While special features may not make or break a deal, they do enhance appeal
Developers of a condominium featuring a skypark hope the feature will prove to be a hit with increasingly demanding buyers.
The skypark is on the top 16th floor of the 361-unit Waterfront Gold in Bedok Reservoir, which is being released this weekend.
Frasers Centrepoint, which is developing the condo jointly with Far East Organization, says it is the first skypark in a private residential project.
The skypark is an 8,000 sq ft observation-cum-exercise deck offering unparalleled views of Bedok Reservoir, the developers said. Units at the condo are selling for $950 psf on average.
As consumers here mature and become more demanding, developers are coming up with more special features to entice them.
While these glitzy extras may not make or break a deal, they do help to enhance a project’s appeal.
And in a quieter market, they are all the more important when it comes to attracting buyers, experts said.
‘The mass market and mid-tier market have surpassed peak prices. We are going through a consolidation phase, which could last for three, four, five months,’ said Cushman & Wakefield managing director Donald Han.
‘Buyers shouldn’t be expecting too much of a discount though as developers are still in a very strong position and can hold.’
But buyers can expect to see more of these special condo features, experts said.
A recent major suburban launch, The Minton in Lorong Ah Soo, also highlighted its many facilities, including an air-conditioned, indoor badminton hall and a 20m heated pool.
The developer of the 1,145-unit condo recently raised the price slightly to $865 psf from $850 psf last month.
And at Twin Peaks in Grange Road, which could be launched in the early part of next month, all the units will come fully furnished – a first in Singapore.
‘We wanted to give something that nobody else has given in Singapore,’ said Mr Thio Gim Hock, chief executive of Overseas Union Enterprise. This feature would appeal to investors, who can rent the unit out immediately, he said.
The condo should cost around $2,850 psf on average, sources said.
‘Differentiating features are important factors in selling a condo,’ said Knight Frank managing director for residential services Peter Ow.
‘In today’s context, every developer is trying out new ideas and features to distinguish themselves from the competition. Hopefully, such special features will also help them to achieve a premium.’
He added: ‘Moving forward, we definitely expect developers to be more innovative in their designs and concepts.’
Colliers International’s director for research and advisory, Ms Tay Huey Ying, said Singapore home-buyers have become more demanding in their expectations as standards of public and private housing here rise.
They are also now ‘more well-travelled and/or are exposed to diverse living and home concepts through the Internet and media’, she said.
This means developers would need to constantly look for ways to improve their offerings to stay ahead of competition, whether it is a bull or a bear market.
‘In the former, the developers need differentiators to edge out competition while in the latter, the developers use differentiators, which could also include marketing gimmicks, to stimulate demand,’ Ms Tay said.
House-hunter Patricia Han said: ‘These extras would already have been factored into the selling price. But if I were to rent out my unit, any extras can be an incentive when I market the condo.’
Ms Tay said Waterfront Gold’s skypark is ‘but a minor differentiator in the eye of the buyer’.
Location remains key. However, in a competitive market where buyers are flooded with many choices, being the first private condo to boast a skypark may give that development a slight edge, she said.
Saturday, June 26, 2010
Probably no property bubble here yet: MM
THERE is probably no bubble in Singapore’s property market, Minister Mentor Lee Kuan Yew said yesterday.
The sharp price rises that have been seen are ‘part of the total liquidity in the whole world system’, said Mr Lee, noting that interest rates are low, and foreigners still see properties as affordable.
‘Even if we cap our excess, people in Hong Kong, Indonesia, will say, compared to what I have to pay, Singapore is cheap, let’s buy it,’ he added.
‘And apart from landed properties, they can buy into any condos.’
Mr Lee, who was speaking at a dinner hosted by the Association of Banks in Singapore, said that the Government is convinced that there is real underlying demand for residential property.
‘So it’s probably not a bubble yet,’ he added.
Still, he pointed out that the Government has taken measures to address concerns relating to the market overheating, including releasing more land to developers and putting in place more stringent rules for buyers when borrowing from banks to finance property.
‘More land is being released, to dampen the enthusiasm of everybody rushing for the latest release, and we’ve told the banks to be more prudent and have a higher downpayment,’ said Mr Lee.
