Singapore Plot ratios may change in certain local conditions: Mah

Singapore Plot ratios may change in certain local conditions: Mah

WILL plot ratios go up in the draft Master Plan 2008?
‘There will be changes in certain places to reflect certain local situations, local conditions,’ National Development Minister Mah Bow Tan said yesterday without elaborating.

But there will ‘not be a major review across-the-board’ of plot ratios for the draft Master Plan 2008, he said. Plot ratio is the ratio of maximum gross floor area (GFA) to site area, so the higher a site’s plot ratio, the more the GFA that can be built on it.

The draft Master Plan 2008 is expected to be unveiled in late May and exhibited for a month for public feedback before being finalised and gazetted by the year-end.

Mr Mah last year ruled out massive, across-the-board islandwide increases in plot ratios for Master Plan 2008 to cope with a long-term population planning parameter of 6.5 million. Yesterday, he said: ‘We will do our Master Plan review every five years. As we go forward, as the situation changes, we will make the appropriate decision then.’
 
A study by Jones Lang LaSalle published by BT earlier this year said undeveloped state sites within walking distance of Circle Line MRT stations, particularly those that intersect with existing MRT lines, will be among the top candidates for higher plot ratios in Master Plan 2008.

The study highlighted areas near Paya Lebar MRT Station and Buona Vista MRT Station, where the Circle Line will intersect with the existing East-West Line, and HarbourFront MRT, where the Circle Line crosses the North-East Line.
Source : Business Times - 05 April 2008

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Mah disagrees with suggestions on land sales, deferred payment scheme - Singapore

Mah disagrees with suggestions on land sales, deferred payment scheme - Singapore
NATIONAL Development Minister Mah Bow Tan yesterday disagreed with suggestions by property tycoon Kwek Leng Beng on the need for the government to review its first-half 2008 land sales programme and rethink its decision to scrap the deferred payment scheme.
 
‘You rent, you can’t use your CPF. When you buy, you actually buy a place you can call your own. It’s an investment. When you rent, it’s not yours.’
- Mah Bow Tan
Mr Mah said the government can be nimble on state land sales because the programme is reviewed every six months, depending on changes in the market.

But the H1 2008 programme will not be changed midstream, he said. ‘We should be careful of knee-jerk reactions. You can’t adjust it just because something is happening yesterday and then we change things today. We’ve got to take a longer-term view.’

Mr Mah was speaking at a media briefing after he delivered the keynote address at Urban Redevelopment Authority’s Corporate Plan seminar at Grand Copthorne Waterfront Hotel.

In an interview published by BT this week, Mr Kwek had urged the government to review its H1 2008 land sale programme, which was fixed last year when the property market was buoyant compared with today.

On the decision announced in October last year to scrap the deferred payment scheme, Mr Mah said yesterday it was carefully considered, taken ‘after a lot of thought, deliberation’.

‘The objective was two-fold,’ he said. ‘One, to remove excessive speculation from the market. And two, to make sure there is financial prudence - that people make decisions and don’t over-commit themselves.

‘These are two very important objectives and they are still relevant today - in fact, probably more so in today’s kind of market. I don’t see any need for us to change our decision on that.’

Mr Kwek had suggested the deferred payment scheme could be revived, but this time with a higher initial payment of 30 per cent instead of 20 per cent previously. He also said that if a developer wants to extend a deferred payment scheme to a buyer, perhaps the developer’s bank might be in a better position to assess viability, while keeping an eye on prudence.

Mr Kwek also made a suggestion he said could make housing more affordable for young Singaporeans, including singles. The government could build more public housing units and lease them to young first-time buyers with an option to buy the flats within 10 years at fixed prices, he said.

Responding yesterday, Mr Mah said he disagreed with the premise that young couples cannot afford to buy an HDB flat.

‘The average amount of money they need to put up for monthly mortgage payments is well within their means, something like 20 per cent. This is quite affordable,’ he said.

‘If you were to rent, they will probably be paying as much, if not more, in rental, than to buy the flat. It doesn’t make sense to rent when you can buy using your CPF. You rent, you can’t use your CPF.

‘When you buy, you actually buy a place you can call your own. It’s an investment. When you rent, it’s not yours.

‘Our home ownership policy with all the generous housing subsidies that we have given actually allows most Singaporeans, young couples, to be able to buy their own homes.

‘If you look at the numbers, you’ll find that suggestion (by Mr Kwek) does not quite make sense.’

Source : Business Times - 05 April 2008

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Singapore Jurong Lake will be transformed into waterfront playground

Singapore Jurong Lake will be transformed into waterfront playground

4-5 new attractions planned; Science Ctr site to be developed

THE area around Jurong Lake has been earmarked as a waterfront playground lined with four or five new attractions.
As part of the revamp, the Singapore Science Centre will also be relocated next to Chinese Garden MRT Station and its present site carved into a third island within Jurong Lake and developed into Lakeside Village.

The village, surrounded by a new waterway, will offer alternative shopping and dining, with food & beverage, retail and entertainment outlets and boutique hotels on the lakeside. It will be connected to the new commercial hub at Jurong Gateway through a network of walkways.

