02 & 03 Nov 2013



Redas calls for calibrated government land sales

Source: The Business Times

Challenges in the real estate market continue to worry association members, said Chia Boon Kuah, president of the Real Estate Developers Association of Singapore (Redas), at its 54th annual dinner on November 1. It is Redas’s hope that the government would calibrate its land sales programme to ensure land supply is injected at a pace that would contribute to the overall health of the market, said Mr Chia, who reaffirmed Redas’s commitment to work closely with the government to plan for the various scenarios that the market might take.

Link to the story:





IMG_7403Kallang area could see significant changes due to upcoming Sports Hub

Source: Channel NewsAsia

Changes could be in store for the Kallang area’s landscape, with the expected completion of Singapore Sports Hub in April 2014. Analysts believe this could be reflected in the Urban Redevelopment Authority’s Masterplan, which is due to be updated this year.

Some analysts said zoning of the area could be affected and thus sites currently marked for commercial, residential, mixed or hotel development could be re-categorised.

Link to the story:



High-end homes: Some win, some lose

Source: The Straits Times

Singapore’s luxury residential market is presenting a mixed picture, with some buyers accepting hefty losses on upscale homes bought at the market peak. But others are managing to pocket sizeable profits on these homes despite a generally quieter residential market. All this comes as luxury home prices are markedly lower now, in relation to the mass market, than before the global financial crisis.

Analysts said the losses could be the result of sluggish sales in the high-end residential segment. The introduction of the Additional Buyer’s Stamp Duty (ABSD) in December 2011 had also driven foreigners, who make up the bulk of buyers in the luxury segment, away from the market.

A property consultant noted that most buyers who had overstretched themselves to buy a luxury unit would have left the market. “This leaves behind the pool of high-end property owners with strong holding capabilities even if sluggish market conditions continue.”

Link to the story:


Affordable units bloom in Flora Drive

Source: The Straits Times

The residential enclave around Flora Drive in Changi is fairly built up but its long-term prospects remain positive, consultants say.

The most recent launch to blossom in the area was the 99-year leasehold The Inflora by Hong Leong Holdings.  Apart from Inflora, Hong Leong has been involved in the development of eight large condos there – Azalea Park, Ballota Park, Carissa Park, Dahlia Park, Edelweiss Park, Ferraria Park, The Gale and Hedges Park. Azalea Park is on a 999-year leasehold and Hedges Park is on a 99-year leasehold. The remaining six are freehold.

Other new condos under construction in the district include Palm Isles by Frasers Centrepoint and Parc Olympia by Koh Brothers. Both are on 99-year leaseholds.

A property consultant said that the area’s main draw would be its relatively cheap pricing. This area is “probably the only locality in the well-positioned east” with projects with average prices below $1,000 per sq ft (psf), he said.

Leasing demand is expected to be high due to foreign professionals working in Tampines, Changi Business Park and Changi Airport. Rents at older condos such as Azalea Park, Ballota Park, Carissa Park and Dahlia Park average $2.40 psf to $2.80 psf per month. Edelweiss Park and condos newer than that command $2.70 psf to $3.10 psf per month.

Link to the story:


IMG_7548New housing loan applications fall 30% for DBS, OCBC in Q3

Source: Channel NewsAsia

Following the announcement of new property loan curbs in June, Singapore banks DBS and OCBC said new housing loan applications have fallen 30 per cent in the third quarter. Still, both banks expect to continue to see positive loans growth, as previously contracted commitments are still in the loans pipeline. However, OCBC said this momentum could taper off in the second half of next year.

The bank expects loans growth in the very “low-teens” for 2013, while DBS is forecasting total loans growth to come in at around 15 per cent.

Link to the story:




Bucking the trend

Source: The Business Times

Competition is stiff and labour is tight, but that hasn’t stopped five F&B owners from expanding with new outlets and offshoot brands.

The Provision Shop is a 30-seater week-old gourmet deli located at Block 3 in the Everton Park cluster of HDB blocks, taking up 650 sq ft of space. The Beast is an informal southern American kitchen and specialty bourbon whiskey bar found in a 4,000 sq ft shophouse at Jalan Klapa, in the Kampong Glam area.

Cafe Ergo Sum takes over a Duxton Hill shophouse unit recently vacated by mod-Sin restaurant, Wok & Barrel. At 1,200 sq ft, the Duxton outlet seats 45 comprising two long communal tables that seat up to 20 each, plus 10 outdoor seats.

The 48-seater Marukyu is a new Japanese restaurant that has opened at a 1,200 sq ft unit in a shophouse at Telok Ayer Street. In the meanwhile, cafe-cum-cocktail bar the Maison Ikkoku has expanded from Kandarhar Street to a second outlet at Gilman Barracks. The Maison Ikkoku@Gillman Barracks is a The 1,200 sq ft outlet can hold 40 inside and 20 outdoors.

Link to the story:


Club Avalon not closing

Source: The Straits Times

It seems super club Avalon is not closing after all. A recent Facebook post on the club’s official page had stated the club would open its doors for “the final time” on November 2. But Mr Peter Coney, who oversees the club’s operations, said the information is wrong.

“It’s just misinformation, wires were crossed… it hasn’t closed. We’re basically going through a series of renovation works,” he said. He said renovations would take several months and declined to give details of the works. He added that he hopes to keep the club running as long as it is practical during the renovation period.

Avalon opened in 2011 and occupies a sprawling 1,486 sq m space at one of two floating crystal pavilions at Marina Bay Sands.

Link to the story:


Business in Circular Rd expected to rise 20% after partial pedestrianisation

Source: Channel NewsAsia

The people behind the partial pedestrianisation of Circular Road, Singapore River One, expect sales in the area to increase by 15 to 20 per cent if the initiative is successful. November 1 marked the first night the street was closed off to cars during the weekend (Friday and Saturday).

Businesses at Haji Lane, which was pedestrianised earlier in the year, said the response has been positive so far. At Haji Lane on a Friday night, many enjoy a meal or a drink not just inside the shops, but on the road as well. It has been about six months since Haji Lane was closed off to traffic on weekends.

Link to the story:



First pre-school on Sentosa now open

Source: The Straits Times

Sentosa’s first pre-school, Quayside Isle Preparatory School, opened last week. It is sited among swanky restaurants at Sentosa Cove’s food and beverage enclave Quayside Isle. The school caters primarily to the 5,000 residents, which will have about 2,000 homes when it is fully developed next year. 

Link to the story:



UIC chalks up 8% rise in net while SingLand profit slips 13% for Q3

Source: The Business Times

Revenue fell at both United Industrial Corporation (UIC) and its subsidiary Singapore Land (SingLand) in the third quarter, but the parent company was able to grow its net profit over the year while earnings dipped at SingLand.

For the three months ended September 30, 2013, developer and investment company UIC booked a net profit attributable to equity-holders of $43.4 million, up 8 per cent over the $40.2 million from a year ago. At SingLand, the developer and office landlord, net profit in Q3 was $49.4 million, 13 per cent lower than the $57 million in the previous year. For the nine months ended September 30, 2013, net profit at both companies were higher than the corresponding period last year.

Link to the story:


Cambridge Industrial Trust

Source: The Straits Times

Cambridge Industrial Trust has chalked up a 6 per cent rise in third-quarter distributable income to $15.4 million. Distribution per unit amounted to 1.251 cents, 3.9 per cent higher than the same period last year. This means an annualised yield of 7.4 per cent, based on the unit’s closing price of 67 cents as at September 30.

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