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Archive for February 16th, 2008

One Oxley Rise @ Oxley - Singapore - District 09 - 10

Posted on February 16th, 2008 by Mindy Yong.
Categories: Condominium Project Market.

Description of One Oxley Rise Property
Revel in Nature’s serenity while you’re in reassured of the modern and colourful conveniences of singapore Orchard Road right outside your door step. 5 mins away from
Orchard Road, Somerset MRT and 2 Future Shopping Mall.

Address : 20 OXLEY RISE
Singapore District 09
Tenure : Freehold : (Foreigners Eligible)
Site Area : 20,671 sqft

Type of Development
One Block of 10 Storey Mixed Commercial & Residential Condominium
Development with 2 and a Half Basement Carpark
Number of Units : 89 Residential
Apartments & 3 Shop Unit

Unit Area
Type Total Unit Sizes (sqft)
1 Bedrm + Study 9 754
2 Bedrm 35 710, 721, 732
2 Bedrm + Balcony 9 1109, 1313
3 Bedrm 36 915, 1033, 1055, 1087, 1141 ,1292 ,1496

Facilities
Infinity Pool, Jacuzzi, Sun Deck, Barbecue Pits, Reading Nooks,
Landscape Deck, Gymnasium, Audio / Video
Security System
Vehicle Barrier System with Proximity Card Access

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

Cliveden at Grange - Singapore - District 09 - 10

Posted on February 16th, 2008 by Mindy Yong.
Categories: Condominium Project Market.

Cliveden at Grange - Singapore - District 09 - 10

Tenure: Freehold

Expected completion date: 2011

Total units: 110

Site area: 138,000 sqft

Unit types:

* 3 br ~ 2153sqft
* 4 br ~ 2842sqft
* 4 br penthouse ~ 4392sqft
* 5 br penthouse ~ 6028sqft

Facilities:

* Concierge
* Water features and sculpture display
* Retreat alcove
* Sheltered drop-off area
* Cabana with spa pool and day bed
* Clubhouse with lounge area, bar,
billiard, cigar terrace, function room, roof
garden
* Changing rooms with steam rooms
* Hot spa
* Gym with wellness room
* Outdoor fourmet / BBQ
* Pool deck
* Fun pool
* Sun deck island with sculpture display
* 50m swimming pool
* Manicured lawn deck
* Children playground
* Tennis court

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

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )
http://www.hotvictory.com

Seafront @ Meyer - Singapore - District 15-16

Posted on February 16th, 2008 by Mindy Yong.
Categories: Condominium Project Market.

Seafront @ Meyer - Singapore - District 15 - 16

Developer: CPL Realty Pte Ltd (Capitaland)

Tenure: Freehold

Expected TOP: 20 June 2011

Car Park Lots: 360

Total Units: 327 units in 3 blocks

Unit Type:

* 2 Bedrooms - 1001 to 1615 sq ft
* 3 Bedrooms - 1378 to 1604 sq ft
* 4 Bedrooms - 2088 to 2293 sq ft
* Penthouses - 6 Units

Facilties:

* Cascading Water Features
* Security
* Children’s Play Area
* Fitness Area
* Children’s Wading Pool
* Hydrojets Pool
* 50-metre Lap Pool
* Tennis Court
* Clubhouse
* Gymnasium
* BBQ Gate

Country : Singapore
Property Address : SEAFRONT@Meyer
Road
Property Type : Private Condominium
Property District / Estate : D15 and 16(East Coast)
Property Status : FOR SALE
Asking Price : $VTO
Valuation Price : $-
Prices are in : Singapore Dollar (SGD)
No. of Bedrooms : 3 rooms
Property Tenure : Freehold
Built-In Area : 1604sqft
Land Area : -
Property Age : -
Property Description : FOR SALE!
SeaFront@Meyer Road. 3 Bedroom High Floor.
Pool View, Sea View & IR View. Freehold.
FullFacilities. (Stack 10 above 20th Floor).

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

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )
http://www.hotvictory.com

Reflections at Keppel Bay - Singapore - District 01-08

Posted on February 16th, 2008 by Mindy Yong.
Categories: Condominium Project Market.

