Thursday, June 30, 2011
62% of office space at Asia Square Tower 1 leased out
62% of office space at Asia Square Tower 1 leased out
By Jonathan Peeris | Posted: 28 June 2011 1837 hrs
SINGAPORE : Asia Square Tower 1, located at Shenton Way, has already leased out 62 per cent of its office space and pre-let more than half of the building.
The developers of the building, MGPA, gave the update after it was awarded its Temporary Occupation Permit (TOP) on June 21.
MGPA said it was awarded the land parcel in September 2007 and construction was completed in less than four years, making it the fastest development of this scale in Singapore to achieve completion within the time frame.
Asia Square Tower 1 comprises close to 1.3 million square feet of Grade A office space across 43 floors.
Among its future tenants are Google, Julius Baer, Lloyd's of London, Marsh & McLennan Companies and Citic Bank.
Its largest tenant, Citibank, will move in this September, with its retail branch operational by November.
Another important element of Asia Square is the food & beverage and retail space which is close to being fully leased out.
The Pure Fitness Centre will be the largest gym and fitness facility in the CBD, taking up 32,300 square feet of space, with the latest in fitness technology and training programmes.
Meanwhile, the fourth quarter of 2013 will see the completion of Asia Square Tower 2, which will add about 800,000 square feet of Grade A office space and a 305-room luxury five-star hotel under the Westin brand.
- CNA/al
- wong chee tat :)
By Jonathan Peeris | Posted: 28 June 2011 1837 hrs
SINGAPORE : Asia Square Tower 1, located at Shenton Way, has already leased out 62 per cent of its office space and pre-let more than half of the building.
The developers of the building, MGPA, gave the update after it was awarded its Temporary Occupation Permit (TOP) on June 21.
MGPA said it was awarded the land parcel in September 2007 and construction was completed in less than four years, making it the fastest development of this scale in Singapore to achieve completion within the time frame.
Asia Square Tower 1 comprises close to 1.3 million square feet of Grade A office space across 43 floors.
Among its future tenants are Google, Julius Baer, Lloyd's of London, Marsh & McLennan Companies and Citic Bank.
Its largest tenant, Citibank, will move in this September, with its retail branch operational by November.
Another important element of Asia Square is the food & beverage and retail space which is close to being fully leased out.
The Pure Fitness Centre will be the largest gym and fitness facility in the CBD, taking up 32,300 square feet of space, with the latest in fitness technology and training programmes.
Meanwhile, the fourth quarter of 2013 will see the completion of Asia Square Tower 2, which will add about 800,000 square feet of Grade A office space and a 305-room luxury five-star hotel under the Westin brand.
- CNA/al
- wong chee tat :)
HDB to launch tender for Punggol Field Walk residential site
HDB to launch tender for Punggol Field Walk residential site
By Jonathan Peeris | Posted: 28 June 2011 2141 hrs
SINGAPORE : The Housing and Development Board (HDB) will launch the tender for a residential site at Punggol Field Walk on Wednesday.
Slated for condominium development, the site can potentially yield 550 dwelling units.
It's being released for tender under the Confirmed List of the First Half 2011 Government Land Sales Programme.
Located near Sungei Serangoon, residents will enjoy convenient access within Punggol and around Singapore via the Coral Edge LRT Station which is next to the site.
The land parcel has a site area of over 14,000 square metres, with a maximum gross floor area of over 48,000 square metres.
The site has a lease term of 99 years and the tender will close at 12 noon on September 1.
In a statement, HDB cautions potential residential property buyers to bear in mind the strong supply in the pipeline when making their purchasing decisions.
As of the first quarter, 68,890 private residential units are in the pipeline, comprising supply from projects that were already under construction and those that had been granted planning approval but were not under construction yet.
And 34,270 of these were still unsold as at the end of Q1.
In addition to the supply of private residential units, there are also 4,220 executive condominium (EC) units in the pipeline as at the first quarter.
- CNA /ls
- wong chee tat :)
By Jonathan Peeris | Posted: 28 June 2011 2141 hrs
SINGAPORE : The Housing and Development Board (HDB) will launch the tender for a residential site at Punggol Field Walk on Wednesday.
Slated for condominium development, the site can potentially yield 550 dwelling units.
It's being released for tender under the Confirmed List of the First Half 2011 Government Land Sales Programme.
Located near Sungei Serangoon, residents will enjoy convenient access within Punggol and around Singapore via the Coral Edge LRT Station which is next to the site.
The land parcel has a site area of over 14,000 square metres, with a maximum gross floor area of over 48,000 square metres.
The site has a lease term of 99 years and the tender will close at 12 noon on September 1.
In a statement, HDB cautions potential residential property buyers to bear in mind the strong supply in the pipeline when making their purchasing decisions.
As of the first quarter, 68,890 private residential units are in the pipeline, comprising supply from projects that were already under construction and those that had been granted planning approval but were not under construction yet.
And 34,270 of these were still unsold as at the end of Q1.
