Singapore Reflections at Keppel Bay units to set new price benchmarks

Singapore Reflections at Keppel Bay units to set new price benchmarks

By Geraldine Ding and Yvonne Cheong,
SINGAPORE : Remaining units at upmarket waterfront residence, Reflections at Keppel Bay, are expected to set new price benchmarks for condos in the harbourfront area.

This bullish view came from its joint developer Keppel Land.

The units released under phase one of the project last year had already set benchmark prices for the west coast.

Mirroring the buoyant property market, Reflections at Keppel Bay set new record prices for high-end luxury properties in the west last year.

620 units released under phase one were sold for an average of nearly S$2,000 per square foot.

They were snapped up within eight months of the launch last April.

Keppel Land says they expects even higher prices for the remaining 509 units as some of the more expensive blocks have been reserved for phase two.

He believes the super penthouse, which has an area of more than 12,000 square feet, will set a brand new price benchmark.

Augustine Tan, Chief Executive - Singapore Residential, Keppel Land, says: “I think the highest price is above S$2,700 psf. We’ve got the super penthouse we’ve yet to release and that would probably set the new benchmark.”

The developer expects higher prices on average also because more expensive units with sea facing views and on higher floors have been reserved for phase two.

It’s confident demand for high-end projects will hold up this year, despite the quieter property front.

Mr Tan says: “I do share the view by consultants that demand for high-end (properties) should hold up. I think the pace of increase in prices will be fairly regulated but from the enquiry levels that we have for the Reflections in particular, we think that the demand is still fairly strong for good quality housing, so especially waterfront. So, we do foresee the demand will hold up.”

The dates have not been set for the launch of the second phase, but it’ll be after the launch of Keppel’s Marina Bay Residences in the first quarter.

Keppel Group awarded the main contract for Reflections to construction firm Woh Hup for a record S$1 billion.

Mr Tan says it’s the largest construction contract for a condominium in Singapore to date.

Construction began on Tuesday and is expected to completed by 2013.

Reflections at Keppel Bay is jointly developed by Keppel Corporation and Keppel Land. - CNA/ch

Source : Channel NewsAsia - 09 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Grab now before price up again , Condo apartment n landed house For sale 09-01-2008

Grab now before price up again , Condo apartment n landed house For sale 09-01-2008

1) Project : The Sail
Dist : 01
Tenure : 99 yrs
Bdrm : 02
Size : 883 sqft
Floor : #53 & above
Facing : Sentosa View
Asking : S$2,300 psf
Remarks : Under construction.

2) Project : The Sail
Dist : 01
Tenure : 99 yrs
Bdrm : 01
Size : 592 sqft
Floor : #45 & above
Facing : Bay View
Asking : S$2,500 psf
Remarks : Under construction.

3) Project : The Paterson
Dist : 09
Tenure : Freehold
Bdrm : 04
Size : 2,250 sqft
Floor : #19 & above
Facing : Unblock, City View
Asking : S$3,000 psf
Remarks : Vacant, move in or rent anytime, no noon sun.

4) Project : The Bayshore
Dist : 16
Tenure : 99 yrs
Bdrm : 03
Size : 1,300 sqft
Floor : #18 & above
Facing : Unblock, Sea View
Asking : S$1 mil
Remarks : Tenanted @ S$3,900 (unfurnish) w.e.f. Nov’ 07, korea company lease, no noon sun.

5) Project : Semi-D @ Kew Hts
Dist : 16
Tenure : 99 yrs
Bdrm : 7 + 6 toilets
Size : 2,500/3,100 sqft
Floor : 3 storey
Facing : North-West
Asking : S$1.6 mil
Remarks : Owner stay, very well kept, bank indication @ S$1.6 mil, 101% move in, S$300k renovation, Balinese decor, no noon sun.

