Grange 80 4+1 For Rent at River Valley/Orchard Region

Grange 80 4+1 For Rent at River Valley/Orchard Region

Grange 80 4+1 For Rent $15,800 about 2314 sf

80 Grange Road, S(249574)
swimming pool, gym, sauna, private lift lobby compliment. facilities at Orchard Parksuites minutes walk to Orchard

Landmark Details

Address: 80 Grange Road
Type of Development: Apartment
Tenure: Freehold
District: 10
No. of Units: 10
Year of Completion: 2000
Developer: Far East Organisation
Unit sizes:
3 bedrooms: 126 sq m
4 bedrooms: 212 – 215 sq m

Grange 80 is situated at one of the extremely prestigious enclave of Grange Road and Paterson Hill and is a 6 minutes walk to Orchard Road and Scotts Road and also to the Orchard MRT station. Grange 80 is near to the Great World Shopping Centre, Lido cinemas and also to the shopping centre, Ngee Ann City, Wisma Atria, Tang’s, The Pines Club and the American Club. Its fashionable 10 units have a confidential lift entrance hall, with an air-conditioned kitchen and spacious bedrooms.

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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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Grange 70 3+1 / 4+1 For Rent at River Valley/Orchard Region

Grange 70 3+1 / 4+1 For Rent at River Valley/Orchard Region

Grange 70 3+1 / 4+1 For Rent $13 K- $14 K about 1970 sf - 1981 sf

70 Grange Road, S(249574)
swimming pool, gym, sauna, private lift lobby compliment. facilities at Orchard Parksuites minutes walk to Orchard

Landmark Details

Address: 70 Grange Road
Type of Development: Apartment
Tenure: Freehold
District: 10
No. of Units: 10
Year of Completion: 2000
Developer: Far East Organisation
Unit sizes:
3 bedrooms: 126 sq m
4 bedrooms: 212 – 215 sq m

Grange 70 is situated at one of the highly esteemed enclave of Grange Road and Paterson Hill and takes a 6-minute walk to Orchard Road and Scotts Road and also to the Orchard MRT station. Grange 70 is very near to Great World Shopping Centre, Lido cinemas and shopping centre, Ngee Ann City, Wisma Atria, Tang’s, The Pines Club and the American Club.
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

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

Orange Regency 3+1 For Rent at River Valley/Orchard Region

Orange Regency 3+1 For Rent at River Valley/Orchard Region

Orange Regency 3+1 For Rent $11,000 about 1725 sf

101 Fernhill Road, S (259139)

swimming pool, gym, furo bath, bbq pits Next to Shangri-La Hotel

Landmark Details

Address: 101 Fernhill Road
Type of Development: Apartment
Tenure: Freehold
District: 10
No. of Units: 15 exclusive apartments
Year of Completion: 1997
Developer: Far East Organization
Unit sizes:
4+1 bedroom: 1,780 sq ft

Orange Regency is a low-density apartment development located in the silence and prestigious Fernhill Road, off Stevens Road and Orange Grove neighborhood. It has a swimming pool, gymnasium and BBQ. Orange Regency is within short stroll distance to the popular Orchard shopping strip where the Orchard Towers, Orchard Delfi, Orchard MRT Station are situated. It is within closeness to elite clubs like American Club, Pine Tree Club and Tanglin Club.

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

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

Leonie Condotel 4+1 For Rent at River Valley/Orchard Region

Leonie Condotel 4+1 For Rent at River Valley/Orchard Region

Leonie Condotel 4+1 For Rent $16,000 - $29,820 about 2722 sf - 4957 sf

2 Leonie Hill Road, S (239194)

full condo facilities
mins drive to Great World City / Orchard

Landmark Details

Address: 2 Leonie Hill Road
Type of Development: High Rise Condominium
Tenure: 99 years
District: 09
No. of Units: 120
Year of Completion: 1997
Developer: Lucky Square Pte Ltd (Far East Organization)
Unit sizes:
4+1 bedrooms: 2,568 - 4,957 sq ft

Leonie Condotel is lavishness living at its finest. The prestigious 25-storey Graeco-Roman styled apartment is located along the River Valley Road, set on extensive grounds of 2 hectares of greenery, peaceful and natural surroundings, Leonie Condotel is a delight to come home to. Illustrious by its sleek, traditional structural design and grand lobby, Leonie Condotel has comfortable double-storey penthouses, maisonettes and roomy split-level apartments. Each blows your own horn as they have full-height windows, quality equipment and furniture and a panoramic view. Its central place makes it easy to get around. Residents of Leonie Condotel are also spoilt by the wonderful club-like amenities provided, making it an address second to none. This condo is situated near to the Central Business District and a 7 minutes stroll to Orchard Road shopping malls, Orchard MRT station, hotels and offices.

