For Rent Balmoral Tower at Balmoral - Singapore District 09-10

For Rent Balmoral Tower at Balmoral - Singapore District 09-10

4 bedroom Newly renovated (New bathrooms and Kitchen) 2700sqft Immediated

Rent: 11K

Project Name:

BALMORAL TOWER

Address:

27 Balmoral Road

Developer:

Syndicate Development Pte Ltd

District: 10

Year Completed: 1980

Tenure: Freehold

Total Units: 34
Singapore Real Estate - Buy , Sell , Rent , invest Singapore Property

Buy, sell and rent Singapore real estate: private property, residential apartments,commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop,factory, warehouse , land right here.

MINDY YONG
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For Rent The Light at Cairnhill - singapore district 09-10

For Rent The Light at Cairnhill - singapore district 09-10

3 bedrooms 1518sqft Immediate Fully Furnish ShowFlat Cond

RENT 15k

Buy , Sell , Rent , Invest, In Singapore

MINDY YONG
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mindy@hotvictory.com ( email me )

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About The Light

Bamboo Breeze and New World Charm Nestled in the heart of Orchard Vicinity lies The Light at Cairnhill, an exquisite premium freehold residential development by Wing Tai Land and Rodamco Asia.
Designed with the discerning “New Asian” homeowner in mind – this sanctuary is tastefully designed to reflect the owners’ high aesthetic sense and totally connected to take on the city and beyond.

Consisting of an ultra modern residential tower, surrounded by a tranquil landscaped bamboo garden, it is the only project of its kind that also includes 3 conservation houses as residential units.
The main residential tower block with its 20 storeys of glass and aluminium exterior is an impressive sight to behold.

Strategically Set
Never has there been such a tranquil and tastefully designed development so close to Singapore’s shopping belt- Orchard Road. You are just a short walk away from 5 star hotels, fashion boutiques and of course excellent schools and other much sought after clubs and facilities.

The Perfect Hideaway

The external space is carefully planned and sculpted, making use of natural elements to soothe and relax. Adding to the charm, the elegantly designed swimming pool boasts a dramatic infinity
edge overflow at one end. Also nearby is an outdoor Jacuzzi, tennis court, gymnasium and BBQ pits.

Beautifully Finished Space

Your gem in the heart of the city, function truly follows form as you enjoy dramatic views of the city skyline from your living,dining rooms and bedrooms. Choose from 118 units of freehold 2, 3 & 4 bedroom apartments in the tower block and 3 uniquely designed refurbished, historically- rich houses. The Light at Cairnhill provides every luxury with flexibility and
ingenuity in design. Private lobby to almost all apartments add a sense of
luxury, privacy and convenience of the ultimate in premium condominium living

Buy , Sell , Rent , Invest, In Singapore

MINDY YONG
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mindy@hotvictory.com ( email me )

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Hearing for Horizon Towers lawsuit adjourned

Hearing for Horizon Towers lawsuit adjourned

By Tan Hui Yee, Housing Correspondent
APPEAL: The owners will ask the High Court today to overturn the STB ruling against the sale. — ST FILE PHOTO

THE lawsuit against the owners of Horizon Towers has been put on the backburner for now, after they extended the deadline for the estate’s collective sale.
The consortium behind the suit, led by developer Hotel Properties (HPL), had the High Court hearing adjourned yesterday.

Its move followed a decision by the owners last week to extend the sale deadline until Dec 11 - a move that has taken some of the heat out of the stand-off, although another legal challenge looms today based on the initial sale process.

The consortium - comprising HPL, Morgan Stanley Real Estate-managed funds and Qatar Investment Authority - signed a deal in February to buy the 99-year leasehold Leonie Hill estate for $500 million. But some owners complained that the price was too low, and their mounting opposition culminated in the Strata Titles Board (STB) throwing out the sale deal, albeit over procedural errors, on Aug 3.

