Business Times
By ARTHUR SIM
(SINGAPORE) The Urban Redevelopment Authority (URA) will release more information on the property market, including the creation of three price indices based on newly defined geographical regions.
It will also release data on sub-sale activity and provide the numbers of approved housing units in the pipeline, regardless of whether developers choose to launch these or not.
Explaining the rationale for these moves, Minister for National Development Mah Bow Tan said: ‘Members of the public are concerned about the level of speculative activity in the market. Some people think it’s going a bit too high, and too much.’
‘If the pipeline is strong, then it indicates that there is more than enough housing for people and that there is no need to rush,’ he added.
Mr Mah, who was speaking on the sidelines of the Edusave Scholarship and Merit Bursary Presentation Ceremony at Festival Park, Tampines, yesterday, also said: ‘Our desire is to provide for a more transparent market. Otherwise you get developers trying to talk up the market or people who have not bought yet trying to talk down the market.’
The additional data will be more ‘comprehensive’ and ‘holistic’, he said.
Flash estimates for Q4 2006 property price index released earlier this month revealed that the index had increased by 10 per cent year on year.
Some property analysts questioned whether this trend was reflective of the market, as mass-market prices had increased by only about 3 per cent, while high-end property prices were estimated to have soared by over 30 per cent.
Separate indices for different segments of the property market will provide a more disaggregated - and therefore more accurate - picture of the market.
By releasing data on sub-sale activity, the URA will also be providing a means to more accurately measure the degree of property speculation.
A sub-sale is broadly defined as the resale of a property bought directly from a developer prior to official completion of a new development.
The release of sub-sale figures could be seen as a tacit warning that the government is monitoring speculative activity. But as Mr Mah pointed out: ‘Speculative activity is part and parcel of any market.’ He added that he was in favour of letting the market ‘find its own level’.
Mr Mah also reiterated that the decision to provide more property data in no way suggests that the government was also looking into either releasing more sites for development (on top of those announced in its Government Land Sales programme) or that capital gains tax on property transactions could be introduced in the future. ‘That would be speculation on your part,’ he said to the assembled media.
The new property data will be released starting on Jan 26, together with the existing property price index (PPI). So far, industry players have responded to the upcoming changes positively.
Kwek Leng Joo, managing director of City Developments Ltd, owner of Singapore’s largest residential land bank, said: ‘We welcome this move as it will provide a clearer indication of property prices for the different segments of the market.’
The different segments or regions that the three new indices will focus on are: 1) Core areas of District 9, 10 and 11, as well as Sentosa and parts of Downtown CBD; 2) The Central Region (excluding the areas included in the first index) and; 3) Outside the Central Region.
Knight Frank director (research and consultancy) Nicholas Mak, who also welcomed the move, said it will ‘allay anxiety that growth in the high end market is causing runaway inflation’.
Mr Mak also pointed out that although this new data is already available to industry players who subscribe to URA’s property data base called Realis, ‘consultants have in the past been free to come up with their own sub-indices’.
‘The new indices will have a more authoritative position,’ he said.
Chesterton International head of research and consultancy Colin Tan, who believes the existing PPI can be used to ‘talk up the market’, also welcomed the new indices as they will help confine this practice to ’speculative properties’.
Mr Tan also reckoned that a price index that covers private property outside the Central Region will help allay fears in the mass market and prevent ‘panic buying’.
Savills Singapore director (marketing and business development) Ku Swee Yong said that foreign buyers, who are largely credited for pushing up prices of high-end properties, will also see the move as positive. ‘Most will be happy because it will show that Singapore’s property market is transparent,’ he said.
Mr Ku expects that the data on sub-sale activity will confirm his belief that property speculation is still negligible. ‘Speculative activity is only confined to about 500 units,’ he said.
Sunday, January 15, 2006
Sunday, January 1, 2006
Singapore
Singapore
Other country facts
Rating:
Property in Singapore is plentiful and good quality. The use of a professional property agent is recommended. Most property companies share a national database of property listings in Singapore; therefore working with a single agent avoids duplication of effort.
Singapore Dollar : SGD. 1 Singapore Dollar equates to 0.627 US Dollars compared with an exchange rate of 0.583 at the end of 2003. Therefore relative fluctuation against property purchases in dollar ‘pegged’ currencies. However, in line with world currency market movement.
