Bedok Point officially launched
By Millet Enriquez | Posted: 26 April 2011 1937 hrs
SINGAPORE : Frasers Centrepoint Malls has officially opened its latest neighbourhood mall at Bedok Town Centre on Tuesday.
Bedok Point features over 70 shops, with many F&B tenants located on the first level.
Fraser & Neave Chairman Lee Hsien Yang graced the opening of the four-storey Bedok Point - which is the 9th in the companies' mall portfolio.
The mall has a total net lettable area of 81,000 square feet, with an occupancy rate of 98 per cent.
Since its soft opening in December, the mall is said to have attracted over 900,000 shoppers every month. Bedok Point enjoys a captive shopper catchment of more than 295,000 residents.
A big crowd puller is the mall's long operating hours where F&B tenants will remain open until 1am on weekdays and 3am on weekends.
Christopher Tang, CEO of Frasers Centrepoint Commercial said: "It represents the kind of momentum that we are trying to develop as a retail mall in this space. So far, we are taking traction. We have two classes of mall; Bedok Point is the third within the class that we call the neighbourhood malls - the smaller, more intimately-sized and integrated to the heartbeat of the immediate surrounding, the community that surround us.
"The next exciting concept that you can expect to hear from us will be the one which we are going to call Changi Citypoint. That is going to be next to the MRT station. We expect to open that for trading by the second half of this year. That mall will be 205,000 square feet, with close to 150 tenants."
Further in the pipeline is another mall at Punggol which will be the 11th in the firm's portfolio. The mall will have 350,000 to 400,000 square feet and will be built next to a riverfront.
- CNA /ls
- wong chee tat :)
Thursday, April 28, 2011
Resale flat prices increase, but COV premiums drop 9% in Q1
Resale flat prices increase, but COV premiums drop 9% in Q1
By Linette Lim | Posted: 25 April 2011 2138 hrs
SINGAPORE: The price of resale flats went up in the first quarter of 2011, but Cash-Over-Valuation premiums fell to S$21,000 - a 9 per cent drop from the previous quarter, according to data from the HDB.
Observers attribute the lower COV premiums to the government's cooling measures which took effect in the first quarter of this year.
Going forward, analysts have mixed views on the outlook for COV premiums.
"Currently the COVs have come to a point where it is not going any much lower. Based on our PropNex data, the COV for the month of April has already gone up to a median at S$23,000, which is where we were starting prior to the first quarter," said PropNex CEO Mohamed Ismail.
For the first quarter of 2011, the price of resale flats rose 1.6 per cent.
The increase is at a slower pace than the 2.5 per cent rise in the previous quarter.
Meanwhile, median sublet rents in Q1 remained relatively stable with increases from 1-room and 5-room flats and decreases from 2-room flats.
Subletting transactions rose by 8 per cent to 6,365 cases.
The total number of HDB flats approved for subletting rose to about 36,400 units in Q1, compared to about 35,000 units in the previous quarter.
Some analysts believe COV premiums will likely continue to fall as a result of new supply coming on stream.
Separately, HDB said it will launch another 3,185 flats in Hougang, Sembawang, Sengkang and Punggol for sale under the April 2011 Build-to-Order BTO exercise.
This will bring the total supply of new BTO flats this year to 22,000, compared to the 16,000 BTO flats that were offered last year.
"I think the fact that there's going to be 22,000 new HDB dwellings up in the marketplace, and the government's ramping up in terms of its development machinery to develop more HDB properties...will mean vendors cannot hold on to their COV asking prices," said Mr Donald Han, vice chairman of Cushman and Wakefield.
In addition to the BTO flats, units under the Design, Build & Sell Scheme (DBSS) and the Executive Condominium (EC) Housing Scheme will be offered as well.
An EC site at Punggol with an estimated yield of 700 units, and two DBSS sites at Sengkang and Bendemeer Road with a potential yield of about 1,500 units, will be released for tender in May and June 2011 respectively.
Despite the supply of new flats, Mr Han believes there could be a one to two per cent uptake in HDB resale prices in the next one or two quarters.
Mr Ismail also thinks the resale prices will trend up, as new supply of BTO flats are not a perfect substitute for the resale units.
- CNA/cc
- wong chee tat :)
By Linette Lim | Posted: 25 April 2011 2138 hrs
SINGAPORE: The price of resale flats went up in the first quarter of 2011, but Cash-Over-Valuation premiums fell to S$21,000 - a 9 per cent drop from the previous quarter, according to data from the HDB.
Observers attribute the lower COV premiums to the government's cooling measures which took effect in the first quarter of this year.
Going forward, analysts have mixed views on the outlook for COV premiums.
