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Keen interest expected for Bukit Batok site

Analysts are expecting keen competition for a mixed residential and commercial site in Bukit Batok – the first site put up for sale in the area in several years.

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The 99-year-leasehold site in Bukit Batok West Avenue 6 was launched for sale by public tender yesterday by the Urban Redevelopment Authority (URA).

The 14,696.7 sq m plot could yield about 425 residential units and up to 6,000 sq m of gross floor area of commercial space, URA said in a statement.

It is one of four confirmed list sites under the Government Land Sales programme for the first half of this year.

The site is about 1km from Bukit Batok MRT station, and not far from amenities such as Millennia Institute, Bukit Batok Polyclinic and West Mall. Analysts told The Straits Times the site could garner much interest from developers and investors.

“We expect keen competition for the mixed site in Bukit Batok West Avenue 6 as there have not been any land sites that were launched for sale in Bukit Batok in the last three to four years,” said real estate agency PropNex key executive officer Lim Yong Hock.

Mr Lim added that the upcoming high-speed rail terminus in Jurong East and the transformation of the Jurong Gateway business precinct could also have a “positive spillover effect” on Bukit Batok, which is near Jurong.

Cushman & Wakefield research director Christine Li said the upcoming development of Jurong Innovation District – announced in Budget 2016 – is another draw. The district, envisioned as an industrial park of the future, will be built as part of the Government’s push to encourage innovation.

Analysts estimate the site tender to attract up to eight or 10 bids.

“The top winning bid could range between $570 and $620 psf per plot ratio… The developer could be selling the residential units from $1,150 to $1,200 psf onwards,” Ms Li added.

JLL national director for research and consultancy Ong Teck Hui expects residential units to be priced at about $1,000 psf, with a bid price of $530 to $610 psf per plot ratio.

“There should be keen interest from HDB upgraders, including those in Bukit Batok new town, as the selling price could be close to entry level for private homes.”

The tender will close on May 24.

[Source: The Straits Times]

 
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Posted by on April 4, 2016 in Government Land Sales

 

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Lower indicative price for new EC in Jurong

WESTWOOD Residences, only the second executive condominium (EC) to launch in Jurong over the past 18 years, is being priced at the lower end of initial expectations.

The developers, which initially targeted a range of $790 to $840 per sq ft, unveiled an indicative price of $800 psf yesterday.

The lower indicative price comes as EC sales have generally weakened since measures such as stricter mortgage loan terms were introduced to cool the property sector in December 2013.

Westwood Residences, which is being developed by Koh Brothers and Heeton Holdings, will be the first EC project where second-timers who have already bought a subsidised flat or EC unit will be subjected to a resale levy.

Depending on the type of flat the buyer first bought, the levy should work out to about $40 to $50 psf, Koh Brothers managing director and group chief executive Francis Koh told a briefing yesterday.

At $800 psf, upgraders will receive compensation in the form of a discount, while first-time buyers will get a subsidy, he said.

The developers paid $382 psf per plot ratio for the land last January.

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Construction and development is expected to cost between $360 psf and $400 psf.

Last October, Evia Real Estate’s Lake Life EC in the Jurong Lake District went on sale at an average of $857 psf.

Lake Life, the first EC to launch in Jurong in 17 years, was a near sell-out.

But look outside Jurong, and take-up rates at subsequent EC launches in Punggol, Sengkang and Woodlands were muted.

“If a Punggol or a Sengkang (project) can command $800 psf, for a Jurong (launch), anything in the range of $800 psf is a fair price,” said PropNex Realty chief executive Mohamed Ismail, whose firm is marketing the project.

Buyers are now more “price-sensitive”, he added, and Westwood’s affordability should curb any “wait-and-see” behaviour.

The 480-unit, 99-year leasehold project is located within the private enclave of Westwood estate, and is four bus stops away from Boon Lay MRT station.