6) Project : Semi-D @ Carmen Street
Dist : 16
Tenure : Freehold
Bdrm : 7+ 6 toilets
Size : 3,000/4,000 sqft
Floor : 3 storey
Facing : To be confirmed
Asking : S$2.9 mil
Remarks : Owner stay, very well kept, bank indication @ S$2.45 mil, 101% move in.

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

Singapore Queenstown flat sold for record $890k

Singapore Queenstown flat sold for record $890k

21st-storey executive flat in Mei Ling Street was bought for $300,000 in 1992

By Tan Hui Yee & Jessica Cheam

THE brief for the property agent was simple: Find an HDB flat with great views and near an MRT station. Top floors only - and, it appears, never mind the price.
Two intense days of door-knocking and a record $890,000 later, the buyer has his dream home - and the most expensive Housing Board flat in the country.

For his money, he gets a spacious 21st-storey executive flat in Queenstown, with expansive views towards Sentosa and leafy Mount Faber on one side and Queenstown Stadium on the other.

The 13-year-old flat in Block 150, Mei Ling Street, is just a few minutes away from Queenstown MRT via a sheltered walkway, and a swimming complex is just around the corner.

The owners, Mr David Ho Khoi Seng, 72, and wife Judy, 64, had paid just over $300,000 for the 1,614 sq ft flat, which has four bedrooms, a living room and a study, in 1992.

Mr Ho, who runs a stationery shop, said he had no intention of selling when PropNex agent David See and his son came knocking last Thursday.
The couple tried to deter the buyers - believed to be an elderly couple who own private property - by asking for what they felt was a ridiculous $900,000.

‘We thought $900,000 was too high a price for anyone, but the buyers seemed pretty desperate to find a suitable flat,’ said Mr Ho.

Mr See, 47, said he roped in his 20-year-old son Wilson for the quest to give him some work experience before he starts university later this year.

But knocking on doors, he said, is something he would only do for ‘genuine buyers’.

‘It was a challenge. It’s not easy to get people to sell high-floor units at this time,’ he added.

Demand had sent HDB resale prices up 17.4 per cent last year, the highest in a decade, but executive flats in coveted districts near the central city like Queenstown and Bukit Merah have been extra hot.

The old record for an HDB flat was $780,000 - also for an executive flat in Mei Ling Street - achieved last November.

Five other such flats in Mei Ling Street changed hands between November and December, ranging in price from $728,000 to $765,000.

Median resale prices of executive flats in Queenstown hit $719,000 between July and September last year, a jump from $609,000 in the previous quarter. This type of flat in Queenstown commanded $120,000 in cash over their valuation in the same period.

A five-roomer in Kim Tian Place in nearby Bukit Merah changed hands for $720,000 last June.

With prices of resale HDB flats expected to climb further, the latest deal has prompted some people to ask when a public housing unit will cross the $1 million mark.

Agents reckon that is a way off yet.

Mr See thinks his record deal was more a reflection of the buyers’ eagerness, rather than market sentiment.

Meanwhile, Mr Ho and his wife will live with their 35-year-old son in his Siglap terrace house until they find a suitable home.

When they move, Mr Ho will have to give up a pastime of his: Watching S-League football matches at Queenstown Stadium from the balcony of his Mei Ling Street flat’s master bedroom
$1m flat? Not yet

THE latest deal has some people asking when a public housing unit will cross the $1 million mark.

Mr Eric Cheng, executive director of HSR Property group, said it was unlikely to happen in the next two years.

PropNex agent David See, the agent for the Mei Ling Street deal, thinks the record sale was more a reflection of the buyers’ eagerness, rather than market sentiment.

Source : Straits Times - 09 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Woh Hup wins $1b Keppel contract to build Singapore Reflections

Woh Hup wins $1b Keppel contract to build Singapore Reflections

KEPPEL Corp and its property arm, Keppel Land (KepLand), yesterday said the main contract for its huge Reflections at Keppel Bay condominium - awarded to Woh Hup Holdings - is worth a whopping $1 billion.
It is the largest condo construction contract in Singapore for Keppel, as well as for Woh Hup, which was started 80 years ago.