‘These are the precautions we can take, but it does not stop the Indonesians or the Thais or the Malaysian Chinese or the Filipino Chinese from coming here and saying, ‘Compared to what I have to pay in my country, this is cheap’.’
Mr Lee was responding to a question by a Standard Chartered banker who had asked about whether he was worried about property prices here.
The banker had also tacked on a second question: ‘Can we expect elections anytime soon?’
To that, Mr Lee replied: ‘I am not the Prime Minister, I don’t decide. And anyway it’s got nothing to do with a property boom.’
Source : AsiaOne – 26 Jun 2010
The sharp price rises that have been seen are ‘part of the total liquidity in the whole world system’, said Mr Lee, noting that interest rates are low, and foreigners still see properties as affordable.
‘Even if we cap our excess, people in Hong Kong, Indonesia, will say, compared to what I have to pay, Singapore is cheap, let’s buy it,’ he added.
‘And apart from landed properties, they can buy into any condos.’
Mr Lee, who was speaking at a dinner hosted by the Association of Banks in Singapore, said that the Government is convinced that there is real underlying demand for residential property.
‘So it’s probably not a bubble yet,’ he added.
Still, he pointed out that the Government has taken measures to address concerns relating to the market overheating, including releasing more land to developers and putting in place more stringent rules for buyers when borrowing from banks to finance property.
‘More land is being released, to dampen the enthusiasm of everybody rushing for the latest release, and we’ve told the banks to be more prudent and have a higher downpayment,’ said Mr Lee.
‘These are the precautions we can take, but it does not stop the Indonesians or the Thais or the Malaysian Chinese or the Filipino Chinese from coming here and saying, ‘Compared to what I have to pay in my country, this is cheap’.’
Mr Lee was responding to a question by a Standard Chartered banker who had asked about whether he was worried about property prices here.
The banker had also tacked on a second question: ‘Can we expect elections anytime soon?’
To that, Mr Lee replied: ‘I am not the Prime Minister, I don’t decide. And anyway it’s got nothing to do with a property boom.’
Source : AsiaOne – 26 Jun 2010
Friday, June 25, 2010
Feast at the Gardens soon
Food lovers will be able to feast in food and beverage (F&B) areas spanning 9,400 square metres (picture) when the first phase of the $1 billion Gardens by the Bay project opens in November next year.
Gardens by the Bay is a development covering three major parks around the Marina Bay in downtown Singapore.
Yesterday, the National Parks Board unveiled the F&B area which will span about two football fields. It will house 18 spaces that are expected to attract casual to high-end dining F&B operators to Bay South, the first phase of Gardens by the Bay.
Gardens by the Bay is currently in talks with F&B outlets from Singapore, Shanghai, Hong Kong, Australia and the United Kingdom.
The tender for all 18 F&B spaces in Bay South, which is located in Marina South, will be opened in September.
Mr Darren Oh, assistant director of business at Gardens by the Bay, said it is working with F&B operators to create concepts unique to the green setting.
“They have been very forthcoming in coming up with new concepts and refreshing ideas about leveraging on some of the spaces that are available in the gardens,” said Mr Oh.
The F&B outlets will be in several of Bay South’s eco-themed attractions, such as the Conservatory Complex which houses endangered plant species; as well as atop of the 50-metre tall Supertree which has panoramic views of Singapore’s skyline.
Source : Today – 25 Jun 2010
Gardens by the Bay is a development covering three major parks around the Marina Bay in downtown Singapore.
Yesterday, the National Parks Board unveiled the F&B area which will span about two football fields. It will house 18 spaces that are expected to attract casual to high-end dining F&B operators to Bay South, the first phase of Gardens by the Bay.
Gardens by the Bay is currently in talks with F&B outlets from Singapore, Shanghai, Hong Kong, Australia and the United Kingdom.
The tender for all 18 F&B spaces in Bay South, which is located in Marina South, will be opened in September.
Mr Darren Oh, assistant director of business at Gardens by the Bay, said it is working with F&B operators to create concepts unique to the green setting.
“They have been very forthcoming in coming up with new concepts and refreshing ideas about leveraging on some of the spaces that are available in the gardens,” said Mr Oh.