Westwood Residences is also Singapore’s first bike-themed development. Around $1.5 million is being spent on sports-themed lifestyle offerings, including an outdoor mini velodrome, an aqua gym and a garage that can house 500 bicycles, secured by a biometrics system.

ECs are a public-private housing hybrid where buyer eligibility is restricted to Singaporeans, with a minimum five-year occupation period before a unit may be sold in the open market.

Westwood Residences showflats will open for viewing on May 15.

Prices will be announced three days before bookings begin on May 30.

(Source: The Straits Times)

 
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Posted by on May 15, 2015 in Residential

 

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Work starts on the first Jurong Lake District Hotel

THE company behind Resorts World Sentosa (RWS) has started building the first hotel in one of Singapore’s newly-emerging business and leisure hubs, Jurong Lake District.

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Genting Singapore broke ground yesterday for the new hotel on Jurong Town Hall Road which is slated to open in the first half of 2015.

The Jurong Lake District has been earmarked by the Urban Redevelopment Authority as a new growth area with commercial, business and leisure facilities.

The 550-room hotel, five minutes away from the Jurong East MRT station, is on a 9,027 sq m site and has a 99-year lease.

Tan Sri Lim Kok Thay, chairman of the Genting Group and executive chairman of Genting Singapore, said the new hotel “signifies our commitment to reinvesting in Singapore”.

“With our hotel being the first to open in this growing precinct, we hope to create another unique hospitality product that will crank up the buzz meter in this already vibrant area to even higher levels,” he added.

Mr Tan Hee Teck, president and chief operating officer of Genting Singapore, said: “We will deliver a product that will bring incremental business to neighbouring merchants, accommodation convenience to companies in the vicinity, and amenities to Jurong West residents.”

The new hotel will be the seventh hospitality development for Genting Singapore, which owns six hotel properties at RWS – Crockfords Tower, Hotel Michael, Festive Hotel, Hard Rock Hotel Singapore, Equarius Hotel and the Beach Villas.

(Source: The Straits Times)

 
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Posted by on July 15, 2013 in Commercial

 

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Healthy outlook for retail space demand

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ORCHARD ROAD MALLS: American furniture retailer Crate and Barrel will be the anchor tenant at the upcoming 172,000 sq ft Orchardgateway mall (above) in Somerset, which is now expected to be finished by the first quarter of next year. — PHOTO: ORCHARD GATEWAY

DEMAND for retail space in Orchard Road and suburban areas is likely to remain healthy as more international retail brands seek to establish a Singapore presence, consultants said.

Though rising business costs and a manpower crunch have put a dent in rents and occupancy rates in the short to medium term, Singapore is gaining more recognition as a global city, they added.

Orchard Road is set for a renewal, with old malls being refurbished and new ones built.

Take the former Heeren. It will be turned into a six-storey, 180,000 sq ft regional flagship department store called Robinsons Orchard.

The refurbishment of Shaw Centre and Shaw House is also likely to be finished by early next year, said Orchard Road Business Association (Orba) executive director Steven Goh.

Mr Goh added that the prime shopping district has managed to attract international brands such as French confectioner Laduree, Hong Kong fashion conglomerate I.T and American furniture retailer Crate and Barrel.

Crate and Barrel will be the anchor tenant at the upcoming Orchardgateway, a $700 million, 172,000 sq ft mall on the site of the former Specialists’ Centre, at Somerset. It was supposed to be completed by the end of this year but Mr Goh said it is more likely to be finished in the first quarter of next year.

Another mall is 268 Orchard Road, which is being redeveloped by a unit of Ngee Ann Development into a 147,500 sq ft complex likely to open early next year.

These projects are set to give the area a fresh lease of life.

With many international brands still choosing Orchard Road to make their debut, Orba and mall owners are working together to ensure the area maintains its vibrancy, Mr Goh added.

Consultancy Colliers International said occupancy rates in Orchard Road slid from 95.1 per cent as at the end of last year to 92.7 per cent as of March 31.

