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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(HO CHI MINH CITY) Senior Minister Goh Chok Tong visiting the showflat at Guocoland’s The Canary during his recent visit to Vietnam. The 17.5-hectare project in Binh Duong Province is a fully integrated development comprising 1,200 residential units, a shopping mall, hotel, an international school and other facilities. To Mr Goh’s right is Lawrence Peh, country head of GuocoLand Vietnam; Seah Kian Peng, Member of Parliament; and Ho Sing, general manager of GuocoLand International Investment.

Source: Business Times

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The Imperial Palace in Hue City is where Vietnamese emperors once used to receive foreign dignitaries. Last night, it was where Ho Xian Man, Party Secretary of Hue, met with Senior Minister Goh Chok Tong for some serious talks before dinner.

The question raised was how Hue can attract Singapore and other foreign investors who have their eyes only on Hanoi and Ho Chi Minh City. Mr Goh’s suggestion: position Hue as an international convention centre, according to his spokesman Ho Tong Yen.

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(LONDON) The property arm of Vietnamese financial services firm Indochina Capital said yesterday that it wanted to raise a minimum of US$1 billion for two new investment funds.

In a statement, Indochina Land said it planned to soon launch its third real estate fund, Indochina Land Holdings 3, as well as Indochina Infrastructure Holdings, which would invest in infrastructure projects such as rail transport and renewable power and in companies which promoted sustainable development.

Indochina Land - which manages London-listed Indochina Capital Vietnam Holdings Ltd - said it currently managed funds and development projects with a total value of US$1.8 billion in Hanoi, Ho Chi Minh City, and Vietnam’s central coast. — Reuters

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Latest Vietnam- S’pore Industrial Park is the first in the country’s north.

NEARLY a decade after he helped launched the first Vietnam-Singapore Industrial Park, Senior Minister Goh Chok Tong was back in Vietnam yesterday for the ground-breaking of another industrial park - this time in northern Vietnam.

Breaking ground: SM Goh (third from left) with Mr Lim Boon Heng (left), Minister (Prime Minister’s Office); Ms Low Sin Leng, and Vietnam Deputy Prime Minister Hoang Trung Hai at the Vietnam-Singapore Industrial Park in northern Vietnam. The park has secured 15 tenants, including Fujikin Vietnam II which will invest $50m to make parts for the semiconductor and chemical industry

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Singapore-based SembCorp Parks, part-owner and manager of the Vietnam-Singapore Industrial Park, has already secured 15 tenants who will pump more than US$300 million into its latest industrial park as it broke ground yesterday in northern Vietnam.

Among the tenants are Fujikin Vietnam II, which, among other things, will make parts for the semiconductor and chemical industry as well as build computer software products for export to Japan and elsewhere. The company plans to invest US$50 million in the new park in Bac Ninh in north-eastern Hanoi.

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Bigger-scale resort project estimated to cost less than US$900m.

BANYAN Tree’s plans in Vietnam just got bigger, with the company confirming reports yesterday that investments at its massive resort project in central Thua Thien-Hue province will increase from an earlier reported US$270 million to just under US$900 million.

Mr Vera: The increase in investment factors in MICE and golf facilities

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CapitaLand could double the number of homes it is building in Vietnam to about 6,000 units in the next three years - from about 2,800 homes now - chief executive Liew Mun Leong told reporters in Vietnam yesterday.

The Vietnam market also presents opportunities for CapitaLand to expand beyond its present service apartment and residential portfolio to include offices, retail and integrated leisure, entertainment and conventions projects, Mr Liew said.

For offices, CapitaLand is looking to build the equivalent of its Capital Tower and Raffles City projects in Vietnam as well - provided it can find suitable sites. And as for retail, there are opportunities to grow the business segment as there is a lack of an organised retail scene in Vietnam, Mr Liew said.

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It forms 60-40 joint venture; project’s investment capital seen at US$55.2m.

Keppel Land will build 140 waterfront villa homes in Ho Chi Minh City, its eighth residential development in Vietnam this year.

In a statement yesterday, Keppel Land said that it had formed a joint venture, through wholly owned subsidiary VN Investment Pte Ltd, with Vietnamese property developer Hung Phu Real Estate Investment Corporation (Hung Phu), to develop a 9.7-hectare site into waterfront landed housing in District 9 of Ho Chi Minh City.

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(HANOI) Saigon Thuong Tin Real Estate Joint-Stock Co, part of the same group as the only bank listed on the Ho Chi Minh City Stock Exchange, will sell bonds and shares this year to raise capital for investments.

The Ho Chi Minh City-based property developer aims to raise funds for 11 property projects, Dang Hong Anh, chairman and general director, said in an interview in Hong Kong on Tuesday. The company will get 2 trillion dong (S$181 million) from a bond sale, and 125 billion dong from selling shares, he said.

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The 17.5 ha integrated development will cost US$58 million.

GuocoLand yesterday broke ground on a US$58 million development in Vietnam - its first project in the country.

The Canary: The integrated development in Binh Duong Province will house some 1,200 residential apartments, a hotel, a trendy retail mall and an international school

The 17.5 ha site will be home to The Canary - an integrated development which will house some 1,200 residential apartments, a hotel, a trendy retail mall and an international school.

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