Office Building for sale At Shenton Way - Sinagpore commercial

Office Building for sale At Shenton Way - Sinagpore commercial

Phillips Street ( Office ) Building For Sale

16 Storey Includes a Penthouse & a double entrance lobby.

It has strata subdivided into 14 units

Site 4,015sqft

Plot Ratio 12.6

Gross Floor Area 52,907sqft, Net Floor 36,292sqft

Asking Above S$ 106 million

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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Taxis cruising empty waste $73m in fuel every year

Taxis cruising empty waste $73m in fuel every year

By Christopher Tan, Senior Correspondent

HERE’S another reason why cabs should stop cruising for passengers - it can help save the earth.
Each of the 23,000 taxis here covers at least 300km a day - many, 500km - and they are cruising empty up to one-third the time.

If empty cruising can be eliminated, Singapore stands to save on 175 million kg of carbon dioxide emission a year - as well as loads of other pollutants.

If that does not grab you, it will also potentially save $73 million in wasted fuel every year.

A multi-ministerial work group is targeting this wasteful practice.

Last month, the Ministry of Trade and Industry (MTI) published the National Energy Policy Report, with inputs from other ministries such as Transport, Finance and Environment and Water Resources.

Under the land transport section, the report zeroed in on empty cruising by taxis.

‘Due to the high mileage of taxis, diesel taxis contribute a significant amount to our CO2 and PM2.5 emissions,’ it read, referring to carbon dioxide and ultra-fine particulate matter produced by diesel engines. ‘To address this, we are exploring ways to reduce the empty cruising of taxis and increase the proportion of green taxis.’

When asked to elaborate on its plans to tackle empty cruising, MTI directed the query to the Transport Ministry which directed it to the Land Transport Authority.

An LTA spokesman said the authority will build more taxi stands. By the end of this year, it will erect 15 more taxi stands in the Central Business District. There are currently 80 taxi stands in the CBD.

The thinking is that with more taxi stands, cabbies will be less likely to wander aimlessly looking for fares.

But the LTA declined to elaborate on how it would tackle cabbies who leave their engines running while at these taxi stands. Nor did it provide details on other ways to address empty cruising.

Its spokesman, however, pointed out that cab operators are required to cater to a high percentage of call bookings.

Cabby L. S. Chew, 37, said that of the 300km he clocks a day on a 12-hour shift, he gets 20 to 25 fares. Each fare averages 10km. Which means he cruises 50 to 100km a day without a passenger.

‘Every 10km we go without a passenger, it’s $1 down the drain,’ Mr Chew said.

On average, if the cabs are empty one-third of the time, it works out to at least $10 of wasted fuel per cabby per day.

Leading taxi company ComfortDelGro agrees that empty cruising is wasteful and detrimental to the environment.

‘To minimise empty cruising, we have put in place a technologically advanced call booking system,’ ComfortDelGro spokesman Tammy Tan said.

‘We are constantly looking at ways to make it more efficient so that commuters will be encouraged to book a taxi instead of resorting to street hail.’

In places such as Europe and Australia, hailing a cab from the street is rare. Commuters either phone for one or go to a taxi stand.

The authorities have long sought ways to encourage the practice here.

Singapore Environment Council’s executive director Howard Shaw said one way this could be done would be to drop the booking charges.

‘Maybe we should reduce charges on bookings and make it more accessible and convenient to book a cab,’ he said.

Mr Shaw also suggested a centralised booking system, where commuters dial only one number to get a cab from any of the six taxi companies here. This would shorten the waiting time and thus encourage more to book a cab by phone, he said.
Source : Straits Times - 11 Dec 2007

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Give up taxi trips? Not likely

Give up taxi trips? Not likely

Commuters grumble about fare hike, but most will not stop taking taxis; for cabbies, it will help alleviate rising costs

By Tania Tan
FARE TRADE: Ms Chan, a regular taxi commuter, says she will not give up taking cabs, but may make shorter trips.

COMMUTERS, for the lowest taxi fares in town, look out for a copper-coloured Prime cab, at least for the next three months.
But be prepared for a long wait, as the company, which has said it will not raise fares for the time being, has only 100 taxis on the road - the smallest fleet here.