In addition to the supply of private residential units, there are also 4,220 executive condominium (EC) units in the pipeline as at the first quarter.
- CNA /ls
- wong chee tat :)
Non-landed private home prices up 2.5% in May
Non-landed private home prices up 2.5% in May
By Jonathan Peeris | Posted: 28 June 2011 2208 hrs
SINGAPORE : Non-landed private home prices in Singapore continued its uptrend in May, rising 2.5 per cent from April.
The National University of Singapore's Singapore Residential Price Index (SRPI) showed that the month-on-month increase in the overall index in May was sharper than the 1.1 per cent rise the month before.
NUS's price index for properties in the central area jumped 3.5 per cent in May, while non-central properties showed a 1.7 per cent increase. These compared with March's rise of 1.0 per cent and 1.2 per cent respectively.
The SRPI is a transactions-based index that tracks the month-on-month price movements of private, non-landed residential properties in Singapore.
Compiled by the NUS Institute of Real Estate Studies, the index covers completed non-landed properties in the central and non-central regions.
- CNA/al
- wong chee tat :)
By Jonathan Peeris | Posted: 28 June 2011 2208 hrs
SINGAPORE : Non-landed private home prices in Singapore continued its uptrend in May, rising 2.5 per cent from April.
The National University of Singapore's Singapore Residential Price Index (SRPI) showed that the month-on-month increase in the overall index in May was sharper than the 1.1 per cent rise the month before.
NUS's price index for properties in the central area jumped 3.5 per cent in May, while non-central properties showed a 1.7 per cent increase. These compared with March's rise of 1.0 per cent and 1.2 per cent respectively.
The SRPI is a transactions-based index that tracks the month-on-month price movements of private, non-landed residential properties in Singapore.
Compiled by the NUS Institute of Real Estate Studies, the index covers completed non-landed properties in the central and non-central regions.
- CNA/al
- wong chee tat :)
Tougher capital rules for Singapore banks
Tougher capital rules for Singapore banks
By Rachel Kelly | Posted: 28 June 2011 2217 hrs
SINGAPORE: The Monetary Authority of Singapore (MAS) has announced tougher capital rules for Singapore banks, setting the revisions at higher levels than those rolled out for Basel III.
Basel III is the new global regulatory standard on bank capital adequacy and liquidity agreed by the members of the Basel Committee on Banking Supervision following the global financial crisis.
In a statement, MAS said Singapore incorporated banks were well capitalised and in a strong position to meet the new requirements.
United Overseas Bank (UOB), DBS, OCBC Bank, and Citi Singapore fall under the new rules to be implemented by the MAS.
Explaining the move, Minister for Trade and Industry and Deputy chairman of MAS Lim Hng Kiang said that each of the local banks was systematically important to Singapore, as together they accounted for more than half of the total non-bank resident deposits and loans in Singapore.
As such, higher capital levels are required to strengthen the banks' ability to absorb unexpected losses effectively in a crisis.
"Capital requirements that are significantly above Basel III will not result in a large reduction in economic output, but would be beneficial in reducing the likelihood and cost of a crisis," said Mr Lim at the 38th Association of Banks in Singapore (ABS) annual dinner.
In deciding on the levels appropriate for Singapore, MAS carefully weighed the costs of additional capital against the benefits, he said.
Banks that are well-capitalised, prudently regulated, and located in stable financial centres such as Singapore, present an attractive value proposition to depositors and investors.
Holding systemically-important banks to a higher solvency standard reduces both the likelihood of failure and impact to the real economy if one of them runs into difficulties.
Under the global minimum standards of Basel III, banks are required to increase their capital to buffer against unexpected losses.
Singapore has set its requirements for capital adequacy requirements (CAR) two percentage points higher than what is required by Basel III.
MAS will require Singapore-incorporated banks to meet a minimum Common Equity Tier-1 (CET1) capital adequacy ratio (CAR) of 6.5%.
Meanwhile, Tier-1 capital adequacy requirement will be increased from 6% to 8%.
The total capital adequacy requirement (Total CAR) will remain unchanged at 10% from 1 January 2015.
These standards are higher than the Basel III minimum requirements of 4.5%, 6% and 8% for CET1 CAR, Tier-1 CAR and Total CAR, respectively.
Singapore banks are believed to have already met Basel III standards. As such, MAS is targeting that banks officially meet Basel III requirements by 2013, two years ahead of the international standard.
And MAS wants the banks to meet its higher minimum requirements by 2015.
In line with Basel III requirements, MAS will introduce a capital conservation buffer of 2.5% above the minimum capital adequacy requirement. MAS says this will be met fully with CET1 capital and phased in on 1 January each year, from 2016 to 2019.
Mr Lim said: "The impact on banks' capital structures will be manageable. This is, in part, due to the already high internal capital buffers held by the banks and also due to the transition arrangements that will apply."
So far Singapore seems to be ahead of the pack in terms of capital requirements compared to the Basel III global standards. Switzerland, the UK and China have introduced rules, at levels similar to Basel III.
