Singapore New Changi Business Park site may see bids of up to S$600m

Singapore New Changi Business Park site may see bids of up to S$600m

By Timothy Ouyang, 
SINGAPORE: JTC Corporation on Wednesday launched a tender for a mega development site at Changi Business Park, and the 4.7-hectare site is likely to see bids as high as S$600 million.

The winning bidder will have to build an integrated development comprising a business park, retail activities and a hotel.

Changi Business Park has been a hub for businesses that need to stay close to the airport or away from the city centre.

The new site being launched by JTC is at the junction of Changi South Avenues 1 and 2.

The site will yield a total gross floor area of 117,515 square metres, and 60 per cent of the floor space must be used for business park activities. The rest has been set aside for so-called “white” or commercial activities, including retail and hotel space.

Developers can dedicate 45 to 60 per cent within the “white” component to retail activities, with the remaining being set aside for the development of a hotel.

Observers say the winning bidder will need to build a hotel on the site to ease the crunch on hotel rooms in the vicinity.

Chua Yang Liang, head of research and consultancy at Jones Lang LaSalle, said: “I would say the retail component is going to be more limited to just serving the day-to-day needs of the immediate occupants there. Hotel, on the other hand, is probably more welcomed. There is a dearth of hotels in and around that area.”

Some 2,000 hotel rooms could be built on the site, according to analysts that Channel NewsAsia spoke to.

The news comes as the government tries to cater to the rising demand for business park space and amenities in that area.

JTC expects Changi Business Park’s current population of 6,000 to surge to 20,000 by 2011.

Market watchers say demand will continue to remain strong over the next 12 to 24 months.

Donald Han, managing director of Cushman & Wakefield, said as long as there is a huge gap between the prime office rentals in the central business district and the rentals in Changi Business Park, “there will be what we call the preference for huge multi-national corporations to try and average down CBD office rents by moving part of their operations into the Changi Business Park.”

Interested bidders have up till 19 August to submit their proposals for the site. - CNA/ac

Source : Channel NewsAsia - 12 jun 2008

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CapitaLand, Grand Hyatt win Singapore green awards

CapitaLand, Grand Hyatt win Singapore green awards

By CHEW XIANG

CAPITALAND won the Singapore Environmental Achievement Award while Grand Hyatt took home a merit prize at the second Singapore Green Summit yesterday.
The Summit, said to be the ‘Oscars for the environment’, is organised by the Singapore Environment Council. The award recognises overall environmental and social responsibilities in an organisation and is the most prestigious green gong in Singapore.

This year saw a new category which recognises SMEs that have gone green.

Richard Hale, a board director at CapitaLand, said that it was not enough for companies to be ‘an acceptably pale, commercial green’. He said that his company’s winning of the award validated its efforts, including its comprehensive green strategy, energy saving efforts and outreach programmes.

John Beveridge, manager of the Grand Hyatt Singapore, said that the award ‘will act as a motivator to help us focus on making even more of a positive impact on the environment’. The hotel was lauded for a $3.5 million efficient cooling system and its efforts to reduce energy consumption.

Marc-Plan, an offshore and shipbuilding company, got the inaugural Efficiently Developing Growing Enterprise (Edge) award. The offshore and shipbuilding company was praised for its waste-cutting and energy efficiency strategies.
The SEC-Senoko Power Green Innovation Awards was won by Microwave Packaging, which designs food containers. Senoko Power was the main sponsor of the event.

The second Singapore Green Summit was meant to bring all environmental awards under one roof. But differences over timing and a re-alignment of its corporate objectives meant that last year’s partner, the Association of Chartered Certified Accountants, went it alone this year and presented its part of the awards on environmental and social reporting at a conference last week.

The guest of honour at yesterday’s ceremony was Minister for National Development Mah Bow Tan.

Source : Business Times - 12 jun 2008

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Sub-sales market may stay active as punters sell Singapore units

Sub-sales market may stay active as punters sell Singapore units

Median sub-sale price fell 8% in Q1 2008, says DTZ study
By KALPANA RASHIWALA

SPECULATIVE buying has eased, but the sub-sale market may continue to be active as speculators dispose of units in projects as they are physically completed, DTZ says in a recent report.

