SINGAPORE welcomed 766,000 visitors in September, up 7.1 per cent from a year ago and was a record for the month, official data released yesterday shows.
Figures from the Singapore Tourism Board (STB) show that Indonesia, China, Australia, India and Japan were the top five visitor-generating markets last month.
Together, the five countries accounted for more than half - or 51 per cent - of all visitor arrivals to Singapore.
Among the top 15 markets, visitor arrivals from Vietnam, China and Australia registered the highest growths for the month, STB said.Visitor arrivals from Vietnam rose 24.3 per cent in September 2007 over the corresponding month last year, while arrivals from China and Australia grew 19.8 per cent and 19.7 per cent respectively.
On the back of improved visitor numbers, gazetted hotels in Singapore generated some $152.2 million in room revenue last month - up 7.4 per cent over September 2006. This set a new record for September, STB added.
The average room rate also rose to an estimated $201, representing a 4.6 per cent rise over September 2006 and setting another record for the month.
STB also said that the average occupancy rate for hotels was estimated to have reached 85 per cent for the month, a 3.4 percentage point increase on September 2006.
Singapore saw 913,000 visitors in August. And in July, the country welcomed 952,000 visitors, a record number for any month.
Source : Business Times - 24 Oct 2007
Friday, October 26, 2007
Wednesday, October 24, 2007
Amber Glades, off Amber Road on the East Coast, has just been put up for collective sale at an indicative price in the region of $145 million.
JUDGING by the asking prices of new collective-sale sites, it would seem there is no shortage of confidence in the property market.
Amber Glades, off Amber Road on the East Coast, has just been put up for collective sale at an indicative price in the region of $145 million. And the buyer can also expect to pay a development charge of about $9 million on top of that.
Amber Glades is on a 40,917 sq ft site with a 2.8 plot ratio. At the indicative price, the cost works out to $1,345 per square foot per plot ratio (psf ppr).
In August, a smaller site off Meyer Road sold for $58 million or an estimated unit land price of $882 psf per plot ratio including a development charge.
Marketed by Colliers International, the Amber Glades site can be redeveloped into 88 residential units of 1,300 sq ft each. Colliers executive director of investment sales Ho Eng Joo estimates that based on the indicative price, the breakeven price is about $1,700-$1,800 psf. This would put the launch price at over $2,000 psf.
But a selling price of $2,000 psf would not be a new benchmark for the East Coast area. Mr Ho believes some new developments have already been transacting at this price.
Market watchers claim that the Aalto on Meyer Road is one development achieving such prices - though a check of the latest data for on the Urban Redevelopment Authority’s website reveals that only one unit was sold in September and the transacted price was $1,570 psf. Whether subsequent sales have been done at a higher price will be known next month.
For now, according to caveats lodged, The Seafront on Meyer has had units transacted at over $2,000 psf but these have been penthouse units.
Closer to the Amber Glades site are the residential developments One Amber and The Esta. Recent transactions in these developments are in the range of $1,000 psf and $700 psf respectively.
Source : Business Times - 24 Oct 2007
Amber Glades, off Amber Road on the East Coast, has just been put up for collective sale at an indicative price in the region of $145 million. And the buyer can also expect to pay a development charge of about $9 million on top of that.
Amber Glades is on a 40,917 sq ft site with a 2.8 plot ratio. At the indicative price, the cost works out to $1,345 per square foot per plot ratio (psf ppr).
In August, a smaller site off Meyer Road sold for $58 million or an estimated unit land price of $882 psf per plot ratio including a development charge.
Marketed by Colliers International, the Amber Glades site can be redeveloped into 88 residential units of 1,300 sq ft each. Colliers executive director of investment sales Ho Eng Joo estimates that based on the indicative price, the breakeven price is about $1,700-$1,800 psf. This would put the launch price at over $2,000 psf.
But a selling price of $2,000 psf would not be a new benchmark for the East Coast area. Mr Ho believes some new developments have already been transacting at this price.
Market watchers claim that the Aalto on Meyer Road is one development achieving such prices - though a check of the latest data for on the Urban Redevelopment Authority’s website reveals that only one unit was sold in September and the transacted price was $1,570 psf. Whether subsequent sales have been done at a higher price will be known next month.