Most of the other companies said they would follow ComfortDelGro’s lead, so commuters should be prepared to pay between 18 per cent and 49 per cent more when hailing a cab during peak hours from Monday.

But the increase is unlikely to deter commuters from hopping into a cab. A poll of 20 commuters at Orchard Road yesterday found no one saying they would stop taking taxis because of the higher fares.

Half of them, including Ms Lili Yeo, a research writer with a finance company, said they would make changes, like take a train out of the city centre and then a cab for the rest of the journey to avoid some of the new peak-hour and city surcharges.

For the rest, taxis are and will remain an option only if they are late or caught in the rain.

Some raised concerns about whether, with the changes in the late-night surcharges, taxis will start to ‘disappear’ again just before midnight.

ComfortDelGro does not expect this to happen, given that the city area surcharge will be in force right till midnight, giving taxi drivers in the city little reason to ‘hide’.

One commuter said the higher fares are understandable as ‘at least taxi drivers will be able to earn more’.

Others, like Ms Angela Chan who gets around exclusively on taxis now, says she will plan her journeys better, but will not give up the rides.

The pastor takes a taxi every day from her home in MacPherson to her office in Chai Chee, a trip that costs her an average of $10. When the new price plan kicks in on Monday, she can expect to pay up to $11 for the same trip.

‘It’s money I’m willing to spend, because time is precious and it’s more convenient than a bus.’

Taking the MRT is often not a practical option, she explained, as she requires two bus transfers, and an extra 20 minutes, before she can get to the Aljunied MRT station, the closest one.

‘It’s erratic and unpredictable, and I waste quite a bit of time.’

While higher fares are unlikely to stop her from hailing a cab, she said she would consider making shorter trips, and then transferring to the MRT instead of travelling in a taxi for the entire journey. ‘I will definitely reconsider taking long trips in a cab,’ said Ms Chan.

Businesswoman Elena Ling said: ‘It’s not a drastic increase for those who can afford it.’

Her only concern: ‘What about the sick or elderly who need to take a taxi and can’t afford it?’

Source : Straits Times - 11 Dec 2007

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Increase in fares will ease the ‘pinch’

Increase in fares will ease the ‘pinch’

By Maria Almenoar
RELIEVED: Veteran cabby Mohamad Sahat, 61, says the new fares will help with rising costs.

AN EXTRA $2 to pick up a passenger in the city area during peak hours is a welcome incentive for cabby Mohamad Sahat to head back to the city even without a passenger.
‘After taking passengers out of the city, and if I’m within a reasonable distance, I will go back to the city to pick up more passengers,’ said the 61-year-old ComfortDelGro cabby of 16 years.

The increase in the city surcharge from $1 to $3, announced by ComfortDelGro yesterday, along with other fare increases, will relieve the ‘pinch’ cabbies like Mr Mohamad have felt in recent months.

Cabbies interviewed said rising diesel costs and goods and services tax (GST) have increased their operating costs by 10 to 15 per cent.

To make up the difference, most drivers like Mr Mohamad have to clock an extra hour on the road. He now puts in 12 hours a day, six days a week, to take home about $80 a day after splitting the $100 daily rental with relief drivers.

‘The new fares will increase our income by a bit and help us with rising costs,’ he said.

ComfortDelGro said that after last year’s fare revision, cabbies took home about 12 per cent more.

Mr Robin Ng, president of the CityCab Operators’ Association, said the move to absorb Electronic Road Pricing (ERP) charges of drivers who cannot find a fare within 15 minutes of entering the city area will definitely help. ‘ERP charges are getting higher these days. It does not make sense for drivers to pay the ERP charge just to go into town to get a customer when they can get one outside without paying a cent.’

His views were shared by other organisations. The Taxi Operators’ Association (TOA) said yesterday in a statement that ComfortDelGro’s revision was a ‘fair and timely decision’.

‘TOA believes that overall taxi meter fare should reflect the operating cost of the taxi business, and the primary consideration is the income stability of the taxi drivers when fare adjustments are made,’ said the association, which represents six taxi operators’ associations.