 
‘Those who had purchased multiple units on deferred payment schemes are most likely to sell some or all units to avoid stretching their financial limits,’ it added.

Typically the deferred payment schemes under which many residential projects have been sold in the past by developers run out when the projects receive Temporary Occupation Permit (TOP). That is when buyers have to pay the bulk of the purchase price to developers.

The scheme was scrapped in October last year to discourage speculative buying which had sent private home prices to dizzying heights earlier - until the US sub-prime crisis struck.

DTZ’s analysis of caveats lodged for private home purchases shows that the median sub-sale price fell by nearly 8 per cent quarter-on-quarter to $1,107 per square foot in Q1 2008.

 
‘Those who had purchased multiple units on deferred payment schemes are most likely to sell some or all units to avoid stretching their financial limits.’
 
- DTZ 
 
This was due to fewer high-end units being transacted in the sub-sale market. Projects which received the strongest subsale interest in Q1 2008 were Citylights, Icon and Varsity Park Condo, as TOPs for these projects were granted recently, resulting in many speculators disposing of their early purchases, the report said.

Independent of whether they bought their units on deferred payment, property investors typically tend to sell off units shortly before or after a project receives TOP as buyers are willing to pay a slightly higher price then, because units in the development can be immediately rented, DTZ executive director Ong Choon Fah explains.

Sub-sales, used as a proxy for the level of speculative activity, refer to secondary market deals in projects that have yet to receive Certificate of Statutory Completion. This may be anywhere from three to 12 months after the project receives TOP.

DTZ’s report also showed that foreigners (including permanent residents) accounted for 28 per cent of caveats lodged for overall private home purchases in Q1 this year, up slightly from a 27 per cent share in the preceding quarter.

Indonesians and Malaysians continued to be the biggest buyers, accounting for 18 per cent and 15 per cent respectively of private homes bought by foreigners in Q1 2008.

Buyers from India saw their share go up from 11 per cent in Q4 last year to 14 per cent in Q1 2008. However, Koreans’ share slipped from 8 per cent to 5 per cent over the same period.

‘The higher earlier share was partly due to a number of projects being marketed in Korea during 2007,’ DTZ said.

Projects that were popular among foreign buyers in Q1 2008 included Zenith in the Zion Road location, Waterfront Waves facing Bedok Reservoir, and Marina Collection in Sentosa Cove.

Source : Business Times - 12 jun 2008

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Expatriate cost of living climbs in Singapore

Expatriate cost of living climbs in Singapore
LIVING costs for expatriates in Singapore have risen among the most over the past nine months, according to a survey.
ECA International’s latest cost-of-living study shows Singapore climbing 17 places in the rankings to 114th spot. Within Asia, it is 13th on a list dominated by Japanese and Korean cities.

Human resources firm ECA says a stronger currency and high food and fuel price rises led to a big climb in rankings for cities such as Singapore, Manila and ‘many second-tier cities’ in China. Hong Kong, India and a few Korean cities, on the other hand, fell in the rankings.

Globally, Luanda in Angola was ranked the most expensive city for expatriates, followed mostly by European cities and another African location - Libreville, Gabon - in the top 10.

The survey - carried out twice a year - compares a basket of 128 consumer goods and services commonly bought by expatriates in more than 370 locations worldwide.

According to ECA, multinational companies use the results as a guide to set assignment salaries. Living costs for expatriates are affected not only by inflation and exchange rates but also the availability of common consumer goods.

 
Not everything has gone up in price, however. While the cost of petrol rose more than 13 per cent in Singapore and Hong Kong in the six months between September 2007 and March 2008, and the cost of egg noodles by almost 15 per cent here over the same period, the cost of a flat screen TV set in Singapore, for instance, has fallen 20 per cent between the surveys, ECA notes.

The continued weakness of the US dollar has led to falls in rankings for most US cities. Manhattan, previously the most expensive in America, has dropped 29 places to 83rd globally. Rio de Janeiro is now the most pricey for expatriates in the Americas, and Canadian cities like Toronto and Montreal are now more costly than Manhattan.

