Business Times - 03 Apr 2008
Leng Beng's recipe for public housing
Lease new units to first-time S'porean buyers, with option to buy: CDL chief
By KALPANA RASHIWALA
CDL boss Kwek Leng Beng has a suggestion to make housing more affordable for young Singaporeans.
He says the government could build more public housing units, lease them out to young Singaporean first-time buyers and give them an option to buy the flats within 10 years, at fixed prices.
'I think there's demand for such housing from younger people, including singles. I think smaller flats with one or two bedrooms will be quite suitable for them,' Mr Kwek, who is executive chairman of City Developments Ltd, said in a recent interview with BT.
'Such a policy would cater to those who feel housing costs have gone up too high and they can't afford them. Over time, as these people get more pay, they can afford to buy the homes,' he added.
The Housing and Development Board currently has schemes to rent out public flats to Singapore citizens but these are for lower-income households with gross monthly incomes not exceeding $1,500 for the Public Rental Scheme, and $2,000 (at the point of application) for the Rent and Purchase Scheme.
The latter scheme, typically for three-room flats, allows those who rent flats to buy them later from HDB.
The schemes are open only to those who have a family nucleus, which effectively excludes single Singaporeans making solo applications.
Singaporeans also have a range of choices when it comes to buying public housing flats, whether directly from HDB or through the resale market.
However, the scheme Mr Kwek proposes would be directed at the younger set, including singles, who may just be starting out in their careers and find housing prices too high.
'Their salaries may not be enough today,' he said. 'However, over time, their incomes will rise - but by then, they still may not be able to afford buying a home because property prices may have appreciated further. So the government could build new flats and rent these out to Singaporeans and give them the first right to buy the units within, say, 10 years, at a fixed price.
'If eventually, they don't buy these homes, the government can take them back and lease them to others.
'This would be a way of helping our citizens. If I am young, talented, you should give me a chance to own a flat. It will give me something to work hard for. I'll want to be successful. So we'll also be encouraging them to be more entrepreneurial,' reckons the father of two sons, one in his early 30s and the other in his late 20s.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
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Thursday, April 3, 2008
Leng Beng urges nimble feet in shifting landscape
Business Times - 03 Apr 2008
Leng Beng urges nimble feet in shifting landscape
CDL chief suggests review of land sales, rethink on deferred payment scheme
By KALPANA RASHIWALA
(SINGAPORE) The uncertainty surrounding the local property market will last at least another six months and stakeholders must stay nimble to deal with the changing tides, says property tycoon Kwek Leng Beng.
Speaking to BT, he said that the standstill in the local property market would end only after the US sub- prime crisis clears. 'I believe it will take another six months - if not more,' the executive chairman of listed City Developments Ltd (CDL) added.
But any restoration of confidence in the property market will also hinge on stakeholders - in both the private and public sectors - remaining nimble and reviewing their strategies and policies to meet changing market conditions swiftly, Mr Kwek stressed in a recent interview with BT.
'You have to cut your coat according to your cloth. As a developer, if I said last year that I was planning to launch five projects this year, but you know this year the market is quiet, it would be unwise for me to say 'because I decided last year to launch five projects this year, I must still go ahead'.'
He urged the government to likewise review its current land sales programme. The programme was fixed last year, when the market was buoyant, compared to conditions today.
The Government Land Sales Programme is announced every six months. The current H1 2008 slate of sites was announced early last December, which means that some of the decisions were probably made even earlier, property consultants say.
'It's been proven in the past that the Singapore property market is a very important pillar that is closely linked to other markets - for example, financial markets, and the construction sector - and is in part driven by sentiment. So it's vital for stakeholders in the private and public sectors in the property industry to remain nimble. They can do this by reviewing and modifying their practices quickly to stay relevant. By doing this, we can minimise potential problems and address them ahead of time,' argues Mr Kwek, 68, who has about four decades of experience in the property business.
He also advocates a free-market approach to policy at Singapore's current stage of development. 'As Singapore competes in the race among global cities, Singapore must not be perceived as a city that interferes unduly in market forces. We should instead allow market forces to prevail in the property market - unless the situation gets out of hand,' Mr Kwek says.
