Mar 12, 2010
China firm tops bid for EC site
MCC's $281 psf bid for Yishun site beats experts' forecast of $150-$210 psf
By Joyce Teo
A CHINESE firm new to Singapore's residential development scene has topped the bidding for an executive condominium (EC) site in Yishun.
Beijing-headquartered MCC Land (Singapore), which lost out on last week's tender for an EC site in Sengkang, was the highest bidder for the 15,074 sq m Yishun plot.
Its $127.8 million bid, or $281.31 per sq ft (psf) of gross floor area, easily beat earlier analysts' expectations of $150-$210 psf of gross floor area.
Qingdao-based firm Qingjian Realty - which is behind the Natura Loft HDB design, build and sell scheme in Bishan - came in second, with a bid of $118.89 million or $261.71 psf of gross floor area.
Maxdin, part of United Engineers' unit Greatearth Holding, was edged into a close third place with its offer of $117 million or $257.53 psf of gross floor area.
Among the other unsuccessful contenders were Far East Organization, Sim Lian Land and Boon Keng Development.
Most bidders also tendered for the Sengkang site last week.
Many of them are construction companies with the know-how to control and manage building costs, and are well placed to keep development expenses as low as possible, experts noted.
'The results of this second EC site tender demonstrate developers' fervour in acquiring sites for mass-market housing,' said CBRE Research executive director Li Hiaw Ho.
MCC Land is part of listed Metallurgical Corporation of China, one of the world's largest engineering and construction firms.
It has provided engineering and construction services in Singapore, and in 2008 clinched a contract for Universal Studios Singapore at Resorts World Sentosa. Qingjian Realty also began operations here as a contractor.
The Yishun EC plot can yield about 385 units and is near the completed Lilydale EC project. In the resale market of January-February this year, units there were selling at between $510 psf and $540 psf.
Although not within walking distance of an MRT station, the Yishun site is close to Yishun Park, Orchid Country Club and Lower Seletar Reservoir.
CBRE Research said the winning bid will translate into a break-even price of around $520 psf.
At this level, the final selling price of the EC units is likely to be around $600-$650 psf, said Colliers International's executive director of investment sales Ho Eng Joo.
The winning bid, he said, took its cue from last week's Sengkang EC tender, which attracted a higher-than-expected top bid of $315 psf of gross floor area.
Mr Li said the success of the recent launch of The Estuary private condominium in Yishun Avenue 1 had boosted developer confidence in selling EC projects in this location to first-timers. Over 500 units of The Estuary were reportedly sold at a price of $750-$800 psf, he said.
The winners of the Sengkang and Yishun EC tenders have to set aside 95 per cent of units in the initial month of sale for first-time home buyers.
ECs were introduced in 1995 to bridge the gap between public housing and private apartments. Only those with a gross monthly household income of $10,000 or less can apply.
joyceteo@sph.com.sg
Friday, March 12, 2010
CNA : EC site at Yishun Ave 11 attracts 10 bids
EC site at Yishun Ave 11 attracts 10 bids
By Wong Siew Ying | Posted: 11 March 2010 2307 hrs
The site at Yishun Ave 11 earmarked for executive condo development
SINGAPORE: The executive condominium site at Yishun Avenue 11 has attracted 10 bids.
MCC Land Singapore put in the top bid of $127.8m for the 99-year leasehold plot. This translates into S$281 per square foot per plot ratio.
The second highest bid came from Qingjian Realty, at S$118.8m, followed by Maxdin Pte Ltd which placed a bid of S$117m. The remaining offers range between S$46.8m and S$116m.
Real estate consultancy firm CB Richard Ellis says the tender results show that developers in Singapore are keen to acquire land for mass market housing.
An earlier tender for an EC site at Compassvale Bow had attracted 11 bids.
CBRE also noted that developers may have been more confident, following the success of The Estuary project which was launched recently at Yishun Avenue 1.
CBRE said the top bid of $127.8m for the latest EC site will work out to a breakeven price of S$520 psf.
- CNA/ir
By Wong Siew Ying | Posted: 11 March 2010 2307 hrs
The site at Yishun Ave 11 earmarked for executive condo development
SINGAPORE: The executive condominium site at Yishun Avenue 11 has attracted 10 bids.
MCC Land Singapore put in the top bid of $127.8m for the 99-year leasehold plot. This translates into S$281 per square foot per plot ratio.
The second highest bid came from Qingjian Realty, at S$118.8m, followed by Maxdin Pte Ltd which placed a bid of S$117m. The remaining offers range between S$46.8m and S$116m.
Real estate consultancy firm CB Richard Ellis says the tender results show that developers in Singapore are keen to acquire land for mass market housing.
An earlier tender for an EC site at Compassvale Bow had attracted 11 bids.
CBRE also noted that developers may have been more confident, following the success of The Estuary project which was launched recently at Yishun Avenue 1.
CBRE said the top bid of $127.8m for the latest EC site will work out to a breakeven price of S$520 psf.
- CNA/ir
CNA : Govt building vacancies in CBD could open half a million square feet of space
Govt building vacancies in CBD could open half a million square feet of space
By Desmond Wong | Posted: 11 March 2010 2133 hrs
SINGAPORE: About half a million square feet of office space in the core business district and fringe areas could become available when government bodies move out of Singapore's city centre by 2015.
Experts said that with occupancy in the CBD bouncing back after the downturn, the space will be sorely needed.
Government agencies such as the Ministry of National Development will be moving out of their premises in the CBD by 2015.
And when that happens, they could be leaving behind as much as half a million square feet of real estate space.
While this could present an opportunity for market players and tenants to pick up a bargain, experts said full redevelopment will be needed, for these properties to reach full commercial potential.
Chris Archibold, regional director, Head of Markets, Jones Lang LaSalle, said: "It's going to be a land sale and a total redevelopment. That's probably the most likely scenario. A top up of the land lease so that they're a 99 year lease, then a sale to the private sector so the buildings can be redeveloped to international standards and specifications.
“I think releasing a number of those buildings in their existing condition, the older ones, is not necessarily a good thing."
The government bodies that are slated to move include the Ministry of National Development, the Agri-Food and Veterinary Authority, the Building and Construction Authority and the Ministry of the Environment and Water Resources.
Office occupancy rates within the CBD have hit 93 per cent in recent months, their highest levels in a year.
And property-watchers said the additional space left vacant by the government agencies will help to relieve growing pressure on demand for prime office space.
They expect supply to be tight, even with additional space at the Marina Bay Financial Centre.
Donald Han, managing director, Cushman & Wakefield, said: "There will be a scenario of supply overhang that flows into the year but the scenario is that landlords are becoming more confident of the market.
They're no longer dropping rentals as fast as they did 12 months ago. On top of that, if you look at the economic prospects, a lot of tenants are looking into an expansionary process, looking to increase head count."
And with little new space in the pipeline after 2013 in both the fringe and non-core CBD areas, experts said the government's plan to move out within three to five years is timely because it gives developers additional time to figure out what to do with the area once it becomes available.
By Desmond Wong | Posted: 11 March 2010 2133 hrs
SINGAPORE: About half a million square feet of office space in the core business district and fringe areas could become available when government bodies move out of Singapore's city centre by 2015.
Experts said that with occupancy in the CBD bouncing back after the downturn, the space will be sorely needed.
Government agencies such as the Ministry of National Development will be moving out of their premises in the CBD by 2015.
And when that happens, they could be leaving behind as much as half a million square feet of real estate space.
While this could present an opportunity for market players and tenants to pick up a bargain, experts said full redevelopment will be needed, for these properties to reach full commercial potential.
Chris Archibold, regional director, Head of Markets, Jones Lang LaSalle, said: "It's going to be a land sale and a total redevelopment. That's probably the most likely scenario. A top up of the land lease so that they're a 99 year lease, then a sale to the private sector so the buildings can be redeveloped to international standards and specifications.
“I think releasing a number of those buildings in their existing condition, the older ones, is not necessarily a good thing."
The government bodies that are slated to move include the Ministry of National Development, the Agri-Food and Veterinary Authority, the Building and Construction Authority and the Ministry of the Environment and Water Resources.
Office occupancy rates within the CBD have hit 93 per cent in recent months, their highest levels in a year.
And property-watchers said the additional space left vacant by the government agencies will help to relieve growing pressure on demand for prime office space.
They expect supply to be tight, even with additional space at the Marina Bay Financial Centre.
Donald Han, managing director, Cushman & Wakefield, said: "There will be a scenario of supply overhang that flows into the year but the scenario is that landlords are becoming more confident of the market.
They're no longer dropping rentals as fast as they did 12 months ago. On top of that, if you look at the economic prospects, a lot of tenants are looking into an expansionary process, looking to increase head count."
And with little new space in the pipeline after 2013 in both the fringe and non-core CBD areas, experts said the government's plan to move out within three to five years is timely because it gives developers additional time to figure out what to do with the area once it becomes available.
CNA : Industrial site at Woodlands Ave 12 put up for public tender
Industrial site at Woodlands Ave 12 put up for public tender
By Jonathan Peeris | Posted: 11 March 2010 1504 hrs
SINGAPORE: The government has accepted an application from a developer to put up an industrial site at Woodlands Avenue 12 for public tender.
The Urban Redevelopment Authority (URA) said it has received an application from a developer who has committed to bid a price of not less than S$25 million for the land parcel.
The land parcel has a site area of about 3.2 hectares and a maximum gross plot ratio of 2.5. It can be developed for a variety of uses under "Business 1" zoning and has a lease period of 60 years.
URA will launch the public tender for the site in about four weeks.
The land parcel was made available for sale through the Reserve List System.
Under the system, the government will put up a Reserve List Site for public tender if it receives an application from a developer who commits to bid at or above an acceptable minimum price.
- CNA/sc
By Jonathan Peeris | Posted: 11 March 2010 1504 hrs
SINGAPORE: The government has accepted an application from a developer to put up an industrial site at Woodlands Avenue 12 for public tender.
The Urban Redevelopment Authority (URA) said it has received an application from a developer who has committed to bid a price of not less than S$25 million for the land parcel.