And while Luanda’s pole position may surprise some, ECA general manager Lee Quane points out that the survey compares like-for-like goods and services - and certain items and brands typically bought by expatriates can be very expensive in a place like Luanda where they may not be readily available.

 
Source : Business Times - 12 jun 2008

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Singapore JTC launches hotel-in-biz park tender

Singapore JTC launches hotel-in-biz park tender

By EMILYN YAP
(SINGAPORE) A hotel within a business park? That may soon become reality, as JTC Corporation launched a concept and price tender yesterday for the development of an integrated business park facility with retail and hotel components in Changi Business Park (CBP).
The 4.7-hectare Plot 61 is a ‘Business Park - White 40′ site. Forty per cent of the total gross floor area of 1.26 million square feet will go towards ‘white’ or commercial activities.

Retail activities will take up 45 to 60 per cent of the ‘white’ space, while the balance will be set aside for a hotel. ‘It would seem that there is a deliberate effort to ensure that a hotel will be built on the site, adding a complementary element to the predominantly business park use at CBP,’ said executive director of CBRE Research, Li Hiaw Ho.

According to the tender document, bidders may opt for either a term of ‘30 years with an option for a further term of 30 years’, or 60 years.

JTC said that it launched the tender to meet rising demand for business park space and amenities in CBP. The working population in the park could rise from 6,000 to 20,000 by 2011.

The integrated development would house firms in the high-technology, high value-added and knowledge-intensive industries. CBP is already attracting backend operations from financial institutions.
According to Knight Frank’s senior manager of industrial business space Chow Kok Seng, rents in CBP can range from $3.50 to $6 psf.

He believes that the site may attract three or more bids from private developers, and Soilbuild Group Holdings could be one of them. The firm has developed Eightrium @ CBP, and recently won a JTC award to build, own and operate a stack-up factory at Tanjong Kling.

He also notes that private developers may offer bids ranging from $130 to $167 psf.

Observing that Plot 61 is larger than a previous site which was awarded to United Engineers in Q4 2007, Mr Li said that ‘Plot 61 is likely to draw bigger developers which have the experience with large mix-used developments.’

The design concept probably needs to have a ‘wow’ factor because JTC may want the development to be a showcase, according to Chesterton International’s head of research and consultancy Colin Tan. Therefore, he does not expect the award to be based solely on the bid price.

CBRE Research’s Mr Li is optimistic on the integrated development’s appeal. ‘The proposed hotel would be able to draw guests that are working on a short-term basis in CBP or at Changi Airport, as well as participants of events held in the Singapore Expo,’ he said.

Interested developers have up to August 19 to submit their proposals.

Source : Business Times - 12 jun 2008

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Singapore HDB upgraders hold key to property market turnaround

Singapore HDB upgraders hold key to property market turnaround

Squeezed out of private home market for some years, they see their share rise again
By KALPANA RASHIWALA
(SINGAPORE) HDB upgraders could once again provide the base for a recovery in private home buying, just like they did in 1998, property consultancy group DTZ argues, based on its latest analysis of caveats data which show an increase in these upgraders’ share of private homes bought in Q1 this year.

HDB upgraders accounted for 28 per cent of all private homes purchased in Q1 2008, up from a 22 per cent share in the preceding three months. Their Q1 share was also the highest in seven quarters, according to DTZ’s analysis of caveats released to BT.

‘This is in line with the current profile of private home buyers we’ve been seeing amidst a quieter market; they’re buying more for owner occupation rather than for investment.’ DTZ executive director Ong Choon Fah says.

‘HDB upgraders are price sensitive and very careful with their purchase. They’re waiting for the right opportunity,’ she added.

Mrs Ong compares the growing share of HDB upgraders in the private home-buying pie in Q1 2008 to the surge seen in 1998, at the trough of the last big property slump during the Asian financial crisis. In that year, HDB upgraders made up a whopping 60 per cent of caveats lodged for private home sales, up from a 42 per cent share in 1997 and 34 per cent share in 1996.

