URA launches Tampines residential site for sale by public tender

Source : Channel NewsAsia - 17 Jun 2008

The Urban Redevelopment Authority has launched a residential site at Tampines Avenue 1/Avenue 10 for sale by public tender.

The land parcel is one of four new residential sites to be offered for sale as a confirmed site under the Government Land Sales Programme for the first half of this year.

The 99-year leasehold site spans about 3.2 hectares. It will have a maximum permissible gross floor area of 66,655 square metres.

The land also fronts the Bedok Reservoir, offering a panoramic view of the lake.

Consultants from real estate services firm CB Richard Ellis expect units in the new development to sell for around S$700 per square foot.

This will translate to a possible land price of around S$200-$230 per square foot per plot ratio for the site.

The tender will close at noon on August 12. - CNA/ir

Kallang River surroundings poised for boom time

Source : Sunday Times - 25 May 2008

Waterside district with lush greenery has potential to be leading residential enclave, say analysts, pointing out its proximity to town and good public transport

Finally, a bit of news to cheer the ailing housing market: The drab, neglected area north of Kallang River is to be Singapore’s next lifestyle hot spot.

Four thousand new waterfront homes, all to be built by private developers, are slated to come up in the area in the next 15 years.

Walking, jogging and cycling are just some of the outdoor activities that residents of the 4,000 new homes in the area can enjoy. — PHOTOS: THE NEW PAPER, NATIONAL PARKS BOARD

They will offer cool green living in a lush park setting, as well as resort-style beachfront housing near the water’s edge.

Kallang Riverside will also be transformed into a lively commercial hub and leisure destination, with enough space for 400,000 sq m of offices and shops and 3,000 hotel rooms.

All this was announced by the Urban Redevelopment Authority (URA) on Friday as part of its latest Master Plan, which guides Singapore’s land use policy in the medium term.

Property consultants say the new Kallang district, bounded by Lavender and Kallang MRT stations on the northern corners and the Kallang River to the south, has the potential to become a premier residential enclave.

‘The area is near town, yet next to the beach, it reminds me of places like the Gold Coast,’ said Mr Danny Yeo, the deputy managing director of property firm Knight Frank.

He lauded the exclusivity of the area, which is bounded by waterways on all sides except for Kallang Road to the north.

‘It’s resort living on the fringe of the city. Many people will want to live there.’

Jones Lang LaSalle (JLL)’s head of South-east Asia research, Mr Chua Yang Liang, called the area ‘a hybrid of the current two waterfront areas, Marina Bay and Sentosa’.

Over the last couple of years, demand for waterfront homes has strengthened and the limited supply of such properties has led to their prices surging to a level beyond the grasp of many Singaporeans, he said.

‘This new district may help make similar projects available to the man in the street.’

Mr Karamjit Singh, the managing director of property consultancy Credo Real Estate, drew a comparison with Novena, another prime city-fringe area, instead.

He highlighted the fact that Kallang is served by two MRT stations, making it a very desirable residential and office location.

‘Kallang has the potential of becoming the new Novena, purely because it’s that close to town.’

Lots to choose from

A range of housing options will be available in Kallang Riverside, if all goes according to the Master Plan.

Most of the homes will be set on the western bank of the river in an area called The Green, which will have a park running down the middle.

Low-rise apartment blocks will face the park, with high-rise condominiums soaring behind them.

The Government has set aside several plots for high-density housing here, with varying plot ratios for different building heights, noted Mr Li Hiaw Ho, the executive director of CB Richard Ellis Research.

This will allow for a ’step-down’ range of storey heights that descend towards the waterfront, enabling residents in the top floors of each building to enjoy views of the water.

Homes that are directly fronting the park or the river will also be encouraged to go ‘fenceless’ to create a seamless blend of parkland, beachfronts and buildings, said the URA.

Landed homes may also make an appearance nearer the beaches, said JLL’s Mr Chua.

City-fringe prices

Kallang may sound like a first-class place to live, but expect to pay top dollar for homes there.

Property values are expected to soar in the area, especially for the planned new homes. The surrounding residences will not feel any impact for the next few years, but prices may rise once the area starts taking shape, predicted property experts.

Most of the housing estates nearby are made up of HDB flats.

Currently, the only condominium in the area is the upcoming Riverine by the Park, along Kallang Road near the river. Nearby is Citylights, at Jellicoe Road near Lavender MRT station.

Units were recently sold at Riverine for $1,600 per sq ft (psf) and at Citylights for $1,000 to $1,300 psf.

Across the river, condos in Tanjong Rhu have been sold for as low as $750 psf at Tanjong Ria Condo and for more than $1,600 psf at Casuarina Cove.

Knight Frank’s Mr Yeo believes home prices in the new Kallang will be ‘a shade below those in Orchard, and probably comparable to those in Newton and Novena’, with waterfront homes costing even more.

Mr Chua expects prices to be about 10 per cent to 15 per cent lower than those currently commanded by Marina Bay and Sentosa, which range from $1,700 psf to $2,700 psf.

‘The plans will bring the population back into Kallang and increase demand for the surrounding properties,’ he said.

Already, buyers are being drawn to HDB flats in the area because of the high prices of private homes and the conservation charm of Kallang, Mr Chua said.

‘It’s still a little sleepy town now, and there won’t be much short-term impact, but in the medium to long term, we should see price movements there.’

EMERGING HOT SPOT

Under the URA’s latest Master Plan, Kallang Riverside will be transformed into a lively commercial hub and leisure destination, with enough space for 400,000 sq m of offices and shops and 3,000 hotel rooms.

