URA takes balanced approach on outdoor ad signs in city

URA takes balanced approach on outdoor ad signs in city

We refer to the letters, ‘Don’t turn Orchard Road into a Times Square’ by Ms Nirosha Pillai, and ‘Ads in residential area flout rules’ by Mr Lucas Png (Sept 13).

URA agrees with Ms Pillai that there is no need for Orchard Road to be transformed into another Times Square. While we study overseas examples of how well-coordinated advertisement signs can create distinctive images for places, we are mindful that no two cities are identical.

Indeed, what sets Orchard Road apart from other popular shopping streets around the world is its wide and lush tree-lined boulevard that provides a memorable experience in a tropical setting. We assure Ms Pillai that there are no plans to reduce the number of trees in the area to create more visible advertising space.

URA takes a balanced approach in guiding the placement of advertisement signs in our city. Our guidelines are designed to meet the needs of businesses for suitable advertising space, while maintaining the overall quality and attractiveness of our environment.

We allow advertisement signs that enhance and complement the distinctive characters of different districts. For example, advertisement signs are channelled to areas where we want to encourage more buzz and streetlife, such as the entertainment and shopping districts at Bras Basah-Bugis and Orchard Road.

In business and financial districts, such as the stretch along Shenton Way, signs are generally not allowed as they are not compatible with the character of the area. Cities such as London and New York have similar practices. Guidelines are also in place to ensure that advertisement signs are well designed and neatly mounted so that they do not mar the streetscape.

All outdoor signs require a licence from the Building and Construction Authority (BCA), unless they fall within the Outdoor Advertisement Exemption List, before they can be displayed. The two cases mentioned in Mr Png’s letter are unlicensed and BCA has since contacted the parties to rectify the matter.

We encourage advertisers and businesses to familiarise themselves with the guidelines before displaying any advertisement signs. The detailed guidelines are published at www.ura.gov.sg/circulars/text/GuidelinesForOutdoorSigns.htm

We thank Ms Pillai and Mr Png for their feedback and suggestions.

Fun Siew Leng (Ms)
Group Director, Urban Planning and Design
Urban Redevelopment Authority

Source : Straits Times - 20 September 2009

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Hungry Ghost, hungry buyers

Hungry Ghost, hungry buyers

Ignoring taboo associated with Hungry Ghost Festival, buyers push up sale value to 3-year high

By Joyce Teo

KEY FIGURES

14 properties worth $25.92m were auctioned off during the festival which ran from Aug 20 to last Friday;

85 properties were put up for auction sale; 66 of them were by property owners; 19 properties were mortgagee sales.

This year’s Hungry Ghost Festival has ended well for some sellers as more buyers ignored the taboo associated with making a property purchase during the Hungry Ghost Festival.

Too irresistible

Practicality sometimes overrides superstition as buyers find it hard to resist a good deal.

A report by consultancy Colliers International showed that 14 properties worth $25.92 million were auctioned off during the festival which ran from Aug20 to last Friday. This is the highest sale value recorded in three years, it said.

The figure beats the $9.56 million worth of sales during the festival in 2007, when sellers were still asking for the moon while buyers were starting to be wary of high prices because of the US sub-prime crisis.

In 2006, when there was a double Hungry Ghost month due to a quirk in the lunar calendar, $133.9 million worth of properties were sold at auctions. The market was then running up and a Sentosa Cove auction held during the period - which fetched $86.34 million for a dozen bungalow plots - helped to push sales up.

During the Hungry Ghost Festival, which falls on the seventh month in the lunar calendar, superstitious buyers refrain from making big commitments. These include getting married, buying a property or moving house.

Still, practicality sometimes overrides superstition as buyers find it hard to resist a good deal, experts said.

‘It was only during the past two to three years that it became obvious that people are becoming less superstitious,’ said Knight Frank auctioneer Mary Sai. ‘This year, we have seen people coming back to the auction market since April as they felt that the new launches were beyond their reach. And the momentum has kept up through the seventh month.’

