Live in the heart of it all

Step into a world that bings you the beat of waterfront living. Live and be seen at the centre of it all - Tribeca by the waterfront.

Imagine your own private oasis in the heart of the city. A lush paradise inspired by clean lines and distinctive facade, realizing a perfect blend of modernity and natural serenity. A magnificient freehold property, Tribeca by the waterfront offers you the opportunity to experience riverside living at its finest. Here, the choices are always yours to make - bask in the peaceful sanctity of modern refinement and pristine greenery, or move to the rhythm and pulse of the city.

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Current major projects

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Speculators a minority as they shoot for small flipping gains

By EMILYN YAP

This brings to mind the government’s warning last week - that some element of speculation is back in the property market. Industry watchers say, however, that subsales are common for fully sold projects and speculation still remains mild.According to industry watchers, sellers in the subsale market need to charge a premium of at least 5 per cent to break even. This would cover stamp duty, legal fees and any agent’s commission. To earn more, some may set prices which are up to 10 per cent more than what they paid.

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SAVILLS Singapore has launched for sale two residential properties - the freehold No 3 Balmoral Road with an indicative price of $65 million; and an 86,402 square foot plot at No 162 Tagore Avenue, within the Teachers Housing Estate, with an indicative price of $15 million. The latter is being sold on a 99-year leasehold tenure by the Singapore Teachers’ Union, which holds the freehold interest in the property.No 3 Balmoral Road currently comprises a development of 11 apartments, all leased out, but Savills is marketing the property for its redevelopment potential. The property is owned by an investment company and has a land area of 23,821 sq ft, a permissible plot ratio (ratio of maximum gross floor area to land area) of 1.6 and a height restriction of 12 storeys.

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(SINGAPORE) A plunge in Grade A office rents has raised Singapore’s competitive edge somewhat. According to Colliers International, office occupancy costs here were the fourth-highest among 26 Asia-Pacific cities in Q2 this year - down a notch from a quarter ago.

As rents stay weak while the economy stabilises, property consultants also expect some companies to take advantage of the situation to expand.

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By UMA SHANKARI

However, rents in ‘other city areas’ fell more in Q2 than Q1, partly due to new supply that will be completed in the second half of 2009. Prime first-storey rents declined 3.1 per cent to $25.40 psf pm in Q2, more than the previous quarter’s fall of 2.2 per cent. 1.3 million sq ft or 56 per cent of new retail space that will be completed in the rest of the year will be in ‘other city areas’, DTZ estimates.

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12.8% increase in average price of 2-bedroom units; firm expects full-year primary market sales to top 2006 figure of 11,147 units

 By KALPANA RASHIWALA

But DTZ considers the Q2 price gain a blip supported by buyers’ fears of missing the bottom, pent-up demand and low interest rates - rather than economic fundamentals.

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Live in the heart of it all

Step into a world that bings you the beat of waterfront living. Live and be seen at the centre of it all - Tribeca by the waterfront.

Imagine your own private oasis in the heart of the city. A lush paradise inspired by clean lines and distinctive facade, realizing a perfect blend of modernity and natural serenity. A magnificient freehold property, Tribeca by the waterfront offers you the opportunity to experience riverside living at its finest. Here, the choices are always yours to make - bask in the peaceful sanctity of modern refinement and pristine greenery, or move to the rhythm and pulse of the city.

• 0 Comments

Current major projects

• 0 Comments

Speculators a minority as they shoot for small flipping gains

By EMILYN YAP

This brings to mind the government’s warning last week - that some element of speculation is back in the property market. Industry watchers say, however, that subsales are common for fully sold projects and speculation still remains mild.According to industry watchers, sellers in the subsale market need to charge a premium of at least 5 per cent to break even. This would cover stamp duty, legal fees and any agent’s commission. To earn more, some may set prices which are up to 10 per cent more than what they paid.

• 0 Comments

SAVILLS Singapore has launched for sale two residential properties - the freehold No 3 Balmoral Road with an indicative price of $65 million; and an 86,402 square foot plot at No 162 Tagore Avenue, within the Teachers Housing Estate, with an indicative price of $15 million. The latter is being sold on a 99-year leasehold tenure by the Singapore Teachers’ Union, which holds the freehold interest in the property.No 3 Balmoral Road currently comprises a development of 11 apartments, all leased out, but Savills is marketing the property for its redevelopment potential. The property is owned by an investment company and has a land area of 23,821 sq ft, a permissible plot ratio (ratio of maximum gross floor area to land area) of 1.6 and a height restriction of 12 storeys.

• 0 Comments

(SINGAPORE) A plunge in Grade A office rents has raised Singapore’s competitive edge somewhat. According to Colliers International, office occupancy costs here were the fourth-highest among 26 Asia-Pacific cities in Q2 this year - down a notch from a quarter ago.

