Archive for June 28th, 2008
Posted by luxuryasiahome on June 28, 2008
Experience luxe urban living like never before
Soaring through the night sky in a dazzling beacon of light, L’VIV is set to take chic city living to new heights. Located in the prime residential enclave of Newton, this exclusive boutique development boasts prime views of the city from each tastefully appointed apartment. It also features 4 distinct lifestyles suites on the 24th storey, perfect for entertaining and relaxing. L’Vista lets you host your own fabulous private pool party, whilst the L’Viva lets you unwind and chill out with your friends anytime, any day.
Wellness enthusiasts can immerse themselves in holistic goodness at L’Vanda, after which they can enjoy a soothing massage at L’Verdure. With easy access to MRT stations, prestigious schools, shopping malls and the premier Orchard Road shopping belt, L’VIV is the ultimate lifestyle residential development for well-heeled and style-savvy individuals.
Location: 23 Newton Road, Singapore
Tenure: Freehold
Site Area: 3,984.20 sqm (42,886 sqft)
Total Units: 100
Unit Types: 1 & 2 bedroom suite with Study/Penthouses (approx 620 – 2,500 sqft)
Contact us at info@lushhomemedia.com or +65 9631 8037 with the following for more information:
L’VIV / Name / Contact # / Unit Type Interested
Posted in For Sale, General, Luxury Property, New Launches | Tagged: Developer Sales, L'VIV, L'VIV Launch, L'VIV Singapore, Luxury Homes For Sale, LVIV Newton Road, New Launches, Newton Road, Newton Road Singapore, Singapore Luxury Homes, Singapore Luxury Homes For Sale, Singapore Property, Singapore Property For Sale | 1 Comment »
Posted by luxuryasiahome on June 28, 2008
SINGAPORE Press Holdings’ Paragon shopping centre in Orchard Road is now worth $2 billion, about 10 per cent up from its valuation of $1.82 billion a year ago.
The higher valuation came amid higher rents and continued strong demand.
‘Rents are firm, increasing as of last June. Occupancy is at 100 per cent,’ said Lydia Sng, executive director of valuations for property consultancy Knight Frank, which carried out the latest valuation yesterday. The earlier valuation of $1.82 billion on June 28, 2007, was also done by Knight Frank.
The Paragon: Undergoing a makeover as part of a continuous effort to enhance the retail environment and shopping experience for customers
The Paragon is undergoing a $45 million makeover to update its facade and increase retail space. The renovation is slated for completion in October.
SPH said earlier that the makeover was part of a continuous effort to enhance the retail environment and shopping experience for Paragon customers.
In addition, the commercial space above its retail podium will be expanded – at a cost of $37 million, including the payment of land premium. This is scheduled to be completed by end-2008.
The total cost of the facade makeover and the addition of commercial space is $82 million.
Paragon remains open and operates as it normally does during the renovation period.
SPH will be releasing its financial results for the third quarter ended May 31, 2008, on July 11.
Source : Business Times – 28 Jun 2008
Posted in General, Office / Retail Space | Tagged: Paragon, Singapore Press Holdings, Singapore Retail | Leave a Comment »
Posted by luxuryasiahome on June 28, 2008
CAPITACOMMERCIAL Trust (CCT) expects financing to become more expensive after it raised US$1.2 billion to fund an acquisition of an office tower this year.
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The manager of about three million square feet of commercial space in Singapore agreed in March to buy a 23-storey office block known as 1 George Street in Singapore’s business district for $1.17 billion. The trust said it will fund the acquisition with debt such as convertible bonds and medium-term notes.
‘We raised the debt at the right time before the increase in rates, but going forward, we see that as a greater challenge,’ chief executive officer Lynette Leong said at a real estate conference in Singapore this week.
CapitaCommercial Trust’s shares have fallen 21 per cent this year on concern that borrowing costs for the trust may rise, prompting Citigroup to downgrade the stock earlier this month.
Asia’s real estate funding costs are likely to remain high over the next 12 months after rising as much as 700 basis points in the past year, Sameer Nayar, head of real estate finance at Credit Suisse Group, said this week.
