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Archive for May 15th, 2008

China’s April property prices up 10.1%

Posted by luxuryasiahome on May 15, 2008

China’s urban property prices rose 10.1 per cent in April from a year earlier but eased from 10.7 per cent growth in March, according to official data.

Average property prices across 70 large and medium-sized cities rose 0.2 per cent in April from the previous month, the National Development and Reform Commission, the top economic planning agency, said in a report on its website on Thursday.

It compiles the figures together with the National Bureau of Statistics.

Price rises in some cities remain steep. In Beijing, prices rose 16.1 per cent in April from a year earlier, while those in Urumqi, capital of the northwestern region of Xinjiang, rose by 22.0 per cent. — REUTERS

Source : Business Times – 15 May 2008

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China’s April property prices up 10.1%

Posted by luxuryasiahome on May 15, 2008

China’s urban property prices rose 10.1 per cent in April from a year earlier but eased from 10.7 per cent growth in March, according to official data.

Average property prices across 70 large and medium-sized cities rose 0.2 per cent in April from the previous month, the National Development and Reform Commission, the top economic planning agency, said in a report on its website on Thursday.

It compiles the figures together with the National Bureau of Statistics.

Price rises in some cities remain steep. In Beijing, prices rose 16.1 per cent in April from a year earlier, while those in Urumqi, capital of the northwestern region of Xinjiang, rose by 22.0 per cent. — REUTERS

Source : Business Times – 15 May 2008

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

China’s April property prices up 10.1%

Posted by luxuryasiahome on May 15, 2008

China’s urban property prices rose 10.1 per cent in April from a year earlier but eased from 10.7 per cent growth in March, according to official data.

Average property prices across 70 large and medium-sized cities rose 0.2 per cent in April from the previous month, the National Development and Reform Commission, the top economic planning agency, said in a report on its website on Thursday.

It compiles the figures together with the National Bureau of Statistics.

Price rises in some cities remain steep. In Beijing, prices rose 16.1 per cent in April from a year earlier, while those in Urumqi, capital of the northwestern region of Xinjiang, rose by 22.0 per cent. — REUTERS

Source : Business Times – 15 May 2008

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

China’s April property prices up 10.1%

Posted by luxuryasiahome on May 15, 2008

China’s urban property prices rose 10.1 per cent in April from a year earlier but eased from 10.7 per cent growth in March, according to official data.

Average property prices across 70 large and medium-sized cities rose 0.2 per cent in April from the previous month, the National Development and Reform Commission, the top economic planning agency, said in a report on its website on Thursday.

It compiles the figures together with the National Bureau of Statistics.

Price rises in some cities remain steep. In Beijing, prices rose 16.1 per cent in April from a year earlier, while those in Urumqi, capital of the northwestern region of Xinjiang, rose by 22.0 per cent. — REUTERS

Source : Business Times – 15 May 2008

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

China’s April property prices up 10.1%

Posted by luxuryasiahome on May 15, 2008

China’s urban property prices rose 10.1 per cent in April from a year earlier but eased from 10.7 per cent growth in March, according to official data.

Average property prices across 70 large and medium-sized cities rose 0.2 per cent in April from the previous month, the National Development and Reform Commission, the top economic planning agency, said in a report on its website on Thursday.

It compiles the figures together with the National Bureau of Statistics.

Price rises in some cities remain steep. In Beijing, prices rose 16.1 per cent in April from a year earlier, while those in Urumqi, capital of the northwestern region of Xinjiang, rose by 22.0 per cent. — REUTERS

Source : Business Times – 15 May 2008

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

China’s April property prices up 10.1%

Posted by luxuryasiahome on May 15, 2008

China’s urban property prices rose 10.1 per cent in April from a year earlier but eased from 10.7 per cent growth in March, according to official data.

Average property prices across 70 large and medium-sized cities rose 0.2 per cent in April from the previous month, the National Development and Reform Commission, the top economic planning agency, said in a report on its website on Thursday.

It compiles the figures together with the National Bureau of Statistics.

Price rises in some cities remain steep. In Beijing, prices rose 16.1 per cent in April from a year earlier, while those in Urumqi, capital of the northwestern region of Xinjiang, rose by 22.0 per cent. — REUTERS

Source : Business Times – 15 May 2008

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

China’s April property prices up 10.1%

Posted by luxuryasiahome on May 15, 2008

China’s urban property prices rose 10.1 per cent in April from a year earlier but eased from 10.7 per cent growth in March, according to official data.

