Owner: Singapore Real Estate and Property URL:http://blog.eastliving.com.sg Join Date: Mon, 07 Apr 2008 11:26:59 -0500 Rating:0 Site Description:
Singapore real estate blog that chronicles business, investment and property news in the country. Photos of apartment and condominium housing in Singapore are also published. Site statistics:Click here
FRIENDSHIP in this estate is BLOOMING 2008-04-07 22:48:00 The Electric New Paper : FRIENDSHIP in this estate is BLOOMING Mini pavement gardening brings Seletar Hills West residents together SHE did not know any of her neighbours, but that did not stop Mrs Chew Swee Liang from going door to door trying to convince them to transform the drab, grey pavements outside their homes into blooming gardens. By Genevieve Jiang 08 April 2008 SHE did not know any of her neighbours, but that did not stop Mrs Chew Swee Liang from going door to door trying to convince them to transform the drab, grey pavements outside their homes into blooming gardens. The 72-year-old retired physiotherapist gathered more than 170 signatures of support from residents living along Mimosa Crescent, where she lives, and the nearby Nim Road and Neram Crescent in the Seletar Hills W
Want a DIY garden in estate? Get authorities involved first 2008-04-07 22:47:00 The Electric New Paper : Want a DIY garden in estate? Get authorities
involved first BEFORE you start digging and planting in public areas, take a leaf from what the residents at Seletar Hills have done, by getting the authorities involved first. 08 April 2008 BEFORE you start digging and planting in public areas, take a leaf from what the residents at Seletar Hills have done, by getting the authorities involved first.Another group of residents found this out the hard way when their greening efforts ended in ruins.For the past four years, a group of elderly residents has been toiling at a small plot of land behind the block of flats at Toh Yi Drive where they live, planting bougainvillea, cucumbers and pineapples.But more than a week ago, their plants were removed by the authorities becaus
Who's who in the credit crisis 2008-04-07 22:45:00 The Electric New Paper : Who's who in the credit
crisis Dr Money finds out which banks had the biggest bailouts in the current economic downturn I DON'T play golf very often. By Larry Haverkamp (Doc Money)mail@AskDrMoney.com 08 April 2008 I DON'T play golf very often. Why? The non-golfers in Indonesia explain it well: 'Too many holes, too many balls, too many sticks.'Translation: Chasing a little white ball over a few kilometres is very time-consuming.The last time I played golf was also the most fun. It was in the Philippines where they have a disrespectful version of the game called 'hit and run'. You hit the ball and then run to hit it again. No one keeps score and kicking the ball is permitted. So is picking it up and throwing it. The goal is to finish in the shortest time. I complet
Government to spend S$1b on next generation broadband 2008-04-07 22:40:00 7 April 2008 Government
to spend S$1b on next generation broadband
By Dominique Loh, Channel NewsAsia SINGAPORE: The government has set aside up to S$250 million as a grant to the winning bidder that will sell and direct bandwidth for the country's new broadband network. To meet the growing demand for online services in Singapore, the Infocomm Development Authority (IDA) is inviting companies to submit a proposal to design, build and operate the active infrastructure for the next generation of broadband network. This was announced on Monday when a second tender was called to develop the network, which will be rolled out islandwide by 2015. The IDA launched the Request For Proposal (RFP) and this comes under the second phase of the Next Generation National Broadband Network (Next Gen NBN) pr
S'pore Grade A office rents continue to rise in Q1 2008-04-07 22:37:00 April 8, 2008S'pore Grade
A office
rents continue to rise in Q18.4% surge driven by banks with eye on private wealth management in AsiaBy ARTHUR SIM OFFICE rents in Singapore continued to power ahead in the first quarter of this year, despite a slowdown in the US economy and possible fallout for Asia.According to a Jones Lang LaSalle (JLL) report, the CBD core Grade A gross effective office rent now stands at $17.35 per sq ft per month -an increase of 8.4 per cent from $16 psf per month in Q4 2007.JLL said: 'Amid a slowdown in the US economy, the Singapore office market remains positive with sustained rental growth recorded island-wide.'Chris Archibold, JLL's national director and head of commercial markets, said he was 'quite surprised' by the 8.4 per cent increase in Grade A rents, espec