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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mindy@mindyyong.com ( email me )

http://www.hotvictory.com

River Place 2+1 For Rent at River Valley/Orchard Region

River Place 2+1 For Rent at River Valley/Orchard Region

River Place 2+1 For Rent $12000 -$13000 about 1894 sf - 1970 sf

60 Havelock Road, S(169658)
full condo facilities
2-storey maisonette with outdoor jacuzzi
mins drive to CBD, Orchard shopping belt

Landmark Details

Location: 60 – 66 Havelock Road
Type of Development: High Rise Condominium
Tenure: 99 years
District: 03
No. of Units: 509
Year of Completion: 2000
Developer: Quay Properties Private Ltd (Far East Organization)
Unit sizes:
Studio: 63-86 sq m
2 bedrooms: 96 – 98 sq m
3 bedrooms: 113 – 169 sq m
4 bedrooms: 192 – 196 sq m
Maisonette: 117 – 219 sq m
Penthouse: 196 – 339 sq m

River Place is a riverside modern condo situated along the banks of Singapore River at Havelock Road and Clemenceau Avenue. It is in a strolling distance to Clark Quay MRT station and two bus stops away from the Raffles MRT station. Generally, rents are lesser for units facing Havelock Road and Clemenceau Avenue. Those units opposite the river have very panoramic sight of the Clarke Quay shophouses and are in great demand. The River Place is situated at the fringe of the Central Business District (CBD), which is within walking distance to the nightlife of Mohamed Sultan, Riverside Point, Clark Quay and Boat Quay. With the Somerset MRT station just minutes away and major expressways nearby transportation is well located and fast. Residents can make use of the free shuttle to City Hall MRT station at the UE Square shopping Mall.

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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mindy@mindyyong.com ( email me )

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Singapore dollar hit 10-year high

Singapore dollar hit 10-year high
(SINGAPORE) The Singapore dollar hit a 10-year high on Monday, leading a rally in Asian currencies after weakness in US inflation data renewed selling pressure in the US dollar.
The dollar hit another record low against both the euro and a basket of currencies after a tame reading in the Fed’s favoured price index.

The Singapore dollar rose nearly one per cent to hit 1.4765 per dollar, its strongest since July 1997.

The Indonesian rupiah and Malaysian ringgit also gained strongly, each rising by at least half a per cent.

The rupiah hit a two-month high of 9,079 per dollar. The Philippine peso hit a two-month high of 44.85 per dollar, then stalled on fears of central bank intervention.

The dollar hit another record low against both the euro and a basket of currencies after a tame reading in the Federal Reserve’s favoured price index stoked expectations of another cut in US rates.

The dollar’s decline was spurred by the Fed’s large half-point rate cut on Sept 18, one that was designed to buffer the economy from the problems in the sub-prime mortgage sector. Traders expect trading volumes in Asia to thin this week as Chinese markets are closed for National Day holidays.

Some were also getting nervous about selling the dollar too aggressively ahead of the Group of Seven (G-7) nations’ meeting in Washington in mid-October.
‘There is a sizeable short-dollar position,’ said Bank of America currency strategist Han Sia Yeo.

‘The dollar could see a bounce this week on prospects of stronger-than-expected US data,’ he said.

OCBC Bank strategist Emmanuel Ng said in a note he expected the momentum of dollar-selling to persist although there were signs of positions getting excessively extended.

He also warned that Asian central banks could intervene to slow gains in the regionals. Analysts at DBS told investors to anticipate more volatility ahead of the G-7 meeting. European policy makers have been calling for a stronger dollar and expressing worry about the euro’s rapid rise.

Meanwhile, Federal Reserve governor Frederic Mishkin said last week Europe’s economy will have to adapt with the changing value of the dollar.

‘The market will be looking out for rhetoric out of G-7 officials that will suggest whether or not the US dollar and the Chinese yuan will be mentioned in the G-7 communique, something that the Europeans appear to favour, and the Americans opposed,’ DBS said in a note.

Traders, meanwhile, were pricing in more appreciation for the Singapore dollar, partly on belief the Monetary Authority of Singapore (MAS) will retain a gradual tightening bias when it reviews policy on Oct 10.

The currency is the MAS’ main policy tool. It has gained more than 3 per cent in the past three weeks, but traders estimated it was still on the weaker side of the secret trade-weighted or nominal-effective-exchange-rate (NEER) band within which the MAS guides the currency. ‘Most of the people have missed out on this move as they kept thinking MAS would intervene at some point of time,’ a Singapore-based trader said.

‘Technically, there aren’t any supports for US dollar before the 1.45-handle, so I think we have enough room to move to the downside, particularly in the run up to the monetary policy.’

Analysts at UBS said the Singapore dollar had stayed within 0.65 per cent of the mid-point of the MAS’ policy band in the past four months. But the central bank’s recent upward revision to its inflation forecasts for the year suggested it was happy to have the currency appreciate, they said.

‘This in our view signals the MAS is not about to let down its guard on inflation despite the recent market volatility. We think the MAS is pretty happy seeing the NEER rising,’ UBS said in a note. — Reuters

Source : Business Times - 02 Oct 2007

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Mindy Yong
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Transforming S’pore hotel industry

Transforming S’pore hotel industry

Global players are injecting new brands and product concepts into the local hotel scene
By CHEE HOK YEAN
SINGAPORE’S hotel sector is currently enjoying a new surge of energy and opportunities brought about by the government’s efforts to reinvigorate tourism.

