January retail sales rise 7.8% - Singapore
By MATTHEW PHAN
SINGAPORE’S retail sales in January rose 7.8 per cent year on year, the Department of Statistics said yesterday. Points of brisk business: Sales at supermarkets jumped 19.1 per cent in January, while department stores saw a 20.9 per cent year-on-year rise in sales It added that retail sales rose just 1.5 per cent if adjusted for inflation.
This is ‘hardly consistent with booming consumption’, said HSBC economist Robert Prior-Wandesforde.
‘Growing concern about inflation, unevenly distributed income gains and the weakness of the equity market could be other explanations for the softness in spending, although surprisingly soft retail sales has been a feature of the Singapore economy for at least 18 months now,’ he said in a note.
At 7.8 per cent, the January jump was still stronger than the 4.3 per cent and 1.9 per cent falls in real terms seen in November and December 2007 respectively, Mr Prior-Wandesforde noted.
Excluding motor vehicles, retail sales in January were 15.1 per cent higher.
The strongest increases were seen in sales of petrol, food and beverages, and at department stores and supermarkets.
Petrol sales rose 41.1 per cent, though this was clearly due to the effect of prices, as petrol sales rose only 5.5 per cent in real terms, according to the SingStat release.
Department store sales were up 20.9 per cent, an increase HSBC described as ‘huge’, while supermarket sales were up 19.1 per cent.
In real terms, they were up 15.9 per cent and 12.8 per cent respectively.
Food and beverages saw a year-on-year rise in retail sales of 20.5 per cent, or 14.7 per cent after accounting for inflation.
Meanwhile, retail sales in other segments, like motor vehicles and recreational goods, declined.
Motor vehicle sales fell by 5.3 per cent, or by 10.1 per cent in real terms, while sales of recreational goods dipped 1.7 per cent, or 3.9 per cent in real terms.
After adjusting for inflation, sales of jewellery and at provision and sundry shops also dipped slightly.
The good news for the economy is that exports and manufacturing production bounced back very strongly in January, following the distortions of the fourth quarter, and it is ’still realistic to expect a very strong bounce in first-quarter Singapore GDP’, said Mr Prior-Wandesforde.
The Republic could even see a double-digit quarter-on-quarter seasonally adjusted annualised rise in first quarter GDP, he said.Source : Business Times - 15 March 2008
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Showing posts with label Singapore Real Estate News. Show all posts
Showing posts with label Singapore Real Estate News. Show all posts
Sunday, March 16, 2008
Saturday, March 15, 2008
Private fund buys remaining Singapore 53 Grange Infinite units
Private fund buys remaining Singapore 53 Grange Infinite units
Average price for the units, bought for $400m, is said to be $2,600-$2,700 psfBy KALPANA RASHIWALAA PRIVATE fund managed by ARA Asset Management group is believed to have bought the remaining 53 units at Chip Eng Seng’s and Citadel’s Grange Infinite freehold condo project for almost $400 million. Savills Singapore is believed to have brokered the latest bulk deal. The 68-unit condo is now fully sold.
The average price for typical three and four-bedroom units in the transaction is believed to be about $2,900 per square foot (psf).
However, for all 53 units sold under the deal, the average price is said to be slightly lower, at $2,600-$2,700 psf, as the three penthouses and other larger units included in the transaction were priced lower.
This marks a reversal of the previous trend, which set in around late-2006, of bigger units fetching higher psf prices than smaller ones.
‘Now people are more wary and start to get concerned if the overall purchase quantum reaches a very high level, so the tendency is to pay lower psf prices for bigger units,’ a property consultant said.
Another interesting feature of the bulk sale at Grange Infinite is that it is priced lower than individual units sold earlier in the project.
The initial 15 units in the condo fetched a median price of $3,201 psf in September, according to Urban Redevelopment Authority data.
The 15 apartments were sold at prices ranging from $3,025 to $3,299 psf.
This too marks a reversal of what was happening in December, when a Kuwait Finance House (KFH) unit bought 97 apartments at Guocoland’s Goodwood Residence in the Bukit Timah/Scotts Road area for a median price of $3,200 psf - about 25-30 per cent above the $2,500 psf average price that Sui Generis was fetching at nearby Balmoral Crescent at the time.
GuocoLand said this week that KFH is letting the options on that purchase lapse, but added that the two sides are in talks with ‘a view to a grant of fresh options for units in the development’.