- CNA/ir
- wong chee tat :)
By Rachel Kelly | Posted: 28 June 2011 2217 hrs
SINGAPORE: The Monetary Authority of Singapore (MAS) has announced tougher capital rules for Singapore banks, setting the revisions at higher levels than those rolled out for Basel III.
Basel III is the new global regulatory standard on bank capital adequacy and liquidity agreed by the members of the Basel Committee on Banking Supervision following the global financial crisis.
In a statement, MAS said Singapore incorporated banks were well capitalised and in a strong position to meet the new requirements.
United Overseas Bank (UOB), DBS, OCBC Bank, and Citi Singapore fall under the new rules to be implemented by the MAS.
Explaining the move, Minister for Trade and Industry and Deputy chairman of MAS Lim Hng Kiang said that each of the local banks was systematically important to Singapore, as together they accounted for more than half of the total non-bank resident deposits and loans in Singapore.
As such, higher capital levels are required to strengthen the banks' ability to absorb unexpected losses effectively in a crisis.
"Capital requirements that are significantly above Basel III will not result in a large reduction in economic output, but would be beneficial in reducing the likelihood and cost of a crisis," said Mr Lim at the 38th Association of Banks in Singapore (ABS) annual dinner.
In deciding on the levels appropriate for Singapore, MAS carefully weighed the costs of additional capital against the benefits, he said.
Banks that are well-capitalised, prudently regulated, and located in stable financial centres such as Singapore, present an attractive value proposition to depositors and investors.
Holding systemically-important banks to a higher solvency standard reduces both the likelihood of failure and impact to the real economy if one of them runs into difficulties.
Under the global minimum standards of Basel III, banks are required to increase their capital to buffer against unexpected losses.
Singapore has set its requirements for capital adequacy requirements (CAR) two percentage points higher than what is required by Basel III.
MAS will require Singapore-incorporated banks to meet a minimum Common Equity Tier-1 (CET1) capital adequacy ratio (CAR) of 6.5%.
Meanwhile, Tier-1 capital adequacy requirement will be increased from 6% to 8%.
The total capital adequacy requirement (Total CAR) will remain unchanged at 10% from 1 January 2015.
These standards are higher than the Basel III minimum requirements of 4.5%, 6% and 8% for CET1 CAR, Tier-1 CAR and Total CAR, respectively.
Singapore banks are believed to have already met Basel III standards. As such, MAS is targeting that banks officially meet Basel III requirements by 2013, two years ahead of the international standard.
And MAS wants the banks to meet its higher minimum requirements by 2015.
In line with Basel III requirements, MAS will introduce a capital conservation buffer of 2.5% above the minimum capital adequacy requirement. MAS says this will be met fully with CET1 capital and phased in on 1 January each year, from 2016 to 2019.
Mr Lim said: "The impact on banks' capital structures will be manageable. This is, in part, due to the already high internal capital buffers held by the banks and also due to the transition arrangements that will apply."
So far Singapore seems to be ahead of the pack in terms of capital requirements compared to the Basel III global standards. Switzerland, the UK and China have introduced rules, at levels similar to Basel III.
- CNA/ir
- wong chee tat :)
Singapore banks confident of meeting new capital rules
Singapore banks confident of meeting new capital rules
By Millet Enriquez | Posted: 28 June 2011 2301 hrs
SINGAPORE : Singapore banks are confident that they will be more than ready to meet the new requirements set out by the central bank by 2013.
This is because most of them already have strong capital positions post the Asian financial Crisis in 1997.
Thus, the new capital requirement will not pose much fundamental adjustments for the banks.
DBS, UOB and OCBC have all welcomed the move, which is expected to boost Singapore's position as a global financial hub.
The Monetary Authority of Singapore (MAS) announced on Tuesday tougher capital rules for Singapore banks, setting the revisions at a higher level than those rolled out for Basel III.
"Well, the truth is that most of the Singapore banks already have high levels of capital post the 97-98 crisis. Capital adequacy in Singapore has been very robust and the central bank has been very prudent in encouraging banks to be well-capitalised," said Piyush Gupta, DBS' CEO and incoming chairman of the Association of Banks in Singapore.
"Therefore, the new capital requirement would not require too much fundamental action on the part of the banks over the next two or three years. So I really don't see a profound shift in the market, either from a capital or a liquidity standpoint in the short-term," he added.
Mr Gupta was speaking at the sidelines of the annual dinner by the Association of Banks in Singapore.
OCBC said its capital levels under Basel III rules are already higher than MAS' revised requirements and ahead of the 2019 timeline.
In a statement, OCBC CEO David Conner said: "We expect to be able to meet MAS' revised CAR (Capital Adequacy Ratios) requirements comfortably without having to raise any additional equity, undertake any rights issue, cut any dividends, or change our strategic plans."
UOB said the changes provide clarity for local banks to implement the Basel III standards.