Growth seen in Asia office rentals in '08 2008-04-07 22:36:00 April 8, 2008PROPERTY OUTLOOK Growth
seen in Asiaoffice
rentals in '08But analysts say some cities, including S'pore, may see slowing rental growth, reports UMA SHANKARIBUOYED by limited office supply in some cities and high GDP growth, all major office markets in Asia are expected to see rental growths in 2008, but the pace of growth will vary from city to city, property analysts say.'Across the board, we still see positive demand for office markets across Asia,' said Megan Walters, director of research and business analytics for Asia Pacific at Cushman & Wakefield (C&W). 'But obviously the problems in the financial markets in the US have not been played out yet, and we have yet to see how it will affect investment markets in the region.'The firm expects all offices markets in key cities
HDB to sell Simei site under Design, Build and Sell Scheme 2008-04-07 22:35:00 HDB to sell Simei site under Design, Build
and Sell Scheme
By Lynda Hong, Channel NewsAsia | Posted: 07 April 2008 1947 hrs SINGAPORE: The Housing and Development Board (HDB) has launched the sale of a new site in Simei under its Design, Build and Sell Scheme (DBSS). Analysts said the plot of land near the Simei MRT station should attract medium-sized developers and construction companies to bid between S$49 million and S$76 million. With an area of over 16,000 square metres, an estimated 320 to 360 units can be built there. A higher portion of bigger flats is expected to be built at the site, and analysts said they anticipate a healthy demand from new families and HDB upgraders. This is the fifth plot of land offered under the DBSS. One attraction of the site is the presence of many scho
Royalville back with lower en bloc price tag 2008-04-07 22:35:00 April 8, 2008Royalville back with lower en bloc price
tagNew asking price of $1,106 psf per plot ratio is 10-15% less than beforeBy KALPANA RASHIWALA ANOTHER en bloc sale property is back on the market with a lower asking price. Royalville in Bukit Timah, off Sixth Avenue, has been relaunched - this time with a 10-15 per cent lower asking price than in October last year.However, the property is still being launched based on last year's collective sale agreement signed under the old rules and the reserve price is believed to be the same.Last year, Royalville's asking price was $330-350 million, which worked out to $1,235 to $1,305 per square foot (psf) of potential gross floor area, including development charges (DC) at the time.This time, the 174,176 sq ft freehold Royalville site is being
HDB launches fifth DBSS site at Simei 2008-04-07 22:34:00 April 8, 2008HDB launches fifth DBSS site at SimeiBy EMILYN YAP THE Housing and Development Board (HDB) has launched a fifth Design, Build and Sell Scheme (DBSS) site at Simei Road for sale. According to Nicholas Mak, director of consultancy and research at Knight Frank, the site may fetch between $49 million and $76 million, or $130 to $200 per square foot per plot ratio (psf ppr), and is likely to attract bidders such as medium-sized developers and construction companies.The Simei site is the first to be offered under the scheme this year and has a site area of 16,825.5 square metres, with an allowable gross floor area of 35,333.55 sq m. Property consultants considered the site attractive as it is located in a mature estate with comprehensive facilities. The site is a short walk from Sim
S$300m warehouse store Big Box to open in Jurong East by 2009 2008-04-07 22:33:00 S$300m warehouse store Big Box to open in Jurong
East by 2009By Wong Siew Ying, Channel NewsAsia | Posted: 07 April 2008 1832 hrs SINGAPORE: A S$300 million warehouse store will be open in Jurong East in the last quarter of 2009. The company behind the Big Box project, TT International, said the Jurong warehouse will be its flagship store. Sitting on a 5.6-hectare site near the Jurong East MRT station, the outlet will be as big as 27 football fields put together with a total gross floor area of 120,000 square metres. About 30 per cent of the space (34,000 square metres) will be set aside for retail, and the rest will be used for warehousing and offices. The mega store will house a wide range of consumer electronics products, furniture and a hypermarket. It will also provide renovation an
