Jun 26, 2010
Probably no property bubble here yet: MM
THERE is probably no bubble in Singapore's property market, Minister Mentor Lee Kuan Yew said yesterday.
The sharp price rises that have been seen are 'part of the total liquidity in the whole world system', said Mr Lee, noting that interest rates are low, and foreigners still see properties as affordable.
'Even if we cap our excess, people in Hong Kong, Indonesia, will say, compared to what I have to pay, Singapore is cheap, let's buy it,' he added.
'And apart from landed properties, they can buy into any condos.'
Mr Lee, who was speaking at a dinner hosted by the Association of Banks in Singapore, said that the Government is convinced that there is real underlying demand for residential property.
'So it's probably not a bubble yet,' he added.
Still, he pointed out that the Government has taken measures to address concerns relating to the market overheating, including releasing more land to developers and putting in place more stringent rules for buyers when borrowing from banks to finance property.
'More land is being released, to dampen the enthusiasm of everybody rushing for the latest release, and we've told the banks to be more prudent and have a higher downpayment,' said Mr Lee.
'These are the precautions we can take, but it does not stop the Indonesians or the Thais or the Malaysian Chinese or the Filipino Chinese from coming here and saying, 'Compared to what I have to pay in my country, this is cheap'.'
Mr Lee was responding to a question by a Standard Chartered banker who had asked about whether he was worried about property prices here.
The banker had also tacked on a second question: 'Can we expect elections anytime soon?'
To that, Mr Lee replied: 'I am not the Prime Minister, I don't decide. And anyway it's got nothing to do with a property boom.'
Saturday, June 26, 2010
ST : High Five & Low Down
Jun 26, 2010
High Five
What expats love about Singapore
1 PUBLIC SERVICES AND TRANSPORT
For American investor Jim Rogers, Singapore is a city where 'everything works'.
The tap water is safe to drink, local mail posted before 5pm is delivered the next working day, and you can get electric power at the flick of a switch.
Singapore also scores for the quality of its modern and efficient Mass Rapid Transit train system, which Mr Andrew Patterson, 36, a director at a digital advertising agency, describes as 'cheap and reliable'.
Road congestion, though, is a challenge. Transport planners are trying to keep that in check through an expanding Electronic Road Pricing system.
Singapore's excellent air links with the rest of the world are a big plus for foreigners who live here. Flights connecting the city state to some 200 destinations worldwide make it easy for globetrotters to explore and enjoy the exotic East, as well as travel for business.
UniSIM lecturer Frank Siegfried, 48, who hails from Germany, is a fan of national icons Changi Airport and Singapore Airlines. 'They have class, they have very high standards, and I like to be associated with them.'
2 ECONOMIC ENVIRONMENT
In the Mercer survey, Singapore came up aces for access to global banking services and foreign currency exchange.
Many of the 11 expatriates Insight interviewed also praised its pro-business environment.
Entrepreneur Linda Fulford, 43, was pleasantly surprised at the ease with which she can explore partnerships with other companies based here.
'This is certainly not the case elsewhere in the world,' says the Briton, who has lived here for 13 years.
Ms Deborah Henretta, 49, Asia group president for consumer products giant Proctor & Gamble, adds: 'As a professional, I truly enjoy the business friendliness... and working in a country that respects and rewards innovation.'
A third aspect of the economy that expatriates find attractive is Singapore's ongoing efforts to grow new sectors such as new media, biotech and non-profit enterprises.
These efforts make Singapore 'an exciting place for a professional to be', says Londoner Lin Fou-Menuhin, 45, a director at beverage firm Diageo Asia-Pacific. He moved here from Hanoi five years ago.
3 SCHOOLS AND EDUCATION
Whether you are young or old, Singapore is a great place to get an education, so say expats living here.
Mr Siegfried, a father of two, loves the choice of international schools on offer. 'There are European and German schools, but I could also choose others such as United World College if I preferred,' says the entrepreneurship lecturer, who moved here in 1995.
The excellent standards of the public education system also mean expats have few qualms about enrolling their children in local schools. That is what Mr Rogers chose to do for his elder daughter, because he wanted her to learn Mandarin.
Since Singapore is also the region's education hub, it offers adult education opportunities aplenty.
Oregon native Mr Patterson found it was more affordable to pursue a University of Buffalo executive master of business administration degree with SIM Global Education here than in the United States.
Former businesswoman Zhang Xiao Qing, 32, who moved to Singapore with husband Mr Fou-Menuhin, is pursuing a bachelor's degree in fashion design.
4 POLITICAL AND SOCIAL ENVIRONMENT
In the Mercer survey, this category encompasses factors such as ties with other countries, internal stability, crime, law enforcement and ease of entry and exit. Expats gave Singapore the thumbs up for all of them.
Mr Stephen Lewis, 52, an executive director in an investment bank, feels secure all round, 'from physical security, to low crime rates, to protection from crooked officials'.
For those constantly on the go like Mr Patrick Fiat, general manager of hotel Royal Plaza on Scotts, what matters most is seamless travel in and out of the country. 'Alighting from the plane and getting home takes just 30 minutes,' he says.
Singapore's ability to stay friends with neighbouring states, and resolve disputes peacefully, also counts in its favour.
5 HOUSING
It is hardly surprising that expatriates on generous housing allowances say the quality of housing here is 'excellent'.
After all, they can have their pick of the best homes in swanky districts such as Bukit Timah, Tanglin and the Holland Road area, where a number of international schools are also located.
But what Mr Siegfried appreciates are the affordable housing options for expatriates like him, who work for local organisations that do not foot the rent bill.
Not everyone has been as lucky. Mr Patterson has lived in a three-room HDB flat in Woodlands for over two years and hates it. 'It's small, cramped and has no character, but I didn't come here for the living conditions,' says the American, who will be moving to a bigger condominium unit next month.
--------------------------------------------------------------------------------
Low Down
What expats take issue with
1 SOCIO-CULTURAL ENVIRONMENT
The Mercer survey highlighted personal and media freedom as two areas where Singapore has room for improvement.
Censorship bothers some expatriates who live here, as that limits the range of art performances and films on offer. Censorship rules are, however, reviewed regularly. The first major review since 2002 is now under way.
Expats like American Andrew Patterson hope to see even more liberalisation, which he thinks will signal intellectual progress.
He says: 'I wish there was more tolerance for what people are trying to express.'
2 NATURAL ENVIRONMENT
Given that this tropical island is just one degree north of the equator, the only natural environment anyone can expect is a steamy one.
Newcomers have little choice but to adapt, or retreat to their air-conditioned offices and homes.
Expats like Mr Lin Fou-Menuhin say they find the humidity unbearable, but the sunshine and rain are pluses for businessman Takahashi Kenichi, 54, who dislikes cold Japanese winters.
A big plus point for Singapore, however, is its low susceptibility to natural disasters.
Earthquakes in nearby regions have so far triggered only tremors here, with no reported damage to buildings.
3 RECREATION
New Delhi native Shreekant Gupta, 50, puts it bluntly: 'Singapore is a very easy city to live in, but not necessarily a very fun city to live in.'
To a man, expats wish there were more options for fun and play here, beyond dining out or a lazy afternoon at the Botanic Gardens.
Dr Gupta and Mr Fou-Menuhin wish for a more exciting arts scene. Dr Gupta says: 'As the father of a 41/2-year-old, I'd like more non-mall-based places to go out to.
'The Jacob Ballas Children's Garden is a good start but there could be more.'
What Mr Takahashi misses about Japan are riverside barbecues and baseball games in the park. Those were his regular activities on weekends back home.
But with few green places large enough to accommodate those activities, he laments that weekends here have become somewhat 'boring'.
4 ECO-FRIENDLINESS
For citizens of a nation that prides itself on being a city in a garden, Singaporeans show a curious lack of eco-consciousness, says Dr Gupta.
'On campus, there is no recycling, and there is not enough emphasis on double-sided printing,' says Dr Gupta, who is based at the Lee Kuan Yew School of Public Policy.
German Frank Siegfried is troubled by the rapid destruction of green spaces to make way for development. He wishes Singaporeans had a greater appreciation for nature.
Recycling is not a factor on the Mercer list, but expats believe in the role it plays in the sustainability of the city.
Dr Gupta also wishes for a more bicycle-friendly city, a change which he says will not merely ease congestion, but also reduce air pollution and enhance public health.
Agreeing, American investor Jim Rogers, who takes his daughter to school on a bicycle, adds: 'Among the rankings of attractive cities, the cities that are ranked high are mostly bicycle-friendly.'
5 COST OF LIVING
Foreigners who have lived here since the 1990s can testify, as locals do, that prices of everything, from cars to homes to chocolate bars, have shot up.
Prices have risen in tandem with Singapore's bullish economic growth, and that is to be expected.
However, even expatriates are starting to find Singapore expensive.
Mr Siegfried, who has lived here for 15 years, says: 'I feel like we are being outpriced.'
High Five
What expats love about Singapore
1 PUBLIC SERVICES AND TRANSPORT
For American investor Jim Rogers, Singapore is a city where 'everything works'.
The tap water is safe to drink, local mail posted before 5pm is delivered the next working day, and you can get electric power at the flick of a switch.
Singapore also scores for the quality of its modern and efficient Mass Rapid Transit train system, which Mr Andrew Patterson, 36, a director at a digital advertising agency, describes as 'cheap and reliable'.
Road congestion, though, is a challenge. Transport planners are trying to keep that in check through an expanding Electronic Road Pricing system.
Singapore's excellent air links with the rest of the world are a big plus for foreigners who live here. Flights connecting the city state to some 200 destinations worldwide make it easy for globetrotters to explore and enjoy the exotic East, as well as travel for business.
UniSIM lecturer Frank Siegfried, 48, who hails from Germany, is a fan of national icons Changi Airport and Singapore Airlines. 'They have class, they have very high standards, and I like to be associated with them.'
2 ECONOMIC ENVIRONMENT
In the Mercer survey, Singapore came up aces for access to global banking services and foreign currency exchange.
Many of the 11 expatriates Insight interviewed also praised its pro-business environment.
Entrepreneur Linda Fulford, 43, was pleasantly surprised at the ease with which she can explore partnerships with other companies based here.
'This is certainly not the case elsewhere in the world,' says the Briton, who has lived here for 13 years.
Ms Deborah Henretta, 49, Asia group president for consumer products giant Proctor & Gamble, adds: 'As a professional, I truly enjoy the business friendliness... and working in a country that respects and rewards innovation.'
A third aspect of the economy that expatriates find attractive is Singapore's ongoing efforts to grow new sectors such as new media, biotech and non-profit enterprises.
These efforts make Singapore 'an exciting place for a professional to be', says Londoner Lin Fou-Menuhin, 45, a director at beverage firm Diageo Asia-Pacific. He moved here from Hanoi five years ago.
3 SCHOOLS AND EDUCATION
Whether you are young or old, Singapore is a great place to get an education, so say expats living here.
Mr Siegfried, a father of two, loves the choice of international schools on offer. 'There are European and German schools, but I could also choose others such as United World College if I preferred,' says the entrepreneurship lecturer, who moved here in 1995.
The excellent standards of the public education system also mean expats have few qualms about enrolling their children in local schools. That is what Mr Rogers chose to do for his elder daughter, because he wanted her to learn Mandarin.
Since Singapore is also the region's education hub, it offers adult education opportunities aplenty.
Oregon native Mr Patterson found it was more affordable to pursue a University of Buffalo executive master of business administration degree with SIM Global Education here than in the United States.
Former businesswoman Zhang Xiao Qing, 32, who moved to Singapore with husband Mr Fou-Menuhin, is pursuing a bachelor's degree in fashion design.
4 POLITICAL AND SOCIAL ENVIRONMENT
In the Mercer survey, this category encompasses factors such as ties with other countries, internal stability, crime, law enforcement and ease of entry and exit. Expats gave Singapore the thumbs up for all of them.
Mr Stephen Lewis, 52, an executive director in an investment bank, feels secure all round, 'from physical security, to low crime rates, to protection from crooked officials'.
For those constantly on the go like Mr Patrick Fiat, general manager of hotel Royal Plaza on Scotts, what matters most is seamless travel in and out of the country. 'Alighting from the plane and getting home takes just 30 minutes,' he says.
Singapore's ability to stay friends with neighbouring states, and resolve disputes peacefully, also counts in its favour.
5 HOUSING
It is hardly surprising that expatriates on generous housing allowances say the quality of housing here is 'excellent'.
After all, they can have their pick of the best homes in swanky districts such as Bukit Timah, Tanglin and the Holland Road area, where a number of international schools are also located.
But what Mr Siegfried appreciates are the affordable housing options for expatriates like him, who work for local organisations that do not foot the rent bill.
Not everyone has been as lucky. Mr Patterson has lived in a three-room HDB flat in Woodlands for over two years and hates it. 'It's small, cramped and has no character, but I didn't come here for the living conditions,' says the American, who will be moving to a bigger condominium unit next month.
--------------------------------------------------------------------------------
Low Down
What expats take issue with
1 SOCIO-CULTURAL ENVIRONMENT
The Mercer survey highlighted personal and media freedom as two areas where Singapore has room for improvement.
Censorship bothers some expatriates who live here, as that limits the range of art performances and films on offer. Censorship rules are, however, reviewed regularly. The first major review since 2002 is now under way.
Expats like American Andrew Patterson hope to see even more liberalisation, which he thinks will signal intellectual progress.
He says: 'I wish there was more tolerance for what people are trying to express.'
2 NATURAL ENVIRONMENT
Given that this tropical island is just one degree north of the equator, the only natural environment anyone can expect is a steamy one.
Newcomers have little choice but to adapt, or retreat to their air-conditioned offices and homes.