"The phased approach will help ensure a smooth transition. UOB has consistently placed emphasis on maintaining a strong capital position and we are confident of meeting the new requirements. The revisions are in line with ongoing efforts to strengthen the industry's resilience and to position Singapore as a global financial centre," said Wee Ee Cheong, deputy chairman and CEO of UOB in a statement.
- CNA /ls
- wong chee tat :)
By Millet Enriquez | Posted: 28 June 2011 2301 hrs
SINGAPORE : Singapore banks are confident that they will be more than ready to meet the new requirements set out by the central bank by 2013.
This is because most of them already have strong capital positions post the Asian financial Crisis in 1997.
Thus, the new capital requirement will not pose much fundamental adjustments for the banks.
DBS, UOB and OCBC have all welcomed the move, which is expected to boost Singapore's position as a global financial hub.
The Monetary Authority of Singapore (MAS) announced on Tuesday tougher capital rules for Singapore banks, setting the revisions at a higher level than those rolled out for Basel III.
"Well, the truth is that most of the Singapore banks already have high levels of capital post the 97-98 crisis. Capital adequacy in Singapore has been very robust and the central bank has been very prudent in encouraging banks to be well-capitalised," said Piyush Gupta, DBS' CEO and incoming chairman of the Association of Banks in Singapore.
"Therefore, the new capital requirement would not require too much fundamental action on the part of the banks over the next two or three years. So I really don't see a profound shift in the market, either from a capital or a liquidity standpoint in the short-term," he added.
Mr Gupta was speaking at the sidelines of the annual dinner by the Association of Banks in Singapore.
OCBC said its capital levels under Basel III rules are already higher than MAS' revised requirements and ahead of the 2019 timeline.
In a statement, OCBC CEO David Conner said: "We expect to be able to meet MAS' revised CAR (Capital Adequacy Ratios) requirements comfortably without having to raise any additional equity, undertake any rights issue, cut any dividends, or change our strategic plans."
UOB said the changes provide clarity for local banks to implement the Basel III standards.
"The phased approach will help ensure a smooth transition. UOB has consistently placed emphasis on maintaining a strong capital position and we are confident of meeting the new requirements. The revisions are in line with ongoing efforts to strengthen the industry's resilience and to position Singapore as a global financial centre," said Wee Ee Cheong, deputy chairman and CEO of UOB in a statement.
- CNA /ls
- wong chee tat :)
Local banks face risk exposure to home loans
Local banks face risk exposure to home loans
By Lois Calderon | Posted: 28 June 2011 2317 hrs
SINGAPORE : Home loans have been a major driver of the lending business for the three local banks, but they could also be a drag in the event of a downturn in the property market, according to global debt watcher Fitch Ratings.
Fitch Ratings estimates that home mortgages and construction-related loans account for 50 per cent, or half, of the three local banks' total loan books.
The latest figures from the Monetary Authority of Singapore showed that housing loans rose 22 per cent year-on-year to S$118 billion in April.
That is about a third of all bank lending here.
As a result, local banks may face stress if the property market starts to soften, as this may cause their balance sheets to take a hit.
Alfred Chan, director for financial institutions, Fitch Ratings, said: "Fifty per cent of Singapore bank loans are to the property sector in the form of home loans and construction loans.
"So in the event that prices were to moderate, given that prices are fairly high at where they are now, that could have an impact on the quality of those loans."
Fitch, however, points out that the government's move to cool the property market should help reduce that risk.
Those cooling measures will ensure that lenders will get to keep in their books only borrowers with good credit quality.
Mr Chan said: "From the top line point of view, it's going to be tighter. But from the risk point of view, the potential for delinquencies also tends to (be lowered). So from a net-net basis, it's generally positive for the banks."
Analysts said the government has already averted a build-up of a property bubble.
However, they added that the fallout from the Eurozone crisis could hit Singapore's property market.
Dr Chua Yang Liang, head of research & consultancy, Jones Lang LaSalle, said: "I don't think there's a bubble forming. It formed earlier on, but it has been held in control, given the policy measures.
"And going forward, I think as long as you keep the price movements stable, transaction volume steady, it should be quite sustainable."
He added: "The risk would largely come from external, downside risks - right now are, I would think, the European issues with the Greek economy, the sovereign risk conditions there that could potentially rock the financial market further. That may impact the property market here."
Other analysts said the risk exposure to home loans could be offset by the strong growth in business loans, which grew 24.3 per cent year-on-year to S$$193 billion in April.
Jones Lang LaSalle expects the rise in housing property prices to slow to a rate of between zero and 1.5 per cent for the rest of the year, or at a full-year average rate of 5 to 6 per cent - a much faster pace than in the first half of the year.
- CNA/al
- wong chee tat :)
By Lois Calderon | Posted: 28 June 2011 2317 hrs
SINGAPORE : Home loans have been a major driver of the lending business for the three local banks, but they could also be a drag in the event of a downturn in the property market, according to global debt watcher Fitch Ratings.
Fitch Ratings estimates that home mortgages and construction-related loans account for 50 per cent, or half, of the three local banks' total loan books.