A seasoned market watcher said overseas funds, particularly from Europe and Asia, remain interested in bulk purchases in Singapore condo projects - but only at fair valuations, that is, at a discount to the prices at which the units would be sold to individual investors.
‘Right now, such investors are looking for mid to long-term plays. The mood for short-term play is not so positive,’ said the market watcher.
‘Of course, some developers may not want to sell units at a discount, unless sentiment in the market weakens, like now.’
The 36-storey Grange Infinite condo will come up on the former Grange Tower site next to the Indian High Commission.
The property launch scene has generally been quiet lately, as buyers adopt a wait-and-see approach amid US sub-prime jitters in the stock market.
However, some developers have been quietly releasing projects.
Frasers Centrepoint has sold 30 units at its freehold Martin Place Residences in the Kim Yam Road area since mid-January through private previews.
The 30 units were sold at an average price of about $1,800 psf after discounts.
Source : Straits Times - 14 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: http://www.assetomgt.com/
Average price for the units, bought for $400m, is said to be $2,600-$2,700 psfBy KALPANA RASHIWALAA PRIVATE fund managed by ARA Asset Management group is believed to have bought the remaining 53 units at Chip Eng Seng’s and Citadel’s Grange Infinite freehold condo project for almost $400 million. Savills Singapore is believed to have brokered the latest bulk deal. The 68-unit condo is now fully sold.
The average price for typical three and four-bedroom units in the transaction is believed to be about $2,900 per square foot (psf).
However, for all 53 units sold under the deal, the average price is said to be slightly lower, at $2,600-$2,700 psf, as the three penthouses and other larger units included in the transaction were priced lower.
This marks a reversal of the previous trend, which set in around late-2006, of bigger units fetching higher psf prices than smaller ones.
‘Now people are more wary and start to get concerned if the overall purchase quantum reaches a very high level, so the tendency is to pay lower psf prices for bigger units,’ a property consultant said.
Another interesting feature of the bulk sale at Grange Infinite is that it is priced lower than individual units sold earlier in the project.
The initial 15 units in the condo fetched a median price of $3,201 psf in September, according to Urban Redevelopment Authority data.
The 15 apartments were sold at prices ranging from $3,025 to $3,299 psf.
This too marks a reversal of what was happening in December, when a Kuwait Finance House (KFH) unit bought 97 apartments at Guocoland’s Goodwood Residence in the Bukit Timah/Scotts Road area for a median price of $3,200 psf - about 25-30 per cent above the $2,500 psf average price that Sui Generis was fetching at nearby Balmoral Crescent at the time.
GuocoLand said this week that KFH is letting the options on that purchase lapse, but added that the two sides are in talks with ‘a view to a grant of fresh options for units in the development’.
A seasoned market watcher said overseas funds, particularly from Europe and Asia, remain interested in bulk purchases in Singapore condo projects - but only at fair valuations, that is, at a discount to the prices at which the units would be sold to individual investors.
‘Right now, such investors are looking for mid to long-term plays. The mood for short-term play is not so positive,’ said the market watcher.
‘Of course, some developers may not want to sell units at a discount, unless sentiment in the market weakens, like now.’
The 36-storey Grange Infinite condo will come up on the former Grange Tower site next to the Indian High Commission.
The property launch scene has generally been quiet lately, as buyers adopt a wait-and-see approach amid US sub-prime jitters in the stock market.
However, some developers have been quietly releasing projects.
Frasers Centrepoint has sold 30 units at its freehold Martin Place Residences in the Kim Yam Road area since mid-January through private previews.
The 30 units were sold at an average price of about $1,800 psf after discounts.
Source : Straits Times - 14 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: http://www.assetomgt.com/
Friday, March 14, 2008
Some Singapore Gillman Heights owners fight on for their homes
Some Singapore Gillman Heights owners fight on for their homes
22 minority owners in bid to overturn sale; they simply don’t want to move
By Joyce Teo, Property Correspondent
UNITED FRONT: These owners of homes at Gillman Heights showed up in court proudly sporting T-shirts emblazoned with their condo’s name as they remained bent on overturning the collective sale inked last year. — ST PHOTO:
SHAHRIYA YAHAYA A GROUP of owners at Gillman Heights Condominium is fighting hard to stop the $548 million sale of the property, despite reports that hint at a market slowdown.The deal was struck when the market was in full flight in February last year - but now, such deals to sell en bloc have dried up.
