Residences expert@work in naming a condo

Residences’ expert@work in naming a condo

By Goh Chin Lian

What’s the name of your condo?

If you bought a unit in the 1980s, you probably live in a project with words like ‘palm’, ‘garden’ or ‘park’ in the name.

In more recent times, it became fashionable to incorporate auspicious numbers, like Scotts 28 and 8@Woodleigh.

Now, many developers have plumped for Residences.

Examples include Residences Botanique in Serangoon, Kovan Residences in Upper Serangoon, The Shore Residences in Katong, Vista Residences in Balestier, Holland Residences in the Holland Road area and Tembeling Residence in the East Coast area.

A spokesman for the Street and Building Names Board said that of the 25 to 30 condominium names it approved in 2008 and last year, names with terms like ‘residences’, ’suites’ and ‘@’ were most popular.

New property player Ferrell Asset Management opted for Ferrell Residences for its first condo in Bukit Timah, saying thatthe word ‘residences’ evokes ‘a very personal and intimate feeling towards the development’.

Ho Bee’s general manager of marketing and business development, Mr Chong Hock Chang, shares a similar view. ‘The word conjures a very homely image,’ he said. The firm’s projects include Orange Grove Residences and Dakota Residences.

For developer TG Group, there is a more mundane reason for naming its 102-unit development in the East Coast, St Patrick’s Residences.

It conforms to the residential zoning of the area, and differentiates itself from industrial or commercial zones, said its head of corporate affairs, Mr Lowell Loh.

Frasers Centrepoint Homes, which is launching Residences Botanique this weekend, also drew attention to the word Botanique.

It reflects the wide array of plants and landscaping of the resort-style condo, said a spokesman.

Far East Organization said it tries to express what makes a development unique via the condo’s name.

Its The Shore Residences is so named because its ‘large waterscape with mini beaches and coconut trees’ aims to recapture the old Katong ambience with a long shoreline.

But do names really matter with buyers? Apparently not, it seems. Mrs Debora Neo, 44, who lives in Rivervale Crest condo in Sengkang, said price and location matter more.

Proximity to schools is also crucial, said the mother of two teenage children.

As for the use of ‘residences’, she said it reminded her not of a home or condominium, but of serviced apartments for foreigners here for a short stay.

Source : Straits Times- 28 February 2010

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HDB may tweak rules to curb property speculators

HDB may tweak rules to curb property speculators

Experts suggest some measures which can be taken to cool resale market

By Joyce Teo

HDB flats (right) that are well-located are in demand, and some private property owners buy them for their rental yield. — ST PHOTO: ALPHONSUS CHERN

Frustrated buyers have pointed their fingers at permanent residents and private property speculators for pushing up HDB resale flat prices to record levels.

They claim the speculators snap up resale flats and then rent them out illegally or sell them quickly but legally after the stipulated one-year period.

A week ago, National Development Minister Mah Bow Tan said the Government is looking into ’something’ regarding measures for the HDB market.

Property experts reckoned the Government could extend the minimum occupation period for those who bought their flats with bank loans as well as make checks to ensure owners are not flouting the rules.

Under HDB rules, those who buy resale flats without housing grants can sell their flats after 21/2 years if they take a loan from HDB, or one year if they take a bank loan.

They can rent out the entire flat only if they have lived in it for at least three years.

Buyers who take up housing grants for their purchases can sell only after a minimum occupation period of five years.

‘Speculation is not an issue right now. But it may become an issue if buyers are sure that prices will continue to rise for the next year,’ said the managing director of C&H Realty, Mr Albert Lu.

ERA Asia-Pacific associate director Eugene Lim said the Government has already started to rein in the sizzling HDB resale market with the lowering of the loan-to-value limit (LTV) for housing loans taken from banks.

This means buyers can borrow less than before - at up to 80 per cent of the property’s valuation instead of 90 per cent previously.

This will likely affect deals for the high-value resale flats involving cash-over-valuation (COV) of anywhere from $50,000 to $90,000, as buyers will now have to fork out more down payment, in addition to the cash, said Mr Lim.

COV is the amount over and above the flat’s valuation that is payable only in cash.