Expats like Mr Lin Fou-Menuhin say they find the humidity unbearable, but the sunshine and rain are pluses for businessman Takahashi Kenichi, 54, who dislikes cold Japanese winters.
A big plus point for Singapore, however, is its low susceptibility to natural disasters.
Earthquakes in nearby regions have so far triggered only tremors here, with no reported damage to buildings.
3 RECREATION
New Delhi native Shreekant Gupta, 50, puts it bluntly: 'Singapore is a very easy city to live in, but not necessarily a very fun city to live in.'
To a man, expats wish there were more options for fun and play here, beyond dining out or a lazy afternoon at the Botanic Gardens.
Dr Gupta and Mr Fou-Menuhin wish for a more exciting arts scene. Dr Gupta says: 'As the father of a 41/2-year-old, I'd like more non-mall-based places to go out to.
'The Jacob Ballas Children's Garden is a good start but there could be more.'
What Mr Takahashi misses about Japan are riverside barbecues and baseball games in the park. Those were his regular activities on weekends back home.
But with few green places large enough to accommodate those activities, he laments that weekends here have become somewhat 'boring'.
4 ECO-FRIENDLINESS
For citizens of a nation that prides itself on being a city in a garden, Singaporeans show a curious lack of eco-consciousness, says Dr Gupta.
'On campus, there is no recycling, and there is not enough emphasis on double-sided printing,' says Dr Gupta, who is based at the Lee Kuan Yew School of Public Policy.
German Frank Siegfried is troubled by the rapid destruction of green spaces to make way for development. He wishes Singaporeans had a greater appreciation for nature.
Recycling is not a factor on the Mercer list, but expats believe in the role it plays in the sustainability of the city.
Dr Gupta also wishes for a more bicycle-friendly city, a change which he says will not merely ease congestion, but also reduce air pollution and enhance public health.
Agreeing, American investor Jim Rogers, who takes his daughter to school on a bicycle, adds: 'Among the rankings of attractive cities, the cities that are ranked high are mostly bicycle-friendly.'
5 COST OF LIVING
Foreigners who have lived here since the 1990s can testify, as locals do, that prices of everything, from cars to homes to chocolate bars, have shot up.
Prices have risen in tandem with Singapore's bullish economic growth, and that is to be expected.
However, even expatriates are starting to find Singapore expensive.
Mr Siegfried, who has lived here for 15 years, says: 'I feel like we are being outpriced.'
ST : Singapore: Asia's most liveable city?
Jun 26, 2010
Singapore: Asia's most liveable city?
On Monday, the second annual World Cities Summit will kick into high gear. Mayors, urban planners and officials from around the globe will gather here to exchange ideas on how to develop liveable and sustainable cities for the future. Host country Singapore was recently ranked the most liveable city in Asia, and 28th in the world, in a survey of 450 cities. Insight finds out what Singapore's report card looks like, and the value of such rankings.
By Cassandra Chew
JAPANESE businessman Takahashi Kenichi fell in love with char kway teow and bak kut teh when he first came here to work in 1993.
'The flavours of these foods cannot be found in Japan,' says the Yokohama native and restaurant-chain owner.
The 54-year-old also found it easier to do business in Singapore than in nearby, politically tumultuous Thailand.
Confident that he could have a high quality of life here, Mr Takahashi left behind the cold Japanese winters for the perennial sunshine on this tiny isle.
Expatriates like him have helped Singapore retain the accolade of being Asia's most liveable city in the Mercer rankings, for the sixth consecutive year.
For the last 15 years, human resource consulting firm Mercer has been compiling a liveability index for cities.
This year, its survey spanned 450 cities. Singapore came in 28th, while Austrian capital Vienna topped the charts.
Singapore has held the top spot in Asia since it overtook Tokyo in 2004.
The Mercer survey ranks cities according to 39 factors, ranging from the ease of buying fresh fish for the table, to the reach of law enforcement. It is conducted by Mercer employees, together with partner firms and quality-of-life experts.
Multinational companies that relocate staff from one city to another use these findings to determine the appropriate amount of hardship allowance to pay their staff.
Naturally, the report concentrates on the needs and concerns of expats.
Those polled by Mercer say housing, education and banking services in Singapore are as good as they get.
In housing, however, their term of reference is likely to be the quality and upkeep of private housing, the choice for most expats, and not HDB homes. High-end estates popular with expats include areas in Tanglin, Bukit Timah and Newton.
As for education, what impresses expats is the wide choice of private and international schools on offer.
Parents can choose from a buffet that includes American, French, Swiss and Japanese schools. Others, like American investor Jim Rogers, 67, opt to send their children to good-quality local schools, so as to expose them to Mandarin.
Where money matters are concerned, expats value the ease with which they can access global banking services and exchange foreign currencies.
So what bothers expats about life here? The aspect that gets them literally hot under the collar is the climate.
Britain-born Lin Fou-Menuhin, 45, wishes the weather was cooler as he is 'very bad at handling the humidity'.
Apart from that quirk of destiny, which no government policy can remedy, two other factors that expats say impinge on their quality of life here are the lack of personal and press freedoms.
Another area Singapore failed to ace is in the range of recreational activities, with expats calling for more cultural exhibitions and museums, and a wider variety of theatrical and musical performances.
Mr Takahashi would also like to see more green spaces set aside for people to relax and play in.
If Singapore wants to better its 28th spot in the hotly contested race to be the world's most liveable city, Mercer's senior researcher Mariana Huston tells Insight that what it needs are more recreational activities, more room for personal freedom and less media censorship.
But experts say these rankings have their limitations.
Singapore Management University sociologist Chung Wai Keung says there is no objective way to measure what makes for a liveable city. He likens such surveys to university rankings, which should be taken with a pinch of salt.
Geography academic Pow Choon-Piew adds that these liveability surveys do not factor in what life is like for local residents, such as the urban poor.
Others argue that, in the light of climate change, the Mercer framework needs updating as it does not take into account growing interest in sustainability issues.
Two such issues that have come to the fore are recycling and cycling.
Urban development academic Shreekant Gupta notes that top-tier global cities like New York and Paris have declared car-free zones in key parts.
'It calms the city, not having cars, it makes the ambience different,' he says.
While Mercer's criteria have not changed, Ms Huston says its researchers now give greater consideration to sustainability issues when awarding scores.
As for Singapore, Dr Gupta says it too needs to go beyond what he calls 'first-generation issues', such as clean air and water, to excel in 'second-generation issues', such as being bicycle- and recycling-friendly.
That would bespeak its 'sophistication' and coming of age as a global city.
casschew@sph.com.sg
--------------------------------------------------------------------------------
How Mercer conducts its survey
HUMAN resource consulting firm Mercer has been conducting the Quality of Living survey for more than 15 years, since 1994.
It uses a questionnaire developed by its professionals to gather data.
This is done together with some of its multinational clients and experts in quality-of-life research.
Each city is evaluated in terms of 39 factors, under broad categories such as housing and economic environment.
During the data collection phase, field researchers and consultants supply the initial data, as well as evaluations and comments for the reports.
Then, the data is reviewed and analysed at Mercer's regional centres.
The findings are then compared and controlled in the final stage by global analysts to ensure consistency across the cities surveyed.
The Quality Of Living reports cover about 450 cities globally.
Singapore: Asia's most liveable city?
On Monday, the second annual World Cities Summit will kick into high gear. Mayors, urban planners and officials from around the globe will gather here to exchange ideas on how to develop liveable and sustainable cities for the future. Host country Singapore was recently ranked the most liveable city in Asia, and 28th in the world, in a survey of 450 cities. Insight finds out what Singapore's report card looks like, and the value of such rankings.
By Cassandra Chew
JAPANESE businessman Takahashi Kenichi fell in love with char kway teow and bak kut teh when he first came here to work in 1993.
'The flavours of these foods cannot be found in Japan,' says the Yokohama native and restaurant-chain owner.
The 54-year-old also found it easier to do business in Singapore than in nearby, politically tumultuous Thailand.
Confident that he could have a high quality of life here, Mr Takahashi left behind the cold Japanese winters for the perennial sunshine on this tiny isle.
Expatriates like him have helped Singapore retain the accolade of being Asia's most liveable city in the Mercer rankings, for the sixth consecutive year.
For the last 15 years, human resource consulting firm Mercer has been compiling a liveability index for cities.
This year, its survey spanned 450 cities. Singapore came in 28th, while Austrian capital Vienna topped the charts.
Singapore has held the top spot in Asia since it overtook Tokyo in 2004.
The Mercer survey ranks cities according to 39 factors, ranging from the ease of buying fresh fish for the table, to the reach of law enforcement. It is conducted by Mercer employees, together with partner firms and quality-of-life experts.
Multinational companies that relocate staff from one city to another use these findings to determine the appropriate amount of hardship allowance to pay their staff.
Naturally, the report concentrates on the needs and concerns of expats.
Those polled by Mercer say housing, education and banking services in Singapore are as good as they get.
In housing, however, their term of reference is likely to be the quality and upkeep of private housing, the choice for most expats, and not HDB homes. High-end estates popular with expats include areas in Tanglin, Bukit Timah and Newton.
As for education, what impresses expats is the wide choice of private and international schools on offer.
Parents can choose from a buffet that includes American, French, Swiss and Japanese schools. Others, like American investor Jim Rogers, 67, opt to send their children to good-quality local schools, so as to expose them to Mandarin.
Where money matters are concerned, expats value the ease with which they can access global banking services and exchange foreign currencies.
So what bothers expats about life here? The aspect that gets them literally hot under the collar is the climate.
Britain-born Lin Fou-Menuhin, 45, wishes the weather was cooler as he is 'very bad at handling the humidity'.
Apart from that quirk of destiny, which no government policy can remedy, two other factors that expats say impinge on their quality of life here are the lack of personal and press freedoms.
Another area Singapore failed to ace is in the range of recreational activities, with expats calling for more cultural exhibitions and museums, and a wider variety of theatrical and musical performances.
Mr Takahashi would also like to see more green spaces set aside for people to relax and play in.
If Singapore wants to better its 28th spot in the hotly contested race to be the world's most liveable city, Mercer's senior researcher Mariana Huston tells Insight that what it needs are more recreational activities, more room for personal freedom and less media censorship.
But experts say these rankings have their limitations.
Singapore Management University sociologist Chung Wai Keung says there is no objective way to measure what makes for a liveable city. He likens such surveys to university rankings, which should be taken with a pinch of salt.
Geography academic Pow Choon-Piew adds that these liveability surveys do not factor in what life is like for local residents, such as the urban poor.
Others argue that, in the light of climate change, the Mercer framework needs updating as it does not take into account growing interest in sustainability issues.
Two such issues that have come to the fore are recycling and cycling.
Urban development academic Shreekant Gupta notes that top-tier global cities like New York and Paris have declared car-free zones in key parts.
'It calms the city, not having cars, it makes the ambience different,' he says.
While Mercer's criteria have not changed, Ms Huston says its researchers now give greater consideration to sustainability issues when awarding scores.
As for Singapore, Dr Gupta says it too needs to go beyond what he calls 'first-generation issues', such as clean air and water, to excel in 'second-generation issues', such as being bicycle- and recycling-friendly.
That would bespeak its 'sophistication' and coming of age as a global city.
casschew@sph.com.sg
--------------------------------------------------------------------------------
How Mercer conducts its survey
HUMAN resource consulting firm Mercer has been conducting the Quality of Living survey for more than 15 years, since 1994.
It uses a questionnaire developed by its professionals to gather data.
This is done together with some of its multinational clients and experts in quality-of-life research.
Each city is evaluated in terms of 39 factors, under broad categories such as housing and economic environment.
During the data collection phase, field researchers and consultants supply the initial data, as well as evaluations and comments for the reports.
Then, the data is reviewed and analysed at Mercer's regional centres.
The findings are then compared and controlled in the final stage by global analysts to ensure consistency across the cities surveyed.
The Quality Of Living reports cover about 450 cities globally.
ST : Lend Lease plans mall, office block on Jurong site
Jun 26, 2010
Lend Lease plans mall, office block on Jurong site
AUSTRALIAN property giant Lend Lease wants to build a mall and an office block on the Jurong Lake District site that it is tipped to secure after lodging the highest bid.
The firm said in a statement yesterday: 'The site has capacity for (about) 108,000 sq m of development, including a regional suburban shopping centre and commercial tower.'
'Lend Lease will utilise its integrated property capabilities to create and deliver a prime suburban shopping mall and commercial tower in Singapore,' said its chief executive, Asia, Mr Ooi Eng-Peng.
Lend Lease said it made the bid jointly with one of its managed funds, the Asian Retail Investment Fund.
They offered $748.89 million, which works out to $649.6 per sq ft of gross floor area, more than twice the minimum required amount.
The fund will own 75 per cent of the asset while Lend Lease will hold a 25 per cent direct interest.
Lend Lease said the development will be funded by a combination of non-recourse project based debt and equity. 'Project debt of over $800 million has already been secured,' it said.
It added that the development is in line with its strategy and represents 'a significant opportunity for Lend Lease to grow its retail platform in Singapore leveraging on the group's integrated capabilities'.
Lend Lease will provide development, design, project management, construction and retail property management services.
The Jurong site is next to Jurong East MRT station and is set to kick-start the transformation of the sleepy district into a vibrant Jurong Lake District. Plans for the entire Jurong Lake District will be implemented over 10 to 15 years.
Mr Ooi said the project is 'an important strategic transaction for our Asian business as we continue to grow our presence in the highly sought after Singapore retail market'.
The Asian Retail Investment Fund was launched in 2006 with 313@somerset in Orchard Road as its seed investment. The new project will see it fully invested.
