Marina South: New choice area for homes

Marina South: New choice area for homes

60ha site earmarked for ‘waterfront-garden living’; design contest seeks fresh ideas
By Jessica Cheam

THE Government yesterday earmarked a giant 60ha site right on the coast at Marina South for what it bills as ‘waterfront-garden living’ in the heart of the city.
The site, not far from the upcoming Marina Bay Sands integrated resort, is already being touted as Singapore’s future No.1 residential hot spot by property analysts.

The Marina South Residential District has spectacular sea views in one direction and lush greenery in the other, as it is right next to the upcoming Garden at Marina South.

Up to 11,000 homes are expected to be built in the district, which will also boast shopping malls, hotels, parks and schools.

The site will have roughly the same number of units as District 11, which covers Newton, Novena and Thomson.

To garner fresh, innovative ideas as inspiration for its development, the Urban Redevelopment Authority (URA) and the Singapore Institute of Architects yesterday launched a design competition for the site.
This is a first in the planning for residential districts, said URA yesterday. The competition calls on budding student and professional architects alike - local and foreign - to design a mini-city based on the experience of living in a waterfront garden.

It must also be distinctive, eco-friendly, and promote a strong sense of community.

The institute’s president Tai Lee Siang, one of the judges, told The Straits Times that ‘now is the perfect time to explore…ideas that have never been seen or tested here before’.

Yesterday’s announcement also marks a new chapter for Marina South.

The site is now home to SuperBowl Marina South and Victor’s Superbowl, along with seafood restaurants and wide open spaces.

These buildings will eventually have to make way for the new residential district.

Guidelines from the competition brief, available on the institute’s website www.sia.org.sg gives the project’s gross floor area as 1.5 million sq m and a gross plot ratio of five.

This sets the scene for high-rise, high-density housing, typical of the 50-storey public housing at the Pinnacle@Duxton and the 70-storey apartments at The Sail@Marina Bay, said property analysts.

It will cater to Singaporeans’ growing appetite for high-rise apartments with stunning views. Property analysts anticipate that demand for the site will be red-hot, if the economy remains robust.

‘This has all the makings to be Singapore’s number one residential hot spot,’ said Colliers International’s director for research and consultancy Tay Huey Ying.

When asked if any public housing will be built in the district, URA said detailed plans have not been finalised - but property consultants said this was very unlikely.

URA added that the project’s implementation will be decided when plans are finalised. It expects the district to be developed over a 15- to 20-year period.

The closing date for the competition is Nov 12. Up to 10 of the best ideas will be selected to share a cash prize of $50,000. The winning entries will be announced during the Singapore Design Festival 2007 in November.

Source : Straits Times - 14 sept 2007

Singapore Property - Buy , Sell , Rent , Invest
Mindy Yong
(+65)91002985
mindy@mindyyong.com
http://www.hotvictory.com

SLA puts Paya Lebar Swimming Complex up for tender

SLA puts Paya Lebar Swimming Complex up for tender

The successful bidder can provide a water-based facility as well as land-based activities: official
By ARTHUR SIM
THE Singapore Land Authority (SLA) is seeking tenders from developers with plans for the former Paya Lebar Swimming Complex, the first time such a development has been made available.

‘In recent years, creative adaptive reuse of state properties has added to the vibrancy of sectors including sports and recreational.’

- Simon Ong,
SLA director of operations

SLA director of operations Simon Ong said: ‘The site has the potential to be adapted for other sports and recreational use.

The successful bidder could continue to provide a water-based facility as well as land-based activities.’

Mr Ong said other proposals for the site would be considered, subject to the approval by the various planning agencies.

Located at 19 Aroozoo Avenue, close to Hougang New Town, the complex will be primarily for sports and recreation, but up to 20 per cent of the existing gross floor area (GFA) can be for commercial uses.

The site, which has a spectator stand, an office and retail block and a shelter, has a land area of 6578.5 square metres with a GFA of 1339.7 square metres.

The complex, which has a standard 50-metre eight-lane pool and a 35-metre shallow pool was opened in 1981.

It will be leased with a tenure on an initial term of three years and is renewable on terms up to 2017.
SLA said that the site has an indicative guide rent of $12,900.

The property, near Kovan and Upper Serangoon Road, is surrounded by private residential buildings and is within walking distance of a neighbourhood park and an upcoming adventure park in Paya Lebar, in a mature estate.

The SLA said it has already received several preliminary inquiries about the site.

Mr Ong said: ‘In recent years, creative adaptive reuse of state properties has added to the vibrancy of sectors including sports and recreational with some economic viability.’