There are not many other things the Government can look at, as it will not want to affect genuine demand, property experts said.

While the lower LTV limit will have an impact, it won’t be big, said Mr Chris Koh, director of Dennis Wee Properties.

‘It is the 5 per cent cash down payment and the COV that the buyers find challenging to come up with,’ he said.

An industry observer suggested that the Government may raise the first-time applicant’s housing grant to buy resale flats.

The Government can also extend the minimum occupation period for those who bought resale flats with bank loans to as long as 21/2 years, though this may not go down well with the banks as this may increase their risk exposure, property pundits said.

‘The banks may not agree to extending the period, but this area needs to be looked into so that people will not look at flats as a quick one-year turnaround investment,’ said Mr Koh.

Mr Lu suggested that the Government ban private property owners from buying resale flats if their sole intention is to rent them out.

HDB flats are in demand as the well-located ones can easily command a rental yield of 7 per cent to 8 per cent.

HDB, he said, can conduct regular checks to see that the private property owners are living in their flats instead of renting them out during the minimum three-year occupation period.

‘This, however, does not solve the problem of private property owners renting out their HDB flats legally after the minimum three-year occupation period,’ Mr Lu said.

HDB owners can buy private property but they must continue to live in their flats.

However, those who have obtained prior approval from HDB to sublet their flats can live in the private property.

Some property experts suggest going back to the days when flats could not be easily rented out.

‘One possible measure is to revert to the old system of allowing HDB flats to be rented out only if the owner has valid reasons such as being posted overseas to work,’ said Mr Lu.

Mr Koh added that HDB flats should not be seen as a short-term investment as this changes the whole concept of government housing.

Source : Straits Times- 28 February 2010

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Residential development charges up

Residential development charges up

New rates reflect improved property market, but commercial site fees dip

By Joyce Teo

THE improved property market has prompted the Government to raise the fees developers pay to enhance the use of residential sites.

The fee - called a development charge (DC) - closely reflects recent land and property values as it is adjusted every six months.

A developer pays a DC if he wants to intensify the use of a site, for instance, by redeveloping an existing project into a bigger one.

Rising values - and developers bidding aggressively for suburban residential land - have forced the Government’s hand, although the increases were mostly within expectations.

From next Monday, the DC will go up by about 12 per cent on average for landed homes and around 8 per cent for non-landed properties. But the rate for commercial sites has dipped given the muted market.

The new rates highlight the rapid rebound in residential property. The DC for landed homes had not been revised for two years, while the non-landed rate was down 2 per cent six months ago.

Experts say the higher charges will add to developers’ costs and could affect collective or en bloc sales and the conversion of office buildings to residential use.

The DC rises vary across the island.

While the average rise for landed properties is 12 per cent, the DC will jump by around 17 per cent in the prime areas of Tanglin, Holland and Bukit Timah, the HDB towns of Hougang, Toa Payoh and Ang Mo Kio, and Sentosa.

The DC for Sentosa rose the most - by 17.3 per cent - this round, supported by the recent strong transaction volume in that area, said Jones Lang LaSalle.

The largest rise in the non-landed homes sector will be a hike of 15 per cent in the mass-market areas of Mountbatten and Katong, as well as in Paya Lebar, Eunos, Bedok North, Simei and Tampines.

The central areas of Spottiswoode Park and Cantonment, Orchard Road and Sentosa Island also saw double-digit rises, because of surging prices and some recent land acquisition activity.

‘Overall, the rise in non-landed residential (development charge) rates is expected to add to developers’ land banking costs - particularly for collective sale sites that require payment (of the charge),’ said Colliers International’s executive director of investment sales, Mr Ho Eng Joo.

This may hamper or derail their land banking plans, he added.

It is a different story in the commercial sector, where DCs will go down 2 per cent on average, with the exception of booming Sentosa, where the rate will go up by 13 per cent.

Rates will fall by up to 13.3 per cent around Raffles Quay and Shenton Way.

The dip for commercial property will be welcomed. The office sector has been subdued, land sales during the review period have been muted and the business environment is still uncertain despite signs of recovery, said Colliers International.

