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$35m for Marina Bay waterfront promenade

Posted by luxuryasiahome on September 16, 2008

THE government will spend $35 million to complete the 3.5 km waterfront promenade around Marina Bay, said the Urban Redevelopment Authority (URA).

On the boardwalk: The Marina Bay Sands stretch will have a two-tier promenade. The lower level will have water-taxi landing points and berthing points for boats

To date, stretches along The Esplanade are already accessible to the public with work underway at One Fullerton to make the promenade there more pedestrian-friendly.

The URA said development will now turn to the waterfront promenade along Marina Bay Sands, Marina Bay Financial Centre, and the Central Promontory site. Completion is targeted for around end-2009.

The design, by Australia’s Cox Group, will include a new eco-friendly visitor centre.

The Cox Group also designed the double helix pedestrian bridge linking Bayfront to Marina Centre where the Art Park is also sited.

At a press briefing held yesterday, URA revealed details of the promenade design and this includes plans for the Central Promontory site to be used as an interim event space and public space during national events such as the Marina Bay Countdown.

Currently, it is hosting the Singapore Biennale’s Containart Pavilion, designed by Shigeru Ban.

URA also said it will continue to work with other agencies and stakeholders to programme activities on the site.

Another design feature of the Cox Group scheme is a two-tier promenade along the Marina Bay Sands stretch. This part of the promenade will have a granite-paved upper level promenade and a lower level timber boardwalk with water-taxi landing points and berthing points for boats incorporated.

The lower level boardwalk will include tiered seating and steps that will go down to the water’s edge and double as seats for watching events at the bay.

Other design features include interactive misters programmed using a system of sensors that monitor ambient temperature, humidity and movement.

There will also be water jets and specially designed ‘breeze shelters’ that will feature solar-powered fans.

When completed, the 3.5 km waterfront promenade will form part of the longer 11.7 km waterfront route around Marina Reservoir, which will link the Gardens by the Bay, the Marina Barrage and the new Sports Hub.

To date, the government has pumped in more than $4.5 billion to facilitate development of Marina Bay. This includes building the common services tunnel as well as the Marina Barrage.

Source : Business Times – 17 Sep 2008

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Sale of executive condominium housing site in Punggol

Posted by luxuryasiahome on September 16, 2008

An Executive Condominium (EC) housing site at Punggol Field/Punggol Road has been put up for tender by the Housing & Development Board (HDB), on behalf of the Government. The tender will close on Tuesday, 11 Nov 08.

The land area is 22 497.3 square metres.

The project completion period is 48 months from the date of acceptance of tender, with a lease term of 99 years.

Nearby facilities include the Punggol MRT station, the Cove LRT station and the future Punggol Town Centre.

Additional facilities within walking distance comprise schools, shops and common green areas.

First time families with household incomes of up to $10 000 are eligible to purchase new ECs. Those eligible are entitled to a $30 000 EC Housing Grant.

Source : AsiaOne – 16 Sep 2008

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New promenade at Marina

Posted by luxuryasiahome on September 16, 2008

BY END of next year year, visitors to Marina Bay will be able to enjoy an uninterrupted stroll along the 3.5km promenade, linking up the necklace of attractions around the bay.

Attractions that will form part of the $35 million waterfront promenade include a 300-m long steel structure, water features and a shaded tropical walk.

When completed, the 3.5km waterfront promenade will form part of the longer 11.7km waterfront route around Marina Reservoir, which will link up the Gardens by the Bay, the Marina Barrage and the new Sports Hub. — PHOTO: URA

The Urban Redevelopment Authority (URA) on Tuesday announced the new waterfront features which will link up the Marina Centre, Collyer Quay and Bayfront areas.

The promenade is designed by an international design team led by Australian architects, The Cox Group, in collaboration with local firm Architects 61.

Among the attractions visitors can look forward to is the Bayfront promenade, which stretches in front of the Marina Bay Sands Integrated Resort development.