CapitaCommercial said in April it plans to sell $280 million of bonds, with an option to raise another $90 million. It also issued $150 million of medium term notes and took on loans for the acquisition. — Bloomberg
Source : Business Times – 28 Jun 2008
Posted in Finance, General, Office / Retail Space, REITS | Tagged: 1 George Street, CapitaCommercial Trust, Financing, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on June 28, 2008
THAKRAL Land is selling the remaining 17 apartments it owns at The Sovereign, a freehold condo in Meyer Road that it developed more than a decade ago.
En bloc potential: The 15-year-old property is built up to 1.8 plot ratio, lower than the maximum 2.8 allowed currently
Based on asking prices of $1,300-1,500 psf for lower-floor units and $1,800-2,500 psf for upper floor units, the total price works out to between $75 million and $99 million
Thakral is open to selling the units individually or to a single party. Market watchers reckon a bulk buyer who takes the whole 17 apartments would get some discount.
All the units are leased or about to be leased. Based on current monthly rents of $3.20 to $4.50 psf, the net yield works out to around 2.5 per cent, says Jones Lang LaSalle’s Singapore and South-east Asia managing director Chris Fossick, whose firm is sole marketing agent for the 17 apartments, each of which has four bedrooms.
A party that buys all 17 units may also hold the key to a potential collective sale of the condo, which has a total of 87 units. The 17 units that Thakral is offering represent 19 per cent of share value and about 26 per cent of the total sq ft area.
There is redevelopment potential as the site’s current Masterplan plot ratio – ratio of maximum potential gross floor area to land area – is 2.8, which is higher than the 1.8 plot ratio tapped by the existing property.
The unutilised plot ratio may be tapped by building an additional block or tearing down the existing project and redeveloping the 143,918 sq ft site into a brand new condo.
The 30-storey Sovereign, at 99 Meyer Road, received its Temporary Occupation Permit in 1993.
It is next to a 115,300 sq ft plot of land at 97 Meyer Road sold by Della Suantio Lee last year to Hong Leong Group for around $200 million. The price worked out to around $760 psf of potential gross floor area, including development charges (DC), according to an earlier report.
Dr Lee is the wife of Lee Foundation chairman Lee Seng Gee.
Source : Business Times – 28 Jun 2008
Email lushhome@gmail.com for more information.
Posted in For Sale, General | Tagged: For Sale, Meyer Road, Singapore Property, Thakral Land, The Sovereign, The Sovereign For Sale | Leave a Comment »
Posted by luxuryasiahome on June 28, 2008
I REFER to Mr Patrick Tan’s letter, ‘Valuation the culprit in artificially inflating HDB flat prices’ (June 17).
The market value of a property is the estimated amount for which it should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing where both parties acted knowledgably, prudently and without compulsion. It is not a situation of a willing buyer and an unwilling seller where the terms of purchase are favourable to the buyer. Nor is it a situation of an unwilling buyer and a willing seller where the terms of sale are favourable to the seller.
The transacted prices of comparable properties are generally the best evidence of the market value for standard properties like HDB flats. In the case of HDB flats, cash top-up is part of the price of the property sold and the transaction price is therefore a legitimate piece of evidence to rely on when valuing a property. The valuer’s job is to interpret the market, not make the market. The market is the final arbiter of what is an appropriate valuation. It is neutral as to affordability issues. The market itself will eventually adjust downwards if buyers deem the cash top-up excessive and refrain from transacting.
Valuers have to examine the micro and macro factors of the particular segment of the real estate market, together with the economy sentiment. Such factors will include demand and supply of the various micro residential markets, and legislation and policies pertaining to the particular real estate segment.
Factors affecting the private and the HDB residential market may be slightly different, and thus the property market cycle of each real estate segment is never identical.
This also accounts for the difference in values of a property in different timeframes and different values for similar properties in different locations.
Janet Han (Ms)
Secretariat, Singapore Institute of Surveyors and Valuers
Source : Straits Times – 28 Jun 2008
Posted in General | Tagged: Property Valuation, Understanding Property Value | Leave a Comment »
Posted by luxuryasiahome on June 28, 2008
Phase 2B kicks off with Solaris, a ‘green building’ for creative industries
SOILBUILD Group Holdings staked its claim as the first private developer at one-north business park Fusionopolis yesterday.
