Singapore PropNex to fire non-performing agents this week

Singapore PropNex to fire non-performing agents this week

By Ng Baoying,

SINGAPORE : One of Singapore’s biggest real estate agencies, PropNex Realty, is firing more than one-third of its agents. According to its CEO, the move is aimed at cleaning up the profession.

PropNex is firing those who have been with them for over a year, but have yet to submit a single transaction. About 2,800 agents currently on its list will be affected.

The agents were first given a choice to remain as PropNex agents by signing up for Professional Indemnity Insurance as well as a refresher course.

This group is seen as the riskiest for consumers as they may not be as updated on industry changes. There is also the possibility that this group may not be declaring their transactions, which poses a problem when consumers consult the agency and find that there are no records of the deal.

Mohamed Ismail, CEO of PropNex Realty, said: “Consumers are not protected in terms of professional standards provided by the agent. There’s a lot of concern and a call for industry to be regulated.

“This did not happen in the last couple of years, so now the initiative should be for big players to self-regulate and move forward.”

A lack of direct and stiff regulation for housing agents has allowed the existence of what some industry players call “cowboy” agents, who profit by flouting rules, and leaving customers and their agencies to deal with lapses.

So industry players said it is time the agencies do something about it.

“It would be forward-looking for any agency (to) ensure that their agents are properly trained, … professional, ethical and exercise some kind of control,” said Low Swee Kim, Vice President at the Institute of Estate Agents.

The industry first tried to regulate agents with a qualification examination, called the Common Examination for House Agents. But since it was not mandatory, it did not have the desired impact of setting a minimun standard for housing agents.

The Institute of Estate Agents (IEA) has also been pushing for second-tier licensing, but to no avail. Currently, only agencies are licensed.

A housing agent database pioneered by the IEA has also fallen short so far, because not all real estate agents have opted in.

Industry players compare this situation to that of the insurance industry, where agents are guided by tough regulations by the Monetary Authority of Singapore.

It is estimated that only one third of real estate agents are properly qualified.

“There’s no educational barrier to entry, so anyone can join the industry. Typically, training is only provided if the agent joins a relatively big company where there is some structure in place,” said Eugene Lim, Associate Director of ERA Asia Pacific.

As a major realty agency, ERA said it has training systems in place for its agents.

PropNex’s CEO said this is just the start of an entire overhaul.

Ismail said: “At the moment, PropNex is at the drawing board working out some policies and programme. If the authorities are not prepared to regulate the industry, some of the big players (like) ourselves, we would like to self-regulate.

“We have to just move and take the lead role to make a difference. And doing that, I think (others) will follow.

“We are in the planning stage and (soon),… we should be able to reveal some of our new policies and procedures that will put a check on all our agents, in terms of their conduct and responsibility.”

PropNex is also looking at creating avenues to give redress to consumers who have problems with their agents. - CNA /ls

Source : Channel NewsAsia - 24 July 2008

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Singapore Robin Court, 1 Robin Drive relaunched for collective sale

Singapore Robin Court, 1 Robin Drive relaunched for collective sale

SINGAPORE : Owners of Robin Court and No. 1 Robin Drive are putting their properties up for collective sale for a second time. But this time, their asking price is 40% below their initial expectations.

The indicative price of the combined plots is now S$58 million to S$60 million. No development charge is payable for redeveloping the site.

The prime District 10 parcel at Robin Drive, off Bukit Timah Road, is a few minutes’ walk from the newly-announced Stevens MRT station. It spans more than 40,000 square feet, with a gross plot ratio of up to 1.4.

Credo Real Estate, which is marketing the deal, said the land cost is about S$964 to S$996 per square foot per plot ratio. At this price, the developer is expected to be able to breakeven at about S$1,470 to S$1,500 per square foot.

The new development could accommodate a luxurious residential project with a gross floor area of 62,398 square feet. It could yield 30 apartment units with an average size of 2,000 square feet each. - CNA /ls

Source : Channel NewsAsia - 24 July 2008

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Singapore En bloc site relaunched with 40% lower price tag

Singapore En bloc site relaunched with 40% lower price tag

Elsewhere, Straits Trading asking $162m for Gallop Gables apartments

By UMA SHANKARI

A DISTRICT 10 collective sale site at Robin Drive, off Bukit Timah Road, has been relaunched for sale - with a new asking price as much as 40 per cent lower in view of the current market sentiment.

