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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(JAKARTA) Indonesia’s economic outlook for next year is stable, but the poor of South-east Asia’s biggest economy look set to gain few of the benefits, experts said on Monday.

Worries remain: Though the economy is expected to grow at above 6.3% next year, rising food prices, poverty and joblessness are major concerns

Strong domestic consumption and overseas demand for commodities were likely to push economic growth to between 6.2 and 6.8 per cent in 2008, said Made Sukada, director of the central bank’s economic research unit.

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(JAKARTA) Many of Indonesia’s islands may be swallowed up by the sea if world leaders fail to find a way to halt rising sea levels at this week’s climate change conference on the island of Bali.

Keeping afloat: An islander relaxing in the waters off Tepuka Islet on Funafuti Atoll. Several small island- nations, including Singapore and Fiji, have raised the alarm over rising sea levels, which could wipe them off the map

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Group plans to invest up to US$10b in domestic real estate projects by that time.

(JAKARTA) Indonesia’s Lippo Group, which runs hospitals and property firms, said it would spend up to US$10 billion on domestic real estate projects by 2014, and expects prime Jakarta property to double or triple in value by then.

The group, which has listed units in Jakarta, Singapore and Hong Kong, expects to benefit from strong economic growth and rising incomes in Indonesia and other parts of Asia, chief executive James Riady told Reuters in an interview yesterday.

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Trust comprises 7 Indonesian malls and 7 retail spaces in other malls.

The Lippo Group aims to triple the portfolio size of its latest real estate investment trust (Reit) to $3 billion by end-2009, the Reit’s manager said yesterday.

Mall exposure: Investors welcome opportunity to participate in Indonesia’s growing retail sector, says CEO of the Reit’s manager

The Lippo-Mapletree Indonesia Retail Trust (LMIR Trust), which will be the first Singapore-listed Reit to offer exposure to Indonesia’s retail sector, aims to raise $516.4 million from its initial public offering (IPO).

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(JAKARTA) Indonesian property developer PT Bakrieland Development Tbk plans to issue 1 trillion rupiah (S$157.8 million) worth of bonds early next year, to finance the development of its property projects, a local newspaper reported yesterday.

Bisnis Indonesia said the bonds will have a maturity of 5-10 years and the funds will be used to develop an integrated residential and commercial complex in South Jakarta.

‘We are planning to issue 1 trillion rupiah worth of bonds in the first quarter of next year. Currently we are in the process of selecting the underwriter for the issue,’ Ferdinand Sadeli, Bakrieland’s finance director, was quoted as saying.

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(JAKARTA) Shares in Indonesian property firm PT Ciputra Property Tbk plunged nearly 13 per cent on their debut yesterday, wiping out early gains, as investors feared interest rates might have reached bottom, dampening demand for new homes.

The stock hit an intraday low of 600 rupiah, compared to an initial public offering (IPO) price of 700 rupiah, before ending the session around 610 rupiah in a broader market that gained 1.2 per cent.

The stock had risen to a high of 750 rupiah at the opening.

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Venture with Malaysian firm to have 7 malls worth US$250M.

Indonesia’S eighth largest real estate developer, PT Perdana Gapuraprima, part of the Gapuraprima Group, is looking to list a retail real estate investment trust (Reit) on the Singapore Exchange in early 2008.

Speaking at a press conference here yesterday, president director Rudy Margono said that the Reit will be a joint venture with Amanah Raya Berhad, a company owned by the Malaysian government.

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Stephen Riady, president of the Lippo conglomerate, talks to CHOW PENN NEE about why faith and business can mix, the prospects for real estate, and the group’s future plans.

A huge signboard for the Lippo development Newton One at the junction of Newton and Dunearn Road is emblazoned with the words ‘Fully Sold, Thanks be to God’.

‘When the Singapore government talked about the plans to remake Singapore, lots of people heard it. But we were the ones who believed in it, and took action early.’
- Stephen Riady

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