The existing Chinese and Japanese gardens - which occupy the two existing islands in the lake - will have added new facilities and activities to boost their attraction.

The plans were revealed in the Urban Redevelopment Authority’s (URA) draft Master Plan for the area, released yesterday. The plan will guide development over the next 10-15 years.

The four or five new attractions will cater to families with young children. They could include edutainment that rides on proximity to the new Science Centre, nature-based activities that leverage on the lake, as well as attractions with hotels, F&B and shopping.
 
URA said the new attractions will complement those Jurong already has, such as Jurong Bird Park, the Science Centre and Singapore Discovery Centre.

‘The attractions at Jurong Lake will be differentiated from others at Marina Bay, Southern Waterfront and Mandai,’ URA said.

URA will work with the Singapore Tourism Board to encourage investors to develop the attractions, National Development Minister Mah Bow Tan said yesterday.

A new public park will be developed on the western edge of Jurong Lake next to Lakeside MRT Station. Water activities like kayaking and dragon-boating will be introduced on the lake by end-2008. And boardwalks, fishing points and wetlands will be introduced along selected stretches by end-2009.

URA chief executive Cheong Koon Hean said URA may include its plans for Jurong Lake District in its overseas marketing efforts.

The authority’s draft Master Plan for the district - comprising the Lakeside precinct as well as the area around Jurong East MRT Station, dubbed Jurong Gateway - has drawn kudos from industry players.

Park Hotel Group director Allen Law said a business hotel could work in the Jurong Lake District. ‘A tourist hotel will depend on the phasing of the new attractions,’ he added.

Nature Society president Geh Min said: ‘I am happy to hear the mention of wetlands. I don’t think there will be an issue with the loss of natural environment.’

UOL Group chief operating officer Liam Wee Sin said of URA’s plans for the district: ‘I’m quite impressed. There’s a big opportunity to do an eco-city, not just sky gardens and terraces - but with conscious planning, policy, design and usage.’

DP Architects’ Tai Lee Siang reckons the Jurong Lake District will have an edge over Tampines Regional Centre because it has the lake as a natural asset.

Colliers International said URA’s blueprint for the district will boost the popularity and value of property there in the mid to long term.

‘It’s exciting because it will inject a new lease of life to an area that has struggled for many years to shrug off its image as an industrial location,’ said Colliers’ director Tay Huey Ying.

- With additional
reporting by Arthur Sim

Source : Business Times - 05 April 2008

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Singapore URA’s Jurong Gateway plan draws mixed response

Singapore URA’s Jurong Gateway plan draws mixed response

Consultants and developers hail alternative hub, but fear over-supply in medium term
By KALPANA RASHIWALA

PROPERTY consultants and developers have given a mixed reception to the Urban Redevelopment Authority’s (URA) plan for Jurong Gateway, which will have about 5.4 million sq ft of gross office area over 10-15 years.
 
 
While they welcome an alternative commercial hub that will provide lower-cost office space, some are worried about the timing that yesterday’s announcement - made at a point when there is sufficient confirmed mid-term supply - will have on sentiment.

Others are worried the announcement may scare foreign investors from the local office market because of potential over-supply in the not-too-distant future.

First, the positive views.

Jones Lang LaSalle’s Singapore country head Chris Fossick welcomed URA’s plans for the new commercial hub around Jurong East MRT Station, comparing it to Changi Business Park in the east, which has attracted backroom offices of financial institutions.

Both locations are similar - close to transport hubs and a substantial labour pool, Mr Fossick noted. ‘Singapore is in need of such facilities to provide an alternative to more highly-priced real estate in the CBD (central business district) for companies that don’t need to be in the CBD.

‘From a macro perspective, we can be more competitive as a country when it comes to office space. We can go to banks, IT firms or any MNC and say: ‘You have two choices in Singapore: CBD office space or good-quality office space in Jurong or Changi.’ We can say Singapore has office space that is expensive as well as space that’s inexpensive.’

Another advantage of decentralisation is preventing congestion in the CBD from getting worse, Mr Fossick said.

Giving a more cautious view, CB Richard Ellis executive director Moray Armstrong said: ‘The launch of the vision for the area comes at a time when there seems to be ample supply of office space catered for.

‘I wonder how strong interest will be in developing the new office space in Jurong because there is already quite a healthy level of confirmed office supply on the island, the bulk of which is a product of the government’s policy reaction in the past two years of releasing greater volume of land.

‘Office space in the Jurong Gateway location is untested, but if the government is taking a long-term view, it’s not unreasonable to envisage this location emerging as a Tampines equivalent.

‘Nonetheless, the target they have set looks pretty ambitious in terms of the overall quantum of space, even for a 10-15 year time-frame. After all, Tampines has existing and new office developments in the pipeline with a total net lettable area of about two million sq ft, and that would be over a span of 12-13 years.’

City Developments group general manager Chia Ngiang Hong also voiced concern about the timing of the release of office sites at Jurong Gateway.

