Business Times - 05 Jul 2008
Kovan Residences preview sells 50
Average price is $870-900 psf; buyers mostly Singaporeans
MORE than 50 units have been sold at Kovan Residences since a private preview party last Saturday.
The average price at the 99-year leasehold condominium next to Kovan MRT Station is between $870 per square foot (psf) and $900 psf. And the units sold so far include three penthouses that fetched about $2 million to $3 million each.
Buyers up to now are mainly Singaporeans, most of whom have private home addresses, although a few HDB upgraders have also bought.
'We have attracted buyers who are purchasing for their own occupation as well as for investment because of the convenient location next to an MRT station,' said Centurion Properties CEO Tony Bin, whose company is the majority shareholder of the project's developer Centurion Kovan. Lian Beng is another shareholder, with a 19 per cent stake.
Centurion Properties is ultimately controlled by UOB-Kay Hian stockbrokers Han Seng Juan and David Loh Kim Kang.
Last Saturday, they invited 150 business associates, friends and relatives to a private preview at the showflat, which eventually resulted in the 50-plus units being sold. Kovan Residences is also being marketed to Messrs Han and Loh's business associates in China and Hong Kong.
The lowest-priced unit in the development is a two-bedroom apartment for just over $700,000. The most expensive is a penthouse below $4 million. Three-bedroom apartments start from $1 million.
Kovan Residences will have 512 apartments in eight blocks, all 18 storeys high. The 16 penthouses in the development range from around 2,400-4,600 square feet and come with a private pool or a Jacuzzi. The project is being developed on a 190,000 sq ft site bought in a state tender in October last year for $436 psf per plot ratio.
Another new project being offered this weekend is Livia at Pasir Ris Drive 1. The average price is said to be $650 psf.
Poolside ambience: Kovan Residences will have 512 apartments in eight blocks, all 18 storeys high
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
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Sunday, July 6, 2008
LTA and URA explain why hotel had to go
July 5, 2008
LTA and URA explain why hotel had to go
WE THANK readers for sharing their views about the New 7th Storey Hotel. The Land Transport Authority carried out a comprehensive study and explored all options to construct the Downtown Line 1 (DTL1) and the new Bugis station. After exhausting all options, we concluded there was no alternative but to demolish the New 7th Storey Hotel building.
The new DTL1 has certain structural requirements.
First, the tunnels have to swing clear of the Rochor Flyover foundations. As a result, the tunnel alignment will inevitably head in the direction of the hotel.
Second, the current Bugis station is built on a diaphragm-walled foundation comprising deep and heavily reinforced concrete walls.
This limits where the DTL1 tunnels can pass underneath without compromising the existing station's foundations. This also means the new station can be built only on the south side of Victoria Street. Hence there is no option but to demolish the building so the station can be constructed.
The conservation of buildings is assessed in the larger development context, taking into consideration long-term planning in the area where a building is located.
Land use needs to be optimised in land-scarce Singapore by balancing competing, and sometimes conflicting, needs for development and conservation, and to make painful decisions either way.
The land parcel where the hotel is sited will be amalgamated with the adjacent state-land parcel for future comprehensive redevelopment.
Doing so allows better integration between the station and the site's future development, resulting in better urban-design plans and pedestrian networks.
We thank readers for their views and assure them that our engineers had exhausted all other options before settling on the current plan. In time to come, the Downtown Line, with its new Bugis station, as well as the other new developments in the area, will bring many benefits and add to the vibrancy of the area for generations of Singaporeans to enjoy.
Geoffrey Lim
Deputy Director, Media Relations
Land Transport Authority
Andrew David Fassam
Deputy Director, Urban Planning and Design
Urban Redevelopment Authority
Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access
LTA and URA explain why hotel had to go
WE THANK readers for sharing their views about the New 7th Storey Hotel. The Land Transport Authority carried out a comprehensive study and explored all options to construct the Downtown Line 1 (DTL1) and the new Bugis station. After exhausting all options, we concluded there was no alternative but to demolish the New 7th Storey Hotel building.
