Downward trend may continue for next few quarters, experts predict
HOME prices are starting to fall, as several high-end properties begin to feel the squeeze of retreating buyers.
Sales of Singapore’s most expensive condominiums - all the rage last year - have dwindled to just a trickle this year.
And with plunging sales, prices have also started to dip, although official figures have yet to reflect this trend.
Early signs of the slide lie in the handful of caveats filed involving many luxury projects in the first quarter. These showed prices fell from the previous quarter, in some cases by up to 20 per cent.
In Districts 9 to 11, Singapore’s creme de la creme of residential locations covering Orchard, Holland and Bukit Timah, average prices have fallen by about 30 per cent since the beginning of the year, according to caveats.
They dropped to an average of $1,564 per sq ft (psf) between January and March from $2,023 psf in the preceding three months.
In luxury island enclave Sentosa Cove, almost all condos posted drops in average psf prices, ranging from 2 per cent for the Marina Collection to 23 per cent for The Azure.
Property experts say this could be because luxury home buyers are now selecting only the most competitively priced properties.
‘Market activity is very slow now, so any transactions that do take place are likely to be from people who have found attractive buys,’ said Mrs Ong Choon Fah, the executive director at property firm DTZ Debenham Tie Leung.
She said high-end properties in the traditional prime districts were more dependent on investor buying, so they could be more affected by the current global credit crunch and weaker sentiment.
‘A lot of people who bought luxury homes are also ’specuvestors’, so they may be happy making just a small profit and selling quickly,’ Mrs Ong explained.
The Government estimated last week that private home prices continued to climb in the first three months of the year, albeit at a slower pace. They rose 4.2 per cent, down from 6.8 per cent in the previous three months.
In the priciest segment, the core central region, the price gain dropped to 4.4 per cent from 7.5 per cent in the previous quarter. This region covers Districts 9 to 11, the Marina Bay area and Sentosa.
Anecdotal evidence from property insiders and caveats lodged, however, showed that prices at many projects fell rather than rose this year. At Scotts Square in Scotts Road, only two units have been sold so far this year - at an average price of $3,700 psf, down from $4,000 psf for 42 units in last year’s fourth quarter.
Similarly, at The Oceanfront @ Sentosa Cove, the most recent deals were in February, where three units were sold at $1,720 to $1,751 psf. Just six months before that, 15 units were sold at an average price of $2,480 psf.
Other high-profile, pricey condos, such as the Marina Bay Residences and The Marq on Paterson Hill, have yet to see a single caveat lodged this year.
But the story is not all bad. The Orchard Residences, which holds the title of Singapore’s most expensive condo, has sold only one unit this year - but at $4,700 psf, higher than most of its other sales.
Other older condos in areas such as Cavenagh or Balmoral may also be trading at higher prices from their previously low base, pushing up the overall prices for the whole district, suggested Mr Ku Swee Yong, director of marketing and business development at Savills Singapore.
But he said the price index for high-end homes may be under pressure in the next two quarters, now that ‘everyone wants a bargain’.
‘You only need developers to start giving discounts or people starting to buy lower-
floor units instead of penthouses. That will push the index down and put pressure on prices.’
Source : Straits Times - 9 Apr 2008
Showing posts with label luxury property. Show all posts
Showing posts with label luxury property. Show all posts
Wednesday, April 09, 2008
Thursday, April 03, 2008
Parc Centennial
Location: 100 Kampong Java Road (District 11)Tenure: Freehold
Expected Completion: Dec 2011
Total Units: 51 units in a single 19 storey residential block
Unit Types:
1+study ~ 1345sqft
2 bedroom ~ 1098-1163sqft
2+study ~ 1249sqft
3 bedroom ~ 1550-1572sqft
Penthouse ~ 2486sqft (3 br) & 2885sqft (4 br)
Preview soon. Email lushhome@gmail.com for information or special invitation.
Saturday, March 29, 2008
Ritz-Carlton Residences: Putting on the Ritz
Luxury living goes up a notch with personal housekeeping and sommelier services at the first Ritz-Carlton Residences in Singapore.
THE first Ritz-Carlton Residences in Singapore - and Asia - is sparing no expense to make its residents feel right at home.
The 36-storey luxury residence in Cairnhill Road, which has 58 residential units, will feature three recreation sky terraces. Spanning over 5,000 sq ft each, the one on the fourth level will have a 34m-long lap pool, hydro pool, gym, yoga space and spa facilities.
There will also be a reading room and a cafe with billiard tables on the 14th floor. With a gourmet kitchen and a wine cellar on the 24th floor, a team of service staff can also help residents organise private parties for up to 20 people.
The project is a partnership between The Ritz-Carlton and Hayden Properties , which is a joint venture between real estate firm KOP Capital and Emirates Tarian Capital.
Prices for each 2,800 sq ft three-bedroom unit start from $11.5 million, while the 3,057 sq ft four-bedroom ones go from $15.5 million, says Hayden’s managing director Ong Chih Ching.
The junior penthouses, which are more than 3,500 sq ft, cost from $18 million. The project is expected to be completed in 2010.
At the launch last December, the development achieved a record price of $5,146 per sq ft (psf) or over $15 million for a four-bedroom unit. That month, it also sold four other units from $5,053 psf upwards.
But sales have slowed down since. Last month, only a three-bedroom unit was sold at $4,140 psf, which is about $11.6 million, and none in January.
The market is expected to remain lacklustre given the snowballing global financial crisis originating from the United States, say property experts.
Property developers in Singapore say they sold only 185 new units in February, down from the 328 sold in January.
So far, 30 per cent of the The Ritz-Carlton Residences’ apartments have been snapped up. Currently, more than 50 per cent of the buyers are from Russia, Indonesia, Japan, Korea and the Middle East. A few also intend to lease out their units, says Ms Ong.
Monthly rentals at The Ritz-Carlton Residences could fetch more than $25,000 for the four-bedroom units. Already, a 2,885 sq ft four-bedroom unit at the nearby Ardmore Park, which is located off Draycott Drive, is going for $22,000 a month.
However, all this luxury does come at a price. At The Ritz-Carlton Residences, residents have to pay a $2,500 monthly fee, which will include a 24-hour concierge service, housekeeping and sommelier service.
Source : Business Times - 29 Mar 2008
THE first Ritz-Carlton Residences in Singapore - and Asia - is sparing no expense to make its residents feel right at home.
The 36-storey luxury residence in Cairnhill Road, which has 58 residential units, will feature three recreation sky terraces. Spanning over 5,000 sq ft each, the one on the fourth level will have a 34m-long lap pool, hydro pool, gym, yoga space and spa facilities.
There will also be a reading room and a cafe with billiard tables on the 14th floor. With a gourmet kitchen and a wine cellar on the 24th floor, a team of service staff can also help residents organise private parties for up to 20 people.
The project is a partnership between The Ritz-Carlton and Hayden Properties , which is a joint venture between real estate firm KOP Capital and Emirates Tarian Capital.
Prices for each 2,800 sq ft three-bedroom unit start from $11.5 million, while the 3,057 sq ft four-bedroom ones go from $15.5 million, says Hayden’s managing director Ong Chih Ching.
The junior penthouses, which are more than 3,500 sq ft, cost from $18 million. The project is expected to be completed in 2010.
At the launch last December, the development achieved a record price of $5,146 per sq ft (psf) or over $15 million for a four-bedroom unit. That month, it also sold four other units from $5,053 psf upwards.
But sales have slowed down since. Last month, only a three-bedroom unit was sold at $4,140 psf, which is about $11.6 million, and none in January.
The market is expected to remain lacklustre given the snowballing global financial crisis originating from the United States, say property experts.
Property developers in Singapore say they sold only 185 new units in February, down from the 328 sold in January.
So far, 30 per cent of the The Ritz-Carlton Residences’ apartments have been snapped up. Currently, more than 50 per cent of the buyers are from Russia, Indonesia, Japan, Korea and the Middle East. A few also intend to lease out their units, says Ms Ong.
Monthly rentals at The Ritz-Carlton Residences could fetch more than $25,000 for the four-bedroom units. Already, a 2,885 sq ft four-bedroom unit at the nearby Ardmore Park, which is located off Draycott Drive, is going for $22,000 a month.
However, all this luxury does come at a price. At The Ritz-Carlton Residences, residents have to pay a $2,500 monthly fee, which will include a 24-hour concierge service, housekeeping and sommelier service.
Source : Business Times - 29 Mar 2008
Thursday, March 27, 2008
Luxury home prices to fall 32% by 2010: Nomura
It says sector has risen too fast relative to rental expectations.
TAKING a bearish stance on Singapore’s residential sector, Nomura Research expects luxury home prices to slide a staggering 32.3 per cent from their 2007 peak between now and 2010.
Average prices in the luxury segment will fall 16.9 per cent in 2008, 10.3 per cent in 2009 and 9.3 per cent in 2010 as rental growth slows and yields are reappraised, Nomura says in a report.
