Developers rush to catch buying wave

Developers rush to catch buying wave

More condo launches are due this month but market-watchers say price recovery will not last

By Joyce Teo

The Gale, located in Flora Road, is one of the many condominium projects that are slated to be launched this month.

The stream of new property projects being launched continues to be strong. Another mass-market development, Oasis@Elias, has officially hit the market, after a quiet round of sales.

The 388-unit condominium near Pasir Ris beach was launched yesterday after it sold 71 units - or half of the units previewed - at $670 per sq ft on average at last week’s preview.

CB Richard Ellis, which is marketing the condo, said units with a sea view were popular. Some 80 per cent of the buyers were HDB upgraders. The units are fairly large, ranging in size from 947 sq ft to 2,659 sq ft.

Generally, developers are rushing new launches to capitalise on the strong buying wave, particularly for affordably priced mass-market developments.

Releases in the past three weeks include Vista Residences in Jalan Datoh, Residences @ Killiney and the already sold-out 8@ Woodleigh.

Developments that are available for sale this month include Ascentia Sky, next to Metropolitan condominium in Alexandra Road, Silversea in Amber Road, The Gale in Loyang and Sophia Residence on the former Sophia Court site near Selegie Road. An 85-unit development in Balmoral Road is also coming to market soon.

The 373-unit, 99-year leasehold Ascentia Sky is expected to hold a public preview in the middle of the month, said a Wing Tai spokesman. The indicative price before the preview discount is $1,300 psf to $1,500 psf, he said.

Wing Tai and Greatearth Developments had bought the Ascentia Sky site for a bullish $639 per sq ft per plot ratio in late 2007. Property analysts had said then that the land price would translate into an estimated breakeven price of $1,000 psf to $1,100 psf for the future condo, and the units there should sell for at least $1,100 psf to $1,200 psf.

Projects such as Ascentia Sky, Silversea and Sophia Residence have been lined up for launch for some time now.

In late 2007, developer GuocoLand had said it hoped to push out the 272-unit Sophia Residence in the third quarter of last year. But that did not happen.

As for the 383-unit Silversea, there was already talk as early as late 2007 that it would be launched soon. It did go out to market for a while last September, selling several units at a median price of $1,400 psf and three at a median level of $1,242 psf in October. Because of the poor market conditions, sales were then stopped.

Developers are a bit more upbeat now that buyers, including speculators, have been coming out in droves, though they remain fairly cautious and price-sensitive.

Still, buyers should exercise prudence in the light of market uncertainty, advised property experts. Ms Chua Chor Hoon, head of DTZ South-east Asia research, said in a report last Thursday that the rise in prices in the second quarter is likely a ‘temporary blip’ as it is largely due to the fear among buyers of missing out on the bottom, pent-up demand and low interest rates.

Average resale prices have fallen by only 10 per cent to 35 per cent from the fourth quarter of 2007 to the first quarter of this year, compared with a larger fall of 35 per cent to 45 per cent during the Asian financial crisis, she said.

‘Without a clear recovery in sight for the United States and Singapore economies, the price recovery in the second quarter is not sustainable and sales volume would be affected if prices continue to rise,’ said Ms Chua.

COMING UP

Ascentia Sky

Where: Alexandra Road next to Metropolitan condominium

How big: 373 units

How much: Indicative pricing, before a preview discount, is from $1,300 psf to $1,500 psf.

Sophia Residence

Where: Adis Road near Parklane Shopping Mall

How big: 272 units

How much: Indicative pricing said to be $1,500 psf to $2,000 psf.

Silversea

Where: Amber Road on the former Amberville site

How big: 383 units

How much: Preview prices said to start from $1,300 psf

The Gale

Where: Flora Road

How big: 329 units

How much: Indicative pricing said to be $650 psf to $700 psf

Source : Straits Times - 05 July 2009

Buy Sell Rent invest In Singapore Property Real Estate

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com

North Korea fires seven missiles

North Korea fires seven missiles
 
Holding exercise on US Independence Day signals its defiance of US-led sanctions 

Seoul - North Korea yesterday fired a salvo of seven missiles off its east coast, in an act of defiance apparently timed for July 4, the United States’ Independence Day.

