GuocoLand condo bags top prize for eco-friendly buildings

GuocoLand condo bags top prize for eco-friendly buildings

Goodwood Residence boasts unique water management, waste recycling systems
By Jessica Cheam

A LUXURY condominium designed by local developer Guoco-Land Group won Singapore’s highest accolade for green buildings yesterday.
The 210-unit Goodwood Residence on Bukit Timah Road clinched the Building and Construction Authority (BCA) Green Mark Platinum Award for its high environmental standards.

Two innovations at the project, which is still under construction, caught the eye of the judging panel.

One is a pioneering water irrigation system that allows mass volumes of rain and underground water to be recycled. The other is a method of recycling construction waste and turning them into internal partition walls.

Instead of disposing of construction waste, including rubble from the demolished low-rise development Casa Rosita that used to be on the site, GuocoLand is recycling some materials to make new walls.

The developer said it had commercialised this ‘zero building waste’ approach - initially developed by Professor Wee Tiong Huan of the National University of Singapore’s civil engineering department.

Other striking eco-friendly features included the use of integrated sunshades that let residents block out the sun’s heat while still allowing ventilation, and a vertical green wall as the building’s facade to keep homes cool.

The two 12-storey block condo, located next to the lush greenery of Goodwood Hill, has about 500 trees that serve as its own green lung.

More than $600,000 in utility bills will also be saved every year as a result of the energy-efficient measures that will be put in place, such as more efficient lighting, air-conditioning systems and gas water heaters.

Half of these savings will be passed on to the condo’s residents in the form of lower utility bills, GuocoLand managing director Trina Loh told The Straits Times.

The other half of the savings will go towards covering the operational costs of the condo.

‘Although we had to spend 1.5 per cent more in construction costs, the long-term benefits will make it worthwhile,’ she added.

Besides demonstrating the company’s commitment to being a responsible developer, being green is also becoming increasingly ‘marketable’ to homebuyers, Ms Loh said.

The BCA Green Mark scheme was launched in 2005 and rates buildings on their environmental impact and performance.

Goodwood Residence is the second residential project to receive the platinum award.

The Oceanfront@Sentosa Cove, developed by City Developments, was honoured in April.

Source : Straits Times - 05 Oct 2007

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Two events for Singapore property investors this weekend

Two events for Singapore property investors this weekend
TWO property events will be heading to Singapore this weekend.

London’s New Capital Quay will see its Singapore launch at the Grand Hyatt Hotel today.

And starting tomorrow, global and local experts on international property and investment strategy will gather at the SMART Investment & International Property Expo for two days at the Suntec Singapore International Convention and Exhibition Centre.

During New Capital Quay’s launch over the last weekend, over 450 units - - out of a total of over 630 - were taken up by buyers.

The units sold were worth some £pounds;220 million (S$665 million) in all, and were from across the price spectrum. Prices range from under £pounds;300,000 to £pounds;1.5 million, with first completions due in 2011 - just in time for the nearby events at the 2012 Olympics.

New Capital Quay will be one of London’s largest regeneration schemes, with the transformation of a derelict 3.2-hectare site on the waterfront in Greenwich into a vibrant community with cafes, restaurants and shops.

Meanwhile, at the SMART Investment & International Property Expo, more than 30 invited speakers will deliver key insights into the next wave of property hot spots and investment options. The free seminar aims to offer unbiased information fundamental to sound investment.

With the recent uncertainty in the US sub-prime housing market, and the global credit crunch, many Singaporeans are uncertain about their next investment move, said the event’s organiser, Corporate Consumer Communications (3:C).

A panel of local property specialists will share their thoughts on whether the Singapore property market is still sizzling hot or whether it has reached the end of its bull run.

Source : Business Times - 05 Oct 2007

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Guocoland wins BCA’s highest green award - Singapore

Guocoland wins BCA’s highest green award - Singapore

Its Goodwood Residences will be built using recycled materials
GUOCOLAND’S yet-to-be launched Goodwood Residence has won a Green Mark Platinum Award from the Building and Construction Authority (BCA) for its eco-friendly features.
Goodwood Residences: Incorporating green features into the yet-to-be launched project will add 1.5 per cent to the construction cost
Plastic, timber, exposed metal and glass will be extracted from the rubble of the existing building on the site, Casa Rosita, and recycled to make internal partition walls for the 210-unit new project.

