ORCHARD Road is set for a $40 million facelift that will include state-of-the-art lighting, additional spaces for arts and cultural events and a more engaging pedestrian mall, in a bid to attract more local and foreign visitors.
The rejuvenation plans, which was initially outlined in 2005, were rolled out yesterday by the Singapore Tourism Board (STB), ahead of a tender for the main mall enhancement construction work. The tender will be called early next month.
Orchard Road already attracts more than seven million foreign visitors each year and the STB is confident that the makeover will push up the number of visitors. ‘Amid a rapidly changing global landscape, Orchard Road needs to go one notch up in order to boost its standing as Singapore’s prime shopping and lifestyle hub,’ said Margaret Teo, assistant chief executive (Leisure) for the STB.
The Orchard Road enhancements are the collective work of the STB, the National Parks, Land Transport Authority (LTA) and the Urban Redevelopment Authority (URA), which worked with Cox Group (Australia) to create the designs and plans. The Orchard Road Business Association and several stakeholders of Orchard Road were also consulted.
Three zones have been identified - Tanglin, Orchard and Somerset - which will feature flower, forest and fruit themes respectively. All three zones will boast enhanced road and pedestrian mall lighting to emphasise the trees and foliage. In addition, multi-functional lampposts and street furniture such as granite benches, stainless steel-clad waste bins and bollards will be installed.
A short stretch of the pedestrian mall outside ION Orchard and Wisma Atria will be widened through a one-lane reduction. ‘The section of Orchard Road before the Scotts Road junction has only three lanes of traffic moving forward into a four lane road segment.
‘This does show capacity for smooth traffic movement. Likewise, there is a two-lane right-turn movement from Paterson Road into Orchard Road. A two-lane right-turn movement into a four-lane road will not lead to unnecessary delays.
‘From a lane-balancing concept, the suggested lane reduction can be supported,’ said Mr Chandrasekar, director of community partnerships for the LTA.
Preliminary work to divert underground cables and telecommunication lines began last month, but work on the pedestrian malls will kick off after Chinese New Year next year. The work is expected to be completed by April 2009.
Source : Business Times - 30 Oct 2007
Showing posts with label Orchard Residences. Show all posts
Showing posts with label Orchard Residences. Show all posts
Wednesday, October 31, 2007
Friday, June 29, 2007
The landlords are laughing but their tenants in Orchard most likely are not.
The landlords are laughing but their tenants in Orchard most likely are not.
Rents in the shopping belt are inches away from the peaks of 1996, the year before a financial crisis shocked the region.
According to a report issued yesterday by CB Richard Ellis (CBRE), this year’s second quarter saw prime Orchard Road rents average $34.40 per square foot (psf) per month, veering close to the levels of $35.10 psf per month about 11 years ago.
“The tides have turned in recent years with the strong rebound of the Singapore economy. Efforts to rejuvenate Orchard Road with a lot more vibrancy are beginning to pay off,” said CBRE’s executive director for retail services Mavis Seow. Malls have become more attractive, as boutiques have been retrofitted while new brands have joined the fashion scene, she explained.
Unfortunately, shop owners are also starting to see red over higher rents. Ms Seow acknowledged she had heard complaints “every now and then”. But the hikes are “not a sharp rise. It’s a gradual increase”.
Back when Orchard Road prime retail rents hit rock bottom in 1998 at $23.40 psf per month, shops were not smiling, either. They were struggling to make ends meet during the initial years after 1997.
Looking ahead, Ms Seow expects prime Orchard retail rentals to grow by 4 to 7 per cent for the full year. This is faster than it did last year, when the pace was between 3 and 6 per cent, she said.
Meanwhile, some firms are feeling the heat of rising rents — especially downtown.
Banking giant HSBC has been moving parts of its operations out of Atrium@Orchard into Eunos and Alexandra premises, insiders told Today. A source said the bank was moving out because rents in Alexandra, reportedly drawing a growing number of financial institutions, are about a third cheaper than at its current office at Atrium.
But the Atrium space is unlikely to stay vacant for long, as other big-name banks are said to have their eye on it.
