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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Japan’s economy is likely to continue growing next year, Minister for Economic and Fiscal Policy Hiroko Ota suggested yesterday, dismissing growing fears that it could plunge into recession as a result of an expected global slowdown in 2008. But she acknowledged a number of longer-term challenges to the continued growth of the economy.

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LaSalle Investment Management plans to beef up its investment in Asia-Pacific’s real estate markets as it remains bullish about the region’s prospects, regional director David Edwards said yesterday.

As much as US$20 billion could be invested in properties in the region over the next three to four years, he said.

‘At least half of our investment will be in Japan,’ he said. The firm previously intended to invest up to US$15 billion in real estate in the region, but has upped its target to US$15-20 billion on the back of continued business and consumer confidence in the region.

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Concerns grow that economy is headed for sharp slowdown.

Consumer confidence in Japan fell to its lowest level in four years last month, a Cabinet Office report revealed yesterday, adding to growing concerns that the economy is headed for a sharp slowdown or even recession next year.

Slower days ahead: Recent adverse indicators are prompting economists to revise their growth forecasts for Japan in 2008 from over 2% to nearer 1.5%

The Bank of Japan’s latest quarterly ‘tankan’ survey of business confidence, due on Friday, is expected to add further evidence in support of this view.

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(LONDON) Global real estate investment is leaving behind an era of above-average returns and is set for leaner times but it will start to recover in 2009, according to RREEF, Deutsche Bank’s alternative investments arm.

‘There is some justification for the media hysteria but what we are seeing is a cyclical correction not the end of the asset class,’ Peter Hobbs of RREEF said in a telephone interview ahead of a speech yesterday at a Reuters real estate event.

‘We are expecting a cyclical slowdown, especially in more volatile and overpriced markets such as London, Madrid, Hong Kong, Singapore, Phoenix, and San Diego, but the long-term picture remains exciting,’ Mr Hobbs told Reuters.

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Lower Q3 growth largely due to slowing capital expenditure growth.

(TOKYO) Japan revised down third-quarter growth yesterday, surprising markets that had expected an upward revision and prompting many to predict the Bank of Japan will have no chance to raise rates until late next year.

Soft capital spending saw gross domestic product rise just 0.4 per cent in July-September, compared with an initial estimate of 0.6 per cent growth and lagging the consensus forecast for a revision to 0.7 per cent growth.

‘It’s quite a bad number and shows Japan’s economy is not in really good health,’ said Takeshi Minami, chief economist at Norinchukin Research Institute.

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They are also hit by the US sub-prime mortgage crisis.

(TOKYO) The US sub-prime credit crisis has slashed Japanese banks’ earnings and pushed their already lacklustre share prices even lower, but lenders aren’t likely to see relief without an improvement in loan demand.

Slowing down: Large Japanese banks are hurt by slower lending, weak fee income and ties to the troubled consumer finance sector

On top of sub-prime related losses, large banks such as Mitsubishi UFJ Financial Group Inc, and Sumitomo Mitsui Financial Group Inc are bruised by slower lending, weak fee income and ties to the troubled consumer finance sector.

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A wholly-owned subsidiary of Mapletree Logistics Trust (MapletreeLog) has entered into a conditional agreement to buy a warehouse in Sapporo, Japan for 1.45 billion yen ($19.1 million).

The seller is Real Cierto, which develops various types property including apartments, offices and shopping centres.

The four-storey warehouse has an auxiliary three-storey office block. Located in Sapporo Logistics Park, it has easy access to major infrastructure including highways and railway stations, said trust manager Mapletree Logistics Trust Management (MLTM) yesterday.

The property has a gross floor area of 11,255 sq m and is on freehold land of 4,958 sq m.

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It is also looking to buy and privatise battered Reits in mature markets.

(HONG KONG) The world’s biggest property fund manager ING Real Estate plans a second China fund next year, worth about US$700 million, in response to growing enthusiasm for Asian property at a time when Western markets are suffering.

Window to another world: A worker cleaning windows on a Beijing office building; there is growing enthusiasm for Asian property as Western markets are suffering

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It sees 20 per cent of portfolio in Japan, partner APJ will help manage, find assets.

MacarthurCook Industrial Reit (MI-Reit) is making its maiden foray into Japan, after purchasing a property there and forging an alliance with a Japanese asset management firm.

MI-Reit said that it will pay $29.2 million for the Asahi Ohmiya warehouse. The property was recently valued at this amount by independent property valuer CB Richard Ellis.

Located in Saitama, the property is a purpose-built, four-level warehouse with an ancillary three-storey office building, currently used as a distribution centre for pharmaceutical products.

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They have little exposure to US sub-prime loans, collateralised debts.

(TOKYO) Japan’s biggest life insurers have only limited exposure to the US sub-prime mortgage market, in which turmoil has triggered a global credit crunch.

The top nine insurers said yesterday investments in collateralised debt obligations and products related to US sub-prime mortgage loans have been limited, and the impact of credit problems has been small.

‘We have zero direct investments in sub-prime mortgage-related products,’ said Yoshinobu Tsutsuji, a managing director at Nippon Life Insurance, Japan’s biggest insurer.

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