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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MNCs’ investment return here, at 18% last year, among highest worldwide

By CHUANG PECK MING

(SINGAPORE) American direct investments in Singapore crossed the US$100 billion mark last year, making Singapore the biggest investment destination for US multinational corporations in Asia.

And no wonder. The latest figures released by the United States Department of Commerce also show that despite the global recession, the returns on the MNCs’ investments here remained among the highest worldwide.

The US posted US$19 billion in income from its investment in Singapore last year, or an 18 per cent return, according to calculations based on the Department of Commerce numbers.

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Citi’s Chua upbeat, but others remain more cautious

By ANNA TEO

(SINGAPORE) So much for cautious optimism. One of the more bullish forecasters in town now says that GDP growth of more than 8 per cent is ‘achievable’ for Singapore in 2010, even if exports expand only modestly.

Officially, Citigroup is looking at a 2.7 per cent GDP contraction here in 2009, and a 6.2 per cent growth rebound next year - already at the high end of market forecasts.

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MOF drops proposed change aimed at giving certainty after public consultation exercise

By UMA SHANKARI

THE government has decided not to change the current income tax framework with regard to individuals who sell their properties, a move that was welcomed by industry players including the Real Estate Developers’ Association of Singapore (Redas).

Under a proposal put up for public consultation, the Ministry of Finance (MOF) had suggested that individuals who sold their properties would be certain that the gains they made would not be subject to income tax if they had not sold any other properties in the preceding four years.

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Job losses have stabilised but still no signs of Xmas orders pouring in, says PM

By CHEW XIANG

(SINGAPORE) The economic crisis though ‘worse than we had expected’ has been ‘less bad than we had feared’, Prime Minister Lee Hsien Loong said last night at the annual National Day Rally.

In a wide-ranging speech, the Prime Minister touched on health care and also spoke at some length on the trend of surging religiosity, but focused the first part of his speech on the effects of the global economic crisis. In the first six months of the year, Singapore lost 6.5 per cent of its GDP - over $8 billion - and the full-year prognosis is still likely to be a sharp decline.

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(SINGAPORE) The numbers here finally show a decisive rebound. But, with no sign of any strong pick-up in external demand, the Ministry of Trade and Industry (MTI) remains decidedly cautious about the outlook: Recovery in the second half of the year will probably be sluggish and modest, it says.

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‘Natural demand’ may be higher as immigrants step in; supply not a nagging issue

By KALPANA RASHIWALA

(SINGAPORE) Even as Urban Redevelopment Authority yesterday launched the tender for a plum 99-year leasehold site for condo development at Dakota Crescent, expectations are running high that developers will trigger the launch of more housing sites from the government’s reserve list in the coming months

This is against a backdrop of strong sales for mass-market projects, the latest being the Optima condo next to Tanah Merah MRT Station.

Mass-market home prices have risen about 10 to 20 per cent from the recent low in Q1, according to property consultants.

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(SINGAPORE) Real estate investment trusts in Singapore and Australia will be the first in Asia-Pacific to recover from the economic slowdown on their ability to secure funding from banks, according to a new survey.

Singapore has the region’s best environment for Reits in terms of property market growth and regulatory support, while South Korea, Vietnam and Indonesia have the worst conditions, Sydney-based Trust Company Ltd said in
the annual Reit survey it published last Friday.

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