The idea - conceived by Wee Tiong Huan, a professor at the National University of Singapore’s Department of Civil Engineering - was a response to the Indonesian sand ban.

Guocoland is the first developer here to apply it.

Other eco-friendly features of Goodwood Residence include self-sustaining plant irrigation to minimise use of potable water. Tanks will collect rainwater to irrigate plants through wet and dry seasons.

There will also be extensive shading and double refuse chutes to separate recyclable from non-recyclable waste.

The extension of the Goodwood Hill green belt was also recognised by BCA. Close to 80 per cent of the grounds at Goodwood Residence have been reserved for landscaping and communal facilities.
‘We are honoured to be recognised for our green efforts.’

- Trina Loh,
Guocoland managing director

Guocoland (Singapore) managing director Trina Loh said: ‘We are honoured to be recognised for our green efforts.

Due to our early planning, we have demonstrated that green features can complement good design at Goodwood Residence.’ Guocoland reckons the green features will add 1.5 per cent to construction cost.

BCA director (technology development) Tan Tian Chong said: ‘It is very important to have the public and private sectors working together to shape a sustainable built environment.’

Source : Business Times - 05 Oct 2007

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Parkway Parade Singapore office space sold for above $1,000 psf

Parkway Parade Singapore office space sold for above $1,000 psf

Two units in the leasehold building were sold at $1,243 psf and $1,275 psf
By KALPANA RASHIWALA
TWO office units at Parkway Parade have been auctioned at $1,243 per square foot and $1,275 psf of strata area, a new high in the current office cycle at the leasehold building, though still shy of the $1,665 psf achieved in 1996 in the building.
The buyer of the latest two office units, which are located on the 21st storey of Parkway Parade, is believed to the owner of the Hotel 81 chain, which also owns the adjacent space, used for its management office.

‘Perhaps they bought the two latest units with a view to expanding their office at Parkway Parade,’ a market watcher said.

Parkway Parade is on a site with a remaining lease of about 71 years.

The two units auctioned off last month by Colliers International are currently fetching a monthly rental of about $3,500 each. Their rental leases expire early next year.

Each of the two units has a strata area of 925 sq ft and have sea views.

The seller was M&P Investments, which a companies search showed as being a subsidiary of listed Parkway Holdings, the developer of Parkway Parade.

Office units at Parkway Parade have been changing hands this year mostly below $1,000 psf. For instance, an eighth floor unit was sold for $983 psf in July while a unit on the 10th floor went for $929 psf in May.
But the highest price ever achieved for office space in the building was the $1,665 psf in March 1996 when a 1,765 sq ft unit on the ninth level fetched almost $2.94 million.

The Urban Redevelopment Authority’s price index for office space in the central region for Q2 2007 was 26.6 per cent higher than a year earlier.

Source : Business Times - 05 Oct 2007

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Mindy Yong
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Singaporeans are a gloomy lot: survey get

Singaporeans are a gloomy lot: survey get

The country ranked the lowest among 8 others in terms of optimism and life satisfaction
By GENEVIEVE CUA

WE ARE a gloomy lot here, according to a survey by AXA Life. It found that Singaporeans rank the lowest among eight countries in terms of ‘life satisfaction’ and optimism about the future, despite strong economic growth.

For the masses: Many are not willing to sacrifice their current living standards for an earlier retirement. That is, they prefer to work until retirement age so they can maintain their lifestyles
The most optimistic and satisfied were the respondents in India and the Philippines, AXA Life has found in a new Life Outlook Index (LOI) survey conducted this August.

Using statistical modelling, the index seeks to measure respondents’ satisfaction and confidence in four areas - career, family, health and retirement. The survey polled a total of 2,400 respondents in eight countries - Singapore, China, Hong Kong, India, Indonesia, Philippines and Thailand. In Singapore, 300 people participated in an online poll. In other countries the survey was conducted face to face.

AXA chief marketing and strategy officer Annette King said the respondents were the ‘mass affluent’ who satisfied country-specific minimum income requirements. In Singapore, 70 per cent had a monthly personal income of $2,500 to $3,999, and 31 per cent had a monthly household income of at least $7,000.