Luxury residential prices have risen too fast relative to rental expectations, the report says.
‘Sentiment in the market has deteriorated rapidly - asset prices look to have fallen by about 5 per cent over the first two months of the year, with falls of up to 15 per cent in some non-prime locations,’ Nomura analysts Tony Darwell and Daniel Raats say.
‘We see asset prices being driven lower by marginal speculative sellers amid low transaction volumes and higher unsold pre-sale inventories.’
These factors will add up to a major correction - but not a crash - with a 2010 average price of $1,847 per square foot, marginally higher than $1,811 psf in the 1996 peak and 22.4 per cent above the 2001 peak of $1,508 psf. The mass market will not be immune from falling prices amid rising new supply, Nomura believes. ‘Mass residential prices appear on a firmer footing, supported by rental growth and prevailing yields,’ its analysts say.
‘However, the advent of new supply and the resultant increase in rental availability in prime locations is likely to see demand that was once displaced to ‘non-core mass market’ locations returning to prime districts, hurting non-core rents and ultimately mass market prices.’
As a result, mass residential prices will remain flat in 2008, climbing just 0.5 per cent, Nomura believes. And as new supply is completed in the prime districts, it expects prices to fall 10.3 per cent in 2009 and 10.1 per cent in 2010 - a total fall of some 19.4 per cent from the 2008 peak.
In view of this, the firm is maintaining its bearish stance on Singapore residential property and says the market will move swiftly from a ’state of denial’ to the realities on the ground.
Residential rents are likely to remain firm in the short term, given the low vacancy rate, Nomura reckons. But rising new supply is likely to cap rental gains from the second half of this year. Nomura forecasts that the vacancy rate will rise from 5.7 per cent at end-2007 to 8.2 per cent at end-2010.
Average rents are expected to peak in 2008, rising five per cent year-on-year to $3.64 psf per month, after rises of 14.1 per cent year-on-year in 2006 and 41.2 per cent year-on-year in 2007, Nomura says. But with supply on the rise, rents will ease 10.3 per cent year-on-year in 2009 and 15.7 per cent year-on-year in 2010.
Source : Business Times - 27 Mar 2008
TAKING a bearish stance on Singapore’s residential sector, Nomura Research expects luxury home prices to slide a staggering 32.3 per cent from their 2007 peak between now and 2010.
Average prices in the luxury segment will fall 16.9 per cent in 2008, 10.3 per cent in 2009 and 9.3 per cent in 2010 as rental growth slows and yields are reappraised, Nomura says in a report.
Luxury residential prices have risen too fast relative to rental expectations, the report says.
‘Sentiment in the market has deteriorated rapidly - asset prices look to have fallen by about 5 per cent over the first two months of the year, with falls of up to 15 per cent in some non-prime locations,’ Nomura analysts Tony Darwell and Daniel Raats say.
‘We see asset prices being driven lower by marginal speculative sellers amid low transaction volumes and higher unsold pre-sale inventories.’
These factors will add up to a major correction - but not a crash - with a 2010 average price of $1,847 per square foot, marginally higher than $1,811 psf in the 1996 peak and 22.4 per cent above the 2001 peak of $1,508 psf. The mass market will not be immune from falling prices amid rising new supply, Nomura believes. ‘Mass residential prices appear on a firmer footing, supported by rental growth and prevailing yields,’ its analysts say.
‘However, the advent of new supply and the resultant increase in rental availability in prime locations is likely to see demand that was once displaced to ‘non-core mass market’ locations returning to prime districts, hurting non-core rents and ultimately mass market prices.’
As a result, mass residential prices will remain flat in 2008, climbing just 0.5 per cent, Nomura believes. And as new supply is completed in the prime districts, it expects prices to fall 10.3 per cent in 2009 and 10.1 per cent in 2010 - a total fall of some 19.4 per cent from the 2008 peak.
In view of this, the firm is maintaining its bearish stance on Singapore residential property and says the market will move swiftly from a ’state of denial’ to the realities on the ground.
Residential rents are likely to remain firm in the short term, given the low vacancy rate, Nomura reckons. But rising new supply is likely to cap rental gains from the second half of this year. Nomura forecasts that the vacancy rate will rise from 5.7 per cent at end-2007 to 8.2 per cent at end-2010.
Average rents are expected to peak in 2008, rising five per cent year-on-year to $3.64 psf per month, after rises of 14.1 per cent year-on-year in 2006 and 41.2 per cent year-on-year in 2007, Nomura says. But with supply on the rise, rents will ease 10.3 per cent year-on-year in 2009 and 15.7 per cent year-on-year in 2010.
Source : Business Times - 27 Mar 2008
Sunday, March 23, 2008
Kuwaiti firm still in talks over mega deal
A MAJOR $818.4 million residential property deal that fell through recently could be revived.
The potential buyer, Kuwait Finance House (KFH), said last week it was still in talks to buy the 97 units at GuocoLand’s freehold Goodwood Residence.
KFH said it had a positive view of the outlook for Singapore’s property market.
A fund to be managed by the Islamic investment bank had agreed on the deal last December.
However, KFH did not exercise its purchase options, which lapsed, GuocoLand said on March 10. It also said the parties were in talks ‘with a view to a grant of fresh options for units in the development’.
Last week, KFH said it was still in talks with GuocoLand with respect to the ‘terms of the purchase’, which are being reviewed by both parties. Industry sources had speculated that KFH wanted out as the price was too high.
KFH had done the deal at a median price of $3,200 per sq ft (psf), when nearby projects in the Bukit Timah/Newton Circus area were going for an average price of $2,500 psf or below.
KFH said it was upbeat about Singapore, given the Republic’s status as a financial hub, the integrated resorts and the introduction of events such as Formula One.
‘The current cautious sentiment driven by external factors will abate in due time and, as a global city, Singapore will remain an investment destination for international real estate investors,’ KFH said.
Source : Straits Times - 24 Mar 2008
The potential buyer, Kuwait Finance House (KFH), said last week it was still in talks to buy the 97 units at GuocoLand’s freehold Goodwood Residence.
KFH said it had a positive view of the outlook for Singapore’s property market.
A fund to be managed by the Islamic investment bank had agreed on the deal last December.
However, KFH did not exercise its purchase options, which lapsed, GuocoLand said on March 10. It also said the parties were in talks ‘with a view to a grant of fresh options for units in the development’.
Last week, KFH said it was still in talks with GuocoLand with respect to the ‘terms of the purchase’, which are being reviewed by both parties. Industry sources had speculated that KFH wanted out as the price was too high.
KFH had done the deal at a median price of $3,200 per sq ft (psf), when nearby projects in the Bukit Timah/Newton Circus area were going for an average price of $2,500 psf or below.
KFH said it was upbeat about Singapore, given the Republic’s status as a financial hub, the integrated resorts and the introduction of events such as Formula One.
‘The current cautious sentiment driven by external factors will abate in due time and, as a global city, Singapore will remain an investment destination for international real estate investors,’ KFH said.
Source : Straits Times - 24 Mar 2008
Sunday, March 16, 2008
The Hamilton: Upcoming condo equipped with garage in the sky
PARKING the car is set to reach a whole new level - with a high-rise condominium where every apartment comes with its own private garage in the sky.
The Hamilton, coming up at 37 Scotts Road on the former site of Hotel Asia, will make this fantasy come true.
Residents of the 30-storey tower will be able to drive their vehicle into a special glass elevator that will lift the vehicle from the ground floor to their 'porch' on the same level as their living rooms.
The 56-unit development has not been launched yet. But when built, it will become the first residential high-rise in Singapore, and only the third in the world after developments in New York and Dubai, to have this vroom-with-a-view parking feature.
Ms Leny Suparman, director of developer Hayden Properties, said the feature offers 'a unique way of living in a condominium yet with the advantages of a landed property'.
Motorists here have already become familiar with high-tech 'stack' parking, though it is not quite the seamless elevator ride The Hamilton promises.
At the Chinatown nightlife hub Club Street, the first fully mechanised public carpark was launched last month.
And MacDonald House in Orchard Road has had an elevator take vehicles to its carpark on the second and third levels after its refurbishment in June 2005.
Owning a unit at The Hamilton, complete with its own private parking bay, will not come cheap.
Hayden Properties is unable to give any price indication for its units - averaging 3,000 sq ft in size.
But according to the Urban Redevelopment Authority's website, apartments in the vicinity have been going for around $4,000 per sq ft.
At The Hamilton, that could work out to about $12 million a unit.
In land-scarce Singapore, mechanised parking systems may seem the way to go, taking up less space than conventional parking lots.
Source : Sunday Times - 16 Mar 2008
The Hamilton, coming up at 37 Scotts Road on the former site of Hotel Asia, will make this fantasy come true.Residents of the 30-storey tower will be able to drive their vehicle into a special glass elevator that will lift the vehicle from the ground floor to their 'porch' on the same level as their living rooms.