That decision comes under scrutiny today, with the owners asking the High Court to overturn the STB ruling.

The consortium has also filed an affidavit asking that it be allowed to participate in the appeal hearing.

If the appeal succeeds, the STB might have to reassess the Horizon Towers deal. If the STB’s original decision is allowed to stand, it could spell the end of the sale.

The stakes are high. The HPL-led group, represented by law firm Allen & Gledhill, claims that the owners of 177 units who backed the deal have breached the sale contract. It has sued the sellers for $800 million to $1 billion in lost profits arising from the alleged breach. This means that if a sale is not eventually completed - under the original terms - the owners of each unit would have to cough up more than $5 million.

The consortium had indicated that it would drop the case once the sale goes through at the $500 million price. The deadline extension has raised hopes that this might be achieved as it would allow any errors to be corrected and a fresh application to be filed.
Source : Straits Times - 28 sept 2007

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STI powers to the new record, closes past 3,700 point level

STI powers to the new record, closes past 3,700 point level

Market more than wipes out red ink from crisis-stricken trading last month
By Alvin Foo
THE sub-prime rebound that has been building all week was sealed with style yesterday when the local market powered to a record finish.
A 64.68-point surge led by SingTel and the three local banks pushed the Straits Times Index (STI) to 3,714.77 points - topping the previous mark of 3,665.13 points set on July 24.

It also more than wiped out the ocean of red ink that swamped the market last month and left the STI floundering in a hole at 2,962.01 points on Aug 17.

Yesterday’s rise meant the STI has added 25.4 per cent since that dark day.

Setting a new record never really looked in doubt from the opening bell. The STI opened close to 3,700 points before reaching 3,703.44 at lunch time. It then hit an intra-day high of 3,723.32 points at around 4.30pm and never dipped below 3,680 points all day.

The positive sentiment was reflected in the volume of 2.95 billion shares worth $3.14 billion - a huge step up from last week’s average of 2.03 billion shares worth $2.31 billion. Gainers trumped losers 555 to 282.

Market experts said yesterday’s rise was due largely to ‘window-dressing’ - parties with vested interests propping up share prices to make themselves look good at the end of the third quarter.

Window-dressing is usually done via last-minute buying of large index components, such as SingTel, banks and property stocks, giving the STI a shot in the arm at the 11th hour.

Strong institutional buying fuelled by Wall Street’s overnight rise of 0.72 per cent propelled Index heavyweights.

The chief beneficiary was SingTel, which leapt 18 cents to $4.02, with 55.21 million units done. That alone accounted for an 18.7-point jump for the STI.

SingTel has been popular amid the sub-prime mortgage mess, with analysts describing it as a defensive stock with above-average returns and below-average standard deviations during volatile markets.

SingTel was also highlighted in a Credit Suisse Asian strategy report yesterday, which maintained an ‘overweight’ call on the Singapore equity.

It noted: ‘We remain positive on the market’s fundamentals and valuations. However, given the uncertain global macroeconomic outlook, we reiterate our barbell portfolio strategy.

‘Growth stocks we like are UOB, City Developments, SembCorp Marine and Raffles Education. Our defensive picks include SPH, ST Engineering, SMRT and SingTel.’

Banking stocks rebounded strongly. DBS Group Holdings added 90 cents to be the day’s top gainer, closing at $22. United Overseas Bank (UOB) gained 40 cents to $22.10, while OCBC Bank rose 20 cents to $8.95.

Shipping and oil-related counters also had a field day, as commodity-shipping costs rose and crude oil prices went back above US$80 a barrel.

STX Pan Ocean climbed 10 cents to $3.34, while Cosco Corp added 10 cents to $5.65, after Citigroup analyst Kevin Chong raised his target price by 15 per cent to $6.55 on new contracts won. Keppel Corp surged 30 cents to a new high of $14.30.

Other blue chips also advanced, with Singapore Airlines up 10 cents at $18.90 and Singapore Press Holdings (SPH) up four cents at $4.34.