The land parcel has a site area of about 3.2 hectares and a maximum gross plot ratio of 2.5. It can be developed for a variety of uses under "Business 1" zoning and has a lease period of 60 years.
URA will launch the public tender for the site in about four weeks.
The land parcel was made available for sale through the Reserve List System.
Under the system, the government will put up a Reserve List Site for public tender if it receives an application from a developer who commits to bid at or above an acceptable minimum price.
- CNA/sc
Thursday, March 11, 2010
Motivation Articles : Suspect, Prospect or Customer?
Suspect, Prospect or Customer?
Achieve better results by identifying the potential sale…..
FINDING leads to convert into sales is probably the most daunting part of a sales job. Good-quality leads are known as prospects, and they are what make sales possible.
Clearly, prospects are more than just a fancy pipe-dream of every stressed-out sales executive.
In fact, top sales professionals know to avoid wasting precious time and effort chasing leads that ultimately prove to be invalid.
Here is a four-step checklist to quickly and efficiently weed out dead-end leads and create a strong list of quality prospects.
1. Know who among your target audience will buy, and who won’t
To achieve the best results, you must learn to differentiate clearly between “suspects”,”prospect” and “customer”.
• A suspect is defined as someone who you think may have a need for your product.
• A prospect is someone who may buy from you. A suspect turns into a prospect if he signals:
1. a need or desire for your product,
2. the money and/or decision-making power to make a purchase, and
3. willingness to meet you to discuss a possible transaction.
• A customer is someone who has bought from you. Keep in mind that a customer may also have a need for other products you offer, and so becomes a prospect for these other items.
Prospecting, then, means to screen suspects into “prospects” or “non-prospects”.
By doing so, you then become certain about who on your list deserves your priority, moving on to the next stage of the sales process with the “prospects” group.
2. Refine you list further
To maximize your results, refine your list further to save time and effort.
In doing so, keep in mind that you want to zero in on the top-priority targets. Therefore, focus on need, clout or authority and willingness to purchase.
Strike out all suspects who :
• Have already obtained a similar product from a competitor; they would not have the need or want for your product in this case.
• Do not have the budget to buy from you due to impending insolvency, troubled finances or a freeze in spending. The exception is if your products are meant to help struggling companies.
3. Perform your initial prospecting
Having weeded out the dead-ends, your list now contains only good-quality suspects.
Follow these steps to help you start mining :
• Start by calculating how many suspects you need to convert to prospects to meet your sales quota. Work out how long it will take to convert the target number of suspects (determined above) into prospects.
For example, if cold-calling 10 suspects results in one prospect, and you need 30 prospects to make quota, then you need to cold-call 300 suspects.
Assuming you spend two-minutes on each cold call, you will need to spend a total of 10 hours cold-calling to reach your target number of suspects.
• Create a conversational script to use during a cold call to check whether your suspect has the need, budget and purchasing power.
• Cold calling can be daunting and demands the best from you. Take the time and space to prepare yourself for victory.
• You need to reach your goal of calling your target number of prospects. No ands, ifs or buts. So make certain that you are not disturbed. Then make your calls.
Remember that this part of the sales process is about prospecting, not selling, so resist the temptation to rattle off the benefits of your product.
But if the suspect brings up the desire to purchase, seize the opportunity to close the sale.
At the end of your prospect calling, you will have a list of prospects that will allow you to meet your quota.
4. Power tips for prospecting
Use the following tips to accelerate and improve the efficiency of the prospecting process described the Steps 2 and 3 above.
• Work from highest-quality suspect list you can find. The likelihood of a higher conversion rate from suspect to prospect increases with the amount of pre-qualification done. A list populated with referrals from existing customers is the best suspect list.
• Watch your timing. Motivation and attitude play a huge part in the quality of the cold calls you make. Being sensitive to the best time for cold calling makes the process more productive for both you and your suspect.
• Clos at all costs! When you become more effective at closing and selling, you won’t need to generate as many prospect to meet your quota.
If you fail to pay attention to your ability to close the sale, your competitors will benefit from the priming effect your sales efforts have created.
Always remember that a prospect is ready and willing to buy from someone. Let that someone be you.
Article by Aslam Sardar, managing director of The 8th Pinnacle, a training and consultancy firm that specializes in team-building, leadership, change management sales, negotiation and communication. For details, call 6323-1680, email aslam@8pinnacle.com or visit www.8pinnacle.com
Achieve better results by identifying the potential sale…..
FINDING leads to convert into sales is probably the most daunting part of a sales job. Good-quality leads are known as prospects, and they are what make sales possible.
Clearly, prospects are more than just a fancy pipe-dream of every stressed-out sales executive.
In fact, top sales professionals know to avoid wasting precious time and effort chasing leads that ultimately prove to be invalid.
Here is a four-step checklist to quickly and efficiently weed out dead-end leads and create a strong list of quality prospects.
1. Know who among your target audience will buy, and who won’t
To achieve the best results, you must learn to differentiate clearly between “suspects”,”prospect” and “customer”.
• A suspect is defined as someone who you think may have a need for your product.
• A prospect is someone who may buy from you. A suspect turns into a prospect if he signals:
1. a need or desire for your product,
2. the money and/or decision-making power to make a purchase, and
3. willingness to meet you to discuss a possible transaction.
• A customer is someone who has bought from you. Keep in mind that a customer may also have a need for other products you offer, and so becomes a prospect for these other items.
Prospecting, then, means to screen suspects into “prospects” or “non-prospects”.
By doing so, you then become certain about who on your list deserves your priority, moving on to the next stage of the sales process with the “prospects” group.
2. Refine you list further
To maximize your results, refine your list further to save time and effort.
In doing so, keep in mind that you want to zero in on the top-priority targets. Therefore, focus on need, clout or authority and willingness to purchase.
Strike out all suspects who :
• Have already obtained a similar product from a competitor; they would not have the need or want for your product in this case.
• Do not have the budget to buy from you due to impending insolvency, troubled finances or a freeze in spending. The exception is if your products are meant to help struggling companies.
3. Perform your initial prospecting
Having weeded out the dead-ends, your list now contains only good-quality suspects.
Follow these steps to help you start mining :
• Start by calculating how many suspects you need to convert to prospects to meet your sales quota. Work out how long it will take to convert the target number of suspects (determined above) into prospects.
For example, if cold-calling 10 suspects results in one prospect, and you need 30 prospects to make quota, then you need to cold-call 300 suspects.
Assuming you spend two-minutes on each cold call, you will need to spend a total of 10 hours cold-calling to reach your target number of suspects.
• Create a conversational script to use during a cold call to check whether your suspect has the need, budget and purchasing power.
• Cold calling can be daunting and demands the best from you. Take the time and space to prepare yourself for victory.
• You need to reach your goal of calling your target number of prospects. No ands, ifs or buts. So make certain that you are not disturbed. Then make your calls.
Remember that this part of the sales process is about prospecting, not selling, so resist the temptation to rattle off the benefits of your product.
But if the suspect brings up the desire to purchase, seize the opportunity to close the sale.
At the end of your prospect calling, you will have a list of prospects that will allow you to meet your quota.
4. Power tips for prospecting
Use the following tips to accelerate and improve the efficiency of the prospecting process described the Steps 2 and 3 above.
• Work from highest-quality suspect list you can find. The likelihood of a higher conversion rate from suspect to prospect increases with the amount of pre-qualification done. A list populated with referrals from existing customers is the best suspect list.
• Watch your timing. Motivation and attitude play a huge part in the quality of the cold calls you make. Being sensitive to the best time for cold calling makes the process more productive for both you and your suspect.
• Clos at all costs! When you become more effective at closing and selling, you won’t need to generate as many prospect to meet your quota.
If you fail to pay attention to your ability to close the sale, your competitors will benefit from the priming effect your sales efforts have created.
Always remember that a prospect is ready and willing to buy from someone. Let that someone be you.
Article by Aslam Sardar, managing director of The 8th Pinnacle, a training and consultancy firm that specializes in team-building, leadership, change management sales, negotiation and communication. For details, call 6323-1680, email aslam@8pinnacle.com or visit www.8pinnacle.com
ST : Record prices eyed for West Coast condo
Mar 11, 2010
Record prices eyed for West Coast condo
The Vision units to be priced mostly at $1,000-$1,200 psf during preview
By Joyce Teo
ONE of Hong Kong's biggest developers, Cheung Kong, has made its intentions clear for a sleepy mass market corner of the West Coast.
It is asking what would be - if achieved - record prices for the area at a preview for The Vision, on West Coast Crescent.
The preview, starting tomorrow, involves the release of up to 100 units mostly priced at $1,000 to $1,200 per sq ft (psf). This puts the starting price for an 818 sq ft two-bedder at nearly $900,000.
Cheung Kong's vision is to develop a high-end project to be the area's most luxurious building, said sales manager Cannas Ho at a media briefing yesterday: 'We're not building a mass product, we're building a high-quality product.'
That may explain the relatively high pricing for a project in something of a backwater. A property expert noted there is no particular MRT advantage there.
Experts said if the units sell at the asking prices, it would be a record for the West Coast area.
Next door, Blue Horizon registered seven deals this year at $764 to $841 psf.
Last year, Far East Organization made the news when it launched the 329-unit Centro Residences in Ang Mo Kio at over $1,100 psf - a suburban record.
Ms Ho said it is targeting upgraders, families and expatriates, and has fielded more than 1,000 inquiries in the past fortnight.
A second phase will be offered by year-end. Pricing depends on the market then, 'but we must adjust it upwards', she said.
She said The Vision, to boast 281 apartments and 14 strata terrace units, is near the science and lifestyle hub one-north, and educational institutions.
The apartments are mostly between 818 sq ft and 1,604 sq ft, with two four-bedroom penthouses at 2,702 sq ft each. The two-bedder is the smallest unit.
Cheung Kong is packing The Vision with stylish fittings and branded appliances designed to give the 99-year leasehold project a luxurious vibe.
For instance, the kitchen comes with a Smeg induction cooker and electric oven and the bathroom has a Hansa rainforest shower with body jet.
A clubhouse, Sky Paragon, is on the top floor of the 33-storey building, with a gym, spa, bar and function room.
