Mar 3, 2010
EN BLOC SALES
Collective wish can't be ignored
WHILE I empathise with owners of apartments who do not want to sell but are forced to by the majority, any change in the law needs to take into account the following:
Before buying a unit in a private condominium, a buyer should acquaint himself with the prevailing laws on collective sales. If a buyer is not keen to be subject to a collective sale later, there is the HDB option, as well as landed property.
Many landed properties are cheaper than a condo, although the location may be farther from town.
One must abide by the principles of communal living and ownership if one decides to live in a condo. There is personal choice involved, and we need to consider the collective desires of a group of people.
As much as one could argue that one is entitled to peace of mind, it is also the right of others to buy with a ready willingness to move, or sell, if that makes financial sense for them.
The 80 per cent consent level required for developments at least 10 years old gives due consideration to the majority of owners. While one may argue for a higher percentage, others could equally argue for a lower percentage.
Owning 50 per cent of shares is the benchmark for a majority in a private company. Granted, majority voting power in a company and having a say about one's home do not carry equal weight in the scheme of life. But that is why an 80 per cent majority is required for a collective sale after factoring in a reluctant home owner's rights.
Kevin Kwek
Wednesday, March 3, 2010
BT : Big boys go looking for swank, new offices
Business Times - 03 Mar 2010
Big boys go looking for swank, new offices
IDA said to have leased 160,000 sq ft; rents may inch up as banks expand in prime areas
By KALPANA RASHIWALA
(SINGAPORE) The upswing in office leasing deals that started around July last year shows no signs of letting up. The healthy demand has persuaded some property consultants that rents for the best quality space in Singapore's financial district could be close to their bottom and poised to perk up.
The Infocomm Development Authority (IDA) is understood to have inked a lease for about 160,000 square feet at Mapletree Business City on Pasir Panjang Road.
This is said to be spread over six floors in the 18-storey office tower of the development, which is expected to receive Temporary Occupation Permit (TOP) soon. With IDA secured as a tenant, the tower's 436,300 sq ft net lettable space is now fully leased, BT understands. The project is near Labrador Park MRT Station, which opens next year.
IDA is expected to move out of Suntec City, where its lease is said to be expiring next year.
Barclays Capital, which has leased 100,000 sq ft at Marina Bay Financial Centre's Tower 2, is said to be close to inking a deal for another 250,000 sq ft in the same tower, which is expected to receive TOP next quarter. The bank is expected to exit from Atrium @ Orchard.
Barclays also occupies about 100,000 sq ft at One Raffles Quay's South Tower and its retail bank has a technology centre at Eightrium @ Changi Business Park. The bank's headcount in Singapore has increased from just several hundred people in 2004 to over 3,500 currently. Of these, about 2,000 are employed at Barclays Capital Global Support Hub.
As new office projects are rolled out, big tenants such as banks are being offered more choices. For instance, ANZ, which is currently at OUB Centre at 1 Raffles Place, is said to be deciding whether to move to the new tower being built in the same development, or to Ocean Financial Centre along Collyer Quay.
The latter, a 43-storey development under construction that will have about 850,000 sq ft net lettable area, is also said to have attracted some tenants from Ocean Towers next door. These include Ifast, Verizon Communications and DMG & Partners Securities.
Other tenants at Ocean Financial Centre are said to include Stamford Law Corporation, which is currently in Republic Plaza, and serviced office operator The Executive Centre.
Colliers International executive director Calvin Yeo said: 'We are starting to see our clients, who are MNCs including financial institutions, planning for expansion as their existing leases approach expiry.'
While some of the initial buzz in the office leasing market was a game of musical chairs involving relocating from older buildings to newer properties, the market is now starting to move beyond replacement demand to actual expansion or new demand, say market watchers.
'We're seeing quite a few law firms from Europe coming to Singapore as well as existing law firms in Singapore expanding,' says Jones Lang LaSalle regional director and head of markets Chris Archibold.
'Insurance companies are starting to look at headcount growth of about 5 per cent this year followed by a further 5-10 per cent per annum for the next few years. Banks are boosting their headcount, not just for private banking but across the board. We're seeing a number of them bringing high-end back-office support functions again to Singapore,' he added.
Mr Archibold reckons that for international standard prime Grade A offices in the Raffles Place and Marina Bay area, rents will probably bottom out at their current levels of about $8 psf a month for smaller occupiers and $7 psf for bigger occupiers. These levels are about 58 per cent below the Q3 2008 peak figures. 'However, rents for A- and B+ grade offices may still decline a few per cent from current levels though the drop should end by Q4 2010.'
Another office property consultant also said that office landlords are more confident and not prepared to discount rents any further. 'But older buildings may relatively underperform and that means rentals in even good-quality buildings may not rebound quickly until space availability in new developments tightens,' he added.
Others are more optimistic. UBS has predicted a 30 per cent jump in the average monthly Grade A office rental value from $8.10 psf at the end of last year to $10.60 psf at end-2010, citing growth in demand. The impact of new office completions is not likely to be as grave as feared earlier since some one million sq ft of existing office stock is expected to be removed in 2010-2011 for conversion to residential use.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Big boys go looking for swank, new offices
IDA said to have leased 160,000 sq ft; rents may inch up as banks expand in prime areas
By KALPANA RASHIWALA
(SINGAPORE) The upswing in office leasing deals that started around July last year shows no signs of letting up. The healthy demand has persuaded some property consultants that rents for the best quality space in Singapore's financial district could be close to their bottom and poised to perk up.
The Infocomm Development Authority (IDA) is understood to have inked a lease for about 160,000 square feet at Mapletree Business City on Pasir Panjang Road.
This is said to be spread over six floors in the 18-storey office tower of the development, which is expected to receive Temporary Occupation Permit (TOP) soon. With IDA secured as a tenant, the tower's 436,300 sq ft net lettable space is now fully leased, BT understands. The project is near Labrador Park MRT Station, which opens next year.
IDA is expected to move out of Suntec City, where its lease is said to be expiring next year.
Barclays Capital, which has leased 100,000 sq ft at Marina Bay Financial Centre's Tower 2, is said to be close to inking a deal for another 250,000 sq ft in the same tower, which is expected to receive TOP next quarter. The bank is expected to exit from Atrium @ Orchard.
Barclays also occupies about 100,000 sq ft at One Raffles Quay's South Tower and its retail bank has a technology centre at Eightrium @ Changi Business Park. The bank's headcount in Singapore has increased from just several hundred people in 2004 to over 3,500 currently. Of these, about 2,000 are employed at Barclays Capital Global Support Hub.
As new office projects are rolled out, big tenants such as banks are being offered more choices. For instance, ANZ, which is currently at OUB Centre at 1 Raffles Place, is said to be deciding whether to move to the new tower being built in the same development, or to Ocean Financial Centre along Collyer Quay.
The latter, a 43-storey development under construction that will have about 850,000 sq ft net lettable area, is also said to have attracted some tenants from Ocean Towers next door. These include Ifast, Verizon Communications and DMG & Partners Securities.
Other tenants at Ocean Financial Centre are said to include Stamford Law Corporation, which is currently in Republic Plaza, and serviced office operator The Executive Centre.
Colliers International executive director Calvin Yeo said: 'We are starting to see our clients, who are MNCs including financial institutions, planning for expansion as their existing leases approach expiry.'
While some of the initial buzz in the office leasing market was a game of musical chairs involving relocating from older buildings to newer properties, the market is now starting to move beyond replacement demand to actual expansion or new demand, say market watchers.
'We're seeing quite a few law firms from Europe coming to Singapore as well as existing law firms in Singapore expanding,' says Jones Lang LaSalle regional director and head of markets Chris Archibold.
'Insurance companies are starting to look at headcount growth of about 5 per cent this year followed by a further 5-10 per cent per annum for the next few years. Banks are boosting their headcount, not just for private banking but across the board. We're seeing a number of them bringing high-end back-office support functions again to Singapore,' he added.
Mr Archibold reckons that for international standard prime Grade A offices in the Raffles Place and Marina Bay area, rents will probably bottom out at their current levels of about $8 psf a month for smaller occupiers and $7 psf for bigger occupiers. These levels are about 58 per cent below the Q3 2008 peak figures. 'However, rents for A- and B+ grade offices may still decline a few per cent from current levels though the drop should end by Q4 2010.'
Another office property consultant also said that office landlords are more confident and not prepared to discount rents any further. 'But older buildings may relatively underperform and that means rentals in even good-quality buildings may not rebound quickly until space availability in new developments tightens,' he added.
Others are more optimistic. UBS has predicted a 30 per cent jump in the average monthly Grade A office rental value from $8.10 psf at the end of last year to $10.60 psf at end-2010, citing growth in demand. The impact of new office completions is not likely to be as grave as feared earlier since some one million sq ft of existing office stock is expected to be removed in 2010-2011 for conversion to residential use.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
TODAY Online : Man has no case to stop en-bloc sale
Man has no case to stop en-bloc sale
05:55 AM Mar 03, 2010
by Zul Othman
SINGAPORE - As the lone objector to an en bloc sale, he defied his neighbours and the Strata Titles Board and made a bid to stop the sale of the property in Koon Seng Road.
But his suit was thrown out by the Court of Appeal yesterday - because Singapore's highest court questioned Mr Goh Teh Lee's legal right to object to the sale as he was only a co-owner of the apartment.
Despite Mr Goh's insistence that he had a "very strong case", Justice Chao Hick Tin said he was "very doubtful" of Mr Goh's argument after considering the evidence.
Therefore, the court ruled that the 53-year-old had no locus standi or standing to carry the suit forward.
While he was not ordered to pay any costs, Mr Goh will have to fork out $3,000 to cover the en bloc sales committee's expenses.
According to court documents, Mr Goh said there were discrepancies in the collective sale agreement, such as signatures that were obtained fraudulently.
Mr Goh believed his status as co-owner could stop the sale if his appeal succeeded. However, Justice Andrew Phang thought otherwise, and said: "Between you and your ex-wife, you have to act unanimously ... besides, your ex-wife's rights also have to prevail. She is just like you - a joint owner."
Mr Goh and his ex-wife, Madam Sng Siok Ching, bought the apartment in 1997 for $610,000, court documents revealed. The couple divorced sometime last year.
Earlier, Mr Goh had told the court that even though they were co-owners, he owned 60 per cent of the property. Mdm Sng also did not make any monetary contribution to the apartment, he argued.
MediaCorp understands that the couple were offered $642,424.24 for the apartment but Mr Goh objected to the sale while Mdm Sng gave her consent.
Previously, Mr Goh had told the High Court it was unfair for the purchase price of $21.12 million to be divided equally among the 33 units.
But in his submissions, lawyer Leong Kwok Yan - who is representing the sales committee - argued that the collective sale scheme was based on the use of notional shares that were apportioned to the apartments. Hence, no distinction was made between the co-owners of each flat and if there were more than one co-owner to a flat, all must agree.
"To allow Mr Goh to object would be to disregard the interests of Mdm Sng altogether," wrote the lawyer.
The collective sale of the houses and apartments was mooted at a residents' meeting in November 2006.
The property consists of 24 apartments in a four-storey block - known as Koon Seng House - and 9 pre-war terrace houses on the same plot of freehold land. En-bloc proceedings have been delayed for three years following Mr Goh's legal action against the en-bloc sales committee.
When contacted by MediaCorp later, Mr Goh said he respected the court's decision but declined to comment further. He added that he would abide by the court's ruling and sell his apartment.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
05:55 AM Mar 03, 2010
by Zul Othman
SINGAPORE - As the lone objector to an en bloc sale, he defied his neighbours and the Strata Titles Board and made a bid to stop the sale of the property in Koon Seng Road.