"Currently the COVs have come to a point where it is not going any much lower. Based on our PropNex data, the COV for the month of April has already gone up to a median at S$23,000, which is where we were starting prior to the first quarter," said PropNex CEO Mohamed Ismail.
For the first quarter of 2011, the price of resale flats rose 1.6 per cent.
The increase is at a slower pace than the 2.5 per cent rise in the previous quarter.
Meanwhile, median sublet rents in Q1 remained relatively stable with increases from 1-room and 5-room flats and decreases from 2-room flats.
Subletting transactions rose by 8 per cent to 6,365 cases.
The total number of HDB flats approved for subletting rose to about 36,400 units in Q1, compared to about 35,000 units in the previous quarter.
Some analysts believe COV premiums will likely continue to fall as a result of new supply coming on stream.
Separately, HDB said it will launch another 3,185 flats in Hougang, Sembawang, Sengkang and Punggol for sale under the April 2011 Build-to-Order BTO exercise.
This will bring the total supply of new BTO flats this year to 22,000, compared to the 16,000 BTO flats that were offered last year.
"I think the fact that there's going to be 22,000 new HDB dwellings up in the marketplace, and the government's ramping up in terms of its development machinery to develop more HDB properties...will mean vendors cannot hold on to their COV asking prices," said Mr Donald Han, vice chairman of Cushman and Wakefield.
In addition to the BTO flats, units under the Design, Build & Sell Scheme (DBSS) and the Executive Condominium (EC) Housing Scheme will be offered as well.
An EC site at Punggol with an estimated yield of 700 units, and two DBSS sites at Sengkang and Bendemeer Road with a potential yield of about 1,500 units, will be released for tender in May and June 2011 respectively.
Despite the supply of new flats, Mr Han believes there could be a one to two per cent uptake in HDB resale prices in the next one or two quarters.
Mr Ismail also thinks the resale prices will trend up, as new supply of BTO flats are not a perfect substitute for the resale units.
- CNA/cc
- wong chee tat :)
DBS unveils new platform for wealth clients
DBS unveils new platform for wealth clients
Posted: 26 April 2011 1955 hrs
SINGAPORE: As part of its strategy to grow wealth management assets from US$35 billion to US$50 billion in the next three years, DBS is ramping up its offerings to the high net-worth segment.
DBS has unveiled Treasures Private Client, a one-stop shop of private banking and consumer banking solutions.
Analysts say the number of high net worth individuals, with upwards of US$1 million of investable assets, is set to grow by 40 per cent in Asia in the next three years.
Wealth amassed by high net-worth individuals in Asia is seen growing by US$80 billion in the next three years.
In line with one of DBS' strategic priorities to grow a leading wealth management franchise, the bank is rolling out Treasures Private Client.
The bank said the platform will bring the best of both worlds from private and priority banking for high net worth individuals.
DBS also said the new platform will have a team of 200 staffers, of whom 30 to 40 per cent will be new hires.
DBS Treasures MD & regional head Pearlyn Phau said: "We will roll Treasures Private Client out to Singapore and Hong Kong as these are the two key markets.
"We will roll it out to the rest of our key markets in due course. In terms of the growth of our customers in the US$1-3 million wealth bands, we see exponential growth in the next three years. So yes, this will be the target market we're looking at".
DBS said it is the first local bank to put together such an offering for the high net-worth segment.
The bank also said it hopes to see double digit growth in revenues from the new product offering.
DBS Wealth Management group head Tan Su Shan said: "This is going to be one of the big strategies that will help us to grow our strategy in wealth.
"This basically speaks to the fact that we want to be an Asian wealth management bank.
"We hope it will be good, we hope to see double digit growth".
DBS said the offering is being rolled out first in Singapore and Hong Kong and starting next year, in its other key markets such as Indonesia, India and China.
-CNA/wk
- wong chee tat :)
Posted: 26 April 2011 1955 hrs
SINGAPORE: As part of its strategy to grow wealth management assets from US$35 billion to US$50 billion in the next three years, DBS is ramping up its offerings to the high net-worth segment.
DBS has unveiled Treasures Private Client, a one-stop shop of private banking and consumer banking solutions.
Analysts say the number of high net worth individuals, with upwards of US$1 million of investable assets, is set to grow by 40 per cent in Asia in the next three years.
Wealth amassed by high net-worth individuals in Asia is seen growing by US$80 billion in the next three years.
In line with one of DBS' strategic priorities to grow a leading wealth management franchise, the bank is rolling out Treasures Private Client.
The bank said the platform will bring the best of both worlds from private and priority banking for high net worth individuals.
DBS also said the new platform will have a team of 200 staffers, of whom 30 to 40 per cent will be new hires.
DBS Treasures MD & regional head Pearlyn Phau said: "We will roll Treasures Private Client out to Singapore and Hong Kong as these are the two key markets.