At the preview, Cheung Kong will release up to half of the 14 strata terrace units, each with a built-up area of about 5,000 sq ft. Interested parties will have to submit offers, said Ms Ho.
Cheung Kong clinched the site in a state tender in March 2008 with a bid of $305 psf per plot ratio (ppr). Last year, the developer paid a much higher than expected sum of about $533 psf ppr for an Upper Thomson Road plot.
Meanwhile, Sing Holdings will hold a preview of its 229-unit The Laurels at Cairnhill Road this weekend, concurrently in Singapore and Jakarta, while Tiong Aik will preview Coralis near Marine Parade tomorrow.
About 100 The Laurels units will be released with typical units priced at $2,600 to $3,050 psf.
Over 80 units have been sold since the first special sale to ex-owners, staff and business associates was held late last month at $2,500 to $2,900 psf.
joyceteo@sph.com.sg
An artist's impression of The Vision in West Coast Crescent. The apartments are mostly between 818 sq ft and 1,604 sq ft. -- PHOTO: CHEUNG KONG
Record prices eyed for West Coast condo
The Vision units to be priced mostly at $1,000-$1,200 psf during preview
By Joyce Teo
ONE of Hong Kong's biggest developers, Cheung Kong, has made its intentions clear for a sleepy mass market corner of the West Coast.
It is asking what would be - if achieved - record prices for the area at a preview for The Vision, on West Coast Crescent.
The preview, starting tomorrow, involves the release of up to 100 units mostly priced at $1,000 to $1,200 per sq ft (psf). This puts the starting price for an 818 sq ft two-bedder at nearly $900,000.
Cheung Kong's vision is to develop a high-end project to be the area's most luxurious building, said sales manager Cannas Ho at a media briefing yesterday: 'We're not building a mass product, we're building a high-quality product.'
That may explain the relatively high pricing for a project in something of a backwater. A property expert noted there is no particular MRT advantage there.
Experts said if the units sell at the asking prices, it would be a record for the West Coast area.
Next door, Blue Horizon registered seven deals this year at $764 to $841 psf.
Last year, Far East Organization made the news when it launched the 329-unit Centro Residences in Ang Mo Kio at over $1,100 psf - a suburban record.
Ms Ho said it is targeting upgraders, families and expatriates, and has fielded more than 1,000 inquiries in the past fortnight.
A second phase will be offered by year-end. Pricing depends on the market then, 'but we must adjust it upwards', she said.
She said The Vision, to boast 281 apartments and 14 strata terrace units, is near the science and lifestyle hub one-north, and educational institutions.
The apartments are mostly between 818 sq ft and 1,604 sq ft, with two four-bedroom penthouses at 2,702 sq ft each. The two-bedder is the smallest unit.
Cheung Kong is packing The Vision with stylish fittings and branded appliances designed to give the 99-year leasehold project a luxurious vibe.
For instance, the kitchen comes with a Smeg induction cooker and electric oven and the bathroom has a Hansa rainforest shower with body jet.
A clubhouse, Sky Paragon, is on the top floor of the 33-storey building, with a gym, spa, bar and function room.
At the preview, Cheung Kong will release up to half of the 14 strata terrace units, each with a built-up area of about 5,000 sq ft. Interested parties will have to submit offers, said Ms Ho.
Cheung Kong clinched the site in a state tender in March 2008 with a bid of $305 psf per plot ratio (ppr). Last year, the developer paid a much higher than expected sum of about $533 psf ppr for an Upper Thomson Road plot.
Meanwhile, Sing Holdings will hold a preview of its 229-unit The Laurels at Cairnhill Road this weekend, concurrently in Singapore and Jakarta, while Tiong Aik will preview Coralis near Marine Parade tomorrow.
About 100 The Laurels units will be released with typical units priced at $2,600 to $3,050 psf.
Over 80 units have been sold since the first special sale to ex-owners, staff and business associates was held late last month at $2,500 to $2,900 psf.
joyceteo@sph.com.sg
An artist's impression of The Vision in West Coast Crescent. The apartments are mostly between 818 sq ft and 1,604 sq ft. -- PHOTO: CHEUNG KONG
CNA : Second-best place for expats to raise kids
Second-best place for expats to raise kids
Posted: 11 March 2010 0726 hrs
SINGAPORE: The talk may be all about how to help foreigners fit in Singapore, but children of expatriates here seem to find it relatively easy to integrate.
Some 56 per cent of expat parents said their children are more socially integrated here than they were in their home countries, according to the world's largest survey of expats, Expat Explorer.
Not only did 71 per cent say their kids adapted "really well" to the education system here (compared to the global average of 49 per cent), 65 per cent said their children found it easy to make new friends (global average 50 per cent).
Expat kids fit in easiest in Australia. In contrast, expat kids in the United Kingdom and United States struggled the hardest to make friends and integrate.
These were the findings of the second annual survey issued by HSBC Bank International, which polled over 3,100 expats from more than 50 countries.
Overall, Singapore was ranked next best, behind Australia, for expats to raise a family. Nine in 10 expat parents living here felt they had moved to a safer, more childcare-friendly place for their youngsters.
Three in four said education standards were better than in their home country (global average 56 per cent), while 70 per cent felt childcare had improved since moving here (global average 50 per cent).
But the Republic was also rated one of the most expensive place to raise a child - 60 per cent said they now spend more on childcare.
As for providing an environment to raise healthy kids, expat children in Singapore ate the least junk food, according to the survey. But over a third tended to spend less time outdoors and playing sports after moving here.
Overall, the UK was indicated as the worst country for childcare and education.
Agreeing with the survey's findings was one expat based here - Mr Sebastian Arcuri, HSBC Bank International's head of personal financial services.
"As a father of three young children, all born in Singapore, I have been able to experience first-hand how child-friendly Singapore is and can vouch for the high standard of childcare available here," he said.
"I found it easy to enroll my children in local kindergartens and international schools, which provide a quality education as well as a conducive environment for them to make new friends and integrate into the community here ... Having lived in five different countries, I think Singapore is a great place to raise children and I am very glad the survey confirms this."
Posted: 11 March 2010 0726 hrs
SINGAPORE: The talk may be all about how to help foreigners fit in Singapore, but children of expatriates here seem to find it relatively easy to integrate.
Some 56 per cent of expat parents said their children are more socially integrated here than they were in their home countries, according to the world's largest survey of expats, Expat Explorer.
Not only did 71 per cent say their kids adapted "really well" to the education system here (compared to the global average of 49 per cent), 65 per cent said their children found it easy to make new friends (global average 50 per cent).
Expat kids fit in easiest in Australia. In contrast, expat kids in the United Kingdom and United States struggled the hardest to make friends and integrate.
These were the findings of the second annual survey issued by HSBC Bank International, which polled over 3,100 expats from more than 50 countries.
Overall, Singapore was ranked next best, behind Australia, for expats to raise a family. Nine in 10 expat parents living here felt they had moved to a safer, more childcare-friendly place for their youngsters.
Three in four said education standards were better than in their home country (global average 56 per cent), while 70 per cent felt childcare had improved since moving here (global average 50 per cent).
But the Republic was also rated one of the most expensive place to raise a child - 60 per cent said they now spend more on childcare.
As for providing an environment to raise healthy kids, expat children in Singapore ate the least junk food, according to the survey. But over a third tended to spend less time outdoors and playing sports after moving here.
Overall, the UK was indicated as the worst country for childcare and education.
Agreeing with the survey's findings was one expat based here - Mr Sebastian Arcuri, HSBC Bank International's head of personal financial services.
"As a father of three young children, all born in Singapore, I have been able to experience first-hand how child-friendly Singapore is and can vouch for the high standard of childcare available here," he said.
"I found it easy to enroll my children in local kindergartens and international schools, which provide a quality education as well as a conducive environment for them to make new friends and integrate into the community here ... Having lived in five different countries, I think Singapore is a great place to raise children and I am very glad the survey confirms this."
ST : Sports Hub on schedule
Mar 11, 2010
Sports Hub on schedule
By Rachel Lin
CONSTRUCTION of the much-postponed Sports Hub is still on track to begin in the middle of this year, Mr Teo Ser Luck, Senior Parliamentary Secretary at the Ministry of Community Development, Youth and Sports, said yesterday.
The entire complex should be up and running by the end of 2013 or early 2014, which is in line with the new target date set last November.
The Sports Hub, a $1.87 billion mega-project built through a public-private partnership, was originally slated to open this year. It would have been the venue of the 2013 SEA Games, had rising construction costs and last year's financial downturn not scuppered attempts to get it off the ground.
As it became harder to raise funds for the project, the hub's completion date was pushed back to next year, 2012 and now 2013. These delays forced Singapore to pull out of hosting the 2013 SEA Games last December.
Mr Michael Palmer (Pasir Ris-Punggol GRC) expressed frustration at the repeated postponements. 'We have had many final matches at the National Stadium and frankly, it's becoming a bit of a joke.'
The House was assured by Mr Teo that no further delays were expected. The consortium building the hub - Singapore Sports Hub Consortium - held a funding competition late last year and banks have shown considerable interest, he said.
Mr Teo defended the hub's public-private partnership model, saying it was not to blame for the delays.
'It harnesses the efficiencies, innovation, energy and financial rigour of private sector enterprise and banks to bring about a vibrant, compelling, viable and fully utilised public facility,' he said.
Sports Hub on schedule
By Rachel Lin
CONSTRUCTION of the much-postponed Sports Hub is still on track to begin in the middle of this year, Mr Teo Ser Luck, Senior Parliamentary Secretary at the Ministry of Community Development, Youth and Sports, said yesterday.
The entire complex should be up and running by the end of 2013 or early 2014, which is in line with the new target date set last November.
The Sports Hub, a $1.87 billion mega-project built through a public-private partnership, was originally slated to open this year. It would have been the venue of the 2013 SEA Games, had rising construction costs and last year's financial downturn not scuppered attempts to get it off the ground.
As it became harder to raise funds for the project, the hub's completion date was pushed back to next year, 2012 and now 2013. These delays forced Singapore to pull out of hosting the 2013 SEA Games last December.
Mr Michael Palmer (Pasir Ris-Punggol GRC) expressed frustration at the repeated postponements. 'We have had many final matches at the National Stadium and frankly, it's becoming a bit of a joke.'