Gallop Gables: Straits Trading owns two blocks consisting of 38 large apartments which are tenanted. The condo off Farrer Road has seven low-rise blocks with 140 apartments in all
The two properties on the site are now being sold for $964-$996 per square foot per plot ratio (psf ppr), a downgrade from the initial asking price of $1,500- $1,600 psf ppr when the site was first launched in December 2007.

The property was not the only one to be put on the market yesterday. The Straits Trading Company has put up for sale two blocks of apartments at Gallop Gables with a price tag of about $162 million, or $1,500 psf.

The Robin Drive site now consists of two properties - Robin Court and No 1 Robin Drive. Robin Court is an apartment block with 15 units while No 1 Robin Drive is a detached house now occupied by a preschool.

The indicative price of the combined plots is now $58-$60 million. If the developer maximises the potential of building up to 10 per cent of gross floor area (GFA) for balconies, the land rate works out to be about $964-$996 psf ppr, said Credo Real Estate, which is marketing the sites.

The majority owners of Robin Court had agreed to the collective sale before amendments to the en bloc laws took effect last October. But now, they have begun signing the collective sale agreement to lower the reserve price in view of the current cautious sentiment in the property market, Credo said.

No development charge is payable for redevelopment of the site at a plot ratio of up to 1.4, with a further 5.5 per cent in GFA for balconies, said Yong Choon Fah, Credo’s executive director.

The new development on the site could accommodate a luxurious residential project with a GFA of about 62,398 sq ft and can be configured into 30 apartments with an average size of 2,000 sq ft each, Credo said.

The developer should be able to break even at about $1,470-$1,500 psf, the firm added.

The expressions of interest (EOI) exercise for the two properties will close at 2.30pm on August 14.

Elsewhere, Straits Trading is selling two blocks consisting of 38 large apartments in Gallop Gables. Situated off Farrer Road, Gallop Gables, which was completed in 1997, has seven low-rise blocks with 140 apartments in all.

Straits Trading’s apartments have been retained for investment since completion. The 38 apartments have a total gross floor area of about 108,170 sq ft.

The apartments are tenanted and ‘present an opportunity to purchase an income-producing investment with capital growth potential’, said Knight Frank, the property firm marketing the two blocks.

The EOI for the apartments will close on September 9 at 3pm.

Source : Business Times - 24 July 2008

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Singapore Newton Suites shortlisted for International Highrise Award

Singapore Newton Suites shortlisted for International Highrise Award

By ARTHUR SIM

UOL’s Newton Suites has been selected as one of the five contenders for the International Highrise Award (IHA).

Green living: Newton Suites features cantilevered skygardens and a 30-storey wall of creepers

Having made the shortlist, Newton Suites, which is designed by award-winning Singapore architectural firm, WOHA, has been elevated to the same league of buildings designed by Foster and Partners (Hearst Tower, New York), Renzo Piano Building Workshop (New York Times Building) and OMA (Television Cultural Centre, Beijing).

An international jury of architects, engineers, real-estate specialists and architecture critics in Frankfurt/Main were responsible for the selection of the five buildings.

On Newton Suites, the Jury citation reads: ‘In this residential tower, the feeling of living in the tropics both indoors and outdoors is transferred to a vertical dimension. It represents a development for life in the vertical in densely developed metropolises and can be seen as a pioneering model for other tropical cities.’

UOL Group COO Liam Wee Sin said that being on the shortlist with the likes of Hearst Tower and New York Times Building, ‘is a step closer towards building an exciting living environment for Singapore, and having a development good enough to be selected among entries from around the world’.

‘For UOL, the recognition will inspire us to continue to push the frontier of good design and sustainable city living in Singapore,’ he added.

Newton Suites is a 36-storey apartment building, clad in metal mesh sunshading. It features cantilevered skygardens and a 30-storey wall of creepers.

The green areas of the building exceed the original site area, demonstrating how cities in the future can become much greener without loss of density or quality of living.

WOHA director Wong Mun Summ added: ‘The integration of the environmental features such as sunshading and hanging gardens into the design shows how tropical highrise can be different from temperate climate models.’