Upping the ante: New brands and new-generation properties are expected to generate a wider geographical capture and mix of tourist traffic to Singapore
Complementing efforts by the Singapore Tourism Board (STB) to raise visitor numbers to 17 million by 2015, the government had in recent years released more sites for hotel development under its Government Land Sales (GLS) programme to meet the anticipated accommodation needs.

The state land tenders have generally been met with keen industry interest, buoyed by the strong trading conditions that have prevailed with the current strong demand and tight room supply. This is a stark contrast to the 1990s when the government announced a hotel safeguarding policy in 1997 to check the creeping trend of hotels being converted to residential use.

Latest numbers from the tourism authority showed a total of 225 hotels and 36,891 rooms in Singapore’s accommodation market as at end-2005. There is no existing star-rating system in Singapore and the current hotel stock is sub-divided into 103 gazetted hotels (30,445 rooms) and 122 non-gazetted hotels.

Jones Lang LaSalle Hotels estimates that around 81 per cent of the gazetted 30,445 rooms fall within the upper-tier four-star and five-star hotel segments.

Geographically, the majority of these upper-tier hotels are concentrated along the traditional hotel belt: Orchard Road, City Hall, Suntec City/Marina Centre, Bras Basah/Bugis and the CBD/Boat Quay/Clarke Quay.

Familiar international brands found within these localities include the Ritz-Carlton, Marriott, Grand Hyatt, Hilton, Shangri-La, Four Seasons, Raffles, Swissotel, Traders, Pan Pacific, Conrad, Meritus, Novotel as well as The Oriental Singapore which was re-named the Mandarin Oriental Singapore from Sept 25.

Outside of these locations, a cluster of smaller, self-managed budget or boutique hotels have emerged in the Chinatown, Little India and Geylang/ East Coast/Joo Chiat areas.

Sentosa Island is now home to a handful of mid- to high-end hotel properties such as The Sentosa Resort & Spa, Shangri-La’s Rasa Sentosa Resort and the new Amara Sanctuary Resort Sentosa.

A more exciting local hotel scene is unfolding with a new cast of players, additional brands and creative product concepts. Riding on the opportunities presented by the renewal of the tourism industry, international hotel management companies such as Accor, Starwood Hotels & Resorts and the InterContinental Hotels Group (IHG) are growing their presence in Singapore by bringing in other brands from their portfolios that are currently not in this market.

Ranging from boutique to mid-tier to luxury establishments, many of these new hotel developments are being established in non-traditional hotel locations such as Tanjong Pagar, One-North, Labrador Park and Novena areas. A new 320-room Crowne Plaza, a brand from the IHG family, is scheduled to open at the Singapore Changi Airport next year.

United Engineers, a local developer with a strong focus on the residential sector, has announced plans to build a business hotel at Singapore’s biosciences hub at South Buona Vista.

With the latest GLS programme for the second half of 2007 including sites like Jalan Bukit Merah/Alexan- der Road, Outram Park and Kampong Glam for hotel development, more hotels can be expected to spring up outside of the typical hotel hot spots.

The two upcoming mega integrated resorts (IRs) at Marina Bay and Sentosa will also be the launch-pads for new hotel brands and concepts. While Sands @Marina Bay will offer 2,500 rooms in the upper-tier sector in 2009, Resorts World @Sentosa will add another 1,830 rooms in six hotels in 2010.

The latter will comprise a Hard Rock Hotel, the Hotel Michael boutique hotel, the Festive Hotel with a Hollywood theme, an iconic Maxims Residences, the Equarius Hotel with a lush greenery theme and the ESPA Villas.

Resort and villa-type establishments, too, are making a stronger statement in Singapore. Apart from the ESPA Villas, Villa Raintree @Labrador Nature Reserve (a refurbishment project) as well as the recently opened Amara Sanctuary Resort and the upcoming Capella Singapore at Sentosa fall under this category.

Meanwhile, the luxury hotel segment will soon witness the opening of the 299-room St Regis Hotel at end-2007. Sino Land plans to open a new 120-room boutique hotel at Collyer Quay in 2009, while a new 320-room W Hotel at Sentosa Cove is expected to be operational by the end of 2010.

The entry of these new hotels will up the ante in Singapore’s luxury hotel segment, which currently comprises the Four Seasons, Shangri-La, Ritz-Carlton and The Fullerton.

The present lack of quality branded mid-tier accommodation options has created opportunities for new niche developments that are targeted at specific market segments. For example, Far East Organization’s upcoming hotel at Sinaran Drive next to the Tan Tock Seng Hospital will cater to the needs of the growing inbound medical tourist segment.

Similar opportunities are available at a government ‘white’ site on the current Reserve List that is located at Outram Road/Eu Tong Seng Street to develop a 555-room hotel near the Singapore General Hospital.

The proliferation of low-cost carriers in Asia has also fuelled the growth of lower-tier segment, with the new Ibis Hotel scheduled to open at Bencoolen Street in 2009 a case in point. More recently, the Hong Leong Group has linked up with Istithmar PJSC and Tune Hotels.com to open around 30 budget hotels in South-east Asia, including Singapore.

