Park Infinia at Wee Nam - Singapore- District 11

Park Infinia at Wee Nam - Singapore- District 11

Name : Park Infinia @ Wee Nam
Developer : Keppel Land Realty Pte Ltd
Tenure : FH
Property Type : CONDO
District : 11

The Infinia park in Wee Nam is located in the joint of the way of Wee Nam Road and Keng Lee Road, and is near the station of Newton MRT and the strap of the purchases of the way of the orchard.

The development will include 486 apartments with the complete facilities of the condominium that will include a swimming pool, tennis courts and a gymnasium. The apartments will come in 1 to 4-bedroomthe units from the exclusive attics, with the covered surfaces extending from the 520 to 3300sf

With its high altitudes of 30 and 36 stories, the Infinia park in Wee Nam will be one of the greatest progresses of the condominium of the area of newton when it is finished.

Unit information:(Park Infinia @ Wee Nam)

Total Units: 486 in 2 towers
Site area: 21,646 sq.m. (233,000 sq.ft.)
1 BedRoom: 52 sq.m. (560 sq.ft.)
2 BedRoom: 79 to 90 sq.m. (850 to 969 sq.ft.)
2 BedRoom + private lift lobby: 91 to 93 sq.m. (980 to 1001 sq.ft.)
2 BedRoom + study+ private lift lobby: 105 sq.m. (1130 sq.ft.)
3 BedRoom + private lift lobby: 132 to 136 sq.m. (1421 to 1464 sq.ft.)
3 BedRoom + private lift lobby + balcony: 147 sq.m. (1582 sq.ft.)
3 BedRoom + balcony: 124 sq.m. (1335 sq.ft.)
4 BedRoom: 155 to 157 sq.m. (1668 to 1690 sq.ft.)
4 BedRoom + balcony: 186 sq.m. (2002 sq.ft.)

Facilities:(Park Infinia @ Wee Nam)
bubble pool
large open lawn
recreation room
tennis court
timber boardwalk
bio pond
50 m lap pool
miniature “volcano” by the children’s pool
tropical jungle spa and a pond
underwater aquagym pool
man-made beach pool
changing rooms fitness corner
playground
side gate
guard house
entrance drop-off
basement drop-off
basketball court (half)
BBQ
floating pavilion
club house which opens out to wide wooden decks
function room
dance studio/music room
a/v room
lounge
management office
changing rooms
gym

Real Estate Properties of Singapore buy , sell, rent, invest,

MINDY YONG

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mindy@mindyyong.com ( email me )

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Soleil at Sinaran - Singapore - District 11

Soleil at Sinaran - Singapore - District 11

Name : Soleil @ Sinaran
Developer : Frasers Centrepoint Homes
Tenure : FH
Property Type : CONDO
District : 11

Located in the Prime District 11( Sinaran / Novena ), the Iconic Twin Tower Condominium is sited in a well established and popular neighbourhood comprising residential, commercial and hotel developments. With the Novena MRT station just less then 150m away, residents have a quick and easy access to their work places at the Central Business District or the Integrated Resort in Marina Bay as well as the renown and trendy Orchard Road shopping belt.

The Soleil has a unique building facade inspired by the natural, organic and sculptural architectural concepts, it is also a wellness retreat ( with spa cabanas and Jacuzzis ) – a home within a resort to escape from busy work schedules and urban hectic lifestyles; an address for the aspiring and discerning home owners to be.

Address - 2 , 6 Sinaran Drive

Tenure - 99 leasehold w.e.f. 23 rd Oct 2006

Site Area - Approx 134,160 sqft

Type of Development

A Condominium development comprising 2 36-storey towers with full condo facilities including spa pavilions / outdoor & indoor gymnasiums etc

Number of Units - 417

Unit Area
1 bedroom 495 - 581sqft
2 bedroom 936 - 958sqft
2+Study 1,098sqft
2 bedroom loft 1,432 -1,464sqft
3 bedroom 1,453 – 1,485sqft
4 bedroom 1,722sqft
5 bedroom PH 4,715 - 4,930sqft

Facilities

Recreational Pool/ 50m lap pool /Children’s play area/ Function room/Gym/Tennis courts/ outdoor fitness areas/ Spa pavilions / Entertainment pavilions

Floor Finishes
Living/Dining – Compressed Marble
Bedrooms - Timber strip flooring

Real Estate Properties of Singapore buy , sell, rent, invest,

MINDY YONG

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mindy@mindyyong.com ( email me )

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The Parc Condominium at West Cost - Singapore- District 01-08

The Parc Condominium at West Cost - Singapore- District 01-08

Tenure : Freehold (Foreigners Eligible)
TOP Date : Estimated 2012
Site Area : 34,042.4 sqm 1366,432.39 sqft
Devt 7 blocks of 24-storey condominium with
total 659 units

Freehold Condo located on West Coast Road. (Old West Reak)

7 blocks of 24 storey condominium with 659 units available
1+study approx 667sq ft (24 units)
2+study approx 980 sq ft (71units)
3br approx 1216-1302 sq ft (282units)
3+study approx 1421 sq ft (126 units)
4br approx 1442-1518 sq ft (144 units)
5br approx 2432 sq ft (9units)
Penthouse approx 3498 sq ft (3units)

Project Extensive site area

One of the largest USPs Freehold development that houses 659 dwelling units with full recreational facilities.Unobstructed views- Strategically orientated to North South facing offers unobstructed views towards the stadium,Pandan Reservoir View, Kent Ridge Views,etc.

