Residents raise concerns as Singapore HDB seals off air vents in old blocks

Residents raise concerns as Singapore HDB seals off air vents in old blocks

By Hoe Yeen Nie,

SINGAPORE: A fire safety measure by the Housing and Development Board (HDB) has raised a ruckus among some residents of a block of flats in Toa Payoh Lorong 5.

They claim that the sealing off of the ventilation shafts facing the common corridors has become a potential health hazard instead.

In Madam Maimon’s one-room flat, the electric fan is perpetually switched on since the HDB sealed off the air vents last month.

She said: “Before the vents were sealed, it was not hot. There’s still a breeze blowing in. And it was bright, so we did not have to switch on the lights in the flat.”

Such air vents are a familiar feature of some old housing blocks in Singapore.

The move has raised concern among volunteers at the nearby Thye Hua Kwan Seniors’ Activity Centre, which sent an appeal letter to the HDB, without success.

Social workers said these vents were a useful means of checking in on residents, especially those who keep their doors closed all the time. Foul smells could also be detected through these openings and there had been occasions in the past where dead bodies were discovered this way.

However, not all residents mind. Some make do by taking more showers.

Meanwhile, HDB said the move was prompted by a blast in a Bukit Merah flat on 3 August 2007, which killed an elderly man and injured four others.

Investigations showed that the fire and smoke had spread to other units through the corridor vents. Thus, HDB is keen to prevent a similar tragedy.

Lawrence Pak, Deputy Director, Building Technology Department, HDB, said: “We understand that some residents are used to an open vent and have to make certain adjustments to their daily routine.

“However, the safety of our residents is of paramount importance. HDB takes a non-compromising view towards the public and towards its residents.

“So in this case, because of the past incident, we sealed up the vents to ensure that smoke would not go into the neighbour’s unit if there is a fire within the particular unit itself.”

HDB also assured that the ventilation will not be affected, as the windows are large enough. It added that it has completed works on eight blocks since late 2007 and will start work on another 15 soon. - CNA/vm
 

Source : Channel NewsAsia - 03 July 2008

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Leasing market in Singapore Sentosa Cove starting to pick up

Leasing market in Singapore Sentosa Cove starting to pick up

By Ng Baoying,
SINGAPORE : The leasing market in Sentosa Cove is starting to pick up, as more units are ready for occupation, according to property consultants Colliers International.

With some 300 units at Sentosa Cove having temporary occupation permits, Colliers said the leasing market could be starting to take shape.

Numbers from the Urban Redevelopment Authority showed that some 51 leasing contracts were recorded for homes there between January last year and April 2008. Forty-six of those went to The Berth by the Cove.

Some 99.6 per cent of land parcels for sale in Sentosa Cove has been taken up by private developers and individuals - in all yielding more than 2,000 condominium units, and 400 bungalows and terrace houses.

Contracted monthly gross rents are believed to range from S$4,700 for a two-bedroom unit to as high as S$12,250 for a four-bedroom unit in a condominium development.

Landed homes are believed to command between S$12,000 and S$30,000 per unit. - CNA/ms

Source : Channel NewsAsia - 03 July 2008

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Singapore Retail property market remains stable in Q2: DTZ

Singapore Retail property market remains stable in Q2: DTZ

Turnover rents rise; limited growth for fixed gross rents
By NISHA RAMCHANDANI

BUOYED by positive consumer sentiment and the Great Singapore Sale period, the retail property market remained stable in the second quarter of this year, according to a market report by real estate consultancy DTZ.
Turnover rents in Q2 rose, but there was limited growth for fixed gross rents. DTZ noted that tenants were ‘resisting committing at higher rents for both new retail space and lease renewals’.

First-storey monthly fixed gross rents remained largely unchanged quarter on quarter, hovering at an average of $42.40 per square foot (psf) for prime areas such as Orchard/Scotts Road, $33.70 psf in suburban areas and $27.10 psf in other city areas.

The retail market is expected to remain stable, despite competition from additional supply that will come on stream over the next few years. Malls such as ION Orchard, Orchard Central and 313 @ Somerset are slated for completion by 2009.

