URA calls up for a hotel site at Gopeng

URA calls up for a hotel site at Gopeng

The URA or urban redevelopment authority had just assumed an application form from one of the best developers of the state at Gopeng Street for a hotel construction for the purpose of promotion of sale through public tender.
Reserve List system was used on 2008, 21st February to go for making land parcel available.
URA has alleged that bidding has gone in the land parcel for a price of more or less than $94.05 million.

The land parcel is situated in the area of Tanjong pagar, which is a centre of several edifices serving the tourists and community in the best way.

The hotel site is located in an area of 2311 square meters, and can function on a maximum allowed floor area of around 19416 meter squares. The building height can go up to 30 storeys with a lease period of 99 years.

URA has announced to launch the tender for the site within two weeks and later announce the correct date. The maximum tender period for land parcel is around eight weeks or nearly two months.

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Hotel site for sale in Tanjong Pagar area »« Intercon Group To Manage RB Capital Hotel

Intercon Group To Manage RB Capital Hotel

Intercon Group To Manage RB Capital Hotel

Intercontinental Hotels Group (IHG) has been awarded the contract to manage RB Capital Hotel. This was announced by Mr. Kishin RK the leader of RB capital Hotels. IHG was chosen to run the hotel because its Holiday Inn Express has more than 2100 hotels worldwide. Holiday Inn Express is now the fastest growing chain in mid-tier select service hotel category.

The hotel will be built at the corner of Clemenceau Avenue and Havelock Road. It will have between 460 and 500 rooms. It will be the biggest holiday inn express in South-East Asia by bed capacity. It will have premium design and décor and all hotel facilities including swimming-pool, a gym and dining facilities. The Great Room will be used by guests to relax, meet and dine. RSP Architects Planners & Engineers designed the building and are supervising its construction. They have reputable and experienced architects and engineers who designed and supervised construction of great buildings including St Regis Singapore, ION Orchard and EFG Bank Building. Interior decoration will be done by Wilson Associates who did the decors for St Regis Singapore and Four Seasons Hong Kong.

The cost of the hotel is estimated at more than $300 million. The land for the hotel was purchased at $101.1 million equivalent to $813 per square foot per plot ratio. This was the highest price for any land sales ever recorded. Tendering for the land was closed in August 2010. RB Capital Hotel was given a lease-hold 99 year on the land.

The opening of the hotel is scheduled for the second half of 2013. Another hotel owned by Hotel Inn Express will open in 2013 in Singapore. The hotel is being constructed at the Wellington building site near Heeren. It will have 220 rooms and the developer is Chee Swee Cheng Group of Companies. Mr Jan Smits, the managing director of IHG Asia Australasia is of the opinion that Holiday Inn Express is capable of constructing more hotels. He said that Singapore hotel market has a good rating in the market due to the renewed vigorous marketing by Singapore tourism board. The number of visitors arriving in the country monthly is now very high. The demand for hotels will therefore increase.

Holiday Inn Express will put up two more hotels in the near future. The names of the hotels will be announced soon. They will be located in areas with the highest appeal for tourists. The hotel to be built at Clemenceau/Havelock Road is meant to attract corporate and leisure travelers who transit in Singapore. Such travelers require accommodation close to the CBD. They can also access nearby entertainment facilities at Boat Quay, Robertson Quay and Clarke Quay. The hotel on the Wellington site is aimed to attract leisure guests and retail shoppers. That is why it was located at the Orchard Road Belt.

Mr. Kishin announced that RB Capital Hotels has already purchased 4 sites on which they plan to construct hotels. The sites are located in Asia and tendering for the contractors will be announced within the next 2 years.

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URA calls up for a hotel site at Gopeng »« Secondary Home Sales Shrink Under Big Chill

Secondary Home Sales Shrink Under Big Chill

Secondary Home Sales Shrink Under Big Chill

Sales of private homes in the secondary market have considerably fallen. The situation has been attributed to the property cooling measures put in place on 30 August 2010. A fall of 52 per cent was recorded for the number of sub-sales of private homes in the month of September. A fall of 42 per cent was also recorded for re-sales over the same period. This is according to the recently released caveats data. The data was released by Urban Re-development Authority (URA) on 19 October 2010. The number of sales of private homes may increase in the next few weeks as shown by the caveats already lodged in the September transactions. It is however expected that there will be further fall in sales as a reaction to the government’s new measures.