The new DTL1 has certain structural requirements.
First, the tunnels have to swing clear of the Rochor Flyover foundations. As a result, the tunnel alignment will inevitably head in the direction of the hotel.
Second, the current Bugis station is built on a diaphragm-walled foundation comprising deep and heavily reinforced concrete walls.
This limits where the DTL1 tunnels can pass underneath without compromising the existing station's foundations. This also means the new station can be built only on the south side of Victoria Street. Hence there is no option but to demolish the building so the station can be constructed.
The conservation of buildings is assessed in the larger development context, taking into consideration long-term planning in the area where a building is located.
Land use needs to be optimised in land-scarce Singapore by balancing competing, and sometimes conflicting, needs for development and conservation, and to make painful decisions either way.
The land parcel where the hotel is sited will be amalgamated with the adjacent state-land parcel for future comprehensive redevelopment.
Doing so allows better integration between the station and the site's future development, resulting in better urban-design plans and pedestrian networks.
We thank readers for their views and assure them that our engineers had exhausted all other options before settling on the current plan. In time to come, the Downtown Line, with its new Bugis station, as well as the other new developments in the area, will bring many benefits and add to the vibrancy of the area for generations of Singaporeans to enjoy.
Geoffrey Lim
Deputy Director, Media Relations
Land Transport Authority
Andrew David Fassam
Deputy Director, Urban Planning and Design
Urban Redevelopment Authority
Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access
Coming up: First 'zero energy' building
July 5, 2008
Coming up: First 'zero energy' building
Solar panels to provide for BCA Academy's electricity needs
By Tania Tan
INSTEAD of gobbling up electricity from Singapore's power grid, one local building could soon be able to fend for itself.
Planners unveiled yesterday details of renovations to a Braddell Road research institute that would make it the country's first zero-energy building.
Officials hope to cover the government-run BCA Academy with half a football field's worth of solar panels, said Professor Lee Siew Eang, the project's head researcher.
The ultra-efficient institute, scheduled for completion next year, would also use about one-third the power of an average building and be able to survive on its own electricity.
'Hopefully, with a little help from heaven, there won't be too many rainy days, and we'll have our zero-energy building,' said Prof Lee, who works at the National University of Singapore.
The building would be at the forefront of a trend to turn buildings into batteries, thus reducing power consumption and cutting greenhouse gas emissions.
Officials hope the homes and offices of the future will be able to power themselves, said the president of the Institution of Engineers Singapore, Ms Lee Bee Wah.
But the difficulty is two-fold. The buildings must be energy efficient, and affordable sources of renewable energy - like solar power - must be developed, said Ms Lee, who is also an MP for Ang Mo Kio GRC.
Simply using renewable energy without improving efficiency would be futile.
'We cannot just plaster solar panels, as that will make costs skyrocket,' said Prof Lee.
Daylight, natural ventilation and visitor- tracking systems will be used to improve energy efficiency, said Prof Lee.
Green buildings are key in ensuring economic growth, environmental sustainability and a high quality of life for urban dwellers, said Prime Minister Lee Hsien Loong last week.
The BCA building is not the only one heeding his call.
Under a $10 million plan by the National Environment Agency, manufacturers and contractors receive co-funding for doing an energy audit on their business.
As of last month, 107 applications to the three-year-old scheme were approved, with building projects accounting for more than 70 per cent.
If implemented, the projects could save a whopping 327,000MWh annually, or $28 million in power bills.
The Government is considering six bids for the project, tentatively scheduled for completion by next year.
taniat@sph.com.sg
Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access
Coming up: First 'zero energy' building
Solar panels to provide for BCA Academy's electricity needs
By Tania Tan
INSTEAD of gobbling up electricity from Singapore's power grid, one local building could soon be able to fend for itself.
Planners unveiled yesterday details of renovations to a Braddell Road research institute that would make it the country's first zero-energy building.