Source : Business Times - 24 July 2008

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Singapore is 13th most expensive city

Singapore is 13th most expensive city

It is also the 5th costliest in Asia for expats: Mercer survey

By ARTHUR SIM

SINGAPORE is the world’s 13th most expensive city for expatriates, and the fifth most expensive in Asia.

According to Mercer’s Worldwide Cost of Living Survey 2008, Singapore ranks above Sydney (15th), New York (22nd) and Shanghai (24th).

Mercer’s survey, which covers 143 cities on six continents, measures the comparative cost of more than 200 items in each location, including housing, transport, food, clothing, household goods and entertainment.

For instance, a fast-food hamburger meal costs US$4.50 in Singapore, US$3.18 in Hong Kong and US$5.97 in Tokyo.

Mercer’s managing director (Asean) Su-Yen Wong said: ‘Singapore’s rise in the rankings is partly due to the appreciation of the Singapore dollar against the US dollar.’ At the same time, Singapore’s strength as a regional hub and its ‘high quality of living’ have attracted talent from overseas. ‘Consequently, this has increased demand for items such as housing, food and transport.’

Rents have increased significantly here. According to Mercer, a ‘luxury’ two-bedroom unfurnished apartment now costs US$3,539.77 a month, an increase of about 20 per cent from US$2,946.09 in 2007.

But ‘luxury’ rent here is lower than in Hong Kong at US$6,411.89 a month and Tokyo at US$5,128.84.

On the upside, Singapore’s annual ranking has not increased as rapidly as before. Its 13th place this year is only a notch up from its 14th last year. In 2006 it ranked 17th - way up from 2005 when it was 34th.

In the latest survey, Moscow has been ranked the world’s most expensive city for expatriates - for a third straight year. London dropped one place to third.

Yvonne Traber, a principal and research manager at Mercer, said: ‘Although the traditionally expensive cities of Western Europe and Asia still feature in the Top 20, cities in Eastern Europe, Brazil and India are creeping up the list. Conversely, some locations such as Stockholm and New York now appear less costly by comparison.’

With New York as the base city at 100 points, Moscow scored 142.4 and is close to three times costlier than Asunción in Paraguay, the least expensive city with a score of 52.5.

Mercer noted that contrary to a trend last year, the gap between the world’s most and least expensive cities now seems to be widening.

In its report, it says: ‘Our research confirms the global trend in price increases for certain food items and petrol, though the rise is not consistent in all locations. This is partly balanced by decreasing prices for certain commodities, such as electronic and electrical goods. We attribute this to cheaper imports from developing countries, especially China, and to advances in technology.’

Source : Business Times - 24 July 2008

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Lexus golfer wins Merc event, gets penalty drop - Singapore

Lexus golfer wins Merc event, gets penalty drop - Singapore

Daimler excludes rival’s man from next stage as it’s a ‘marketing event’

By SIOW LI SEN

(SINGAPORE) He works for Lexus, but this golfer won the Singapore Country Final of the Mercedes trophy. This has led to a court case as well as an awkward situation. The golfer is suing the Mercedes-Benz distributor - his firm’s rival - for refusing to send him to represent Singapore at its Asian Final to be held in Australia next week.

Mr Lim: Is an avid golfer and only wants to compete in the match
The German auto firm had instead offered $7,000 compensation to Lionel Lim, a salesman for 19 years with Borneo Motors.

In a High Court hearing, according to affidavits seen by BT, Mr Lim is seeking an injunction to stop Daimler South East Asia, which sells the famous marque, from excluding him from the Asian Final of the Mercedes Trophy, the winners of which will compete in the World Final in Stuttgart.

Mr Lim said that as a passionate golfer, he only wants to compete. While he appreciated the compensation offer, he does not want it and will not accept it because ‘this is not the prize I won’.

He said: ‘What I won is the opportunity of further participation and the opportunity of sporting achievement. No keen amateur sportsman will trade the chance of playing in a final for money.’

Daimler’s defence is that the Mercedes Trophy is a marketing effort aimed at its high net worth customers and potential customers, and having a senior sales executive of its rival there will ’cause a great amount of awkwardness’.

Further, it would be against its interest to let Mr Lim see how it conducts its marketing events. At both the Asian and World finals, apart from playing golf, participants are feted, wined and dined, and get to take part in a customised unique driving event including trying out different Mercedes-Benz car models.

