Fragrance Group buys $4m Singapore Pasir Panjang Road site

Fragrance Group buys $4m Singapore Pasir Panjang Road site

By UMA SHANKARI

DEVELOPER Fragrance Group said on Thursday that it has bought a freehold property at Pasir Panjang Road for $4 million.
Fragrance said the property has a land area of 3,450 sq ft, which means that the land cost was $1,159 per square foot (psf).

The company intends to redevelop the property for commercial uses subject to the necessary conditions and approvals from the relevant authorities, it said. The acquisition is funded by internal funds.

Fragrance said that the transaction is not expected to have any material impact on the earnings and net tangible assets of the company in its 2008 financial year.

Earlier this month, Fragrance reported that net profit for its 2007 financial year more than doubled from $14.8 million to $30.4 million as turnover rose 39.2 per cent to $136.1 million.

The company attributed the increase to its property development business which contributed $112.5 million to revenue. Its hotel business contributed the other $23.6 million.

Fragrance’s shares closed half a cent up on Wednesday at $0.40, the last day of trading before the Chinese New Year break. The stock has climbed 10.5 per cent so far this year

Source : Straits Times  - 09 Feb 2008

Singapore Property - Buy , Sell , Rent , Invest

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Rising cost of going en bloc adds to cooler market - Singapore

Rising cost of going en bloc adds to cooler market - Singapore

New rules bump up lawyers’ fees, draw out collective sale process by months

By Fiona Chan, Property Reporter 
 
GOING en bloc is now a more costly and time-consuming business for home owners because of a new set of stricter rules implemented last October.
The rules - aimed at making the process more regulated and transparent - have bumped up the price of organising a collective sale by about 20 per cent to 30 per cent and drawn out the process by a few months, say property consultants.

Most of the higher cost comes from rising lawyers’ fees, which have doubled or trebled to reflect a similar increase in workload.

According to one industry source, lawyers ‘previously charged maybe $2,000 per household, but now they can charge anything from $3,000 to $6,000′.

Among other things, the new rules now require a lawyer to be present whenever a resident signs a collective sale agreement and to explain the terms of the agreement to each resident during the signing process.

Lawyers may also have to assist the owners in vetting the minutes of sale committee meetings, as well as draft motions for the general meetings, said Ms Tng Peck Chin, the partner in charge of collective sales at law firm WongPartnership.

Another law firm, Rodyk & Davidson, said it has mostly tried to double its fees, although the actual increase varies from estate to estate.

Rodyk partner Lee Liat Yeang said the new rules now double or treble the amount of time lawyers need to put in to get a collective sale going.

‘Also, looking at market conditions, prices are already quite high,’ he said. ‘Lawyers worry that a buyer cannot be found and nothing will materialise from all the effort they had to put in at the initial part.’

In addition to higher lawyers’ fees, owners now need to bear the cost of a valuation report for the estate, previously not a requirement, said Mr Karamjit Singh, the executive director of Credo Real Estate, which specialises in collective sales.

The report can cost between $100 and $300 per owner, depending on the size of the project, he said.

Some marketing agents have also raised their fees. Savills Singapore’s investment director, Mr Steven Ming, said the firm now charges about 15 per cent to 20 per cent more to make up for ‘the extra effort and time’.

Mr Shaun Poh, a senior director of investment advisory services at DTZ Debenham Tie Leung, said while there has been no ‘great jump’ in the fees his firm quotes, there is no longer any room for bargaining.

‘Previously, it was very competitive. We used to make our fee more negotiable,’ he said. ‘Now, if we quote a fee, we will stick to it.’

A big reason is that it takes much longer to get a collective sale going under the new rules.

One rule, for instance, provides for a five-day cooling-off period during which a home owner may still change his mind after he signs a collective sale agreement.

‘Last time, consultants would meet an owner, persuade him of the benefits of going en bloc, and he could just sign the agreement,’ said Savills’ Mr Ming.

‘Now, we have to meet them. After they agree to sign, we have to schedule another time for the lawyer to come down to witness the signing.

‘If it all goes well, that’s good, but if they change their mind later, we may have to go through the whole process a few times.’

In the four months since the rules were changed, not a single estate has gone up for sale under the new system.

And while the property boom last year owed much to an unprecedented collective sale frenzy, the almost silent collective sale market now is similarly contributing to the cooling property sector.

Marketing agents say plans for a sale are under way at several developments, although most are still in the preliminary stages.
 