The project will add to the strong growth momentum of the construction sector in Singapore, said Knight Frank director of research and consultancy Nicholas Mak.

Indeed, the news - announced at yesterday’s ground-breaking ceremony for the condo - comes at a busy time for Singapore’s construction sector. Costs have risen significantly and most contractors are fully booked in the months ahead.

Still, Woh Hup vice-chairman Yong Tiam Yoon said rising costs are manageable - made easier by the fact that the firm has reliable suppliers.

As for the 1,129-unit Reflections condo, he said the costs are higher due to the construction of curved structures.

The condo is set for completion before 2013, with 509 unsold units due to go on the market ’some time this year’.

The second phase will be priced higher as there will be units facing better directions, said Mr Augustine Tan, chief executive, Singapore residential for KepLand.
Source : Straits Times - 09 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Middle Road Singapore office block up for sale

Middle Road Singapore office block up for sale

A FIVE-storey office building in the Beach Road district has been launched for sale amid a severe shortage of office space in Singapore.
The freehold building is the former P H building at 33 Middle Road and has an indicative price of $23 million, said marketing agent Colliers International.

‘We forsee strong interest from investors who are attracted by the opportunity posed by the current tight office supply in the market,’ said the firm’s executive director of investment sales, Mr Ho Eng Joo.

The property is owned by a trading company, added Mr Ho.

The site is near the upcoming mega mixed-development South Beach, developed by a City Developments-led consortium, and within a short stroll to the City Hall and Bugis MRT stations.

It sits on an area of 3,749 sq ft and has a gross floor area of 16,954 sq ft. The site is zoned for commercial use with a gross plot ratio of 4.2 and can be built up to six storeys.

The property has showroom space on the ground floor and offices from the second to fifth storeys. It also has carpark facilities.

Mr Ho said rents of similar grade office space along Middle Road are priced from $7 per sq ft (psf) to $7.50 psf.

The building is fully tenanted, but all the tenancies are due to expire by the third quarter of this year, said Mr Ho.

Source : Straits Times - 09 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

How can I sign up for a business angel?

How can I sign up for a business angel?

WHAT are the criteria for Spring Singapore’s Business Angels Scheme? How can I apply?

The Business Angels Scheme provides innovative, Singapore-based young companies a matching dollar for every dollar that pre-approved ‘angel groups’ invest.

If your company is less than five years old and developing innovative products or processes for the global market, you can qualify for the Business Angels Scheme.

This scheme brings together ‘business angels’ that may invest in your company with a matching dollar from Spring Seeds Capital, an investment arm under Spring Singapore. The investment can reach up to $1 million.

You will have to obtain a minimum investment of $75,000 from one of two pre-

approved business angel groups. Both Spring Seeds Capital and the business angel group will take equity stakes in your company in proportion to their investments.

This scheme is similar to the Start-up Enterprise Development Scheme and the Growth Financing Programme in encouraging business angel investments in innovative start-up companies.

Encouraging SMEs to use infocomm
I read about the new SME Infocomm package. Can you provide me with more details about the programme?

To accelerate infocomm adoption among small and medium- sized enterprises (SMEs), the Infocomm Development Authority of Singapore (IDA) launched a Call-For-Collaboration on Nov 7 for vendors.

This involves the formation of a consortium or consortia that would provide one-stop infocomm packages, including personal computers, printers, broadband connectivity, website development, maintenance and hosting, and infocomm business solutions to meet the different needs of SMEs and help them harness the potential of infocomm.

To push early users of infocomm in their businesses, the IDA will co-fund the first 5,000 SMEs with no or little adoption of infocomm when they take up the infocomm packages.

The provision of one-stop infocomm packages is expected to be available to SMEs from May, by which time there will be more details on the IDA website www.ida.gov.sg

Source : Straits Times - 09 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

CapitaLand shares fall after news of offer for Ascott

CapitaLand shares fall after news of offer for Ascott

IT WAS a tale of two share prices yesterday, after Monday night’s surprise announcement that CapitaLand wanted to take The Ascott Group private.
The property giant’s stock dropped by 5.3 per cent to $5.92, while Ascott shares rocketed 41.3 per cent to $1.71.