‘Hopefully, the government will study the market situation carefully before it starts tendering out new office sites,’ he said. ‘Otherwise, it won’t be healthy to cause a massive over-supply in the market again.’
Source : Business Times - 05 April 2008

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Number of start-ups up 20% at 44,000 - Singapore

Number of start-ups up 20% at 44,000 - Singapore

Acra taking host of measures to make environment here more pro-enterprise
By OH BOON PING

THE number of new enterprises registered here rose to 44,069 last year - up 20 per cent from five years ago, latest figures show.
And in the first quarter of this year, 12,450 new businesses were registered, says Accounting & Corporate Regulatory Authority (Acra).

‘On average, about 40,000 new start-ups - companies, businesses and limited liability partnerships - are registered and incorporated in Singapore each year,’ said Acra deputy chief executive Ow Fook Chuen at the Start-up Enterprise Conference yesterday.

According to organiser DP Information, the number of new enterprises registered here last year rose to 44,069 from 36,675 in 2002 - a 20 per cent rise.

This came as Singapore kept its pole position in terms of ease of doing business, based on the World Bank’s Doing Business Survey in 2007/2008.

However, Mr Ow notes that Acra is mindful of the challenges that start-ups face in today’s business world and aims to make the environment here more ‘pro-enterprise’.

This is done by removing regulatory barriers and red tape that hinder business growth and development through avenues such as the Pro-Enterprise Panel.
 
To facilitate business development, Acra said that it has embarked on a joint effort with organisations like Inland Revenue Authority of Singapore (IRAS), Spring Singapore and others to provide one-stop, integrated e-services on its electronic registration system, BizFile for businesses.

‘For example, when registering with Acra, business applicants can now also register for Goods and Services Tax (GST), establish an on-line presence with SME Domain Name Reservation and subscribe to the free EnterpriseOne newsletter all with a click of the mouse.’

In addition, he notes, the government recently launched the new eXtensible Business Reporting Language system (XBRL) so that financial data can be easily extracted for various purposes.

Acra says that it is now working to transfer financial statements filed by companies in full XBRL format to the IRAS. This removes the need to make separate filings with IRAS, after XBRL financial statements are submitted to Acra.

Another speaker at the conference yesterday was Lo Yoong Khong, a director at the Infocomm Development Authority (IDA), who touched on the SME infocomm programmes.

Some of the help schemes include the Technology Innovation Programme (TIP), SME Infocomm Resource Centre and SME Domain-names Reservation.

For example, TIP provides financial assistance to SMEs to innovate using IT. This encourages firms to create high-value products and services, and compete effectively in the global market.

Also, IDA may be launching a new entry-level and one-stop IT package for firms, covering both hardware and software. More details will be available in the coming months.
Source : Business Times - 05 April 2008

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Still in bullish on Singapore property

Still in bullish on Singapore property

DESPITE the US subprime crisis, which will have a cyclical impact, Liew Mun Leong remains bullish on Singapore’s property market in the medium term.
‘Main street America is suffering from the sins and mistakes of Wall Street,’ he says. ‘And when main street gets hit, that will affect Asia, we can’t run away from it.’

However, Singapore’s property market has some strong underpinnings, he maintains. Most importantly, the drivers of Singapore’s property market have changed in recent years. ‘The rise in property prices since 2002 is no longer due to domestic policy changes such as the liberalisation of CPF and the HDB sub-sale policy.

‘It is driven by the remaking of Singapore. Singapore as a global city, as a gateway to Asia, the integrated resorts, plus the displacement demand from en-bloc sales.’

The change in the number and profile of foreign buyers is also notable, he points out. ‘In the past foreign buyers were mainly from Malaysia and Indonesia. But now, there are big buyers from at least 12 countries.’

The proportion of foreign buyers for private properties has also risen from 13.7 percent of the total in 1996 to 25 per cent in 1997. And the number of foreign professionals coming to live in Singapore has tripled over that period, as has foreign direct investment.

At the same time, the affordability of private residential properties as measured by mortgage payments as a percentage of household income has improved, going from around 46 per cent to 36 per cent.

And then Mr. Liew points to the big picture: ‘Singapore has 700 sq km, with 4.5 million people. The population is projected to grow to more than 6 million, but the city cannot grow. If we reclaim another 11 per cent we’ll be in international waters already.’

‘Another point, I tell foreigners. Compare putting $5 million in a house in Singapore with putting $5 million in a house in, say, Bangkok or Jakarta. In Singapore, the government provides so much support in the form of infrastructure. What infrastructure support would you get in Bangkok or Jakarta? This is an important issue when you buy property. Investors realise this.

‘So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I’m not saying this because I’m selling property.’

Source : Business Times - 05 April 2008

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Mindy Yong

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The West also rises with Singapore Jurong East makeover

The West also rises with Singapore Jurong East makeover

360-hectare Jurong Lake District will marry offices and retail outlets with waterfront playground
By KALPANA RASHIWALA

(SINGAPORE) With malls, hotels, offices and entertainment outlets, the sleepy charms of the area around Jurong East MRT Station are poised for a stunning makeover. The place - called Jurong Gateway - will be turned into the biggest regional centre on the island.
 
 
Add to this the land and water development around the nearby Jurong Lake - with kayaking, dragon boating and a lakeside village - and the transformation that melds business opportunities with leisure pursuits will be complete.

