Formula One hotel booking still sluggish

Formula One hotel booking still sluggish

 

SINGAPORE plays host to the first ever Formula One Grand Prix night race in just three months, but hotel rooms are not filling up quite as quickly as expected.

A Straits Times check with the 11 trackside hotels on Thursday showed up just trackside hotel Conrad Centennial Singapore with 507 rooms already booked out.

 

There still still plenty of rooms available at 10 other non-trackside hotels.

 

Source: Straits Times

Capitol site and two new growth areas up for sale

Capitol site and two new growth areas up for sale 

 

THE iconic Capitol Theatre, Singapore’s first cinema, and neraby century-old Stamford House finally have a chance for a new lease of life.

The Government on Thursday announced that it will sell the huge 1.45ha prime site housing these historic building in December. Any devlopment must include a hotel.

 

It is also offering developers the first sites in the new growth areas of Jurong and Kallang as part of its half-yearly release of land sale.

 

Altogether, 40 site across Singapore will be offered in the second half of this year.

 

The North Bridge Road plot featuring the Capitol Theatre, Capitol Building, Stamford House and Capitol Centre, is one of the eight confirmed sites.

 

 

Source: Straits Times

Some 7,960 private residential units to be built in second half of 2008

Some 7,960 private residential units to be built in second half of 2008

 

SINGAPORE: The government will release enough land to build about 7,960 private residential units in the second half of this year.

 

The sites will also produce 400,000 square metres of gross floor area of commercial space and 5,750 hotel rooms.

 

The details were released by the Ministry of National Development (MND) on Thursday when it announced the Government Land Sales (GLS) programme for the second half of 2008.

 

Under the latest programme, two new sites will transform the Jurong Lake District and Kallang Riverside into a destination for work, life and play.

 

And as part of the government’s drive to open new growth areas, a new white site at Jurong East St 13 has been set aside to kickstart the development of a commercial hub at Jurong Gateway.

 

In total, 13 new sites have been added to the land sales programme. These comprise six residential, three commercial, three hotels and one white.

 

26 unsold sites from the first half of 2008 and one unsold site from the second half of 2007 will be carried over to the second half land sales programme.

 

This means there are 40 sites in total for sale in the second half. These comprise 21 residential sites that can yield about 7,960 private residential units, six commercial sites which make up 400,000 square metres gross floor area, 11 hotel sites that can produce 5,750 hotel rooms and two white sites.

 

Eight sites will be sold under the confirmed list – of which six are new and two are carried over. The six new ones include three commercial sites which are the existing Capitol Theatre, Capitol Building, Stamford House and Capitol Centre.

 

Both Capitol Building and Stamford House have been gazetted for conservation. The other commercial sites are at Mohamad Sultan Road and Mountbatten Road.

 

Meanwhile, two new residential sites have been released at Yio Chu Kang Road and Sembawang Greenvale. There is also a confirmed hotel site at Bukit Chermin Road.

 

A total of 32 sites will be placed on the reserve list for the second half of this year. Seven are new while 24 were carried over. The reserve list includes two hotel sites at Kallang River and Short Street.

 

MND said this will provide flexibility for the market to adjust the supply to meet the demand. – CNA/vm

 

 

 

Source: Channel NewsAsia

S’pore’s construction consultancy services sought after in overseas market

S’pore’s construction consultancy services sought after in overseas market

 

SINGAPORE: Singapore’s construction consultancy exports have increased despite the bustling domestic market. This is according to a survey conducted by the Building and Construction Authority.

 

Singapore consultancy firms secured a total of 406 projects in 2007 or up some 13 per cent on year.

 

The most sought-after services were for architectural and master-planning services, constituting more than half of the total consultancy contracts clinched.

 

China regained its top spot as the largest export destination for local consultants in 2007.

 

India is second with Singapore consultancy firms securing a total of 90 projects.

 

All in, Singapore construction firms secured a five-year high of $2.7 billion Singapore dollars worth of construction and engineering contracts in 2007. – CNA/vm

 

Source: Channel NewsAsia

Government releases eight confirmed sites for sale

Government releases eight confirmed sites for sale

 

SINGAPORE: Capitol Centre at Stamford Road may be demolished to make way for a new hotel to meet demand for hotel rooms. The location is one of eight confirmed sites that have been released for sale, under the Government’s Land Sales programme.

 

The Ministry of National Development also announced on Thursday that it will release enough land to potentially build nearly 8,000 private residential units, in the second half of the year.

 

Meanwhile, Capitol Building, Capitol Theatre as well as Stamford House have been gazetted for conservation. The Urban Redevelopment Authority said the sale of the site they are on, will not only facilitate the restoration of the conserved buildings, but also add vibrancy to the area.

 

All in, a 1.45 hectare land parcel at the corner of North Bridge and Stamford Roads will be released under the confirmed list of the government land sales programme for the second half.

 

The successful bidder has the option to demolish Capitol Centre to build new and higher-yielding properties.

 

These include a 600-room hotel, which will increase the number of hotel rooms in the vicinity.

 

Analysts expect this site to generate a lot of interest.

