Waterfront Waves enjoys brisk sales

Waterfront Waves enjoys brisk sales

 

60 units of condo project near Bedok Reservoir sold at $750-800 psf

 

By LYNETTE KHOO

 

DEFYING wide consensus of a more subdued private property market here amid US sub-prime woes, house hunters bought half the 120 units launched over the weekend at Waterfront Waves.

 

The project, near Bedok Reservoir, is a 405-unit condominium jointly developed by Far East Organization and Frasers Centrepoint (FCL).

 

The average price achieved for the 60 units sold was $750-800 per square foot (psf), with one unit fetching the highest price of $874 psf.

 

‘Waterfront Waves has this exclusive product differentiation – it is one of the last developments with direct view of the Bedok Reservoir,’ said Cheang Kok Kheong, chief operating officer of Frasers Centrepoint Homes.

 

The private preview of the Waterfront Waves over the weekend drew a good turn-up of close to 1,000 people.

 

Giving the breakdown on the profile of the buyers, Mr Cheang noted that 30 per cent of them have HDB addresses and 70 per cent have private addresses. Most of them indicated that they were looking to stay in the new units.

 

Located near the Bedok Reservoir and less than two minutes from the Pan Island Expressway, the condominium is slated for completion in 2010 with construction work likely to start by the third quarter of this year.

 

Mr Cheang said he does not see a softening of property market sentiment as the sub-prime problem will likely blow over in another six months to one year.

 

‘There is still strong demand for the entry-level private property market in selected areas with quality living standards,’ said Mr Cheang.

 

With three of the nine blocks at Waterfront Waves already launched, FCL is now looking to launch a few more blocks this weekend.

 

Source: Business Times

Genting in talks to build hotel in Sports Hub

Genting in talks to build hotel in Sports Hub

 

By LYNETTE KHOO

 

(SINGAPORE) Singapore Sports Hub (SSH) Consortium, which nailed the bid for the upcoming Sports Hub with its iconic dome-shaped design, is now in preliminary talks with Genting International to build a hotel in the Sports Hub.

 

‘We are in discussion with Genting International to invest in a hotel in the Sports Hub. The construction cost of the hotel will be roughly $200 million,’ Ludwig Reichhold, managing director of Dragages Singapore, told BT yesterday.

 

In the retail space, the consortium is looking to team up with Frasers Centrepoint as its partner, he added.

 

The winning design comprises an optional 528-room hotel, retail, and a food and beverage area of more than 41,000 sq m. There will also be a water leisure park, a multi-purpose indoor area, an indoor aquatic centre, a watersports centre and the Singapore Indoor Stadium.

 

Dragages is a subsidiary of France-based Bouygues Construction, which is behind world-renowned landmarks like the Stade de France stadium in Paris, the renovation of the Louvre art gallery, also in Paris, and the restoration of Singapore’s The Fullerton hotel.

 

Other main partners in the consortium are HSBC Infrastructure Fund Management Limited, United Premas, Global Spectrum Asia Pte Ltd, World Sport Group, Active Rights Management, ARUP Sports and DP Architects.

 

Far from a new kid on the block, Dragages has been participating in public-private partnerships in other parts of the world such as the UK, South Africa and France.

 

In Singapore, Dragages is the main contractor for City Developments’ condominium project The Sail @ Marina Bay.

 

Commenting on the winning proposal over the weekend, Minister for Community Development, Youth and Sports Vivian Balakrishnan said the preferred bidder for this Public-Private Partnership project displays significant strengths in programming, team culture and partnership, functionality and layout, as well as offers the best value for money solution for Singapore.

 

The first international event that SSH Consortium hopes to bring in is the SEA Games 2013, Mr Reichhold said. It is also looking to set up professional football leagues, including two Singapore football clubs at the Sports Hub targeted at youths.