Officials hope to cover the government-run BCA Academy with half a football field's worth of solar panels, said Professor Lee Siew Eang, the project's head researcher.
The ultra-efficient institute, scheduled for completion next year, would also use about one-third the power of an average building and be able to survive on its own electricity.
'Hopefully, with a little help from heaven, there won't be too many rainy days, and we'll have our zero-energy building,' said Prof Lee, who works at the National University of Singapore.
The building would be at the forefront of a trend to turn buildings into batteries, thus reducing power consumption and cutting greenhouse gas emissions.
Officials hope the homes and offices of the future will be able to power themselves, said the president of the Institution of Engineers Singapore, Ms Lee Bee Wah.
But the difficulty is two-fold. The buildings must be energy efficient, and affordable sources of renewable energy - like solar power - must be developed, said Ms Lee, who is also an MP for Ang Mo Kio GRC.
Simply using renewable energy without improving efficiency would be futile.
'We cannot just plaster solar panels, as that will make costs skyrocket,' said Prof Lee.
Daylight, natural ventilation and visitor- tracking systems will be used to improve energy efficiency, said Prof Lee.
Green buildings are key in ensuring economic growth, environmental sustainability and a high quality of life for urban dwellers, said Prime Minister Lee Hsien Loong last week.
The BCA building is not the only one heeding his call.
Under a $10 million plan by the National Environment Agency, manufacturers and contractors receive co-funding for doing an energy audit on their business.
As of last month, 107 applications to the three-year-old scheme were approved, with building projects accounting for more than 70 per cent.
If implemented, the projects could save a whopping 327,000MWh annually, or $28 million in power bills.
The Government is considering six bids for the project, tentatively scheduled for completion by next year.
taniat@sph.com.sg
Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access
Homebuyers, get ready for more property launches
July 5, 2008
Homebuyers, get ready for more property launches
Developers will release projects to capitalise on recent healthy home sales
By Joyce Teo
A STRING of new private residential projects is hitting the market as developers move quickly to capitalise on encouraging recent home sales.
In the Kovan area alone, two new projects - Kovan Residences and D'Pavilion - are holding previews this weekend.
The 99-year leasehold Kovan Residences, which has 521 apartments ranging in size from 883 sq ft to about 1,700 sq ft, is next to Kovan MRT station. Prices range from just below $800 per sq ft (psf) to more than $900 psf.
More than 50 units have already been sold, said Mr Tony Bin, the chief executive of Centurion Properties, known until recently as Duchess Development.
Centurion is largely owned by well-known UOB-Kay Hian stockbroker pair Han Seng Juan and David Loh. The rest is held by private investors and Lian Beng Group.
Not far from Kovan Residences is another new project, D'Pavilion, priced at an average of $895 psf for the preview. This freehold 50-unit project in Upper Serangoon Road is within walking distance of Kovan MRT station. It has two- to four-bedroom apartments and six penthouses.
Over in Pasir Ris, the preview for 724-unit Livia has already started. It is priced at $650 psf on average, or from $597,000 to $636,000 for the two-bedroom units and $793,000 to $835,000 for the three-bedroom units. Some have been sold, sources said.
These launches come in the wake of healthy sales at the 348-unit Dakota Residences in Dakota Road. The developers, Ho Bee and ChoiceHomes, have sold about 150 units of the 99-year leasehold property for between $940,000 and about $3.38 million since they went on sale a fortnight ago.
The Sim Lian Group has also sold more than 200 units of the 308 launched units of Clover by the Park since its preview late last month. Transacted prices ranged from $582 psf to $877 psf. It has just launched for sale the remaining units at the 616-unit 99-year leasehold project in Bishan.
United Engineers is also ready to launch its condo-like Housing Board project in Ang Mo Kio Street 52, but it has yet to commit to a date.
Called Park Central, the project will have more than 550 units and comes under the HDB's Design, Build and Sell Scheme (DBSS).