Source: Today, 29 June 2007
Rents in the shopping belt are inches away from the peaks of 1996, the year before a financial crisis shocked the region.
According to a report issued yesterday by CB Richard Ellis (CBRE), this year’s second quarter saw prime Orchard Road rents average $34.40 per square foot (psf) per month, veering close to the levels of $35.10 psf per month about 11 years ago.
“The tides have turned in recent years with the strong rebound of the Singapore economy. Efforts to rejuvenate Orchard Road with a lot more vibrancy are beginning to pay off,” said CBRE’s executive director for retail services Mavis Seow. Malls have become more attractive, as boutiques have been retrofitted while new brands have joined the fashion scene, she explained.
Unfortunately, shop owners are also starting to see red over higher rents. Ms Seow acknowledged she had heard complaints “every now and then”. But the hikes are “not a sharp rise. It’s a gradual increase”.
Back when Orchard Road prime retail rents hit rock bottom in 1998 at $23.40 psf per month, shops were not smiling, either. They were struggling to make ends meet during the initial years after 1997.
Looking ahead, Ms Seow expects prime Orchard retail rentals to grow by 4 to 7 per cent for the full year. This is faster than it did last year, when the pace was between 3 and 6 per cent, she said.
Meanwhile, some firms are feeling the heat of rising rents — especially downtown.
Banking giant HSBC has been moving parts of its operations out of Atrium@Orchard into Eunos and Alexandra premises, insiders told Today. A source said the bank was moving out because rents in Alexandra, reportedly drawing a growing number of financial institutions, are about a third cheaper than at its current office at Atrium.
But the Atrium space is unlikely to stay vacant for long, as other big-name banks are said to have their eye on it.
Source: Today, 29 June 2007
Rents of malls along Orchard Road are almost back to their pre-Asian financial crisis levels, according to a new study by CB Richard Ellis (CBRE).
Rents of malls along Orchard Road are almost back to their pre-Asian financial crisis levels, according to a new study by CB Richard Ellis (CBRE).
It showed that retail rents in Singapore’s prime shopping district hit an average of $34.40 per sq ft (psf) per month in the April-to-June period.
This is just 2 per cent shy of the property market peak in 1996, when retail rents in Orchard Road reached a monthly average of $35.10 psf, said Ms Mavis Seow, executive director of retail services at CBRE.
Rents in Orchard Road have been rising because of a renewed focus on the area.
A state-initiated rejuvenation has led to a flurry of building development and refurbishment activities along the shopping corridor.
Interest in the Singapore retail scene has also grown, as the economy strengthens and retailers bring in new foreign brands, said Ms Seow.
‘The second quarter of this year saw more new brands from Europe, the United States and Australia setting up shop here,’ she said.
‘Home-grown retailers are also rebranding, with department stores such as Robinsons expanding their fashion range.’
For the whole of this year, Ms Seow expects Orchard Road mall rents to rise between 4 per cent and 7 per cent. This would take them to a 10-year high, surpassing 1996 levels, she added.
The City Hall and Marina Centre belt, another major shopping area, is also benefiting from the upturn.
With several malls in the area being revamped, such as Raffles City and Suntec City, higher rentals for these spaces have pushed up average prime rents.
They rose to $25.90 psf per month - 4.4 per cent higher than a year ago, said CBRE.
Source: The Straits Times, 29 June 2007
It showed that retail rents in Singapore’s prime shopping district hit an average of $34.40 per sq ft (psf) per month in the April-to-June period.
This is just 2 per cent shy of the property market peak in 1996, when retail rents in Orchard Road reached a monthly average of $35.10 psf, said Ms Mavis Seow, executive director of retail services at CBRE.
Rents in Orchard Road have been rising because of a renewed focus on the area.
A state-initiated rejuvenation has led to a flurry of building development and refurbishment activities along the shopping corridor.
Interest in the Singapore retail scene has also grown, as the economy strengthens and retailers bring in new foreign brands, said Ms Seow.
‘The second quarter of this year saw more new brands from Europe, the United States and Australia setting up shop here,’ she said.