During this year’s Hungry Ghost Festival, 85 properties were put up for auction sale, of which 66 were by property owners. The remaining 19 properties were mortgagee sales - the lowest figure in 12 years, said Colliers.

The third quarter saw 57 repossessed properties put up for sale by banks, compared to 76 in the first half, but the rise may not continue in the fourth quarter which is traditionally quieter, said Ms Sai.

Colliers’ deputy managing director (agency and business services) Grace Ng said owners in default are finding it easier to sell in the open market. Also, banks and financial institutions are managing their non-performing loans by giving owners the chance to dispose of their properties within a specified time.

Ms Ng said the strong response this year showed sellers were more influenced by market conditions than cultural taboos, although some still prefer to hold back.

Businesswoman Irene Teo is one of those. She will be putting three properties up for auction later this week. ‘I am not superstitious but the pool of buyers out there may be,’ she said.

She hopes to get at least $3.75 million for her 2,540 sq ft unit in Leonie Gardens near Orchard Road. ‘If I sell by auction, I feel that I can attract more people, especially investors, at one time,’ she said.

Ms Ng said sellers are the ones who are keener to wait for the Hungry Ghost month to end. ‘The buyers usually don’t mind,’ she said.

Source : Straits Times - 20 September 2009

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How HDB determines the prices of flats

How HDB determines the prices of flats

A new flat’s equivalent market price is first determined by looking at the recent transacted prices of resale units nearby.

Adjustments are then made to account for factors like location, finishes of the flat and other attributes. The price reflects the flat’s value at the point of purchase and is what people are willing to pay on the open market for such a unit.

The HDB then sells it at a significant discount, which is the subsidy given by the Government. The HDB sells flats based on market price instead of cost as this is the fairest way of pricing new flats.

A market-based pricing approach ensures that all groups of buyers enjoy similar discounts to the market and would be fair to those who are buying other HDB flats today.

It is not tenable for the HDB to price flats according to their development cost, which fluctuates depending on factors such as site conditions, material price and tendered construction price.

Source : Straits Times - 20 September 2009

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Are flats too pricey or buyers too choosy?

Are flats too pricey or buyers too choosy?
Experts advise buyers to keep an open mind in terms of location, size
By Mavis Toh

Mr Jason Zheng is getting married next month, but he and his fiancee have yet to find a place of their own.

The 27-year-old IT consultant does not want to wait three years for a new flat but has been priced out of the resale market due to the current property rally.

Sellers have been asking for cash of up to $60,000 above valuation, which he cannot afford.

He also struck out twice at the Housing Board’s half-yearly sale where most of the units on offer are completed.

His dilemma is not unique. In the past month, at least 15 people have written to The Straits Times Forum, venting their frustrations over escalating prices, premiums over official valuations and a perceived undersupply of HDB flats.

But have buyers really encountered a wall when it comes to housing options? Or is it also a matter of some people being too choosy and unrealistic in their expectations?

National Development Minister Mah Bow Tan urged buyers to take a bigger view in Parliament last Monday. For a household that earns $4,000 a month, he said the options might be:

•A new five-room flat in Punggol or Woodlands;

•A resale five-room flat in Woodlands;

•A four-room flat in a popular estate like Tampines; or

•A three-room flat in a mature estate like Toa Payoh.

Those in the industry agree that buyers can be narrowly focused.

PropNex chief executive Mohamed Ismail observes that couples are often reluctant to live in the outskirts and want flats in certain good locations where they can move in immediately.

But these places - like Bukit Merah, Tiong Bahru and Clementi - command a high price.

A four-room flat in Toa Payoh can cost up to $535,000 while one in Woodlands is priced less than $250,000.

Agent D. Lim said newlyweds often insist on getting flats near their parents’ homes even though the latter may live in mature, pricey estates.

MPs interviewed said they have seen cases where couples turn down new HDB flats because the location was not ‘prime’ or the unit was on a low floor.

East Coast GRC MP Jessica Tan explained: ‘They have preferences, and since a flat is not a small investment, these people tend to be more choosy.’

