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Mr Nic Ang
Real Estate Salesperson | CEA Registration No: R023805A |
ERA Realty Network Pte Ltd | Estate Agent Licence No: L3002382K |
mobile: 98394659
Real Estate Salesperson (RES) Exam Certified
http://www.facebook.com/RealEstateSingapore
last updated 1/1/2011
Savannah CondoPark http://bit.ly/hQqfg9
Simei Rise. 4 + study bedroom. 1453 sqft. High floor. 99 years. Condominium. District 18. Simei MRT. PIE. Selling with tenancy.
Waterbank at Dakota http://bit.ly/gQtHIi
Dakota Crescent (near Old Aiport Road) 2 bedroom. 883 sqft. Condominium. Dakota MRT. District 14. TOP e2014.
Home buyers benefit from higher HDB income limits; over 5,000 households qualify for BTO flats under new criteria bit.ly/yUXTGm
CPF interest rate for Ordinary Account stays at 2.5% dlvr.it/1CFKV4
CapitaMalls Asia reports 42.6% rise in Q4 net profit dlvr.it/1BKF0v
More second-time home buyers opting for EC dlvr.it/1BW6Xk
Some home owners sell their flats without agents to shorten process dlvr.it/1Bq62y
Tai Keng Court up for en-bloc sale dlvr.it/1BqGfF
Two residential sites in Balestier up for collective sale dlvr.it/18JDGS
More green roofs installed in buildings dlvr.it/18JP2Q
Crystal Tower up for en bloc sale again dlvr.it/18VgV0
Freehold development at Cactus Rd up for collective sale dlvr.it/18VgX6
Luxury home prices in Asia expected to slide further dlvr.it/18W18T
Residential property prices down 0.8% in December: NUS index tdy.sg/zV8aia
Households will pay more for gas come February; from 13 to 24 cents more a month for HDB flats tdy.sg/zGuGAF
CEA to refine Estate Agency Work Regulations: Khaw Boon Wan dlvr.it/182TPr
Real estate agencies launch electronic network on property information dlvr.it/zYqmB
SINGAPORE: Eleven real estate agencies have joined hands to launch an electronic network that will provide exclusive property listings and transactions details in real time.
Called the Singapore Real Estate Exchange (SRX), the network enables agents to access up-to-date information like transacted prices and rentals.
The SRX, which was soft-launched in July this year, is already seeing an average of about 300 transactions a day.
Property agents say this will help to raise professionalism in the real estate industry and provide greater transparency.
Commenting on the sidelines of the event, some property agents says the fresh round of measures to cool the property sector will definitely affect home buying interest.
In recent years, several real estate agencies have set up offices or conducted roadshows in China to woo foreign buyers, while others organise tours for Chinese buyers to view properties in Singapore.
They say the new cooling measures introduced will hurt demand in the short term, but the prospects in China are still bright.
Mr Mark Teo, Senior Group Division Director of ERA, said instead of the current 20 percent of foreigners buying property in Singapore, the trend may decline to 10 to 15 percent in the future.
Mr Tan Kok Keong, Research and Consultancy Director of Orange Tee, said: “Our expansion into China is not just a one day affair. We are going into China on a long-term basis, we do not expect to scale back our business. In fact, in times like this it’s an excellent opportunity for us to actually educate buyers.”
REDAS disappointed with property cooling measures dlvr.it/zQVjz
Golden Bridge over Shenton Way given lease extension dlvr.it/z58m4
Planning to buy a condo? Three more private-housing sites made available for sale tdy.sg/sIliLt
SINGAPORE – Three new residential sites for private housing have been released under the Government Land Sales (GLS) Programme.
The sites are at Mount Vernon Road, Jalan Lempeng and the Kovan Road/Simon Road area.
The Urban Redevelopment Authority and the Housing & Development Board said the sites are for sale today, by public tender.
Together, they are expected to yield about 1,830 units, adding to the 14,945 units launched under GLS this year.
The 2.1-hectare land parcel at Mount Vernon Road is near Bartley MRT station and can provide potentially some 785 housing units.
The 2.4-hectare land parcel at Jalan Lempeng is near Clementi Town Centre and can potentially yield about 685 housing units.
Meanwhile, the 1.7-hectare land parcel at Kovan Road/Simon Road in the north east can potentially yield about 360 housing units.
China to keep up property measures as residents face runaway property prices tdy.sg/sQcvIF
BEIJING – Measures introduced to control China’s real estate market are at a “critical stage” and the government should keep the curbs, Chinese Vice-Premier Li Keqiang said, Xinhua reported yesterday just hours before the Organization for Economic Cooperation and Development (OECD) warned that property risks were “overshadowing” the economic outlook of the world’s second-largest economy.
Mr Li, who is in line to replace Mr Wen Jiabao as Premier next year, also called for increased efforts to construct and “fairly distribute” affordable housing to low-income families, Xinhua reported.
Faced with runaway property prices, the Chinese government intensified property measures this year, with limits on mortgages and restrictions on home purchases in about 40 cities, and said it aimed to build 10 million affordable housing units to boost supply.
The measures, combined with rising global economic uncertainty, hit the market hard last month, when China’s home prices fell in 33 of 70 cities monitored by the government, the worst performance this year.
Some brokerages including Barclays Capital and asset managers such as CBRE Global Investors had earlier forecast that falling home prices in cities including Beijing and Shanghai may prompt the government to roll back some of its measures.
But UBS said in a report last Friday: “We expect the government to continue its current purchase and credit restrictions instead of easing them soon, which should constrain property market activity in coming months … The most important factor underlying this outlook is policy.”
UBS expects property prices to drop by 10 to 15 per cent in first-tier cities next year, and by 5 to 10 per cent in other cities.
The Paris-based OECD said in its bi-annual report on China yesterday: “While the exit of small property developers would not pose a problem, the failure of large promoters could put some bank lending at risk, perhaps triggering negative chain reactions. A key risk is an overly quick liquidation of unsold property.”
China’s economy will expand 8.5 per cent next year, down from 9.3 per cent estimated this year, as export growth is pulled down by weak demand and a decline in the nation’s competitiveness, the OECD said. But government housing projects can help to support construction and moderating inflation may allow China to cut interest rates from the middle of next year, the OECD added. China is not a member of the OECD. AGENCIES
CapitaLand, CapitaMalls Asia awarded China site for $1.28 billion fb.me/y0a44AVG
SINGAPORE – Property developers CapitaLand, CapitaMalls Asia said on Tuesday that together with Singbridge Holdings Pte Ltd, they have been awarded a site in Chongqing, China, for the price of S$1.28 billion.
The three companies will develop the site into a mixed development including a shopping mall and eight towers for residential, office, serviced residence and hotel use, with a total gross floor area of 817,000 square metres, CapitaLand said in a statement.
More dust, noise with DTL3 construction dlvr.it/xtL3V
SINGAPORE: More inconvenience can be expected when construction of the Downtown Line 3 (DTL 3) begins Monday compared to when stages 1 and 2 were built.
This is because DTL 3 will run along densely populated areas.
However, the Land Transport Authority (LTA) said it has been keeping those affected well informed ahead of construction works.
When completed in 2017, DTL 3 will boost connectivity from Eastern towns like Bedok and Tampines, to the city.
The alignment runs along many residential and commercial buildings.
LTA project communications manager Ho Kok Khun said: “DTL 3, if you look at the alignment, runs along a densely populated and built-up area, so in this sense, there will be some residential buildings and commercial buildings (which) are in close proximity to the construction site.
“So in terms of the noise and dust, the inconvenience could probably be even greater as compared to DTL 1 & 2.”
As for road diversions, some are already in place.