Taxi drivers reckon the volume of passengers will decrease in the next few months but are not concerned about the long-term effect.

‘The demand drop will be short-term…I’m more concerned about the company than the commuters. Usually, when the company increases fares, it will raise rentals or take away other perks. I hope that doesn’t happen,’ said Mr L.S. Chew, 47, a cabby of 11 years.

ComfortDelGro indicated yesterday that it will not raise rentals following this fare adjustment.

It added that diesel subsidies and other benefits, which amounted to $73 million last year, will continue this year.
Source : Straits Times - 11 Dec 2007

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Buyers snap up new flats from Singapore HDB

Buyers snap up new flats from Singapore HDB

HDB’S LATEST LAUNCH IN NORTH-EAST

NO. OF FLATS: 316

APPLICANTS: 1,700

By Jessica Cheam

DEMAND for Housing Board flats has hit an all-time high.
More than 1,700 applications were made for 316 new flats in the north-east zone released yesterday - just hours after the homes went on sale.

In terms of sales, almost every unit of the HDB’s unsold stock, released once every two months, has been snapped up immediately.

In the August and October sale of flats in established towns and in the north and west zones, the take-up rate was 100 per cent for the first time, said HDB.

All 843 units offered in both sales were snapped up.

Just three years ago, about 10,000 flats were languishing in the market unsold. But this figure had been slashed dramatically to 2,400 as at Oct 31, an HDB spokesman told The Straits Times.

The flats released yesterday were the HDB’s fifth sale under its once-in-two-months sales scheme for four-room and bigger flats, introduced in April to replace its previous walk-in selection system.

Earlier this year, the old system drew flak when queues formed outside HDB Hub, sparking rumours that leaked tip-offs had been given to the early birds - a charge since refuted by the HDB.

The new sales exercise has received very good response with a 96 per cent overall take-up rate of the 3,034 units released, said HDB.

It said yesterday that ‘the robust property market has given rise to strong demand for HDB flats’. HDB’s latest launch offers 233 four-room, 57 five-room and 26 executive flats in Hougang, Punggol and Sengkang.

The prices range from $142,000 for a four-room flat in Hougang, to $358,000 for an executive flat in Sengkang.

Half of the 316 flats are ready and the other half are being built. They include new, unsold and repurchased units. Interested buyers can submit their applications online before next Monday, said HDB.

High demand may mean HDB is clearing its backlog, but newly-wed first-timers such as operations officer

Mohammed Samsudin, 29, struggle to get that dream home.

Yesterday was Mr Mohammed’s eighth attempt this year at getting an HDB flat. He has been trying since he got married almost two years ago, and holds out little hope.

‘The demand is so high now, and families like mine are priced out of the resale market. It’s been difficult to get our own home,’ said Mr Mohammed, who rents a room of an HDB flat with his wife. HDB’s latest sale also follows a recent announcement that it will offer more than 7,000 new flats for sale over the next seven months, as well as seven plots of land which could boast another 3,200 units.

Some couples, such as Mr Mohammed and his wife, in desperate need of homes, said these homes - not ready for three to five years - do not address the current shortage.

The HDB has said it would progressively offer its unsold stock, located across various estates, in upcoming sales exercises.

Source : Straits Times - 11 Dec 2007

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Mindy Yong

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GIC invests $14 billion in Swiss bank UBS

GIC invests $14 billion in Swiss bank UBS

It expresses confidence in the long-term prospects of bank

By Gabriel Chen

THE Government of Singapore Investment Corporation (GIC) has made its single largest investment ever - a massive 11 billion Swiss francs (S$14 billion) - to buy a major stake in a Swiss bank.
GIC, which manages Singapore’s foreign reserves, is taking a stake of up to 9 per cent in troubled Swiss banking giant UBS.

The deal could make GIC the largest UBS shareholder, said GIC deputy chairman and executive director Tony Tan yesterday.

An unnamed investor in the Middle East is also injecting an additional two billion Swiss francs into the bank, UBS said yesterday.

The announcement of GIC’s investment came on the same day that UBS said it had been hit by a fresh US$10 billion (S$14 billion) in losses from the sub-prime mortgage crisis in the United States, arising from risky loans to people with poor credit histories.

