Property News!

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Nov 22, 2007
ECs gain appeal as HDB, private home price gap widens
Easing of rules expected to increase demand for exec condos
By Tan Hui Yee
THE rising property market has brought executive condominiums (ECs) back from the brink of extinction.
These homes - which are halfway between public housing and private condominiums - suddenly looked much more appealing after rules for buyers were relaxed on Tuesday.

Property consultants now expect that more plots for ECs, such as the 2.27ha site placed on the market on Tuesday, will soon be offered.

The main reason: the widening gap between prices of resale Housing Board flats and those of private condos. ECs, which come with condo facilities but with sale restrictions similar to those for public housing, were introduced in 1995 to bridge this gap.

They became relatively unpopular, however, after the property market plunged a few years later, making private condos more affordable.

In fact, when the first few ECs hit the resale market in 2004 after the minimum five-year occupation period, many were sold at a loss or at breakeven prices. This was because they were booked when prices were at their peak in 1996.

Many people expected Far East Organization's La Casa in Woodlands to be the last EC project on the market when it was launched for sale in 2005.

'Mass market condo prices were in the doldrums, making ECs redundant. Today, that's a different story,' said Colliers International's director of research and consultancy, Ms Tay Huey Ying.

Private home prices surged 22.9 per cent in the first nine months of the year - more than twice the rate achieved by resale HDB flats.

Lower-priced ECs are more attractive now because prices of condos in the suburbs - where ECs tend to be sited - have started to move up significantly. In the July-

September period, prices of non-landed homes outside the central region rose 7.9 per cent. Consultants expect this growth to continue.

The easing of EC rules is also expected to increase demand from people looking to move from HDB flats. The HDB removed a hurdle for upgraders by scrapping a resale levy payable by EC buyers who had previously bought government-subsidised flats.

Buyers of new EC units are also no longer barred from buying second new EC units or new flats. In addition, the HDB now requires developers to reserve 90 per cent of units for first-time buyers in the first month of sale.

Although ECs still cannot be sold within the first five years and remain out of bounds to foreigners within the first 10 years, the easing of rules has helped ECs shake off their tag as second-rate condos, said Mr Eric Cheng, the executive director of the HSR property group.

Potential buyers include property agent Lester Tan, 27, who has been living with his parents for the past five years since he got married.

He and his wife started looking for a condo about two years ago, but regretted waiting so long to buy one, as prices have shot up.

He said: 'We heard that the Punggol EC may be launched, and we are quite excited about it.'

Potential upgraders like Ms Elsie Cheng, 31, are also eyeing the future EC in Punggol. The teacher - who lives with her husband, seven-month-old son and maid in a two-bedroom EC unit in Tampines - is looking to move into a bigger EC.

'Why pay so much for a private condo?' she asked.

Knight Frank's head of research and consultancy, Mr Nicholas Mak, said the changes were likely to raise the proportion of upgraders among EC buyers, from an estimated 5 per cent to 10 per cent, to 20 per cent to 25 per cent.

Developers such as Frasers Centrepoint Homes, which built the Lilydale and Quintet ECs, are optimistic. Its chief operating officer, Mr Cheang Kok Kheong, told The Straits Times: 'The EC will do well in today's market as a hybrid property - apartments with condo facilities but without private condo price tags.'

He added: 'As a reflection of the strong confidence and growth potential of the EC market, we expect to see increased competition in this market segment and more developers taking part in upcoming EC land tenders.'

Buyers hoping to make a quick buck from ECs, however, should take heed. 'The (full) value of the EC will not be realised immediately but in 10 years, subject to the property market being buoyant at that time,' said PropNex chief executive Mohamed Ismail.

For now, all eyes are on the EC site in Punggol Field. Estimated to be able to fit about 620 homes, it will be put up for tender once a developer commits to a minimum bid that meets the Government's reserve price.

The EC units, however, will meet only a small portion of the current demand for new homes. In a recent HDB sales exercise, almost 8,000 families applied for just 400 flats in Telok Blangah, while more than 1,600 applied for 516 homes in Punggol.

 

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Nov 22, 2007
Five estates sold to one buyer in collective deal
FIVE small adjoining freehold apartment blocks near Thomson Road have been sold en bloc to Kim Seng Heng Realty, a subsidiary of listed KSH Holdings, for $120 million.
The construction and property development group said yesterday that the combined site could be redeveloped into a high-rise residential block with about 142 luxury apartments of 1,250 sq ft on average.

It added that it is currently negotiating with other investors to form a joint venture to develop the site.

Credo Real Estate, which brokered the deal, said it is possibly the first time in Singapore that as many as five estates have been successfully combined and sold en bloc to one buyer.

The properties - Norfolk Court, Mergui Lodge, Northern Mansion, Mergui Court and The Mergui - are located near Rangoon Road and Moulmein Road.

They are single apartment blocks sitting on relatively small plots ranging from 10,061 sq ft to 18,524 sq ft.

When combined, they form a land area of 74,355 sq ft, which would permit a gross floor area of 208,196 sq ft.

If small pieces of state land in between are thrown in, the developer will have a site of 87,092 sq ft, said Credo's executive director, Ms Yong Choon Fah.

In any case, three of the developments could not have otherwise been redeveloped on their own. 'They need each other because there's a 30m buffer requirement from the expressway,' said Ms Yong.

This Urban Redevelopment Authority rule would mean that it is impossible for Norfolk Court, Mergui Lodge and The Mergui to be redeveloped individually. But if combined with the other two sites, a bigger development that does not fall within the 30m buffer zone can be built.

The five estates have 88 units in total. Each unit owner will get between $906,856 and $1.91 million.

The $120 million price reflects a price of $580 per sq ft (psf) of potential gross floor area.

After factoring in the cost of the state land in between, the rate could come down to about $540 psf, said Ms Yong.

KSH Holdings' recent projects include a construction contract for a luxury boutique hotel at Clifford Pier.

JOYCE TEO

 

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Nov 21, 2007
Sweet collective-sale deal for 15 houses in Balestier
Each owner gets $4m - 2 to 3 times what they would have made if they sold separately

By Fiona Chan , Kua Zhen Yang
IT TOOK 18 months but the owners of 15 terrace houses in Balestier have pulled off a sweet deal to match some of the collective sales that have been making headlines all year.
They have banded together to sell their properties for $61 million, giving each a payout of about $4 million.