The House was assured by Mr Teo that no further delays were expected. The consortium building the hub - Singapore Sports Hub Consortium - held a funding competition late last year and banks have shown considerable interest, he said.
Mr Teo defended the hub's public-private partnership model, saying it was not to blame for the delays.
'It harnesses the efficiencies, innovation, energy and financial rigour of private sector enterprise and banks to bring about a vibrant, compelling, viable and fully utilised public facility,' he said.
TODAY ONLINE : No hike, say some town councils
No hike, say some town councils
05:55 AM Mar 11, 2010
by Ong Dai Lin
SINGAPORE - Residents in at least seven People's Action Party (PAP) town councils can breathe a sigh of relief for the time being.
Despite rising electricity prices and maintenance costs, these town councils tell MediaCorp they will not be raising Service and Conservancy Charges (S&CC) for now. They are Ang Mo Kio-Yio Chu Kang, Bishan-Toa Payoh, East Coast, Holland-Bukit Panjang, Jalan Besar, Sembawang and Tampines.
This assurance comes after Aljunied and Jurong town councils revealed last week that they were increasing S&CC from next month. The town councils said that although their funds are sufficient to stave off a hike for now, a raise is inevitable in the future as costs keep growing.
Tampines Town Council chairman Masagos Zulkifli said: "We have no plans to raise S&CC fees at the moment but we are spending a lot of our funds on the Lift Upgrading Programme (LUP) and beautifying the place as Tampines is a relatively old town."
Mr Hawazi Daipi, chairman of Sembawang Town Council, said: "We've studied our finances and there is a need to consider increasing the fees in the future. But we want to hold on to the current fees for as long as possible ... despite the increasing costs."
To keep power bills down, the town council had in 2008 embarked on an energy-saving campaign, replacing 630 fluorescent-illuminated block signs with more energy-efficient LED ones. The lights in every other staircase landing were also turned off after midnight.
The last time all 14 PAP town councils raised S&CC was in 2004. In 2008, they had decided against another hike, following the Government's lead in freezing fees for its services because of high inflation.
Last year, because of the recession, Jurong Town Council held off increasing conservancy fees - but, MP Halimah Yacob (Jurong GRC) told MediaCorp, "costs incurred over the last few years mean that if we don't increase the fees … our service quality will be affected".
And yes, the town council does make use of energy-saving measures, but even so the rising costs impact each town council differently. "Some towns are newer and the cyclical maintenance costs are lower," explained Mdm Halimah.
Mr Hawazi agreed: "Their profiles and needs vary, and they will have different cost structures as well."
The other five PAP town councils - Hong Kah, Marine Parade, Pasir Ris-Punggol, Tanjong Pagar and West Coast - did not reply to MediaCorp queries by press time.
Hougang and Potong Pasir town councils, which are under the purview of the Workers' Party and Singapore People's Party respectively, also did not respond by press time.
Both had increased conservancy fees in 2007 by $2 to $9 and $2.50 to $8 per month, respectively.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
05:55 AM Mar 11, 2010
by Ong Dai Lin
SINGAPORE - Residents in at least seven People's Action Party (PAP) town councils can breathe a sigh of relief for the time being.
Despite rising electricity prices and maintenance costs, these town councils tell MediaCorp they will not be raising Service and Conservancy Charges (S&CC) for now. They are Ang Mo Kio-Yio Chu Kang, Bishan-Toa Payoh, East Coast, Holland-Bukit Panjang, Jalan Besar, Sembawang and Tampines.
This assurance comes after Aljunied and Jurong town councils revealed last week that they were increasing S&CC from next month. The town councils said that although their funds are sufficient to stave off a hike for now, a raise is inevitable in the future as costs keep growing.
Tampines Town Council chairman Masagos Zulkifli said: "We have no plans to raise S&CC fees at the moment but we are spending a lot of our funds on the Lift Upgrading Programme (LUP) and beautifying the place as Tampines is a relatively old town."
Mr Hawazi Daipi, chairman of Sembawang Town Council, said: "We've studied our finances and there is a need to consider increasing the fees in the future. But we want to hold on to the current fees for as long as possible ... despite the increasing costs."
To keep power bills down, the town council had in 2008 embarked on an energy-saving campaign, replacing 630 fluorescent-illuminated block signs with more energy-efficient LED ones. The lights in every other staircase landing were also turned off after midnight.
The last time all 14 PAP town councils raised S&CC was in 2004. In 2008, they had decided against another hike, following the Government's lead in freezing fees for its services because of high inflation.
Last year, because of the recession, Jurong Town Council held off increasing conservancy fees - but, MP Halimah Yacob (Jurong GRC) told MediaCorp, "costs incurred over the last few years mean that if we don't increase the fees … our service quality will be affected".
And yes, the town council does make use of energy-saving measures, but even so the rising costs impact each town council differently. "Some towns are newer and the cyclical maintenance costs are lower," explained Mdm Halimah.
Mr Hawazi agreed: "Their profiles and needs vary, and they will have different cost structures as well."
The other five PAP town councils - Hong Kah, Marine Parade, Pasir Ris-Punggol, Tanjong Pagar and West Coast - did not reply to MediaCorp queries by press time.
Hougang and Potong Pasir town councils, which are under the purview of the Workers' Party and Singapore People's Party respectively, also did not respond by press time.
Both had increased conservancy fees in 2007 by $2 to $9 and $2.50 to $8 per month, respectively.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
ST : Agent targeted foreigners in rental scam
Mar 11, 2010
Agent targeted foreigners in rental scam
A PART-TIME property agent duped eight foreigners in a rental scam and collected nearly $22,000 for herself and her accomplices.
Razieya Mohamed Ali was jailed for 11 months by a district court yesterday.
From November 2008 to February last year, the 34-year-old divorcee would post flats-for-rent advertisements on the Internet and invite foreigners working here to view the premises.
To entice them to sign the tenancy agreement after they had seen the flats, she would offer very low rents. She knew that the flats were occupied and by the time her victims found out, she and her accomplices would be long gone.
However, the police tracked her down.
She initially denied the charges and on the first day of the trial on Nov 30, her friend turned up instead. She claimed that Razieya had been raped by her former husband and was in no condition to attend court proceedings.
No police report or medical certificate was offered.
Assistant Public Prosecutor Santhra Aiyyasamy said yesterday that Razieya did not attend any police interview to substantiate the accusation.
Yesterday, the prosecutor asked for a deterrent sentence as Razieya had targeted foreigners, who were vulnerable to such scams.
Two of her accomplices were dealt with last year. Axley Alexander Ryan Shah, 40, a serial offender, was sentenced to six years' jail while Letchimi Kasinathan, 52, was sentenced to 2 1/2 years.
A third accomplice, Arul Rajoo Michael Rajoo, 39, remains at large.
The court heard that in January last year, he hatched a plan with Razieya and Ryan to offer his leased flat for rent to foreigners and to cheat them of the deposit and rental. Their victims included Chinese, Filipino, Indian and Myanmar nationals.
Razieya also conspired with Letchimi, whose son stayed in a rented flat in Lengkok Bahru, near Jalan Bukit Merah. Without his knowledge, they offered it to Mr Jun Ojima, 43, a Japanese working here as a golf coach, for $1,000 a month on Jan 1 last year.
He handed over a deposit of $1,000 but two days later, he complained that the rent was too high and the two women lowered it to $700 on the condition that he pay up six months in advance.
Payment was made but before he could move in, Razieya cancelled the agreement.
Agent targeted foreigners in rental scam
A PART-TIME property agent duped eight foreigners in a rental scam and collected nearly $22,000 for herself and her accomplices.
Razieya Mohamed Ali was jailed for 11 months by a district court yesterday.
From November 2008 to February last year, the 34-year-old divorcee would post flats-for-rent advertisements on the Internet and invite foreigners working here to view the premises.
To entice them to sign the tenancy agreement after they had seen the flats, she would offer very low rents. She knew that the flats were occupied and by the time her victims found out, she and her accomplices would be long gone.
However, the police tracked her down.
She initially denied the charges and on the first day of the trial on Nov 30, her friend turned up instead. She claimed that Razieya had been raped by her former husband and was in no condition to attend court proceedings.
No police report or medical certificate was offered.
Assistant Public Prosecutor Santhra Aiyyasamy said yesterday that Razieya did not attend any police interview to substantiate the accusation.
Yesterday, the prosecutor asked for a deterrent sentence as Razieya had targeted foreigners, who were vulnerable to such scams.
Two of her accomplices were dealt with last year. Axley Alexander Ryan Shah, 40, a serial offender, was sentenced to six years' jail while Letchimi Kasinathan, 52, was sentenced to 2 1/2 years.
A third accomplice, Arul Rajoo Michael Rajoo, 39, remains at large.
The court heard that in January last year, he hatched a plan with Razieya and Ryan to offer his leased flat for rent to foreigners and to cheat them of the deposit and rental. Their victims included Chinese, Filipino, Indian and Myanmar nationals.
Razieya also conspired with Letchimi, whose son stayed in a rented flat in Lengkok Bahru, near Jalan Bukit Merah. Without his knowledge, they offered it to Mr Jun Ojima, 43, a Japanese working here as a golf coach, for $1,000 a month on Jan 1 last year.
He handed over a deposit of $1,000 but two days later, he complained that the rent was too high and the two women lowered it to $700 on the condition that he pay up six months in advance.
Payment was made but before he could move in, Razieya cancelled the agreement.
BT : Grand Park Orchard to open in July
Business Times - 11 Mar 2010
Grand Park Orchard to open in July
(SINGAPORE) Grand Park Orchard - formerly known as Park Hotel Orchard - will be opening its doors in July after an $80 million makeover.
The five-star 308-room hotel at Orchard Road is Park Hotel Group's flagship property. Room rates are expected to be around $350 per night.
Grand Park Orchard will bring more sparkle to the shopping belt with an eight-storey-tall media wall. It will also add to food and beverage establishments in the area, with all-day restaurant Open House serving pizzas, dim sum, sandwiches, claypot dishes and roast meat; the Champagne Bar serving Veuve Clicquot cocktails; and the Onyx Bar.
