CapitaCom plans to redevelop car park complex into office building

CapitaCom plans to redevelop car park complex into office building

By Ng Baoying

CapitaCommercial Trust is preparing to spend up to S$1.5 billion to convert the Market Street Car Park into an office tower.

Whether the project will go ahead or not depends on feasibility studies, but a major regulatory hurdle has been cleared.

The URA has lifted restrictions for the site, which originally requires the land to be used mainly for car parks.

CapitaCom, which owns the car park complex, plans to build a 240-metre-high office tower on the site, with an estimated total gross floor area of 850,000 square feet.

The new project comes despite the building having been just renovated in 2006 for some S$14 million.

“We plan to redevelop this into a state-of-the-art Grade A office building to cater to the demand of tenants such as financial and business institutions,” said CapitaCommercial Trust’s CEO, Lynette Leong.

However, the redevelopment is subject to conditions. The trust will have to pay 100 per cent of the enhancement in land value, and will not be allowed to extend the existing lease on the site beyond 2073.

The usual charge is 70% of the enhanced value. The entire project is estimated to cost between S$1 billion and S$1.5 billion.

CapitaCom says it will study financing options, like a joint venture, business trust or even issuing convertible bonds.

Should the project go forward, the building will be ready in four years’ time, and the trust is optimistic about office space demand then.

Ms Leong noted that recent reports by international property consultants had forecast an office occupancy rate of between 91% and 95% despite the seemingly large supply of office space available by 2012.

She also said: “Demand, from our experience talking to our tenants, is still strong. The take-up at the new MBFC (Marina Bay Financial Centre), recently it has been announced that they’ve got 50% pre-commitment. So, we are still very optimistic of office demand.

“In addition to that, the Singapore economy is still very strong and we are attracting lots of financial institutions and MNCs wanting to set up operations in Singapore, and that’s driving demand for office space.”

The trust says it will give its current tenants at least six months’ notice and help them in relocating to other spaces within its portfolio

Source : Channel NewsAsia - 04 Jan 2008

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Costs to go up as oil prices briefly breach US$100 per barrel

Costs to go up as oil prices briefly breach US$100 per barrel

By Asha Popatlal
SINGAPORE: For the first time, world oil prices briefly crossed the psychologically important level of US$100 a barrel on Wednesday.

Analysts attribute the surge to tight supplies and continued strong demand.

One analyst said consumers are being hit by a double whammy, with the high oil prices and the recent spike in food prices.

Song Seng Wun, CEO and Regional Economist, CIMB-GK Research, said: “I suppose if it had been any other time, say six months ago, it probably would not have meant that much because crude oil prices had been going up steadily for the last five years.

“It only became a lot more significant now, coupled with the inflation in food prices. We have seen food prices go up significantly in the second half of last year and food prices, unfortunately, will stay high.

“CPI (consumer price index) may go up 2 percent or even beyond 5 percent year-on-year. Young Singaporeans may not have seen that kind of inflation in a long, long time.”

“Even a small amount of inflation – such as what we are seeing today – can have a big impact on what you can do with your money.

“For example, S$100 today is reduced to just S$88 spending power by 2010 if we experience an inflation rate of 4 percent. And if that inflation rate is moved from 4 percent to 8 percent, that S$88 is reduced to just S$77 in 2010,” said Gary Harvey, CEO of Ipac Wealth Management Asia.

The solution, however, is basic – see what you are spending on and budget carefully to stretch that dollar further.

While rising fuel and food prices will continue to have an upward impact on one’s day-to-day costs, economists said there is a slight silver lining in that prices for consumer goods such as flat-screen TVs and mobile phones have remained unchanged or have even gone down.

This is because big manufacturers have managed to keep the prices down. But economists said that may not necessarily be the case in 12 months’ time, if material or wage costs continue to climb.
Source : Channel NewsAsia - 04 Jan 2008

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S$30m Keppel Bay Bridge opens to much fanfare - Singapore

S$30m Keppel Bay Bridge opens to much fanfare - Singapore

By Satish Cheney

SINGAPORE: A new S$30 million bridge to link Marina Bay and Keppel Island has been officially opened by President SR Nathan.

The Keppel Bay Bridge forms part of the new waterfront living experience in the Marina Bay area.

The 250-metre bridge links Keppel Island with the mainland. But it’s more than just a bridge. The new link is adorned with special lights which can be programmed to enhance the atmosphere.

It took two years to complete the bridge, which is part of the master plan to transform Keppel Bay into a premier waterfront precinct.