Source : Straits Times  - 09 Feb 2008

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Economic growth key to dealing with rising costs: Singapore PM

Economic growth key to dealing with rising costs: Singapore PM 

He says incomes must rise more than inflation, and growth means more income
 
By Zakir Hussain 
OPEN HOUSE: President S R Nathan (left) greeting visitors who thronged the Istana, which was opened to the public from 8.30am to 6pm yesterday, as is customary during Chinese New Year. — ST PHOTO: SHAHRIYA YAHAYA

PRIME Minister Lee Hsien Loong reiterated that while measures can be taken to deal with rising living costs, the way to deal with the issue was by growing the economy so that real incomes rise more than inflation.
He said on Thursday that when the economy grew by 7.5 per cent last year, incomes did not just rise at the top end, but across the board.

‘Even (at) the bottom, the middle, everybody’s real income went up. I think that is the right way to overcome these problems,’ he said, when asked by reporters about rising costs.

Manpower Minister Ng Eng Hen said last Sunday that strong economic growth last year saw a general rise in wages by some 8 per cent. This was also on the back of a record 237,000 jobs created and unemployment at a 10-year low.

Still, Mr Lee on Thursday suggested another way for Singaporeans to adjust to rising food prices.

They could buy frozen food instead of more expensive fresh food, he noted, just days after he also suggested that people could opt for house brand goods, which cost less than others.

The Government is expected to announce measures to help ease the burden of rising costs, especially for those most in need, when the Budget is presented on Friday.

Mr Lee declined to hint at what help might come their way, saying ‘we have to wait and see what the Finance Minister comes up with’.

He was speaking to reporters after visiting those working on the first day of the Chinese New Year, something he has done regularly.

This year, he was at Changi Airport’s Terminal 3 and handed out mandarin oranges and hongbao.

Accompanied by labour chief Lim Swee Say, Transport Minister Raymond Lim and union leaders, the Prime Minister spent two hours offering new year wishes to some 160 workers - from toilet cleaners to baggage handlers. He thanked them for working when most people had the day off to celebrate with family and friends.

‘We all owe them something, because while the rest of us are celebrating Chinese New Year, they are keeping Singapore ticking and running, whether it’s the airport or the port, or the trains or the hospitals, or the incinerator plants, or the police and security people who are keeping us safe,’ he said.

‘I think it’s something important that Singapore is always on the alert…switched on and going.’

Among the workers greeted by Mr Lee was Mr Ong Ang Jee, 67, who retrieves baggage trolleys. He told the Prime Minister that he was glad for the chance to exercise by working.

Terminal 3 opened last month and Mr Lee was happy to see that it was operating smoothly.

On rising food prices, he noted that the trend was global and said the Government had helped Singaporeans in a number of ways, including the Goods and Services Tax offset package and Workfare Income Supplement for low-wage workers.

‘These are very substantial amounts, and substantial measures. At the same time, of course people have to make adjustments. Because if food becomes expensive it’s a worldwide thing, there’s no way we can make it cheaper in Singapore.’

‘But what you can do is to adjust, go for house brands, maybe go for frozen food instead of fresh food.’

The Trade and Industry Ministry has pointed out that a recent survey showed that compared to many other countries, Singapore has one of the lowest rates of inflation when it comes to food
 

Source : Straits Times  - 09 Feb 2008

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Congress approves $216b plan to stimulate economy - WASHINGTON

Congress approves $216b plan to stimulate economy  - WASHINGTON

Swift action clears way for Bush to put money in the hands of shoppers

By Derwin Pereira, US Bureau Chief
 
WASHINGTON - THE United States Congress has approved a US$152 billion (S$216 billion) economic stimulus plan to try and revive the world’s largest economy, which may be on the brink of a recession.
Moving swiftly to get the economic package to President George W. Bush, the House of Representatives passed the Bill by 380 votes to 34, just hours after the Senate cleared the measure on an 81 to 16 vote.

Mr Bush is expected to sign the Bill next week, which would put government money in the hands of American shoppers.

Given the deep divisions over Iraq, children’s health insurance, spending levels and other issues that at times brought Congressional action to a halt over the last year, the approval of the economic package was notably fast.

It came precisely two weeks after Mr Bush urged lawmakers to support the proposal. ‘This plan is robust, broad-based, timely and it will be effective,’ he said in a statement on Thursday.

House Speaker Nancy Pelosi, at a rare joint news conference featuring all four leaders from Congress and Treasury Secretary Henry Paulson, declared: ‘We are making history. What has passed the Congress in record time is a gift to the middle class and those who aspire to it in our country.’

The Senate deal on Thursday capped a tense stand-off between Republican leaders, who had called for simply adopting the House plan, and Democrats, who had pushed their own, more expansive plan.