 

Nicholas Mak, Director, Consultancy & Research, Knight Frank, said: “If you look at the entire area, I think it is located in a jewel of a location. The location is prime and is located very close to Raffles City, the MRT and has excellent exposure with potential re-development for one component of it, which is Capitol Centre. So, again there’s a lot of imagination. It will certainly attract world class developers.

 

Another 100-room hotel is slated at a confirmed site at Bukit Chermin.

 

This is timed to coincide with the completion of the Labrador Nature and Coastal Walk in 2011.

 

Tay Huey Ying, Director, Research and Advisory, Colliers International, said: “This particular locality is going up very nicely into a tourist attraction as well as drawing more businesses and residents to this locality. I think the availability of this site in the GLS programme will probably generate a fair bit of interest because sites for hotel development in this locality is generally very limited.”

 

She added that the four black and white bungalows would also add character and ambience to the hotel development.

 

Other sites up for sale are residential sites at Yio Chu Kang, Seletar Road, Sembawang Greenvale, New Upper Changi Road, Tanah Merah Kecil Avenue,

Punggol Field, Punggol Road which is marked for the building of executive condominiums

 

Although the site at Yio Chu Kang, Seletar Road will have commercial activities, property analysts are not expecting developers to bite

 

The latest programme also includes two new sites which will transform the Jurong Lake District and Kallang Riverside into a destination for work, life and play. – CNA/vm

 

Source: Channel NewsAsia

More land released for private residential and commercial use for 2H

More land released for private residential and commercial use for 2H

 

More land has been released by the government for private residential and commercial development for the second half this year.

 

The National Development Ministry announced today that 13 new sites have been added to the Government Land Sales Programme.

 

The 13 sites comprise 6 residential sites, 3 commercial sites, 3 hotel sites and a white site.

 

With the 26 unsold sites from the first half this year, a total of 40 sites are available under the government land sale programme for the rest of this year.

 

Judging by the sites announced, Managing Director of Cushman and Wakefield, Donald Han, says the government seems to be taking a more prudent approach to the land sales.

 

“I think if you look into the commercial sites, we’re still looking at quite a bit of supply coming out in terms of the next two three years, assuming the sites are taken up. But it’s interesting to note that in the prime CBD area, the Marina Bay, where last year the government had released sites, currently, there’s nothing in the planning stage, the bulk of the commercial sites pretty much focus on fringe areas.”

 

Among the sites released are those in Jurong Lake District and Kallang Riverside.

 

Both areas have been earmarked for further development under the Urban Redevelopment Authority’s Master Plan 2008.

 

Other sites likely to attract attention from developers are the North Bridge Road site, which comprises the current Capitol Theatre, as well as the site at Mohamed Sultan Road.

 

While analysts believe the site at North Bridge road will probably attract most interest from developers due to the location,

 

Director of Research and Advisory at Colliers International, Tay Huey Ying, believes there’s one caveat.

 

“The conservation requirement will be hindrance and may therefore limit the number of bidders to those with prior experience in conservation projects. Although this site may attract keen competition, the higher risk associated with undertaking such conservation projects will affect the tender bids nevertheless.”

 

MND said the confirmed list sites will yield about 1,120 private residential units, 700 hotel rooms and 50 thousand square metres of gross floor area.

 

It added that a total of 32 sites will also be placed on the reserve list for the second half this year.

 

Source: 938Live

Singapore’s construction firms won more contracts in 2007

Singapore‘s construction firms won more contracts in 2007

 

Singapore’s construction firms continued to make much headway in overseas markets, clinching 2.7 billion dollars worth of contracts last year, the highest in 5 years.

 

A survey conducted by the Building and Construction Authority found that Singapore consultant firms secured a total of 406 projects last year.

 

That’s higher than the 360 projects secured the year before.

 

Among the types of consultancy services, the most sought after services from Singapore firms were architectural and master-planning services.

 

Such services constituted more than half of the total number of consultancy contracts clinched.

 

In terms of the top exporting markets for the Singapore firms, China took top spot with 137 projects signed in cities like Chengdu, Guangzhou and Suzhou.

 

India came in second, with a total of 90 projects.

 

Source: 938Live

New Project Launch by Developer: The Orange Grove

New Project Launch by Developer: The Orange Grove

 

Developer: Ho Bee Group

 

Address: Orange Grove Road

 

District: 10

 

Tenure: Freehold

 

Type of Development: 1 block of 12-storey with Attic residential units with a basement car park, swimming pool and communal facilities

 

TOP Expected: 1st May 2010

 

Total Units: 72

 

Unit Mix: 3bedroom (2,153 – 2,777sqft), 4bedroom (2,691 – 3,488sqft), Penthouses (3,789 – 5,490sqft)

 

Facilities:

Swimming pool;

Clubhouse with gym & steam room ;

 

Project Description: The Orange Grove, a home that stands the test of time in every way. Located within the prestigious enclave of Orange Grove Road, The Orange Grove has an address that commands only the best, and stands out as a beacon of luxury and allure.

 

The Orange Grove is designed to take full advantage of its natural surroundings. From this unrivalled vantage point, savour spectacular views of both the city skyline as well as the neighbouring lush greenery.