The latest figures from the Monetary Authority of Singapore showed that housing loans rose 22 per cent year-on-year to S$118 billion in April.
That is about a third of all bank lending here.
As a result, local banks may face stress if the property market starts to soften, as this may cause their balance sheets to take a hit.
Alfred Chan, director for financial institutions, Fitch Ratings, said: "Fifty per cent of Singapore bank loans are to the property sector in the form of home loans and construction loans.
"So in the event that prices were to moderate, given that prices are fairly high at where they are now, that could have an impact on the quality of those loans."
Fitch, however, points out that the government's move to cool the property market should help reduce that risk.
Those cooling measures will ensure that lenders will get to keep in their books only borrowers with good credit quality.
Mr Chan said: "From the top line point of view, it's going to be tighter. But from the risk point of view, the potential for delinquencies also tends to (be lowered). So from a net-net basis, it's generally positive for the banks."
Analysts said the government has already averted a build-up of a property bubble.
However, they added that the fallout from the Eurozone crisis could hit Singapore's property market.
Dr Chua Yang Liang, head of research & consultancy, Jones Lang LaSalle, said: "I don't think there's a bubble forming. It formed earlier on, but it has been held in control, given the policy measures.
"And going forward, I think as long as you keep the price movements stable, transaction volume steady, it should be quite sustainable."
He added: "The risk would largely come from external, downside risks - right now are, I would think, the European issues with the Greek economy, the sovereign risk conditions there that could potentially rock the financial market further. That may impact the property market here."
Other analysts said the risk exposure to home loans could be offset by the strong growth in business loans, which grew 24.3 per cent year-on-year to S$$193 billion in April.
Jones Lang LaSalle expects the rise in housing property prices to slow to a rate of between zero and 1.5 per cent for the rest of the year, or at a full-year average rate of 5 to 6 per cent - a much faster pace than in the first half of the year.
- CNA/al
- wong chee tat :)
River Valley apartment sold en bloc for S$70.5m
River Valley apartment sold en bloc for S$70.5m
By Julie Quek | Posted: 27 June 2011 1931 hrs
SINGAPORE : A 40-unit walk-up apartment at 402-414 River Valley Road has been successfully sold en bloc for S$70.5 million to Alliance Land.
This translates to a land rate of about S$1,139 per square foot per plot ratio, with a gross plot ratio of 2.8 for the 22,000-square foot site.
If the 10 per cent gross floor area for balconies is included, it will work out to S$1,035 per square foot per plot ratio, at a gross plot ratio (GPR) of 3.08.
According to marketing agent, Credo Real Estate, a new development built on the site can potentially yield an estimated 130 apartment units, averaging 500 square feet each, depending on layout and configuration.
Credo said the project is suitable for a boutique development with small apartment units, which will be popular with both local and foreign professionals and investors.
Owners of the district 10 property stand to receive gross sale proceeds ranging between S$1.75 million and $1.77 million each.
The sale is subject to the approval of the Strata Titles Board.
The site has a total gross floor area of about 68,000 square feet, including the 10 per cent gross floor area for balconies.
The existing development is understood to have been built in the early 1960s, making it part of the first generation of flat developments built in the post-colonial era of Singapore's history.
Tenure for the site is rather unique - at 999,999 years with effect from 1962.
- CNA/al
- wong chee tat :)
By Julie Quek | Posted: 27 June 2011 1931 hrs
SINGAPORE : A 40-unit walk-up apartment at 402-414 River Valley Road has been successfully sold en bloc for S$70.5 million to Alliance Land.
This translates to a land rate of about S$1,139 per square foot per plot ratio, with a gross plot ratio of 2.8 for the 22,000-square foot site.
If the 10 per cent gross floor area for balconies is included, it will work out to S$1,035 per square foot per plot ratio, at a gross plot ratio (GPR) of 3.08.
According to marketing agent, Credo Real Estate, a new development built on the site can potentially yield an estimated 130 apartment units, averaging 500 square feet each, depending on layout and configuration.
Credo said the project is suitable for a boutique development with small apartment units, which will be popular with both local and foreign professionals and investors.
Owners of the district 10 property stand to receive gross sale proceeds ranging between S$1.75 million and $1.77 million each.
The sale is subject to the approval of the Strata Titles Board.
The site has a total gross floor area of about 68,000 square feet, including the 10 per cent gross floor area for balconies.
The existing development is understood to have been built in the early 1960s, making it part of the first generation of flat developments built in the post-colonial era of Singapore's history.
Tenure for the site is rather unique - at 999,999 years with effect from 1962.
- CNA/al
- wong chee tat :)
Collective sales market to remain healthy: Credo
Collective sales market to remain healthy: Credo
By Mustafa Shafawi | Posted: 27 June 2011 2010 hrs
SINGAPORE : Some S$1.7 billion in collective sales have been transacted so far this year.
According to property consultant Credo Real Estate, the figure is almost the same as the collective sales transacted last year.
