two years to build, is slated to open by the end of this month.
A spokesman for Nex said rival brands - such as Cold Storage and FairPrice - will appeal to different types of shoppers.
The Cold Storage supermarket will feature several exclusive imported products, while the 24-hour hypermarket FairPrice Xtra will offer products from food to home electronics and casual wear.
The mall will also have two foodcourts, Food Junction and Food Republic, 'to offer more food varieties and choices for family shoppers', its spokesman said.
Food Junction will run a 17,000sqft foodcourt that can seat about 500 people, while Food Republic's 6,500sqft food atrium will seat about 250 people.
Residents in the area clearly welcome the choices at the mall.
Madam Daisy Toh, 75, likes having the two rival supermarkets in the same mall. The retiree, who lives about five bus stops away from the mall, said: 'If I want to shop for gourmet food, I will go to Cold Storage. But if I want to buy daily items, I will go to FairPrice Xtra.'
At present, the mall is almost fully occupied. Its anchor tenants are Japanese chain store Isetan, cinema chain Shaw, FairPrice Xtra and the Serangoon Public Library.
Other key tenants include bookstore Popular, Japanese food street Shokutsu 10, Courts, Crystal Jade Kitchen, Party World KTV and children's boutique Kiddy Palace.
It hopes to draw about two million customers each month. To do so, it is introducing a number of new concepts.
Department store Isetan, which is opening its first outlet in 14 years, will have a section dedicated to handbags and fashion labels from Japan.
Its spokesman said the merchandise mix at its new three-storey outlet will be better than those offered by malls in the vicinity. For one thing, it will have more than 14 cosmetic brands not available in those malls, he said.
Guardian pharmacy will have its first private patient care counselling room for its clinical pharmacist to help patients better understand their medication and draw out treatment plans for those with long-term disease or weight issues.
Food-wise, there will also be new offerings: Japan's popular burger chain Freshness Burger and famous pasta restaurant Kabe no Ana will open their debut outlets.
There is a retail and food zone that operates on extended hours till about 2am.
Dog owners can also make use of the 2,000sqft dog run located on the roof garden. The run is the first in a mall here, and is meant for dogs to exercise and play in an off-leash environment under the supervision of their owners.
The run can be accessed via designated lifts and escalators. Dogs, however, are not allowed in other areas of the mall.
To cater to families, there will also be a children's playground with dry and wet interactive play equipment, and 11 nursing rooms for mothers - more than any other mall.
Housewife Jennifer Yew, 36, who used to shop at Compasspoint in Sengkang, said she is likely to shop at Nex instead after it opens.
'I will take my two children to the library and the playground. But one of the most attractive things is the cinema, which other nearby malls do not have,' she said.
jamieee@sph.com.sg
ST : Tanjong Pagar site draws $1.7 billion bid
Nov 17, 2010
Tanjong Pagar site draws $1.7 billion bid
GuocoLand's offer is second-highest ever for government land
By Cheryl Lim
A PRIME hotel and office development site right next to Tanjong Pagar MRT station has drawn the second-highest ever bid for government land: $1.71 billion.
Units of developer GuocoLand, controlled by Malaysian billionaire Quek Leng Chan, submitted the bullish offer, which was well above market expectations.
The tender closed yesterday with six bids for the sprawling 1.5ha plot at the corner of Peck Seah and Choon Guan streets.
Five of the bids were above $1 billion - the level analysts had predicted. Among them were offers from a consortium including Hongkong Land; Frasers Centrepoint; and a firm linked to CapitaLand.
GuocoLand's bid works out to $1,006 per sq ft per plot ratio.
Consultants said the site is set to become a landmark development in the heart of Tanjong Pagar, which is being touted as Singapore's next property hot spot. The area will be transformed into a vibrant waterfront precinct when its container terminals move out.
A nearby site, where Keppel Towers and GE Tower stand, was recently bought by developer Keppel Land for $573 million. It plans a major residential project.