 

With just 72 apartments, enjoy an uncommon exclusivity at The Orange Grove. Take your pick from a collection of 3 and 4-bedroom apartments as well as uber-luxurious penthouses, all designed to meet your demanding tastes.

 

A glittering lounge pool beckons as you arrive home, promising a moment of tranquility before more serious action at the lap pool. The clubhouse, a striking glass box overlooking the pool, houses the gymnasium as well. The family is not forgotten; a children’s pool, jacuzzi pool, BBQ pits and a pool deck for private functions, lavishly equipped for your every need!

 

At The Orange Grove, you are in a position to make the most of life. Just a 1-minute drive away is Orchard Road, Singapore’s premier shopping, dining and entertainment belt, and the epicentre of all that is hip and happening. Constantly reinventing itself, this retail therapy heaven promises to excite even the most seasoned of shoppers.

 

The Orange Grove is also in close proximity to prestigious schools like Anglo Chinese Primary School, Singapore Chinese Girls’ School, Raffles Girls’ Secondary School and St Joseph’s Institution.

  

Please contact me if you need further details on the above-mentioned projects or any other projects’ details. I would be more than happy to be of assistance.

 

 

 

Apartments above $10m still shine in dull market

Apartments above $10m still shine in dull market

In the landed sector, demand for GCBs remains strong, says CBRE

 

(SINGAPORE) The high-end residential sector has been largely subdued in 2008, but at least 50 luxury apartments costing above $10 million each have been sold so far this year. And the tally for the full year, according to property consultant CB Richard Ellis (CBRE), is expected to come in at about 70 to 100 units.

 

This will be lower than the 139 such units sold for the whole of 2007, but still significantly higher than the 2006 full-year figure of 23 units, CBRE’s research shows.

 

Putting things in perspective, CBRE Singapore’s managing director Pauline Goh says: ‘One point to note is that luxury home prices in 2006 were lower than in 2007. Hence, fewer units would have touched the $10 million mark back in 2006. There was also a smaller supply of upscale developments with big units back then compared with 2007 and H1 2008.’

 

The 50-odd luxury apartments costing above $10 million each sold so far this year are the tally at June 17 and include not just units sold at Nassim Park Residences, which was previewed in May, but also a unit each transacted at Cliveden at Grange, The Tomlinson, The Grange and The Orange Grove condos.

 

BT understands that the highest-priced transaction so far this year is a $19.7 million ground-floor unit sold at Nassim Park Residences.

 

In the landed sector, a total of 23 Good Class Bungalows (GCBs) have changed hands so far this year for a total of $380 million.

 

‘We’re quite confident that at least 50 to 60 GCBs will be sold for the whole of 2008. Demand will continue to be strong from Singaporeans as well as PRs, but deals are limited by availability of GCB stock,’ Ms Goh predicts.

 

Last year, a total of 87 GCB deals totalling $1.15 billion were sealed, against the record 119 transactions worth $1.23 billion in 2006.

 

As for the outlook for luxury apartment sales, Ms Goh says: ‘Singapore has a lot going for it; the government has put in so much effort to build Singapore into a global city. We’ll have the integrated resorts, special events like Youth Olympic Games and F1 night race. Singapore is on the radar screens of a lot of international investors. However, the flow of bad news from the US has to stabilise before confidence returns.

 

‘On the other hand, as Nassim Park Residences shows, if the product is right, there can be very, very strong demand. The project is in a very niche location; arguably the best luxury location in Singapore.’

 

Market watchers say the volume of transactions for apartments costing more than $10 million for the rest of 2008 will depend partly on when developers release new prime-district condos and their strategy on the mix of unit sizes.

 

Developers have tended to veer towards bigger units in the past couple of years but some analysts say some developers are now considering changing tack for upcoming projects. These developers are wondering whether it will make more sense now to have a higher proportion of smaller units – given weaker sentiment.

 

‘The idea is to make the absolute price quantums smaller, say $3-5 million per apartment, which will mean a bigger pool of buyers, compared with having a lot of biggish units in a project costing, say, above $10 million,’ an analyst says.

 

Source: Business Times

Expat schools being offered vacant sites

Expat schools being offered vacant sites

 

I REFER to Mr Frankie Mao’s letter, ‘Let expat schools expand into vacant properties’ (June 11), which suggested that expatriate schools be allowed to use vacant school buildings as a temporary measure.

 

We thank Mr Mao for his suggestion and would like to clarify that this is already being done.

 

Several international schools have leased former school and institutional buildings from the State. Some examples include the SP Jain Centre of Management (former Institute of Dental Health building), Canadian International School (former Tanjong Katong Girls’ School) and the Global Indian International School (former Mei Chin Secondary School).

 

As for the former Westlake Secondary School at Braddell Hill mentioned by Mr Mao, the site has been left vacant as there are plans for its redevelopment.

 

Singapore Land Authority will continue to work with government agencies to offer sites for education-related uses to cater to the growing demand.

 

Susan Koh (Ms)

Senior Manager (Corporate Communications)

Singapore Land Authority

 

Source: Straits Times