The Central Business District (CBD) will also see the completion of about 2.2million sq ft of office space this year, raising the real threat of a damaging oversupply.

‘A cut in DC rates in these locations will hence provide the necessary stabilising effect to the market, amid daunting concerns about the potential supply,’ said Mr Ho.

Consultants also noted that the fall in commercial DC rates in the CBD will be met with a rise in residential rates.

‘This would affect the conversion of office buildings to residential uses in the CBD, especially those on leasehold land as they would also have to top up the lease,’ said DTZ’s head of South-east Asia research, Ms Chua Chor Hoon.

There are a number of players that are keen to convert and they will have to recalculate their sums as the DC rates have increased, said Mr Ho.

Sentosa is the only area of the country that registered a rise - of 12 per cent - in the DC for the hotel and hospital sector, which will remain untouched everywhere else.

Sentosa is paying the price of the integrated resort, which has pushed up values and, hence, the DC increases in the landed residential, commercial and hotel/hospital sectors, said Ms Chua.

The National Development Ministry sets the rates every March and September in consultation with the Chief Valuer.

Source : Straits Times- 27 February 2010

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Govt to increase development charge rate for residential homes in S’pore

Govt to increase development charge rate for residential homes in S’pore

By Wong Siew Ying

SINGAPORE: The government has increased the development charge rate for both non-landed and landed residential homes. Analysts said this is in line with the strong rebound in home sales and prices over the last six months.

The rise in non-landed residential DC rates, in particular, is expected to add on to developers’ land banking cost.

Private homes were hot property in 2009. Some 6,300 units have been sold in the last six months.

And market watchers said the upward revision in development charge for residential homes is widely expected.

A development charge is the tax payable by the developer when a property site is developed into more valuable project.

This allows the government to have a share of the gains from the enhanced value.

The DC Rate for non-landed home will go up by eight per cent on average with prime areas like Orchard Road, Sentosa and Cantonment seeing double-digit increase.

The DC rates for suburban locations like Paya Lebar, Eunos, Bedok North and Tampines also went up .

Some observers said the upward revision could have a marginal impact on developers’ land banking plans.

Dr Chua Yang Liang, head of Research, Southeast Asia, Jones Lang LaSalle, said: “The DC rate revision will have some bearing on potential developers looking at en bloc deal especially those which have an increase in plot ratio, it might have some effect.”

DC rates for landed residential homes will also go up by an average 12 per cent.

The largest increase of 17 per cent will apply to developments in Sentosa, Tanglin and Holland and even Hougang, Toa Payoh and Ang Mo Kio.

In contrast, the levy for commercial sites will fall by two per cent on average.

Sites in Raffles Quay and Shenton way will see a 13 per cent reduction.

Sentosa is the only sector in the Commercial category to see an uptick in DC rate by 12.5 per cent.

Mr Chua believes the opening of the Integrated Resort and its retail spaces has put an upward pressure to close the gap between sectors like Sentosa and World Trade Center where Vivocity is located.

With this revision, the gap has narrowed from S$1,750 to S$1,400.

Some said this reduction could have an unintended effect.

Dr Chua added: “If you look at DC rate between residential and commercial, residential continues to rise in the downtown areas, whereas the office market, office use, continue to contract.

This means there will be a wider gap between these two land use groups suggesting redevelopment into office use rather then conversion into residential.”

The change in DC rate will take effect from March 1 and will last for six months. - CNA/vm

Source : Channel NewsAsia - 27 February 2010

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Real estate developers to bring forward property launches

Real estate developers to bring forward property launches

By S Ramesh

SINGAPORE : Singaporeans can look forward to more property launches. The Real Estate Developers’ Association of Singapore (REDAS) on Thursday announced that its members will be bringing forward property launches.

REDAS added that its efforts are only limited by the land available and hence the long-term solution to a stable market is still adequate supply.

The association celebrated the Lunar New Year, riding on an upbeat mood.

Joining in its Spring Festival was Finance Minister Tharman Shanmugaratnam, and the association shared with him its views on his recent Budget Statement.