This is two to three times what they would have made for their homes individually and a huge gain for those who bought several years ago.

It is quite a coup given that the deal was trickier than the usual collective sale and the fact that the once-roaring en bloc market has cooled considerably since tougher rules were put in place last month.

The quieter market made the sale of the 15 terraces in Jalan Bunga Raya quite an achievement, said Mr Shaun Poh, senior director for investment advisory services and auctions at DTZ Debenham Tie Leung, which marketed the houses.

The mostly two-storey homes are not strata-titled as in a typical condo. This meant every owner had to agree to sell, unlike in a strata development where only 80 per cent of owners have to agree.

While similar deals have been sealed before, getting 15 out of 15 owners to sign the deal 'was a challenge', Mr Poh said. 'If anyone doesn't sign, that's it. No deal.'

DTZ worked for about 18 months to collect all the signatures, he said.

The offer proved too sweet to resist for owners such as housewife Virgie Orlino, 47, who was initially reluctant to sell her house, which has been home for about 14 years.

'We didn't want to sell, but the rest wanted to sell, so we decided to cooperate,' she told The Straits Times, adding that the price was 'not bad'.

For some owners, who bought their homes more than 10 years ago, the payout represents a real windfall.

Retiree Ho Chaw Fu, 70, is 'very happy with the price'. No wonder: Mr Ho bought his house for $300,000 about 30 years ago.

He may not be alone. Although one or two of the homes - lined up in two rows along a cul-de-sac - appear recently renovated, others look decades-old.

Despite acrimony being the word of the day for many other collective sales, the Balestier terraces deal went quite smoothly, owners said.

One owner, who did not want to be named, said people in the street 'get along very well' and were 'very cooperative' about the sale. He added that a few were planning to relocate together to another area so they could still be neighbours.

A reason for all this harmony could be the good price the sellers fetched. It works out to $739 per sq ft (psf) of potential gross floor area - a record level for Balestier, said Mr Poh.

The Balestier area has seen keen interest from developers such as City Developments and Soilbuild, which have both picked up projects in the vicinity recently.

The buyers of the terraces are understood to be a Chinese property developer and its Singaporean partner.

They were awarded the properties on the very day the tender closed, which means their bid was fairly strong.

They can build up to 36 storeys on the site, which has a plot ratio of 2.8.

About 56 apartments can be built with an average size of 1,500 sq ft each and may eventually be sold at $1,400 to $1,500 psf.

The developers also get the road itself, which they can keep or use as development land.

A similar deal was sealed last year when owners of some bungalows in Bukit Timah teamed up to sell their properties and developer Simon Cheong bought a group of 16 terrace houses in Cairnhill last year.

 

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Nov 28, 2007
Condo-like housing plot nets $134m bid
A THIRD site earmarked for public housing to be designed, built and sold by private developers has attracted a top bid of $134.2 million.
Greatearth Development placed the bid, which was 13 per cent higher than the one submitted by its closest rival, AMK Development, and well ahead of those of the other three contenders.

Consultants say the higher-than-expected price - it works out at $212.4 per sq ft (psf) per plot ratio - reflects developers' confidence in the demand for public housing and suburban condominiums. The 1.7ha plot in Ang Mo Kio Street 52 can house about 550 flats in blocks that can reach 36 storeys.

Savills Singapore's director of marketing and business development, Mr Ku Swee Yong, estimated that the break-even price for the Ang Mo Kio plot would be about $500 psf.

This means the flats can be launched from $580 psf, putting the starting price of a four-room unit at about $560,000.

The first such project, developed by Sim Lian Land in Tampines and launched last year, met with an overwhelming response.

TAN HUI YEE

 

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Nov 28, 2007
RECORD PROPERTY DEAL NO. 2

High collective sale price catches analysts off guard
By Jessica Cheam
THE record collective sale price achieved by Westwood Apartments yesterday has put to rest industry concerns that the red-hot property market has cooled off.
Malaysian conglomerate YTL Corporation paid $435 million for the 30-year-old condominium in Orchard Boulevard, with an additional $4.6 million development charge.

This prices it at a startling $2,525 per sq ft per plot ratio (psf ppr), a level that trumps the freehold The Ardmore, a 24-unit property off Orchard Road that was sold to SC Global Developments in June for $262 million, or $2,338 psf ppr.

Westwood's owners will each reap about $8 million, with the two penthouse owners getting about $17 million each.

The sale comes after recent government land sales received lukewarm responses, prompting experts to voice concerns of a souring in sentiment.

A condo plot in Enggor Street in Tanjong Pagar, for example, fetched a top bid of $180.8 million, or $717 psf ppr when it closed recently. This was well below the $852 psf ppr achieved by an adjacent plot.

Analysts told The Straits Times they were caught off guard by YTL's bullish price but added that the prime Westwood location justified the high price tag.

The 62,179 sq ft condo, which has a plot ratio of 2.8 and a 20-storey restriction, could accommodate 43 luxury apartments of 4,000 sq ft each, said Savills Singapore, which brokered the deal.

Knight Frank director for research and consultancy Nicholas Mak said the sale was refreshing as the volatility in global stock markets, coupled with recent government measures to cool the market, have slowed sales.

Other analysts believe the sale is a one-off with demand for collective sales likely to be confined to prime areas such as District 9, 10 and 11.

Chesterton International Property Consultants' head of research and consultancy, Mr Colin Tan, said negative sentiment is unlikely to affect prime sites.

'Even if a developer overpaid, it has secured the site. In the long run, it is likely to be in their advantage,' he said.

Malaysian tycoon Francis Yeoh, who helms YTL, told The Straits Times yesterday that he was in it for the long- haul. Buying Westwood cements YTL's entry into Singapore's top-tier luxury property market.

YTL already owns Sandy Island and the Lakefront Collection at Sentosa Cove.

Dr Yeoh shrugs off the apparent recent real estate cool-down in Singapore, saying wealthy buyers will always demand quality homes, regardless of market sentiment.

'The question of whether the price paid for the land is reasonable depends on what you do with it,' he said. 'There are many people who are still bullish about Singapore's market.'

Westwood resident Richard Eu, who is also chief executive of the traditional Chinese medicine company Eu Yan Sang, said owners were 'happy that we managed to get a good price given the recent slowdown'.

The deal took just seven months to complete and is the largest collective sale since new rules kicked in on Oct 4.



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Westwood's owners will each reap about $8 million, with the two penthouse owners getting $17 million each.

