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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(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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Another Australian property, La Banque in Melbourne by the Brady Property Group, was launched over the weekend and marketing agents HSR International Realtors said: ‘We had very good response from the general public, and the developers are very happy with the results.’

HSR executive director (overseas property investments) Donna Lim declined to say how many units were sold but added that interest came from investors looking for a high rental yield and good capital gain with some also buying for retirement or their children’s education.

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(SYDNEY) Centro Properties Group, the owner of 700 US shopping malls, slumped 76 per cent in Sydney trading.

Hard times: Melbourne-based Centro suspended dividends and said it may have to sell assets after lenders gave it until Feb 15 to renegotiate maturing debt

It said it’s struggling to refinance debt because of the collapse in the US sub-prime housing market.

Melbourne-based Centro suspended dividends and said it may have to sell assets, after lenders gave it until Feb 15 to renegotiate maturing debt.

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IPO proceeds of $19.1m to be used for Asian expansion.

Malaysian-based, Australian-listed property company United Overseas Australia (UOA) is seeking a secondary listing in Singapore to help it grow in the region.

UOA now focuses on mid to high-end residential and commercial projects in Kuala Lumpur. ‘But we are looking to go into other countries such as China, Vietnam and India,’ director Alan Winduss said yesterday. A Singapore listing will ’spread the word about UOA faster’, he said. ‘We need a base in Asia for faster expansion in the region.’

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11-year-high interest rates hit borrowing for second straight month in Oct.

(SYDNEY) Australia’s home loan approvals unexpectedly fell for a second month in October as interest rates at an 11-year high discouraged borrowing.

Higher bill: November’s interest rate increase added A$42 a month to the average A$250,000 home loan, according to the Housing Industry Association

The number of loans granted to build or buy houses and apartments fell 0.7 per cent to 62,509 from September, when they slipped a revised 2 per cent, the Bureau of Statistics said yesterday. The median estimate of 21 economists surveyed by Bloomberg News was for a one per cent increase.

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Site in The Rocks will have apartment tower, terrace homes, retail units.

Singapore-listed Stamford Land, the hotel and property arm of shipping tycoon Ow Chio Kiat, is planning to build some of Australia’s most expensive homes on the site of two old demolished warehouses and a heritage building.

Mr Ow: Stamford is committed to the upmarket end of the housing market throughout the region

Mr Ow bought the 99-year leasehold site on Sydney’s The Rocks area fronting Gloucester Street and Cumberland Street for A$22 million in June 2004 and is developing a 30-storey building with 122 apartments, five luxury terraces and commercial and retail space, at a total cost of some A$220 million (S$279 million).

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Australian fund managers have been encouraged to tap the opportunities in Singapore’s real estate investment trust (Reit) market.

A recent seminar at the Sydney Opera House highlighted to Australian investors the burgeoning Singapore Reit market and the opportunities available.

The seminar was co-hosted by Australian companies Freehills, nabCapital and Trust. These companies said they are leveraging on the strong working relationship between Australia and Singapore to help Australian fund managers understand the legal and regulatory requirements and to take advantage of the opportunities provided by the Reits market in the Republic.

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The number of approvals gained 6.8% to 13,710 from August.

(SINGAPORE) Australia’s home-building approvals rose almost seven times as much as forecast in September as a housing shortage and rising rents encouraged investors to buy property.

Sold: A housing shortage and rising rents encouraged investors to buy property, causing home-building approvals to rise more than expected

The number of approvals to build or renovate houses and apartments gained 6.8 per cent from August to 13,710, the Bureau of Statistics said yesterday in Sydney. The median estimate of 23 economists surveyed by Bloomberg News was for a one per cent increase.

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(SYDNEY) Australia, one of the best-performing advanced economies, faces looming economic turbulence from the sub-prime lending meltdown in the United States, Prime Minister John Howard warned yesterday.

Last Friday, Australian Treasurer Peter Costello had warned of an approaching international financial ‘tsunami’, with China at its epicentre.

‘We are entering a more difficult time of economic management. There are storm clouds on the international economic horizon,’ Mr Howard told Channel 9 television yesterday.

He was speaking on the campaign trail for Australia’s federal election on Nov 24, which the coalition government is fighting largely on its economic credentials.

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