The completion of the Marina Bay and Sentosa IRs as well as supporting infrastructure and tourist attractions in the Marina and Sentosa vicinities will collectively cultivate an environment conducive for the entry of differentiated quality and luxury hotel products to the Singapore marketplace.

The arrival of new brands and new-generation properties such as W, Westin, Fairmont, emerging Middle East Groups like Jumeriah and from the Indian sub-continent, groups like Taj and Oberoi, will provide synergy for the broader local hotel market and is anticipated to generate a wider geographical capture and mix of tourist traffic to Singapore.

In the longer term, new hybrid products such as condotels (or condo-hotels) that are established in the US but still relatively untested in Asia, may be introduced, although the success of such products will hinge on the regulatory framework.

In the meantime, with a wider selection of accommodation offerings to suit the different budgets and expectations of visitors, guests can look forward to a more varied and interesting stay experience in Singapore.

Source : Business Times - 02 Oct 2007

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Mindy Yong
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GE Energy sets up hub here to handle billion-$ deals

GE Energy sets up hub here to handle billion-$ deals

By WEE LI-EN
THE energy arm of global conglomerate General Electric (GE) is to set up an Asia commercial hub in Singapore to handle contracts worth US$1.5 billion each year.
The announcement was made yesterday by GE Singapore president Colin Low at GE Day, an initiative by the company to showcase its products and services.

The initiative means that GE Energy, which already employs some 300 staff in Singapore, will be supported by another 20 to 30 senior executives who will be sourced from within GE and the region.

They will review and approve contracts totalling $1.5 billion a year.

They will also provide expertise in legal, commercial, risk management, finance and application engineering.

Mr Low said that the setting-up of the energy centre in Singapore is to help the company be more responsive to customers in the region.

GE projects that, for the first time, its revenue from outside the US will exceed that from the US.

Last year, GE’s revenue from South-east Asia grew by 20 per cent to US$3 billion.

However, growth in revenue for the first half of this year has already reached 30 per cent.

GE is represented in Singapore by its six main businesses in infrastructure, industrial, healthcare, commercial finance, money and media. GE started in Singapore in 1969.

It now employs more than 2,400 people in Singapore.

Revenue from Singapore last year came to US$727 million, a 37 per cent increase from 2005.

‘We expect revenue growth to be two to three times GDP growth, and this trend will remain unabated through 2010,’ Mr Low said.
Source : Business Times - 02 Oct 2007

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Balestier hotel site taken out of reserve list - Singapore

Balestier hotel site taken out of reserve list - Singapore

URA to review plot’s land use; Rangoon site goes to S’pore Healthpartners
By LYNETTE KHOO
A HOTEL site at Balestier Road/Ah Hood Road is to be withdrawn from the reserve list of the Government Land Sales (GLS) Programme for the second half of this year, the Urban Redevelopment Authority (URA) said yesterday.
The URA intends to review the land use plan of the site together with the other vacant land in the vicinity.

This site was on the reserve list since Oct 26 last year, being slated for hotel development on a 99-year lease.

The URA declined to indicate what plans it was considering for the site, saying that it would release details when they are finalised.

‘We are unable to reveal if we have received applications for the site,’ a URA spokesman said.

‘However, from time to time, the government receive inquiries for the site.’

Under the reserve list, the government will release a site for sale only when an interested party submits an application for a site to be put up for tender with a minimum purchase offer price that is acceptable to the government.

Separately, URA yesterday awarded the tender for the white site at Race Course Road/Rangoon Road to Singapore Healthpartners Pte Ltd (SHP).
The company submitted the highest bid of $265.27 million or $4,635.47 per square metre of gross floor area.

Singapore Healthpartners has a total of 38 shareholders, including prominent doctors Charles Chan, Leslie Lam and Maurice Choo.

A major shareholder is Berjaya Leisure (Cayman) Ltd, which is said to be linked to Berjaya Leisure Capital led by Malaysian businessman Vincent Tan.

Directors of SHP contacted by BT last week declined to comment on the company’s plans for the 13,625 sq m site but a medical centre-cum-hotel appears to be in the offing.

The 99-year leasehold white site has a maximum permissible gross floor area of 57,225 sq m and at least 40 per cent of this must be used as a hotel.

Source : Business Times - 02 Oct 2007

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Mindy Yong
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Singapore URA aims to conserve up to 228 Katong/Joo Chiat buildings

Singapore URA aims to conserve up to 228 Katong/Joo Chiat buildings

More developers, owners expending resources to buy and restore their old buildings: Mah Bow Tan
By ARTHUR SIM

THE East Coast may be a hive of new construction activity right now, but the Urban Redevelopment Authority (URA) is also working to keep some old buildings conserved for posterity.

AHA winners: The National Parks Board’s Visitor Centre on Pulau Ubin (above) by architects/engineers CPG Consultants and contractor Precise Development, and the National Museum of Singapore by architects CPG Consultants with W Architects, engineers CPG Consultants and contractor Sato Kogyo
Minister of National Development Mah Bow Tan revealed yesterday that the planning authority was looking at conserving up to 228 buildings in the Katong/Joo Chiat area. The URA is seeking feedback from the owners.

