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Archive for May 23rd, 2008

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Kallang, Paya Lebar to be developed as new commercial hubs

Posted by luxuryasiahome on May 23, 2008

Kallang and Paya Lebar will be developed into new commercial hubs, just like the Jurong Lake District. This is part of the government’s Draft Master Plan, which charts land use over the next 10 to 15 years.

Marina Bay and the city centre will continue to be the key commercial node in Singapore. New growth areas like Tanjong Pagar, Beach Road and the Ophir-Rochor corridor will also be developed.

However, more commercial hubs will be needed outside the city, to offer alternatives to businesses and bring jobs closer to homes.

One regional centre will be in Paya Lebar. About 12 hectares of land are available for development, and half a million square metres will be set aside for office, hotel and retail spaces.

The Urban Redevelopment Authority (URA) said at least 1,400 hotel rooms can be built in the area. And in the near future, residents will be able to shop and dine by the Geylang riverfront.

National Development Minister Mah Bow Tan said: “When the Marina Barrage is completed some time later this year, we will be able to stabilise the water levels in Geylang River.

“Around the Geylang River area, we will be able to integrate very attractive public spaces, malls and so on. The plan is to realign the Geylang River so that it runs through the new commercial developments.”

The proposals will build on the area’s distinctive Malay identity, so there will be a new Geylang Serai Market and Civic Centre. The Civic Centre will house a Community Club, community development offices and even a library.

More activities and bazaars can also be staged at a new plaza, next to the upcoming Paya Lebar MRT interchange.

As for Kallang Riverside, it has been earmarked as the next lifestyle precinct. Urban planners said new parks, waterfront residences and recreational spaces can be developed at the 64-hectare area.

About 600,000 square metres of land will also be devoted to commercial use, with 3,000 new hotel rooms in the pipeline.

About 4,000 waterfront homes have been planned for the area. And the new properties will have a variety of storey heights, stepping down towards the waterfront. This will allow those living further inland to also enjoy the views of the waterfront.

Parts of the historic Kallang Airport will also be conserved and redeveloped into a new entertainment and retail attraction. Also in the works are an integrated second-storey linkway to connect Kallang MRT station to the Old Airport Square and the future Sports Hub.

All in, URA said there are plans to add 327,200 new homes around the island over the next 15 years.

Members of the public can send their feedback on the Draft Master Plan through the URA website.

The Master Plan 2008 will be gazetted after incorporating views from the public at the Draft Master Plan exhibition at the URA Centre. – CNA/ms

Source : Channel NewsAsia – 23 May 2008

Posted in All Singapore, General, Masterplan, Office / Retail Space | Tagged: , , , , , , , , , , , , , | Leave a Comment »

Industry players upbeat about plans for 2 new commercial hubs

Posted by luxuryasiahome on May 23, 2008

Industry players are upbeat about the plans for two new commercial hubs, noting that both Kallang and Paya Lebar have great potential for growth, given their close proximity to the city.

However, they said the timing of the various projects will have to be calibrated carefully, so as not to place additional strain on the construction sector.

In the next 15 years, Singapore will have three new commercial hubs. Jurong Lake District, Paya Lebar Central and Kallang Riverside will cost billions of dollars to develop.

According to the National Development Minister, Mah Bow Tan, one or two sites in these new regional centres will be released for sale fairly soon. But market demand will mostly dictate the pace of the developments.

Industry players warn against over-developing and easing plot ratios, which they said could trigger another wave of en-bloc sales.

Simon Cheong, President, Real Estate Developers’ Association of Singapore, said: “We are one of the highest in the world – higher than Dubai, Tokyo, Sydney, New York and Hong Kong – in terms of construction costs. By not increasing the plot ratio, I think the government is giving some relief to the construction industry.”

The government has already announced that it will defer some S$3 billion worth of public sector projects. Other projects may also join the list.

Mr Mah said: “I’ve asked the public agencies to consider deferring more projects if necessary. It makes good sense, (with) construction cost being so high, you won’t get as much value for money.

“It also helps to even out the cycles – when construction demand in other areas goes down, this is one way for us to even out the cycle.”

Some infrastructural works have already started at the Jurong Lake District, which is being transformed into a regional centre for the western part of Singapore. – CNA/ms

Source : Channel NewsAsia – 23 May 2008

Posted in All Singapore, General, Masterplan, Office / Retail Space | Leave a Comment »

Nassim Park Residences

Posted by luxuryasiahome on May 23, 2008

Nestled in the heart of Singapore’s most desirable neighbourhood, comes Singapore’s most coveted address – Nassim Park Residences. The development is an unique collaboration between three internationally acclaimed creative minds: Singapore-based architect Chan Soo Khian, Japanese landscape architect Shunmyo Masuno, and French interior designer Christian Liaigre. The result in nothing less than extraordinary – the culmination of superlatives on every level designed to offer a phenomenal quality of life.