But his suit was thrown out by the Court of Appeal yesterday - because Singapore's highest court questioned Mr Goh Teh Lee's legal right to object to the sale as he was only a co-owner of the apartment.
Despite Mr Goh's insistence that he had a "very strong case", Justice Chao Hick Tin said he was "very doubtful" of Mr Goh's argument after considering the evidence.
Therefore, the court ruled that the 53-year-old had no locus standi or standing to carry the suit forward.
While he was not ordered to pay any costs, Mr Goh will have to fork out $3,000 to cover the en bloc sales committee's expenses.
According to court documents, Mr Goh said there were discrepancies in the collective sale agreement, such as signatures that were obtained fraudulently.
Mr Goh believed his status as co-owner could stop the sale if his appeal succeeded. However, Justice Andrew Phang thought otherwise, and said: "Between you and your ex-wife, you have to act unanimously ... besides, your ex-wife's rights also have to prevail. She is just like you - a joint owner."
Mr Goh and his ex-wife, Madam Sng Siok Ching, bought the apartment in 1997 for $610,000, court documents revealed. The couple divorced sometime last year.
Earlier, Mr Goh had told the court that even though they were co-owners, he owned 60 per cent of the property. Mdm Sng also did not make any monetary contribution to the apartment, he argued.
MediaCorp understands that the couple were offered $642,424.24 for the apartment but Mr Goh objected to the sale while Mdm Sng gave her consent.
Previously, Mr Goh had told the High Court it was unfair for the purchase price of $21.12 million to be divided equally among the 33 units.
But in his submissions, lawyer Leong Kwok Yan - who is representing the sales committee - argued that the collective sale scheme was based on the use of notional shares that were apportioned to the apartments. Hence, no distinction was made between the co-owners of each flat and if there were more than one co-owner to a flat, all must agree.
"To allow Mr Goh to object would be to disregard the interests of Mdm Sng altogether," wrote the lawyer.
The collective sale of the houses and apartments was mooted at a residents' meeting in November 2006.
The property consists of 24 apartments in a four-storey block - known as Koon Seng House - and 9 pre-war terrace houses on the same plot of freehold land. En-bloc proceedings have been delayed for three years following Mr Goh's legal action against the en-bloc sales committee.
When contacted by MediaCorp later, Mr Goh said he respected the court's decision but declined to comment further. He added that he would abide by the court's ruling and sell his apartment.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
CNA : Straits Trading Company to develop 12 bungalows at Chancery Lane
Straits Trading Company to develop 12 bungalows at Chancery Lane
By Jo-Ann Huang, Channel NewsAsia | Posted: 02 March 2010 2308 hrs
SINGAPORE : The property unit of Straits Trading Company will be developing a cluster of freehold bungalows at the prime Chancery Lane area as the mainboard-listed company is acquiring the original developer, Tertius Development.
The project, called Chancery Five, will have 12 bungalow units and sits on a land plot of 27,600 square feet. The size of the bungalows will range between 4,800 square feet to 6,500 square feet each.
Each of the two-storey bungalows will have five rooms, an entertainment room, an attic, a private basement car park, a swimming pool and a lift.
Eric Teng, chief executive officer of Straits Trading, said the Chancery Five project is in line with its overall strategy of developing properties that are both exceptional and of high quality.
While the company did not disclose the value of the development, property analysts estimate it to be worth about S$58 million.
Based on the project's estimated worth, Cushman & Wakefield's regional managing director Donald Han said that the bungalows would be priced at slightly less than S$1,000 per square feet (psf).
This means each unit would be priced at about S$4.8 million, which he said is "a fair price for a bungalow on Chancery Lane".
Mr Han added that its close proximity to top schools such as the Anglo-Chinese and Singapore Chinese Girl's schools, as well as to Orchard Road, makes it a hit with families and sub-letters.
Meanwhile, Nicholas Mak, real estate lecturer at Ngee Ann Polytechnic, said that based on similar properties in the vicinity, Chancery Five should fetch about S$500 to
S$600 psf.
"With the largest unit at about 6,500 square feet, I have a feeling that they will price it above S$4 million per unit," said Mr Mak.
"Landed property will always have a place with investors. It has the highest price increase in 2009 compared to other types of properties," said Mr Han. - CNA/ms
By Jo-Ann Huang, Channel NewsAsia | Posted: 02 March 2010 2308 hrs
SINGAPORE : The property unit of Straits Trading Company will be developing a cluster of freehold bungalows at the prime Chancery Lane area as the mainboard-listed company is acquiring the original developer, Tertius Development.
The project, called Chancery Five, will have 12 bungalow units and sits on a land plot of 27,600 square feet. The size of the bungalows will range between 4,800 square feet to 6,500 square feet each.
Each of the two-storey bungalows will have five rooms, an entertainment room, an attic, a private basement car park, a swimming pool and a lift.
Eric Teng, chief executive officer of Straits Trading, said the Chancery Five project is in line with its overall strategy of developing properties that are both exceptional and of high quality.
While the company did not disclose the value of the development, property analysts estimate it to be worth about S$58 million.
Based on the project's estimated worth, Cushman & Wakefield's regional managing director Donald Han said that the bungalows would be priced at slightly less than S$1,000 per square feet (psf).
This means each unit would be priced at about S$4.8 million, which he said is "a fair price for a bungalow on Chancery Lane".
Mr Han added that its close proximity to top schools such as the Anglo-Chinese and Singapore Chinese Girl's schools, as well as to Orchard Road, makes it a hit with families and sub-letters.
Meanwhile, Nicholas Mak, real estate lecturer at Ngee Ann Polytechnic, said that based on similar properties in the vicinity, Chancery Five should fetch about S$500 to
S$600 psf.
"With the largest unit at about 6,500 square feet, I have a feeling that they will price it above S$4 million per unit," said Mr Mak.
"Landed property will always have a place with investors. It has the highest price increase in 2009 compared to other types of properties," said Mr Han. - CNA/ms
CNA : Court gives go ahead for Koon Seng en bloc sale
Court gives go ahead for Koon Seng en bloc sale
By Zul Othman, TODAY | Posted: 02 March 2010 1347 hrs
SINGAPORE: The Koon Seng en bloc sale, comprising Koon Seng House, a four-storey block of 24 apartments in Joo Chiat and nine pre-war terrace houses on the same plot of freehold land, can now go ahead.
The Court of Three Judges threw out on Tuesday, the appeal of the lone objector to the sale, Goh Teh Lee. It ruled that the 53-year old had no locus standi or standing to carry the suit forward.
Despite Mr Goh's insistence that he had a "very strong case", Justice Chao Hick Tin said he was "very doubtful" of Mr Goh's case after considering the evidence.
Mr Goh, who co-owns an apartment with his ex-wife, had objected to the sale. She, however, had given her agreement.
Mr Goh had also argued that it was unfair for the purchase price of S$21.12 million to be divided equally among the 33 units.
Justice Andrew Phang said: "Between you and your ex-wife you have to act unanimously...besides, your ex-wife's rights also have to prevail. She is just like you - a joint owner."
The collective sale of the houses and apartments was mooted at a residents' meeting in November 2006.
While he was not ordered to pay any costs, Mr Goh will have to fork out S$3,000 to cover the en bloc sales committee's expenses.
If he does not sign the collective order, the Registrar of Supreme Court will sign on his behalf, which will allow the en bloc sale to go ahead.
By Zul Othman, TODAY | Posted: 02 March 2010 1347 hrs
SINGAPORE: The Koon Seng en bloc sale, comprising Koon Seng House, a four-storey block of 24 apartments in Joo Chiat and nine pre-war terrace houses on the same plot of freehold land, can now go ahead.
The Court of Three Judges threw out on Tuesday, the appeal of the lone objector to the sale, Goh Teh Lee. It ruled that the 53-year old had no locus standi or standing to carry the suit forward.
Despite Mr Goh's insistence that he had a "very strong case", Justice Chao Hick Tin said he was "very doubtful" of Mr Goh's case after considering the evidence.
Mr Goh, who co-owns an apartment with his ex-wife, had objected to the sale. She, however, had given her agreement.
Mr Goh had also argued that it was unfair for the purchase price of S$21.12 million to be divided equally among the 33 units.
Justice Andrew Phang said: "Between you and your ex-wife you have to act unanimously...besides, your ex-wife's rights also have to prevail. She is just like you - a joint owner."
The collective sale of the houses and apartments was mooted at a residents' meeting in November 2006.
While he was not ordered to pay any costs, Mr Goh will have to fork out S$3,000 to cover the en bloc sales committee's expenses.
If he does not sign the collective order, the Registrar of Supreme Court will sign on his behalf, which will allow the en bloc sale to go ahead.
CNA : Asian property prices expected to continue to rise despite govt measures
Asian property prices expected to continue to rise despite govt measures
By Chris Howells, Channel NewsAsia | Posted: 02 March 2010 2321 hrs
SINGAPORE : Recent measures to cool the property market in China, Hong Kong and Singapore are seen as the right moves to temper speculation and rapidly rising prices.
Still, industry watchers said that prices will have room to move upwards over the next two years.
This is because interest rates in Hong Kong continue to be low, and high-end property prices in Singapore are still below their peak.
Private home prices in Singapore rose by 24 per cent in the second half of last year, causing the government to step in.
Over in Hong Kong, the government also announced measures to avoid an asset bubble - after property prices rose by some 30 per cent last year.
The Chinese government is also doing its part to cool its red-hot property sector by tightening credit.
Analysts said these moves will limit price growth this year, but overall, they still expect prices to move upwards, even if at a slower pace.
Donald Han, managing director, Cushman & Wakefield, said: "With the introduction of these measures, and the fact that the government is keeping a lookout on the market, they may continue to intervene.
"We would expect the market currently to come down to between 8-15 per cent, depending on what market you are in in Asia Pacific. So it would probably come down by a few percentage points in terms of price increases."
Analysts note that Singapore's high-end residential market remains below 2008 peaks by some 20 per cent.
Meanwhile - they also say, the measures are only aimed at moderating the price increases.
Karamjit Singh, managing director, Credo Real Estate, said: "The measures that were announced by the Singapore government on February 19 do not address the root cause of the problem yet. The root cause of the problem is a short-term supply crunch at the lower end of the market, but it definitely helps mitigate the risk of bubbles being formed in the future."
Experts said the factors set to drive prices higher this year are investors searching for higher yields, continuing hot money inflows and continuing low interest rates causing lower borrowing costs for buyers. - CNA/ms
By Chris Howells, Channel NewsAsia | Posted: 02 March 2010 2321 hrs
SINGAPORE : Recent measures to cool the property market in China, Hong Kong and Singapore are seen as the right moves to temper speculation and rapidly rising prices.
Still, industry watchers said that prices will have room to move upwards over the next two years.
This is because interest rates in Hong Kong continue to be low, and high-end property prices in Singapore are still below their peak.
Private home prices in Singapore rose by 24 per cent in the second half of last year, causing the government to step in.
Over in Hong Kong, the government also announced measures to avoid an asset bubble - after property prices rose by some 30 per cent last year.
The Chinese government is also doing its part to cool its red-hot property sector by tightening credit.
Analysts said these moves will limit price growth this year, but overall, they still expect prices to move upwards, even if at a slower pace.
Donald Han, managing director, Cushman & Wakefield, said: "With the introduction of these measures, and the fact that the government is keeping a lookout on the market, they may continue to intervene.
"We would expect the market currently to come down to between 8-15 per cent, depending on what market you are in in Asia Pacific. So it would probably come down by a few percentage points in terms of price increases."