The area already has 700 gazetted conservation buildings. Most of the additional buildings under consideration are shophouses or terrace houses. The addition will make Katong/Joo Chiat one of the larger clusters of conserved residential buildings.
Mr Mah said: ‘The aim of this conservation proposal is to complete conservation of the street block and add to the critical mass of heritage buildings and rich architectural diversity in Katong and Joo Chiat.’

Mr Mah was speaking at the presentation ceremony of the URA Architectural Heritage Awards (AHA) 2007. Awards were presented to the owners, architects, engineers and contractors of six buildings. These were:
National Museum of Singapore;

The 1930s holiday home on Pulau Ubin of the former chief surveyor, Landon Williams;

Amara Sanctuary Resort Sentosa;

National University of Law, Bukit Timah Campus;

13 Martaban Road, Balestier;

and 62 Niven Road, Mount Sophia.

Since the awards’ inception in 1995, a total of 77 buildings have received the AHA.

Mr Mah said: ‘Increasingly, more and more enlightened developers and owners have willingly expended resources to buy and restore their conservation buildings for the benefit of the larger society and our future generations.’

One such person is Lyn Lee, who together with her husband bought a house on Tembeling Road six years ago for about $800,000 and then spent another $500,000 on restoring it. This house and others like it on the same road are now being considered for conservation - and Ms Lee is all for it.

Getting conservation status will increase the value of the building as its future is guaranteed. But more important for Ms Lee is that the conservation status means owners who want to alter their homes beyond conservation guidelines will not be allowed to do so.

‘Right now, there is a beautiful symmetry to the street,’ she explained. This sense of identity of place is exactly what URA hopes to do by restoring or creating ‘markers’ in housing estates as well. Mr Mah also said that apart from plans to rejuvenate Queenstown, the government is proposing to build a 4.9km promenade to link Punggol Point and Sungei Serangoon to enhance the ‘rustic coastal character’.

Other areas being looked at include Woodlands, Siglap Village and Upper Serangoon Road. Mr Mah said these projects could be completed by around 2009-2010.

Source : Business Times - 02 Oct 2007

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Mindy Yong
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S’pore Horizon Towers owners, buyers argue against STB’s decision

S’pore Horizon Towers owners, buyers argue against STB’s decision
Court allows buyers, 13 owners to intervene in appeal
By MICHELLE QUAH
(SINGAPORE) The majority owners and the buyers of Horizon Towers joined forces for the first time in months yesterday, to argue against the dismissal by the Strata Titles Board (STB) of the development’s collective sale application.

HORIZON TOWERS: STB had the power to amend the application for a collective sale order, court told
This was after Supreme Court Judge Choo Han Teck allowed the buyers - HPL and its partners - and a group of 13 majority owners to intervene in yesterday’s appeal.

The appeal at the High Court was originally meant to involve only the majority owners, who consented to the en bloc sale of Horizon Towers in February, and the minority owners, who oppose the sale. But HPL and the group of 13 who wanted separate representation applied to participate in the proceedings, on the grounds that they had a stake in its outcome.

Judge Choo heard their submissions and ruled yesterday morning that it was ‘just and convenient’ to allow both parties in. He also said that ‘prudence requires that HPPL (HPL and its partners) be heard’, as the outcome of this appeal would have a bearing on their allegation that the majority owners breached the sales contract.

HPL and its partners - Morgan Stanley Real Estate-managed funds and Qatar Investment Authority - have sued the majority sellers for up to $1 billion in damages, alleging that the owners failed to do everything in their power to effect the collective sale.

This came after the STB in August dismissed the majority owners’ application for a collective sale order, on the grounds that it was defective because it was missing three pages.

The STB said the statutory declaration provided by the sales committee was ‘false’ because it stated that the collective sale agreement was appended when, in fact, three pages - containing the signatures of three consenting owners - were missing from it. The board also said that it had no power to amend the application and threw it out, without considering its merits.

HPL’s suit against the majority owners has been stayed, pending the outcome of this appeal.

Yesterday, majority owners and the buyers alike sought to convince the High Court that the STB had erred in its decision to throw out the application. They argued that there were no material instances of non-compliance in the application, only a minor technical one - which the STB has the power to amend.

Senior Counsel Chelva Rajah of Tan Rajah & Cheah, who represented the majority owners, and Senior Counsel Andre Yeap of Rajah & Tann, who represented the group of 13 owners, both argued that the missing pages had been a mere oversight.

‘It was only due to a clerical error that the pages weren’t included … and these missing pages were brought to the STB’s attention during the course of the hearing,’ Mr Rajah said.

Mr Yeap also argued that the missing pages had no material effect on the application. It was a point Mr Rajah agreed with - he pointed out that, even without these three signatures, the application would still have the signatures of more than 80 per cent of the owners. According to collective sale rules for older developments, the owners of more than 80 per cent of the units must agree to the sale.

Both also said that STB had the right - under Rule 12 of the Building Maintenance and Strata Management Regulations - to amend any application submitted to the board, and could have done so instead of dismissing it.