In June, SLA leased out another recreational site at the former Turf Club. The 10 ha site went to Blue Dolphin Gallery for $40,000 a month for a public horse-riding centre.

Blue Dolphin Gallery also put in a bid for another SLA recreational site at Punggol Point but the bid did not match the SLA’s guide rental.

Other recreational-themed sites currently available include a 11,606.6 square metre site in Punggol Point.

The site, which is meant for food and beverage use, is on the Urban Redevelopment Authority’s Government Land Sales reserve list, with a lease period of 15 years.
Source : Business Times - 14 sept 2007

Singapore Property - Buy , Sell , Rent , Invest
Mindy Yong
(+65)91002985
mindy@mindyyong.com
http://www.hotvictory.com

Horizon sellers miss deadline; hearing expected in 2 weeks

Horizon sellers miss deadline; hearing expected in 2 weeks
Majority sellers still trying to form sales committee; some keen to contest suit
By MICHELLE QUAH

THE majority sellers of Horizon Towers missed a deadline to extend the completion date for the collective sale of the development.

The enormous personal liability has splintered the sellers as a group.

And the buyers are now set to make good on their threat to haul each and every one of the sellers to court and sue them for millions of dollars.

The buyers of the Leonie Hill property - Hotel Properties Ltd (HPL), Morgan Stanley Real Estate-managed funds and Qatar Investment Authority - had given the majority sellers until Tuesday this week, Sept 11, to meet their demands for an extension of the completion date.

The deadline was set after repeated requests earlier for an extension were ignored. BT understands the sellers did not respond to the latest deadline or extend the completion date.

It is understood that a High Court hearing is set for Sept 27. At the hearing, the buyers will ask the court to declare the majority sellers in breach of a collective sale agreement signed by both sides in February.

They will also ask the court to award them damages of between $800 million and $1 billion, as well as interest and costs.

This means the 270 owners - of 173 units - who signed off on the en bloc sale are now personally liable for $3.7 million each, or $5.78 million per unit. It is believed that the enormity of the personal liability has splintered the sellers as a group. Some owners have indicated they want to extend the deadline, while others are keen to contest the lawsuit.

This has driven several owners to seek their own legal representation - apart from group representation in the form of law firm Tan Rajah & Cheah.

The Horizon Towers sales committee disintegrated last week. The last three members resigned on Friday, after four other members quit in the days before.

The majority sellers are now scrambling to assemble a new sales committee so there will be some sort of representation for the entire group, to manage the en bloc saga going forward.

The en bloc sale collapsed in August after the Strata Titles Board (STB) refused to grant a collective sale order on the grounds that Horizon Towers filed a defective application.

STB’s decision, just days before the sale completion deadline, meant there was no time to file a fresh en bloc application.

The buyers wanted the majority sellers to extend the sale completion deadline by four months, appeal against STB’s decision and file a fresh application if needed.

The sellers have appealed against STB’s decision but have not extended the deadline. Nor have they indicated whether they intend to file a fresh application with STB.

It has been reported that the majority sellers regretted their decision to sell Horizon Towers for $500 million to HPL and its partners after neighbouring developments began fetching much higher prices in the months that followed.

HPL and its partners allege that the sellers have not done everything in their power to file a proper application to STB - a condition of the sale agreement - and are suing them on this basis.
Source : Business Times - 14 sept 2007

Singapore Property - Buy , Sell , Rent , Invest
Mindy Yong
(+65)91002985
mindy@mindyyong.com
http://www.hotvictory.com

HDB upgraders are back in force

HDB upgraders are back in force
Big hike in secondary market deals shows genuine demand: analysts
By ARTHUR SIM

(SINGAPORE) The broad-based recovery in the property sector is gathering pace with data showing a spike in the number of property transactions by Housing and Development Board (HDB) upgraders.

Looking at data which captures transactions made by buyers with registered HDB addresses - traditionally considered HDB upgraders - Citigroup noted that, in Q2 2007, HDB upgraders made about 1,750 transactions in the secondary market, an increase of 75 per cent from the previous quarter when around 1,000 transactions were recorded.

On the significance of secondary market transactions, Citigroup analyst Wendy Koh said that these represented ‘genuine demand as full payment is required for completed developments’.

Although there is always some level of speculation in a rising market, the mass market appears to be safe for now, with Citigroup noting that subsales in the mass market segment stood at about 9 per cent of total sales compared to 27 per cent at the peak of 1995/1996.