‘Following the award of Fusionopolis Phase 2B in April, Soilbuild will develop and lease out its new flagship project Solaris to businesses in the research and development-based science, engineering, infocommunications and media industries,’ Soilbuild executive director Low Soon Lim said at the ground-breaking ceremony yesterday.
Solaris, for the creative industries, is a 15-storey ‘green’ building that is expected to save $500,000 to $700,000 a year in water and electricity charges at full occupancy rates.
With a gross floor area of about 540,000 sq ft, Solaris is estimated to cost about $148 million and will house a mixture of multinational private firms, research laboratories and retail space. It is expected to be completed by the first half of 2010.
Construction of Solaris comes on the back of strong demand for business space in Fusionopolis.
‘With Fusionopolis Phases 1 and 2A attaining full occupancy before their official completion, I am confident that Solaris will receive similarly strong interest,’ Trade and Industry Minister Lim Hng Kiang said at yesterday’s ground-breaking ceremony.
Soilbuild was awarded the project by one-north’s master developer JTC Corporation under a concept and fixed-price tender.
Solaris will be the first of many private developers at Fusionopolis as part of a plan for large private participation as a whole.
JTC assistant chief executive Philip Su said that Phases 3 and 4 of Fusionopolis, expected to be ready by 2013, will also be developed by the private sector. The tender for Phase 3 will be out by this year.
‘While JTC is good at building labs like the ones in Fusionopolis Phase 2A, the private sector is best at building business park space,’ he said. ‘They keep costs down, are more efficient and complete it in a shorter amount of time. JTC should not do what the private sector can do better.’
Phases 3 and 4, with a gross floor area of 50,000 sq m, will mainly comprise general amenities needed to support the businesses in Phases 1 and 2 at Fusionopolis.
Besides Fusionopolis, one-north houses the Biopolis, a biomedical science research and development area, and Wessex Estate, a residential area.
Source : Business Times – 28 Jun 2008
Posted in Construction, Developer News, General, One North | Tagged: Construction, Developers, Fusionopolis, JTC, One North, Soilbuild, Solaris | Leave a Comment »
Posted by luxuryasiahome on June 28, 2008
Construction of Phase 2B of Fusionopolis has begun with the ground-breaking ceremony for a 15-storey building called Solaris.
It is being developed by Soilbuild Group – the first private sector developer at Fusionopolis cluster at one-north.
Its $148-million new building will cover :an estimated gross floor area of 540,000 square feet and is slated for completion in 2010. It will house research activities for: infocommunications, media, science and engineering industries.
Trade and Industry Minister Lim Hng Kiang, officiating at Friday’s ground-breaking ceremony, expressed confidence that Solaris will attract strong interest.
Already, developments in Phase 1 and 2A of Fusionopolis are attaining full occupancy before their official completion.
“The Fusionopolis cluster … will help to anchor high value economic activities and contribute to the development of Singapore as a knowledge-intensive economy,” said Mr Lim.
Source : Weekend Today – 28 Jun 2008
Posted in Construction, Developer News, General, One North | Tagged: Construction, Fusionopolis, One North, Soilbuild, Solaris | Leave a Comment »
Posted by luxuryasiahome on June 28, 2008
Singapore is seeing an overwhelming demand for research and development space, particularly from the info-communication, media and science sectors.
So to meet the growing need, the government said it will expand the Fusionopolis cluster at one-north.
This was revealed at the ground-breaking ceremony of Phase 2B of the development on Friday.
The ground-breaking marks the start of Phase 2B of Fusionopolis. However, further development of the cluster is now projected to grow at a much faster pace.
Philip Su, Assistant CEO, JTC Corporation, said: “In terms of demand from the private sector for space in business park, you’ll find that we are presently quite short.
“Even with the ground-breaking of Phase 2B, there is an unfulfilled demand for such space. So, that’s the reason why we may have to push forward some of our plans to bring in Phase 3.”
An additional 50,000 square metres of Gross Floor Area will be added under Phase 3 and Phase 4. And to meet demand for more business park space, JTC is bringing forward the development of the third phase.