Senior Counsel K Shanmugam of Allen & Gledhill, representing HPL and its partners, echoed the spirit - if not the tone - of the majority owners’ submissions.

Mr Shanmugam said his goal was also to convince the High Court that STB had erred in throwing out the collective sale application, without considering its merits. But he warned that there were competing interests among the majority owners.

He cited examples of how some of the majority owners had tried to scupper the en bloc sale, after neighbouring developments started to fetch much higher prices. He related instances of how the sales committee had been equivocal about setting STB hearing dates and how anonymous flyers had circulated around the development, encouraging sellers to renege on the deal.

‘So I want to be joined to this action (this appeal) to ensure our interests are safeguarded,’ he said.

The hearing continues today, when the minority owners will present their objections.
Source : Business Times - 02 Oct 2007

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Mindy Yong
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Singapore En bloc effect pulls up HDB resale prices

Singapore En bloc effect pulls up HDB resale prices

Private home prices also up smartly; govt may make more sites available
By KALPANA RASHIWALA
(SINGAPORE) The property price boom seen in the past two years has filtered down to the heartlands. The Housing & Development Board’s Q3 2007 flash estimate for its resale flat price index was 6.5 per cent higher than in the preceding three months. This is the biggest quarter-on-quarter jump in the index since Q2 1999, when it rose 8.1 per cent.

Market watchers say the key factor driving the increase this time around is the army of en bloc sellers downgrading for their replacement property.

Meanwhile, the party continues in the private housing market. The Urban Redevelopment Authority’s (URA) flash estimate shows that the official price index for private homes jumped 8 per cent in Q3 over the previous quarter, after rising 8.3 per cent in Q2. To ensure that prices do not run ahead because of a shortage of supply, the URA indicated that more sites could be made available through the Government Land Sales programme.

For now, the gains appear pretty evenly spread across regions. The URA said its price index for non-landed private homes in the Core Central Region - which includes the prime districts, Downtown Core and Sentosa - increased 8.3 per cent quarter-on-quarter in Q3, followed by an 8.1 per cent rise for Outside Central Region, which covers suburban mass-market locations like Woodlands, Yishun and Jurong, and 7.7 per cent for Rest of Central Region, including places like Bukit Merah, Toa Payoh and Katong.

The big price disparity among the three areas at the beginning of the year is clearly dissipating, notes PropNex CEO Mohamed Ismail. DTZ Debenham Tie Leung executive director Ong Choon Fah said yesterday’s official property data is ‘not such a bad thing. Everybody should feel a little richer’. CB Richard Ellis executive director Li Hiaw Ho says the URA’s Q3 flash estimate shows that ‘confidence in the residential market was unshaken despite periods of volatility in global stock markets caused by the sub-prime mortgage problems’.

‘While it’s not surprising that the high-end market continued to lead the way as more and more projects were marketed at above $3,000 psf, it was a big step made by several suburban projects that were launched at $850-1,000 psf,’ he added.

The URA’s flash estimate for its Q3 overall private home price index reflects a 22.6 per cent gain in the first nine months of this year, since Q4 2006.

Mr Li reckons the gain for the whole of this year may come in at 25 to 30 per cent. The uptrend will continue as there are more high-end projects to be rolled out in Q4, including Hilltops, Ritz-Carlton Residences, Grange Infinite, Phase 2 of Marina Bay Financial Centre and projects on Sentosa Cove, he noted.

Mrs Ong notes that other factors driving private home prices include still-strong liquidity, the trend of tenants deciding to become home owners, and the appeal of buying apartments for investment, given the tight rental market.

As for the HDB resale price index, Mr Ismail predicts the full-year increase will reach 15 per cent, considering that the increase in the first nine months alone amounted to 11 per cent. ERA assistant vice-president Eugene Lim forecasts an increase of 13 to 16 per cent for the whole of this year. He laments the unrealistic prices sought by many owners who are still riding on the euphoria created by record prices achieved for some five-room resale flats in the Bukit Merah area. HDB homebuyers are beginning to show some resistance and this could translate into lower resale volumes later down the road.

Mr Ismail estimates that transacted prices of HDB resale flats in Q3 reflect premiums over valuations ranging from $10,000 to $50,000. ‘A year ago, for the smaller three and four-room flats, the premium could have been $10,000-$15,000, while for bigger flats in outlying areas, many were not fetching any premium over valuation at all,’ he added. He reckons that for the next year, HDB’s resale flat price index could go up 10-12 per cent. Mr Ismail does not expect HDB resale flat prices to run away as they did in 1996, when the index rose 34.3 per cent, as the authorities will step up supply quickly to prevent public housing prices from becoming unaffordable.

HDB said it will continue to monitor the market closely to ensure ‘an adequate and affordable supply of flats’. It will be increasing its supply of new flats with plans to offer about 4,500 units under the Built-To-Order system over the next six months, after offering about 2,700 BTO flats from January to September. In addition, HDB plans to release three new sites under the Design, Build and Sell scheme that can generate about 1,500 HDB flats in central and eastern Singapore in the next half year.