The one at Kallang Bahru will come into effect at year-end.
Earlier this year, when work on DTL 2 started, calls for greater engagement were raised after residents of Maplewoods condominium brought up concerns.
For DTL3′s Macpherson station, LTA recently dealt with worries from residents over the relocation of a rubbish bin centre, near to a playground.
“Their concern is about the smell from the bin centre, the hygiene of the bin centre affecting the children,” Mr Ho said.
“So after discussing (with them their concerns,) our project team has redesigned the bin centre, making it smaller. We’d plant trees and put barriers, surrounding the bin centre so that children will not run into the bin centre.”
As for DTL 1, those affected by its construction will be relieved to know its nearing completion at 85 per cent.
Upper Cross Street is one area that has been facing road diversions since the construction of DTL 1′s Chinatown station in December 2007, but by the end of the year the hoardings will be removed, and the road reinstated.
Some shops around the area are looking forward to completion to the line.
Chinatown Business Association chairman Wong Chi Keong said: “Most of the stakeholders are aware that this is a short-term disruption but when everything is completed, this would bring more businesses to them.”
Other roads to be reinstated include Telok Ayer Street.
Circle Line extension at Bayfront, Marina Bay to open soon dlvr.it/xyhrf
SINGAPORE: Two new train stations on the Circle Line extension will open on 14 January, boosting connectivity to the downtown Marina Bay area.
Transport Minister Lui Tuck Yew announced this at the ground-breaking ceremony for Downtown Line 3 (DTL 3) on Monday.
He also revealed more measures to ease overcrowding on the North South and East West lines.
The future Expo station along DTL 3 will be located next to the existing Expo station on the East West line, and it’s one of the three interchanges on the DTL 3.
The other two are Macpherson and Tampines stations. The future Tampines station will also connect to the East West line, while Macpherson station will be connected to the Circle Line.
When ready in 2017, DTL 3 will have 16 stations for commuters in the east to shuttle easily, to and from, the Central Business District.
With DTL 3, commuters can expect to enjoy significant time savings of up to 60 per cent.
For example, a train and bus journey from Tampines to Kaki Bukit Industrial Estate can take up to 25 minutes currently, but with DTL 3, this will be reduced to 10 minutes.
As the downtown line takes shape, commuters will soon have access to two new Circle Line stations namely Bayfront and Marina Bay.
These stations will be ready a week before next year’s Lunar New Year.
Five entrances at Bayfront station will link to the Marina Bay Sands Integrated Resort and Gardens by the Bay.
Trains will run at intervals of seven minutes.
Transport Minister Lui said: “We expect ridership to grow gradually to about 400,000 in six to nine months time, as more commuters experience the convenience and connectivity the entire Circle Line brings to our rail network”.
Commuters can also expect more train trips along the existing North South and East West lines.
17 more trains will be added over the next few months in addition to the five trains put in service in May this year.
And from 27 December, the new platform at Jurong East station – currently opened only during morning peak hours, will open during the evening peak hours from 5pm to 8 pm.
“Commuters have been waiting for this. Because they have seen the improvements that opening the new platform brings to the morning peak hours, and they can expect to see greater ease of movement at the station during the evening hours as a result of this change,” Mr Lui said.
Separately, the Land Transport Authority has launched an online version of the mobile application called MyTransport.SG.
The one-stop portal gives users, including cyclists and those with special needs, relevant transport information.
CTE widening between Bukit Timah, Yio Chu Kang Road completed dlvr.it/xzQTk
SINGAPORE: A newly-constructed flyover along the Central Expressway (CTE) towards the city will open from 3am this Saturday.
The Land Transport Authority said another CTE flyover heading towards Seletar Expressway will open from 6am on December 17.
LTA said the pair of flyovers will provide traffic travelling between Pan Island Expressway and CTE with a dedicated access.
It is expected to improve traffic conditions on the CTE.
The LTA also said that the widening of the CTE between Bukit Timah Road and Yio Chu Kang Road to four continuous lanes has been completed.
It said with this, overall traffic capacity along the expressway has increased.
Motorists can look forward to a smoother travel experience and a cut in expected travelling time to the city by up to 15 per cent.
The widening project started in 2008 with the first stretch of CTE between Ang Mo Kio Avenue 1 and Ang Mo Kio Avenue 3. Works to widen the other stretches started from early 2009.
The widened portions of the CTE have been progressively opened to traffic.
Home prices resume upward trend in Oct dlvr.it/y2HhP
SINGAPORE: Prices of private non-landed homes in Singapore resumed their upward trajectory in October, according to figures from the National University of Singapore (NUS).
The NUS Singapore Residential Price Index (SRPI) rose 0.9 per cent from the previous month, after a decline of 0.1 per cent in September.
SRPI is a transactions-based index that tracks the month-on-month price movements of private non-landed residential properties in Singapore.
The SRPI Small Unit index also rose by 0.9 per cent, after a decline of 3.5 per cent in September.
This index tracks the volatile prices of small units measuring 506 square feet or smaller, also known as shoe-box units.
Excluding small units, private non-landed home prices in the central region rose 1.0 per cent in October, a turnaround from the 0.4 per cent fall in September.
In the non-central regions, prices of such properties increased by 0.8 per cent, after rising 0.1 per cent the previous month.
Water seeps into Havelock new residents’ homes dlvr.it/y2fF5
SINGAPORE: Residents who have just moved into the five newly-completed blocks of flats at Havelock Road received a rude shock upon collecting their keys.
Since September, they have been putting up with water seepage problems that have stained the walls and floors of their units.
HDB said it received 44 complaints and rectification works have already been completed.
The only work that’s still ongoing is the painting of the external wall which will be completed by mid-December.
Residents said they were satisfied with HDB’s swift action to rectify the problem but remain concerned should the problem persist.
Residents interviewed had mixed views. One said: “I wonder when the contractor did this project, wasn’t there any quality control? How could this happen?”
While another said: “I don’t feel unlucky. As long as they rectify the problem I’m happy.”
PLC 8 Devt wins tender for Lavender St/Kallang Ave site dlvr.it/y32GW
SINGAPORE: JTC Corporation has awarded the tender for an industrial site at Lavender Street/Kallang Avenue to PLC 8 Development.
The firm submitted the highest bid of S$218.3 million.
The 60-year-lease site is zoned for Business 1-White and has a land area of 28,348 square metres.
The industrial site has a gross plot ratio of 3.0 with a project completion period of 84 months.
It was launched for public tender on 31 August and closed on 27 October, with six bids submitted.
Three cubes a perfect boxed set for rising young couple’s home fb.me/13PJAhDGN
More first-timers successful in latest BTO selection dlvr.it/xfbfJ
SINGAPORE: National Development Minister Khaw Boon Wan has said many first-timers have succeeded in selecting flats under the Build-to-Order (BTO) scheme under the Housing and Development Board’s ramped-up building programme.
He said first-timers’ application rates appear to be within a “promising range”, based on the pattern in the latest batch of Build-to-Order (BTO) flats launched on Thursday.
He said that if this is sustained over the next few days, he is optimistic of helping second-time applicants next year.
Mr Khaw made these points on Friday in his blog on the last batch of BTO flats launched for the year. The BTO selection exercise will end on November 30.
He described the launch of 4,200 new HDB flats as a “bumper crop” that will bring the total for 2011 to 25,200 units.
Excluding studio apartments reserved for seniors, up to 3,600 units are available for selection by newlyweds who are first-time applicants.
Mr Khaw said that with the ramped-up BTO programme, many first-timers have succeeded in selecting their flats.
He said this paves the way for tweaking the BTO balloting rules so that more second-timers can also succeed.