The provocative timing looks to be Pyongyang’s way of telling Washington that it will not be cowed by recent US moves to get tough over its nuclear weapons programme.

In a span of about seven hours yesterday, Pyongyang launched seven missiles into the Sea of Japan, known in South Korea as the East Sea.

It was the biggest barrage of ballistic weaponry since the North fired a long-range Taepodong-2 and six smaller missiles in 2006, coinciding too with Independence Day in the US.

Both South Korea and Japan swiftly condemned the action as provocative.

‘Our military is fully ready to counter any North Korean threats, said a statement issued by South Korea’s Joint Chiefs of Staff.

The United States State Department urged Pyongyang not to ‘aggravate tensions’ and called the launches ‘not helpful’.

Russia and China yesterday urged all parties to show restraint and to return to the negotiating table.

The missiles came from a base at Kitdaeryong near the eastern port of Wonsan, according to officials in Seoul.

South Korea’s Yonhap news agency, citing intelligence sources, said the first three appeared to be Rodong missiles, while the rest were an upgraded version of Scud-C missiles.

Scud-C missiles have a range of up to 500km, which could hit most of South Korea.

The Rodong has a range of up to 1,300km, putting most parts of Japan within striking distance.

Defence analysts say the North has about 600 Scuds and another 200 Rodong-1 missiles.

The test-firing was in defiance of United Nations resolutions, which ban North Korea from firing Scuds, medium-range missiles or long-range missiles.

It came two days after Pyongyang fired four short-range cruise missiles.

Professor Kim Yong-Hyun of Seoul’s Dongguk University said the successive missile volleys were ‘a thinly veiled warning to the United States and the international community that it may launch long-range missiles the next time’.

He said yesterday: ‘The North is exercising salami tactics, firing short-range missiles on Thursday and launching missiles with longer range today.’

Mr Daniel Pinkston, a Seoul-based analyst for the International Crisis Group think-tank, noted that July 4 is not only US Independence Day but also the anniversary of a 1972 joint communique in which the two Koreas agreed to work towards a peaceful reunification of their peninsula.

The latest tests came as the US is leading international efforts to tighten sanctions against North Korea, with an envoy visiting Beijing last week to enlist help from China, the North’s main trading partner and ally.

The US has also been squeezing the regime’s key source of foreign currency in the past weeks by shadowing a North Korean ship suspected of carrying banned weapons and cracking down on firms accused of helping the North in its trade in missiles and other arms.

North Korea’s state news agency carried no reports on the launches.

Speculation has been running high in South Korea and Japan that the North might launch more missiles in the coming days. It had warned ships to stay away from its east coast until this Friday.

US and South Korean officials believe ailing leader Kim Jong-Il, 67, is staging a show of strength to bolster his authority as he tries to put in place a succession plan involving his youngest son Kim Jong-Un. AP, Reuters, AFP,

New York Times

Source : Straits Times - 05 July 2009

Buy Sell Rent invest In Singapore Property Real Estate

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com

PM Lee says PAP will work to have more women candidates in the next election

PM Lee says PAP will work to have more women candidates in the next election

By S.Ramesh/ Pearl Forss

SINGAPORE: Prime Minister Lee Hsien Loong said the ruling People’s Action Party (PAP) will work to have more women candidates in the next general election.

He made these comments at the 20th anniversary celebrations of the PAP Women’s Wing (WW) on Saturday.

It was a rousing celebration of how far women had come in politics.

There were no women in politics from 1970 to 1984 and today, there are 17 elected women MPs.

But Prime Minister Lee said more has to be done.

PM Lee said: “They play key roles in business, in government and in the professions. And I think in politics too, we will work very hard to have more women candidates the next time round.

“But even today, if I speak frankly, it is still harder for a woman than for a man to become an MP, to enter politics. And for the old reasons, less now, but still the family puts more burden on the women than on the men.

