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Archive for January 2nd, 2009

URA Q4 private home price index slips 5.7%, HDB resale flat up 1.5%

Posted by luxuryasiahome on January 2, 2009

The official private home price index slipped 5.7 per cent in fourth quarter 2008 over the preceding quarter, following a 2.4 per cent quarter-on-quarter fall in Q3.

For the whole of 2008, the index slipped 4.3 per cent over the preceding year, according to flash estimates released by Urban Redevelopment Authority on Friday.

In the public housing segment, Housing & Development Board’s resale flat price index rose 1.5 per cent in fourth quarter 2008 over the preceding quarter.

This was slower than the 4.2 per cent quarter-on-quarter rise in Q3 2008. For the whole of 2008, the resale flat price index posted a 14.6 per cent gain.

Source : Business Times – 2 Jan 2009

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Private home prices down 5.7% in Q4, HDB resale flat prices still up

Posted by luxuryasiahome on January 2, 2009

Prices of private, non-landed residential properties in Singapore fell 5.7 per cent in the last quarter of 2008.

The quarter-on-quarter drop in private home prices is more than double the 2.4 per cent decrease in the July-September quarter.

Experts said the steep fall is fuelled by deteriorating sentiment. Market players are also matching prices to falling valuations.

Nicholas Mak, consultancy and research, Knight Frank, said: “The individual sellers are being more realistic in their offer price, though there are some segments of sellers who are still resisting, or still hoping to sell at break-even (prices) or at a profit.”

In contrast to the freefall in private home prices, new HDB data on Friday showed HDB resale flats continued to buck the trend, climbing 1.5 per cent in the fourth quarter – following a 4.2 per cent increase in the third quarter.

Experts said this resistance is expected to continue into the downturn.

Eugene Lim, associate director, ERA Asia Pacific, said: “Buyers are coming from people who are upgrading (and) people who are downgrading…also, from the increase in the population of Prs (permanent residents). So the (demand for) HDB resale flats is very strong.”

Observers said they expect flat or slow declines for public housing prices compared to steeper devaluations in the private home sector.

They said this is the trend during times of uncertainty when home buyers opt for the safer option of HDB flats.

Knight Frank estimated that by the end of 2009, private home prices could come down as much as 20 per cent, while HDB flat prices could decline by 5 to 10 per cent.

In a statement released on Friday, the Urban Redevelopment Authority (URA) also reported price changes in three geographical regions for the fourth quarter.

Non-landed private residential property came down by 6.3 per cent in the Core Central Region, while it dipped 5.5% per cent in the rest of the Central area.

In areas outside the Central Region, prices slid by about 4.7 per cent.

Source : Channel NewsAsia – 2 Jan 2009

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Economy range office space for lease

Posted by luxuryasiahome on January 2, 2009

Shaw Tower
Range: 1,000 – 7,770 sq ft
$6.50 psf
Cecil Court
Range: 1,133 – 3,890 sq ft
$6.50 psf
79 Anson Road
Range: 1,647 – 8,000 sq ft
$6.85 psf
Marina House
Range: 1,000 – 20,000 sq ft
$6.00 psf


Prime Centre
Range: 1,200 – 20,000 sq ft
$5.85 psf


Tampines Plaza
Range: 6,000 – 24,000 sq ft
$4.80 psf


All Singapore office rentals quoted are a guide only. Asking rates and availablity are subjected to change.

Email lushhome@gmail.com for more information or assistance.

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Mid range office space for lease

Posted by luxuryasiahome on January 2, 2009

The Gateway
Range: 1,000 – 12,000 sq ft
$8.75 psf
80 Robinson Road
Range: 1,000 – 11,000 sq ft
$9.00 psf
Suntec City
Range: 1,000 – 24,000 sq ft
$9.50 – $10.00 psf
Starhub Centre
Range: 1,270 – 30,000 sq ft
$9.50 psf


Odeon Towers
Range: 1,066 – 5,000 sq ft
$8.00 psf


United Square
Range: 1,087 – 5,000 sq ft
$9.00 psf


All Singapore office rentals quoted are a guide only. Asking rates and availablity are subjected to change.

Email lushhome@gmail.com for more information or assistance.