Another surge in HDB upgraders’ share of private home buying was seen in 2002, when it hit 59 per cent, after private home prices fell during the 2001 economic slowdown. Since 2002, HDB upgraders’ share has been slipping, hitting a low of 22 per cent last year. The falling share of HDB upgraders over the past few years has come in tandem with rising property prices - which squeezed them out of the market - and the emergence of more foreign buyers, industry watchers said. The first quarter of this year saw their share rise again.

DTZ’s Mrs Ong reckons HDB upgraders’ share of private home purchases should continue to rise in the coming quarters but this will also be a function of the type of projects developers launch. Typically, HDB upgraders go for mass-market developments in the suburbs.

‘They’re pretty comfortable living in their HDB flats and face no pressing need to upgrade to a private home. So upgrading is quite an aspirational thing; they’re not satisfying a need, but a want. They will buy selectively; it has to be a project that suits their lifestyle but it must also be priced attractively,’ Mrs Ong stresses.

‘Part of the reason developers have not been selling many homes lately is that they are not offering many mass-market projects at attractive price-points. They have not re-priced existing projects. It’s only for their new launches that prices are being set at the lower end of, or below, earlier market expectations,’ she added.

Agreeing, Knight Frank executive director Peter Ow noted that the level of activity in the HDB resale market is still healthy. ‘So mass-market condos that are reasonably priced should appeal to HDB dwellers aspiring to upgrade to private housing. These buyers are very price sensitive though,’ he said.

DTZ’s analysis, based on caveats captured by Urban Redevelopment Authority’s Realis system, showed that the total number of caveats lodged for private home purchases fell 40 per cent quarter-on-quarter to 3,066 in Q1 this year.

Amid the slower home sales, the number of private homes bought by those with HDB addresses also fell 25.8 per cent, from 1,145 units in Q4 2007 to 850 units in Q1 2008.

However, this decline was lower than a 44.4 per cent slide in the number of private homes bought by those who already have a private home address over the same period. As a result, the share of private homes bought by HDB upgraders rose in the first three months of this year.

Districts 15, 9 and 16 were the top picks for HDB upgraders who bought private apartments/condos from developers in Q1 2008. The most sought-after projects included Waterfront Waves in the Bedok area (District 16), Wilkie 80 (District 9) and Zenith in the Zion Road location (District 10).

Landed properties made up 13 per cent or 111 of the total 850 caveats lodged for private home purchases in Q1 2008.

 
Source : Business Times - 12 jun 2008

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BNP to move all IT services to S’pore

BNP to move all IT services to S’pore 

By Lorna Tan, Finance Correspondent 
 
SINGAPORE’S standing as a major financial centre has won another vote of approval - this time from BNP Paribas Private Bank.
The French bank is consolidating in Singapore its information technology (IT) support services from various parts of the world. It aims to have 120 staff members in the Republic, mainly new hires, by next year.

Mr Michel Longhini, the head of BNP private banking Asia-Pacific, said a key reason Singapore was selected was that it was already a regional headquarters for private banking.

Other reasons include the country’s high level of infrastructure and strong talent pool.

He said the group had looked at other locations, including Europe and Northern Africa. Singapore, however, was the best option.

The private bank’s team will offer software development, support and maintenance for all of BNP’s private banking locations worldwide.

Asia is an important market to BNP, and the size of its Asian private banking business has trebled in the last five years. During this period, BNP’s Asian private banking business enjoyed a strong growth in assets of 25 per cent a year, with the value reaching US$30.3 billion (S$41.49 billion) last year.

Mr Longhini said the bank’s growth rate was higher than that of its competition in Asia, which had been growing by 15 per cent annually.

Currently, BNP Paribas Private Bank has nearly 650 staff members based in Asia spread out in Singapore, Hong Kong, Taiwan, mainland China and India. It recently entered into an alliance with Thai-owned Thanachart Securities to service high net-worth individuals in Thailand.

In line with an increased demand from its clients, BNP is also putting more resources into philanthropic services in Asia.

Mr Longhini said the bank had a specialist team dealing with the Asian charitable sector.