As much as 5.4 million square feet of retail space will be added to the mix between the second half of this year and 2012. Marina Bay Shoppes by developer Marina Bay Sands will account for the biggest chunk of that space, with 15 per cent or 800,000 sq ft, closely followed by CapitaLand and Sun Hung Kai Properties’ ION Orchard at 663,000 sq ft.

 
 
The suburban retail scene will also be bolstered by upcoming developments, mainly in the west and north-west regions, such as the Big Box project at Jurong Regional Centre and the Civic Cultural and Retail Complex at Vista Xchange. Fifty per cent of the potential supply in suburban areas is in the west.

DTZ’s retail associate director Anna Lee says: ‘The increase in future supply will put a cap on price and rental increases, while offering opportunities for the retail market to reinvent itself with new concepts and offerings.’

Singapore’s retail sales for April - excluding vehicles - rose 7.7 per cent year on year. But total retail sales value dipped about 4 per cent to $2.77 billion, from March’s $2.89 billion, with almost all sectors reporting less activity in April.

Source : Business Times - 03 July 2008

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Hi-tech rents, occupancy rates up

Hi-tech rents, occupancy rates up

Insufficient and expensive offices drive tenants to business parks, leading to 6.8% rise q-o-q
By EMILYN YAP
RENTS and occupancy rates for hi-tech and business park space were lifted in the second quarter of this year by spillover demand for office space, property consultants say. And rents for factories and warehouses have edged up too.
 
JTC’s Biopolis: More business park space will be coming on stream. According to CBRE, Biopolis Phase III will be completed in Q4 2009 
According to CB Richard Ellis (CBRE), the average island-wide hi-tech monthly rent rose 6.8 per cent quarter-on-quarter to $3.15 per sq ft (psf) in Q2. Year-on-year, the increase was 34 per cent.

Insufficient and increasingly expensive office space is driving tenants to hi-tech space or business parks, CBRE said in a statement yesterday.

Jones Lang LaSalle (JLL) also says that companies are relocating backroom operations to hi-tech space. Its latest figures show that the average island-wide hi-tech rent rose 2.4 per cent quarter-on-quarter to $4.25 psf per month in Q2. Compared with a year earlier, the increase was 63.5 per cent.

While figures from both property consultants indicate rising rents for hi-tech space, the degree of increase differs.

‘The disparity is a result of differences in the basket of properties that research houses use to track the market,’ said JLL’s head of research (South-east Asia) Chua Yang Liang. ‘This difference is more pronounced in periods when segments of the market respond differently to external stimulus.’

CBRE says that for business parks, the average occupancy rate was 88 per cent at end-March and could have exceeded 90 per cent by the end of Q2. This would be a new peak.

The firm’s director of industrial and logistics services, Bernard Goh, says that rents at business parks also rose in Q2.

More business park space will be coming on stream. According to CBRE, Biopolis Phase III will be completed in Q4 2009. And JTC Corporation launched a tender for Plot 61 in Changi Business Park last month.

For factory space, the average monthly rent for a ground-floor unit rose 3.3 per cent to $1.55 psf in Q2, says CBRE.

The average capital value of ground-floor units in 60-year leasehold strata-titled factories edged up about 3 per cent quarter-on-quarter to $302 psf.

Ground-floor units in warehouses registered a 3.3 per cent increase in average monthly rent to $1.55 psf in Q2.

Rising raw material costs, a stronger Singapore dollar and weakening demand for exports have made manufacturers cautious about their outlook, dampening demand for factories and warehouses, says CBRE.

‘However, the government has reiterated that the manufacturing sector will remain important to Singapore’s economy,’ it says. ‘As such, manufacturers are still encouraged to set up their facilities on the island, and demand for industrial space is expected to remain healthy.’

CBRE points out that recently there have been few purchases by industrial REITs, as funding availability has dropped. According to Mr Goh: ‘The limited credit supply is likely to continue to curtail the ability of the REIT players to expand their respective portfolios, but on the whole, industrial properties continue to remain an attractive asset class for institutional investors.’