MPs said newlyweds often go to them for help in getting a home, urging them to intercede with the HDB.

Certainly, housing is a hot issue, especially when prices are climbing.

Last Monday, in Parliament, Mr Mah assured the public that HDB flats remain affordable, noting that eight in 10 Singaporean households qualify for various grants. Still, prices of HDB resale flats are at a historic high, reversing from a first quarter dip of 0.8 per cent to a 1.4 per cent rise in the second quarter.

There is also the rising COV, or cash over valuation. This is the premium which sellers demand over the official valuation.

COV amounts reportedly doubled in July this year to about $10,000 to $15,000 for five-room and executive flats, from a median level of $5,000 in the second quarter.

MPs and industry experts said those most affected are first-time buyers - usually couples unsuccessful in getting build-to-order (BTO) flats and who cannot afford resale flats.

Currently, the HDB uses the BTO system, introduced in 2001. Eligible buyers can apply for flats in their preferred locations from specific projects launched.

It takes about three to four years for the units to be built. Construction will start after a majority of flats are booked.

Previously a queue system, where flats had already been tendered for construction when offered to applicants, was used. Though the system assured buyers of a flat when their turn was due, it did not provide a real gauge of demand as applicants could drop out at will.

This resulted in an oversupply of about 20,000 flats when the Asian financial crisis hit in the late 1990s. The stock was cleared only in 2007.

Now, flats not booked under BTO, surpluses from the Selective En bloc Redevelopment Scheme, surrendered flats or cancelled bookings are made available in balloting exercises as well as half-yearly sales.

To meet increasing demand, HDB said it will offer 8,000 or more BTO flats this year. This compares to 2,400, 6,000 and 8,000 in 2006, 2007 and last year respectively.

A spokesman added: ‘The majority of first-time applicants have a chance to select a BTO flat within two tries.’

Given the realities today, industry experts advise buyers to keep an open mind on where to live and the size of the flat.

KF Property Network’s general manager Tony Koe recommends that young couples without extra cash should look for units on the fringe of places like Woodlands and Choa Chu Kang, where prices are more in tandem with valuation.

MP Lim Biow Chuan (Marine Parade GRC) also warns couples against overstretching their finances.

‘A lot of people are now living on credit; when you buy a large flat and put yourself on a long-term financial commitment, what is going to happen if you are retrenched or fall sick?’ he said.

How HDB determines the prices of flats
A new flat’s equivalent market price is first determined by looking at the recent transacted prices of resale units nearby.

Adjustments are then made to account for factors like location, finishes of the flat and other attributes. The price reflects the flat’s value at the point of purchase and is what people are willing to pay on the open market for such a unit.

The HDB then sells it at a significant discount, which is the subsidy given by the Government. The HDB sells flats based on market price instead of cost as this is the fairest way of pricing new flats.

A market-based pricing approach ensures that all groups of buyers enjoy similar discounts to the market and would be fair to those who are buying other HDB flats today.

It is not tenable for the HDB to price flats according to their development cost, which fluctuates depending on factors such as site conditions, material price and tendered construction price.

Married, but no place of their own

Mr Jayce Ng and his wife Jacelyn, both 30, live in separate homes as they wait for an affordable flat.

Each time after a movie or dinner date, married couple Jayce Ng and Jacelyn Yong return to separate homes.

He goes to his parents’ apartment in Hume Avenue and she to Hougang.

The couple, who are both 30 and registered their marriage last year, have yet to find a home to call their own, priced out by the current property rally.

‘I recently received a text message from an agent, who gave a listing of 10 Bukit Panjang flats, all asking for cash over valuation (COV) of between $40,000 and $50,000,’ said Mr Ng, a process analyst. ‘But we just can’t fork out the cash.’

They have also participated in at least eight build-to-order (BTO) and half-yearly sale exercises, but to no avail.

Mr Ng admitted that two years ago, in their half-yearly sale attempt, they turned down a $400,000 five-room flat in Clementi, thinking the price was too high.