It is planned as a two-tier promenade comprising a granite-paved upper-level promenade and a lower-level timber boardwalk.

The upper level includes lushly landscaped shady areas and paved areas for people to stroll or jog, as well as for the3 staging of events.

The lower-level timber boardwalk will incorporate water-taxi landing points and berthing points for boats. It will also be an extension of the Event Plaza and provide direct access to the two floating Crystal Pavilions that form part of the Marina Bay Sands Integrated Resort.

This stretch will boast a number of unique design features, including a 300m-long sculptural, tubular stainless steel structure. It includes night lighting, power points and audio speakers, providing an integrated light-and-sound experience, as well as fine spray misters.

The lower-level boardwalk will include a generous expanse of tiered-seating and steps that allow visitors to go right down to the water’s edge, and double up as seats for watching events and activities taking place within the Bay.

At the southern corner of the Bay, the promenade will widen to create a family-oriented public open space, with a series of linear water features, that will include dancing water jets.

The stretch of the waterfront promenade along Marina Boulevard will be a shaded tropical walk with flowering shrubs and shade trees to create a lush and delightful experience.

Continuous Loop

The Marina Boulevard stretch will connect to the stretch along Collyer Quay, which is being constructed as part of the new Fullerton Heritage development.

It will include parts of the historic pier structures at the Former Clifford Pier and Customs Harbour Branch buildings, as well as new decks over the water.

It will connect to the existing promenade at One Fullerton – currently being refurbished with a wider pedestrian walkway, water features and al fresco dining areas – and on to the Merlion Park.

At the other end, the promenade will connect to the new double-helix pedestrian bridge linking visitors from Bayfront to Marina Centre, thus completing an uninterrupted walking route around the Bay.

When completed, the 3.5km waterfront promenade will form part of the longer 11.7km waterfront route around Marina Reservoir, which will link up the Gardens by the Bay, the Marina Barrage and the new Sports Hub.

Source : Straits Times – 16 Sep 2008

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Waterfront promenade at Marina Bay to be completed by end-2009

Posted by luxuryasiahome on September 16, 2008

A new S$35 million waterfront promenade at Marina Bay in central Singapore will be ready by the end of next year.

The Urban Redevelopment Authority has promised that visitors will get a panoramic view of the Bay from any spot on the promenade.

Its key design features a continuous waterfront loop, and along the Bayfront, visitors can expect to see dancing water jets, an eco-friendly Visitor Centre, a Mist Walk and the Double Helix Bridge.

The bridge serves as a pedestrian bridge linking visitors from the Bayfront to Marina Centre, completing an uninterrupted walking route around the Bay.

Visitors can expect to be cooled by large solar-powered fans along the Marina boulevard.

There will also be a 300 metre-long sculptural stainless steel structure creating the Mist Walk. Its futuristic smart design can even monitor the ambient temperature, relative humidity and people movement.

Fun Siew Leng, director of Urban Planning and Design, URA, added: “You can also come on water taxis in future. For example, you can hop on and hop off water taxis that will be operating in the Singapore River. This waterfront promenade (at) Marina Bay will allow everybody to access the Bay itself to be close to the water.”

All the developments in Marina Bay are very accessible and are connected by MRT stations.

For example, if a person is going to the Marina Bay integrated resort, there is an MRT station that is currently being built that will be fully integrated with the development.

In addition, all the developments will be linked via underpasses, so people can walk from one development to another.

Source : Channel NewsAsia – 16 Sep 2008

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China’s August property prices rise 5.3%

Posted by luxuryasiahome on September 16, 2008

China’s urban property prices in August rose 5.3 per cent from a year earlier, down from a rise of 7.0 per cent in July, extending a trend of sagging property inflation that began early this year.

Average property prices across 70 large- and medium-sized cities dropped 0.1 per cent in August compared with July, the National Development and Reform Commission said on its website on Tuesday.