Jurong Gateway will provide 5.4 million sq ft gross floor area of new office space and 2.7 million sq ft of retail, F&B and entertainment area - more than 2.5 times the current size of Tampines Regional Centre, Minister for National Development Mah Bow Tan announced yesterday.

The time frame for development will be about 10-15 years and sites in the location are likely to be tendered out for private sector development based on market demand and pace of take-up.

The 70-hectare Gateway will also have at least 1,000 new private homes as well as 2,800 hotel rooms - roughly the same quantum as the Singapore River hotel belt.

Meanwhile, the Lakeside precinct around the Jurong Lake has been earmarked as a new waterfront playground spread over 220ha of land and 70ha of water. It is envisaged as a major leisure destination for Singaporeans and tourists, with about four or five proposed new attractions.

Jurong Gateway and Lakeside together make up Jurong Lake District, the blueprints for which were revealed by Urban Redevelopment Authority (URA) yesterday.

The 360ha total potential area for development is close to the size of Marina Bay.

In his speech at URA’s corporate plan seminar, Mr Mah stressed the importance of decentralisation as a key planning strategy to maintain balance between supporting economic growth and a high-quality living environment.

While Marina Bay and the city remain Singapore’s main commercial centre, new commercial hubs like Jurong Gateway will be developed outside the city centre to provide more choices of attractive business locations and bring jobs closer to homes. URA has also earmarked the area around Paya Lebar MRT Station for development into an alternative business hub.

URA said Jurong Gateway will be ideal for company headquarters, business services as well as companies in the science and the research and development (R&D) fields. Such companies will be able to tap a large labour pool from a one million-population catchment in Jurong East and West, Clementi and Bukit Batok, enjoy proximity to a cluster of over 3,000 companies in the International Business Park and Jurong and Tuas industrial estates. Jurong Gateway is also a major transport hub, with Jurong East MRT Station and a bus interchange. The area around the MRT station is designated for development into an integrated commercial and transport hub with white use - allowing office, retail, residential and hotel use. A short distance away, at Jurong Town Hall Road, sites have been designated for high-rise office use.

The tallest buildings in Jurong Gateway will be 35 storeys high but building heights will step down towards Jurong Lake, allowing most developments to have panoramic views of the lake.

A new big-box retail format incorporating consumer electronics, furniture and hypermarket being developed by TT International will add about 34,000 sq m of retail space when completed by end-2009.

Mr Mah also stressed that Singapore’s long-term approach to planning - encompassing the Concept Plan and Master Plan process - is a fundamental part of the republic’s sustainable development effort. He noted that Singapore’s physical resources, especially land, are able to support a long-term population planning parameter of 6.5 million.

The minister also touched on how the influx of foreigners is making some Singaporeans uneasy. ‘They find the competition for jobs and school places tough. They see themselves priced out of the housing of their choice.’

Highlighting the contribution of foreigners to various tiers of the Singapore economy and society, Mr Mah said: ‘We must . . . convince our people that at the end of the day, if we want to have a good life, we must learn to accept the foreigners in our midst.’
Source : Business Times - 05 April 2008

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For Sale Singapore District 11, Bungalow,Landed House 05-04-2008

For Sale Singapore District 11, Bungalow,Landed House 05-04-2008

Bungalow (B), Semi Detached (SD), Inter Terrace (IT) , Corner Terrace (CT) Price $K=In Thousand