‘Home-grown retailers are also rebranding, with department stores such as Robinsons expanding their fashion range.’
For the whole of this year, Ms Seow expects Orchard Road mall rents to rise between 4 per cent and 7 per cent. This would take them to a 10-year high, surpassing 1996 levels, she added.
The City Hall and Marina Centre belt, another major shopping area, is also benefiting from the upturn.
With several malls in the area being revamped, such as Raffles City and Suntec City, higher rentals for these spaces have pushed up average prime rents.
They rose to $25.90 psf per month - 4.4 per cent higher than a year ago, said CBRE.
Source: The Straits Times, 29 June 2007
Saturday, April 28, 2007
Property subsale activity higher than estimated
oThe subsale market of the private residential sector - often seen as reflecting speculative activity - has been more active than previously thought, the latest official data show.
Subsales accounted for 6.4 per cent of total private housing deals on the island in the final three months of last year, one percentage point higher than estimated figures released by the Urban Redevelopment Authority in January.
In the sizzling high-end sector as reflected in URA’s core central region - which includes districts 9, 10, 11, Downtown Core (including Marina Bay) and Sentosa - the Q4 2006 subsale share of total private housing transactions was 12.1 per cent, instead of the 9.7 per cent in the earlier figures.
The private housing market in the core central region is still buoyant, with developers chalking up a big increase in sales in this location in the first three months of this year. The region continued to record the biggest price gains.
The Q1 price index for all non-landed homes in this region was up 5.5 per cent from the final three months of last year. The highest increases - of 7.3 per cent - were for uncompleted homes, compared with 3.1 per cent for completed ones.
Prices of all non-landed homes (covering both completed and uncompleted projects) in the rest of the central region - which includes places like Bukit Merah, Geylang and Toa Payoh - rose 3.7 per cent in the first quarter.
Outside the central region, which covers typical suburban mass market locations such as Woodlands, Clementi, Jurong, Hougang, Tampines and Bedok, the increase was 2 per cent.
URA’s overall private home price index posted a 4.8 per cent rise in the first three months of this year.
The leasing market also sparkled, with the rental index for non-landed homes increasing 8.1 per cent in Q1 this year over the previous quarter, higher than the 5.8 per cent gain in Q4 2006. Rents are expected to continue rising as supply shrinks because of collective-sale sites being redeveloped, says CB Richard Ellis executive director Li Hiaw Ho.
Yesterday’s figures show that developers launched 2,259 uncompleted homes in the core central region in Q1, which was 59 per cent more than in the preceding quarter and more than eight times the 265 units released in Q1 last year.
But there appears to be no glut, as developers also managed to sell 2,055 homes in this region, almost as many as they launched in the period, although some of the sales could have involved projects launched earlier.
The figure of 2,055 for uncompleted homes in the core central region sold by developers between January and March is 17 per cent up on the previous quarter and over five times the 385 homes they sold in this area in Q1 2006.
For the whole of Singapore, developers sold 4,565 uncompleted homes in Q1 2007, nearly 10 per cent up on the previous quarter - and a new quarterly record.
URA’s latest numbers show that there were 581 subsale deals in Q4 last year and 1,156 for the whole of last year, an increase from the 426 and 989 respectively in the estimated figures.
For Q1 this year, there were also 581 subsale deals according to yesterday’s data, but market watchers expect URA to revise upwards this figure next quarter as more caveats are lodged.
The URA has said that statistics on secondary market transactions (comprising subsales and resales) will be updated each quarter as more caveats are lodged.
Subsales involve projects that have yet to receive a Certificate of Statutory Completion, while resales cover completed developments.
The URA captures primary market or developers’ sales from returns of a comprehensive quarterly survey of licensed developers. These showed that four units at the 428-unit Marina Bay Residences were unsold as at March 31, and at The Orchard Residences, just eight of the 98 units released in the 175-unit condo were unsold by that date. Over at the 341-unit One Shenton project, 91 units were unsold as at March 31. But that was almost a month ago, and City Developments, the developer of One Shenton, said yesterday that it has ‘about 50 units (excluding the 11 penthouses) available for sale to-date’.
