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Archive for March 16th, 2008

Singaporeans flocking to overseas property launches held here

Posted by luxuryasiahome on March 16, 2008

IT IS the world’s tallest condominium, a spiral-shaped architectural feat that soars 150 storeys into the Chicago sky.

THE CHICAGO SPIRE is the world’s tallest condominium at 150 storeys, and the one- and two-bedroom apartments sell for an average of S$1.38 million. — PHOTOS: COURTESY OF EASTWEST PR

The best part: An apartment in this iconic building in the United States will cost you less than a unit at The Sail @ Marina Bay here.

Little wonder, then, that more than 800 people turned up at the launch of the much-vaunted Chicago Spire (below left) in Singapore’s Four Seasons Hotel last week.

‘Both the turnout and the sales were overwhelming and way beyond expectations,’ said Mr Michael Ng, managing director of Savills Singapore, which is marketing the project worldwide.

‘Everyone was a bit uncertain about how the market would take to it, given the United States’ economic issues. But I think the strength was that the Singapore dollar was at a record high and the interest came pouring in,’ he said.

Savills could not disclose official sale figures, but sources said about 30 units were sold, mostly one- and two-bedroom flats that averaged US$1 million (S$1.38 million) each.

About half the buyers are said to be Singaporeans or permanent residents and the rest, expatriates.

The response to the Chicago Spire – where units cost about US$1,000 per sq ft, 60 per cent less than The Sail – mirrors the growing demand in Singapore for overseas properties, said marketing agents.

‘Interest has definitely increased as Singapore becomes more open and more receptive to overseas investments,’ said Mrs Doris Tan, managing director of DST International Property Services, which markets foreign properties in Singapore and South-east Asia.

Her company brings in developments both in established markets such as Britain and the United States, as well as emerging ones, including Bulgaria, Bali and Dubai.

Mrs Tan’s clients, mainly Singaporeans or permanent residents, are ’sophisticated investors who know what’s going on in property markets around the world’.

In recent years, the exhibitions she holds have seen bigger crowds and better sales. A popular property now attracts up to 100 people over two days.

‘Of course, the prices in Singapore have gone up a lot, so these provide an alternative,’ she added.

But large crowds do not always translate into many buyers, warned an agent who declined to be named.

‘You can get fantastic turnouts, but sales usually amount to only about 5 per cent of the crowd,’ he said.

Generally, the most seasoned investors buy homes in markets they know well.

Civil engineer Peter Rudland, 58, now owns six homes in London, where he worked before coming to Singapore, and one in Manchester, where he was born.

The British-born permanent resident has also resold a number of London investment properties for a profit of at least 20 per cent.

‘London is very safe financially,’ he said. ‘Singapore has too many speculators. I wouldn’t want to speculate here.’

Source : Sunday Times – 16 Mar 2008

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Whitley Road homes ooze quiet charm

Posted by luxuryasiahome on March 16, 2008

Buyers love the area’s lush greenery and wide open spaces, as well as its proximity to the city

THE escape of terrorist Mas Selamat Kastari from the Whitley Road Detention Centre has thrown the spotlight on the quiet, high-end residential area.

Previously, many people had no idea that the relatively upmarket area with many landed homes boasted a detention centre in its midst.

Still, this discovery is not expected to dent the values of properties in the area’s private estates, though interest levels could dip a bit, said a property consultant.

‘Some people are just superstitious and they don’t want to live near a prison,’ he said.

Currently, the existing residential pockets are found at the two ends of Whitley Road, with quite a few apartment blocks on the Thomson Road side.

On the Merryn Road side, there are houses and a few condominiums such as The Trevose and Trevose Park.

Black and white bungalows, whose monthly rentals range from several thousand dollars to tens of thousands, can also be found around the area. Quite a few large and exclusive units dot the peaceful, tree-lined stretch along Mount Pleasant Road.

For people who love greenery and space, there are few places like Whitley, property consultants said.

‘The area is attractive because it is only a short drive to Orchard Road and there is easy access to the rest of the island via the Pan- Island Expressway (PIE),’ said CBRE Research’s executive director, Mr Li Hiaw Ho.