The F&B outlets will be in several of Bay South’s eco-themed attractions, such as the Conservatory Complex which houses endangered plant species; as well as atop of the 50-metre tall Supertree which has panoramic views of Singapore’s skyline.
Source : Today – 25 Jun 2010
Aggressive bidding for Jurong white site
A mixed-use white site at Jurong Gateway Road garnered aggressive bidding from developers as its tender closed yesterday.
Australian property firm Lend Lease has put in the top bid of nearly $749 million – more than twice the $350-million trigger price for site. This price translates to about $650 per square foot per plot ratio.
The second-highest bid of about $729 million came from Energy Trustee, while Qingdao Construction put in the lowest bid of $418 million.
All in, there were six bids for the site put up for tender by the Urban Redevelopment Authority.
The 99-year leasehold site, located at Jurong Gateway Road, was made available for sale via the Government’s reserve list system since November 2008.
It has a maximum permissible gross floor area of some 107,000 square metres.
Source : Today – 25 Jun 2010
Australian property firm Lend Lease has put in the top bid of nearly $749 million – more than twice the $350-million trigger price for site. This price translates to about $650 per square foot per plot ratio.
The second-highest bid of about $729 million came from Energy Trustee, while Qingdao Construction put in the lowest bid of $418 million.
All in, there were six bids for the site put up for tender by the Urban Redevelopment Authority.
The 99-year leasehold site, located at Jurong Gateway Road, was made available for sale via the Government’s reserve list system since November 2008.
It has a maximum permissible gross floor area of some 107,000 square metres.
Source : Today – 25 Jun 2010
OUE secures S$425m loan to finance development project
ainboard-listed property and hospitality player Overseas Union Enterprise has secured a S$425 million-term loan facility from OCBC bank.
OUE, through its subsidiary Cove Development, will use the loan to finance the development and cost of construction of a property at Leonie Hill Road.
In addition, OCBC has also made available to Cove an interest rate swap facility for a notional amount up to S$375 million.
This is for fixing interest swap transactions for tenure of up to four years or at the end of September 2014.
The transaction is not expected to have any impact on the earnings of OUE for the current financial year.
Source : Channel NewsAsia – 25 Jun 2010
OUE, through its subsidiary Cove Development, will use the loan to finance the development and cost of construction of a property at Leonie Hill Road.
In addition, OCBC has also made available to Cove an interest rate swap facility for a notional amount up to S$375 million.
This is for fixing interest swap transactions for tenure of up to four years or at the end of September 2014.
The transaction is not expected to have any impact on the earnings of OUE for the current financial year.
Source : Channel NewsAsia – 25 Jun 2010
Rate of increase in housing prices slows down
The pace of growth in home prices has slowed in the second quarter of 2010 with the exception of the mass market segment, said DTZ Research.
According to DTZ, the resale prices of leasehold homes in the suburban areas rose by 4 per cent in Q2 on-quarter to $648 per square foot (psf) compared with the 2.1-per-cent increase recorded in the first three months of the year.
Looking ahead, DTZ expects prices of mass-market homes to be kept in check as the government releases more state land to meet demand.
Developers are also likely to tone down their land bids in view of the unprecedented high number of suburban sites available for tender in the second half of the year, said DTZ.
Meanwhile, DTZ said the average resale prices of homes in districts 9, 10 and 11 rose by 2.6 per cent on-quarter to a new high of $1,493 psf, up 0.7 per cent from the previous record set in the fourth quarter of 2007.
Prices of freehold non-landed resale homes outside the prime districts also climbed by 2.9 per cent to reach its previous peak of $747 psf, according to DTZ. But average prices for luxury non-landed homes, despite increasing 3.5 per cent on-quarter to $2,588 psf, are still 7.6 per cent off the record high hit in the fourth quarter of 2007.
DTZ also predicts that the total sales of new homes for the whole of this year would come in between 13,000 and 15,000 units.
Source : Today – 25 Jun 2010
According to DTZ, the resale prices of leasehold homes in the suburban areas rose by 4 per cent in Q2 on-quarter to $648 per square foot (psf) compared with the 2.1-per-cent increase recorded in the first three months of the year.
