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
Soros bearish on US' economic clout 2008-04-07 02:40:00 April 7, 2008 Soros
bearish on US' economic clout WASHINGTON - BILLIONAIRE George Soros said the United States' status as the world's economic superpower is no longer guaranteed, as the current financial crisis saps America's ability to compete with prospering China and India. Sub-prime mortgage defaults and the resulting credit convulsions have accelerated the US' weakening position in global markets, he said in an interview on Conversations With Judy Woodruff, airing on Bloomberg Television over the weekend. 'I think that you will have to somehow reconstruct the global architecture,' said Mr Soros, 77. 'China has become much more important, India, and so on. What kind of system will evolve of this, I think, is a very open question.' The market disruptions prompted him last year to resume
Another 60 units sold at City View 2008-04-07 02:38:00 April 7, 2008 Another 60 units
sold at City View CITY View @ Boon Keng, a condo-like Housing Board project, has sold an additional 60 units under a walk-in selection process that ended yesterday. In all, almost 520 units out of 714 have been sold, a spokesman for Hoi Hup Sunway Development told The Straits Times. As for the remaining 190-odd units, the developer will decide how best to sell them. Meanwhile, the project is still open to the public for sale, he added. Some 460 units were sold earlier under a different process that required balloting, as applications had outnumbered the units available. As it turned out, many successful applicants got cold feet, and there were excess units left after all buyers had been given a chance to buy the flats they wanted. City View boasts condo-like
Bank savings earn less interest as key rate plunges 2008-04-07 02:35:00 April 7, 2008 Bank savings earn less interest as key rate plunges
Banks trim rates on deposits as they struggle to maintain margins By Gabriel Chen SAVERS are again feeling the pinch as interest rates continue to fall, further squeezing what meagre returns they might get on bank deposits. Citibank, Maybank and Standard Chartered Bank (Stanchart) have all trimmed rates for their high interest savings accounts given the fall in the rate banks pay each other to borrow cash. This rate - the Singapore Interbank Offered Rate (Sibor) - hit a 12-month low of 1.25 per cent last month. It has fallen steadily from 2.88 per cent a year ago, and economists say it will drop further. With their own margins under pressure, banks have responded by trimming rates for customers. Maybank has cut rates for iS
My life with the 'social visit girls' 2008-04-07 02:33:00 My life with the 'social visit
girls'Monday • April 7, 2008Christina P OndevillaBecause of sky-high rents, I rent a room in an old, six-bedroom walk-up apartment that has nine other tenants. The building is slated to be torn down by the end of the year. The apartment originally had four bedrooms, but part of the living room has been partitioned off to become another bedroom. The storeroom has also been converted into a tiny bedroom. I knew there would be a lack of privacy, but nothing prepared me for living with what my landlady calls "China KTV girls", who sleep all day and go out at night to work in KTV clubs.Often, they come home drunk with their customers/boyfriends and make a lot of noise in the flat. The apartment sometimes look like a KTV lounge — all that is missing is a mamasa
How to beat inflation 2008-04-06 10:30:00 April 6, 2008 How to beat inflation With the rising cost of living and lower bank deposit rates, risk-averse Singaporeans are seeing their savings eroded by inflation. Lorna Tan looks at 10 ways to tackle increasing prices. It is ironic. Singaporeans who are uncomfortable with taking financial risks and who prefer to leave their cash untouched in savings deposits are in fact taking a big risk by not protecting themselves against inflation. The continued rise in the cost of goods and services is a clear indication that inflation is creeping up on everyone and eroding the value of their money. For instance, a movie ticket cost $1 in the early 1970s. Fast forward to today and a weekend movie outing will set you back by $10. If you are one of those risk-averse investors whose money is mainly i
7 signs of a property slowdown 2008-04-06 10:29:00 April 6, 2008 PROPERTY7 signs
of a property
slowdown Buyers seem to be gaining ground again in the private homes market but consultants say it's far from crashing yet By Joyce Teo After rocketing to dizzying heights last year, the private homes market has stalled because of the global credit crunch - an external factor that took the market by surprise. The withdrawal of the deferred payment scheme last year has also dampened demand somewhat. Sales volumes and interest have fizzled out just as quickly as the market surged last year. While many players hang on to the notion that strong fundamentals - low interest rates, for instance - will support the market, sentiment has fast melted away. Is the property market slowing to a crawl? We examine the mounting evidence. 1 Growth in home prices