Teo Soon Hoe, Senior Executive Director of Keppel Corporation, said: “We wanted to build a bridge between the mainland and the island. The island is now linked with a marina clubhouse. The boats are already in. It’s just been completed and will be open soon. And we have the whole island which will provide more space to our tenants.”

The bridge will come in handy when more water sports events are held here. And come January 19, the 10-team Clipper fleet presently racing from Australia to Singapore will be arriving at Marina Bay, and this bridge will be a central figure for the welcome party.

Apart from scenic views of Sentosa Island as well as the upcoming integrated resort, pedestrians can also get insights into the historical surroundings from the plaques placed along the walkway.
Source : Channel NewsAsia - 04 Jan 2008

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Second batch of condo-style Singapore HDB flats to be launched this weekend

Second batch of condo-style Singapore HDB flats to be launched this weekend

By Wong Siew Ying

SINGAPORE: The second batch of condo-style public apartments will be launched on 5 January.

The apartments at City View @Boon Keng, which will be completed in 2011, promise the trappings of private residential homes. But they will not come cheap.

The project is part of HDB’s Design, Built and Sell Scheme (DBSS), where private developers build and market the flats.

City View @Boon Keng is the second DBSS project; the first is at Tampines.

At 40 storeys high, the City View @Boon Keng apartments will tower over many HDB flats in the area.

The mixed development will comprise 714 units, two-thirds of which will be 5-room flats and the remainder 3- and 4-room units.

The average cost of the apartments is S$520 per square foot, a record for new HDB flats.

Hoi Hup Realty Pte Ltd’s director, Wong Chee Herng, said: “It goes all the way from just slightly below S$350,000 to, I think, the most expensive unit is very close to S$740,000. We don’t see an issue of pricing here, because when the buyers come to see the layout, the design, I think they will appreciate what they will pay for.”

Buyers will pay for the view of the city and features commonly found in private condominiums.

JGP Architecture (s) Pte Ltd’s director, Chan Sze Chin, said: “A buyer who comes in here does not have to spend any more money or time to hack the walls to install things like air-con pipes or water heater pipes and even kitchen cabinets. In addition, we’ve also provided quite a fair bit of plants to the balconies to add to the greening of the development.”

Industry players believe City View @Boon Keng will draw good response due to its location.

Knight Frank’s property consultant, Nicholas Mak, said: “The price is about half of that of some of the 99-year (leasehold) condominiums in that area, such as City Lights and South Bank. But, at the same time, they (prices of City View @Boon Keng apartments) are also a bit higher than those for the EC, executive condo.

“From the launch of the first DBSS flats in Tampines till now, I think, it would be reasonable to assume that prices of DBSS would have gone up by about the same quantum as HDB resale flats, which is between 20 and 30 per cent.”

Analysts say the price of a 5-room HDB flat in the resale market in the Boon Keng area will cost about S$450,000.

The City View @Boon Keng project is expected to attract the interest of young, middle-income families. Its marketing agents are confident the apartments will be a hit with home buyers.

They say the project is likely to be oversubscribed by more than 10 times, attracting 8,000 to 10,000 buyers.

Sales will be conducted by way of a ballot. Application starts on 5 January and will end at midnight on 16 January.

All applicants must meet public housing guidelines, among them an average monthly household income cap of S$8,000. - CNA/ir
Source : Channel NewsAsia - 04 Jan 2008

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The Lincoln Modern For Sale Apartment / Condo, District 11 , 04.01.2008

The Lincoln Modern For Sale Apartment / Condo, District 11 , 04.01.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update

Type — H
District — 11
Street — THE LINCOLN MODERN, #07 ABOVE
Tenure — FH
Area — 1410
Age — 03+
Room — 3
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE LINCOLN MODERN, #15
Tenure — FH
Area — 1410
Age — 02+
Room — 3
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE LINCOLN MODERN, #18 TO #30
Tenure — FH
Area — 1300
Age — BN
Room — 3
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE LINCOLN MODERN, #18
Tenure — FH
Area — 1410
Age — 02+
Room — 2
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE LINCOLN MODERN, #20 ABOVE
Tenure — FH
Area — 3600
Age — 03+
Room — 4
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE LINCOLN MODERN, #23 ABOVE
Tenure — FH
Area — 3391
Age — 03+
Room — 4
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE LINCOLN MODERN, #27 ABOVE
Tenure — FH
Area — 3600
Age — 3
Room — 4
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE LINCOLN MODERN, #27 ABOVE
Tenure — FH
Area — 3600
Age — 2
Room — 4
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE LINCOLN MODERN, #27 BELOW
Tenure — FH
Area — 1378
Age — 01+
Room — 3
Psf — 2032
PRICE$ — 2800000
Singapore Real Estate - Buy , Sell , Rent ,invest Singapore Property