The 56-unit development has not been launched yet. But when built, it will become the first residential high-rise in Singapore, and only the third in the world after developments in New York and Dubai, to have this vroom-with-a-view parking feature.
Ms Leny Suparman, director of developer Hayden Properties, said the feature offers 'a unique way of living in a condominium yet with the advantages of a landed property'.
Motorists here have already become familiar with high-tech 'stack' parking, though it is not quite the seamless elevator ride The Hamilton promises.
At the Chinatown nightlife hub Club Street, the first fully mechanised public carpark was launched last month.
And MacDonald House in Orchard Road has had an elevator take vehicles to its carpark on the second and third levels after its refurbishment in June 2005.
Owning a unit at The Hamilton, complete with its own private parking bay, will not come cheap.
Hayden Properties is unable to give any price indication for its units - averaging 3,000 sq ft in size.
But according to the Urban Redevelopment Authority's website, apartments in the vicinity have been going for around $4,000 per sq ft.
At The Hamilton, that could work out to about $12 million a unit.
In land-scarce Singapore, mechanised parking systems may seem the way to go, taking up less space than conventional parking lots.
Source : Sunday Times - 16 Mar 2008
Thursday, March 13, 2008
Private fund buys remaining 53 Grange Infinite units
Average price for the units, bought for $400m, is said to be $2,600-$2,700 psf
A 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 : Business Times - 14 Mar 2008
A 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 : Business Times - 14 Mar 2008
Monday, March 10, 2008
Kuwait fund pulls out of bulk purchase of high-end homes
It allows options for 97 condo units at Goodwood Residence to lapse.
A KUWAIT bank fund that agreed in December to buy 97 units at posh Goodwood Residence for $818.4 million has let the purchase option lapse.
Kuwait Finance House has given no reason for the move, which could result in the firm having to pay developer GuocoLand multimillion-dollar penalties.
It could also be the first time a foreign institutional investor in Singapore has pulled out of such a deal, raising concerns that the property market, already hit by weaker sentiment, may be heading into a downturn.
‘While the current market is cautiously optimistic, news of such a pullout might cause it to turn more cautious,’ said Cushman and Wakefield managing director Donald Han.
GuocoLand did not provide a direct reason for the lapse but said in a statement yesterday that the private residential market in Singapore appears cautious.
The developer also said it is in talks with Kuwait Finance House, an Islamic investment bank, with ‘a view to a grant of fresh options for units in the development’.
The firm declined to comment further, citing ongoing talks. Kuwait Finance House also declined comment for the same reason.
Kuwait Finance House’s huge deal was for 97 four-bedders ranging from 2,500 sq ft to 3,900 sq ft at the former Casa Rosita site in Bukit Timah Road, near Newton Circus.
The condo has 210 freehold units on a large 24,845 sq m site fronting Goodwood Hill. The Kuwait fund’s purchase would have been the single-largest purchase of residential units under construction in Singapore.
Kuwait Finance House had agreed to buy the units at a median price of $3,200 per sq ft (psf), which would have set price benchmarks for the area. Industry sources said the price was way too high, considering that bulk purchases typically come with a discount.
‘If it were to have bought at an average of, say, $2,700 psf last December, it would still be a record for the Newton Circus area,’ said an industry source who declined to be named.
‘If it had held on for 15 to 20 years and leased the units for up to a 5 per cent yield, it may have been able to justify the deal. But if it had wanted to buy and sell, why didn’t it bargain for a rock-bottom price as the property had not been launched?’
It is believed that Kuwait Finance House was keen on flipping the units as they were marketed in Dubai recently, but the sale campaign was unsuccessful.
Another industry source, who declined to be named, said: ‘The pullout may be due to the terms of the deal. The buyer could have realised that it had bought at a higher-than-expected price, had problems flipping the units and wanted to cut its losses.
‘It could also reflect the current market and the possibility that the property market may stagnate in the next two to three years.’
The stale market appeared to have led GuocoLand to put off the launch of Goodwood Residence, scheduled initially for the first quarter.
Many developers are following suit, delaying launches until keen interest returns to the sector, which is in the doldrums with buyers and sellers staying on the sidelines.
A GuocoLand spokesman said: ‘We would be tapping selected overseas markets when we decide to launch Goodwood Residence at a later date.’
It added in its statement that the expiry of the options will not have any material financial effect on its net tangible assets per share or earnings per share for the financial year ending June 30.
Opting out
Kuwait Finance House’s $818.4 million deal was for 97 four-bedders ranging from 2,500 sq ft to 3,900 sq ft at the former Casa Rosita site in Bukit Timah Road, near Newton Circus.
It had agreed to buy the units at a median price of $3,200 psf, which would have set price benchmarks for the area. Sources say the price was too high, considering that bulk purchases typically come with discounts.
It is believed that Kuwait Finance House was keen on flipping the units as they were marketed in Dubai recently, but the sale campaign was unsuccessful.
Source : Straits Times - 11 Mar 2008
A KUWAIT bank fund that agreed in December to buy 97 units at posh Goodwood Residence for $818.4 million has let the purchase option lapse.
Kuwait Finance House has given no reason for the move, which could result in the firm having to pay developer GuocoLand multimillion-dollar penalties.
It could also be the first time a foreign institutional investor in Singapore has pulled out of such a deal, raising concerns that the property market, already hit by weaker sentiment, may be heading into a downturn.
‘While the current market is cautiously optimistic, news of such a pullout might cause it to turn more cautious,’ said Cushman and Wakefield managing director Donald Han.
GuocoLand did not provide a direct reason for the lapse but said in a statement yesterday that the private residential market in Singapore appears cautious.
The developer also said it is in talks with Kuwait Finance House, an Islamic investment bank, with ‘a view to a grant of fresh options for units in the development’.
The firm declined to comment further, citing ongoing talks. Kuwait Finance House also declined comment for the same reason.
Kuwait Finance House’s huge deal was for 97 four-bedders ranging from 2,500 sq ft to 3,900 sq ft at the former Casa Rosita site in Bukit Timah Road, near Newton Circus.
The condo has 210 freehold units on a large 24,845 sq m site fronting Goodwood Hill. The Kuwait fund’s purchase would have been the single-largest purchase of residential units under construction in Singapore.
Kuwait Finance House had agreed to buy the units at a median price of $3,200 per sq ft (psf), which would have set price benchmarks for the area. Industry sources said the price was way too high, considering that bulk purchases typically come with a discount.
‘If it were to have bought at an average of, say, $2,700 psf last December, it would still be a record for the Newton Circus area,’ said an industry source who declined to be named.
‘If it had held on for 15 to 20 years and leased the units for up to a 5 per cent yield, it may have been able to justify the deal. But if it had wanted to buy and sell, why didn’t it bargain for a rock-bottom price as the property had not been launched?’
It is believed that Kuwait Finance House was keen on flipping the units as they were marketed in Dubai recently, but the sale campaign was unsuccessful.
Another industry source, who declined to be named, said: ‘The pullout may be due to the terms of the deal. The buyer could have realised that it had bought at a higher-than-expected price, had problems flipping the units and wanted to cut its losses.
‘It could also reflect the current market and the possibility that the property market may stagnate in the next two to three years.’
The stale market appeared to have led GuocoLand to put off the launch of Goodwood Residence, scheduled initially for the first quarter.
Many developers are following suit, delaying launches until keen interest returns to the sector, which is in the doldrums with buyers and sellers staying on the sidelines.
A GuocoLand spokesman said: ‘We would be tapping selected overseas markets when we decide to launch Goodwood Residence at a later date.’
It added in its statement that the expiry of the options will not have any material financial effect on its net tangible assets per share or earnings per share for the financial year ending June 30.
Opting out
Kuwait Finance House’s $818.4 million deal was for 97 four-bedders ranging from 2,500 sq ft to 3,900 sq ft at the former Casa Rosita site in Bukit Timah Road, near Newton Circus.
It had agreed to buy the units at a median price of $3,200 psf, which would have set price benchmarks for the area. Sources say the price was too high, considering that bulk purchases typically come with discounts.
It is believed that Kuwait Finance House was keen on flipping the units as they were marketed in Dubai recently, but the sale campaign was unsuccessful.
Source : Straits Times - 11 Mar 2008
KFH allows options for 97 Goodwood Residence units to lapse
Kuwait Finance House (KFH) has allowed options to acquire 97 units of the high-end Goodwood Residence to lapse.
The deal would have been worth S$818 million for developer GuocoLand, which has said that Singapore's property market appears to be cautious.
The developer had granted Kuwait Finance House the options back in December.
In a filing to the Singapore Exchange, GuocoLand said the two parties are in talks about fresh options for the units in the development.
Goodwood Residence, located near the Orchard Road shopping belt, is a high-end residential development with 210 units in two towers. - CNA/ac
Source : Channel NewsAsia - 10 Mar 2008
Thursday, February 28, 2008
Kwek Leng Beng: CDL boss punctures popular wisdom
Mid-market may not shine and high-end is unlikely to collapse, he says
City Developments Ltd (CDL) executive chairman Kwek Leng Beng yesterday turned a popular market view of the Singapore residential sector on its head.