A market watcher said the firm will have to launch it below the prices of the previous DBSS project in Boon Keng.
'They will have to learn from the Boon Keng project, which still has leftover units. When it was launched, many people came but not all later bought,' he said.
The 714-unit City View@Boon Keng, which was launched in January, had 474 five-room flats priced from $536,000 to $727,000, a range that some considered too high.
Launches will not be confined to mass- and mid-tier properties for long.
Next Tuesday, Hayden Properties will launch The Hamilton Scotts, its luxurious Scotts Road project with 54 apartments and two penthouses, which all come with private car porches.
Still, this new project and a few others such as the freehold 100-unit Newton Road project L'VIV, were already expected.
joyceteo@sph.com.sg
ON SALE: D'Pavilion, a freehold 50-unit project in Upper Serangoon Road, is priced at an average of $895 psf for this weekend's preview. It has two- to four-bedroom apartments and six penthouses. -- PHOTO: MCL LAND
--------------------------------------------------------------------------------
On the market
· Kovan Residences
Units: 521 apartments
Prices: From below $800 psf to more than $900 psf
· Livia
Units: 724
Prices: $650 psf on average
· Clover by the Park
Units: 616 units, of which 308 were launched earlier
Prices: Transacted prices for launched units ranged from $582 psf to $877 psf
--------------------------------------------------------------------------------
Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access
Homebuyers, get ready for more property launches
Developers will release projects to capitalise on recent healthy home sales
By Joyce Teo
A STRING of new private residential projects is hitting the market as developers move quickly to capitalise on encouraging recent home sales.
In the Kovan area alone, two new projects - Kovan Residences and D'Pavilion - are holding previews this weekend.
The 99-year leasehold Kovan Residences, which has 521 apartments ranging in size from 883 sq ft to about 1,700 sq ft, is next to Kovan MRT station. Prices range from just below $800 per sq ft (psf) to more than $900 psf.
More than 50 units have already been sold, said Mr Tony Bin, the chief executive of Centurion Properties, known until recently as Duchess Development.
Centurion is largely owned by well-known UOB-Kay Hian stockbroker pair Han Seng Juan and David Loh. The rest is held by private investors and Lian Beng Group.
Not far from Kovan Residences is another new project, D'Pavilion, priced at an average of $895 psf for the preview. This freehold 50-unit project in Upper Serangoon Road is within walking distance of Kovan MRT station. It has two- to four-bedroom apartments and six penthouses.
Over in Pasir Ris, the preview for 724-unit Livia has already started. It is priced at $650 psf on average, or from $597,000 to $636,000 for the two-bedroom units and $793,000 to $835,000 for the three-bedroom units. Some have been sold, sources said.
These launches come in the wake of healthy sales at the 348-unit Dakota Residences in Dakota Road. The developers, Ho Bee and ChoiceHomes, have sold about 150 units of the 99-year leasehold property for between $940,000 and about $3.38 million since they went on sale a fortnight ago.
The Sim Lian Group has also sold more than 200 units of the 308 launched units of Clover by the Park since its preview late last month. Transacted prices ranged from $582 psf to $877 psf. It has just launched for sale the remaining units at the 616-unit 99-year leasehold project in Bishan.
United Engineers is also ready to launch its condo-like Housing Board project in Ang Mo Kio Street 52, but it has yet to commit to a date.
Called Park Central, the project will have more than 550 units and comes under the HDB's Design, Build and Sell Scheme (DBSS).
A market watcher said the firm will have to launch it below the prices of the previous DBSS project in Boon Keng.
'They will have to learn from the Boon Keng project, which still has leftover units. When it was launched, many people came but not all later bought,' he said.
The 714-unit City View@Boon Keng, which was launched in January, had 474 five-room flats priced from $536,000 to $727,000, a range that some considered too high.
Launches will not be confined to mass- and mid-tier properties for long.
