Lushhomemedia

Archive for September 17th, 2008

The Peak @ Balmeg

Posted by luxuryasiahome on September 17, 2008

The Peak @ Balmeg (formerly known as Balmeg Court) is located in an area consisting primarily of landed properties, townhouses and low-rise apartments on the west coast of Singapore. The site is favourably situated on Balmeg Hill off Pasir Panjang Road, and is characterised by an exclusive and tranquil setting with sea views even from the ground level.

The area is popular with both locals and expatriates as it is well-known for several boutique eateries and shops, as well as food centres. It is also near centres of learning, including the National University of Singapore and the National Community Leadership Institute. The historic Kent Ridge Park adds to the greenery and ambience of the locale.

The site is easily accessible via the West Coast Highway and the AYE. Furthermore, the new underground MRT Circle Line will run through the area and it is anticipated that the proposed West Coast Station will be sited within a stone’s throw to the site. At over 183,900 sq ft, this freehold site is slated for redevelopment into approximately 200 units in a 5-storey condominium.

Location : 5/ 7/ 9/ 11/ 15/ 17 Balmeg Hill (Former Balmeg Court Site – Beside Haw Par Villa)
Tenure : Freehold
Description : 9 Blocks of 5-storey Condominium with Attic, Basement Carpark, Swimming Pool & Communal Facilities
Expected Completion : 2012
Total Units : 180
Unit Types : 2 bdrm / 3bdrm / 4 bdrm / 5 bedrm attic penthouse

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

Posted in For Sale, General, New Launches | Tagged: , , , , , | 1 Comment »

OUE mulls property trust

Posted by luxuryasiahome on September 17, 2008

Overseas Union Enterprise (OUE) on Wednesday said that it is exploring setting up a listed property trust, into which it will inject ‘certain of its hospitality properties’.

Professional advisers have been appointed to assist the company in this matter, OUE said in a filing to the Singapore Exchange.

In Singapore, OUE owns Meritus Mandarin Singapore and Marina Mandarin Singapore. It also has a beach resort and spa in Malaysia and three hospitality assets in China.

However, there is no certainty that a listed property trust will eventually be established, or that any transaction relating to or involving the company or its subsidiaries will be entered into as a result, OUE said.

‘Accordingly, shareholders should bear the foregoing in mind when dealing in the shares of the company,’ OUE said.

In the event that it does enter into any definitive transaction relating to the listed property trust, it will promptly issue the necessary announcement, the company said.

Source : Business Times – 17 Sep 2008

Posted in General, Hotel | Tagged: , , | Leave a Comment »

CMT’s CEO resigns

Posted by luxuryasiahome on September 17, 2008

CapitaMall Trust (CMT) has announced the resignation of Pua Seck Guan as CEO, director and member of the executive committee of CapitaMall Trust Management Ltd, the manager of CMT.

Mr Pua resigned to ‘pursue his personal interests’ it said.

With effect from Nov 1, Lim Beng Chee will assume Mr Pua’s duties.

Mr Lim is currently the CEO of CapitaRetail China Trust Management Limited. He will relinquish this position on 1 October.

He is also presently the deputy CEO of CapitaLand Retail Ltd and will be appointed its CEO with effect from Nov 1 in succession to Mr Pua.

Source : Business Times – 17 Sep 2008

Posted in General, REITS | Tagged: , , , , | Leave a Comment »

HDB to build more new flats, rental units to meet rising demand

Posted by luxuryasiahome on September 17, 2008

Singapore’s Housing & Development Board (HDB) said it is offering 8,400 new flats this year, which is 40 per cent higher than the 6,000 units offered in 2007.

Of these, 5,000 flats have already been launched, with a good part of them sited in Punggol, which is earmarked as a waterfront town.

Plans are also in the pipeline to address the issue of rising construction costs and high demand for public rental flats.

The supply boost is a boon but market players said the new flats may not be ready in time for those who need housing in the coming year.

Real estate agency PropNex expects the strong demand for resale flats to persist.

It is also projecting resale prices to climb 5 per cent in the next 6 months.

The agency noted that the prices of new HDB flats have crept up as well, even though they are still below market rate.

PropNex’s CEO Mohd Ismail said: “It used to be much lower but because of construction cost(s), the gap has very much narrowed. Today, a brand new (HDB unit) versus a resale (unit), we are talking about less than 20 per cent.”

Observers said construction costs have nearly doubled in the past two years. And it’s showing on HDB’s books.

The HDB recorded a deficit of S$1,081 million in the 2007/08 Financial Year excluding the government grant. That is S$341 million more than the previous year.

