Archive for July 4th, 2008
Posted by luxuryasiahome on July 4, 2008
Initial units are priced at $650 psf on average; Kovan Residences launched
CITY Developments Ltd (CDL) has begun to preview its much-awaited Livia condo at Pasir Ris at an average price of about $650 psf for the initial batch of units, BT understands.
And next to Kovan MRT Station, the 512-unit Kovan Residences is being soft launched today and the average price is said to be $870 psf. Both projects are 99-year leasehold.
Market watchers reckon that the $650 psf average pricing for the initial phase of Livia’s marketing effort is about 10 per cent lower than what the developer could have fetched 12 months ago. ‘It might have been priced at $730-750 psf last year,’ an industry observer suggested. The 724-unit condo is being developed at Pasir Ris Drive 1 on a plot that is part of the group’s historical Pasir Ris landbank acquired decades ago.
CDL is developing Livia jointly with Hong Leong Holdings and Hong Realty. All three companies are part of Singapore’s Hong Leong Group. Livia will have a total of 10 blocks, either 15 or 16 storeys high with units ranging from two-bedroom apartments to four bedders. There are also 12 penthouses.
Next to Kovan MRT Station, Centurion Kovan, controlled by UOB-Kay Hian stockbroker pair Han Seng Juan and David Loh Kim Kang, has been testing the waters for its 512-unit Kovan Residences. The average price is believed to be around $870 psf and industry talk is that some 20 cheques were offered to the developer after a well-attended dinner preview for Messrs Han’s and Loh’s stockbroking community contacts last Saturday. It is not known if options have been issued.
‘Perhaps some of the potential buyers may have found the developer’s proposed price a little challenging and made their counter offers with cheques,’ a market watcher suggested.
Kovan Residences’ soft launch begins today, BT understands. Officials from Centurion Kovan, part of the Duchess Development group, have not been returning BT’s calls over the past few days.
Meanwhile, the project that started the current home buying wave, Ho Bee’s 99-year leasehold Dakota Residences, is said to have sold 150 units since sales began a fortnight ago.
Source : Business Times – 4 Jul 2008
Posted in General, New Launches | Tagged: Centurion Kovan, Dakota Residences, Developer Sales, Kovan Residences, Livia, Mass-market Homes, New Launches, Pasir Ris, Singapore Property | Leave a Comment »
Posted by luxuryasiahome on July 4, 2008
SINGAPORE is one of Asia’s best investment destinations for foreign firms, according to a study released yesterday.
The study covered over 200 international company executives – from chief executive officers to the heads of strategy.
The executives were asked in a survey conducted by financial advisory firm Ernst & Young and the Japan External Trade Organisation how they felt about investing in various Asian markets.
Seven out of 10 of the executives polled were in companies that were already operating in Asia.
About 27 per cent of the respondents voted for Japan and China, putting the two countries in joint-first position.
The runner-up was India, with 11 per cent.
Singapore and Hong Kong were tied in third place, with 10 per cent apiece.
In terms of actual investments, Singapore was fourth, with 239 projects last year, according to the survey.
China attracted 1,171 projects, a mammoth 38 per cent of all investments that went into Asia, followed by India, with 676, and Vietnam, with 260.
Singapore’s strengths were its high quality of life, attractive corporate tax rates and stability, according to the survey.
Its weaknesses were its high labour costs, quality of research and development, and the lack of a domestic market.
China’s advantages were – no surprise here – its low labour cost and huge domestic market, although its results were pulled down by its poorer quality of life.
Japan ranked well for its high-quality labour workforce and infrastructure, but this was, in turn, weighed down by high labour costs and an uncompetitive corporate tax structure.
A total of 19 markets were ranked in the survey.
STRENGTHS AND WEAKNESSES
Singapore’s strengths were its high quality of life, attractive corporate tax rates and stability, a survey of 200 company executives showed. Its weaknesses were its high labour costs, quality of research and development, and the lack of a domestic market.