Next Tuesday, Hayden Properties will launch The Hamilton Scotts, its luxurious Scotts Road project with 54 apartments and two penthouses, which all come with private car porches.
Still, this new project and a few others such as the freehold 100-unit Newton Road project L'VIV, were already expected.
joyceteo@sph.com.sg
ON SALE: D'Pavilion, a freehold 50-unit project in Upper Serangoon Road, is priced at an average of $895 psf for this weekend's preview. It has two- to four-bedroom apartments and six penthouses. -- PHOTO: MCL LAND
--------------------------------------------------------------------------------
On the market
· Kovan Residences
Units: 521 apartments
Prices: From below $800 psf to more than $900 psf
· Livia
Units: 724
Prices: $650 psf on average
· Clover by the Park
Units: 616 units, of which 308 were launched earlier
Prices: Transacted prices for launched units ranged from $582 psf to $877 psf
--------------------------------------------------------------------------------
Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access
One transparent valuation for property market price, please
July 5, 2008
One transparent valuation for property market price, please
MS JANET Han, Secretariat, Singapore Institute of Surveyors & Valuers, defined very clearly what constitutes a property's fair market value. Can Ms Han please explain why, when bankers in Singapore quote an independent valuation (based on a professional independent valuer's opinion, presumably a member of the SISV) for a resale property for mortgage or re-mortgage purposes, the valuation is always at least 25 per cent lower (in some cases, 40 per cent) than recent actual sale value, yet the same bankers are always willing to accept a new (primary but pre-TOP) sale price as fair market valuation.
Contrary to Ms Han's assurance that market price is set by the market, in the case of 'banker's' valuation, the practice of always giving conservative valuation for mortgage purposes is allowing valuers to effectively set market prices with some unexpected consequences:
>>Loan ratio offered by banks is not the 80 per cent of market price but effectively 80 per cent of 75 per cent or 60 per cent of market price.
>>a property's collateral value is artificially diminished.
I suggest that independent valuers should only have one transparent valuation for market price (value based on their professional expertise), and let the bank decide how much risk and buffer they need to set the loan ratio accordingly.
In the UK, Australia, NZ, etc, it is common practice for the buyer to pay for specific valuation by independent valuers (acceptable to the bank), and it is up to the bank to set loan per cent ratio accordingly based on the bank's perception of risk, taking into account the buyer's financial position, the bank's loan quota, etc.
I believe that one market valuation will open up new opportunities for members of SISV and, more importantly, make the valuation more reliable.
James Lee
One transparent valuation for property market price, please
MS JANET Han, Secretariat, Singapore Institute of Surveyors & Valuers, defined very clearly what constitutes a property's fair market value. Can Ms Han please explain why, when bankers in Singapore quote an independent valuation (based on a professional independent valuer's opinion, presumably a member of the SISV) for a resale property for mortgage or re-mortgage purposes, the valuation is always at least 25 per cent lower (in some cases, 40 per cent) than recent actual sale value, yet the same bankers are always willing to accept a new (primary but pre-TOP) sale price as fair market valuation.
Contrary to Ms Han's assurance that market price is set by the market, in the case of 'banker's' valuation, the practice of always giving conservative valuation for mortgage purposes is allowing valuers to effectively set market prices with some unexpected consequences:
>>Loan ratio offered by banks is not the 80 per cent of market price but effectively 80 per cent of 75 per cent or 60 per cent of market price.
>>a property's collateral value is artificially diminished.
I suggest that independent valuers should only have one transparent valuation for market price (value based on their professional expertise), and let the bank decide how much risk and buffer they need to set the loan ratio accordingly.
In the UK, Australia, NZ, etc, it is common practice for the buyer to pay for specific valuation by independent valuers (acceptable to the bank), and it is up to the bank to set loan per cent ratio accordingly based on the bank's perception of risk, taking into account the buyer's financial position, the bank's loan quota, etc.
I believe that one market valuation will open up new opportunities for members of SISV and, more importantly, make the valuation more reliable.
James Lee
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