 

‘We intend to organise community events to promote sports among the youth . . . and the fact that we are re-investing some of the commercial revenue back into the project in sports events and community events will help Singapore to have a broader sports play than now,’ Mr Reichhold said.

 

The Sports Hub is expected to be ready in end-2011 to replace the 35-year-old National Stadium. Once it is up and running, the bulk of the revenue is expected to come from retail and events. Up to 75 per cent of the revenue will be ploughed back into the project.

 

The government will pour in $1.87 billion over the 25-year tenure while the consortium will bear another $1.2 billion in capital expenditure.

 

Mr Reichhold said he does not expect the costs of building the Sports Hub to be affected by rising construction costs.

 

Source: Business Times

Sing unit seeks to join appeal over en bloc ruling

Sing unit seeks to join appeal over en bloc ruling

 

By LYNETTE KHOO

 

SING Holdings said its joint venture vehicle is filing an intervention application with the High Court to be added as a party to the appeal made by majority owners of Finland Gardens in Siglap against the ruling that dismissed their en bloc transaction.

 

Finland Gardens Pte Ltd (FGPL) is the 70-30 joint venture between Sing Holdings and Eastern Summer – the wholly-owned unit of US-based fund Forum Asian Realty Income II LP.

 

The Strata Titles Board (STB) threw out the collective sale application of Finland Gardens in Siglap last November after it failed to meet statutory requirements.

 

The STB ruled that there was no 80 per cent majority and that the sale price was not obtained in good faith.

 

At the request of FGPL, the majority owners filed an appeal with the High Court in December against STB’s decision.

 

FGPL subsequently filed an intervention on Jan 17 with the High Court to be allowed as a party to the appeal.

 

‘The High Court has adjourned the hearing of the appeal and the intervention application to Feb 15 when the intervention application will be heard and further directions given for the hearing of the appeal,’ Sing Holdings said.

 

Finland Gardens, located in the Siglap area at East Coast Avenue and East Coast Terrace, has a land area of 98,309 sq ft. It comprises 48 units of walk-up apartments housed in two three-storey blocks.

 

Sing Holdings proposed to buy the freehold site in November 2006 for $49.5 million. The owners of each unit would stand to reap about $1 million to $1.27 million, depending on the size of the unit.

 

But owners of eight units objected to the sale, saying that they are not getting the best possible price for the estate and that a higher offer that came after Sing Holdings’ offer was not considered by the sale committee, which simply asked Sing Holdings to match the later offer instead of asking for a better price.

 

Source: Business Times

Avery invests $100m on ‘upmarket’ dorm

Avery invests $100m on ‘upmarket’ dorm

 

Morgan Stanley- controlled venture aims to be market leader in this sector

 

By KALPANA RASHIWALA

 

(SINGAPORE) Avery Strategic Investments, a Morgan Stanley-controlled venture that bought three foreign workers’ dormitories from JTC Corp last year for $153 million, is gunning to be the biggest player in this sector, investing a further $100 million to develop an ‘upmarket’ dormitory fronting Jurong River.

 

The facility, when completed in March next year, will be able to house about 8,000 workers – making it the biggest on the island, says Vernon Chua, managing director of Averic Capital Management, the asset manager for the venture and which holds a 3 per cent stake in Avery Strategic Investments.

 

Morgan Stanley Real Estate-managed funds hold the remaining 97 per cent.

 

The new six-storey property, to be named Avery Lodge, will bring the total bedcount in the group’s Singapore dormitory portfolio to about 21,500, probably putting Avery Strategic on par with the biggest player currently, Mini Environment Services.

 

Avery Lodge’s 8,000-bed maximum capacity will surpass the 7,000 beds at Capital Development’s Toh Guan Dormitory, now the largest in Singapore.

 

But more than just aiming for a pole position in the industry, Avery Strategic is planning to brand its product.

 

‘We see an opportunity to differentiate our product and be a market leader. It’s a bit like the hotel industry, where a brand is associated with a standard experience. We’re trying to run this more institutionally, more professionally, giving our corporate tenants (the employers of the foreign workers) a sense of reliability,’ Mr Chua said in a recent interview with BT.