Simon Cheong, president, Real Estate Developers’ Association of Singapore, said: “REDAS was hoping for more cash in our ang pows (red packets) from you, Minister. But when we opened the ang pow, we were disappointed there was not much inside for developers.

“Nonetheless, we are happy with your long-term productivity ang pow, as what is good for Singapore’s economy in the long run must also be good for the Singapore property market. It is what REDAS calls a deferred payment ang pow.”

REDAS said that its members are surprised with the speed with which Singapore’s property market has recovered. But they added that they are prepared to live with the current problems rather than the problems faced by the property market last year.

However, in the interest of a stable property market, REDAS said its members are committed to a fast-track supply to satisfy demand. This would also minimise excessive speculation in the property market.

Mr Cheong said: “Given the unexpected return of an active property market, developers over the next few months would also be actively bidding for more land to position for the future supply.

“As such, REDAS, unlike the situation in the preceding 12 months, is now looking forward to more sites in the confirmed list for developers to replenish their land bank.”

Just last week, the government introduced two more measures to cool the property market and pre-empt a bubble from forming in the private homes sector. - CNA/ms

Source : Channel NewsAsia - 26 February 2010

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Property measures: Keep them guessing

Property measures: Keep them guessing

IF THERE was a party in the property market going on after the Chinese New Year, the Government would have been the party pooper. Barely a week into the new year, it introduced measures to cool the febrile-prone property market. A new seller’s stamp duty was introduced, together with a reduction in the loan-to-value limit for home loans, from 90 per cent to 80 per cent. The measures came just five months after the Government implemented moves to kill innovative interest absorption home loan schemes.

For property prices to go up is patently reasonable. After all, the property market is now seeing ample liquidity, low interest rates and growing consumer confidence buoyed by a recovering economy. That said, however, the speed at which the market is heating up is puzzling. In January, property developers sold 1,476 units - a figure treble that of the preceding month. Prices have increased at a faster rate compared to rebounds from the troughs of previous property cycles. Mortgage lending has also increased steadily by about 12 per cent year-on-year through the whole of last year. Market watchers can only surmise that the strong demand could be coming from either pent-up demand or buyers flush with cash from collective sales.

Typically, official measures to cool the market are inevitably late, given that they occur after the fact. But thankfully, they do not come so late as to fail to pre-empt any speculative bubble. In essence, the Government is doing what it has been adept at doing - precision targeting to put a brake on speculative demand before it spirals out of control. The stamp duty will hit short-term speculators, while the bank loan limit will affect buyers at the margins.

The most powerful weapon in the Government market-cooling arsenal, however, is not the series of measures already announced, but those yet to be. This is one of the oldest tricks in the book, be it in fields as diverse as nuclear strategy, politics or an endeavour as earthy as property: to receive pain in one big dose is bad; to get the same pain in small but discrete instalments is worse, but to have no certainty as to when the dose will come is the worst. As one industry watcher noted, if the Government can enact the measures so fast and without warning, it can do something ‘faster and more painful’ if prices continue to head north. Here, in essence, is the nub of the Government’s pre-emptive strategy that will keep property developers and speculators awake at night: keep them guessing.

Source : Straits Times - 26 February 2010

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CDL plans to start $2.5b mega project next year

CDL plans to start $2.5b mega project next year

By Esther Teo

An artist’s impression of CDL’s South Beach project which will feature an ‘environmental filter’ canopy. — PHOTO: CITY DEVELOPMENTS

CITY Developments (CDL) is aiming to start building its landmark $2.5 billion South Beach project in Beach Road next year, said its boss Kwek Leng Beng yesterday.

Mr Kwek gave an update on the project - shelved in late 2008, owing to high construction costs, then slated for a start this year - as he unveiled a far- better-than-expected 77 per cent surge in fourth quarter net profits for CDL.

He brushed aside financial worries over the mega project, which is set to boast offices, luxury hotels, retail space and residences when completed in 2016.

CDL bought the site in 2007 jointly with Dubai World and El-Ad Group, which have since been hit by debt woes.

Mr Kwek, the executive chairman, said: ‘We cannot presume that the two partners have no money. If the two partners have no money, then their share will be diluted,’ he said, of the Dubai partners.