Reflections at Keppel Bay - Singapore - District 01-08

District: 01-08
Tenure: 99-year leasehold

Total Units: 1,160
Building:

6 tower blocks (combination of 41/24 storeys)
and 11 low rise villas (combination of 6/7/8 storeys)
Sizes:

1-Bedroom + study: 732 to 800 sqft
2-Bedroom: 743 to 1,001 sqft
2-Bedroom + study: 947 to 1,335 sqft

3-Bedroom: 1,109 to 2,142 sqft

4-Bedroom: 1,938 to 2,831 sqft

4-Bedroom + study: 2,530 to 2,874 sqft
Penthouse: 3,488 to 12,900 sqft
Expected TOP Date: 2010
Singapore Real Estate - Buy, Sell, Rent, invest, Singapore Property

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )
http://www.hotvictory.com

Ardmore II AT Ardmore PARK - Singapore - District 09-10

Posted on February 16th, 2008 by Mindy Yong.
Categories: Condominium Project Market.

Ardmore II AT Ardmore PARK - Singapore - District 09-10

PROPERTY DETAILS
Tenure - Freehold
Floor Area - Approx. 2023 sq ft
Property Address : Ardmore II
Property Type : Private Condominium
Property District / Estate : D9 and 10
(Orchard,Tanglin,Holland)
Property Status : FOR SALE
Asking Price : Call +65 91002985
No. of Units : 118
Prices are in : Singapore Dollar (SGD)
No. of Bedrooms : 4 rooms
Property Tenure : Freehold
Built-In Area : 2023sqft
Land Area : -
Property Age : Under Construction
Property Description : Many units for
Sale. Low / Mid / High Floor.

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

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )
http://www.hotvictory.com

Scotts HighPark @ Scotts - Singapore - District 11

Posted on February 16th, 2008 by Mindy Yong.
Categories: Condominium Project Market.

Scotts HighPark @ Scotts - District 11 - Singapore

Location: Scotts Road (District 11)
Tenure: Freehold
Expected TOP: Feb 2010
Total Units: 73 in one 19-storey tower & one 27-storey tower

Units Types:
2-Bedroom & 3-Bedroom ~ 1,141 to 2,110 sqft
4-Bedroom single-level/duplex ~ 3,466 to 4,112 sqft
Penthouse ~ 6545 sqft

Facilities:
Swimming pool
Wading pool
Gymnasium
Function room
Male and Female Changing Rooms/Steam Room

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

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )
http://www.hotvictory.com

Lumos @ Leonie Hill - Singapore - District 09-10

Posted on February 16th, 2008 by Mindy Yong.
Categories: Condominium Project Market.

Lumos @ Leonie Hill - S’pore - District 09-10

Location : 9 Leonie Hill (Former Hilton Towers)
District : 09
Tenure : Freehold
Site Area : 33,700sqft
Expected Completion : 2011
Total Units : 53 in one block of 36-storeys residential apartment

Units Types :-
1-Bedroom ~ 635sqft - 4units
2-Bedroom ~ Duplex 958sqft - 3 units
3 Bedroom ~ 1,744sqft - 12 units
4 Bedroom ~ 2,433sqft - 12 units
3 bedroom ~ Duplex 2,390sqft - 10 units
4-Bedroom ~ Duplex 3.337sqft - 10 units
Penthouses ~ 5,640–5,974sqft - 2 units (comes with Roof Terrace complete with a private pool)

Features :-
-Lap Pool with Male & Female Changing Rooms
-Clubhouse
-Children’s Playground
-BBQ Pits
-Sky Gardens on Every Floor
-Gymnasium
-24 Hours Security
-Basement Carpark
Singapore Real Estate - Buy, Sell, Rent, invest, Singapore Property

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )
http://www.hotvictory.com

Orchard Residences - Singapore - District 09

Posted on February 16th, 2008 by Mindy Yong.
Categories: Condominium Project Market.

Orchard Residences - Singapore - District 09

Orchard Residences - Orchard Turn condo

Many foreigners indicating interest in this project. SINGAPORE developer CapitaLand and
Hong Kong’s Sun Hung Kai Properties

The Orchard Residences - their upcoming residential project on the prime Orchard Turn site above Orchard MRT -

‘Our project has drawn a lot of interest and attention,’ said Soon Su Lin, chief
executive of joint venture company Orchard Turn Developments. ‘We have received a lot of
interest from foreigners, even though we have not even started any advertising.’
Because of this, the 99-year leasehold, 175-unit project will be launched first in Singapore,
said Ms Soon. ‘Given that the foreigners who are interested are fully aware of our project,
we are likely to launch it in Singapore,’ she said. ‘As for later launches, we may
consider taking it overseas if we need to.’ Sun Hung Kai Properties’ executive director Victor Lai echoed her, saying that particulars of interested buyers from Hong Kong have
already been passed on to the Singaporean side, which will then contact them when
the project is launched.