Colliers International predicts that the overall private home price index could grow 17 to 20 per cent for the whole of this year, with the biggest gain of 20-25 per cent coming from the core central region, followed by the rest of the central region (15 to 18 per cent) and outside central region (12 to 15 per cent).
Source: The Business Times, 28 April 2007
Subsales accounted for 6.4 per cent of total private housing deals on the island in the final three months of last year, one percentage point higher than estimated figures released by the Urban Redevelopment Authority in January.
In the sizzling high-end sector as reflected in URA’s core central region - which includes districts 9, 10, 11, Downtown Core (including Marina Bay) and Sentosa - the Q4 2006 subsale share of total private housing transactions was 12.1 per cent, instead of the 9.7 per cent in the earlier figures.
The private housing market in the core central region is still buoyant, with developers chalking up a big increase in sales in this location in the first three months of this year. The region continued to record the biggest price gains.
The Q1 price index for all non-landed homes in this region was up 5.5 per cent from the final three months of last year. The highest increases - of 7.3 per cent - were for uncompleted homes, compared with 3.1 per cent for completed ones.
Prices of all non-landed homes (covering both completed and uncompleted projects) in the rest of the central region - which includes places like Bukit Merah, Geylang and Toa Payoh - rose 3.7 per cent in the first quarter.
Outside the central region, which covers typical suburban mass market locations such as Woodlands, Clementi, Jurong, Hougang, Tampines and Bedok, the increase was 2 per cent.
URA’s overall private home price index posted a 4.8 per cent rise in the first three months of this year.
The leasing market also sparkled, with the rental index for non-landed homes increasing 8.1 per cent in Q1 this year over the previous quarter, higher than the 5.8 per cent gain in Q4 2006. Rents are expected to continue rising as supply shrinks because of collective-sale sites being redeveloped, says CB Richard Ellis executive director Li Hiaw Ho.
Yesterday’s figures show that developers launched 2,259 uncompleted homes in the core central region in Q1, which was 59 per cent more than in the preceding quarter and more than eight times the 265 units released in Q1 last year.
But there appears to be no glut, as developers also managed to sell 2,055 homes in this region, almost as many as they launched in the period, although some of the sales could have involved projects launched earlier.
The figure of 2,055 for uncompleted homes in the core central region sold by developers between January and March is 17 per cent up on the previous quarter and over five times the 385 homes they sold in this area in Q1 2006.
For the whole of Singapore, developers sold 4,565 uncompleted homes in Q1 2007, nearly 10 per cent up on the previous quarter - and a new quarterly record.
URA’s latest numbers show that there were 581 subsale deals in Q4 last year and 1,156 for the whole of last year, an increase from the 426 and 989 respectively in the estimated figures.
For Q1 this year, there were also 581 subsale deals according to yesterday’s data, but market watchers expect URA to revise upwards this figure next quarter as more caveats are lodged.
The URA has said that statistics on secondary market transactions (comprising subsales and resales) will be updated each quarter as more caveats are lodged.
Subsales involve projects that have yet to receive a Certificate of Statutory Completion, while resales cover completed developments.
The URA captures primary market or developers’ sales from returns of a comprehensive quarterly survey of licensed developers. These showed that four units at the 428-unit Marina Bay Residences were unsold as at March 31, and at The Orchard Residences, just eight of the 98 units released in the 175-unit condo were unsold by that date. Over at the 341-unit One Shenton project, 91 units were unsold as at March 31. But that was almost a month ago, and City Developments, the developer of One Shenton, said yesterday that it has ‘about 50 units (excluding the 11 penthouses) available for sale to-date’.
Colliers International predicts that the overall private home price index could grow 17 to 20 per cent for the whole of this year, with the biggest gain of 20-25 per cent coming from the core central region, followed by the rest of the central region (15 to 18 per cent) and outside central region (12 to 15 per cent).
Source: The Business Times, 28 April 2007
Eyeing a view of Orchard Road
The Leonie Hill area looks set for major changes. Two properties in the area are looking to go en bloc.