The group’s stated reason for opposing the sale? They love their homes.
The owners opposing the sale of the Alexandra Road estate turned up on day one of a High Court appeal yesterday wearing specially-made T-shirts with the condo’s name emblazoned on them.
Said one: ‘We made it for the appeal to show our unity and our love for our home.’
The 22 minority owners are trying to overturn the collective sale of their estate to CapitaLand, Hotel Properties (HPL) and two private funds.
They are appealing on various grounds, including the way the sale process was conducted, how the former HUDC estate’s age was calculated and how the price was achieved.
Three other groups, representing 18 owners, are also in court. One is made up of eight owners from four units who want to know if a supplementary deal to extend the original collective sale agreement is valid. They face legal action from the buyers for alleged breach of contract.
The Strata Titles Board (STB) approved the sale of the 607-unit, 99-year leasehold estate late last year. The sale was inked in February last year at $363 per sq ft (psf) of potential gross floor area.
Owners stand to reap $870,000 to $950,000 per unit - then 40 to 55 per cent above the levels they would have got in an individual sale.
Still, some never wanted to sell. ‘We had no intention to sell,’ said one of the 22 minority owners. ‘The price was never our problem… You can’t find another place like this in Singapore.’
The 46-year-old, who declined to give his name, lives in a 1,880 sq ft unit with his family.
Mr Pang Tee Lian, one of eight owners to sign the first agreement, but not the supplementary one, said: ‘A collective sale means you can get decent proceeds. But it appears to us we would have no choice but to downgrade. And that means moving to a smaller place farther away.’
The 59-year-old did not agree to the supplementary deal as he felt the sale process had not been done properly.
‘The market has quietened down but we don’t just swing with the tide,’ said the general manager of a building facade firm, who also declined to be named. ‘It’s not so much about the money anymore. After this experience, I just want to stay away from collective sales.’
To minority owners, a collective sale is akin to a compulsory acquisition, said Senior Counsel Michael Hwang yesterday. He has been engaged by Tan Chin Hoe & Co to act for the 22 owners.
He argued that before amendments last year to laws governing collective sales, former HUDC estates had not been intended by Parliament to be covered by these laws.
Outside court, a property consultant said the owners may have trouble finding comparable replacement homes, even with the weaker market.
‘Demand for land has weakened, but if you look at individual deals, prices have yet to fall. Owners would be looking at the price they can get and not the price of the land their estate sits on.’
If they sold individually, they would still ‘be able to get the same price or more’.
The hearing continues today.
Source : Straits Times - 14 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
22 minority owners in bid to overturn sale; they simply don’t want to move
By Joyce Teo, Property Correspondent
UNITED FRONT: These owners of homes at Gillman Heights showed up in court proudly sporting T-shirts emblazoned with their condo’s name as they remained bent on overturning the collective sale inked last year. — ST PHOTO:
SHAHRIYA YAHAYA A GROUP of owners at Gillman Heights Condominium is fighting hard to stop the $548 million sale of the property, despite reports that hint at a market slowdown.The deal was struck when the market was in full flight in February last year - but now, such deals to sell en bloc have dried up.
The group’s stated reason for opposing the sale? They love their homes.
The owners opposing the sale of the Alexandra Road estate turned up on day one of a High Court appeal yesterday wearing specially-made T-shirts with the condo’s name emblazoned on them.
Said one: ‘We made it for the appeal to show our unity and our love for our home.’
The 22 minority owners are trying to overturn the collective sale of their estate to CapitaLand, Hotel Properties (HPL) and two private funds.
They are appealing on various grounds, including the way the sale process was conducted, how the former HUDC estate’s age was calculated and how the price was achieved.
Three other groups, representing 18 owners, are also in court. One is made up of eight owners from four units who want to know if a supplementary deal to extend the original collective sale agreement is valid. They face legal action from the buyers for alleged breach of contract.
The Strata Titles Board (STB) approved the sale of the 607-unit, 99-year leasehold estate late last year. The sale was inked in February last year at $363 per sq ft (psf) of potential gross floor area.
Owners stand to reap $870,000 to $950,000 per unit - then 40 to 55 per cent above the levels they would have got in an individual sale.