Ms Soon said that there has been interest from private funds to acquire large chunks of
the project, but the developer has instead decided to sell the apartments through a regular launch.

While Ms Soon declined to say what prices the apartments will go for, The Orchard Residences has been dubbed ’super- luxury’, and CapitaLand Residential Singapore’s chief executive Patricia Chia recently told reporters that average prices in the ’super-luxury’ segment could rise to $3,000 per square foot (psf) by the end of this year.

The Orchard Residences is scheduled for completion in late-2009, and Ms Soon said that the recent price hike and tightened supply of ready-mixed concrete will not affect the completion date. The price of ready- mixed concrete has shot up by about 50 per cent here since Indonesia banned the export of sand last month.
Most of the units in the 218-metre, 56-storey
The Orchard Residences will be three and four- bedroom apartments ranging from 1,800
sq ft to 2,900 sq ft. The development will also have seven ‘garden units’ and penthouses
ranging from 4,300 sq ft to 6,500 sq ft. The building will be the district’s tallest when
completed and apartments will offer unobstructed panoramic views of Singapore, Ms Soon
said.

Residents will also have exclusive access to a 75,000 sq ft high-rise garden.

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

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )
http://www.hotvictory.com

Singapore Finance Minister unveils 20% tax rebate

Posted on February 16th, 2008 by Mindy Yong.
Categories: Singapore News.

Singapore Finance Minister unveils 20% tax rebate

SINGAPORE : Finance Minister Tharman Shanmugaratnam announced on Friday a 20 percent tax rebate for Singaporeans.

However the Government will keep income tax unchanged, a surprise move that leaves the top personal rate at 20 percent.

“We will not be making any further move on personal income tax this year,” he told Parliament during the Budget announcement.

However he added: “As the Government had a strong surplus last year,…we will give something back to taxpayers this year. I will give an income tax rebate of 20 percent for all resident taxpayers for Year of Assessment 2008.

“The rebate will be capped at S$2,000. Having this cap allows us to target the rebate at those below the top income brackets. The income tax rebates will cost the Government S$380 million.”
most taxpayers, Singapore’s income tax regime is already one of the most competitive in the world.

He said: “We will continue to keep our taxes competitive so as to provide every incentive for work and enterprise, and generate economic growth for the future.”

But the government did abolish estate duty, or death tax, to become more attractive to wealthy individuals.

The Finance Minister said: “It is not just a practical or expedient measure, but one that on balance will be in our collective interest. If we make Singapore an attractive place for wealth to be invested and built up, whether by Singaporeans or foreigners who bring their assets here, it will benefit our whole economy and society, not just the individuals who build up their wealth. It is not a zero sum game.”

The Finance Minister also announced that the special tax on Euro-IV diesel cars will go down from July 1st.

Under the revised structure, the tax will S$1.25 per cubic centimetres of engine capacity, subject to a minimum annual payment of S$1,250.

Currently it is priced at four times of road tax.

So from July, a 6-month tax for a 1,600 cc Euro-IV diesel car will be S$1,000 instead of S$1,488.

The new structure is aimed at narrowing the difference in the cost of fuel consumption between a diesel and a petrol car.

Vehicle owners may choose to make payment every 6 months or annually.

However the special tax for diesel taxis and non-Euro-IV diesel cars remains unchanged.

The special tax for taxis is S$5,100 annually and six times road tax for non-Euro-IV diesel cars

Source : Channel NewsAsia - 16 Feb 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Research, innovation vital for Singapore to stay ahead

Posted on February 16th, 2008 by Mindy Yong.
Categories: Singapore News.

Research, innovation vital for Singapore to stay ahead

Research and development was given a shot in the arm yesterday when Finance Minister Tharman Shanmugaratnam unveiled a host of incentives for corporations, research institutions and the public sector to spur the growth of innovation in Singapore

By Jessica Cheam
SOME OPTIMISM: While Mr Khew says he is disappointed with the lack of measures to help companies handle rising costs, he notes that the R&D incentives will help to some extent.