On Monday, CB Richard Ellis launched an Expression of Interest (EOI) to find a developer for Grangeford Apartments along Grange Road.
A day later, Knight Frank put up the nearby Rivershire for sale, also by EOI.
Under the Master Plan 2003, any project in the Leonie Hill area is subject to a 36-storey limit.
For Grangeford Apartments, the existing built-up gross floor area is an estimated 34,882 sq m, reflecting a plot ratio of 2.87. The guide price of $660 million works out to around $2,016 per sq ft per plot ratio, that is inclusive of an estimated Differential Premium of $97.8 million to top up the lease to 99 years. The current 99-year lease dates back to 1974.
There will be no development charge payable to add the extra 10 per cent of gross floor area allowed for the balconies as the development charge baseline is at 50,904 sq m, equivalent to a plot ratio of approximately 4.18.
The 26-year-old Grangeford Apartments consists of 96 two-bedroom apartments, 96 three-bedroom apartments and a shop unit.
Using the above-mentioned guide price, owners of the 1,173 sq ft two-bedroom units will receive $3 million, while those in the 1,755 sq ft three-bedroom units will receive $3.8 million. The shop unit will receive $3.1 million.
In February, a three-bedroom unit in the development fetched $1.8 million. This equates to a collective sale premium of 111 per cent.
“A full-scale condominium would sit perfectly on the site given its excellent layout and prime location,” said Mr Jeremy Lake, executive director of investment properties at CB Richard Ellis.
A new development comprising around 188 units averaging 2,000 sq ft can be built on the site. The estimated break-even costs for a new development is around $2,600 to $2,650 per sq ft.
As for Rivershire, the single block of 74 apartments sits on approximately 56,396 sq ft of freehold land along Leonie Hill Road.
Knight Frank expects the site to command around $237 million, and with no development charge, it works out to $1,500 per sq ft per plot ratio.
A new development with around 125 units averaging 1,200 sq ft could be built on the site.
Both Knight Frank and CB Richard Ellis believe that their respective sites would attract interest from developers given the strong showing in take-up rates for luxury condominium developments.
“As observed from the recent success of residential projects launched in the vicinity, the buying sentiment is still strong. An iconic residential development with unobstructed views towards Orchard Road will certainly appeal to foreign and local buyers,” said Mr Lake.
The EOI exercises for Grangeford Apartments and Rivershire end at 3pm on May 25 and May 29 respectively.
Source: Weekend Today, 28 April 2007
On Monday, CB Richard Ellis launched an Expression of Interest (EOI) to find a developer for Grangeford Apartments along Grange Road.
A day later, Knight Frank put up the nearby Rivershire for sale, also by EOI.
Under the Master Plan 2003, any project in the Leonie Hill area is subject to a 36-storey limit.
For Grangeford Apartments, the existing built-up gross floor area is an estimated 34,882 sq m, reflecting a plot ratio of 2.87. The guide price of $660 million works out to around $2,016 per sq ft per plot ratio, that is inclusive of an estimated Differential Premium of $97.8 million to top up the lease to 99 years. The current 99-year lease dates back to 1974.
There will be no development charge payable to add the extra 10 per cent of gross floor area allowed for the balconies as the development charge baseline is at 50,904 sq m, equivalent to a plot ratio of approximately 4.18.
The 26-year-old Grangeford Apartments consists of 96 two-bedroom apartments, 96 three-bedroom apartments and a shop unit.
Using the above-mentioned guide price, owners of the 1,173 sq ft two-bedroom units will receive $3 million, while those in the 1,755 sq ft three-bedroom units will receive $3.8 million. The shop unit will receive $3.1 million.
In February, a three-bedroom unit in the development fetched $1.8 million. This equates to a collective sale premium of 111 per cent.
“A full-scale condominium would sit perfectly on the site given its excellent layout and prime location,” said Mr Jeremy Lake, executive director of investment properties at CB Richard Ellis.
A new development comprising around 188 units averaging 2,000 sq ft can be built on the site. The estimated break-even costs for a new development is around $2,600 to $2,650 per sq ft.