Apartments in the Whitley Road residential areas were sold at $900 per sq ft (psf) to $1,300 psf in the second half of last year, said CBRE Research. At The Trevose, there were two deals in February: one for $1 million or $1,050 psf and the other for $1.5 million or $1,142 psf, based on caveats lodged.

Freehold detached houses in the area were sold for between $6 million and $11 million each. Semi-detached houses went for around $4 million each over the same period.

The location also offers the cheaper option of 99-year leasehold landed homes, which can cost $2 million to $5 million.

A check with the Urban Redevelopment Authority (URA) shows that the area is zoned mainly for residential use. The URA says there are currently no specific detailed plans for the area.

Still, a section of the Whitley Road stretch that flanks the PIE remains largely undeveloped and might be reserved for future development, said CBRE Research.Source : Sunday Times – 16 Mar 2008

Posted in General, Landed Property | Tagged: , | Leave a Comment »

Designing a house begins with the site it sits on

Posted by luxuryasiahome on March 16, 2008

Each has its own look and feel, which dictate the design, developer Satinder Garcha says

AN AVID polo player – he is the captain of the Singapore team – Mr Satinder Garcha, 37, is also a landed property developer, albeit a relatively new one.

FAMOUS BAGHDAD-BORN ARCHITECT ZAHA HADID was persuaded to design Mr Satinder Garcha’s two Nassim Road bungalows and they will feature her radically modern approach to design. Note the houses’ cast-iron shells. — PHOTO: ZAHA HADID ARCHITECTS

In the three years since his first Singapore property was completed, he has built up a sizeable portfolio of 22 properties, many of which are being developed. He will build more on a $78.7 million strip of land at Sentosa Cove.

Mr Garcha, a New Delhi-born Singaporean, came to the Republic after selling his Silicon Valley information technology services company, People.com, in 2000.

The very first house he built in the Republic – a stately bungalow in White House Park that he and his family now live in – was featured in a coffee-table book titled 25 Tropical Houses: In Singapore And Malaysia.

Mr Garcha also managed to secure the services of world-renowned architect Zaha Hadid for two bungalows to be built on Nassim Road. Based in Britain, the Baghdad-born architect became, in 2004, the first woman to receive the Pritzker Architecture Prize.

Ms Hadid is acclaimed for her unwavering commitment to modernism and innovation. She has built her career on defying convention, by disregarding traditional ideas of space and construction. The fragmented geometry and fluid mobility of her buildings demonstrate that architecture is a fine art that celebrates the human imagination.

Her masterpieces include the Chanel mobile art museum, a travelling exhibition featuring pieces inspired by the Chanel quilt bag; and Germany’s Phaeno Science Centre, located in Wolfsburg, and the BMW Central Building, located in Leipzig.

Ms Hadid has also worked on the masterplan for one-north, but the bungalows, for which she was given an open budget, are her first residential project in Asia. CapitaLand has announced that she will design its huge Farrer Court site condo.

Q How involved are you in your projects? Do you come up with the design ideas yourself?

A Yes. An architect also responds to the needs of the clients and what he perceives the clients need. Every developer has his own flavour. In our case, we have a very strong flavour. We collect input from everyone, though about 80 per cent comes from me.

Q Where and how do you start?

A The most important thing that dictates the design is the site. No two sites should be alike in look, feel or design simply because every site is different.

When I talk about sites, I talk about the gradient, the steepness, the surrounding views, the shape, the neighbours – all of these things strongly dictate the design.

We spend a lot of time thinking about the form and the design of every site, studying it and thinking up something suitable for it.

Some people said they didn’t bid for the Sentosa Cove site because it was too long and narrow. I find that odd because that is the strength of the site. Every house would have a great view.

Q Why Zaha Hadid and how did you persuade her to sign on?

A I really like her forms. They are more sculptural, more organic. She is more the new-generation architect.

I’d contacted her office before about other projects but I didn’t push. When we procured this Nassim Road site, we actually flew to London to see her. It’s a great site, right next to the Botanic Gardens, and we were willing to be more experimental.

The Singapore brand helped. She wanted to do something in Asia and the timing was right.

We are using her latest ideas, including cast-iron shells for the houses. It’s pure art… The houses will be masterpieces. They’ll be among only five to six houses ever done by her.

Q How vital is it to rope in a famous architect?