He has asked the HDB to compute the BTO application rates for first-timers and second-timers separately on its InfoWEB site, starting from the current BTO launch.
During the one-week application period for BTO launches, the HDB will regularly update the application rates for each project and flat type.
Mr Khaw said such increased clarity should help home buyers make an informed decision, since the application rates vary among different projects.
Real-time application updates for Housing Board flat buyers bit.ly/rDM6Qt
Home buyers of new Housing Board flats will now be able to get real-time updates on application numbers for Housing Board projects.
For the first time, the numbers provided by Housing Board differentiates between first-time and second-time applicants, allowing these two different group of buyers to gauge more accurately, the success rate for each flat type and project they wish to apply for.
The information – available on the Housing Board’s website www.hdb.gov.sg and updated four times a day – gives the subscription rate for each flat type in each project.
National Development Minister Khaw Boon Wan announced this on his housing blog on Friday night, noting that with Housing Board’s ramped-up supply, ‘many first-timers have succeeded in BTO selection’.
Is it the right time to buy Indian property? Get some insight here. fb.me/SDoajrZo
149 MND officers recognised for contributions dlvr.it/xZr2X
SINGAPORE: One hundred and sixty-six officers from the Ministry of National Development (MND) were recognised for their outstanding performance and contributions.
Some received the awards from National Development Minister Khaw Boon Wan at the Ministry’s National Day Awards ceremony on Friday.
Thirteen of them were presented the Commendation Medal for their exemplary performance and conduct and another 34 were given the Efficiency Medal for exceptional devotion to duty.
The remaining officers received the Long Service Award for at least 25 years of service.
Seventeen received the Public Administration Medal from President Tony Tan Keng Yam at the National Day Investiture on November 20.
Among them was Dr John Keung, who is the CEO of the Building and Construction Authority.
MND said Dr Keung played a key role in shaping measures to transform the construction industry and also spearheaded the formation of the Singapore Green Building Council.
home buyer demand being soaked up by HDB’s sale launches fb.me/1lQ66VWQS
Resale flat supply crunch calls for tweaks fb.me/1gCdSdahf
Share of mainland Chinese buyers of Singapore private homes hits a record high in Q3 bit.ly/vgTef3
THE share of mainland Chinese buyers of private homes among all non-Singaporean buyers hit a record high in the third quarter, as property-cooling measures in China drove home hunters here.
A report by DTZ Research said the Chinese bought 30.6 per cent of the private homes sold to non-Singaporeans between July and September, up from 26.1 per cent in the second quarter.
Singaporeans still made up the majority of buyers, with 64.8 per cent of all private home sales in the third quarter made to locals. But this is a drop from 67.9 per cent in the previous quarter.
Private home sales to all buyers in the third quarter slumped 24.5 per cent from the second quarter to 6,879 units, and were also lower than the average of 8,003 and 9,167 units per quarter in 2009 and 2010, respectively.
New rules will set minimum plot sizes for apartment blocks, restrict number of flats that can be built on certain sites t.co/PkttTxNh
Relief is on the way for residents fed up with the ever-increasing numbers of new flats being crammed into small blocks and adding to congestion and strained amenities.
New rules will set minimum plot sizes for apartment blocks and restrict the number of flats that can be built on certain sites, ensuring that some ground will be free for landscaping or facilities.
The move is in response to a growing clamour from residents about overcrowding, which has worsened in recent years with the popularity of shoebox apartments.
Blocks of flats have even been built on the site of a single landed home.
Extracts from the URA circular
‘Developments are being built on increasingly smaller plots, with some being built on plots previously occupied by one landed house.’
‘There is increased usage of mechanised parking systems… which allows developers to build many more units and yet provide the minimum number of car parking spaces. Such developments include many small shoebox units. These new developments inject a much larger number of housing units in an area than what was planned for.’
HDB’s new BTO could cost up to S$352,000 for a 5-room flat. Is that within your price range? tdy.sg/rqjmIP
SINGAPORE – The Housing and Development Board (HDB) yesterday launched 4,200 new flats in seven Build-To-Order (BTO) projects.
The projects are in Bedok, Bukit Panjang, Hougang, Punggol and Yishun and come after the HDB’s bumper crop of 8,200 new flats offered two months ago.
This round, the new flats on offer range from studio and two-room to five-room flats.
According to the HDB, the selling price of the new flats is between S$75,000 for a studio unit at Fajar Spring and S$352,000 for a five-room unit at both Hougang Dew Court and Hougang Capeview, excluding Government grants.
The applications close on Wednesday and at least 95 per cent of the flat supply – excluding studio apartments – will be set aside for first-timer households.
The latest launch brings the total number of BTO flats offered this year to 25,200.
The HDB said it will continue to offer another 25,000 BTO units next year, with the next BTO launch in January. That will see 3,890 new flats offered for sale in Choa Chu Kang, Punggol, Sengkang and Tampines.
Chestnut Ave residential site attracts 12 bids dlvr.it/xVQ8m
SINGAPORE: The Urban Redevelopment Authority (URA) has closed the tender for a residential site at Chestnut Avenue.
The 1.87-hectare land parcel, which can yield some 380 housing units attracted a total of 12 bids.
SP Setia International submitted the top bid of S$180 million.
The other bids for the 99-year leasehold site ranged between just over S$166 million and S$131 million.
Property consultancy CBRE said the “enthusiastic response of 12 bids reflects developers’ unfaltered confidence in the mass-market housing segment.”
CBRE added that the top bid of S$180 million or S$426 psf/plot ratio will translate to an estimated breakeven cost of S$850 psf to S$900 psf.
URA said a decision on the award of the tender will be made after the bids have been evaluated.
$25k flats available as HDB releases 4,200 new flats today fb.me/17tFwTQE8
The Housing and Development Board (HDB) is launching 4,200 new flats in seven Build-To-Order (BTO) projects today.
Flat prices at the seven BTO projects
Click on thumbnail to view
This comes after it released a bumper crop of 8,200 flats just two months ago.
The new flats are located in Bedok, Bukit Panjang, Hougang, Punggol and Yishun. This brings the total number of BTO flats offered in 2011 to 25,200 units.
The cheapest flats available on offer are two-room units at the Waterway Banks and Waterway Ridges, which are going for $25,000, inclusive of the Additional CPF Housing Grant (AHG) of $40,000 and Special CPF Housing Grant (SHG) of $20,000.
HDB will continue to offer another 25,000 BTO units in 2012. In Jan next year, 3,890 new flats will be offered for sale in Choa Chu Kang, Punggol, Sengkang and Tampines.
Applications for the new flats launched today can be submitted online today until Nov 30.
Housing Board launches another 4,200 new BTO flats, bringing total number offered in 2011 to 25,200 units bit.ly/vOmzyn
The Housing Board on Thursday launched another 4,200 new flats in 7 Build-To-Order (BTO) projects, following its bumper offering of 8,200 flats just two months ago.
This brings the total number of BTO flats offered in 2011 to 25,200 units. The latest launch offers new flats in Bedok, Bukit Panjang, Hougang, Punggol and Yishun.
The Housing Board said they will continue to offer another 25,000 BTO units in 2012. The next BTO launch will be in January next year, with 3,890 flats offered for sale in Choa Chu Kang, Punggol, Sengkang and Tampines.
4,200 new flats launched dlvr.it/xQyM1
SINGAPORE: Another 4,200 new flats in seven Build-to-Order (BTO) projects have been launched on Thursday by the Housing and Development Board (HDB).
This follows its bumper 8,200 new flats offered just two months ago.
The latest launch offers flats in Bedok, Bukit Panjang, Hougang, Punggol and Yishun. They range from studio and 2-room to 5-room flats.
