15th November, Thursday
Government
Man who posed as real estate salesman charged in court Source: Channelnewsasia A 59-year-old man who posed as a real estate salesman was charged in court on Wednesday. Lum Chap Heng was not registered with the Council for Estate Agencies (CEA), but he allegedly presented himself to potential clients as "Roy" or "Ron Lim", an "associate manager" with HSR International Realtors. Between June and July last year, Lum allegedly posted flyers carrying his mobile number on the walls and notice boards of HDB blocks in the Jurong West area, advertising for landlords and tenants. Lum also allegedly represented a flat owner to find potential tenants for her property, negotiated property transactions directly, as well as conducted flat viewings. CEA said Lum was not registered with it and did not have a written agreement with HSR to carry out estate agency work for them. If found guilty, Lum can be fined up to S$25,000 or jailed for up to 12 months on each charge.
Link to the story: http://www.channelnewsasia.com/stories/singaporelocalnews/print/1237173/1/.html
Residential
Signs of HDB resale market stabilising: Khaw Source: Business Times The HDB resale market has shown signs of stabilising, National Development Minister Khaw Boon Wan said in Parliament Wednesday. He cited latest figures that showed how the annual Resale Price Index (RPI) growth had fallen from 14.1 per cent in 2010, to 10.7 per cent last year and to 3.9 per cent in the first nine months of 2012. "We have implemented a number of measures but they will take some time to work their way through the market. For example, the huge supply of new housing units will be available only over the next 2-3 years," said Mr Khaw.
Links to the story: http://www.businesstimes.com.sg/print/321290 http://www.channelnewsasia.com/stories/singaporelocalnews/print/1237134/1/.html
HDB reviewing ethnic quotas for rental flats Source: Today The Housing and Development Board (HDB) is in the midst of reviewing Ethnic Integration Policy (EIP) limits for rental flats to take into account the demand from various ethnic groups, said National Development Minister Khaw Boon Wan Wednesday. Mr Khaw said about 60 per cent of the HDB's public rental blocks have reached the limit allowed for Malay households, which is 25 per cent. The EIP limits are reviewed from time to time to reflect Singapore's demographic changes, he added. While rental flat applications are assessed and approved on "a strict needs basis", applicants may prefer locations which are nearer to their workplace or their children's schools.
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3,000 applicants fail to complete purchase of HDB flats in last 2 years Source: Channelnewsasia Seven per cent or about 3,000 applicants failed to complete the purchase of their new Housing and Development Board (HDB) flats after successfully selecting one in the last two years. There were 43,000 bookings for new HDB flats in 2010 and 2011. The Ministry of National Development said there were three main reasons for this. The reasons include financial difficulties following a job loss, break-up in a family relationship and a change in preference for location. Those who fail to complete the purchase after signing the lease agreement will forfeit five per cent of the purchase price of the flat. They will also be debarred for one year from participating in HDB sales exercises, or receiving housing grants for purchase of a resale flat.
Link to the story: http://www.channelnewsasia.com/stories/singaporelocalnews/print/1237215/1/.html
CDL warns of potential oversupply of home units Source: Channelnewsasia City Developments (CDL) has warned of a potential oversupply of home units in Singapore. In a statement accompanying its quarterly earnings, CDL said it is "cognisant that between 2014 and 2015, there could be some oversupply with more residential units being completed." However, the group said the fear could be unwarranted if the world economy turns around by that time and the majority of the completed units are owner-occupied. CDL also said it hopes that government-imposed policies to cool property prices will be lifted in due course.
Links to the story: http://www.channelnewsasia.com/stories/singaporebusinessnews/print/1237207/1/.html http://www.businesstimes.com.sg/print/321286 http://www.straitstimes.com/st/print/601588
Commercial
KL-S'pore venture unveils plans for Bugis project Source: Business Times Khazanah Nasional and Temasek Holdings Wednesday unveiled details of their second development project together. DUO, as the project has been named, will comprise two towers of residential, retail, hotel and Grade A office space in Bugis, and be directly connected to the Bugis MRT station. It will have a gross floor area (GFA) of 1.8 million sq ft, and a development value exceeding $3 billion. Nearly half its GFA - 45 per cent or 810,000 sq ft - will be dedicated to residential space; the 660 units will occupy a 50-storey tower. Offices, retail outlets and a 300-room, five-star hotel will be in the other tower, which will stand 39 storeys tall. The hotel will take up 15 per cent of the GFA, or 270,000 sq ft. The remaining 40 per cent or 720,000 sq ft will be given over to offices and shops, with the offices taking the bulk of that space. M+S, the 60:40 joint venture vehicle between Khazanah and Temasek that is behind the project, said it aims to complete the development in the second quarter of 2017.
Links to the story: http://www.businesstimes.com.sg/print/321375 http://www.straitstimes.com/st/print/601480 http://www.channelnewsasia.com/stories/singaporebusinessnews/print/1237218/1/.html
Lego S'pore among latest tenants at MBFC's Tower 3 Source: Business Times Marina Bay Financial Centre (MBFC) has secured new leases in its Tower 3 building, which brings the overall commitment level at the tower to 76 per cent, or nearly 960,000 sq ft. They had secured new tenants such as Lego Singapore, which supplies products of Denmark-based firm Lego, and New York-based international legal firm Milbank, Tweed, Hadley & McCloy LLP. The new tenants will join existing ones such as DBS Bank, Ashurst LLP, Clifford Chance, WongPartnership, Mead Johnson and McGraw-Hill in the 46-storey tower.
Link to the story: http://www.businesstimes.com.sg/print/321390
Investment Sales
Oxley buys $130m site at Oxley Rise Source: Business Times A fully owned unit of Oxley Holdings has exercised an option to buy a property known as 71/73/73A Oxley Rise for $130 million. The property has a freehold land area of about 25,630 sq ft. On site is an existing two-storey building being used by the Manasseh Meyer International School. The prime District 9 property is sold by the trustees of The Sir Manasseh Meyer Synagogue and School Trust. The price works out to about $1,453 per sq ft per plot ratio inclusive of an estimated development charge of $26 million, assuming the site is redeveloped into a 60:40 residential:commercial project. Under Master Plan 2008, the site is zoned for commercial and residential use with a 4.2+ plot ratio (ratio of maximum gross floor area to land area). A new project of up to 10 storeys and a maximum gross floor area of 107,646 sq ft can be built on the site. A commercial quantum of up to 40 per cent of the maximum gross floor area is permitted. The property being sold is across the road from the Chesed-El Synagogue and slightly 300-plus metres from the Dhoby Ghaut MRT Stations (on the North-South, Northeast and Circle lines).
Link to the story: http://www.businesstimes.com.sg/print/321269
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