The deal mirrors actions taken by US-based Citigroup. Citi expects to write off between US$8 billion and US$11 billion in the fourth quarter and has secured funding from the Abu Dhabi Investment Authority.

‘There must be a suspicion that it (UBS) feels a strong capital base is necessary just in case there is need for further write-downs,’ Helvea analyst Peter Thorne told Reuters.

UBS chairman Marcel Ospel told the media that the investment should not be viewed as a rescue as the bank’s losses could have been absorbed by its earnings and capital base.

UBS said the latest write-down was sparked by growing defaults on risky US home loans, but mainly ‘fuelled by worsening market expectations of future developments’.

The bank, the world’s largest wealth manager, is said to be among the worst hit by the sub-prime mortgage mess.

It had already unveiled four billion Swiss francs in similar losses, ejecting senior managers and slashing jobs.

But, speaking at a news conference, Dr Tan, who is also Singapore Press Holdings’ chairman, said GIC has confidence in UBS’ wealth management business - which mainly serves global wealthy figures.

He said GIC believes in the long-term prospects of the Swiss bank.

Dr Tan added that GIC is very satisfied that UBS, which had asked GIC to subscribe to the issue of new capital, has taken a ‘very conservative view’ of its investments exposed to US sub-prime problems. GIC has no direct exposure to investment products packaged from risky US mortgages.

Analysts have given the thumbs-up to GIC’s move, saying that, based on market conditions, it could be a timely investment at a good price.

‘I think it’s a very sound investment,’ said chief investment officer of Fortis Private Banking Singapore, Mr Lim Kok Boon.

In terms of value, the deal comes as many key financial firms are closer to the bottom than the top, he said.

‘There’s definitely franchise value,’ he added. ‘You cannot just build a global bank overnight, with a reputation and client reach. It’s going to take a very long time.’

Dr Tan said it was premature to say whether GIC will have a seat on the UBS board, although it expects an offer.

‘We take a long view. This is not an investment (for) which we have any fixed time frame. Of course, we’ll review it from time to time. Our intention is to remain responsible, supportive investors… hopefully for the long-term.’

GIC managing director Ng Kok Song said the move marked a departure for GIC, whose practice has been to take relatively small public equity stakes for portfolio diversification.

GIC’s investment takes the form of subscribing to ‘convertible notes’ which pay an annual return of 9 per cent.

These notes can be converted to UBS stock, which must happen within two years of the date of issue. GIC’s stake in UBS could be 9 per cent, making it UBS’ No. 1 shareholder.

Industry watchers say the UBS deal is arguably the highest profile investment since GIC, together with Temasek Holdings, invested close to $1 billion in New Zealand-based Brierley Investments and its British subsidiary Mount Charlotte Investments in the 1990s.
Source : Straits Times - 11 Dec 2007

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Cab surcharge raised to meet demand in the city

Cab surcharge raised to meet demand in the city

By Maria Almenoar

TAXI fares will go up from Monday and people who want to catch a cab in the city during evening peak hours will see their fares rise the most.
They will pay between 18 per cent and 49 per cent more for a taxi ride home from the city from 5pm to midnight. Heading home to Ang Mo Kio from Orchard Road during these peak hours will cost about $14.35, up from $10.65 now.

Travel during off-peak hours, which will affect the bulk of passengers riding in the 23,000 cabs here, will go up by 10 per cent, said Singapore’s biggest cab company ComfortDelGro, which announced its new fare structure yesterday.

It is raising flag-down rates by 30 cents to $2.80. Surcharges for peak period and late-night travel have also been adjusted.

Three of the other five cab companies say they will follow ComfortDelGro’s lead to raise flag-down rates and up the distance- and time-based charges.

Only one charge is going down - the prime-time call booking fee will be lowered from $4 to $3.50.