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Upper-mid range office space for lease

Posted by luxuryasiahome on January 2, 2009

China Square Central
Range: 2,000 – 30,000 sq ft
$11.00 psf
Central
Range: 1,000 – 13,300 sq ft
$10.00 – $11.00 psf
1 Finlayson Green
Range: 3,000 – 12,000 sq ft
$10.50 psf
Raffles City Tower
Range: 1,200 – 10,000 sq ft
$14.00 psf


Prudential Tower
Range: 1,000 – 11,000 sq ft
$12.00 psf


Great Eastern Centre
Range: 2,600 – 13,000 sq ft
$11.50 psf


All Singapore office rentals quoted are a guide only. Asking rates and availablity are subjected to change.

Email lushhome@gmail.com for more information or assistance.

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Premium office space for lease

Posted by luxuryasiahome on January 2, 2009

6 Battery Road
Range: 1,000 – 7,000 sq ft
$17.00 psf
Millennia Tower
Range: 6,000 – 30,000 sq ft
$17.50 psf
Hitachi Tower
Range: 1,000 – 30,000 sq ft
$13.00 psf
OUB Centre
Range: 1,300 – 18,000 sq ft
$14.00 psf


UOB Plaza
Range: 1,400 – 30,000 sq ft
$15.00 psf


Republic Plaza
Range: 2,284 – 16,000 sq ft
$17.00 psf


All Singapore office rentals quoted are a guide only. Asking rates and availablity are subjected to change.

Email lushhome@gmail.com for more information or assistance.

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New office developments for lease

Posted by luxuryasiahome on January 2, 2009

78 Shenton Way – Tower 2
Range: 5,000 – 12,000 sq ft
$10.50 psf
Mapletree Anson
Range: 5,000 – 30,000 sq ft
$9.50 psf
20 Anson Road
Range: 5,000 – 30,000 sq ft
$7.50 psf
71 Robinson Road
Range: 7,500 – 30,000 sq ft
$10.00 psf
2 Havelock Road
Range: 5,000 – 30,000 sq ft
$8.00 psf
Straits Trading Building
Range: 3,500 – 30,000 sq ft
TBC psf

All Singapore office rentals quoted are a guide only. Asking rates and availablity are subjected to change.

Email lushhome@gmail.com for more information or assistance.

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Wee Hur wins $83.18 mln Sengkang project

Posted by luxuryasiahome on January 2, 2009

Wee Hur Holdings Ltd on Friday announced that its subsidiary, Wee Hur Construction Pte Ltd, has been awarded an $83.18 million construction contract.

The contract involves building 420 dwelling units at Sengkang Neighbourhood and contingency works.

Work is expected to start on February 3, 2009 and completed by May 2, 2011.

Source : Business Times – 2 Jan 2009

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Saizen Reit proposes rights-cum-warrants issue

Posted by luxuryasiahome on January 2, 2009

SAIZEN Reit has proposed a renounceable non-underwritten rights issue with free detachable and transferrable warrants in a bid to raise $44.75 million to pay off loans and fund its operations.

The proposed rights issue is for up to 497.2 million new units in the trust at an issue price of nine cents each, on the basis of 11 rights units for every 10 units held, according to Saizen Reit manager Japan Residential Assets Manager (JRAM).

The free detachable and transferrable three-year warrant that comes with every rights share can be exercised at the same price. This means Saizen Reit will receive an additional $44.75 million if all 497.2 million warrants are exercised. In a regulatory filing on Wednesday, JRAM said that the rights issue price of nine cents represents a discount of 30.8 per cent to Saizen Reit’s last-traded price of 13 cents on Wednesday.

The company plans to use the proceeds from the rights-cum-warrants issue to repay loans and for ‘general operational purposes’.

‘While operations of Saizen Reit have been stable, reflecting the underlying strength and resilience of its residential portfolio, lenders generally favour lower leverage under the current credit environment,’ said Chang Sean Pey, chief executive officer of the manager.

Saizen Reit has 5.28 billion yen (S$82.8 million) in loans due in April this year, but said that it has sufficient cash to repay the amount. However, the trust has another 13.4 billion yen in loans that are set to mature in November and December.

Nine sets of shareholders have given irrevocable undertakings to subscribe for their respective rights-cum-warrants entitlements and mop up any rights shares that remain unsubscribed.

These include Argyle Street Management, which owns 11.5 per cent of Saizen Reit, and JRAM directors Arnold Ip, Chang Sean Pey, Raymond Wong and Yeh V-Nee. Non-shareholders Amherst Holdings Equal Chances have made similar commitments.