The optimism extended even to penny stocks, with the UOB Sesdaq Index gaining 0.27 point to 246.57.

Source : Straits Times - 28 sept 2007

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Singapore Katong Mall goes on sale amid controversy

Singapore Katong Mall goes on sale amid controversy

Minority owners say process to sell en bloc too fast; no chance to air views
By Jessica Cheam
‘LESS STRINGENT’: Minority owners of Katong Mall are upset that the collective sale process was conducted under the old rules and not the stricter ones due to kick in next month. — ST PHOTO: FRANCIS ONG

KATONG Mall is up for a collective sale but angry minority owners claim they have been left out of the process.
More than 35 disgruntled owners said the sale agreement was drawn up so fast that they did not get a chance to air their views.

They are also upset that the sale process was conducted under the old rules and not the stricter ones due to kick in next month.

Owner Jeannette Aruldoss, 44, a lawyer, told The Straits Times that the process was ‘done too quickly. We welcome the idea of the sale, but we want it done by the new rules’.

The revised law requires sale committee members to be elected at a general meeting and allows a five-day cooling off period for owners after signing a sale deal.

Three firms own 72 per cent of the 258-unit mall at the junction of East Coast and Joo Chiat Roads - Elysium, a holding company, and property developers Nustavino and Habitat Properties. The three have common investors. The rest of the mall is divided among about 100 owners.

VALUE ESTIMATE
The 99-year leasehold mall has a plot ratio of 3.6 and a site area of 78,158 sq ft. Its sale price is estimated to be between $600 per sq ft (psf) and $650 psf, valuing the mall at about $175 million.

Looking back
KATONG Mall is a building with a beleaguered past.

Built in 1983, the former Katong People’s Complex was known as the ‘prison with pipes’ due to its exterior of gigantic pipes and steel structures.

The majority owners backed a sale and needed only a further 8 per cent for the required 80 per cent. This was confirmed on Wednesday.

The first time minority owners heard of a sale initiative was in a July 6 letter from property firm Jones Lang LaSalle (JLL) stating that five owners, holding about 74 per cent of the shares, had already volunteered for a sale committee.

At an Aug 6 meeting to discuss the sale, JLL said a process for collecting signatures would start the next day.

Minority owners met JLL on Sept 6 to express their concerns and to set up a meeting with the sale committee.

They did not hear from JLL until Sept 11, when it told them that the required 80 per cent level had been reached.

They were unconvinced and tried repeatedly to arrange a meeting with the sale committee - personally and through JLL - but to no avail.

JLL marketing agent Stella Hoh told The Straits Times yesterday that she did tell minority owners on Sept 11 that they had achieved the 80 per cent ’subject to lawyer’s verification of signatures’.

Confirmation came only on Wednesday.

Owner Lim Earn San, 60, said he was shocked at the speed of the sale, adding that the minority owners were not given any room for negotiations over the terms of the sale agreement.

The appointment of the marketing agent and lawyers was also done by the majority owners without consulting the minority owners, he said.

Mr Lim, who also owns a unit at Katong Shopping Centre, said the approach to the sale of the two malls, ‘couldn’t be more different’.

Owners at Katong Shopping Centre are following the new rules, having known of the changes since March, he said, adding: ‘Why can’t Katong Mall do the same?’

Some minority owners also fear a conflict of interest as two majority owners are in the property industry. But Ms Hoh said JLL had told the owners that the sale will be done by public tender and that any interested buyers related to the collective sale agreement ‘are required by law to declare their interests’.

Three sale committee members declined to comment.

The 99-year leasehold mall has a plot ratio of 3.6 and a site area of 78,158 sq ft. An independent expert estimated its sale price to be between $600 per sq ft (psf) and $650 psf, valuing the mall at about $175 million.

JLL figures show that units have sold at a range of $300 psf to $800 psf this year.