As for Rivershire, the single block of 74 apartments sits on approximately 56,396 sq ft of freehold land along Leonie Hill Road.
Knight Frank expects the site to command around $237 million, and with no development charge, it works out to $1,500 per sq ft per plot ratio.
A new development with around 125 units averaging 1,200 sq ft could be built on the site.
Both Knight Frank and CB Richard Ellis believe that their respective sites would attract interest from developers given the strong showing in take-up rates for luxury condominium developments.
“As observed from the recent success of residential projects launched in the vicinity, the buying sentiment is still strong. An iconic residential development with unobstructed views towards Orchard Road will certainly appeal to foreign and local buyers,” said Mr Lake.
The EOI exercises for Grangeford Apartments and Rivershire end at 3pm on May 25 and May 29 respectively.
Source: Weekend Today, 28 April 2007
Sunday, April 15, 2007
Kajima Overseas Asia bought Bishopswalk/Bishopsgate
The tender for the collective sale of Bishops Walk, a freehold development of 25 townhouses in the Bishopswalk/Bishopsgate area, is said to have drawn a top bid from a Kajima Overseas Asia unit.
The bid is believed to be more than $130 million or $1,500 per sq ft of potential gross floor area including an estimated $15.6 million development charge.
The 69,189 sq ft site is zoned for residential use with a 1.4 plot ratio and a height limit of five storeys.
As Kajima is in the construction business, it should achieve a more economical breakeven cost for the new project it will develop, market watchers reckon. Their breakeven estimates for a five-storey condo range from about $1,900 to $2,000 psf.
The District 10 site - in the prestigious Bishopsgate and Chatsworth Good Class Bungalow area - is close to the Indonesian and Egyptian embassies. It is not known if Kajima will tie up with a partner for the project.
The tender for Bishops Walk, conducted by CB Richard Ellis, is said to have drawn seven or eight bids. Industry sources say that besides Kajima, contenders included Napier Properties, which bought Eng Lok Mansions last year, and BS Capital.
Source: The Business Times, 13 April 2007
The bid is believed to be more than $130 million or $1,500 per sq ft of potential gross floor area including an estimated $15.6 million development charge.
The 69,189 sq ft site is zoned for residential use with a 1.4 plot ratio and a height limit of five storeys.
As Kajima is in the construction business, it should achieve a more economical breakeven cost for the new project it will develop, market watchers reckon. Their breakeven estimates for a five-storey condo range from about $1,900 to $2,000 psf.
The District 10 site - in the prestigious Bishopsgate and Chatsworth Good Class Bungalow area - is close to the Indonesian and Egyptian embassies. It is not known if Kajima will tie up with a partner for the project.
The tender for Bishops Walk, conducted by CB Richard Ellis, is said to have drawn seven or eight bids. Industry sources say that besides Kajima, contenders included Napier Properties, which bought Eng Lok Mansions last year, and BS Capital.
Source: The Business Times, 13 April 2007
Friday, April 13, 2007
Rental income has soared 10-fold
Sime Darby Property’s newly re-developed building Sime Darby Enterprise Centre boasts a 10-fold increase in rental income and a near 100 per cent occupancy just months after its completion.
Fully owned by Sime Darby Property, the building was officially launched yesterday. It was formerly a warehouse before its re-development in 2005 transformed it into what is now an eight-storey light industrial building located off Jalan Bukit Merah.
Rental income has soared 10-fold from $192,000 originally to $1.5 million.
Sime Darby Enterprise Centre has a total lettable space of about 47,500 square feet and provides 46 units of office area. Already, the newly redeveloped building has attained 97 per cent occupancy just three months after its completion.
A unique feature of the new building’s design is in its floor plates, which can be customised to individual companies’ needs, thus allowing for a wide range of businesses to take up tenancy. Among the tenants are furniture retailer Massimmo and Interconex International Movers Pte Ltd, a company providing moving services.
Sime Darby said the project is in line with the group’s strategy to maximise the yield of its properties by redeveloping them into high-value commercial buildings.