Secondary market transactions consist of sub-sales and re-sales. Sub-sales occur in projects which have not been issued with certificate of statutory completion (CSC). Re-sales on the other hand occur in projects with CSC. Last Friday URA published data on private homes sold by developers. The number of homes sold reduced by 28 percent to 911 units in the month of September.

It may be misleading to compare this rate of reduction with declines in secondary market transactions because URA primary market sales data are obtained from monthly surveys of developers. But the data on number of sub-sales and re-sales are determined from caveats lodged. There is normally a time lag of more than two weeks between a caveat being lodged and the time it is accepted.

Mr. Ong Choon Fah, the DTZ executive director, was of the opinion that a comparison was good. He said that the possibility of successful conclusion sales in the secondary market is nowadays low because the buyers and sellers do not have much control over it. The transactions are not well organized as in the primary market. In the primary market the developer will first ensure there is a good chance of success before making any move. The other reason he gave for reduced sales in the secondary market was that the owners were trying to hold on to their property in order to push up prices. They want to make sure that there is high activity in the market before they present their property for sale.

The number of caveats lodged for sub-sales of private homes fell from 311 to 150. The higher figure was recorded in august and the lower one in September. This was the lowest figure in eight months after 127 units recorded in February. In good times more than a thousand units can be sold in a month as was recorded in April 2009 when 1,009 units were sold. The volume of re-sale caveats reduced from 1,927 to 1,113. The higher figure was in August and the lower figure in September. It should be remembered that after the global financial crush of 2009 a figure of 1,009 transactions was recorded in April.

Mr. Ong Teck Hui, the executive director of CREDO said that the 150 units sold in September were about half the 304 units which has been recorded as the average sales per month for the period of January to august 2010. In the same period the average for re-sale figure was recorded at 1,767 units.

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Intercon Group To Manage RB Capital Hotel »« Survey Results On Cooling Measures An Property Prices

Survey Results On Cooling Measures An Property Prices

Survey Results On Cooling Measures An Property Prices

The results of recent surveys predict a substantial fall in property prices. This has greatly alarmed developers. The sectors expected to be hit hardest are homes and suburban residential sector. This has been confirmed by the Real Sentiment Index released by NUS and the developers’ umbrella organization.

A survey done just after the 30 August 2010 cooling measures 34 percent of the respondent developers polled for Q3 expected a fall in prices of new residential developments. They anticipated the prices to fall by about 10 per cent in the next 6 months. Developers polled in Q1 and Q2 did not predict any price falls. Only 44 per cent predicted new residential units to be developed in the coming 6 months compared to 68 per cent who polled in the last quarter.

The respondents were less optimistic and predict the market conditions to be more uncertain in the coming 6 months. This is confirmed by the fall in sentiment indices recording significant mark of 5 in Q3.

A generally weaker net balance was realized. A survey on the expected performance of the suburban residential the Q3 net balance was -43 per cent indicating that most developers expected this sector to per form worse in the next six months. Q2 expected a much better outlook with net balance of +27 percent. Associate Professor Sing Tien Foo of NUS was equally skeptical. He said that it was unlikely to maintain the historical growth in the sector and added that a downward adjustment of the price growth make the increase the affordability of the mass-market residential properties in suburban areas. The net balance in the prime residential sector even though still positive also recorded a significant reduction recording +54 per cent in Q1, +32 per cent in Q2 and +54 per cent in Q3. 70 percent of the respondents wanted the Government to intervene and rescue the property market from decline in prices. The respondents gave the reasons for the fall in prices and net balance. 40 percent said it was because of tightening financial and liquidity in the credit market, 49 per cent cited too many new property developments, 60 per cent said the reason was slowdown in global economy, 47 per cent thought it was due to increase in interest rates and 53 per cent said it was due to increase in supply of land for development.