Location- Easy access to AYE and Clementi MRT. It is within 5 km Harbourfront, Vivo City, Sentosa, the future Integrated Resort, One North, Biopolis, NUS, SIM and Ngee Ann Polytechnic, etc.

Quality finishes and fittings- Aircooled split system, built-in wardrobes and fully fitted kitchen with cabinets, hood & hob, conventional oven and microwave oven. Investment Potential- Rentable with huge pool of potential residents, lecturers and professionals form thenearby educational, science and business parks.Facilities Elderly Fitness Area 1 Spa Beds / Children’sPlayground / Floating Slabs / Reflective Pool/ Lagoon Pool / Toddler’s Pool / Spa Seats/ Timber Bridge / Jacuzzi / Continental Shelf Plaza/ Linear Slabs / Adventure Play Areal Fitness Corner/ 50m Lap Pool / BBQ Areal Basketball Half Court! Aqua Gymnasium/ Entertainment Deck / Wading pool 1 Boardwalk/ landscaped garden / Lazy River

5 mins walk to food centre and wet market
10 mins walk to Clementi town and MRT station
10 mins drive to West Coast Park, Education Hubs(NUS,Singapore Poly, United World College of S.E.A. , Biomedical Hubs of Buona Vista and Science Park.
15 mins drive to Mount Faber Park, Houborfront,Vivo City,Sentosa Future Integrated Resort.

Real Estate Properties of Singapore buy , sell, rent, invest,

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

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Property investment market robust but outlook ahead challenging - Singapore

Property investment market robust but outlook ahead challenging - Singapore

By Timothy Ouyang, 

SINGAPORE : Singapore’s property investment market remained robust in the first two-and-a-half months of this year, with investment sales totalling S$5.9 billion in that period, according to a survey by consultant CB Richard Ellis.

It said strong economic fundamentals and the positive long-term outlook in Singapore underpinned property investment activity. This is despite uncertain global economic conditions and a slowdown in the US economy.

The private sector led the property sales, raking in S$3.27 billion and accounting for more than half of the total investments here. Public land sales contributed the remaining 45 percent or S$2.6 billion.

The office sector performed well in the first quarter of 2008, with about a third of total investment sales, or S$2 billion, so far.

Investment activity in the residential sector slowed considerably in the first quarter. It contributed 38 percent of total investment sales, or S$2.23 billion, to date.

CBRE noted that developers are no longer as keen to acquire more sites for redevelopment compared with last year.

Investment in the industrial sector amounted to some S$333 million so far in the first quarter, driven largely by purchases by real estate investment trusts.

For the rest of the year, CBRE said it expects conditions for investment sales to be challenging. It believes that investors are likely to take a longer time to assess the market before making any deals.

Going forward, CBRE said a healthy level of investment activity in the Singapore property market is expected to continue amidst strong growth in Asia and Singapore’s position as a financial services hub. - CNA/ms

Source : Channel NewsAsia  - 18 March 2008

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Investment sales could hit $25b this year: CBRE - Singapore

Investment sales could hit $25b this year: CBRE - Singapore

This would be about half of the record $54.5b of deals done last year

DESPITE the current subdued mood, property investment sales this year could be substantial - about half of the record $54.48 billion clocked last year, CB Richard Ellis estimates.
 
 
It bases the estimate on a tally of $5.91 billion of investment sales deals struck in the first two-and-a-half months of this year.

‘Assuming Q1 2008 ends with $6 billion, the full-year figure could be around $24-25 billion. That would still be the third most active year on record, after $54.48 billion in 2007 and $30.59 billion in 2006,’ says CB Richard Ellis executive director (investment properties) Jeremy Lake.

Investment sales are seen as a gauge of major players’ confidence in the sector’s mid- to long-term prospects.

CBRE’s definition of investment sales includes those with a value of at least $5 million, comprising government and private sales, buildings and land, strata and en bloc. It also includes change of ownership of real estate via share sales.

Mr Lake reckons momentum this year will be generated by the sale of income-producing completed properties like malls, office blocks and industrial buildings, as well as the sale of sites through the Government Land Sales Programme, while the collective sales market has stalled.

‘Continued strong growth in Asia, coupled with Singapore’s position as a financial services hub and popular business destination for MNCs, will help maintain a healthy level of investment activity in the Singapore property market,’ CBRE said in a report issued yesterday.

CBRE’s analysis shows the private sector made up 55 per cent or $3.27 billion of the $5.91 billion investment sales deals sealed in the first two-and-a-half months of 2008.

Land sales by the public sector contributed the remaining 45 per cent or $2.64 billion.