Analysts note that Singapore's high-end residential market remains below 2008 peaks by some 20 per cent.
Meanwhile - they also say, the measures are only aimed at moderating the price increases.
Karamjit Singh, managing director, Credo Real Estate, said: "The measures that were announced by the Singapore government on February 19 do not address the root cause of the problem yet. The root cause of the problem is a short-term supply crunch at the lower end of the market, but it definitely helps mitigate the risk of bubbles being formed in the future."
Experts said the factors set to drive prices higher this year are investors searching for higher yields, continuing hot money inflows and continuing low interest rates causing lower borrowing costs for buyers. - CNA/ms
ST Forum : Move forward with refreshing sentiment on homes
Mar 2, 2010
Move forward with refreshing sentiment on homes
THANK you for publishing the thought-provoking concerns of Mr Tan Keng Ann last Saturday ('Review law on en bloc sales').
There is a growing band of condominium owners who continue to live in fear of being ousted from our precious chosen homes by property speculators or often-misguided secondary proprietors in a lemming-like pursuit of a perceived windfall profit.
With the refreshing sentiment of regarding a house as a home, I hope there will be concrete action to tighten appropriate legislation and curb collective property sales exercises.
Dennis Butler
Move forward with refreshing sentiment on homes
THANK you for publishing the thought-provoking concerns of Mr Tan Keng Ann last Saturday ('Review law on en bloc sales').
There is a growing band of condominium owners who continue to live in fear of being ousted from our precious chosen homes by property speculators or often-misguided secondary proprietors in a lemming-like pursuit of a perceived windfall profit.
With the refreshing sentiment of regarding a house as a home, I hope there will be concrete action to tighten appropriate legislation and curb collective property sales exercises.
Dennis Butler
ST Forum : Protect reluctant parties in en bloc sales
Mar 2, 2010
Protect reluctant parties in en bloc sales
MR TAN Keng Ann's letter last Saturday ('Review law on en bloc sales') revealed the unfair predicament suffered by a good number of people amid the frenzy of many collective property sale exercises. Instead of leaving them alone to retire in peace and contentment, young speculators callously go out of their way to make home owners like Mr Tan miserable, all to make a quick buck.
I am not involved in any collective sale, but from what I have heard from friends who are, the situation is dire and shameful. Meetings of condo owners to discuss such sales are invariably boisterous. Some turn ugly with owners hurling verbal abuse at one another, with those who refuse to sell on the receiving end. They are also harassed between meetings.
It is clear that those who put pressure on reluctant owners have much to gain if the sale goes through. Some speculators have bought several units earlier in anticipation of a successful sale. It is purely business and their aim (and that of the would-be developers) is to make money. The feelings of people like Mr Tan do not concern them in the least.
Yes, the law must change if we are serious about curbing speculation. It would protect the interest of owners who cherish their homes. Why take away the rights of owners who are not interested in the money and want to stay put? Besides, many of the condos involved are not by any stretch of the imagination obsolete in design, or in a state of disrepair.
Lee Seck Kay
Protect reluctant parties in en bloc sales
MR TAN Keng Ann's letter last Saturday ('Review law on en bloc sales') revealed the unfair predicament suffered by a good number of people amid the frenzy of many collective property sale exercises. Instead of leaving them alone to retire in peace and contentment, young speculators callously go out of their way to make home owners like Mr Tan miserable, all to make a quick buck.
I am not involved in any collective sale, but from what I have heard from friends who are, the situation is dire and shameful. Meetings of condo owners to discuss such sales are invariably boisterous. Some turn ugly with owners hurling verbal abuse at one another, with those who refuse to sell on the receiving end. They are also harassed between meetings.
It is clear that those who put pressure on reluctant owners have much to gain if the sale goes through. Some speculators have bought several units earlier in anticipation of a successful sale. It is purely business and their aim (and that of the would-be developers) is to make money. The feelings of people like Mr Tan do not concern them in the least.
Yes, the law must change if we are serious about curbing speculation. It would protect the interest of owners who cherish their homes. Why take away the rights of owners who are not interested in the money and want to stay put? Besides, many of the condos involved are not by any stretch of the imagination obsolete in design, or in a state of disrepair.
Lee Seck Kay
ST Forum : Help pro-children families get suitable flats
Mar 2, 2010
Help pro-children families get suitable flats
I AM a proud father of three young children, with twins who have just turned 17 months. I live in a three-room HDB flat and find it difficult to house my family, including my father-in-law, in my current unit.
As the sole breadwinner, I hope the Government can help pro-children families like mine obtain suitably larger flats at affordable prices.
Recently, I submitted a petition via my MP to allow me to upgrade to a four-room flat through direct purchase from the HDB of any balance or repossessed flats in my area. I have been unsuccessful in my past three balloting exercises.
The HDB has indicated that I stand a better chance of obtaining a flat through the build-to-order scheme and advised me to look at resale flats. However, current resale market prices are beyond what I can possibly afford.
The Government is right that monetary benefits alone will not increase the birth rate. What is needed is an adjustment of HDB policies to aid pro-children families like mine.
Alvin Sia
Help pro-children families get suitable flats
I AM a proud father of three young children, with twins who have just turned 17 months. I live in a three-room HDB flat and find it difficult to house my family, including my father-in-law, in my current unit.
As the sole breadwinner, I hope the Government can help pro-children families like mine obtain suitably larger flats at affordable prices.
Recently, I submitted a petition via my MP to allow me to upgrade to a four-room flat through direct purchase from the HDB of any balance or repossessed flats in my area. I have been unsuccessful in my past three balloting exercises.
The HDB has indicated that I stand a better chance of obtaining a flat through the build-to-order scheme and advised me to look at resale flats. However, current resale market prices are beyond what I can possibly afford.
The Government is right that monetary benefits alone will not increase the birth rate. What is needed is an adjustment of HDB policies to aid pro-children families like mine.
Alvin Sia
BT : 9% of CBD blocks have over 20,000 sq ft floor plates
Business Times - 02 Mar 2010
9% of CBD blocks have over 20,000 sq ft floor plates
Upgrading quality of stock crucial for S'pore's status as financial hub: JLL
By KALPANA RASHIWALA
(SINGAPORE) As of December last year, only 9 per cent of Singapore's CBD office buildings had floor plates of over 20,000 sq ft, which are favoured by big occupiers, particularly financial institutions.
In Raffles Place and the New Downtown (Singapore's financial district) alone, only 13 per cent of buildings have floor plates in excess of 20,000 sq ft, according to a Jones Lang LaSalle white paper titled Future Proofing Singapore's Office Market.
However, the new supply of offices being built presents a great opportunity to enhance the quality of Singapore's office stock to meet the requirements of financial occupiers, not just in terms of bigger floor plates but also technological specifications, security requirements, catering to lifestyle needs of office workers as well as to address sustainability issues.
The white paper, authored by the property consulting group's regional director and head of markets Chris Archibold, says: 'Singapore's CBD currently only has 3.5 million sq ft of Grade A space with floor plates of at least 18,000 sq ft.
'The upcoming supply will increase this to about 10 million sq ft by 2012 and enhance the quality of office stock offered in the market. This amount of space is needed to house Singapore's financial occupiers,' says the white paper.
Currently financial institutions occupy 83 per cent of international grade A office space in Singapore; hence addressing their requirements is critical if Singapore is to position itself as a major global financial hub.
More than 60 per cent of occupiers in JLL's recent survey viewed floor plates of over 15,000 sq ft at the top of the scale in terms of importance when considering future space. Other key considerations included 24-hour chilled water supply (for air conditioning), dual power source and generator capacity for general use, and security issues.
Unfortunately, much of the island's existing office stock now is not in sync with the needs of modern MNCs, especially those in the financial industry.
JLL said that besides large floor plates, most occupiers are also looking for modern square or rectangular floor plates with raised floors (to facilitate cabling) and the latest technological infrastructure.
But much of the current CBD office stock does not match this need because the bulk of the current office stock was built prior to today's technology.
As of December 2009, 68 per cent of the CBD office buildings were more than 11 years old. In Raffles Place and New Downtown, the proportion of office blocks over 11 years old was 62 per cent.
'This demonstrates that much of the existing CBD office stock suffers from functional obsolescence and needs upgrade works and refurbishments,' JLL said.
The white paper noted that the massive increase in reliance on IT within MNCs, specifically in the financial services industry, over the past 10 years, has left much of the Singapore CBD office stock unable to cope fully with the needs of these occupiers.
'Major banks and trading houses are looking for functional buildings with infrastructure that supports business growth and reduces occupational costs.'
These include telecoms infrastructure, multiple telecom providers and fibre-optic network options, open and flexible space, back-up power supplies, a high floor-load capacity, a high floor-to-ceiling height, raised floors as well as large, regular-shaped floor plates.
The shape, size and layout of a building's floor plates will affect efficiencies. For instance, a regular (square or rectangle) shaped floor, especially if it is built with modern system furniture, will minimise space wastage.
A building with bigger column-free floor plates similarly allows for higher occupational density and minimises circulation areas like corridors.
Besides physical considerations, occupiers also weigh a building's technical specs in evaluating their choice of premises.
Buildings designed with the occupier in mind substantially reduce upfront fitting-out capital expenditure costs and reinstatement costs at the end of the lease by providing infrastructure such as water supply to each floor (for internal pantries or extra washrooms) and knock-out panels for internal staircases.
JLL also highlighted that with the growing focus on corporate social responsibility, occupiers that are currently considering new premises are looking for environment-friendly buildings to minimise their carbon footprint.
'Most of the older buildings are very expensive to retrofit with environmentally friendly or sustainable building systems and infrastructure.
'Meanwhile many new developments are now focusing on attaining either the Singapore Building & Construction Authority (BCA) Green Mark or the US Leed - with some even getting both.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
9% of CBD blocks have over 20,000 sq ft floor plates
Upgrading quality of stock crucial for S'pore's status as financial hub: JLL
By KALPANA RASHIWALA
(SINGAPORE) As of December last year, only 9 per cent of Singapore's CBD office buildings had floor plates of over 20,000 sq ft, which are favoured by big occupiers, particularly financial institutions.
In Raffles Place and the New Downtown (Singapore's financial district) alone, only 13 per cent of buildings have floor plates in excess of 20,000 sq ft, according to a Jones Lang LaSalle white paper titled Future Proofing Singapore's Office Market.
However, the new supply of offices being built presents a great opportunity to enhance the quality of Singapore's office stock to meet the requirements of financial occupiers, not just in terms of bigger floor plates but also technological specifications, security requirements, catering to lifestyle needs of office workers as well as to address sustainability issues.
The white paper, authored by the property consulting group's regional director and head of markets Chris Archibold, says: 'Singapore's CBD currently only has 3.5 million sq ft of Grade A space with floor plates of at least 18,000 sq ft.
'The upcoming supply will increase this to about 10 million sq ft by 2012 and enhance the quality of office stock offered in the market. This amount of space is needed to house Singapore's financial occupiers,' says the white paper.
Currently financial institutions occupy 83 per cent of international grade A office space in Singapore; hence addressing their requirements is critical if Singapore is to position itself as a major global financial hub.
More than 60 per cent of occupiers in JLL's recent survey viewed floor plates of over 15,000 sq ft at the top of the scale in terms of importance when considering future space. Other key considerations included 24-hour chilled water supply (for air conditioning), dual power source and generator capacity for general use, and security issues.
Unfortunately, much of the island's existing office stock now is not in sync with the needs of modern MNCs, especially those in the financial industry.
JLL said that besides large floor plates, most occupiers are also looking for modern square or rectangular floor plates with raised floors (to facilitate cabling) and the latest technological infrastructure.