Source : Business Times - 03 July 2008

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Royal Caribbean sees cruise terminal investment as positive

Royal Caribbean sees cruise terminal investment as positive
It is a major reason why the company is deploying a vessel in Asia-Pac year-round
By VINCENT WEE

SINGAPORE’S investment in a new cruise terminal sends a ‘positive signal’ and is a major reason why Royal Caribbean Cruises is deploying a vessel year-round.
 
Legend of the Seas: The 1,800 passenger, 70,000 ton vessel will be based in the Asia-Pacific region all year from November 2009 
The 1,800 passenger, 70,000 ton Legend of the Seas will be based in the Asia-Pacific region all year from November 2009, Royal Caribbean International president and CEO Adam Goldstein said yesterday.

‘The positive response to our first season with Rhapsody of the Seas has been very encouraging and we are delighted to offer year-round choices to holidaymakers in the region,’ he said at an event to mark the first anniversary of the company’s regional headquarters here.

According to the company’s Asia-Pacific managing director Rama Rebbapragada, last year’s Asian cruise programme was fully booked, with more than 30,000 passengers.

That represented 111 per cent growth from the previous year and resulted in a 66 per cent increase in revenue.

Royal Caribbean is optimistic about the coming season. Mr Rebbapragada expected 66 per cent growth in passenger numbers and an 89 per cent rise in revenue, despite Legend of the Seas having a smaller capacity.

There will be more cruises during a longer season with 16 sailings, up from nine previously.

Although Legend of the Seas is smaller than its predecessor, the 2,000 passenger Rhapsody of the Seas, it is from the same Vision class of ships in Royal Caribbean’s fleet and has similar facilities.

More importantly, its dimensions allow it to fit under the Sentosa cable car and berth at the Singapore Cruise Centre as well as at Shanghai’s new cruise terminal on the north Bund.

Royal Caribbean’s year-round programme will enable departures from a wider range of ports besides Singapore, such as Shanghai, Hong Kong, Yokohama and Busan.

Home-porting a ship in Singapore and beginning the introductory season from here helped the cruise line assess demand and open up some of these new ports, Mr Rebbapragada said.

For example, about 25 per cent of the space on the initial cruise to Busan last year was reserved for Koreans and was fully booked. This gave Royal Caribbean the confidence to initiate the new destination.

Another good sign is an increasing number of customers from Singapore and fly-cruise guests from China, India, Australia, Indonesia and even as far away as North America.

About 30 per cent of bookings last year were by Singaporeans and as many as 10 per cent came from North America, Mr Rebbapragada said.

Mr Goldstein said that it is encouraging that cities such as Singapore are investing in cruise infrastructure and building for the future to accommodate the new Genesis-class ships that Royal Caribbean is building.

‘There is a momentum in favour of infrastructure development that had not been seen before,’ he said.

Source : Business Times - 03 July 2008

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Microsoft seeks allies for Yahoo break-up: WSJ

Microsoft seeks allies for Yahoo break-up: WSJ
(NEW YORK) Microsoft Corp is preparing a new bid for Yahoo Inc’s search business and has approached other media companies about joining it in a deal that would effectively lead to Yahoo’s break-up, the Wall Street Journal said.
Microsoft has already held talks with Time Warner Inc and News Corp, among others, the newspaper quoted people familiar with the discussions as saying.

The talks are preliminary and unlikely to result in a deal with Yahoo, the paper said.

The Journal said that two weeks ago, Microsoft chief executive Steve Ballmer called Yahoo chairman Roy Bostock to suggest that they meet to discuss a new idea involving other partners.

The meeting was subsequently cancelled by Microsoft, which Yahoo took as a sign that Mr Ballmer’s efforts to find a partner have so far failed, the paper said.

Neither Microsoft, Yahoo, Time Warner nor News Corp were immediately available for comment.

Yahoo rejected a US$47.5 billion takeover offer by Microsoft, and earlier this week questioned whether the software maker was ever serious about a full-scale merger. However, Yahoo remains open to discussing any proposal from Microsoft, the paper said.

 
 
In the meantime, Yahoo investor Carl Icahn is running a slate of directors to replace Yahoo’s board and has called for the removal of chief executive Jerry Yang ahead of the company’s annual shareholder meeting to be held in Silicon Valley on Aug 1.