A There are many architects in Singapore who could do the job, but there is the branding to consider. If a local architect said a project would cost double to develop, it would be hard to sell.

(Mr Garcha says his Nassim Road bungalows will cost far more to build than a typical house. For one thing, the cast-iron shells will be constructed overseas.)

Q What is good design?

A The form is very, very important. I see a lot of properties that are built around the layout of the rooms.

You’d be surprised how many buildings are built with bad designs. Small things can make a huge difference.

We focus a lot on the quality of the spaces and the feel of the spaces. The utility of the home is important to me. You can’t look at just the external design and forget about the space inside. You also can’t do the layout without giving thought to the shape of the house. It’s called inside out, outside in.

When you’re inside a house, it has to feel like a house – albeit a grand one – and not a museum. We don’t want to do crazy things with the inside of the house.

We sell a house and it is up to the client to make it a home… I don’t believe in adding gimmicky features.

Q How important is good design?

A It’s like having a Prada or Gucci bag… Hopefully, the properties will survive for 50 years or more, and add to the beauty of the neighbourhood. Good design does not necessarily mean more expense. It means giving thought to the quality of the space.

Today’s consumers are much more sophisticated. New-generation buyers are well-travelled and appreciate good design. Things that are not well-designed will become harder and harder to sell.

Inside of a house

‘When you’re inside a house, it has to feel like a house – albeit a grand one – and not a museum. We don’t want to do crazy things with the inside of the house.’ MR GARCHA

Source : Sunday Times – 16 Mar 2008

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Designing a house begins with the site it sits on

Posted by luxuryasiahome on March 16, 2008

Each has its own look and feel, which dictate the design, developer Satinder Garcha says

AN AVID polo player – he is the captain of the Singapore team – Mr Satinder Garcha, 37, is also a landed property developer, albeit a relatively new one.

FAMOUS BAGHDAD-BORN ARCHITECT ZAHA HADID was persuaded to design Mr Satinder Garcha’s two Nassim Road bungalows and they will feature her radically modern approach to design. Note the houses’ cast-iron shells. — PHOTO: ZAHA HADID ARCHITECTS

In the three years since his first Singapore property was completed, he has built up a sizeable portfolio of 22 properties, many of which are being developed. He will build more on a $78.7 million strip of land at Sentosa Cove.

Mr Garcha, a New Delhi-born Singaporean, came to the Republic after selling his Silicon Valley information technology services company, People.com, in 2000.

The very first house he built in the Republic – a stately bungalow in White House Park that he and his family now live in – was featured in a coffee-table book titled 25 Tropical Houses: In Singapore And Malaysia.

Mr Garcha also managed to secure the services of world-renowned architect Zaha Hadid for two bungalows to be built on Nassim Road. Based in Britain, the Baghdad-born architect became, in 2004, the first woman to receive the Pritzker Architecture Prize.

Ms Hadid is acclaimed for her unwavering commitment to modernism and innovation. She has built her career on defying convention, by disregarding traditional ideas of space and construction. The fragmented geometry and fluid mobility of her buildings demonstrate that architecture is a fine art that celebrates the human imagination.

Her masterpieces include the Chanel mobile art museum, a travelling exhibition featuring pieces inspired by the Chanel quilt bag; and Germany’s Phaeno Science Centre, located in Wolfsburg, and the BMW Central Building, located in Leipzig.

Ms Hadid has also worked on the masterplan for one-north, but the bungalows, for which she was given an open budget, are her first residential project in Asia. CapitaLand has announced that she will design its huge Farrer Court site condo.

Q How involved are you in your projects? Do you come up with the design ideas yourself?

A Yes. An architect also responds to the needs of the clients and what he perceives the clients need. Every developer has his own flavour. In our case, we have a very strong flavour. We collect input from everyone, though about 80 per cent comes from me.

Q Where and how do you start?

A The most important thing that dictates the design is the site. No two sites should be alike in look, feel or design simply because every site is different.

When I talk about sites, I talk about the gradient, the steepness, the surrounding views, the shape, the neighbours – all of these things strongly dictate the design.

We spend a lot of time thinking about the form and the design of every site, studying it and thinking up something suitable for it.

Some people said they didn’t bid for the Sentosa Cove site because it was too long and narrow. I find that odd because that is the strength of the site. Every house would have a great view.