The biggest land deal so far this year was the award of a hospital site at Novena Terrace/Irrawaddy Road to Parkway Holdings for $1.25 billion ($1,600 per square foot per plot ratio).

Splitting deal value by sectors, CBRE said the residential sector accounted for $2.23 billion or 38 per cent of total investment sales.

‘Compared with the heightened investors’ interest in en bloc acquisition witnessed in 2007, investors’ demand for private residential land continued to be lukewarm in the first quarter of 2008,’ it said.

‘Developers are no longer as keen to acquire more sites compared to last year as most of them have built a relatively strong inventory of freehold residential sites from the robust collective sales market in 2007.

‘Developers have already taken the cue to act cautiously. The buying of sites has been so far limited to specific choice sites since the response to recent new launches has been subdued.

‘In addition, the release of more affordable 99-year leasehold residential sites by the government for sale in the first half of 2008 may sway some buying interest away from prime freehold residential sites in the private sector.

‘The only successful collective sale deal in Q1 08 was Ban Guan Park, which was acquired by Link THM Holdings for $31.10 million ($870 psf per plot ratio).’

The office sector accounted for 34 per cent or $2.01 billion of investment sales so far in 2008, on the back of big transactions like Hitachi Tower for $811 million or $2,901 psf, Singapore Power Building ($1.01 billion or $1,820 psf) and One Phillip Street ($99.02 million or $2,749 psf).

‘Going forward, strong office demand and potential for further rental escalation would lead to more acquisitions of office properties in 2008.’ CBRE said. ‘The sustained influx of foreign investors should continue to lead to steady activity in the office investment market.’

Source : Business Times  - 18 March 2008

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MGPA says Singapore office demand underestimated

MGPA says Singapore office demand underestimated

Republic on new curve and will take capital market share from Tokyo, HK
By KALPANA RASHIWALA

MACQUARIE Global Property Advisors (MGPA), which has invested about $4.5 billion in Singapore real estate in the past 18 months, is optimistic about market prospects and reckons demand for office space is underestimated.
 
Mr Treacy: You can’t look at Singapore’s future through rear vision mirror 
‘Singapore is a primary market and we like it,’ chief executive (Asia investments) Simon Treacy told BT in a recent interview. ‘We’re looking to invest in all sectors - residential, office, retail.’

Mr Treacy does not share the concern in some quarters that Singapore may face an over-supply of office space post-2010 because of the completion of several major projects.

‘You can’t look at the future of Singapore by looking at the rear-vision mirror,’ he says. ‘Singapore has moved into a different gear. It’s got a more robust economic platform and there are new demand drivers that this market hasn’t seen before.

‘Wealth creation is one of those sectors that will continue to flourish very quickly. Even if Singapore picks up 10 per cent of Switzerland’s wealth industry, there will be very significant growth in the size of the sector in Singapore.’

Another reason the office market will continue to experience strong take-up is that ‘Singapore’s capital markets will grow more than what could be expected by looking at previous trend lines’, Mr Treacy says.

‘It’s now on a new curve. I think Singapore is going to take market share (in the capital markets) from Tokyo, Hong Kong.

‘I see Singapore as being almost the jewel in the Asian crown at the moment. We like the corporate governance, the shifting of gear over the past couple of years to really make Singapore operate at a very different level.’

MGPA-managed funds were the biggest real estate investors in Singapore last year. Their acquisitions here to date include two land parcels at Marina View bought at Urban Redevelopment Authority land sales, 8 Shenton Way (formerly known as Temasek Tower), 12 floors of Springleaf Tower, which MGPA has since sold for a handsome gain, units at 8 Napier condo near the Botanic Gardens, and the Cascadia development in Bukit Timah.

Mr Treacy notes that prime-grade Singapore office rents are expected to appreciate between 10 and 25 per cent this year after last year’s 80-90 per cent hike.

‘I think businesses this year will be more careful over their decisions, but over the medium term, the average rent and take-up will be stronger and there will be ongoing rental growth in this market,’ he says.

‘It’s important to point out that the sectors that are growing in Singapore are those that require international-grade office space and environments to attract the quality people, particularly expatriates, who are going to be required to fuel the growth in this economy.’

On prospects for the Singapore residential sector, he says: ‘It’s going through an interesting growth phase because there’s a strong influx of expatriates. We’ve also got a lot of Singaporeans returning to live and work in the country. And you’ve got a generally positive workforce that’s wanting to get ahead and move upstream. Affordability still seems to be in check. So fundamentally, the outlook is still quite solid.’

As for MGPA’s likely target investments in the housing sector, Mr Treacy says: ‘We target sweet spots. That might change over time, but we certainly see good demand for top-end, best-of-class residential. We also see demand at the top end of the mass market like Cascadia. Again, it’s all about location, location, location.’

He acknowledges the current sub-prime jitters but views these as ‘disruptions that will bring opportunities’, saying: ‘We think the economies that are well thought-through, and with good governance, will be the ones that will float through to the top quickest.’

Viewing Asia as the world’s economic growth engine, MGPA particularly likes Singapore and Hong Kong for their transparency, maturity and growing capital markets.