Republicans blocked the Democrat move by a one-vote margin on Wednesday.

The final legislation was clearly broader than the original House-passed proposal backed by Mr Bush.

The Senate added the elderly and disabled veterans who had been left out of the House Bill. And to win more Republican support in the closely divided Senate, Democrats had to drop demands for benefits for long-term unemployed workers and other provisions that would have helped low-income earners pay heating bills and home builders write off current year losses against previous tax years.

The Senate also added language to help ensure that illegal immigrants did not receive tax rebate cheques.

From May this year, close to 111 million households in the country are likely to receive such cheques - US$600 for individuals, US$1,200 for couples plus an additional US$300 per child.

Individuals making up to US$75,000 a year and couples earning up to US$150,000 would get the full rebate, with those making more than that or too little to owe taxes getting smaller amounts.

The Bill also provides for business tax incentives. This includes US$250,000 in expenses that businesses can write off immediately.

The stimulus package will inject nearly US$152 billion into the economy this year and more than US$16 billion next year.

‘This package of payments to individuals and incentives for businesses to invest will support our economy as we weather the housing downturn,’ Mr Paulson said.

Even as Congress acted on the Bill, some lawmakers were discussing a possible second package to help the economy.

Senate Finance Committee Chairman Max Baucus, a Democrat, said Congress would move to adopt more stimulus legislation ‘if the economy continues to go south, if there are significant increases in foreclosures and bankruptcies and so forth’.

Senate Republican Leader Mitch McConnell said the economic package transcended politics. ‘This is not a victory for Republicans or Democrats. This is a victory for the American people,’ he said.
 
Source : Straits Times  - 09 Feb 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

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mindy@mindyyong.com
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Sky @ eleven - Singapore - District 11

Sky @ eleven - Singapore - District 11

Tenure : FH

Total Units : 273 units in three 43 - storey Towers

Developer : Time Development Pte Ltd

Create a world all of your own

The luxurious home of your dreams is now a stunning reality. Presenting the magnificent freehold Sky@eleven. This stunning, iconic condominium development in the heart of District 11
represents a new epitome in exclusive living. With its unmatched spaciousness, breathtaking views and superb location, Sky@eleven will inspire you to live a life without limits or compromise.

Live life at the true centre of it all

Life at Sky@eleven means living at the very centre of it all. With its close proximity to the Central Business District, Orchard Road, and the Singapore Polo Club, it is easily accessible from any point in the city. Sky@eleven is just a few minutes stroll from the MRT and a short drive away from Newton Circus with many top schools such as SJI International, CHIJ and Raffles Institution in its immediate vicinity. And, with the beautiful MacRitchie Reservoir and the exclusive Singapore Island Country Club within easy reach, Sky@eleven offers
you the perfect blend of urban convenience, peaceful tranquility and privileged living.

Gaze upon the most stunning views

Soaring 43-storeys into the sky, with just two apartments on each floor,Sky@eleven’s unique architecture allows you to enjoy exclusive and stunning views of the lush greenery of MacRitchie Reservoir to the north and the magnificent skyline of the Central Business District and Orchard Road to the south. Its distinctive Sky Terraces on the 22nd storey represent an exciting innovation in condominium design.
Visually arresting, these private sanctuaries in the sky are the perfect place to unwind, providing residents with well-equipped gyms and private outdoor sanctuaries that capture the most magnificent views.

Luxuriate in a garden of joy

With its verdant green surroundings, Sky@eleven is an oasis of privileged living where nature and luxury are in total harmony. You and your loved ones will enjoy a wealth of luxurious facilities on the garden deck, including a 50m lap pool, a leisure pool with a jacuzzi, a
children’s pool and a playground. Sky@eleven also boasts a unique circular shaped clubhouse and generous outdoor barbeque facilities and party decks for your enjoyment and entertainment .

Enjoy all the space you need

A life without limits is all about living in a world of unmatched spaciousness. With two hundred and sixty-five large apartments and eight vast duplex penthouses, Sky@eleven is truly a
testament to generous space. Each and every apartment and penthouse offers generous balconies and spacious living and dining areas with superb cross ventilation for a natural cooling effect. Culinary indulgence is a pure delight thanks to stunning dry and wet kitchens, which come complete with top-of-the-range designer appliances while bathrooms are fitted with quality accessories from established brands Hansgrohe Axor series and Laufen Alessi series. When it comes to embracing luxury living to its fullest, one name rises sky-high above the rest