Source : Straits Times – 4 Jul 2008
Posted in All Singapore, General | Tagged: Singapore Foreign Direct Investment | Leave a Comment »
Posted by luxuryasiahome on July 4, 2008
SINGAPORE is one of Asia’s best investment destinations for foreign firms, according to a study released yesterday.
The study covered over 200 international company executives – from chief executive officers to the heads of strategy.
The executives were asked in a survey conducted by financial advisory firm Ernst & Young and the Japan External Trade Organisation how they felt about investing in various Asian markets.
Seven out of 10 of the executives polled were in companies that were already operating in Asia.
About 27 per cent of the respondents voted for Japan and China, putting the two countries in joint-first position.
The runner-up was India, with 11 per cent.
Singapore and Hong Kong were tied in third place, with 10 per cent apiece.
In terms of actual investments, Singapore was fourth, with 239 projects last year, according to the survey.
China attracted 1,171 projects, a mammoth 38 per cent of all investments that went into Asia, followed by India, with 676, and Vietnam, with 260.
Singapore’s strengths were its high quality of life, attractive corporate tax rates and stability, according to the survey.
Its weaknesses were its high labour costs, quality of research and development, and the lack of a domestic market.
China’s advantages were – no surprise here – its low labour cost and huge domestic market, although its results were pulled down by its poorer quality of life.
Japan ranked well for its high-quality labour workforce and infrastructure, but this was, in turn, weighed down by high labour costs and an uncompetitive corporate tax structure.
A total of 19 markets were ranked in the survey.
STRENGTHS AND WEAKNESSES
Singapore’s strengths were its high quality of life, attractive corporate tax rates and stability, a survey of 200 company executives showed. Its weaknesses were its high labour costs, quality of research and development, and the lack of a domestic market.
Source : Straits Times – 4 Jul 2008
Posted in All Singapore, General | Tagged: Singapore Foreign Direct Investment | Leave a Comment »
Posted by luxuryasiahome on July 4, 2008
209 senior execs polled see S’pore behind Japan, China, HK for HQ, logistics
SINGAPORE is seen as a less attractive investment destination than Japan, China and India, according to a survey by the Japan External Trade Organisation and Ernst & Young.
In the survey, which studied the perceptions of 209 senior executives across various sectors and continents, only 10 per cent voted for Singapore, which shared third position with Hong Kong.
Japan and China are seen as the most attractive locations in Asia for foreign direct investment (FDI), each with 27 per cent of the votes, followed by India with 11 per cent.
But there is a gap between perception and reality. In terms of actual FDI projects last year, Japan ranked fifth in Asia with 166.
China was first with 1,171, India second and Vietnam third. Singapore ranked fourth with 239 projects.
Singapore trails Japan, China and Hong Kong in attractiveness as an Asian destination for headquarters and logistics centres, according to the survey.
And as a potential destination for research and development centres, Singapore’s attractiveness falls behind Japan, China and India.
‘Despite its world-renowned gateway position, our survey indicates that Singapore has been unable to attain the highest attractiveness score for headquarters and logistics activities,’ the survey says.
It also reveals that Asia has become more attractive as an investment destination, with 59 per cent of investors noting an improvement.
Only 6 per cent observed a deterioration of the region’s attractiveness. This compares favourably with investor perceptions of Europe’s attractiveness – only 44 per cent of potential investors see an improvement there.
Satisfaction with Asia is particularly high among investors in the chemical, pharmaceutical and medical equipment manufacturing and life science sectors, with 72 per cent citing satisfaction.
Reflecting a high level of confidence in Asia, 71 per cent of investors expect an improvement in the region’s attractiveness over the next three years, compared with 56 per cent for Europe.
On future investment, 43 per cent of investors say that they are actively considering establishing or developing activities in Asia, with China most cited at 57 per cent, followed by India at 35 per cent and Japan at 18 per cent.