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The Linc For Sale Apartment / Condo, District 11 , 04.01.2008

The Linc For Sale Apartment / Condo, District 11 , 04.01.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — H
District — 11
Street — THE LINC, BLK 7 #03 ABOVE
Tenure — FH
Area — 1292
Age — BN
Room — 3
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE LINC, BLK 7 #09 ABOVE
Tenure — FH
Area — 1281
Age — 2
Room — 3
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE LINC, BLK 7 #14 ABOVE
Tenure — FH
Area — 1292
Age — 2
Room — 3
Psf — 2000
PRICE$ — 2584000
Type — H
District — 11
Street — THE LINC, BLK 9 #05 BELOW
Tenure — FH
Area — 1141
Age — BN
Room — 3
Psf — 0
PRICE$ — 0

Singapore Real Estate - Buy , Sell , Rent ,invest Singapore Property

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The Axis For Sale Apartment / Condo, District 11 , 04.01.2008

The Axis For Sale Apartment / Condo, District 11 , 04.01.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — H
District — 11
Street — THE AXIS, #01 ABOVE
Tenure — FH
Area — 384
Age — BN
Room — 1
Psf — 1510
PRICE$ — 580000
Type — H
District — 11
Street — THE AXIS, #02 ABOVE
Tenure — FH
Area — 753
Age — BN
Room — 2
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE AXIS, #03 ABOVE
Tenure — FH
Area — 753
Age — BN
Room — 2
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE AXIS, #07
Tenure — FH
Area — 1141
Age — BN
Room — 3
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE AXIS, #07 ABOVE
Tenure — FH
Area — 1141
Age — BN
Room — 3
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE AXIS, #10 ABOVE
Tenure — FH
Area — 818
Age — BN
Room — 2
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE AXIS, #11 ABOVE
Tenure — FH
Area — 1141
Age — BN
Room — 3
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE AXIS, #11 ABOVE
Tenure — FH
Area — 1141
Age — BN
Room — 3
Psf — 0
PRICE$ — 0
Type — H
District — 11
Street — THE AXIS, #11 ABOVE
Tenure — FH
Area — 1141
Age — BN
Room — 3
Psf — 0
PRICE$ — 0
Type — H
District — 13
Street — THE AXIS, #05 BELOW
Tenure — FH
Area — 398
Age — BN
Room — 1
Psf — 0
PRICE$ — 0

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.

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Ten @ Suffolk For Sale Apartment / Condo, District 11 , 04.01.2008

Ten @ Suffolk For Sale Apartment / Condo, District 11 , 04.01.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — H
District — 11
Street — TEN @ SUFFOLK, #12
Tenure — FH
Area — 1087
Age — BN
Room — 2
Psf — 1480
PRICE$ — 1608760
Type — H
District — 11
Street — TEN @ SUFFOLK, #13
Tenure — FH
Area — 1206
Age — BN
Room — 3
Psf — 1480
PRICE$ — 1784880
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.

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Suffolk Premier For Sale Apartment / Condo, District 11 , 04.01.2008

Suffolk Premier For Sale Apartment / Condo, District 11 , 04.01.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update

Type — H
District — 11
Street — SUFFOLK PREMIER, #01 ABOVE
Tenure — FH
Area — 1044
Age — BN
Room — 3
Psf — 1450
PRICE$ — 0
Type — H
District — 11
Street — SUFFOLK PREMIER, #12
Tenure — FH
Area — 1001
Age — BN
Room — 2
Psf — 0
PRICE$ — 0

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.

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Strata For Sale Apartment / Condo, District 11 , 04.01.2008

Strata For Sale Apartment / Condo, District 11 , 04.01.2008 TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand Price are subject to changes , please call (+65) 91002985 for lastest update Type — H District — 11 Street — STRATA, #02 Tenure — FH Area — 506 Age — BN Room — 1 Psf — 1850 PRICE$ — 0 Type — H District — 11 Street — STRATA, #04 Tenure — FH Area — 840 Age — BN Room — 2 Psf — 0 PRICE$ — 0 Type — H District — 11 Street — STRATA, #10 Tenure — FH Area — 506 Age — 1 Room — 1 Psf — 0 PRICE$ — 0 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