Hong Kong’s Nan Fung group emerged as a new investor in the project last June under a refinancing exercise.

‘The verbal understanding with Nan Fung is that both of us will put in more money if so required,’ Mr Kwek said.

CDL’s net profit for the three months ended Dec 31 shot up 77 per cent to $176.7 million, as the group booked profits in projects such as Cliveden at Grange, The Arte and One Shenton.

That beat the average estimate of six analysts polled by Dow Jones Newswires of $129 million. Fourth quarter revenue rose 28.6 per cent to $922.4 million.

‘The global economic recovery is better than expected,’ he said, adding that prospects were good for the residential, hospitality and commercial sectors.

Full-year earnings rose 2.1 per cent to $593.4 million, on the back of better income from strong property prices.

Last year also marked the group’s highest ever revenue of $3.27 billion, up 11.1 per cent, and second highest profit since its inception in 1963. It expects to stay profitable over the next 12 months.

Mr Kwek said that the firm will continue to focus on the local market, capitalising on its land bank and experience - but said China is promising.

‘That is not to say that we will never go abroad… But why would we want to go in a big way at the moment when I still believe that we can make a lot of money in Singapore. We know Singapore best, can read the trends better and are here most of the time,’ he said.

CDL expects sentiment among genuine buyers to remain strong despite recent government measures to cool speculation in the property market.

Full-year earnings per share were 63.8 cents, up from 62.5 cents a year earlier. Net asset value per share rose to $6.57 as at Dec 31, from $5.97.

The group is recommending a dividend of eight cents a share, up from 7.5 cents the previous year. CDL shares rose two cents yesterday to close at $10.34.

OCBC Investment Research analyst Foo Sze Ming said he expects CDL to deliver strong earnings this year, underpinned by its sold residential projects last year - The Gale, Volari and Hundred Trees - that have yet to book in profits.

Source : Straits Times - 26 February 2010

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Citibank to speed up expansion in S’pore

Citibank to speed up expansion in S’pore

At least four more branches will be opened this year

By Harsha Jethnani

Citi will soon be accessible via more than 1,000 touch-points such as these, where customers can withdraw and deposit cash, pay bills and carry out other transactions. — ST FILE PHOTO

CITIBANK Singapore is set to expand its franchise and distribution network by introducing at least four new branches and 50 new ATMs this year.

The move will bring its branch numbers to a minimum of 26 and number of ATMs to more than 220.

It will also allow Citibank to overtake Maybank as the non-Singapore owned bank with the biggest branch network.

Maybank manages 22 branches here, according to its website.

Citi said its rate of expansion will occur at twice the pace of last year’s with Singapore remaining an ‘absolutely critical and priority market’, said local chief executive Anil Wadhwani.

Since 2006, the ‘branch and ATM networks in Singapore have almost trebled as at the end of last year’, said Mr Wadhwani.

‘Our emerging affluent customer base has more than doubled in the same period,’ he added.

It will open a branch later this year at the Marina Bay Sands integrated resort, which starts operations on April 27.

Branches in the heartland and the central zone are expected to open from the second quarter although actual sites have not been confirmed.

Citi’s expansion strategy in the heartland is likely to mean at least one, if not two, branches will open in the north and north-east areas, Mr Wadhwani said.

These areas include Sengkang, Sembawang and Hougang.

It will also consider opening a branch in central Singapore, likely around the Orchard vicinity where it already has four branches.

Citibank is also siting ATMs at Cold Storage outlets following a link-up with the Dairy Farm Group.

Three have been added this year - at Eastwood Centre, UE Square and Clementi Arcade.

OCBC Bank took a similar approach in 2007 through a tie-up with NTUC FairPrice to introduce the OCBC FairPrice Plus card, which allows customers to make debit and credit payments at FairPrice outlets.

Citi ATMs will also be placed at Circle Line MRT stations, Esso petrol stations and offices that are clients of its worksite banking programme, Citi At Work.

This year’s expansion plans build on robust growth last year when branches were opened in Holland Village and Changi Business Park.

The bank also added 25 ATMs - 12 in Esso petrol stations, as part of its partnership with ExxonMobil. It also has an existing tie-up with SMRT.