As for the private housing market, the URA also gave a clear signal yesterday on its intention for the Government Land Sales programme for H1 2008, which it is currently reviewing. ‘The government will make available more sites for private residential development through the GLS programme next year if the demand continues to remain strong,’ it said.

Source : Business Times - 02 Oct 2007

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Singapore 4-year-old case dragged up in Horizon Towers saga

Singapore 4-year-old case dragged up in Horizon Towers saga

Dragon Court case cited to persuade judge to overturn the STB decision
By Fiona Chan, Property Reporter

THE tangled Horizon Towers case has become even more complex as a controversial collective sale four years ago was dragged into the proceedings.
In their High Court appeal yesterday, lawyers for the majority sellers of Horizon Towers cited the case of Dragon Court, where a lone owner fought against the estate being sold en bloc in 2003.

They argued that the Dragon Court ruling sheds some light on the ongoing legal tussle over the Leonie Hill estate, as it is also related to an issue of missing disclosure.

In the Horizon Towers case, the Strata Titles Board (STB) dismissed the owners’ application for a collective sale in August over a technicality: Pages bearing three consenting owners’ signatures were missing from the submitted application.

The majority owners want the High Court to overturn the STB dismissal.

Their lawyer - Tan, Rajah and Cheah’s Mr Chelva Rajah - said the STB knew those three owners signed the sale deal, and that the Board had the power to amend the application to include the missing pages.

Hotel Properties, Qatar Investment Authority, funds managed by Morgan Stanley Real Estate.

Mr Rajah argued that even without those three signatures, the rest of the owners who had consented to the sale still held 82.51 per cent of share values - comfortably above the 80 per cent minimum requirement.

Mr Rajah also told the court that the missing pages were a ‘clerical error’.

He then cited the High Court’s ruling that upheld the STB’s decision to allow the Dragon Court sale in 2003, despite more ‘material’ information not being disclosed in the application.

Dragon Court unit owner Koh Gek Hwa tried to block the sale, arguing that a conflict of interest between the majority sellers and the buyer had not been highlighted. Nine of the estate’s 14 units were owned by a single company linked to the condominium’s buyer, she said.

But the STB, noting that there was only one bidder for that sale, decided there was no reason to suggest that the buyer was unfairly chosen. The High Court backed that ruling, saying the STB had known of the seller-buyer relationship prior to its decision.

Yesterday’s Horizon Towers hearing was somewhat quieter than Friday’s lively session, when comments from the public gallery peppered the lawyers’ speeches. The room, though, remained packed, with more than 20 lawyers from six firms and at least 40 people in the public gallery.

Justice Choo Han Teck kicked off proceedings by deciding to allow the estate’s buyers to participate, ending a row that had taken up the whole of last Friday.

The buyers - led by Hotel Properties and represented by Allen & Gledhill’s Mr K. Shanmugam - had asked to join the proceedings in order to protect their own interests. They have said that they will sue the majority owners for breach of contract if the $500 million sale does not go through.

Their request for inclusion, however, proved unpopular with the condominium’s majority sellers.

Justice Choo said yesterday he would allow the buyers’ participation as they were pursuing their commercial interests. He said it will not be ‘unjust or inconvenient to hear two more voices’, as long as he can ‘mute’ them if they prove disruptive.

Things heated up in the afternoon, when Mr Shanmugam took the court through a long retelling of the Horizon Towers saga

Source : Straits Times - 02 Oct 2007

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Singapore Govt to boost supply of homes

Singapore Govt to boost supply of homes

Observers view supply increase as a signal to calm market amid high property prices
By Fiona Chan, Property Reporter

THE Government has sent its strongest signal yet that it plans to increase the supply of homes and residential sites - a move that comes amid soaring real estate prices.
It will offer 6,000 new Housing Board flats over the next six months and might release more land for private homes next year if necessary.

The initiative comes as lower-end homes see a price spurt that is finally starting to match that in luxury homes.

Property consultants said the increased supply is the latest Government move to calm the market.

‘The Government is seeing a very strong take-up for homes, and it wants to avoid panic buying,’ said Mr Nicholas Mak, the director of research and consultancy at Knight Frank. ‘So it’s just telling potential buyers there is a lot of supply out there.’

Prices of entry-level private homes in suburban areas were 8.1 per cent higher in July to September than in the previous three months. The pace about matched that set by more expensive homes in the central region, going by initial estimates out yesterday.

In the same period, prices of HDB resale flats jumped by 6.5 per cent. This is double the 3 per cent rise in the previous quarter and is by far the biggest quarterly jump since 1999.

Given the recent ‘good response for new flats’, HDB will release a slew of new units in the coming months. Of these, 4,500 will come under the Build-to-Order (BTO) system. Another 1,500 units will be in three new Design, Build and Sell Scheme (DBSS) sites in central and eastern Singapore.

So far this year, HDB has released 2,700 BTO flats - about the same number as for the whole of last year. In the same period, it has sold a DBSS site at Boon Keng and launched another at Ang Mo Kio. The two combined can host at least 1,100 units.