Singapore’s low LOI score of 59.2 - against 71.6 for the region - was affected by a lack of confidence over career and retirement issues. India’s score was 87.2 and the Philippines’ 85.

Singapore respondents were, however, among the most prepared for retirement, with 59 per cent having planned seriously or intending to start planning.

Singaporeans were worried about job security and prospects, and this led to concern about retirement. ‘We don’t think this reflects poorly on Singapore. Their lack of optimism about their career and retirement prospects indicates that they have a realistic view about future job security and opportunities to use their skills,’ said Ms King.

‘I think the biggest obstacle is the fact that (Singaporeans) don’t think about the issues seriously enough or early enough, and rely on information from the news or their friends. But at the end of the day they are not actively planning or seeking financial advice.’

Singapore’s LOI score also indicates that many are not willing to sacrifice their current living standards for an earlier retirement. That is, they prefer to work until retirement age so they can maintain their lifestyles.

Singaporeans want to retire at an average age of 57, but say they will only be able to retire at about 62.

In contrast, the most optimistic countries like China, India and the Philippines are the least prepared for the future.

Singaporeans are not confident about being able to provide adequately for their children’s needs and education. They perceive the costs of living and education to be rising too rapidly.

They were also extremely concerned that medical costs are rising faster than their savings. Three quarters have medical insurance, but they feel their coverage is inadequate.

Source : Business Times - 05 Oct 2007

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Gap between new and resale Singapore homes at a high

Gap between new and resale Singapore homes at a high

But the difference is expected to narrow down the road, say analysts
By UMA SHANKARI

(SINGAPORE) The gap between prices fetched by new and resale homes in the prime districts is now at a record high, an analysis of official data shows.

A preliminary analysis of caveats lodged in the third quarter of 2007 by Jones Lang LaSalle (JLL) shows that for new homes there was a record premium of over 60 per cent from July to September this year.

Since 2000, the average premium has been between 20 and 42 per cent, JLL said.

But strong demand for new luxury projects in the third quarter - such as for Scotts Square, Cliveden at Grange, Helios Residences and The Lumos - means that the price gap between new apartments and homes in the resale market has widened rapidly over the past year, said Chua Yang Liang, JLL’s head of research for South-east Asia.

In addition, prices of new homes could be climbing faster as buyers can use the deferred payment scheme for new projects, but not for resale units, said Knight Frank’s director of research and consultancy Nicholas Mak.

Resale transactions take into account sales of homes in completed developments, while sales of new units are in projects that have been launched, but are yet to be built.

However, JLL added that gap is likely to narrow as prices of resale homes will look more attractive.

‘Buyers will find it increasingly less attractive to purchase new developments when perfectly habitable resale dwellings at much more affordable price range are readily available,’ Dr Chua said.

The preliminary average selling price for new sales - based on caveats lodged in the prime districts - is estimated to be around $2,500 per square foot (psf) in the third quarter, JLL said.

In comparison, amidst the continuous strong interest in new sales, prices in the resale market rose to close at an average of $1,220 psf for the same three months, albeit during a traditionally seasonal weaker period.

This puts the price gap at around 105 per cent, but JLL’s Dr Chua says that once more caveats are lodged for third quarter transactions, the gap will come to ‘more than 60 per cent’.

In the short term, the high premium gap seen in the third quarter is unlikely to be sustained, experts said.

JLL, for one, estimates that the price gap will stabilise to between 32 per cent and 38 per cent over the next three to five years.

But with the gap narrowing, the collective sales market can be expected to slow down, JLL said.

‘The attractiveness and success of en bloc transactions depends largely on this premium gap. The wider the gap, the more attractive is the market for collective sales,’ the property firm said.

Dr Chua reckons that the collective sales market is likely to slow down in the medium term, given that growth in new sales prices are likely to decline over the same period.

As the premium gap narrows, en bloc activities should slow down as developers find it increasingly less attractive to undertake such redevelopments, especially in light of diminishing returns and impending changes to the Strata Titles Act.

Source : Business Times - 05 Oct 2007

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Mindy Yong
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