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

Type — B
District — 11
Street — BARKER RD, NO.
Tenure — FH
Age — BN
Area — 8000
Land — 6700
stroey — 3
Room — 9
Psf — 1336
PRICE $ — 8950000
Type — B
District — 11
Street — BARKER RD, NO.
Tenure — FH
Age — 10+
Area — 3500
Land — 6200
stroey — 2
Room — 5
Psf — 1419
PRICE $ — 8800000
Type — B
District — 11
Street — CAMBORNE RD, NO.
Tenure — FH
Age — BN
Area — 6000
Land — 5000
stroey — 2
Room — 5
Psf — 2000
PRICE $ — 10000000
Type — B
District — 11
Street — CHEE HOON AVE, NO.
Tenure — FH
Age — 20+
Area — 0
Land — 15300
stroey — 1
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 11
Street — DUNEARN CL, NO.
Tenure — FH
Age —
Area — 9000
Land — 14093
stroey — 2.5
Room — 8
Psf — 709
PRICE $ — 9990000
Type — B
District — 11
Street — GENTLE DR, NO.
Tenure — 99
Age — 14
Area — 4800
Land — 6438
stroey — 2
Room — 4
Psf — 854
PRICE $ — 5500000
Type — B
District — 11
Street — JLN TEMPUA, NO.
Tenure — FH
Age —
Area — 5000
Land — 6000
stroey — 2.5
Room — 6
Psf — 1250
PRICE $ — 7500000
Type — B
District — 11
Street — JLN TEMPUA, NO.
Tenure — FH
Age — BN
Area — 9500
Land — 9600
stroey — 2
Room — 6
Psf — 1094
PRICE $ — 10500000
Type — B
District — 11
Street — LORNIE RD, NO.
Tenure — FH
Age — 06+
Area — 8000
Land — 19100
stroey — 2.5
Room — 7
Psf — 1000
PRICE $ — 19100000
Type — B
District — 11
Street — MERRYN RD, NO
Tenure — FH
Age —
Area — 0
Land — 5000
stroey — 2
Room — 5
Psf — 1200
PRICE $ — 6000000
Type — B
District — 11
Street — MERRYN RD, NO.
Tenure — FH
Age — 03+
Area — 4200
Land — 5500
stroey — 2.5
Room — 5
Psf — 1000
PRICE $ — 5500000
Type — B
District — 11
Street — OLIVE RD, NO.
Tenure — FH
Age —
Area — 8500
Land — 15000
stroey — 2
Room — 0
Psf — 1000
PRICE $ — 15000000
Type — B
District — 11
Street — SHELFORD RD, NO.
Tenure — FH
Age — 15
Area — 4800
Land — 8500
stroey — 2
Room — 5
Psf — 1000
PRICE $ — 8500000
Type — B
District — 11
Street — TREVOSE CRES, NO.
Tenure — FH
Age — BN
Area — 6500
Land — 5000
stroey — 4
Room — 5
Psf — 1656
PRICE $ — 8280000
Type — B
District — 11
Street — TUDOR CL, NO.
Tenure — FH
Age — 05+
Area — 4700
Land — 5500
stroey — 2.5
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 11
Street — WATTEN EST RD, NO.
Tenure — FH
Age — 05+
Area — 4800
Land — 4300
stroey — 3
Room — 7
Psf — 1047
PRICE $ — 4500000
Type — B
District — 11
Street — WATTEN RISE, NO.
Tenure — FH
Age —
Area — 6000
Land — 4000
stroey — 3.5
Room — 6
Psf — 1500
PRICE $ — 6000000
Type — IT
District — 11
Street — HILLCREST RD
Tenure — 99
Age — BN
Area — 3089
Land — 0
stroey — 2.5
Room — 4
Psf — null
PRICE $ — 3300000
Type — IT
District — 11
Street — HILLCREST RD
Tenure — 99
Age — BN
Area — 3154
Land — 0
stroey — 3
Room — 5
Psf — null
PRICE $ — 3154000
Type — IT
District — 11
Street — HILLCREST RD
Tenure — 99
Age — BN
Area — 3088
Land — 0
stroey — 4
Room — 4
Psf — null
PRICE $ — 2880000
Type — IT
District — 11
Street — HILLCREST RD, NO.
Tenure — 99
Age — BN
Area — 3154
Land — 0
stroey — 3
Room — 4
Psf — null
PRICE $ — 3400000
Type — IT
District — 11
Street — HILLCREST RD, NO.
Tenure — 99
Age — BN
Area — 3089
Land — 0
stroey — 4
Room — 5
Psf — null
PRICE $ — 3390000
Type — IT
District — 11
Street — HILLCREST RD, NO.
Tenure — 99
Age — BN
Area — 3154
Land — 0
stroey — 3
Room — 4
Psf — null
PRICE $ — 3000000
Type — IT
District — 11
Street — HILLCREST RD, NO.
Tenure — 99
Age — BN
Area — 3154
Land — 0
stroey — 2
Room — 4
Psf — null
PRICE $ — 0
Type — IT
District — 11
Street — HILLCREST RD, NO.
Tenure — 99
Age — BN
Area — 3089
Land — 0
stroey — 3
Room — 5
Psf — null
PRICE $ — 2826000
Type — IT
District — 11
Street — HILLCREST RD, NO.
Tenure — 99
Age — BN
Area — 3089
Land — 0
stroey — 3
Room — 5
Psf — null
PRICE $ — 3100000
Type — IT
District — 11
Street — HILLCREST RD, NO.
Tenure — 99
Age — BN
Area — 3082
Land — 0
stroey — 4
Room — 4
Psf — null
PRICE $ — 3100000
Type — IT
District — 11
Street — HILLCREST RD, NO.
Tenure — 99
Age — BN
Area — 3089
Land — 0
stroey — 4
Room — 4
Psf — null
PRICE $ — 3050000
Type — IT
District — 11
Street — HILLCREST RD, NO.
Tenure — 99
Age — BN
Area — 3025
Land — 0
stroey — 3.5
Room — 4
Psf — null
PRICE $ — 3328000
Type — IT
District — 11
Street — JLN ADAT, NO.
Tenure — FH
Age —
Area — 2400
Land — 1840
stroey — 2
Room — 3
Psf — 935
PRICE $ — 1720000
Type — SD
District — 11
Street — HARLYN RD, NO.
Tenure — FH
Age — 10+
Area — 3300
Land — 3800
stroey — 2.5
Room — 5
Psf — 1184
PRICE $ — 4500000
Type — SD
District — 11
Street — HILLCREST RD, NO.
Tenure — FH
Age —
Area — 3200
Land — 3500
stroey — 2
Room — 3
Psf — 1100
PRICE $ — 3850000
Type — SD
District — 11
Street — JLN UNGGAS, NO.
Tenure — FH
Age — 40+
Area — 0
Land — 5000
stroey — 2
Room — 4
Psf — 1080
PRICE $ — 5400000
Type — SD
District — 11
Street — LORNIE RD, NO.
Tenure — FH
Age —
Area — 4000
Land — 4600
stroey — 2
Room — 4
Psf — 902
PRICE $ — 4150000
Type — SD
District — 11
Street — MT ROSIE RD
Tenure — FH
Age — BN
Area — 4671
Land — 0
stroey — 4
Room — 4
Psf — null
PRICE $ — 4000000
Type — SD
District — 11
Street — MT ROSIE RD
Tenure — FH
Age — BN
Area — 4700
Land — 0
stroey — 3
Room — 4
Psf — null
PRICE $ — 4350000
Type — SD
District — 11
Street — SHELFORD RD, NO.
Tenure — FH
Age — 29
Area — 6513
Land — 8367
stroey — 2
Room — 4
Psf — 1195
PRICE $ — 10000000
Type — SD
District — 11
Street — UNIVERSITY WLK
Tenure — 99
Age — 15
Area — 3000
Land — 3900
stroey — 2
Room — 5
Psf — 1179
PRICE $ — 4600000
Type — SD
District — 11
Street — WATTEN EST RD, NO.
Tenure — FH
Age —
Area — 0
Land — 4611
stroey — 3
Room — 6
Psf — 0
PRICE $ — 0