Besides the Sime Darby Enterprise Centre, Sime Darby Property also owns the Orion and Balmoral Hills luxury condominiums and the Darby Park Serviced Apartments.
Sime Darby, which has an asset base of over RM1 billion (S$440 million), has interests in countries like China, Australia, the United Kingdom and Singapore, encompassing the property development, property management, investment and hospitality sectors.
Source: The Business Times, 13 April 2007
Fully owned by Sime Darby Property, the building was officially launched yesterday. It was formerly a warehouse before its re-development in 2005 transformed it into what is now an eight-storey light industrial building located off Jalan Bukit Merah.
Rental income has soared 10-fold from $192,000 originally to $1.5 million.
Sime Darby Enterprise Centre has a total lettable space of about 47,500 square feet and provides 46 units of office area. Already, the newly redeveloped building has attained 97 per cent occupancy just three months after its completion.
A unique feature of the new building’s design is in its floor plates, which can be customised to individual companies’ needs, thus allowing for a wide range of businesses to take up tenancy. Among the tenants are furniture retailer Massimmo and Interconex International Movers Pte Ltd, a company providing moving services.
Sime Darby said the project is in line with the group’s strategy to maximise the yield of its properties by redeveloping them into high-value commercial buildings.
Besides the Sime Darby Enterprise Centre, Sime Darby Property also owns the Orion and Balmoral Hills luxury condominiums and the Darby Park Serviced Apartments.
Sime Darby, which has an asset base of over RM1 billion (S$440 million), has interests in countries like China, Australia, the United Kingdom and Singapore, encompassing the property development, property management, investment and hospitality sectors.
Source: The Business Times, 13 April 2007
Tuesday, April 3, 2007
All property’s in boomtown
All property’s in boomtown
Sky-High prices at luxury launches such as Sky @ Eleven, One Shenton and One North Residences over the past three months have lifted the private property market to a quarterly gain of 4.6 per cent, according to flash estimates from the Urban Redevelopment Authority (URA).The property price index rose from 130.2 points in the previous quarter to 136.2 points in the first quarter of this year, the highest increase in seven years.
The latest record gain has led some property analysts to revise their growth projections for the year from 8 per cent, to between 10 and 18 per cent. Last year, private-property prices rose 10.2 per cent.
Chief executive Mohd Ismail of real estate firm Propnex said: “With the development of the integrated resorts and strong foreign investor interest, I believe the momentum in the property market will continue at least for the next two to three years.”
While the gains were led by condominiums in the core central region - such as St Thomas Suites, One Shenton and Orchard Turn - which had an average quarterly price increase of 5.6 per cent, mass-market property prices in the rest of Singapore grew at a healthy pace.
Prices of condos in non-prime areas of central Singapore rose 2.9 per cent in the first quarter, following a prior 2.2 per cent rise. Non-landed private residential property prices rose 2.6 per cent, compared with 1.5 per cent the previous quarter.
Ms Tay Huey Ying, Colliers International director for research and consultancy, expects next quarter’s price gains in areas outside the core central region to breach 3 per cent, while the core central region - comprising the Downtown core, Sentosa and districts 9, 10 and 11 - could stabilise in the region of 6 per cent.
Other areas that have seen a significant rise in prices include the Meyer and Amber roads region, and Buona Vista, where new projects are now priced at 50 per cent more than what they would have fetched a year ago, said CB Richard Ellis executive director Li Hiaw Ho.
Colliers’ Ms Tay said: “Final numbers of the price growth will be higher than these flash estimates, as transactions that took place in the later part of the quarter would not have been taken into account yet.”
These include transactions for Orchard Turn Residences, Botanika, One North Residences and The Trillium.
Meanwhile, prices of Housing and Development Board flats picked up, too, rising 1.2 per cent over the last quarter. This follows a mere 0.8 per cent rise in the final quarter of last year, that was preceded by three straight quarters of falling prices.
Knight Frank director of research and consultancy Nicholas Mak said: “The public housing market will also see a price increase but at a more moderate pace. The question is, will HDB upgraders be priced out of the private-property market with the rising prices?”