HDB also said it ‘will continue to monitor the market situation closely, to ensure that there is an adequate and affordable supply of flats’.

A similar reassurance was issued by the Urban Redevelopment Authority (URA) with respect to private homes. It reiterated that it ‘will continue to monitor prices closely’.

In an unusual move, the agency added that it is reviewing the Government Land Sales scheme, launched every six months, for the first half of next year. It said it ‘will make available more sites…if the demand continues to remain strong’.

Experts interpreted this to mean that the URA intends to put out more sites for private home development, especially under its confirmed list.

The confirmed list system offers sites for sale outright, while the other option - the reserve list - follows a more cautious approach. Reserve sites are put out only when a developer submits a minimum acceptable bid.

While consultants believe the new HDB flats can be absorbed easily, some question the need for more land for private homes.

‘I don’t think there would be a glut on the HDB side,’ said Knight Frank’s Mr Mak. ‘If there is any risk of oversupply, it would be with private homes, three to four years from now.’

He noted the record run in collective sales in the past two years. Even if developers can sell all the new homes on these sites, those buying to rent out might not be able to find enough tenants when all the homes are finished.

This could bring rents and prices down, said Mr Mak. But for this year, he expects a record take-up of 15,000 new homes, compared with 11,000 last year and 7,500 in an average year.

On the other hand, collective sales will remove about 9,000 homes from the market, said Mr Ku Swee Yong, the director of marketing and business development at Savills Singapore.

‘If job growth continues to be strong, absorption may not be the problem; actually, there may not be enough to go around,’ he said.

The URA also removed a hotel site in Balestier from its land sales list yesterday. The 0.86ha site has been on the reserve list for a year or so, but the URA is reviewing its land use together with that of other vacant plots nearby.

Source : Straits Times - 02 Oct 2007

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Singapore Over 200 more buildings in Katong area may be conserved

Singapore Over 200 more buildings in Katong area may be conserved

By Tan Hui Yee, Housing Correspondent

THE rich heritage of Katong and Joo Chiat district will get more protection from the wrecking ball with a further 228 buildings earmarked for conservation status.
The buildings include landmarks such as St Hilda’s Church, the Bethesda (Katong) Church and the former Grand Hotel in Still Road South.

Three bungalows - in Marine Parade Road, Chapel Road and Joo Chiat Road - have also been selected.

The buildings were selected to serve as markers of the area’s heritage.

St Hilda’s Church, for example, was built in 1949 and is designed in a simple English parish church style while the former Grand Hotel building was built in 1917 in the ornamented Victorian style with a slight Indian influence.

There are already about 700 buildings under conservation orders in the East Coast area, traditional home of Singapore’s Eurasian and Peranakan communities and a haven for food-lovers.

2007 Architectural Heritage Award winners
The National Museum: Restored to its former glory, with a new rear extension. Part of the original tiled roof was cut away for a glass connector, offering an unhindered view of its historic dome.
Chek Jawa Visitor Centre: Believed to be the only remaining authentic Tudor- style house with a fireplace here, it was sensitively restored.
… more
The plan was announced by National Development Minister Mah Bow Tan yesterday at the Urban Redevelopment Authority’s (URA) Architectural Heritage Awards ceremony.

The URA has told the building owners about the conservation plan. Its final decision will be made after feedback.

Conservation orders mean owners cannot demolish the building or make major alterations to structures or facades.

But the URA noted that most can be redeveloped to their full economic potential even if conserved.

One owner, Ms Lyn Lee, 34, wants the certainty a conservation order would bring. Ms Lee, who owns the Awfully Chocolate cakeshop chain, lives in a pre-war, three-storey shophouse in Tembeling Road, one of a row of 10 houses.

She and her husband bought the ageing freehold property for $880,000 six years ago and have spent about $500,000 renovating it into a home for themselves and their three children. They do not intend to move.

‘It’s very important that someday, somebody won’t come and mow down three houses and build a pink-tiled monstrosity,’ she said.

Some of her neighbours are considering upgrading the neighbourhood if it is eventually conserved.

The 228 buildings proposed for conservation were chosen from about 1,000 buildings in the area that are more than 30 years old. More than 6,500 buildings have been conserved in Singapore.

The announcement was bittersweet for interest group Historic Architecture Rescue Plan, which has been lobbying the Government to conserve various properties in the district.

One - a 95-year-old Amber Road bungalow - could only be partly conserved. Earlier this year, its developer agreed to build a hybrid apartment block incorporating some elements of the old building, but it plans to tear down its much vaunted crescent-shaped section.

Mr Mah told the ceremony guests that Singapore had to strike a constant balance between redevelopment and conservation.

Six projects were singled out in the URA awards yesterday for sensitive or innovative restoration work, including the National Museum and Chek Jawa Visitor Centre in Pulau Ubin.

Mr Mah also announced the URA would be enhancing various districts next year. These include a 4.9km waterfront promenade from Punggol Point to Sungei Serangoon and a coastal promenade in Woodlands.

It will also improve roadside infrastructure in Siglap and Upper Serangoon Road
Source : Straits Times - 02 Oct 2007

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