INNOVATION is key to getting a competitive edge, and to spur the growth of research and development (R&D) in Singapore, a slew of incentives were unveiled in yesterday’s Budget to ‘make innovation pervasive’ in Singapore’s economy.
Unveiling his first Budget as Finance Minister, Mr Tharman Shanmugaratnam said the Government is ’stepping up our focus on R&D and innovation on all fronts’ in order to create a ‘top-quality economy’.

While last year’s Budget made Singapore a haven for small and medium-sized enterprises (SMEs), this year’s Budget focuses on making Singapore ‘one of the most competitive places for companies, big and small, to do R&D’, he said.

The bag of carrots dangled in front of companies includes an increase in R&D tax deduction from 100 per cent to 150 per cent.

This means that for every $100,000 of local R&D spending, a company can deduct $150,000 from its taxable income.

Previously, R&D activities unrelated to the company’s business do not qualify for deduction, but this requirement has now been scrapped, which means, any local R&D activity a company pursues can qualify.

R&D PUSH
Big push for innovations at Singapore’s institutes to go commercial
By Jessica Cheam
GOLDEN SUCCESS STORY: Dr Loh Peng Chum, perfected a way of making lilac-coloured gold for use in jewellery. He took his idea to Lee Hwa Jewellery and the company pumped in a few million dollars to perfect the technology. Dr Loh’s brainchild has now become Lee Hwa Jewellery’s signature ‘purple gold’ and is sold in several cities including London and Dubai. This was raised as an example of how, over time, local companies can benefit from the push for commercialisation. — ST FILE PHOTO

TO HELP Singapore companies move up the value chain, the government is injecting a fresh $800 million into the National Research Fund, bringing it to a total of $1.8 billion.
And the Government will also ‘push for greater commercialisation’ of Singapore’s research institutes’s innovations, said Mr Tharman yesterday. And overall, research spending will be raised to $7.5 billion annually by 2010 - some 3 per cent of Singapore’s GDP, one third of which is publicly funded.

Institutions such as the National Research Foundation (NRF), Agency for Science, Technology and Research (A*star) and local varsities will help develop research fields which ‘have a clear value proposition’ for Singapore.

Singapore - which has carved a niche as a place where ‘high impact research can be done’ - is not only attracting the crï¿½me de la crï¿½me of international scientists, but also up-and-coming ones, noted Mr Tharman.

Earlier this month, the NRF awarded about $20 million in funding support to 10 young scientists from eight different countries, under the inaugural NRF Research Fellowship programme.

One of them, Dr Yeo Yee Chia, an assistant professor at the National University of Singapore’s electrical and computer engineering department, was singled out by Mr Tharman for having some 150 issued patents under his belt at a young age of 36.

‘ We have to do very high value-added work or provide such services and R&D is very important Singapore has to move in this direction but it is not easy and there are a lot of challenges.’
DR YEO YEE CHIA
When contacted, Dr Yeo told The Straits Times this innovation push was ‘very timely’ for Singapore, as it competes with highly developed economies.

‘I strongly support the research initiatives. We have to do very high value-added work or provide such services and R&D is very important.’

Clusters of high-tech companies, such as those in Silicon Valley and San Francisco, bring in billions in revenue and tens of thousands of jobs, said Dr Yeo. ‘Singapore has to move in this direction but it is not easy and there are a lot of challenges, such as attracting the right talent,’ he added.

Mr Tharman said yesterday the Government will facilitate ‘incubation of early-stage ideas’ and help the research institutions spin-off successful companies. The Ministry of Education, for example, has a $10 million Innovation Fund to help polytechnics and ITEs commercialise their innovations.

One success story quoted by Mr Tharman was Lee Hwa Jewellery’s signature ‘purple gold’. Dr Loh Peng Chum, who was then at Singapore Polytechnic, took the idea to Lee Hwa, which pumped in a few million dollars to perfect the technology. Purple gold is now sold in several cities such as London and Dubai.

It is an example of how over time, local companies can benefit from the push for commercialisation, said Mr Tharman.
Introducing the CIOs
THE Government is introducing an innovative scheme to try to raise the level of innovation in the public sector.
Chief Innovation Officers will be appointed in each ministry to help promote public-private partnerships that could bring about breakthrough public services.

The Government will set aside $90 million in seed money for the next three years to experiment, test-bed and build such capabilities with CIOs overseeing the process.

Finance Minister Tharman Shanmugaratnam said the public sector is often looking for solutions in which the private sector can participate.

‘Private companies with new ideas…can offer them for joint development prior to the procurement stage,’ said Mr Tharman.