Sky Suite

Type A - 3-bedroom + Study , 1851 sq ft

Type B1 - 4-bedroom , 2271sq ft

Type B2 - 4-bedroom , 2713 sq ft

Type B3 - 4 bed room , 2820 sq ft

Sky Villa

Type P1 - Penthouse , 3757 sq ft #42-09

Type P2 - Penthouse , 4844 sq ft #42-06,
#42-07( mirror ),#42-08

Type P3 - Penthouse , 5490 sq ft #42-02,
#42-03(mirror),#42-05

Type P4 - Penthouse , 5597 sq ft #42-01

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

Marina Residences @ Marina Bay - Singapore - District 01-08

Marina Residences @ Marina Bay - Singapore - District 01-08

DESCRIPTION / DETAILS

Address: Marina Boulevard, Marina Bay
Financial Centre (MBFC)
Type of Development: Luxurious
Condominium
Tenure: 99 years
District: 01
No. of Units: 428
Year of Completion: 2010
Developer:
Keppel Land Ltd, Hongkong Land, Cheung
Kong Holdings Ltd
Unit sizes:
1 bedrooms apartments:
66 sq m (710 sq ft) - 70 sq m (753 sq ft)
2 bedrooms apartments:
91 sq m (980 sq ft) - 114 sq m (1,227 sq ft)
3 bedrooms apartments:
151 sq m (1,625 sq ft) - 185 sq m (1,991 sq ft)
4 bedrooms apartments:
220 sq m (2,368 sq ft) - 221 sq m (2,379 sq ft)

Jewel Of Marina Bay

Poised to become the most desirable address in Singapore, Marina Bay Residences is a new iconic landmark that will redefine the meaning of luxurious living.

Set in the heart of the brand new Marina Bay district, Marina Bay Residences offers residents a superb selection of business and pleasure activities. The Marina Bay Financial Centre is right next door and the corporate and business centre of Raffles Place is less than a five minute stroll away. With the new Marina Bay Sands integrated resort and the Esplanade just across the Bay, Marina Bay Residences is the ultimate location for living, working and playing.

At the heart of it all

Marina Bay Residences will place residents at the very heart of exciting Marina Bay and connect them to the rest of Singapore via the East Coast Parkway, the Raffles Place Mass Rapid Transport (MRT) station and the upcoming Circle Line MRT. The rest of the world is close by too - thanks to Marina Bay Residences offering easy access to Changi Airport. Residents can even commute to work along the Singapore River via river taxis.

A wealth of entertainment options surround you

At Marina Bay Residences, you will be surrounded by a vast array of entertainment options thanks to the exciting new Marina Bay Sands integrated resort right next door.

This landmark in entertainment will also offer the most exquisite cuisine from around the world. Over a dozen restaurants, including six destination- style restaurants managed by world famous chefs from the US, Japan, Australia and Italy, are set to make Marina Bay and Singapore the epicurean capital of Asia.

You will also be able to enjoy world-class entertainment in two 2,000-seat
theatres. Or explore the fascinating worlds revealed by a unique ArtScience Museum.

Dining experiences that set your senses alight

At Marina Bay Residences you will be spoilt for choice when it comes to superb
dining experiences. Dine al fresco under the stars and by the water, at Boat Quay
and the Marina Bay Waterfront. Enjoy the most exquisite repasts at Singapore’s finest restaurants and hotels. Food lovers will also be able to treat themselves to authentic local cuisine at famous food centres. Whatever your tastes and fancies, Marina Bay Residences will meet your desires.

Indulge in Ultimate Shopping

Your new home at Marina Bay Residences will put you in close proximity to the finest
shopping in Singapore. You will be in the midst of some of the world’s most exclusive retailer brands including Saks Fifth Avenue and Neiman Marcus. Down by the new waterfront at Marina Bay, you will have a selection of shops and boutiques to explore. A short stroll will
take you to mega malls like Marina Square and Suntec City. And you can be
in the shopping mecca of Orchard Road in less than 10 minutes. Whether for life’s
daily necessities or the most luxurious brands, Marina Bay Residences puts you
close to everything.

Discover the Fine Art of Living

Art lovers and theatre goers are well catered for at Marina Bay Residences. Just across the Bay, the stunning esplanade regularly hosts world- renowned artists and world-class
performances. With the conversion of the old Supreme Court and City Hall buildings
into Singapore’s new National Art Gallery, you will be able to enjoy the critically acclaimed Asian and international artworks. An exciting revamp of the Collyer Quay will create a whole new space to show case the arts. And, even closer to home, Marina Bay Residences
homeowners can explore the fascinating art galleries and boutiques that will line
the new waterfront. Immediately adjacent to Marina Bay Residences, the
Central Promontory will be a signature waterfront development that will be home
to many public attractions, including a museum, art gallery, science centre, planetarium or aquarium. It will also house retail, food and beverage, recreational and entertainment outlets as well as possible convention halls.