“Nonetheless, with overall occupancies above 90 per cent, demand for space in Orchard Road is still robust with retailers looking for well-located space in the popular malls,” said research and advisory head Chia Siew Chuin.

Estimates of average Orchard Road rents ranged from $32.20 to $36.75 psf per month as at the end of March, depending on the basket of properties tracked.

Colliers found that rents were 1.3 per cent down quarter-on- quarter, reflecting retailers’ resistance to further rental increases, especially in older malls, while CBRE said they grew 1.9 per cent from the preceding quarter.

 

CBRE said Orchard Road retail rents fetch a roughly 8 per cent premium over suburban retail rents, which stayed flat at $29.75 psf per month in the first quarter.

“Resilient domestic demand and a healthy tourism market have managed to stabilise the rental market in the suburban market,” said CBRE retail services director Letty Lee, adding that the bulk of retail supply this year will be in suburban areas.

This comes mainly from the 818,000 sq ft Jem and 420,000 sq ft Westgate malls in the Jurong Lake District. Others include the 88,200 sq ft Paya Lebar Square and 220,000 sq ft Bedok Mall and Hotel-retail mixed mall – Alexandra Central (picture below).Image

Colliers’ Ms Chia said suburban malls tend to be more resilient than those in Orchard Road as they “cater to an immediate captive residential catchment population”.

Suburban retail occupancy rates were at a solid 97.3 per cent as of March, edging down from 97.7 per cent as of December.

Ms Chia added that the overall retail sector was likely to remain resilient despite uncertain conditions, noting that the average occupancy rates of shop space islandwide stayed at a healthy 93 per cent during the Asian financial crisis in 1997 and 91 per cent during the Sars pandemic in 2003.

(Source: The Straits Times)

 
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Posted by on May 29, 2013 in Commercial

 

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S’pore population to hit 6 million by 2020: paper

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SINGAPORE — By 2020, the Republic’s total population could range between 5.8 million and 6 million. And come 2030, the figure could rise to be between 6.5 million and 6.9 million.

Singapore’s total population now stands at 5.31 million with citizens and PRs making up 3.82 million, according to figures as at June last year.

These were the possible population trajectories released today as part of the Population White Paper by the National Population and Talent Division (NPTD). These projections may change, depending on changes to birth rates, life expectancy and social and economic factors.

The White Paper outlines the Government’s policies to maintain a strong “Singaporean core” in the population, create good jobs and opportunities for citizens and build a high quality living environment.

With the Government taking in between 15,000 and 25,000 new citizens and 30,000 Permanent Residents each year — to prevent the citizen population from shrinking — it is estimated that the resident population could reach up to 4.1 million in 2020, with citizens making up 3.5 million to 3.6 million.

In 2030, the resident population, which includes PRs, is projected to be between 4.2 million to 4.4 million. Citizens will make up 3.6 million to 3.8 million.

The White Paper also projected that come 2030, two thirds of Singaporeans are expected to be working in Professionals, Managers, Executives and Technicians jobs, compared to just half of the population today.

Hence foreign workers are needed to “supplement” the workforce, and ensure the workforce structure has a full range of skills, backgrounds and experiences to serve economic, social and infrastructure needs.

To alleviate the strains Singaporeans face today and support the projected population of about 6 million, efforts to ramp up infrastructure developments, such as transport networks, housing and access to healthcare, are underway and will be completed by 2020.

By 2016, there will be 110,000 new public housing units and 90,000 new private units. Some 4,100 new hospital beds will also be available then.

The Government is also planning and investing in infrastructure ahead of demand.

This includes setting aside land for 700,000 more homes, and planning for more jobs, green spaces, recreational and sports facilities to be located nearer to residential areas like Jurong Lake District, Paya Lebar Central and One North.

The rail network will also double to 360 km, which will put eight in 10 homes within a 10-minute walk from a train station.

The Population White Paper can be read online at http://www.population.sg/

 
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Posted by on January 29, 2013 in Others

 

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