Q Why Zaha Hadid and how did you persuade her to sign on?

A I really like her forms. They are more sculptural, more organic. She is more the new-generation architect.

I’d contacted her office before about other projects but I didn’t push. When we procured this Nassim Road site, we actually flew to London to see her. It’s a great site, right next to the Botanic Gardens, and we were willing to be more experimental.

The Singapore brand helped. She wanted to do something in Asia and the timing was right.

We are using her latest ideas, including cast-iron shells for the houses. It’s pure art… The houses will be masterpieces. They’ll be among only five to six houses ever done by her.

Q How vital is it to rope in a famous architect?

A There are many architects in Singapore who could do the job, but there is the branding to consider. If a local architect said a project would cost double to develop, it would be hard to sell.

(Mr Garcha says his Nassim Road bungalows will cost far more to build than a typical house. For one thing, the cast-iron shells will be constructed overseas.)

Q What is good design?

A The form is very, very important. I see a lot of properties that are built around the layout of the rooms.

You’d be surprised how many buildings are built with bad designs. Small things can make a huge difference.

We focus a lot on the quality of the spaces and the feel of the spaces. The utility of the home is important to me. You can’t look at just the external design and forget about the space inside. You also can’t do the layout without giving thought to the shape of the house. It’s called inside out, outside in.

When you’re inside a house, it has to feel like a house – albeit a grand one – and not a museum. We don’t want to do crazy things with the inside of the house.

We sell a house and it is up to the client to make it a home… I don’t believe in adding gimmicky features.

Q How important is good design?

A It’s like having a Prada or Gucci bag… Hopefully, the properties will survive for 50 years or more, and add to the beauty of the neighbourhood. Good design does not necessarily mean more expense. It means giving thought to the quality of the space.

Today’s consumers are much more sophisticated. New-generation buyers are well-travelled and appreciate good design. Things that are not well-designed will become harder and harder to sell.

Inside of a house

‘When you’re inside a house, it has to feel like a house – albeit a grand one – and not a museum. We don’t want to do crazy things with the inside of the house.’ MR GARCHA

Source : Sunday Times – 16 Mar 2008

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Designing a house begins with the site it sits on

Posted by luxuryasiahome on March 16, 2008

Each has its own look and feel, which dictate the design, developer Satinder Garcha says

AN AVID polo player – he is the captain of the Singapore team – Mr Satinder Garcha, 37, is also a landed property developer, albeit a relatively new one.

FAMOUS BAGHDAD-BORN ARCHITECT ZAHA HADID was persuaded to design Mr Satinder Garcha’s two Nassim Road bungalows and they will feature her radically modern approach to design. Note the houses’ cast-iron shells. — PHOTO: ZAHA HADID ARCHITECTS

In the three years since his first Singapore property was completed, he has built up a sizeable portfolio of 22 properties, many of which are being developed. He will build more on a $78.7 million strip of land at Sentosa Cove.

Mr Garcha, a New Delhi-born Singaporean, came to the Republic after selling his Silicon Valley information technology services company, People.com, in 2000.

The very first house he built in the Republic – a stately bungalow in White House Park that he and his family now live in – was featured in a coffee-table book titled 25 Tropical Houses: In Singapore And Malaysia.

Mr Garcha also managed to secure the services of world-renowned architect Zaha Hadid for two bungalows to be built on Nassim Road. Based in Britain, the Baghdad-born architect became, in 2004, the first woman to receive the Pritzker Architecture Prize.

Ms Hadid is acclaimed for her unwavering commitment to modernism and innovation. She has built her career on defying convention, by disregarding traditional ideas of space and construction. The fragmented geometry and fluid mobility of her buildings demonstrate that architecture is a fine art that celebrates the human imagination.

Her masterpieces include the Chanel mobile art museum, a travelling exhibition featuring pieces inspired by the Chanel quilt bag; and Germany’s Phaeno Science Centre, located in Wolfsburg, and the BMW Central Building, located in Leipzig.

Ms Hadid has also worked on the masterplan for one-north, but the bungalows, for which she was given an open budget, are her first residential project in Asia. CapitaLand has announced that she will design its huge Farrer Court site condo.