MGPA is a private equity real estate fund management company that is 49 per cent owned by Macquarie Bank of Australia and 51 per cent owned by MGPA senior management including Mr Treacy. It has more than US$10 billion of assets under management and operations in Asia and Europe.

Overall, MGPA’s leverage on a regional basis is ‘quite conservative’ at about 60 per cent.

On Marina View land parcels A & B in Singapore, Mr Treacy says there are no current plans to team up with joint-venture partners to develop them. Both plots have minimum stipulated office components and plot B also has a minimum hotel component.

‘We’ve closed the purchase of the sites with debt from banks, including major Singaporean banks,’ he says.

8 Shenton Way is being spruced up in phases to create more retail space and a new drop-off area, as well as upgrades to the lobby and entrance to Tanjong Pagar MRT Station.

‘It’s a long-term investment,’ Mr Treacy says when asked if MGPA plans to sell the asset.

Asked whether MGPA has reached its allocation limit for Singapore real estate, he says: ‘We have lots of allocation for the right investments’.
Source : Business Times  - 18 March 2008

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Mindy Yong

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Singapore banks and hedge funds have sound liquidity: MAS

Singapore banks and hedge funds have sound liquidity: MAS

(SINGAPORE) Singapore’s central bank said yesterday the city-state’s banks and hedge funds have enough cash amid the global turmoil in financial markets.
Financial markets have been roiled by fears that more banks and hedge funds may be on the brink of collapse after Bear Stearns - the fifth-largest US investment bank - was slammed by cash shortages as other institutions stopped lending it money and customers withdrew their funds.

‘The current liquidity positions of our banks are sound,’ a Monetary Authority of Singapore (MAS) spokeswoman said in response to a query from Reuters.

Singapore-based hedge funds have little exposure to risky sub-prime assets and most have not had difficulty responding to the credit crunch, the central bank told Reuters in another statement.

‘Most players have not experienced problems, such as inability to meet redemption requests or margin calls, or problems with valuation, arising from the recent credit crunch,’ the central bank added, saying its comments on hedge funds were based on its latest review at end-2007.

Bear’s troubles culminated in its buy-out by rival JPMorgan Chase & Co for a rock-bottom price that valued the once mighty investment bank at less than US$250 million.
 
Singapore’s three lenders DBS Group, Overseas-Chinese Banking Corp and United Overseas Bank have minimal holdings of collateralised debt obligations that include exposure to the US sub-prime housing market.

DBS, South-east Asia’s top lender, said yesterday it had become more vigilant on treasury transactions.

The three Singapore lenders, as well as foreign banks with large operations in Singapore, were expected to be prudent and manage risks, MAS said.

Singapore has been promoting the hedge fund industry and currently serves as the base for more than 200 funds. — Reuters

Source : Business Times  - 18 March 2008

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Singapore to host ‘09 AmCham Asia-Pac meet

Singapore to host ‘09 AmCham Asia-Pac meet
THE American Chamber of Commerce in Singapore (AmCham Singapore) yesterday announced its successful bid to host the 2009 Asia-Pacific Council of American Chambers of Commerce (APCAC) meeting from March 18-21.
Typical attendance at this annual event exceeds 200 and involves senior United States and Singapore government officials, AmCham leaders and representatives from MNCs and Asian SMEs. ‘Singapore is the ideal location as there have been immense changes to Singapore recently,’ said the executive director of AmCham Dom LaVigne. ‘It is an excellent opportunity to redefine perceptions of Singapore’.

APCAC comprises 25 member AmChams. It represents more than 10,000 business interests from 19 Asia-Pacific countries, with a combined trade volume topping US$400 billion.

AmCham Singapore has settled on the theme ‘A New Stage in US-Asia Relations’ for next year’s conference, in the light of the impending change in the US administration. The conference will serve as a platform for discussion on future relational prospects between the US and Asia-Pacific region - the US has a total of US$98.7 billion invested in Asean, with US$60.4 billion in Singapore alone.

AmCham expects the conference to benefit Singapore by showcasing its economic progress over the years, as well as highlighting its ‘growing attraction’ as a MICE and tourism hub.
 

Source : Business Times  - 18 March 2008

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Mindy Yong

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New Singapore home sales slump to 9-month low in Feb

New Singapore home sales slump to 9-month low in Feb

URA sees slowest sale of 170 units since start of its data releases in June ‘07
By ARTHUR SIM
(SINGAPORE) The number of new homes sold by developers dropped to just 170 units in February - the lowest since the Urban Redevelopment Authority (URA) began releasing monthly sales data in June 2007.
And CB Richard Ellis executive director Li Hiaw Ho estimates that new home sales could be just 700-800 units for the first quarter of 2008 - even lower than the 894 units sold in the fourth quarter during the Asian financial crisis in 1997.

In an analysis of the data released yesterday, Jones Lang aaLaSalle (JLL) said, however, that prices were comparatively stable.

