Seletar Springs Condo @ Gerald Drive For Sale

Seletar Springs Condo
$ 630,000

District: 28 ( Seletar, Yio Chu Kang )
Status: Available
Property Type: Condominium
Asking Price: $ 630,000
Tenure: 99 Years
Bedroom: 2
Built up: 979 sq. ft.

Buy Sell Rent Invest Singapore property

Mindy Yong

Tel: (+65) 91002985

Fax: (+65) 64021826

mindy@mindyyong.com

The Makena @ Meyer Road For Sale

The Makena @ Meyer Road For Sale

$ 2,000,000

District: 15 ( Amber Rd, Joo Chiat, Katong, Marine Parade, Meyer, Tanjong Rhu )
Property Type: Condominium
Asking Price: $ 2,000,000
Storey: 25
Tenure: Freehold
Bedroom: 3
Bathroom: 3
Family/Hall: 2
Utility: 1
Built up: 1658 sq. ft.
Fixtures: Wardrobes
Furnishing: Partly Furnished
Carpark: Ample CarPark
Air Cond: Fully Aircon
Living: Marble
Dining: Marble
Bedroom: Parquet
Kitchen: Tiles
Facing: Full Panaromic Sea View
Amenities: Conv Mintues to City,Beach & Airport
Mindy Yong

Tel: (+65) 91002985

Fax: (+65) 64021826

mindy@mindyyong.com

Luma at River Valley Grove For Sale 14.11.2008

Luma at River Valley Grove For Sale

Developer : Novelty Holdings Pte Ltd

Tenure : Freehold

Address : 6 River Valley Grove

Development : 27 storey residential block (75 units) with swimming pools, sky terraces and basement carpark

Unit Type : A - 1 bedroom - 25 units
B - 2 bedroom - 15 units
B1 - 2 bedroom - 10 units
C - 2 bedroom - 15 units
C1 - 2 bedroom - 10 units

1br, 743sqft
2br, 904-1173sqft

Sky terrace 1 (2nd storey)

Swimming pool
Wading pool
Heated and cold water jet corner
Gymnasium
BBQ area
Children’s playground
Changing room

Sky terrace 2 (roof)

Swimming pool
Water jet corner
Function room
Roof top pavilion
BBQ area
Changing room

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

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

Source : Channel NewsAsia - 14 Nov 2008

Singapore Property - Buy, Sell, Rent, Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

HDB launches 750-unit Punggol Arcadia under BTO system

HDB launches 750-unit Punggol Arcadia under BTO system

By Cheah Yean Ti,

SINGAPORE: The Housing and Development Board (HDB) has launched Punggol Arcadia, a 750-unit project under its Build-To-Order (BTO) system. The project is at the junction of Punggol Place and Punggol Field.

Buyers can choose from 3-room, 4-room and 5-room units. The price of these flats range from S$181,000 for a 3-room unit to S$416,000 for a 5-room unit.

4-room units cost between S$268,000 and S$327,000. This is higher than the S$223,000 for a 4-room unit to S$382,000 for a 5-room unit for the 964-unit Punggol Breeze BTO project launched in June this year.

HDB said Punggol Arcadia, located next to the planned Punggol town centre, offers a better location. Some of its 4-room units are also slightly bigger than those of Punggol Breeze.

The project is also close to amenities such as the Punggol MRT station, bus interchange and schools.

Those who wish to apply for a unit should make their submissions by November 26 via the Internet at HDB’s InfoWEB. Computer terminals with access to the site can be found at all HDB offices.

Source : Channel NewsAsia - 14 Nov 2008

Singapore Property - Buy, Sell, Rent, Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore may be among the first to recover from global economic slowdown

Singapore may be among the first to recover from global economic slowdown

By Rachel Kelly,

SINGAPORE: Economies such as Singapore and Hong Kong have benefited from the global economic boom in the last five years. But their open and exposed economies mean they are also vulnerable to recessionary pressures as the world economy slows down.

However, Morgan Stanley said it is not all doom and gloom for Singapore. Experts said the country would be among the first to bounce back once a global recovery takes place.

Stephen Roach, chairman, Morgan Stanley Asia, said: “If the global economy surprises on the upside, Singapore will be one of the first economies in the region to benefit from that. But I think it is hard to be too optimistic right now on global economy prospects over the next few years.”

Morgan Stanley, too, is feeling the pinch of the global slowdown. It announced on Thursday that it would be retrenching 10 per cent of its staff in the institutional securities unit and 9 per cent in asset management.

The global financial services firm said less of these cuts are likely to come from Asia. In fact, Morgan Stanley remains bullish on the prospects of Asian growth once the crisis is over and this bodes well for markets like Singapore.

Roach said: “The main challenges are to consider the options that (the) Singaporean government must consider to counter very powerful external headwinds around the world.