Tulip Garden en bloc may be called off 2008-04-07 22:32:00 April 8, 2008Tulip Garden
en bloc may be called offBuyer Bravo will 'accept costly missed opportunity' if it's not granted payment extensionsBy KALPANA RASHIWALA (SINGAPORE) The owners of Tulip Garden met over the weekend and BT understands that most of them have taken the view to rescind the $516 million collective sale to an associate company of Bravo Building Construction - if the second 5 per cent instalment due to them is not paid by the deadline of midnight yesterday.BT understands the owners could not accede to the Bravo unit's request for another extension to pay up the second 5 per cent instalment which was to have been paid yesterday, to June 7, as well as to extend the completion date of the transaction, which is when it would have to pay up the remaining 90 per cent of the purc
S'pore home prices make 2nd highest jump globally 2008-04-07 22:32:00 April 8, 2008S'pore home prices make 2nd highest
jump globallyBulgaria, with 33.7% surge, tops world index, beating S'pore's 31.3% riseBy ARTHUR SIM THE average price of private housing in Singapore surged 31.3 per cent between Q4 2006 and Q4 2007 - the second-biggest jump in a world index topped by Bulgaria at 33.7 per cent.Knight Frank tracks average prices worldwide via its Global House Index, which is based on an assessment of price changes in the mainstream housing markets of countries covered.According to the index, Russia, Poland and Hong Kong, with respective hikes of 30, 22.4 and 22.3 per cent, ranked third, fourth and fifth.However, price growth across the markets covered in the index fell year on year in the final quarter of 2007.Knight Frank said price inflation globally during
Home leases stagnant for 2 years, still looking soft 2008-04-07 22:31:00 April 8, 2008Home leases stagnant for 2 years, still looking softForeigners could be switching from leasing to buying property, says Savills SingaporeBy ARTHUR SIM (SINGAPORE) Residential leasing transactions have stagnated in the past two years after falling from a recent high of 33,874 in 2005.According to an analysis of Urban Redevelopment Authority data by Savills Singapore, transactions were about 15 per cent lower at 28,928 in 2006 and 28,893 in 2007, versus 2005.Savills Singapore director of marketing and business development Ku Swee Yong said that as leases are generally renewed on a two-year basis, the drop between 2005 and 2006 should imply a rise in 2008.But figures for the first two months of this year indicate that residential leasing is not likely to pick up. Indeed, Savills'
Office rents moderate in first quarter of this year 2008-04-07 22:31:00 April 8, 2008 Office rents moderate in first quarter
of this year Figures expected to stay strong due to high demand, tight supply, says CBRE By Jessica Cheam THE verdict is in: prime office rents - which shot up last year - have slowed down in the first three months of this year. Like residential property, office rentals did appreciate in the first quarter but at a slower pace than in the four quarters last year, said property consultancy CB Richard Ellis (CBRE). But unlike homes, offices will still be able to achieve high rents due to strong demand and a lack of supply, said CBRE in a report released yesterday. Prime office rents were up 6.7 per cent at an average of $16 per sq ft (psf) per month in the first quarter, while Grade A office space - the best grade of space - climbed 8.7 per
Number of parking lots decided by market forces 2008-04-07 22:29:00 April 8, 2008 Number
of parking lots decided by market forces WE REFER to last Tuesday's report, 'Finding a parking lot in CBD will soon be harder', which suggests there will be a shortage of carpark lots in new office and commercial buildings because the Government is restricting the number of parking lots. This is inaccurate. The Government does not limit the number of parking lots in a building. The approach it takes is to determine the minimum parking provision based on the given gross floor area of the development. Developers can provide more parking lots than this stipulated minimum. Hence, both the actual number of parking lots provided and parking charges imposed are market driven, as they are left to individual developers and carpark operators to determine. Developers have to deci