Mr Ooi said the investment demonstrates the firm's confidence in Singapore's retail market. Lend Lease also owns and manages the popular Parkway Parade in Marine Parade.
Lend Lease plans mall, office block on Jurong site
AUSTRALIAN property giant Lend Lease wants to build a mall and an office block on the Jurong Lake District site that it is tipped to secure after lodging the highest bid.
The firm said in a statement yesterday: 'The site has capacity for (about) 108,000 sq m of development, including a regional suburban shopping centre and commercial tower.'
'Lend Lease will utilise its integrated property capabilities to create and deliver a prime suburban shopping mall and commercial tower in Singapore,' said its chief executive, Asia, Mr Ooi Eng-Peng.
Lend Lease said it made the bid jointly with one of its managed funds, the Asian Retail Investment Fund.
They offered $748.89 million, which works out to $649.6 per sq ft of gross floor area, more than twice the minimum required amount.
The fund will own 75 per cent of the asset while Lend Lease will hold a 25 per cent direct interest.
Lend Lease said the development will be funded by a combination of non-recourse project based debt and equity. 'Project debt of over $800 million has already been secured,' it said.
It added that the development is in line with its strategy and represents 'a significant opportunity for Lend Lease to grow its retail platform in Singapore leveraging on the group's integrated capabilities'.
Lend Lease will provide development, design, project management, construction and retail property management services.
The Jurong site is next to Jurong East MRT station and is set to kick-start the transformation of the sleepy district into a vibrant Jurong Lake District. Plans for the entire Jurong Lake District will be implemented over 10 to 15 years.
Mr Ooi said the project is 'an important strategic transaction for our Asian business as we continue to grow our presence in the highly sought after Singapore retail market'.
The Asian Retail Investment Fund was launched in 2006 with 313@somerset in Orchard Road as its seed investment. The new project will see it fully invested.
Mr Ooi said the investment demonstrates the firm's confidence in Singapore's retail market. Lend Lease also owns and manages the popular Parkway Parade in Marine Parade.
ST : Deloitte regional chief named new SLA chairman
Jun 26, 2010
Deloitte regional chief named new SLA chairman
LAW Minister K. Shanmugam has appointed Deloitte Asia-Pacific chief executive Chaly Mah as the new Singapore Land Authority (SLA) chairman.
Mr Mah, who is also Deloitte Singapore chairman, will take over from outgoing SLA chairman Greg Seow on Aug 1 and serve a two-year term.
Mr Mah will be joined by three new SLA members.
They are: Singapore Police Force chief-of-staff Wong Hong Kuan, senior counsel George Lim from law firm Wee Tay & Lim, and Ms Teo Lay Lim, country managing director of Accenture Singapore.
Mr Seow has been a member of the authority since its formation in 2001. Under his chairmanship, the SLA introduced a number of new initiatives.
One included collaborating with various government agencies such as the National Heritage Board to adapt state properties for use by the arts community.
It has also worked with the Economic Development Board to support its global education hub initiative.
Mr Mah is no stranger to the SLA, having been closely involved with the body since 2007.
INCA Law managing director Latiff Ibrahim, Singapore Airlines senior vice-president Yap Kim Wah and Ms Koh Lin-Net, deputy secretary (trade) at the Trade and Industry Ministry, will be leaving the SLA when their terms end on July 31.
FRANCIS CHAN
Deloitte regional chief named new SLA chairman
LAW Minister K. Shanmugam has appointed Deloitte Asia-Pacific chief executive Chaly Mah as the new Singapore Land Authority (SLA) chairman.
Mr Mah, who is also Deloitte Singapore chairman, will take over from outgoing SLA chairman Greg Seow on Aug 1 and serve a two-year term.
Mr Mah will be joined by three new SLA members.
They are: Singapore Police Force chief-of-staff Wong Hong Kuan, senior counsel George Lim from law firm Wee Tay & Lim, and Ms Teo Lay Lim, country managing director of Accenture Singapore.
Mr Seow has been a member of the authority since its formation in 2001. Under his chairmanship, the SLA introduced a number of new initiatives.
One included collaborating with various government agencies such as the National Heritage Board to adapt state properties for use by the arts community.
It has also worked with the Economic Development Board to support its global education hub initiative.
Mr Mah is no stranger to the SLA, having been closely involved with the body since 2007.
INCA Law managing director Latiff Ibrahim, Singapore Airlines senior vice-president Yap Kim Wah and Ms Koh Lin-Net, deputy secretary (trade) at the Trade and Industry Ministry, will be leaving the SLA when their terms end on July 31.
FRANCIS CHAN
ST : MND rejects claims of sand smuggling
Jun 26, 2010
MND rejects claims of sand smuggling
Suppliers required to show proof sand comes from approved sources
By Jessica Cheam
THE Singapore authorities have rejected a claim published in Malaysian newspaper The Star that sand worth millions of dollars has been illegally 'floated' out of Malaysia and into Singapore for the past three years.
The report by The Star on Thursday alleged that a Singapore firm, which obtains the sand from a Malaysian partner, supplies it to Singapore's Housing Board.
This is despite a ban on sand exports imposed by the Malaysian government since 1997.
The Ministry of National Development (MND) told The Straits Times yesterday that 'there is no evidence that the sand HDB receives has been smuggled out of Malaysia, as alleged by The Star article'.
The MND, parent ministry of the HDB, said the agency engages sand suppliers on a commercial basis to supply sand for its development works.
As part of the procurement process, HDB requires its tenderers to produce quality certificates and export permits to confirm that their supply is from approved concessions in the source nations.
'In addition, our Customs have in place procedures to check and investigate the import of goods at the checkpoints.'
Sand supplies must have the necessary import permits to come through the Pulau Punggol Timor Aggregate Terminal, which is managed by the Building and Construction Authority, added the MND.
Meanwhile, the Johor state government said it will initiate its own probe into the sand smuggling allegations.
Its Local Government, Housing, Arts, Culture and Heritage Committee chairman, Datuk Ahmad Zahri Jamil, said at a press conference on Thursday: 'Johor does not export sand. So far, all our records indicate that everything is in order.'
Separately, the Malaysian Anti-Corruption Commission has called on all relevant agencies to join forces and dig deeper into illegal sand smuggling activities in the country.
Earlier this year, it arrested 43 people during its sand smuggling investigations. It added that illegal sand mining was rampant in Selangor, Johor, Perak and Pahang.
The Star reported that sand extraction is a common sight in Sungei Johor, as mining syndicates illegally transport millions of tonnes of sand, even on weekends and public holidays, via Danga Bay and the Port of Tanjung Pelepas. The sand is transported on barges through Sungei Johor to a jetty in Pulau Punggol Timor in north-eastern Singapore where the sand is unloaded, it claimed.
This is the second time in as many months that Singapore's sand industry has come under the spotlight.
Sand is a highly sought-after commodity in the Republic as it is used heavily either in the construction of buildings or for reclamation of land.
Last month, British environmental group Global Witness alleged that Singapore sand suppliers were importing Cambodian sand illegally and without regard for the environment. The report claimed Cambodia's sand trade was thriving despite a recent sand export ban.
Then, the Singapore Government rejected the report and issued a strong rebuttal. It said it had a robust system in place to control sand imports.
The Star also claimed that to circumvent the Malaysian ban on sand exports, the syndicates are believed to be exporting the sand as processed or 'packed' silica sand, an item that can be legally exported. Silica sand is high-purity sand often used in high-end applications such as sand blasting.
The newspaper said that the Singapore firm stands to profit from this lucrative trade as it pays $30 per cubic metre
of sand from its Malaysian source, compared with $40 per cubic metre for the same amount of sand from Thailand or Vietnam.
It estimated that since August 2007, more than three million cubic metres of sand had been smuggled out of Sungei Johor, and that syndicates could have raked in RM207 million (S$89 million) over a two-year period.
The paper said the Malaysian government has suffered losses due to the smuggling as it should have collected at least RM37.5 million in taxes from the exports.
Industry sources told The Straits Times yesterday that there had been speculation in recent months among industry players that some sand was being smuggled into Singapore from Malaysia.
But Singapore Contractors Association president Andrew Khng said he was unaware of any illegal activity, and that the supply of sand to Singapore's construction industry 'has been stable'.
'The sand suppliers have been sourcing sand from various countries since the Indonesian ban in 2007,' said Mr Khng.
Indonesia also banned the export of sand to Singapore in 2007, citing environmental concerns.
The Star said Malaysian government officials had been tipped off on the sand smuggling activity.
In February, it reported that several government officials had been charged with accepting bribes for allowing the smuggling of sand into Singapore.
jcheam@sph.com.sg
--------------------------------------------------------------------------------
PROCEDURES IN PLACE
'There is no evidence that the sand HDB receives has been smuggled out of Malaysia, as alleged by the Star article... Our Customs have in place procedures to check and investigate the import of goods at the checkpoints.'
The Ministry of National Development
MND rejects claims of sand smuggling
Suppliers required to show proof sand comes from approved sources
By Jessica Cheam
THE Singapore authorities have rejected a claim published in Malaysian newspaper The Star that sand worth millions of dollars has been illegally 'floated' out of Malaysia and into Singapore for the past three years.
The report by The Star on Thursday alleged that a Singapore firm, which obtains the sand from a Malaysian partner, supplies it to Singapore's Housing Board.
This is despite a ban on sand exports imposed by the Malaysian government since 1997.
The Ministry of National Development (MND) told The Straits Times yesterday that 'there is no evidence that the sand HDB receives has been smuggled out of Malaysia, as alleged by The Star article'.
The MND, parent ministry of the HDB, said the agency engages sand suppliers on a commercial basis to supply sand for its development works.
As part of the procurement process, HDB requires its tenderers to produce quality certificates and export permits to confirm that their supply is from approved concessions in the source nations.
'In addition, our Customs have in place procedures to check and investigate the import of goods at the checkpoints.'
Sand supplies must have the necessary import permits to come through the Pulau Punggol Timor Aggregate Terminal, which is managed by the Building and Construction Authority, added the MND.
Meanwhile, the Johor state government said it will initiate its own probe into the sand smuggling allegations.
Its Local Government, Housing, Arts, Culture and Heritage Committee chairman, Datuk Ahmad Zahri Jamil, said at a press conference on Thursday: 'Johor does not export sand. So far, all our records indicate that everything is in order.'
Separately, the Malaysian Anti-Corruption Commission has called on all relevant agencies to join forces and dig deeper into illegal sand smuggling activities in the country.
Earlier this year, it arrested 43 people during its sand smuggling investigations. It added that illegal sand mining was rampant in Selangor, Johor, Perak and Pahang.
The Star reported that sand extraction is a common sight in Sungei Johor, as mining syndicates illegally transport millions of tonnes of sand, even on weekends and public holidays, via Danga Bay and the Port of Tanjung Pelepas. The sand is transported on barges through Sungei Johor to a jetty in Pulau Punggol Timor in north-eastern Singapore where the sand is unloaded, it claimed.
This is the second time in as many months that Singapore's sand industry has come under the spotlight.
Sand is a highly sought-after commodity in the Republic as it is used heavily either in the construction of buildings or for reclamation of land.
Last month, British environmental group Global Witness alleged that Singapore sand suppliers were importing Cambodian sand illegally and without regard for the environment. The report claimed Cambodia's sand trade was thriving despite a recent sand export ban.
Then, the Singapore Government rejected the report and issued a strong rebuttal. It said it had a robust system in place to control sand imports.
The Star also claimed that to circumvent the Malaysian ban on sand exports, the syndicates are believed to be exporting the sand as processed or 'packed' silica sand, an item that can be legally exported. Silica sand is high-purity sand often used in high-end applications such as sand blasting.
The newspaper said that the Singapore firm stands to profit from this lucrative trade as it pays $30 per cubic metre
of sand from its Malaysian source, compared with $40 per cubic metre for the same amount of sand from Thailand or Vietnam.
It estimated that since August 2007, more than three million cubic metres of sand had been smuggled out of Sungei Johor, and that syndicates could have raked in RM207 million (S$89 million) over a two-year period.
The paper said the Malaysian government has suffered losses due to the smuggling as it should have collected at least RM37.5 million in taxes from the exports.
Industry sources told The Straits Times yesterday that there had been speculation in recent months among industry players that some sand was being smuggled into Singapore from Malaysia.
But Singapore Contractors Association president Andrew Khng said he was unaware of any illegal activity, and that the supply of sand to Singapore's construction industry 'has been stable'.
'The sand suppliers have been sourcing sand from various countries since the Indonesian ban in 2007,' said Mr Khng.
Indonesia also banned the export of sand to Singapore in 2007, citing environmental concerns.
The Star said Malaysian government officials had been tipped off on the sand smuggling activity.
In February, it reported that several government officials had been charged with accepting bribes for allowing the smuggling of sand into Singapore.
jcheam@sph.com.sg
--------------------------------------------------------------------------------
PROCEDURES IN PLACE
'There is no evidence that the sand HDB receives has been smuggled out of Malaysia, as alleged by the Star article... Our Customs have in place procedures to check and investigate the import of goods at the checkpoints.'
The Ministry of National Development
BT : China to prick bubble, land softly: Barclays
Business Times - 26 Jun 2010
China to prick bubble, land softly: Barclays
By JAMIE LEE
CHINA'S economy is likely to experience a soft landing even as the government works to shrink a property bubble, according to a Barclays Capital report.
This will be despite housing prices making an expected decline of 20-30 per cent over the next few quarters, Barclays said.
'In countries with different characteristics, a correction of that magnitude could clearly risk a hard landing, but China may be exceptional.'