Singapore Properties - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

OCBC ends Singapore Robinson ties, sells stake to Dubai retail group

OCBC ends Singapore Robinson ties, sells stake to Dubai retail group 

Al-Futtaim now owns 87.2%; no plans outlined yet, so store could well end up being privatised

By Lee Su Shyan, Assistant Money Editor 
STRATEGIC PLAN: Dubai-based Al-Futtaim has said it plans to use Robinson & Co as a springboard to South-east Asia.
 
 
OCBC Bank, the last substantial investor in the grand dame retailer Robinson & Co, has sold its stake to Dubai’s Al-Futtaim Group, severing a relationship that has lasted for more than half a century.
OCBC, which owned about 6.05 per cent or 5.2 million shares of the Orchard Road institution, announced its decision yesterday.

The bank would reap $37.4 million for its stake based on the $7.20 per share price Al-Futtaim announced after the offer closed on Thursday. It still has 6,000 shares because of a legal technicality, but it is understood that these shares will be tendered soon.

OCBC’s announcement confirmed speculations that the bank had sold its shares. The level of acceptances rose sharply after Robinson’s largest shareholder, Indonesia’s Lippo Group, cast its lot with Al-Futtaim on Thursday, indicating OCBC had also accepted the offer.

Lippo’s move to sell its 29.99 per cent stake to Al-Futtaim brought the acceptance level to 60.8 per cent. Two hours later, at 7pm, the level swelled to 87.2 per cent, with OCBC’s stake probably included.

In just over a month, OCBC had sold stakes in two companies that were part of the stable of investments built up in the 1950s by its late chairman, Mr Tan Chin Tuan.

Last month, it sold its 6.2 per cent holding in The Straits Trading Company to Tecity, Mr Tan’s family-owned investment vehicle. That deal yielded OCBC about $135.4 million.

The Robinson deal brings its total yield to about $173 million. More divestments have not been counted out.

OCBC spokesman Koh Ching Ching said: ‘We have stated that we will continue to look for opportunities to divest our non-core assets at the right time and price, and re-invest the gains in core financial services growth opportunities.’

In 2003, Robinson’s customers and shareholders were up in arms over plans that OCBC wanted to completely divest its 36 per cent stake in Robinson. The reason was a Monetary Authority of Singapore deadline calling on banks to hold less than 10 per cent of non-banking assets.

The public outcry forced OCBC to backtrack on its plans. In 2006, however, the sale was mooted again as the regulatory deadline approached. There was much less opposition that time, and Lippo swooped in to buy 29 per cent, leaving OCBC with just over 6 per cent.

There was, however, some criticism that OCBC did not insist on Lippo making a general offer that would have allowed other minority shareholders to benefit from the generous $7.90 per share price.

Fast forward to the present, and OCBC, although it receives only $7.20 per share now, has still benefited from dividends of about $1.53 a share since Lippo came in.

It was too early to note any signs of a corporate change at Robinson yesterday, although Al-Futtaim had said it would use Robinson as a springboard to South-east Asia. It is understood that its representatives are not even in Singapore yet.

With Al-Futtaim’s stake at 87.2 per cent, it is possible that by the time the offer closes, after the extension to April 30, there may not be enough free float in the market.

A DBS Vickers research note yesterday urged shareholders to accept the offer, saying the premium was attractive.

As Al-Futtaim has not outlined its intentions for Robinson’s listing status, the retailer could well end up being privatised.

Despite two changes in controlling shareholders within the space of two years, Robinson chief executive John Cheston, when asked about the impact on staff, replied: ‘Meanwhile, it is business as usual at Robinson.’

Source : Straits Times - 05 April 2008

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Singapore National Development Minister responds to property issues

Singapore National Development Minister responds to property issues 
 
On rental housing:

‘Our strategy is two-pronged… We are looking to increase the supply from 43,000 today, to go up to about 50,000. So that’s another 7,000 - an increase of about 20 per cent.

‘We are also relooking the eligibility criteria to make sure they cater to the really needy.