It noted that successful deals over the past 18 months have been relatively small.
And the buyers are mainly small to medium-sized developers who are unable to bid for the larger government residential sites.
One of the latest transactions is a 40-unit walk-up apartment development on River Valley Road, which fetched S$70.5 million in a successful enbloc sale to Alliance Land.
Credo's managing director, Karamjit Singh, said each of the top five deals ranged from S$137 million to S$214 million.
In 2007, the top five deals were worth over half a billion dollars each, and some S$11.4 billion in collective sales were transacted then.
Mr Singh said: "The outlook for the collective sales market for the rest of 2011 is positive.
"Owners are becoming more realistic on reserve prices and there is sustained interest from developers."
Meanwhile, properties up for en bloc at the moment include an industrial building at Alexandra Terrace, with an indicative guide price of S$21.8 million.
Residential sites up for sale include St Patrick's Garden and Royalville.
- CNA/al
- wong chee tat :)
By Mustafa Shafawi | Posted: 27 June 2011 2010 hrs
SINGAPORE : Some S$1.7 billion in collective sales have been transacted so far this year.
According to property consultant Credo Real Estate, the figure is almost the same as the collective sales transacted last year.
It noted that successful deals over the past 18 months have been relatively small.
And the buyers are mainly small to medium-sized developers who are unable to bid for the larger government residential sites.
One of the latest transactions is a 40-unit walk-up apartment development on River Valley Road, which fetched S$70.5 million in a successful enbloc sale to Alliance Land.
Credo's managing director, Karamjit Singh, said each of the top five deals ranged from S$137 million to S$214 million.
In 2007, the top five deals were worth over half a billion dollars each, and some S$11.4 billion in collective sales were transacted then.
Mr Singh said: "The outlook for the collective sales market for the rest of 2011 is positive.
"Owners are becoming more realistic on reserve prices and there is sustained interest from developers."
Meanwhile, properties up for en bloc at the moment include an industrial building at Alexandra Terrace, with an indicative guide price of S$21.8 million.
Residential sites up for sale include St Patrick's Garden and Royalville.
- CNA/al
- wong chee tat :)
Shoe-box units 'hard to sell off'
Shoe-box units 'hard to sell off'
By Liang Kaixin | Posted: 27 June 2011 2104 hrs
SINGAPORE: Analysts have said buyers of shoe-box apartments may have difficulties selling them in future, even though their current rental returns of about five per cent make such apartments popular with small-time investors.
Although they are small in size, they are priced at about S$600,000.
Analysts added that at this price, buyers are still able to afford them.
In one of his recent blog posts, National Development Minister Khaw Boon Wan urged buyers to consider the risks and returns when buying shoe-box apartments.
Analysts said more shoe-box apartments will be built by 2013, possibly leading to a glut.
They said the main attraction of such apartments is their prime location, including proximity to town areas and MRT stations.
If these apartments sprout in less-than-ideal locations, it may be harder for investors to sell them off later.
Analysts Channel NewsAsia spoke to pointed out if the per-square-foot (psf) value of the apartment is already high, investors might find it harder to sell it off at a good profit.
But some buyers - such as retiree Linda Teo - are still optimistic about the profits they can reap.
Madam Teo and her husband bought a shoe-box apartment near the Farrer Park MRT station about two-and-a-half years ago.
At about 581 square feet, her apartment is smaller than a three-room flat.
She said despite having only just received keys to her unit, she already has people offering to buy it from her at 20 per cent more than her purchase price.
But Madam Teo said she intends to keep it as an investment.
"I think if I keep the money in the bank, the interest is quite low, I'd rather put it in a property for my children, for their future," she said.
"Currently, the rental for this project is about S$3,000 to S$3,500 per month. There have already been a lot of interested tenants who have come to view the place. I think it shouldn't be a problem.
"My view is, at this moment, we do have a lot of buyers who have approached us, who want to buy this project.
"Even two to three years down the road, if the demand is not there, we'll decide to keep this for the children, so I don't see this as a problem."
-CNA/wk
- wong chee tat :)
By Liang Kaixin | Posted: 27 June 2011 2104 hrs
SINGAPORE: Analysts have said buyers of shoe-box apartments may have difficulties selling them in future, even though their current rental returns of about five per cent make such apartments popular with small-time investors.
Although they are small in size, they are priced at about S$600,000.
Analysts added that at this price, buyers are still able to afford them.
In one of his recent blog posts, National Development Minister Khaw Boon Wan urged buyers to consider the risks and returns when buying shoe-box apartments.
Analysts said more shoe-box apartments will be built by 2013, possibly leading to a glut.
They said the main attraction of such apartments is their prime location, including proximity to town areas and MRT stations.
If these apartments sprout in less-than-ideal locations, it may be harder for investors to sell them off later.
Analysts Channel NewsAsia spoke to pointed out if the per-square-foot (psf) value of the apartment is already high, investors might find it harder to sell it off at a good profit.
But some buyers - such as retiree Linda Teo - are still optimistic about the profits they can reap.