84 percent of respondents said it was likely to very likely that development land would increase further in the next 6 months. (0 percent of the respondents said the government would encourage increase in executive condo units, Built and Sell Scheme public housing flats and Built-to-order and Design.

The Government recently set up measures to cool the market. These measures may cause a significant impact on mass private market segments and HDB resale. 64 per cent of the respondents agreed that the measures would produce a significant effect on mass private market segments whereas 76 per cent of the respondents said that the measures would produce a significant effect on HDB resale in the next 6 months. The respondents produced little optimism that the measures would produce significant effects on the high end and luxury sector.

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Secondary Home Sales Shrink Under Big Chill »« Wheelock Scotts Square Snags Hermes As Maiden Tenant

Wheelock Scotts Square Snags Hermes As Maiden Tenant

Wheelock Scotts Square Snags Hermes As Maiden Tenant

Hermes will be a tenant at Scotts square. Wheelock Properties has signed a rental agreement with Hermes for tenancy in their new retail podium. The building will be opened by Christmas next year. Hermes will occupy a ground floor corner unit with a space of 3,000 square feet. This will be the fourth Hermes outlet in Singapore. The other outlets are The Shoppes at Marina Bay Sands, Liat Towers and Takashimaya department store. The new store will be fully stocked with Hermes merchandise including equestrian, silk, fine jewelry, home, leather, fashion accessories, perfumes, ready-to-wear and watches. The percentage mix of the merchandise will be unique to Scotts square.

The total cost of Scotts Square Development project is estimated at $168million. The mall is designed with 4 levels. The levels are basement 1, level 1, level 2 and level 3. Basement 2 will be used as a car park. It has a capacity of more than 80 cars. An 11 meter high glass promotion wall has been provided. It will be used by the tenants for advertisement. It is positioned at the front of the mall from level 4 to level 6. A connection has been provided to Tang Plaza and Orchard MRT station. It is situated at basement 1. Scotts square development also comprises 338 freehold apartments. They have been sold at an average price of $3,992 per square foot.

Scotts square has 75,000 square feet as total area to be let for tenancy. Wheelock is racing to find tenants to fully occupy it before the mall opens its doors. It is expected that tenants in the retail and services trade will occupy 70-75 percent of the mall. The rest of the space will be occupied by food and beverage outlets. Gourmet marts and upscale home furnishing outlets will also be housed at the mall. It is estimated that there will be about 60 shops. The minimum space each tenant can rent is 800 square feet. Rent will be charged using two options. The first option is a fixed monthly rate and the second one is a percentage of gross turnovers. The option with the higher rent will be used. The fixed monthly rents will range from $50 psf to $70 psf for ground floor shops, $15 to $20 psf for basement 1 and $15 to $30 for levels 1-3.

Shoppers to the mall will include residents of the 338 apartments in the two 35 and 43 storey towers that are part of Scotts Square Development project. Guests from two nearby hotels will also find it easier to shop at Scotts Square. The hotels are grand Hyatt and Marriott. Other shoppers will come from the nearby locations such as residents of Ardmore Park, Cairnhill and Draycott.

Wheelock has purchased 2 sculptors at a cost of $6.4 million. They will be placed at the Scotts Square. The main entrance is located along Scotts road. The space at the entrance will be adorned by Victoria $ Albert Museum Chandelier 1999 made by Dale Chihuly. Henry Moore’s Working Model for Sheep piece 1971 and Bernar Venet’s Three Indeterminate Lines 1994 will be placed at the mall’s promenade. Salvador Dali’s Alice in Wonderland will be placed at the entrance of the residential towers at the back of Scotts Square.

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Survey Results On Cooling Measures An Property Prices »« HDB Launches BTO Projects In Bukit Panjang And Sengkang

HDB Launches BTO Projects In Bukit Panjang And Sengkang

HDB Launches BTO Projects In Bukit Panjang And Sengkang

Housing Development Board (HDB) has initiated 2 additional built-to-order (BTO) projects. Senja Parc View will be situated Bukit Panjang while Anchorvale will be put up at Sengkang. In these 2 projects 1,322 units will be constructed. They will consist of 148 five-room flats, 240 studio apartments, 112 three-room flats, 710 four-room flats, and 112 two-room flats. The projects are being developed for sale and will consist of various units to allow all categories of buyers to acquire houses. The units will range from studio apartments to 5-room flats. There will also be 4-room flats, 3-room flats and 2-room flats. The prices will range from $75,000 for studio apartments to $426,000 for five-room flat. Everybody will be able to find an affordable unit.

