High Court rejects Airview Towers’ collective sale - Singapore

High Court rejects Airview Towers’ collective sale  - Singapore

By Joyce Teo, Property Correspondent 
 
A SINGLE home owner has managed to persuade the High Court to reject the $202 million collective sale of Airview Towers in the River Valley area.
The sole objector, Mr Ken Lee, 52, a business consultant, pulled off the victory by representing himself in court against the might of top Singapore law firm Harry Elias Partnership.

The High Court upheld a decision of the Strata Titles Board (STB) last October to throw out the sale application as the minimum 80 per cent approval had not been met in the required time.

Mr Lee said the case showed that the system is fair and considers the views of minority owners.

Bukit Sembawang Estates was the prospective buyer. Unit owners would have reaped about $2 million each.

The court case centred on just two out of the 100 units at Airview Towers, which made the crucial difference between the approval level rising above or falling below 80 per cent.

These two new owners had bought their units during the collective sale process from owners who had signed the agreement - but the new owners failed to sign the agreement in time.

Justice Lee Seiu Kin, in a judgment dated March 19, concluded that the two flats should not be counted. The owners of the two units, whose signatures were originally counted as part of the 80 per cent had, in effect, not signed in time, he said.

That meant the condo did not meet the minimum requirement for the sale to go ahead of 80 per cent of share values within 12 months of the first signature.

As a result, he threw out the appeal against STB’s dismissal of the sale application.

He said the 12-month timeline for the 80 per cent minimum requirement is a ’substantive’ condition put in place by the legislature to protect the legitimate rights of the minority.

The plaintiffs, three owners, argued that the owners of the pivotal two units agreed all along to the sale. Their failure to sign was due to ‘mistake or inadvertence’ and so was a technicality.

But the judge ruled that non-compliance with the timeline is not a mere technicality.

He said safeguards were built into the Land Titles (Strata) Act, allowing for the consideration of all objections of minority owners, and other factors. ‘Timing is important because the longer the process is dragged out, the greater the likelihood that market conditions will change.’

Numerous owners agreed to the sale after the 12-month period. Mr Lee said he objected only over concerns that the sale process was not being done properly - which was some time last June after he had rushed out to buy a replacement unit.

‘I had nine objections but only one was found necessary to halt the sale,’ said Mr Lee.

He added: ‘I respect the majority’s wish to sell, but they should be mindful of the minority’s rights to their homes.

‘That means they have to sell it at a proper en bloc price and do it properly and legally.’

An owner who signed the agreement after the estate’s sale tender was launched said he is ‘very happy’ it did not go through.

‘I was misled into signing the (agreement). I was told they had launched the tender and 80 per cent have signed,’ said Mr Foo Feng Yin, 54.

‘I am very grateful to Mr Lee as I feel that the sale wasn’t done in a transparent manner. The proceeds are also not enough for me to find a replacement unit in the same area.’

Listed Bukit Sembawang won the tender last April. It was planning a 36-storey condo on the site and an adjacent site, Chez Bright Apartment, that it bought in an en bloc sale in 2006. It could not be reached for comment yesterday.

Property consultants said the firm is unlikely to take the case further.

‘Chez Bright can be developed into a small upmarket development,’ said Savills Residential director Ku Swee Yong

‘Given today’s tighter credit terms and slower pace of sales, this decision is probably a positive for Bukit Sembawang.’
Source : Straits Times - 26 March 2008

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Singapore Yishun condo site draws record bid of $213.5m

Singapore Yishun condo site draws record bid of $213.5m 

MCL Land’s offer for 99-year plot almost 70 per cent higher than the next bid

By Fiona Chan, Property Reporter 
 
A YISHUN condominium site drew a higher-than-expected top bid when its tender closed yesterday, belying expectations of a property market slide.
Developer MCL Land offered $213.5 million for the 99-year leasehold plot, which works out to about $350 per sq ft per plot ratio (psf ppr) - believed to be a new benchmark for Yishun.

Property consultants said this could translate into the finished project selling at record prices for the area, even as home buyers are now holding out for lower prices in a subdued market.

Mr Nicholas Mak, director of research and consultancy at Knight Frank, estimated that the end units for the Yishun project could be priced from $830 psf up to almost $900 psf.

This would be almost double what the 99-year leasehold Orchid Park Condo down the road is fetching. Four units at the 14-year-old development have been sold there this year at an average price of $460 psf.

MCL Land’s bid pipped four others and came in almost 70 per cent higher than the next bid, from Peak Green, at $127 million, or $208 psf ppr.