Madam Teo and her husband bought a shoe-box apartment near the Farrer Park MRT station about two-and-a-half years ago.
At about 581 square feet, her apartment is smaller than a three-room flat.
She said despite having only just received keys to her unit, she already has people offering to buy it from her at 20 per cent more than her purchase price.
But Madam Teo said she intends to keep it as an investment.
"I think if I keep the money in the bank, the interest is quite low, I'd rather put it in a property for my children, for their future," she said.
"Currently, the rental for this project is about S$3,000 to S$3,500 per month. There have already been a lot of interested tenants who have come to view the place. I think it shouldn't be a problem.
"My view is, at this moment, we do have a lot of buyers who have approached us, who want to buy this project.
"Even two to three years down the road, if the demand is not there, we'll decide to keep this for the children, so I don't see this as a problem."
-CNA/wk
- wong chee tat :)
Good branding, good sales
Good branding, good sales
By Nurul Syuhaida | Posted: 27 June 2011 2239 hrs
SINGAPORE: A strong corporate brand can boost sales and lead to higher revenue growth.
That is according to a recent study which showed that about 80 per cent of companies with a branding campaign achieve consistently higher incomes, compared to firms that don't have a branding strategy.
The study by consulting firm StrategiCom surveyed the branding initiatives of about 100 companies listed on Singapore Exchange (SGX).
Companies that engage holistic branding that include internal communications, relationship management, and market communications have recorded a higher average annual revenue growth rate from financial year 2006 to 2009.
Most companies are still holding back from spending big bucks on branding, but experts at a branding seminar held Monday urged companies to "think big" and stressed on how vital it is for companies to build their brands to capture a bigger market share.
The seminar, 'Create Your Brand Legacy', was organised by The Association of Small and Medium Enterprises (ASME).
Some 200 participants attended the seminar held in conjunction with the Singapore Prestige Brand Award 2011.
A study by StrategiCom showed that about 80 per cent of listed firms had benefited with consistently higher revenues over a three-year period, after undergoing a holistic branding approach.
It also highlighted that the positive impact on branding strategies is not limited only to listed companies but will benefit small and medium enterprises (SMEs) as well.
But industry players said one of the biggest challenges companies face is a consistent brand message.
EpiCentre Holdings Limited executive chairman & CEO Jimmy Fong said: "The challenges involve how to communicate our brand to our employees, our stakeholders, and to the rest of the customers - why they should trust our brand, why they should continue to buy from us again and again".
Experts said good brands are built on a two-way relationship.
Customers engage with brands and vice-versa, so branding needs to be emotionally connecting and interact on a personal level with customers.
Adam Khoo Learning Technologies Group co-founder & executive chairman Adam Khoo said: "Dare to invest in branding.
"I think a lot of people always think that advertisement is only for established, big companies.
"But unless you first think like a big company when you're small, you never become a big company.
"So even if you are 'one man show', think about how you brand yourself in terms of not just your media but as well as the way you interact with your customers".
Almost half, or 49 per cent, of the companies that participated in the study are engaged in all three areas of corporate branding.
These are internal communications, relationship management and market communications.
The most practised area of corporate branding is internal communications with 81per cent of the companies who participated in the study applying the approach.
-CNA/wk
- wong chee tat :)
By Nurul Syuhaida | Posted: 27 June 2011 2239 hrs
SINGAPORE: A strong corporate brand can boost sales and lead to higher revenue growth.
That is according to a recent study which showed that about 80 per cent of companies with a branding campaign achieve consistently higher incomes, compared to firms that don't have a branding strategy.
The study by consulting firm StrategiCom surveyed the branding initiatives of about 100 companies listed on Singapore Exchange (SGX).
Companies that engage holistic branding that include internal communications, relationship management, and market communications have recorded a higher average annual revenue growth rate from financial year 2006 to 2009.
Most companies are still holding back from spending big bucks on branding, but experts at a branding seminar held Monday urged companies to "think big" and stressed on how vital it is for companies to build their brands to capture a bigger market share.
The seminar, 'Create Your Brand Legacy', was organised by The Association of Small and Medium Enterprises (ASME).
Some 200 participants attended the seminar held in conjunction with the Singapore Prestige Brand Award 2011.
A study by StrategiCom showed that about 80 per cent of listed firms had benefited with consistently higher revenues over a three-year period, after undergoing a holistic branding approach.
It also highlighted that the positive impact on branding strategies is not limited only to listed companies but will benefit small and medium enterprises (SMEs) as well.
But industry players said one of the biggest challenges companies face is a consistent brand message.
EpiCentre Holdings Limited executive chairman & CEO Jimmy Fong said: "The challenges involve how to communicate our brand to our employees, our stakeholders, and to the rest of the customers - why they should trust our brand, why they should continue to buy from us again and again".
Experts said good brands are built on a two-way relationship.
Customers engage with brands and vice-versa, so branding needs to be emotionally connecting and interact on a personal level with customers.