These projects will bring the number of units developed by BTO for sale to 5,000 flats. The ambitious project plans to complete construction of a total of 22,000 is by 2011. According to the report by HDB released yesterday, the units will be put up in towns spread all over the country. The towns earmarked include Yishun, Bukit, Panjang, Sengkang and Jurong West. These towns were chosen because they provide a good geographical coverage within the country and experience the highest problems of housing shortage.

The apartments constructed in the project will be put up for sale. Senja Parc View will consist of 577 apartments being put up next to the Senja road and Kranji Expressway. They will be sold at $149,000 to $191,000 for three-room flats, $242,000 to $312,000 for four-room flats, and $86,000 to $119,000 for two-room flats. The site of Anchorvale Horizon is at the cross roads of Sengkang East Way and Anchorvale Road. The 745-unit prime flats are being sold at a higher price. They will be sold at $344,000 to $426,000 for five-room flat, $277,000 to $344,000 for four-room flat, and $75,000 to $104,000 for studio apartment.

HDB predicts that 12 to 27 percent of the income of first time buyers will go into monthly loan repayments for those interested in flats in Anchorvale Horizon and Senja Parc View. It is also expected that Anchorvale Horizon will attract more buyers. The highly developed area around Anchorvale Horizon will have an attractive appeal to more buyers. This has been confirmed by Mr. Adam Tan, PropNex Communications Manager. He said there were various sports facilities that may attract young people and easy communication enhanced by the nearby expressway and LRT stations. The low cost of the flats at Senja Parc View will the most likely attraction for Senja Parc.

Many potential buyers are very happy with the development of the projects and the efforts made by HDB in solving the housing problem in the country and in enabling a cross section of people to own houses. They commend the efforts of HDB to arrange for loans to enable the people to purchase the houses. By choosing the towns with the highest needs for housing the projects will go along way to provide housing to people who really need them.

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Wheelock Scotts Square Snags Hermes As Maiden Tenant »« Traditional Office Space

Traditional Office Space

TRADITIONAL OFFICE SPACE

Businesses that choose high-tech space or business parks may have a reason to smile in the near future. Business has been good in the industrial property sector since last year. Rent and capital values of industrial properties have been on the rise. This shows a possibility for sustained recovery. There was marked contrast between the traditional production space and trendy industrial sector. Rents improved by about 5% at the end-H1 2010 but decreased by up to 10% in the high tech space and business parks. The stellar economic recovery failed to boost rentals in H1 2010. It will therefore be interesting to see how the sector will perform in the near future with the slow economic recovery.

The main cause of the problems in high tech space and business parks is that of demand and supply. The demand fell as a result of economic recession of the year 2009. At the same time the supply increased. This resulted in low rents for high-tech space and business parks. The occupancy of business parks fell from 93.3 percent to 80.8 percent. The higher figure was recorded in 2008 and the lower figure in 2009.

There was a total of 1.77 million square feet of new supply area to business parks, the highest annual figure ever recorded since 2002. 1.55 million square feet of high-tech and business parks was completed and made available for sales in H1 2010. Included was Maple Tree Business City which has three business space towers. Occupancy in these sectors reduced by 15.9 percent in H1 2010 to 74.9 percent.

A disparity was created in the property development activity with the economic cycle due to the over-supply of high-tech space and business parks. This disparity was caused by high development of office property. It was noticed that no office space provider used a contrarian strategy to develop office projects from the year 2003, the year of Sars. This occurred despite the fact that the developers incurred high costs. This is what led to an office space crunch when the economy recovered in 2007. To date the crunch still prevails.