 

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Nov 26, 2007
Malaysian tycoon enters S'pore luxury homes market
YTL Group plans to build top-end marina, residential projects in region
By Jessica Cheam
MALAYSIAN tycoon Francis Yeoh, who helms YTL Group, one of Malaysia's largest listed companies, is intent on an aggressive expansion in Asia - starting in Singapore.
The Republic is the target of the first part of his grand plan to build a series of world-class marinas and residential clusters in coastal areas around Asia.

He wants Asia to be known as the 'Mediterranean and Caribbean of the East'.

'Real estate has not seen its full glory yet in Asia,' Tan Sri Dr Yeoh said in an interview with The Straits Times recently.

'Wealthy Asians are still paying a lot for not very good homes in the West, when they should be able to find beautiful homes in the East.'

To address this, YTL is now focused on gaining entry into the top tier of Asia's property markets, starting with Singapore, he said.

YTL, with a combined market worth of about RM28.5 billion (S$12.2 billion), is a conglomerate that spans the construction, property, hotel and utilities industries. It recently teamed up with Malaysian developer LP Worlds to form a joint venture, Genesis-Alliance, which owns two projects at Sentosa Cove.

Genesis-Alliance, in which YTL holds a majority stake, was awarded the 145,442 sq ft, man-made Sandy Island in March for $89.7 million, after it bagged the Lakefront in the northern part of Sentosa Cove for the bargain price of $50.2 million in September last year.

Sentosa will be an important 'mid-point' for yachts cruising in Asia in the future, said Dr Yeoh. Hence, the need for a presence in the Republic.

'Singapore is the centre of the region, like London is the centre of Europe. Its strong infrastructure, private banking sector and cosmopolitan culture makes it an attractive destination.'

YTL's strategy is to rope in renowned architects and iconic brands to design quality homes, which will then be sold by invitation only to high net-worth individuals around the world.

It already has high-end properties, shopping malls, hotels and resorts in Malaysia, Dubai, Indonesia, Thailand and Europe, including a six-star hotel in St Tropez, France.

Sandy Island's super-luxurious villas, slated for launch next March, are designed by renowned Armani store designer Claudio Silverstrin.

Each villa, ranging from 6,000 sq ft to 12,000 sq ft and costing more than $12 million apiece, will boast a lush tropical setting, quality interior finishes, a private berth and pool among other exclusive features.

All this is meant to redefine indulgent living in Singapore and Asia. More homes in this style are on the way, he said.

The company is also eyeing Singapore's prime residential districts to build more of its high-end homes and to gain entry into the top-end of the island's property market.

'It's not too late yet,' said Dr Yeoh, adding that a slice of the pie is big enough.

'But as a new kid on the block, to survive, we must differentiate ourselves. And this is where YTL comes in - at the very top of the pyramid.'

The homes YTL builds will be eco-friendly and minimise the impact on the environment, Dr Yeoh added. 'Asia is a beautiful location. In terms of real estate, I'm looking forward to a very exciting decade ahead.'

jcheam@sph.com.sg

 

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Nov 27, 2007
Cairnhill Mansion up for collective sale
THE Cairnhill Mansion apartment block near the Goodwood Park Hotel, plus an adjoining site, have been put up for collective sale - a transaction that could total nearly $600 million.
The owners of Cairnhill Mansion, which is about 40 years old, want at least $443.6 million for their estate, comprising 60 apartments of 2,024 sq ft each and an 8,525 sq ft penthouse. The freehold block is on a site of 43,103 sq ft.

The adjoining site of 1,800 sq m has a guide price of about $139.4 million.

These price the land at about $2,800 per sq ft (psf) per plot ratio, inclusive of development charge, a level market observers feel may be too high for the area.

It suggests a break-even price of $3,500 psf to $3,600 psf. Last month, units at the luxury development Hilltops at Cairnhill Circle went for a median price of $3,711 psf.

Marketing agent Knight Frank said yesterday that Cairnhill Mansion, which has a plot ratio of 2.8, was earlier granted permission from the Government to raise the ratio to 3.675.

The adjoining site also has a plot ratio of 2.8.

Both sites will be sold by separate tenders, which will close on the same day - Jan 15.

Knight Frank said a developer buying both plots could expect to build about 100 apartments, each of about 2,000 sq ft. Future development there can go up to 36 storeys.


TAN HUI YEE

 

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STB gives go-ahead for Horizon Towers en-bloc sale


07 December 2007 1945 hrs (SST)

SINGAPORE : The en-bloc sale of Horizon Towers can now proceed, after the Strata Titles Board (STB) gave the green light on Friday.

The decision comes four days before the sale completion date expires on December 11.

The en-bloc sale of Horizon Towers is back on track, after a series of problems.

Trouble began in January this year, when the Horizon Towers sales committee agreed to sell the 210-unit property to buyers led by Hotel Properties Limited (HPL).

The price was S$500 million.

However the minority owners claimed that the majority owners had acted in bad faith, as it was not the most lucrative offer.

On August 3, the STB rejected the sale application, citing a technical error.

So the consenting parties appealed against STB's decision at the High Court.

The High Court agreed with them and returned the case to the STB on October 11.

But even as the appeal was being heard, 17 of the majority owners were facing lawsuits by HPL for alleged breach of contract.

In a statement on Friday, the consenting owners said they are happy with the latest STB decision.

They added that they "look forward to the buyers (led by HPL) confirming that they will proceed with the deal and withdrawing the legal suits they (the buyers) have started against some owners."

As for the minority owners, they told Channel NewsAsia that they are disappointed with STB's latest decision to give the sale the nod.

But they admitted that it was not unexpected.

Some of them are not ready to throw in the towel just yet, so this group is considering filing an appeal to the High Court.

If they decide to go ahead with this appeal, they have 28 days to do so. - CNA/ms

 

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Dec 8, 2007
Finally, Horizon Towers en bloc sale gets go-ahead
Strata Titles Board rejects objections from minority owners, who have a month to appeal
By Joyce Teo
AFTER months of sometimes bitter wrangling, the collective sale of Horizon Towers looks set to go ahead.
The latest chapter of the saga drew to a close yesterday when the Strata Titles Board (STB) granted an order for the $500 million sale to proceed.

This is in time for the sale of the 99-year leasehold Leonie Hill estate to be wrapped up before a Dec 11 deadline.