Source : Business Times – 4 Jul 2008
Posted in All Singapore, General | Tagged: Singapore Foreign Direct Investment | Leave a Comment »
Posted by luxuryasiahome on July 4, 2008
I REFER to the letter, ‘How can a single mother of three afford a five-room flat?’ by Madam Kok Wee Ming (June 20).
HDB provides concessionary interest-rate housing loans to two main groups: one, first-time buyers to set up home; and two, second-time buyers who wish to and can afford to upgrade their home.
HDB does not grant a concessionary loan to second-time households that are downgrading or buying a flat of the same size. This is because such households can generally use the sales proceeds from their first flat to finance the purchase. Alternatively, they can seek mortgage financing from the banks.
In Madam Kok’s case, she has sold two HDB flats previously with profits. She has also previously enjoyed one HDB concessionary loan. Hence, she is not eligible for a second HDB concessionary loan unless she is upgrading to a larger flat. She should use her previous sale proceeds to finance the purchase of a smaller flat.
Nonetheless, HDB recognises there may be some second-timers who are required by circumstances to buy smaller flats.
HDB is prepared to consider granting them an HDB loan on a case-by-case basis, if they are unable to obtain a loan from the banks.
HDB has written to Madam Kok for more documentation to evaluate her appeal.
Quek Kwong Phow
Deputy Director (Admin & Accounting)
For Director (Estate Administration & Property) Housing & Development Board
Source : Straits Times – 4 Jul 2008
Posted in General, HDB News | Tagged: HDB, HDB Loans, HDB News | Leave a Comment »
Posted by luxuryasiahome on July 4, 2008
I REFER to the letter, ‘How can a single mother of three afford a five-room flat?’ by Madam Kok Wee Ming (June 20).
HDB provides concessionary interest-rate housing loans to two main groups: one, first-time buyers to set up home; and two, second-time buyers who wish to and can afford to upgrade their home.
HDB does not grant a concessionary loan to second-time households that are downgrading or buying a flat of the same size. This is because such households can generally use the sales proceeds from their first flat to finance the purchase. Alternatively, they can seek mortgage financing from the banks.
In Madam Kok’s case, she has sold two HDB flats previously with profits. She has also previously enjoyed one HDB concessionary loan. Hence, she is not eligible for a second HDB concessionary loan unless she is upgrading to a larger flat. She should use her previous sale proceeds to finance the purchase of a smaller flat.
Nonetheless, HDB recognises there may be some second-timers who are required by circumstances to buy smaller flats.
HDB is prepared to consider granting them an HDB loan on a case-by-case basis, if they are unable to obtain a loan from the banks.
HDB has written to Madam Kok for more documentation to evaluate her appeal.
Quek Kwong Phow
Deputy Director (Admin & Accounting)
For Director (Estate Administration & Property) Housing & Development Board
Source : Straits Times – 4 Jul 2008
Posted in General, HDB News | Tagged: HDB, HDB Loans, HDB News | Leave a Comment »
Posted by luxuryasiahome on July 4, 2008
DRIVEN by rising corporate demand, Frasers Hospitality (Frasers) expects to grow its brand of serviced apartments to 8,500 by 2010. This will involve adding 5,000 apartments under the Frasers brand in the next two years.
China, India and Vietnam are three key areas of expansion for the hospitality arm of Frasers Centrepoint, a wholly owned subsidiary of Fraser & Neave. At least 80 per cent of the 5,000 serviced apartments will come under fee-based management, said its CEO Choe Peng Sum. Frasers will acquire the remainder with balance sheet funding.
‘We have been very careful about over-leveraging and over-borrowing,’ said Mr Choe. Frasers currently has a 50:50 debt-equity structure, but hopes to reduce the debt component to reach 40:60 or lower going forward.
Frasers is also looking at more collaborations with private equity funds to acquire serviced apartments.
‘For serviced residences, we’ve seen a lot of pent-up demand,’ said Mr Choe. According to him, multinational corporations have been sending teams overseas to set up new operations, and serviced apartments are aptly positioned to meet expatriates’ extended-accommodation needs.