He also says that the government may have been too quick to scrap the deferred payment scheme last October. Mr Kwek suggests the authorities should reconsider the scheme, which was started around 2002 to help stabilise the weak property buying sentiment at the time.
Under the scheme, private property buyers could buy units in uncompleted developments with just a 10 or 20 per cent downpayment, with the payment for the rest of the purchase price in some cases postponed until the completion of the project. In contrast, under the normal progress payment scheme, buyers have to pay regular instalments to the developer, based on the stage of the project's construction.
'If I am a developer and I want to offer deferred payment schemes to my home buyers, perhaps the developers' bankers may be in a better position to assess the viability of the scheme even whilst staying prudent. The assessment will take into account the project, as well as the developers behind the scheme,' Mr Kwek argues.
Many analysts had blamed deferred payment for fuelling property speculation. Mr Kwek, while acknowledging this, argues that the scheme also served a useful function: it enabled buyers of new residential properties to dispose of their existing properties at a gradual pace, instead of being forced to sell them.
The deferred payment scheme could be revived again - but this time with a higher initial payment of 30 per cent instead of 20 per cent, suggests Mr Kwek, who is also chairman and managing director of listed Hong Leong Finance.
He praises the government's handling of the office crunch. The Urban Redevelopment Authority's introduction of transitional office sites - allowing temporary low-rise office blocks to be built quickly on 15-year leasehold sites - was a swift response to increase office supply for businesses that don't need to be in a posh CBD office block.
'But a global city does not necessarily mean your office rentals have to be cheap. Tokyo, London, New York all have high rents but continue to attract businesses. What's just as important is that you have to create an environment where businesses can make money.
'Don't forget, there are many cities fighting for investments. They can all copy Singapore. It's very easy to duplicate. So to get ahead of the pack, we have to think of something different - something that nobody has done. This boils down to being nimble,' Mr Kwek suggests.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Singapore Real Estate and Property updates
EastLiving.com.sg
Contact
Stuart Chng: (65) 9691 9907
stuart.chng@eastliving.com.sg
EastLiving - Singapore Property and Real Estate DB
Leng Beng urges nimble feet in shifting landscape
CDL chief suggests review of land sales, rethink on deferred payment scheme
By KALPANA RASHIWALA
(SINGAPORE) The uncertainty surrounding the local property market will last at least another six months and stakeholders must stay nimble to deal with the changing tides, says property tycoon Kwek Leng Beng.
Speaking to BT, he said that the standstill in the local property market would end only after the US sub- prime crisis clears. 'I believe it will take another six months - if not more,' the executive chairman of listed City Developments Ltd (CDL) added.
But any restoration of confidence in the property market will also hinge on stakeholders - in both the private and public sectors - remaining nimble and reviewing their strategies and policies to meet changing market conditions swiftly, Mr Kwek stressed in a recent interview with BT.
'You have to cut your coat according to your cloth. As a developer, if I said last year that I was planning to launch five projects this year, but you know this year the market is quiet, it would be unwise for me to say 'because I decided last year to launch five projects this year, I must still go ahead'.'
He urged the government to likewise review its current land sales programme. The programme was fixed last year, when the market was buoyant, compared to conditions today.
The Government Land Sales Programme is announced every six months. The current H1 2008 slate of sites was announced early last December, which means that some of the decisions were probably made even earlier, property consultants say.
'It's been proven in the past that the Singapore property market is a very important pillar that is closely linked to other markets - for example, financial markets, and the construction sector - and is in part driven by sentiment. So it's vital for stakeholders in the private and public sectors in the property industry to remain nimble. They can do this by reviewing and modifying their practices quickly to stay relevant. By doing this, we can minimise potential problems and address them ahead of time,' argues Mr Kwek, 68, who has about four decades of experience in the property business.
He also advocates a free-market approach to policy at Singapore's current stage of development. 'As Singapore competes in the race among global cities, Singapore must not be perceived as a city that interferes unduly in market forces. We should instead allow market forces to prevail in the property market - unless the situation gets out of hand,' Mr Kwek says.
He also says that the government may have been too quick to scrap the deferred payment scheme last October. Mr Kwek suggests the authorities should reconsider the scheme, which was started around 2002 to help stabilise the weak property buying sentiment at the time.