Economic climate : Singapore has staged a recovery in 2005 following 2003’s SARS crisis which severely impacted the tourism and property sectors. Property prices have lagged behind neighboring South Asia economies by 40 to 60 percent however housing prices rose 1.1 percent and high end apartments and condominiums by 4.1 percent in the 3rd quarter of 2005, the biggest quarterly increase in five years. Rental returns remain strong.
Capital Gains Tax : CGT is no longer imposed upon the sale of residential properties in Singapore.
Popular Areas : Prime residential districts close to the Orchard Road shopping and entertainment belt including Orchard, Tanglin, Holland and River Valley. Other attractions are Bukit Timah and Hillview in the West and Tanjong Rhu on the East side.
Price ranges : US$ 90,000 rising to US$ 1.5 million, dependent on location, inner city real estate in good areas is much more expensive. Annual Property Tax is 4% for wholly owner-occupied residential properties and 10% for other properties based on the annual estimated rental value.
Budgetary guide : Apartments 2/3 bedrooms: US$ 90,000 to 220,000. Terraced houses: US$ 140,000 to 250,000, Semi-Detached houses 3 to 5 bedrooms: US$ 170,000 to 350,000. Bungalows 3 to 5 bedrooms: US$ 170,000 to 470,000. Luxury Bungalows: US$ 270,000 to 750,000.
Overseas Investors : Foreigners may purchase apartments in a building of any number of levels or designated condominium development. Prior approval from the Singapore Land Authority must be obtained to buy ‘Restricted property’, e.g. bungalows and houses with land.
Service Fees : Stamp duty and legal fees represent approximately 3% of the sale price. An ‘Option to Purchase’ demands a non-refundable payment of 1% of the purchase price for ‘resale apartments’ and 5% for ‘off plan apartments’ which instigates a 14-day review period but forms part of the mandatory 10% deposit if the sale proceeds. Purchaser’s agent commission is 1% of Sale price.
Mortgages : A purchaser of a ‘private residential property” can now secure a loan of up to 90% of the lower of the valuation or purchase price. The deposit of 10% can be paid as 5% in cash and if applicable 5% drawn from the Central provident fund (CPF). Most international banks operate in Singapore. Interest rates average between 2 and 3.5 % per annum dependent on loan type.
Other country facts
Rating:
Property in Singapore is plentiful and good quality. The use of a professional property agent is recommended. Most property companies share a national database of property listings in Singapore; therefore working with a single agent avoids duplication of effort.
Singapore Dollar : SGD. 1 Singapore Dollar equates to 0.627 US Dollars compared with an exchange rate of 0.583 at the end of 2003. Therefore relative fluctuation against property purchases in dollar ‘pegged’ currencies. However, in line with world currency market movement.
Economic climate : Singapore has staged a recovery in 2005 following 2003’s SARS crisis which severely impacted the tourism and property sectors. Property prices have lagged behind neighboring South Asia economies by 40 to 60 percent however housing prices rose 1.1 percent and high end apartments and condominiums by 4.1 percent in the 3rd quarter of 2005, the biggest quarterly increase in five years. Rental returns remain strong.
Capital Gains Tax : CGT is no longer imposed upon the sale of residential properties in Singapore.
Popular Areas : Prime residential districts close to the Orchard Road shopping and entertainment belt including Orchard, Tanglin, Holland and River Valley. Other attractions are Bukit Timah and Hillview in the West and Tanjong Rhu on the East side.
Price ranges : US$ 90,000 rising to US$ 1.5 million, dependent on location, inner city real estate in good areas is much more expensive. Annual Property Tax is 4% for wholly owner-occupied residential properties and 10% for other properties based on the annual estimated rental value.
Budgetary guide : Apartments 2/3 bedrooms: US$ 90,000 to 220,000. Terraced houses: US$ 140,000 to 250,000, Semi-Detached houses 3 to 5 bedrooms: US$ 170,000 to 350,000. Bungalows 3 to 5 bedrooms: US$ 170,000 to 470,000. Luxury Bungalows: US$ 270,000 to 750,000.
Overseas Investors : Foreigners may purchase apartments in a building of any number of levels or designated condominium development. Prior approval from the Singapore Land Authority must be obtained to buy ‘Restricted property’, e.g. bungalows and houses with land.
Service Fees : Stamp duty and legal fees represent approximately 3% of the sale price. An ‘Option to Purchase’ demands a non-refundable payment of 1% of the purchase price for ‘resale apartments’ and 5% for ‘off plan apartments’ which instigates a 14-day review period but forms part of the mandatory 10% deposit if the sale proceeds. Purchaser’s agent commission is 1% of Sale price.