Yet, the number of serviced residences in major cities such as London and Tokyo add up to barely 10 per cent of total hotel inventory, he noted. On room rates, Mr Choe said: ‘Singapore itself, we have seen year-on-year growth rates of about 26 per cent.’
Occupancy rates are also crossing 90 per cent.
With the large growth potential, Mr Choe shared that Frasers is looking at creating a separate brand of serviced residences to cater to a more dynamic group of corporate guests, or ‘road warriors’.
Hiccups in some economies may create more chances for expansion.
The property market in North America has softened, said Mr Choe, and Frasers is sourcing for deals in New York. In Vietnam, falling property prices also generate investment opportunities. As to whether Frasers will set up a Reit for its properties, M Choe said that ‘we are waiting for the right time’.
The US$135 million Fraser Suites CBD in Beijing has opened for operations.
Source : Business Times – 4 Jul 2008
Posted in Developer News, General, Overseas Property, Service Apartment | Tagged: China Property, Developers, Fraser & Neave, Frasers Centrepoint, Frasers Hospitality, India Property, Service Apartments, Vietnam Property | Leave a Comment »
Posted by luxuryasiahome on July 4, 2008
DRIVEN by rising corporate demand, Frasers Hospitality (Frasers) expects to grow its brand of serviced apartments to 8,500 by 2010. This will involve adding 5,000 apartments under the Frasers brand in the next two years.
China, India and Vietnam are three key areas of expansion for the hospitality arm of Frasers Centrepoint, a wholly owned subsidiary of Fraser & Neave. At least 80 per cent of the 5,000 serviced apartments will come under fee-based management, said its CEO Choe Peng Sum. Frasers will acquire the remainder with balance sheet funding.
‘We have been very careful about over-leveraging and over-borrowing,’ said Mr Choe. Frasers currently has a 50:50 debt-equity structure, but hopes to reduce the debt component to reach 40:60 or lower going forward.
Frasers is also looking at more collaborations with private equity funds to acquire serviced apartments.
‘For serviced residences, we’ve seen a lot of pent-up demand,’ said Mr Choe. According to him, multinational corporations have been sending teams overseas to set up new operations, and serviced apartments are aptly positioned to meet expatriates’ extended-accommodation needs.
Yet, the number of serviced residences in major cities such as London and Tokyo add up to barely 10 per cent of total hotel inventory, he noted. On room rates, Mr Choe said: ‘Singapore itself, we have seen year-on-year growth rates of about 26 per cent.’
Occupancy rates are also crossing 90 per cent.
With the large growth potential, Mr Choe shared that Frasers is looking at creating a separate brand of serviced residences to cater to a more dynamic group of corporate guests, or ‘road warriors’.
Hiccups in some economies may create more chances for expansion.
The property market in North America has softened, said Mr Choe, and Frasers is sourcing for deals in New York. In Vietnam, falling property prices also generate investment opportunities. As to whether Frasers will set up a Reit for its properties, M Choe said that ‘we are waiting for the right time’.
The US$135 million Fraser Suites CBD in Beijing has opened for operations.
Source : Business Times – 4 Jul 2008
Posted in Developer News, General, Overseas Property, Service Apartment | Tagged: China Property, Developers, Fraser & Neave, Frasers Centrepoint, Frasers Hospitality, India Property, Service Apartments, Vietnam Property | Leave a Comment »
Posted by luxuryasiahome on July 4, 2008
DRIVEN by rising corporate demand, Frasers Hospitality (Frasers) expects to grow its brand of serviced apartments to 8,500 by 2010. This will involve adding 5,000 apartments under the Frasers brand in the next two years.
China, India and Vietnam are three key areas of expansion for the hospitality arm of Frasers Centrepoint, a wholly owned subsidiary of Fraser & Neave. At least 80 per cent of the 5,000 serviced apartments will come under fee-based management, said its CEO Choe Peng Sum. Frasers will acquire the remainder with balance sheet funding.