He cited how local companies have seized on the opportunities created by the Newater clean water technology and TradeXchange, which automates the process of clearing trade information.

Mr Tharman also singled out Cadi Scientific, a local company founded by four Singaporeans who approached Singapore General Hospital with an idea to develop a thermal sensor that wirelessly transmits body temperate readings to a database.

This technology has since been developed into a system known as SmartSense.

It is used by Tan Tock Seng Hospital and being tested in Thailand and Taiwan.

‘We cannot expect quick results from the investments we make today…But what we do now…will eventually pay off,’ said Mr Tharman.
JESSICA CHEAM

Source : Straits Times - 16 Feb 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Research, innovation vital for Singapore to stay ahead

Posted on February 16th, 2008 by Mindy Yong.
Categories: Singapore News.

Research, innovation vital for Singapore to stay ahead

By Jessica Cheam
SOME OPTIMISM: While Mr Khew says he is disappointed with the lack of measures to help companies handle rising costs, he notes that the R&D incentives will help to some extent. — ST PHOTO: DESMOND LIM

INNOVATION is key to getting a competitive edge, and to spur the growth of research and development (R&D) in Singapore, a slew of incentives were unveiled in yesterday’s Budget to ‘make innovation pervasive’ in Singapore’s economy.
Unveiling his first Budget as Finance Minister, Mr Tharman Shanmugaratnam said the Government is ’stepping up our focus on R&D and innovation on all fronts’ in order to create a ‘top-quality economy’.

The bag of carrots dangled in front of companies includes an increase in R&D tax deduction from 100 per cent to 150 per cent.

This means that for every $100,000 of local R&D spending, a company can deduct $150,000 from its taxable income.

R&D PUSH
Making Singapore one of the most competitive places for companies, big and small, to do R&D is among the aims of this year’s Budget, says
Mr Tharman.

Secondly, companies will now be given an R&D tax allowance, up to 50 per cent of the first $300,000 of taxable income.

This allowance can be used by companies to defray incremental spending on R&D by companies in subsequent years, said Mr Tharman.

‘This will provide additional resources for SMEs to invest in innovation, whatever their field of business,’ he said. It is extra funds lost if not used for R&D, he added.

Lastly, a new incentive, R&D Incentive For Start-Up Enterprises, for high-tech start- ups was introduced to allow such companies to convert some of its losses into cash grants.

If they spend at least $150,000 on local R&D, they can convert up to $225,000 of losses into a 9 per cent cash grant, or $20,250.

Start-ups qualify for this in the first three years of tax assessment.

The three schemes last until 2013, and will cost $250 million a year.

Mr Lawrence Leow, president of the Association of Small and Medium Enterprises, said he particularly liked this aspect of the Budget, as many SMEs ‘do not necessarily engage in R&D, although they recognise that innovation will help them raise their competitiveness’.

Mr Edwin Khew, president of the Singapore Manufacturers’ Federation, however, expressed disappointment at the lack of measures to help companies cope with rising business costs such as higher rentals and material costs.

But as chief executive of waste recycling start-up IUT Global, he said the new incentives will help to some extent and encourage further R&D efforts.

Sales director Lee Kum Leong of local start-up Synadd, a fuels additive specialist, said the cash grant of about $20,000 was on the low side for entrepreneurs forking out $150,000 for R&D.

What was noticeably lacking in the Budget was incentives to help companies become more environmentally sustainable.

Mr Khew said that as a Nominated Member of Parliament, he will be raising this issue in the Budget debate.

Mr Tharman stressed yesterday that innovation was crucial to Singapore’s strategy of keeping the economy competitive.

‘This is the best offset to global inflation,’ he said.
What’s in their hongbao
FOR businesses, three incentives were introduced:

1. The tax deduction for local research and development (R&D) spending was raised from 100 per cent to 150 per cent of the sum spent.

2. Companies will be given an R&D tax allowance of up to 50 per cent of the first $300,000 of their taxable income. This will offset R&D spending over subsequent years.

3. Rise - or R&D Incentive for Start-Up Enterprises - is a new scheme that allows high-tech start-ups to convert their losses into a cash grant of up to $20,000, if they spend $150,000 on local R&D.

Mr Edwin Khew, chief executive of local waste recycling company IUT Global, said the company, incorporated three years ago, spent more than $150,000 on R&D in Singapore last year.