DTZ Debenham Tie Leung executive director Ong Choon Fah also believes buyers in this segment are genuine. ‘Most speculation still takes place in the prime districts because price increases (in the mass market) are still not as significant,’ she said

Mrs Ong added that the recovery of prices for the HDB resale segment has also boosted the number of upgraders and noted that about 70 per cent of resale flats transacted at above valuation in Q2.

DTZ’s figures show that combined primary and secondary market transactions by upgraders increased by about 50 per cent in Q2 over the previous quarter. Popular new developments among upgraders were The Quartz near Buangkok MRT Station, Northwood in Sembawang and Ferraria Park Condo in Pasir Ris. Upgraders made up 80 per cent, 58 per cent and 54 per cent of the buyers respectively.

‘There is also now more urgency to buy because there is the belief that prices seen in the prime areas will filter out into the suburban districts,’ she added.

Upgraders have also bought into more upscale developments.

A spokesman for UOL said that they formed about 16 per cent of the buyers for Pavilion 11 at Minbu Road while Frasers Centrepoint said a similar 16 per cent have bought into The Soleil at Novena. Even at the more expensive The Seafront on Meyer, CapitaLand said that just under 5 per cent are buyers with HDB addresses.

HDB upgraders are still, however, price sensitive and Mrs Ong attributed the spike in secondary market transactions to this as the secondary market offers lower-cost private residential alternatives.

Speculation could, of course, raise prices. A recent report by Credit Bureau (Singapore) revealed that people living in the heartlands of Serangoon Gardens, Hougang and Punggol recorded the highest number of borrowers with multiple property loans, suggesting that they owned homes for reasons other than to live in.

Savills Singapore director (marketing and business development) Ku Swee Yong, who also believes speculation has yet to hit the mass market, reckoned that the increase in the number of borrowers with multiple loans could be due to the fact that several developments in the area, including Kovan Melody and Tangerine Grove, have obtained temporary occupation permits (TOP), requiring existing homeowners who opted for deferred payment schemes to apply for loans.

He also noted that some collective sale beneficiaries have had to apply for housing loans because more banks are refusing to give bridging loans.

CB Richard Ellis executive director Li Hiaw Ho does believe that speculation is increasing in new suburban projects like One Rochester and Sky@Eleven. Although Mr Li said that it is still ‘quite minimal’, he believed that it will impact overall prices, and that mass market projects will not be spared. ‘You just have to look at the recent land sales price at Ang Mo Kio,’ he added. The site in question sold for about $600 per square foot per plot ratio and is expected to sell for over $1,000 psf.

Source : Business Times - 14 sept 2007

Singapore Property - Buy , Sell , Rent , Invest
Mindy Yong
(+65)91002985
mindy@mindyyong.com
http://www.hotvictory.com

Singapore to be Lippo’s springboard to Asia

Singapore to be Lippo’s springboard to Asia

Group in expansion mode to make Republic its international HQ
By UMA SHANKARI
(SINGAPORE) The Lippo Group will use Singapore as its international headquarters as it grows its presence in Asia, chief executive James Riady told BT in an interview.

A red-letter day: Mr Riady, seen here with Ms Ho , was made an honorary Doctor of Letters by La Trobe University for contributions to education
Right now, about 70 per cent of the group’s assets are in Indonesia, but the figure could fall to around 50 per cent in a few years’ time as the group expands in the rest of Asia, Mr Riady said. Mr Riady was in Singapore on Wednesday to receive an honorary Doctor of Letters degree from Australia-based La Trobe University, which held one of its graduation ceremonies here.

‘I think our perspective is now more Asian, and Singapore provides a good base for us to open up in markets across Asia,’ he said.

He identified China as a big market for the group going forward. In South-east Asia, Lippo is looking at Malaysia, Thailand and Vietnam, he said.

But going forward, the bulk of Lippo’s economic base will continue to be in Indonesia, Mr Riady said. Right now, the group has about 70 per cent of its assets in Indonesia, while Singapore accounts for another 15 per cent.

In Singapore, Lippo will continue to grow its property, retail and food businesses, he said. Lippo bought a stake in historic Singapore retailer Robinson last year and also has a majority stake in Auric Pacific, a Singapore-listed food and property company.

Opportunities for property investments are going to be harder to come by in future compared to the past few years, said Mr Riady.

‘I suspect that while the opportunities will still come up, they will not be as many, as the supply (of sites) will not be as much as during the last three years,’ he said.

Lippo will therefore not ‘expand for the sake of expanding’, instead, it will ‘intensify’ what businesses it already has here. For one, the company will look to build up its brand name in Singapore, he added.