Looking ahead, DTZ expects prices of mass-market homes to be kept in check as the government releases more state land to meet demand.
Developers are also likely to tone down their land bids in view of the unprecedented high number of suburban sites available for tender in the second half of the year, said DTZ.
Meanwhile, DTZ said the average resale prices of homes in districts 9, 10 and 11 rose by 2.6 per cent on-quarter to a new high of $1,493 psf, up 0.7 per cent from the previous record set in the fourth quarter of 2007.
Prices of freehold non-landed resale homes outside the prime districts also climbed by 2.9 per cent to reach its previous peak of $747 psf, according to DTZ. But average prices for luxury non-landed homes, despite increasing 3.5 per cent on-quarter to $2,588 psf, are still 7.6 per cent off the record high hit in the fourth quarter of 2007.
DTZ also predicts that the total sales of new homes for the whole of this year would come in between 13,000 and 15,000 units.
Source : Today – 25 Jun 2010
Fancy dining “in a tree” or among endangered plants and flowers? Well, you can do just that when the first phase of the Gardens by the Bay opens next November.
Spanning 9,400 square metres or about 2 football fields, the National Parks Board said the attraction will have 18 food and beverage spaces.
Chilling out in a bar perched on top of one of the 50-metre Supertrees or sample local fare among unusual plants at the Gardens by the Bay.
Gardens by the Bay is now in talks with potential tenants from Singapore, Hong Kong, the UK and Australia to discuss concepts for the restaurants.
Darren Oh, assistant director, Gardens by the Bay, said: “The concepts range from the mid, high end type of restaurant setting. One of it could be a restaurant within the Mediterranean garden. The concept that was being proposed are more of the European and Italian types of concept.
“However, we have also received proposals that are looking into developing a potential Satay Club-like setting next to the water front.”
NParks expects to open the tender for the F&B spaces from September onwards.
Property experts said rentals at Gardens By The Bay could hover around S$6 per square foot, similar to those offered at the Singapore Botanical Gardens or the Alkaff Mansion.
Colin Tan, head of Research and Consultancy, Suntec Chesterton International, said: “At the moment we don’t know what is slated to come on but I think the retail sector especially in the last one and half years have seen triple the amount.
“Rents have been a bit subdued. If we don’t see any substantial developments coming up, maybe we can see about S$10 per square foot.”
Observers said the F&B business at Gardens by the Bay will not directly compete with those at Marina Bay Sands and Marina Barrage as they serve different clientele.
Phase One of the development is expected to draw five million visitors a year when it is completed in end-2011.
Source : Channel NewsAsia – 25 Jun 2010
Spanning 9,400 square metres or about 2 football fields, the National Parks Board said the attraction will have 18 food and beverage spaces.
Chilling out in a bar perched on top of one of the 50-metre Supertrees or sample local fare among unusual plants at the Gardens by the Bay.
Gardens by the Bay is now in talks with potential tenants from Singapore, Hong Kong, the UK and Australia to discuss concepts for the restaurants.
Darren Oh, assistant director, Gardens by the Bay, said: “The concepts range from the mid, high end type of restaurant setting. One of it could be a restaurant within the Mediterranean garden. The concept that was being proposed are more of the European and Italian types of concept.
“However, we have also received proposals that are looking into developing a potential Satay Club-like setting next to the water front.”
NParks expects to open the tender for the F&B spaces from September onwards.
Property experts said rentals at Gardens By The Bay could hover around S$6 per square foot, similar to those offered at the Singapore Botanical Gardens or the Alkaff Mansion.
Colin Tan, head of Research and Consultancy, Suntec Chesterton International, said: “At the moment we don’t know what is slated to come on but I think the retail sector especially in the last one and half years have seen triple the amount.
“Rents have been a bit subdued. If we don’t see any substantial developments coming up, maybe we can see about S$10 per square foot.”
Observers said the F&B business at Gardens by the Bay will not directly compete with those at Marina Bay Sands and Marina Barrage as they serve different clientele.
Phase One of the development is expected to draw five million visitors a year when it is completed in end-2011.