Shoppers can also look forward to the opening of Grand Park Orchard's four-storey retail podium, Knightsbridge.
Park Hotel Group has positioned Knightsbridge as a space for luxury brands, and it will soon reveal the names taking residence.
It said that it has secured pre-commitments for more than 50 per cent of the space so far.
Park Hotel Group director Allen Law said that Grand Park Orchard 'represents the aspirations of the group as we scale the heights to be the leading hospitality chain in the Asia-Pacific'.
The hotel owner, developer and manager has eight properties across three countries. These include Park Hotel Clarke Quay and Grand Park City Hall in Singapore.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Five-star luxury: The 308-room hotel is Park Hotel Group's flagship property; room rates are expected to be around $350 per night
Grand Park Orchard to open in July
(SINGAPORE) Grand Park Orchard - formerly known as Park Hotel Orchard - will be opening its doors in July after an $80 million makeover.
The five-star 308-room hotel at Orchard Road is Park Hotel Group's flagship property. Room rates are expected to be around $350 per night.
Grand Park Orchard will bring more sparkle to the shopping belt with an eight-storey-tall media wall. It will also add to food and beverage establishments in the area, with all-day restaurant Open House serving pizzas, dim sum, sandwiches, claypot dishes and roast meat; the Champagne Bar serving Veuve Clicquot cocktails; and the Onyx Bar.
Shoppers can also look forward to the opening of Grand Park Orchard's four-storey retail podium, Knightsbridge.
Park Hotel Group has positioned Knightsbridge as a space for luxury brands, and it will soon reveal the names taking residence.
It said that it has secured pre-commitments for more than 50 per cent of the space so far.
Park Hotel Group director Allen Law said that Grand Park Orchard 'represents the aspirations of the group as we scale the heights to be the leading hospitality chain in the Asia-Pacific'.
The hotel owner, developer and manager has eight properties across three countries. These include Park Hotel Clarke Quay and Grand Park City Hall in Singapore.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Five-star luxury: The 308-room hotel is Park Hotel Group's flagship property; room rates are expected to be around $350 per night
BT : Sun Plaza goes on the market for over $300m
Business Times - 11 Mar 2010
Sun Plaza goes on the market for over $300m
Investment buzz in shopping centre scene; Alpha takes stake in Katong Mall
By KALPANA RASHIWALA
THE shopping centre investment scene seems to be abuzz. At least one property is being put on the market officially.
Sun Plaza, located between Sembawang MRT station and bus interchange, will be marketed through an expression of interest exercise.
The asking price for the 11-year-old mall, owned by Heeton Holdings and Koh Brothers, is understood to be in excess of $300 million or $2,000 per square foot (psf) of net lettable area.
The mall has seven levels, two of which are basement floors, and offers scope for asset enhancement work and repositioning to boost yields.
Meanwhile, over in the Katong area, a fund managed by Alpha Investment Partners is said to have taken a majority stake, believed to be around 70 per cent, in the consortium that bought Katong Mall late last year for $247.6 million.
The consortium, originated by former CapitaMalls Trust chief executive Pua Seck Guan, also includes China-based retailer Beijing Hualian Group and BreadTalk Group.
Katong Mall, located at the corner of East Coast and Joo Chiat roads, will be revamped and its net lettable area boosted by about 20 per cent.
Alpha, Keppel Land's fund management unit, has also been active in other segments of the property market. Another of its funds controls 90 per cent of a company that owns the newly spruced-up office block at Cecil Street known as The Spazio (formerly Dapenso Building).
In Shanghai, Alpha is expected to bag an upscale service apartment block from Morgan Stanley Real Estate in a transaction estimated at about 900 million yuan (S$184 million).
Over in Singapore's Sembawang area, CB Richard Ellis is handling the expression of interest exercise for Sun Plaza.
The property has been built to its maximum plot ratio; hence, it is being pitched for its asset enhancement potential.
For instance, a community library on the third level could be moved to a higher level with the library space decanted to create higher-value retail / restaurant space, for example, in basement 1.
As well, a cineplex on the fourth and fifth levels that was formerly operated by Eng Wah has been left vacant, presenting an opportunity for a new investor to reconfigure the space into smaller lots for lease to higher-paying tenants.
Sun Plaza's retail area is spread across six levels, including basement 1. Basement 2 is occupied by 260 carpark lots.
Currently, the average gross monthly rental for the mall is said to be about $8 per square foot but market watchers reckon that through asset enhancement works and improving tenant mix, it might be possible to raise this figure to $12-14 psf.
Sun Plaza is on a site with a remaining lease term of about 85 years. Tenants include NTUC FairPrice, Yamaha Music School, Taka Jewellery and Kopitiam.
Above Sun Plaza are 76 apartments which were sold by the developers years ago.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Hopeful: Currently, the average gross monthly rental for Sun Plaza is said to be about $8 psf but market watchers reckon that through asset enhancement works and improving tenant mix, it might be possible to raise this figure to $12-14 psf
Sun Plaza goes on the market for over $300m
Investment buzz in shopping centre scene; Alpha takes stake in Katong Mall
By KALPANA RASHIWALA
THE shopping centre investment scene seems to be abuzz. At least one property is being put on the market officially.
Sun Plaza, located between Sembawang MRT station and bus interchange, will be marketed through an expression of interest exercise.
The asking price for the 11-year-old mall, owned by Heeton Holdings and Koh Brothers, is understood to be in excess of $300 million or $2,000 per square foot (psf) of net lettable area.
The mall has seven levels, two of which are basement floors, and offers scope for asset enhancement work and repositioning to boost yields.
Meanwhile, over in the Katong area, a fund managed by Alpha Investment Partners is said to have taken a majority stake, believed to be around 70 per cent, in the consortium that bought Katong Mall late last year for $247.6 million.
The consortium, originated by former CapitaMalls Trust chief executive Pua Seck Guan, also includes China-based retailer Beijing Hualian Group and BreadTalk Group.
Katong Mall, located at the corner of East Coast and Joo Chiat roads, will be revamped and its net lettable area boosted by about 20 per cent.
Alpha, Keppel Land's fund management unit, has also been active in other segments of the property market. Another of its funds controls 90 per cent of a company that owns the newly spruced-up office block at Cecil Street known as The Spazio (formerly Dapenso Building).
In Shanghai, Alpha is expected to bag an upscale service apartment block from Morgan Stanley Real Estate in a transaction estimated at about 900 million yuan (S$184 million).
Over in Singapore's Sembawang area, CB Richard Ellis is handling the expression of interest exercise for Sun Plaza.
The property has been built to its maximum plot ratio; hence, it is being pitched for its asset enhancement potential.
For instance, a community library on the third level could be moved to a higher level with the library space decanted to create higher-value retail / restaurant space, for example, in basement 1.
As well, a cineplex on the fourth and fifth levels that was formerly operated by Eng Wah has been left vacant, presenting an opportunity for a new investor to reconfigure the space into smaller lots for lease to higher-paying tenants.
Sun Plaza's retail area is spread across six levels, including basement 1. Basement 2 is occupied by 260 carpark lots.
Currently, the average gross monthly rental for the mall is said to be about $8 per square foot but market watchers reckon that through asset enhancement works and improving tenant mix, it might be possible to raise this figure to $12-14 psf.
Sun Plaza is on a site with a remaining lease term of about 85 years. Tenants include NTUC FairPrice, Yamaha Music School, Taka Jewellery and Kopitiam.
Above Sun Plaza are 76 apartments which were sold by the developers years ago.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Hopeful: Currently, the average gross monthly rental for Sun Plaza is said to be about $8 psf but market watchers reckon that through asset enhancement works and improving tenant mix, it might be possible to raise this figure to $12-14 psf
BT : Cheung Kong has a grand Vision for the West Coast
Business Times - 11 Mar 2010
Cheung Kong has a grand Vision for the West Coast
By EMILYN YAP
CHEUNG Kong has set its sights on building the tallest - and perhaps priciest - condominium project in the West Coast area.
The Hong Kong developer will launch The Vision at West Coast Crescent this weekend. It plans to release no more than 100 units at the 99-year leasehold project, and the average asking price will range from $1,000-$1,200 per sq ft (psf).
The Vision comprises 281 apartments and 14 strata terrace units. The apartments will be housed in two towers - one with 33 levels and the other with 32. The project will be the tallest residential development in the area, said Cheung Kong sales manager Cannas Ho yesterday.
It will have two-, three- and four-bedroom units ranging from 818-1,604 sq ft. There will also be two penthouses. Going by the average asking price cited, a four-bedder could cost about $1.9 million.
The target psf price tag for units at The Vision looks high compared with those at developments nearby. Just next door is the 99-year leasehold Blue Horizon, which was launched around 2001. Units there went for $764-$808 psf last month, as caveats lodged show.
Homes at ClementiWoods Condominium in the vicinity changed hands at $836-$957 psf last month. It has a 99-year lease and entered the market in 2007.
But Cheung Kong is marketing The Vision as a high-end project in the West Coast area - and that probably shows in the asking prices.
According to the developer, the construction cost is 'high due to the quality finishes and high-end fittings used'.
For instance, Cheung Kong says it will cost about three times more to build a bathroom in The Vision than in a typical condominium.
The developer says it is confident there will be demand because of several factors. For one thing, the site is across the road from West Coast Park, and about 70 per cent of units will enjoy unblocked sea views.
The area is also popular with expatriates. And this is a group which The Vision is targeting, besides Singaporeans.
Ms Ho expects owner-occupiers to make up the majority of buyers, and says there have been plenty of enquiries. BT understands agents have collected cheques from potential buyers.
Chesterton Suntec International research and consultancy director Colin Tan reckons The Vision's target pricing could be 'a bit strong' for owner-occupiers. Investors would not mind paying, if they believe property prices will continue rising, but they tend to be more interested in one- bedroom units, he said.
'If the launch is successful, it will set the benchmark' for developments in the West Coast area, he said.
Elsewhere, more property launches are on their way. Agents are gathering interest for Ho Bee's Seascape and City Developments' The Residences at W, both at Sentosa Cove.
Sources say Seascape could be launched towards the end of the month, at asking prices of $2,700-$3,000 psf.