HDB said they will cost from S$75,000 for a studio unit at Fajar Spring to S$352,000 for a 5-room unit at Hougang Dew Court and Hougang Capeview.
The latest offer brings the total number of BTO flats offered this year to 25,200.
HDB said it will continue to offer another 25,000 BTO units next year.
The latest BTO offer comes after a commitment from National Development Minister Khaw Boon Wan in parliament to help newlywed first-timers earning below S$10,000 per month get their first HDB home as soon as possible.
Far East SOHO unveiled today fb.me/DLmGdpf8
Far East Organization (FEO) unveiled its latest brand that champions a new urban lifestyle today.
With its new brand, Far East SOHO, the property firm aims to redefine SOHO-style living in Singapore with a collection of modern, new generation SOHO apartments.
The term SOHO originates from “South of Houston” in New York city in the United States, a location notable for many artists’ lofts and galleries as well as chic, upscale and trendy boutiques.
Mr Chia Boon Kuah, Chief Operating Officer, Property Sales and Executive Director of Far East Organization, said: “We are proud to introduce a new era of SOHO-living, and an integrated lifestyle concept in Singapore where living, leisure, working and connectivity converge in one address.”
At the launch held at the TST show gallery in Scotts Road, the property developer offered a sneak preview of its newest SOHO development, The Scotts Tower. The 31-storey development consists of 231 SOHO apartments and expansive landscaped gardens. It is expected to be completed in 2016.
The Scotts Tower
Click on thumbnail to view
Elaborating on the SOHO concept further, Mr Chng Kiong Huat, Executive Director, Property Services of Far East Organization explained: “We can now work, shop, read, play games, chat and keep in touch with friends, all in one place – on our PCs or mobile devices at home or on the go. Consumers increasingly demand personalization and the ability to express their individuality, yet want to connect and bond with like-minded people. Far East SOHO embraces and empowers this new reality by staying current and creating designs based on the evolution of space.”
Mr Chng, who spoke in the panel discussion together with Mr Chia and FEO’s executive director Mr Lucas Chow, believes the concept will appeal to “new Generation Y buyers who yearn to have their own place and greater personal control, as well as the growing number of work-from-home entrepreneurs and young professionals, tech-savvy consultants, designers, creative minds, independent singles, and young couples”.
These buyers may be attracted to the developments’ floor-to-ceiling heights of at least 3.4 meters, and an array of palette options and a semi-white plan in Singapore’s choice locations.
Previous SOHO developments by FEO include Central, Singapore’s first SOHO development which FEO introduced in 2004, The Tennery at Upper Bukit Timah, and The Cape at Amber Road.
Highly decomposed body found in Pandan Reservoir fb.me/1kQX0Q1no
SINGAPORE – A highly decomposed body of a man was found at Pandan Reservoir this morning, reported the Lianhe Wanbao.
The Singapore Civil Defence Force (SCDF) received a call at about 9.10am informing them that a body had been found in the reservoir.
Officers got to the scene and pronounced the man dead at about 9.17am.
According to the Chinese daily, the man has been identified as a 30-year-old Chinese national.
Based on the state of decomposition, the body is believed to have been undiscovered for several days.
He was found floating face-down by a PUB staff who was conducting checks around the area.
The deceased was wearing an orange coloured T-shirt and jeans.
Police are still investigating the case. Members of the public who have any information that can assist the police should call 1800-2550000.
This is the most recent case in a spate of deaths discovered at Bedok Reservoir.
Six bodies have been recovered since June this year, the last being the body of a Chinese man found on Nov 5.
Car crashes into five houses, one hurt: Malaysia fb.me/124RKHpig
Man locked in his own flat for 26 hours fb.me/1hcvMDn5f
SINGAPORE – A 62-year-old man found himself locked in his own flat yesterday afternoon, when he awoke from his nap and found himself locked in.
The incident occurred at Blk 92, Henderson Road at about 2pm.
The man’s flat was being repossessed by the HDB, as he had failed to pay rent on the one-room unit for four years, reported the Shin Min Daily News.
But HDB officials did not realise that the man, Mr Liao, was at home, when they sealed his home and stuck a notice on his front door.
Helpful neighbours had to pass him food and water after they realised what had happened, as there is no running water nor electricity in his flat.
When reporters arrived, police were already at the scene, speaking to Mr Liao.
HDB officials finally arrived at about 4.30pm to unlock the gate. They told reporters they had knocked on the door several times but received no response.
Neighbours also told them there was no one home, before they proceeded to seal the flat.
HDB says it will review its procesess to prevent the recurrence of such an incident.
Office property market loses appeal as investment: DTZ dlvr.it/xLMnw
SINGAPORE : Singapore’s office property market has lost its appeal as an investment, according to real estate firm DTZ.
DTZ said demand for office space has declined, and the sector is now considered “cold”.
It defines “cold” as property that is more than 5 per cent overpriced, with potential yield below expectations.
“Singapore has traditionally been a volatile market, and our rental outlook has been impacted by the global slowdown, resulting in lower expected returns over the next five years,” DTZ said in a statement.
It also lowered its forecast for rental growth in industrial property to 3.1 per cent over the next five years.
“With key export markets in turmoil, the downside risks facing Asia Pacific industrial remain significant. Trading hubs such as Singapore and Taipei are at particular risk from the likelihood of another recession,” DTZ said.
For all grades of property, DTZ’s Fair Value index, which tracks the relative attractiveness of current pricing, slumped by 17 per cent to 58 index points in the third quarter from the previous period.
However, DTZ noted the markets generally kept their allure for investors in the third quarter, with the index maintaining a level above 50.
It said the majority of markets in Asia Pacific still offer excellent prospects and investors taking a medium- to long-term view can access several high yielding and high growth markets at a discount, relative to pricing elsewhere.
DTZ said investors are set to benefit from stronger rental growth associated with a more positive economic backdrop than in the United States and Europe.
Bedok Residences’ units sell like hotcakes dlvr.it/xLmzn
SINGAPORE: More than half of 583 units at Bedok Residences were sold within seven hours of its launch.
Long queues started forming onsite three days ago.
Agents resorted to hiring teens to stand in proxy for genuine buyers as the developers decided to operate on a “first-come, first-served” basis.
CapitaLand said most buyers rushed in to make their selection without even viewing the showrooms.
A unit costs between S$1,100 to S$1,500 per square foot.
The development is an integrated residential property, with homes located on top of a shopping centre.
While the price of a unit is higher than most properties in the eastern region, buyers said location played a large role in generating their interest.
“It’s in Bedok, I grew up here. It’s also located at Bedok Central, so it’s pretty convenient,” said a potential buyer.
“It’s the location. We have an MRT nearby, a bus terminal, and it’s relatively near to town and the airport,” said another.
Capitol bucks property trend by going big on space fb.me/KlajkpUy
The term shoebox flat is definitely not what one would associate to the upcoming redevelopment of the old Capitol Theatre.
Instead, buyers will expect to see sprawling spaces, with the consortium developing it planning to have 34 luxury, four-bedroom units of 3,000 sq ft – with 12m long balconies.
This goes against the industry trend of developers building increasingly smaller units to be sold at lower price points to keep them affordable.
According to the Straits Times, the consortium of Perennial, Chesham Properties and TOP Property Investment said that prices have yet to be set for the 10-storey residential tower located at the junction of Stamford and North Bridge Roads. It adds that TOP Global had earlier said it was expecting prices to be between $2,500 and $3,000 psf.
This means that at a minimum, a flat here will go for $7.5 million.
Mr Pua Seck Guan, executive chairman of Perennial Real Estate, one of the consortium partners, told the paper that prices will be based on the site’s strategic location as well as the limited number of units.