What is SIBOR 2008-04-06 10:28:00 April 6, 2008 What is SIBOR It stands for the Singapore Interbank Offered Rate Where do you see this?In bank statements explaining how your mortgage rates are determined. What does it mean?It refers, more or less, to repayments on your loans, because Sibor affects the mortgage rate. Sibor is the rate at which banks lend to one another. When it falls, so do rates for variable or Sibor-linked mortgages. When the Sibor rises, you have to fork out more. Sibor also gives a rough indication of where deposit and savings account rates at banks might be headed, as it is influenced partly by the supply and demand for funds in the Singapore interbank market. When Sibor is low, it is cheaper for foreign banks, which have a smaller deposit base than local ones do, to borrow funds from the interbank mar
On the market 2008-04-06 10:22:00 April 6, 2008 On the market In this new weekly column, we bring you a sampling of properties up for sale around the island. In the spotlight this week and next: New project launches. Whitley Villas, freehold 115 Whitley Road Units: Six semi-detached houses and two cluster bungalows Prices: $3.5 million for a semi-detached house, $4.5 million for each bungalow Launch date: Yesterday Developed by the Fortune Group, this series of two-storey houses, with attics, is located in an established residential area near the Catholic Junior College. The semi-detached units range in size from 2,895 sq ft to 3,024 sq ft. Also on offer are two cluster bungalows - one 4,219 sq ft and the other, 4,316 sq ft, in size. --------------------------------------------------------------------------------Huit Terra
True Blue fan of all things Peranakan 2008-04-06 10:22:00 April 6, 2008 me & my moneyTrue Blue fan of all things
Peranakan Beauty queen finds financial freedom in restaurant business, property investments Beauty queen Irene Ong, 55, the owner of Peranakan restaurant True Blue Cuisine, counts herself lucky in her property deals. 'I made the most money on my properties. I have been quite lucky... because I invested at the right time. I sold my semi-detached house for more than double the price after 12 years,' she said. She bought the three-storey, 4,000 sq ft house for $750,000 in 1984 and sold it for almost $2 million in 1996. She decided to buy it after the Government liberalised the use of Central Provident Fund (CPF) savings for members who were then acquiring properties. Before that, she lived in a five-room HDB flat. The purchase was a prude
Tomorrow isn't guaranteed 2008-04-04 22:37:00 Business Times - 05 Apr 2008 Tomorrow isn't guaranteed So keep your perspective and make every day count, sensibly and lovingly By TEH HOOI LING SENIOR CORRESPONDENT LIFE is fragile. Life is transient. And the unexpected departure of former colleague Eddie Toh from this world last Sunday was, for me, a much-needed reminder to take stock.In our hectic lives, the days literally zoom past; it seems like everything is in fast-forward mode. Rarely do we have time to stop and consider what is really important to us.It seems like just yesterday when a friend of mine, Carol, called me around 10 on a Sunday morning.'Guess who's in front of me now,' she said.Me: 'How would I know?'Carol: 'Thaksin. He's having bak kut teh at Ah Sio Bak Kut Teh at Rangoon Road. It's very near where you are. Come quick
Jurong Lake will be transformed into waterfront playground 2008-04-04 22:34:00 Business Times - 05 Apr 2008 JURONG LAKE DISTRICTJurong
Lake will be transformed into waterfront playground
4-5 new attractions planned; Science Ctr site to be developed THE area around Jurong Lake has been earmarked as a waterfront playground lined with four or five new attractions.As part of the revamp, the Singapore Science Centre will also be relocated next to Chinese Garden MRT Station and its present site carved into a third island within Jurong Lake and developed into Lakeside Village.The village, surrounded by a new waterway, will offer alternative shopping and dining, with food & beverage, retail and entertainment outlets and boutique hotels on the lakeside. It will be connected to the new commercial hub at Jurong Gateway through a network of walkways.The existing Chinese and Japa
Still bullish on Singapore property 2008-04-04 22:33:00 Business Times - 05 Apr 2008 Still bullish on Singaporeproperty
DESPITE the US subprime crisis, which will have a cyclical impact, Liew Mun Leong remains bullish on Singapore's property market in the medium term. 'Main street America is suffering from the sins and mistakes of Wall Street,' he says. 'And when main street gets hit, that will affect Asia, we can't run away from it.'However, Singapore's property market has some strong underpinnings, he maintains. Most importantly, the drivers of Singapore's property market have changed in recent years. 'The rise in property prices since 2002 is no longer due to domestic policy changes such as the liberalisation of CPF and the HDB sub-sale policy.'It is driven by the remaking of Singapore. Singapore as a global city, as a gateway to Asia, the
