Remembering Lee Kuan Yew - Thank you - The nation with you in your final journey - See u in heaven

Remembering Lee Kuan Yew - Thank you - The nation with you in your final journey - See u in heaven
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Thursday, 6 August 2015

Sengkang temple site re-tender draws 4 bids

Sengkang temple site re-tender draws 4 bids
Sengkang temple site re-tender draws 4 bids
Four applications for the development of a Chinese temple in Sengkang have been submitted, three months after a new tender was called following controversy about a planned columbarium.
The second tender - for the site at Fernvale Link - closed yesterday and included only bids from non-profit organisations. It came after residents protested against the planned construction of a commercial columbarium in January.
The new bidders for the plot are the Thye Hua Kwan Moral Society, Buddhist Compassion Relief Tzu Chi Foundation Singapore, Lorong Koo Chye Sheng Hong Temple Association and the Taoist Peng Hong Association. Provisional tender results were posted on HDB's website yesterday. A decision on which group will be awarded the tender will be announced at a later date. 
The Peng Hong Association was one of the original bidders for the first tender in May last year.
The 2,000 sq m plot of land was originally awarded to funeral service firm Life Corporation's subsidiary Eternal Pure Land, which planned to run both a Chinese temple and columbarium at the site.
However, the tender was cancelled in May this year after complaints that a commercial entity had been allowed to bid for a piece of land slated for religious development, as well as profit from the development of a columbarium.
When the re-tender was put up in June, there were new conditions in place stating that only religious groups were allowed to bid. Only registered societies, charities and non-profit companies could qualify.
The Thye Hua Kwan Moral Society topped the latest tender with a bid of $6 million - beating Eternal Pure Land's bid during the first tender of $5.2 million.
A spokesman for the Buddhist Compassion Relief Tzu Chi Foundation Singapore said its plans are still in the works, but a columbarium is not one of them. It submitted a bid of $4.58 million. The Lorong Koo Chye Sheng Hong Temple Association, a Taoist group, offered $3.88 million. The Peng Hong Association offered a bid of $3 million.
The Straits Times / S'pore                                         Published on Wednesday, 5 August 2015           By Lester Hio                                                               Sengkang temple site re-tender draws 4 bids   
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Parliament: Ramp up in building of BTO flats has not compromised quality, says Desmond Lee


         
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Wednesday, 5 August 2015

Demand up for high-end homes except for those on Sentosa

Demand up for high-end homes except for those on Sentosa
Demand up for high-end homes except for those on Sentosa

The outlook for home sales on Sentosa is bleak but demand is growing for high-end homes elsewhere, including in surrounding District 4.
About 10 units were sold at Caribbean at Keppel Bay in the second quarter, up from three in the first, according to SRX Property data.
In the primary market, eight units were moved at Corals at Keppel Bay in the three months to June 30, up from one in the first. The developer is offering a 4 to 5 per cent discount, according to caveats lodged. 
"There is nowhere else in Singapore you can get the same asset quality as in the Sentosa area - close to the central business district yet near the sea. Prices have reached a point where they are not likely to fall further," said Mr Navin Bafna, a PropNex associate team director.
For example, two units at Caribbean were sold at an average price of $1,456 psf last month - much lower than in June 2013, when five units went at an average $1,648 psf.
CUTTING PRICES NOT GOOD STRATEGY
"If we are known to be the type to cut prices to move volume, it is not a good strategy in the current market, as people will then wait with these expectations."
MR CHENG HSING YAO, managing director of GuocoLand Singapore, on keeping prices consistent
Developer GuocoLand said yesterday that it has seen a pick-up in sales in its District 10 project Leedon Residence, which achieved its temporary occupation permit on June 15. It has sold 24 units in the past six weeks, worth over $110 million in transaction value, it said.
The luxury project has sold 181 of 381 units so far at around $1,800 to $2,500 psf. Two- to five-bedroom apartments at the project range from 1,000 to 8,000 sq ft.
"Buyers, especially ultra-high-net-worth individuals, will always have some doubt when purchasing off-plan. With a completed project, they now have clear evidence of whether a property is value for money," said Mr Alan Cheong, Savills Singapore research head.
Mr Cheng Hsing Yao, managing director of GuocoLand Singapore, said the company has kept prices consistent, "in relation to what we think is the fair value".
"That has always been our policy, as we take a long-term view: For buyers who have already bought, that is not something they would like. And if we are known to be the type to cut prices to move volume, it is not a good strategy in the current market, as people will then wait with these expectations."
The project's location next to the Leedon Park Good Class Bungalow estate, its sprawling 5ha site and freehold status are all positive attributes, he added.
About 70 per cent of buyers are purchasing for their own use.
GuocoLand has about 12 units left to sell at its other luxury project in District 10, the 210-unit Goodwood Residence in Bukit Timah which was completed in June 2013.
In District 1, Marina Bay Suites has just two unsold units. The project, also completed in June 2013, sold 10 units in the second quarter, up from three in the first and just one in the fourth quarter last year, according to caveats.
The sales included an 8,514 sq ft penthouse for $19.52 million to a fund manager from China in late May. The remaining units are four-bedroom high-floor homes, said a spokesman for Raffles Quay Asset Management. The sales came after an increase in discount to list prices at the project to 25 per cent (from 10 per cent).
In general, secondary sales figures picked up in the second quarter across all types of buyers - Singaporeans, permanent residents and foreigners, especially Chinese nationals and Malaysians, said Dr Lee Nai Jia, DTZ research head.
"This is partly a seasonal effect, as it is before the (Chinese) seventh month... The market has also adjusted to a new equilibrium."
The Straits Times / S'pore               Published on Friday, 31 July 2015                                              By Rennie Whang                             Demand up for high-end homes except for those on Sentosa
Please click the following for other Related Readings:

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Bumper crop of shoebox units to come in 2017

Private apartments prices continue slide


 Public housing market showing clean signs of stabilisation

Fancy paying HDB Studio price for a columbarium niche

Sengkang temple site re-tender draws 4 bids

 Demand up for high-end homes except for those on Sentosa

Amber Park's third en-bloc attempt fails

Prefab requirement dampens bids for West Coast Vale site

Tailoring insurance to suit needs

CPF members to get premium rebates from their Home Protection Scheme

S'pore's private home vacancy rate soars to 7.9% in Q2, highest in nearly 10 years











Parliament: Ramp up in building of BTO flats has not compromised quality, says Desmond Lee





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Amber Park's third en-bloc attempt fails

Amber Park's third en-bloc attempt fails
Amber Park's third en-bloc attempt fails

No bids for collective sale tender but several developers submit expressions of interest

It was third time unlucky for the Amber Park condominium, after yet another collective sale tender closed with no bids.
All is not lost, however, as several local listed developers have submitted expressions of interest to the collective sale committee.
The 29-year-old Katong estate condo was put on sale last month - its third attempt - with a reserve price of $743.9 million. That works out to a land cost of $1,225 per sq ft per plot ratio as the 213,676 sq ft site has a plot ratio of about 2.8.
It is among the last of the large freehold sites available here, according to the sale committee.
Based on an average unit size of 753.5 sq ft, it could yield 794 units, far exceeding the current 200.
POOR MARKET SENTIMENT
The take-up at new launches has been weak... At current prices, owners will not be motivated to sell.
MS SUZIE MOK, senior director of investment sales at Savills Singapore, on how poor market sentiment has affected en bloc sales
Other sites on the market are garnering some interest, including a smaller section in nearby Amber Road, said its marketing agent, Ms Yong Choon Fah, JLL's national director of capital markets.
The 22,800 sq ft freehold site could accommodate up to 80 apartments. Offers of around $60 million are expected for the tender, which closes on July 28.
Several bids were lodged for Fairhaven, a 15-unit condo in Sophia Road. The tender closed on July 1, and negotiations are ongoing, said Ms Yong, who is marketing this property as well.
The District 9 freehold plot has a land area of about 16,660 sq ft and a gross plot ratio of 2.1.
The collective sales sector has been muted overall, despite these flashes of success.
How the en bloc market fares is a function of how the property market fares, said Mr Karamjit Singh, JLL's international director and head of residential markets. He noted: "Activity picks up only when it's generally on the uptrend, which is not the case at the moment."
Ms Suzie Mok, a senior director of investment sales at Savills Singapore, said current market sentiment does not favour en bloc sales. "The take-up at new launches has been weak... At current prices, owners will not be motivated to sell."
Earlier this year, the freehold Wilshire condo in Farrer Road failed in its en bloc attempt, which tagged the reserve price at $95 million.
Newton Imperial, Spring Grove, Riviera Point, Kheam Hock Gardens, Derby Court and Fragrance Court all tried collective sales last year, but without any success. Over at Tanglin Shopping Centre, the strata owners have been trying for the past three years to sell off their units collectively.
The Straits Times / Business                      Published on Friday, 17 July 2015                          By Rennie Whang                                 Amber Park's third en-bloc attempt fails      
 Please click the following for other Related Readings:

 Private apartments prices continue slide


 Public housing market showing clean signs of stabilisation

Fancy paying HDB Studio price for a columbarium niche

Sengkang temple site re-tender draws 4 bids

Demand up for high-end homes except for those on Sentosa

Amber Park's third en-bloc attempt fails

Prefab requirement dampens bids for West Coast Vale site

Tailoring insurance to suit needs

CPF members to get premium rebates from their Home Protection Scheme

S'pore's private home vacancy rate soars to 7.9% in Q2, highest in nearly 10 years











Parliament: Ramp up in building of BTO flats has not compromised quality, says Desmond Lee
           
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