Condos hit the sweet spot, even without a tennis court

PAYING big money does not necessarily get you everything these days, at least when it comes to buying a private apartment.

New homes going for as much as $2,600 per square foot can offer designer furnishings and place you in a coveted district, but they may no longer come with large common spaces or even tennis courts traditionally associated with a private address.

In the core central region (CCR), home seekers would not find tennis courts in projects such as Marina Bay Suites, Sophia Residence and Illuminaire on Devonshire.

Further from town, buyers have paid as much as $1,345 psf at Alexis or $1,514 psf at Suites@Guillemard, where there is just a margin of space around the buildings, and swimming pools and gyms congregate on the rooftop. Tennis courts are also missing from the picture.

Nowadays, 'you don't really get developments with sprawling grounds, where there's openness', observes DTZ executive director Ong Choon Fah. 'Those are actually more difficult to come by.'

Many projects cannot offer large landscaped grounds or a full range of facilities simply because their sites are not big enough. A tennis court alone measures 78 ft by 36 ft, taking up 2,808 sq ft. According to EL Development managing director Lim Yew Soon, a developer could try to tuck a court just nicely into a smallish site, but it could become a 'disamenity' to residents living too close to the noise.

In fact, there are buyers who do not expect to see tennis courts for smaller projects within or near town, he adds. 'Even if they really see, they'll be asking if it will be too near their units.'

EL Development has three projects in CCR which do not have tennis courts - Illuminaire on Devonshire, Parc Centennial and Rhapsody on Mount Elizabeth - but they are sold out.

Many projects are still able to command high prices because of their location. This is especially so if owners intend to rent the apartments out.

The absence of a tennis court, for instance, may mean a longer search for a tenant but consultants say rents are unlikely to be dented much. 'That's about property investment. Location is everything,' says Savills residential director Phylicia Ang.


GuocoLand is banking on Sophia Residence's location near Dhoby Ghaut MRT station to attract buyers. The project does not have a tennis court, but home seekers' 'main buying criterion was to be in the city, to have easy MRT access to all parts of Singapore and also a property which offered attractive rental yield', it told BT. The development will be where Sophia Court used to be and the latter also did not have a tennis court.

Beyond site constraints, high land prices may be prompting developers to cut back on common spaces and certain facilities.

'With land costs so high, most developers want to maximise the saleable area,' says ERA Asia Pacific associate director Eugene Lim.

But that's not to say that all developers have free rein on the site design. The Urban Redevelopment Authority (URA) has rules on site coverage, which indicate how much space buildings can occupy.

For developments classified as flats/apartments and condominiums, site coverage cannot exceed 40 per cent. Mixed-use developments are the ones which are not subject to this rule.

Still, developers are careful to keep features which most residents cannot seem to do without, namely swimming pools and gyms. Faced with a smaller site, 'the priority is given to swimming pools', says DP Architects director Tai Lee Siang. But 'where possible, it is likely that developers will still want to incorporate tennis courts'.

As it becomes harder to find prime projects offering large ground spaces and complete facilities, existing developments with these features are likely to stand out. 'One of the reasons why Ardmore Park is so popular is because it has a beautiful landscaped garden, and the grounds are sprawling. You don't get many of these, these days,' says DTZ's Mrs Ong.

The Business Times, Mon, Feb 08, 2010

Resorts World @ Sentosa (RWS) to open Sunday

SINGAPORE: Genting Singapore said its Resorts World Sentosa casino in Singapore will have a soft opening on Sunday, February 14. Its Universal Studios theme park is still on schedule to open in the first quarter of this year.

In a statement filed with the Singapore Exchange, Genting said the rides at the theme park are still being fine—tuned.

The casino will admit its first public guests at the auspicious hour of 12.18pm, with a private ceremony.

A day of festivities at the integrated resort has been planned to mark the red—letter day, including the debut of its public attraction "Lake of Dreams", and evening previews at its Universal Studios theme park.

Tan Hee Teck, CEO of Resorts World Sentosa, said the resort is still fine—tuning the rides and shows in the theme park, which are still on schedule to open in the first quarter of 2010.

But a week—long preview of the theme park will be conducted to give Singaporeans a special and unique first—to—see walk—through opportunity. The theme park’s restaurants and shopping venues will be open for guests, although rides and shows will not be operational.