Mortgages : A purchaser of a ‘private residential property” can now secure a loan of up to 90% of the lower of the valuation or purchase price. The deposit of 10% can be paid as 5% in cash and if applicable 5% drawn from the Central provident fund (CPF). Most international banks operate in Singapore. Interest rates average between 2 and 3.5 % per annum dependent on loan type.
Thursday, December 15, 2005
Hilton strives to create lasting impression
Hilton strives to create lasting impression
December 15 2005
HILTON Kuala Lumpur is striving to create a lasting impression.
It has undertaken an aggressive print and television campaign to celebrate its first anniversary.
The five-month campaign, which began last September, can be seen in Malaysia, Singapore, Indonesia, Thailand and the Philippines.
The target audience for Hilton Kuala Lumpur is generally the business professionals who frequent the award-winning five-star business hotel.
To optimise exposure, Hilton Kuala Lumpur formulated a targeted media plan identifying key mediums that professionals, managers, executives and business persons (PMEBs) utilised.
The campaign was first launched in early September to build-up momentum for Hilton Kuala Lumpur in 13 key magazines, covering various lifestyles yet relevant to its audience.
Hilton Kuala Lumpur has “conquered” other hotels with strategic back page print advertisements in Astro Guide Traveller, the hotel TV station guide for Malaysia’s satellite TV station.
Print advertisements were also placed prominently in Le Prestige, The Peak, the Asian edition of TIME magazine, TTG Mice, The Expat, CEI, Hospitality Asia and advertising magazine ADOI! totalling 30 insertions over the two-month campaign period that sees the advertisement hitting its readers several times over.
South-East Asian viewers have been exposed to Hilton Kuala Lumpur’s 20-second commercial over popular news and financial television stations CNN, CNBC, action television station AXN and edutainment channels National Geographic, Star World and Star Movies.
The TVC campaign, launched on November 21 2005 and will run until January 9 2006, has over 450 airtime spots.
“Hilton Kuala Lumpur strives to create a lasting impression with our professional services and warm hospitality and we want to share the same message with our audience, the business professionals,” Hilton Kuala Lumpur general manager Paul Hutton said.
The print campaign reflected the joy of celebrating its one-year anniversary.
With the television commercial, it shares “Hilton Moments”, instantaneous and special moments that happen only at a Hilton hotel.
“Our audience will also note that the commercial is an extension of the existing corporate print campaign — or ‘The Pillow Fight’ brought to life, that won the Gold, Silver and Bronze Award at the Asia Travel Tourism Creative Awards in June 2005.
“Coupled with our CRM (Customer Relations Management) efforts with financial institutions, this is a multi-faceted approach where the audience will be exposed to our brand from several avenues. Hilton Kuala Lumpur will certainly make its mark on the audience,” Hutton added.
The campaign marks a first aggressive advertising campaign for Hilton properties in the South- East Asian region.
Meanwhile, at the recent Hospitality Asia Platinum Awards, the hotel walked away with five wins and eight finalist nominations totalling 13 nominations.
Hilton Kuala Lumpur won the “The Award for Excellence”: ‘Best 5-Star Business Hotel’, ‘Catering & Banqueting Department’ ‘Best All Day Dining’ for Sudu Restaurant, and ‘Best Western Cuisine Restaurant’ for Senses.
In addition, Hilton Kuala Lumpur also took home the mystery award that was only announced the evening itself for ‘Best Interior Décor’.”
Hilton Kuala Lumpur was also awarded plaques as finalists for the following categories — “The Award for Excellence”: ‘Best New Hotel’, ‘Best 5-Star MICE Hotel’, ‘Best Chinese Cuisine Restaurant’ for Chynna, ‘Best Night Spot’ for Zeta Bar, ‘Best Wine and Bar’ for Vintage Bank, ‘Excellence in Human Resource Department’, ‘Excellence in Hospitality Personality Western Cuisine Chef’ for chef Kelly Brennan and ‘Excellence in Hospitality Personality for PR and Communications’ went to its Business Development director Nils- Arne Schroeder.
At the World Travel Awards in London, Hilton Kuala Lumpur won the “Malaysia’s Leading Hotel” award.
The awards join a range of accolades Hilton Kuala Lumpur has been honoured with. Within its first year of operations, Hilton Kuala Lumpur was awarded the “5-Star Diamond Award” from the American Association of Hospitality Sciences. The hotel was also voted the “Best Business Hotel” by voters of TTG Asia and won five awards at the regional Asia Travel and Tourism Creative Awards for their advertising and promotional campaigns.