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

Price rises in some cities remain steep, while a couple top cities showed declines.

Average housing prices in Beijing in August were still 8.9 per cent higher than a year earlier. The annual property price rise in Hefei, capital of the Anhui province, was even higher, at 9.7 per cent.

Prices grew the fastest in Haikou, capital of China’s most southern province, at an annual pace of 11.4 per cent.

The southern cities of Shenzhen and Guangzhou were the only cities to experience price declines, of 6.4 per cent and 1.8 per cent, respectively.

Source : Business Times – 16 Sep 2008

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August home sales dive; prices steady

Posted by luxuryasiahome on September 16, 2008

Developers put off launches while buyers wait out Hungry Ghost month

ALES of new homes fell sharply in August as developers held back launches and buyers waited out the slow Hungry Ghost month amid global turmoil.

Some hope: In August, mass market homes continued to fare better. At Hong Realty’s Livia (left), some 32 units were sold at a median price of $659 psf while in the upmarket Ritz-Carlton Residences (below)one unit transacted at above $3,500 psf

The number of new homes sold fell sharply to 320, down 64.3 per cent from the 897 homes sold in July this year. The number of home sales in August 2008 was also down 81.4 per cent from the peak of 1,720 units sold in August 2007 at the height of the property boom.

But interestingly, the number of purchases outstripped the number of units launched by developers for the first time since April. Developers launched just 194 units in August – the lowest number over the past one year. Even in February this year, when just 185 homes were sold, developers rolled out 343 new units.

Expecting lacklustre numbers for the Hungry Ghost month, developers held back their launches, noted one property insider. ‘If more projects had been launched, sales would probably have been better,’ he said.

The Hungry Ghost month, widely deemed to be an unlucky period for homebuying, fell in August this year. However, this taboo has been ignored in past years during property booms.

Developers could also have used the month as an opportunity to hold back launches as they wait for the market sentiment to improve, said Nicholas Mak, director of research and consultancy at Knight Frank.

But most property analysts generally agreed that August’s numbers were not as bad as feared.

‘When you consider that there was a lack of launches and a lack of advertising, the sale numbers were not that bad,’ said DBS Vickers’ property analyst Adrian Chua. ‘I was pleasantly surprised.’

Prices also appear to be holding steady – for now.

‘Surprisingly, prices are still holding up,’ said CIMB analyst Donald Chua. ‘But if volumes continue to be so thin, I wouldn’t be surprised if there are some price cuts.’

Volumes continued to be low, especially in the high-end segment. In August, just three units were transacted at above $3,500 per square foot (psf) – two units from Nassim Park Residences and one from The Ritz-Carlton Residences Singapore Cairnhill. Another five units were sold for between $3,000-$3,500 psf.

Mass market homes continued to fare better. ‘Despite having no new launches in this month, the outside central region (OCR) recorded a total transaction of 89 units,’ pointed out Chua Yang Liang, head of research for South-east Asia at Jones Lang LaSalle.

At Hong Realty’s Livia, for example, some 32 units were sold at a median price of $659 psf. Another 15 units were sold in GuocoLand’s The Quartz at a median price of $725 psf.

Looking ahead, a slight increase in sales volume is anticipated for September. But market watchers should not expect a large pick-up in numbers, analysts warned. ‘The stock market is still getting hammered,’ noted Mr Mak. ‘And it’s the middle of September, but we haven’t seen any major launches yet.’

Developers’ cautious sentiment can be expected to continue into next year.

‘As more bad news unfolds from the western financial institutions, we would expect developers to turn more cautious and perhaps delay launches further until clarity is improved in the first half of 2009,’ said Ku Swee Yong, director of marketing and business development at Savills Singapore.

Echoed Li Hiaw Ho, executive director at CBRE Research: ‘For the rest of the year, the mood of the market is likely to maintain the status quo as the market remains wary of a weakening in the global economic environment.’