That price almost matched CapitaLand’s offer of $1.73 a share for the 33.5 per cent of Ascott it does not already own. When the offer was announced, the price was 43 per cent ahead of Ascott’s closing level on Monday of $1.21.

The move comes as property stocks in Singapore are being hit by fears of a possible United States recession. Mr Vikrant Pandey, an investment analyst at UOB Kay Hian Research, believes those jitters were the main reason behind yesterday’s selldown on CapitaLand.

Bears were in the market on Monday but they did not have a chance to trade CapitaLand shares due to a trading halt, he said.

Other analysts, though, maintain the Ascott acquisition is partly to blame for CapitaLand’s fall.

OCBC Investment Research analyst Winston Liew said the market ‘could be looking for a more conservative growth strategy’.

‘Some players think CapitaLand is overpaying but Ascott is in a sector that will continue to grow,’ another analyst added.

A UBS report said Ascott shareholders were likely to accept the offer.

JPMorgan said the benefit to CapitaLand of the Ascott move lies in a tidying-up of its group structure.

CapitaLand will be acquiring a subsidiary that pursues a similar asset-light, real estate funds model and strategy at a time when the market is undervaluing the stock, JPMorgan said.

In a note yesterday, Mr Liew said CapitaLand’s acquisition price was not cheap, as it represented a 145 per cent premium over Ascott’s book value of 70.6 cents and about 17 times Ascott’s earnings in the 2007 financial year. He asked: The key question is why?

One possibility is that it allows CapitaLand to use Ascott as a vehicle to park all its residential assets, including recent ones in China.

Mr Liew said Ascott would then eventually divest itself of its developments to Ascott Residence Trust, an investment trust holding service apartments and other real estate across Asia.

As for Ascott itself, the general offer is expected to strengthen further its market leadership in the service apartment business, said a Macquarie Securities report.
Source : Straits Times - 09 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

China Eastern shareholders reject S’pore SIA bid

China Eastern shareholders reject S’pore SIA bid

Offer price deemed too low; but hope remains for a new deal

By Vince Chong, Hong Kong Correspondent

SINGAPORE Airlines (SIA) yesterday failed in a HK$7.2 billion (S$1.3 billion) bid to secure a strategic foothold in the booming Chinese aviation market - but some hope remains that a fresh deal may emerge.
Shareholders in China Eastern, the country’s No. 3 airline, overwhelmingly rejected the proposed tie-up, which would have given SIA and Temasek Holdings a 24 per cent stake in the carrier.

The proposed deal had represented SIA’s ticket into Shanghai, which is not merely China Eastern’s home base - where it has a dominant position - but also a vital economic cog in booming China, with a fast-growing aviation sector.

The outcome followed aggressive lobbying to kill the bid by China Eastern rival and fellow state-owned carrier Air China.

However, the deal may not be dead yet, as it remains unclear if SIA and China Eastern will give up on a tie-up that had already been sanctioned by Beijing.

China Eastern chairman Li Fenghua also kept alive hopes for another run at a deal, insisting the carrier would not turn to Air China. He said the airline would not tie up with another of the ’same level’.

‘It’s not simply the price that I look at,’ he said.

‘It’s like if you don’t like a girl, no matter how big the dowry is, it wouldn’t work.’

And while they rejected the deal, China Eastern shareholders nonetheless backed a separate resolution for SIA chairman Stephen Lee and chief executive officer Chew Choon Seng to join China Eastern’s board.

In a statement yesterday, SIA expressed disappointment, but left its options open.

‘SIA will continue to support the building of a relationship with China Eastern, noting that the airlines are still mutually willing to develop the relationship,’ it said.