“The good news is that Singapore is more integrated with the rest of Asia than it is with Europe, South America and North America. The Asian region itself is likely to fair better than the rest of the world in this global downturn.”

Morgan Stanley downgraded its growth forecast for Asian countries earlier this week, but it expects a sharp recovery in Asia in the next few years on the back of solid economic fundamentals in the region.

- CNA/so

Source : Channelnewsasia - 14 Nov 2008

Singapore Property - Buy, Sell, Rent, Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Bush: Keep open markets and free trade -WASHINGTON

Bush: Keep open markets and free trade -WASHINGTON

US poised to make push at G-20 summit amid calls for tighter controls

By Bhagyashree Garekar, US Correspondent

Mr Leach and Ms Albright are part of the US President-elect’s bipartisan team for the summit.

WASHINGTON: In the midst of the greatest financial crisis since the Great Depression, United States President George W. Bush is asking world leaders meeting here this weekend to preserve open markets and free trade which have brought prosperity to millions worldwide.
Cries for tighter regulation are in the air as leaders from the top 20 economies gather for an unprecedented brainstorming session on how to avert the first truly global recession.

Mr Bush will make the case that the crisis that originated in the US credit markets and rippled across the globe calls for sharper regulatory oversight but without killing free enterprise.

‘The President believes that leaders must bear in mind that needed reforms will be successful only if they are also based on a common commitment to free-market principles, including open and competitive economies, expanded trade, and increased investment in capital flows,’ said Mr Bush’s international economic adviser Daniel Price at a White House briefing on Wednesday.

‘The President will use this opportunity to urge his fellow leaders not to turn inward or stifle markets.’

Speaking in New York on Thursday before the weekend summit, Mr Bush emphasised that policymakers ’should fix the problems we have rather than dismantle a system that has improved the lives of hundreds of millions around the world’.

His administration also made clear that the massive government intervention under way in the markets would be limited to the financial sector.

Treasury Secretary Henry Paulson said a US$700 billion (S$1 trillion) financial rescue programme was not designed for the ailing auto industry, rebuffing pressure from the Democrats.

Expectations are muted ahead of the Group of 20 (G-20) summit, which includes the rich nations as well as emerging economies like China, India and Brazil, and altogether accounts for 90 per cent of the global output.

For one thing, the timing is off-key. It comes as the crisis is still unfolding and, worse, at a time when President Bush has less than 10 weeks before he leaves office.

President-elect Barack Obama has elected to stay away from the summit while sending a bipartisan team of representatives - former secretary of state Madeleine Albright and former Iowa representative Jim Leach, a Republican.

The team is meant to provide a sense of continuity but its presence does underline the lame-duck status of Mr Bush.

There may be other lame ducks around the table too. India, Germany and the European Union have elections next year. And notably, some key banking and finance players are absent - Switzerland, Spain and Singapore.

One positive outcome of the summit is that Asia might finally begin to get its due.

‘Whether or not Europe comes to the fore and European-style regulation becomes more prominent, the role of Asia and particularly China is the thing to be keying in on,’ said Mr Charles Freeman, a trade scholar at the Centre for Strategic and International Studies.

The effort to reform the world’s financial markets is a process, not an event, experts say. Another summit, possibly in the first quarter of next year, is already being talked about.

Source : Straits Times - 14 Nov 2008

Singapore Property - Buy, Sell, Rent, Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore CDL to shelve South Beach

Singapore CDL to shelve South Beach

Economic turmoil and high construction costs cited as reasons

By Joyce Teo, Property Correspondent

South Beach features two towers plus the original conserved military buildings of the old Beach Road Camp. — PHOTO: URBAN REDEVELOPMENT AUTHORITY

PROPERTY giant City Developments (CDL) and its two joint-venture partners have shelved the $2.5 billion high-profile South Beach project earmarked for a hotly contested site in Beach Road.
The consortium cited ‘the economic turmoil and the high construction cost environment that Singapore is currently experiencing’ as reasons for the move. It will delay the project until building costs fall to ‘reasonable levels’.

The project was launched with much fanfare when CDL and its partners Istithmar - it is part of the Dubai World Group - and El-Ad Group clinched the 3.5-ha site with a $1.69 billion bid.

CDL said then that South Beach would elevate Singapore’s unique branding as a global city. Designed by renowned British architects Foster & Partners, the project features two towers of up to 45 storeys, plus the restored conserved military buildings of the old Beach Road Camp. It will have premium office space, two hotels, shops and city residences.

In August, CDL executive chairman Kwek Leng Beng said the company already had people knocking on its doors, keen to buy one block or one hotel.

CDL said earlier that it expected to complete the 99-year leasehold project by 2012, though it had until 2016 to finish it.