Mr Riady received his honorary degree from La Trobe for his accomplishments as a global business leader and education advocate. As chairman of the Pelita Harapan Educational Foundation in Indonesia, Mr Riady has helped set up 18 schools and three universities in Indonesia.

Also, the foundation set up a teacher training college to produce qualified teachers four years ago. And every year, it gives out 500 full scholarships to teachers for the college. The first batch of 500 teachers will graduate in May next year.

As the ‘education centre’ of South-east Asia, it is Singapore’s duty to raise awareness of the importance of education, Mr Riady said.

At Wednesday’s ceremony, close to 100 La Trobe students graduated. Present at the event were Temasek Holdings executive director Ho Ching, who was the guest-of-honour, the university’s vice-chancellor Paul Johnson and Murli Thadani, director of La Trobe’s international arm.
Source : Business Times - 14 sept 2007

Singapore Property - Buy , Sell , Rent , Invest
Mindy Yong
(+65)91002985
mindy@mindyyong.com
http://www.hotvictory.com

Gardens and sea to frame new Marina South homes

Gardens and sea to frame new Marina South homes

60 hectares set aside for 11,000 units in latest makeover move
By UMA SHANKARI

(SINGAPORE) A landmark residential district - with lush gardens by its side, a spectacular view of the sea and the Sands Integrated Resort a mere stone’s throw away - will rise over the next few years to add further gloss to the Marina Bay area.
Some 60 hectares of land, on which 11,000 homes will be built, has been set aside for the project. The Marina South Residential District (MSRD) will also have 1.6 million sq ft set aside for hotel use, another 678,000 sq ft of commercial space and even a primary and a secondary school. There will also be community facilities for all to enjoy, the government announced yesterday.

The entire project will be developed over a 15 to 20-year period once the supporting infrastructure has been put in place, said the Urban Redevelopment Authority (URA).

URA also said given the size of the area, it is likely that the land parcels will be released in phases.

The government agency is master planning the project as the next stage of development for the Marina Bay area.
‘Obviously, it is a choice location - right between the garden and the sea.’

- Knight Frank managing director Tan Tiong Cheng

Marina Bay, which is touted as the centrepiece of Singapore’s urban transformation into a vibrant, global city, is already home to several upcoming prime projects - including the Marina Bay Sands Integrated Resort and the 100-ha Gardens By the Bay.

This residential site is located between the upcoming Garden at Marina South and the Straits of Singapore. URA hopes that MSRD will offer its residents the best of both worlds - a rare opportunity to experience waterfront living together with the lush greenery provided by the garden.

‘Obviously, it is a choice location - right between the garden and the sea,’ said Knight Frank managing director Tan Tiong Cheng. ‘The view will be even better than that from the Marina Bay integrated resort.’

Said Colliers International’s director for research and consultancy Tay Huey Ying: ‘The area will provide a very wholesome residential environment.’

The bid to develop MSRD is in line with the government’s 2001 Concept Plan - a long term plan that guides Singapore’s development over the next 40 to 50 years - which called for more city living options for Singaporeans.

Then, URA said that those who like the downtown buzz can look forward to having 90,000 more units to choose from, mostly in the New Downtown at Marina South.

Experts expect that homes in MSRD will be popular, especially with foreigners.

‘It is possible that the primary and secondary schools could be foreign schools,’ said Colin Tan, Chesterton International’s head of research and consultancy.

However, market watchers mostly said that even when boosted by this latest news, home prices in the Marina Bay area are not likely to reach those fetched by luxury projects in the Orchard Road vicinity anytime soon.

‘I don’t think the development will overtake Orchard Road in terms of prices and appeal to foreigners,’ said Ms Tay. Facilities catering to foreign residents, such as foreign schools and embassies, are now located in the Orchard Road vicinity, she said.

Knight Frank’s Mr Tan agreed: ‘At the end of the day, Marina South is a new district; it is not tested.’

In addition, concerns exist about the infrastructure in the area. For one, the road network in the Marina Bay area will have to be improved, analysts said.

Right now, URA is looking to garner new and innovative ideas to distinguish MSRD.

Together with the Singapore Institute of Architects, it is organising a competition, which will close on November 12, for design ideas for the district. A sum of $50,000 has been set aside to be awarded for up to 10 best ideas.
Source : Business Times - 14 sept 2007

Singapore Property - Buy , Sell , Rent , Invest
Mindy Yong
(+65)91002985
mindy@mindyyong.com
http://www.hotvictory.com