But much of the current CBD office stock does not match this need because the bulk of the current office stock was built prior to today's technology.
As of December 2009, 68 per cent of the CBD office buildings were more than 11 years old. In Raffles Place and New Downtown, the proportion of office blocks over 11 years old was 62 per cent.
'This demonstrates that much of the existing CBD office stock suffers from functional obsolescence and needs upgrade works and refurbishments,' JLL said.
The white paper noted that the massive increase in reliance on IT within MNCs, specifically in the financial services industry, over the past 10 years, has left much of the Singapore CBD office stock unable to cope fully with the needs of these occupiers.
'Major banks and trading houses are looking for functional buildings with infrastructure that supports business growth and reduces occupational costs.'
These include telecoms infrastructure, multiple telecom providers and fibre-optic network options, open and flexible space, back-up power supplies, a high floor-load capacity, a high floor-to-ceiling height, raised floors as well as large, regular-shaped floor plates.
The shape, size and layout of a building's floor plates will affect efficiencies. For instance, a regular (square or rectangle) shaped floor, especially if it is built with modern system furniture, will minimise space wastage.
A building with bigger column-free floor plates similarly allows for higher occupational density and minimises circulation areas like corridors.
Besides physical considerations, occupiers also weigh a building's technical specs in evaluating their choice of premises.
Buildings designed with the occupier in mind substantially reduce upfront fitting-out capital expenditure costs and reinstatement costs at the end of the lease by providing infrastructure such as water supply to each floor (for internal pantries or extra washrooms) and knock-out panels for internal staircases.
JLL also highlighted that with the growing focus on corporate social responsibility, occupiers that are currently considering new premises are looking for environment-friendly buildings to minimise their carbon footprint.
'Most of the older buildings are very expensive to retrofit with environmentally friendly or sustainable building systems and infrastructure.
'Meanwhile many new developments are now focusing on attaining either the Singapore Building & Construction Authority (BCA) Green Mark or the US Leed - with some even getting both.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
ST : It's official: Tampines now a cycling town
Mar 2, 2010
It's official: Tampines now a cycling town
By Jennani Durai
Widened footpaths in Tampines cater to both cyclists and pedestrians. Surveys by Tampines Town Council found support for the idea of shared footpaths rose from 53 per cent in 2007 to 65 per cent last November. -- ST PHOTO: DESMOND LIM
PEDESTRIANS and cyclists in Tampines are learning to co-exist on footways, as it officially became Singapore's first cycling town yesterday.
The amended by-laws that allow Tampines Town Council to take enforcement action against reckless cyclists on footways are now in operation, ending the two-year journey to let cyclists share space with pedestrians.
About 30 cyclists were seen along Tampines Street 12 between 5.30pm and 6.30pm yesterday. Some told The Straits Times they cycled mostly to get to and from school or work, or for leisure trips to the nearby parks.
Tampines residents said they were largely satisfied with the infrastructure - which includes widened footways and clearly marked paths for cyclists and pedestrians - and welcomed the idea of a shared walkway.
'It is much safer than cycling on the roads. There is also enough space on the footways,' said Mr Mohammad Adib, 28, a teacher who cycles to work every day.
Agreeing, 19-year-old Woo Hong Hao said: 'I don't cycle but there is so much space on both the pedestrian and cyclist paths that I don't feel any difference even after we started sharing the footpaths.'
The town council also constructed two new bicycle paths where there is no pavement, and the Land Transport Authority will build another 6.9km in the first half of this year.
Tampines began its two-year trial after a 2005 parliamentary debate in which Tampines GRC MP Irene Ng called for cyclists to be allowed to ride on pedestrian footways instead of on busy roads.
Surveys by the town council found support for the idea rose from 53 per cent in 2007 to 65 per cent in November last year.
However, some residents with young children cautioned riders to be mindful of them.
'I have to be more careful when I am out with my granddaughter now because some of the cyclists come very fast from behind and we can't see them,' said Madam Anna Cheong, 49, a housewife.
Keeping a check on errant cyclists are auxiliary police officers from the Bicycle Patrol. Yesterday, they were only warning errant riders and noting their names. But if the same cyclists are later stopped for riding recklessly, they could be fined $50, or up to $1,000 for repeat offences.
Cycling clinics and talks have been held in community clubs and schools since December to teach safe cycling practices.
Mr Steven Lim from the Safe Cycling Task Force, which conducts clinics together with the Traffic Police, said the sessions will continue monthly, and may soon be offered to residents of Pasir Ris, as it looks to become a cycling town as well.
It's official: Tampines now a cycling town
By Jennani Durai
Widened footpaths in Tampines cater to both cyclists and pedestrians. Surveys by Tampines Town Council found support for the idea of shared footpaths rose from 53 per cent in 2007 to 65 per cent last November. -- ST PHOTO: DESMOND LIM
PEDESTRIANS and cyclists in Tampines are learning to co-exist on footways, as it officially became Singapore's first cycling town yesterday.
The amended by-laws that allow Tampines Town Council to take enforcement action against reckless cyclists on footways are now in operation, ending the two-year journey to let cyclists share space with pedestrians.
About 30 cyclists were seen along Tampines Street 12 between 5.30pm and 6.30pm yesterday. Some told The Straits Times they cycled mostly to get to and from school or work, or for leisure trips to the nearby parks.
Tampines residents said they were largely satisfied with the infrastructure - which includes widened footways and clearly marked paths for cyclists and pedestrians - and welcomed the idea of a shared walkway.
'It is much safer than cycling on the roads. There is also enough space on the footways,' said Mr Mohammad Adib, 28, a teacher who cycles to work every day.
Agreeing, 19-year-old Woo Hong Hao said: 'I don't cycle but there is so much space on both the pedestrian and cyclist paths that I don't feel any difference even after we started sharing the footpaths.'
The town council also constructed two new bicycle paths where there is no pavement, and the Land Transport Authority will build another 6.9km in the first half of this year.
Tampines began its two-year trial after a 2005 parliamentary debate in which Tampines GRC MP Irene Ng called for cyclists to be allowed to ride on pedestrian footways instead of on busy roads.
Surveys by the town council found support for the idea rose from 53 per cent in 2007 to 65 per cent in November last year.
However, some residents with young children cautioned riders to be mindful of them.
'I have to be more careful when I am out with my granddaughter now because some of the cyclists come very fast from behind and we can't see them,' said Madam Anna Cheong, 49, a housewife.
Keeping a check on errant cyclists are auxiliary police officers from the Bicycle Patrol. Yesterday, they were only warning errant riders and noting their names. But if the same cyclists are later stopped for riding recklessly, they could be fined $50, or up to $1,000 for repeat offences.
Cycling clinics and talks have been held in community clubs and schools since December to teach safe cycling practices.
Mr Steven Lim from the Safe Cycling Task Force, which conducts clinics together with the Traffic Police, said the sessions will continue monthly, and may soon be offered to residents of Pasir Ris, as it looks to become a cycling town as well.
BT : New building-tax scheme panned at roundtable
Business Times - 02 Mar 2010
New building-tax scheme panned at roundtable
Participants say govt should rethink Land Intensification Allowance
By TEH SHI NING
THE new tax allowance scheme that replaces the Industrial Building Allowance (IBA) and aims to raise land productivity is not business friendly.
In fact, restricted to too few sectors, the Land Intensification Allowance (LIA) may actually inhibit the growth of industry ecosystems and raise business costs to uncompetitive levels, participants at a post-Budget roundtable said yesterday.
Ascendas chief financial officer Chia Nam Toon said that there is a 'need to address this very carefully', lest the nine qualifying sectors - singled out as ones which will move Singapore manufacturing up the value-added chain - are hurt too.
As a business park developer, Ascendas looks into the clustering effect of industries - where core players are supported by small and medium sized enterprises (SMEs) that may not fall in the same sector.
The LIA's sectoral restriction could be counterproductive if it discourages such clustering, Mr Chia said.
KPMG executive director of tax David Lee agreed that phasing out the IBA seemed contrary to the strategy of nurturing industry ecosystems.
This involves attracting MNCs, he said, and the IBA continues to be a key incentive offered by locations such as Hong Kong, which compete with Singapore for global investments.
Building costs are significant expenses forked out, said Ernst & Young international and corporate tax services partner Choo Eng Chuan, who also called for the move to be re-examined.
Those who spoke up were in favour of not abolishing the IBA entirely and relaxing restrictions on the LIA.
Among numerous other Budget measures debated at the Institute of Certified Public Accountants of Singapore (ICPAS) roundtable, was the hike in foreign worker levies.
Steering away from usual comments about its impact on the construction sector, National Volunteer and Philanthropy Centre corporate development director Chang Che Hsien asked if non-profit and healthcare sectors could be exempted.
National Kidney Foundation financial controller Ingrid The said that up to 80 per cent of nursing homes' employees are foreign and not easily replaced, and that costs cannot be passed on to needy patients.
Mr Choo added that the levy hike was unlikely to induce productivity gain in an already overstretched healthcare workforce.
SME voices were also represented at the table. Michael Tien, CEO of Atlas Sound & Vision, spoke about the gap in training grants for basic degrees while CEO of Greenpac Susan Chong proposed that the government provide bridging loans for SMEs to embark on patenting.
Yesterday's session was co-chaired by ICPAS president Ernest Kan and MP Jessica Tan. Ms Tan chairs the Finance and Trade & Industry government parliamentary committee and will speak in Parliament when the Budget debate begins this afternoon.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
New building-tax scheme panned at roundtable
Participants say govt should rethink Land Intensification Allowance
By TEH SHI NING
THE new tax allowance scheme that replaces the Industrial Building Allowance (IBA) and aims to raise land productivity is not business friendly.
In fact, restricted to too few sectors, the Land Intensification Allowance (LIA) may actually inhibit the growth of industry ecosystems and raise business costs to uncompetitive levels, participants at a post-Budget roundtable said yesterday.
Ascendas chief financial officer Chia Nam Toon said that there is a 'need to address this very carefully', lest the nine qualifying sectors - singled out as ones which will move Singapore manufacturing up the value-added chain - are hurt too.
As a business park developer, Ascendas looks into the clustering effect of industries - where core players are supported by small and medium sized enterprises (SMEs) that may not fall in the same sector.
The LIA's sectoral restriction could be counterproductive if it discourages such clustering, Mr Chia said.
KPMG executive director of tax David Lee agreed that phasing out the IBA seemed contrary to the strategy of nurturing industry ecosystems.
This involves attracting MNCs, he said, and the IBA continues to be a key incentive offered by locations such as Hong Kong, which compete with Singapore for global investments.
Building costs are significant expenses forked out, said Ernst & Young international and corporate tax services partner Choo Eng Chuan, who also called for the move to be re-examined.
Those who spoke up were in favour of not abolishing the IBA entirely and relaxing restrictions on the LIA.
Among numerous other Budget measures debated at the Institute of Certified Public Accountants of Singapore (ICPAS) roundtable, was the hike in foreign worker levies.
Steering away from usual comments about its impact on the construction sector, National Volunteer and Philanthropy Centre corporate development director Chang Che Hsien asked if non-profit and healthcare sectors could be exempted.
National Kidney Foundation financial controller Ingrid The said that up to 80 per cent of nursing homes' employees are foreign and not easily replaced, and that costs cannot be passed on to needy patients.
Mr Choo added that the levy hike was unlikely to induce productivity gain in an already overstretched healthcare workforce.
SME voices were also represented at the table. Michael Tien, CEO of Atlas Sound & Vision, spoke about the gap in training grants for basic degrees while CEO of Greenpac Susan Chong proposed that the government provide bridging loans for SMEs to embark on patenting.