The activist shareholder has said that the company should still offer to sell itself, though Microsoft has said that it is no longer interested in a full buyout.

However, representatives for Microsoft have in recent days, met Mr Icahn to encourage him to press his proxy contest as a way to keep pressure on Yahoo to enter into a deal that would lift its share price, the paper said, citing people familiar with the matter.

In electronic trading before the Nasdaq open, Yahoo shares rose about 6 per cent, or US$1.30, to US$21.50. On Tuesday, the stock closed at US$20.20, its lowest session-ending level since Jan 31, the day before Microsoft first made public its offer to buy Yahoo.

Microsoft shares were little changed in pre-opening trade, up two cents at US$26.89 on volume of just 400 shares. Microsoft shares closed on Tuesday at US$26.87, their lowest closing level since March this year. In a volatile session, the stock had dropped to as low as US$23.19, its lowest in nearly two years. — Reuters

Source : Business Times - 03 July 2008

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Google-Yahoo ad deal under antitrust probe

Google-Yahoo ad deal under antitrust probe

Move by US Justice Dept may mean it has concerns

(WASHINGTON) The US Justice Department has opened a formal antitrust investigation into a deal struck last month that would allow the Internet titan Google to provide some search advertising for Yahoo!, according to sources familiar with the inquiry.
 
Monopoly fears: Google could gain a monopoly in Internet advertising if its deal with Yahoo! is permitted, according to Google’s competitors and critics 
Investigators are planning to demand documents not only from Google and Yahoo!, but also from other large companies in the Internet and media industries, said the sources, who spoke on condition of anonymity because the investigation is ongoing.

Google and Yahoo! officials have said since the deal’s announcement that they would delay its implementation for a voluntary Justice Department review. But a formal investigation signals that the department may have found some cause for concern.

Lawyers familiar with similar investigations said that the kind of legal requests being issued by the Justice Department in this case - ‘civil investigative demands’ - are not used for routine matters.

‘They don’t do it without having identified significant issues,’ said M J Moltenbrey, a Freshfields Bruckhaus Deringer lawyer who was director of civil non-merger enforcement in the Justice Department’s antitrust division in the 1990s. ‘It involves approval at higher levels within the antitrust division.’

 
‘Toyota sells its hybrid technology to General Motors, even though they are the No1 and No2 car manufacturers globally.’
 
- Omid Kordestani, 
Google senior vice-president 
 
 
 
‘It doesn’t mean they have drawn any conclusions,’ said Peter Guryan, a partner with Fried Frank and formerly an antitrust lawyer in the Justice Department. But ‘it is a significant step beyond a request for voluntary information,’ he said. ‘It demonstrates that the DOJ clearly has questions.’

The investigation arises as a high-stakes fight is underway to control Internet advertising, and, by extension, the content it supports.

Google, according to its competitors and critics, could gain a monopoly in Internet advertising if the deal with Yahoo is permitted.

One of the largest chunks of Internet advertising today is ’search advertising’, or the ads that run alongside Internet search results delivered by the major search engines: Google, Yahoo! and Microsoft.

Google’s is the dominant search engine, while Yahoo!’s and Microsoft’s efforts run a distant second and third.

Under the Google-Yahoo deal, announced on June 12, Google would provide search advertising to Yahoo! for some but not all Yahoo! searches in the United States and Canada. The two would share the advertising revenue, with Yahoo! estimated to receive as much as US$800 million annually from the agreement.

By proposing to unite the two biggest players in search advertising, however, the agreement quickly aroused critics who said the move would allow Google to become a monopoly for advertising in the new medium.

Shortly after the announcement, the heads of key subcommittees in the House and the Senate reiterated their intentions to look into the Google-Yahoo! arrangement.

Even so, attorneys for Google have appeared confident that they could convince Department of Justice reviewers, as well as congressional committees, that the deal would be good for consumers.

‘We do feel that it is a pro-competitive deal,’ said Google’s general counsel, Kent Walker.

In Google’s view, consumers and advertisers would benefit from the deal because Google’s method of determining what ads to place beside a search query is the best in the industry.

If Google is allowed to provide the ads for a Yahoo! search, consumers will see more relevant ads and advertisers will realise a better return for their ad spending, Google officials have said.