The impact of Chinese consumption from the price declines may be smaller than expected, since about half of the Chinese population are based in rural areas where there is no active property trading.
'Low-income and migrant workers would benefit from housing price declines, as they are likely to be home buyers,' added Barclays in its quarterly report.
Although asset bubbles are usually linked to current account deficits - which make economies fragile when the flow of international capital stops - China would not be affected, since it has been heavily investing its capital abroad. A country's level of current account indicates trends in its foreign trade.
'Arguably, the most important difference . . . lies in the banks, which are unlikely to be forced on the defensive and limit lending since, being state-owned, credit decisions will be determined by top-down political directives,' said Barclays, adding that the greater risk from the asset bubble deflation is an implementation one.
Chinese wage increases are unlikely to create significant inflationary pressures in the short term, since these are limited to a few coastal areas and profit margins could absorb some of the wage rises, Barclays noted.
'The change in labour market dynamics is a long-run, secular process that should play out over the years, not months.'
Barclays expects China's gross domestic product to grow 10.1 per cent this year, and ease to 9 per cent in 2011.
GDP growth in Asia is expected to slow to 7.6 per cent in 2011 from 8.8 per cent this year, partly as the impact from fiscal stimulus begins to wane, said Peter Redward, head of emerging Asia research at Barclays.
As for Singapore, growth is expected to be supported by the strength of the cyclical upturn in the global electronics industry, said economist Leong Wai Ho.
It is unlikely to be affected by the debt problems in Europe, as exports to countries in South Europe make up just about one per cent of total exports, he added.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
China to prick bubble, land softly: Barclays
By JAMIE LEE
CHINA'S economy is likely to experience a soft landing even as the government works to shrink a property bubble, according to a Barclays Capital report.
This will be despite housing prices making an expected decline of 20-30 per cent over the next few quarters, Barclays said.
'In countries with different characteristics, a correction of that magnitude could clearly risk a hard landing, but China may be exceptional.'
The impact of Chinese consumption from the price declines may be smaller than expected, since about half of the Chinese population are based in rural areas where there is no active property trading.
'Low-income and migrant workers would benefit from housing price declines, as they are likely to be home buyers,' added Barclays in its quarterly report.
Although asset bubbles are usually linked to current account deficits - which make economies fragile when the flow of international capital stops - China would not be affected, since it has been heavily investing its capital abroad. A country's level of current account indicates trends in its foreign trade.
'Arguably, the most important difference . . . lies in the banks, which are unlikely to be forced on the defensive and limit lending since, being state-owned, credit decisions will be determined by top-down political directives,' said Barclays, adding that the greater risk from the asset bubble deflation is an implementation one.
Chinese wage increases are unlikely to create significant inflationary pressures in the short term, since these are limited to a few coastal areas and profit margins could absorb some of the wage rises, Barclays noted.
'The change in labour market dynamics is a long-run, secular process that should play out over the years, not months.'
Barclays expects China's gross domestic product to grow 10.1 per cent this year, and ease to 9 per cent in 2011.
GDP growth in Asia is expected to slow to 7.6 per cent in 2011 from 8.8 per cent this year, partly as the impact from fiscal stimulus begins to wane, said Peter Redward, head of emerging Asia research at Barclays.
As for Singapore, growth is expected to be supported by the strength of the cyclical upturn in the global electronics industry, said economist Leong Wai Ho.
It is unlikely to be affected by the debt problems in Europe, as exports to countries in South Europe make up just about one per cent of total exports, he added.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Diverse planners key to making a city liveable
Business Times - 26 Jun 2010
Diverse planners key to making a city liveable
Singapore is among the world's most liveable cities, say women delegates due to attend World Cities Summit here
By UMA SHANKARI
LIVEABLE cities are best designed by diverse planners, say high-ranking women due to attend the World Cities Summit in Singapore next week.
A wide range of perspectives is unmistakably important in planning for practical lifestyles and a safe and comfortable living environment, says Fumiko Hayashi, the mayor of Yokohama, Japan.
'It is said that half of the world's population currently dwell in cities and that percentage is certain to continue to grow in the future,' she told BT. 'If that happens, there will be more and more opportunities for people with a variety of values to live in the same city.'
Today's culturally diverse cities require culturally diverse planners who can bring different lifestyle and value perspectives, says Vishakha Desai, president of the Asia Society.
And Louise Cox, president of the International Union of Architects, likewise believes that diversity among planners is essential: 'Otherwise, a city becomes boring, unloved and unused, so unfortunate things happen that do not need to happen to people and places.'
Diversity is where having women on a planning committee comes in handy. Saskia Sassen, a professor of sociology at Columbia University's Department of Sociology & Committee on Global Thought, says that women's concerns may be different from men's. 'Many women will mention security as the key issue, and some sense of privacy. So we have women-only carriages in crowded commuter trains in India and Japan, for example,' she points out.
Ms Cox agrees that security is a major concern for women: 'As a woman I view safety in a city and on its public transport as an enormous consideration.'
Some big cities, for example, have office areas that are virtually deserted after work - which can make a lone person walking down these streets at midnight vulnerable, she says. Lonely parks are another worry.
'These situations should and can be avoided,' says Ms Cox. 'It is more economical for a building or place to be used all the time instead of only eight hours a day.'
The women identify Singapore, New York, Paris and Sydney as some of the most 'liveable' cities.
And what makes these places stand out is how their quality urban environments - with excellent architecture and urban design - bring tangible economic and financial benefits, foster creativity, attract brains and businesses and engender a sense of rootedness among citizens.
Liveable and sustainable cities are those which can successfully balance economic growth, cultural diversity and social dynamism with a high quality of life, says Cheong Koon Hean, chief executive of Singapore's Urban Redevelopment Authority (URA). 'A great, liveable city must also provide a diversity of experiences for its people - diversity in housing options, diversity of working environments, and diversity in leisure offerings,' she adds.
Amanda Burden, chair of New York City's planning commission and director of the department of city planning, says that when she first became commissioner, her team looked at areas where the city can grow and foster economic opportunity - not just established business districts such as Midtown or Lower Manhattan, but wherever there is potential, such as in Jamaica (in Queens) and Downtown Brooklyn. 'We transformed long neglected areas into thriving centres of economic activity,' she says. 'Through long-range comprehensive plans we ensure that development can flourish in districts located near transport hubs, providing new jobs and tax revenue for the city and its residents.
'The heart of this approach is to recognise the potential of new ways of doing business, take innovative approaches to unlock the potential of new places and make strategic investments today for the long-term health and stability of the city.'
But when all is said and done, the 'energy' of the people living in a city is crucial to its vitality and sustainable development, says Ms Hayashi. 'Citizens loyal to the cities they live in are active in all aspects of business and life, and I believe that this loyalty is what gives rise to safe, comfortable cities. We must gather the collective wisdom of these citizens to overcome global issues such as global warming, energy and poverty, and create sustainable cities together,' she says.
Adds Mrs Cheong: 'I believe that a successful city is not about being the biggest or having the tallest buildings, but it should focus on being a place where people want to be and can call it a home.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Diverse planners key to making a city liveable
Singapore is among the world's most liveable cities, say women delegates due to attend World Cities Summit here
By UMA SHANKARI
LIVEABLE cities are best designed by diverse planners, say high-ranking women due to attend the World Cities Summit in Singapore next week.
A wide range of perspectives is unmistakably important in planning for practical lifestyles and a safe and comfortable living environment, says Fumiko Hayashi, the mayor of Yokohama, Japan.
'It is said that half of the world's population currently dwell in cities and that percentage is certain to continue to grow in the future,' she told BT. 'If that happens, there will be more and more opportunities for people with a variety of values to live in the same city.'
Today's culturally diverse cities require culturally diverse planners who can bring different lifestyle and value perspectives, says Vishakha Desai, president of the Asia Society.
And Louise Cox, president of the International Union of Architects, likewise believes that diversity among planners is essential: 'Otherwise, a city becomes boring, unloved and unused, so unfortunate things happen that do not need to happen to people and places.'
Diversity is where having women on a planning committee comes in handy. Saskia Sassen, a professor of sociology at Columbia University's Department of Sociology & Committee on Global Thought, says that women's concerns may be different from men's. 'Many women will mention security as the key issue, and some sense of privacy. So we have women-only carriages in crowded commuter trains in India and Japan, for example,' she points out.
Ms Cox agrees that security is a major concern for women: 'As a woman I view safety in a city and on its public transport as an enormous consideration.'
Some big cities, for example, have office areas that are virtually deserted after work - which can make a lone person walking down these streets at midnight vulnerable, she says. Lonely parks are another worry.
'These situations should and can be avoided,' says Ms Cox. 'It is more economical for a building or place to be used all the time instead of only eight hours a day.'
The women identify Singapore, New York, Paris and Sydney as some of the most 'liveable' cities.
And what makes these places stand out is how their quality urban environments - with excellent architecture and urban design - bring tangible economic and financial benefits, foster creativity, attract brains and businesses and engender a sense of rootedness among citizens.
Liveable and sustainable cities are those which can successfully balance economic growth, cultural diversity and social dynamism with a high quality of life, says Cheong Koon Hean, chief executive of Singapore's Urban Redevelopment Authority (URA). 'A great, liveable city must also provide a diversity of experiences for its people - diversity in housing options, diversity of working environments, and diversity in leisure offerings,' she adds.
Amanda Burden, chair of New York City's planning commission and director of the department of city planning, says that when she first became commissioner, her team looked at areas where the city can grow and foster economic opportunity - not just established business districts such as Midtown or Lower Manhattan, but wherever there is potential, such as in Jamaica (in Queens) and Downtown Brooklyn. 'We transformed long neglected areas into thriving centres of economic activity,' she says. 'Through long-range comprehensive plans we ensure that development can flourish in districts located near transport hubs, providing new jobs and tax revenue for the city and its residents.
'The heart of this approach is to recognise the potential of new ways of doing business, take innovative approaches to unlock the potential of new places and make strategic investments today for the long-term health and stability of the city.'
But when all is said and done, the 'energy' of the people living in a city is crucial to its vitality and sustainable development, says Ms Hayashi. 'Citizens loyal to the cities they live in are active in all aspects of business and life, and I believe that this loyalty is what gives rise to safe, comfortable cities. We must gather the collective wisdom of these citizens to overcome global issues such as global warming, energy and poverty, and create sustainable cities together,' she says.
Adds Mrs Cheong: 'I believe that a successful city is not about being the biggest or having the tallest buildings, but it should focus on being a place where people want to be and can call it a home.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Deloitte's Chaly Mah is new SLA chairman
Business Times - 26 Jun 2010
Deloitte's Chaly Mah is new SLA chairman
He takes over from Greg Seow who completes a second two-year term on July31
By CHEW XIANG
DELOITTE Singapore chairman Chaly Mah has been appointed chairman of the Singapore Land Authority, taking over from Greg Seow who completes a second two-year term on July 31.
Mr Mah was appointed a member of SLA in June 2007 and became its deputy chairman in August last year.
He is chief executive of Deloitte Asia-Pacific and Deloitte South-east Asia, and president of CPA Australia's Singapore Division.
The Ministry of Law said yesterday Senior Counsel George Lim, Teo Lay Lim of Accenture Singapore and Wong Hong Kuan, chief of staff of the Singapore Police Force, will be appointed to SLA for two years from Aug 1.
They will replace senior lawyer Latiff Ibrahim, Singapore Airlines senior vice-president Yap Kim Wah and deputy secretary (trade) at the Ministry of Trade and Industry Koh Lin-Net, who complete their terms of office next month.
Mr Lim is a former president of the Law Society and a partner at Wee Tay & Lim.
Ms Teo is country managing director for Accenture Singapore.
Mr Wong has 16 years' experience in law enforcement, leadership and human resource development and finance policy formulation.
SLA expressed its appreciation to Mr Seow, Mr Latiff Ibrahim, Mr Yap and Ms Koh for their contributions.
Under Mr Seow's chairmanship, SLA introduced a number of initiatives. For instance, it worked with the National Heritage Board to adapt state properties for interim uses for the arts, and the Economic Development Board to support its global education hub initiative.
With the Infocomm Development Authority of Singapore, SLA is now leading a government-wide effort to develop a platform to integrate geospatial data, policies and technology, and launched an intelligent map information system last year.
With the IDA, SLA is leading a government effort to develop
a platform to integrate geospatial data, policies and technology, and launched an intelligent map information
system last year.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
MR MAH
He was appointed a member of SLA in June 2007 and became its deputy chairman in August last year
MR WONG
He has 16 years' experience in law enforcement, leadership and human resource development and finance policy
MS TEO
She is country MD for Accenture Singapore and also holds two portfolios for its Asia-Pac global markets business
Deloitte's Chaly Mah is new SLA chairman
He takes over from Greg Seow who completes a second two-year term on July31
By CHEW XIANG
DELOITTE Singapore chairman Chaly Mah has been appointed chairman of the Singapore Land Authority, taking over from Greg Seow who completes a second two-year term on July 31.
Mr Mah was appointed a member of SLA in June 2007 and became its deputy chairman in August last year.
He is chief executive of Deloitte Asia-Pacific and Deloitte South-east Asia, and president of CPA Australia's Singapore Division.
The Ministry of Law said yesterday Senior Counsel George Lim, Teo Lay Lim of Accenture Singapore and Wong Hong Kuan, chief of staff of the Singapore Police Force, will be appointed to SLA for two years from Aug 1.
They will replace senior lawyer Latiff Ibrahim, Singapore Airlines senior vice-president Yap Kim Wah and deputy secretary (trade) at the Ministry of Trade and Industry Koh Lin-Net, who complete their terms of office next month.
Mr Lim is a former president of the Law Society and a partner at Wee Tay & Lim.