He says: ‘The views offered are a very rare opportunity… You have a fantastic marina view.’
Apart from the residential tower, the integrated development will also have a four-storey shopping mall, a hotel, and a cinema/theatre in homage to the site’s roots. The mall will have around eight flagship stores, 30 food and beverage outlets, as well as a basement-level link to the City Hall MRT station.
Out-of-control blaze threatens Australian homes fb.me/1tXbwvVsF
Inflation in Oct still above 5% fb.me/1hDWbgNUu
SINGAPORE – The consumer price index (CPI) increased by 5.4 per cent in October 2011, reflecting mainly higher costs of accommodation, private road transport and food.
According to the Department of Statistics, transport rose 10.5 per cent in October, compared with last year, while housing rose 9.9 per cent. Food was 3.5 per cent more expensive.
But the pace of price increases has slowed, with the CPI rising just 0.4 per cent in October, comapared with September.
Inflation is expected to be at 5 per cent for the whole year, said MAS, but should ease next year to between 2.5 per cent and 3.5 per cent.
Most expect HDB flat prices to stabilise fb.me/11hSC3Qq1
THE majority of Singapore buyers believe that Housing Board flat prices will stabilise in one to five years’ time, a survey revealed yesterday, on the back of recent measures like new Build-To-Order flat launches.
Of the 1,000 respondents, 37 per cent believed it would take three to five years for public-housing prices to stabilise. Another 20 per cent believe this will happen in the next one to two years and that the Government is doing a “stellar job”.
But about 40 per cent of all respondents are sceptical that prices will stabilise any time soon, if at all.
Nearly 32 per cent think that prices “will never stabilise” and that more radical measures are needed.
About 11 per cent say prices could stabilise in five to seven years.
A spokesman for online portal iProperty, which conducted the poll from August to earlier this month, said that what the Government does in the next six to 12 months will be “crucial” in winning over the sceptics.
ERA defends ‘messy’ condo queue for Bedok Residences, where some said they were hired to stand in line bit.ly/v2zUvf
The marketing agent for CapitaLand’s Bedok Residences has defended its handling of the sales process that has seen a lengthy queue form at the showflat with apparently little crowd control.
When contacted, Capitaland would only say each person in the queue is assigned a number that entitles him to pick a unit.
Typically, a developer might indicate a preference for how units are to be sold but would leave it to its marketing agent to implement it.
ERA issued its statement on Tuesday as it appeared to have imposed more order, even though sections of the crowd were unruly at times and there was litter all over the site.
Migrants from S-E Asia made up half the new citizens & PRs here over the last 10 years: DPM Teo Chee Hean bit.ly/tslQhe
Migrants from countries in South-east Asia made up half of the new citizens and permanent residents here over the last 10 years, according to figures released on Tuesday by Deputy Prime Minister Teo Chee Hean.
Singapore saw an average of about 13,000 new citizens yearly, of whom 49.4 per cent were from South-east Asia, and 42.1 per cent from other Asian countries.
Over the same period from 2000 to last year, there were on average 48,000 PRs yearly, with 49.2 per cent from South-east Asia, and 44.5 per cent from other parts of Asia.
The minister in charge of the National Population and Talent Division gave the numbers in a written reply to Mr Gan Thiam Poh (Pasir Ris-Punggol GRC).
130,000 persons granted S’pore citizenship over last 10 years dlvr.it/x91rH
SINGAPORE: On average, 13,000 persons were granted Singapore citizenship (SC) annually from the period of 2001 to 2010.
Almost 50 per cent of them came from Southeast Asia, and about 42 per cent originated from other Asian countries.
Singapore citizenship was also granted to applicants from the Americas, Oceania and Europe.
Deputy Prime Minister and Minister for Home Affairs Teo Chee Hean gave these figures in a written reply to Pasir Ris-Punggol GRC MP Gan Thiam Poh.
Mr Teo said 48,000 persons were granted Permanent Residence (PR) status over the same period. Almost 50 per cent were from Southeast Asia and more than 44 per cent came from other Asian countries.
Mr Teo noted that the total numbers of PR and SC granted annually have decreased since 2010, following a tightening of the immigration framework.
MTI to keep close watch on industrial property market dlvr.it/x9kNR
SINGAPORE: The Ministry of Trade and Industry said it will continue to keep a close watch on the industrial property market and will release more land when necessary to ensure a stable and sustainable market.
Trade and Industry minister, Mr Lim Hng Kiang, said this in a written response to a question posed by MP Zaqy Mohamad, Member of Chua Chu Kang GRC.
Mr Zaqy had asked whether the ministry had assessed the real estate investment trust segment which operates industrial properties.
The MTI said that prior to its divestment exercise, the nation’s industrial infrastructure developer JTC Corporation had 4.4 million square metres or 12.8 per cent market share of industrial space, in terms of lettable area.
It sold 1.2 million square metres of this to Mapletree Investments Pte Ltd in 2008 and sold another 0.3 million square metres to Soilbuild Group Holdings Ltd and the other tranche by Mapletree Industrial Trust this year.
The buyers were required to cap the rate of rental escalation at five per cent per annum for three years to ensure business continuity with existing tenants. Tenants of more than 10 years were also extended discounts for continuous tenancy, MTI said.
MTI said that apart from monitoring the industrial property sector together with JTC, it will release more land from the Industrial Government Land Sales programme, it will also look into implementing other measures if needed.
Currently, there are seven industrial REITs in Singapore, and together they own 17 per cent or 6.6 million square metres of the total industrial space here.
Residential project at Capitol Building site to be launched in 2012 dlvr.it/x9kPx
SINGAPORE: A high-end residential project will soon rise at the site of the iconic Capitol Building and Stamford House as it broke ground on Tuesday for a possible launch between March and April 2012.
It is part of a landmark project that will feature residential, hotel, retail and theatre components in the conserved site. Its developer Capitol Investment Holdings said it has awarded the S$338 million contract to Japanese firm Shimizu Corporation for the project.
The project is expected to be completed by the fourth quarter of 2014. Capitol Development said it has secured a 42-month tenure, S$532.0 million syndicated loan facility from an OCBC-led consortium of banks to fund the development.
The residential property will only have 34 units. Meanwhile, the Capitol Theatre will also be conserved and transformed into a theatre with 800 seats.
MND prepared to review Lease Buyback Scheme dlvr.it/x9zx0
SINGAPORE: National Development Minister Khaw Boon Wan said his Ministry is prepared to review the Lease Buyback Scheme to include four- and five-room flats.
This is to help lower-income senior citizens in their retirement years as downgrading may not be viable due to the high cash-over-valuation of three-room flats.
He was responding to a suggestion from MP Zaqy Mohammad in Parliament.
Mr Khaw explained that the Lease Buyback Scheme provided a useful option for elderly lessees of three-room or smaller HDB flats to unlock the value of their flats.
Lessees of four- or five-room flats have wider options as they can sublet their flats or spare rooms, or move to a smaller flat or Studio Apartment.
And those who choose to buy a smaller flat should be able to fully pay for the flat with net proceeds for their retirement needs.
Nevertheless, Mr Khaw said the Ministry will review the Lease Buyback Scheme and consider Mr Zaqy’s suggestion.
Separately in another parliamentary reply, Mr Khaw also advised Singaporeans to be prudent in their property purchases.
He said the current low interest rate will not stay low forever and any global economic recession may also affect their jobs.
There is a wide range of housing options and prospective buyers should think wisely and buy within their budget.
On the other hand, Mr Khaw also stressed that existing HDB owners should refrain from cashing out their flats without thinking through their subsequent housing plans.