The West also rises with Jurong East makeover 2008-04-04 22:31:00 Business Times - 05 Apr 2008 The West also rises with Jurong
East makeover 360-hectare Jurong Lake District will marry offices and retail outlets with waterfront playground By KALPANA RASHIWALA (SINGAPORE) With malls, hotels, offices and entertainment outlets, the sleepy charms of the area around Jurong East MRT Station are poised for a stunning makeover. The place - called Jurong Gateway - will be turned into the biggest regional centre on the island.Add to this the land and water development around the nearby Jurong Lake - with kayaking, dragon boating and a lakeside village - and the transformation that melds business opportunities with leisure pursuits will be complete.Jurong Gateway will provide 5.4 million sq ft gross floor area of new office space and 2.7 million sq ft of retail, F&
Mah disagrees with suggestions on land sales, deferred payment scheme 2008-04-04 22:30:00 Business Times - 05 Apr 2008 JURONG LAKE DISTRICTMah disagrees with suggestions on land sales, deferred payment scheme NATIONAL Development Minister Mah Bow Tan yesterday disagreed with suggestions by property tycoon Kwek Leng Beng on the need for the government to review its first-half 2008 land sales programme and rethink its decision to scrap the deferred payment scheme.Mr Mah said the government can be nimble on state land sales because the programme is reviewed every six months, depending on changes in the market.But the H1 2008 programme will not be changed midstream, he said. 'We should be careful of knee-jerk reactions. You can't adjust it just because something is happening yesterday and then we change things today. We've got to take a longer-term view.'Mr Mah was speaking at a me
Plot ratios may change in certain local conditions: Mah 2008-04-04 22:28:00 Business Times - 05 Apr 2008 JURONG LAKE DISTRICTPlot ratios may change in certain
local conditions
: Mah WILL plot ratios go up in the draft Master Plan 2008?'There will be changes in certain places to reflect certain local situations, local conditions,' National Development Minister Mah Bow Tan said yesterday without elaborating.But there will 'not be a major review across-the-board' of plot ratios for the draft Master Plan 2008, he said. Plot ratio is the ratio of maximum gross floor area (GFA) to site area, so the higher a site's plot ratio, the more the GFA that can be built on it.The draft Master Plan 2008 is expected to be unveiled in late May and exhibited for a month for public feedback before being finalised and gazetted by the year-end. Mr Mah last year ruled out massive, across-
URA's Jurong Gateway plan draws mixed response 2008-04-04 22:23:00 Business Times - 05 Apr 2008 JURONG LAKE DISTRICTURA's JurongGateway
plan draws mixed response Consultants and developers hail alternative hub, but fear over-supply in medium term By KALPANA RASHIWALA PROPERTY consultants and developers have given a mixed reception to the Urban Redevelopment Authority's (URA) plan for Jurong Gateway, which will have about 5.4 million sq ft of gross office area over 10-15 years.While they welcome an alternative commercial hub that will provide lower-cost office space, some are worried about the timing that yesterday's announcement - made at a point when there is sufficient confirmed mid-term supply - will have on sentiment.Others are worried the announcement may scare foreign investors from the local office market because of potential over-supply in the no
Jurong ulu no more 2008-04-04 22:22:00 Jurong ulu no moreSuburb to become commercial, leisure lakeside heavenWeekend • April 5, 2008Loh Chee Kongcheekong@mediacorp.com.sgDUSTY. Industrial. Out of the way. Such words may spring to your mind when asked about Jurong. But come 2020, the home of the Bird Park and the Science Centre will evoke a whole new vocabulary.Try on for size: Lakeside haven. Billion-dollar business buzz. Holiday hub.This will be the new Jurong Lake District, after it undergoes an ambitious transformation into the largest commercial hub outside of the Central Business District (CBD) — complete with 2,800 new hotel rooms, a number which rivals that of the entire hotel belt at the Singapore River.At the heart of the district — bounded by Yuan Ching Road, Ayer Rajah Expressway and the MRT line running throug Read more:Jurong
