23 & 24 Nov 2013

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SINGAPORE PROPERTY GENERAL

Looking ahead to the Civic and Cultural District by the Bay

Source: The Business Times

The civic and cultural district, home to the former Supreme Court and City Hall Buildings, the Asian Civilisations Museum (ACM) and The Esplanade Theatres on the Bay, is envisioned as offering expansive spaces for pedestrians to linger under tree-lined boulevards, and opening up venues for outdoor performances.

Come 2015, various enhancements, including the conversion of existing roads into pedestrian paths and enhancements at Empress Place and Esplanade Park, can be expected.

To fulfil the vision of a walkable district, Parliament Lane and the small road at Empress Place (between ACM and Victoria Theatre) will be pedestrianised permanently. This will integrate the two spaces, creating a seamless park-like setting.

Part of Fullerton Road – in front of Victoria Theatre and, incidentally, part of the Formula 1 track – will also be realigned, allowing for a larger and more elegant lawn space in front of Victoria Theatre/Concert Hall and ACM.

Connaught Drive will also be narrowed to one lane and limited to destination-bound traffic. Tourist coaches which currently park along Connaught Drive will be redirected to a new coach park at Marina Centre near the Marina Centre bus terminal. A new dedicated drop-off and pick-up point is planned. The waterfront promenade along Esplanade Park will be opened up with stepped plazas and an urban beach, allowing people to get closer to the water.

These plans are part of the Urban Redevelopment Authority’s (URA) PubliCity initiative, which aims to engage the community in celebrating good public spaces and to enliven public spaces through good design and programmes.

Punggol Town Square and Bedok Town Centre will introduce new public spaces in Punggol and Bedok, respectively. In addition to creating new public spaces and rejuvenating existing ones, PubliCity wants to encourage ownership of these spaces. To this end, the public is being invited to re-imagine four public spaces.

Ideas are being sought to enliven the open space beside Gedung Kuning in Kampong Glam, which measures about 1,200 sq m, and The Lawn @ Marina Bay, which measures about 13,000 sq m, as gathering spaces for the community.

The third space comprises two plots along the Singapore River Promenade – a 2,600 sq m site beside High Street Centre and a 1,000 sq m site at Clarke Quay/River Valley Road on which part of G-Max and GX-5 are currently situated. It is intended for the latter site to be transformed into an attractive entry point to Clarke Quay.

The 2,000 sq m Woodlands Civic Plaza, which is bounded by Causeway Point, Woodlands Civic Centre and two future developments, rounds up the list.

Link to the story:

http://www.businesstimes.com.sg/archive/saturday/print/882057

http://www.straitstimes.com/archive/saturday/st/print/1768377

http://www.todayonline.com/print/342026

IMG_0091Woodlands, Holland Village top picks

Source: The Straits Times

Investors hoping to take advantage of the master plan should look at Woodlands and Holland Village but hang fire on Kampong Bugis, Marina South, Serangoon Gardens and Jalan Kayu, said consultants.

Woodlands emerged as analysts’ top pick, mostly due to its upcoming development as a regional centre. It will house the first business park cluster in the north, under the draft master plan released by the Urban Redevelopment Authority (URA) on November 20.

Holland Village is another area ripe for investment, consultants said. The estate will be extended over the next two years and will get 1,500 new homes and a new community park while preserving its identity, the URA said.

Consultants preferred to take a wait-and-see approach on other areas mentioned in the master plan. Development plans for Kampong Bugis, Marina South and Tanjong Pagar will take several years to materialise while the revamp of Kampong Bugis will begin only after 2016 and Marina South after 2017 or 2018.

The development of the Tanjong Pagar port area into part of the Greater Southern Waterfront is even further away and will happen only after 2027.

Consultants were lukewarm on Serangoon Village and Jalan Kayu, noting that Serangoon Village was already an established mature estate and Jalan Kayu was rather inconvenient to get to.

Link to the story:

http://www.straitstimes.com/archive/saturday/st/print/1768474


RESIDENTIAL

Bugis shines as Duo Residences sales soar

Source: The Straits Times

Stellar sales at Duo Residences, near Kampong Glam, drew attention to the cultural precinct that has now become an eclectic neighbourhood. Kampong Glam is part of Bugis, a long-time commercial and office district, with landmarks such as Bugis Street and the National Library Building in Victoria Street.

Ms Chia Siew Chuin, director of research and advisory at Colliers International, said: “The Bugis area blends both the present and the past. It is an area that is mixed with the modernity of tall shiny steel and concrete complexes, and the heritage of buildings from a bygone era.”