Singapore’s unique public housing programme has delivered the world’s highest home-ownership record and with prudence and the right level of expectation, Mr Khaw is confident that almost all Singaporeans can afford their homes.
Agents pay students to queue outside Bedok Residences t.co/UPCOb8Fa
SINGAPORE: The appointed marketing agent for Bedok Residences, ERA, said as many as 500 people have formed a queue outside Bedok Residences since Sunday.
But it said only those above 16 years of age have been queuing overnight, from 11pm to 6am, for the project.
ERA said the people in the queue are paid by agents with potential buyers keen on the project.
The agents themselves are not able to join the queue as they have appointments and other commitments.
Some of them also have more than one customer keen to purchase a unit.
The clients too have work commitments.
ERA said its agents have been informed of Ministry of Manpower (MOM) guidelines on age limits for part-time employment.
But some of those paid to queue may be getting younger replacements – aged 13 to 15 years – to relieve them in the day.
It said students in the queue are there to earn some extra pocket money during the school holidays.
ERA said they will be provided breakfast, lunch and dinner.
It said the developer, CapitaLand, decided on the queue system instead of a balloting system for transparency.
Flat buyers believe govt will cool housing market dlvr.it/x7NZK
SINGAPORE: Nearly 57 percent of home buyers in Singapore believe the government is either on track or will likely exceed expectations to cool the public housing market in five years.
This includes 19.9 per cent who feel prices will stabilise over the next one to two years.
And another nearly 37 per cent who feel three to five years is a fair assessment for public housing prices to stabilise.
The poll was conducted by Singapore property website, iProperty.com.sg, from August to November this year.
It asked 1,033 respondents for their opinions on whether public housing prices will stabilise within the next three to five years as mentioned by Minister for National Development Khaw Boon Wan earlier this year.
Only 31.9 per cent feel prices will never stabilise and more radical measures are needed.
The government launched a series of new Build-to-Order projects in July, September and November, injecting several thousand new units to bring stability to the public housing market.
Access ECP via Nicoll Highway without paying ERP from 2012 t.co/tnCoxb1a
Parliament approves changes to Income Tax Bill t.co/2NGDu9dz
SINGAPORE: Parliament has approved changes to the Income Tax Bill to give legislative effect to tax changes announced in the 2011 Budget statement.
Among the changes is a one-off personal income tax rebate of 20 per cent up to S$2,000 on resident individuals’ income tax assessment in 2011.
And to help companies cope with costs, a one-off corporate income tax rebate of 20 per cent up to S$10,000, or a cash grant of up to S$5,000 for small and medium enterprises.
The Productivity and Innovation Credit (PIC) Scheme has also been enhanced to encourage innovation.
PIC deduction has been raised from 250 per cent to 400 per cent.
This increases the cap on qualifying expenditure from S$300,000 to S$400,000 per activity.
Rochor Centre residents are getting a good deal from their compensation package, analysts say t.co/Y5UIWED7
Residents of Rochor Centre may still be coming to terms with the news that their homes will be acquired, but analysts say they are getting a good deal from their compensation package.
The Housing Board (HDB) will acquire their flats based on market rates, and has assured them that they will be allocated replacement flats at subsidised prices in a new project in Kallang.
If they accept the offer, they will be trading their 34-year-old flats for new units with fresh leases of 99 years.
They could also reap capital gains when they are able to sell the Kallang flats after the minimum occupancy period of five years.
Flexibility exercised in rental subsidies: Khaw Boon Wan dlvr.it/wzSZK
SINGAPORE: In the last two years, about 1,000 tenants of public rental flats have seen their rents reduced, while over 5,000 households have had to pay higher rents.
National Development Minister Khaw Boon Wan explained that these households had their rents increased because they have had salary adjustments, moving them up another rental tier.
Giving an update to MP for Tanjong Pagar GRC Lily Neo in Parliament, Mr Khaw said adjustments are based on changes to the tenants’ income at the time of tenancy renewal, and that those who earn less will receive higher rental subsidies.
Exceptions are made on a case-by-case basis to take into account factors such as financial hardship and family size.
Mr Khaw explained that flexibility is also exercised in deciding who gets a rental flat.
The current income ceiling is S$1,500 a month, which is aimed at the bottom 20 per cent of households.
But those earning more may also qualify.
Mr Khaw said the ministry is looking into imposing higher rents for families which are not ready to go into home ownership yet even though they are not eligible for public rental housing.
Mr Khaw added that it is not uncommon to have households which are earning more than S$1,500 living in rental flats.
Mr Khaw said: “I think the strategic intent must be that wherever feasible, we should try to get them on the road to home ownership rather than permanent rental.”
Those affected by expressway construction to get raised advance payment dlvr.it/wzfpw
SINGAPORE: Residents whose properties will be acquired to make way for the North-South Expressway, will get an increased advance payment, before they hand over the property.
Law Minister K Shanmugam revealed that they will get 40 per cent of the statutory compensation upfront.
This is to help them buy another property.
Twenty-nine terrace houses at Marymount Terrace and six terrace houses at Jalan Kuak will be affected.
Mr Shanmugam told Parliament that affected home owners will also be exempted from the recently implemented 60 per cent Loan-to-Value requirement, if they need to take a loan for the replacement property.
Those who wish to continue to stay on in their properties, before their new home is ready, will get subsidised rental rates for two years.
Mr Shanmugam said land acquisition is not taken lightly and the government recognises the distress and the negative consequences to residents.
He said several residents have accepted the valuation of their properties.
Others who believe that the valuation for their properties should be higher, have exercised their statutory right of appeal.
For them, the Land Acquisition Appeals Board will decide on the quantum of compensation.
“Even with the benefit of these measures, some owners may still face specific hardships due to their own circumstances. Our approach is to look at individual cases to see what further assistance we can give,” said Mr Shanmugam.
The Ascott bags contracts to manage properties in China dlvr.it/x08y0
SINGAPORE: CapitaLand’s serviced residence business unit, The Ascott Limited has won contracts to manage two properties in China.
In a news release, The Ascott said the properties include 186-unit Ascott M-City Foshan which will open in 2016, and the 71-unit Somerset Victoria Park Hongkong in 2013.
At the moment, Ascott owns and operates Citadines Ashley Hongkong in the Tsim Sha Tsui district.
Mr Lim Ming Yan, Ascott’s CEO, said having the new properties in Foshan and Hong Kong will allow the firm to capture the region’s strong demand for quality accommodation from expatriates and travellers.
The new properties will also make The Ascott the largest international serviced residence owner-operator in China where it currently has 7,000 apartment units in 40 properties across 17 cities.
Ascott plans to double its China portfolio to 12,000 apartment units by 2015.
Students help potential buyers queue for Bedok Residences unit dlvr.it/x1KQb
SINGAPORE: Units at a new property launch go on sale on Wednesday and already some 500 people are in the queue.
And about 100 of them are students.
Most of the students said they are helping family or friends queue for a spot in Bedok Residences, a development coming up at Bedok New Town.
Interested buyers must get a queue number, and the students said they are being paid about S$10 an hour to do the job.
Residents in the area said some of them have been there since 10:00 pm on Sunday.
Bedok Residences will have 583 units and is part of a 15-storey integrated development consisting of residential units, a shopping mall and a transportation hub.
The development is by CapitaLand Residential Singapore and CapitaMalls Asia.
TG Development, Master Contract Services win HDB tender dlvr.it/x1Zh4
SINGAPORE: The Housing & Development Board has awarded the tender for the residential site at Yishun Ave 1 and Miltonia Close to joint bidders TG Development and Master Contract Services.
The firms submitted the highest bid of S$138.9 million for the site.