Many have whispered that the high-end residential segment is in danger of being hardest hit by the sub-prime crisis while the mid-tier and mass-market segments will be better shielded. Not true, says Mr Kwek.
'The high-end is not going to collapse like what some (in the market) are saying. The mid-end is not going to be fantastic, like what is commonly believed, because of the subprime situation and Singaporeans' wait-and-see attitude.
'The mass market will do well, but selectively. It's not going to be what you've seen before...people queuing up,' Mr Kwek said.
The Housing & Development Board also provides a credible alternative to mass-market private housing, Mr Kwek said at a media and analysts' briefing to announce CDL's results for the year ended Dec 31, 2007. The group's full-year net profit doubled to $725 million - a record.
Mr Kwek also acknowledged that the current market environment was not conducive to setting up real estate investment trusts (Reits). He would look into opportunities to buy into existing Reits, but only if they were being offered for sale together with their respective Reit management companies, which earn handsome fees.
On the high-end residential sector, Mr Kwek noted that it is supported not only by wealthy local investors with holding power, but also by well-heeled foreigners. 'Super-rich investors from Russia, Middle East and even hedge-fund managers have yet to come into Singapore in a big way.
'With Singapore developing into a global city and placed into the limelight, it can be a very attractive place to invest for these well-heeled clienteles, as seen in London,' CDL said in its results statement.
The next big wave for the Singapore property market will come when the two integrated resorts are operating successfully. 'It will be a different Singapore altogether. Singapore is a hub. I've been harping on this. Nobody believed me until last year,' said Mr Kwek.
He also sought to debunk another popular view, that the deferred payment scheme which was removed by the authorities in October last year, had only served to fuel property speculation. 'Deferred payment is not only an instrument for speculation. It is an instrument to enable buyers of new (residential) units to dispose of their existing units at a gradual pace, instead of being forced to sell their existing homes,' he said.
Noting that sentiment in the local property market has become subdued because of the sub-prime issue, Mr Kwek said: 'Sentiment is more important than supply and demand. The higher the prices, the more people buy.'
He also recommended buying real estate as a hedge against inflation, especially given the current low housing loan rate environment, adding in the same breath that he was not trying to talk up the market - drawing laughter from the audience.
But Mr Kwek also had some advice on affordability. 'You must be able to pay your instalment, that is most important. If you can't pay the instalment, and you hope (the property value) will go up tomorrow, then you are speculating.'
Referring to the squabbles among owners in estates with en bloc sales, Mr Kwek said: 'People are fighting, because they are jealous somebody sold higher. Who can say this is the peak? You should be happy if you have a good gain, don't fight. That's my advice.'
He estimates that about 50 per cent of those who've sold their homes through en bloc sales have not yet bought replacement homes, even if they may want to downgrade.
Source : Business Times - 29 Feb 2008
City Developments Ltd (CDL) executive chairman Kwek Leng Beng yesterday turned a popular market view of the Singapore residential sector on its head.
Many have whispered that the high-end residential segment is in danger of being hardest hit by the sub-prime crisis while the mid-tier and mass-market segments will be better shielded. Not true, says Mr Kwek.'The high-end is not going to collapse like what some (in the market) are saying. The mid-end is not going to be fantastic, like what is commonly believed, because of the subprime situation and Singaporeans' wait-and-see attitude.
'The mass market will do well, but selectively. It's not going to be what you've seen before...people queuing up,' Mr Kwek said.
The Housing & Development Board also provides a credible alternative to mass-market private housing, Mr Kwek said at a media and analysts' briefing to announce CDL's results for the year ended Dec 31, 2007. The group's full-year net profit doubled to $725 million - a record.
Mr Kwek also acknowledged that the current market environment was not conducive to setting up real estate investment trusts (Reits). He would look into opportunities to buy into existing Reits, but only if they were being offered for sale together with their respective Reit management companies, which earn handsome fees.
On the high-end residential sector, Mr Kwek noted that it is supported not only by wealthy local investors with holding power, but also by well-heeled foreigners. 'Super-rich investors from Russia, Middle East and even hedge-fund managers have yet to come into Singapore in a big way.
'With Singapore developing into a global city and placed into the limelight, it can be a very attractive place to invest for these well-heeled clienteles, as seen in London,' CDL said in its results statement.
The next big wave for the Singapore property market will come when the two integrated resorts are operating successfully. 'It will be a different Singapore altogether. Singapore is a hub. I've been harping on this. Nobody believed me until last year,' said Mr Kwek.
He also sought to debunk another popular view, that the deferred payment scheme which was removed by the authorities in October last year, had only served to fuel property speculation. 'Deferred payment is not only an instrument for speculation. It is an instrument to enable buyers of new (residential) units to dispose of their existing units at a gradual pace, instead of being forced to sell their existing homes,' he said.
Noting that sentiment in the local property market has become subdued because of the sub-prime issue, Mr Kwek said: 'Sentiment is more important than supply and demand. The higher the prices, the more people buy.'
He also recommended buying real estate as a hedge against inflation, especially given the current low housing loan rate environment, adding in the same breath that he was not trying to talk up the market - drawing laughter from the audience.
But Mr Kwek also had some advice on affordability. 'You must be able to pay your instalment, that is most important. If you can't pay the instalment, and you hope (the property value) will go up tomorrow, then you are speculating.'
Referring to the squabbles among owners in estates with en bloc sales, Mr Kwek said: 'People are fighting, because they are jealous somebody sold higher. Who can say this is the peak? You should be happy if you have a good gain, don't fight. That's my advice.'
He estimates that about 50 per cent of those who've sold their homes through en bloc sales have not yet bought replacement homes, even if they may want to downgrade.
Source : Business Times - 29 Feb 2008
Wednesday, February 27, 2008
Martin Place Residences
Location: Martin Place (District 9)
Tenure: Freehold
Expected Completion: Dec 2011
Total Units: 302 in two 33-storey residential towers
Unit Types:
1 bedroom ~ 592-646 sqft
2 bedroom ~ 1044-1163 sqft
3 bedroom ~ 1421 sqft
3 + study ~ 1722 sqft
4 bedroom ~ 1894-2002 sqft
Penthouse ~ 3326, 3380, 3434 sqft
Facilities:
Swimming Pool (Olympic-size 50m x 25m; 8 lanes)
Children's Pool
Clubhouse with Function Room, Gymnasium and Changing Rooms
Children's Play Area
Play Pavilion with Lawn
Tennis Court
Spa Pools (2 spa pavilions, and 2 spa pavilions with BBQ facilities)
Pool Deck
Grand Pavilion with Kitchen, Barbeque Facility (2 nos.) and Lawn
Sky Terrace at 14th Storey
Reading Lounge
Yoga Corner
Sky Lounge
Water Garden
Expected Price: from $1900psf
Email lushhome@gmail.com for preview invitation.
Friday, February 22, 2008
Zaha Hadid to design CapitaLand condo
CAPITALAND, which had harboured ambitions to commission renowned architects like Daniel Libeskind and Frank Gehry to design its proposed integrated resort projects here will now get to work alongside Zaha Hadid.
Having designs: CapitaLand's condo on the former Farrer Court site will be designed by MsHadid
UK-based Ms Hadid won the coveted Pritzker Architecture Prize in 2004. Her most recent commissions include the billion euro Louvre in Abu Dhabi.
The news was announced yesterday by Patricia Chia, chief executive of CapitaLand Residential Singapore.
She said that Ms Hadid will design a new condominium that will come up on the site of the former Farrer Court, for which CapitaLand, Hotel Properties and US-based Wachovia Development Corporation paid $1.34 billion in June last year. Ms Chia did not say when the new development will be launched for sale.
Ms Hadid was responsible for the masterplan for one-north here, but did not design any of the buildings coming up at the science hub.
Apart from two bungalows designed for Elevation Developments, CapitaLand's condominium will be Ms Hadid's first architectural work in Singapore.
Source : Business Times - 23 Feb 2008
Having designs: CapitaLand's condo on the former Farrer Court site will be designed by MsHadidUK-based Ms Hadid won the coveted Pritzker Architecture Prize in 2004. Her most recent commissions include the billion euro Louvre in Abu Dhabi.
The news was announced yesterday by Patricia Chia, chief executive of CapitaLand Residential Singapore.
She said that Ms Hadid will design a new condominium that will come up on the site of the former Farrer Court, for which CapitaLand, Hotel Properties and US-based Wachovia Development Corporation paid $1.34 billion in June last year. Ms Chia did not say when the new development will be launched for sale.
Ms Hadid was responsible for the masterplan for one-north here, but did not design any of the buildings coming up at the science hub.
Apart from two bungalows designed for Elevation Developments, CapitaLand's condominium will be Ms Hadid's first architectural work in Singapore.