The latest data at property portal ST Property indicates Duo Residences garnered the highest number of page views by home buyers. The project’s average asking price is $1,994 per sq ft (psf). A total of 574 units at the 660-unit residential development had been sold as of November 17.

Set to be the largest mixed- use project in the Bugis-City Hall area, Duo is expected to add to the area’s bustle once it is completed in 2017.

Close to the Central Business District (CBD) and Orchard Road shopping belt, projects in the area can command premium prices. For example, units at the 360-unit Concourse Skyline were sold at a median price of $2,279 to $2,839 psf from January to October, said Ms Chia.

Link to the story:

http://www.straitstimes.com/archive/saturday/st/print/1768401

Market watchers expect Q4 private residential prices to weaken

Source: Channel NewsAsia

Market watchers have said that price cutting among developers on new project launches will likely lead to a drop in private residential prices in the fourth quarter. If so, this would be the first quarterly decline since the second quarter of 2009. They added that the price war is also setting in in the resale market.

Duo Residences in Bugis is one of several projects that are expected to push private home prices down in the fourth quarter. Competitive prices at Sky Vue in Bishan, Thomson Three, Alex Residences in Redhill and The Inflora at Flora Drive are also likely to weigh on price growth.

As a result, market watchers said home prices in the fourth quarter could fall by between 1 per cent and 3 per cent.

The prices of private residential properties have risen by 2 per cent in the first three quarters of the year and analysts said a weaker fourth quarter is likely put a drag on overall price growth in 2013. They are expecting prices to either rise by 0.5 per cent or decline by 1 per cent this year.

Market watchers expect price competition to continue across all private housing segments in 2014.

Link to the story:

http://www.channelnewsasia.com/news/business/singapore/market-watchers-expect-q4/896550.html


IMG_7545INDUSTRIAL

Mapletree tops bids for Tai Seng site

Source: The Business Times

A unit of Mapletree Investments has put in the highest offer out of seven bidders for a plum 11.8-hectare industrial site next to Tai Seng MRT station.

Mapletree Trustee placed a bid of $120.1 million, or $270.57 per sq ft per plot ratio (psf ppr), for the 30-year leasehold plot at Tai Seng Street in the tender that closed on November 22. This was 13.5 per cent higher than the next highest bid of $105.8 million, or $238.35 psf ppr, from Ace-Industrial, linked to Far East Organization.

The top offer was in line with earlier predictions from analysts, who expected anywhere from six to 16 bidders and a highest offer of between $250 and $300 psf ppr.

The Tai Seng Street plot, which JTC said will form “the epicentre of Paya Lebar iPark”, has a maximum permissible gross plot ratio of 3.5. This works out to a maximum gross floor area (GFA) of around 443,800 sq ft at the future development. Of this, some 28.6 per cent has been set aside for “white” use. JTC has stipulated that a portion of this white space be for retail use such as cafes and food courts to support the working community at Paya Lebar iPark. The rest of the GFA will be for Business-2 development, which allows for heavy industrial use.

The Tai Seng plot is sold with a 7,920 sq ft strip to provide vehicular access for pick-up and drop-off, and 2,336 sq ft of underground space to be developed into a pedestrian link to the MRT station.

Link to the story:

http://www.businesstimes.com.sg/archive/saturday/print/882059

http://www.straitstimes.com/archive/saturday/st/print/1768370


RETAIL & ENTERTAINMENT

Health food to go

Source: The Business Times

In the past few months, health food eateries specialising in everything from organic produce to raw diets and gluten-free menus have started making in-roads into more visible shopping mall locations. A number are also spinning off fast-food concepts to reach out to a wider audience.

For example, July saw the opening of Singapore’s first entirely gluten-free bakery, Jonathan’s. Vegan burger joint, Greenzilla, expanded from a stall in a Jurong East coffeeshop to a four-seat, largely takeaway kiosk in The Star Vista mall in September, while SuperNature recently relocated from its Park House to a more visible space in Forum the Shopping Mall to boost its walk-in traffic. It set aside a prominent corner in the store for a new takeaway concept, the SuperNature To-Go Cafe.

Link to the story:

http://www.businesstimes.com.sg/archive/saturday/print/882169

http://www.businesstimes.com.sg/archive/saturday/print/882069


TOURISM & HOSPITALITY

Dorchester seeks to open luxury hotels in New York, Asia

Source: The Business Times

The Dorchester Collection is seeking to add to a group of hotels that have hosted Queen Elizabeth II in London and Marilyn Monroe in Hollywood by opening properties in New York and Asia for the first time.