For now, according to caveats lodged, The Seafront on Meyer has had units transacted at over $2,000 psf but these have been penthouse units.
Closer to the Amber Glades site are the residential developments One Amber and The Esta. Recent transactions in these developments are in the range of $1,000 psf and $700 psf respectively.
Source : Business Times - 24 Oct 2007
Singapore Land Authority has released a 172,223 sq ft residential development site at Woodlands Avenue 2/Rosewood Drive
With property prices hitting new peaks in recent times, it is rare to see a committed bid of just $7.8 million for a 15,200 sq ft site near the city centre.
Based on the committed bid received by the Urban Redevelopment Authority (URA), each of the 17 two-storey shophouses on this Jalan Sultan site could, theoretically, go for as little as $460,000 a unit.
The committed bid is not the transacted price for the reserve list site as it will now be put up for public tender. Still, it gives an indication of the range of bids that could eventually come in.
The 17 shophouses have been gazetted for conservation and the successful tenderer is required to restore and reconstruct these conservation shophouses in accordance with the tender conditions and the Urban Redevelopment Authority’s Conservation Guidelines for Historic District.
Zoned for commercial use, the shophouses could be used for office or even as hotels.
Colliers International executive director (investment sales) Ho Eng Joo believes the winning bid could be around $14 million or roughly $800,000 a unit. Add to this renovation and restoration costs of about $300,000 per unit and the potential winning bidder could be looking at spending about $1.1 million per unit.
But as Mr Ho notes: ‘The area is changing.’ Highlighting that KeyPoint, formerly known as Jalan Sultan Centre, was sold recently for $1,186 psf of net lettable area, Mr Ho believes the 17 shophouses could give an investor a yield of over 5 per cent if each unit is rented out for at least $5,000 a month.
‘Only the lack of carparking could be an issue,’ he added.
Over in Woodlands, the Singapore Land Authority has released a 172,223 sq ft residential development site at Woodlands Avenue 2/Rosewood Drive and developers could also be looking at a bargain.
Mr Ho reckons the site, which is on the confirmed list of the Government Land Sales programme, could go for between $250 - $280 psf ppr. With a plot ratio of 1.4, the gross floor area could be up to 241,112 sq ft, giving the site a price tag of between $60.2 million and $67.5 million.
The site may not be directly next to an MRT station but Mr Ho believes a future development would have good rental potential as it is close to the Singapore American School.
Source : Business Times - 24 Oct 2007
Based on the committed bid received by the Urban Redevelopment Authority (URA), each of the 17 two-storey shophouses on this Jalan Sultan site could, theoretically, go for as little as $460,000 a unit.
The committed bid is not the transacted price for the reserve list site as it will now be put up for public tender. Still, it gives an indication of the range of bids that could eventually come in.
The 17 shophouses have been gazetted for conservation and the successful tenderer is required to restore and reconstruct these conservation shophouses in accordance with the tender conditions and the Urban Redevelopment Authority’s Conservation Guidelines for Historic District.
Zoned for commercial use, the shophouses could be used for office or even as hotels.
Colliers International executive director (investment sales) Ho Eng Joo believes the winning bid could be around $14 million or roughly $800,000 a unit. Add to this renovation and restoration costs of about $300,000 per unit and the potential winning bidder could be looking at spending about $1.1 million per unit.
But as Mr Ho notes: ‘The area is changing.’ Highlighting that KeyPoint, formerly known as Jalan Sultan Centre, was sold recently for $1,186 psf of net lettable area, Mr Ho believes the 17 shophouses could give an investor a yield of over 5 per cent if each unit is rented out for at least $5,000 a month.
‘Only the lack of carparking could be an issue,’ he added.
Over in Woodlands, the Singapore Land Authority has released a 172,223 sq ft residential development site at Woodlands Avenue 2/Rosewood Drive and developers could also be looking at a bargain.
Mr Ho reckons the site, which is on the confirmed list of the Government Land Sales programme, could go for between $250 - $280 psf ppr. With a plot ratio of 1.4, the gross floor area could be up to 241,112 sq ft, giving the site a price tag of between $60.2 million and $67.5 million.
The site may not be directly next to an MRT station but Mr Ho believes a future development would have good rental potential as it is close to the Singapore American School.
Source : Business Times - 24 Oct 2007
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