HIGH BID = HIGH HOME PRICES?
Property consultants said the higher-than-expected offer by MCL Land could translate into the finished project selling at record prices for Yishun, even as home buyers are now holding out for lower prices in a subdued market.
Frasers Centrepoint, Sim Lian and Hong Kong’s Cheung Kong also tabled offers ranging from $57.7 million to $109.7 million, or $95 to $180 psf ppr - which some consultants said were ‘unrealistically low’ bids. They had predicted bids of between $200 and $300 psf ppr.

But Mr Li Hiaw Ho, executive director of CBRE Research, said the response was ‘fairly robust’ and signalled ‘developers’ confidence in the suburban segment despite the current lukewarm response to new projects’.

‘Should the United States enter a mild recession and the sub-prime problems clear up, sentiment for suburban homes should improve after June, bringing demand and upward price momentum back to the market.’

Experts described MCL Land’s offer as ‘extremely bullish’ and suggested that the developer may be short on land bank in the mass market segment.

MCL Land said in its latest financial results that it bought some sites last year, including Holland Hill Mansions and Dynasty Court Garden 1 in Sixth Avenue. Its land bank can now yield 780 units with a total gross floor area of 1.4 million sq ft.

The Yishun site is at the corner of Yishun Avenues 1 and 2, and is 10 minutes’ walk from Khatib MRT Station. It is next to Yishun Stadium and overlooks Lower Seletar Reservoir.

‘The site is good in that frontage to the reservoir is fantastic,’ said Mr Ku Swee Yong, director of marketing and business development at Savills Singapore. ‘I agree you should pay a premium for this site, but this seems to be a very significant premium.’

Separately, HDB yesterday put two more sites up for sale through its reserve list system.

One is a 182,986 sq ft plot at Jurong West Street 42 for executive condos, while the other is a 244,341 sq ft condo site at Chestnut Avenue in Bukit Panjang.
Source : Straits Times - 26 March 2008

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Singapore GIC, Host Hotels in property venture

Singapore GIC, Host Hotels in property venture 
 
THE Government of Singapore Investment Corporation (GIC) has teamed up with a New York-listed real estate investment trust to invest up to US$2 billion (S$2.8 billion) in Asian and Australian property.
The Singapore firm’s real estate arm and Host Hotels & Resorts, one of the world’s largest owners of luxury hotels, have set up a joint venture with an initial investment of up to US$600 million. This, combined with anticipated leverage, will provide total investment potential of at least US$1.5 billion.

Host, which will provide fund management services to the venture, will own a 25 per cent stake while GIC will hold the remaining 75 per cent.

GIC Real Estate president Seek Ngee Huat said the combination of ‘Host’s core skills in hospitality investment and asset management, and GIC’s regional presence and network’ would serve the venture well.

This places it in a good position to ‘build up a substantial portfolio of hospitality related assets in Asia’.

GIC Real Estate, one of the world’s top 10 real estate investment firms, has a multi-billion-dollar portfolio in more than 200 property-related investments across 30 countries, according to the statement announcing the venture.

Last month, GIC reportedly paid about 80 billion yen (S$1.1 billion) for the 438-room Westin Tokyo hotel, and in January, it announced a joint venture to develop a residential township near Moscow.
 

Source : Straits Times - 26 March 2008

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Singapore Hotel room rates hit record high for second month

Singapore Hotel room rates hit record high for second month 

Average room rate $256, up by 8% from January, driven by boom in visitor arrivals

By Lim Wei Chean 
 
HOTEL room rates in Singapore have registered an all-time high for the second consecutive month, driven by a record number of visitors.
Average room prices last month shot up to $256 per night, some 8 per cent higher than January’s record of $237, according to figures released by the Singapore Tourism Board (STB) yesterday.

The average price is higher than the latest tally available for Hong Kong, which pegged rates in the territory at $222 in January.

While Singapore is still nowhere near cities like New York, Mumbai and London, industry watchers believe a booming tourism sector could push the average room price above $300 within the year.

‘The psychological barrier now is $300 and I think that will be broken during the Formula One Grand Prix period,’ said Dr Donald Han, managing director of property consultancy Cushman & Wakefield. ‘But that kind of price cannot be sustained in the long term.’

For hoteliers like Crowne Plaza Changi general manager Mark Winterton, the latest spike is ‘fantastic news’.

GOING UP AND UP
‘The psychological barrier now is $300 and I think that will be broken during the Formula One Grand Prix period.’
DR DONALD HAN, managing director of property consultancy Cushman & Wakefield
Last month, 811,000 visitors entered Singapore, a record for February, according to STB statistics. The charge was led by Indonesians (125,000), Chinese (121,000), Australians (52,000), British (51,000) and Malaysians (50,000).