 

Avery Lodge, designed by ADDP Architects, is being built on a 30-year leasehold plot at Jalan Papan which Avery Strategic clinched at a JTC tender last year for about $40.1 million.

 

The nearly two-hectare site will be developed into 486 units, which are like self-contained apartments with their own living, dining and kitchen areas in addition to sleeping quarters. Each unit will have 16-18 beds.

 

‘This will be a relatively upmarket dormitory, with bay windows, more generous floor-to-ceiling heights and space per worker, and amenities,’ Mr Chua said.

 

All common areas will be tiled, and the facility will also have a gym, video games room, Internet cafe, mini-mart and canteen.

 

Security features include access through biometric cards and 24-hour guard patrols.

 

‘We’ll be providing a well-balanced living environment for the workers, not just a place where they spend the night,’ Mr Chua stressed.

 

Avery Lodge’s tenants will be mostly the shipyards and other companies in the marine industries in the Jurong area.

 

Industry players say foreign worker dormitory rents rose more than 30 per cent last year to about $130-$180 per worker monthly on the back of strong economic growth and a shortage of such facilities. Net yields on such properties are understood to be double-digit, in the low teens, although Avery Strategic declined to comment on this.

 

‘We’re keen on investing further in this industry, whether it is buying dormitories from existing operators or building more quality dormitories, like what we’re doing for Avery Lodge,’ says Eric Tan, Averic’s director (asset management) and co-owner of the company with Mr Chua.

 

‘The fundamental demand in this market is going to remain strong against the backdrop of the global economic market,’ Mr Tan added. ‘As the Singapore economy grows, likely so will the dormitory business. We’re hopeful the economy remains robust; then there’ll be more opportunities to invest in this asset class.’

 

Although the Morgan Stanley-Averic tie-up is currently only for Singapore, the pair are open to replicating this model elsewhere.

 

This is the first time Morgan Stanley has invested in workers’ dormitories anywhere. It saw an opportunity to pursue a non-traditional asset class and to be a market leader when JTC Corp last year offered for sale its three dormitories – Kian Teck Dormitory in Jurong, Woodlands Dormitory and Tampines Dormitory – with a total of 13,544 beds.

 

‘It was an industry not dominated by any institutional player, except JTC, which was exiting the business. So there was a niche for a player like us. There’s demand among corporates for better quality dormitories to house their foreign workers,’ said Mr Tan.

 

Source: Business Times

Keppel Bay offers best of premium waterfront lifestyle

New marina makes a splash

 

Keppel Bay offers best of premium waterfront lifestyle

 

By VINCENT WEE

 

RIGHT from the outset, Marina at Keppel Bay is proving to be the jewel in the crown of Keppel Land’s 32-hectare Keppel Bay waterfront residential precinct. The $30 million marina was opened by Senior Minister Goh Chok Tong last Saturday and immediately afterwards saw its first major event with the arrival of the 10-boat Clipper fleet into Singapore.

 

‘Marina at Keppel Bay will enhance the premier and intimate waterfront lifestyle experience for homeowners in Keppel Bay, boaters from the region as well as visitors to Keppel Island with its premium berths, fine dining experiences and warm hospitality,’ said Keppel Corp executive chairman Lim Chee Onn.

 

The 170-berth marina is designed by leading architects and marina consultants Alfred Wong and Partners and Bellingham Marine Industries. It has facilities to take a wide range of boats from 20 feet to megayachts 200 feet long.

 

Marina at Keppel Bay also features new fine dining experiences which include Michael Lu’s multiconcept food- and-beverage entertainment venue Prive, bay-fronting bar The Wine Glass, South-east Asia’s first Takumi Tokyo Japanese restaurant, The Coffee Connoisseur and private dining room The Island Suite.