The buyers are Hotel Properties (HPL) and partners Morgan Stanley Real Estate and Qatar Investment Authority.

The minority owners objecting to the sale have one month to appeal against the decision. They have yet to indicate if they will do so.

The Horizon Towers saga started earlier this year because several owners were unhappy with the sale price given that prices had surged by the time the HPL-led consortium bought the site at the $500 million reserve price.

The buyers, who had earlier filed a lawsuit against the majority owners for alleged breach of contract, are maintaining their right to sue until the sale is complete.

HPL director Christopher Lim yesterday said: 'We are pleased that the STB has allowed the collective sale and rejected the objectors' case, including their allegations of bad faith.'

More than 60 people turned up for the STB decision. The STB tribunal's chairman Philip Chan announced that the application had been granted. The grounds of decision will be out in due course.

He said the board rejected various points put forward in opposition to the sale. One, a constitutional point, involved a few objectors arguing that en bloc rules infringed fundamental rights.

Other points involved whether the requisite 80 per cent minimum approval level had been obtained and procedural requirements met.

The STB tribunal said it had been guided by the Phoenix Court case. The collective sale of the St Thomas Walk pro- perty was approved. An objecting couple appealed against the STB decision, but the High Court upheld the STB order on Nov 9.

Another point dealt with whether the deal was done in good faith, including the sale price and proposed method of distribution of funds.

The tribunal said one key issue was the purpose of the en bloc rules - to facilitate such sales.

An industry observer said: 'Generally, there has been a paradigm shift in the approach to interpreting collective sale rules, from a literal manner to a purposive way.'

Mr K Shanmugam of Allen & Gledhill, representing the buyers, said: 'Our client entered into the transaction in good faith and paid what was then a record price for the property.'

'The application should therefore have proceeded smoothly, but the market changed. As a result, the case went through a number of critical junctures,' he said.

They are, however, happy with the end result, he added.

The consortium bought Horizon Towers back in January. The sale application was thrown out by the same STB tribunal in early August because of three missing pages.

The buyers then took out the lawsuit, filed an appeal with the High Court and had the sale deadline extended by four months to Dec 11, as allowed by the contract.

In October, the High Court sent the case back to STB.

Recently, two collective sale applications were rejected by the STB - Airview Towers in St Thomas Walk and Finland Gardens in East Coast Terrace and Avenue.

 

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Dec 8, 2007
Owners of Beach Road building face $300,000 debt
Amount includes legal costs and unpaid cleaning and security bills
By Tan Hui Yee
PAST building management financial woes have come back to haunt the owners of homes, shops and offices at a Beach Road building.
Each owner at The 101 building faces the prospect of forking out about $6,000 to $35,000, depending on their properties, to cover an outstanding debt of $300,000.

The debt, accumulated in recent years, is a hotchpotch of unpaid cleaning and security bills, as well as legal costs run up in a failed bid to recover unpaid carparking fees, among other things.

One of the home owners, Madam Tan Lee Sung, 77, told The Straits Times: 'The money was not used by me. Why should I pay?'

The current management council is looking to see if its predecessors are liable for the debt. Things, however, could escalate if the debts remain unpaid, and creditors seek court orders.

The six-storey, roughly 20-year-old mixed development has 20 apartments and seven shops and office units.

A seafood restaurant and a steamboat outlet occupy the ground floor, while most of the apartments above are leased out by their owners.

Like all strata-titled buildings, it is run by a management council whose members are picked from the owners.

According to The 101's council chairman, Mr Thomas Tan, 60, who took office about a month ago, the $300,000 debt arose partly because the former councils sued some owners for alleged non-payment of carparking fees and unauthorised alteration and use of common areas, among other things.

The council lost the lawsuits and found itself saddled with legal fees.

In October 2005, the management had $168,500 in its kitty, but this was whittled down to $12,150 by April this year. Its creditors have taken out court orders to freeze its bank account.

A former council chairman, businessman Tan Fung Chuan, 50, offered a different explanation for the debts. He pointed the finger at low maintenance contributions that the owners voted to pay in 2005.

At a meeting then, an owner had tabled a resolution to cut the total management fee collected every month from $7,000 to $3,000. Mr Tan said that was barely enough to pay for the building's operating costs.

He said: 'A reasonable operating fee should be $8,000 to $12,000.'

He added that the lawsuits against individual owners were taken out on legitimate grounds, as the owners had violated Singapore's building regulations.

'We wanted to comply with the authorities' guidelines.'

At a heated meeting at The 101 on Thursday, unit owners voted to give their current council the power to take various steps to scrutinise its books for possible financial irregularities.

They have also voted to let the council claim money back from former council members and anyone else, if any wrongdoing is proven.

The owners refused, however, to raise their monthly contributions.

The council intends to try again to get the owners to agree to higher fees at another meeting soon.

Meanwhile, Mr Thomas Tan said his team would just focus on setting things right if it turned out to be a simple case of bad judgment on the part of the previous councils.

'If it is proven that this current state of finances is due to ignorance or a bad judgement call, personally, I may try to convince owners to let it go and move on.'

 

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Dec 8, 2007
S'pore economy tipped to grow more than 6% next year
Experts revise forecasts down slightly but say construction and property will sizzle
By Erica Tay
DESPITE a cloud of gloom over the United States, private economists here expect Singapore's economy to grow at a still-respectable rate of more than 6 per cent next year.
The upbeat finding came in a Monetary Authority of Singapore (MAS) quarterly survey of local economists.

The survey produced a median growth forecast of 6.3 per cent for next year. The median is the mid-

point across the spectrum of predictions of those surveyed.

This represents a very slight downgrade from the 6.5 per cent median obtained in the previous survey conducted by the MAS in September.

'The most likely outcome, according to the respondents, is for the Singapore economy to grow by between 6 per cent and 6.9 per cent next year,' said the survey report.

Analysts say the US faces a possible recession in the wake of the sub-prime mortgage crisis that has triggered a global credit crunch in recent months.

Nevertheless, Singapore's growth for this year is expected to come in higher than the market had forecast three months ago.

The median of 18 economists surveyed is for Singapore's gross domestic product (GDP) to expand by 8 per cent this year.

That is up from the 7.5 per cent economic growth rate tipped in the previous survey.

This higher forecast follows stronger-than-expected third quarter growth of 8.9 per cent.

Economists predict that the sizzling construction sector, fuelled by the red-hot property market, will continue to power ahead at a double-digit growth rate.