Ms Teo is country managing director for Accenture Singapore.
Mr Wong has 16 years' experience in law enforcement, leadership and human resource development and finance policy formulation.
SLA expressed its appreciation to Mr Seow, Mr Latiff Ibrahim, Mr Yap and Ms Koh for their contributions.
Under Mr Seow's chairmanship, SLA introduced a number of initiatives. For instance, it worked with the National Heritage Board to adapt state properties for interim uses for the arts, and the Economic Development Board to support its global education hub initiative.
With the Infocomm Development Authority of Singapore, SLA is now leading a government-wide effort to develop a platform to integrate geospatial data, policies and technology, and launched an intelligent map information system last year.
With the IDA, SLA is leading a government effort to develop
a platform to integrate geospatial data, policies and technology, and launched an intelligent map information
system last year.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
MR MAH
He was appointed a member of SLA in June 2007 and became its deputy chairman in August last year
MR WONG
He has 16 years' experience in law enforcement, leadership and human resource development and finance policy
MS TEO
She is country MD for Accenture Singapore and also holds two portfolios for its Asia-Pac global markets business
Friday, June 25, 2010
ST : Prime resale condo prices hit new high
Jun 25, 2010
Prime resale condo prices hit new high
Prices of suburban units also rising at faster rate, says DTZ, but overall sentiment weaker
By Joyce Teo
PRICE rises of private resale homes have generally slowed this quarter, to under 3 per cent in most areas, amid weaker buying sentiment.
However, prime homes hit a new price high, and price rises for suburban homes grew at a much faster rate, property consultancy DTZ said yesterday.
Suburban resale condominium and apartment prices leapt by 4 per cent for the quarter ending June 30, from the first quarter, to yet another new high.
DTZ was giving its resale price estimates ahead of official figures for the entire private home market due out next month.
It said resale prices of leasehold suburban homes climbed 4 per cent quarter-on-quarter to $648 per sq ft (psf), compared with the 2.1 per cent rise in the first quarter. The 2007 peak for these homes was at $615 psf.
DTZ said the reason suburban home prices on the resale market rose faster was a combination of higher new launch prices and aggressive bids for government land sales sites in suburban areas.
Otherwise, the rise in housing prices has generally slowed in the second quarter as resistance to high asking prices and stock market uncertainty caused many buyers to take a wait- and-see approach.
DTZ referred only to prices of non-landed homes in yesterday's report.
Price rises for resale freehold condo units in prime districts 9, 10 and 11 came in at a slower 2.6 per cent pace, down from 3.7 per cent in the first quarter .
But that still brought prices to a new high of $1,493 psf, which is 0.7 per cent higher than the previous 2007 record of $1,483 psf.
Meanwhile, prices of resale freehold condo units outside the prime districts rose 2.9 per cent to hit a previous 2007 peak of $747 psf, down from a 4.2 per cent rise in the first quarter, DTZ said.
Only prices for luxury condo apartments have yet to reach the previous peak. They are still 7.6 per cent off the 2007 record of $2,800 psf, despite rising 3.5 per cent to $2,588 psf.
Developers have been bidding aggressively for land but they are likely to 'tone down' their bids.
This is in view of an unprecedented number of suburban sites to be sold in the second half-year government land sales programme, said DTZ head of South-east Asia research Chua Chor Hoon.
'This will keep a check on prices of mass-market homes going forward,' she said.
Concurring, Frasers Centrepoint chief executive Lim Ee Seng said: 'In terms of affordability, I would say prices are stretching the limit.'
For the year, Ms Chua is forecasting a rise of up to 10 per cent for mass-market prices and about 10 per cent to 15 per cent for the other segments.
While the market has slowed since last month, the slower take-up rate for new developments is viewed as more sustainable, said Ms Margaret Thean, DTZ's executive director (residential).
She said developers plan to launch more new projects in the coming months. 'If they are well taken up, that would motivate more developers to launch other projects and stimulate buyer interest.'
The 361-unit Waterfront Gold in Bedok Reservoir has already been lined up for launch tomorrow. It will be the first major suburban launch this month.
Frasers Centrepoint said it will be selling units at the project at an average price of $950 psf. It plans to launch not more than a third of the project, just enough to finance part of the construction.
joyceteo@sph.com.sg
· See Money
--------------------------------------------------------------------------------
STRETCHING IT
'In terms of affordability, I would say prices are stretching the limit.'
Frasers Centrepoint chief executive Lim Ee Seng
The 361-unit Waterfront Gold in Bedok Reservoir has been lined up for launch tomorrow. It will be the first major suburban launch this month. -- PHOTO: FRASERS CENTREPOINT
Prime resale condo prices hit new high
Prices of suburban units also rising at faster rate, says DTZ, but overall sentiment weaker
By Joyce Teo
PRICE rises of private resale homes have generally slowed this quarter, to under 3 per cent in most areas, amid weaker buying sentiment.
However, prime homes hit a new price high, and price rises for suburban homes grew at a much faster rate, property consultancy DTZ said yesterday.
Suburban resale condominium and apartment prices leapt by 4 per cent for the quarter ending June 30, from the first quarter, to yet another new high.
DTZ was giving its resale price estimates ahead of official figures for the entire private home market due out next month.
It said resale prices of leasehold suburban homes climbed 4 per cent quarter-on-quarter to $648 per sq ft (psf), compared with the 2.1 per cent rise in the first quarter. The 2007 peak for these homes was at $615 psf.
DTZ said the reason suburban home prices on the resale market rose faster was a combination of higher new launch prices and aggressive bids for government land sales sites in suburban areas.
Otherwise, the rise in housing prices has generally slowed in the second quarter as resistance to high asking prices and stock market uncertainty caused many buyers to take a wait- and-see approach.
DTZ referred only to prices of non-landed homes in yesterday's report.
Price rises for resale freehold condo units in prime districts 9, 10 and 11 came in at a slower 2.6 per cent pace, down from 3.7 per cent in the first quarter .
But that still brought prices to a new high of $1,493 psf, which is 0.7 per cent higher than the previous 2007 record of $1,483 psf.
Meanwhile, prices of resale freehold condo units outside the prime districts rose 2.9 per cent to hit a previous 2007 peak of $747 psf, down from a 4.2 per cent rise in the first quarter, DTZ said.
Only prices for luxury condo apartments have yet to reach the previous peak. They are still 7.6 per cent off the 2007 record of $2,800 psf, despite rising 3.5 per cent to $2,588 psf.
Developers have been bidding aggressively for land but they are likely to 'tone down' their bids.
This is in view of an unprecedented number of suburban sites to be sold in the second half-year government land sales programme, said DTZ head of South-east Asia research Chua Chor Hoon.
'This will keep a check on prices of mass-market homes going forward,' she said.
Concurring, Frasers Centrepoint chief executive Lim Ee Seng said: 'In terms of affordability, I would say prices are stretching the limit.'
For the year, Ms Chua is forecasting a rise of up to 10 per cent for mass-market prices and about 10 per cent to 15 per cent for the other segments.
While the market has slowed since last month, the slower take-up rate for new developments is viewed as more sustainable, said Ms Margaret Thean, DTZ's executive director (residential).
She said developers plan to launch more new projects in the coming months. 'If they are well taken up, that would motivate more developers to launch other projects and stimulate buyer interest.'
The 361-unit Waterfront Gold in Bedok Reservoir has already been lined up for launch tomorrow. It will be the first major suburban launch this month.
Frasers Centrepoint said it will be selling units at the project at an average price of $950 psf. It plans to launch not more than a third of the project, just enough to finance part of the construction.
joyceteo@sph.com.sg
· See Money
--------------------------------------------------------------------------------
STRETCHING IT
'In terms of affordability, I would say prices are stretching the limit.'
Frasers Centrepoint chief executive Lim Ee Seng
The 361-unit Waterfront Gold in Bedok Reservoir has been lined up for launch tomorrow. It will be the first major suburban launch this month. -- PHOTO: FRASERS CENTREPOINT
ST : Office rents pick up after sliding for six quarters
Jun 25, 2010
Office rents pick up after sliding for six quarters
Prime office rents get a lift from economic recovery, pent-up demand
By Esther Teo
RENTS for office space are finally on the way up after six consecutive quarters of decline.
The economic recovery and pent-up demand have boosted monthly prime office rents from about $6.70 per sq ft in the first quarter to $6.90 for this quarter, a rise of 3 per cent, said property consultancy CB Richard Ellis (CBRE) yesterday.
Grade A rents rose 5.6 per cent quarter-on-quarter to $8.45 per sq ft a month.
Rents outside the Central Business District (CBD) in areas such as Novena, Alexandra and Tampines have held steady in the past two to three quarters, giving tenants options of cheaper alternatives, CBRE said.
Rents for core and fringe CBD space have risen despite lingering concerns over an impending glut of supply and the hollowing-out of existing buildings within the CBD.
Leasing momentum stayed strong, in part due to pent-up demand from multinationals, which were finally in a position to act on their space needs, said Mr Moray Armstrong, CBRE's executive director of office services.
Mr Armstrong said the year- long lull after the financial crisis began in September 2008 has passed.
'With confidence restored in late 2009, decision makers initiated space planning, leading to a pick-up in requirements and in turn increased leasing volume in the first half of this year,' he added.
A number of investment banks signed leases in the first half of the year and are now following those up with multiple deals for space in new developments that should hit the market next year.
There has also been increasing demand from the insurance sector, professional services, private equity and hedge funds, with foreign legal firms 'very prominent in the market', CBRE said.
About 6.9 million sq ft of office space is scheduled to come on-stream from the second half of this year to 2015.
Just over 50 per cent of that is already pre-leased and the absolute volume of supply looks 'increasingly manageable', added CBRE.
Falling vacancy rates also reflect higher demand.
Vacancies in the core CBD area fell from 8.1 per cent in the first quarter to 6.7 per cent, while similar rates in outlying markets such as Tampines fell from 8.2 per cent to 6.8 per cent.
The fringe CBD area also saw a 3.2 percentage point decrease in vacancy rate to 9.6 per cent this quarter.
CBRE said prospects of oversupply are receding, thanks partly to the conversion of existing office stock into apartments in older parts of the commercial centre.
Mr Armstrong added that the outlook for the office sector remained favourable, thanks to strong business con-fidence and a healthy local economy.
'The only caution at present arises from external macroeconomic issues such as European Union debt,' he added.
'Nonetheless, medium-term demand is expected to remain positive as business expands and multinationals continue to view Singapore as one of the few growth stories to help counter the more sluggish markets in Europe and the United States.'
esthert@sph.com.sg
--------------------------------------------------------------------------------
CONFIDENT MOVES
'With confidence restored in late 2009, decision makers initiated space planning, leading to a pick-up in requirements and in turn increased leasing volume in the first half of this year.'
Mr Moray Armstrong, CB Richard Ellis executive director of office services
-- ST PHOTO: ALPHONSUS CHERN
Office rents pick up after sliding for six quarters
Prime office rents get a lift from economic recovery, pent-up demand
By Esther Teo
RENTS for office space are finally on the way up after six consecutive quarters of decline.
The economic recovery and pent-up demand have boosted monthly prime office rents from about $6.70 per sq ft in the first quarter to $6.90 for this quarter, a rise of 3 per cent, said property consultancy CB Richard Ellis (CBRE) yesterday.
Grade A rents rose 5.6 per cent quarter-on-quarter to $8.45 per sq ft a month.
Rents outside the Central Business District (CBD) in areas such as Novena, Alexandra and Tampines have held steady in the past two to three quarters, giving tenants options of cheaper alternatives, CBRE said.
Rents for core and fringe CBD space have risen despite lingering concerns over an impending glut of supply and the hollowing-out of existing buildings within the CBD.
Leasing momentum stayed strong, in part due to pent-up demand from multinationals, which were finally in a position to act on their space needs, said Mr Moray Armstrong, CBRE's executive director of office services.
Mr Armstrong said the year- long lull after the financial crisis began in September 2008 has passed.
'With confidence restored in late 2009, decision makers initiated space planning, leading to a pick-up in requirements and in turn increased leasing volume in the first half of this year,' he added.
A number of investment banks signed leases in the first half of the year and are now following those up with multiple deals for space in new developments that should hit the market next year.
There has also been increasing demand from the insurance sector, professional services, private equity and hedge funds, with foreign legal firms 'very prominent in the market', CBRE said.
About 6.9 million sq ft of office space is scheduled to come on-stream from the second half of this year to 2015.
Just over 50 per cent of that is already pre-leased and the absolute volume of supply looks 'increasingly manageable', added CBRE.
Falling vacancy rates also reflect higher demand.
Vacancies in the core CBD area fell from 8.1 per cent in the first quarter to 6.7 per cent, while similar rates in outlying markets such as Tampines fell from 8.2 per cent to 6.8 per cent.
The fringe CBD area also saw a 3.2 percentage point decrease in vacancy rate to 9.6 per cent this quarter.
CBRE said prospects of oversupply are receding, thanks partly to the conversion of existing office stock into apartments in older parts of the commercial centre.
Mr Armstrong added that the outlook for the office sector remained favourable, thanks to strong business con-fidence and a healthy local economy.
'The only caution at present arises from external macroeconomic issues such as European Union debt,' he added.
'Nonetheless, medium-term demand is expected to remain positive as business expands and multinationals continue to view Singapore as one of the few growth stories to help counter the more sluggish markets in Europe and the United States.'
esthert@sph.com.sg
--------------------------------------------------------------------------------
CONFIDENT MOVES
'With confidence restored in late 2009, decision makers initiated space planning, leading to a pick-up in requirements and in turn increased leasing volume in the first half of this year.'
