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DECEMBER 27, 2012 URA factors in shrinking condo unit sizes as it looks ahead Business Times [SINGAPORE] The Urban Redevelopment Authority (URA) seems to think that the average unit size of condos will shrink in its estimates of housing supply for the Government Land Sales (GLS) programme. Based on BT's analysis of the first-half 2013 GLS programme, the average gross floor area (GFA) per home for typical private condo sites in Outside Central Region (OCR) and Rest of Central Region (RCR) has each been reduced by five square metres to 90 sq m and 80 sq m respectively compared with the H1 and H2 2012 slates. For sites designated for executive condominiums (ECs), the average home size assumption has been kept the same at 100 sq m in OCR, which is where suburban mass-market homes are located. Analysts note that the URA's move to clip its average home size assumption annually in the past few years reflects developers' strategy of minting smaller units to

AsiaOne Thursday, Dec 27, 2012 SINGAPORE - Elderly Singaporeans will need to top up less of their net sale proceeds and will get more in cash when they participate in the Silver Housing Bonus (SHB) and Enhanced Lease Buyback Scheme (LBS). The Government has enhanced both schemes in response to public feedback. The new schemes will be implemented from Feb 1 next year. Minister for National Development Mr Khaw Boon Wan said, "We need to strike a balance between improving retirement adequacy by requiring a meaningful top-up to the CPF, and keeping the schemes attractive by allowing adequate cash proceeds. We received several good suggestions from the public on how such a balance could be better achieved. We believe the enhancements will enable more Singaporeans to take advantage of the schemes." Silver Housing Bonus The Government lowered the top-up requirement to $60,000 per household (subject to a $100,000 cap on cash proceeds for those who have not a

 

Dec 21, 2012 By Getty Goh In December 2011, the Singapore government introduced a cooling measure called the Additional Buyer Stamp Duty (ABSD). As part of this cooling measure, foreigners who wish to buy a private residential property in Singapore have to pay an additional 10 percent stamp duty while Permanent Residents (PRs) and Singaporeans have to pay an addition 3 percent stamp duty for their second and third properties respectively. Shortly after the announcement was made, many real estate consultants forecast a real estate crash. A report from Bank of America Merrill Lynch even forecast that Singapore residential property would drop by 12.5 percent in 2012 and a further 8 percent in 2013. On hindsight, we now know that a property crash did not happen. In fact, the URA private property price index (PPPI), which is representative of the residential market prices, is now at an all time high at 208.2 in the third quarter. As a result of this, some observers feel that the s

The 653-unit Forestville executive condominium (EC) has attracted strong interest, receiving nearly 800 E-Applications since it opened for bookings last Friday, The Business Times reported. Located at Woodlands Ave 5/Woodlands Drive 16, Forestville (pictured) is managed by MCC Land and developed by Hao Yuan Investment. It comprises 14 blocks of 13-storey apartments. Units range from two- to five-bedders, including dual key units as well as penthouses, with prices averaging S$700 psf. E-Applications will close at 10pm today while balloting for units will take place this Friday, 28 December. Forestville will obtain its Temporary Occupation Permit (TOP) by mid-2016. Martin Koh | 86666 944 | R020968Z Sherry Tang | 9844 4400 | R020241C Senior Sales Director Email: marshe_inc@yahoo.com.sg DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G) | www.marshe.sg | www.marsheproperties.com.sg | www.hudcsg.blogspot.com | | www.hausatserangoon.sg | www.8riversuites.com

The much-anticipated Echelon condominium project (pictured) by City Developments Limited (CDL) will commence sales later this week, reported The Business Times. Located along Alexandra Road, the 43-storey 99-year leasehold development will reportedly sell units at an average price of “S$1,700 psf plus”, said sources. The report added that about 30 to 50 percent of the 508 units will be released on Friday. Units available range from studios to four-bedroom units and penthouses. Designed by SCDA, the condo is sited next to Redhill MRT station and is being jointly developed with Hong Leong Group’s Intrepid Investments and Hong Realty’s Garden Estates. The site was awarded at a tendered price of S$396 million, or S$754 psf ppr. Interestingly, the tender was closed a day before the government introduced the additional buyer’s stamp duty (ABSD) last year in a bid to cool the property market. CDL’s bid was considered ill-timed following the ABSD announcement. The land pric

Dec 26, 2012 PropertyGuru.com.sg China developer Shanghai Wanfeng Group has commenced works on a US$1.6 billion (S$1.95 billion) integrated development in Vientiane, the capital of Laos. According to Bloomberg, construction works for the complex began last Saturday. Known for developing shopping malls in China, the developer signed an agreement with the Lao government last year to develop 365 ha of land around That Luang Lake. The project will include residential, commercial and tourism components. Meanwhile, a growing number of Chinese firms have made investments in Laos, a new member of the World Trade Organization (WTO) whose economy is set to grow eight percent in 2013, based on forecasts by the International Monetary Fund (IMF). Ranging from dam builders to mall developers, the Chinese have invested a total of US$3.3 billion (S$4.03 million) in 2012, making them the third-largest foreign investor after Thailand and Vietnam. For instance, China CAMC Engine