‘As an article mentioned today, a lot of people in the queue really shouldn’t be in the queue. They already enjoyed a housing subsidy…and cashed out, and are now coming out to join the queue. So while they are eligible today, strictly speaking, there are other people much more in need of a rental flat.

‘There are other alternatives in place - whether it’s a studio apartment, smaller flat, or the lease buyback scheme that we will roll out next month. All these are ways to monetise their flats.

‘Joining the rental flat queue is not the way and I think we have to relook our criteria.’

On withdrawing the deferred-payment scheme:

‘It was a very carefully considered decision…The objective was twofold: remove excessive speculation from the market and make sure there is financial prudence so that people…don’t over-commit.

‘These are still relevant today. We don’t see a need to change the decision.’

On City Developments chief Kwek Leng Beng’s suggestion that the Government remain ‘nimble’ in a changing property market and review the land sales programme:

‘It’s a point of view a developer will take, but there are many players in the property market; they all have their own views… They represent different, conflicting interests.

‘We can be nimble, but we have to bear in mind that we have to take a longer-term view about things…We should be careful about knee-jerk reactions.

‘We can’t adjust because something happens yesterday and we change things today.’

On increasing Singapore’s population:

‘We don’t know what will happen, what the numbers will be in 10 to 20 years.

‘But if we do need to increase our population to 6.5 million in the future…it is comforting to note that our physical resources, especially land, are able to support this.’
 
Source : Straits Times - 05 April 2008

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Singaopore HDB reviewing application process

Singaopore HDB reviewing application process 
 
THE Housing Board is in the process of reviewing its current application process, National Development Minister Mah Bow Tan disclosed yesterday.
This follows recent public concerns that the thousands of applications that pour in for an HDB project bear little relation to the actual take-up rate of flats.

HDB’s latest condo-like flats, City View @ Boon Keng, for example, sold only 250 or so out of 714 units, despite receiving 3,500 applications.

Eligible buyers pay $10 to enter a ballot for HDB’s sales exercises. This assigns them a queue number to select a flat in a particular sales project.

Mr Mah acknowledged it was frustrating for some couples in the queue - who might have missed out on selecting a flat because of the high numbers - and said there was a need to address it.

‘I’ve asked HDB to study this to discourage people from giving up their flats, or chance, so easily.’

The idea is to have a queue that ensures that when buyers get to the front, they book the flat, said Mr Mah.

‘That will be fair to people in the queue, and good for HDB, to get some certainty about the supply and demand situation.’

More details on the review will come at a later date, he said.

JESSICA CHEAM

Source : Straits Times - 05 April 2008

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Over 1,000 Singapore private homes to be built

Over 1,000 Singapore private homes to be built 
TARGETING YOUNG FAMILIES: View of Lakeside park. New private housing will be coming up close to the area.
 
PROPERTY hunters looking to buy a stake in the newly revamped Jurong Lake District will be happy that more than 1,000 private homes will be built there.
But no more new Housing Board flats are planned for Jurong, said National Development Minister Mah Bow Tan yesterday.

This is also partly because the focus is on building up Sengkang and Punggol towns, said Mr Mah.

‘There is sufficient public housing in Jurong so the next phase will be… on private housing,’ he added.

However, if demand is strong for the private homes, more land can be re-allocated for condominiums.

That is why the sites around the MRT stations are mostly white sites, said Mr Mah.

‘But all this ultimately has got to depend on the market and how it responds, whether the emphasis is more on office or housing.’

The Urban Redevelopment Authority said yesterday that the residential buildings at Jurong Gateway are likely to be 35 storeys at most, and building heights will gradually step down towards the lake to enable good views.

Colliers International’s director of research and consultancy, Ms Tay Huey Ying, said it was timely for the Government to make early plans to accommodate and tap on any spillover in demand from the Central Business District.

This could occur from the office, hotel and residential sectors when mega projects, such as the two integrated resorts and Marina Bay Financial Centre, are completed and up and running, she said.
Source : Straits Times - 05 April 2008

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Singapore Largest commercial area outside town

Singapore Largest commercial area outside town 
BIG DRAW: Jurong Gateway will host offices, shops, homes, hotels, restaurants and entertainment centres.
 
MOVE over, Tampines. Jurong is set to be the next big suburban commercial hub.
About 70ha around the Jurong East MRT station have been set aside for the new Jurong Gateway, which will be the largest business district outside of town.

Offices, shops, homes, hotels, restaurants and entertainment centres are just some of the facilities earmarked for the site, said National Development Minister Mah Bow Tan yesterday.

Jurong Gateway will provide about 8.1 million sq ft of office and retail space - more than double Tampines’ and more than three times Novena’s, Mr Mah said.

About two-thirds of the space will be set aside for offices, while a third will be for retail, restaurant and entertainment outlets. There will be a mix of large, modern malls and low-rise shops in a ‘village setting’.

Jurong Entertainment Centre, part of CapitaLand’s CapitaMall Trust, is also being revamped and will house an Olympic-size ice-skating rink next year.

Mr Mah also said more than 1,000 new private homes will be added around the MRT station, and up to 2,800 hotel rooms in the area.