However, they expect the financial services sector to expand at only slightly over half its pace this year.

The manufacturing sector is also tipped to grow at a slower rate next year.

On the other hand, the market outlook for inflation - the general rise in the price of goods and services - is that it will increase next year.

Economists' forecasts for inflation range from a low of 2.5 per cent to a high of 4.2 per cent, but the median forecast is for consumer prices to rise by 3.7 per cent next year.

As for this year, the inflation projection was also lifted to a median of 2 per cent from 1.5 per cent in the September survey.

The higher predictions came after inflation hit a 16-year high of 3.6 per cent in October.

Although the global economy is likely to slow down further, the market is forecasting a slight improvement in Singapore export growth next year.

A stronger Singapore currency is on the cards - at least versus the US dollar, which has been on a weakening track, according to most analysts.

The Singdollar is predicted to end next year at $1.40 to the US dollar, says the median consensus.

Yesterday, the Singdollar was trading at about $1.44 to the greenback.

At least one analyst believes the local currency will strengthen to reach $1.34 to the greenback. At the other end of the range is a forecast of $1.46.

 

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Dec 9, 2007
Want to rent this? Make a bid for it
New allocation system for select state-owned homes expected to cut long waiting lists
By Jessica Cheam

RENTERS who have long hankered after that state-owned black-and-white colonial bungalow but are put off by the long waiting list can now bid for their dream home.
State landlord Singapore Land Authority (SLA) said it is opening up its properties for bidding to make their allocation more transparent.

Currently, tenants check SLA's portal www.spio.sla.gov.sg for information on available properties and then register their interest with SLA-appointed agents.

There is usually a long waiting list for these properties as demand is high. State properties can be 5 to 50 per cent cheaper than properties in the private market.

Renters have said that getting one is like winning the lottery - a tenant is selected either on a first-come, first-served basis or through a balloting exercise when a property is released.

Under the new scheme, anyone interested in these properties will be invited to view them during open houses. They then have up to one week to submit a private bid to the SLA. Bidding will close the following Friday and results will be announced the same day.

The new system will allow these buildings to be secured within a week or so of their being made available.

All in, SLA has 2,360 units available for rent and the occupancy rate is 91 per cent. However, not all of them will come under the bidding scheme.

An SLA spokesman said the new method 'encourages a fairer allocation process'. The bidding system also allows market forces to decide the value of the properties, ensuring a 'more accurate market value'.

At least 36 houses in popular locations - ranging from terraced and semi-detached houses to bungalows - will be open for bidding in the first half of next year.

Mr Kevin Barrios, 29, a postgraduate student from the United States due to start work in Singapore, expressed concern that the new procedure will drive up rents. He pays $700 for a one-bedroom apartment in the Portsdown Road area.

But Mr Eric Cheng, executive director of property agency HSR Property Group, said the bidding system is fairer.

He said many of his clients faced months, or even years, of waiting for such properties to become available.

'If someone really needs a house and is willing to pay for it, it's fair that he should get it,' said Mr Cheng.

SLA held a pilot bidding exercise for five of its properties last month and Belgian pilot Bernard Latierre was one of the successful bidders.

The price he paid - $6,550 a month for a semi-detached house in Seletar with a land area of 738 sq m - is reasonable, he said.

He had waited more than eight months for it. 'It's near my children's school, has lush greenery and lovely architecture. We wouldn't have got to live here if not for this new bidding system,' he said.

SLA said properties that have a two-year tenure and are in popular locations will be selected for bidding. Wherever possible, SLA will also allow existing tenants to renew their tenancies directly, provided the rental is adjusted to the market rate.

 

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Dec 9, 2007
PROPERTY
Beach Road could be next prime hot spot

District, set for a snazzy makeover, boasts a good mix of shophouses and strata-titled commercial and residential units on the market for the average investor
By Jessica Cheam
FORGET the Central Business District. Property investors priced out of prime zones but still hunting for a good buy should look to downtown's upcoming hot spot - the Beach Road, Ophir-Rochor district.
This hotchpotch of an area - with old shophouses dotting its landscape, juxtaposed with towering modern office blocks - is set for a snazzy makeover, as announced by the Government this week.

Already, property experts have identified strong potential upside for properties in the district.

Minister of State for National Development Grace Fu said it would be 'an extension of Bugis', complementing the Marina Bay financial district.

Although most major buildings, including The Gateway, Shaw Towers and the Bugis Junction office tower, are owned by single developers, there is a good mix of shophouses and strata-titled commercial and residential units on the market for the average investor.

The 101, Premier Centre and The Plaza, for example, are all strata-titled properties with a mix of commercial and residential units.

One shop owner, Mr Thomas Tan, who purchased a 1,300 sq ft unit on the ground floor of The 101 for $1.4 million - or $1,077 per sq ft (psf) - in April, told The Sunday Times he was glad he had taken the bold move to buy earlier this year.

The same unit now costs more than $2 million - or $1,539 psf - on the market, said the 61-year-old retiree.

Over at The Plaza, residential units are currently priced at around $933 to $1,222 psf.

While Singapore's property bull run seems to be taking a breather, prices in the Beach Road, Ophir-Rochor area are likely to stay strong and move upwards in the long run with new developments, said Savills Singapore's director of business development and marketing, Mr Ku Swee Yong.

Beach Road already has its own crown jewel in South Beach - an eco-friendly, $2.5 billion mixed project developed by a City Developments consortium. By 2012, South Beach will boast two towers of up to 45 storeys, two luxury hotels, service apartments and conserved military buildings of the old Beach Road camp.

On Thursday, the Government said it would release one more 2.74ha plot - between Rochor and Ophir Roads, surrounding Parkview Square - as a multi-use 'white site' next year, yielding 495 hotel rooms and 139,740 sq m of commercial space.

CBRE Research executive director Li Hiaw Ho said the new projects would complement each other and add much vibrancy to the area.

'A mini-Raffles City on the white site is likely to do very well,' added Mr Ku.

Shophouses are now particularly attractive, especially those facing the new plot, he said.

Currently, trendy eateries and drinking spots occupy shop houses along Haji Lane and Tan Quee Lan Street.

The area, with its proximity to Bugis Junction, has, in recent years, developed into a fashionable hang-out famed for good food and cheap beer.

Shophouses in the area have been going for $800 to $1,000 psf, and other surrounding commercial units have been sold for about $1,600 psf, said Mr Ku.

