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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A CONSTRUCTION firm based in China’s north-east with a string of commercial and civic projects under its belt is listing in Singapore.

Sino Construction aims to raise net proceeds of $35.6 million with its initial public offering (IPO) of 152 million shares priced at 39 cents apiece.

The company’s customers are mainly property and infrastructure developers and government-related bodies.

The offer, launched yesterday, comprises 6.4 million public-offer shares and 146 million placement shares.

Of the proceeds, $17.5 million has been earmarked for a concrete mixing base, $10 million will be used to purchase construction equipment, and the rest will serve as general working capital.

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Business model, project locations, land bank among factors cited.

(HONG KONG) Moody’s Investors Services has affirmed the Baa3 issuer and bond ratings of Shimao Property Holdings Ltd. The ratings outlook remains stable.

‘Shimao Property’s Baa3 rating is based on its competitive business model, attractive project locations, sizeable land bank, growing investment property portfolio, and strong brand name in mainland China,’ says Peter Choy, a Moody’s vice-president and senior credit officer.

‘It is also supported by a financial profile that is moderately leveraged - when compared to most of its peers - and likely to prove more resilient to unforeseen volatility in its business environment,’ says Mr Choy.

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(BEIJING) A cluster of cities in central China has been designated the country’s latest experimental zone, this one for energy saving and environmentally friendly programmes, state media reported yesterday.

China has a history of marking out zones for preferential policies which, if successful, are then rolled out across the country.

Its most famous were the ’special economic zones’ of the south which launched the country’s market reforms 30 years ago.

Now the Hunan cities of Changsha, Zhuzhou and Xiangtan as well as the Hubei capital of Wuhan, will be targeted to lead China’s drive to make its breakneck economic growth more environmentally sustainable.

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Singapore City @ Shenyang proving to be in high demand.

Property developer Brothers Holdings is riding high on its latest Singapore City @ Shenyang project, which is expected to reap sales of six billion yuan (S$1.2 billion) in all. Indeed, the company has reported overwhelming buyer interest during a recent private review of the first phase of the project, which is expected to yield some one billion yuan in sales over the next two years.

Coveted: Some 80 per cent of the 300 garden villas and high-rise apartments were snapped up by eager invitees who had waited for the high-profile development, says Brothers Holdings managing director Koh Tiak Chye

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Metro Holdings continues to expand its China footprint. It is investing about US$35.8 million on a 20 per cent effective interest in two adjacent projects currently under construction in north-west Beijing.

The two projects are Globe Plaza, a mall development, and Metropolis Tower, an office project, in ZhongGuanCun in Haidian District, Metro said in a filing with the Singapore Exchange over the weekend. The location, dubbed Beijing’s Silicon Valley, is an IT zone with many universities, science academies and research institutions.

Globe Plaza is a six-storey mall with four-basement levels.

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Industrial output in Nov grows slowest, while loans rose the least in 8 months.

(BEIJING) China’s factory and property spending growth has slowed - another sign that government lending curbs may be starting to cool the world’s fastest-growing major economy.

Fixed-asset investment in urban areas rose 26.8 per cent in the first 11 months from a year earlier, the statistics bureau said yesterday, after gaining 26.9 per cent through October. Economists calculated November’s increase at about 26 per cent, down from October’s 30.7 per cent.

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(BEIJING) China’s central bank has instructed the country’s commercial banks to tighten rules for real estate loans to help rein in rising property prices and curb fraudulent lending. Under the rules, loan applications will be counted by households instead of individuals, according to a Dec 5 statement published yesterday on the website of the People’s Bank of China. Lending for second-time home buyers will be restricted, the Chinese central bank said. The rules take effect immediately. — Bloomberg

Source: Business Times

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(BEIJING) China will raise taxes on the industrial use of farmland from the beginning of 2008 and extend the levies to foreign companies in a bid to curb illegal land grabs, state media said yesterday.

The new rules, taking effect from Jan 1, increase the highest tax rate to 50 yuan (S$9.74) per square metre from 10 yuan per square metre, the China Securities Journal reported.

Foreign firms and their joint ventures will no longer be exempt from the tax and will pay the same rate as domestic companies, it said.

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(BEIJING) As bank loans for property dwindle, an increasing number of prospective buyers are turning to pawnshops to finance their plans.

Wang, a 40-year-old Beijinger, owns an apartment worth about 700,000 yuan (S$136,000) in the capital. His desire to move to a larger second-hand apartment worth about one million yuan hit a snag when the owner demanded payment in full. Wang, however, only had slightly more than 600,000 yuan.

People who have already bought houses with a bank loan are required to make a downpayment of 40 per cent of the purchase price. And the loan interest rate should not be lower than 1.1 times the central bank’s benchmark rate.

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Teams will be sent to check if policies to calm market are being enforced.

(BEIJING) China’s cabinet will send teams to major cities next week to investigate whether policies to cool the sizzling property market are being enforced properly, sources said.

Mr Wen: Housing is his big concern when it comes to the people’s livelihood

Beijing has introduced a series of policies over the last few years to curb surging prices and provide more affordable housing but apparently to little effect, as prices have continued to rise steeply, especially in big cities like Shenzhen.

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