Kwek Geok Koon, Daimler general manager for sales and marketing, said in his affidavit: ‘I never expected an employee from one of our closest rivals to participate in or even attend our sponsorship and marketing events. I would certainly not expect any of the defendant’s employees to attend any of our competitors’ events, so as to avoid any accusations of spying and awkwardness.’

The Mercedes Trophy was conceived by the Daimler group in the late 1980s and last year, more than 57,000 people, mainly customers, from 54 countries took part. Daimler began organising the Mercedes Trophy in Singapore in 1992 and this year, more than 4,000 golfers from the 13 country clubs here participated in the qualifying rounds.

Mr Lim said that it was not in the rules of the Mercedes Trophy that participants should not be employees of rival car companies.

‘Golfers come from all walks of life from a variety of professions. With the qualifying event round open to all members of each participating club, it is inconceivable that some of the participants would not be employees of rival car companies, especially when there are so many keen golfers in the car industry,’ said Mr Lim.

‘It is unfortunate that the defendant should introduce the concept of accusations of spying and awkwardness. All keen golfers participate because of the thrill of competition, not industrial espionage,’ he said.

Mr Lim also noted that notwithstanding his job, he is also a potential Mercedes-Benz customer. As for getting a first-hand insight into Daimler’s marketing style and management methods, Lexus has its own highly successful methods and does not need to imitate anybody else’s, he said. In addition, he has never been involved in marketing.

Source : Business Times - 24 July 2008

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Singapore Condo land falling below building costs

Singapore Condo land falling below building costs

Developers of entry-level housing squeezed by weak selling prices and surge in construction costs
By KALPANA RASHIWALA

(SINGAPORE) For the first time in at least two decades, construction costs for some 99-year condo sites are actually higher than their land costs. This is taking place against the backdrop of soaring construction prices and a weak outlook for the prices at which private housing developments can be sold.

 
Some industry watchers expect this trend for entry-level private housing to continue - which suggests that the government may have to be prepared to accept declining land bids at state tenders.

‘Right now, developers can bid up to about $200-250 per square foot of potential gross floor area at most for suburban condo sites, which translates to breakeven costs of $650-700 psf. However, if construction costs continue to go up and selling prices continue to drop, there’s not much else you can do except to lower your land bids. The question is what is the government’s threshold for pain?’ a seasoned developer said.

In May, URA (Urban Redevelopment Authority) awarded a site in Choa Chu Kang for $203 psf per plot ratio (psf ppr). ‘So the $200 psf ppr mark has been tested. The next question is: Will the government be prepared to sell sites at even lower prices, say, around $150 psf ppr?’ he added. This $203 psf ppr was below the construction cost of a new development on the site.

Last month’s winning bid of $270 psf ppr by Frasers Centrepoint at a state tender for a plot at Woodleigh Close was also lower than the construction cost of about $300 psf of gross floor area (GFA) for mass-market condos, industry observers noted.

Meanwhile, constructions costs - after staying stagnant for several years - are now at record levels.

Construction cost consultancy Rider Levett Bucknall (RLB). said: ‘Construction prices for medium-quality condominiums indicatively range from $260 psf of GFA to $320 psf of GFA in Q1 2008, and prices have risen further to $280 to $350 psf of GFA for Q2 2008,’ it said. ‘High demand and competition for limited resources, the lack of tendering capacity among contractors, sub-contractors and suppliers, and volatile commodity prices have contributed significantly to building tender price escalation,’ the firm added.

Construction costs are estimated to have risen 20 to 25 per cent for Q4 2007 compared with the corresponding period in 2006 for average medium quality condominiums (for the upgraders’ market).

While the trend of construction costs exceeding land costs has drawn more attention since the recent tender closings of Government Land Sales (GLS) sites, some observers say it surfaced as early as December last year, when Chip Eng Seng bought a plot at Elias Rd in Pasir Ris for $228 psf ppr.

In the same month, Frasers Centrepoint picked up a site at Lakeside Drive for $248 psf ppr - which was probably about equal to construction costs at the time.

Construction costs comprise not just the cost of building materials but also include factors such as workers’ wages among others.

As for the mid-market and high-end residential sectors, land values would still be above their respective construction costs, although there have hardly been any land deals in these segments in recent months because of weaker homebuying sentiment.