Location: 15 – 21 Nassim Road (District 10)
Tenure: Freehold
Description: Condominium development comprising two blocks of 5-storeys, & two blocks of 5-storey + attic residential units
Site Area: Approx 4899.80sqm/ 52,741sqft
Total Units: 100
Unit Types:
4 bedrooms ~ 3175- 7901 sqft (incl pes units)
Penthouse ~ 6800-8000 sqft

Special Features: Private Lift Lobby for all residences; Private Lift for all penthouses direct to front door; Ground floor units and penthouses feature private garden and pool; Swimming pool; Clubhouse with gym; Spa; Yoga room; Steam room; Private function and dinning room

Register your interest now!! All viewings will be on an appointment basis.

Contact us at info@lushhomemedia.com or +65 9631 8037 with the following for more information:

Nassim Park Res / Name / Contact # / Unit Type Interested

Posted in For Sale, General, Luxury Property, New Launches | Tagged: , , , , , , , , , , , | 5 Comments »

Draft Master Plan 2008

Posted by luxuryasiahome on May 23, 2008

Draft Master Plan 2008:

Main Website: http://www.ura.gov.sg/DMP2008/home.htm

Growth Areas:

Jurong Lake District: http://www.ura.gov.sg/DMP2008/jurong_lake_district.htm

City Centre: http://www.ura.gov.sg/DMP2008/city_centre.htm

Kallang Riverside: http://www.ura.gov.sg/DMP2008/kallang_riverside.htm

Paya Lebar Central: http://www.ura.gov.sg/DMP2008/paya_lebar.htm

Regional Highlights:

Central Region: http://www.ura.gov.sg/DMP2008/central.htm

Central Area: http://www.ura.gov.sg/DMP2008/central_area.htm

West Region: http://www.ura.gov.sg/DMP2008/west.htm

North Region: http://www.ura.gov.sg/DMP2008/north.htm

North-East Region: http://www.ura.gov.sg/DMP2008/northeast.htm

East Region: http://www.ura.gov.sg/DMP2008/east.htm

Playground For All:

http://www.ura.gov.sg/DMP2008/playground.htm

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Singapore property prices have peaked: MTI

Posted by luxuryasiahome on May 23, 2008

Singapore’s booming property market has peaked and will continue to moderate over the next two years, the country’s trade ministry said on Friday.

Singapore’s central bank said that while the financial services industry could face some slowdown there was no evidence of a large job cuts.

‘There could be some slowdown, but not major slowdown. Anecdotal evidence shows that while financial institutions are reviewing headcounts and business lines, they are also looking at several areas of growth,’ Monetary Authority of Singapore Deputy Managing Director Ong Chon Tee told a news conference. — REUTERS

Source : Business Times – 23 May 2008

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Singapore’s Q1 GDP grows at annualized 14.6%

Posted by luxuryasiahome on May 23, 2008

Singapore’s economy expanded at a slower-than-expected annualised rate of 14.6 per cent in the first quarter from the fourth in a seasonally adjusted and annualised basis.

In a statement, the Ministry of Trade and Industry (MTI) said that GDP grew by 6.7 per cent year-on-year in the first quarter of 2008, up from the 5.4 per cent increase in the preceding quarter.

Manufacturing expanded 12.4 per cent in the first quarter from a year earlier. Across all sectors, construction saw the largest growth of 14.7 per cent. The financial services sector grew 13.4 per cent.

MTI added that the economy is expected to grow by 4.0 to 6.0 per cent in 2008, but the government cut its forecast for growth of Singapore’s key exports as external demand is expected to remain ‘soft’ throughout 2008.

MTI and the Monetary Authority of Singapore (MAS) has also raised the inflation target to a range of 5%-6% from a prior target of 4.5%-5.5%. The statement said that oil and food prices have risen more rapidly and are expected to remain elevated over the near term.

Singapore’s inflation grew in April, extending to a new 26-year high as food and energy costs soared.

In a separate statement, the Department of Statistics said that consumer price index rose 7.5 per cent from a year earlier after rising 6.7 per cent in March. This was due largely to higher costs of food, transport & communication and housing. April’s rise was the fastest since 1982.

The inflation was led by the housing component of the index, which rose 11.8 per cent from a year earlier due to higher electricity tariffs and rents.

