6th December, Thursday
Residential
CityLife@Tampines over 3 times subscribed Source: Business Times The latest executive condominium (EC) to hit the market - CityLife@ Tampines - was more than three times subscribed at the close of its e-applications period Wednesday. Billed as "Singapore's first luxury hotel-style EC", the 514-unit project by Tampines EC Pte Ltd - a consortium comprising Amara Holdings, Kay Lim Holdings and SingXpress Land - received about 1,800 applications, making it the most popular EC by application numbers. Units that drew the most interest were the dual-key and larger-sized units. In particular, the 4,349 sq ft presidential penthouse suite attracted a large number of multi-generation families. CityLife@Tampines will hold a preview of its show suites along Tampines Avenue 7 on 26 and 27 December. It opens for booking on 29 December.
Links to the story: http://www.businesstimes.com.sg/print/353300 http://www.straitstimes.com/st/print/650087 http://www.channelnewsasia.com/stories/singaporebusinessnews/print/1241265/1/.html
Drop in cases of illegal subletting of HDB rental flats Source: Channelnewsasia There has been a significant drop in the number of Housing and Development Board rental flats being sublet illegally. The HDB said a total of 45 cases were detected so far this year, compared to 221 in 2008. In 2009, HDB terminated the tenancies of 170 errant tenants, while 130 rental flats were recovered in 2010. Last year, 63 of such unauthorised subletting cases were detected. HDB said rental flats are highly subsidised and meant for truly needy households -- with an income ceiling of S$1,500 per month. First-timers earning a monthly household income of S$800 and below, pay a monthly rental rate of S$26 to S$33 for a one-room flat and S$44 to S$75 for a two-room flat. The HDB added that the drop in unauthorised subletting cases is because of the stepped up enforcement since 2008. A new ruling which took effect from 1 July 2010, also could have played a part.
Link to the story: http://www.channelnewsasia.com/stories/singaporelocalnews/print/1241273/1/.html
Commercial
Punggol Point could be a dining hub, say experts Source: The Straits Times With its waterfront location, Punggol Point could be the perfect spot for a seafood restaurant or dining hub such as the one at East Coast Park, said those in the food and beverage industry. They pointed out that one of the main draws of a site there, put up for sale and designated to be a food and beverage development, is its waterfront location. This makes it ideal for seaside alfresco dining. "It can be an alternative to East Coast Park where customers can choose from multiple options and different cuisines," said Mr Lai Chin Kwang, director of special projects and institutional catering at Select Group. Mr Alex Neo, managing director of Planar One, the company behind Satay by the Bay at Gardens by the Bay, said that due to Punggol's location in the north-east end of Singapore, a unique concept is needed to attract a constant stream of customers. An analyst said that with the new residential developments coming up in Punggol, there should be a ready catchment of customers. He added that residents in surrounding housing estates such as Sengkang, Hougang and Serangoon could also be drawn to Punggol Point. Mr Lee Sze Teck, senior manager for research at Dennis Wee Group, estimated that the site could draw bids as high as $35 million to $40 million.
Link to the story: http://www.straitstimes.com/st/print/650305
Evans Road site to get $3m facelift Source: The Straits Times A popular spot along Evans Road will soon get a new lease of life. The 14,508 sq m site at 26 Evans Road, which houses well- known eateries and the Evans Lodge student hostel, has a new landlord, Winsta Holding. The hostel operator, which told The Straits Times two days ago of its $3 million makeover for the site, will take over the premises from Yess Le Green in early January. Renovations will start in the same month. Winsta won the tender for the state-owned plot on 16 November with its offer of a $171,899 monthly rent, more than double the Singapore Land Authority's (SLA) guide rent of $77,000. The tenancy is for an initial term of three years, renewable for up to six years. The refurbishment includes converting some of the hostel's 225 single rooms into two-room apartments with attached bathrooms, as well as adding kitchen facilities and new gym equipment. The carpark there will be repaved and expanded. Units occupied by the site's three tenants - breakfast joint Hatched, The Wine Company restaurant and the 24-hour Mr Prata - will be repainted and fitted with brighter lighting. But rents will go up. "It's necessary. The price we won the bid on is quite high," Winsta said, adding that rents are likely to be $6 to $9 per sq m. They are now about $5 per sq m, according to tenants there. The site - comprising buildings that opened in 1958 as Eusoff College, the National University of Singapore's first university hall of residence for women - drew 23 bids in total. The next highest bid was Central Warehouse Service's $170,333 a month. Yess also placed a bid of $150,540 a month.