Under the scheme, private property buyers could buy units in uncompleted developments with just a 10 or 20 per cent downpayment, with the payment for the rest of the purchase price in some cases postponed until the completion of the project. In contrast, under the normal progress payment scheme, buyers have to pay regular instalments to the developer, based on the stage of the project's construction.
'If I am a developer and I want to offer deferred payment schemes to my home buyers, perhaps the developers' bankers may be in a better position to assess the viability of the scheme even whilst staying prudent. The assessment will take into account the project, as well as the developers behind the scheme,' Mr Kwek argues.
Many analysts had blamed deferred payment for fuelling property speculation. Mr Kwek, while acknowledging this, argues that the scheme also served a useful function: it enabled buyers of new residential properties to dispose of their existing properties at a gradual pace, instead of being forced to sell them.
The deferred payment scheme could be revived again - but this time with a higher initial payment of 30 per cent instead of 20 per cent, suggests Mr Kwek, who is also chairman and managing director of listed Hong Leong Finance.
He praises the government's handling of the office crunch. The Urban Redevelopment Authority's introduction of transitional office sites - allowing temporary low-rise office blocks to be built quickly on 15-year leasehold sites - was a swift response to increase office supply for businesses that don't need to be in a posh CBD office block.
'But a global city does not necessarily mean your office rentals have to be cheap. Tokyo, London, New York all have high rents but continue to attract businesses. What's just as important is that you have to create an environment where businesses can make money.
'Don't forget, there are many cities fighting for investments. They can all copy Singapore. It's very easy to duplicate. So to get ahead of the pack, we have to think of something different - something that nobody has done. This boils down to being nimble,' Mr Kwek suggests.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Singapore Real Estate and Property updates
EastLiving.com.sg
Contact
Stuart Chng: (65) 9691 9907
stuart.chng@eastliving.com.sg
EastLiving - Singapore Property and Real Estate DB
$100m Biopolis Phase III starts taking shape
Business Times - 03 Apr 2008
$100m Biopolis Phase III starts taking shape
The 41,500 sqm complex will be ready by Q4 2009
By EMILYN YAP
CONSTRUCTION of the $100 million Biopolis Phase III project began yesterday, and its developer hopes to achieve a take-up rate of at least 50 per cent by the middle of June. Said Patrick Teo, CEO of Crescendas Bionix, at the groundbreaking ceremony: 'We are optimistic that the response from the biomedical industry will be positive.'
A member of the Crescendas Group which bagged the development project, Bionix is already in talks with prospective tenants. Some of them require large space and may occupy entire floors.
On the positive outlook, assistant CEO of JTC Corporation Philip Su said: 'With Biopolis Phases I and II fully taken up, the launch of Phase III is both timely and necessary in meeting the increasing demand for biomedical R&D space.' JTC Corp is the master developer for one-north, the focal point for research and technopreneurial activities.
Scheduled for completion by 4Q 2009, Biopolis Phase III will add another 41,500 sq m to the research park. The complex will consist of two buildings, and will house private and public research institutes, incubator research activities, medical technology research centres and clinical research centres.
Crescendas Bionix hopes to achieve a take-up rate of at least 50 per cent by the middle of June, said Mr Teo.
The growth of the biomedical sciences industry is likely to place greater demand on space, and JTC Corp plans to expand the Biopolis cluster further. In fact, BT understands that it may launch Phase IV at the end of this year to yield another 30,000 sq m. Asked if Crescendas will also bid for the Phase IV project, Mr Teo said that 'as a developer, we will be interested'.
Rental rates for the Biopolis Phase III complex have not been finalised, but according to Mr Teo, they will be market-driven, and will factor in construction costs.
'Construction costs have gone up by 30 per cent from a year ago,' he said. For larger tenants, Crescendas is prepared to offer more attractive rental rates.