Average property prices across 70 large and medium-sized cities rose 0.2 per cent in April from the previous month, the National Development and Reform Commission, the top economic planning agency, said in a report on its website on Thursday.

It compiles the figures together with the National Bureau of Statistics.

Price rises in some cities remain steep. In Beijing, prices rose 16.1 per cent in April from a year earlier, while those in Urumqi, capital of the northwestern region of Xinjiang, rose by 22.0 per cent. — REUTERS

Source : Business Times – 15 May 2008

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

China’s April property prices up 10.1%

Posted by luxuryasiahome on May 15, 2008

China’s urban property prices rose 10.1 per cent in April from a year earlier but eased from 10.7 per cent growth in March, according to official data.

Average property prices across 70 large and medium-sized cities rose 0.2 per cent in April from the previous month, the National Development and Reform Commission, the top economic planning agency, said in a report on its website on Thursday.

It compiles the figures together with the National Bureau of Statistics.

Price rises in some cities remain steep. In Beijing, prices rose 16.1 per cent in April from a year earlier, while those in Urumqi, capital of the northwestern region of Xinjiang, rose by 22.0 per cent. — REUTERS

Source : Business Times – 15 May 2008

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

4 bungalows sold for $5.5m each

Posted by luxuryasiahome on May 15, 2008

$22 million transaction works out to $1,128 psf of built-up area

AMID the current quiet residential market, some deals are still being stitched up.

All four strata bungalows in a freehold cluster housing development near Eng Neo Avenue were snapped up at $5.5 million each at a preview on Friday last week by a European with a Singaporean wife.

Quartet on Vanda: The freehold cluster on a 12,300 sq ft site at Vanda Crescent off Dunearn Road was bought by a European and his Singaporean wife. Each two-storey unit has an attic, a basement and a swimming pool

The $22 million transaction works out to $1,128 psf of built-up area. ‘The units were bought partly for the buyers’ own use and partly for investment,’ said Jerry Tan, managing director of JTResi, the sole marketing agent for Quartet on Vanda. JTResi previewed the development over a ‘champagne supper’ at its premises on Club Street May 9 evening and the four units were sold during the course of the evening.

The bungalows, which are expected to be completed early next year, are being developed by Stanley Quek’s Region Development on a 12,300 sq ft site at Vanda Crescent off Dunearn Road. Each two-storey unit has an attic, a basement and a swimming pool. Built-up areas range from 4,844 sq ft to 4,919 sq ft.

‘The market is not as dead as people may perceive it to be. For better quality developments that are priced sensibly, there will be buyers,’ Mr Tan said.

Dr Quek is also developing a couple of conventional bungalows on the next-door plot which will come on the market soon, Mr Tan revealed. Each two-storey bungalow will have an attic and have a land area of about 5,000 sq ft.

JTResi, a seven-year-old boutique residential property consultancy, has also been quietly doing resale and leasing deals at The Grange, which received its Temporary Occupation Permit a couple of months ago. ‘About four weeks ago, we sold the penthouse at The Grange for $11 million to a Singapore PR who is from mainland China,’ Mr Tan revealed. The deal for the 4,400 sq ft duplex unit worked out to just under $2,500 psf and the seller had bought it from the developer for about $6.8 million in 2005, according to Mr Tan.

JTResi also recently brokered leasing deals in the development at a monthly rental of $15,000 for a three-bedroom apartment of 1,765 sq ft below the penthouse, and four-bedroom, pool-facing unit on a low floor at $16,000.

The Grange comprises two freehold blocks of 19 and 23 storeys.

Cushman & Wakefield last month also brokered the sale of a four-bedroom unit on the 17th floor of The Grange for $6.2 million or $2,692 psf. The buyer is a Singapore PR who is believed to have invested in other luxury apartments here.

The seller had bought the unit (in the subsale market) for $4.15 million or $1,801 psf in late 2006. ‘The vendor made a cool $2 million profit after holding the asset for 1.5 years. Due to the run-up in prices in the last 12 months, some vendors have made enough ‘paper gains’ to realise a decent profit even if they sell at today’s prices,’ said Cushman managing director Donald Han.