A high demand for space in 2006 and 2007 created a desperate reliance on high-tech space and business parks. The result was that the developers turned to high-tech and business park development. The supply of business parks rose significantly in 2007 to a figure of 6.02 million square feet. This was the highest figure ever recorded in a period of five years. But when these projects were completed in 2009 there was no more demand for them. The low demand saw some tenants moving from the older buildings to the new and more fashionable high-tech and business parks. Rents will definitely stagnate for the next two years in the high-tech and business parks due to the excessive supply. They may even come down unless the economic recovery shows signs of sustainability which will bring confidence to start new business. The new business owners will then occupy the empty spaces and cause rents to increase or stabilize.

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HDB Launches BTO Projects In Bukit Panjang And Sengkang »« Enbloc Sales Gaining Momentum

Enbloc Sales Gaining Momentum

Enbloc Sales Gaining Momentum

Enbloc sales in Singapore are rising. This is according to Jones Lang LaSalle (JLL) property consulting firm. A collective sale of S$975 million was recorded for the overall collective sales for the year 2010 January to September. The residential sector contributed 90 percent of these total collective sales. Ten collective sales were realized in the third quarter also with high residential sector components. This figure was double that of the second quarter. It is important to note that there were no enbloc sales in the first quarter. The rise in enbloc has therefore been steep and started in the second quarter of this year

The consulting firm attributes the increasing popularity of enbloc deals to the improved regulations of the property market and high difference between the price of new homes and that of resale homes. The medium price of new sales was found to be 48 percent higher than that of resale in the first three quarters of 2010. This is the pushing impetus for the popularity if enbloc sales. Owners of older property come together for collective sales. In August the government instituted cooling measures in the property sales market. The measures appear to have improved trading in the sector. Buyers it appears prefer new homes which do not require any renovation before occupancy. The cost of renovating a new home can sometimes be very high. Sellers are not willing to cut their prices to cater for the cost of renovation to be incurred by the new occupier

Certain areas have been found to be popular for collective sales. These areas include east coast locations, city fringes and the central locations. High enbloc sales have been recorded in upgraders locations. These areas include Serangoon Garden, Balestier, Geylang, Hougang, Eunos, Serangoon and Toa Payoh. Serangoon, Serangoon Garden and Hougang are located in district 19. Balestier and Toa Payoh are in district 12 while Geylang and Euros are in district 14. These areas attract very many bids. The areas are therefore prime residential areas. They are well served with roads making access to them very easy. Easy access is required during the development of the properties for supply of materials and after occupation for the residents. The areas are also well served with amities. They have adequate water supply and electric. It is also important to note that the areas have red soils. The residents can use backyard plots to grow vegetables to supplement their diet.

The popularity of residential collective sales has given rise to the firming up of the number of sales and prices. The largest collective sale was recorded in Meng -Garden which was sold at S$137 million. This represented S$1380 per square foot per plot ratio. Similar sales were recorded in the pre-crisis period in the same area. If the current economic conditions were to continue collective sales prices would also continue to rise. It is expected that the volume of collective sales may remain high in 2011 but the growth of capital values is expected to be moderate due to the government measures to cool property market.

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Traditional Office Space »« Developers Mind the Gap in Bids for Land

Developers Mind the Gap in Bids for Land

Developers Mind the Gap in Bids for Land

The recently published cooling measures by the government are having a negative impact on land sales. The measures were published on 30 August 2010. Investors are no longer interested in bidding for government land. It has been noticed that the difference between the highest bid and the next highest bid has considerably narrowed. This is especially for residential sites and sites with residential components. The highest difference was recorded in august and early September just before the measures were announced. They started declining after the measures took effect.

A survey conducted by Jones Lang LaSalle clearly shows the new trend. They used gap as a measure. Gap is the difference between the first top two bids divided by the second highest bid. The highest gap was 31 per cent recorded for a condo plot. This condo plot is located at Miltonia close next to orchid country club in Yishun area. Tenders for the project closed in August 2010. A residential-commercial plot next to the Bedok MRT Station recorded a gap of 21 percent. Tenders for this plot were closed on 1 September 2010. More such gap values were recorded throughout September. The gap for a condo plot situated at Jalan Eunos/Foo Kim Lin Road was 26 percent. The tendering for the project closed on 7 September. The highest bidder was Far East organization.