The firm’s head of research (South-east Asia) Chua Yang Liang said that using the ‘lowest median prices’ category of the URA data, median prices declined 0.7 per cent for units sold in the Core Central Region (CCR) and 5 per cent in the Outside Central Region (OCR) on a month-on-month basis.

For units sold in the Rest of Central Region (RCR), the lowest median price increased 14.2 per cent from $765 psf in January to $874 psf in February.

Colliers International said 107 units were launched in the RCR and 64 were taken up. In the CCR, 31 units were launched and 35 were sold, while in the OCR, 205 were launched and 71 were sold.
Colliers International director of research and consultancy Tay Huey Ying pointed out that although the units launched in the RCR accounted for 60 per cent of all new units launched in February, the number of units sold in the OCR accounted for a much smaller 42 per cent of all purchases.

On the other hand, while the number of new units launched in the CCR accounted for only 9 per cent of all units, sales accounted for a much larger 21 per cent of all units sold.

‘On a deeper analysis, it is estimated that the sales take-up of new units launched in the month of February was strongest for CCR and weakest for OCR,’ Ms Tay said.

She also noted that sales of new units launched in the CCR improved from an estimated 53 per cent in January to 58 per cent in February, while sales in the OCR are estimated to have declined significantly from 49 per cent in January to just 22 per cent in February.

‘This could indicate the resilience of demand for high-end and luxury properties even in the wake of global economic and financial sector uncertainty,’ she said.

Another concern could be the increasing number of new homes ready for sale that have not been launched. At end-December 2007 there were 4,000 such units. But the number has since swelled to more than 6,500 units from 92 unlaunched projects.

Ms Tay said that assuming the US recession is ‘mild and short-lived’, market activity could pick up towards the end of 2008 or early 2009. ‘Based on this scenario, developers may launch a total of some 6,500 to 7,500 units in 2008,’ she said.

However, if the US falls into a prolonged recession, she reckons 5,000 to 5,500 units could be launched, with the mass-market likely to continue to dominate new launches.

With developer sales falling, the secondary market appears to be taking up some of the slack.

According to a DTZ Debenham Tie Leung report, the volume of developer sales of non-landed freehold and leasehold homes fell a sharp 60 and 74 per cent respectively in Q4 2007 quarter-on-quarter. However, secondary market freehold and leasehold transactions fell 47 and 43 per cent respectively for the same period.

Foreigners bolstered sales figures. URA said that they accounted for 31 per cent of all non-landed secondary market transactions in 2007.

Source : Business Times  - 18 March 2008

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Mindy Yong

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Singapore URA mulls over monthly index on private home prices

Singapore URA mulls over monthly index on private home prices

By KALPANA RASHIWALA

(SINGAPORE) The Urban Redevelopment Authority (URA) is mulling over the possibility of releasing the price index for private homes, at least for non- landed properties, on a monthly basis instead of just on a quarterly basis as it does currently, BT understands.
When contacted, a URA spokeswoman said: ‘We are studying the possibility. We will let you know when a decision has been made.’

In the meantime, URA will issue the flash estimate for the Q1 2008 private home price index on April 1, as usual, the URA spokeswoman added.

Market watchers gave mixed reactions to the idea of URA releasing its private home price index every month. Some say this would complement the monthly developer sales data, while others suggest that the idea may not be such a good thing in today’s quiet market.

‘There may not be enough launches and property transactions to compute an index monthly in a quiet market,’ said a seasoned property consultant. ‘If the market turns, it may not be a good idea to keep reminding people every month that the index is going down or the volume of transactions is falling. That may accelerate the decline. It’s psychological.’

But some players argued that this move could complement URA’s monthly release of developers’ sales data.
 
‘The developer sales data shows a median price, which may not be reflective of the market since it depends on the type of units (including how they face and whether they have private enclosed spaces/ roof terraces) sold in a development in a particular month. Whereas the formula for a price index is more rigorous than a simple median price and provides a more accurate picture of actual price trends in the market,’ says Colliers International’s director of research and consultancy Tay Huey Ying.

She reckons that because an overall price index will be based on both primary and secondary market transactions, the volume of transactions should be enough for a monthly computation.

Currently URA publishes developers’ private home sales data for each month in the middle of the following month on its website. However, if the authority decides to go ahead with issuing the price index for private homes on a monthly basis, it is likely that both information releases will be at the same time to avoid confusing the public, market watchers suggest.

They also say that if URA decides to go monthly with its price index, they would not be surprised if the Housing & Development Board also broadcasts its resale flat price index on a monthly basis.
Source : Business Times  - 18 March 2008

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Mindy Yong

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Al-Futtaim raises offer for Singapore Robinson to $7 a share

Al-Futtaim raises offer for Singapore Robinson to $7 a share

Move follows rise in retailer’s stock in open market
By MICHELLE QUAH

(SINGAPORE) The Al-Futtaim Group has upped its bid for Robinson & Co to $7 a share, from $6.25 previously - undoubtedly pressured by the high levels at which the retailer’s shares have been trading in the open market.

The Dubai-based group announced yesterday that it had revised its voluntary conditional cash offer for Robinson’s shares and that it has, since it first bid for the retailer in January, obtained acceptances of its offer which represent 26.69 per cent of Robinson.