Source : Business Times – 16 Sep 2008

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Ghost month pulls down home sales

Posted by luxuryasiahome on September 16, 2008

Some link low sales figure of 320 units to the financial turmoil in US

SALES of new private homes took a big hit in August as the Hungry Ghost month – considered by some an inauspicious time for big decisions – weighed on sentiment already dragged down by global economic uncertainty.

Livia

Property developers sold only 320 units, a third of what they sold in July and the smallest number since April, according to data released by the Urban Redevelopment Authority yesterday. This sharply reversed three months of rising home sales and stemmed partly from the absence of new launches.

But some property consultants said sales beat their expectations as they had predicted an even poorer performance in the Hungry Ghost period. Last month was only the second month this year when units sold outpaced units launched, said DBS Vickers analyst Adrian Chua.

Some projects proved ‘noteworthy successes’ in the month, including boutique condominium Urban Lofts at Rangoon Road, which sold out all 46 units, said Mr Li Hiaw Ho, executive director of CB Richard Ellis Research.

Higher-end projects Martin No. 38, Belle Vue Residences and Reflections at Keppel Bay all sold units at above $2,000 per sq ft (psf), while luxury development Nassim Park Residences sold eight units at a median $3,349 psf – 13 per cent higher than its median price in July.

Kovan Residences

Consultants expect sales to pick up now as more projects come on the market. Already, buyers are understood to have bought about 60 units at Concourse Skyline in Beach Road during the soft launch over the weekend, at prices ranging from $1,500 to $1,800 psf, developer Hong Fok said.

Far East Organization is also understood to have started sales at its Silversea condo in Amber Road, with about 13 units sold since Wednesday at prices averaging $1,500 psf, sources said.

Last month, developers put up just 194 new homes for sale, a fraction of the 1,322 units they released for sale in July and the least since monthly figures were made public last year. No new units were launched in suburban areas, possibly as buyers there are more superstitious, said Dr Chua Yang Liang, head of South-east Asia research at Jones Lang LaSalle.

He expects sales and launches to recover this month and home prices to remain stable, as ‘most developers are releasing in phases to avoid flooding the market’.

But other consultants believe the financial turmoil in the United States continues to take its toll on home buying sentiment here and may put more pressure on home sales and prices in coming months.

Nassim Park Residences

‘It’s convenient to blame the ghosts for the low sales in August, but I think this is more than just the Hungry Ghost effect,’ said Mr Colin Tan, associate director at property consultancy Chesterton International.

‘As more bad news unfolds from the US banks and other Western financial institutions, we would expect developers to turn more cautious and delay launches further, perhaps until the situation becomes clearer in the first half of next year,’ added Mr Ku Swee Yong, director of business development and marketing at Savills Singapore.

He said last month’s figures looked especially bad next to those in June and July because developers had tried to push units out before the Hungry Ghost month, boosting sales in those two months. Developers launched more than 1,000 units in June and July and sold more than 800 each month.

‘Given that there were almost no new launches last month, selling 320 units is already quite good,’ said Mr Ku. He noted that monthly sales in the last 12 months have hovered at about 320 units three times – in December, January and March – dipping below that in February and April.

But Mr Tan had a bleaker view. ‘Sales cannot be zero, but at 320 homes sold I would describe the market as dead, there’s no two ways about it,’ he said.

WHAT’S SPOOKING MARKET?

‘It’s convenient to blame the ghosts for the low sales in August, but I think this is more than just the Hungry Ghost effect.’- Mr Colin Tan, Chesterton International associate director, who believes the financial turmoil in the US has also played a part in dipping property sales here

Source : Straits Times – 16 Sep 2008

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Home supply data available to public

Posted by luxuryasiahome on September 16, 2008

WE REFER to last Tuesday’s report by Ms Fiona Chan, ‘Size up home supply again’, and agree with her about the importance of providing relevant information so that industry players and the public can have a better assessment of the market and make informed decisions.