Source : Business Times - 23 Feb 2008
Thursday, February 21, 2008
2 good class bungalows on Leedon Road up for sale
A PAIR of recently completed Good Class Bungalows at 37 and 39 Leedon Road are being launched by their developer George Lim. His asking price is about $35 million for each bungalow. The plots' land areas are 22,000 square feet and 21,000 sq ft respectively.
Each five-bedroom, two-storey freehold house has a basement garage for up to five vehicles.
The exteriors are clad in natural sandstone, while inside there is AMX movie-on-demand hardware.
Mr Lim launched his maiden project in 2005 with three Good Class Bungalows built on a 50,000 sq ft site in the Belmont area.
Source : Business Times - 22 Feb 2008
Each five-bedroom, two-storey freehold house has a basement garage for up to five vehicles.
The exteriors are clad in natural sandstone, while inside there is AMX movie-on-demand hardware.
Mr Lim launched his maiden project in 2005 with three Good Class Bungalows built on a 50,000 sq ft site in the Belmont area.
Source : Business Times - 22 Feb 2008
Saturday, February 09, 2008
London luxury-home prices jump again
1.1% rise in average price of units costing £2.5m or more; overall market unchanged
Luxury-home prices in London, the world's most expensive city for prime real estate, rose at the fastest rate in four months as the overall UK market stagnated, industry reports showed.
The average price of houses and apartments costing at least £2.5 million (S$6.96 million) climbed 1.1 per cent in January from December, Knight Frank LLC said in a statement on Tuesday. There was no change in the average cost of homes across the country, HBOS plc said in a separate report.
'It is being totally led by the purchase of properties of £10 million or more,' Liam Bailey, head of residential research at Knight Frank, said in an interview. 'The number of deals done at that level in the past three months was double a year ago.'
The wealthiest property buyers don't need to borrow money to make purchases, so they're not dependent on lenders that have made it more difficult and costly to obtain mortgages, Mr Bailey said.
Britons are now buying between 40 and 50 per cent of all London homes priced at more than £10 million, up from 30 per cent a year ago, according to Knight Frank, a real estate broker based in the city.
London's most expensive new- built home was sold for £50 million last month to Hourieh Peramaa, a 75-year-old real estate entrepreneur from Kazakhstan, Sunday Times reported on Jan 27.
The house on Bishops Avenue in Hampstead, northwest London, has nine main bedrooms, 16 bathrooms and five reception rooms, and was acquired from Turkish businessman Halis Toprak.
Ms Peramaa plans to spend another £30 million extending and redecorating the property, the newspaper said.
Earlier in January, Lev Leviev, an Israeli diamond billionaire, paid £35 million for a house in the same district as Ms Peramaa, according to Daily Telegraph.
Indian steel entrepreneur Lakshmi Mittal owns the UK's most expensive home. He paid £57 million in 2004 for a home close to Kensington Palace in central London. Both Kensington Palace Gardens and Bishops Avenue have been dubbed 'Billionaires Row'.
January's increase in luxury-home prices was the biggest since September, when prices advanced 1.2 per cent.
For the year ended Jan 31, the gain was 26 per cent, the smallest since October 2006.
Across Britain, prices in January were 4.5 per cent higher than a year earlier, according to HBOS, the country's largest mortgage provider. Lenders are selling fewer mortgages as they contend with losses stemming from the collapse of the US sub-prime mortgage market.
Properties at the lower end of Knight Frank's prime index are now moving more in line with the UK market, said Mr Bailey.
Bonus-earners in the UK's financial industry will invest £2 billion in homes this year, compared with £5.5 billion in 2007, as they look for higher returns, Savills plc said in November. Savills and Knight Frank are the biggest brokers for prime London properties.
This year, top-quality dwellings in the UK capital will appreciate about 3 per cent, Knight Frank said on Tuesday, reiterating an October forecast. The Bank of England's ability to cut interest rates to ward off an economic slowdown may be hindered by inflationary pressures, said Knight Frank.
'It is fair to say that the issues of confidence and affordability that have so far dogged the main market may now promote a more cautious purchasing environment in the prime sector too,' Mr Bailey said.
Britain is home to about 68 billionaires, according to the Sunday Times 2007 Rich List. Many are investors from China, India and Russia who have bought homes in London for its schools, stores, theatres and restaurants.
The most expensive houses can fetch as much as £4,000 a square foot, CB Richard Ellis Hamptons International estimates. That compares with about £2,075 a square foot in New York, the broker said.
Purchasing at such prices so far isn't being inhibited by the prospect that the UK may impose an annual tax of £30,000 on wealthy individuals who live in the UK and keep their residence elsewhere for tax purposes, said Mr Bailey.
'There is a lot of interest in deals being done by super-rich foreign buyers,' he said. -- Bloomberg
Source : Business Times - 7 Feb 2008
Luxury-home prices in London, the world's most expensive city for prime real estate, rose at the fastest rate in four months as the overall UK market stagnated, industry reports showed.
The average price of houses and apartments costing at least £2.5 million (S$6.96 million) climbed 1.1 per cent in January from December, Knight Frank LLC said in a statement on Tuesday. There was no change in the average cost of homes across the country, HBOS plc said in a separate report.
'It is being totally led by the purchase of properties of £10 million or more,' Liam Bailey, head of residential research at Knight Frank, said in an interview. 'The number of deals done at that level in the past three months was double a year ago.'
The wealthiest property buyers don't need to borrow money to make purchases, so they're not dependent on lenders that have made it more difficult and costly to obtain mortgages, Mr Bailey said.
Britons are now buying between 40 and 50 per cent of all London homes priced at more than £10 million, up from 30 per cent a year ago, according to Knight Frank, a real estate broker based in the city.
London's most expensive new- built home was sold for £50 million last month to Hourieh Peramaa, a 75-year-old real estate entrepreneur from Kazakhstan, Sunday Times reported on Jan 27.
The house on Bishops Avenue in Hampstead, northwest London, has nine main bedrooms, 16 bathrooms and five reception rooms, and was acquired from Turkish businessman Halis Toprak.
Ms Peramaa plans to spend another £30 million extending and redecorating the property, the newspaper said.
Earlier in January, Lev Leviev, an Israeli diamond billionaire, paid £35 million for a house in the same district as Ms Peramaa, according to Daily Telegraph.
Indian steel entrepreneur Lakshmi Mittal owns the UK's most expensive home. He paid £57 million in 2004 for a home close to Kensington Palace in central London. Both Kensington Palace Gardens and Bishops Avenue have been dubbed 'Billionaires Row'.
January's increase in luxury-home prices was the biggest since September, when prices advanced 1.2 per cent.
For the year ended Jan 31, the gain was 26 per cent, the smallest since October 2006.
Across Britain, prices in January were 4.5 per cent higher than a year earlier, according to HBOS, the country's largest mortgage provider. Lenders are selling fewer mortgages as they contend with losses stemming from the collapse of the US sub-prime mortgage market.
Properties at the lower end of Knight Frank's prime index are now moving more in line with the UK market, said Mr Bailey.
Bonus-earners in the UK's financial industry will invest £2 billion in homes this year, compared with £5.5 billion in 2007, as they look for higher returns, Savills plc said in November. Savills and Knight Frank are the biggest brokers for prime London properties.
This year, top-quality dwellings in the UK capital will appreciate about 3 per cent, Knight Frank said on Tuesday, reiterating an October forecast. The Bank of England's ability to cut interest rates to ward off an economic slowdown may be hindered by inflationary pressures, said Knight Frank.
'It is fair to say that the issues of confidence and affordability that have so far dogged the main market may now promote a more cautious purchasing environment in the prime sector too,' Mr Bailey said.
Britain is home to about 68 billionaires, according to the Sunday Times 2007 Rich List. Many are investors from China, India and Russia who have bought homes in London for its schools, stores, theatres and restaurants.
The most expensive houses can fetch as much as £4,000 a square foot, CB Richard Ellis Hamptons International estimates. That compares with about £2,075 a square foot in New York, the broker said.
Purchasing at such prices so far isn't being inhibited by the prospect that the UK may impose an annual tax of £30,000 on wealthy individuals who live in the UK and keep their residence elsewhere for tax purposes, said Mr Bailey.
'There is a lot of interest in deals being done by super-rich foreign buyers,' he said. -- Bloomberg
Source : Business Times - 7 Feb 2008
Tuesday, February 05, 2008
Cliveden: CDL luxury development garners green award
CITY Developments Limited (CDL) was yesterday conferred the Green Mark Platinum award by the Building and Construction Authority (BCA) for its luxury residential development, Cliveden at Grange.
Eco-friendly: Cliveden's green features are expected to achieve savings in energy costs of over $400,000 a year for the entire development
The award is for exemplary green projects that achieve 30 per cent energy and water savings. Such projects also need to have environmentally sustainable building practices, and innovative green features.
A joint press statement from CDL and BCA said some 3.5 per cent of Cliveden's construction cost was invested in the design of its green features.