Their decision proved costly. A year later, the flat’s valuation rose by $100,000. For the other seven exercises, they never got lucky.

‘Each time our queue number would be past 1,000. We don’t even get a chance to take a look or choose,’ said Mr Ng. ‘It gets a bit tiring.’

His hope now is to secure a four-room resale flat between $260,000 and $300,000. He does not mind the location or the floor level.

His problem is the high COV amount that owners are demanding. Together, the couple earn about $5,000 monthly.

‘I want an affordable flat so in case one of us falls sick or loses a job, we’ll still be able to pay for it,’ he said. ‘The fear of retrenchment is very real in the current market.’

His solution now is to live with his parents till an affordable flat comes along. The couple also plan to have children in three years’ time.

Said Mr Ng: ‘In the current market, genuine first-time home buyers like us are the most affected.’

Source : Straits Times - 20 September 2009

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Muslims in S’pore praised for their resilience

Muslims in S’pore praised for their resilience

Muslims, like other Singaporeans, have shown resilience in the face of adversity in the past year.

This was pointed out by Dr Yaacob Ibrahim, Minister for the Environment and Water Resources and Minister-in-charge of Muslim Affairs, in his Hari Raya message.

‘We have come across inspiring stories of men and women who have remained positive and resourceful - taking on a new job even if it may pay less at the start; going for training or retraining; or even starting a business no matter how humble it may be,’ he noted.

‘As individuals and families, they took a pragmatic approach - moderating their expectations and making short-term sacrifices for long-term gains,’ he said in praising their courage and perseverance.

Dr Yaacob also commended the community for giving priority to children’s education. ‘Education will open the doors to a better future for our young, the family, and support the progress of our community and nation,’ he said.

‘We may be celebrating this Hari Raya having spent less on festive items. Indeed, exercising moderation is good practice not just for the downturn,’ he added.

‘Watching our finances and our health is critical for the long term. But there is no reason to cut back on our joy of coming together as families, friends and colleagues and sharing food, fun and laughter.’

Amid the celebrations, Dr Yaacob also called on Muslims to take stock of their situation and make changes.

‘Slowly but surely, many more families are taking charge of their lives - working diligently, supporting their children’s education - thereby contributing to the progress of society,’ he said.

‘So let us not be distracted by those who claim otherwise. Let us continue to work together so that our community moves closer to our vision of a Community of Excellence.’

Source : Straits Times - 20 September 2009

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Protests erupt at two sites in Thailand

Protests erupt at two sites in Thailand

Nationalists clash with villagers near Cambodian border, while ‘red shirts’ stage rally in Bangkok

By Nirmal Ghosh, Thailand Correspondent

Bangkok: Tensions soared from the Cambodian border to the Thai capital yesterday as protesters from rival political groups rallied at separate locations.

On the border, Thai nationalists bent on stopping Cambodians from building on alleged Thai territory overwhelmed police and clashed with local villagers near the Preah Vihear temple. The violence left dozens injured, including one local shot in the neck.

In Bangkok, a rally by the red-shirted United Front for Democracy against Dictatorship (UDD) to mark the third anniversary of the September 2006 coup d’etat attracted up to 20,000 people, despite a prolonged downpour in the afternoon.

The UDD wants Prime Minister Abhisit Vejjajiva to step down, claiming he came to power illegitimately with the help of the military and the judiciary, two pillars of the Thai ruling class.

Several thousand police officers and soldiers were deployed to keep order at the red-shirt rally.

As of late yesterday, no incident has been reported at the protest near the house of Privy Council president Prem Tinsulanonda. He is the King’s chief adviser and is accused by the red shirts of having engineered the coup that ousted former premier Thaksin Shinawatra .

Thaksin, who has been trotting the globe in self-imposed exile, addressed the crowd by video.

‘I want to ask people who hate me and those who love me to review the past three years and answer if we’ve seen anything get better,’ he said. ‘Have the past three years hurt the country enough?’

The government is finding itself increasingly caught between the two powerful groups.

The red shirts, most of whom are pro-Thaksin, want an end to interference in politics by the military acting as a proxy for the traditional aristocratic elite.