Q How involved are you in your projects? Do you come up with the design ideas yourself?

A Yes. An architect also responds to the needs of the clients and what he perceives the clients need. Every developer has his own flavour. In our case, we have a very strong flavour. We collect input from everyone, though about 80 per cent comes from me.

Q Where and how do you start?

A The most important thing that dictates the design is the site. No two sites should be alike in look, feel or design simply because every site is different.

When I talk about sites, I talk about the gradient, the steepness, the surrounding views, the shape, the neighbours – all of these things strongly dictate the design.

We spend a lot of time thinking about the form and the design of every site, studying it and thinking up something suitable for it.

Some people said they didn’t bid for the Sentosa Cove site because it was too long and narrow. I find that odd because that is the strength of the site. Every house would have a great view.

Q Why Zaha Hadid and how did you persuade her to sign on?

A I really like her forms. They are more sculptural, more organic. She is more the new-generation architect.

I’d contacted her office before about other projects but I didn’t push. When we procured this Nassim Road site, we actually flew to London to see her. It’s a great site, right next to the Botanic Gardens, and we were willing to be more experimental.

The Singapore brand helped. She wanted to do something in Asia and the timing was right.

We are using her latest ideas, including cast-iron shells for the houses. It’s pure art… The houses will be masterpieces. They’ll be among only five to six houses ever done by her.

Q How vital is it to rope in a famous architect?

A There are many architects in Singapore who could do the job, but there is the branding to consider. If a local architect said a project would cost double to develop, it would be hard to sell.

(Mr Garcha says his Nassim Road bungalows will cost far more to build than a typical house. For one thing, the cast-iron shells will be constructed overseas.)

Q What is good design?

A The form is very, very important. I see a lot of properties that are built around the layout of the rooms.

You’d be surprised how many buildings are built with bad designs. Small things can make a huge difference.

We focus a lot on the quality of the spaces and the feel of the spaces. The utility of the home is important to me. You can’t look at just the external design and forget about the space inside. You also can’t do the layout without giving thought to the shape of the house. It’s called inside out, outside in.

When you’re inside a house, it has to feel like a house – albeit a grand one – and not a museum. We don’t want to do crazy things with the inside of the house.

We sell a house and it is up to the client to make it a home… I don’t believe in adding gimmicky features.

Q How important is good design?

A It’s like having a Prada or Gucci bag… Hopefully, the properties will survive for 50 years or more, and add to the beauty of the neighbourhood. Good design does not necessarily mean more expense. It means giving thought to the quality of the space.

Today’s consumers are much more sophisticated. New-generation buyers are well-travelled and appreciate good design. Things that are not well-designed will become harder and harder to sell.

Inside of a house

‘When you’re inside a house, it has to feel like a house – albeit a grand one – and not a museum. We don’t want to do crazy things with the inside of the house.’ MR GARCHA

Source : Sunday Times – 16 Mar 2008

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Will dependants be liable for my debts when I die?

Posted by luxuryasiahome on March 16, 2008

Q What happens to a person’s liabilities when he dies? For example, if he is in debt to a bank for his personal credit line, will his dependants – say, his wife – be required to repay the debt even though she has no interest in the account, which is held in his name only?

A YOUR dependants, such as your wife, are not liable for your debts unless, for instance, they were joint-account holders with you, or acted as guarantors for your loan.

Your estate is liable for your debts. The estate includes your assets other than an HDB flat, the balance in your CPF account, and any life insurance expressed for the benefit of your spouse or children at the inception of the policy.

As the CPF Dependants’ Protection Scheme (DPS) was transferred to two private insurers about two years ago, and CPF nominations are no longer applicable to DPS, DPS death proceeds will also form part of your estate.

While the balance in your CPF account is protected from creditors, any CPF used for investment will not be protected from creditors on death. You should therefore consider liquidating any CPF investments before death.

As in the high-profile case of former NKF chairman Richard Yong, when someone, while in a state of insolvency, makes any asset transfers that could be construed as an attempt to defraud creditors, those assets may be recovered by creditors too.

Leong Sze Hian
President, Society of Financial Service Professionals

Advice provided in this column is not meant as a substitute for comprehensive professional advice.

Source : Sunday Times – 16 Mar 2008

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