Its revised offer will close on April 3.

And, already, some Robinson shareholders have cheered the move. Aberdeen Asset Management, which owns 9 per cent of Robinson, said it was ‘delighted’ with the revised bid. Its managing director Hugh Young told BT: ‘We were happy with the original price so, by definition, are happy with a higher one and wish Al-Futtaim every success.’

Aberdeen - along with other substantial shareholders Tecity and Silchester International Investors - has given an irrevocable undertaking to accept Al-Futtaim’s offer, should it become unconditional.

Tecity, Aberdeen and Silchester jointly own 23.18 per cent of Robinson.

Tecity and Silchester did not comment on the revised offer.

Al-Futtaim’s move now begs the question of whether there will be a counter offer for Robinson from the retailer’s largest shareholder, the Lippo Group.

The Indonesian group owns 29.99 per cent of Robinson, having recently increased its stake from 29.9 per cent - a move which many interpreted as an attempt to protect its shareholding. The Lippo Group has, however, not yet taken a stab at countering Al-Futtaim’s bid - partly because it hasn’t had to, with Robinson’s share price climbing above Al-Futtaim’s offer price.

There is also speculation as to whether Lippo will choose to sell its stake to Al-Futtaim, with the revised offer. Sceptics believe the possibility is slim, with Lippo having paid OCBC Bank and Great Eastern Holdings about $7.90 a share for its Robinson stake in 2006.

Lippo’s deputy chairman and Robinson director Stephen Riady could not be contacted for comment yesterday.

Al-Futtaim’s original offer - which, like its revised bid, would become unconditional only upon it receiving acceptances amounting to more than 50 per cent of the company - had been in danger of not succeeding, thanks to the buoyant performance of Robinson’s shares.

The retailer’s stock has been trading at an average of $6.63 since Jan 21 - the first trading day after Al-Futtaim made its original offer of $6.25 a share.

The counter last traded at $6.88 yesterday before trading was halted.

Al-Futtaim decided on March 3 to extend its offer for another month - to April 3 - in the hope that the added time would be enough for it to win over more shareholders, despite its offer being the only one on the table.

Analysts had commented that investors were clearly hoping for a better offer to be made; and BT remarked last month that Al-Futtaim would need to up its bid if it hoped to succeed in its takeover of Robinson, given the retailer’s share price performance.

Robinson’s stock has, however, come off its highs in recent days - due to the current bleak market sentiment. And it’s a situation Al-Futtaim is clearly hoping to exploit.

James Gillespie McCallum, director of ALF Global - a unit of Al-Futtaim - said: ‘We believe this revision represents a full price for the business and a compelling opportunity for shareholders to realise value.’

ALF Global, which is making the offer on behalf of its parent, said yesterday that its revised bid of $7 a share represents a 60.6 per cent premium over Robinson’s theoretical last traded share price of $4.36, before the original offer was made - i.e. its last traded price of $4.46 on Jan 18, minus Robinson’s interim dividend of $0.10 a share, announced in February.
Source : Business Times  - 18 March 2008

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Mindy Yong

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Only one Singapore collective sale done so far this year

Only one Singapore collective sale done so far this year 

This is a marked fall from about 25 done in the same period last year

By Joyce Teo, Property Correspondent 
GOING EN BLOC: Pastoral View got 80 per cent owner approval before last October’s rule change but had waited for One Akyab to join the sale so as to offer a bigger site. 
 
SOME residential estates are still pushing for a collective sale but they face a tough market in which such transactions have almost completely dried up.
Just one small deal has been sealed so far this year, dramatically down from about 25 in the same period last year, property consultants said.

The sole deal was Link (THM) Holdings buying freehold Ban Guan Park in Holland Road for $31.1 million earlier this year, with plans to build landed homes.

The escalating United States sub-prime mortgage crisis and a jittery stock market have caused many property players to scurry to the sidelines.

In the months ahead, there will be very few, if any, collective sale launches and deals, said property consultants.

They are in no hurry to launch, given that developers have built up ample land banks for now and sales are slow.
CB Richard Ellis’ (CBRE’s) executive director of investment properties, Mr Jeremy Lake, said the firm is working on two to three projects but has nothing planned for the collective sale market in the first half.

After that, it will ‘play it by ear’, he said. ‘To a large extent, the market has ground to a halt.’ He added that the firm has declined to take on some very large collective sale sites.

Credo Real Estate managing director Karamjit Singh said the firm has plans to relaunch one or two collective sale sites at lower prices in the second quarter. If owners are not prepared to lower their prices, the firm is advising them to wait for the market to recover.

Some estates continue to work towards a sale, with the intention of going to market towards the end of the year, property consultants said.

Chiltern Park’s sale committee is asking owners to each contribute $200 towards a fund to facilitate a collective sale.

Some others just want to go to market when they are ready.

‘A lot of owners fail to understand the market has turned severely,’ said an industry source. ‘When your estate is not in the price range developers are excited about, it defeats the purpose of marketing it.’