The net surplus after government grant of S$1.248 billion was S$167 million.

HDB said it was due to the stepping up of its building and upgrading programmes.

And there are measures to keep costs down.

“We have a crop of building contractors who have been providing very good services to us at reasonable prices. We are also able to do bulk contract, (which is) buying in bulk, that helps us lower building material cost(s),” said Tay Kim Poh, HDB’s CEO.

More HDB owners also sublet their flats last year since subletting rules were relaxed. As of August 2008, 21,000 flats were rented out, compared to 13,200 in March last year.

Property agents said one of the challenges for HDB is in providing enough housing for needy families. To that end, the HDB will be building 2,000 new rental flats in various parts of Singapore next year.

Guidelines will also be reviewed by year-end to make sure the rental flats go to people who need them most.

HDB said it will continue with ongoing efforts to rejuvenate public housing estates. It is also studying wider application of environmentally-friendly technologies for HDB flats.

Source : Channel NewsAsia – 17 Sep 2008

Posted in General, HDB News | Tagged: , , , | Leave a Comment »

Condos to have recycling facilities

Posted by luxuryasiahome on September 17, 2008

RESIDENTS of condominiums and private apartments can look forward to recycling facilities in their compound.

That follows a new law passed yesterday giving the Director-General of Public Health powers to require owners or occupiers of any premises to provide recycling facilities, such as bins or bags, on their grounds.

The change to the Environment Public Health Act will come into effect on Nov 1.

Dr Yaacob Ibrahim, Minister for the Environment and Water Resources, said it covers only condominiums and private apartments.

It is necessary because only 38 per cent of the 150,000 households in condominiums and private apartments islandwide now have access to recycling facilities on their estate grounds.

In comparison, residents in HDB flats and landed private properties, comprising 87 per cent of households here, have easy access to recycling facilities, including centralised recycling bins.

One key reason is that condominiums and private apartments, as strata-titled properties, are free to appoint their own waste collectors and decide if these collectors are to provide recycling services.

Despite efforts by the National Environment Agency (NEA) since 2002 to encourage management councils and managing agents to set up recycling facilities, the take-up rate has been low.

But many residents in these properties want recycling facilities on site.

Dr Yaacob pointed out that an increasing number of them have approached the NEA for such facilities.

The Government’s target, under the Singapore Green Plan 2012, is to raise the recycling rate from the current 54 per cent to 60 per cent by 2012.

The NEA will notify condominiums and private apartments about the new requirements, starting with those that have more than 50 units. Upon being told, they will have six months to comply.

Offenders, if convicted, will face a fine of not more than $5,000, which may be compounded.

Dr Muhammad Faishal Ibrahim (Marine Parade GRC), assistant professor at National University of Singapore’s Department of Real Estate, supported the amendment, saying it was a right step in Singapore’s development as a first-world society.

He said: ‘It will ensure that creating a green and sustainable environment will be inculcated as part of our lifestyle.’

Source : Straits Times – 17 Sep 2008

Posted in General, Govt Policy | Tagged: , , | Leave a Comment »

Please uphold URA guideline

Posted by luxuryasiahome on September 17, 2008

URBAN Redevelopment Authority (URA) made a very good decision to require bay windows and planter boxes to be included in gross floor area (GFA) calculations. I read with dismay ‘Developers appeal to Govt over bay window ruling’ on Sept 13 that property developers are in talks with Government to reverse this. I hope that URA’s decision will be upheld.

The previous ruling allowed developers to sell more space in the form of bay windows or planter boxes without ‘eating’ into GFA calculations. This made it very profitable to include such features as it maximised saleable space.

Bay windows are an environmentally unfriendly feature for a tropical country like Singapore. Having windows protruding out of building facades allows direct sunlight in, which heats up interiors. High levels of air conditioning would then be needed.

Keeping the previous ruling will result in more and more buildings with bay windows. This runs contrary to Singapore’s aspiration to be a leader in sustainable living and development. Architecturally, it is also quite an eyesore.

It is understandable that property developers would want to appeal against this decision as it affects their profitability. However, this cannot be at the expense of damaging Singapore’s reputation as a green city.

Richard Sui

Source : Straits Times – 17 Sep 2008

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

Exec condo site released for sale in Punggol

Posted by luxuryasiahome on September 17, 2008

A NEW executive condominium (EC) site in Punggol has been released for sale by the Housing Board.

A development of about 16 storeys and with about 600 apartments can be built on the plot at the junction of Punggol Field and Punggol Road, HDB said.

The 99-year leasehold site is 242,159 sq ft in size and has a potential gross floor area of 726,477 sq ft.