That qualifies him for Rise. He will receive a $20,250 payout for converting IUT’s losses of up to $225,000.
For research institutions:

1. The National Research Fund will get an $800 million infusion. Overall research spending will reach $7.5 billion a year by 2010.

2. The Government is pushing for the incubation of ideas and will help local research institutions spin off companies.

For Dr Yeo Yee Chia, an assistant professor at the National University of Singapore’s electrical and computer engineering department, this means a larger pool of funding that she can tap. Funding granted by local research and academic institutions vary, depending on the type of proposals submitted.
Source : Straits Times - 16 Feb 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

New home sales remain low with cautious Singapore property market

Posted on February 16th, 2008 by Mindy Yong.
Categories: Singapore Real Estate News.

New home sales remain low with cautious Singapore property market

Developers launching fewer units as fears over US slowdown, stock volatility linger
By Joyce Teo, Property Correspondent
BRIGHT SPOT: Sales at Waterfront Waves in Bedok Reservoir Road, seen here being previewed by interested buyers, have been favourable. — ST FILE PHOTO

CAUTION remains the watchword in the property market, with buyers still kept on the sidelines by concerns over the United States economy and choppy stock markets.
Developers sold just 316 new homes last month - a tad up on the 305 sold in December - and launched only 410 units, compared with December’s 445.

Prices also reflected the uncertain mood and remained largely flat, with overall median prices showing a slight dip.

The removal of the deferred payment scheme has brought transactions to a more sustainable level, according to property services firm Jones Lang LaSalle.

There were some bright spots. Wilkie 80 in Wilkie Road was sold out, while Waterfront Waves in Bedok Reservoir Road reported favourable sales. They made up 41 per cent of all new units sold last month, according to the sales figures out yesterday.

The pinch was felt most in the high-end sector, with few homes sold and none above $4,000 per sq ft (psf). This is a sign that the high-end segment may be experiencing a ‘challenging period’, said Knight Frank director of research and consultancy Nicholas Mak.
The new figures, which came from developers but were released by the Urban Redevelopment Authority, show that some of the heat may have come out of the market.

Median prices for new private homes, excluding executive condos and landed homes, fell 3.2 per cent from $1,124 psf in December to $1,088 psf last month.

The lowest transacted price was $737 psf for a unit at Coastal View Residences in Jalan Loyang Besar, while Scotts Square in Scotts Road achieved the highest at $3,671.

Projects outside the central region performed best. There were more sales, and the 220 units launched marked the highest since last August.

Buyers at the leasehold Waterfront Waves picked up 79 units and pushed prices up to $909 psf.

In the mid-end segment, Wilkie 80 was sold out at a median price of $1,544 psf. Zenith in Zion Road, launched in December, sold 22 units, while 12 out of 50 units at Mount Sophia Suites went for a median price of $1,719 psf. At the landed project Pavilion Park, 24 terrace houses sold at between $1.8 million and $2 million.

Consultants project lower sales this month, as the Chinese New Year festival will deter buyers from venturing into the market.

‘However, developers are likely to maintain prices at current levels as they monitor the market situation,’ said Mr Li Hiaw Ho, the executive director of CBRE Research.

Mr Mak expects sales volume for the first quarter to remain thin due to uncertainties over the US economy and stock market turbulence. More developers are delaying or reviewing launches, particularly high-end ones.

‘The challenging period experienced in the high-end segment is expected to continue, but the fall in the volume could be compensated by the steady volume in the other segments,’ he added.

Colliers International director for research and consultancy Tay Huey Ying said: ‘We see the mass and mid-end segments supported by en bloc sellers looking for replacement homes.’

Developers could end up launching and selling up to 9,000 new private homes this year, compared with 14,811 last year, she said.
Source : Straits Times - 16 Feb 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Parkway top bidder for Singapore Novena hospital site

Posted on February 16th, 2008 by Mindy Yong.
Categories: Singapore Real Estate News.

Parkway top bidder for Singapore Novena hospital site

By Jessica Jaganathan

THE Novena medical hub is taking shape, with the Parkway group emerging yesterday as the top bidder for a 1.7 ha site on Irrawaddy Road to build a new private hospital.
The $1.2 billion bid by its wholly-owned subsidiaries Parkway Novena and Parkway Irrawaddy, was nearly five times that of Raffles Medical’s and more than double the offer from Napier Medical, run by former Parkway Holdings boss Tony Tan and the founder of Penang’s Island Hospital Mark Wee Keng Hong.