The news came on a bleak day for CDL, which reported an 11 per cent fall in third-quarter net profit to $150.8 million and a 13.6 per cent decline in revenue to $688.2 million.

Prices and demand have fallen, although in the three months to Sept 30 it sold ‘more than 330 units’ of The Livia in Pasir Ris, which has 724 units.

Demand and rental expectations in the office market were also hit by the financial crisis, the group said.

While its 53 per cent subsidiary Millennium & Copthorne Hotels delivered credible results, its contribution to CDL’s revenue and pre-tax profit fell due to the sterling’s weakening against the Singdollar.

The property development business remains the biggest earnings contributor but its third-quarter profit before tax fell from $147 million to $91.1 million.

Hotel operations accounted for $70.47 million of third quarter profit before tax, down from $79.5 million. Rental properties contributed $74.3 million, up from $17.8 million.

CDL is holding back the launch of new residential projects due to the economic uncertainty, but it is proceeding with construction of The Arte at Thomson and The Quayside Collection at Sentosa Cove.

Both sites were secured at relatively low land and construction costs, it said.

CDL said its exposure to potential defaults was under control as it did not sell too many units under the deferred payment scheme and did not extend this scheme to sub-sales.

It said its investment properties would still benefit even if renewed rentals were moderated as they would still be far higher than the previous low rates. The firm added that its hotel business had never operated at a loss since it went public in 1996.

Earnings per share dipped 10.8 per cent in the third quarter to 16.6 cents. Net asset value per share reached $5.93, up from $5.72 at the end of last year.

Its gearing is at 46 per cent, with interest cover at 11.7 times.

CDL said it expected all core business segments to remain profitable over the next 12 months.

The shares closed 12 cents down at $6.09 yesterday.

Source : Straits Times - 14 Nov 2008

Singapore Property - Buy, Sell, Rent, Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore Condo launch goes ahead despite gloom

Singapore Condo launch goes ahead despite gloom

Developer to roll out Woodlands project on back of solid soft launch

By Joyce Teo, Property Correspondent

Prices at the 200-unit, 99-year leasehold development start from $435,000 for a two-bedroom unit and go up to $1.1 million for a four-bedroom ground floor unit. — PHOTO: EL DEVELOPMENT

A DEVELOPER is rolling out a rare condominium launch in Woodlands this weekend - optimistic that lower-than-planned prices will draw buyers, despite the gloomy market conditions.
EL Development is launching the 99-year leasehold, 200-unit Rosewood Suites at $580 per sq ft (psf) on average.

The developer held a sneak preview to test the market a fortnight ago and then a soft launch last weekend, when it sold half of the 60 units launched.

Launches have been few and far between in recent months as most developers continue to hold off, given the volatile markets and poor sentiment.

‘We tested the market…and we were pleasantly surprised that the response was good, so we are going ahead with the launch,’ said Mr Lim Yew Soon, managing director of EL Development, a unit of local builder Evan Lim & Co.

‘If we had waited till next year, there would be a lot of competition. It’s better to have a first-mover advantage.’

Rosewood Suites is a five-storey development with one- to four-bedroom apartments. It is in Rosewood Drive, next to the 99-year, 478-unit Casablanca condominium and opposite Innova Junior College. The popular suburban mall, Causeway Point, and Woodlands MRT station are both within walking distance.

Prices start from $435,000 for a two-bedroom unit and go up to $1.1 million for a four-bedroom ground-floor unit. This works out to $500psf to $660psf.

‘Our earlier price expectations were higher. We benchmarked current prices against the prices of older condos in the area,’ said Mr Lim. Those who bought at the soft launch received a 2 per cent discount from these price levels, he said.

‘It is a fair value in today’s market,’ said Knight Frank director of research and consultancy Nicholas Mak. ‘There has not been a major development launch in the area for a long time so there will be some latent HDB upgrader demand.’

Mr Lim said the buyers were mostly dwellers of nearby flats and condominiums. There are two other condominiums in Rosewood Drive - Casablanca and Rosewood.

At Casablanca, two caveats lodged in September and October showed that two 1,184sqft units were sold at $541psf and $549psf, or $640,000 and $650,000.

Caveats lodged in the same months at the 437-unit Rosewood showed that two 1,173sqft units were sold for $537psf to $550psf, or at $630,000 and $645,000.

Rosewood Suites’ penthouses, priced from $700,000 to $1.4 million, will be released only when ‘times are better’.

EL Development bought the Rosewood Suites site from the Singapore Land Authority in November last year when prices were strong. It topped a tender that drew eight bidders with a price of $56 million or $232psf per plot ratio.

Mr Lim had then said that they had planned to launch the project in the third quarter of this year, and sell it for about $600 psf to $650 psf.