Yesterday's session was co-chaired by ICPAS president Ernest Kan and MP Jessica Tan. Ms Tan chairs the Finance and Trade & Industry government parliamentary committee and will speak in Parliament when the Budget debate begins this afternoon.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Monday, March 1, 2010
ST : Tourist coaches near DFS store irk residents
March 1, 2010
Tourist coaches near DFS store irk residents
Illegally parked vehicles create congestion and noise in residential area
By Maria Almenoar
Some of the tourist coaches that park illegally on Claymore Road behind the DFS building in nearby Scotts Road. Coaches also park illegally in Draycott Drive, Draycott Park, Ardmore Park and Claymore Hill. Parking is not allowed in front of the DFS store. -- ST PHOTO: CHEW SENG KIM
UNSIGHTLY, noisy and congested - these are common complaints that residents of the upmarket area of Ardmore Park and Draycott Drive have because of tourist coaches parking illegally there.
During the day and especially at weekends, the area becomes a huge temporary carpark for these coaches whose drivers wait for tourists shopping at the Duty Free Shopping (DFS) building in nearby Scotts Road.
Parking is not allowed in front of the DFS store and there are only four parking spaces for large vehicles along Claymore Hill and Claymore Road behind the store.
So, to avoid heading to carparks such as that in Newton Circus, which is about a five-minute drive away, coach drivers wait in their vehicles for between half an hour and 11/2 hours before circling back to pick up their passengers.
They park illegally at the side of Draycott Drive, Draycott Park, Ardmore Park, Claymore Hill and Claymore Road and leave the vehicle engines running while they sit in the air-conditioned buses reading, take a nap or clean their vehicles.
In some cases, they double-park next to legal spaces.
Residents also complain that they leave their rubbish behind.
Draycott Drive resident Rose Mei, 62, who has lived in the area for the past three years, is angry that her road is being used as a carpark for the big buses.
'It's a terrible sight and it is impossible to have a peaceful afternoon at home with the noise of the engines,' she said.
The housewife said she has contacted the Traffic Police numerous times about the issue, as the Land Transport Authority has said it is not the relevant authority to deal with such matters.
'The police are quick to respond to the call but after they ask the bus drivers to move away, the drivers just circle round and come back to park,' she said.
When contacted, the police said they were aware of the situation, adding that they conduct regular patrols along these roads. Enforcement actions have been taken against vehicles found to be parked illegally, they added.
Last year, more than 1,300 summonses were issued against vehicles parked illegally in this area, said police spokesman Stanley Norbert.
'The Traffic Police have also requested the tour agencies and bus companies to remind their drivers to refrain from parking their vehicles indiscriminately, causing inconvenience to other road users,' he said.
Motorists who park their vehicles illegally can be fined up to $150 and could incur three demerit points.
When the police are not patrolling the area, security guards at several condominiums in the area take the initiative to drive away the tourist coaches.
But they said that they could only ensure that the coaches are not parked in front of the condominium they are in charge of.
A security guard at a condominium in Draycott Drive, who declined to be named, said: 'There are usually between four and 10 of these buses at any one time.
'The buses obstruct the road and my residents have problems turning in and out of the carpark... Not a pleasant sight for such a high-class area.'
mariaa@sph.com.sg
Tourist coaches near DFS store irk residents
Illegally parked vehicles create congestion and noise in residential area
By Maria Almenoar
Some of the tourist coaches that park illegally on Claymore Road behind the DFS building in nearby Scotts Road. Coaches also park illegally in Draycott Drive, Draycott Park, Ardmore Park and Claymore Hill. Parking is not allowed in front of the DFS store. -- ST PHOTO: CHEW SENG KIM
UNSIGHTLY, noisy and congested - these are common complaints that residents of the upmarket area of Ardmore Park and Draycott Drive have because of tourist coaches parking illegally there.
During the day and especially at weekends, the area becomes a huge temporary carpark for these coaches whose drivers wait for tourists shopping at the Duty Free Shopping (DFS) building in nearby Scotts Road.
Parking is not allowed in front of the DFS store and there are only four parking spaces for large vehicles along Claymore Hill and Claymore Road behind the store.
So, to avoid heading to carparks such as that in Newton Circus, which is about a five-minute drive away, coach drivers wait in their vehicles for between half an hour and 11/2 hours before circling back to pick up their passengers.
They park illegally at the side of Draycott Drive, Draycott Park, Ardmore Park, Claymore Hill and Claymore Road and leave the vehicle engines running while they sit in the air-conditioned buses reading, take a nap or clean their vehicles.
In some cases, they double-park next to legal spaces.
Residents also complain that they leave their rubbish behind.
Draycott Drive resident Rose Mei, 62, who has lived in the area for the past three years, is angry that her road is being used as a carpark for the big buses.
'It's a terrible sight and it is impossible to have a peaceful afternoon at home with the noise of the engines,' she said.
The housewife said she has contacted the Traffic Police numerous times about the issue, as the Land Transport Authority has said it is not the relevant authority to deal with such matters.
'The police are quick to respond to the call but after they ask the bus drivers to move away, the drivers just circle round and come back to park,' she said.
When contacted, the police said they were aware of the situation, adding that they conduct regular patrols along these roads. Enforcement actions have been taken against vehicles found to be parked illegally, they added.
Last year, more than 1,300 summonses were issued against vehicles parked illegally in this area, said police spokesman Stanley Norbert.
'The Traffic Police have also requested the tour agencies and bus companies to remind their drivers to refrain from parking their vehicles indiscriminately, causing inconvenience to other road users,' he said.
Motorists who park their vehicles illegally can be fined up to $150 and could incur three demerit points.
When the police are not patrolling the area, security guards at several condominiums in the area take the initiative to drive away the tourist coaches.
But they said that they could only ensure that the coaches are not parked in front of the condominium they are in charge of.
A security guard at a condominium in Draycott Drive, who declined to be named, said: 'There are usually between four and 10 of these buses at any one time.
'The buses obstruct the road and my residents have problems turning in and out of the carpark... Not a pleasant sight for such a high-class area.'
mariaa@sph.com.sg
TODAY Online : 'For market forces to decide'
'For market forces to decide'
05:55 AM Mar 01, 2010
by S Ramesh rameshs@mediacorp.com.sg
SINGAPORE - The wet markets here may not be optimising space in land-scarce Singapore, said Senior Minister Goh Chok Tong, but some Singaporeans prefer them to supermarkets as a matter of tradition.
And while there was a need in the future to look into the amount of space that wet markets occupy, there was no denying their popularity.
"All of us are traditionalists - we're brought up to go to wet markets. We're able to poke at the fish, touch the fruits before you buy them and chat with the stall holders," said Mr Goh. "You go to the supermarket, you're unable to chat and bargain."
Mr Goh was speaking at the official opening of the new $18.2-million Geylang Serai market, which has an increased seating capacity with 365 wider stalls.
The original market opened in 1964 and was known as the Malay Emporium of Singapore. But it was gutted by a fire in 1999 and moved to a temporary location in Sims Avenue.
While he favours "the ability of the market to retain this character" of selling mostly or even all halal food, Mr Goh said with several new blocks coming up in the area, there would be more Chinese and Indian families staying there. So, it was important for the stalls to cater to the need of all races, he said.
Although the Malay community likes the Geylang Serai market because all the products and foodstuff are halal, "that doesn't mean that the market can be designated as a halal market" because the market is not a private market but "a common space for all Singaporeans".
Mr Goh added that if a stall becomes available in the Geylang Serai market, some stall holders may want to cater to the non-Muslims in the area.
Despite this, the makeup of stalls there should be determined by market forces, he said.
"If you want to open a non-halal stall over here, the demand for your item may not be there. Why not consider elsewhere? But it's for (hawkers) to decide, not for the Government to designate. Any tender must be open to everybody," said Mr Goh.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
05:55 AM Mar 01, 2010
by S Ramesh rameshs@mediacorp.com.sg
SINGAPORE - The wet markets here may not be optimising space in land-scarce Singapore, said Senior Minister Goh Chok Tong, but some Singaporeans prefer them to supermarkets as a matter of tradition.
And while there was a need in the future to look into the amount of space that wet markets occupy, there was no denying their popularity.
"All of us are traditionalists - we're brought up to go to wet markets. We're able to poke at the fish, touch the fruits before you buy them and chat with the stall holders," said Mr Goh. "You go to the supermarket, you're unable to chat and bargain."
Mr Goh was speaking at the official opening of the new $18.2-million Geylang Serai market, which has an increased seating capacity with 365 wider stalls.
The original market opened in 1964 and was known as the Malay Emporium of Singapore. But it was gutted by a fire in 1999 and moved to a temporary location in Sims Avenue.
While he favours "the ability of the market to retain this character" of selling mostly or even all halal food, Mr Goh said with several new blocks coming up in the area, there would be more Chinese and Indian families staying there. So, it was important for the stalls to cater to the need of all races, he said.
Although the Malay community likes the Geylang Serai market because all the products and foodstuff are halal, "that doesn't mean that the market can be designated as a halal market" because the market is not a private market but "a common space for all Singaporeans".
Mr Goh added that if a stall becomes available in the Geylang Serai market, some stall holders may want to cater to the non-Muslims in the area.
Despite this, the makeup of stalls there should be determined by market forces, he said.
"If you want to open a non-halal stall over here, the demand for your item may not be there. Why not consider elsewhere? But it's for (hawkers) to decide, not for the Government to designate. Any tender must be open to everybody," said Mr Goh.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
ST : Copthorne Orchid to go ahead with condo plans
Feb 28, 2010
Copthorne Orchid to go ahead with condo plans
Tenants upset at being kept in the dark; hotel says 'sufficient time' to serve proper notice
By Irene Tham
Tenants had heard it before: The Copthorne Orchid Hotel would be torn down for a condominium.
So there was a sense of deja vu when they learnt from reading The Straits Times last Monday that the 440-room hotel in Dunearn Road would go.
In 2005, City Developments Ltd (CDL) had said it planned to turn the hotel's site into a condominium. But that did not happen.
CDL owns hotelier Millennium & Copthorne (M&C), which operates the Copthorne Orchid Hotel.
But its latest announcement seems to be for real. A CDL spokesman told The Sunday Times it wants to launch the condominium project as early as this July.
The property developer has not decided on a firm date to put the 150 units of the project on sale as it 'had just obtained provisional permission to redevelop'.
Depending on how well the condominium sells and existing tenancy obligations, the building may be torn down only next year or later.
M&C held back its plans in 2005 'as there was a projected shortage of hotel rooms', its spokesman said.
But its recent announcement was not good news to its tenants - one of which has been leasing space in the hotel for 35 years.
Madam Anne Lee, 52, owner of Anne Salon, was upset that the hotel withheld such important information as she renewed her lease just three months ago.
'They must tell us so we can start looking for another landlord,' said Madam Lee, who has been running her salon there since 1975.
Nice Express, which operates its Singapore-Kuala Lumpur express bus service from the hotel, was also not informed about the plans.
Mr Charles Lawrence, 56, operations and sales supervisor at Nice's Singapore office, said: 'I do not know whether to move or stay.'
This comes at a bad time for Nice as it spent $100,000 last year to renovate its office at the hotel.
When asked why tenants were not informed, an M&C spokesman said: 'We have not sent out any notices as there is no firm date yet.
'The terms of the tenancy agreement contain a three-month notice clause. We have sufficient time on hand to serve proper and timely notice to all our tenants.'
Copthorne Orchid to go ahead with condo plans
Tenants upset at being kept in the dark; hotel says 'sufficient time' to serve proper notice
By Irene Tham
Tenants had heard it before: The Copthorne Orchid Hotel would be torn down for a condominium.