“Work is heavy burden for the women too. And plus their political responsibilities to make that rapport with your grassroots, with your voters.”

Still, it seems female parliamentarians have managed to balance their different roles.

Lim Hwee Hua, Singapore’s first full-fledged woman minister and Chairman, PAP Women’s Wing, said: “35 - Now this is a piece of trivia, this is the number of children we women MPs have collectively produced for those of us who have children. So we do our bit towards population growth too.”

On average, women make up only about 18 per cent of parliamentarians worldwide. Even in the Nordic countries known for gender equality, women make up only about 40-plus per cent of parliamentarians. In Singapore, this figure is currently 20 per cent.

And the trailblazers include Dr Aline Wong, who was one of the first women office holders and Dr Seet Ai Mee, the first woman appointed to Cabinet.

Dr Dixie Tan, also among the first women in parliament was also honoured at the anniversary celebrations though she wasn’t present as she was out of the country.

So with the aim to increase participation by women in politics, should the PAP Women’s Wing or WW be a more dominant force?

Indranee Rajah, Parliamentary Deputy Speaker & Organising Chairman of PAP WW20 Celebrations, said: “WW was never intended to match the main PAP in its dominance and impact. WW is the women’s arm of the main party. If you think about it, we’re an arm like any other body. If the arm is not there, the main body cannot operate at full strength and capacity.

Prime Minister Lee said the Women’s Wing has to continue to support women to take interest in politics for many years to come. -CNA/vm

Source : Channel NewsAsia - 05 July 2009

Buy Sell Rent invest In Singapore Property Real Estate

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com

Current global economic crisis will test Singaporeans’ moral character

Current global economic crisis will test Singaporeans’ moral character

By Cheryl Lim

SINGAPORE: Foreign Affairs Minister George Yeo said the current crisis in the global economy will test the moral character of Singaporeans.

Speaking at the 15th anniversary celebrations of Damai Secondary School on Saturday, Mr Yeo said if there is a strong sense of mutual obligation, solidarity and affection, Singaporeans will not only pull through the crisis but will also emerge stronger and more united.

But he added the world will be a very different place when the crisis is over, with many centres of political, economic and cultural influence in the world.

He said he expects China and India will become big powers in the future, and Russia and Brazil will also play major roles.

Mr Yeo said Singaporeans will also have to prepare for a different world and safeguard their security.

One way to cope with the changes is to learn languages.

He also added that making the maximum use of technology will help ensure Singaporeans keep connected with the rest of the global network. - CNA/vm

Source : Channel NewsAsia - 05 July 2009

Buy Sell Rent invest In Singapore Property Real Estate

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com

Govt to set up new S’pore Road Safety Council by early 2010

Govt to set up new S’pore Road Safety Council by early 2010

By S.Ramesh

SINGAPORE: Singapore’s setting up a new Singapore Road Safety Council by early next year.

It aims to adopt a more focussed and holistic approach to road safety by fostering closer cooperation of all stakeholders involved in activities to prevent road accidents and to enhance safety.

The new council will also be the official body for Singapore to engage with other international road safety councils and programmes that contribute to global road safety outcomes.

It will also serve as a forum for the public to express their views and exchange ideas on road safety matters.

Besides this outreach, 37 of the region’s best drivers were all set to perform and entertain in the Formula Drift series at the Changi Exhibition Centre which ends on Sunday.

Kicking off the campaign was Senior Minister of State for Home Affairs, Associate Professor Ho Peng Kee.

He said for the first quarter of this year, the number of fatalities on Singapore’s roads dropped by about 32 per cent to 37 cases against 54 in the same period last year.

This year’s campaign targets two key audiences - elderly pedestrians and motorcyclists.

Professor Ho said motorcyclists and pillion riders remain a key concern as they form half of those who died on the roads.

To address this, the Traffic Police has also reviewed the Class 2B motorcycle training curriculum and new students since mid-May have to attend additional theory lessons on defensive riding before taking the practical test. - CNA/vm

Source : Channel NewsAsia - 05 July 2009

Buy Sell Rent invest In Singapore Property Real Estate

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com