Still, some never wanted to sell. ‘We had no intention to sell,’ said one of the 22 minority owners. ‘The price was never our problem… You can’t find another place like this in Singapore.’
The 46-year-old, who declined to give his name, lives in a 1,880 sq ft unit with his family.
Mr Pang Tee Lian, one of eight owners to sign the first agreement, but not the supplementary one, said: ‘A collective sale means you can get decent proceeds. But it appears to us we would have no choice but to downgrade. And that means moving to a smaller place farther away.’
The 59-year-old did not agree to the supplementary deal as he felt the sale process had not been done properly.
‘The market has quietened down but we don’t just swing with the tide,’ said the general manager of a building facade firm, who also declined to be named. ‘It’s not so much about the money anymore. After this experience, I just want to stay away from collective sales.’
To minority owners, a collective sale is akin to a compulsory acquisition, said Senior Counsel Michael Hwang yesterday. He has been engaged by Tan Chin Hoe & Co to act for the 22 owners.
He argued that before amendments last year to laws governing collective sales, former HUDC estates had not been intended by Parliament to be covered by these laws.
Outside court, a property consultant said the owners may have trouble finding comparable replacement homes, even with the weaker market.
‘Demand for land has weakened, but if you look at individual deals, prices have yet to fall. Owners would be looking at the price they can get and not the price of the land their estate sits on.’
If they sold individually, they would still ‘be able to get the same price or more’.
The hearing continues today.
Source : Straits Times - 14 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Thursday, March 13, 2008
MacRitchie makeover put on hold after contractor goes bust
MacRitchie makeover put on hold after contractor goes bust
By Melissa Kok
NATURE lovers and fitness buffs who frequent MacRitchie Reservoir for leisure activities may have to wait nine months longer before they can get to enjoy some of the new visitor-friendly facilities promised by PUB and the National Parks Board.
The $5-million MacRitchie spruce-up, the first phase of which was slated for completion this month, came to an abrupt stop when its contractor - Wacon Construction and Trading Private Limited - went bust.
According to Mr Moh Wung Hee, Director, Best Sourcing, PUB, construction work had come to a virtual halt two months ago. Mr Moh said PUB has since terminated its contract with the company as 'it failed to make satisfactory progress on the project'.
The upgrade was supposed to be part of PUB's Active, Beautiful, Clean Waters (ABC) programme to spiff up most of Singapore's reservoirs and rivers.
It was meant to provide MacRitchie with new features such as shower facilities, a specially designated warm-up area and a two-storey carpark that would double the number of lots.
PUB will be calling a new tender this month to find a replacement contractor, and said it aims to complete construction of the carpark by the end of this year.
No details on the targeted completion date for the entire project were given at this time.
When contacted by The Straits Times, Mr Ong Say Kiat, who is the managing director of Wacon Construction, declined to talk about the MacRitchie project. But he blamed rising operation costs as the main reason for his company's financial troubles.
He said: 'My company had to fold because of the price increase in raw materials, especially sand'.
Sighing, Mr Ong added that it was 'a heartache to see the company that he built from scratch' collapse.
He declined to reveal how much debt his company was in, or if there were other projects that were also put on hold. But The Straits Times understands that several companies had already taken legal action against Wacon Construction for slightly over $1 million in monies owed to them this year.
Three other firms are taking Wacon Construction to court for debts amounting to over $83,000.
Back at MacRitchie, some regulars at the nature reserve were disappointed when told of the delay.
Mr Bernd Nordhausen, 46, who jogs at MacRitchie regularly, said he was annoyed as the delay would mean the problem of finding a parking lot, especially on weekends, would have to continue longer than expected.
'A bigger carpark is desperately needed. It's already been about 14 months since the upgrading began, that's just too excessive,' he said.
Another regular jogger, Mr Surinder Singh, 50, said: 'It's a lot of inconvenience, because everyone was looking forward to the facilities, especially the showers and now it's 'Oh! suddenly stop!''.
But Mr Singh added, 'Of course, unforseen circumstances always happen, so hopefully we can expect a quick action from PUB.'
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
By Melissa Kok
NATURE lovers and fitness buffs who frequent MacRitchie Reservoir for leisure activities may have to wait nine months longer before they can get to enjoy some of the new visitor-friendly facilities promised by PUB and the National Parks Board.
The $5-million MacRitchie spruce-up, the first phase of which was slated for completion this month, came to an abrupt stop when its contractor - Wacon Construction and Trading Private Limited - went bust.