These green features include the installation of '4 Green Ticks', the highest rating in energy efficiency for air-conditioners and refrigerators, and the use of renewal energy technology. Solar photovoltaic cells are installed to harness solar energy which then power up the lighting in the guardhouse and clubhouse areas.
Cliveden's green features are expected to achieve savings in energy costs of over $400,000 a year for the entire development, and cut carbon dioxide emission by 1,100 tonnes a year. As a gauge, it takes about 5,000 trees to absorb this amount of carbon emission.
Cliveden's award is the latest in a string of accolades CDL has received for its environmentally friendly projects.
Just last year, the property developer clinched two Green Mark Platinum awards - one each for The Oceanfront @ Sentosa Cove (residential), and City Square Mall (commercial).
Kwek Leng Joo, CDL's managing director, yesterday said CDL embarked on its green journey over a decade ago believing that it could make a positive contribution towards the environment. He called for the Green Mark to be made mandatory to help propel Singapore to become an eco-hub in the region.
Source : Business Times - 6 Feb 2008
Eco-friendly: Cliveden's green features are expected to achieve savings in energy costs of over $400,000 a year for the entire developmentThe award is for exemplary green projects that achieve 30 per cent energy and water savings. Such projects also need to have environmentally sustainable building practices, and innovative green features.
A joint press statement from CDL and BCA said some 3.5 per cent of Cliveden's construction cost was invested in the design of its green features.
These green features include the installation of '4 Green Ticks', the highest rating in energy efficiency for air-conditioners and refrigerators, and the use of renewal energy technology. Solar photovoltaic cells are installed to harness solar energy which then power up the lighting in the guardhouse and clubhouse areas.
Cliveden's green features are expected to achieve savings in energy costs of over $400,000 a year for the entire development, and cut carbon dioxide emission by 1,100 tonnes a year. As a gauge, it takes about 5,000 trees to absorb this amount of carbon emission.
Cliveden's award is the latest in a string of accolades CDL has received for its environmentally friendly projects.
Just last year, the property developer clinched two Green Mark Platinum awards - one each for The Oceanfront @ Sentosa Cove (residential), and City Square Mall (commercial).
Kwek Leng Joo, CDL's managing director, yesterday said CDL embarked on its green journey over a decade ago believing that it could make a positive contribution towards the environment. He called for the Green Mark to be made mandatory to help propel Singapore to become an eco-hub in the region.
Source : Business Times - 6 Feb 2008
More black-and-white homes for rental, spurred by keen response
About 36 units will be made available by first half of this year.
RESPONSE to the open bidding for black-and-white bungalows and apartments has been so keen that Singapore Land Authority is offering more such state properties for rent this month.
Four bungalows and two semi-detached in Seletar, Sembawang and Lornie Road will be put up for bidding from next weekend. The rents start at $1,800 a month for the semi-detached and between $3,400 and $6,600 for the bungalows.
Bidders can submit their bids at SLA's office on Feb 18, after the open house on Feb 16.
This follows a successful launch in January, which saw 75 bids for five residential properties comprising two black-and-white bungalows and three apartments.
There was keen interest with over 200 prospective tenants attending the open house at Clemenceau Ave North, Hyderabad Road, and Dover Road, said SLA in a statement on Tuesday.
The winning bids ranged between $1,856 per month for an apartment at Clemenceau Avenue North, with a built-in floor area of about 53 sqm, and $20,258 per month, for a bungalow at Hyderabad with a built-in floor area of 369 sqm.
'SLA has received positive response to the open bidding. The open bidding system enhances transparency compared to the previous 'first-come-first-serve' under a waiting list or balloting system,' said the land authority. 'The public has access to a wide choice of properties and the process is also more efficient.'
SLA currently manages about 2,360 residential state properties and will make progressively place those with available tenancies for at least two years on the opening bidding system.
It plans to put up eight more properties for rent in March and about 36 units in total by the first half of this year.
Said SLA's Deputy Director of Land Lease Private, Mr Teo Cher Hian: 'The keen response to the launch of the open bidding system for residential State properties shows that the rental market for residential properties is still buoyant. This is evident even for the smaller apartments, which are very popular with singles and those with small families.'
The appeal of living in a heritage black-and-white building is shared by many. Lush greenery, unique and heritage architectural designs and most of all, the ideal location near many public amenities, were often cited as reasons for their penchant for heritage State buildings.
For 47-year-old Mr Quah Jin Kok, it appeared to be an obvious choice. A second-time bidder, he liked the new system as it allowed him to bid for the next available apartment if he was not successful in the previous round.
'When I first saw a picture of the apartment, I was attracted to its simple structure and its peaceful environment. It is in a building built in the early 60s. I like its resemblance to an old colonial building with old style windows,' said Mr Quah, a business analyst, who is renting a third -storey apartment at Clemenceau Ave North, after an unsuccessful bid for another on the eighth floor. He put in the top bid of $2,500 per month for a two-year tenancy.
Previously, Mr Quah was renting a HDB flat at Waterloo Street. 'Most of the State properties that I am aware of are old but well-preserved.'
Besides Mr Quah, another first-time bidder Ms Norfalizah Bte Sowtali also managed to get the apartment she wanted. Ms Norfalizah, 29, a personal trainer, was looking for a place near her workplace at Novena, and which has public amenities nearby such as a MRT station and a food centre. The unit at Clemenceau North hence suited her needs.
The results of the bidding showing the top five bids will be published on SLA's State Property Information Online (SPIO) website at www.spio.sla.gov.sg within hours of the close of bidding.
Source : Straits Times - 5 Feb 2008
RESPONSE to the open bidding for black-and-white bungalows and apartments has been so keen that Singapore Land Authority is offering more such state properties for rent this month.
Four bungalows and two semi-detached in Seletar, Sembawang and Lornie Road will be put up for bidding from next weekend. The rents start at $1,800 a month for the semi-detached and between $3,400 and $6,600 for the bungalows.
Bidders can submit their bids at SLA's office on Feb 18, after the open house on Feb 16.
This follows a successful launch in January, which saw 75 bids for five residential properties comprising two black-and-white bungalows and three apartments.
There was keen interest with over 200 prospective tenants attending the open house at Clemenceau Ave North, Hyderabad Road, and Dover Road, said SLA in a statement on Tuesday.
The winning bids ranged between $1,856 per month for an apartment at Clemenceau Avenue North, with a built-in floor area of about 53 sqm, and $20,258 per month, for a bungalow at Hyderabad with a built-in floor area of 369 sqm.
'SLA has received positive response to the open bidding. The open bidding system enhances transparency compared to the previous 'first-come-first-serve' under a waiting list or balloting system,' said the land authority. 'The public has access to a wide choice of properties and the process is also more efficient.'
SLA currently manages about 2,360 residential state properties and will make progressively place those with available tenancies for at least two years on the opening bidding system.
It plans to put up eight more properties for rent in March and about 36 units in total by the first half of this year.
Said SLA's Deputy Director of Land Lease Private, Mr Teo Cher Hian: 'The keen response to the launch of the open bidding system for residential State properties shows that the rental market for residential properties is still buoyant. This is evident even for the smaller apartments, which are very popular with singles and those with small families.'
The appeal of living in a heritage black-and-white building is shared by many. Lush greenery, unique and heritage architectural designs and most of all, the ideal location near many public amenities, were often cited as reasons for their penchant for heritage State buildings.
For 47-year-old Mr Quah Jin Kok, it appeared to be an obvious choice. A second-time bidder, he liked the new system as it allowed him to bid for the next available apartment if he was not successful in the previous round.
'When I first saw a picture of the apartment, I was attracted to its simple structure and its peaceful environment. It is in a building built in the early 60s. I like its resemblance to an old colonial building with old style windows,' said Mr Quah, a business analyst, who is renting a third -storey apartment at Clemenceau Ave North, after an unsuccessful bid for another on the eighth floor. He put in the top bid of $2,500 per month for a two-year tenancy.
Previously, Mr Quah was renting a HDB flat at Waterloo Street. 'Most of the State properties that I am aware of are old but well-preserved.'
Besides Mr Quah, another first-time bidder Ms Norfalizah Bte Sowtali also managed to get the apartment she wanted. Ms Norfalizah, 29, a personal trainer, was looking for a place near her workplace at Novena, and which has public amenities nearby such as a MRT station and a food centre. The unit at Clemenceau North hence suited her needs.
The results of the bidding showing the top five bids will be published on SLA's State Property Information Online (SPIO) website at www.spio.sla.gov.sg within hours of the close of bidding.
Source : Straits Times - 5 Feb 2008
CDL's Cliveden awarded BCA's green award
CITY Developments Limited (CDL) has been conferred the Green Mark Platinum award by the Building and Construction Authority (BCA) for its luxury residential development, Cliveden at Grange.
CDL has planted three times more greenery in Cliveden compared to an average condominium. -- PHOTO: CITY DEVELOPMENTS
'The Green Mark Platinum is awarded to exemplary green projects that demonstrate 30 per cent energy and water savings, as well as environmentally sustainable building practices and innovative green features,' the BCA and CDL said in a joint press release on Tuesday.
