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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(HONG KONG) Sun Hung Kai Properties Ltd, Hong Kong’s biggest developer by market value, is raising prices for a new luxury residential project by 5 per cent after selling 150 units in 10 days.

‘The response has been so good, we are raising the prices gradually,’ Victor Lui, executive director of Sun Hung Kai Real Estate Agency, said in a phone interview yesterday.

The builder, which released 200 apartments at its Kowloon project in the first launch, sold the 150 units for HK$14,000 to HK$20,000 a square foot, generating HK$3.5 billion (S$689.2 million) revenue, Mr Lui said. It’s now selling three-bedroom units at the project, called The Cullinan, for HK$14,700 to HK$21,000 a square foot, based on Bloomberg calculations using his figures.

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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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Earnings more than double on higher rental income from office and retail properties.

(HONG KONG) Wharf Holdings Ltd, the Hong Kong landlord and port operator that owns a pay-television company, more than doubled its third-quarter profit as rental income from office and retail properties rose.

On the climb: Wharf is investing in Chinese property as it seeks to diversify from Hong Kong. Rental profit from its Hong Kong commercial properties surged 20% in the first nine months year-on-year

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(HONG KONG) Cheung Kong (Holdings), the property flagship of tycoon Li Ka-shing, has won a tender from Hong Kong subway operator MTR Corp Ltd to develop a residential project with an investment cost of HK$7 billion (S$1.29 billion).

Mr Li: His company has won a tender from MTR Corp to develop a residential project

MTR said in a statement that it would sign a formal agreement with Cheung Kong for the third phase of the Lohas Park project in Hong Kong’s Tseung Kwan O district within the next few weeks.

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Singapore and Chinese cities move up the ranks due to strong currencies, inflation.

(SINGAPORE) The Republic is catching up with Asia’s leading cities in one area it probably does not wish to make strides in - expatriate cost of living.

While some of the region’s most pricey cities became relatively less expensive in the past year, Singapore, along with Beijing and Shanghai, have climbed the rungs in the latest cost of living survey by ECA International.

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(HONG KONG) Shimao Property Holdings Ltd, a developer owned by Chinese billionaire Hui Wing Mau, said it will shun debt markets for up to a year as yields on its dollar bonds rose to a record.

The Hong Kong-listed company doesn’t plan to sell foreign- currency bonds or convertible debt in the next six to 12 months, it said in an e-mail to Bloomberg News.

‘We have strong sales proceeds from pre-sales and we have a big portfolio of investment properties that can help us raise bank loans in China more easily than other pure residential property developers,’ Shimao said in the e-mail.

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But top rents in HK are 1.8 times higher than in comparable buildings here.

Average island-wide Grade A rents are currently just a shade under those of Hong Kong, but the highest rents achieved by Hong Kong Grade ‘AAA’ office buildings are still about 1.8 times higher than the top rents achieved in comparable buildings here.

A report by Savills reveals that in the CBDs of Hong Kong and Singapore, Grade A rents are now the equivalent of $9.80 and $9.70 psf respectively.

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Critics hit out at over-development; town planning system takes flak.

A court ruling paving the way for a skyscraper in one of Hong Kong’s busiest residential districts has fuelled growing discontent in the city over excessive development and the powers of town planners.

The High Court last week gave the green light to a 57-storey block in the Mid-Levels district, one of the city’s most congested and developed residential areas, to much uproar.

The developer is a subsidiary of Swire Properties, one of the city’s largest property firms.

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Liquidity chasing China growth, but volatility putting off investors here.

(SINGAPORE/HONG KONG) While the year for Singapore’s IPO market closes with a whimper, investment bankers in rival Hong Kong cannot rush deals to the market fast enough.

The difference: rising risk aversion has turned investors off from the yield-driven property and asset trusts once so popular in Singapore, while hot money chasing China’s booming economy keeps the market hungry for the growth story sold in Hong Kong.

‘Liquidity is the primary driving force. There are still inflows into China-related funds despite all the wobblies,’ said May Tan, chief executive of Cazenove Asia.

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Investor interest high despite moves to cool market.

(HONG KONG) Three big Chinese property firms plan to hit the Hong Kong market next year to raise a combined US$4 billion, tapping heavy investor demand despite government tightening measures aimed at cooling a scorching property sector.

Hengda Real Estate Group aims to raise US$1 billion to US$2 billion in a Hong Kong initial public offering, while fellow Guangzhou-based developer Star River Group plans to raise between US$800 million and US$1 billion, sources familiar with the deals said on Wednesday. Both plan listings in the first half of 2008.

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