Compared with a year earlier, the economy expanded 6.7 per cent in the first quarter, falling short of the advance estimate for 7.2 per cent growth. The economy expanded by 5.4 per cent in the fourth quarter from a year earlier. -CNA/vm

Source : Channel NewsAsia – 23 May 2008

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Singapore’s Q1 GDP grows at annualized 14.6%

Posted by luxuryasiahome on May 23, 2008

Singapore’s economy expanded at a slower-than-expected annualised rate of 14.6 per cent in the first quarter from the fourth in a seasonally adjusted and annualised basis.

In a statement, the Ministry of Trade and Industry (MTI) said that GDP grew by 6.7 per cent year-on-year in the first quarter of 2008, up from the 5.4 per cent increase in the preceding quarter.

Manufacturing expanded 12.4 per cent in the first quarter from a year earlier. Across all sectors, construction saw the largest growth of 14.7 per cent. The financial services sector grew 13.4 per cent.

MTI added that the economy is expected to grow by 4.0 to 6.0 per cent in 2008, but the government cut its forecast for growth of Singapore’s key exports as external demand is expected to remain ‘soft’ throughout 2008.

MTI and the Monetary Authority of Singapore (MAS) has also raised the inflation target to a range of 5%-6% from a prior target of 4.5%-5.5%. The statement said that oil and food prices have risen more rapidly and are expected to remain elevated over the near term.

Singapore’s inflation grew in April, extending to a new 26-year high as food and energy costs soared.

In a separate statement, the Department of Statistics said that consumer price index rose 7.5 per cent from a year earlier after rising 6.7 per cent in March. This was due largely to higher costs of food, transport & communication and housing. April’s rise was the fastest since 1982.

The inflation was led by the housing component of the index, which rose 11.8 per cent from a year earlier due to higher electricity tariffs and rents.

Compared with a year earlier, the economy expanded 6.7 per cent in the first quarter, falling short of the advance estimate for 7.2 per cent growth. The economy expanded by 5.4 per cent in the fourth quarter from a year earlier. -CNA/vm

Source : Channel NewsAsia – 23 May 2008

Posted in General, Singapore Economy | Tagged: , | Leave a Comment »

Singapore’s Q1 GDP grows at annualized 14.6%

Posted by luxuryasiahome on May 23, 2008

Singapore’s economy expanded at a slower-than-expected annualised rate of 14.6 per cent in the first quarter from the fourth in a seasonally adjusted and annualised basis.

In a statement, the Ministry of Trade and Industry (MTI) said that GDP grew by 6.7 per cent year-on-year in the first quarter of 2008, up from the 5.4 per cent increase in the preceding quarter.

Manufacturing expanded 12.4 per cent in the first quarter from a year earlier. Across all sectors, construction saw the largest growth of 14.7 per cent. The financial services sector grew 13.4 per cent.

MTI added that the economy is expected to grow by 4.0 to 6.0 per cent in 2008, but the government cut its forecast for growth of Singapore’s key exports as external demand is expected to remain ‘soft’ throughout 2008.

MTI and the Monetary Authority of Singapore (MAS) has also raised the inflation target to a range of 5%-6% from a prior target of 4.5%-5.5%. The statement said that oil and food prices have risen more rapidly and are expected to remain elevated over the near term.

Singapore’s inflation grew in April, extending to a new 26-year high as food and energy costs soared.

In a separate statement, the Department of Statistics said that consumer price index rose 7.5 per cent from a year earlier after rising 6.7 per cent in March. This was due largely to higher costs of food, transport & communication and housing. April’s rise was the fastest since 1982.

The inflation was led by the housing component of the index, which rose 11.8 per cent from a year earlier due to higher electricity tariffs and rents.

Compared with a year earlier, the economy expanded 6.7 per cent in the first quarter, falling short of the advance estimate for 7.2 per cent growth. The economy expanded by 5.4 per cent in the fourth quarter from a year earlier. -CNA/vm

Source : Channel NewsAsia – 23 May 2008

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Moody’s sees cloudy skies ahead for Singapore Reits

Posted by luxuryasiahome on May 23, 2008

They are given a negative outlook because of debt servicing concerns

MORE gloomy news has come in for the property sector, this time for Singapore-listed real estate investment trusts (S-Reits).

They have been stamped with a negative outlook by credit ratings agency Moody’s Investors Service.

While the trusts’ fundamentals remain solid, with their properties enjoying high occupancies and strong demand, Moody’s sees cloudy skies ahead for them in the next 12 to 18 months.

This means it thinks there are negative influences that may lead to a ratings review within that time. These ratings gauge a company’s ability to repay its debts.