Mr Moray Armstrong, CB Richard Ellis executive director of office services
-- ST PHOTO: ALPHONSUS CHERN
ST : High-end property prices could appreciate: UBS
Jun 25, 2010
High-end property prices could appreciate: UBS
By Jonathan Kwok
THE buoyant economy and low interest rates mean property prices are not heading south anytime soon, according to Swiss bank UBS.
While prices of mid-range and lower-end units could stay at current levels for at least the next 12 months, high-end homes could even go higher.
'Luxury properties such as those at Sentosa, Nassim Road and Ardmore Park, where condominiums go for above $3,000 per sq ft, could see further upsides,' said Mr Kelvin Tay, chief investment strategist at UBS Wealth Management Singapore.
'From now until the end of the year, a 5 to 8 per cent price appreciation is not difficult. The lower luxury segment, at districts 9, 10 and 11, might see some positive flows because of the luxury end moving up but I think that will be muted.'
The luxury-end is 'not a sector that the Government is keen to control', said Mr Tay, who added that the rest of the market is likely to be flat.
Late last month, flash estimates from the National University of Singapore showed that its price index for non-landed private homes rose 2.5 per cent in April over March, meaning a rise of about 6 per cent since the end of last year.
Mr Tay said an extended period of low interest rates would support the market. He thinks Singapore's interbank rate may climb to about 1 per cent at the most in the next year, well under the long-term historical average of about 4.5 per cent.
The high cash savings of households here, coupled with the low unemployment rate, will also prop up prices. Mr Tay said the proportion of Singaporeans' cash savings - when compared to total assets - is higher now than before the Asian financial crisis of 1997.
The stock market could also see more upsides, said Mr Tay, with the benchmark Straits Times Index possibly hitting 3,200 by the end of the year - around 12 per cent above yesterday's close.
Mr Tay said he prefers high-yield stocks such as the real estate investment trusts (Reits) over property developers.
'We don't expect property prices to move very sharply up from here, so there is less incentive to be invested in a developer. But the Reits are still very attractive with their high yields.'
Mr Tay was speaking at a briefing on Wednesday on his bank's outlook for the rest of the year.
He said that economic fundamentals remain solid in Asia, making a double-dip recession unlikely.
The Korean won, Singapore dollar and Philippine peso rank as UBS's favourite Asian currencies, led by the continuous and gradual appreciation of the Chinese yuan.
--------------------------------------------------------------------------------
GOING UP
'From now until the end of the year, a 5 to 8 per cent price appreciation is not difficult. The lower luxury segment, at districts 9, 10 and 11, might see some positive flows because of the luxury end moving up but I think that will be muted.'
Mr Kelvin Tay, chief investment strategist at UBS Wealth Management Singapore
High-end property prices could appreciate: UBS
By Jonathan Kwok
THE buoyant economy and low interest rates mean property prices are not heading south anytime soon, according to Swiss bank UBS.
While prices of mid-range and lower-end units could stay at current levels for at least the next 12 months, high-end homes could even go higher.
'Luxury properties such as those at Sentosa, Nassim Road and Ardmore Park, where condominiums go for above $3,000 per sq ft, could see further upsides,' said Mr Kelvin Tay, chief investment strategist at UBS Wealth Management Singapore.
'From now until the end of the year, a 5 to 8 per cent price appreciation is not difficult. The lower luxury segment, at districts 9, 10 and 11, might see some positive flows because of the luxury end moving up but I think that will be muted.'
The luxury-end is 'not a sector that the Government is keen to control', said Mr Tay, who added that the rest of the market is likely to be flat.
Late last month, flash estimates from the National University of Singapore showed that its price index for non-landed private homes rose 2.5 per cent in April over March, meaning a rise of about 6 per cent since the end of last year.
Mr Tay said an extended period of low interest rates would support the market. He thinks Singapore's interbank rate may climb to about 1 per cent at the most in the next year, well under the long-term historical average of about 4.5 per cent.
The high cash savings of households here, coupled with the low unemployment rate, will also prop up prices. Mr Tay said the proportion of Singaporeans' cash savings - when compared to total assets - is higher now than before the Asian financial crisis of 1997.
The stock market could also see more upsides, said Mr Tay, with the benchmark Straits Times Index possibly hitting 3,200 by the end of the year - around 12 per cent above yesterday's close.
Mr Tay said he prefers high-yield stocks such as the real estate investment trusts (Reits) over property developers.
'We don't expect property prices to move very sharply up from here, so there is less incentive to be invested in a developer. But the Reits are still very attractive with their high yields.'
Mr Tay was speaking at a briefing on Wednesday on his bank's outlook for the rest of the year.
He said that economic fundamentals remain solid in Asia, making a double-dip recession unlikely.
The Korean won, Singapore dollar and Philippine peso rank as UBS's favourite Asian currencies, led by the continuous and gradual appreciation of the Chinese yuan.
--------------------------------------------------------------------------------
GOING UP
'From now until the end of the year, a 5 to 8 per cent price appreciation is not difficult. The lower luxury segment, at districts 9, 10 and 11, might see some positive flows because of the luxury end moving up but I think that will be muted.'
Mr Kelvin Tay, chief investment strategist at UBS Wealth Management Singapore
ST : Australian firm top bidder for Jurong site
Jun 25, 2010
Australian firm top bidder for Jurong site
Lend Lease's $748m offer more than double minimum expected bid
By Joyce Teo
AUSTRALIA-BASED Lend Lease has topped a tender for a large mixed commercial, residential and hotel development site which is set to kick-start Jurong Lake District's planned transformation.
It lodged a higher-than-expected bid of $748.89 million, which works out to $649.6 per sq ft of gross floor area.
This is more than double the minimum expected bid of $350 million for the 99-year leasehold site, next to Jurong East MRT station.
The top bid came in just 2.8 per cent above the second bid of $728.8 million or $632 psf of gross floor area from CapitaLand Retail RECM's Energy Trustee.
Far East Organization and Frasers Centrepoint were third with a price of $677 million or $587.3 psf of gross floor area.
China-based Qingdao Construction was the lowest of the six bids with $418 million or $362.6 psf of gross floor area.
'Today's tender result shows that although the momentum in the land sales market appears to be decelerating, developers are still looking to acquire attractive development sites,' said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
Colliers International's director for research and advisory, Ms Tay Huey Ying, said the encouraging response is 'proof of the private sector's confidence in the Government's plans to develop Jurong Lake District into a major regional centre and leisure destination by the lake'.
When awarded, this tender will probably serve as a catalyst for more private sector developments in Jurong, 'thereby accelerating the attainment of the Government's vision for this new growth area, and helping to chart Singapore's next lap', added Ms Tay.
The 1.9ha site has a maximum gross floor area of 1.15 million sq ft. Thirty per cent of the gross floor area has to be set aside for office development.
Property experts believe the top bidder is likely to develop a retail mall using all or most of the other 70 per cent.
Said DTZ's head of South-east Asia research, Ms Chua Chor Hoon: 'This combination will make the best use of the site, which is the 'crown jewel' in Jurong Gateway (the planned commercial hub).
'There will be high footfall through the retail mall due to the integration of the development with the MRT station and connection to nearby developments through elevated walkways required by the Urban Redevelopment Authority.'
CBRE Research executive director Li Hiaw Ho estimates a gross development value of $2,200 psf to $2,400 psf for the retail mall and $1,000 psf to $1,200 psf for the office component, based on the top bid for an office and retail complex.
If apartments are built on the site, they could be launched at some $920 psf, said Mr Mak.
Plans for Jurong Lake District, covering 360ha - about the size of Marina Bay - will be implemented over 10 to 15 years, with two precincts. Jurong Gateway precinct will be the biggest commercial hub outside the city centre. Lakeside precinct is to be turned into a world-class leisure destination for residents and tourists.
joyceteo@sph.com.sg
Australian firm top bidder for Jurong site
Lend Lease's $748m offer more than double minimum expected bid
By Joyce Teo
AUSTRALIA-BASED Lend Lease has topped a tender for a large mixed commercial, residential and hotel development site which is set to kick-start Jurong Lake District's planned transformation.
It lodged a higher-than-expected bid of $748.89 million, which works out to $649.6 per sq ft of gross floor area.
This is more than double the minimum expected bid of $350 million for the 99-year leasehold site, next to Jurong East MRT station.
The top bid came in just 2.8 per cent above the second bid of $728.8 million or $632 psf of gross floor area from CapitaLand Retail RECM's Energy Trustee.
Far East Organization and Frasers Centrepoint were third with a price of $677 million or $587.3 psf of gross floor area.
China-based Qingdao Construction was the lowest of the six bids with $418 million or $362.6 psf of gross floor area.
'Today's tender result shows that although the momentum in the land sales market appears to be decelerating, developers are still looking to acquire attractive development sites,' said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
Colliers International's director for research and advisory, Ms Tay Huey Ying, said the encouraging response is 'proof of the private sector's confidence in the Government's plans to develop Jurong Lake District into a major regional centre and leisure destination by the lake'.
When awarded, this tender will probably serve as a catalyst for more private sector developments in Jurong, 'thereby accelerating the attainment of the Government's vision for this new growth area, and helping to chart Singapore's next lap', added Ms Tay.
The 1.9ha site has a maximum gross floor area of 1.15 million sq ft. Thirty per cent of the gross floor area has to be set aside for office development.
Property experts believe the top bidder is likely to develop a retail mall using all or most of the other 70 per cent.
Said DTZ's head of South-east Asia research, Ms Chua Chor Hoon: 'This combination will make the best use of the site, which is the 'crown jewel' in Jurong Gateway (the planned commercial hub).
'There will be high footfall through the retail mall due to the integration of the development with the MRT station and connection to nearby developments through elevated walkways required by the Urban Redevelopment Authority.'
CBRE Research executive director Li Hiaw Ho estimates a gross development value of $2,200 psf to $2,400 psf for the retail mall and $1,000 psf to $1,200 psf for the office component, based on the top bid for an office and retail complex.
If apartments are built on the site, they could be launched at some $920 psf, said Mr Mak.
Plans for Jurong Lake District, covering 360ha - about the size of Marina Bay - will be implemented over 10 to 15 years, with two precincts. Jurong Gateway precinct will be the biggest commercial hub outside the city centre. Lakeside precinct is to be turned into a world-class leisure destination for residents and tourists.
joyceteo@sph.com.sg
ST : Call for Malaysian govt to reveal details of railway land swop deal
Jun 25, 2010
Call for Malaysian govt to reveal details of railway land swop deal
KUALA LUMPUR: The Malaysian government has been urged to reveal the details of Prime Minister Lee Hsien Loong's proposal on the land swop deal to Parliament before signing a deal, reported news website FreeMalaysiaToday (FMT).
In a response to Malaysian Prime Minister Najib Razak's statement that KL will conclude its deal with Singapore by September, opposition MP Azmin Ali said that it was odd Singapore agreed with Malaysia on several contentious issues if it was not getting what it wanted.
'We are concerned as to how an issue which has been dragging on for so long, could be suddenly resolved within three months. It is very worrying,' he added.
Both premiers met in Putrajaya on Tuesday and agreed to meet again in three months' time to finalise details of a deal over Malayan Railway's land in Singapore.
The website said Datuk Seri Najib did not reveal the content of the proposal. Mr Azmin is vice-president of opposition Parti Keadilan Rakyat which is led by Datuk Seri Anwar Ibrahim.
'We want to know if the deal is done, and if so, what are the contents of the agreement? What are we actually surrendering and why the hurry to agree?' Mr Azmin was quoted as saying by FMT.
'We need to know the details of the what transpired because we don't want a repeat of the oil block incident where we lost blocks L and M in Sarawak to Brunei,' he added.
Mr Azmin also said opposition chief Mr Anwar had similarly called for the agreement to be brought to Parliament and discussed before any deal is signed.
The Malayan Railway land negotiations had dragged on for 20 years until the first breakthrough in negotiations was made in Singapore last month when both sides agreed to move the existing railway station in Tanjong Pagar to Woodlands by July next year.
The railway land left behind could then be jointly developed by both countries, or it could be returned to Singapore and land of equivalent value elsewhere jointly developed instead.
Call for Malaysian govt to reveal details of railway land swop deal
KUALA LUMPUR: The Malaysian government has been urged to reveal the details of Prime Minister Lee Hsien Loong's proposal on the land swop deal to Parliament before signing a deal, reported news website FreeMalaysiaToday (FMT).
In a response to Malaysian Prime Minister Najib Razak's statement that KL will conclude its deal with Singapore by September, opposition MP Azmin Ali said that it was odd Singapore agreed with Malaysia on several contentious issues if it was not getting what it wanted.
'We are concerned as to how an issue which has been dragging on for so long, could be suddenly resolved within three months. It is very worrying,' he added.
Both premiers met in Putrajaya on Tuesday and agreed to meet again in three months' time to finalise details of a deal over Malayan Railway's land in Singapore.
The website said Datuk Seri Najib did not reveal the content of the proposal. Mr Azmin is vice-president of opposition Parti Keadilan Rakyat which is led by Datuk Seri Anwar Ibrahim.
'We want to know if the deal is done, and if so, what are the contents of the agreement? What are we actually surrendering and why the hurry to agree?' Mr Azmin was quoted as saying by FMT.
'We need to know the details of the what transpired because we don't want a repeat of the oil block incident where we lost blocks L and M in Sarawak to Brunei,' he added.
Mr Azmin also said opposition chief Mr Anwar had similarly called for the agreement to be brought to Parliament and discussed before any deal is signed.
The Malayan Railway land negotiations had dragged on for 20 years until the first breakthrough in negotiations was made in Singapore last month when both sides agreed to move the existing railway station in Tanjong Pagar to Woodlands by July next year.