“The awards we have amassed are a measuring scale of our accomplishments that spur us to improve on service excellence which we are so passionate about,” Schroeder said.
December 15 2005
HILTON Kuala Lumpur is striving to create a lasting impression.
It has undertaken an aggressive print and television campaign to celebrate its first anniversary.
The five-month campaign, which began last September, can be seen in Malaysia, Singapore, Indonesia, Thailand and the Philippines.
The target audience for Hilton Kuala Lumpur is generally the business professionals who frequent the award-winning five-star business hotel.
To optimise exposure, Hilton Kuala Lumpur formulated a targeted media plan identifying key mediums that professionals, managers, executives and business persons (PMEBs) utilised.
The campaign was first launched in early September to build-up momentum for Hilton Kuala Lumpur in 13 key magazines, covering various lifestyles yet relevant to its audience.
Hilton Kuala Lumpur has “conquered” other hotels with strategic back page print advertisements in Astro Guide Traveller, the hotel TV station guide for Malaysia’s satellite TV station.
Print advertisements were also placed prominently in Le Prestige, The Peak, the Asian edition of TIME magazine, TTG Mice, The Expat, CEI, Hospitality Asia and advertising magazine ADOI! totalling 30 insertions over the two-month campaign period that sees the advertisement hitting its readers several times over.
South-East Asian viewers have been exposed to Hilton Kuala Lumpur’s 20-second commercial over popular news and financial television stations CNN, CNBC, action television station AXN and edutainment channels National Geographic, Star World and Star Movies.
The TVC campaign, launched on November 21 2005 and will run until January 9 2006, has over 450 airtime spots.
“Hilton Kuala Lumpur strives to create a lasting impression with our professional services and warm hospitality and we want to share the same message with our audience, the business professionals,” Hilton Kuala Lumpur general manager Paul Hutton said.
The print campaign reflected the joy of celebrating its one-year anniversary.
With the television commercial, it shares “Hilton Moments”, instantaneous and special moments that happen only at a Hilton hotel.
“Our audience will also note that the commercial is an extension of the existing corporate print campaign — or ‘The Pillow Fight’ brought to life, that won the Gold, Silver and Bronze Award at the Asia Travel Tourism Creative Awards in June 2005.
“Coupled with our CRM (Customer Relations Management) efforts with financial institutions, this is a multi-faceted approach where the audience will be exposed to our brand from several avenues. Hilton Kuala Lumpur will certainly make its mark on the audience,” Hutton added.
The campaign marks a first aggressive advertising campaign for Hilton properties in the South- East Asian region.
Meanwhile, at the recent Hospitality Asia Platinum Awards, the hotel walked away with five wins and eight finalist nominations totalling 13 nominations.
Hilton Kuala Lumpur won the “The Award for Excellence”: ‘Best 5-Star Business Hotel’, ‘Catering & Banqueting Department’ ‘Best All Day Dining’ for Sudu Restaurant, and ‘Best Western Cuisine Restaurant’ for Senses.
In addition, Hilton Kuala Lumpur also took home the mystery award that was only announced the evening itself for ‘Best Interior Décor’.”
Hilton Kuala Lumpur was also awarded plaques as finalists for the following categories — “The Award for Excellence”: ‘Best New Hotel’, ‘Best 5-Star MICE Hotel’, ‘Best Chinese Cuisine Restaurant’ for Chynna, ‘Best Night Spot’ for Zeta Bar, ‘Best Wine and Bar’ for Vintage Bank, ‘Excellence in Human Resource Department’, ‘Excellence in Hospitality Personality Western Cuisine Chef’ for chef Kelly Brennan and ‘Excellence in Hospitality Personality for PR and Communications’ went to its Business Development director Nils- Arne Schroeder.
At the World Travel Awards in London, Hilton Kuala Lumpur won the “Malaysia’s Leading Hotel” award.
The awards join a range of accolades Hilton Kuala Lumpur has been honoured with. Within its first year of operations, Hilton Kuala Lumpur was awarded the “5-Star Diamond Award” from the American Association of Hospitality Sciences. The hotel was also voted the “Best Business Hotel” by voters of TTG Asia and won five awards at the regional Asia Travel and Tourism Creative Awards for their advertising and promotional campaigns.
“The awards we have amassed are a measuring scale of our accomplishments that spur us to improve on service excellence which we are so passionate about,” Schroeder said.
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