Streetdirectory.com will stay alive 2008-04-07 22:29:00 7 April 2008Streetdirectory.com will
stay aliveBy Jinny Koh and Sheralyn Tay, TODAY SINGAPORE: They have it all mapped out. At a meeting on Saturday after it lost its case in the High Court, shareholders of Virtual Map (VM) decided to continue running its website. They also decided not to refund the parties VM had fined for unauthorised use of its maps. These decisions came after the company's appeal against the Singapore Land Authority (SLA) over copyright infringement was thrown out last month. VM managing director Firdhaus Akber said the website, streetdirectory.com, will be up and running again this week, but he declined to say exactly which day. And he would not comment on how exactly VM will go about putting the maps together without falling afoul of copyright infringement again. At
In the soup again over conflict of interest 2008-04-07 22:26:00 April 7, 2008 LAWYERS IN TROUBLEIn the soup again over conflict of interest Three counsel have become the first this year to be referred to the Court of Three Judges, which hears cases of serious misconduct by lawyers. Law Correspondent K.C. Vijayan reports SUSPENDED lawyer Vasantha Vardan will have to face the Court of Three Judges again on four new charges involving different clients - in circumstances similar to that for which she was penalised over a year ago. In November 2006, she was found guilty of acting improperly in the case of a property agent who fleeced his clients, and was suspended for two years. She had acted for the property agent as well as his clients, placing herself in a conflict-of-interest situation. Ms Vardan, a lawyer since 1994, had failed to explain the contents
Six-year-old outfit ventures into auction, eyes fund management 2008-04-10 01:55:00 Business Times - 10 Apr 2008 Credo Real Estate looks to spread its wings Six-year-old outfit ventures into auction, eyes fund management By KALPANA RASHIWALA CREDO Real Estate, the No 1 collective sales broker last year with $2.17 billion of deals, plans to branch into new areas of business - including auctions, residential project marketing, valuation and even property funds management.Managing director Karamjit Singh told BT: 'This lull in the en bloc sales market is giving us an opportunity to work on new initiatives. Last year, there were opportunities that came our way but we had to decline them because it was difficult to take time off to pursue them.''It was also very hard to entice good people to join us because they themselves were also very busy. So now's a good time to reflect,
Developers decide how much space to allot to carparks in new buildings 2008-04-10 01:55:00 Business Times - 10 Apr 2008 LETTER TO THE EDITORDevelopers
decide how much space to allot to carparks in new buildings WE refer to your article, 'Parking squeeze may take shine off new buildings' (BT, March 29), which suggests that there would be a potential shortage of carpark lots in new office and commercial buildings due to the government's rule on the provision of parking lots. This is inaccurate. Singapore adopts the approach where the government determines the minimum parking provision based on the given gross floor area (GFA) of the development. Developers can provide for more parking lots than this stipulated minimum. Hence both the actual number of parking lots provided and the parking charges imposed are market driven, as they are left to individual developers and carpark opera
Soilbuild clinches Fusionopolis contract 2008-04-10 01:53:00 Business Times - 10 Apr 2008 Soilbuild clinches Fusionopolis contract
MAINBOARD-LISTED Soilbuild Group Holdings yesterday said it has clinched the Concept-and-Fixed Price Tender (CPT), called by JTC Corporation, to develop and lease Fusionopolis Phase 2B.The proposed development, estimated to cost about $148 million, is a 16-storey multi-tenanted facility at one-north in the Buona Vista area.It will cater to the infocommunications, media, science and engineering research and development industries. This is Soilbuild's fifth CPT contract with JTC.Fusionopolis Phase 2B sits on a 7,734 square metre site with a plot ratio of 6.5, which translates into a maximum gross floor area of 50,271 sq m.It will comprise an office space white component of about 7,200 sq m and a retail space of 300 sq m. T