The spate of development will make Jurong Gateway ‘an attractive location for company headquarters, especially those from the business services and science and technology sectors’, he said, adding that Jurong East is ‘already a thriving business hub today’, with more than 3,000 companies in Jurong and Tuas.

Property consultants welcomed the plans. ‘Making plans now would prevent a possible repeat of the supply crunch we are experiencing,’ said Ms Tay Huey Ying of Colliers International.

Source : Straits Times - 05 April 2008

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Singapore New waterfront playground

Singapore New waterfront playground 
WATERSIDE FUN: The lakeside village will feature a host of food and retail outlets as well as boutique hotels.
 
THE Lakeside area will be transformed into a major leisure destination in the next 10 to 15 years, with existing attractions enhanced and new ones added.
First up is the new ‘world-class’ Singapore Science Centre, which will involve expanding the existing attraction and relocating it next to Chinese Garden MRT station. This will allow it to make use of the nearby Jurong Lake and surrounding green spaces to extend the learning environment, said National Development Minister Mah Bow Tan yesterday.

New facilities will also be added to key attractions in the area, like the Chinese and Japanese Gardens.

Jurong Lake itself will be spruced up, turning the area into Singapore’s new ‘waterfront playground’ and bringing it closer to the new Jurong Gateway office hub.

The Government is also exploring ways to make the lake more accessible, such as by building new waterways or a landscaped walkway.

By the end of the year, the lake will host new water activities such kayaking and dragon-boating, thanks to the PUB. By the end of next year, the agency will also set up more public amenities around the lake, such as boardwalks, fishing points, wetlands and water features. To cap it all, a public park and a lakeside village will be built along with four or five other attractions near the water targeted at families with young children.

These may have ‘edutainment’ or nature themes, and could even include hotels, restaurants, or shops.

The lakeside village will offer more shopping and dining options. It will be linked to Jurong Gateway by a network of walkways, making the two precincts just a 10-minute walk apart.
Source : Straits Times - 05 April 2008

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S’pore’s very own Lake District

S’pore’s very own Lake District 

Jurong is set to shed its industrial image with a stunning makeover

By Jessica Cheam 
POLISHING A ‘GEM’: Set around the Chinese Garden and Lakeside MRT stations will be new tourist attractions and parks, complemented by water activities. — ST PHOTO: FRANCIS ONG
 
JURONG tends to conjure up unflattering images of factories and sleepy suburbia, but the area is slated for a stunning makeover that will transform it into Singapore’s only lakeside destination.
National Development Minister Mah Bow Tan yesterday unveiled a vision for a revamped Jurong, starting with a new name: the Jurong Lake District.

The ambitious plan, to be implemented over the next 10 to 15 years, involves building new waterways, 1,000 private homes, 2,800 hotel rooms and adding 750,000 sq m of office and retail space.

The Jurong Lake District, which at 360ha is the size of Marina Bay, will consist of two precincts.

One is the 70ha Jurong Gateway, which will boast swanky new offices, condos and entertainment features, including an Olympic-size ice-skating rink, all set around Jurong East MRT station.

The other is Lakeside, which is being targeted as a hang-out for young families.

It will feature a bold new science centre, tourist attractions and parks complemented by water activities, all set around the Chinese Garden and Lakeside MRT stations.

Mr Mah told a 500-strong audience at an Urban Redevelopment Authority (URA) seminar yesterday that many Singaporeans saw Jurong as a suburban residential and industrial area ‘located far away from the city centre’.

But he described it as a ‘gem’, with compelling reasons singling it out for redevelopment. It is near established towns, with a large labour force and a population catchment of more than one million residents.

It is also a thriving business hub, with more than 3,000 companies - from multinationals to tiny operations - two universities and research centres such as one-north in the vicinity. That made it an ideal business location for cutting-edge technology, said Mr Mah.

Existing transport links - the PanIsland and Ayer Rajah expressways and two MRT lines - also connect Jurong East to the city quickly.

Mr Mah pointed to another benefit of the plan: the proximity of jobs to homes in the area, which reduced the need to commute and eased pressure on transport services.

Jurong’s rejuvenation is part of a broader URA decentralisation strategy to balance economic growth, reduce commuting and provide a high quality of life with many leisure options.

It will announce its plans next month to redevelop Paya Lebar. Both initiatives are part of its 2008 Draft Masterplan Review.

URA chairman Alan Chan said the ideas for Jurong were the result of consultation with a wide spectrum of public and private industry players.

Market watchers welcomed the news, saying it would inject new life into Jurong, which has struggled for years to shed its industrial image.

Colliers International’s director of research and consultancy Tay Huey Ying said the plan ‘would lift the popularity and value of property in the mid- to long-term’.

PropNex chief executive Mohamed Ismail predicted that home prices could increase by five to 10 per cent in the next two years.

Madam Halimah Yacob, an MP for Jurong GRC, said the rejuvenation was a welcome move.

The Chinese and Japanese gardens, for example, were under-utilised and could do with a makeover, she said.

Residents are also excited.

Manager David Lim, 49, who owns a four-room HDB flat at Lakeside, said he hardly stays in Jurong for his weekend recreational activities.

‘But to have all these amenities so close to home will really be a bonus,’ he said.

Source : Straits Times - 05 April 2008

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Mindy Yong

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