For sneak peek week, Universal Studios Singapore will open from 5pm to 9pm every night from February 14 to February 21. Admission will be by S$10 tickets, rebated by a same—value dining voucher. Sale of the tickets starts from 11:18am tomorrow.

Guests can visit the box office at the Universal Studios Singapore front gate to purchase tickets for another day, as there will be no same—day ticket sales available.

After the sneak peek week, Universal Studios Singapore will open on February 22 to employees of Resorts World Sentosa, Genting, and Universal Studios Singapore. This is followed by specially—invited families, charities and guests.

It expects to welcome its first public guests in early March.

— CNA/sc

Charmaine Sheh, HK TVB Star: A "good idea" to invest in Singapore's properties

Real estate agents here, start taking notes. Charmaine Sheh, one of Hong Kong's most popular TVB actresses and its top earner for 2009 (from dramas and endorsements), is considering putting her money on properties on the island.

The 34-year-old, who was in town last weekend for the inaugural StarHub TVB Awards ceremony, had recently declared wanting to "invest in property" but has yet to "decide on a location."

When reporters suggested Singapore, her face lit up and she enthused in excitement, "That is a pretty good idea!" before she continued rattling on how she's impressed and in love with the country's "cleanliness and the good city-planning."

Dressed in a resplendent white cocktail dress, Charmaine was all smiles when she commented on her position as the top-earning TVB actress of 2009. "Honestly, I was very happy when I read that report. I'm not sure how the others fared last year but I am pretty pleased with it. I hope to earn even more this year but I still think that health is most important."

She revealed that she "hasn't had a good sleep for a few days. I only slept for five hours for the past three to four days!"

After her goody-two shoes turn in the hit-period drama series, Beyond the Realm of Conscience, Charmaine Sheh will reunite with Moses Chan in two upcoming back-to-back drama series, Heaven and Earth and Arrival of Princess. At the press conference of the award ceremony, the two stars appeared to be comfortable in each other's company, cracking jokes at one another.

"We don't phone one another but we do talk about everything else. For example, properties," the pair chirped in unison.

Despite having worked together for three consecutive projects, Charmaine said that they are not tired of working with each other. "That's because Moses He was a fatty [in Beyond the Realm of Conscience]. He is skinnier now, and will portray a madman [in Arrival of Princess]. His character would even fart at me and [co-star] Chen Fala's faces in the show." she said between giggles.

Despite the record-breaking ratings of Beyond the Realm of Conscience, both veteran actors appear unfazed at the impending number crunch awaiting them.

Unperturbed, Moses commented, "As long as we are happy working with each other, that is all that matters - as long as it is fun!"

With Valentine's Day round the corner, we questioned both artistes on their rumoured longtime squeezes and fellow TVB colleagues, Bernice Liu and Kevin Cheng.

While Charmaine was more upfront and candid about her ongoing rumours with Kevin, as she believed the "very helpful and timely" rumours gave a hand in promoting Beyond the Realm of Conscience, Moses, on the other hand, dropped roundabout answers.

The tall actor, deviated from the topic and instead glossed over it by saying how rare it is for Valentine's Day to coincide with the first day of the Lunar New Year and wished for all couples in the world to have a "happy reunion."

He only started to open up when reporters threw him non-romantic topics such as his keen interest in coffee.

"Yes [I hope to open up my own coffee store] and I really do hope to have my own coffee brand. I am thinking about it every single second. I'm serious!" Moses earnestly shared.

Charmaine chimed in response to her co-actor's claim and wisecracked, "Ah Mo coffee?"

Catch both Charmaine and Moses on the telecast of the StarHub TVB Awards on VV Drama (StarHub TV Channel 55) at 7.45pm on 14 February.

Source: Yahoo News, first seen in xia.com

Developers brimming with new launches

EVEN as developers have gotten off to a good start this year, selling well over 1,000 private homes in January, their launch machinery remains well oiled for more roll-outs in the near future.

On the rise: The average price for Centennia Suites is being touted at $2,000 per square foot or even higher, beating prices in secondary market for nearby projects

Lippo Group is expected to preview Centennia Suites on the former Kim Seng Plaza site, diagonally opposite Great World City, later this week. The average price for the District 9 freehold project is being touted at $2,000 per square foot or even higher.

This is higher than recently achieved prices in the secondary market for nearby projects such as The Trillium and The Cosmopolitan but Lippo is probably banking on the exclusivity factor to market its latest offering. The 36-storey freehold Centennia Tower comprises a single tower with just 97 units, comprising two, three and four-bedroom apartments and two penthouses.