Dec 26, 2012 PropertyGuru.com.sg The value of existing homes in the US climbed, while sales of new properties rose to its highest level in over two years in November, a clear sign that the property market is rebounding, reported Bloomberg. According to the median forecast of 60 economists, sales of new homes last month rose to 380,000, the highest since April 2010. Moreover, prices in 20 cities climbed by four percent during the 12 months to October 2012, the biggest annual increase since June 2010. Mark Vitner, Senior Economist at Wells Fargo Securities LLC, said: “We’re going to see large gains in virtually all of the housing measures next year.” “Job growth and the steady decline in the unemployment rate means that more and more workers feel confident about their own economic prospects and they’re willing to move forward with major commitments like buying a home.” Those benefitting from greater demand for new houses include homebuilders like Los Angeles-bas

Posted: 27 December 2012 0740 hrs CNA MADRID: Spain revealed Wednesday an ocean of red ink in its bailed-out Bankia group at the heart of the nation's banking crisis. The lender Bankia had a negative value of 4.148 billion euros ($5.5 billion) and its parent group BFA 10.444 billion euros, the state-backed Fund for Orderly Bank Restructuring, or FROB, said in a statement. The valuations are a key piece in the recapitalisation of the banking system, weighed down by massive bad loans accumulated in a property bubble that burst in 2008. Spain's eurozone partners agreed in June to lend up to 100 billion euros to finance the repair work to the banks. They set strict conditions on the rescue loan including the creation of a bad bank to absorb the industry's stricken assets at a discount and try to sell them at a profit. The idea is to free up Spain's banks to lend again, breathing new life into the recession-hit economy. At a meeting Wednesda

Posted: 26 December 2012 2236 hrs CNA SINGAPORE: Prices of industrial properties in Singapore have risen by some 27 per cent in the first three quarters of 2012. Some analysts say prices could climb by 30 per cent for the entire year, one of the highest in recent years. They attribute the increase to buoyant demand for strata-titled industrial premises. Low interest rates, high liquidity and cooling measures in the residential property segment have further fuelled demand. The Singapore government has set aside 24.84 hectares of industrial land for the first half of 2013. They will also require developers to build a minimum number of large factory units for selected plots under the Industrial Government Land Sales Programme. Some market watchers however say the upward price trend is likely to continue in 2013. "Prices are at an all-time high now. Compared to the 1997 peak, we are about 14.9 per cent higher, and compared to the most recent peak in 2008,

Posted: 26 December 2012 2158 hrs CNA SINGAPORE : The cash offer by property tycoon Simon Cheong to take his flagship company SC Global Developments private is "fair and reasonable". That is the view of the independent directors of the luxury property development firm after taking into account recommendations from an independent financial advisor (IFA). In a company circular to shareholders on Wednesday, the independent directors recommended that shareholders accept the cash offer of S$1.80 per share. Mr Cheong made the cash offer earlier this month through his wholly-owned investment holding company, MYK Holdings Pte Ltd. The offer price values the luxury property developer at approximately S$745 million. Mr Cheong currently holds a 55.06 per cent stake in SC Global and plans to de-list the company from the Singapore Exchange. DBS Bank has been appointed as financial adviser to the offeror. Meanwhile, PrimePartners Corporate Finance has

SINGAPORE : Property consultancy firm Colliers International has recommended the development of a "retirement village" for the growing population of senior citizens in Singapore. It has also suggested that a ratio/quota system be implemented to allocate Build-to-Order (BTO) flats to singles. Colliers said these are two groups within the larger population that have become significantly prominent over the last 12 years. And they will play an important part in the housing market going forward. These findings and recommendations are part of a White Paper - called the Minority Report - released by Colliers on Wednesday. In the report, Colliers pointed out that Singapore's total population has increased by 31.8 per cent to reach 5.31 million in 2012 from 4.03 million in 2000. It then details significant increases in the number of senior citizens and singles in recent years. For instance, Colliers said the government projects the proportion of residen

COMMERCIAL PROPERTY | Staff Reporter, Singapore Published: 20 Dec 12 Total selling price is $2,800 psf. According to OCBC, in terms of land-banking, UOL is taking a selective stance as it views mass market sites to be riskier due to a potential over-supply. Here's more from OCBC: This being so, UOL has focused on acquisitions in the mid-tier residential segment and also white sites for mixed developments. We believe that UOL would likely shy away from the upcoming mass-market sites being offered through the government land sales (GLS) tenders, though some for the mixed-use sites could be particularly interesting to the group given its expertise in mixed developments. Potential catalysts over the near term include new residential launches at the Bright Hill and St. Patrick Rd sites in 1H13, with Bright Hill likely to launch first around Mar-Apr 2013. The Bright Hill site, acquired in Aug 2012 for S$292m, will likely be developed into a 405-unit cond

COMMERCIAL PROPERTY | Staff Reporter, Singapore Published: 21 Dec 12 Cash sale proceeds amounting to nearly S$3m. In a disclosure to the Singapore Exchange, Best World International Limited announced that it has entered into two Option To Purchase Agreements on 16 November 2012 with Rapid Effect Pte Ltd, an unrelated party, to dispose of two units of the properties owned by the Company located at 37 Kallang Pudding Road, #05-03 & #05-04, Singapore 349315 for a total cash consideration of $2,960,880. The option was exercised by the Purchaser on 30 November 2012. Best World has owned the Properties since 1994 and these are currently utilised as a storage facility. Best World said that according to a valuation report dated 6 November 2012 issued by DTZ Debenham Tie Leung (SEA) Pte Ltd had valued the Properties at S$2.825 million. The net gain on the disposal of the Properties will be approximately S$1.836 million based on the book value of the Properties and afte