After the government instituted the cooling measures, low gap values have been recorded. Values as low as 1 to 4 per cent have been recorded. Between January and July 31 the average gap was 17 percent. A private condo plot at Yushin avenue 2/Canberra drive recorded a gap of 17 percent. Tendering for this plot was closed in June. It is interesting to note that Far East Organization and Frasers Centre point submitted the same bids.

It is suspected that the high gaps recorded in August and September were due to the bullish trading practices in the property market at the time. It is this bullish practice that led the government to institute the cooling measures. Chua Yang Liang, South East Asia research head of JLL is of the opinion that the low gaps recorded after the cooling measures were instituted shows that the developers are now cautious. When the market is bullish the optimistic developers readily pay higher premiums in order to beat their competitors. But with the anti-speculation measures in place developers have become conservative. Tan Tiong Cheng, the chairman of Knight Frank, is of the opinion that high gaps recorded in August and early September showed divergence in views of developers. Some developers were bullish while others were not. After the cooling measures were instituted the developers became more cautious. Ong Choon Fah, the executive director of DTZ was also of the same opinion. The impact of the measures on upgrader markets was highest. Most of government land sales fall in this category.

As many as 14,000 homes built this year are located on land purchased under Government Land Sale Program. They include 9,790 units built on land purchased this year and 3,470 units on 7 sites whose tenders have not been concluded. The tender for a site in Punggol walk/Central will be done towards the end of this year. 685 homes can be constructed on this site.

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Enbloc Sales Gaining Momentum »« Challenging Times Ahead

Challenging Times Ahead

Challenging Times Ahead

In the recent past high pace of corporate expansion has been realized in setting up new core business units. There has been no growth however in the total number of business activities. The expansion realized involved only new strategic initiatives and extensive support for business units. Most of the new business ventures are still in their feasibility stage. This is an experimental and testing stage. When the evaluations prove that the venture could be viable then tangible developments can follow. This is a normal approach to setting up a new business venture or expansion. A thorough evaluation is necessary to make sure that the plan will not lead to failure.

Many companies are keen to expand so that they can take advantage of the opportunities available due to the current economic recovery. But they are still cautiously watching if the recovery will be sustained. They find it safer to expand slowly and avoid risks that may result from a sudden dip in the economy. It is envisaged that in future a competitive rental prospect will be established for high-tech space and business parks to offer low cost space for business. The tenants may be convinced to pay slightly higher rents to cushion the costs incurred by the developers. This will take some time to occur as the business owners need to be convinced that the recovery will last for a long time.

Rents peaked in mid-2008 and were lowest at in December 2005. The highest rent recorded was $2 per square foot. This is very low compared to rents recorded for suburban offices where the lowest rent was $2.90 per square foot and the highest rent was $7.90 per square foot. The lowest rent was recorded in December 2004 while the highest rent was recorded in mid 2008. It is not expected that future rents will rise to figures higher than those in 2007. Higher rents may, however, be recorded in high-tech space and business parks in the near future.

Singapore property market has experienced significant fluctuations in the last twenty years. Cycles can easily be identified with high rents and low rents. This has not been good for the development of the sector. High-tech space and business parks are attractive to businesses with long-term occupation requirements and those who prefer stable rents. Such businesses include the manufacturing sector. It takes a long time for a manufacture to establish in the market. He first needs to find the right product for the market. To enter the market and introduce his goods sometimes requires that he offers very low prices to undercut competitors. So the initial stages of setting up the business loss making. It takes a considerable effort to reach the break even point.

Businesses prefer stability in rents. Rent savings or losses only form a small part of business savings or loss. That is why you will find many occupiers interested in upfront payment. Some may pay rent for up to ten years in advance. This gives them an assurance in the availability of the space and a constant rent. Such an upfront payment frees the business from worries on availability of space. This gives time for the resources to be concentrated in developing core business strategies and capturing the market.

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Developers Mind the Gap in Bids for Land »« URA TO LAUNCH TENDER FOR PIONEER INDUSTRIAL SITE IN TWO WEEKS