At a glance
Flag-down
Up from $2.50 to $2.80
Meter rates
Up from 10 cents for every 210m to 20 cents for every 385m, for trips 10km and below
Peak period
35 per cent of mete fare instead of $2 flat rate.
City surcharge
Up from $1 to $3
Late-night surcharge
Staggered rates of 10 per cent to 50 per cent of meter fare replaced with flat 50 per cent rate
Booking fee
Down from $4 to $3.50 during prime hours

Trans-Cab could not comment by press time while Prime Taxis said it will not raise flag-down rates for at least another three months.

One measure that drew attention was ComfortDelGro’s move to raise the city surcharge as a way of ensuring its supply of 15,000 taxis better matches the demand for cabs, where and when they are wanted most.

Commuters will have to pay $3 for a cab in the city between 5pm and midnight from Monday to Saturday, up from $1 now.

ComfortDelGro said the higher surcharge will address the No. 1 complaint of commuters - long waiting times for cabs in the city in the evening.

Its spokesman Tammy Tan said: ‘One reason for this is that many taxis leave the city centre for the suburbs and drivers find little incentive to drive all the way back to the city to pick up new passengers.’

The company dangled one more incentive to lure cabbies into the city area: It will refund cabbies the Electronic Road Pricing charges payable to get into the city - between 50 cents and $2 now - if they do not get a passenger within 15 minutes of passing the gantry.

Cabbies welcomed the news of the higher fares, especially as ComfortDelGro also said it is not raising rentals and will continue with its diesel subsidies. Cabbies pay between $70 and $125 in rent a day regardless of how much they earn.

Cabby Tony Pang, 58, said: ‘Passengers will stay away initially - it’s a knee-jerk reaction. But the increased fares will help us drivers a bit.’

Commuters like insurance agent Kenneth Tan, 27, will think twice about taking a cab now. ‘It’s going to be more costly but if I need to save time or get out of the rain, I might still take one.’

Source : Straits Times - 11 Dec 2007

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Mindy Yong

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Singapore 78 Shenton Way sold for $650m to German group

Singapore 78 Shenton Way sold for $650m to German group

$1,857 psf deal shows foreign players still prize S’pore office market
By KALPANA RASHIWALA

FOREIGN institutional investors continue to be drawn to the Singapore office market.

The numbers: The deal is based on a total net lettable area of about 350,000 sq ft, comprising 275,000 sq ft in the existing 34-storey office tower and a further 75,000 sq ft that is being built in an extension that will be spread across six levels of offices above the carpark podium
The latest investor to come in is Germany’s Commerz Grundbesitz Investmentgesellschaft (CGI) group, which has bought 78 Shenton Way for $650 million, BT understands. The price works out to $1,857 per square foot based on a total net lettable area of about 350,000 sq ft. This comprises about 275,000 sq ft in the existing 34-storey office tower and a further 75,000 sq ft that is being built in an extension that will be spread across six levels of offices above the carpark podium.

The extension is expected to be completed in the second half of 2009.

78 Shenton Way is on a site with a remaining lease of about 75 years. The property was sold by a joint-venture between Credit Suisse and CLSA funds which bought the 34-storey tower this January for $348.5 million.

Sources say that the vendors are expected to pump in about $80 million to build the extension and spruce up the existing property.

Jones Lang LaSalle is said to have advised 78 Shenton Way’s sellers, while buyer CGI - which is making its maiden entry into the Singapore real estate market - is understood to have been advised by CB Richard Ellis. CGI is the capital investment company for the open-ended fund Haus-Invest.

The $1,857 psf of net lettable area achieved for the deal is in line with current office values in the area, industry observers say. In April this year, TSO Investment, a unit of a CLSA Capital Partners-managed property fund, sold SIA Building at Robinson Road to European pension fund manager SEB for about $1,780 psf of net lettable area.

In September, SEB also bought 12 floors at Springleaf Tower in the Anson Road area at $2,088 psf of net lettable area.

In October, Allco Commercial Real Estate Investment Trust picked up KeyPoint in the Jalan Sultan/Beach Road area for $370 million or $1,186 psf of net lettable area. The deal includes income support of up to $10.5 million for two years to be provided by the seller.

In August, a Goldman Sachs-linked fund bought Chevron House (formerly Caltex House) along Raffles Place for $2,780 psf, a record for an office block here. Chevron House stands on a site with a remaining lease of about 81 years.