According to Mr Moh Wung Hee, Director, Best Sourcing, PUB, construction work had come to a virtual halt two months ago. Mr Moh said PUB has since terminated its contract with the company as 'it failed to make satisfactory progress on the project'.
The upgrade was supposed to be part of PUB's Active, Beautiful, Clean Waters (ABC) programme to spiff up most of Singapore's reservoirs and rivers.
It was meant to provide MacRitchie with new features such as shower facilities, a specially designated warm-up area and a two-storey carpark that would double the number of lots.
PUB will be calling a new tender this month to find a replacement contractor, and said it aims to complete construction of the carpark by the end of this year.
No details on the targeted completion date for the entire project were given at this time.
When contacted by The Straits Times, Mr Ong Say Kiat, who is the managing director of Wacon Construction, declined to talk about the MacRitchie project. But he blamed rising operation costs as the main reason for his company's financial troubles.
He said: 'My company had to fold because of the price increase in raw materials, especially sand'.
Sighing, Mr Ong added that it was 'a heartache to see the company that he built from scratch' collapse.
He declined to reveal how much debt his company was in, or if there were other projects that were also put on hold. But The Straits Times understands that several companies had already taken legal action against Wacon Construction for slightly over $1 million in monies owed to them this year.
Three other firms are taking Wacon Construction to court for debts amounting to over $83,000.
Back at MacRitchie, some regulars at the nature reserve were disappointed when told of the delay.
Mr Bernd Nordhausen, 46, who jogs at MacRitchie regularly, said he was annoyed as the delay would mean the problem of finding a parking lot, especially on weekends, would have to continue longer than expected.
'A bigger carpark is desperately needed. It's already been about 14 months since the upgrading began, that's just too excessive,' he said.
Another regular jogger, Mr Surinder Singh, 50, said: 'It's a lot of inconvenience, because everyone was looking forward to the facilities, especially the showers and now it's 'Oh! suddenly stop!''.
But Mr Singh added, 'Of course, unforseen circumstances always happen, so hopefully we can expect a quick action from PUB.'
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Monday, March 10, 2008
MPs seek steps to prevent 'magic dollars' flat scam
MPs seek steps to prevent 'magic dollars' flat scam
Greater flexibility in HDB loan rules for downgraders may help, say some
By Jessica Cheam
THE emergence of a new scam by HDB flat sellers has prompted calls by some MPs for a review of loan rules for flat downgrading.
Housing agents say sellers who resort to the so-called 'magic dollars' scam often face financial difficulties and may be having a hard time in downgrading to cheaper flats.
Some MPs noted that greater flexibility in downgrading rules could help these people.
Property agents have recently seen an increase in deals where the seller and buyer collude to under-declare the sale price to the Housing Board.
The buyer pays the difference between this and the real price to the seller in cash, often in return for a discount.
These sellers are likely to have bought their homes at the previous market peak, leaving the flat in negative equity, where the mortgage is more than the property's value.
This means that any sales proceeds will go towards repaying the seller's loan and the money taken from the Central Provident Fund (CPF).
This would leave him with no cash in hand.
The scam provides vital extra cash - indirectly from the seller's CPF monies - in a buoyant HDB market with high resale prices.
Some families struggle to fork out the cash amount over and above a flat's valuation.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Greater flexibility in HDB loan rules for downgraders may help, say some
By Jessica Cheam
THE emergence of a new scam by HDB flat sellers has prompted calls by some MPs for a review of loan rules for flat downgrading.
Housing agents say sellers who resort to the so-called 'magic dollars' scam often face financial difficulties and may be having a hard time in downgrading to cheaper flats.
Some MPs noted that greater flexibility in downgrading rules could help these people.
Property agents have recently seen an increase in deals where the seller and buyer collude to under-declare the sale price to the Housing Board.
The buyer pays the difference between this and the real price to the seller in cash, often in return for a discount.
These sellers are likely to have bought their homes at the previous market peak, leaving the flat in negative equity, where the mortgage is more than the property's value.
This means that any sales proceeds will go towards repaying the seller's loan and the money taken from the Central Provident Fund (CPF).
This would leave him with no cash in hand.
The scam provides vital extra cash - indirectly from the seller's CPF monies - in a buoyant HDB market with high resale prices.