The Urban Redevelopment Authority (URA) makes available a wide range of data on pipeline supply among other real estate statistics in URA Online (www.ura.gov.sg) and the subscription-based Real Estate Information System (Realis at spring.ura.gov.sg/lad/ore/login/index.cfm ).

In our quarterly press release, we highlight the most relevant indicators of the property market that are useful to the public. Members of the public can access URA Online and Realis for more detailed property market information.

Currently, we publish data on the number of units under construction in our quarterly press release, in addition to information on total pipeline supply. For instance, in the second quarter Real Estate Statistics released in July, it was mentioned that based on declarations made by developers, 29,736 units which were under construction would be completed between the third quarter of 2008 and 2011.

Every quarter, the URA also releases the number of units expected to be completed each year based on developers’ declarations. This data is sufficient for the public to ascertain the supply, as well as changes to the supply, coming on-stream in the next few years. Therefore, it is not necessary to release data on the number of units which have had their scheduled completion pushed back or advanced.

The URA will continue to review our real estate information services regularly and look into ways to better provide relevant information on the property market. We thank the writer for her feedback.

Choy Chan Pong
Director (Land Administration)
Urban Redevelopment Authority

Source : Straits Times – 16 Sep 2008

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Enough hotel rooms for tourists

Posted by luxuryasiahome on September 16, 2008

THE Singapore Tourism Board will work closely with other agencies to ensure enough hotel rooms here in tandem with future tourism growth.

But market forces should determine the type and price of hotel rooms, Senior Minister of State (Trade and Industry) S. Iswaran said yesterday in response to a question.

He assured the House that Singapore remained a competitive travel destination. The average room rate here of $250 is comparable to rates in Hong Kong and Tokyo, and lower than the rates in New York and London.

Nominated MP Gautam Banerjee asked whether room shortages and steeply rising rates had turned away potential tourists and meetings.

He said there should be more three- and four-star hotels as cost is a key factor for visitors from new markets.

But Mr Iswaran said it was for travel industry players and hoteliers to assess the demand for such rooms.

A significant number of hotel sites, with space for more than 5,000 rooms, had been made available, he added.

Three- and four-star hotels have also come up in several locations like the Serangoon Road area where demand for them is concentrated.

Old government buildings can also be used to boost potential supply.

‘The important thing is for the market players to assess where these needs are and to respond to them,’ he said.

Source : Straits Times – 16 Sep 2008

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Bad experience at top hotel

Posted by luxuryasiahome on September 16, 2008

I WAS at the St Regis Hotel last Thursday, waiting with friends at a designated rest area in the hotel lobby. It was not long before a member of the staff came over and politely asked that we leave if we did not have any business at the hotel.

Within a minute, and just as we were contemplating whether to adjourn to the hotel’s in-house lounge, a hotel manager came over and insisted, in a condescending tone, for us to leave. ‘We welcome you to walk out,’ he told us, if we did not have any business in the hotel. We were taken aback by his attitude and choice of words. When we replied that we were considering whether to adjourn to the hotel cafe, he insisted on walking us over to the lounge immediately. We found his attitude snobbish, unprofessional and disdainful.

We adjourned to the hotel lounge, but to a ruder awakening. We were told that only those among us who placed an order could sit in the lounge. Some of my friends had enough at that point and left.

Two questions come to mind: First, is it the hotel’s policy to forbid visitors to sit in the hotel lobby? Second, is it the hotel’s policy to require each person in the lounge to place an order, even if a person has not ordered anything but is among friends who have placed orders?

We may not be guests today but we may very well be so tomorrow. If this is the service standard that we can expect from a top hotel, it makes me wonder how we can excel in this increasingly competitive global hospitality industry.

Ms Maybel Tang (Ms)

Source : Straits Times – 16 Sep 2008

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