Agents are also advertising for Hong Leong Group's 76 Shenton Way, said to comprise mostly one and two-bedders. BT understands it could be previewed at month-end, and agents are quoting prices above $2,000 psf.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Cheung Kong has a grand Vision for the West Coast
By EMILYN YAP
CHEUNG Kong has set its sights on building the tallest - and perhaps priciest - condominium project in the West Coast area.
The Hong Kong developer will launch The Vision at West Coast Crescent this weekend. It plans to release no more than 100 units at the 99-year leasehold project, and the average asking price will range from $1,000-$1,200 per sq ft (psf).
The Vision comprises 281 apartments and 14 strata terrace units. The apartments will be housed in two towers - one with 33 levels and the other with 32. The project will be the tallest residential development in the area, said Cheung Kong sales manager Cannas Ho yesterday.
It will have two-, three- and four-bedroom units ranging from 818-1,604 sq ft. There will also be two penthouses. Going by the average asking price cited, a four-bedder could cost about $1.9 million.
The target psf price tag for units at The Vision looks high compared with those at developments nearby. Just next door is the 99-year leasehold Blue Horizon, which was launched around 2001. Units there went for $764-$808 psf last month, as caveats lodged show.
Homes at ClementiWoods Condominium in the vicinity changed hands at $836-$957 psf last month. It has a 99-year lease and entered the market in 2007.
But Cheung Kong is marketing The Vision as a high-end project in the West Coast area - and that probably shows in the asking prices.
According to the developer, the construction cost is 'high due to the quality finishes and high-end fittings used'.
For instance, Cheung Kong says it will cost about three times more to build a bathroom in The Vision than in a typical condominium.
The developer says it is confident there will be demand because of several factors. For one thing, the site is across the road from West Coast Park, and about 70 per cent of units will enjoy unblocked sea views.
The area is also popular with expatriates. And this is a group which The Vision is targeting, besides Singaporeans.
Ms Ho expects owner-occupiers to make up the majority of buyers, and says there have been plenty of enquiries. BT understands agents have collected cheques from potential buyers.
Chesterton Suntec International research and consultancy director Colin Tan reckons The Vision's target pricing could be 'a bit strong' for owner-occupiers. Investors would not mind paying, if they believe property prices will continue rising, but they tend to be more interested in one- bedroom units, he said.
'If the launch is successful, it will set the benchmark' for developments in the West Coast area, he said.
Elsewhere, more property launches are on their way. Agents are gathering interest for Ho Bee's Seascape and City Developments' The Residences at W, both at Sentosa Cove.
Sources say Seascape could be launched towards the end of the month, at asking prices of $2,700-$3,000 psf.
Agents are also advertising for Hong Leong Group's 76 Shenton Way, said to comprise mostly one and two-bedders. BT understands it could be previewed at month-end, and agents are quoting prices above $2,000 psf.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Wednesday, March 10, 2010
ST Forum : Tweak rental rules for public flats
Mar 9, 2010
Tweak rental rules for public flats
I REFER to Sunday's report, 'Property agents call for curbs on subletting'. It was mentioned that the new measures taken by the Government to reduce speculation may not be sufficient to keep prices of resale flats in check, since prices may still be driven up by those who keep flats to rent out rather than to occupy.
I believe a simple solution is to limit the number of HDB owners who can rent out their flats.
Some HDB owners may be compelled to rent out their flats because they have no other source of income or because they face financial difficulty. It would not be wise for the Government to restrict this group of owners who need the rental income to sustain themselves in the face of financial difficulty.
Nonetheless, HDB should not condone owners who view their HDB flats solely as a form of investment.
The Government should impose restrictions by not allowing owners whose income exceeds a certain limit or own private property to rent out their HDB flats.
This policy takes into account the predicament of owners who are genuinely in need of rental income and underlines the principle that flats are primarily intended to provide shelter.
Javern Sim
Tweak rental rules for public flats
I REFER to Sunday's report, 'Property agents call for curbs on subletting'. It was mentioned that the new measures taken by the Government to reduce speculation may not be sufficient to keep prices of resale flats in check, since prices may still be driven up by those who keep flats to rent out rather than to occupy.
I believe a simple solution is to limit the number of HDB owners who can rent out their flats.
Some HDB owners may be compelled to rent out their flats because they have no other source of income or because they face financial difficulty. It would not be wise for the Government to restrict this group of owners who need the rental income to sustain themselves in the face of financial difficulty.
Nonetheless, HDB should not condone owners who view their HDB flats solely as a form of investment.
The Government should impose restrictions by not allowing owners whose income exceeds a certain limit or own private property to rent out their HDB flats.
This policy takes into account the predicament of owners who are genuinely in need of rental income and underlines the principle that flats are primarily intended to provide shelter.
Javern Sim
TODAY ONLINE : A more responsive trigger
A more responsive trigger
Also, a wider variety of sites in the second half
05:55 AM Mar 09, 2010
by Ong Dai Lin
SINGAPORE - The National Development Ministry has found a possible way to meet the call by the Economic Strategies Committee to make land supply more responsive to market forces.
And as it considers this new procedure - releasing sites for sale as long as more than one bid comes close to the Government's minimum asking price, within a reasonable period - the ministry announced a more immediate piece of good news for developers.
The deposit to be provided by successful applicants for Reserve List sites has been reduced from 5 per cent to 3 per cent of the minimum price, capped at $5 million.
This tweak to the Reserve List system will reduce the cash flow burden of successful bidders, National Development Minister Mah Bow Tan said as the parliamentary debate on his ministry's upcoming plans ended yesterday.
The Reserve List was introduced in 2001 to make more sites available to business needs, other than those on the Confirmed List of land sales. In the case of the former, a public tender is called only if a developer's bid matches or exceeds the Reserve Price for the site.
The system has "worked well", Mr Mah said, and a total of 65 sites have been successfully triggered and sold under the system. This includes 11 sites last year for residential, hotel and industrial developments.
So how might the lower deposit and potential new procedure impact prices and bidding?
As far as bidding prices - and home prices - go, property analysts said there would be little impact.
"It's unlikely to inadvertently drive up bidding prices as developers are likely to adopt the bigger picture when bidding for the land. Developers are expected to pay premiums for lands they are interested in, and which they see business potential in," said Mr Tan Tiong Cheng, chairman of property consultancy Knight Frank.
Market sentiments should still rule, added Mr Colin Tan, director of property consultancy Chesterton International. At this time, he said, developers are likely to put in higher bids because "they want to secure a land quickly to take advantage of the robust market". "They know that it will not last forever," he said.
More Home Choices, Better Prices
Of greater impact will be MND's final announcement yesterday, that the Government will make available a larger supply and wider variety of sites in the second half of the Government Land Sales Programme this year.
"If there are more attractive sites, developers may put in bids to trigger and that will create more activity in the market," said Mr Tan.
There are 22 sites listed now on the Reserve list now for residential, commercial and hotel purposes. With more sites available, "there would be more choices for homebuyers one to two years later," Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
"More choices for homebuyers could stabilise prices. With more choices, there is more supply out there and there's a possiblity that it will meet the demand and prices of houses will not increase at a very fast pace," said Mr Mak.
He thinks that most of the new sites will be residential ones, with the variety coming from more landed property sites, and mixed commercial and residential developments such as Jurong Point.
In the long term, all the measures could make for a steadier supply of developments, "especially in a turning market when reserve prices could be out of sync with market trends", said Dr Chua Yang Liang, director of research for southeast Asia from Jones Lang La Salle.
On the possible Reserve List procedure, he said: "This would ensure that sites are awarded not based primarily on minimum prices but a reflection of market demand, based on the number of bids offered."
In a statement yesterday, the Real Estate Developers Association welcomed the measures, particularly the deposit reduction and the releasing of sites from sufficient market interest, adding that they will "minimise cost burden" for successful applicants of the land bid.
Mr Mah also told Parliament yesterday that Singaporeans accounted for close to 90 per cent of all private housing transactions last year and gave the reassurance that "properties in Singapore still remain largely in the hands of Singaporeans" despite the influx of foreigners.
He added that buyers do not need to rush into the market as there is "an ample supply of private housing" to meet demand over the next two years.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
Also, a wider variety of sites in the second half
05:55 AM Mar 09, 2010
by Ong Dai Lin
SINGAPORE - The National Development Ministry has found a possible way to meet the call by the Economic Strategies Committee to make land supply more responsive to market forces.
And as it considers this new procedure - releasing sites for sale as long as more than one bid comes close to the Government's minimum asking price, within a reasonable period - the ministry announced a more immediate piece of good news for developers.
The deposit to be provided by successful applicants for Reserve List sites has been reduced from 5 per cent to 3 per cent of the minimum price, capped at $5 million.
This tweak to the Reserve List system will reduce the cash flow burden of successful bidders, National Development Minister Mah Bow Tan said as the parliamentary debate on his ministry's upcoming plans ended yesterday.
The Reserve List was introduced in 2001 to make more sites available to business needs, other than those on the Confirmed List of land sales. In the case of the former, a public tender is called only if a developer's bid matches or exceeds the Reserve Price for the site.
The system has "worked well", Mr Mah said, and a total of 65 sites have been successfully triggered and sold under the system. This includes 11 sites last year for residential, hotel and industrial developments.
So how might the lower deposit and potential new procedure impact prices and bidding?
As far as bidding prices - and home prices - go, property analysts said there would be little impact.
"It's unlikely to inadvertently drive up bidding prices as developers are likely to adopt the bigger picture when bidding for the land. Developers are expected to pay premiums for lands they are interested in, and which they see business potential in," said Mr Tan Tiong Cheng, chairman of property consultancy Knight Frank.
Market sentiments should still rule, added Mr Colin Tan, director of property consultancy Chesterton International. At this time, he said, developers are likely to put in higher bids because "they want to secure a land quickly to take advantage of the robust market". "They know that it will not last forever," he said.
More Home Choices, Better Prices
Of greater impact will be MND's final announcement yesterday, that the Government will make available a larger supply and wider variety of sites in the second half of the Government Land Sales Programme this year.
"If there are more attractive sites, developers may put in bids to trigger and that will create more activity in the market," said Mr Tan.