Some families struggle to fork out the cash amount over and above a flat's valuation.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Sunday, March 9, 2008
Transformation of Punggol River begins
Transformation of Punggol River begins
$7.13 million project to create reservoir park with man-made island will be ready by 2010
By Tania Tan
WORK to transform the Punggol River into a scenic reservoir park, complete with a man-made island, got off the ground on Sunday.
Prime Minister Lee Hsien Loong, who was at the official opening of the adjoining Anchorvale Community Club in Sengkang, symbolically released the first piece of the floating island - a clump of soil and grass - into the water.
For its design, the $7.13 million project will draw inspiration from a nearby fruit park being developed by the National Parks Board. Its pavilions will be shaped like mangosteens and its benches, like limes.
Work will be completed by 2010.
Punggol River is the first of five sites to be improved this year under the Active Beautiful, Clean (ABC) Waters Programme.
Launched by national water agency PUB in 2006, the $200 million programme is an ambitious island-wide revamp of 28 waterways.
The aim is to rejuvenate Singapore's drainage and water-supply infrastructure, including the canals and reservoirs, and turn it into a scenic network of streams, rivers and lakes where people can enjoy water activities and even commute.
Giving a preview of the projects during the Budget debate last month, Minister for the Environment and Water Resources Yaacob Ibrahim said, for example, that the Lower Seletar Reservoir would sport a heritage bridge, featuring story panels which will tell of the area's kampung history.
Work on the pilot projects of Kolam Ayer and the Bedok and MacRitchie reservoirs is in its final phases and will be unveiled this year.
'With these projects, we hope to bring waterfront living to the heartland, improve the quality of our living environment and enhance property values,' said Dr Yaacob.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
$7.13 million project to create reservoir park with man-made island will be ready by 2010
By Tania Tan
WORK to transform the Punggol River into a scenic reservoir park, complete with a man-made island, got off the ground on Sunday.
Prime Minister Lee Hsien Loong, who was at the official opening of the adjoining Anchorvale Community Club in Sengkang, symbolically released the first piece of the floating island - a clump of soil and grass - into the water.
For its design, the $7.13 million project will draw inspiration from a nearby fruit park being developed by the National Parks Board. Its pavilions will be shaped like mangosteens and its benches, like limes.
Work will be completed by 2010.
Punggol River is the first of five sites to be improved this year under the Active Beautiful, Clean (ABC) Waters Programme.
Launched by national water agency PUB in 2006, the $200 million programme is an ambitious island-wide revamp of 28 waterways.
The aim is to rejuvenate Singapore's drainage and water-supply infrastructure, including the canals and reservoirs, and turn it into a scenic network of streams, rivers and lakes where people can enjoy water activities and even commute.
Giving a preview of the projects during the Budget debate last month, Minister for the Environment and Water Resources Yaacob Ibrahim said, for example, that the Lower Seletar Reservoir would sport a heritage bridge, featuring story panels which will tell of the area's kampung history.
Work on the pilot projects of Kolam Ayer and the Bedok and MacRitchie reservoirs is in its final phases and will be unveiled this year.
'With these projects, we hope to bring waterfront living to the heartland, improve the quality of our living environment and enhance property values,' said Dr Yaacob.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Saturday, March 8, 2008
Former HDB Centre is bustling once more
Former HDB Centre is bustling once more
It is boom time again in Bukit Merah after the former HDB hub, which went a-begging for tenants, is now fully occupied.
BUKIT Merah Town Centre is no longer a ghost town.
Ask Ms Florence Chan who used to park her car at the third level of the multi-storey carpark there.
These days, she can find a vacant lot only at level nine.
The administrator of Covenant Evangelical Free Church, which has its offices in Connection ONE, says it is just one indication that good times have returned to the area.
Come lunchtime, hordes of office workers pour out from the five buildings of Connection ONE, formerly known as the HDB Centre, and head for the eateries nearby.
It is a far cry from the situation two years ago when one third of the 764,000-sq-ft office space sat empty.
It was even worse in 2002. That was when the HDB relocated its headquarters to its current premises in Toa Payoh.
This relocation was a big blow to the food eateries and other retail businesses in Bukit Merah which had profited from the big number of people who visited the HDB Centre daily.
The HDB initially could not find enough tenants to fill up all the space it vacated. Its spun-off building consultancy Surbana Corporation, previously called HDB Corporation, moved back in 2003.