The rights-cum-warrants issue is subject to approval by the Securities Industry Council and the Singapore Exchange.

Source : Business Times – 2 Jan 2009

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Angry buyers clash with developer Wing Tai over alleged defects

Posted by luxuryasiahome on January 2, 2009

AN UGLY spat that has already resulted in a police report lodged against a homeowner is brewing between listed property giant Wing Tai and some foreign investors of its three-year-old luxury condo near Orchard Road.

The development, which briefly set a record price of more than $2,000 per square foot when it was launched, has more than 130 units in all.

At least 15 unit owners most of them foreigners who were buying their first Singapore properties have come forward with a series of complaints claiming that poor workmanship has led to problems including cracked parquet flooring, chipped marble tiles, watermarks on walls and shattered glass panels on the balconies.

Some of these owners spoke to Today on condition of anonymity. They said they did not even want their condo to be named, for fear that it would drive down resale values.

The complainants said that the average cost of a two-bedroom unit had been more than $2 million; one investor had bought six such units for a total of $15 million, and one couple paid $7 million for a single four-bedroom apartment.

The latest incident on Monday morning which happened as contractors were called in to rectify problems after similar incidents saw a glass panel fall more than nine storeys from an unoccupied unit on to the swimming pool area. The impact shattered the panel and flung broken glass shards into the pool and as far as 20 metres away. No one was hurt.

According to residents, it is the fifth time a glass panel on a balcony had either shattered or fallen from a height.

When contacted, spokesman Clement Augustine from the property developer Winworth Investment a subsidiary of Wing Tai Land said the company takes a “serious view on safety on all our developments”.

Mr Augustine added that the glass panels used had met all industrial safety standards. In addition, each panel had been laminated with safety film to prevent them from shattering.

Winworth has lodged a police report over the latest incident, with Mr Augustine suggesting that the glass panel could have been tampered with.

Mr Augustine said that the owner of the affected unit had refused entry to Winworth’s representatives to investigate the latest incident. “From the pieces recovered (on the ground), we noticed that the safety film was broken. We cannot rule out the possibility that there may be wilful damage to the glass,” Mr Augustine said.

In response, the unit owner brushed off the fact that a police report has been lodged against him. He told TODAY that the condo’s management council – made up of some of the homeowners – that decided to ask an independent surveyor to assess the damage in his unit before the developer was allowed access.

The owner said he had told Winworth’s representatives they could enter his unit the next day. “It’s like when you have a car accident, you let the police do its investigation first, then you call the insurance before you go and repair the car,” he said.

The face-off was a development in a saga – already involving a lengthy exchange of emails and letters – simmering in the quiet and exclusive neighbourhood.

Disputing Winworth’s assertion that the defects were due to “wear and tear”, a handful of frustrated homeowners claimed they had spent thousands of dollars out of their own pocket on interior repair works.

One resident described the situation as “frustrating and insulting”. She said: “Most of the people living here are CEOs or managing directors. They can easily afford the repairs. The issue is having to take time off from running their companies to stay at home and supervise the repair and enhancement works.”

Conceding that some unit owners may not have inspected the apartments thoroughly before buying, she added: “When you pay that sort of money, you would assume the unit would be of the highest quality or at least a minimum standard. You don’t go into a Gucci or Hermes shop and check on every stitch in the bag that you have just bought.”

Mr Augustine said that the development had been granted its TOP (temporary occupation permit) in mid-2005. He denied that there had been shoddy workmanship and said that in any case defects which had been highlighted within the one-year liability period “have long since been addressed”.

Homeowners should channel their current grouses to the condo’s management corporation, which is responsible for its maintenance, he said.

The condo is now managed by Knight Frank Estate Management, which residents say took over at the beginning of last month from PSF.

Mr Augustine insisted that the units had been handed over their buyers only after each buyer had been given the opportunity of inspecting their homes and declaring themselves satisfied with the quality.

Even so, the developer had provided complimentary repair service for “genuine” complaints, Mr Augustine said.

He said: “There remain isolated incidences where a few owners may not have carried out diligent maintenance works, or have suffered willful damage to property, or whose property is the subject of wear-and-tear. Obviously, we are unable to address these matters because these owners should be responsible for their own repairs.”

Source : Today – 2 Jan 2009

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