So there was a sense of deja vu when they learnt from reading The Straits Times last Monday that the 440-room hotel in Dunearn Road would go.
In 2005, City Developments Ltd (CDL) had said it planned to turn the hotel's site into a condominium. But that did not happen.
CDL owns hotelier Millennium & Copthorne (M&C), which operates the Copthorne Orchid Hotel.
But its latest announcement seems to be for real. A CDL spokesman told The Sunday Times it wants to launch the condominium project as early as this July.
The property developer has not decided on a firm date to put the 150 units of the project on sale as it 'had just obtained provisional permission to redevelop'.
Depending on how well the condominium sells and existing tenancy obligations, the building may be torn down only next year or later.
M&C held back its plans in 2005 'as there was a projected shortage of hotel rooms', its spokesman said.
But its recent announcement was not good news to its tenants - one of which has been leasing space in the hotel for 35 years.
Madam Anne Lee, 52, owner of Anne Salon, was upset that the hotel withheld such important information as she renewed her lease just three months ago.
'They must tell us so we can start looking for another landlord,' said Madam Lee, who has been running her salon there since 1975.
Nice Express, which operates its Singapore-Kuala Lumpur express bus service from the hotel, was also not informed about the plans.
Mr Charles Lawrence, 56, operations and sales supervisor at Nice's Singapore office, said: 'I do not know whether to move or stay.'
This comes at a bad time for Nice as it spent $100,000 last year to renovate its office at the hotel.
When asked why tenants were not informed, an M&C spokesman said: 'We have not sent out any notices as there is no firm date yet.
'The terms of the tenancy agreement contain a three-month notice clause. We have sufficient time on hand to serve proper and timely notice to all our tenants.'
BT : Turning old CBD offices into prime new homes
Business Times - 01 Mar 2010
Turning old CBD offices into prime new homes
As Marina Bay financial district takes shape, developers are making exciting plans
By UMA SHANKARI
(SINGAPORE) Some one million square feet of office space in the Central Business District (CBD) is likely to be converted into at least 1,000 private homes over the next three years.
Property analysts say that with the Marina Bay financial district now taking distinct shape, developers are looking to recycle older office buildings in the current CBD in anticipation of business activity moving to the new hotspot.
Redevelopment plans are also motivated by climbing luxury home prices which contrast sharply with falling office rents.
City Developments said at its results briefing last Thursday that it was looking to see if it could convert any of its office buildings in the 'old' CBD to residential use.
'It is a question of demand,' said CityDev chairman Kwek Leng Beng at the briefing.
CityDev's parent company Hong Leong Holdings is already redeveloping 76 Shenton Way, which has a net lettable area (NLA) of about 92,700 square feet of office space.
The 202-unit residential project due to come up on the site is likely to be launched within the next few weeks.
Other similar conversions in the pipeline include UIC Building on Shenton Way and Starhub Centre on Cuppage Road.
'With the theme of working, living and playing in 21st century Singapore fast becoming a lifestyle reality, we see great potential in quality residential developments in the core central region,' said a Hong Leong spokesman.
The trend is not new. Developers were looking to convert selected office space into residential use as far back as 2007. City- Dev, for example, launched its One Shenton residential project in January 2007, converting an office block into residential space. Since then, 316 apartments in the 341-unit project have been sold, with many going for more than $2,000 per sq ft (psf).
But other such plans were put on hold when in May 2007, fearing a shortage of office space, the Urban Redevelopment Authority (URA) called a halt to all conversion of offices in the central area to curb further depletion of existing stock.
The ban was lifted in late 2008 as fears of an office space oversupply emerged.
Knight Frank chairman Tan Tiong Cheng said that with the Marina Bay Sands integrated resort (IR) now ready to open its doors and the entire Marina Bay area taking shape, developers are now taking another look at their buildings located in the current CBD.
'It is the government's intention to have a new CBD in Marina South. So there is concern that some of the older office buildings may not be relevant to future needs,' said Mr Tan. 'Office rents have also dipped, so it is a good time to look at redeveloping some of these buildings now that the ban has been lifted.'
Elsewhere on Shenton Way, UIC has received permission to redevelop UIC Building into a mostly residential project. UIC's board says it is still assessing all alternatives to ensure the best use for the building. But sources told BT that the conversion could start some time this year. The property has close to 400,000 sq ft of office space.
Office real estate investment trust (Reit) CapitaCommercial Trust also said in January that it is looking at redeveloping Starhub Centre on Cuppage Road into a residential and commercial project with up to 80 per cent of the gross floor area devoted to residential use. The property currently has an NLA of about 280,000 sq ft and analysts estimate that 200-300 upmarket homes could be built on the site.
Other office properties that could be converted (either fully or partly) into private homes include KOP Capital's The Spazio on Cecil Street, and three buildings owned by Fission Group and Yi Kai Group - VTB Building on Robinson Road, and Aviva Building and Cecil House on Cecil Street.
In all, around one million square feet of office space could be removed from the market and transformed into upmarket homes.
City living has, in recent years, become more popular and luxury home prices are expected to climb this year. UBS Investment Research, for example, expects luxury home prices to rise 40 per cent in 2010 to reach $4,000 psf and maintains that prime home prices (in districts 9, 10, 11) could reach 2007 levels this year.
Falling office rents and an upcoming glut of office supply also means that office rents are widely expected to continue falling. Property firm Savills expects a 20-25 per cent fall in Grade A office rents in Singapore this year.
But Knight Frank's Mr Tan says that not all office buildings in the present CBD can be converted into homes.
'City living is only attractive if you have a view of the sea or you have some kind of a city vista,' he said.
The conversion of some office space into residential units will lend support to rents, analysts said.
UBS Investment Research said in late January that it now expects over one million sq ft of office space to be removed in 2010 and 2011, instead of the 550,000 sq ft expected earlier.
'As a result, we upgrade our prime office rents in 2010-2013 by 5 per cent,' said UBS analyst Regina Lim. 'We now expect prime office rent of $8.70 psf per month by end-2010 and $9.70 psf per month by end-2011.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Great response: CityDev launched its One Shenton project in January 2007, turning an office block into residential space. It has sold 316 of the 341 units in the project.
Turning old CBD offices into prime new homes
As Marina Bay financial district takes shape, developers are making exciting plans
By UMA SHANKARI
(SINGAPORE) Some one million square feet of office space in the Central Business District (CBD) is likely to be converted into at least 1,000 private homes over the next three years.
Property analysts say that with the Marina Bay financial district now taking distinct shape, developers are looking to recycle older office buildings in the current CBD in anticipation of business activity moving to the new hotspot.
Redevelopment plans are also motivated by climbing luxury home prices which contrast sharply with falling office rents.
City Developments said at its results briefing last Thursday that it was looking to see if it could convert any of its office buildings in the 'old' CBD to residential use.
'It is a question of demand,' said CityDev chairman Kwek Leng Beng at the briefing.
CityDev's parent company Hong Leong Holdings is already redeveloping 76 Shenton Way, which has a net lettable area (NLA) of about 92,700 square feet of office space.
The 202-unit residential project due to come up on the site is likely to be launched within the next few weeks.
Other similar conversions in the pipeline include UIC Building on Shenton Way and Starhub Centre on Cuppage Road.
'With the theme of working, living and playing in 21st century Singapore fast becoming a lifestyle reality, we see great potential in quality residential developments in the core central region,' said a Hong Leong spokesman.
The trend is not new. Developers were looking to convert selected office space into residential use as far back as 2007. City- Dev, for example, launched its One Shenton residential project in January 2007, converting an office block into residential space. Since then, 316 apartments in the 341-unit project have been sold, with many going for more than $2,000 per sq ft (psf).
But other such plans were put on hold when in May 2007, fearing a shortage of office space, the Urban Redevelopment Authority (URA) called a halt to all conversion of offices in the central area to curb further depletion of existing stock.
The ban was lifted in late 2008 as fears of an office space oversupply emerged.
Knight Frank chairman Tan Tiong Cheng said that with the Marina Bay Sands integrated resort (IR) now ready to open its doors and the entire Marina Bay area taking shape, developers are now taking another look at their buildings located in the current CBD.
'It is the government's intention to have a new CBD in Marina South. So there is concern that some of the older office buildings may not be relevant to future needs,' said Mr Tan. 'Office rents have also dipped, so it is a good time to look at redeveloping some of these buildings now that the ban has been lifted.'
Elsewhere on Shenton Way, UIC has received permission to redevelop UIC Building into a mostly residential project. UIC's board says it is still assessing all alternatives to ensure the best use for the building. But sources told BT that the conversion could start some time this year. The property has close to 400,000 sq ft of office space.
Office real estate investment trust (Reit) CapitaCommercial Trust also said in January that it is looking at redeveloping Starhub Centre on Cuppage Road into a residential and commercial project with up to 80 per cent of the gross floor area devoted to residential use. The property currently has an NLA of about 280,000 sq ft and analysts estimate that 200-300 upmarket homes could be built on the site.
Other office properties that could be converted (either fully or partly) into private homes include KOP Capital's The Spazio on Cecil Street, and three buildings owned by Fission Group and Yi Kai Group - VTB Building on Robinson Road, and Aviva Building and Cecil House on Cecil Street.
In all, around one million square feet of office space could be removed from the market and transformed into upmarket homes.
City living has, in recent years, become more popular and luxury home prices are expected to climb this year. UBS Investment Research, for example, expects luxury home prices to rise 40 per cent in 2010 to reach $4,000 psf and maintains that prime home prices (in districts 9, 10, 11) could reach 2007 levels this year.
Falling office rents and an upcoming glut of office supply also means that office rents are widely expected to continue falling. Property firm Savills expects a 20-25 per cent fall in Grade A office rents in Singapore this year.
But Knight Frank's Mr Tan says that not all office buildings in the present CBD can be converted into homes.
'City living is only attractive if you have a view of the sea or you have some kind of a city vista,' he said.
The conversion of some office space into residential units will lend support to rents, analysts said.
UBS Investment Research said in late January that it now expects over one million sq ft of office space to be removed in 2010 and 2011, instead of the 550,000 sq ft expected earlier.
'As a result, we upgrade our prime office rents in 2010-2013 by 5 per cent,' said UBS analyst Regina Lim. 'We now expect prime office rent of $8.70 psf per month by end-2010 and $9.70 psf per month by end-2011.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Great response: CityDev launched its One Shenton project in January 2007, turning an office block into residential space. It has sold 316 of the 341 units in the project.
ST : Anatomy of a good home buy
Feb 28, 2010
small change
Anatomy of a good home buy
The key to making a savvy property purchase lies in these seven common sense basics
By Annie Lim
I am no expert when it comes to investing in property, but as I have invested in numerous properties over the last decade, I have gained some valuable experience.
I made money from some and lost money from others. Some say you need luck to make money in real estate, but I believe there are some fundamentals that one can use as a guide to make as infallible a decision as possible.
1 Good location
In property selection, particularly for investment purposes, the key is location. For owner-occupied properties, location may be less significant as individuals have different preferences. Some like
quieter locations away from commercial activities while others choose to be close to specific amenities.
Proximity and accessibility to schools, transport lines, shopping centres, factories and specific suburbs are some important factors to consider.
Even for an owner-occupied property, it is important to consider how other people would view the location should you decide to sell it one day. In short, try to be as objective as possible when it comes to location.
2 Good site
Is the property in a good site? Is it next to an MRT station, bus stop, monsoon drain or power cables? Or is it at a T-junction? There is nothing technically wrong with T-junctions, but some people believe it obstructs the flow of good luck in one's life.