All eyes are now on its upcoming sale launch. ‘We’ll see how it goes, but if we’re not convinced the sale was done in good faith, we’ll take our concerns to the Strata Titles Board,’ said minority owner Robert Ong.
Source : Straits Times - 28 sept 2007

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Istithmar plans for Asian real estate vehicle

Istithmar plans for Asian real estate vehicle

The joint venture with a global financial partner will be based in S’pore
By ARTHUR SIM
FRESH from its recent $1.69 billion purchase of the prime development site at Beach Road, Dubai World Group’s (DWG) investment arm, Istithmar, said that it is planning to set up a major joint venture Asian real estate operation to be based in Singapore.

Dr Yu: ‘Asia is the most important area of focus for us’
The group’s chief investment officer, Yu Lai Boon, said that the joint venture would be undertaken in partnership with a Singapore-based global financial company.

DWG has recently diversified its portfolio with several high-profile investments worldwide, including stakes in European aerospace giant EADS, the Barneys New York retail chain, and the MGM Mirage entertainment company and half of its CityCenter development.

Asked if the company’s one-third stake in the Beach Road site had to do with the softening of the real estate market in the Middle East, Dr Yu said that it had been invited to participate by its joint venture (JV) partner, City Developments Ltd (CDL). Dr Yu added: ‘Asia is the most important area of focus for us.’

Istithmar’s new real estate vehicle will be its second after the announcement in June of a US$50 million hotel joint venture with CDL, called Tune Hospitality Investments.

Istithmar also has a stake in the CDL Hospitality Trusts, and in the past year has made seven real estate investments in the region.

DWG’s real estate portfolio is currently worth US$60 billion in terms of asset and development value. In Asia, it is committing US$30 billion in India alone and expects to expend the same amount in China, Dr Yu said.

And apart from Singapore, it also has investments in Vietnam and Thailand.

The third partner in the South Beach development is the El Ad Group (EAG), run by Israeli billionaire Yitzhak Tshuva.

EAG may be an as-yet unfamiliar name here, but it is no stranger to CDL. Apart from buying The Plaza Hotel in New York from CDL executive chairman Kwek Leng Beng and his partner in 2004, EAG is also a joint venture partner with CDL on its upcoming Leonie Hill luxury condo development.

With the global economy still in the throes of a credit crunch, real estate investments here had been expected to slow down. Yet, EAG president and CEO Miki Naftali said: ‘The quality and range of our properties have tended to insulate us from pressures associated with the so-called global credit crisis.’

He added that ‘credit remains available to us’.

EAG has a real estate portfolio worth over US$7 billion, and it expects to invest in Asia ‘as part of our worldwide strategy of adding value’.

Mr Naftali also said that it is seeking opportunities to introduce the iconic Plaza brand here, as well as in Tokyo, Shanghai and Beijing.

Other investors from the Middle East that have made an impression here this year include Emirates Investment Group, which has a stake in the upcoming Ritz-Carlton Residences in Cairnhill, and Kuwait Finance House, which bought two blocks at Reflections @ Keppel Bay.

Source : Business Times - 28 sept 2007

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S’pore Real Estate seen as top buy in Asia-Pac

S’pore Real Estate seen as top buy in Asia-Pac

Sentiment strongest in rental apartment, office, hotel/resort, retail sectors: survey
By KALPANA RASHIWALA

SHANGHAI, Singapore and Tokyo have emerged as the top three most promising Asia-Pacific cities for real estate investment prospects, according to a report from the US-based Urban Land Institute (ULI) and the accountancy firm PricewaterhouseCoopers (PwC).

‘Sentiment was strong among survey participants to either buy or hold all types of properties in Shanghai, Singapore and Tokyo, rather than sell properties, illustrating the cities’ strong popularity with the investment community,’ a news release by PwC and ULI said.

For Singapore, the strongest sentiment for buying property was in the rental apartment sector, followed by the office, hotel/ resort, retail and indus- trial/distribution property.