Be 'nimble' in uncertain times 2008-04-04 22:21:00 Be 'nimble' in uncertain timesInflation may not yet have peaked, warns Finance MinisterWeekend • April 5, 2008— Dow Jones, with additional reporting by Neo Chai ChinSingapore's inflation rate, already at a 26-year high, may not have peaked and policy-makers must be ready to respond to unexpected economic developments, Finance Minister Tharman Shanmugaratnam said on Friday"It's too early to say that inflation has peaked," Mr Shanmugaratnam told reporters at a meeting of finance ministers from the Association of South-east Asian Nations (Asean) in Vietnam."We want to watch the situation carefully and be nimble in our overall economic strategy."Singapore's consumer prices rose 6.6 per cent from a year earlier in January, the fastest rate since 1982, as costs of food and energy soared.OCBC
HDB reviewing application process 2008-04-04 22:19:00 April 5, 2008 HDB reviewing application process THE Housing Board is in the process of reviewing its current application process, National Development Minister Mah Bow Tan disclosed yesterday. This follows recent public concerns that the thousands of applications that pour in for an HDB project bear little relation to the actual take-up rate of flats. HDB's latest condo-like flats, City View @ Boon Keng, for example, sold only 250 or so out of 714 units, despite receiving 3,500 applications. Eligible buyers pay $10 to enter a ballot for HDB's sales exercises. This assigns them a queue number to select a flat in a particular sales project. Mr Mah acknowledged it was frustrating for some couples in the queue - who might have missed out on selecting a flat because of the high numbers - and sa
5 new ERP gantries start up on Monday 2008-04-04 22:18:00 5 new ERP gantries start up on Monday
Don't forget your cashcards when passing through Upp Bukit Timah Road, Toa Payoh Lor 6, Upper Boon Keng Rd, Geylang Bahru Rd and Kallang Bahru Rd ERP gantries. Fri, Apr 04, 2008AsiaOne The Land Transport Authority (LTA) announced in January this year that five Electronic Road Pricing (ERP) gantries located at Upper Bukit Timah Road, Lorong 6 Toa Payoh, Kallang Bahru & Geylang Bahru, and Upper Boon Keng Road would be activated on 7 April following a review of traffic conditions.The ERP rates will be as follows:Upper Bukit Timah Road8.00 - 8.30AM : $1Lor 6 Toa Payoh8.00 - 9.00AM : $1Kallang Bahru & Geylang Bahru8.00 - 9.00AM: $1Upp Boon Keng Road8.30 - 9.00AM : $1Singapore Real Estate and Property updatesEastLiving.com.sgContact Stuart Chng: (65) 9691 99
Jurong's massive makeover 2008-04-04 22:16:00 April 5, 2008 Jurong
's massive
makeover Area the size of Marina Bay will be transformed with homes, hotels, shops, eateries and offices linked to MRT via walkways and waterways By Jessica Cheam EXTREME makeovers do not come more dramatic than this. In an ambitious plan unveiled yesterday, a large swathe of Jurong will be redeveloped and rebranded the Jurong Lake District. The 350ha area affected is similar in size to Marina Bay, and will boast all the elements of a vibrant mini-metropolis. That means new high-rises, hotels, apartments, shops, food places and offices as well as no end of water-related recreational pursuits, with everything linked to MRT stations via walkways and waterways. Unveiling the plans yesterday, National Development Minister Mah Bow Tan described Jurong as somewhat
Singapore's very own Lake District 2008-04-04 22:13:00 April 5, 2008 Singapore
's very own Lake District
Jurong is set to shed its industrial image with a stunning makeover By Jessica Cheam JURONG tends to conjure up unflattering images of factories and sleepy suburbia, but the area is slated for a stunning makeover that will transform it into Singapore's only lakeside destination. National Development Minister Mah Bow Tan yesterday unveiled a vision for a revamped Jurong, starting with a new name: the Jurong Lake District
. The ambitious plan, to be implemented over the next 10 to 15 years, involves building new waterways, 1,000 private homes, 2,800 hotel rooms and adding 750,000 sq m of office and retail space. The Jurong Lake District, which at 360ha is the size of Marina Bay, will consist of two precincts. One is the 70ha Jurong Gateway, wh
Over 1,000 private homes to be built 2008-04-04 22:10:00 TARGETING YOUNG FAMILIES: View of Lakeside park. New private housing will be coming up close to the area.April 5, 2008 HOUSINGOver 1,000 private homes to be built PROPERTY hunters looking to buy a stake in the newly revamped Jurong Lake District will be happy that more than 1,000 private homes will be built there. But no more new Housing Board flats are planned for Jurong, said National Development Minister Mah Bow Tan yesterday. This is also partly because the focus is on building up Sengkang and Punggol towns, said Mr Mah. 'There is sufficient public housing in Jurong so the next phase will be... on private housing,' he added. However, if demand is strong for the private homes, more land can be re-allocated for condominiums. That is why the sites around the MRT stations are mostly white
New waterfront playground 2008-04-04 22:09:00 New waterfront playground