Instead, developers have been focusing more on suburban sites suitable for being developed into mass-market private homes targeted at upgraders, as this is the sector where end-unit demand is relatively more resilient. Still, developers have had to be more prudent with their land bids.

‘It’s a simple equation, a function of selling price for the end-units against development cost and profit,’ a property investor observes.

Buyers of mass-market condos are extremely price sensitive, while construction costs have been escalating. ‘At the end of the day, something’s got to give - in terms of a lower land bid,’ observes Knight Frank managing director Tan Tiong Cheng.

‘Developers have to allow a larger sum for contingencies because of the way construction material prices have been going up.

‘The trend is likely to continue - until construction costs come down or selling prices of private homes go up again,’ Mr Tan added.

For now the pressure on construction costs shows no signs of letting up. ‘Given the large existing project commitments on hand, price escalation trends are set to continue for this year and may be in the order of 15 to 20 per cent,’ RLB said.
Source : Business Times - 24 July 2008

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Asking price for Singapore collective sale site slashed by 40%

Asking price for Singapore collective sale site slashed by 40% 

By Fiona Chan, Property Reporter 
 
THE owners of a site off Bukit Timah Road are trying again for a collective sale - but after slashing the original price by nearly 40 per cent because of the grim market.
They want $58 million to $60 million for Robin Court, a walk-up block of 15 flats, and No. 1 Robin Drive, a detached house that hosts a preschool.

The new price tag for the 40,518 sq ft parcel works out to $964 to $996 per sq ft (psf) of the total potential floor area of about 62,400 sq ft. This is almost 40 per cent below the $1,500 to $1,600 psf they sought during their first sale attempt last year when the property market was buzzing.

Ms Yong Choon Fah, executive director of Credo Real Estate, which is marketing the District 10 site, said Robin Court’s majority owners had agreed to sell en bloc before collective sale rules were changed in October. They are re-inking the sale agreement to lower the reserve price. A developer could build 30 high-end apartments of 2,000 sq ft each. The breakeven cost would be $1,470 to $1,500 psf of floor area, estimated Ms Yong.

The site was first put up for sale in November along with Robin Star, a 10-unit apartment block that is not included in the latest sale effort.

Meanwhile, buyers are being sought for two blocks of apartments at Gallop Gables off Farrer Road. Property firm Knight Frank is inviting expressions of interest for the 38 tenanted apartments, which have been kept for investment since completion of the project in 1997.

The properties are owned by Straits Trading. The indicative price is $1,500 psf, which works out to about $4.5 million for each apartment, or $171 million in total. 
 
Source : Straits Times - 24 July 2008

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Singapore getting more expensive for expats: Mercer survey

Singapore getting more expensive for expats: Mercer survey 

It moves up a spot in two categories - to No. 5 in Asia and No. 13 in the world

By Francis Chan 
PRICEY NEIGHBOURHOOD: Moscow, with the iconic domes of St Basil’s Cathedral, is the world’s most expensive city for expatriates. 
 
SINGAPORE is now the fifth most expensive Asian city for expatriates, up a notch from an earlier survey, human resources consultancy Mercer said yesterday.

The annual cost-of-living survey did not spring too many surprises, with traditionally expensive cities in Europe and Asia featuring strongly in the top 20 cities for this year.

For the third year running, Moscow retained its top spot, while Tokyo climbed two spots to second, knocking off London and Seoul, which dropped to third and fifth, respectively, in the global rankings.

Singapore, which was number six in Asia last year, also edged one spot higher in global rankings this year, coming in at 13th.

‘Singapore’s rise in the rankings is partly attributable to the appreciation of the Singapore dollar against the US dollar,’ said managing director for Mercer-Asean, Ms Su-Yen Wong.

‘Another contributing factor is its continued strength as a hub for the region…this has increased demand for items such as housing, food and transportation.’

Mercer’s survey, which covers 143 cities around the world, measures and compares the costs of over 200 essential items for expats.

These include housing, transport, food, clothing, household goods and even entertainment.

The rising cost of living reflected in the survey confirmed the global trend of price increases for staple items such as food and petrol.

The findings also showed a high correlation between the cost of living, economic growth and quality of life in a country.

This was more true for fast-developing Asian cities such as Singapore, where the cost-of-living increase can be attributed to the higher quality of life enjoyed by residents, Mercer said.