Considering that just across the street, Suntec is commanding up to $2,500 psf, there is much potential for capital values of properties in the area to appreciate.

Still, before that can happen, certain parts of the district have to be 'spruced up' and polished, added Mr Ku.

Some small commercial buildings, shophouses and independent hotels there are old and shoddy and will need facelifts to match the area's new trendy image.

Although the area does not command Grade A rents or tenants, it still gets a good mix of quality tenants with occupancy rates at a high 95 per cent, Savills director of commercial services June Chua said.

Office rents are now in the range of $9 to $11 psf a month, up from $4 to $5 psf more than a year ago. This translates into good rental yields for owners.

Mr James Smith, managing director of a media company based at the Evershine & Century Complex, is one tenant who has had his rent doubled in the last six months, and he may consider investing.

While the latest news will likely translate into higher rents in the future, Mr Smith says the upside is that more quality offices will sprout in the area, and this will have a good 'trickle-down effect'.

'This district will remain attractive, especially to us, as it's a creative hub with lots of knowledge-driven businesses and schools in the vicinity,' he said. 'It's got a good vibe.'

Mr Tan recalled that the old Beach Road, in the 1950s to 1960s, was 'the' entertainment hub, with good food from the old Satay Club, and two cinema houses lining the road.

'Perhaps in the next decade, the hustle and bustle of the old Beach Road will be revived and it will regain its old glory,' he said.

 

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Dec 4, 2007
Fewer homes worth less than remaining loans as prices rise
Owners no longer in negative equity may be tempted to sell and cash in

By Joyce Teo& Grace Ng
THE number of home owners in negative equity - where the property is worth less than the loan taken to buy it - has been slashed due to soaring real estate prices.
Four years ago, about 13.7 per cent of owners with home loans were in negative equity but that has now fallen to just 2.5 per cent, said the Monetary Authority of Singapore (MAS).

The proportion a year earlier was 5.1 per cent.

In terms of the total value of outstanding home loans, only 2.4 per cent were in negative equity in September - down from 4.7 per cent a year ago and 14.1 per cent in 2003.

Property experts tip that the significant shift into 'positive equity' will tempt some owners, particularly investors, to sell and cash in.

Owner-occupiers may refinance - taking out a new mortgage at a lower rate - while others will wait for prices to rise even more before selling.

The MAS figures, contained in its latest Financial Stability Review, came from a survey of six banks, which account for almost the entire home loan market.

OCBC Bank's head of consumer secured lending, Mr Gregory Chan, said: 'In line with the healthy economic growth, we observe that home loans taken on properties bought in the mid-1990s have been steadily recovering from their negative equity positions since 2004.

'We have also noted an increased trend of consumers selling their properties for a profit.'

The number of requests for loan refinancing has also gone up in the past three months.A local bank executive believes positive equity is one of the reasons for this.

Home owners who wanted to sell their properties while in negative equity would have had to pay the bank the difference between the outstanding mortgage and the sale price. But those who held on may now be willing to sell, said property consultants.

'Singaporeans are quite averse to selling things - especially big-ticket items - at a loss,' said Mr Nicholas Mak of property consultancy Knight Frank.

Mr Eric Cheng, executive director of property agency HSR, recalled one owner who bought a Mandarin Gardens unit for $950,000 in 1996, only to see its value drop to about $600,000 around 2001.

After holding out for more than a decade, he finally managed to sell his unit for $1.08 million earlier this year.

For such sellers who have had the distressing experience of being in negative equity, cashing out with a profit at the earliest chance is a must. 'They don't want to experience another slump, which may last for another eight to 10 years,' said Mr Cheng.

Owners might also be tempted to get out while the going is good, given recent government steps to cool the market, said a banker. Stricter collective sale rules, hikes in development fees and the axing of deferred payments would moderate price rises.

But there will be others who will hang on, waiting for home prices to rise further.

Mr Geoffrey Ying of financial advisory firm New Independent said: 'It's human psychology: since they have waited so long, what's a few more months or years?'

The MAS also said that the banking system's overall property exposure has gone up further as the boom spreads to the mass market. While the rise in banks' property exposure has been driven mainly by loans to property-related firms, loans to individual investors have also risen of late.

 

[jq75]

Dec 5, 2007
Ophir-Rochor area slated for trendy makeover
Redevelopment will see new hotels, offices and shops; area to become an 'extension of Bugis'
By Jessica Cheam

IT IS all a bit sleepy and humdrum now, but the walkways of the Ophir-Rochor zone are set for a jazzy makeover that will add trendy hotels and shops, offices and more.
Plans to rev up the hotchpotch zone - it has old colonial lanes at one end and a hot air balloon at the other - were unveiled by the Government yesterday.

The makeover already has its centrepoint and crown jewel - the eco-friendly South Beach project designed by world- renowned British architect Norman Foster and his partners.

The development includes two towers of up to 45 storeys linked to the conserved military buildings of the old Beach Road camp by an eye-catching 'environmental filter' canopy.

There will also be premium office space, two luxury hotels of up to 700 rooms, service apartments and shops on the 3.5ha site, which is being developed by a City Developments consortium.

Minister of State for National Development Grace Fu said yesterday that the landmark project 'will be a first glimpse into exciting plans ahead for the Ophir Road/ Rochor Road corridor'.

She added that the Government intends to 'build on the momentum' by developing land parcels.

The Urban Redevelopment Authority will release more details early next year, but some sites may be included in the Government Land Sales Programme due later this month.

Potential plots up for grabs include the Ophir Road/Beach Road tract in front of Parkview Square - this hosted Cirque Du Soleil in 2005 - and the site at Tan Quee Lan Street, now home to the DHL balloon.

Ms Fu added that the new district will be an 'extension of Bugis', connecting Marina Centre to Bugis and Singapore's civic district.

The landscape, rich in colonial charm, has been constantly changing in the last decade.

When Bugis Junction opened in 1995, property pundits predicted that the project would fail to draw the crowds as it was not a prime location.

But Bugis has blossomed into a trendy youth hangout, complemented by fancy dining and drinking hot spots along Seah and Purvis Streets.

The bohemian charm of independent shops that line nearby Haji Lane also keeps the area buzzing.

Property analysts welcomed the plans.

'The market needs something on the fringe of the Central Business District (CBD). Office buildings with a mix of retail and hotels will be popular,' said Mr Ku Swee Yong, director of business development and marketing at Savills Singapore.