The Goldman Sachs group is also expected to stitch a deal early next year to buy the nextdoor Hitachi Tower, which faces Collyer Quay, for about $3,000 psf, industry observers say. A higher price can be justified for Hitachi Tower due partly to its superior tenure (999-year leasehold) and orientation. As well, Hitachi Tower is not weighed down by rental caps for a major tenant, as in the case of Chevron’s lease at Chevron House, which limits the near-term rental upside of the property, according to an earlier media report.

Source : Business Times - 11 Dec 2007

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Mindy Yong

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Dubai World’s Limitless sets up office here

Dubai World’s Limitless sets up office here

S’pore base will look for investments in the region
By ARTHUR SIM

DUBAI World’s real estate arm, Limitless LLC, officially started operations at it new regional office here at UOB Plaza yesterday. It will use Singapore as a base to look for new investment opportunities here and in the region.
On route to Hanoi for the ground-breaking ceremony of its US$220 million Halong Star mixed development project in Vietnam, Limitless CEO Saeed Ahmed Saeed said yesterday: ‘Without doubt, South-east Asia is one of the most exciting and dynamic regions for Limitless. Its fast-growing economy presents us with endless opportunities to demonstrate our core skills of master planning large-scale, balanced projects and waterfront development.’

To date, Limitless, which was established in July 2005, has a portfolio of five real estate projects worth about US$100 billion. Three are in the Middle East, with the others in India and Vietnam.

Limitless has considered development sites in Singapore, including the first parcel at Marina View, although it decided not to put in a bid eventually.

‘We took strategic position on Marina View and decided it was not the right time to tender for it,’ said Philip Atkinson, regional director (South-east Asia) at Limitless.

Mr Atkinson added: ‘The Singapore market now is buoyant and fast paced, and we would take a cautionary view.’

Dubai World, through its subsidiary Istithmar, has however, recently acquired a one-third stake in the government land sales development site now known as South Beach, which is estimated to cost a total of $2.5 billion.

Mr Saeed would not say what its expected target rate of returns would be for its projects but added: ‘Different countries have different hurdle rates.’

Like its parent company, Limitless will mostly fund its investment with equity but Mr Saeed said that it could also raise debt from the capital markets.

Limitless is also likely to be looking at emerging markets around the world as this is where large-scale projects that can leverage on its town-planning skills will be.

Particularly bullish on the two huge markets, Mr Saeed said: ‘India and China will probably need new homes for the next 100 years.’
Source : Business Times - 11 Dec 2007

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Mindy Yong

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Ascott signs India serviced residence JV

Ascott signs India serviced residence JV
(SINGAPORE) The Ascott Group said yesterday that it has signed a joint venture agreement with the Rattha Group to acquire its fifth serviced residence in India.
The 218-unit property, to be named Citadines Hyderabad Hitec City, is Ascott’s first serviced residence in Hyderabad. the group will pay about S$15 million for a 49 per cent stake in the property. Indian partner Rattha will hold the remaining majority stake.

Ascott said that the deal is part of a master development agreement it signed with Rattha in August 2006. The aim of the agreement is to acquire and develop seven serviced residences with a total of at least 1,000 units in India by 2010.

Ascott president and chief executive Jennie Chua said: ‘The addition of Citadines Hyderabad Hitec City puts the group ahead of the target set out under the agreement with Rattha. Ascott now has five properties with more than 1,100 units under development in Bangalore, Chennai and Hyderabad.’

The group will continue to seek business opportunities in other cities including New Delhi and Mumbai, she said.

The proposed Citadines Hyderabad Hitec City is in the heart of Hitec City, a major high-tech township where the Hyderabad International Convention Centre is located.
When completed, the serviced residence will cater to the business traveller market, particularly people from the IT and biotechnology industries. The opening is scheduled for the first half of 2010.

With this latest addition, Ascott now has 1,178 serviced residence units in five properties under development in India. The other four properties are in Bangalore and Chennai, and are slated to open between 2008 and 2009.
Source : Business Times - 11 Dec 2007

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Mindy Yong

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mindy@mindyyong.com

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