Moody’s cited adverse sentiment and tighter liquidity in the market as the reasons for its change in outlook, saying these factors make it tougher for Reits to get funds just when they are most needed.

Several Reits are reaching a stage where they need to refinance their debts, but they are finding it more difficult and expensive to borrow funds, Moody’s said.

Despite this, some trusts have been forced to rely on bank loans to pay for acquisitions they have already committed to, it added.

This is also partly because the unit prices of many trusts have tumbled in recent months, making equity funding – raising money by issuing more units – an unattractive alternative.

‘Because S-Reits retain little cash, the primary source of repayment tends to come from either new debt, asset sales or equity,’ said Moody’s in a report yesterday.

‘When these markets tighten, this financial positioning exposes those Reits that have a high level of short-term debt and lack long-term, committed funding.’

Since January, Moody’s has downgraded one Reit twice, put two others on review for a possible downgrade and issued negative outlooks for another three.

The latest negative outlook rating came in yesterday for CapitaMall Trust, after it said it would pay $840 million to buy The Atrium@Orchard office building.

Moody’s has also given negative outlooks for Suntec Reit and Mapletree Logistics Trust because of financing pressures and high gearing, respectively.

The ratings agency downgraded Allco Commercial Real Estate Investment Trust in January and again in March on refinancing concerns.

CapitaCommercial Trust, which bought the 1 George Street office building for $1.2 billion in March, and Macquarie Meag Prime Reit, which owns stakes in the Wisma Atria and Ngee Ann City malls, are still on review and may be downgraded.

Moody’s also said it was possible that smaller Reits would be merged with their bigger rivals in the coming months.

‘Difficult access to funding and a diminished opportunity to grow will increase the likelihood of smaller Reits being acquired as the year proceeds,’ it said.

FINANCING SQUEEZE

‘Because S-Reits retain little cash, the primary source of repayment tends to come from either new debt, asset sales or equity. When these markets tighten, this exposes those Reits that have a high level of short-term debt and lack long-term funding.’

MOODY’S, on the risks some property trusts are facing

Source : Straits Times – 23 May 2008

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Singapore Reits face credit ratings pressure: Moody’s

Posted by luxuryasiahome on May 23, 2008

They are affected by tighter conditions for borrowing

SINGAPORE’S real estate investment trusts’ (Reits) credit ratings will face pressure in the next 12 to 18 months because of their rising difficulty in raising funds from debt and equity markets, according to Moody’s Investors Service.

Moody’s has cut or put on review for possible downgrade the ratings of Allco Commercial Real Estate Investment Trust, Macquarie MEAG Prime Reit and CapitaCommercial Trust in the first quarter to reflect growing risk to the debt of the trusts.

‘Tighter conditions for borrowing has adversely affected both the availability and price of credit at a time when a number of Singapore Reits face imminent refinancing needs,’ Moody’s analysts led by Singapore- based Kathleen Lee write in a report.

‘In addition, the depressed unit prices of many trusts have reduced the attractiveness of equity funding.’

Unit prices of Singapore’s Reits have slumped to trade at 15 per cent to 30 per cent of their net- asset values, according to the rating assessor. Mapletree Logistics Trust, which owns industrial buildings, called off a plan to raise as much as $500 million through a rights offer in January because of volatile market conditions.

Singapore’s Reits are also paying more to get bank loans or sell bonds as the commercial mortgage- backed securities market remains shut.

In the first quarter, banks in Singapore raised interest spread by between 0.5 and one percentage point for short-term or refinancing loans, Moody’s said.

‘Many Singapore Reits are relying more heavily than in the past on bank lending,’ the analysts write.

‘Previously, some Singapore Reits had not spent sufficient time cultivating strong bank relationships because, in the past, they had enjoyed easy access to equity and commercial mortgage-backed securities funding.’

CapitaMall Trust and CapitaCommercial, both managed by CapitaLand Ltd, South-east Asia’s biggest developer, have sold six bond deals this year, raising a total of $1 billion at yields ranging from 2.8 per cent and 3.2 per cent, data compiled by Bloomberg show.

Suntec Real Estate Investment Trust, controlled by Hong Kong billionaire Li Ka-shing, raised $270 million from a five-year convertible bond sale in February, paying a 4.25 per cent yield, compared with its average financing cost of 3.1 per cent in 2007, Moody’s said.

Smaller Reits are becoming increasingly likely to be acquired by their bigger rivals in the remainder of the year because of limited access to funding, according to Moody’s.

‘Such a consolidation would leave a sector with the bigger entities having greater financial capacity to expand abroad,’ the analysts say. – Bloomberg

Source : Business Times – 23 May 2008

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