About 3.5 per cent of Cliveden's construction cost went into the design of its green features.
CDL installed energy-efficient air-conditioners and refrigerators, and the water fittings are also of the highest standard possible under the Water Efficiency Labelling Scheme.
It also made used of solar energy for the lighting in the guardhouse and clubhouse areas while the basement has openings and solar tubes to allow natural light in.
The clubhouse, which was designed to be an educational centre to promote eco-consciousness amongst residents, boasts other innovations such as a water film envelope cooling system and a green roof.
Completing the 'green' theme is the landscaping where CDL has planted three times more greenery in Cliveden compared to an average condominium.
The green features are expected to achieve savings in energy costs of over $400,000 per year for the entire development.
The project is estimated to reduce 1,100 tonnes of carbon dioxide emission per year, which in turn, requires approximately 5,000 trees to absorb this amount of carbon emission, BCA and CDL said.
'It is heartening to note that the private sector has been very supportive of the BCA Green Mark scheme since it was introduced in 2005, with many stepping up their efforts to shape Singapore's built environment into a sustainable one,' BCA's CEO John Keung said.
Source : Straits Times - 5 Feb 2008
CDL has planted three times more greenery in Cliveden compared to an average condominium. -- PHOTO: CITY DEVELOPMENTS'The Green Mark Platinum is awarded to exemplary green projects that demonstrate 30 per cent energy and water savings, as well as environmentally sustainable building practices and innovative green features,' the BCA and CDL said in a joint press release on Tuesday.
About 3.5 per cent of Cliveden's construction cost went into the design of its green features.
CDL installed energy-efficient air-conditioners and refrigerators, and the water fittings are also of the highest standard possible under the Water Efficiency Labelling Scheme.
It also made used of solar energy for the lighting in the guardhouse and clubhouse areas while the basement has openings and solar tubes to allow natural light in.
The clubhouse, which was designed to be an educational centre to promote eco-consciousness amongst residents, boasts other innovations such as a water film envelope cooling system and a green roof.
Completing the 'green' theme is the landscaping where CDL has planted three times more greenery in Cliveden compared to an average condominium.
The green features are expected to achieve savings in energy costs of over $400,000 per year for the entire development.
The project is estimated to reduce 1,100 tonnes of carbon dioxide emission per year, which in turn, requires approximately 5,000 trees to absorb this amount of carbon emission, BCA and CDL said.
'It is heartening to note that the private sector has been very supportive of the BCA Green Mark scheme since it was introduced in 2005, with many stepping up their efforts to shape Singapore's built environment into a sustainable one,' BCA's CEO John Keung said.
Source : Straits Times - 5 Feb 2008
Monday, February 04, 2008
Prime properties in for 5% fall in ‘08: UBS
Bank expects modest 0-5% growth in mass and mid-tier segments
ANALYSTS from Swiss bank UBS believe Singapore's property market will 'remain intact', but they are nonetheless projecting a drop of 5 per cent in prime property prices for the year.
In the more affordable mass and mid-tier segments, where prices increased at a slower pace, UBS expects a modest growth of between 0-5 per cent in prices this year.
In its report on the Singapore property market, UBS says that in light of the uncertainty over the global economic outlook, buyers are likely to defer purchases of new property for at least six months. UBS said that demand 'is highly dependent on the market's outlook for the next three or four years, when the projects are completed'.
It added that with supply of new homes on the rise, there could be pressure on developers to reduce launch prices to 'stimulate demand' - and some developers may start cutting prices as early as the second quarter of this year.
While the larger developers are expected to have more holding power, smaller ones could feel the strain of holding costs sooner. UBS estimates that of the units to be launched between this year and 2010, around 9 per cent are held by small, unlisted developers. Still, it said that there is little evidence to suggest that the market will be affected if small developers 'capitulate and cut prices aggressively when holding costs build up'.
In its report on the current property market conditions, UBS made comparisons with the previous property slump of 1998. 'Markets appear to be pricing a 70 per cent fall in Singapore residential prices, similar to 1998,' it noted.
But UBS said: 'We think the residential market in 2008 will not replicate the 1998 scenario where launch prices fell by 50 per cent in a year, and stock prices fell by 75 per cent.'
It added that expected GDP growth of 3.5 per cent should keep population inflow positive, which combined with negative real interest rates and low unemployment should underpin resale prices.
'Even if job growth were to halve in 2008 to 90,000-100,000, this could still mean housing demand for at least around 15,000-18,000 units, assuming half the newly- weds (23,000 per annum) want to move out, and around 6,000 new households - of new permanent residents and expatriates - relocate to Singapore,' UBS added. It pointed out that the figure is much higher than the expected number of home completions - 8,700 in 2008 and 16,000 in 2009.
As such UBS believes that current share prices for listed property developers have been 'over-corrected'.
'Allgreen's price ($1.17 per share currently) attributes no value to its residential (portfolio), while City Development's price ($12 per share currently) implies a 70 per cent writedown in unsold land,' said UBS.
UBS said that it has adjusted the revalued net asset value and earnings per share for Allgreen, City Developments, CapitaLand and Keppel Land, and given current price levels 'we have retained our Buy ratings on all these developers'.
Source : Business Times - 5 Feb 2008
ANALYSTS from Swiss bank UBS believe Singapore's property market will 'remain intact', but they are nonetheless projecting a drop of 5 per cent in prime property prices for the year.
In the more affordable mass and mid-tier segments, where prices increased at a slower pace, UBS expects a modest growth of between 0-5 per cent in prices this year.In its report on the Singapore property market, UBS says that in light of the uncertainty over the global economic outlook, buyers are likely to defer purchases of new property for at least six months. UBS said that demand 'is highly dependent on the market's outlook for the next three or four years, when the projects are completed'.
It added that with supply of new homes on the rise, there could be pressure on developers to reduce launch prices to 'stimulate demand' - and some developers may start cutting prices as early as the second quarter of this year.
While the larger developers are expected to have more holding power, smaller ones could feel the strain of holding costs sooner. UBS estimates that of the units to be launched between this year and 2010, around 9 per cent are held by small, unlisted developers. Still, it said that there is little evidence to suggest that the market will be affected if small developers 'capitulate and cut prices aggressively when holding costs build up'.
In its report on the current property market conditions, UBS made comparisons with the previous property slump of 1998. 'Markets appear to be pricing a 70 per cent fall in Singapore residential prices, similar to 1998,' it noted.
But UBS said: 'We think the residential market in 2008 will not replicate the 1998 scenario where launch prices fell by 50 per cent in a year, and stock prices fell by 75 per cent.'
It added that expected GDP growth of 3.5 per cent should keep population inflow positive, which combined with negative real interest rates and low unemployment should underpin resale prices.
'Even if job growth were to halve in 2008 to 90,000-100,000, this could still mean housing demand for at least around 15,000-18,000 units, assuming half the newly- weds (23,000 per annum) want to move out, and around 6,000 new households - of new permanent residents and expatriates - relocate to Singapore,' UBS added. It pointed out that the figure is much higher than the expected number of home completions - 8,700 in 2008 and 16,000 in 2009.
As such UBS believes that current share prices for listed property developers have been 'over-corrected'.
'Allgreen's price ($1.17 per share currently) attributes no value to its residential (portfolio), while City Development's price ($12 per share currently) implies a 70 per cent writedown in unsold land,' said UBS.
UBS said that it has adjusted the revalued net asset value and earnings per share for Allgreen, City Developments, CapitaLand and Keppel Land, and given current price levels 'we have retained our Buy ratings on all these developers'.
Source : Business Times - 5 Feb 2008
Tuesday, January 29, 2008
Market conditions delay Marina Bay Suites launch
KepLand targets after Chinese New Year, but within first quarter.
The launch of Marina Bay Suites has been postponed, with ‘market conditions’ cited as the cause by Keppel Land group chief executive Kevin Wong.
The news comes as a surprise as the consortium developing it - Keppel Land, Cheung Kong Holdings/Hutchinson Whampoa and Hongkong Land, had earlier said that the launch would be around end-January, before the Chinese New Year.
The consortium also said then that over 600 potential buyers, half of them foreigners, had registered their interest in buying into the 221-unit luxury development, priced at around $3,000 psf.
However, at a press conference to announce the company’s full-year financial results yesterday, Mr Wong said that the launch would now be after the Chinese New Year - within the first quarter of 2008. He also said that units would be ‘progressively released in tandem with market conditions’.
Keppel Land’s other launches, including the next phase of Reflections at Keppel Bay, The Tresor and Madison Residences, will all be staggered to follow the launch of Marina Bay Suites to ensure that they do not coincide.
For Reflections at Keppel Bay, which has 400 units remaining, Mr Wong said that its launch would be around mid-2008.