Property firm Cushman & Wakefield's managing director Donald Han said the bullish bids for the Peck Seah Street site are reminiscent of the booming pre-crisis market. In 2007, a Marina View parcel drew a $2 billion top bid - the highest ever - while the South Beach development drew a $1.69 billion offer.
The Peck Seah Street plot will host an office and hotel complex that could include apartments. It can hold a maximum gross floor area of nearly 1.7 million sq ft.
At least 60 per cent of the site's area must be devoted to offices and 10 per cent to hotel rooms, but the winning developer can do whatever it wants with the remaining 30 per cent. Property experts believe the space is most likely to be used for high-end condominium units.
CBRE Research executive director Li Hiaw Ho said this would make sense, 'given the growing popularity of inner-city living in the last few years'.
'The development of this mammoth project in the heart of the Tanjong Pagar area would inevitably achieve landmark status, and would further propel the Tanjong Pagar area into a growth region for commercial activity.'
He expects apartments at this 'mega development' to sell at $2,400 to $2,500 psf. Newly launched apartments in nearby projects have been transacted at between $2,000 and $2,500 psf.
Mr Ong said: 'The development has a strong advantage being on top of an MRT station, which should see it attracting lots of buyers and commanding high prices.'
Credo Real Estate executive director Ong Teck Hui said the top few bids reflect confidence that the strong office and residential markets can be sustained.
If GuocoLand is awarded the tender, the project will mark its maiden foray into the Singapore hotel market.
cherlim@sph.com.sg
Tanjong Pagar site draws $1.7 billion bid
GuocoLand's offer is second-highest ever for government land
By Cheryl Lim
A PRIME hotel and office development site right next to Tanjong Pagar MRT station has drawn the second-highest ever bid for government land: $1.71 billion.
Units of developer GuocoLand, controlled by Malaysian billionaire Quek Leng Chan, submitted the bullish offer, which was well above market expectations.
The tender closed yesterday with six bids for the sprawling 1.5ha plot at the corner of Peck Seah and Choon Guan streets.
Five of the bids were above $1 billion - the level analysts had predicted. Among them were offers from a consortium including Hongkong Land; Frasers Centrepoint; and a firm linked to CapitaLand.
GuocoLand's bid works out to $1,006 per sq ft per plot ratio.
Consultants said the site is set to become a landmark development in the heart of Tanjong Pagar, which is being touted as Singapore's next property hot spot. The area will be transformed into a vibrant waterfront precinct when its container terminals move out.
A nearby site, where Keppel Towers and GE Tower stand, was recently bought by developer Keppel Land for $573 million. It plans a major residential project.
Property firm Cushman & Wakefield's managing director Donald Han said the bullish bids for the Peck Seah Street site are reminiscent of the booming pre-crisis market. In 2007, a Marina View parcel drew a $2 billion top bid - the highest ever - while the South Beach development drew a $1.69 billion offer.
The Peck Seah Street plot will host an office and hotel complex that could include apartments. It can hold a maximum gross floor area of nearly 1.7 million sq ft.
At least 60 per cent of the site's area must be devoted to offices and 10 per cent to hotel rooms, but the winning developer can do whatever it wants with the remaining 30 per cent. Property experts believe the space is most likely to be used for high-end condominium units.
CBRE Research executive director Li Hiaw Ho said this would make sense, 'given the growing popularity of inner-city living in the last few years'.
'The development of this mammoth project in the heart of the Tanjong Pagar area would inevitably achieve landmark status, and would further propel the Tanjong Pagar area into a growth region for commercial activity.'
He expects apartments at this 'mega development' to sell at $2,400 to $2,500 psf. Newly launched apartments in nearby projects have been transacted at between $2,000 and $2,500 psf.
Mr Ong said: 'The development has a strong advantage being on top of an MRT station, which should see it attracting lots of buyers and commanding high prices.'
Credo Real Estate executive director Ong Teck Hui said the top few bids reflect confidence that the strong office and residential markets can be sustained.
If GuocoLand is awarded the tender, the project will mark its maiden foray into the Singapore hotel market.
cherlim@sph.com.sg
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