Relax and unwind in the Gardens of the City

Living at Marina Bay Residences puts you in close proximity to the green
sanctuaries of the Gardens By The Bay. These stunning parks and gardens will
further enhance Singapore’s reputation as a beautiful garden city. The 54-ha
Marina South garden is planned around giant tree-like structures for orchids and
ferns, shell-shaped cooled conservatories that showcase flowers and plants from
more temperate climates and a mini-lake. Plans for the 30-ha Marina East garden
include wind-and water-themed gardens featuring lotus ponds, eateries set amidst
herb and vegetable gardens and a nature education centre. A third 10-ha garden in
Marina Centre is also planned for.

Savour the pure joy of living by the waterfront

Marina Bay Residences offers the perfect setting to enjoy the sights and sounds of aquatic water sports, such as jet ski and wakeboard championships, water skiiing, canoeing and dragon boating in the newly created fresh water Marina Bay Reservoir. For those who desire less energetic pursuits, a jog or gentle stroll around the Bay will allow you to savour the glint of golden sunlight sparkling on tranquil waters and the stunning skyline of the city. You could even indulge yourself with a cruise on one of the many River taxis that meander up and down
the Singapore River and the Bay.

All the right connections

As well as being your exclusive sanctuary of luxury, Marina Bay Residences places you in the very centre of things. The Central Business District and Raffles Place are literally right at your doorstep. Wireless broadband internet connections mean that you are never out of touch anywhere within the Residences. And, because it is integrated with the landmark Marina bay Financial Centre, Marina Bay Residences offer you the ultimate living and working choices in the
very heart of Singapore’s newest business district.

An Architectural Masterpiece

How many people can claim ownership of a stunning home created by one of the world’s leading architects? The fortunate owners of Marina Bay Residences will be members of this very exclusive club.

Conceived and created by New York- based Gene Kohn of Kohn Pedersen Fox, the crystal-like architectural design of Marina Bay Residences is destined to become a landmark on the Bay and will add a signature image to Singapore’s skyline.

The facade of Marina Bay Residences is illuminated from below, creating a glorious night-time landmark. The sculpted crowns and sky gardens at the top are dramatically lit from the inside, forming a visual dialogue with the other crowns of the CBD skyline. Unmatched facilities with dazzling views

On its 7th floor, Marina Bay Residences provides a complete range of superb condominium facilities that combine stunning views with sumptuous luxury. Splash out in the lap pool and children’s pool, relax in the jacuzzi, stroll through open pavilions, enjoy intense workouts in the gym or wind down with a cool evening barbecue and take in the glorious sights of the sea, the Bay and the CBD skyline.

Indulge yourself totally

On the 47th floor, Marina Bay Residences takes luxury to a new level with a wonderful spa-like retreat that sets you high above it all. Here you can relax and escape from the challenges of a busy working day by practicing yoga as the lights of the city glitter and dance far below you. Relaxation and meditation
corners as well as cosy function rooms
allow you to escape to your very own
exclusive world of luxury.

Marina Bay’s most exclusive club

When you live at Marina Bay Residences, you will join a very select few. And the magnificent 47th floor Sky Lounge is a fitting reflection of this achievement. Mix and mingle with other high flyers and achievers as you enjoy the most privilege views in Singapore. A superb wine cellar
and select cigar room complete the ambience of total exclusivity.

Live the High Life

The incredible beauty of the views that you will enjoy from you living room are matched only by the luxurious fixtures and fittings that adorn you entire apartment. Create your own unique environment within the capacious and well-planned spaces of your home. Marina Bay Residences represents the epitome of luxury living and truly reflects your accomplishments in life.

All you could possibly desire… and more

At Marina Bay Residences you will be able to wake up every morning to the glorious sight of the sun sparkling on the Bay. Enjoy a delicious cup of coffee as you relax on the balcony and savour the cool sea breezes. Every day at Marina Bay Residences is a gift to the senses and a
confirmation of your good taste. For the ultimate lifestyle of luxury on Marina Bay, there is only one place to be… Marina Bay Residences.

FACILITIES AT MARINA BAY RESIDENCES
Lap pool

Reflecting pool

Children’s pool

Jacuzzi

Clubhouse

Gymnasium

Steam bath

Function room

KTV

Playground

Basement car park

24 hours security

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