That translates to a land price of about S$3,913 per square metre of gross floor area.
The land parcel has a site area of almost 17,000 square metres and a maximum gross floor area of over 35,000 square metres.
The site was launched for public tender on September 15 and is slated for condominium housing with 355 dwelling units. It has a lease period of 99 years.
Rochor Centre residents appeal for dialogue with HDB, LTA dlvr.it/x1xfY
SINGAPORE: MP for Moulmein-Kallang GRC Denise Phua said in Parliament on Monday that she has received 25 appeals from residents of Rochor Centre to have a dialogue with the authorities over the fate of their homes.
This after the area was slated for the construction of the North South Expressway.
Some 20 residents said they want a dialogue session with the Housing and Development Board and the Land Transport Authority to air their concerns over the land acquisition and subsequent move to Kallang.
The residents have also been busy collecting views on the issue to bring it up to the authorities.
Some are also concerned about the compensation they would receive, as some have recently spent thousands of dollars renovating their homes.
S’poreans can still enjoy quality housing despite population increase dlvr.it/ws5Yn
Punggol Point Walk waterfront destination launched dlvr.it/ws5Yr
Study being done on undersea tunnel to link S’pore & JB fb.me/QLq7ZD41
The Star/Asia News Network
Sunday, Nov 20, 2011
A study is being done on the feasibility of constructing an undersea tunnel to link Singapore and Malaysia.
Iskandar Regional Development Authority chief executive officer Ismail Ibrahim said the tunnel was likely to be about 1km long, slightly shorter than the Causeway.
“By going underwater, there is no need to tear down existing structures above the sea and there will be less disruption to movement between Johor Baru and Singapore,” he told The Star.
The Causeway, which is about 1.056km long, was completed in 1923 and links the city here to Woodlands on the other side of the Straits of Johor. Between 80,000 and 100,000 vehicles use it daily.
Johor and the republic are also connected via the Second Link, a dual three-lane carriageway linking Tanjung Kupang to Tuas in Singapore. The bridge is about 1.9km long.
Ismail said detailed engineering study on the tunnel would be conducted by consultants appointed by both governments.
He said both Malaysia and Singapore had yet to determine the cost of the tunnel, which would not be parallel to the Causeway.
Bukit Brown project ‘can’t wait’, says LTA bit.ly/tJoZ8x
The controversial four-lane dual carriageway through Bukit Brown cemetery is slated to be one of two crucial backbones of a road network that will serve the residential estate to be developed there.
Although this future estate that spans more than 200ha – bigger than Serangoon and slated to have a mix of private and public housing – will be developed only in 30 to 40 years, the new road is necessary today to bring relief to the increasingly congested Lornie Road.
The Land Transport Authority (LTA) said Lornie Road, which forms an outer ring road system designed to allow traffic to bypass the Central Business District, already sees 6,000 to 7,000 vehicles an hour during peak periods.
That is equivalent to the peak load on expressways. And the LTA sees demand rising by 20 per cent to 30 per cent by 2020.
Denise Phua to appeal to HDB on Rochor Centre residents’ compensation dlvr.it/wfGNN
SINGAPORE : Moulmein-Kallang GRC MP Denise Phua has said she will be making an appeal to the Housing and Development Board (HDB) to review the amount of compensation to Rochor Centre residents.
Ms Phua met residents of the four affected HDB blocks which will make way for the North-South Expressway.
Affected residents have been assured of a new flat in Kallang, and many will enjoy some net proceeds.
Some housing agents have since approached residents with offers of S$100,000 over the market value of their units.
The MP urged residents to think twice before selling their flats.
HDB will evaluate the value of each Rochor Centre flat over the next eight months.
Escape Theme Park at Downtown East to close for redevelopment dlvr.it/wmmNL
Rising property prices boost Singapore households’ wealth bit.ly/varnVi
Singapore’s households are at their wealthiest, boosted by rising property prices, a report released by the Monetary Authority of Singapore (MAS) stated on Friday.
Household wealth stood at a record high of $1.471 trillion in the three months to September, up 8.6 per cent from $1.354 trillion in the same period in 2010, said the central bank.
Property made up about 50.2 per cent of the household assets, while cash, Central Provident Fund balances, stocks and shares, as well as insurance, formed the other half of households’ assets.
Companies and banks were also in the pink of health, with good profits, a strong base of funding and healthy balance sheets.
Tiong Bahru draws younger buyers with pre-war flats worth $1m
bit.ly/vUoiok
The days of bargain-buys at Tiong Bahru are long gone – the 1,000 sq ft pre-war flat that cost about $680,000 three years ago would set buyers back about $1 million now.
The astonishing price hikes are being driven by the transformation of the once-sleepy neighbourhood into a popular enclave with the kind of amenities younger buyers seek.
While the area contains a mix of private and public housing, there are 27 blocks of private pre-war homes with conservation status that are especially popular.
Unlike the neighbouring public flats built by the Singapore Improvement Trust, owners of these pre-war conservation apartments aren’t subject to Housing Board rules.
Rising property prices boost Singapore households’ wealth bit.ly/varnVi
Building NS-expressway may hurt property prices fb.me/1dLb4t5uf
Thursday, Nov 17, 2011
AsiaOne
Building of North-South Expressway may hurt property prices
Property prices and rents of properties along the North-South Expressway’s construction route could take a hit during the construction phase.
According to The Straits Times, noise, dust polllution and traffic diversion may affect homes and properties and cause property values to drop by three to five per cent.
This is due to prospective buyers steering clear of the properties.
The impact will depend on the property’s location and whether the nearby portion of the expressway is above or below ground.
Other real estate projects may also face danger.
The Straits Times reported today that the construction could affect an attempt by Novena Ville owners to mount a collective sale.
Industry watchers told the English daily that developers are wary of buying this type of site as they do not like to launch a new project amidst construction chaos or lower prices.
City Developments’ (CDL) Cube 8 and 368 Thomson projects will also lose land from their total land areas.
Real estate watchers who spoke to The Straits Times said owners who wished to sell their properties should adjust their pricing expectations as the inconvenience caused by the building works would need to be factored into the selling price.
Rents could also be hit if potential tenants shy away from homes located close to construction sites.
paullim@sph.com.sg
Air-con comfort at new Clementi bus interchange come Nov 26 fb.me/1bDMniDjX
Rochor flats hot property? dlvr.it/wTCnh
SINGAPORE: Some housing analysts are predicting that HDB flats in Rochor Centre could become hot property now that they have been slated to make way for the North-South Expressway (NSE).
Residents have been offered a relocation package that includes priority for a new flat in Kallang.
This may appeal to those looking for a quicker way of buying into the Kallang area.
Such practices are not uncommon.
Housing analysts said such practices surfaced when the government carried out similar relocation programmes under the Selective En-bloc Redevelopment Scheme, which offered similar compensation packages as those offered to Rochor residents.
But analysts said potential buyers should think twice, as units in Rochor normally cost 10 to 20 per cent more, given their city location.
Lim Yong Hock, senior VP for PropNex, noted that recent resale data showed a three-room unit in the area went for S$470,000, with a cash premium of $50,000.
Tighter rules over the purchase of resale flats should also cause potential buyers to reconsider.
The HDB has suspended sales of Rochor Centre units for a month, to give residents time to consider the relocation package before selling their units.
Industrial Gambas site receives 5 bids dlvr.it/wV952
SINGAPORE: The Urban Redevelopment Authority (URA) has received five bids for the tender of an industrial site at Gambas Avenue / Gambas Crescent.
The top bid for the 21,426.7 square metre (230,635 square foot) site of S$78.17 million was from HLS Development.