The boom helped room revenues for all of Singapore to reach an estimated $174 million in February, a 43.5 per cent jump from the same month last year.

The rate spurt has not been confined to exclusive hotels such as the Ritz-Carlton Millenia or Fullerton. Even three-star properties like Windsor Hotel in MacPherson Road say they are doing a roaring business.

Boutique hotel Link Hotel in Tiong Bahru has been operating for barely five months and is already more than 80 per cent full on most nights.

Its general manager George Chen said: ‘New hotels generally have problem filling up their rooms. But demand in Singapore is so strong that there is no such issue.’

Although rising room rates are a good thing, Mr Winterton, whose hotel in Changi Airport Terminal 3 opens in May, had a cautionary word about the increases.

‘We must not get too greedy and start pricing ourselves out of the market.’

Source : Straits Times - 26 March 2008

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For Rent - Visioncrest Residence - District 09 Singapore Apartment Condo Listing- 26.03.2008

For Rent - Visioncrest Residence - District 09 Singapore Apartment Condo Listing- 26.03.2008

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

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

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

Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 33
Area — 753
Bedroom — 1
PSF — 0
Price$ — 0
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 33
Area — 0
Bedroom — 1
PSF — null
Price$ — 5200
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 33
Area — 741
Bedroom — 1
PSF — 8.1
Price$ — 6000
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 35
Area — 926
Bedroom — 2
PSF — 7.02
Price$ — 6500
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 950
Bedroom — 2
PSF — 6.84
Price$ — 6500
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 926
Bedroom — 2
PSF — 7.34
Price$ — 6800
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 1109
Bedroom — 2
PSF — 6.31
Price$ — 7000
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 700
Bedroom — 1
PSF — 7.14
Price$ — 6000
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 700
Bedroom — 1
PSF — 8.29
Price$ — 5800
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 990
Bedroom — 2
PSF — 7.58
Price$ — 7500
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 947
Bedroom — 2
PSF — 6.55
Price$ — 6200
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 947
Bedroom — 2
PSF — 6.34
Price$ — 6000
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 947
Bedroom — 2
PSF — 0
Price$ — 0
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 910
Bedroom — 2
PSF — 6.59
Price$ — 6000
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 37
Area — 700
Bedroom — 1
PSF — 8.57
Price$ — 6000
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 39
Area — 1227
Bedroom — 3
PSF — 6.93
Price$ — 9500
Type — C
District — 9
Estate — VISIONCREST RESIDENCE, BLK 39
Area — 700
Bedroom — 1
PSF — 7.86
Price$ — 5500

Real estate in Singapore - property of Singapore, Buy, sales, rents, investment,

MINDY YONG

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Landmark Tower goes Singapore en bloc again, at lower price tag

Landmark Tower goes Singapore en bloc again, at lower price tag
LANDMARK Tower, a 99-year leasehold residential site in Chin Swee Road, is up for collective sale again - this time with a lower asking price.
 
Landmark Tower: The 60,821 sq ft site in Chin Swee Road can accommodate a high-rise condo of 220 units 
The property was first put on the market in July last year with an indicative price of about $300 million - but there were no takers.

That price worked out to $1,471 per sq ft per plot ratio (psf ppr), including a charge to top up the site’s remaining tenure to 99 years.

This time, the sellers are asking $270 million, which works out to $1,324 psf ppr, including a $28 million charge to top up the tenure.

No development charge is payable.

The 60,821 sq ft site has a 3.7 plot ratio that would give a developer a total gross floor area of 225,038 sq ft to play with.

‘The successful buyer can redevelop the site to accommodate a high-rise condominium development comprising 220 apartment units of about 1,000 sq ft each,’ said Ho Eng Joo, executive director of investment sales at Colliers International, which is conducting a public tender for the project.

‘With the recent success seen for the sale of state land, we are optimistic that this site - given its strategic location - will be highly attractive to developers and investors who are looking to secure a prime site on the fringe of the central business district,’ he said.

If the asking price is met, owners will get an en-bloc premium of about 70 per cent, Mr Ho said.

Landmark Tower is now a 38-storey residential development comprising 139 apartment and penthouse units.

The tender closes on April 15 at 3pm.

Source : Business Times - 26 March 2008

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Pacific Star to woo European investors with property fund-Singapore

Pacific Star to woo European investors with property fund-Singapore

By UMA SHANKARI

SINGAPORE-based Pacific Star Group said yesterday it will set up a property fund with a target asset size of US$2 billion to tap the growing appetite of European investors for prime Asian real estate.
The Asia Fund Select Concept, managed out of Singapore and other regional offices, will invest in four new funds focused on real estate in India, China, North-east Asia and South-east Asia.