London Business School eyes S'pore 2008-04-10 01:52:00 Business Times - 10 Apr 2008 London Business School
eyes S'pore By LEE U-WEN (SINGAPORE) After making successful inroads into New York, Dubai and Hong Kong, London Business School (LBS) is now on the lookout for its next city to expand in, with Singapore emerging as one of the cities firmly on its radar.The school's new dean, Robin Buchanan, said the Republic would be a 'natural fit' for LBS, seeing as how its global alumni already counts more than 300 Singaporeans in its ranks.The most well-known of them, perhaps, is Deputy Prime Minister and Home Affairs Minister Wong Kan Seng, who studied at LBS on a government scholarship in 1977. He also sits on the school's global advisory board, which includes Banyan Tree Holdings executive chairman Ho Kwon Ping.In an interview with BT during a rece Read more:Business
Shunfu Ville is set to be privatised - by narrow vote 2008-04-09 00:00:00 Shunfu Ville
is set to be privatised - by narrow vote HUDC estate secures more than the required 75% votes in second mass signing exercise. -myp Claire HuangWed, Apr 09, 2008my paper SHUNFU Ville is one step closer to becoming the first HUDC estate in the last nine months to be privatised.Industry sources told my paper that the 358-unit estate located along Marymount Road has secured "slightly more" than the required 75 % of votes since its second mass signing exercise five weeks ago.This comes after the 528-unit Laguna Park in Marine Parade was converted into a strata-titled estate last July, the last HUDC estate to do so.Mr. Philip Liau, chairman of the Shunfu's pro-tem committee, said yesterday that they are waiting for the HDB to confirm the estate's eligibility in filing for privatisa
Biomed firms keen to set up at Biopolis Phase III 2008-04-09 00:00:00 Biomed firms
keen to set up at Biopolis Phase IIIWednesday • April 9, 2008Tan Hui Lenghuileng@mediacorp.com.sgIt just broke ground last Wednesday, but the developer of Biopolis Phase III is already in talks with four interested tenants.The biomedical companies — two of which are foreign firms — may take up large space and occupy entire floors of the 41,500-square-metres facility."We are encouraged by the response," a Crescendas Bionix spokesperson told Today.The company is the first privately-owned Singapore company to clinch a major development project involving the Biopolis.The $100-million facility is expected to be completed in the last quarter of next year. The developer hopes to achieve a take-up rate of at least 50 per cent by mid-June.The two buildings in Phase III will compr
Was Bravo too ambitious? 2008-04-08 23:59:00 Was Bravo
too ambitious?Analysts point to bad timing for developer in 3 en bloc attemptsWednesday • April 9, 2008Neo Chai Chin chaichin@mediacorp.com.sg— additional reporting by Jinny KohONE construction and property development firm, troubled by the cooling property market and credit crisis, has left three en bloc sellers' hopes of a cash windfall in shambles — and some analysts wondering if it is a victim of circumstances, or a player that bit off more than it could chew. Since April 1, Bravo Building Construction has made the news for rescinding the sale of Makeway View, and for delaying payments for the purchase of Tulip Garden (picture) and Pender Court. Pender Court's 48-unit owners are now waiting until April 29 to see if payment is made. If they do not see their cheques of ov
HDB Sales process will be tweaked 2008-04-08 23:58:00 Sales process will be tweakedHDB is studying refinements to weed out non-serious applicantsWednesday • April 9, 2008Letter from Kee Lay Cheng Deputy Director (Marketing and Projects) for Director (Estate Administration and Property) Housing and Development BoardI refer to the letters from Samuel Lee, "Oh, that elusive HDB flat" (March 28), and from Kalista Nisha, "Different families, different needs" (March 31). We would like to clarify that the $10 fee payable for HDB sales exercises is to cover part of the Housing and Development Board's (HDB) administrative cost in processing the applications. We agree with Kalista Nisha that the fee should be kept affordable. While HDB has no intention of raising the fee, it is currently studying refinements to the sales process to weed out non-serio Read more:Sales