The report, Emerging Trends in Real Estate Asia Pacific 2008, is the second annual investor survey from ULI and PwC. It shows that Singapore has jumped from fourth to second placing for investment prospect rankings, and from ninth to third spot for development rankings. Singapore is ranked first for city risk ratings.

One respondent in the survey said Singapore was ‘certainly one of the markets in the area that provides a very stable legal and tax environment, and property rights that are beyond question. And it therefore is certainly one of the markets where many, especially Westerners, are very comfortable.’

The report was based on interviews and surveys with more than 190 professionals, including investors, developers, property company representatives, lenders, brokers and consultants.

The survey covered 20 cities. Shanghai was in the top position in the latest 2008 investment prospect ranking, up from second spot in the earlier ranking. Tokyo maintained its third position, while Osaka, which was first in the 2007 ranking, moved down to fourth position. Hong Kong was ranked fifth in the latest survey, moving up six positions.

While Singapore moved from fourth to second spot in investment prospect, sell recommendations increased for office, retail, and hotel/resort from 0 per cent in the 2007 report issued last year to 19 per cent, 13 per cent and 13 per cent respectively in the latest 2008 report.

Buy recommendations for industrial/distribution property increased from 35 per cent to 44 per cent.

The 2008 survey also shows that the growing Asia-Pacific real estate market still offers opportunities for investors and developers next year. Asia-Pac real estate executives’ response remains strong on overall economic and market fundamentals, regardless of interest rate increases.

High levels of equity capital continue to pour into the Asia-Pacific property pool. For 2008, the hotels sector tops the list of real estate performance prospects, followed by the office sector.

PwC’s tax partner in Singapore, David Sandison, said: ‘It’s expected that even greater amounts of capital will be flooding Asia Pacific real estate markets in 2008. The real challenge for investors will lie in finding the right assets against the backdrop of yield compression and scrutiny by regional governments and tax authorities.’

The strongest sentiment for buying in Singapore was for rental apartments, with about 53 per cent of respondents recommending a buy, 34 per cent hold and 13 per cent sell.

For office space, 52 per cent advised buying, 29 per cent hold and 19 per cent sell.

The survey also showed that 48.5 per cent recommended buying hotel & resort property, 38 per cent advised holding, and 13 per cent, selling. For retail property, 45 per cent advised buying, 41 per cent holding and 13 per cent selling.

In the industrial/distri- bution sector, about 44 per cent of respondents recommended buying, 42 per cent holding and 14 per cent, selling.

ULI is a global education and research institute championing responsible leadership in land use to enhance the total environment.

Source : Business Times - 28 sept 2007

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Ho Bee sells 20 units of Singapore Sentosa Cove condo

Ho Bee sells 20 units of Singapore Sentosa Cove condo

Turquoise goes on sale with prices ranging from $2,400 to $2,700 psf
By KALPANA RASHIWALA
HO BEE Investment has begun selling units at its Turquoise condo at Sentosa Cove at prices ranging from around $2,400 to $2,700 psf.

King’s 8: One of the eight freehold strata bungalows with strata areas of 4,898 to 5,414 sq ft at King’s Road that DTZ is marketing this weekend
Apartments cost around $5.3 million for a typical three-bedroom unit and about $6.4 million for a typical four-bedroom unit.

The listed developer sold about 20 of the 30 units that it released yesterday in the project, which comprises only 91 units in total.

Ho Bee seems to be in no hurry to sell out the 99-year leasehold project, given the increasing scarcity of new project launches on Sentosa Cove, market watchers say.

Three bedders in the development have an average size of about 2,100 sq ft, and four-bedders about 2,500 sq ft. Turquoise also has a variety of penthouse sizes - three bedders, four bedders (both of these come with their own jacuzzis), and three sky villas ranging from 6,900 to 7,900 sq ft and each with its own swimming pool.

Ho Bee is developing the six-and-a-half storey project on Sentosa Cove’s Waterfront Collection site, which is flanked by Tanjong Golf Course and waterways.