Source : Straits Times - 14 Nov 2008

Singapore Property - Buy, Sell, Rent, Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Higher-end Singapore HDB market may be cooling

Higher-end Singapore HDB market may be cooling

No rush for condo-style Bishan flats as market sentiment turns sober

By Jessica Cheam

THE higher end of the public housing market is showing its first signs of cooling, with the Housing Board’s latest condo-style flats receiving a lacklustre response.
With only one day left to the closing of applications, Natura Loft at Bishan has drawn about 600 applications for 480 flats, its developer told The Straits Times yesterday.

This is in stark contrast to the overwhelming demand for the previous three projects sold under the HDB’s design, build and sell scheme (DBSS).

The first project, Premiere @ Tampines, was a big hit, with 6,000 applications for 616 homes; City View @ Boon Keng had 3,500 buyers vying for 714 flats; while the third project, Park Central at Ang Mo Kio, drew 2,300 bids for 578 units.

Industry watchers say Natura Loft is a victim of the latest turn in market sentiment, which has seen companies retrenching staff and economies worldwide entering recession.

‘Announcements such as DBS Bank laying off 900 jobs have caught everyone off-guard, and local sentiment has turned very bad,’ said Mr Colin Tan, head of research and consultancy at Chesterton Suntec International.

Other analysts such as ERA Asia-Pacific’s assistant vice-president Eugene Lim said Natura Loft’s pricing was ‘on the high side’.

‘The pricey units are launched at a time when the market is jittery, making a double whammy for the project,’ he said.

Four-room 95-sq m units at Natura Loft are priced from $465,000 to $586,000 while the five-room 120-sq m flats cost $600,000 to $739,000.

That works out to about $450 to $570 per sq ft (psf).

PropNex chief executive Mohamed Ismail said the relatively poor response reflects buyers’ reluctance to take big loans for homes in a period of uncertainty. Also, he pointed out that developers such as EL Development have started becoming more ‘price-sensitive’ and are selling condo units with full facilities - such as Rosewood Suites in Woodlands - at attractive prices of $590 to $600 psf.

‘Alternatives to a pricey DBSS flat are more available now,’ he said.

Mr Zuo Hai Bin, managing director of Natura Loft’s developer, QingJian Realty, said it was inevitable that sales of the project would be affected by economic conditions.

‘But we are still confident that there are genuine buyers,’ he told The Straits Times, adding that the showflat had attracted thousands of visitors.

Separately, the HDB launched 750 new premium flats for sale in Punggol yesterday. This brings the total number of new flats launched this year to 5,800.

The new project, Punggol Arcadia, offers 120 three-roomers, 465 four-room flats and 165 five-room units.

It is located at the junction of Punggol Place and Punggol Field - right next to the future Punggol town centre. Prices start from $181,000 for a three-roomer and go up to $416,000 for a five-roomer.

Analysts say the prices are a tad high as they are comparable to prices of resale flats in the area.

Four-room resale flats were sold for about $300,000 to $330,000 recently and five-roomers for $360,000 to $420,000, said ERA’s Mr Lim.

New flats under HDB’s build-to-order scheme are usually cheaper and take three years to build when demand reaches a certain level.

The slightly higher prices could be a reflection of the prime location next to Punggol MRT station, Mr Lim added.

Meanwhile, analysts say it remains to be seen if red-hot demand for new HDB flats will be sustained for this latest sale.

The HDB’s new projects this year have consistently attracted high demand.

At the end of the first day of the application period, Punggol Arcadia had received 262 applications. The closing date for the project is Nov 26.

Source : Straits Times - 14 Nov 2008

Singapore Property - Buy, Sell, Rent, Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

White tiger exhibit safe for visitors: Zoo

White tiger exhibit safe for visitors: Zoo

THE white tigers’ enclosure is safe for visitors as long as they stand outside it, the Singapore Zoo said yesterday.
It has closed the exhibit for the moment, but this is to facilitate investigations into the incident rather than for safety reasons, it said.

A moat separates the tigers from the visitors’ bridge by 8.5m at the nearest point, and by 10m at the furthest.

The centre of the moat, its deepest portion, is 1.75m deep, while water on either side comes up to 1.5m. The fences on the sides of the enclosure are 5.8m high, and those at the back, 4.7m high.

Another 1.5m-high hot-wire fence stands in front of the 4.7m fence as an additional precaution.

These measurements ‘conform to international safety guidelines imposed by the Association of Zoos and Aquariums’, said Mr Biswajit Guha, the zoo’s assistant director of zoology.

He pointed out that regular safety audits are held, with the last done on Sept 11. Only minor defects, such as rust on the fences and overgrown vegetation, were found, and rectified.

‘In view of the permanent safety features, there is no risk to any visitor or zoo staff at any time,’ he added.

LEE HUI CHIEH

Source : Straits Times - 14 Nov 2008

Singapore Property - Buy, Sell, Rent, Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com