But despite rising living costs, especially in housing, Singapore remains competitive compared to its Asian neighbours such as Tokyo, Seoul and Hong Kong, and other global financial centres such as London and Zurich.

This has also not deterred foreign firms from setting up shop in Singapore.

‘Our members are concerned about increasing rents but other costs are pretty much at world standard levels,’ said Mr Nick Cocks, president of the Australian Chamber of Commerce, Singapore.

‘And, overall, most of our members find Singapore a great place to live.’

Its American counterparts, however, painted a less-than-positive picture of Singapore.

A recent survey by the American Chamber of Commerce here showed that 74 per cent of its members were ‘dissatisfied’ with the cost of leasing offices and housing, while 95 per cent expected the cost of living to rise.

New York, the most expensive city in the US, is ranked 22nd on Mercer’s global list. 
 

Source : Straits Times - 24 July 2008

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Local retailers go big in Singapore Ion

Local retailers go big in Singapore Ion
 
Plus: Over 45% of Orchard Turn malI’s retail space taken up by new-to-market concepts

By Michelle Tay 
 
LOCAL retailers are so sold on the new Ion Orchard they have snapped up big chunks of space for flagship stores and lined up new fashion brands to entice shoppers.
The firms have already signed deals for at least 40,000 sq ft in the upcoming Orchard Turn mega mall, almost a year ahead of its opening.

Club 21, Kwang Sia Fashion and Wing Tai Retail will open boutiques for global brands, while jewellers from here and overseas are nailing down leasing deals.

‘Ion Orchard is the first major retail development on Orchard Road in some 15 years to redefine the retail landscape,’ said Dr Kenny Chan, managing director of watch chain The Hour Glass. ‘This gives rise to opportunities for retailers to expand their prime retail network.’

Singapore luxury fashion group Club 21 has tied up the largest space so far, with about 22,000 sq ft secured for its four stores. It will open duplex shops for Giorgio Armani and Dolce & Gabbana and boutiques for Marc Jacobs and Armani Exchange.

Kwang Sia, which manages the Hugo Boss franchise here, will open Max Mara, Max & Co, Dsquared and Boss Selection in Ion.

Wing Tai will close its Topshop/Topman outlet in Wisma next Thursday and re-open the store in the form of a 12,000 sq ft, double-storey flagship in Ion next year.

Ion Orchard said the retailer is also ‘in advanced talks’ to open a sizeable store for Japanese casualwear chain Uniqlo.

Wing Tai will manage the brand under a joint venture with Uniqlo’s parent, Japan-based Fast Retailing.

‘We have been… preparing for opportunities arising from a new retail landscape,” Wing Tai Retail executive director Helen Khoo said. ‘Ion Orchard will complement our strong brand identity.’

Local timepiece retailer Sincere Watch will open Sincere Haute Horlogerie and The Hour Glass will open L’Atelier and Rolex - taking up a total of about 4,200 sq ft on the first floor.

Ms Soon Su Lin, chief executive of Orchard Turn Developments, said the mall has surpassed its aim of achieving up to 60 per cent of space leased to flagships, and new-to-market and new concepts.

Of the 325,000 sq ft or so of retail space already leased at $20 to $80 per sq ft, more than 30 per cent are flagships and more than 45 per cent are new-to-market concepts, she added.

Ion Orchard, which boasts themed clusters for easy shopping, also unveiled the new-to-Singapore brands in some of these groups.

The high-end jewellery and watch cluster on the first and second floors will include boutiques for Harry Winston, Chaumet, Boucheron and IWC, as well as a large beauty department.

The third floor will house contemporary fashion labels, including CNC Costume National, GF Ferre and Byblos, all in a multi-label boutique called 6five Barcode. Celebrity hairstylist Kim Robinson will also open a salon.

On basement one, younger shoppers will find standalone stores for global brands like Lucky Brand Jeans, Hilfiger Denim, Steve Madden and Fred Perry.

Basement two will house ‘three superstores’, including Topshop, while ’successful local brands’, telecommunications outlets and casual restaurants will fill up basement three.

Ms Soon dismissed the idea that local brands were being shoved out of prime space by international labels.

She told The Straits Times: ‘Every inch of every space is prime. We are carefully selecting the best and most successful of our local brands and clustering them together.’

 
Source : Straits Times - 24 July 2008

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