It will open Phase 3 for tender by the private sector by the second half of this year.
Speaking at the ground-breaking, Trade and Industry Minister Lim Hng Kiang noted that Fusionopolis plays a key role in building up a knowledge-based economy in Singapore.
Mr Lim said: “The Fusionopolis cluster, together with the other developments in one-north, will help to anchor high-value economic activities and contribute to the development of Singapore as a knowledge-intensive economy.”
When ready, the 15-storey building will house R&D labs for the infocomm, media, science and engineering industries. As part of the Fusionopolis cluster, it is expected to set the stage for more public-private partnerships.
With Fusionopolis Phases 1 and 2A previously attaining full occupancy even before completion, Phase 2B is expected to receive similar responses.
Low Soon Sim, Executive Director, Soilbuild, said: “There has been quite a bit of interest, and at this point in time, we are focusing on their design requirements.”
Mainboard-listed Soilbuild is the developer for Phase 2B – the first private developer in the Fusionopolis cluster. Construction for Phase 2B is expected to be completed by 2010. – CNA/ms
Source : Channel NewsAsia – 28 Jun 2008
Posted in General, One North | Tagged: Fusionopolis, JTC, One North, Soilbuild | Leave a Comment »
Posted by luxuryasiahome on June 28, 2008
I READ “It’s the end of the Storey” (June 27) with disbelief.
How serious are we as a nation about preserving what little is left of our heritage? What, exactly, are these “engineering constraints” that make it impossible to construct the Downtown Line without demolishing the New 7th Storey Hotel? Since the Bugis station already exists, would it be fair to say that they will just be doing works underground? And if so, can they not tunnel around the building, rather than just directly below it?
After the recent demolition of the much-loved National Library (and going back even further, other historical landmarks such as the National Theatre, the Van Cleef Aquarium, the old Esplanade – Elizabeth Walk – and Satay Club), have we not learned our lesson? We can’t turn back the clock and save these buildings – some would say, monuments – but going forward, we can try our best to preserve those that are still with us.
I feel that we are still not doing enough in this area and tend to look at buildings purely from an economic standpoint – hence, you get the Raffles Hotel, Chijmes and the Singapore Art Museum. These structures are money-spinners and to the authorities, the New 7th Storey Hotel is merely an anachronism from the past, on its last legs, deserving of the wrecking ball.
It is not too late. I beseech the authorities to re-consider their decision and leave the New 7th Storey Hotel alone.
Source : Weekend Today – 28 Jun 2008
Posted in Conservation, General, Hotel | Tagged: Conservation, Land Acquisition, MRT Downtown Line, New 7th Storey Hotel, Rochor Road | Leave a Comment »
Posted by luxuryasiahome on June 28, 2008
Shouldn’t technology be able to save the New 7th Storey Hotel?
I REFER to “It’s the end of the Storey” (June 27) and I want to express my utmost disappointment at the imminent demolition of the New 7th Storey Hotel (picture) along Rochor Road.
It is hard to understand that with the advance in building technology why this is the only engineering solution to resolve the situation; we have even seen an MRT station built under a huge canal in the Chinatown area. Many countries have succeeded in merging new and existing buildings through tactful architectural intervention (we can count our own Bugis Junction as an example of this, as well).
Then again, this is yet another painful reminder of other similar examples – the most recent being the demolition of the red-brick National Library building.
Another is now fading away in most memories – the beloved former National Theatre, which was just a few streets away.
I hope the Government remembers that the collective historical memory of Singapore belongs to the nation and her people, and must be treated with great respect. Architectural history is an important component in the fabric of the people’s collective memory and these threads should not be so easily removed under the tag of “progress”.
Is it any wonder that increasing numbers of younger Singaporeans are finding it harder to take root in the country? It will of interest to hear the comments of the Urban Redevelopment Authority, the National Heritage Board and other relevant authorities on this matter.
Source : Weekend Today – 28 Jun 2008
Posted in Conservation, General, Hotel | Tagged: Conservation, Land Acquisition, MRT Downtown Line, New 7th Storey Hotel, Rochor Road | Leave a Comment »
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