At close to $1,600 per sq ft per plot ratio, it is potentially the most expensive commercial land sale in recent years, said Knight Frank’s director of research and consultancy Nicholas Mak.

Parkway said the bid price reflects its plans to build a hospital of the future using eco-friendly technologies.

Alongside the wards, medical facilities and suites for specialists’ outpatient care in cancer, cardiac and orthopaedic services, there will be retail and public spaces as well, including aerial gardens.

The Urban Redevelopment Authority tender closed yesterday and it usually takes under a week for the results to be released, which is when Parkway will reveal more details about the project.

The sale of the site, the first private hospital since Raffles Hospital was built in 2001, is part of a plan to beef up medical infrastructure here to attract one million foreign patients a year by 2012.

Anchor tenants in the Novena neighbourhood are Tan Tock Seng Hospital and several other public institutions.

Private institutions like Johns Hopkins International Medical Centre and newly launched Novena Medical Centre complete the family of about 10 health-care providers in the area.

Coming up alongside the new hospital is a Far East Organization hotel, Frasers Centrepoint’s Soleil condominium and SC Global Developments’ Newton 200 office building, all eyeing ‘medical’ guests and tenants.

Far East, which owns Novena Medical Centre, is building the 28-storey hotel next to Novena Square. To be completed by 2010, the hotel will have 432 rooms and 64 medical suites, said the group’s executive director of property services, Mr G.L. Yap.

A proposed underpass will connect the hotel with the medical centre. ‘We are even willing to build a bridge linking the new hospital if they want to,’ said Mr Yap.

At the 36-storey twin tower Soleil condominium, several of its 417 units were sold to buyers like project director Kellie Liew, who is looking to rent out her two-bedroom unit, possibly to medical tourists seeking treatment in the neighbourhood.
Source : Straits Times - 16 Feb 2008

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As F1 woes continue, organisers apologise

Posted on February 16th, 2008 by Mindy Yong.
Categories: Singapore News.

As F1 woes continue, Singapore organisers apologise

After a somewhat smooth start in the morning, system stalls again as demand picks up
By Wang Meng Meng
SALES of tickets for the Singapore Grand Prix were bedevilled by problems again yesterday, although there was some improvement over the situation on Thursday.
Yesterday, some fans managed to walk away with tickets - race organiser Singapore GP declined to provide figures - but many others faced the same frustrations that thousands did on Thursday, when sales practically ground to a halt.

Singapore GP said last night that the ticketing system ‘was still subject to delays at certain periods due to very high traffic volume’.

Sales began on a bright note when counters opened at 9am yesterday, and those who queued or logged on then had a fuss-free experience.

But as demand began to pick up, the ticketing system turned sluggish again. By lunchtime, it had shuddered to a halt.

The stuttering system led race organisers to convene an emergency meeting at Singapore GP’s office in Cuscaden Road in the afternoon.
FRUITLESS WAIT
‘It looks like you can’t be picky - you either bear with the wait or leave it. We’re paying so much. It’s ridiculous.’
BUSINESS MANAGER PHILIPPE RUSSO, 40, who waited in line for 40 minutes at the SingPost branch at Lucky Plaza but failed to get four Pit Grandstand tickets, which cost $1,388 each

The Straits Times understands that the meeting was attended by Singapore GP executive director Michael Roche and Singapore Tourism Board chief Lim Neo Chian, among others.

Mounting frustration with the failure of the system also led Singapore GP to take the unprecedented step of placing full-page advertisements in The Straits Times and other Singapore Press Holdings newspapers.

Headlined ‘We Are Sorry’ - in large black type - the ads read: ‘We know the frustrating time that many F1 fans have experienced over the past few days.

‘The ticketing system has improved considerably, but there may still be some delays at peak periods.

‘We apologise sincerely for the frustration and inconvenience that the system problems have caused.

‘Rest assured we are doing everything possible to improve the system further.’

No ads were placed in overseas media or on Singapore’s GP website, though foreign buyers faced much the same problem local ones did.

When contacted, title sponsor SingTel said it was ’sorry to hear that there was some system hiccup yesterday’.

Checks by The Straits Times with fans across the island told a tale of the haves and have-nots.

Among the former was Jeffrey Chin, 33, who logged on at 9am and secured two General Walkabout tickets, each costing $168, in less than five minutes.