 
Source : Straits Times - 12 jun 2008

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Singapore JTC launches tender to develop hotel, retail shops

Singapore JTC launches tender to develop hotel, retail shops
 
This will add vibrancy to Changi Business Park, offer business travellers options

By Michelle Tay 
 
IN A Singapore first, the fast-growing Changi Business Park (CBP) is set to boast a hotel and retail outlets alongside the hubbub of enterprise.
A move yesterday by industrial landlord JTC Corp to invite developers to inject vibrancy into CBP with the novel development was warmly welcomed by the property market.

The 4.7ha site on offer, next to Singapore Expo, will include a business park’s regular features, such as an industrial space for high-tech and research and development firms.

JTC, however, yesterday asked that the proposals - which are to cover price and concept - should also include plans to develop a hotel and retail outlets. This is the first such project for a business park in Singapore.

It means business travellers attending exhibitions and conventions in the east will soon be able to rest and relax at CBP rather than heading elsewhere in town.

JTC said it expected CBP’s population of 6,000 to surge to 20,000 by 2011.
Mr Dominic Peters, the director of industrial services at property advisory firm Savills Singapore, said: ‘There is currently no retail component in and around CBP; just mere amenities like F&B outlets. A hotel and retail mixture will create some vibrancy in the evenings in and around the Changi area… The response for tenders should be overwhelming.’

The site will yield a gross floor area of 117,515 sq m, 40 per cent of which has been designated for commercial activities. About 45 per cent to 60 per cent of the area designated for commercial activities can be used for retail, leaving a floor area of 18,800 sq m to 25,900 sq m for a hotel.

Bids for the site could be in the region of a few hundred million dollars, some consultants said.

JTC has said it is catering to the rising demand for business park space and amenities in CBP.

CBP, launched in July 1997 and covering 66ha, houses a mix of high-tech, data and software enterprises, and R&D and knowledge-intensive outfits like IBM and Honeywell. It is also fast-becoming a hub for financial backroom operations, with Citibank, Credit Suisse, DBS Group Holdings and OCBC Bank poised to set up there.

Said a JTC spokesman: ‘The hotel component is a must and should be at least a three-star one catering to the business traveller.’

This is good news for CBP’s neighbour, Singapore Expo, just across Changi South Avenue 1.

A spokesman for Singex Venues said all 10 halls and 100,000 sq m of the Singapore Expo had been sold out through this month, citing the burgeoning meetings, incentive trips, conventions and exhibitions (Mice) industry.

A business hotel over the road could help meet this demand, as the country’s hotels have estimated that over 20 per cent of room revenue last year was from Mice visitors.

Said Mr Keith Oliver, the general manager of Singapore Expo: ‘The hotels will be good for our overseas exhibitors and visitors, who will find the proximity a great convenience.’

Interested developers have up to Aug 19 this year to submit their proposals for the tender.
 
LIVELIER MIX

‘A hotel and retail mixture will create some vibrancy in the evenings in and around the Changi area… The response for tenders should be overwhelming.’

MR PETERS, of Savills Singapore, on the likely impact of developing a hotel and retail outlets in CBP

Source : Straits Times - 12 jun 2008

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Prices of some new Singapore properties coming down

Prices of some new Singapore properties coming down 

Move may signal end of months-long stand-off between buyers and sellers

By Fiona Chan, Property Reporter 

 
GOOD news for homebuyers: The prices of some new developments are finally starting to come down.
At least two new projects have been tagged with prices below what they were expected to fetch just months ago.

This may be because developers are faced with no sign of improvement in the cooling property market, consultants say. They may be choosing to move units by making their projects more affordable rather than continuing to wait out the gloomy sentiment.

One example is Dakota Residences in Dakota Crescent, a 99-year leasehold project by Ho Bee Investment and NTUC Choice Homes.

Sales of its 348 units will start next Saturday at an average of about $950 per sq ft (psf) - below the $1,000 psf to $1,100 psf that Ho Bee had previously targeted.

This means a 1,300 sq ft three-bedroom unit would cost about $1.24 million, down from as much as $1.43 million previously.

‘After the land cost and building cost, the break-even price is actually almost $900 psf,’ said a property agent, who asked not to be named.

The Straits Times understands that about 120 units will be released in the first phase, and prices may go up by at least 5 per cent for the remaining units, depending on demand.

For now, the two- and three-bedroom units that face away from Geylang River are said to cost $950 psf to $970 psf, while the bigger four-bedroom units facing the river will go for $1,000 psf.