Yesterday, Pastoral View near Novena MRT Station was put up for collective sale at a guide price of $95 million - slightly under $1,000 per sq ft.

The 52-unit freehold development obtained the minimum 80 per cent approval from owners before rules were amended last October. They had waited, unsuccessfully, for the 18-unit One Akyab next door to join the sale, so that they could offer a bigger site.

‘The market is slow but two overseas developers have expressed interest in the site,’ said the head of investment sales at marketing agent Newman & Goh, Mr Jeffrey Goh.

In a report yesterday, CBRE said Singapore’s investment property sales market was ’surprisingly active’ so far this year, with $5.91 billion deals registered, despite the uncertain global economy. Public land sales, such as the $1.25 billion sale of a hospital site in Novena, made up the bulk of investment sales to date.

Investment activity in the residential sector slowed considerably in the first quarter this year, contributing $2.23 billion to date in transacted value. This includes good-class bungalow sales and forms 38 per cent of total investment sales.

‘Developers are no longer as keen to acquire more sites compared to last year, as most of them have built a relatively strong inventory of freehold residential sites from the robust collective sales market in 2007,’ said the CBRE report.

The release of more affordable 99-year leasehold sites by the Government may sway some buying interest away from private prime freehold residential sites, it added. ‘The investment sales market is likely to see a challenging year in 2008.’

 Slowing down
QUIET OUTLOOK

THE escalating United States sub-prime mortgage crisis and a jittery stock market have caused many property players to scurry to the sidelines.

In the months ahead, there will be very few, if any, collective sale launches and deals, say property consultants.

They are in no hurry to launch, given that developers have built up ample land banks for now and sales are slow.

SOLE DEAL

Just one deal has been sealed so far this year: Link (THM) Holdings bought freehold Ban Guan Park in Holland Road for $31.1 million earlier this year, with plans to build landed homes.

UP FOR GRABS

Yesterday, the 52-unit freehold Pastoral View near Novena MRT Station was put up for collective sale at a guide price of $95 million - slightly less than $1,000 per sq ft.

Source : Straits Times  - 18 March 2008

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Madrasah pupils to get $300 grant -Singapore

Madrasah pupils to get $300 grant  -Singapore

By Keith Lin 
 
PUPILS in Primary 5 and 6 in Islamic schools, or madrasahs, will each receive a $300 education grant to help them prepare for the Primary School Leaving Examination (PSLE).
They can use the money from the Islamic Religious Council of Singapore (Muis) to pay for enrichment classes and remedial lessons in such PSLE subjects as English, Science and Mathematics.

The grants come from the $700,000 that Muis has set aside for all six madrasahs here, as the PSLE becomes compulsory for their pupils for the first time this year.

The amount will also be used to pay for training courses for madrasah teachers and a mentoring scheme that offers them guidance from experienced teachers in national schools.

The madrasahs are considered private schools, and their students are not eligible for Edusave accounts held by their counterparts in national schools.

Yesterday, Minister-in-charge of Muslim Affairs Yaacob Ibrahim handed cheques to each of the six madrasahs.

Speaking to reporters after the event, he said:’We cannot ignore the fact that secular schools, for example, will spend a lot of money bringing in consultants from outside, and having enrichment programmes for the kids to prepare for the PSLE.’

Students admitted to madrasahs, after compulsory education took effect in 2003, have to sit for the PSLE.

The madrasahs have to ensure that the average score of their PSLE pupils matches those of Malay pupils in national schools.

If not, they risk losing pupils to a mainstream school or another madrasah that meets the mark.

Much of the funding for madrasahs has come from Muis which, since 2003, has spent $2.3 million in training their staff and developing enrichment programmes for their pupils.

Madam Sri Sukastri Mohd Hanapi, who teaches mathematics and information technology at the Al-Maarif Madrasah, hopes to have more enrichment classes for her PSLE-bound pupils.

‘This way, even though I have less curriculum time to teach them the PSLE subjects, they will not be at a disadvantage when compared with students from national schools,’ she said.
Source : Straits Times  - 18 March 2008

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New home sales nosedive in Feb - Singapore

New home sales nosedive in Feb  - Singapore

Only 185 out of 343 units sold, down from 328 in January, but prices are holding steady

By Fiona Chan, Property Reporter 

SALES of new homes slowed almost to a standstill last month, delivering another blow to the already-weak housing market here.

Property developers yesterday said they sold only 185 new units in February, about half of the 343 they launched in the month and well down from the 328 sold in January.

This anaemic performance, coupled with the continuing quietness of the market this month, prompted some experts to predict that new home sales this quarter could hit one of the lowest levels ever seen here.

‘The current weak market sentiment is likely to stay, which means that the total number of new homes sold in the quarter may be 700 to 800 units,’ said Mr Li Hiaw Ho, executive director of CB Richard Ellis Research.

He said this could be worse than during the Asian financial crisis, when just 894 new units were sold in 1997’s last quarter. Only Sars in 2003 saw fewer new homes sold: 427.