Link to the story: http://www.straitstimes.com/st/print/650334
Plot at East Coast park to be redeveloped into recreational hub: NParks Source: Channelnewsasia Construction has begun on the plot of land opposite Parkway Parade, which will be redeveloped into a commercial and recreational hub. The space, once occupied by a golf driving range, is located at East Coast Park. National Parks (NParks) told MediaCorp on Wednesday that the development is expected to be ready by early 2014, and that the space will consist of over 10 F&B and retail outlets housed within two single-storey buildings. MediaCorp understands that there will also be a recreational lawn for outdoor activities. NParks added that the concept and design plans for Marine Cove along East Coast Park are being finalised.
Link to the story: http://www.channelnewsasia.com/stories/singaporebusinessnews/print/1241275/1/.html
Industrial
Defu Industrial Estate poised for big makeover Source: Business Times The shabby and rambling Defu Industrial Estate is all set to be transformed into a gleaming, modern industrial park - with five times the current factory space and a city centre by its side. The transformation will take place over the next 15-20 years, with existing factories progressively giving way to modern complexes. The estate itself will see landscaped greenery and environmentally sustainable features sprouting up. And while there could be tweaks along the way, the current plan is for six-storey buildings to rise in the new Defu Industrial Park. The Defu City Centre, to be located beside Defu Industrial City in the new park, will provide the commercial buzz - including food-and-beverage outlets, convenience stores, medical clinics and childcare centres. This will be built after 2017, when the site is available for development. Defu Industrial Estate is currently home to some 1,046 factories. It will be redeveloped in three phases from next year and the first phase is expected to be completed by mid-2017. A total of 219 factories will be involved in Phase 1 of the redevelopment. These include 87 land- based factories which are on 30-year leases, along with 42 land-based factories and 90 terrace workshops on fixed-term tenancies. As part of the redevelopment, two new complexes - Bedok Food City and Defu Industrial City - will be constructed to facilitate the relocation of the factories. Factories in the food industry will be relocated to Bedok Food City while those in general industries will move to Defu Industrial City, a 13-hectare site adjacent to the Kallang-Paya Lebar Expressway. Construction of both the Bedok Food City and Defu Industrial City will begin in 2015 and is expected to be completed by mid-2017. Eligible industrialists will continue to operate in their existing premises until the new complexes are completed, upon which they will be given relocation benefits such as a rent concession, a rent-free fitting-up period, and an ex-gratia payment of $48,000 per relocated unit. Also, upon completion of Defu Industrial City in 2017, HDB plans to develop the new Defu City Centre. HDB wants to redevelop the 30-year-old Defu estate to optimise land use and to contain the pollution caused by the existing industries. With the new industrial park, the total amount of factory floor space is expected to increase five-fold to 2.1 million sq m of industrial space. Defu Industrial Park will eventually house three key zones. The northern and central zones will be safeguarded for strategic industries such as logistics, precision engineering, infocommunications and media, electronics, clean energy and biomedical. The southern zone will be set aside for modern industrial complexes to house existing industrialists.
Links to the story: http://www.businesstimes.com.sg/print/353188 http://www.straitstimes.com/st/print/650144
Investment Sales
RB Capital buys 16 retail units at The Quayside for $69m Source: Business Times RB Capital is buying 16 ground-floor riverfronting retail units comprising The Quayside's retail podium for $69 million, Business Times understands. The price for the property in the Robertson Quay area works out to around $2,110 per sq ft (psf) based on the units' total leaseable area of about 33,000 sq ft. The property is being sold by an entity controlled by SP Tao's Shing Kwan Pte Ltd. This is believed to be his last major Singapore property investment. The 16 retail units are part of a mixed development which includes 79 apartments above. The 16 units will give RB Capital a 40 per cent share value in the development which would put it in a key position if there is a collective sale of the property in future. The Quayside is on a site with a remaining lease of slightly over 80 years. The 16 units are fully leased and understood to be generating an average monthly rent of about $6 psf - translating to a net yield of around 3 per cent. The average passing rent is about half the current signing rents for similar units, say market watchers. In the short term, RB Capital would be looking to spruce up the asset as existing leases expire and reposition it as a food and beverage hub. RB Capital, set up by Kishin RK, has a portfolio of three hotels with about 1,000 rooms under construction. Besides the Clarke Quay property, the other two are the Holiday Inn Express Bukit Bintang in Kuala Lumpur and a 300-room property above Farrer Park MRT Station which will be managed by the Law family's Park Hotel Group. Among other properties in RB Capital's portfolio are EFG Bank Building in the High Street area, RB Capital Building in Raffles Place and a 26-storey KL office block, 33 Jalan Sultan Ismail, which houses HSBC.
Links to the story: http://www.businesstimes.com.sg/print/353309
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