As rents stay weak while the economy stabilises, property consultants also expect some companies to take advantage of the situation to expand.

• 0 Comments

By UMA SHANKARI

However, rents in ‘other city areas’ fell more in Q2 than Q1, partly due to new supply that will be completed in the second half of 2009. Prime first-storey rents declined 3.1 per cent to $25.40 psf pm in Q2, more than the previous quarter’s fall of 2.2 per cent. 1.3 million sq ft or 56 per cent of new retail space that will be completed in the rest of the year will be in ‘other city areas’, DTZ estimates.

• 0 Comments

12.8% increase in average price of 2-bedroom units; firm expects full-year primary market sales to top 2006 figure of 11,147 units

 By KALPANA RASHIWALA

But DTZ considers the Q2 price gain a blip supported by buyers’ fears of missing the bottom, pent-up demand and low interest rates - rather than economic fundamentals.

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Bank letting small investors get a big piece of the action, say sources

By Grace Ng, Finance Correspondent

NOT LEFT OUT: OCBC’s preference share offer is likely to come with a lower dividend rate than the DBS securities. However, sources say retail investors will be able to take up OCBC’s offer. DBS’ recent $1.5 billion preference share issue was open only to institutional investors. — BT FILE PHOTO

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New homes, rising vacancy rates, unsold condos and fewer rental deals cited as reasons

By Fiona Chan, Property Reporter

ST GRAPHICS ILLUSTRATION: ISTOCKPHOTO THE slowdown in the Singapore housing market has prompted two banks to predict a dramatic plunge in home values in the next two years.In two starkly bearish reports, Barclays Capital and Credit Suisse have forecast drops of up to 40 per cent in home rents and prices, as demand and supply dynamics move in favour of buyers.

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ZURICH - THE end of the global credit crisis is getting closer and the United States real estate market should recover in the second half of the year, Deutsche Bank chief executive (CEO) Josef Ackermann said in a newspaper interview.

‘I think that we are getting closer to the end of the financial crisis,’ he told the Swiss Sunday newspaper SonntagsBlick. ‘It is not fully over yet, but the signs from the US are encouraging.’

He said the pragmatic approach being taken in the US to resolve the crisis should start to pay off soon.

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RESIDENTS in Punggol will have a new shopping mall and more fellow residents within the next three years.

The new town, which already has 16,700 flats, has another 2,100 being built now.

The Housing Board also recently launched 1,700 flats and will launch another 4,000 by year’s end, said National Development Minister Mah Bow Tan last Saturday at the launch of a two-day exhibition on the progress in Punggol.

He added that, with more residents calling Punggol home, it would become feasible to build more commercial and public facilities.

One being planned is a shopping mall about the size of Junction 8 in Bishan.

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Earnings set to stay in doldrums, with single-digit gains projected By Alvin Foo

THOSE golden days of strong double-digit earnings growth may be over for now, but it is hardly gloom and doom for corporate Singapore.

First-quarter results of locally listed companies showed a rise in profits of just 11.2 per cent - small change compared with last year’s big numbers.

And it is not likely to change much soon, with analysts warning that corporate earnings may stay in the doldrums for some time yet.

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Number of foreign purchases fall; many buying homes in suburban areas By Fiona Chan, Property Reporter

HIGH-END homes have become the first to buckle under the pressure of volatile market conditions and gloomy buyer sentiment.

Prices of luxury developments dipped in the first three months of this year, even as foreign buyers - a traditional source of demand for such properties - turned to cheaper options.

A report by property firm Savills Singapore released yesterday showed that prices of expensive homes fell 2.1 per cent in the first quarter, after a steady 21/2-year climb that saw values more than double.

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Hour-long talks with Libya’s leader focus on direction of its economy

By Chua Lee Hoong, Political Editor

LEADERS’ EXCHANGE: Mr Goh meeting Colonel Gaddafi at the Aziziya Barracks yesterday. SM Goh said he found the Libyan leader introspective, astute and concerned about his nation’s problems. — PHOTO: LIANHE ZAOBAO IN TRIPOLI - SENIOR Minister Goh Chok Tong ‘had a good conversation’ with Libya’s leader, Colonel Muammar Gaddafi, here yesterday.The one-hour meeting took place in an air-conditioned white tent at the Aziziya Barracks, a heavily guarded compound which is about a 15-minute drive from the city centre.

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THE Government will tender out more than $8 billion worth of projects

over the next 12 months - more than double last year’s budget and the

largest amount in recent years.

The lion’s share - about $5.8 billion - will be used for building and

construction works, the Ministry of Finance (MOF) said yesterday. The

rest will be earmarked for buying goods and services and information

technology.

This is the most the Government has spent since it started releasing

its yearly pre-procurement plans in 2003. These plans, which outline

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