Moreover, they said, competitors in other industries have reached agreements that have passed muster with regulators.

‘Toyota sells its hybrid technology to General Motors, even though they are the number one and number two car manufacturers globally,’ Omid Kordestani, a Google senior vice-president, noted in a blog post.

‘Canon provides laser printer engines for HP, despite also competing in the broader laser printer market. Google and Yahoo! will continue to be vigorous competitors, and that competition will help fuel innovation that is good for users.’

But critics and competitors of Google - chief among them Microsoft - have argued that the deal essentially will limit choices for advertisers and render Yahoo! less likely to compete against Google. — LAT-WP

Source : Business Times - 03 July 2008

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Rentals making gentle waves at Singapore Sentosa Cove

Rentals making gentle waves at Singapore Sentosa Cove

They could hold firm despite gloom elsewhere and offer decent yields
By ARTHUR SIM

(SINGAPORE) Close to 300 homes at Sentosa Cove, including 200 condominium units, have received Temporary Occupation Permit (TOP) and the exclusive enclave is starting to bustle.
DTZ Debenham Tie Leung, which is the property manager of the 200-unit The Berth by the Cove says that the development is now about 70 per cent tenanted.

It added that the remaining units of the fully-sold development are owner-occupied, some of which are weekend homes or holiday homes for foreigners.

Other developments that have received TOP include The Berthside, Ocean 8, The Villas @ Sentosa Cove, Coral Island and North Cove.

Expected to come onto the leasing market next is the 116-unit The Azure, which is also fully sold.

And the popularity of The Berth by the Cove with the leasing market bodes well for the remaining 2,200 homes that are still being constructed.

DTZ senior director (research) Chua Chor Hoon said that the supply of new homes in Sentosa Cove is still ‘limited’ compared to the rest of Singapore and the units have ‘the unique feature of close proximity to the sea’.

 
 
Saying that the limited supply of units in Sentosa Cove will limit any downward pressure on rentals, Ms Chua added: ‘Rental prospects are likely to be better.’

This upbeat outlook for Sentosa Cove is particularly pertinent at a time when new housing supply is expected to flood the rental market by next year.

In a recent report, DTZ noted that in general, rentals would come under pressure between 2009 and 2011, not just from new supply but from the sub-sale market as well as it is unlikely that speculators will want to hold units for low rental income.

DTZ said that based on its basket of non-landed properties in the prime district (excluding luxury properties) average monthly rents are currently still holding steady at $4.90 psf per month.

While DTZ did not reveal rentals at The Berth by the Cove, a check with SISV-Realink shows that the rental for a unit there contracted for $19,500 per month in May.

Colliers International also said it believes median rentals could be around $6 psf per month.

Colliers director (research and advisory) Tay Huey Ying added that based on the average launch price of The Berth by the Cove of about $860 psf in 2004/2005, investors who bought units at this price could now be enjoying a net rental yield of about 5.5 per cent.

Those that bought units from the secondary market later when the price rose to about $1,500 psf will be looking at a net rental yield of 3.5 per cent.

‘Nevertheless, these investors would still be enjoying a higher net rental return compared to those who invested in a freehold luxury apartment on the main island of Singapore in recent times since the latter are generating average net rental returns estimated to be in the region of 2.3 per cent,’ added Ms Tay.

In time over 1,700 condominiums will be completed. Savills Singapore director (marketing and business development) Ku Swee Yong believes that buyers for most of these units will be investors, suggesting that a majority will be put up for lease.

Still, he said that there is a niche market for this type of waterfront home. ‘We had an expat client who was looking to rent and after showing him a few options, he chose The Berth because he already has a yacht,’ reveals Mr Ku.

Interestingly, Mr Ku says the advent of the integrated resort on Sentosa may not necessarily guarantee a pool of tenants. ‘Not everyone will want to live so close to work,’ he added.

What he does believe is crucial to the success of Sentosa Cove as an exclusive enclave is the provision of high end amenities. He added: ‘Once these are completed, we believe Sentosa Cove rents could demand a premium over Orchard Road.’