Investors will have the flexibility of allocating their capital to a selection or to all four country funds.

Frank-Rainer Vaessen, president of fund management for Pacific Star, is ‘optimistic’ the fund’s assets under management will grow to US$2 billion by end-2008.

He expects a ’substantial amount’ of this will already be committed at the fund’s first closing at end-June.

The umbrella fund is expected to have an internal rate of return (IRR) of about 14-16 per cent, Mr Vaessen said. Pacific Star will market the fund to institutional investors in Europe, the Middle East and the US.

The fund will be the first order of business for newly set up Pacific Star Europe, a Munich joint venture between Pacific Star and two individuals.
 
Under the deal, Pacific Star will own 51 per cent of the JV while the two partners will hold the remaining 49 per cent.

Other than the fund, Pacific Star Europe’s nine-member team will create and manage a ‘fund of funds’ - that is, a fund that will invest in other third-party funds.

Pacific Star believes that having an entity in Europe will strengthen and complement existing relationships with European investors and partners.

In future, Pacific Star Europe could also be used to facilitate European investments by Asians, Mr Vaessen said.

European institutional investors transacted some US$2.2 billion of property deals in Asia in the first half of 2007, according to a report by Jones Lang Lasalle.

And for the same period, Asian inflows into European real estate totalled US$3.5 billion.

Source : Business Times - 26 March 2008

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Singapore Bt Panjang, Jurong West sites go on reserve list

Singapore Bt Panjang, Jurong West sites go on reserve list

By UMA SHANKARI

HDB has released two land parcels under the government’s reserve list system - a condominium site at Bukit Panjang and an executive condominium (EC) parcel at Jurong West.
The 99-year leasehold Bukit Panjang site in Chestnut Avenue is thought to be the more attractive of the two.

The parcel is 244,300 sq ft and has a 2.1 plot ratio - yielding a maximum gross floor area of 513,100 sq ft.

Ku Swee Yong, director of marketing and business development at Savills Singapore, estimates the site can fetch $190-$200 per sq ft per plot ratio (psf ppr) - which works out to $97.5-$102.6 million in all.

But Nicholas Mak, director of research and consultancy at Knight Frank, is more bullish - he estimates that price should be in the region of $220 to $280 psf ppr.

This works out to $112.9-$143.7 million in all.

‘Units in the proposed development will enjoy views of Cheng Hua Garden and the Lower Peirce Reservoir,’ Mr Mak said.

Units can fetch average prices of $720-$750 psf, he said.

Both analysts said 400-450 units could come up on the site.
 
Elsewhere, the EC site in Jurong West Street 42 has an area of some 183,000 sq ft and a 3.0 plot ratio - giving it a maximum gross floor area of 549,000 sq ft.

For this site, Mr Ku expects $125-130 psf ppr.

Mr Mak, on the other hand, estimates the price will be in the region of $120 to $160 psf ppr.

He said the site is expected to attract fewer than five bids if put up for tender.

About 420-500 flats can be built on the site.

Both plots are offered through the reserve list system, under which a site is only offered for public tender if the government receives an application with a committed bid at a price deemed acceptable.

‘It is good that the two sites are being offered under the reserve list,’ Mr Ku said.

‘In today’s uncertain market, this lets developers who are looking to build up their landbanks trigger the sites, rather than selling at a time when the market response might be poor.’ he said.

Source : Business Times - 26 March 2008

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MCL tops bids at $213.5m for Yishun 99-yr condo site - Singapore

MCL tops bids at $213.5m for Yishun 99-yr condo site - Singapore

Offer of $350 psf per plot ratio is 68% above the next highest bid
By KALPANA RASHIWALA

MCL Land yesterday offered almost 70 per cent more than its closest rival in a state tender for a 99-year condominium site at Yishun fronting Lower Seletar Reservoir and close to Singapore Orchid Country Club/Golf Course.
The Hongkong Land subsidiary placed the highest of five bids the site drew. Its price of $213.5 million - or about $350 per sq ft of potential gross floor area - was 68 per cent higher than the next highest offer, of $127 million or $208 psf per plot ratio by Peak Properties unit Peak Green. Peak Properties is controlled by the Wee family.

The tender drew three other bids - from Frasers Centrepoint ($109.66 million or $180 psf ppr), Sim Lian Land ($92.6 million or $152 psf ppr), and Cheung Kong Holdings unit Billion Rise, which placed what some market watchers termed a cheeky bid of $57.74 million or just $95 psf ppr.