Adopting the cautiously optimistic tone already shared by other developers, he said: ‘If everything picks up in the second half of the year, then we will be back in business.’
His announcement follows Wing Tai deputy chairman Edmund Cheng’s comment on Monday that it would monitor global markets ‘to see how things pan out before we launch anything’. Wing Tai projects that have yet to be launched include Belle Vue Residences and L’Viv.
Earlier this month, City Developments also said that depending on construction schedules, and if the opportunity arose, it could consider short-term leases for Lucky Tower, which it acquired through a collective sale in May 2006.
Keppel Land’s Mr Wong does expect prices in the high-end sector to be affected if a recession takes hold of the United States economy. ‘But we expect mid to mass-market prices to go up steadily,’ he added.
Mr Wong, who said that Keppel Land saw a default rate of about 5 per cent on its projects during the last property slump in the mid-1990s, added: ‘There will be some (if there is a recession in 2008) but the percentage will be fairly low.’
Commenting on the postponement of the Marina Bay Suites launch, Knight Frank director (research and consultancy) Nicholas Mak said that ‘developers are all watching each other now, but someone has to take the plunge first to test the water’.
‘Because of the thin volume at the moment, the market is looking for direction. But we must bear in mind that the volume and price increases in 2007 was out of the ordinary.’
Mr Mak also highlighted that developments with licences to sell will increase as the year progresses. ‘If developers wait for prices to go up, everybody could be launching at the same time.’
Source : Business Times - 30 Jan 2008
The launch of Marina Bay Suites has been postponed, with ‘market conditions’ cited as the cause by Keppel Land group chief executive Kevin Wong.
The news comes as a surprise as the consortium developing it - Keppel Land, Cheung Kong Holdings/Hutchinson Whampoa and Hongkong Land, had earlier said that the launch would be around end-January, before the Chinese New Year.
The consortium also said then that over 600 potential buyers, half of them foreigners, had registered their interest in buying into the 221-unit luxury development, priced at around $3,000 psf.
However, at a press conference to announce the company’s full-year financial results yesterday, Mr Wong said that the launch would now be after the Chinese New Year - within the first quarter of 2008. He also said that units would be ‘progressively released in tandem with market conditions’.
Keppel Land’s other launches, including the next phase of Reflections at Keppel Bay, The Tresor and Madison Residences, will all be staggered to follow the launch of Marina Bay Suites to ensure that they do not coincide.
For Reflections at Keppel Bay, which has 400 units remaining, Mr Wong said that its launch would be around mid-2008.
Adopting the cautiously optimistic tone already shared by other developers, he said: ‘If everything picks up in the second half of the year, then we will be back in business.’
His announcement follows Wing Tai deputy chairman Edmund Cheng’s comment on Monday that it would monitor global markets ‘to see how things pan out before we launch anything’. Wing Tai projects that have yet to be launched include Belle Vue Residences and L’Viv.
Earlier this month, City Developments also said that depending on construction schedules, and if the opportunity arose, it could consider short-term leases for Lucky Tower, which it acquired through a collective sale in May 2006.
Keppel Land’s Mr Wong does expect prices in the high-end sector to be affected if a recession takes hold of the United States economy. ‘But we expect mid to mass-market prices to go up steadily,’ he added.
Mr Wong, who said that Keppel Land saw a default rate of about 5 per cent on its projects during the last property slump in the mid-1990s, added: ‘There will be some (if there is a recession in 2008) but the percentage will be fairly low.’
Commenting on the postponement of the Marina Bay Suites launch, Knight Frank director (research and consultancy) Nicholas Mak said that ‘developers are all watching each other now, but someone has to take the plunge first to test the water’.
‘Because of the thin volume at the moment, the market is looking for direction. But we must bear in mind that the volume and price increases in 2007 was out of the ordinary.’
Mr Mak also highlighted that developments with licences to sell will increase as the year progresses. ‘If developers wait for prices to go up, everybody could be launching at the same time.’
Source : Business Times - 30 Jan 2008
Friday, January 18, 2008
Marina Bay Suites: sweet interest in these suites
Sales previews for Marina Bay luxury condo to start end of this month
DESPITE worries of a global slowdown and a decline in sales of private property these few months, developers of the Marina Bay Suites are confident they will be able to attract enough buyers for this luxury condominium.
Sales previews for these 221 units will start by the end of the month, and marketing agents said they have seen substantial international interest, as well as interest from earlier buyers of the sister residential development, Marina Bay Residences.
“We believe that currently, the market is strong enough,” said Marina Bay Financial Centre (MBFC) head of residential marketing Kan Kum Wah, who added that while last year was exceptionally good for the residential property market, he expects demand from buyers to continue this year.
While prices for the units in the 66-storey development have not been fixed, Mr Kan said people could get some indication from current market transactions of around $3,000 per square foot (psf).
This translates to at least $4.8 million per unit, which ranges from $1,600 to $2,700 psf.
Marketing agents DTZ Debenham Tie Leung and CB Richard Ellis, which have done pre-marketing visits to Shanghai, Dubai, Jakarta and Hong Kong, said there is significant interest from international buyers.
Between 40 and 60 per cent of the buyers for the luxury residential property segment in Singapore are usually from overseas, said Ms Ong Choon Fah, executive director and regional head of consulting and research at DTZ. Forty per cent of the buyers of Marina Bay Residences were from overseas.
Mr Donald Han, managing director of property consultancy Cushman and Wakefield, agrees that these prices are reflective of the rates in that area, but the developers “might offer a lower price for early birds”.
“I’ve got no doubt that the project is able to sell well,” he said.
The Marina Bay Suites, located at the bayside near One Raffles Quay, will feature 218
three- and four-bedroom apartments, and three penthouse units. There is a significant demand for big units, explained Mr Kan, who received feedback from buyers about the earlier development that offered one to-four bedroom apartments.
This project, which is a joint venture between three developers, Cheung Kong/Hutchison Whampoa, Hongkong Land and Keppel Land, will appeal to a distinct group of internationally-well-travelled buyers, said Mr Kan. He noted that this is the last call for buyers interested in owning an apartment directly fronting Marina Bay.
But he added that this is not the last chance for buyers who are interested in having an address in this “new downtown”.
While this residential property may be the last few available in the necklace of developments at Marina Bay, said Mr Han, “the government still holds a fair bit of undeveloped and unreleased URA sales of sites in that area”.
The Urban Redevelopment Authority (URA) is setting aside 60 hectares of land at Marina South for a landmark residential district.
URA said last September that some 11,000 housing units have been planned.
Source : Today - 17 Jan 2008
DESPITE worries of a global slowdown and a decline in sales of private property these few months, developers of the Marina Bay Suites are confident they will be able to attract enough buyers for this luxury condominium.
Sales previews for these 221 units will start by the end of the month, and marketing agents said they have seen substantial international interest, as well as interest from earlier buyers of the sister residential development, Marina Bay Residences.
“We believe that currently, the market is strong enough,” said Marina Bay Financial Centre (MBFC) head of residential marketing Kan Kum Wah, who added that while last year was exceptionally good for the residential property market, he expects demand from buyers to continue this year.
While prices for the units in the 66-storey development have not been fixed, Mr Kan said people could get some indication from current market transactions of around $3,000 per square foot (psf).
This translates to at least $4.8 million per unit, which ranges from $1,600 to $2,700 psf.
Marketing agents DTZ Debenham Tie Leung and CB Richard Ellis, which have done pre-marketing visits to Shanghai, Dubai, Jakarta and Hong Kong, said there is significant interest from international buyers.
Between 40 and 60 per cent of the buyers for the luxury residential property segment in Singapore are usually from overseas, said Ms Ong Choon Fah, executive director and regional head of consulting and research at DTZ. Forty per cent of the buyers of Marina Bay Residences were from overseas.
Mr Donald Han, managing director of property consultancy Cushman and Wakefield, agrees that these prices are reflective of the rates in that area, but the developers “might offer a lower price for early birds”.
“I’ve got no doubt that the project is able to sell well,” he said.
The Marina Bay Suites, located at the bayside near One Raffles Quay, will feature 218
three- and four-bedroom apartments, and three penthouse units. There is a significant demand for big units, explained Mr Kan, who received feedback from buyers about the earlier development that offered one to-four bedroom apartments.
This project, which is a joint venture between three developers, Cheung Kong/Hutchison Whampoa, Hongkong Land and Keppel Land, will appeal to a distinct group of internationally-well-travelled buyers, said Mr Kan. He noted that this is the last call for buyers interested in owning an apartment directly fronting Marina Bay.
But he added that this is not the last chance for buyers who are interested in having an address in this “new downtown”.
While this residential property may be the last few available in the necklace of developments at Marina Bay, said Mr Han, “the government still holds a fair bit of undeveloped and unreleased URA sales of sites in that area”.
The Urban Redevelopment Authority (URA) is setting aside 60 hectares of land at Marina South for a landmark residential district.
URA said last September that some 11,000 housing units have been planned.
Source : Today - 17 Jan 2008
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