"We will roll it out to the rest of our key markets in due course. In terms of the growth of our customers in the US$1-3 million wealth bands, we see exponential growth in the next three years. So yes, this will be the target market we're looking at".
DBS said it is the first local bank to put together such an offering for the high net-worth segment.
The bank also said it hopes to see double digit growth in revenues from the new product offering.
DBS Wealth Management group head Tan Su Shan said: "This is going to be one of the big strategies that will help us to grow our strategy in wealth.
"This basically speaks to the fact that we want to be an Asian wealth management bank.
"We hope it will be good, we hope to see double digit growth".
DBS said the offering is being rolled out first in Singapore and Hong Kong and starting next year, in its other key markets such as Indonesia, India and China.
-CNA/wk
- wong chee tat :)
L Capital's Asia investments 'strong'
L Capital's Asia investments 'strong'
Posted: 26 April 2011 2119 hrs
SINGAPORE: L Capital said its investments in Asia, through a US$640 million fund, are expected to outpace returns of those in the US and Europe.
The private equity arm of luxury goods conglomerate LVMH Group, or Moët Hennessy - Louis Vuitton, said it will set up a second Asia based fund.
The higher returns comes on the back of the region's booming retail market.
Growth of Asia's middle class means higher disposable income and global luxury conglomerate LVMH is taking note.
With Europe and America facing anaemic growth, private equity players investing in retail are looking for the opportunity they need in Asia.
L Capital Asia is looking for minority investments in regional consumer brands with what it calls value-for-money and aspirational qualities.
In addition, it has an exit strategy timeline for its acquisitions that seek to deliver returns to its shareholders, unlike its famous parent company which acquires luxury companies wholesale.
The fund said its exit strategies for its portfolio of companies include initial public offerings, strategic sales, as well as mergers and acquisition.
L Capital Asia managing partner Ravi Thakran said: "So we are looking at setting up these companies for these great exits.
"There is no private equity platform that brings the value-add platform of our kind; in terms of what we bring, there is almost no competition".
The fund is expected to invest in middle market deals in the food and beverage, beauty, retail and wellness segments and is not worried about being dwarfed by larger private equity giants who have the capacity to invest in tens of billions despite its relatively small fund size of $640 million.
This is because they have an advantage of relying on a large luxury conglomerate for operating expertise.
L Capital said it does not make drastic makeovers to companies in which they hold stakes.
Singapore based retailer Charles and Keith said it is business as usual for them after the fund bought a 20 per cent stake in the company.
Charles & Keith Group chief financial officer Dicky Koh said: "They don't dictate how we do our business, so they come in as a very good value add partner.
"For us, we still go about with our day-to-day business in a normal way, but we do get a lot of feedback and advice from them whenever we need".
L Capital said it will not be collaborating with its parent company LVMH to avoid possible conflicts of interest.
The fund said it will make about US$200 million of acquisitions this year, and will announce one Chinese and one Indian fashion company investment within two months.
Insofar in the region, managing director Ravi Thakran said it has invested about $90 million in two other acquisitions including Sincere Watches and Hong Kong based Emperor Watch and Jewellery.
-CNA/wk
- wong chee tat :)
Posted: 26 April 2011 2119 hrs
SINGAPORE: L Capital said its investments in Asia, through a US$640 million fund, are expected to outpace returns of those in the US and Europe.
The private equity arm of luxury goods conglomerate LVMH Group, or Moët Hennessy - Louis Vuitton, said it will set up a second Asia based fund.
The higher returns comes on the back of the region's booming retail market.
Growth of Asia's middle class means higher disposable income and global luxury conglomerate LVMH is taking note.
With Europe and America facing anaemic growth, private equity players investing in retail are looking for the opportunity they need in Asia.
L Capital Asia is looking for minority investments in regional consumer brands with what it calls value-for-money and aspirational qualities.
In addition, it has an exit strategy timeline for its acquisitions that seek to deliver returns to its shareholders, unlike its famous parent company which acquires luxury companies wholesale.
The fund said its exit strategies for its portfolio of companies include initial public offerings, strategic sales, as well as mergers and acquisition.
L Capital Asia managing partner Ravi Thakran said: "So we are looking at setting up these companies for these great exits.
"There is no private equity platform that brings the value-add platform of our kind; in terms of what we bring, there is almost no competition".
The fund is expected to invest in middle market deals in the food and beverage, beauty, retail and wellness segments and is not worried about being dwarfed by larger private equity giants who have the capacity to invest in tens of billions despite its relatively small fund size of $640 million.
This is because they have an advantage of relying on a large luxury conglomerate for operating expertise.
L Capital said it does not make drastic makeovers to companies in which they hold stakes.