Crescendas is the first privately owned Singapore company to clinch a major development project on Biopolis.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Singapore Real Estate and Property updates
EastLiving.com.sg
Contact
Stuart Chng: (65) 9691 9907
stuart.chng@eastliving.com.sg
EastLiving - Singapore Property and Real Estate DB
$100m Biopolis Phase III starts taking shape
The 41,500 sqm complex will be ready by Q4 2009
By EMILYN YAP
CONSTRUCTION of the $100 million Biopolis Phase III project began yesterday, and its developer hopes to achieve a take-up rate of at least 50 per cent by the middle of June. Said Patrick Teo, CEO of Crescendas Bionix, at the groundbreaking ceremony: 'We are optimistic that the response from the biomedical industry will be positive.'
A member of the Crescendas Group which bagged the development project, Bionix is already in talks with prospective tenants. Some of them require large space and may occupy entire floors.
On the positive outlook, assistant CEO of JTC Corporation Philip Su said: 'With Biopolis Phases I and II fully taken up, the launch of Phase III is both timely and necessary in meeting the increasing demand for biomedical R&D space.' JTC Corp is the master developer for one-north, the focal point for research and technopreneurial activities.
Scheduled for completion by 4Q 2009, Biopolis Phase III will add another 41,500 sq m to the research park. The complex will consist of two buildings, and will house private and public research institutes, incubator research activities, medical technology research centres and clinical research centres.
Crescendas Bionix hopes to achieve a take-up rate of at least 50 per cent by the middle of June, said Mr Teo.
The growth of the biomedical sciences industry is likely to place greater demand on space, and JTC Corp plans to expand the Biopolis cluster further. In fact, BT understands that it may launch Phase IV at the end of this year to yield another 30,000 sq m. Asked if Crescendas will also bid for the Phase IV project, Mr Teo said that 'as a developer, we will be interested'.
Rental rates for the Biopolis Phase III complex have not been finalised, but according to Mr Teo, they will be market-driven, and will factor in construction costs.
'Construction costs have gone up by 30 per cent from a year ago,' he said. For larger tenants, Crescendas is prepared to offer more attractive rental rates.
Crescendas is the first privately owned Singapore company to clinch a major development project on Biopolis.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Singapore Real Estate and Property updates
EastLiving.com.sg
Contact
Stuart Chng: (65) 9691 9907
stuart.chng@eastliving.com.sg
EastLiving - Singapore Property and Real Estate DB
Office occupancy dips for two consecutive quarters: report
Business Times - 03 Apr 2008
Office occupancy dips for two consecutive quarters: report
Two new office buildings added 538,100 sq ft of office supply in Q1
By ARTHUR SIM
ISLANDWIDE office occupancy dipped in the first quarter of 2008, easing half a percentage point quarter-on-quarter to 97.1 per cent. The dip followed a 0.1 point drop in Q4 2007 from Q3.
A report by DTZ Debenham Tie Leung also shows that the average occupancy of office buildings in Raffles Place dropped half a percentage point to 97.8 per cent in Q1 this year, while that in Marina Centre increased by 0.7 percentage point to 99.8 per cent.
DTZ attributed the slight dip in occupancy in Q1 2008 partly to the completion of two office buildings. The Central and VisionCrest Commercial added 538,100 sq ft of new office space that raised islandwide office stock one per cent quarter-on-quarter to 56.6 million sq ft.
It is understood that the new buildings are not fully leased yet.
The drop in occupancy is corroborated by data from the Urban Redevelopment Authority, which shows vacancy rates in the office sector - both private and public - remained at 7.3 per cent in Q3 and Q4 2007 after falling steadily since Q4 2003, when the rate hit 17.9 per cent in the wake of the Sars crisis.
Office rents have, however, continued to increase, with fresh record highs of $20 and $21 per square foot per month (psf pm) registered at 6 Battery Road and Republic Plaza in the first quarter of this year.
For prime office space in Raffles Place, average monthly gross rent was up 13.9 per cent quarter-on-quarter to $18.80 psf pm.
DTZ executive director Cheng Siow Ying said: 'Although some occupiers are beginning to exercise caution in their medium-term leasing requirements, demand continued to be supported (in Q1) by occupiers requiring space in the immediate near future.'
But she added: 'Growth in rental values is expected to moderate this year after a record increase in 2007.'
With an estimated 615,500 sq ft of space coming on stream, DTZ says 64 per cent has been pre-committed.