Fast-forward to 2008 and it's a different story.
HDB said the complex was fully let out from September last year. The tenants include hospital groups, private schools, a church group and a betting centre.
The HDB believes the competitive rental rate is one of the factors. 'In fact, we still receive many enquiries for office space,' said a spokesman.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
It is boom time again in Bukit Merah after the former HDB hub, which went a-begging for tenants, is now fully occupied.
BUKIT Merah Town Centre is no longer a ghost town.
Ask Ms Florence Chan who used to park her car at the third level of the multi-storey carpark there.
These days, she can find a vacant lot only at level nine.
The administrator of Covenant Evangelical Free Church, which has its offices in Connection ONE, says it is just one indication that good times have returned to the area.
Come lunchtime, hordes of office workers pour out from the five buildings of Connection ONE, formerly known as the HDB Centre, and head for the eateries nearby.
It is a far cry from the situation two years ago when one third of the 764,000-sq-ft office space sat empty.
It was even worse in 2002. That was when the HDB relocated its headquarters to its current premises in Toa Payoh.
This relocation was a big blow to the food eateries and other retail businesses in Bukit Merah which had profited from the big number of people who visited the HDB Centre daily.
The HDB initially could not find enough tenants to fill up all the space it vacated. Its spun-off building consultancy Surbana Corporation, previously called HDB Corporation, moved back in 2003.
Fast-forward to 2008 and it's a different story.
HDB said the complex was fully let out from September last year. The tenants include hospital groups, private schools, a church group and a betting centre.
The HDB believes the competitive rental rate is one of the factors. 'In fact, we still receive many enquiries for office space,' said a spokesman.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Demand for single office units still going strong in quiet market
Demand for single office units still going strong in quiet market
Investors turn more cautious, but small firms still interested in strata-titled offices
By Fiona Chan, Property Reporter
ALL has turned quiet on the housing front, but some other segments of the property market appear to have escaped that fate.
Still going strong in particular are sales of single office units in larger commercial buildings. Known as strata-titled offices, these properties recorded active demand in the fourth quarter last year, even as home sales were taking a breather.
A healthy 13 transactions of strata offices occurred between October and December, up from only five in the previous quarter, according to data from CB Richard Ellis (CBRE).
Most of the properties were in the city area - Suntec City, Tong Building in Orchard Road, Springleaf Tower in Anson Road - and changed hands at well above $2,000 per sq ft (psf), CBRE said.
Altogether, $750.8 million worth of strata offices were sold in the fourth quarter, bringing the total for last year to $1.7 billion - more than four times the figure for 2006.
Prices also rose solidly throughout the year. At Suntec City Tower 1, a favourite strata-office location, unit prices climbed about 50 per cent from just above $1,500 psf in January to almost $2,400 psf in December - the highest level in two years.
The steady take-up of single units is due largely to the wider boom in Singapore's office market. A shortage of offices, even as expanding businesses push up demand for space, has boosted prices and rents across the board, drawing much interest from investors, said CBRE's executive director of investment properties, Mr Jeremy Lake.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Investors turn more cautious, but small firms still interested in strata-titled offices
By Fiona Chan, Property Reporter
ALL has turned quiet on the housing front, but some other segments of the property market appear to have escaped that fate.
Still going strong in particular are sales of single office units in larger commercial buildings. Known as strata-titled offices, these properties recorded active demand in the fourth quarter last year, even as home sales were taking a breather.
A healthy 13 transactions of strata offices occurred between October and December, up from only five in the previous quarter, according to data from CB Richard Ellis (CBRE).
Most of the properties were in the city area - Suntec City, Tong Building in Orchard Road, Springleaf Tower in Anson Road - and changed hands at well above $2,000 per sq ft (psf), CBRE said.
Altogether, $750.8 million worth of strata offices were sold in the fourth quarter, bringing the total for last year to $1.7 billion - more than four times the figure for 2006.
Prices also rose solidly throughout the year. At Suntec City Tower 1, a favourite strata-office location, unit prices climbed about 50 per cent from just above $1,500 psf in January to almost $2,400 psf in December - the highest level in two years.
The steady take-up of single units is due largely to the wider boom in Singapore's office market. A shortage of offices, even as expanding businesses push up demand for space, has boosted prices and rents across the board, drawing much interest from investors, said CBRE's executive director of investment properties, Mr Jeremy Lake.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
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