THE Lakeside area will be transformed into a major leisure destination in the next 10 to 15 years, with existing attractions enhanced and new ones added. First up is the new 'world-class' Singapore Science Centre, which will involve expanding the existing attraction and relocating it next to Chinese Garden MRT station. This will allow it to make use of the nearby Jurong Lake and surrounding green spaces to extend the learning environment, said National Development Minister Mah Bow Tan yesterday. New facilities will also be added to key attractions in the area, like the Chinese and Japanese Gardens. Jurong Lake itself will be spruced up, turning the area into Singapore's new 'waterfront playground' and bringing it closer to the new Jurong Gateway office hub. The Go
Tulip Garden sale off? How the deal went 2008-04-08 06:31:00 April 8, 2008 Tulip Garden
sale off? How the deal went Condo owners likely to call off $516m en bloc deal after developer misses payment deadline By Joyce Teo THE $516 million collective sale of Tulip Garden condominium near Holland Road seems to be dead in the water after the developer missed a payment deadline yesterday. The condo owners appear poised to formally call off the deal and pocket a cool $25.8 million - the original 5 per cent deposit paid by developer Bravo Building Construction. Bravo would forfeit the sum if the deal is scrapped. That would mean each of the 164 unit owners could pocket more than $100,000 on average. The cancellation of a collective sale because of a cash crunch is a rare event. Bravo and its partners say they have had trouble raising the necessary funds. E
Simei site for condo-like HDB flats 2008-04-08 06:30:00 April 8, 2008 Simei site for condo-like HDB flats By Jessica Cheam MORE condo-style Housing Board flats will soon be offered to home buyers looking to live in Singapore's east side. The HDB yesterday released a plum 181,108 sq ft site in Simei Road for tender - the fifth under its Design, Build and Sell Scheme (DBSS), which is open to private developers. The 99-year site has a gross floor area of about 380,327 sq ft - enough for 360 homes. Market watchers said developers will be keen on the plot due to its attractive location in a mature, established HDB estate just 10 minutes' walk from Simei MRT station. Knight Frank director of research and consultancy Nicholas Mak said the site, which could have residential blocks going up to 15 storeys, was likely to attract bids from medium-size dev
When doing good may worsen the home crisis 2008-04-08 01:26:00 Business Times - 08 Apr 2008 When doing
good may worsen the home crisis By ROBERT SAMUELSON IN AMERICAN politics, it is imperative to be seen as 'doing good'. The present housing crisis is a case in point, as Congress now seems increasingly intent on aiding millions of homeowners who can't easily pay their mortgages and may face foreclosure. This sort of rescue looks good, even though it is a bad idea and might perversely delay the housing recovery.Estimates of defaults in 2008 run up to two million. If realised, that would be roughly twice the 2006 level and about 2.7 per cent of the nation's 75 million owner-occupied homes. It would be the highest rate since World War II but well below much higher rates during the Great Depression, says economist Kenneth Snowden of the University of Nort
When doing good may worsen the home crisis 2008-04-08 01:26:00 Business Times - 08 Apr 2008 When doing
good may worsen the home crisis By ROBERT SAMUELSON IN AMERICAN politics, it is imperative to be seen as 'doing good'. The present housing crisis is a case in point, as Congress now seems increasingly intent on aiding millions of homeowners who can't easily pay their mortgages and may face foreclosure. This sort of rescue looks good, even though it is a bad idea and might perversely delay the housing recovery.Estimates of defaults in 2008 run up to two million. If realised, that would be roughly twice the 2006 level and about 2.7 per cent of the nation's 75 million owner-occupied homes. It would be the highest rate since World War II but well below much higher rates during the Great Depression, says economist Kenneth Snowden of the University of Nort
Attracting the birds and the bees 2008-04-08 01:26:00 Business Times - 08 Apr 2008 BUILDING GREENAttracting the birds and the bees Singapore's Garden City concept may be extended further to encompass ecosystems that encourage biodiversity, reports MATTHEW PHAN BIODIVERSITY seldom comes to mind when one thinks of the living environment. Yet biodiversity - which refers to the number and variety of organisms in an area - merely extends Singapore's Garden City concept.Originally conceived in 1968, the Garden City vision aimed to soften the harsh concrete landscape of the city, and create a lush, aesthetic environment to make residents and foreign investors alike feel comfortable. Over time, it has evolved into a broad model for managing urban plant and animal life: 9 per cent of Singapore's area is dedicated to park and natural land, with four ga
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