More than 74 per cent of China Eastern’s Hong Kong-listed shareholders, and 77 per cent of its mainland-listed shareholders, voted against the tie-up in a boisterous meeting in Shanghai yesterday. They deemed the offer price of HK$3.80 too low.

The deal had needed the support of a two-thirds majority in each group.

China Eastern’s share price closed at HK$6.66 on Monday before trading was suspended pending yesterday’s meetings.

Like two bickering siblings, Air China, the country’s largest airline, and China Eastern have engaged in a public spat for much of the past four months, after the proposed Singapore tie-up was announced in September.

Air China’s parent, the China National Aviation Corp (CNAC), which also owns over 12 per cent of the loss-making China Eastern, said SIA’s price was just too low.

Many also believe Beijing-based Air China did not want a major competitor to emerge in Shanghai, where its own presence is weak.

It has since pledged, along with partner and SIA rival Cathay Pacific, to make a fresh bid of at least HK$5 per share for a China Eastern stake.

Yesterday, a minority shareholder summed up current sentiment when she said that while ‘SIA’s international expertise is valuable, it is no secret formula”.

‘I’m sure China Eastern will be able to get it elsewhere for a better price,” she was quoted as saying on Hong Kong’s i-Cable news.

Whether or not it comes from Air China is another issue, said market watchers, given China Eastern’s fierce objections towards the former.

The Shanghai carrier is backed by leaders who want a competitive airline sector, while Air China is backed by those aiming to build a ’super carrier’ through consolidation.

Source : Straits Times - 09 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

When US sneezes, Asia now does not catch cold

When US sneezes, Asia now does not catch cold

THE axiom ‘when the US sneezes, Asia catches cold’ does not hold true any more.
Asian economies have become less dependent on the United States market, though not completely immune to its changes.

That, at least, was the consensus at the 6th Annual Business Outlook Forum, jointly organised by the Singapore Chinese Chamber of Commerce & Industry and The Business Times on Monday.

Benjamin Yeo, executive director and head of UBS Wealth Management Research, highlighted the growing importance of emerging markets like China against the declining export markets of the US.

Mr Yeo said: ‘As far as Asian growth is concerned, we remain cautiously optimistic.’

He attributed his optimism to several factors including the increase in export diversification away from the US in Asia.

Currency strategist Idris Nizam analysed the possible directions of the US dollar versus the Singapore dollar and other Asian currencies like the Chinese yuan and the Malaysian ringgit.

Mr Nizam, director of foreign exchange research at UBS AG, said: ‘In my view, global growth has peaked.’
He does not expect a recession in the US, but slower growth is likely.

Asian Property Equities fund manager Frankie Lee discussed the structural growth of the region and the fundamentals of domestic property.

He said that it is not too late to invest in Asia-Pacific property as valuation becomes favourable.

In fact, the timing now is as good as at any point in the past 18 months, Mr Lee said.

Vikram Khanna, associate editor of The Business Times, chaired the panel discussion that followed the analysts’ speeches.

Source : Business Times - 09 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Singapore to host SIFE World Cup in October

Singapore to host SIFE World Cup in October

GLOBAL non-profit organisation Students In Free Enterprise (SIFE) will hold the SIFE World Cup 2008 at the Suntec Singapore International Convention & Exhibition Centre on Oct 1-3 this year.
The competition is expected to bring together top national SIFE teams from over 40 countries. The teams have developed community and educational outreach projects that teach entrepreneurship, market economics, business ethics and finance - to make a difference to the lives of others. They will present and pitch the results of their outreach projects against one another for the world title.

The annual competition has previously been held in London, Amsterdam, Mainz, Barcelona, Toronto, Paris, and New York City.

SIFE’s global partners include HSBC, KPMG, Walmart, Campbell Soup Company, Pepsico, Coca-Cola, Cadbury and AIG. SIFE Singapore’s partners include Unilever, Korn/Ferry International, Philip Morris, Henkel, Harvey Norman and The Cocoa Trees.
Source : Business Times - 09 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com