Is the site prone to flash floods and so on? Many people like to live near MRT stations, but some foreigners prefer to avoid the constant noise of the trains. They may prefer quieter areas.
When choosing the site of the property, consider the points that will appeal to your potential buyers in the future.
3 Good layout
Do you like the layout of the apartment or house? Many people prefer their living rooms to feel spacious. Are there many angles and nooks in the house? Some people may consider them bad fengshui.
A more practical consideration is whether the living room and bedrooms are irregularly shaped, with lots of unusable space. A good, clean layout will save you the time, effort and money that you otherwise would have to spend on redesigning around oddly shaped and oddly positioned living areas.
4 Good address
Securing a good address without paying a premium for it is like a windfall. It may not matter much to you now but a good address, such as a nice sounding road name or an auspicious sounding unit number like #08-08, may attract more interest and demand in the property and also a higher price when it is time to sell.
5 Good history
Many potential buyers like to know the background of the property they are buying. Who are the current owners? Why are they selling? Who built the property and how old is it? Is the property owner-occupied or rented out? These things matter in the making of personal and economic decisions.
If the property is for investment, then the purchaser should look into two other areas:
6 Good rental yield
What is the expected rental yield for the property? Is this an acceptable level for you? What is the median rent for properties in that area?
7 Good potential for capital appreciation
What is the median price for property prices in that area? What is the highest and lowest price for properties in that area over the last three, five and 10 years?
The writer is managing director of mortgage consultant Global Creatif Financial. The views expressed are her own.
small change
Anatomy of a good home buy
The key to making a savvy property purchase lies in these seven common sense basics
By Annie Lim
I am no expert when it comes to investing in property, but as I have invested in numerous properties over the last decade, I have gained some valuable experience.
I made money from some and lost money from others. Some say you need luck to make money in real estate, but I believe there are some fundamentals that one can use as a guide to make as infallible a decision as possible.
1 Good location
In property selection, particularly for investment purposes, the key is location. For owner-occupied properties, location may be less significant as individuals have different preferences. Some like
quieter locations away from commercial activities while others choose to be close to specific amenities.
Proximity and accessibility to schools, transport lines, shopping centres, factories and specific suburbs are some important factors to consider.
Even for an owner-occupied property, it is important to consider how other people would view the location should you decide to sell it one day. In short, try to be as objective as possible when it comes to location.
2 Good site
Is the property in a good site? Is it next to an MRT station, bus stop, monsoon drain or power cables? Or is it at a T-junction? There is nothing technically wrong with T-junctions, but some people believe it obstructs the flow of good luck in one's life.
Is the site prone to flash floods and so on? Many people like to live near MRT stations, but some foreigners prefer to avoid the constant noise of the trains. They may prefer quieter areas.
When choosing the site of the property, consider the points that will appeal to your potential buyers in the future.
3 Good layout
Do you like the layout of the apartment or house? Many people prefer their living rooms to feel spacious. Are there many angles and nooks in the house? Some people may consider them bad fengshui.
A more practical consideration is whether the living room and bedrooms are irregularly shaped, with lots of unusable space. A good, clean layout will save you the time, effort and money that you otherwise would have to spend on redesigning around oddly shaped and oddly positioned living areas.
4 Good address
Securing a good address without paying a premium for it is like a windfall. It may not matter much to you now but a good address, such as a nice sounding road name or an auspicious sounding unit number like #08-08, may attract more interest and demand in the property and also a higher price when it is time to sell.
5 Good history
Many potential buyers like to know the background of the property they are buying. Who are the current owners? Why are they selling? Who built the property and how old is it? Is the property owner-occupied or rented out? These things matter in the making of personal and economic decisions.
If the property is for investment, then the purchaser should look into two other areas:
6 Good rental yield
What is the expected rental yield for the property? Is this an acceptable level for you? What is the median rent for properties in that area?
7 Good potential for capital appreciation
What is the median price for property prices in that area? What is the highest and lowest price for properties in that area over the last three, five and 10 years?
The writer is managing director of mortgage consultant Global Creatif Financial. The views expressed are her own.
ST : Housing in S'pore still affordable
Feb 27, 2010
HDB'S 50TH ANNIVERSARY
Housing in S'pore still affordable
By Tu Yong & Yu Shi Ming, For The Straits Times
HOUSING is a perennial hot topic of discussion, especially in Singapore where it touches almost every segment of society - from the low to middle income in public housing to the middle and higher income aspiring to upgrade to private property.
The recent spikes in both public and private housing prices have added fuel to the debate on affordability. Analysts and experts have attributed the price increase to a rise in demand, especially from foreigners and permanent residents.
What is clear is that housing demand changes constantly, which means that government policies seeking to offer decent and affordable homes have to keep changing too.
The International Housing Conference last month, organised by the Housing and Development Board (HDB) to mark its 50th anniversary, gave the housing authorities a platform to share ideas and strategies.
Even with the best of intentions, it is often hard to give people equal access to affordable housing because of uncertainty about the number who need it as well as an inelastic housing supply.
This commentary aims to compare the housing situation in Singapore, Hong Kong, London and Sydney.
As with most countries, Singapore's housing provision system is rooted in its historical and political background. During the initial years of independence, the Government adopted a subsidised rent system to resolve an urgent housing shortage.
However, by 1964, it was decided that home ownership was a better strategy as it was thought that citizens would be more likely to sink their roots in the country if they owned a stake in it. This marks the first deviation from public housing systems in countries with a strong welfare focus, such as the United Kingdom and the Netherlands. By the late 1970s, when many welfare countries were starting to revamp their public housing systems due to economic reasons, public home ownership was thriving in Singapore because of the development of the resale market for public housing.
Over the last few decades, the HDB has become the dominant housing provider, accounting for the homes of 82 per cent of the population. Table 1 shows the key differences between the housing systems in four major cities, including Singapore. It provides a broad picture of the composition of public and private housing and the proportion of rental and ownership for each category.
Table 1 makes two key points: One, these cities differ from Singapore in that most of their housing is provided by the private sector. This is also the case in most countries.
Two, only Singapore has a significant proportion of ownership when it comes to public sector housing. In fact, public housing in London and Sydney is solely rental, while Hong Kong has 35 per cent public housing ownership as compared with more than 95 per cent here.
Clearly, housing systems in different countries are shaped by their respective history, economy and the cultural and social needs of their people. Each system has its own merits and limitations; what matters is whether it can offer decent and affordable housing. We assess these two criteria in terms of living space, ratio of income to housing price as well as housing options. Table 2 compares the population density, ratio of median housing price to median annual household income and the average living space per person in Singapore, Hong Kong and London.
Table 2 shows that it is not meaningful to rate housing systems based on one factor alone. Take population density, for example. While Singapore scores the highest of the three, much of Hong Kong's land area is unbuildable because of the terrain, which means that the living space per person in the territory is less than half of that in Singapore. In fact, living space per person in Singapore compares favourably to that in London, where land supply is not a constraint.
In terms of affordability, Singapore has achieved a lower housing price to income ratio. On the whole, the figures reveal that the housing system here does deliver comfortable and affordable housing to the majority of Singaporeans.
As for housing options, some countries offer greater diversity. In London, for example, if a family is unable to buy or rent a good home from the open market, a range of affordable options is available, including public housing from the local authorities at a subsidised rent. There is also the possibility of buying a home through shared ownership, a part-buy, part-rent scheme from one of the independent, non-profit associations providing low-cost housing.
In Singapore, the HDB has diversified its housing types over the years through design, construction and technology. For example, besides the bulk of build-to-order flats, it also engages private developers to build public housing under the Design, Build and Sell Scheme.
While housing systems vary from country to country, what is important is the ease with which people can live in quality homes, defined as housing with water, sewerage and electricity.
In Singapore, all this - together with estate maintenance and neighbourhood amenities - has been achieved by the HDB over a relatively short history of 50 years.
Perhaps the success has also raised expectations. Each spike in house prices - fluctuations in prices will likely increase, given Singapore's open economy and rapidly changing global economic climate - will heighten the anxiety of potential buyers, despite the empirical evidence that housing in Singapore is still very much affordable by any standard.
The writers are from the Department of Real Estate, National University of Singapore.
--------------------------------------------------------------------------------
In terms of affordability, Singapore has achieved a lower housing price to income ratio. On the whole, the figures reveal that the housing system here does deliver comfortable and affordable housing to the majority of Singaporeans.
HDB'S 50TH ANNIVERSARY
Housing in S'pore still affordable
By Tu Yong & Yu Shi Ming, For The Straits Times
HOUSING is a perennial hot topic of discussion, especially in Singapore where it touches almost every segment of society - from the low to middle income in public housing to the middle and higher income aspiring to upgrade to private property.
The recent spikes in both public and private housing prices have added fuel to the debate on affordability. Analysts and experts have attributed the price increase to a rise in demand, especially from foreigners and permanent residents.
What is clear is that housing demand changes constantly, which means that government policies seeking to offer decent and affordable homes have to keep changing too.
The International Housing Conference last month, organised by the Housing and Development Board (HDB) to mark its 50th anniversary, gave the housing authorities a platform to share ideas and strategies.
Even with the best of intentions, it is often hard to give people equal access to affordable housing because of uncertainty about the number who need it as well as an inelastic housing supply.
This commentary aims to compare the housing situation in Singapore, Hong Kong, London and Sydney.
As with most countries, Singapore's housing provision system is rooted in its historical and political background. During the initial years of independence, the Government adopted a subsidised rent system to resolve an urgent housing shortage.
However, by 1964, it was decided that home ownership was a better strategy as it was thought that citizens would be more likely to sink their roots in the country if they owned a stake in it. This marks the first deviation from public housing systems in countries with a strong welfare focus, such as the United Kingdom and the Netherlands. By the late 1970s, when many welfare countries were starting to revamp their public housing systems due to economic reasons, public home ownership was thriving in Singapore because of the development of the resale market for public housing.
Over the last few decades, the HDB has become the dominant housing provider, accounting for the homes of 82 per cent of the population. Table 1 shows the key differences between the housing systems in four major cities, including Singapore. It provides a broad picture of the composition of public and private housing and the proportion of rental and ownership for each category.
Table 1 makes two key points: One, these cities differ from Singapore in that most of their housing is provided by the private sector. This is also the case in most countries.
Two, only Singapore has a significant proportion of ownership when it comes to public sector housing. In fact, public housing in London and Sydney is solely rental, while Hong Kong has 35 per cent public housing ownership as compared with more than 95 per cent here.
Clearly, housing systems in different countries are shaped by their respective history, economy and the cultural and social needs of their people. Each system has its own merits and limitations; what matters is whether it can offer decent and affordable housing. We assess these two criteria in terms of living space, ratio of income to housing price as well as housing options. Table 2 compares the population density, ratio of median housing price to median annual household income and the average living space per person in Singapore, Hong Kong and London.
Table 2 shows that it is not meaningful to rate housing systems based on one factor alone. Take population density, for example. While Singapore scores the highest of the three, much of Hong Kong's land area is unbuildable because of the terrain, which means that the living space per person in the territory is less than half of that in Singapore. In fact, living space per person in Singapore compares favourably to that in London, where land supply is not a constraint.
In terms of affordability, Singapore has achieved a lower housing price to income ratio. On the whole, the figures reveal that the housing system here does deliver comfortable and affordable housing to the majority of Singaporeans.
As for housing options, some countries offer greater diversity. In London, for example, if a family is unable to buy or rent a good home from the open market, a range of affordable options is available, including public housing from the local authorities at a subsidised rent. There is also the possibility of buying a home through shared ownership, a part-buy, part-rent scheme from one of the independent, non-profit associations providing low-cost housing.