Asked how he felt about offering such a steep premium for the plot, MCL Land’s CEO Koh Teck Chuan said: ‘I bid at a price I’m comfortable with. I’m confident of making money on this project.’

The breakeven cost for a new condo development on the site will be about $680 psf, and MCL Land’s bid model assumed an average selling price of $750-800 psf, he added.
 
The group plans a 480-500 unit condo development 15-16 storeys high. ‘Because the site has a long frontage along the reservoir, we can design the project in such a way that almost every unit will face the reservoir,’ Mr Koh said.

‘We’ve studied the site. I climbed up the nearest HDB block and the view was breath-taking. I saw unobstructed views of the reservoir and greenery.

‘And the site is within walking distance of Khatib MRT Station. This is a nice suburban housing location.’

Mr Koh pointed out that developers have adopted divergent strategies at state tenders lately. ‘Some are using the current lull to fish for bargains, while those who need to replenish their landbanks tend to bid at closer to market prices,’ he said.

MCL currently does not have any 99-year leasehold residential sites in its landbank, although it has a string of freehold residential projects it hopes to launch this year or next year. These are in locations like Holland Hill (in a joint venture with Ho Bee), Balmeg Hill in the Pasir Panjang area, Upper Serangoon Road, Boon Teck Road in the Balestier vicinity, Ewe Boon Road, Sixth Avenue and Seletar Hills.

CB Richard Ellis executive director Li Hiaw Ho said the ‘fairly robust response’ of five bids at yesterday’s tender from major and mid-size developers signals ‘developers’ confidence in the suburban segment despite the current lukewarm response to new projects’.

Demand for the new condo on the plot at Yishun Avenue 1/2 is likely to come from HDB upgraders and those working in the northern part of Singapore, he added.
Source : Business Times - 26 March 2008

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No rush to sell other 2 gencos: sources - Singapore

No rush to sell other 2 gencos: sources - Singapore

Huaneng completes Tuas Power deal while Temasek weighs its options
By RONNIE LIM

(SINGAPORE) After completing the sale of Tuas Power to China Huaneng Group for $4.2 billion on Monday, Temasek Holdings is likely to take a breather before selling Singapore’s other two big generating companies. Some sources suggest that this could be due to the global credit crunch.
The sale of Tuas Power means that Singapore consumers are now getting electricity from a 100 per cent-owned Chinese power station.

Huaneng, China’s biggest power producer, said in a brief statement that it had completed the Tuas Power transaction - for a previously reported $4.235 billion cash - and now wholly owns the genco.

A Temasek spokesman said yesterday that there is no firm time-line on the sale of the other two generating companies - Power Seraya and Senoko Power. Nor is there any official word on which will be sold first.

Tuas Power, PowerSeraya and Senoko Power together account for more than 80 per cent of Singapore’s electricity generating capacity.

When it launched the sale of the generating companies, starting with Tuas Power in October last year, Temasek said that ‘barring macro shocks’, it expected to complete the entire exercise by mid-2009.

With the first sale completed on schedule, indications are that Temasek will want to digest the implications of this transaction before embarking on the next. ‘There is ample time,’ a source said.
 
Wong Kim Yin, Temasek’s managing director for investment, indicated as much last October when he said that the investment company would see how the Tuas Power sale went to ascertain how best to proceed with the next two sales.

Temasek is likely to ‘look at the market to gauge how much interest there is, and whether there is particular interest in Seraya or in Senoko,’ the source said. It is likely to get input as well from Credit Suisse Group and Morgan Stanley, its advisers for the sale.

But at least two industry sources reckon the global credit crunch - with banks tightening their lending - is something which Temasek will watch closely before deciding its next move. ‘Temasek will probably wait and see how this unfolds,’ a source said.

Still, the $4.2 billion price fetched by Tuas Power was well above what the market had expected. ‘It’s very high,’ an official said, adding that the price probably reflects some strategic plan by buyer China Huaneng.

‘It probably has a development in mind for Tuas Power that could lower the generator’s structural cost so it can get a decent return on its investment,’ he said.

The sale of Tuas Power - the newest but smallest (2,670 megawatts) of the generating trio - attracted strong interest. Reportedly eight or nine contenders, including the Bahrain-based investment bank Arcapita and India’s GMR Infrastructure, were shortlisted for the final round.

Asked whether the larger Senoko Power (3,300 MW) or PowerSeraya (3,100 MW) would fetch as much if not more than Tuas Power, an official said: ‘It’s not a linear thing. It all depends on the conclusions which the buyer makes.’
Source : Business Times - 26 March 2008

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