City Developments’ (CDL) Shelford Suites in Shelford Road has also started previews for its 77 units at about $1,600 psf on average.

Market watchers said this was lower than expected, as two units were sold in March for $1,869 psf and $1,905 psf.

Shelford Suites’ launch had been delayed for months as CDL waited for sentiment to improve.

Property consultants say the act of lowering prices may be the beginning of the end of a months-long stand-off between homebuyers and home sellers that has led to a slump in transactions.

Would-be buyers have proved strongly resistant to current property prices, which have jumped 36 per cent in the last five quarters, while sellers have refused to reduce their prices until now.

But while lowering prices may jump-start the market, a one-off reduction may not be enough to sustain sales, said Mr Colin Tan, the head of research and consultancy at Chesterton International.

‘Developers will have to continue to reduce prices if they want to maintain sales, as many projects are still out of the reach of owner-occupiers,’ he said.

Meanwhile, developers are gearing up to launch more mid-tier projects for an increasingly price-sensitive market.

East Bay, a 40-unit condominium at Tay Lian Teck Road off Upper East Coast Road, will be on sale in the coming weeks. Prices average $1,100 psf, starting at about $600,000.

Also in the east, Ivory at Ceylon Road has sold about five of its 28 units. Prices start at $558,000 for a 640 sq ft two-bedroom apartment, averaging $800 psf.

At 353 Pasir Panjang Road, a 19-unit boutique project will be completed soon, though sales have just started. A handful of units have been sold so far, with one-bedroom apartments going for $550,000, and three-bedroom units priced at $1.4 million to $1.5 million.

Shelford Suites (above)
Sold in March for: $1,869 psf - $1,905 psf
Current price: $1,600 psf
Dakota Residences

Planned price: $1,000 psf - $1,100 psf
Current price: $950 psf

Source : Straits Times - 12 jun 2008

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Man arrested for rental Singapore flat scam

Man arrested for rental Singapore flat scam 

By Yeo Ghim Lay 
 
WITHOUT viewing the flat to be rented, 11 people handed over hundreds of dollars each in cash deposits to the owner of a Commonwealth Drive HDB flat, in exchange for a set of keys.
But when they turned up at the three-room flat, they found it locked. None of the keys worked and the landlord could no longer be contacted.

The 11 victims, six of whom are foreigners, lost $8,250 in total.

On Tuesday evening, police arrested a 46-year-old unemployed man. If found guilty of cheating, he could be jailed up to seven years and fined.

Police believe the first tenant was cheated in March, and that there are more victims who have not come forward.

Housing agents and prospective tenants would respond to newspaper advertisements offering the suspect’s flat for rent.

He would meet the potential tenant, usually at a shopping centre, and hand over photocopies of documents including his identification card, as well as a set of two keys.

Making an excuse that he was in a rush, he would suggest that the tenant view the unit himself. Just before leaving, he would ask for a cash deposit ranging from $150 to $3,000.

Interior designer Rainer Lew, 36, was one of the 11 who handed over his money. He had met the man on Monday, a day before the suspect was nabbed.

‘I gave him $300 as a deposit. He didn’t strike me as suspicious. He even showed me his identity card which had an address that matched the unit he was renting out,’ said Mr Lew.

But when he visited the flat later, the gate was chained and padlocked. The door, which was unlocked, opened to show an unfurnished flat.

Police believe the man had an accomplice as he would sometimes meet his victims accompanied by another man whom he referred to as his brother.

They said they are closing in on this second man, and urged prospective tenants to be careful before putting down a deposit.

 Tips on renting flat
THINKING of renting a flat? To avoid falling prey to a rental scam, Mr Eric Cheng, executive director of HSR property group, suggests that tenants:

View the flat first to ensure it is in good condition.

Check that the landlord is the rightful owner by asking to see the conservancy charges bill.

Pay the deposit with a cheque and only after collecting the key personally. It will be easier to prove that payment was made.

Move in as soon as possible.

Engage a housing agent. Most established agencies refund deposits if anything goes wrong.

Source : Straits Times - 12 jun 2008

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