Singapore based retailer Charles and Keith said it is business as usual for them after the fund bought a 20 per cent stake in the company.
Charles & Keith Group chief financial officer Dicky Koh said: "They don't dictate how we do our business, so they come in as a very good value add partner.
"For us, we still go about with our day-to-day business in a normal way, but we do get a lot of feedback and advice from them whenever we need".
L Capital said it will not be collaborating with its parent company LVMH to avoid possible conflicts of interest.
The fund said it will make about US$200 million of acquisitions this year, and will announce one Chinese and one Indian fashion company investment within two months.
Insofar in the region, managing director Ravi Thakran said it has invested about $90 million in two other acquisitions including Sincere Watches and Hong Kong based Emperor Watch and Jewellery.
-CNA/wk
- wong chee tat :)
La Meyer at 66 Meyer Road offered for en-bloc sale
La Meyer at 66 Meyer Road offered for en-bloc sale
Posted: 27 April 2011 1933 hrs
SINGAPORE: La Meyer at 66 Meyer Road has been for offered for en-bloc sale by tender, property consultants Cushman & Wakefield, handling the sale, said in a statement.
The freehold site in the exclusive Meyer Road vicinity has a land area of 50,560 square feet and is expected to fetch a price above S$98 million.
The statement said developers can build up to a gross floor area of about 78,000 square feet, based on a maximum allowable plot ratio of 1.4.
Cushman and Wakefield said it expects a good reception for the site, especially from mid-sized developers, due to its relative bite-sized and prized location.
The tender exercise will close May 27.
Ms Christina Sim, Director of Investment Sales at Cushman and Wakefield, said; "Sites costing less than S$100 million, provides a comfortable entry level for developers, and there are already a few foreign developers currently evaluating the property."
She said Meyer Road is the "Nassim Road of the East Coast", as it typically seen as a pricing benchmark for the whole of District 15.
"The transacted prices of projects like The Cape, Aalto and The View@Meyer have already crossed the S$2,000 per square feet mark. With developers eager to replenish landbank, we are expecting a blast of enquiries," she said.
- CNA/cc
- wong chee tat :)
Posted: 27 April 2011 1933 hrs
SINGAPORE: La Meyer at 66 Meyer Road has been for offered for en-bloc sale by tender, property consultants Cushman & Wakefield, handling the sale, said in a statement.
The freehold site in the exclusive Meyer Road vicinity has a land area of 50,560 square feet and is expected to fetch a price above S$98 million.
The statement said developers can build up to a gross floor area of about 78,000 square feet, based on a maximum allowable plot ratio of 1.4.
Cushman and Wakefield said it expects a good reception for the site, especially from mid-sized developers, due to its relative bite-sized and prized location.
The tender exercise will close May 27.
Ms Christina Sim, Director of Investment Sales at Cushman and Wakefield, said; "Sites costing less than S$100 million, provides a comfortable entry level for developers, and there are already a few foreign developers currently evaluating the property."
She said Meyer Road is the "Nassim Road of the East Coast", as it typically seen as a pricing benchmark for the whole of District 15.
"The transacted prices of projects like The Cape, Aalto and The View@Meyer have already crossed the S$2,000 per square feet mark. With developers eager to replenish landbank, we are expecting a blast of enquiries," she said.
- CNA/cc
- wong chee tat :)
URA receives 10 bids for Paya Lebar Rd/Eunos Rd site
URA receives 10 bids for Paya Lebar Rd/Eunos Rd site
By Julie Quek | Posted: 21 April 2011 2013 hrs
SINGAPORE : The Urban Redevelopment Authority (URA) has closed the tender for a commercial site at Paya Lebar Road and Eunos Road 8 after receiving 10 bids.
The highest bid of S$585.6 million came from joint bidders Siong Feng Development, Guthrie, and Sun Venture Commercial.
The land parcel has a site area of 14,851.6 square metres and a maximum permissible gross floor area of 62,377 square metres.
The site was launched for public tender on January 27 and has a lease period of 99 years.
URA said it will evaluate the tender bids and announce the final tender results at a later date.
- CNA/ms
- wong chee tat :)
By Julie Quek | Posted: 21 April 2011 2013 hrs
SINGAPORE : The Urban Redevelopment Authority (URA) has closed the tender for a commercial site at Paya Lebar Road and Eunos Road 8 after receiving 10 bids.
The highest bid of S$585.6 million came from joint bidders Siong Feng Development, Guthrie, and Sun Venture Commercial.
The land parcel has a site area of 14,851.6 square metres and a maximum permissible gross floor area of 62,377 square metres.
The site was launched for public tender on January 27 and has a lease period of 99 years.
URA said it will evaluate the tender bids and announce the final tender results at a later date.
- CNA/ms
- wong chee tat :)
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