 

It is the closest marina and waterfront lifestyle development to the city centre, located on the privately- owned Keppel Island, across the bay from the Caribbean and within walking distance of VivoCity and Harbour- Front MRT.

 

‘Keppel Bay is envisioned to be a place where people, boaters and non-boaters, can come to enjoy the best of what Singapore’s premium waterfront has to offer, be it to Live, Work or Play,’ said Mr Lim. ‘The return of the Clipper fleet is timely and lends colour and excitement to this vibrant southern waterfront hub.’

 

SM Goh on Saturday presented the Uniquely Singapore Cup, sponsored by Keppel Corp, to New York Clipper, the first boat to finish race five from Fremantle to Singapore. The Uniquely Singapore Clipper came in seventh on its home leg but was still greeted by a huge crowd of fans and well- wishers dockside. The boats will be at Marina at Keppel Bay till Jan 27 when they leave for Qingdao. The marina is open to the public.

 

Source: Business Times

NEW PLACE TO SEA & BE SEEN

NEW PLACE TO SEA & BE SEEN

 

$30 million Keppel marina opens at S’pore’s only privately owned island

 

A NEW place to wine and dine in style and enjoy a great view. And if you own a yacht, you can berth there too. Welcome to Marina at Keppel Bay, Singapore’s only privately owned island. Located on Keppel Island and owned by Keppel Corporation, the marina is accessible by a bridge just off Telok Blangah Road.

 

By Alvin Chiang

 

 

21 January 2008

 

A NEW place to wine and dine in style and enjoy a great view.

 

And if you own a yacht, you can berth there too.

 

Welcome to Marina at Keppel Bay, Singapore’s only privately owned island. Located on Keppel Island and owned by Keppel Corporation, the marina is accessible by a bridge just off Telok Blangah Road.

 

Less than a three-minute drive from VivoCity, the marina is just opposite private residential developments like Caribbean@Keppel Bay and Reflections@Keppel Bay.

 

The island is privately owned, but the marina and restaurants there are open to the public.

 

Owners of properties at Keppel Bay, however, can use the marina at lower rates. Marketed as a luxury waterfront ‘playground’, it was built at a cost of $30 million.

 

The marina has 170 berths and can fit boats as big as a mega yacht.

 

Mr Lim Chee Onn, Keppel Corp’s executive chairman, said: ‘Marina at Keppel Bay will enhance the premier and intimate waterfront lifestyle experience for home owners in Keppel Bay, boaters from the region, as well as visitors to Keppel Island, with its premium berths, fine dining experiences and warm hospitality.’

 

The marina was opened in style yesterday by Senior Minister Goh Chok Tong. He welcomed 10 clippers, including one from Singapore which is part of the Clipper Round the World Yacht Race.

 

The Uniquely Singapore clipper sailed into the marina with the nine other clippers from New York, Liverpool, Hull and Humber, Nova Scotia, Jamaica, Western Australia, Glasgow, Durban and Qingdao at about noon yesterday.

 

They were met by more than 100 people and about 30 dancing girls. The fleet left Australia on 1Jan and reached Batam on Tuesday. The Uniquely Singapore clipper is sponsored by Keppel Corp, with the Singapore Tourism Board as a race partner.

 

Mr Lim said: ‘We share the same vision with our race partner Singapore Tourism Board to showcase the Uniquely Singapore brand to the world and to promote Singapore globally as a ‘must visit’ destination.

 

‘In concert with the slew of exciting waterfront developments and activities at Keppel Bay, Sentosa and the surroundings, Marina at Keppel Bay is set to draw even more international yachts and boaters to visit Singapore.’

 

Source: The New Paper

TWO PROPERTIES, TWO SISTERS… ONE BRUISING LEGAL BATTLE

SISTERS TORN APART

 

TWO PROPERTIES, TWO SISTERS… ONE BRUISING LEGAL BATTLE

 

THIS IS a tale of how two sisters became bitter foes. The younger sister is a businesswoman while her older sister is a housewife, married to an orthopaedic surgeon.