Mr Colin Tan, head of research and consultancy at Chesterton International, agreed there was great potential in the area, but said offices would not likely command Grade A rents like in the CBD.

'Offices here will be ideally suited for small and medium-sized enterprises,' he said. But more road infrastructure such as broader lanes or expressways are needed to relieve congestion, he added.

Knight Frank's director for research and consultancy Nicholas Mak welcomed the plans to liven the area, as it 'has always been a bit sleepy', but hoped that the area's heritage and shophouses would be conserved.

Mr Mak said developers will be interested, although a 'balance of the old and new' was important in retaining the character of the district.

 

[jq75]

Dec 6, 2007
China developer buys Sentosa Cove plot
Firm pays $216m, plans ultra-posh marina enclave with jumbo units
By Joyce Teo
A CHINA developer has ventured overseas for the first time and paid a higher-than-expected $216 million for a landed plot on Pearl Island in Sentosa Cove.
The deal is another indication that, while Singapore developers are taking a cautious approach in the wake of the sub-prime crisis, foreign firms are happy to muscle in.

Ximeng Land beat six other bidders, which were not named, to the 14,840 sq m plot, which has a maximum gross floor area (GFA) of 11,872 sq m and can accommodate 19 villas.

It paid about $1,350 per sq ft (psf) for the plot. This is more than double the prices chalked up on the nearby Sandy Island but still below those paid for some individual seafront bungalow plots, which have sold for as much as $1,696 psf.

In September, a landed plot was sold to a developer for $1,099 psf of potential GFA.

Ximeng Land is owned by the majority shareholders of Ximeng Asset Holdings, the parent company of luxury developer Beijing Ximeng Real Estate. The company has built projects in Beijing and two other mainland cities, Yantai and Jinan.

The foreign factor also cropped up late last month when Malaysia's YTL Corp bought Westwood Apartments in Orchard Boulevard for $435 million. The $2,525 psf per plot ratio (psf ppr) price was a record for a collective sale.

'These foreign developers have displayed great confidence in the strength of the property market in Singapore,' said Knight Frank's director of research and consultancy, Mr Nicholas Mak.

While up to 19 villa units with private berths can be built on the Pearl Island plot, Ximeng said it might build just nine large bungalows, which it expects to fetch record prices.

Property consultants said the nine houses would each be at least 14,000 sq ft, a size not yet available in Sentosa Cove. For the project to be viable, each would need to sell for at least $30 million.

A Ximeng spokesman said it was attracted by the success of Sentosa Cove and its own success in Singapore will provide a springboard for expansion in the region and beyond.

It wants to develop Pearl Island into an 'ultra-luxurious, world-class marina enclave for the privileged few' and therefore plans to retain an internationally renowned architect for the project.

Pearl Island is the last of five island sites in Sentosa Cove, all slated for landed homes. There is just one condo plot left - the tender closes next Wednesday; the results are expected to come out early next year - and two individual sea-facing bungalow sites.

Prices at the 99-year leasehold Sentosa Cove have climbed significantly since sales began in 2003, when the property market was still in a slump.

Last month, two seafront bungalow plots were sold at a high of $1,696 psf, said master planner Sentosa Cove.

Some bungalow owners are now asking $1,800 to $2,000 psf when some freehold good-class bungalows sell for only half that price.

 

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Dec 6, 2007
New development charge calculation kicks in next year
It will address historical anomaly that allowed some landowners to avoid paying fees
By Joyce Teo
A SIMPLER way of calculating development charges will kick in from next year.
The net effect is that the Government is set to collect slightly more in the form of these charges, which are paid by landowners who want to enhance a site's value - for example by redeveloping an existing project into a bigger one.

However, not all landowners will be affected. The impact on the market as a whole is expected to be minimal, involving perhaps 2 per cent of private land, or about 1,700 plots, said the Urban Redevelopment Authority (URA) yesterday.

The URA has also added safeguards to help those landowners who are affected by the change.

Broadly, the owners concerned own land that have very high development baselines, thanks to decades-old master plans. A development baseline is the highest maximum floor area allowed under master plans released in 1958 or 1980, or under an existing development already on the site.

These old master plans gave properties in some central parts of Singapore such as Holland Hill, unusually high development baseline values.

Because of this historical anomaly, owners of these land plots previously paid no development charges when they enhanced their land use.

But in future, they will have to fork out like everyone else if they want to build a bigger development on their sites.

This change, and its implementation start date, were announced back in 2003 in order to give landowners ample time to adapt to the change. Yesterday, the URA issued a reminder of the new calculation.

From Jan 1, the development baseline will be simply defined as the value of the approved development. The historical baseline values in the master plans of 1958 and 1980 will no longer play any part in the calculation.

The change will affect a small number of owners who own land with a high historical development potential, said Knight Frank's director of research and consultancy Nicholas Mak.

If future master plans allow for a bigger development that is within their historical potential, these owners would have been able to redevelop their land without having to pay a development charge, he said.

With the change, they would have to pay the charge to do so.

To mitigate the impact of the change, the Government said the affected landowners may not have to pay a higher charge as long as they keep to the allowed use under the current master plan.

The master plan is revised every five years, but the next one expected around the middle of next year is unlikely to have major changes. The Government has said that there will not be a big exercise to raise a site's development potential.

Still, if future master plans allow higher plot ratios, the affected owners would have to pay the charge to build up to the maximum space allowed, said Credo Real Estate's managing director, Mr Karamjit Singh.

In the past five years, the URA has collected on average about $250 million in development charges a year.

 

[jq75]

Dec 7, 2007
More land for mass market private homes released
The 21 residential sites will help meet demand and avert sharp price increases

By Joyce Teo
PRIVATE home buyers look set to be spoilt for choice after the Government unveiled an expansive programme of land sales for the first half of next year.
The big winners will be mass market buyers, who include home buyers upgrading from HDB flats.

A total of 21 residential sites - mainly mass market ones - feature in the programme including new plots at Choa Chu Kang, Tampines and Sengkang.

Industry observers say the move could help soak up strong demand for these homes and avert potentially sharp mass market price rises.

Counting commercial and hotel sites, the programme comprises 37 sites, after the Government released its largest-ever land package of 41 sites six months ago for the current second half year.

There are three commercial sites, two 'white' multi-use sites, one commercial-cum-residential site and 10 hotel sites - yielding about 8,250 homes, 410,000 sq m gross floor area of commercial space, and 5,850 hotel rooms.