Source: Today, 03 April 2007
Sky-High prices at luxury launches such as Sky @ Eleven, One Shenton and One North Residences over the past three months have lifted the private property market to a quarterly gain of 4.6 per cent, according to flash estimates from the Urban Redevelopment Authority (URA).The property price index rose from 130.2 points in the previous quarter to 136.2 points in the first quarter of this year, the highest increase in seven years.
The latest record gain has led some property analysts to revise their growth projections for the year from 8 per cent, to between 10 and 18 per cent. Last year, private-property prices rose 10.2 per cent.
Chief executive Mohd Ismail of real estate firm Propnex said: “With the development of the integrated resorts and strong foreign investor interest, I believe the momentum in the property market will continue at least for the next two to three years.”
While the gains were led by condominiums in the core central region - such as St Thomas Suites, One Shenton and Orchard Turn - which had an average quarterly price increase of 5.6 per cent, mass-market property prices in the rest of Singapore grew at a healthy pace.
Prices of condos in non-prime areas of central Singapore rose 2.9 per cent in the first quarter, following a prior 2.2 per cent rise. Non-landed private residential property prices rose 2.6 per cent, compared with 1.5 per cent the previous quarter.
Ms Tay Huey Ying, Colliers International director for research and consultancy, expects next quarter’s price gains in areas outside the core central region to breach 3 per cent, while the core central region - comprising the Downtown core, Sentosa and districts 9, 10 and 11 - could stabilise in the region of 6 per cent.
Other areas that have seen a significant rise in prices include the Meyer and Amber roads region, and Buona Vista, where new projects are now priced at 50 per cent more than what they would have fetched a year ago, said CB Richard Ellis executive director Li Hiaw Ho.
Colliers’ Ms Tay said: “Final numbers of the price growth will be higher than these flash estimates, as transactions that took place in the later part of the quarter would not have been taken into account yet.”
These include transactions for Orchard Turn Residences, Botanika, One North Residences and The Trillium.
Meanwhile, prices of Housing and Development Board flats picked up, too, rising 1.2 per cent over the last quarter. This follows a mere 0.8 per cent rise in the final quarter of last year, that was preceded by three straight quarters of falling prices.
Knight Frank director of research and consultancy Nicholas Mak said: “The public housing market will also see a price increase but at a more moderate pace. The question is, will HDB upgraders be priced out of the private-property market with the rising prices?”
Source: Today, 03 April 2007
Saturday, March 24, 2007
Orchard Residences sold at S$4,000 psf
everal units of CapitaLand’s Orchard Residences sold at S$4,000 psf
March 22nd, 2007
Prices for the high-end luxury residential sector continued to climb to new highs.
According to developer CapitaLand, several units of its Orchard Residences development at Orchard Turn had been sold at more than S$4,000 per square foot.
The 56-storey development is being built by CapitaLand and Hong Kong’s Sun Hung Kai Properties.
Units above the 32nd floor attained prices of more than S$3,200 per square foot.
CapitaLand said the buyers were established high net worth individuals in Singapore and the region.
About 50 percent of the 175-unit development is being sold in the first phase on a by-invitation basis.
The development is targeted for completion in late 2009.
Source: Channel NewsAsia, 21 March 2007
No Comments » | Latest Property Projects, Luxury Property, Real Estate Facts & Figures, Property Investment | Permalink
Posted by Realty
March 22nd, 2007
Prices for the high-end luxury residential sector continued to climb to new highs.
According to developer CapitaLand, several units of its Orchard Residences development at Orchard Turn had been sold at more than S$4,000 per square foot.
The 56-storey development is being built by CapitaLand and Hong Kong’s Sun Hung Kai Properties.
Units above the 32nd floor attained prices of more than S$3,200 per square foot.
CapitaLand said the buyers were established high net worth individuals in Singapore and the region.
About 50 percent of the 175-unit development is being sold in the first phase on a by-invitation basis.
The development is targeted for completion in late 2009.
Source: Channel NewsAsia, 21 March 2007
No Comments » | Latest Property Projects, Luxury Property, Real Estate Facts & Figures, Property Investment | Permalink
Posted by Realty
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