 

By Karen Wong

 

 

21 January 2008

 

THIS IS a tale of how two sisters became bitter foes.

 

The younger sister is a businesswoman while her older sister is a housewife, married to an orthopaedic surgeon.

 

Together, they hoped to fatten their purses by developing an old property into a bigger one, with commercial and residential units.

 

For this project, they had pooled together their savings.

 

But it tore apart their relationship and resulted in a ‘bruising legal battle’ which has been going on since 1994. The bone of contention: The allotment of shares in the project. The younger sister, MadamLee Kim Kiat, wanted more shares in it.

 

There was a brief respite in their quarrel in 1999, when the younger woman was made a bankrupt and her elder sister, Biow Neo, put up $100,000 to bail her out.

 

But that kind gesture didn’t end the dispute.

 

After the younger sister was discharged from bankruptcy, she sued her sister and brother-in-law, DrKrishnamoorthy Sittampalam, in court.

 

Recently, the High Court dismissed the younger Madam Lee’s claim for more than her half share of the property project.

 

Not only that, but the court also ordered that she pays back her elder sister and brother-in-law the $100,000 which the couple loaned to her when she was a bankrupt.

 

The couple are represented by Senior Counsel Michael Khoo and Ms Josephine Low.

 

As Justice Tan Lee Meng put it, this was ‘another bruising legal battle between siblings and relatives over money’.

 

PROPERTY BUY

 

It all began when Madam Lee, a businesswoman, bought two shophouses, totalling $1.93million, in Purvis Street in September 1992.

 

She wanted to re-develop them into a mix of commercial units and residential service apartments.

 

She claimed that her sister and brother-in-law pressured her to give a share of the properties to them.

 

The couple’s version, however, is that Madam Lee had cashflow problems and so, invited them to become co-owners.

 

Most of the purchase price came from a bank loan taken out by three of them.

 

The couple claimed that they contributed to half of the initial deposit for the properties by paying some $85,575 which Madam Lee had apparently owed them previously.

 

But she denied owing the couple any money and claimed that she paid the entire deposit herself.

 

Still, some correspondence between her and the sellers of the units at that time showed that her sister and husband were jointly entitled to a half share of the property.

 

In 1993, they were handed the keys to the two units they had bought.

 

They also bought an adjoining piece of state land for which the division was the same: Madam Lee held half share, while her sister and husband held the other half.

 

The parties agreed to use one of the younger sister’s companies and renamed it Purvis Development, as the vehicle for the project.

 

THE FALLING OUT

 

Sadly, around November 1994, the two parties fell out apparently over the allotment of shares in the development company.

 

Madam Lee had allotted 75 per cent of shares in the company to herself and 25 per cent to the other couple.

 

The other couple, however, thought the allotment should be half to them and half to her.

 

As such, the couple stopped their involvement in the project.

 

Some five years later, in March 1999, Madam Lee became a bankrupt.

 

The parties failed to service the bank loan for the properties and it was sold by public auction for $3.9m.

 

After deducting the loan amount and the expenses, there was a balance of $1.84m – which is still being held by a law firm.

 

Madam Lee sued her sister and brother-in-law to get either 85 per cent or 75 per cent of this money.

 

Her case was that they were holding the additional 25 per cent in trust for her.

 

In a court hearing last year, numerous allegations flew between the two camps as to how they handled the money.

 

After hearing from all the parties, as well as forensic accountants they had engaged, Justice Tan said: ‘All the conveyancing and mortgage documents provided that (Madam Lee) had only a half share of the Purvis properties.’

 

He also noted that the testimonies of the elder sister and her husband were more credible than hers.

 

As such, he dismissed the younger sister’s claim. Not only that, but he ordered that she pay back the couple the money they loaned to her to pay one of her creditors when she was bankrupt.

 

Source: The New Paper