It notes that potential supply between 2008 and 2012 is forecast at 10.2 million sq ft of net lettable area, with 23 per cent having been pre-committed. This excludes an estimated 484,000 sq ft of space that will be demolished for redevelopment.
The impending supply will likely have an impact on occupancy rates.
Cushman and Wakefield (C&W) said the prime office vacancy rate was 1.1 per cent at end-2007 based on its basket of properties. It projects overall occupancy rates for 2008, 2009 and 2010 of 93.5 per cent, 95 per cent and 93 per cent respectively.
C&W managing director Donald Han said he has noticed that 'take-up is not as fast'. However, he reckons that the outlook will remain positive until after the first half of 2009, with Grade A office rents rising a further 16.5 per cent this year.
After that, he believes 'there will be more anticipation with tenants signing leases at moderated rents'.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Singapore Real Estate and Property updates
EastLiving.com.sg
Contact
Stuart Chng: (65) 9691 9907
stuart.chng@eastliving.com.sg
EastLiving - Singapore Property and Real Estate DB
Office occupancy dips for two consecutive quarters: report
Two new office buildings added 538,100 sq ft of office supply in Q1
By ARTHUR SIM
ISLANDWIDE office occupancy dipped in the first quarter of 2008, easing half a percentage point quarter-on-quarter to 97.1 per cent. The dip followed a 0.1 point drop in Q4 2007 from Q3.
A report by DTZ Debenham Tie Leung also shows that the average occupancy of office buildings in Raffles Place dropped half a percentage point to 97.8 per cent in Q1 this year, while that in Marina Centre increased by 0.7 percentage point to 99.8 per cent.
DTZ attributed the slight dip in occupancy in Q1 2008 partly to the completion of two office buildings. The Central and VisionCrest Commercial added 538,100 sq ft of new office space that raised islandwide office stock one per cent quarter-on-quarter to 56.6 million sq ft.
It is understood that the new buildings are not fully leased yet.
The drop in occupancy is corroborated by data from the Urban Redevelopment Authority, which shows vacancy rates in the office sector - both private and public - remained at 7.3 per cent in Q3 and Q4 2007 after falling steadily since Q4 2003, when the rate hit 17.9 per cent in the wake of the Sars crisis.
Office rents have, however, continued to increase, with fresh record highs of $20 and $21 per square foot per month (psf pm) registered at 6 Battery Road and Republic Plaza in the first quarter of this year.
For prime office space in Raffles Place, average monthly gross rent was up 13.9 per cent quarter-on-quarter to $18.80 psf pm.
DTZ executive director Cheng Siow Ying said: 'Although some occupiers are beginning to exercise caution in their medium-term leasing requirements, demand continued to be supported (in Q1) by occupiers requiring space in the immediate near future.'
But she added: 'Growth in rental values is expected to moderate this year after a record increase in 2007.'
With an estimated 615,500 sq ft of space coming on stream, DTZ says 64 per cent has been pre-committed.
It notes that potential supply between 2008 and 2012 is forecast at 10.2 million sq ft of net lettable area, with 23 per cent having been pre-committed. This excludes an estimated 484,000 sq ft of space that will be demolished for redevelopment.
The impending supply will likely have an impact on occupancy rates.
Cushman and Wakefield (C&W) said the prime office vacancy rate was 1.1 per cent at end-2007 based on its basket of properties. It projects overall occupancy rates for 2008, 2009 and 2010 of 93.5 per cent, 95 per cent and 93 per cent respectively.
C&W managing director Donald Han said he has noticed that 'take-up is not as fast'. However, he reckons that the outlook will remain positive until after the first half of 2009, with Grade A office rents rising a further 16.5 per cent this year.
After that, he believes 'there will be more anticipation with tenants signing leases at moderated rents'.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Singapore Real Estate and Property updates
EastLiving.com.sg
Contact
Stuart Chng: (65) 9691 9907
stuart.chng@eastliving.com.sg
EastLiving - Singapore Property and Real Estate DB
Wednesday, April 2, 2008
Home prices growing, but less sharply
April 2, 2008
Home prices growing, but less sharply
By Fiona Chan
HOME seekers waiting for property prices to fall in a sluggish market were disappointed by numbers released yesterday.