The railway land left behind could then be jointly developed by both countries, or it could be returned to Singapore and land of equivalent value elsewhere jointly developed instead.
BT : Pent-up demand leads to Q2 pick-up in prime office rents
Business Times - 25 Jun 2010
Pent-up demand leads to Q2 pick-up in prime office rents
By EMILYN YAP
PRIME office rents finally picked up in the second quarter after a six-quarter slump, CB Richard Ellis (CBRE) said yesterday.
With strong leasing activity, the large supply of commercial space coming up looks 'increasingly manageable', the property consultancy added. In fact, it has become concerned about whether there will be enough space 4-5 years down the road.
In Q2, the average monthly prime office rent was $6.90 per square foot, up 3 per cent from $6.70 psf in the previous quarter. The average monthly Grade A office rent was $8.45 psf, rising 5.6 per cent quarter-on-quarter.
The vacancy rate in the core central business district was 6.7 per cent, improving from 8.1 per cent a quarter ago. Outside the CBD - in areas such as Orchard, Novena and Alexandra - rents remained stable in the past 2-3 quarters.
Pent-up demand from MNCs supported leasing momentum, said CBRE's executive director of office services Moray Armstrong. 'With confidence restored in late 2009, decision makers initiated space planning, leading to a pick-up in requirements.' Space demand from firms in the investment banking, insurance, professional services, private equity and hedge fund sectors also grew.
CBRE has become more optimistic about the take-up of new office space. There will be around 6.9 million sq ft of new offices coming onstream between H2 this year and 2015, and just over 50 per cent of that has been pre-leased.
It projects the market can absorb an average of 1.5 million sq ft of new space every year for the next 4-1/2 years. This exceeds the average annual take-up of 1.28 million sq ft in the past five years.
With the outlook for the commercial sector improving, CBRE said it was surprising that the government land sales programme for the second half of 2010 did not include prime development land in the core business district.
'Projecting forward 4-5 years, some early concerns on a potential gap in the office supply pipeline start to emerge,' it said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Pent-up demand leads to Q2 pick-up in prime office rents
By EMILYN YAP
PRIME office rents finally picked up in the second quarter after a six-quarter slump, CB Richard Ellis (CBRE) said yesterday.
With strong leasing activity, the large supply of commercial space coming up looks 'increasingly manageable', the property consultancy added. In fact, it has become concerned about whether there will be enough space 4-5 years down the road.
In Q2, the average monthly prime office rent was $6.90 per square foot, up 3 per cent from $6.70 psf in the previous quarter. The average monthly Grade A office rent was $8.45 psf, rising 5.6 per cent quarter-on-quarter.
The vacancy rate in the core central business district was 6.7 per cent, improving from 8.1 per cent a quarter ago. Outside the CBD - in areas such as Orchard, Novena and Alexandra - rents remained stable in the past 2-3 quarters.
Pent-up demand from MNCs supported leasing momentum, said CBRE's executive director of office services Moray Armstrong. 'With confidence restored in late 2009, decision makers initiated space planning, leading to a pick-up in requirements.' Space demand from firms in the investment banking, insurance, professional services, private equity and hedge fund sectors also grew.
CBRE has become more optimistic about the take-up of new office space. There will be around 6.9 million sq ft of new offices coming onstream between H2 this year and 2015, and just over 50 per cent of that has been pre-leased.
It projects the market can absorb an average of 1.5 million sq ft of new space every year for the next 4-1/2 years. This exceeds the average annual take-up of 1.28 million sq ft in the past five years.
With the outlook for the commercial sector improving, CBRE said it was surprising that the government land sales programme for the second half of 2010 did not include prime development land in the core business district.
'Projecting forward 4-5 years, some early concerns on a potential gap in the office supply pipeline start to emerge,' it said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : CCT evaluating all options for StarHub Centre
Business Times - 25 Jun 2010
CCT evaluating all options for StarHub Centre
Part of this process is a non-legally binding expression of interest exercise
By KALPANA RASHIWALA
THE manager of CapitaCommercial Trust (CCT) is evaluating all options relating to its asset plan for StarHub Centre, including the possibility of retaining the property as an office building, and has not made a decision yet.
'As part of the evaluation process, we conducted a non-legally binding expression of interest exercise to ascertain interest for the sale of the property.
As there is no certainty of any deal materialising, unitholders are advised to exercise caution in trading the units of CCT,' CCT said in a statutory filing to Singapore Exchange (SGX) yesterday.
Its announcement was in response to a BT article yesterday which, citing sources, said that the trust could be close to selling the 10-storey commercial building.
BT reported that StarHub Centre's transaction price was expected to be above the Dec 31, 2009, valuation of $268 million.
In its statement yesterday, CCT said that its manager had in January 2010 announced that, as part of its portfolio reconstitution plan for the trust, it had obtained outline planning permission from Urban Redevelopment Authority (URA) to convert StarHub Centre from pure commercial use to up to 80 per cent residential and 20 per cent commercial use.
BT reported yesterday that the expression of interest exercise for StarHub Centre closed last month and that parties had been shortlisted to do due diligence.
The outline permission granted by URA for a mostly residential project is capped at the current 4.9 plot ratio that the existing property is already built up to.
Based on this and the 80 per cent residential limit, a redevelopment scheme can yield about 266,230 sq ft of residential space, sufficient for 212 apartments of an average size of 1,200 sq ft, the BT report estimated.
StarHub Centre received Temporary Occupation Permit in 1998 and stands on a site with 99-year leasehold tenure starting Feb 1, 1996.
On the stock market yesterday, CCT ended one cent lower at $1.17 amid an overall weaker market.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
CCT evaluating all options for StarHub Centre
Part of this process is a non-legally binding expression of interest exercise
By KALPANA RASHIWALA
THE manager of CapitaCommercial Trust (CCT) is evaluating all options relating to its asset plan for StarHub Centre, including the possibility of retaining the property as an office building, and has not made a decision yet.
'As part of the evaluation process, we conducted a non-legally binding expression of interest exercise to ascertain interest for the sale of the property.
As there is no certainty of any deal materialising, unitholders are advised to exercise caution in trading the units of CCT,' CCT said in a statutory filing to Singapore Exchange (SGX) yesterday.
Its announcement was in response to a BT article yesterday which, citing sources, said that the trust could be close to selling the 10-storey commercial building.
BT reported that StarHub Centre's transaction price was expected to be above the Dec 31, 2009, valuation of $268 million.
In its statement yesterday, CCT said that its manager had in January 2010 announced that, as part of its portfolio reconstitution plan for the trust, it had obtained outline planning permission from Urban Redevelopment Authority (URA) to convert StarHub Centre from pure commercial use to up to 80 per cent residential and 20 per cent commercial use.
BT reported yesterday that the expression of interest exercise for StarHub Centre closed last month and that parties had been shortlisted to do due diligence.
The outline permission granted by URA for a mostly residential project is capped at the current 4.9 plot ratio that the existing property is already built up to.
Based on this and the 80 per cent residential limit, a redevelopment scheme can yield about 266,230 sq ft of residential space, sufficient for 212 apartments of an average size of 1,200 sq ft, the BT report estimated.
StarHub Centre received Temporary Occupation Permit in 1998 and stands on a site with 99-year leasehold tenure starting Feb 1, 1996.
On the stock market yesterday, CCT ended one cent lower at $1.17 amid an overall weaker market.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Lend Lease offers $749m for Jurong Lake site
Business Times - 25 Jun 2010
Lend Lease offers $749m for Jurong Lake site
By UMA SHANKARI
(SINGAPORE) Australian developer Lend Lease beat five other offers with its top bid of $748.9 million for a 1.9-hectare mixed-use site in the Jurong Lake district.
Its bid works out to $650 per square foot per plot ratio (psf ppr) - more than twice the minimum price asked for when the tender for the site was launched two months ago.
Lend Lease, which owns the 313@somerset and Parkway Parade shopping malls here, is expected to build a retail mall on most of the site.
The developer edged out CapitaLand's retail unit CapitaMalls Asia, which made the second-highest offer of $728.8 million or $632 psf ppr. Lend Lease's bid is just 3 per cent higher.
The other bids came from a consortium made up of Far East Organization, Frasers Centrepoint and Japan's Sekisui House; another consortium comprising Keppel Land, Guthrie International and Max Platinum; Sim Lian Land; and China's Qingdao Construction.
Lend Lease's bid is 79 per cent higher than the lowest bid of $418 million, or $363 psf ppr, from Qingdao Construction.
The 99-year-leasehold site, in Jurong Gateway Road next to Jurong East MRT Station, has been on the government's reserve list since November 2008. It was launched for tender in April after an unnamed developer committed to bid at least $350 million, or $304 psf ppr.
The site is the first plot put up for sale in the Jurong Lake area since the masterplan for the area was unveiled two years ago.
The fact that there were six bids shows developers are keen on well-located sites, said CBRE Research executive director Li Hiaw Ho. 'The bids are also a very clear indication of the developers' confidence in the government's vision for the Jurong Lake district and the evolution of the area as a commercial hub in the west of Singapore,' he said.
The plot is classified as a 'white' site, which means it can be put to commercial, residential or hotel use. A mandatory 30 per cent of the gross floor area will have to be set aside for office development, but it is likely that a suburban retail mall will be developed with the remaining 70 per cent of space, analysts said. Lend Lease could also choose to build some apartments.
Colliers International's director for research and advisory Tay Huey Ying said: 'Based on the bid price, the highest bidder is likely to be looking at a development with a predominant retail component to capitalise on the site's location next to Jurong East station, and the large residential and working population catchment of Jurong town.'
Using the offer price of $650 psf ppr and assuming an office and retail complex is built on the plot, CBRE estimates a gross development value of $2,200 to $2,400 psf for the retail mall and $1,000 to $1,200 psf for the office component.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Lend Lease offers $749m for Jurong Lake site
By UMA SHANKARI
(SINGAPORE) Australian developer Lend Lease beat five other offers with its top bid of $748.9 million for a 1.9-hectare mixed-use site in the Jurong Lake district.
Its bid works out to $650 per square foot per plot ratio (psf ppr) - more than twice the minimum price asked for when the tender for the site was launched two months ago.
Lend Lease, which owns the 313@somerset and Parkway Parade shopping malls here, is expected to build a retail mall on most of the site.
The developer edged out CapitaLand's retail unit CapitaMalls Asia, which made the second-highest offer of $728.8 million or $632 psf ppr. Lend Lease's bid is just 3 per cent higher.
The other bids came from a consortium made up of Far East Organization, Frasers Centrepoint and Japan's Sekisui House; another consortium comprising Keppel Land, Guthrie International and Max Platinum; Sim Lian Land; and China's Qingdao Construction.
Lend Lease's bid is 79 per cent higher than the lowest bid of $418 million, or $363 psf ppr, from Qingdao Construction.
The 99-year-leasehold site, in Jurong Gateway Road next to Jurong East MRT Station, has been on the government's reserve list since November 2008. It was launched for tender in April after an unnamed developer committed to bid at least $350 million, or $304 psf ppr.
The site is the first plot put up for sale in the Jurong Lake area since the masterplan for the area was unveiled two years ago.
The fact that there were six bids shows developers are keen on well-located sites, said CBRE Research executive director Li Hiaw Ho. 'The bids are also a very clear indication of the developers' confidence in the government's vision for the Jurong Lake district and the evolution of the area as a commercial hub in the west of Singapore,' he said.
The plot is classified as a 'white' site, which means it can be put to commercial, residential or hotel use. A mandatory 30 per cent of the gross floor area will have to be set aside for office development, but it is likely that a suburban retail mall will be developed with the remaining 70 per cent of space, analysts said. Lend Lease could also choose to build some apartments.
Colliers International's director for research and advisory Tay Huey Ying said: 'Based on the bid price, the highest bidder is likely to be looking at a development with a predominant retail component to capitalise on the site's location next to Jurong East station, and the large residential and working population catchment of Jurong town.'
Using the offer price of $650 psf ppr and assuming an office and retail complex is built on the plot, CBRE estimates a gross development value of $2,200 to $2,400 psf for the retail mall and $1,000 to $1,200 psf for the office component.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : Q2 resale home prices rise: DTZ
Business Times - 25 Jun 2010
Q2 resale home prices rise: DTZ
Freehold condo units in districts 9, 10 and 11 fetching record prices
By UMA SHANKARI
PRIME freehold condo units in districts 9, 10 and 11 are fetching record prices in the resale market - more than they went for during the last peak in the fourth quarter of 2007 - says a new report.
Property firm DTZ said yesterday that the average resale price of freehold non-landed homes in the three districts rose 2.6 per cent quarter on quarter to $1,493 per sq ft (psf) in Q2 this year. This is 0.7 per cent higher than the previous record of $1,483 psf in Q4 2007.
But resale prices of more upmarket homes - classified by DTZ as those that sell for more than $2,500 psf - are still 7.6 per cent below the Q4 2007 peak.
The average price of freehold luxury non-landed homes rose 3.5 per cent quarter on quarter in Q2 to $2,588 psf. In Q4 2007, they were selling for $2,800 psf.
Outside the prime districts, prices of freehold non-landed resale homes climbed 2.9 per cent to hit the previous peak of $747 psf last achieved in Q4 2007.
And resale prices of leasehold homes outside the prime districts - that is, suburban mass market homes - rose 4 per cent quarter on quarter to $648 psf.
While prices climbed in all the categories tracked, DTZ said that the rate of increase slowed in Q2 as resistance to high asking prices and uncertainty in the stock market hit buying interest in the property market. The only exception was in the mass market segment, where prices of resale leasehold condos rose more than they did in the previous quarter. The 4 per cent climb in Q2 was higher than the 2.1 per cent increase recorded in Q1.