‘It was a smooth transaction,’ the social work executive said, adding: ‘What an improvement over the horrible opening day, when I waited online for 14 hours.’

Business manager Philippe Russo, 40, was not as lucky in his quest for four Pit Grandstand tickets, which cost $1,388 each.

After waiting in line for 40 minutes at the SingPost branch at Lucky Plaza, the Frenchman, a permanent resident, walked away empty-handed.

He was asked by the staff to leave his contact details and seat preference on a sheet of paper - but there was no guarantee he would get them.

He said: ‘It looks like you can’t be picky - you either bear with the wait or leave it.

‘We’re paying so much. It’s ridiculous.’

About 70,000 three-day passes for the September race - the first Formula 1 night race - are up for sale in this current round
Two days of frustration for fans
APOLOGY: Singapore GP placed this ad in The Straits Times and other Singapore Press Holdings newspapers, assuring fans that it was doing everything possible to improve the system.

THE computer sales system crashed on Thursday just moments after tickets went on sale at 9am. Ticket sales ground to a halt at counters, over the phone and online, leaving fans both in Singapore and abroad fuming.

Yesterday, sales began on a bright note when counters opened at 9am. But as demand picked up, the ticketing system’s sluggishness began to return and, by lunchtime, it had shuddered to a halt.
Source : Straits Times - 16 Feb 2008

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Robust economy, Singapore property market lead to $6.4b surplus

Posted on February 16th, 2008 by Mindy Yong.
Categories: Singapore Real Estate News.

Robust economy, Singapore property market lead to $6.4b surplus

By Bryan Lee, Economics Correspondent
THE Government racked up a Budget surplus of $6.45 billion last year, the highest since 1994, outdoing even the most bullish of market forecasts.
Unexpectedly strong economic growth and a runaway property market sent tax revenues surging, putting paid to an initial projection of a $700 million deficit.

But such a sizzling performance is not expected in the next financial year, with an $800 million deficit pencilled once handouts and changes announced in the Budget are accounted for.

Economists, who were predicting a surplus of between $4 billion and $5 billion, said they were caught out by higher-than-expected consumption and real estate-related tax collections.

They were also surprised by the size of ‘budget hongbaos’ that will be given out next year. ‘It’s a very generous Budget, with much more special transfers than last year,’ said United Overseas Bank (UOB) economist Ho Woei Chen.

Finance Minister Tharman Shanmugaratnam yesterday told Parliament the unexpected surplus came on the back of exceptionally strong economic growth.

‘We started the year expecting a growth rate of 4.5 to 6.5 per cent, which was also in line with market forecasts. With actual growth at 7.7 per cent, corporate and personal income taxes came in some $1 billion higher than projected.’

As anticipated, strong company profits sent income tax collections from businesses up 6.2 per cent to $9 billion despite a cut in the corporate tax rate from 20 per cent to 18 per cent.

Bigger wages and a tight job market sent personal income tax revenues up 18.1 per cent to $5.56 billion.

The strong economy also boosted goods and services tax (GST) revenues.

While a rise was factored in, given last July’s GST hike from 5 per cent to 7 per cent, the final figure was $1.2 billion higher than initial estimates. This, said Mr Tharman, was due mostly to higher consumption.

He added that the rate hike raised $1.4 billion in revenues, matching the size of benefits paid out in the year through the GST Offset Package and Workfare.

Economists said a buoyant economy enabled retailers to raise prices to pass on the GST hike. The higher prices, in turn, translated into more GST paid.

But the biggest surprise came from the red-hot property market, said Mr Tharman. Stamp duty rose to a record $3.8 billion, $2.3 billion higher than expected. Other property-related revenues also clocked in $1.1 billion above projections.

‘These were large gains, out of the ordinary, and which we cannot expect to see very often,’ he said.

UOB’s Ms Ho noted that net investment income contributions seemed low at $2.3 billion, given buoyant markets last year. ‘It’s the lowest since Sars-hit 2003.’

Mr Tharman said the Government is amending the Constitutional framework to let it draw on more investment income from its reserves. This would allow it to further enhance tax competitiveness.

A Bill will go before Parliament later this year.

In the year ahead, operating revenues are predicted to inch up 0.5 per cent. Spending will rise 12.5 per cent and special transfers will more than double.

Citigroup economist Chua Hak Bin said the estimates are very conservative as in previous years. ‘We could see another surplus next year.’

Source : Straits Times - 16 Feb 2008

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