Over at King’s Road in the Bukit Timah area, DTZ Debenham Tie Leung is marketing this weekend King’s 8, comprising eight freehold strata bungalows. The strata areas of the units range from 4,898 sq ft to 5,414 sq ft, and are priced between $4.67 million and $4.98 million. The bungalows have two storeys plus an attic, basement, a private pool and two private carpark lots. King’s 8 is being developed by Longitude Central.

Over at Jansen Road, Fragrance Land is holding a soft launch for 12 strata terrace houses. Prices of the 999-year leasehold development range from $830 to $850 psf of strata area.

And at the prime Scotts Road, Wheelock Properties (Singapore) begins today the official launch of Scotts Square, releasing a limited number of units. During a preview of the project in July, it sold about half of the 338 apartments, at an average price of $3,983 psf.

Source : Business Times - 28 sept 2007

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Singapore Collective sale site flipped for 100% profit

Singapore Collective sale site flipped for 100% profit

Bought for $73m one year back, Emerald Mansion site sold for $148m

By KALPANA RASHIWALA

(SINGAPORE) The Cheong family, which bought Emerald Mansion through a collective sale last year for $73 million or $931 psf per plot ratio, recently sold the District 9 freehold property for double that amount, or around $148 million or $1,888 psf ppr, sources say.

Emerald Mansion: The $1,888 psf ppr price is a new high for the Cairnhill area, surpassing the $1,788 psf ppr that Char Yong Gardens fetched in June this year
The unit land price of $1,888 psf ppr is a new high for residential land in the Cairnhill area, surpassing the $1,788 psf ppr that Char Yong Gardens fetched in June this year.

BT understands that the new buyer of Emerald Mansion is a joint venture comprising a property fund managed by LaSalle Investment Management, and a local contractor - with the latter taking a minority stake.

No development charge is payable for the 29,810 sq ft site, which can be redeveloped up to its current gross floor area of 78,401 sq ft, which reflects a plot ratio of about 2.63. This is higher than the 2.1 plot ratio indicated for the site under Master Plan 2003.

BT understands that the original collective sale to the Cheong family - which has a substantial stake in International Plaza at Anson Road and is related to SC Global chairman and CEO Simon Cheong - was completed just a few months ago.

DTZ Debenham Tie Leung is believed to have brokered the latest sale of Emerald Mansion to the LaSalle Investment Management fund. DTZ declined to comment on the deal.

Based on LaSalle Investment Management’s $1,888 psf ppr acquisition cost of Emerald Mansion, the breakeven cost for a new apartment development on the site could be about $2,400 psf, according to market watchers. The site can be developed into around 55 apartments averaging 1,500 sq ft.

The developer of a project on the Emerald Lodge site next door is said to be eyeing an average price of about $3,000 psf in an upcoming launch.

Last month, LaSalle Investment Management clinched a 99-year leasehold commercial plot next to International Plaza at a state tender. Its winning bid of $237.2 million reflects a unit land price of $941 psf ppr.

The real estate money management firm, which is part of the Jones Lang LaSalle group, bid on behalf of its LaSalle Asia Opportunity III Fund, and is planning a 20-storey office development with about 200,000 sq ft net lettable area.
Source : Business Times - 28 sept 2007

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Singapore Marina rising - and its prices follow suit

Marina rising - and its prices follow suit

SUTL’s One°15 banks on rising affluence and the IR effect to keep afloat
By VEN SREENIVASAN
AND CONRAD RAJ
(SINGAPORE) Asia’s most luxurious and modern marina will officially open tomorrow and, in keeping with the sudden rush of demand for the high life, it will raise its membership prices for the eighth time.

Ready to set sail: ‘This will become one of the world’s most well-integrated waterfront lifestyle communities,’ said Mr Tay, who has invested about $75 million into the facility which sits on a 30-year leased site.
Nestled within the Sentosa Cove enclave with a range of private members club facilities, One°15 Marina has been steadily attracting the well-heeled not just from Singapore, but around the world to join up as members.