The comparatively higher prices of new developments and aggressive bids for government sites in suburban areas have had a cumulative effect in raising the prices of homes in the secondary market, DTZ said.
But looking ahead, developers are likely to 'tone down' their land bids in view of the unprecedented high number of suburban sites due to be sold in the second-half 2010 government land sales programme, said DTZ's head of South-east Asia research Chua Chor Hoon. This will keep a check on the prices of mass market homes, she said.
Analysts are still most bullish on the freehold luxury market, as prices there are still significantly lower than during the 2007 peak.
Kim Eng Research analyst Wilson Liew said that China's recent move to allow the yuan to appreciate gradually may spur more purchases of Singapore properties by high net worth Chinese nationals as their purchasing power improves. He said that as an asset class, high-end properties in Singapore are still attractive.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Q2 resale home prices rise: DTZ
Freehold condo units in districts 9, 10 and 11 fetching record prices
By UMA SHANKARI
PRIME freehold condo units in districts 9, 10 and 11 are fetching record prices in the resale market - more than they went for during the last peak in the fourth quarter of 2007 - says a new report.
Property firm DTZ said yesterday that the average resale price of freehold non-landed homes in the three districts rose 2.6 per cent quarter on quarter to $1,493 per sq ft (psf) in Q2 this year. This is 0.7 per cent higher than the previous record of $1,483 psf in Q4 2007.
But resale prices of more upmarket homes - classified by DTZ as those that sell for more than $2,500 psf - are still 7.6 per cent below the Q4 2007 peak.
The average price of freehold luxury non-landed homes rose 3.5 per cent quarter on quarter in Q2 to $2,588 psf. In Q4 2007, they were selling for $2,800 psf.
Outside the prime districts, prices of freehold non-landed resale homes climbed 2.9 per cent to hit the previous peak of $747 psf last achieved in Q4 2007.
And resale prices of leasehold homes outside the prime districts - that is, suburban mass market homes - rose 4 per cent quarter on quarter to $648 psf.
While prices climbed in all the categories tracked, DTZ said that the rate of increase slowed in Q2 as resistance to high asking prices and uncertainty in the stock market hit buying interest in the property market. The only exception was in the mass market segment, where prices of resale leasehold condos rose more than they did in the previous quarter. The 4 per cent climb in Q2 was higher than the 2.1 per cent increase recorded in Q1.
The comparatively higher prices of new developments and aggressive bids for government sites in suburban areas have had a cumulative effect in raising the prices of homes in the secondary market, DTZ said.
But looking ahead, developers are likely to 'tone down' their land bids in view of the unprecedented high number of suburban sites due to be sold in the second-half 2010 government land sales programme, said DTZ's head of South-east Asia research Chua Chor Hoon. This will keep a check on the prices of mass market homes, she said.
Analysts are still most bullish on the freehold luxury market, as prices there are still significantly lower than during the 2007 peak.
Kim Eng Research analyst Wilson Liew said that China's recent move to allow the yuan to appreciate gradually may spur more purchases of Singapore properties by high net worth Chinese nationals as their purchasing power improves. He said that as an asset class, high-end properties in Singapore are still attractive.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : More property launches in coming weeks
Business Times - 25 Jun 2010
More property launches in coming weeks
By KALPANA RASHIWALA
WITH many families returning from holidays as the June school vacation comes to a close, developers are starting to crank up their launch machinery again. Frasers Centrepoint and Far East Organization begin to preview today their 99-year leasehold Waterfront Gold condo along Bedok Reservoir at an average price of about $950 per sq ft (psf).
And within a few weeks, City Developments is expected to soft-launch 368 Thomson on the former Concorde Residence site. Prices in the 36-storey freehold development are expected to range from $1,300-1,500 psf. The condo's 157 units range from one-bedders to penthouses.
Over at the Changi/Still roads junction, Fragrance Group is offering freehold apartments, office and shop units for sale in a five-storey project.
Its residential component, Suites @ Changi, comprises 44 apartments - studios, one-bedders and two-bedroom penthouses. Unit sizes range from 409 to 1,152 sq ft. Prices of one bedders start from $576,000.
Office units in the project's commercial component, Icon @ Changi, begin at $492,000. These units range from 334 to 527 sq ft. Shop units are mostly 570-958 sq ft, although there is an 11,765 sq ft supermarket unit.
Over at Bedok Reservoir, about 150 units or two blocks will be released for this week's preview of Waterfront Gold. The entire development comprises 361 units in five blocks.
Waterfront Gold will be the first condo in Singapore to feature a skypark, according to the developers. The 8,000 sq ft park, on the roof of the 15-storey project, will serve as an observation and exercise deck offering views of the reservoir.
Waterfont Gold is the third in a series of four projects that Far East and Frasers Centrepoint are developing on the former Waterfront View site.
Prior to the latest condo, they released the 405-unit Waterfront Waves, which is fully sold, and Waterfront Key, a 437-unit condo of which 309 units were sold as at end-May.
The final project, which may be released next year, is expected to have about 500 units.
The entire series, dubbed the Bedok Waterfront collection, has been master-planned to maximise views and access to the reservoir, Frasers Centrepoint said yesterday. 'The masterplan ensures that all units have excellent views, either of the reservoir, pools or the landscape,' said Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong.
In March, Sim Lian picked up a 99-year leasehold condo site on the other side of Bedok Reservoir, next to The Tropica, for about $421 psf of potential gross floor area.
Later this year, the government will make available for application through the reserve list a choice land parcel on the same side of the reservoir as the Waterfront collection.
Waterfront Gold comprises one-bedders to four-bedroom apartments and penthouses. The cheapest one-bedder of 581 sq ft will cost $560,000. Two-bedders will be priced from $800,000 for an 893 sq ft apartment. The minimum price for a three-bedroom apartment of 1,012 sq ft is $900,000.
Four-bedders cost from $1.17 million upwards (for a 1,378 sq ft apartment). All starting prices refer to second-floor units.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Waterfront Gold: The Frasers Centrepoint and Far East Organization project will be the first condo in Singapore to feature a skypark. It will be previewed today
More property launches in coming weeks
By KALPANA RASHIWALA
WITH many families returning from holidays as the June school vacation comes to a close, developers are starting to crank up their launch machinery again. Frasers Centrepoint and Far East Organization begin to preview today their 99-year leasehold Waterfront Gold condo along Bedok Reservoir at an average price of about $950 per sq ft (psf).
And within a few weeks, City Developments is expected to soft-launch 368 Thomson on the former Concorde Residence site. Prices in the 36-storey freehold development are expected to range from $1,300-1,500 psf. The condo's 157 units range from one-bedders to penthouses.
Over at the Changi/Still roads junction, Fragrance Group is offering freehold apartments, office and shop units for sale in a five-storey project.
Its residential component, Suites @ Changi, comprises 44 apartments - studios, one-bedders and two-bedroom penthouses. Unit sizes range from 409 to 1,152 sq ft. Prices of one bedders start from $576,000.
Office units in the project's commercial component, Icon @ Changi, begin at $492,000. These units range from 334 to 527 sq ft. Shop units are mostly 570-958 sq ft, although there is an 11,765 sq ft supermarket unit.
Over at Bedok Reservoir, about 150 units or two blocks will be released for this week's preview of Waterfront Gold. The entire development comprises 361 units in five blocks.
Waterfront Gold will be the first condo in Singapore to feature a skypark, according to the developers. The 8,000 sq ft park, on the roof of the 15-storey project, will serve as an observation and exercise deck offering views of the reservoir.
Waterfont Gold is the third in a series of four projects that Far East and Frasers Centrepoint are developing on the former Waterfront View site.
Prior to the latest condo, they released the 405-unit Waterfront Waves, which is fully sold, and Waterfront Key, a 437-unit condo of which 309 units were sold as at end-May.
The final project, which may be released next year, is expected to have about 500 units.
The entire series, dubbed the Bedok Waterfront collection, has been master-planned to maximise views and access to the reservoir, Frasers Centrepoint said yesterday. 'The masterplan ensures that all units have excellent views, either of the reservoir, pools or the landscape,' said Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong.
In March, Sim Lian picked up a 99-year leasehold condo site on the other side of Bedok Reservoir, next to The Tropica, for about $421 psf of potential gross floor area.
Later this year, the government will make available for application through the reserve list a choice land parcel on the same side of the reservoir as the Waterfront collection.
Waterfront Gold comprises one-bedders to four-bedroom apartments and penthouses. The cheapest one-bedder of 581 sq ft will cost $560,000. Two-bedders will be priced from $800,000 for an 893 sq ft apartment. The minimum price for a three-bedroom apartment of 1,012 sq ft is $900,000.
Four-bedders cost from $1.17 million upwards (for a 1,378 sq ft apartment). All starting prices refer to second-floor units.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Waterfront Gold: The Frasers Centrepoint and Far East Organization project will be the first condo in Singapore to feature a skypark. It will be previewed today
ST : S'pore property market 'third most transparent in Asia-Pacific'
Jun 24, 2010
S'pore property market 'third most transparent in Asia-Pacific'
By Joyce Teo
SINGAPORE is ranked the third most transparent property market in Asia-Pacific, according to a key industry index.
The league table places Singapore at 16th worldwide, two spots ahead of Hong Kong but behind regional rivals Australia, ranked first, and New Zealand at fourth.
Singapore has slipped two places from the last survey in 2008. Its score has remained unchanged but other countries have moved up the ladder.
'Rising levels of transparency are associated with rising levels of foreign direct investment, a powerful incentive for encouraging the free flow of information and the fair and consistent application of local property law,' said Jones Lang LaSalle, which compiled the index with its unit LaSalle Investment Management.
More transparent market conditions allow for quicker investment deals between one foreign investor and another, it said.
The index, which was started in 1999 and is updated every two years, covers all property sectors, though the bulk comprises commercial real estate.
It assessed 81 markets under five categories - performance measurement, market fundamentals, listed vehicles, legal and regulatory environment and the transaction process.
Jones Lang LaSalle's South-east Asia research head, Dr Chua Yang Liang, said the index showed that Singapore's strength lies in its regulatory and legal environment.
'The transparency of our regulatory framework supported the influx of US$4.7 billion (S$6.4 billion), which is more than half of the total dollar value investments, into the commercial asset market during the peak in 2007,' he said.
Singapore can lift its ranking by improving market performance and the transaction process such as introducing more openness, said Jones Lang LaSalle Asia-Pacific research head Jane Murray.
Dr Chua cited the launch of the National University of Singapore residential price index, an alternative to the Urban Redevelopment Authority service, as a move in the right direction.
He added that recent government moves to increase the level of professionalism and general practices of real estate agents are long overdue.
'As a key vital component in the real economy, the real estate industry needs to strengthen its ethical standards and the eventual regulatory structure if enforced will surely push Singapore further up on the rankings,' said Dr Chua.
In Asia-Pacific, Singapore ranks one place ahead of Hong Kong after new questions on commercial real estate debt - a contributing factor of the financial crisis - were considered.
Hong Kong is 'more laissez-faire' in the regulatory sector and its monitoring of debt is slightly less rigorous than in Singapore, Dr Murray said.
Overall, the index showed a notable slowdown in the progress of real estate transparency over the past two years, suggesting that industry players were focusing on survival rather than market advancement during the financial turmoil.
S'pore property market 'third most transparent in Asia-Pacific'
By Joyce Teo
SINGAPORE is ranked the third most transparent property market in Asia-Pacific, according to a key industry index.
The league table places Singapore at 16th worldwide, two spots ahead of Hong Kong but behind regional rivals Australia, ranked first, and New Zealand at fourth.
Singapore has slipped two places from the last survey in 2008. Its score has remained unchanged but other countries have moved up the ladder.
'Rising levels of transparency are associated with rising levels of foreign direct investment, a powerful incentive for encouraging the free flow of information and the fair and consistent application of local property law,' said Jones Lang LaSalle, which compiled the index with its unit LaSalle Investment Management.
More transparent market conditions allow for quicker investment deals between one foreign investor and another, it said.
The index, which was started in 1999 and is updated every two years, covers all property sectors, though the bulk comprises commercial real estate.
It assessed 81 markets under five categories - performance measurement, market fundamentals, listed vehicles, legal and regulatory environment and the transaction process.
Jones Lang LaSalle's South-east Asia research head, Dr Chua Yang Liang, said the index showed that Singapore's strength lies in its regulatory and legal environment.
'The transparency of our regulatory framework supported the influx of US$4.7 billion (S$6.4 billion), which is more than half of the total dollar value investments, into the commercial asset market during the peak in 2007,' he said.
Singapore can lift its ranking by improving market performance and the transaction process such as introducing more openness, said Jones Lang LaSalle Asia-Pacific research head Jane Murray.
Dr Chua cited the launch of the National University of Singapore residential price index, an alternative to the Urban Redevelopment Authority service, as a move in the right direction.
He added that recent government moves to increase the level of professionalism and general practices of real estate agents are long overdue.
'As a key vital component in the real economy, the real estate industry needs to strengthen its ethical standards and the eventual regulatory structure if enforced will surely push Singapore further up on the rankings,' said Dr Chua.
In Asia-Pacific, Singapore ranks one place ahead of Hong Kong after new questions on commercial real estate debt - a contributing factor of the financial crisis - were considered.
Hong Kong is 'more laissez-faire' in the regulatory sector and its monitoring of debt is slightly less rigorous than in Singapore, Dr Murray said.
Overall, the index showed a notable slowdown in the progress of real estate transparency over the past two years, suggesting that industry players were focusing on survival rather than market advancement during the financial turmoil.
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