‘We have been very careful about over-leveraging and over-borrowing,’ said Mr Choe. Frasers currently has a 50:50 debt-equity structure, but hopes to reduce the debt component to reach 40:60 or lower going forward.
Frasers is also looking at more collaborations with private equity funds to acquire serviced apartments.
‘For serviced residences, we’ve seen a lot of pent-up demand,’ said Mr Choe. According to him, multinational corporations have been sending teams overseas to set up new operations, and serviced apartments are aptly positioned to meet expatriates’ extended-accommodation needs.
Yet, the number of serviced residences in major cities such as London and Tokyo add up to barely 10 per cent of total hotel inventory, he noted. On room rates, Mr Choe said: ‘Singapore itself, we have seen year-on-year growth rates of about 26 per cent.’
Occupancy rates are also crossing 90 per cent.
With the large growth potential, Mr Choe shared that Frasers is looking at creating a separate brand of serviced residences to cater to a more dynamic group of corporate guests, or ‘road warriors’.
Hiccups in some economies may create more chances for expansion.
The property market in North America has softened, said Mr Choe, and Frasers is sourcing for deals in New York. In Vietnam, falling property prices also generate investment opportunities. As to whether Frasers will set up a Reit for its properties, M Choe said that ‘we are waiting for the right time’.
The US$135 million Fraser Suites CBD in Beijing has opened for operations.
Source : Business Times – 4 Jul 2008
Posted in Developer News, General, Overseas Property, Service Apartment | Tagged: China Property, Developers, Fraser & Neave, Frasers Centrepoint, Frasers Hospitality, India Property, Service Apartments, Vietnam Property | Leave a Comment »
Posted by luxuryasiahome on July 4, 2008
DRIVEN by rising corporate demand, Frasers Hospitality (Frasers) expects to grow its brand of serviced apartments to 8,500 by 2010. This will involve adding 5,000 apartments under the Frasers brand in the next two years.
China, India and Vietnam are three key areas of expansion for the hospitality arm of Frasers Centrepoint, a wholly owned subsidiary of Fraser & Neave. At least 80 per cent of the 5,000 serviced apartments will come under fee-based management, said its CEO Choe Peng Sum. Frasers will acquire the remainder with balance sheet funding.
‘We have been very careful about over-leveraging and over-borrowing,’ said Mr Choe. Frasers currently has a 50:50 debt-equity structure, but hopes to reduce the debt component to reach 40:60 or lower going forward.
Frasers is also looking at more collaborations with private equity funds to acquire serviced apartments.
‘For serviced residences, we’ve seen a lot of pent-up demand,’ said Mr Choe. According to him, multinational corporations have been sending teams overseas to set up new operations, and serviced apartments are aptly positioned to meet expatriates’ extended-accommodation needs.
Yet, the number of serviced residences in major cities such as London and Tokyo add up to barely 10 per cent of total hotel inventory, he noted. On room rates, Mr Choe said: ‘Singapore itself, we have seen year-on-year growth rates of about 26 per cent.’
Occupancy rates are also crossing 90 per cent.
With the large growth potential, Mr Choe shared that Frasers is looking at creating a separate brand of serviced residences to cater to a more dynamic group of corporate guests, or ‘road warriors’.
Hiccups in some economies may create more chances for expansion.
The property market in North America has softened, said Mr Choe, and Frasers is sourcing for deals in New York. In Vietnam, falling property prices also generate investment opportunities. As to whether Frasers will set up a Reit for its properties, M Choe said that ‘we are waiting for the right time’.
The US$135 million Fraser Suites CBD in Beijing has opened for operations.
Source : Business Times – 4 Jul 2008
Posted in Developer News, General, Overseas Property, Service Apartment | Tagged: China Property, Developers, Fraser & Neave, Frasers Centrepoint, Frasers Hospitality, India Property, Service Apartments, Vietnam Property | Leave a Comment »