Adam Khoo Learning Technologies Group co-founder & executive chairman Adam Khoo said: "Dare to invest in branding.
"I think a lot of people always think that advertisement is only for established, big companies.
"But unless you first think like a big company when you're small, you never become a big company.
"So even if you are 'one man show', think about how you brand yourself in terms of not just your media but as well as the way you interact with your customers".
Almost half, or 49 per cent, of the companies that participated in the study are engaged in all three areas of corporate branding.
These are internal communications, relationship management and market communications.
The most practised area of corporate branding is internal communications with 81per cent of the companies who participated in the study applying the approach.
-CNA/wk
- wong chee tat :)
Temasek, Khazanah to develop prime land parcels
Temasek, Khazanah to develop prime land parcels
By Maria Lois | Posted: 27 June 2011 2352 hrs
SINGAPORE: Singapore investment firm Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional will jointly develop prime land parcels in both countries into projects worth about S$12.2 billion.
The two investment firms have established two subsidiaries - M+S Pte Ltd and Pulau Indah Ventures Sdn Bhd - for the purpose.
Temasek has a 40 percent stake in M+S while Khazanah owns the remaining 60 percent stake.
M+S will develop four land parcels in Marina South and two land parcels in Ophir Rochor, each as an integrated development.
The land parcels would be developed into mixed-use properties that will include office, residential, hotel and retail components with a combined permitted gross floor area of up to 501,020 square metres (sqm).
The project is valued at S$11 billion.
Khazanah's subsidiary UEM Land Holdings and a subsidiary of Mapletree Investments, a Temasek portfolio company, have been appointed to oversee the marketing and development of the project at Marina South.
At the same time, a subsidiary of CapitaLand(another Temasek portfolio company) and UEM Land have been appointed to oversee the marketing and development of the Ophir-Rochor site.
Meanwhile Pulau Indah, a 50:50 joint venture between Khazanah and Temasek, will develop projects in Iskandar Malaysia in Johor.
Two sites, one in Medini North and the other at the Heritage Cluster in Medini Central, have been confirmed.
Pulau Indah intends to develop serviced apartments, a corporate training centre, and commercial, retail, residential and wellness-related offerings on these sites.
The Iskandar Malaysia project is valued at about S$1.2 billion (3 billion ringgit) and will cover a vast 1.36-million sqm land.
Planning and design works on the projects began on the first quarter of this year.
In a separate statement, CapitaLand said that it has appointed its chief operating officer Mr Lim Ming Yan to lead several key projects for the Ophir-Rochor site.
It added that the Ophir-Rochor site is located between the Kampong Glam Historical District and the Beach Road Conservation Area.
The site also enjoys excellent connectivity with the existing Bugis MRT Station and the upcoming Downtown Line Bugis MRT Interchange. The total permissible gross floor area for the site is 160,020 sq m.
- CNA/ir
- wong chee tat :)
By Maria Lois | Posted: 27 June 2011 2352 hrs
SINGAPORE: Singapore investment firm Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional will jointly develop prime land parcels in both countries into projects worth about S$12.2 billion.
The two investment firms have established two subsidiaries - M+S Pte Ltd and Pulau Indah Ventures Sdn Bhd - for the purpose.
Temasek has a 40 percent stake in M+S while Khazanah owns the remaining 60 percent stake.
M+S will develop four land parcels in Marina South and two land parcels in Ophir Rochor, each as an integrated development.
The land parcels would be developed into mixed-use properties that will include office, residential, hotel and retail components with a combined permitted gross floor area of up to 501,020 square metres (sqm).
The project is valued at S$11 billion.
Khazanah's subsidiary UEM Land Holdings and a subsidiary of Mapletree Investments, a Temasek portfolio company, have been appointed to oversee the marketing and development of the project at Marina South.
At the same time, a subsidiary of CapitaLand(another Temasek portfolio company) and UEM Land have been appointed to oversee the marketing and development of the Ophir-Rochor site.
Meanwhile Pulau Indah, a 50:50 joint venture between Khazanah and Temasek, will develop projects in Iskandar Malaysia in Johor.
Two sites, one in Medini North and the other at the Heritage Cluster in Medini Central, have been confirmed.
Pulau Indah intends to develop serviced apartments, a corporate training centre, and commercial, retail, residential and wellness-related offerings on these sites.
The Iskandar Malaysia project is valued at about S$1.2 billion (3 billion ringgit) and will cover a vast 1.36-million sqm land.
Planning and design works on the projects began on the first quarter of this year.
In a separate statement, CapitaLand said that it has appointed its chief operating officer Mr Lim Ming Yan to lead several key projects for the Ophir-Rochor site.
It added that the Ophir-Rochor site is located between the Kampong Glam Historical District and the Beach Road Conservation Area.
The site also enjoys excellent connectivity with the existing Bugis MRT Station and the upcoming Downtown Line Bugis MRT Interchange. The total permissible gross floor area for the site is 160,020 sq m.
- CNA/ir
- wong chee tat :)
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