'This supply will be sufficient to meet the demand for the various properties over the medium-term and support the continued growth of our economy,' said the National Development Ministry in a statement yesterday.

Industry observers say the programme comes as sentiment in the local property market has weakened due to the United States sub-prime mortgage crisis, high oil prices and a possible US economic slowdown.

Developers have also recently said it is difficult to micro-manage the market, which has taken almost a decade to turn around. Owing to this uncertainty, some consultants worry the mass market home supply may be a tad too much for the market.

'This package comes across as fairly aggressive in addressing supply shortages because we still have the sub-prime problems, which remain very uncertain,' said Chesterton International's head of research and consultancy Colin Tan. 'If the US economy is affected, Singapore's real estate sector will surely be hit in some way.'

The land sales programme includes 17 new sites for sale, up from 15 this half year.

There are 11 confirmed sites - those that will be put up for sale on scheduled dates. Eight of these are residential, mostly in suburban areas such as West Coast Crescent, Yishun and Sembawang.

CBRE research executive director Li Hiaw Ho said the release of several suburban plots suggests the Government is aware that prices in popular non-prime locations have risen substantially - pricing out potential HDB upgraders.

The latest programme has 26 reserve-list sites, including five new residential sites in areas such as Chestnut Avenue, as well as three executive condominium sites that were recently announced.

Reserve-list sites are put up for sale only when a developer commits to bid a minimum price.

This time round, there are fewer commercial sites, with just one white site - a coveted plot in the soon-to-revamped Ophir/Rochor area - up for confirmed sale. Consultants said this bodes well for the market as supply will come onstream from 2009.

joyceteo@sph.com.sg

 

[jq75]

Dec 7, 2007
Property players likely to zoom in on central locations
Topping the list is multi-use 'white site' not far from Bugis MRT
By Fiona Chan
DEVELOPERS, and eventually homebuyers, can take their pick from 21 plots that the Government will release for private housing between now and June.
Property players, however, are likely to zoom straight in on the handful of land parcels that are more centrally located, industry experts say.

At the top of the list is the multi-use 'white site' bounded by Ophir Road, Beach Road and Rochor Road. The property sits next to Parkview Square and is a stone's throw from Raffles Hospital and the Bugis MRT Station.

The sale of this 2.74ha plot will 'kick-start the development of the... Rochor Road/

Ophir Road corridor', linking Marina Centre to the Bugis area, the Ministry of National Development (MND) said yesterday.

The site, which will be launched for sale in June, must have some area set aside for offices and hotels, but the rest of the space can be put to other uses such as residential.

Bids will likely come in at $750 to $850 per sq ft per plot ratio (psf ppr) for this site, said Mr Nicholas Mak, the director of research and consultancy at Knight Frank.

Apart from this plum plot, there are a few other attractive residential sites, consultants say.

One is a new site at the corner of Woodleigh Close and Upper Serangoon Road, next to the Blossoms@Woodleigh condominium. It is near the yet-to-be-opened Woodleigh MRT Station on the North-East Line.

About 270 homes can be built on the 1.07ha plot, to be launched for sale in April.

Another choice site is at the junction of Lorong 2 Toa Payoh and Lorong 3 Toa Payoh, within walking distance of the Braddell MRT Station.

This 1.4ha site can host 535 homes and will be put up for sale in February. It was previously on the reserve list for developers to indicate interest, but it saw no takers. It has now been moved to the confirmed list to be launched at a fixed date.

Mr Li Hiaw Ho, the executive director of ** Richard Ellis research, picked out two more sites as being among the 'best of the crop'.

The first, at Bishan Street 14, has an area of 1.2ha and can host a 535-unit project.

The other is a 1.19ha site at New Upper Changi Road.

These four residential sites may fetch prices in the range of $400 to $600 psf of potential gross floor area, Mr Li estimated.

Mr Mak has noted, however, that apart from the Woodleigh Close site, which is new, the other plots have been available for some time on the Government's reserve list.

Reserve list plots will not be launched for sale unless a developer comes forward to bid for them. Usually, choice plots on the reserve list will move quickly.

Those that remain to be 'recycled' for the next round of land sales are generally less attractive.

This time, however, the 'recycled' plots are quite plum, said Mr Mak.

If even these sites cannot find takers, 'maybe developers already have enough on their plates', he said.

In that case, perhaps the Government is offering more sites than the market is ready to absorb, he suggested.

For private housing alone, the MND has added 12 new sites to its land sales programme, including the Woodleigh Close plot.

Others include sites at Choa Chu Kang Drive, Tampines Avenue 1, Upper Changi Road North, Chestnut Avenue, Upper Thomson Road, Sengkang West Avenue and Sembawang Road.

There are also three executive condo sites, as well as a plot for landed homes at Sembawang Greenvale Phase 2. This landed parcel will be put up for auction in February to cater to smaller investors.

Outside land sales, the Government will also offer about 110 private housing units, including 90 service apartments at one-north. It will also provide 120,000 sq m of commercial space.

fiochan@sph.com.sg

 

[jq75]

Dec 7, 2007
RESPONSE TO TOURIST BOOM
More hotel plots up for sale next year
TEN hotel sites will be made available next year to meet demand from the fast-growing tourism sector.
Three are new sites in the Government's land sales programme for next year, while the others are carried over from last year's programme, said the Ministry of National Development yesterday.

One of the new sites is between Balestier Road and Ah Hood Road, near the Sun Yat Sen Nanyang Memorial Hall. It had been put up for sale before but there were no takers, so the Government enlarged the parcel to include a park and an adjacent land plot.

The other two new sites are downtown. One is at the corner of Gopeng and Peck Seah Streets, and can host 330 hotel rooms. The other is at the corner of Clemenceau Avenue and Havelock Road, and can accommodate 260 rooms.

The Balestier Road site, which can hold 675 rooms, is on the confirmed list and will be released in March. The only other hotel site on the confirmed list is at the junction of Race Course and Bukit Timah Roads. It will be launched for sale in February.

All the other hotel sites on sale, including the Gopeng Street and Clemenceau Avenue plots, are on the reserve list. This means they will not be launched for tender until a developer puts in an acceptable bid.

The other reserve list plots are at Victoria Street, New Bridge Road, Kallang Road, Jalan Bukit Merah, Jalan Besar and Bernam Street.

FIONA CHAN