The royalist People’s Alliance for Democracy (PAD), whose members don yellow shirts, were initially supportive of the government, but have been targeting some of its figures of late.

Indeed, more than 800km to the north-east of the capital in Si Saket province, between 3,000 and 5,000 activists from the People’s Rights and Liberty Protection Group, led by Mr Veera Somkwamkid, who is part of the PAD, marched on Preah Vihear temple yesterday afternoon on foot and in vehicles.

Security arrangements in the sensitive border area, which has seen sporadic clashes between Thai and Cambodian troops over the past year, proved inadequate.

Villagers tried to block the path of the marchers. But about 200 PAD ‘guards’ clashed with the locals.

Television footage showed chaotic melees with people, including police officers being hit by rocks, and some small explosions and smoke.

Late last night, the activists reportedly stood down but are due to make a statement today.

‘The PAD is negotiating with the commander of the local task force now at the foot of Preah Vihear,’ Colonel Prawit Hookaew, a spokesman for the army’s north-eastern region, told Agence France-Presse yesterday evening.

The PAD’s main five leaders had earlier distanced themselves from Mr Veera, but the group was the first to raise the Preah Vihear temple issue last year. It used it to whip up nationalist fervour and attack the pro-Thaksin government in power at the time, for allegedly making concessions to Cambodia in the disputed area.

The 11th century temple belongs to Cambodia through a quirk in a boundary map that Thailand contested and lost in a judgment in The Hague. But substantial land around it remains disputed.

The issue stokes intense emotions on both sides. Locals said inflammatory protests could lead to border skirmishes and ruin the local economy.

Mr Veera has filed legal petitions against the current and previous governments, claiming they have failed to protect Thai territory by allowing Cambodian forces and civilians into a disputed area of about 485ha.

But Lieutenant-General Vissanu Sriyaphan, spokesman for the armed forces, said: ‘Thailand has not lost territory as understood by some people. The pending problem is being solved through negotiations, not violence. The ownership of the overlapping area has yet to be decided.’

Source : Straits Times - 20 September 2009

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Intermediate Terrace @ POH HUAT RD for rent

Intermediate Terrace @ POH HUAT RD for rent

District: 19 ( Serangoon, Hougang, Punggol, Sengkang )
Property Type: Intermediate Terrace
Asking Price: $ 5,500
Storey: 3
Bedroom: 5
Bathroom: 4
Built up: 3145 sq. ft.
Land Area: sq. ft.
More Fixtures:
Living: Ceramic
Dining: Ceramic
Bedroom: Parquet
Kitchen: Ceramic
Amenities: All Amenities
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Corner Terrace @ May Road for rent

Corner Terrace @ May Road for rent

District: 12 ( Balestier, Serangoon, Toa Payoh )
Property Type: Corner Terrace
Asking Price: $ 6,000
Bedroom: 3
Bathroom: 3
Built up: 2472 sq. ft.
Land Area: sq. ft.
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Semi Detached @ King’s Road for rent

Semi Detached @ King’s Road for rent

District: 10 ( Ardmore, Bukit Timah, Farrer, Holland, Tanglin Rd )
Property Type: Semi Detached
Asking Price: $ 9,000
Storey: 3
Tenure: Freehold
Bedroom: 5
Bathroom: 6
Family/Hall: 2
Utility: 1
Built up: 2800 sq. ft.
Land Area: sq. ft.
Fixtures: Fully Aircon
More Fixtures:
Living: Marble
Dining: Marble
Bedroom: Parquet
Kitchen: Ceramic
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Corner Terrace @ LOR ONG LYE for rent

Corner Terrace @ LOR ONG LYE for rent

District: 08 ( Little India )
Property Type: Corner Terrace
Asking Price: $ 6,000
Tenure: Freehold
Bedroom: 7
Built up: 3000 sq. ft.
Land Area: sq. ft.
Buy Sell Rent Invest Singapore

Mindy Yong 杨雯诗

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Fax: (+65) 64021826

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