Amber Glades on the block again, at $18m discount 2008-04-08 23:58:00 Amber Glades on the block
again, at $18m discountWednesday • April 9, 2008A day after the Royalville site off Sixth Avenue was relaunched at a much lower price, another en bloc site has been put back on the market at a significant discount from the heady prices its sellers were asking for less than six months ago.The Amber Glades site on the East Coast is being relaunched today at an indicative price of $127 million, more than 12 per cent lower than the asking price of $145 million when it was first launched last October, according to its marketing agent Colliers International."Including an estimated development charge of $3.5 million, the price will work out to some $1,140 per sq ft per plot ratio," said Mr Ho Eng Joo, executive director of investment sales at Colliers. The 40,917 sq ft Read more:Amber
Greenspan: US home prices may stabilise this year 2008-04-08 23:57:00 Greenspan: US home prices may stabilise this yearWednesday • April 9, 2008— BloombergFormer US Federal Reserve Chairman Alan Greenspan said the drop in American home prices will probably end "well before" early next year as the number of houses on the market diminishes, aiding an economic rebound."It will not be until early 2009 that we will be close to having eliminated most of this home inventory," Mr Greenspan said yesterday. "But it is very likely that home prices will stabilise well before that."Mr Greenspan said the health of the United States housing market is tied to broader financial markets that rely on bundling mortgages to sell as securities.His successor, Mr Ben Bernanke, and other Fed officials highlighted declining home prices as a major economic risk that may hurt house Read more:Greenspan
Villas at this farm resort 2008-04-08 23:56:00 Villas at this farm resortWednesday • April 9, 2008Cheryl Limcheryllim@mediacorp.com.sg— Channel NewsAsiaLIM Chu Kang looks all set for a change if the Singapore Land Authority's plans work out for its first "agri-tainment" resort.Developers of the farm resort hope to offer visitors a more unconventional experience when it opens its doors this August. Visitors will be able to find out how crops such as corn and coffee are grown and may even get to harvest their own vegetables. In addition, the 5-hectare site — the equivalent of six football fields — will have 21 villas and a nearby spa, which each villa commanding up to $200 a night.HLH Agri International is paying $880,000 for a 20-year lease, which it admits is "cheap". It plans to sub-lease 21 plots to entrepreneurs and charge 1 Read more:Villas
Confirmed: Tulip Garden's en bloc sale to Bravo rescinded 2008-04-08 23:56:00 Business Times - 09 Apr 2008 Confirmed
: Tulip Garden
's en bloc sale to Bravo
rescinded IT'S official. Tulip Garden's owners have rescinded the $516 million en bloc sale of the estate to a unit of Bravo Building Construction.Lee & Lee partner Ow Yong Thian Soo, representing Tulip Garden owners, confirmed that the firm yesterday sent a notice of rescission of the sale- and-purchase agreement for Tulip Garden to Bravo's lawyers. 'We also informed them that the sellers will be forfeiting the 5 per cent of the transaction price paid to them so far. And our clients reserve all rights,' he said.The notice of rescission was sent to Bravo after it failed to pay the second 5 per cent instalment by the deadline on April 7. Bravo had requested another extension of this deadline to June 7, as well as t
Property agents in race against en bloc clock 2008-04-08 23:54:00 Business Times - 09 Apr 2008 Property agents in race against
en bloc clock Sites relaunched at lower prices as collective sales agreement deadlines loom By KALPANA RASHIWALA (SINGAPORE) Property agents are expected to keep pushing out a steady stream of relaunched en bloc sales over the next few months, as they attempt a last hurrah before their collective sales agreements (CSAs) inked last year expire.Asking prices for such sites this time round are about 10-20 per cent lower than last year. Agents hope developers will bite, given their strong participation in recent government land tenders.'Whatever collective sales that went into the market in the third or fourth quarter of last year and which are not yet sold, you can expect their CSAs to expire around mid-2008 or Q3 this year. So the
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