Currently, some 60 per cent of its 2,800 members are Singaporeans or residents, while the rest are expatriates and other foreigners, some coming from as far as Spain and the US.

And with demand picking up steadily since its launch in April 2005, One°15 Marina will be raising its membership price to $43,888 from tomorrow - compared to $38,888 now. This is a far cry from the initial launch price of $23,888 for an individual transferable membership.

And with membership capped at 4,000, Arthur Tay, the 50-year-old businessman and founder of One°15 Marina Club, expects to gradually hike up the joining fee to $60,888 by the time the integrated resorts are fully operational. Meanwhile, the club is also looking at term memberships to accommodate ocean-lovers who may be here only for a few years.
‘We already have 204 completed berths, and will have 270 berths when fully completed, including 10 berths for mega yachts of up to 220 feet in length.’

‘This will become one of the world’s most well-integrated waterfront lifestyle communities,’ said Mr Tay, who has invested about $75 million into the facility which sits on a 30-year leased site.

‘We already have 204 completed berths, and will have 270 berths when fully completed, including 10 berths for mega yachts of up to 220 feet in length.’

Mega yachts are fully fitted luxury super vessels of over 80 feet in length which cruise the world’s oceans with their high net worth owners. There are some 7,000 of these around the world worth some US$107 billion, mostly in Europe and the United States.

Asian are said at present to own less than 100, with about 10 owned by Singaporeans and Singapore residents. But this is expected to grow rapidly in tandem with the changing wealth demographics. The club also has several boats for rent, including four houseboats which provide accommodation.

Mr Tay feels that Singaporeans should get off their bottoms and move on to see how their little island is rapidly transforming into the Monaco of the east.

Sitting in the luxurious living room of his $22 million, 116-foot mega yacht Hye Seas II (named partly after his father), Mr Tay feels that, with growing affluence, Singaporeans are increasingly demanding better cars, more expensive watches, bigger homes - and classier marinas.

Spread over some 14.2 hectares of water and 1.7 hectares of land, One°15 - built by Mr Tay’s SUTL Group of companies and named after its strategic location of one degree, 15 minutes north of the Equator in nautical terms - seems to fit the bill.

Cash is not a problem. The club is already raking in some $1 million in revenue each month from its services, including not only food and beverage but other services being provided to yacht owners like bunkering. And when it reaches its targeted membership of 4,000, it would have taken in more than $140 million from entrance fees alone.

Mr Tay is unfazed by the fact that the only two other major privately-owned marinas in Singapore have not enjoyed much success. Almost two years ago, NATSTEEL-owned Raffles Marina revealed that it was not in a position to redeem $27.7 million worth of unsecured notes it owed 1,701 members. With a loss of $32 million in 2004, and liabilities exceeding assets by $30.4 million, it was forced to restructure by getting members to swap their debentures for equity and a second membership. This came on the heels of the collapse of Ponggol Marina under debt of some $18 million, leaving its members losing millions of dollars more.

So why should One°15 Marina work?

‘Marinas are not new in this part of the world, but it is a shame they’ve gone to sleep in Singapore,’ Mr Tay said. ‘Today, Singapore is a medical hub, financial hub and a tourism hotspot. As its people become more affluent, their lifestyle demands and expectations will also rise,’ he added.

Mr Tay also does not discount taking the holding company public one of these days. ‘We need to do this only when we need capital for expansion, whether here or elsewhere.’

The company is already talking to the government about opening up marinas on some of the other islands around Singapore.

At the same time it is looking overseas, especially Vietnam. ‘There are also some other marinas in the region asking us to manage their properties, or look at some other form of collaboration,’ said Mr Tay.
Source : Business Times - 28 sept 2007

Singapore Property - Buy , Sell , Rent , Invest

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