The tender for the 60-year leasehold industrial site was launched for tender on 18 October after an unnamed party committed to bid at least S$57 million — or S$99 per square foot per plot ratio — for it.
The site has a maximum GFA of 53,567 sq m (576,595 sq ft).
The top bid represents a unit land price of S$136 psf ppr.
Li Hiaw Ho, executive director at CBRE noted that this is almost four per cent higher than the second-highest bid of S$75.19 million submitted by Elitist Development Pte Ltd and 37.4 per cent higher than the application price.
However, he also noted a nearby 60-year leasehold site along Woodlands Avenue 12 (Parcel 3) was awarded in September 2011 for S$142 psf ppr.
Meanwhile, another site along Woodlands Avenue 12 (Parcel 2) was awarded in June 2011 for S$152 psf ppr.
Mr Li said the top bid for the subject site is 4.2 per cent and 10.5 per cent lower than the price paid for Parcel 3 and Parcel 2 respectively.
“This could be an indication of caution on the part of developers in the face of growing economic uncertainties,” he added.
According to caveats lodged with URA for January to November 2011, eight units in Woodlands BizHub in Woodlands Industrial Park E5 sold for an average price of S$308 psf.
Dark times ahead for S’pore, region after drop in NODX: analysts dlvr.it/wVHwW
Dragon Mansion sold dlvr.it/wV95J
SINGAPORE: The en bloc bid of Dragon Mansion has gone through and has been sold for S$130 million to Spottiswoode Development, a joint venture by Lian Beng Group and Centurion Properties.
The selling price translates to about S$1,093 per square foot per plot ratio (psf ppr) including a 10 per cent bonus gross floor area (GFA) for balconies, said property consulting firm Jones Lang LaSalle.
Each owner of the property located at 14 Spottiswoode Park Road is set to receive S$1.9 million in sales proceeds.
The 38,618 sq ft site currently has an 18-storey residential block with 68 residential units of 123 sq m (1,324 sq ft) each.
Zoned for residential development, the freehold property has a potential GFA of up to 118,943 sq ft including 10 per cent bonus GFA for balconies.
Jones Lang LaSalle said the land cost without the 10 per cent bonus GFA for balconies is approximately S$1,202 psf ppr.
In a stock exchange filing, Lian Beng — which owns 50 per cent of the joint venture — said Spottiswoode plans to redevelop the property, subject to regulatory approvals.
It added it will finance the cost of acquisition through internal funds or bank borrowings.
Expect road diversions near Rochor dlvr.it/wK7gL
Expect road diversions near Rochor
By Hetty Musfirah | Posted: 16 November 2011
Flats at Rochor Centre
Expect road diversions near Rochor
SINGAPORE: Major construction of the southern segment of the North-South Expressway (NSE), not due till 2015, will see some temporary road diversions and relocation of access points to several properties.
The Land Transport Authority (LTA) said such inconveniences will be kept to a minimum.
But those likely to be affected said they hope plans for construction work will be conveyed early.
The 21.5-kilometre NSE will link the northern parts of Singapore to the city centre.
Two full lots and 21 partial lots have been acquired for the southern segment.
Partial acquisition may comprise grass verge, car park lots and foot paths of properties.
Properties affected by partial acquisition include Novena Ville and Novena Gardens along Thomson Road.
The management of Novena Gardens did not want to give an on-camera interview but Channel NewsAsia understands from some staff that the car park area is an area that has been acquired to facilitate the construction of the NSE.
It is understood the car park lots can be full especially during lunchtime.
As such, the acquisition of the car park area could inconvenience restaurants nearby.
Concerns over noise and calls for greater engagement were raised by properties like Nuovo when the northern segment was unveiled in January.
LTA said the study for noise mitigation measures for the entire expressway is ongoing.
Some hope they will be kept well-informed of construction plans for the southern segment.
Novena Ville tenant Wee Toon Ouut said he hopes construction works can be carried out quickly.
“My business depends a lot on the church and the bus stop in front of (of my shop). It’s convenient and if these are taken away like that, then definitely this will have a direct impact on my business,” he said.
LTA said it will update stakeholders on all works, closer to the start of construction.
But engagement has already begun.
Minister for Transport Lui Tuck Yew told Channel NewsAsia he met stakeholders of the Nanyang Pho Leng Building, to explain the need for land acquisition.
Mr Lui said he understands the news of the acquisition can be unsettling, given the deep emotional attachment of members to the place.
He said while the government generally does not give alternative sites to those affected by acquisitions, it will offer fair monetary compensation, pegged to the market value of the property.
He added as their MP, he will help with the purchase and relocation to a new site.
“I went to the association on Monday evening to meet with the chairman, trustees and several appointment holders to personally explain the situation to them,” Mr Lui said.
“I fully understand that the news of the acquisition is very sudden and therefore it would be unsettling to the members of the association, as they have been there for many years and there is deep emotional attachment to the place.
“But I know they do understand why we need to build this expressway, and the benefits that it will bring to everyone.
“While the government generally does not offer alternative sites to those affected by acquisitions, it will offer fair monetary compensation that is pegged to the market value of the property.”
Singapore Land Authority said it will engage the owners of those affected by the acquisition on issues and concerns they may have, from next month.
- CNA/wk
New Clementi bus interchange to benefit 8,500 commuters daily dlvr.it/wPxgf
SINGAPORE: About 8,500 commuters are expected to benefit daily when the new Clementi bus interchange opens on November 26.
The new 8,100 sq metre facility will be the sixth Integrated Transport Hub, where bus interchanges and MRT stations are seamlessly linked with adjoining commercial developments.
It will allow residents to switch between bus and train in air-conditioned comfort.
The Land Transport Authority said more such interchanges will be constructed at Bedok, Bukit Panjang, Hougang Central, Joo Koon, Jurong East, Marina South and Yishun in tandem with redevelopment in the areas.
This is in addition to the existing five at Serangoon, Boon Lay, Toa Payoh, Sengkang and Ang Mo Kio which are fully integrated with the rail stations and adjoining commercial developments.
Mr Chan Kwok Cheong, LTA’s Director for Public Transport Promotion and Services, said: “This is the sixth integrated transport hub, with easy and direct access to the MRT station and shopping malls, commuters can run errands or shop conveniently and in comfort, before transferring to the connecting bus or train.”
- CNA/ac
More success in getting BTO for newlyweds with priority treatment: Khaw Boon Wan ow.ly/7uXhs
Tanglin Shopping Centre to stay after failed en-bloc bid. Will you continue to shop there? ow.ly/7waAc
HDB balloting changes to help 2nd-time new flat buyers dlvr.it/wGWPm
Joint tender call for Johor-Singapore rail on Friday dlvr.it/wGWQh
Coronation Grove up for sale dlvr.it/wJ6HZ
At S$81 million, the land price works out to be S$1,306 per square foot.
CPFIS-included funds fall 10% in Q3 dlvr.it/wJTVt
Don’t cash out flats, Rochor residents urged dlvr.it/wK7dm
Hotel site at Rangoon Road on reserve list dlvr.it/wH5dP
Yishun condominium site gets 8 bidders dlvr.it/w9qsP
S’pore investing heavily in cruise infrastructure dlvr.it/wF9yv
More than 70% newlywed first-timers invited to select flats in July BTO exercise dlvr.it/wFgx1
Expressway construction sparks large acquisition dlvr.it/w77bQ
HDB unveils ‘better living’ roadmap dlvr.it/tLHcc
Parkway Life REIT reports 6.8% rise in DPU in Q3 dlvr.it/tSlYc
S’pore buildings to meet broadband, mobile needs in future dlvr.it/tbMzm
Kitchener Complex to get makeover dlvr.it/tbx6d