Source : Channel NewsAsia – 25 Jun 2010
Frasers Centrepoint buys S$97.8m land plot in Sydney
Mainboard-listed conglomerate Fraser and Neave says one of its units has bought a piece of land in Sydney for S$97.8 million.
The wholly-owned subsidiary, Frasers Centrepoint, acquired a 13.7 hectare site from the Royal Rehabilitation Centre Sydney.
Besides building a 2.3-hectare open space for community use, the approved Concept Plan for the site allows for the development of homes.
Almost 800 residences, including houses, town houses, and apartments can be built.
Roads, traffic calming devices and other infrastructure will also be constructed as part of the project.
Work on the public parklands will start by the end of this year.
The acquisition will increase Frasers Centrepoint’s land bank in Australasia from about 8 million square feet to 9 million square feet.
Frasers Centrepoint says it is confident of the property market in Sydney.
It adds that the strategic acquisition will not only boost its pipeline of developments in Australia, but will strengthen its ‘Frasers’ brand.
The group is currently planning and developing over 5,800 homes in Australia and New Zealand.
Source : Channel NewsAsia – 25 Jun 2010
The wholly-owned subsidiary, Frasers Centrepoint, acquired a 13.7 hectare site from the Royal Rehabilitation Centre Sydney.
Besides building a 2.3-hectare open space for community use, the approved Concept Plan for the site allows for the development of homes.
Almost 800 residences, including houses, town houses, and apartments can be built.
Roads, traffic calming devices and other infrastructure will also be constructed as part of the project.
Work on the public parklands will start by the end of this year.
The acquisition will increase Frasers Centrepoint’s land bank in Australasia from about 8 million square feet to 9 million square feet.
Frasers Centrepoint says it is confident of the property market in Sydney.
It adds that the strategic acquisition will not only boost its pipeline of developments in Australia, but will strengthen its ‘Frasers’ brand.
The group is currently planning and developing over 5,800 homes in Australia and New Zealand.
Source : Channel NewsAsia – 25 Jun 2010
Conglomerate Fraser and Neave says its Frasers Hospitality unit has established a significant presence in Malaysia, with the grand opening of its maiden property, Fraser Place Kuala Lumpur yesterday.
The project is the first of two serviced residences to open in the heart of the city.
Fraser Place Kuala Lumpur is located in the prestigious ‘Golden Triangle’ and within walking distance of the iconic Petronas Towers.
It occupies floors 9 to 30 of an integrated retail and office complex, and is surrounded by world-class shopping malls and vibrant nightclubs.
A second property, Fraser Residence Kuala Lumpur, is currently under construction on the vacant land facing both Jalan Ampang and Jalan Sultan Ismail.
It is scheduled for completion in 2012.
Both Fraser Place Kuala Lumpur and Fraser Residence Kuala Lumpur are collaborations between Frasers Hospitality and Malaysia’s YNH Property.
Frasers Hospitality is a wholly owned subsidiary of Singapore-based property group Frasers Centrepoint.
Source : Channel NewsAsia – 25 Jun 2010
The project is the first of two serviced residences to open in the heart of the city.
Fraser Place Kuala Lumpur is located in the prestigious ‘Golden Triangle’ and within walking distance of the iconic Petronas Towers.
It occupies floors 9 to 30 of an integrated retail and office complex, and is surrounded by world-class shopping malls and vibrant nightclubs.
A second property, Fraser Residence Kuala Lumpur, is currently under construction on the vacant land facing both Jalan Ampang and Jalan Sultan Ismail.
It is scheduled for completion in 2012.
Both Fraser Place Kuala Lumpur and Fraser Residence Kuala Lumpur are collaborations between Frasers Hospitality and Malaysia’s YNH Property.
Frasers Hospitality is a wholly owned subsidiary of Singapore-based property group Frasers Centrepoint.
Source : Channel NewsAsia – 25 Jun 2010
World Cities Summit in S’pore to focus on building liveable, sustainable cities
With half the world’s population living in cities, governments face the challenge of balancing growth with environment protection and that’s why delegates at next week’s World Cities Summit will explore ways to build liveable and sustainable cities.
The summit, the second to be held, takes place from June 28 to July 1. It’s held in conjunction with Singapore International Water Week.