Mr Han estimates The Grange unit his firm sold recently might have fetched just under $3,000 psf had it changed hands last year when sentiment was stronger. ‘Generally, there’s support for prime residential properties which appeal to foreign investors and where yields are fairly attractive,’ he added.

Source : Business Times – 15 May 2008

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Live and work under one roof

Posted by luxuryasiahome on May 15, 2008

Multiple-usage buildings bring commercial and retail conveniences closer to their residents and is an approach that urban planners in land-scarce Singapore is encouraging

MOST of us relate to the necessary evil that is the early-morning commute through snarling traffic to work and the evening one back home.

Now imagine if work was just a ride on the lift down from your apartment. Another journey on the lift after work to de-stress with some retail therapy at the mall located just a few floors below the office, and a final one at the end of the day – back to the apartment for a good night’s rest. An entire day’s work and play carried out without even having to leave your building of residence.

Prime property: Eight out of Ion Orchard’s 56 storeys will be assigned retail space and the rest of the floors will be designated as luxury residential apartments

While that may be somewhat of an exaggerated depiction of modern living that will probably remain in the domain of the distant future, it is not an entirely inconceivable one either. With more multiple-usage (or ‘multi-use’) buildings being built in Singapore, there is an unmistakeable trend in that direction.

And at least one aspect of that prospect has already become reality. Such integrated buildings not only introduce lifestyle conveniences to its occupants in a unique manner, but also make for more efficient use of land.

One prominent example would be Ion Orchard, the highly anticipated development currently being constructed next to Orchard MRT station. While eight of its eventual 56 storeys will be assigned retail space, the rest of the floors will be designated as luxury residential apartments.

Walk this way: The subterranean CityLink Mall links One Raffles Link to City Hall MRT Station

The prospect of high-end shopping without having to change out of your bedroom slippers will undoubtedly be appealing to some. But even though Ion Orchard represents the latest upscale development along this trend, the concept itself is not entirely novel. Ion’s precursor predates it by almost four decades.

The first structure to be recognised as a multi-use building in Singapore is the People’s Park Complex in Chinatown. When it opened for business in 1970, it pioneered the concept by integrating shopping, commercial, residential and parking facilities within a single building structure. For the first time, a ride in the lift or a short walk down the stairs was all that kept residents from their shopping and marketing needs.

And it was a groundbreaking construction endeavour in more ways than that, as it was also the first structure to be built in the podium and tower block design, as well the first significant public building project that involved the private sector’s participation. Today, it still manages to retain the rustic charm of a bygone era.

Since then, more buildings that combine traditionally separate uses of space – typically residential with commercial – have been built.

While such buildings bring commercial and retail conveniences closer to their residents, there is also the urban planning case to be made for this trend.

Assigning more uses to a single building means that less land would have to be freed up for otherwise separate developments. In land-scarce Singapore, this is the approach that urban planners are encouraging.

And it’s not just the residential-commercial integration that is becoming popular. New public amenities such as community libraries no longer occupy their own buildings, but are being built into shopping malls and other existing buildings.

Police and fire stations are being housed in common operating bases. Community centres are also beginning to accommodate permanent tenants, such as childcare centres and offices of other social welfare organisations. These trends give an insight into what the all-in-one building of the future may look like.

While such combinations of public amenities and spaces undoubtedly make good planning sense, combining residential with commercial spaces is rather trickier.

While some may relish the idea of living above a shopping mall, not everyone may be sold on it, especially when you consider certain problematic implications.

According to Yan Kum Seng, the past president of the Singapore Institute of Building, there is one obvious lifestyle drawback associated with such an integrated building.

‘When it comes to residential (spaces),’ he says, ‘people may prefer to be more private instead of being exposed to the public.’

It is a valid concern that also has to do with security and noise pollution. While having the world at your feet can be great, it also means that the world will be able to look up at you, whether you like it or not.

Still, smart architectural design and utilisation of specialised building materials to maintain privacy and keep out noise pollution can go some way in mitigating those concerns with residents.

Then there is also the potential problem of a future en bloc sale. According to Mr Yan, who has 30 years of experience in the building industry, if you think that a regular residential en bloc process is a hassle, requiring agreement among sometimes fractious neighbours, the process for a multi-use development with a residential component can be even more of a headache. This is because it is far more difficult to apportion the evaluation shares of both the commercial and residential property owners.

Source : Business Times – 15 May 2008

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