There are 22 sites listed now on the Reserve list now for residential, commercial and hotel purposes. With more sites available, "there would be more choices for homebuyers one to two years later," Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
"More choices for homebuyers could stabilise prices. With more choices, there is more supply out there and there's a possiblity that it will meet the demand and prices of houses will not increase at a very fast pace," said Mr Mak.
He thinks that most of the new sites will be residential ones, with the variety coming from more landed property sites, and mixed commercial and residential developments such as Jurong Point.
In the long term, all the measures could make for a steadier supply of developments, "especially in a turning market when reserve prices could be out of sync with market trends", said Dr Chua Yang Liang, director of research for southeast Asia from Jones Lang La Salle.
On the possible Reserve List procedure, he said: "This would ensure that sites are awarded not based primarily on minimum prices but a reflection of market demand, based on the number of bids offered."
In a statement yesterday, the Real Estate Developers Association welcomed the measures, particularly the deposit reduction and the releasing of sites from sufficient market interest, adding that they will "minimise cost burden" for successful applicants of the land bid.
Mr Mah also told Parliament yesterday that Singaporeans accounted for close to 90 per cent of all private housing transactions last year and gave the reassurance that "properties in Singapore still remain largely in the hands of Singaporeans" despite the influx of foreigners.
He added that buyers do not need to rush into the market as there is "an ample supply of private housing" to meet demand over the next two years.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
ST Forum : Estate agent may have breached ethical code if...
Mar 9, 2010
Estate agent may have breached ethical code if...
I REFER to Mr Roger Tan's Forum Online letter yesterday, 'Agents trustworthy? Take it with a pinch of salt'.
We thank Mr Tan for sharing his encounter with a property agent. We agree that the agent should have explained to Mr Tan clearly why he was not given the Option to Purchase. The service lapse or misunderstanding could have been avoided.
It would appear from Mr Tan's version of the incident that it was the seller's appointed agent he negotiated with. While Mr Tan might have confirmed the sale price he was prepared to pay with the agent, he had not given the 1 per cent option money yet and no contract had been entered upon.
One likelihood is that the seller's agent might still have been trying to obtain the best possible sale price for his client by showing other prospective buyers before consolidating all offers for his client's consideration. There were at the same time instances when, unlike Mr Tan, buyers did not turn up to pay the 1 per cent option money as agreed and other potential buyers were turned away in the interim at the expense of sellers. It is also the seller's prerogative to decide finally on the sale.
The agent would have breached the ethical code if he had explicitly stated that Mr Tan's offer to his client would be presented only upon the latter's agreement to pay him a commission. Should this have arisen, he could be acting in dual representation and in conflict of interest with his seller-client. Or if the agent had concealed any offers to his client, he would also be acting unethically.
For alleged misconduct, Singapore Accredited Estate Agencies is prepared to probe and initiate disciplinary proceedings if the agent is accredited or the agency he works with is accredited, and the seller-client comes forward to lodge a complaint with Mr Tan.
Dr Tan Tee Khoon
Chief Executive Officer
Singapore Accredited Estate Agencies
Estate agent may have breached ethical code if...
I REFER to Mr Roger Tan's Forum Online letter yesterday, 'Agents trustworthy? Take it with a pinch of salt'.
We thank Mr Tan for sharing his encounter with a property agent. We agree that the agent should have explained to Mr Tan clearly why he was not given the Option to Purchase. The service lapse or misunderstanding could have been avoided.
It would appear from Mr Tan's version of the incident that it was the seller's appointed agent he negotiated with. While Mr Tan might have confirmed the sale price he was prepared to pay with the agent, he had not given the 1 per cent option money yet and no contract had been entered upon.
One likelihood is that the seller's agent might still have been trying to obtain the best possible sale price for his client by showing other prospective buyers before consolidating all offers for his client's consideration. There were at the same time instances when, unlike Mr Tan, buyers did not turn up to pay the 1 per cent option money as agreed and other potential buyers were turned away in the interim at the expense of sellers. It is also the seller's prerogative to decide finally on the sale.
The agent would have breached the ethical code if he had explicitly stated that Mr Tan's offer to his client would be presented only upon the latter's agreement to pay him a commission. Should this have arisen, he could be acting in dual representation and in conflict of interest with his seller-client. Or if the agent had concealed any offers to his client, he would also be acting unethically.
For alleged misconduct, Singapore Accredited Estate Agencies is prepared to probe and initiate disciplinary proceedings if the agent is accredited or the agency he works with is accredited, and the seller-client comes forward to lodge a complaint with Mr Tan.
Dr Tan Tee Khoon
Chief Executive Officer
Singapore Accredited Estate Agencies
TODAY Online : Grants, smaller flats instead of shorter lease tenure
Grants, smaller flats instead of shorter lease tenure
05:55 AM Mar 09, 2010
by Ong Dai Lin
SINGAPORE - Instead of reducing the HDB flat lease of 99 years to make the flats more affordable, the Government prefers to use other methods to help those with a lower income own a flat, said National Development Minister Mah Bow Tan.
Mr Mah told Parliament the HDB now provides additional grants to the lower-income group and builds smaller flats that are priced more affordably. Another way is to make sure higher-income flat applicants do not compete with them for the same flat - this is why the HDB has a income ceiling for applicants of two-and three-room flats. "With all these in place, we do not see any problem in making HDB flats affordable for first time lower-income families."
Having shorter leases of 60 years for young couples could also be an issue with time - "we are going to run into trouble especially when that particular family grows old", said the minister.
Mr Mah was also asked by MP Cedric Foo if Singaporeans are not buying the flats situated in poorer locations because they are not "priced correctly".
Mr Mah responded: "We do price these less attractive flats cheaper than the other flats. Is it cheap enough? I don't know how cheap is cheap enough."
"But I think the evidence says that people who reject these flats, some of them don't even look at the price when they do reject them. So, it's not just a matter of pricing." Ong Dai Lin
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
05:55 AM Mar 09, 2010
by Ong Dai Lin
SINGAPORE - Instead of reducing the HDB flat lease of 99 years to make the flats more affordable, the Government prefers to use other methods to help those with a lower income own a flat, said National Development Minister Mah Bow Tan.
Mr Mah told Parliament the HDB now provides additional grants to the lower-income group and builds smaller flats that are priced more affordably. Another way is to make sure higher-income flat applicants do not compete with them for the same flat - this is why the HDB has a income ceiling for applicants of two-and three-room flats. "With all these in place, we do not see any problem in making HDB flats affordable for first time lower-income families."
Having shorter leases of 60 years for young couples could also be an issue with time - "we are going to run into trouble especially when that particular family grows old", said the minister.
Mr Mah was also asked by MP Cedric Foo if Singaporeans are not buying the flats situated in poorer locations because they are not "priced correctly".
Mr Mah responded: "We do price these less attractive flats cheaper than the other flats. Is it cheap enough? I don't know how cheap is cheap enough."
"But I think the evidence says that people who reject these flats, some of them don't even look at the price when they do reject them. So, it's not just a matter of pricing." Ong Dai Lin
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
TODAY Online : 'Volume to be limited this year'
'Volume to be limited this year'
05:55 AM Mar 09, 2010
by Desmond Wong desmondwong@mediacorp.com.sg
SINGAPORE - Singapore's property market has been on a run but banks here are not likely to see a significant jump in home loans growth this year.
According to analysts, that is because they do not expect the number of transactions to increase greatly from last year, as the steam runs out of the mass market property segment, but they say support could come from interest in the mid-tier to high-end property sectors.
The number of home sales came in at between 33,000 and 34,000 last year, close to the peak seen in 2007 and that has helped Singapore banks pull through a challenging year.
However, market-watchers do not expect to see the same pace of growth in home sales this year and some say, this could put a dent in the plans of local banks to grow loans here as they try to expand.
DMG and Partners Securities' associate director and co-head of research Leng Seng Choon said: "From the over all perspective, if the loans market is only so big in Singapore, and a few major players want to expand their market share or have higher loan growth, we may see some of them falling behind in some of their guidance."
Recently, during their financial results briefing, DBS Bank and United Overseas Bank have suggested single digit growth in loans for the year, while OCBC Bank targets low double digits, with home loans making up about a quarter of their portfolios.
While the number of transactions may not increase as sharply as last year, their value may improve. This is because interest could be returning for the higher end of the property markets.
DTZ Debenham Tie Leung's head of South-east Asia research Chua Chor Hoon said: "In terms of value, they may be able to lend out more than they did last year and that is because prices have moved up a fair bit from last year, and we're seeing more interest in the mid-tier and higher end."
Analysts also said that growing economic stability could provide more help for banks. With job security and growth seemingly on the way, more buyers are expected to enter the market, expanding the pool of borrowers for local lenders.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
05:55 AM Mar 09, 2010
by Desmond Wong desmondwong@mediacorp.com.sg
SINGAPORE - Singapore's property market has been on a run but banks here are not likely to see a significant jump in home loans growth this year.
According to analysts, that is because they do not expect the number of transactions to increase greatly from last year, as the steam runs out of the mass market property segment, but they say support could come from interest in the mid-tier to high-end property sectors.
The number of home sales came in at between 33,000 and 34,000 last year, close to the peak seen in 2007 and that has helped Singapore banks pull through a challenging year.
However, market-watchers do not expect to see the same pace of growth in home sales this year and some say, this could put a dent in the plans of local banks to grow loans here as they try to expand.
DMG and Partners Securities' associate director and co-head of research Leng Seng Choon said: "From the over all perspective, if the loans market is only so big in Singapore, and a few major players want to expand their market share or have higher loan growth, we may see some of them falling behind in some of their guidance."
Recently, during their financial results briefing, DBS Bank and United Overseas Bank have suggested single digit growth in loans for the year, while OCBC Bank targets low double digits, with home loans making up about a quarter of their portfolios.
While the number of transactions may not increase as sharply as last year, their value may improve. This is because interest could be returning for the higher end of the property markets.
DTZ Debenham Tie Leung's head of South-east Asia research Chua Chor Hoon said: "In terms of value, they may be able to lend out more than they did last year and that is because prices have moved up a fair bit from last year, and we're seeing more interest in the mid-tier and higher end."