In the next 12 to 18 months, Citi will be accessible via more than 1,000 touch-points, including ATMs and self-service bill payment AXS stations.

Aside from increasing convenience and growing visibility, the bank will also grow staff numbers.

It plans to hire 200 people this year to augment its workforce of more than 8,000 personnel.

Source : Straits Times - 26 February 2010

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Allgreen 2009 profit more than doubles

Allgreen 2009 profit more than doubles

By JAMIE LEE

ALLGREEN Properties posted a more than doubling in full-year net profit, helped by firmer sales and a higher provision write-back.

The property developer said net profit for the year ended Dec 31, 2009 stood at $163 million, up from 2008’s $67.4 million. This translates to earnings of 10.23 cents per share, against 2008’s 4.24 cents.

It has also proposed a first and final dividend of four cents per share.

Revenue - which came mainly from the sales of development and investment properties - surged 75.5 per cent to $621 million.

Sales from the company’s development properties segment more than doubled to $468 million in 2009 from $186 million the preceding year. This was after recognising income from projects such as The Cascadia at Bukit Timah Road, Cairnhill Residences at Cairnhill Circle and Blossoms@Woodleigh.

Revenue growth from its investment properties was nearly flat, falling 0.44 per cent to $111 million, impacted by reduced room rates and lower occupancy at Traders Hotel. This was offset by higher occupancies and rental rates at Tanglin Mall and Great World City’s retail space. Allgreen registered a 62.2 per cent decrease in ‘other operating expenses’ to $17.4 million. It said there was no need to make provisions for a ‘diminution in value of development properties’.

It had made about $24.6 million in provisions for a lowered value for development properties a year ago. The year 2009 also saw a $66.3 million write-back of provision for diminution in value of development properties. As the write-back is a non-taxable income, it resulted in a lower effective tax rate for 2009.

The developer posted a fair value loss of about $6.09 million, reversing from a gain of $8.35 million a year ago, due to lower valuation of Great World City’s office space. Updating on its recent launch, the developer said thus far it has sold 74 units of its 83-unit Holland Residences, which was launched on Jan 25.

‘Brisk sales at good prices in these early days of 2010 suggest the market remains buoyant against the backdrop of improving economies locally and internationally,’ the firm said in its financial statement.

Allgreen shares closed flat at $1.12 yesterday.

Source : Business Times - 26 February 2010

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Banyan Tree posts Q4 net of $2.97m

Banyan Tree posts Q4 net of $2.97m

By NISHA RAMCHANDANI

BANYAN Tree Holdings chalked up a $2.97 million net profit in the fourth quarter of last year, compared to a $6.96 million loss in Q4 2008, thanks in part to a stronger performance by its hotel investment segment.

Revenue for the quarter grew marginally by 3 per cent year-on-year to $94 million, as higher revenue from its hotel investment segment was offset by lower revenue from its hotel residences and property sales. Earnings per share were 0.39 cent, compared to a loss per share of 0.92 cent previously.

Meanwhile, for the full year ended Dec 31, 2009, net profit fell 57 per cent to $3 million as the global economic recession and political instability in Thailand impacted business in 2009. Revenue for FY09 came in 24 per cent lower at $313.25 million.

Cost-cutting measures saved the group some $7.3 million in Q409 and $44 million in all for FY09. Led by stronger performances by its hotels in regions such as Thailand, the Maldives and China, its hotel investment business grew 10 per cent to $57.9 million in Q409.

However, the hotel residences and property sales segment fell 14 per cent to $15.4 million. Only one unit - a Banyan Tree Lijiang townhouse - was sold in the fourth quarter. However, executive chairman Ho Kwon Ping said yesterday at a briefing that the property sales segment was seeing ‘greenshoots of recovery’ in line with the recovering global economy.

Meanwhile, its hotel management revenue rose 23 per cent to $4.9 million in Q409, thanks to Banyan Tree Mayakoba, which opened last March. This segment is expected to grow in the next 12 months, with six hotels and 10 spas opening.

Banyan Tree shares closed one cent lower at 69.5 cents yesterday.

Source : Business Times - 26 February 2010

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