Government estimates showed that the prices of private and Housing Board homes continued to rise in the first three months of the year to near their 1996 peaks.
But growth was markedly lower than before and is likely to slow further in coming months, experts said.
Some even suggested that home prices may start to ease later this year - for the first time in four years - if the Singapore economy brakes more sharply than expected.
Mr Nicholas Mak, director of research and consultancy at Knight Frank, was among industry watchers who had expected prices to plateau or even dip in the first quarter, after developers reported dismal sales of new homes in January and February.
But prices held stubbornly, backed by a still healthy economy, some new launches at benchmark prices and the reluctance of sellers to lower asking prices.
However, the number of home sales plunged from last year, leading consultants to warn that yesterday's price figures are based on fewer deals and may not be representative of the whole market.
They added that buyers willing to take the plunge now are mostly genuine occupiers, with speculators having almost completely exited.
Private home prices climbed 4.2 per cent in the first 10 weeks of the year, down from 6.8 per cent in the previous quarter and the smallest rise since 2006. Suburban home prices gained the most, rising 4.8 per cent.
HDB resale flats also saw a smaller increase in prices: 3.4 per cent, compared with 5.7 per cent previously.
The 'weaker than expected' growth comes amid continued volatility in global stock markets and a weaker Singapore market outlook, said Mr Chua Yang Liang, Jones Lang LaSalle's head of research for South-east Asia.
But Ms Tay Huey Ying, director of research and consultancy at Colliers International, called the price growth 'very encouraging', given the few transactions.
Property consultants took the chance yesterday to cut their forecasts for price growth for the whole year.
Most now predict single-digit rises compared with their earlier estimates of growth between 10 and 20 per cent. Last year, private home prices soared 31 per cent while HDB resale prices jumped 17.5 per cent.
Singapore Real Estate and Property updates
EastLiving.com.sg
Contact
Stuart Chng: (65) 9691 9907
stuart.chng@eastliving.com.sg
EastLiving - Singapore Property and Real Estate DB
Home prices growing, but less sharply
By Fiona Chan
HOME seekers waiting for property prices to fall in a sluggish market were disappointed by numbers released yesterday.
Government estimates showed that the prices of private and Housing Board homes continued to rise in the first three months of the year to near their 1996 peaks.
But growth was markedly lower than before and is likely to slow further in coming months, experts said.
Some even suggested that home prices may start to ease later this year - for the first time in four years - if the Singapore economy brakes more sharply than expected.
Mr Nicholas Mak, director of research and consultancy at Knight Frank, was among industry watchers who had expected prices to plateau or even dip in the first quarter, after developers reported dismal sales of new homes in January and February.
But prices held stubbornly, backed by a still healthy economy, some new launches at benchmark prices and the reluctance of sellers to lower asking prices.
However, the number of home sales plunged from last year, leading consultants to warn that yesterday's price figures are based on fewer deals and may not be representative of the whole market.
They added that buyers willing to take the plunge now are mostly genuine occupiers, with speculators having almost completely exited.
Private home prices climbed 4.2 per cent in the first 10 weeks of the year, down from 6.8 per cent in the previous quarter and the smallest rise since 2006. Suburban home prices gained the most, rising 4.8 per cent.
HDB resale flats also saw a smaller increase in prices: 3.4 per cent, compared with 5.7 per cent previously.
The 'weaker than expected' growth comes amid continued volatility in global stock markets and a weaker Singapore market outlook, said Mr Chua Yang Liang, Jones Lang LaSalle's head of research for South-east Asia.
But Ms Tay Huey Ying, director of research and consultancy at Colliers International, called the price growth 'very encouraging', given the few transactions.
Property consultants took the chance yesterday to cut their forecasts for price growth for the whole year.
Most now predict single-digit rises compared with their earlier estimates of growth between 10 and 20 per cent. Last year, private home prices soared 31 per cent while HDB resale prices jumped 17.5 per cent.
Singapore Real Estate and Property updates
EastLiving.com.sg
Contact
Stuart Chng: (65) 9691 9907
stuart.chng@eastliving.com.sg
EastLiving - Singapore Property and Real Estate DB
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