Property consultants expect lukewarm response from developers despite the site’s attractive location near the Punggol MRT Station, Cove LRT Station and the future Punggol Town Centre.

The recent financial catastrophes in the United States might further dampen sentiment in the Singapore housing market, said Mr Nicholas Mak, director of research and consultancy at Knight Frank, who predicts fewer than five bids.

Mr Mak thinks the site can fetch $73 million to $87 million, or $100 to $120 per sq ft (psf) of gross floor area. Finished units could be launched at $500 to $550 psf, based on recent home sales in the area.

This is the fourth EC site the Government has put on the market this year and the only one that is being released under the confirmed list.

This means it is going on sale regardless of buyer interest.

The other three sites made available this year – in Jurong West Street 42, Yishun Avenue 11 and Sengkang East Avenue – were put on the reserve list, so they will be launched for sale only if developers agree to bid a minimum sum.

So far, no interest has been expressed in these three EC sites.

HDB last year tried to make ECs more attractive to potential home buyers by relaxing the rules for applications.

Ninety per cent of the units in a new EC will be set aside for first-timers during the first month of sales. First-time buyers are eligible if they have household incomes of up to $10,000.

The tender for the Punggol site will close on Nov 11.

Source : Straits Times – 17 Sep 2008

Posted in General, HDB News, Land Sales | Tagged: , , , , | Leave a Comment »

Marina Bay all set to sparkle

Posted by luxuryasiahome on September 17, 2008

Plans for two promenades unveiled which will complete waterfront loop, linking bay attractions

PLANS for the last two links of the Marina Bay chain have been laid down, completing a 3.5km waterfront loop joining up the necklace of attractions in the bay area.

They are:

~ An 800m water-misted stretch along Bayfront, adjacent to Bayfront Avenue.
~ A 400m shady walk through pavilions under large solar-powered fans along Marina Boulevard.

The links were announced by the Urban Redevelopment Authority (URA) yesterday.

The uninterrupted waterfront promenade designed by Australian architects Cox Group in collaboration with local firm Architects 61, will cost $35 million to build.

When ready around the end of next year, visitors will be able to walk a loop linking the Merlion Park, Esplanade Theatres, the ArtScience museum and integrated resort (IR), Marina Bay Financial Centre and The Fullerton Heritage.

Ultimately, the plan is to create a vibrant waterfront area, drawing visitors to shop, eat, play or simply take in the view of the bay from any spot on the promenade.

The Bayfront stretch will be a two-tier promenade with a granite-paved upper-level and a lower-level timber boardwalk to allow visitors to go right down to the water’s edge.

The main attraction is a 300m-long stainless steel tube-like structure, which can be as high as 10m, equipped with audio speakers, night-lighting and spray misters to bring temperatures down a notch.

The promenade will widen at the southern corner of the Bay into an open space with water features such as dancing water jets. Next to that will be a visitor centre showing developments in the area, a cafe and an information booth.

The lively, pumping ambience of the Bayfront stretch will give way to a shadier, more tranquil gander along Marina Boulevard.

There, visitors can rest their feet and sit on the seawall among flowering shrubs and shady trees, and be cooled by solar-powered fans.

The announcement for the final two links has come 18 months after URA unveiled its plans for the first, a double-helix bridge linking the IR site with the Singapore Flyer ferris wheel. The Flyer opened officially in March, and the bridge will be up around the end of next year.

Said URA’s chief planner Koh-Lim Wen Gin: ‘These constructions help us to take full advantage of the waterfront. It allows people to enjoy this reservoir in the heart of our city and allows lots of events to take place next to and on the water.’

The URA is now calling for tenders for the promenades’ construction.

The Marina Bay loop will be part of a longer 11.7km waterfront route around the Marina Reservoir, linking the Gardens by the Bay, the Marina Barrage and the new Sports Hub. These are in the midst of construction.

The designer, renowned Australian architect Philip Cox, hailed the Marina Bay area as the ‘new focus of the city’ and a way for Singapore to become ‘the most successful maritime city in the world’.

He said: ‘Every part of Singapore offers a different experience. This one will lead to a refocus, a shift of the centre of the city to this area and away from Orchard Road.’

WATERFRONT LIFESTYLE

‘These constructions help us to take full advantage of the waterfront. It allows people to enjoy this reservoir in the heart of our city and allows lots of events to take place next to and on the water.’ – URA chief planner Koh-Lim Wen Gin

Source : Straits Times – 17 Sep 2008

Posted in General, Marina Bay / CBD | Tagged: , , , , , , , , , , , | Leave a Comment »