In contrast, developers sold 14,811 new homes in the exuberant boom last year, or an average of 3,700 homes each quarter.

Property consultants say they were not surprised by last month’s feeble numbers, given the Chinese New Year holiday and the snowballing global financial crisis originating from the United States.

But even as some admitted the contraction was ‘worse than expected’, they stressed the silver lining: home prices are still holding steady.

At Hong Leong Holdings’ Aalto in Jalan Kechil, two units were sold for a median price of $2,619 per sq ft (psf), up from the median $2,078 psf fetched by three units in January.

‘There are strong fundamentals to support home prices,’ said Mr Chua Yang Liang, Jones Lang LaSalle’s head of South-east Asia research.

‘En bloc sellers have to look for housing and they are cash-rich. We still believe in the ‘remaking Singapore’ story and with more foreigners coming in, property prices are likely to hold in the coming months.’

But market confidence will ‘remain shaky’ until the extent of the US recession can be measured, said Ms Tay Huey Ying, director of research and consultancy at Colliers International. She expects market activity to remain lacklustre until June.

At some projects, prices have started to dip slightly. At Ritz-Carlton Residences in Cairnhill, only one unit was sold last month at $4,140 psf. None was sold in January, but five were taken up in December for between $5,053 and $5,146 psf.

The best performer last month was the Cosmo condominium in Guillemard Crescent, where 41 out of 45 units were sold, mostly within the first week of its launch, for between $1,048 psf and $1,152 psf.

Source : Straits Times  - 18 March 2008

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Tibetan protesters ignore ultimatum - BEIJING

Tibetan protesters ignore ultimatum  - BEIJING

Rioters and troops headed for violent showdown as deadline to surrender passes

By Chua Chin Hon, China Bureau Chief 
IN NEPAL: A policeman chasing a Tibetan refugee monk who was demonstrating in front of the UN office in Kathmandu yesterday over the crackdown in Tibet. — PHOTO: REUTERS
 
 
BEIJING - A WEEK-LONG confrontation between Tibetan rioters and Chinese security forces appeared headed for a potentially violent showdown after protesters ignored a government ultimatum to turn themselves in by midnight yesterday.
As the deadline loomed, Beijing refused to say if anyone had surrendered, or what new measures it would take.

Chinese officials insisted, however, that the government had not declared martial law or imposed a curfew in Lhasa, the remote Tibetan capital city in western China.

Lhasa was rocked by its worst anti-government protests in two decades last Friday, with rioting monks and residents smashing and setting fire to shops and buildings. The Chinese government said at least 13 were killed, but rights groups said the death toll was several times higher.

Beijing has so far defied expectations that it would launch a severe crackdown. Instead it issued an ultimatum on Saturday telling protesters to turn themselves in by midnight yesterday.

Those who did so would be shown leniency, while those who did not would be dealt with ’severely’, the order said.

‘The purpose was to destroy everything on that main street, beginning with all the Chinese stores and restaurants.’
SPANISH TOURIST JUAN CARLOS ALONSO, who witnessed angry Tibetans on the rampage last Friday
There were no signs, however, that the protesters were heeding the ultimatum.

Three other provinces with large Tibetan populations - Sichuan, Qinghai, and Gansu - witnessed anti-government protests and clashes even after the ultimatum was issued.

Beijing, meanwhile, has amassed a huge security force in Lhasa, prompting speculation it would lock down the city and arrest suspected troublemakers once the deadline lapsed.

A Times online report said Chinese troops drove through the streets of Lhasa yesterday parading Tibetans in handcuffs, their heads bowed, as troops stepped up their hunt for the rioters in house-to-house searches.

Witnesses said there were about 40 people, mostly young Tibetan men and women, standing with their wrists handcuffed behind their backs.

‘A soldier stood behind each prisoner, a hand on the back of their neck to ensure their heads were bowed,’ the report said.

Amid the prospect of an escalation in the confrontation, Beijing and Tibetan activists stepped up their war of words over the ‘truth’ of what happened in Lhasa last week.

At a hastily called press conference in Beijing earlier yesterday, Tibet governor Qiangba Puncog said the Lhasa protests were orchestrated by followers of the Dalai Lama, Tibet’s exiled spiritual leader, in order to wreck the upcoming Olympics.

He denied reports and claims that police had fired on the protesters, insisting that security forces acted with great restraint.

But Tibetan activists said the police had killed as many as 100 protesters, while many eyewitness accounts reported gun shots going off in Lhasa.

Foreign journalists have not been able to independently verify the conflicting accounts following Beijing’s declaration of a travel ban to Tibet. Foreigners require a permit to enter Tibet, and the majority of those who remained in Lhasa after the clashes began have been told to leave.

Defending the decision, Foreign Ministry spokesman Liu Jianchao said the travel ban was for the journalists’ own safety.

Even as foreign governments like the US urged China to open talks with the Dalai Lama, many countries said they were opposed to a boycott of the Beijing Olympics in August.

Singapore International Olympic Committee chief Ng Ser Miang said that sports and politics should be kept separate.
 
Source : Straits Times  - 18 March 2008

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