Analysts also said that growing economic stability could provide more help for banks. With job security and growth seemingly on the way, more buyers are expected to enter the market, expanding the pool of borrowers for local lenders.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
ST Forum : Long wait for flats a hurdle
Mar 9, 2010
HAVING MORE BABIES
Long wait for flats a hurdle
I REFER to last Friday's report, 'Baby bonus? Look into costs instead: Chiam', in which opposition MP Chiam See Tong said a more holistic approach is needed to tackle fertility trends.
We are a newly married couple with a combined income of about $6,500. A major obstacle we face is obtaining a flat we can pay for with our Central Provident Fund contributions, which will free us to set aside enough cash to have children.
Only two options are available to us: buying resale or build-to-order (BTO) flats. Resale is out of the question for reasons that are obvious: prohibitive prices. The second option, BTO, is a poor system for couples who want to have children for two reasons:
· First, the current generation of university graduates usually start work when they are about 25 years old. By the time they decide to apply for a BTO flat, they will already be in their late 20s or early 30s.
Factor in five more years of waiting before they move into their new home and couples can start having children only when they are in their early to late 30s. How does the Government expect us to have more children if such circumstances force us to start a family so late?
· Second, about 95 per cent of BTO flats are allocated to first-timers, mostly newly engaged or married couples. This ensures that most couples will start having children only after they move in, which is about five years later - when they are most likely over 30 years old.
If policymakers want Singaporeans to have more children, they should make housing available to us much earlier, preferably by the time we are 30. The point about the current low rate of fertility is not that my generation does not want to start a family early. It is the difficulty in obtaining a flat that makes it hard for us to start a family early. An earlier start will give us more precious time to plan for a larger family.
The Government can make it easier for us to buy a resale flat by offering the means to offset the cash-over-valuation component, or by increasing our housing grant.
Jason Zheng
HAVING MORE BABIES
Long wait for flats a hurdle
I REFER to last Friday's report, 'Baby bonus? Look into costs instead: Chiam', in which opposition MP Chiam See Tong said a more holistic approach is needed to tackle fertility trends.
We are a newly married couple with a combined income of about $6,500. A major obstacle we face is obtaining a flat we can pay for with our Central Provident Fund contributions, which will free us to set aside enough cash to have children.
Only two options are available to us: buying resale or build-to-order (BTO) flats. Resale is out of the question for reasons that are obvious: prohibitive prices. The second option, BTO, is a poor system for couples who want to have children for two reasons:
· First, the current generation of university graduates usually start work when they are about 25 years old. By the time they decide to apply for a BTO flat, they will already be in their late 20s or early 30s.
Factor in five more years of waiting before they move into their new home and couples can start having children only when they are in their early to late 30s. How does the Government expect us to have more children if such circumstances force us to start a family so late?
· Second, about 95 per cent of BTO flats are allocated to first-timers, mostly newly engaged or married couples. This ensures that most couples will start having children only after they move in, which is about five years later - when they are most likely over 30 years old.
If policymakers want Singaporeans to have more children, they should make housing available to us much earlier, preferably by the time we are 30. The point about the current low rate of fertility is not that my generation does not want to start a family early. It is the difficulty in obtaining a flat that makes it hard for us to start a family early. An earlier start will give us more precious time to plan for a larger family.
The Government can make it easier for us to buy a resale flat by offering the means to offset the cash-over-valuation component, or by increasing our housing grant.
Jason Zheng
ST : Govt keeping tabs on home prices
Mar 9, 2010
Govt keeping tabs on home prices
Reserve list system tweaked to make land supply flexible
By Jessica Cheam
THE Government will not introduce more measures relating to the property market for now, but will monitor the market closely, said National Development Minister Mah Bow Tan yesterday.
This follows a string of measures aimed at cooling both the private and HDB property markets unveiled by the Government in the past two months.
But Mr Mah said that to address land supply concerns - and to increase flexibility - the Government is tweaking one of the methods used to release new land sites, and will make more land available to developers.
He announced the move in Parliament during the Committee of Supply debate, as he fielded questions from several MPs on the health of the real estate sector.
Dr Amy Khor, MP for Hong Kah GRC, said complaints aired by buyers in recent months - on rising property prices and project sellouts - are 'symptomatic of short-term dislocations between the housing market and the overall economy'.
'If overall economic growth and property prices continue to diverge for a prolonged period, we run the risk of blowing a real estate bubble,' she said.
Mr Mah said the Government had acted quickly to pre-empt such a scenario by introducing measures to cool the market.
Last month it said a property buyer now has to pay extra stamp duty if he sells a property within a year. The proportion of the valuation price that buyers can borrow for home loans has also been cut.
Last September, the Government stopped allowing developers to absorb interest payments for homes under construction to deter speculative purchases.
When asked what other measures the Government would adopt to pre-empt runaway prices, Mr Mah said there would be no more measures for now. 'If there are signs that the market will overheat again, we are ready to introduce additional measures to stabilise the market.'
His comments are likely to come as a relief to an industry absorbing a slew of recent market-cooling measures.
Mr Mah recently also introduced new rules for the Housing Board (HDB) resale market: Buyers of non-subsidised HDB resale flats must now occupy their flats for at least three years before they can sell - up from 2.5 years or one year previously, depending on the financing.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said Mr Mah's assurance would give the market a breather to digest recent measures and see the impact.
Real Estate Developers' Association of Singapore (Redas) chief executive Steven Choo noted, however, that the Government's approach has not changed as it is still monitoring the market.
MP for Sembawang GRC Lim Wee Kiak asked what form future measures might take. Mr Mah replied: 'If I tell you, then there's no point having those other measures in place in our pockets.'
He also said the Government would ensure there was an adequate supply of land to support economic growth.
The Government is tweaking the Urban Redevelopment Authority's reserve site system in which sites are put out to tender if sufficient interest is shown.
With immediate effect, the deposit to be lodged by developers who trigger tenders under the reserve list will be cut from 5 per cent to 3 per cent of the minimum price, capped at $5 million.
The reserve list system offers sites on top of those on the confirmed list, which are tendered according to a set schedule.
The reduced deposit will help lower upfront costs and the cashflow burdens of developers, URA said.
Mr Mah also said the Government would consider releasing a reserve list site for sale immediately if more than one bidder submitted a price close to the Government's reserve price.
Previously, a site was released for sale only if a developer's submitted bid matched or exceeded the reserve price.
The Government will also offer a larger supply and wider variety of sites in the reserve list in the second half of the year to give developers more choice.
Details will be announced by June.
Industry observers said the tweaks could further cool the booming property market.
Mr Colin Tan, director of property consultancy Chesterton International, suggested however that the Government consider selling two or three sites at the same time to temper developers' bids - which have been aggressive in recent months as competition for land heats up as they seek to replenish their land banks.
jcheam@sph.com.sg
Govt keeping tabs on home prices
Reserve list system tweaked to make land supply flexible
By Jessica Cheam
THE Government will not introduce more measures relating to the property market for now, but will monitor the market closely, said National Development Minister Mah Bow Tan yesterday.
This follows a string of measures aimed at cooling both the private and HDB property markets unveiled by the Government in the past two months.
But Mr Mah said that to address land supply concerns - and to increase flexibility - the Government is tweaking one of the methods used to release new land sites, and will make more land available to developers.
He announced the move in Parliament during the Committee of Supply debate, as he fielded questions from several MPs on the health of the real estate sector.
Dr Amy Khor, MP for Hong Kah GRC, said complaints aired by buyers in recent months - on rising property prices and project sellouts - are 'symptomatic of short-term dislocations between the housing market and the overall economy'.
'If overall economic growth and property prices continue to diverge for a prolonged period, we run the risk of blowing a real estate bubble,' she said.
Mr Mah said the Government had acted quickly to pre-empt such a scenario by introducing measures to cool the market.
Last month it said a property buyer now has to pay extra stamp duty if he sells a property within a year. The proportion of the valuation price that buyers can borrow for home loans has also been cut.
Last September, the Government stopped allowing developers to absorb interest payments for homes under construction to deter speculative purchases.
When asked what other measures the Government would adopt to pre-empt runaway prices, Mr Mah said there would be no more measures for now. 'If there are signs that the market will overheat again, we are ready to introduce additional measures to stabilise the market.'
His comments are likely to come as a relief to an industry absorbing a slew of recent market-cooling measures.
Mr Mah recently also introduced new rules for the Housing Board (HDB) resale market: Buyers of non-subsidised HDB resale flats must now occupy their flats for at least three years before they can sell - up from 2.5 years or one year previously, depending on the financing.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said Mr Mah's assurance would give the market a breather to digest recent measures and see the impact.
Real Estate Developers' Association of Singapore (Redas) chief executive Steven Choo noted, however, that the Government's approach has not changed as it is still monitoring the market.
MP for Sembawang GRC Lim Wee Kiak asked what form future measures might take. Mr Mah replied: 'If I tell you, then there's no point having those other measures in place in our pockets.'
He also said the Government would ensure there was an adequate supply of land to support economic growth.
The Government is tweaking the Urban Redevelopment Authority's reserve site system in which sites are put out to tender if sufficient interest is shown.
With immediate effect, the deposit to be lodged by developers who trigger tenders under the reserve list will be cut from 5 per cent to 3 per cent of the minimum price, capped at $5 million.
The reserve list system offers sites on top of those on the confirmed list, which are tendered according to a set schedule.
The reduced deposit will help lower upfront costs and the cashflow burdens of developers, URA said.
Mr Mah also said the Government would consider releasing a reserve list site for sale immediately if more than one bidder submitted a price close to the Government's reserve price.
Previously, a site was released for sale only if a developer's submitted bid matched or exceeded the reserve price.
The Government will also offer a larger supply and wider variety of sites in the reserve list in the second half of the year to give developers more choice.
Details will be announced by June.
Industry observers said the tweaks could further cool the booming property market.
Mr Colin Tan, director of property consultancy Chesterton International, suggested however that the Government consider selling two or three sites at the same time to temper developers' bids - which have been aggressive in recent months as competition for land heats up as they seek to replenish their land banks.
jcheam@sph.com.sg
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