As more people live and work in the city, more demand is placed on basic services such as clean air, water and even living space.
The challenge is to maintain a liveable city and ensure that growth does not come at the expense of the environment.
Dalson Chung, deputy chairman, World Cities Summit 2010 Working Committee, said: “A lot of people are going into the cities to live. So to make the cities liveable is the uppermost aspiration for a lot of leaders and to sustain it for the future generations.
“And of course when people go to the cities to live, they will like to live there forever. So although the cities are growing, we must make sure it’s sustainable.)”
Singapore is rated as one of the world’s most liveable cities, recognised for its strengths in infrastructure and governance.
As the host nation of the summit, it’ll share its expertise in areas such as public housing and waste management.
It’s also looking forward to learning from other cities.
Mr Chung added: “Melbourne has a lot of galleries and it has a very strong cultural background. Bilbao also has a very strong cultural background. They also balance the software and also the hardware. So these are some of the areas that we can learn from other countries and cities.”
More than a 1,000 policymakers and industry leaders will gather in Singapore for the four-day summit, attending discussions and learning journeys.
Participants of the World Cities Summit who sign up for the Public Housing Learning Journey will be brought to the gallery at the top of the Pinnacle@Duxton, Singapore’s tallest public housing project.
The gallery offers a panoramic view of Singapore’s skyline. Panel boards are also available to introduce the history and purpose behind the various districts.
Source : Channel NewsAsia – 25 Jun 2010
The summit, the second to be held, takes place from June 28 to July 1. It’s held in conjunction with Singapore International Water Week.
As more people live and work in the city, more demand is placed on basic services such as clean air, water and even living space.
The challenge is to maintain a liveable city and ensure that growth does not come at the expense of the environment.
Dalson Chung, deputy chairman, World Cities Summit 2010 Working Committee, said: “A lot of people are going into the cities to live. So to make the cities liveable is the uppermost aspiration for a lot of leaders and to sustain it for the future generations.
“And of course when people go to the cities to live, they will like to live there forever. So although the cities are growing, we must make sure it’s sustainable.)”
Singapore is rated as one of the world’s most liveable cities, recognised for its strengths in infrastructure and governance.
As the host nation of the summit, it’ll share its expertise in areas such as public housing and waste management.
It’s also looking forward to learning from other cities.
Mr Chung added: “Melbourne has a lot of galleries and it has a very strong cultural background. Bilbao also has a very strong cultural background. They also balance the software and also the hardware. So these are some of the areas that we can learn from other countries and cities.”
More than a 1,000 policymakers and industry leaders will gather in Singapore for the four-day summit, attending discussions and learning journeys.
Participants of the World Cities Summit who sign up for the Public Housing Learning Journey will be brought to the gallery at the top of the Pinnacle@Duxton, Singapore’s tallest public housing project.
The gallery offers a panoramic view of Singapore’s skyline. Panel boards are also available to introduce the history and purpose behind the various districts.
Source : Channel NewsAsia – 25 Jun 2010
CapitaMalls Asia gains approval for listing in Malaysia
CapitaMalls Asia (CMA) has received approval to list its Malaysian property assets on the Malaysian exchange, Bursa Malaysia.
CapitaMalls Malaysia Trust (CMMT) will be the holding entity of its Malaysia-based shopping malls, with some 1.35 billion CMMT units expected to be listed.
An expected 786.5 million units will be offered for sale, with CMA retaining a 41.74 per cent in CMMT.
A book-building exercise started on Friday. CMA said the final prices of the units under the institutional offering and the retail portion will be determined after the book-building exercise.
CMMT’s initial portfolio will contain three malls – the Gurney Plaza in Penang, a stake in the Sungei Wang Plaza in Kuala Lumpur and The Mines in Selangor.
CMMT had said earlier this month it plans to list its Malaysian malls business as a real estate investment trust on the Malaysian exchange in an offering that could raise about one billion ringgit.
Source : Channel NewsAsia – 25 Jun 2010
CapitaMalls Malaysia Trust (CMMT) will be the holding entity of its Malaysia-based shopping malls, with some 1.35 billion CMMT units expected to be listed.
An expected 786.5 million units will be offered for sale, with CMA retaining a 41.74 per cent in CMMT.