Christopher Cowdray, chief executive officer of the Brunei Investment Agency-owned company said Beijing, Shanghai, Hong Kong and Singapore are cities where they would like to be represented and that being in New York will be its key focus.

Dorchester Collection is seeking to expand in Asia as competitors do the same, pushing down luxury-hotel occupancy rates and prices.

Link to the story:

http://www.businesstimes.com.sg/archive/saturday/print/882258

East Coast Rd hotel site up for sale by public tender

Source: Channel NewsAsia

The Urban Redevelopment Authority (URA) has launched a hotel site at East Coast Road for sale by public tender. The site, which is on the government’s reserve list, was triggered for sale on November 6 after a developer had committed to bid at a price of not less than $160 million for the site. Under the Reserve List system, a site will only be put up for tender if the developer’s minimum bid price is acceptable to the government.

With a gross floor area (GFA) of about 24,716 sq m, the land parcel is located at the junction of East Coast Road and Joo Chiat Road. The 99-year leasehold plot also contains the former Joo Chiat Police Station. Developers will have to retain and restore the two-storey former Joo Chiat Police Station and the GFA of that conserved building has to be included as part of the maximum permissible GFA.

The government has also stipulated that up to 40 per cent of the maximum permissible GFA will be allowed for commercial use such as office and retail space. Another challenge facing the developer of this hotel is that as the hotel could yield 600 rooms, it would have to provide sufficient parking space.

A property consultant expects the site to draw five to 10 bids, which could range from $250 million to $266 million.

Link to the story:

http://www.channelnewsasia.com/news/business/singapore/east-coast-rd-hotel-site/895712.html#

http://www.todayonline.com/print/342206


IMG_7559CORPORATE

KepLand realises $149m net gain from stake sale

Source: The Business Times

Keppel Land has completed the divestment of its 51 per cent shareholding in Jakarta Garden City. Based on a sale consideration of about 2.294 trillion rupiah (about $249 million), this translates into net proceeds of about $237 million. The divestment will see Keppel Land realise a net gain of about $149 million.

Apart from Jakarta Garden City, Keppel Land is currently developing Tower 2 of International Financial Centre Jakarta, which is located on a prime site along Jalan Jendral Sudirman in the city’s Central Business District.

Work on the 48-storey Grade A office Tower 2, located just beside the fully-leased Tower 1 and near the upcoming Setiabudi MRT station, is progressing well, with piling works completed. When completed in the second half of 2015, Tower 2 will offer about 50,000 sq m of net leasable area.

Link to the story:

http://www.businesstimes.com.sg/archive/saturday/print/882051

http://www.channelnewsasia.com/news/business/singapore/keppel-land-completes/896370.html

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    {You made|You’ve made|You have made} some {decent|good|really good} points there.

    I {looked|checked} {on the internet|on the web|on the net} {for more
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    I {{was|was actually} moved|{was|was actually} excited} enough to {drop|{leave|drop|{write|create}}|post} a {thought|{comment|{comment|leave a response}a response}} {:-P|:
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    My {coder|programmer|developer} is trying to {persuade|convince} me
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    {Any kind of|Any} help would be {really|greatly} appreciated!|
    {Hello|Hi|Hello there|Hi there|Howdy|Good day}! I could have sworn I’ve {been to|visited} {this blog|this web site|this website|this site|your blog} before but after {browsing through|going through|looking at} {some of the|a few of the|many
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    {site|web site|website} . {Thank you|Thanks} =)|
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    {Hi|Hello} there, {I found|I discovered} your
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    {I am|I’m} curious to find out what blog {system|platform} {you have been|you happen to be|you
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    I’m {experiencing|having} some {minor|small} security {problems|issues} with my latest {site|website|blog} and
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    {I am|I’m} {extremely|really} impressed with your writing
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    {rare|uncommon} {to peer|to see|to look} a {nice|great} {blog|weblog} like this one {these
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    {Hi|Hello}, Neat post. {There is|There’s} {a problem|an issue} {with your|together with your|along with your} {site|web
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    I needs to spend some time learning {more|much more} or understanding more.

    Thanks for {great|wonderful|fantastic|magnificent|excellent}
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    {Hi|Hello}, i think that i saw you visited my {blog|weblog|website|web site|site} {so|thus}
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