In Singapore, the HDB has diversified its housing types over the years through design, construction and technology. For example, besides the bulk of build-to-order flats, it also engages private developers to build public housing under the Design, Build and Sell Scheme.
While housing systems vary from country to country, what is important is the ease with which people can live in quality homes, defined as housing with water, sewerage and electricity.
In Singapore, all this - together with estate maintenance and neighbourhood amenities - has been achieved by the HDB over a relatively short history of 50 years.
Perhaps the success has also raised expectations. Each spike in house prices - fluctuations in prices will likely increase, given Singapore's open economy and rapidly changing global economic climate - will heighten the anxiety of potential buyers, despite the empirical evidence that housing in Singapore is still very much affordable by any standard.
The writers are from the Department of Real Estate, National University of Singapore.
--------------------------------------------------------------------------------
In terms of affordability, Singapore has achieved a lower housing price to income ratio. On the whole, the figures reveal that the housing system here does deliver comfortable and affordable housing to the majority of Singaporeans.
ST : 'Residences' expert@work in naming a condo
Feb 28, 2010
'Residences' expert@work in naming a condo
By Goh Chin Lian
What's the name of your condo?
If you bought a unit in the 1980s, you probably live in a project with words like 'palm', 'garden' or 'park' in the name.
In more recent times, it became fashionable to incorporate auspicious numbers, like Scotts 28 and 8@Woodleigh.
Now, many developers have plumped for Residences.
Examples include Residences Botanique in Serangoon, Kovan Residences in Upper Serangoon, The Shore Residences in Katong, Vista Residences in Balestier, Holland Residences in the Holland Road area and Tembeling Residence in the East Coast area.
A spokesman for the Street and Building Names Board said that of the 25 to 30 condominium names it approved in 2008 and last year, names with terms like 'residences', 'suites' and '@' were most popular.
New property player Ferrell Asset Management opted for Ferrell Residences for its first condo in Bukit Timah, saying thatthe word 'residences' evokes 'a very personal and intimate feeling towards the development'.
Ho Bee's general manager of marketing and business development, Mr Chong Hock Chang, shares a similar view. 'The word conjures a very homely image,' he said. The firm's projects include Orange Grove Residences and Dakota Residences.
For developer TG Group, there is a more mundane reason for naming its 102-unit development in the East Coast, St Patrick's Residences.
It conforms to the residential zoning of the area, and differentiates itself from industrial or commercial zones, said its head of corporate affairs, Mr Lowell Loh.
Frasers Centrepoint Homes, which is launching Residences Botanique this weekend, also drew attention to the word Botanique.
It reflects the wide array of plants and landscaping of the resort-style condo, said a spokesman.
Far East Organization said it tries to express what makes a development unique via the condo's name.
Its The Shore Residences is so named because its 'large waterscape with mini beaches and coconut trees' aims to recapture the old Katong ambience with a long shoreline.
But do names really matter with buyers? Apparently not, it seems. Mrs Debora Neo, 44, who lives in Rivervale Crest condo in Sengkang, said price and location matter more.
Proximity to schools is also crucial, said the mother of two teenage children.
As for the use of 'residences', she said it reminded her not of a home or condominium, but of serviced apartments for foreigners here for a short stay.
How important is the name of the condominium when you are deciding whether to buy it? Send your comments to suntimes@sph.com.sg
'Residences' expert@work in naming a condo
By Goh Chin Lian
What's the name of your condo?
If you bought a unit in the 1980s, you probably live in a project with words like 'palm', 'garden' or 'park' in the name.
In more recent times, it became fashionable to incorporate auspicious numbers, like Scotts 28 and 8@Woodleigh.
Now, many developers have plumped for Residences.
Examples include Residences Botanique in Serangoon, Kovan Residences in Upper Serangoon, The Shore Residences in Katong, Vista Residences in Balestier, Holland Residences in the Holland Road area and Tembeling Residence in the East Coast area.
A spokesman for the Street and Building Names Board said that of the 25 to 30 condominium names it approved in 2008 and last year, names with terms like 'residences', 'suites' and '@' were most popular.
New property player Ferrell Asset Management opted for Ferrell Residences for its first condo in Bukit Timah, saying thatthe word 'residences' evokes 'a very personal and intimate feeling towards the development'.
Ho Bee's general manager of marketing and business development, Mr Chong Hock Chang, shares a similar view. 'The word conjures a very homely image,' he said. The firm's projects include Orange Grove Residences and Dakota Residences.
For developer TG Group, there is a more mundane reason for naming its 102-unit development in the East Coast, St Patrick's Residences.
It conforms to the residential zoning of the area, and differentiates itself from industrial or commercial zones, said its head of corporate affairs, Mr Lowell Loh.
Frasers Centrepoint Homes, which is launching Residences Botanique this weekend, also drew attention to the word Botanique.
It reflects the wide array of plants and landscaping of the resort-style condo, said a spokesman.
Far East Organization said it tries to express what makes a development unique via the condo's name.
Its The Shore Residences is so named because its 'large waterscape with mini beaches and coconut trees' aims to recapture the old Katong ambience with a long shoreline.
But do names really matter with buyers? Apparently not, it seems. Mrs Debora Neo, 44, who lives in Rivervale Crest condo in Sengkang, said price and location matter more.
Proximity to schools is also crucial, said the mother of two teenage children.
As for the use of 'residences', she said it reminded her not of a home or condominium, but of serviced apartments for foreigners here for a short stay.
How important is the name of the condominium when you are deciding whether to buy it? Send your comments to suntimes@sph.com.sg
ST : Fresh curbs not stopping property buyers
Feb 28, 2010
Fresh curbs not stopping property buyers
Over 300 of 350 released Estuary units snapped up in the wake of new anti-speculation rules
By Leonard Lim
The Estuary condo in Yishun is the first major property launch since government measures to curb speculation were announced last week. The 99-year leasehold condo's showflat saw a steady stream of visitors yesterday. --ST PHOTO: NG SOR LUAN
They came, they saw, they bought.
As of yesterday, more than 300 of about 350 units in The Estuary condominium that were released for sale have been snapped up.
The MCL Land project in Yishun is the first major property launch since measures were announced by the Government last week to curb speculation.
These were: stamp duty to be paid if the buyer sells the property within a year, and lending institutions allowed to lend only up to 80 per cent of the property's value, not 90 per cent.
Yesterday, more than 80 pairs of shoes were seen outside The Estuary's showflat when The Sunday Times visited at 1.30pm.
The number increased steadily to more than 100 pairs by 2pm as people came to check out the 99-year leasehold condo.
Most were families with young children or young couples, lured by the condo's proximity to Lower Seletar Reservoir and attractive prices of about $750 per sq ft.
Inside, all the 15 tables set aside for prospective buyers were filled most of the afternoon.
Sales of the 350 released units began last week. The project has 608 units - comprising one-, two-, three- and four-bedroom types.
'It's been encouraging so far despite the measures,' said an MCL Land staff member, noting that demand was evenly distributed across the various apartment types.
'At first, there was more interest in the one-bedroom units but when the measures were announced, this died off a little.'
One- and two-bedroom units have usually been popular among speculators at launches over the past year. They make up nearly 40 per cent of units in The Estuary, which is near Khatib MRT station.
Small apartments have been targets for speculators because the lump-sum outlay is relatively more affordable.
The Government's measures to curb excesses have come at the right time, said Madam Angie Ng who bought a three-bedroom unit at The Estuary for about $930,000 yesterday.
'I'm relieved actually. We were waiting for this launch and then the measures came. That'll help curb speculators and prices won't be jacked up,' she said.
Madam Ng, 36, who works in the banking industry, is married with two children and lives in a five-room flat in Yishun.
Property agents said The Estuary's relatively distant location from the city also meant it might not be as attractive for speculators.
The prices were the key lure for the buyers, about 70 per cent of whom live nearby in Woodlands and Marsiling.
'For upcoming projects in Singapore, the prices are at least $900 psf,' said ERA agent Shayne Lim, 34, noting that prices have even reached $1,200 psf in Ang Mo Kio.
'And there hasn't been a new condo in the Yishun area for over 10 years,' she said of the good buying response.
People in the real estate sector will also be monitoring sales at another condo - Vision@West Coast - which is set to be launched soon.
Located on West Coast Highway, the 99-year leasehold development has 281 apartments and 14 strata houses. Sizes start at about 800 sq ft for a two-bedroom unit and rise to 5,000 sq ft for the strata houses.
'Demand should be strong as the location also boasts sea views,' predicted property agent Jimmy Tan.
The asking price for the project, he added, could be around $1,100 psf.
limze@sph.com.sg
Fresh curbs not stopping property buyers
Over 300 of 350 released Estuary units snapped up in the wake of new anti-speculation rules
By Leonard Lim
The Estuary condo in Yishun is the first major property launch since government measures to curb speculation were announced last week. The 99-year leasehold condo's showflat saw a steady stream of visitors yesterday. --ST PHOTO: NG SOR LUAN
They came, they saw, they bought.
As of yesterday, more than 300 of about 350 units in The Estuary condominium that were released for sale have been snapped up.
The MCL Land project in Yishun is the first major property launch since measures were announced by the Government last week to curb speculation.
These were: stamp duty to be paid if the buyer sells the property within a year, and lending institutions allowed to lend only up to 80 per cent of the property's value, not 90 per cent.
Yesterday, more than 80 pairs of shoes were seen outside The Estuary's showflat when The Sunday Times visited at 1.30pm.
The number increased steadily to more than 100 pairs by 2pm as people came to check out the 99-year leasehold condo.
Most were families with young children or young couples, lured by the condo's proximity to Lower Seletar Reservoir and attractive prices of about $750 per sq ft.
Inside, all the 15 tables set aside for prospective buyers were filled most of the afternoon.
Sales of the 350 released units began last week. The project has 608 units - comprising one-, two-, three- and four-bedroom types.
'It's been encouraging so far despite the measures,' said an MCL Land staff member, noting that demand was evenly distributed across the various apartment types.
'At first, there was more interest in the one-bedroom units but when the measures were announced, this died off a little.'
One- and two-bedroom units have usually been popular among speculators at launches over the past year. They make up nearly 40 per cent of units in The Estuary, which is near Khatib MRT station.
Small apartments have been targets for speculators because the lump-sum outlay is relatively more affordable.
The Government's measures to curb excesses have come at the right time, said Madam Angie Ng who bought a three-bedroom unit at The Estuary for about $930,000 yesterday.
'I'm relieved actually. We were waiting for this launch and then the measures came. That'll help curb speculators and prices won't be jacked up,' she said.
Madam Ng, 36, who works in the banking industry, is married with two children and lives in a five-room flat in Yishun.
Property agents said The Estuary's relatively distant location from the city also meant it might not be as attractive for speculators.
The prices were the key lure for the buyers, about 70 per cent of whom live nearby in Woodlands and Marsiling.
'For upcoming projects in Singapore, the prices are at least $900 psf,' said ERA agent Shayne Lim, 34, noting that prices have even reached $1,200 psf in Ang Mo Kio.
'And there hasn't been a new condo in the Yishun area for over 10 years,' she said of the good buying response.
People in the real estate sector will also be monitoring sales at another condo - Vision@West Coast - which is set to be launched soon.
Located on West Coast Highway, the 99-year leasehold development has 281 apartments and 14 strata houses. Sizes start at about 800 sq ft for a two-bedroom unit and rise to 5,000 sq ft for the strata houses.
'Demand should be strong as the location also boasts sea views,' predicted property agent Jimmy Tan.
The asking price for the project, he added, could be around $1,100 psf.
limze@sph.com.sg
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