The two bedders are relatively large at slightly over 1,200 sq ft. Three bedders come in five variations but all around 1,800 sq ft; four-bedroom apartments also have five variations of roughly 2,250 sq ft. Centennia’s two penthouses are around 3,300 sq ft and 4,400 sq ft. BT understands that the project is being marketed by CB Richard Ellis and Jones Lang LaSalle.

Agents are also busy gathering interest for MCL Land’s The Estuary, a 608-unit condo at Yishun Ave 1/2. Some market watchers say that they would not be surprised if MCL releases some units before the Chinese New Year break.

For the month of January, Far East Organization is believed to have been the top seller, with sales of close to 300 units. Its bestseller was The Shore Residences, a 103-year-old condominium project on the former Rose Garden site in Katong. Far East is understood to have sold over 140 units in the project last month.

City Developments sold 243 units in January, the bulk of which were in Cube 8 at Thomson Road (167 units) and Livia in Pasir Ris (59 units), a CDL spokeswoman said.

Fellow property giant CapitaLand also did brisk sales. Its 165-unit Urban Suites condo in the Cairnhill area is said to be left with fewer than 30 units.

Frasers Centrepoint sold a total 102 units last month, including 43 units at its Residences Botanique in the Yio Chu Kang/Sirat roads area.

Frasers Centrepoint’s and Far East’s sales numbers are inclusive of about 35 units sold at their two joint-venture condominium projects along Bedok Reservoir, Waterfront Waves and Waterfront Keys.

Allgreen Properties is also believed to have sold a total 62 units from its preview of Holland Residences last week. The average price is $1,625 psf.

CB Richard Ellis executive director (residential) Joseph Tan says: ‘Generally, buyers are showing more interest and there’s acceptance that prices have bottomed out with a strong likelihood of growth. Developers in their pricing policy should also leave room for capital appreciation for investors.’

A Morgan Stanley report dated Jan 27, on a survey of the Singapore private residential sector involving Singapore-based respondents, concluded that, generally, respondents are expecting prices to trend upwards gradually in the medium term rather than spiking in the next 12 months.

As for developers, DTZ executive director Ong Choon Fah says: ‘When there’s a window of opportunity like what we’re seeing now, developers want to capitalise on it and try to push out projects as soon as possible; they can always restock land at government tenders.

‘After all, most economists are still calling for a note of caution on the sustainability of the global economic economy - for instance, if interest rates rise and as governments withdraw their stimulus measures.’

Source : Business Times - 02 February 2010

Committee proposes new waterfront city at Tanjong Pagar

The Economic Strategies Committee (ESC) on Monday gave extensive recommendations to ensure energy sustainability and the full optimisation of Singapore’s land space, given the island—state’s limited resources.

Among the plans is a new waterfront city at Tanjong Pagar, currently a port area comprising Keppel and Pulau Brani.

The current port lease in the area expires in 2027.

The land area is similar in size to Marina Bay and the committee believes it can potentially allow for a substantial expansion of the business district, integrated with waterfront housing, hotels and other lifestyle attractions.

The committee said there is also a need for an underground master plan.

It said the government should catalyse the development of underground space over the next decade.

The committee also emphasized a need to develop subterranean land rights, a valuation framework and to establish a national geology office.

Channel NewsAsia - Monday, February 1

Singapore Property Tycoon Ng Teng Fong Dies!!!

Singapore billionaire property tycoon Ng Teng Fong has died.

Family friends have confirmed that the 81—year—old tycoon died on Tuesday.

Mr Ng and his family owns Singapore property developer Far East Organization and Hong Kong’s Sino Group.

He was ranked Singapore’s richest man in 2009 by Forbes magazine. His family net worth was estimated at US$8 billion in 2009, according to Forbes.

Mr Ng was said to have made his fortune on the property market, and owned at least a quarter of Singapore’s housing market.

Far East Organisation developed more than 700 hotels, malls and condominiums in Singapore and Hong Kong, and owns Singapore’s Fullerton Hotel.

Mr Ng was also one of Hong Kong’s largest real estate developers. He was known for his frugal lifestyle, and till his death, still lived in his home of 30 years, off Dunearn Road.

Mr Ng had six children. His older son, Robert, and younger son, Philip, are in charge of the Hong Kong and Singapore businesses, respectively.

Channel NewsAsia - Tuesday, February 2