A book-building exercise started on Friday. CMA said the final prices of the units under the institutional offering and the retail portion will be determined after the book-building exercise.
CMMT’s initial portfolio will contain three malls – the Gurney Plaza in Penang, a stake in the Sungei Wang Plaza in Kuala Lumpur and The Mines in Selangor.
CMMT had said earlier this month it plans to list its Malaysian malls business as a real estate investment trust on the Malaysian exchange in an offering that could raise about one billion ringgit.
Source : Channel NewsAsia – 25 Jun 2010
Wednesday, June 23, 2010
Punggol to be ‘a mini Sentosa in the backyard’
Almost 18,000 residential units in Punggol have been completed by the beginning of this month with another 9,400 under construction.
And subject to demand, the Housing and Development Board (HDB) is on track to complete 35,000 flats by the end of 2015, making Punggol similar in size to Toa Payoh.
The updates were given yesterday by Senior Minister of State for National Development Grace Fu at the Punggol, Remaking our Heartlands exhibition.
Ms Fu said that as Punggol’s population attains critical mass, new facilities can and will be added.
The first mixed commercial-cum-residential development site at Punggol’s town centre will be launched later this year.
Later this month, a premium HDB project – under the Build-To-Order (BTO) system – will be launched.
Situated along Punggol Waterway, it will offer waterfront living and boasts eco-friendly features such as large courtyards and openings to promote natural ventilation and airflow to flats and common areas.
Ms Fu said it targets a niche group of buyers who are prepared to pay more for its signature attributes such as prime location and groundbreaking design with vantage views.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the mixed commercial cum residential development will be welcome as Punggol lacks a regional commercial centre.
“There will be a gradual appreciation of property there,” he said.
The waterfront project however will not turn Punggol into a Sentosa Cove nor a Pinnacle, said Mr Mak.
“Sentosa Cove is some 2,800 landed houses, it faces the Southern Sea and has a marina. Punggol Waterfront faces a canal, a short stretch of water and the Straits of Johor.”
PropNex’s Mohammed Ismail said the project is an exciting lifestyle concept, a “mini Sentosa in the backyard”.
Meanwhile, Ms Fu said two other BTO projects will also be launched in Sengkang, providing choices for flat buyers with different budgets and preferences.
She also said it is important for a new town like Punggol to foster its identity by heightening awareness of its rich heritage which dates back to the early days of Singapore.
Source : Today – 23 Jun 2010
And subject to demand, the Housing and Development Board (HDB) is on track to complete 35,000 flats by the end of 2015, making Punggol similar in size to Toa Payoh.
The updates were given yesterday by Senior Minister of State for National Development Grace Fu at the Punggol, Remaking our Heartlands exhibition.
Ms Fu said that as Punggol’s population attains critical mass, new facilities can and will be added.
The first mixed commercial-cum-residential development site at Punggol’s town centre will be launched later this year.
Later this month, a premium HDB project – under the Build-To-Order (BTO) system – will be launched.
Situated along Punggol Waterway, it will offer waterfront living and boasts eco-friendly features such as large courtyards and openings to promote natural ventilation and airflow to flats and common areas.
Ms Fu said it targets a niche group of buyers who are prepared to pay more for its signature attributes such as prime location and groundbreaking design with vantage views.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the mixed commercial cum residential development will be welcome as Punggol lacks a regional commercial centre.
“There will be a gradual appreciation of property there,” he said.
The waterfront project however will not turn Punggol into a Sentosa Cove nor a Pinnacle, said Mr Mak.
“Sentosa Cove is some 2,800 landed houses, it faces the Southern Sea and has a marina. Punggol Waterfront faces a canal, a short stretch of water and the Straits of Johor.”
PropNex’s Mohammed Ismail said the project is an exciting lifestyle concept, a “mini Sentosa in the backyard”.
Meanwhile, Ms Fu said two other BTO projects will also be launched in Sengkang, providing choices for flat buyers with different budgets and preferences.
She also said it is important for a new town like Punggol to foster its identity by heightening awareness of its rich heritage which dates back to the early days of Singapore.
Source : Today – 23 Jun 2010
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