 
Source : Business Times - 03 July 2008

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Microsoft seeks allies in new bid for Yahoo

Microsoft seeks allies in new bid for Yahoo 
 
MICROSOFT is preparing a new bid for Yahoo’s search business and has approached other media companies about joining it in a deal that would effectively lead to Yahoo’s break-up, the Wall Street Journal reported.
Microsoft has already held talks with Time Warner and News Corp, among others, the newspaper quoted people familiar with the discussions as saying yesterday.

The talks are preliminary and are unlikely to result in a deal with Yahoo, the paper said.

In related news, the Washington Post reported on Tuesday that the United States Justice Department had opened a formal antitrust investigation into a deal struck last month that would allow Internet titan Google to provide some search advertising for Yahoo.

Google and Yahoo officials have said since the deal’s announcement that they would delay its implementation for a voluntary Justice Department review. But a formal investigation signals that the department may have found some cause for concern.

Lawyers familiar with similar investigations said that the kind of legal requests being issued by the Justice Department in this case - ‘civil investigative demands’ - are not used for routine matters.

‘They don’t do it without having identified significant issues,’ said Mr M.J. Moltenbrey, a former director in the Justice Department’s antitrust division.

The investigation underscores the high-stakes fight under way to control Internet advertising and, by extension, the content it supports. Google, according to its competitors and critics, could gain a monopoly in Internet advertising if the deal with Yahoo is permitted.

One of the largest chunks of Internet advertising today is ’search advertising’, or the advertisements that run alongside Internet search results delivered by the major search engines: Google, Yahoo and Microsoft.

Google’s is the dominant search engine, while Yahoo’s and Microsoft’s efforts run a distant second and third.

Under the Google-Yahoo deal, announced on June 12, Google would provide search advertising to Yahoo for some but not all Yahoo searches in the US and Canada.

The two would share the advertising revenue, with Yahoo estimated to receive as much as US$800 million (S$1.1 billion) annually from the agreement.

Asked whether Microsoft had been issued a demand for information in the investigation, a company spokesman declined comment.

WASHINGTON POST, REUTERS

Source : Straits Times - 03 July 2008

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Singapore Business parks and high-tech sites gaining popularity

Singapore Business parks and high-tech sites gaining popularity 

By Chua Hian Hou 
 
BUSINESS parks and other high-tech industrial sites in Singapore have become increasingly popular among eligible tenants.
According to a new report released yesterday by CB Richard Ellis (CBRE), the overall occupancy rate at business parks probably hit a new high of 90 per cent last month, up from 88 per cent in March.

To rent space at sites like Changi Business Park, prospective tenants must meet certain criteria. These include carrying out research and development work.

Rental rates at these high-tech spaces are heading north. The rates may be cheaper than ultra-high-tech business parks and prime office space, but they were expected to have risen 6.8 per cent last month to $3.15 per sq ft per month from the first quarter.

The popularity of these sites, the report said, was due to the ‘limited availability and continued rental increases’ of office space in the Republic, although the dizzying upward spiral in rental rates had abated in recent months.

Nevertheless, prime office spaces can cost upwards of $16 per sq ft per month - far more expensive than in business parks.

Last year, prime office rents nearly doubled on the back of tight office space and a strong demand from occupiers, including global financial institutions expanding their operations in Singapore. This was on top of the 50 per cent-plus rise that prime office rents registered in 2006.

More business park and other high-tech sites are being built in Singapore. Recently, two business park sites in one-north were awarded.

Biopolis Phase III, which will have a gross floor area of 41,505 sq m when completed late next year, is being built by Crescendas Bionix.

Solaris, formerly known as Fusionopolis Phase 2B, will be built by Soilbuild Group Holdings. When completed by June next year, Solaris will have a gross floor area of 50,271 sq m.

Industrial landlord JTC Corp has also launched a new ‘concept and price’ tender at Changi Business Park.

This site will have a maximum gross floor area of 47,006 sq m, of which 40 per cent is designed for hotel and retail use. The tender will close next month.

——————————————————————————–
The sites are becoming more attractive because of the ‘limited availability and continued rental increases’ of office space, says a CBRE report

Source : Straits Times - 03 July 2008

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