Knight Frank’s Mr Danny Yeo likens the area to city-fringe resort living, as it reminds him of Australia’s Gold Coast, with the district being near town and yet next to the beach.

Jones Lang LaSalle’s Mr Chua Yang Liang calls the area ‘a hybrid of the current two waterfront areas, Marina Bay and Sentosa’.

URA Draft Masterplan 2008 to turn Kallang Basin into mini Sentosa Cove

Source : New Paper - 24 May 2008

Kallang property prices set to go up?

A BUSTLING beachfront precinct with waterfront homes, offices, hotels, shopping malls and entertainment outlets.

Think Sentosa Cove, but on a smaller scale. And perhaps, not so pricey.

That will be the new face of Kallang Basin in years to come.

This makeover is one of the initiatives of the Draft Master Plan 2008, launched by Minister of National Development Mah Bow Tan yesterday.

For property speculators and homeowners in that area, this makeover can spell only one thing -higher property prices.

The one thing some residents want to know is: how much is the value of my place expected to rise?

There are two small Housing Board (HDB) estates with less than 20 blocks in that area, and both overlook Kallang Basin.

The Riverine, a 96-unit apartment project which was launched a year ago, will be the first private residential project to be completed in Kallang Riverside.

Auditor Justin Lee, who lives in a four-room HDB flat there, said: ‘The redevelopment sounds exciting. At last, they’re going to spruce up this area. I think this place has potential, since there’s a beach here and it’s near to town.

An artist’s impression of the revamped Kallang Basin. –Picture: URA

‘It’ll be a while before the whole place is revitalised and, by then, I’m sure the value of my place would have gone up.’

Mr Lee, who is in his 30s, paid more than $200,000 for his place some two years ago.

Property-watchers we spoke to agreed that property prices in that area will certainly head up once construction there starts.

But it’s still early days yet, especially for those hoping to cash in now.

PropNex’s chief executive Mohamed Ismail said: ‘There won’t be any immediate impact on prices today. If anything, the value of homes there will hold well now because of the news.

Still Early

‘We may not see the price increase today, tomorrow or a few months to come. But in a few years’ time, this place will command a premium because of the transformation.’

He reckoned that when construction begins, buyers can be expected to pay a premium of 10 to 15 per cent above its usual price.

The proximity to town, the Marina Bay Sands integrated resort, and the new Sports Hub will bode well for homeowners there, he said.

‘People who want to invest in that place now will not be wrong in the long run. When things start coming up, such as the Sports Hub, the new MRT station and basic infrastructure, rentals and prices in that area will go up too,’ he added.

Mr Eugene Lim, an assistant vice-president with ERA Realty Network, also believes that one can expect a run-up in terms of property prices there.

But don’t expect a 10-per-cent increase in price now because nothing is concrete yet, he said.

‘It’s a 10 to 15 years’ project and will not happen straightaway.

‘But when plans are more concrete, land parcels are sold and developers start to announce their projects, prices in that area will increase. In 15 years’ time, prices there could even double what it is today.’

The Kallang Riverside area today is a quiet neighbourhood, home to a few flatted factories and a hangout for wakeboard enthusiasts.

While some are relishing the thought of a mini Sentosa Cove by their doorstep, others are not so hot about it.

Fishball noodle seller Tan Boey Khim, who lives in a four-room HDB flat just opposite the Kallang Basin, would prefer the area to remain status quo.

Mr Tan has been selling his noodles in a market there for the last 30 years.

The 66-year-old paid about $190,000 for his flat two years ago.

Right now, he enjoys an unblocked, picturesque view of the Kallang Basin all the way to Tanjong Rhu, the Marina Bay area, East Coast Park and even the Singapore Flyer.

For him, redevelopment means more noise, dust and traffic inconveniences from the construction.

Mr Tan said in Mandarin: ‘The plans don’t matter to me. I don’t even know if I will still be around when this whole area is redeveloped. Anyway, it’s still too early for me to think about selling this place for a profit.

‘I like the area, the view and proximity to town. I just hope it doesn’t become too crowded.’

The changes

• More than 4,000 private homes withwaterfront views west of Kallang River.
• Office, hotel, retail and entertainment space.
• Hotel cluster with some 3,000 rooms.
• Old Kallang Airport conserved, sold and adapted to new uses.
• Promenade along Kallang River andRochor Canal to be upgraded.
• Kallang Riverside Park to the west ofKallang River will be upgraded withabeachside lagoon.
• Integrated second-storey linkway from Kallang MRT station to the new Sports Hub, with shops lining the way.
• Sports Hub will have new National Stadium, Aquatic & Water Leisure Centre, Multi-Purpose Indoor Arena, the Singapore Indoor Stadium.

- Draft Master Plan 2008 -

• More homes

Punggol and Sengkang to be further developed.

New housing options in Queenstown, Bukit Merah, Bedok, Clementi and Yishun.

• A business magnet

New growth areas in Tanjong Pagar, Beach Road/Ophir-Rochor corridor to be developed.

Commercial hubs outside the city to offer alternatives for businesses and provide jobs closer to homes.

This includes Jurong Lake District, Kallang Riverside and Paya Lebar Central.

• An exciting playground

The Leisure Plan showcases a range of facilities, including a150km round-island route for joggers and cyclists.

The Draft Master Plan 2008 is open for public viewing and comments from 23 May to 20 Jun 2008.

The exhibition is at the URA Centre on Maxwell Road.

Malay Village to be torn down in 2011, but stallholders remain upbeat

Source : New Paper - 24 May 2008

‘There is a bright future’

The Malay Village is to be torn down in 2011, but some of the current stall holders were upbeat about the changes.

Malay Village Pte Ltd’s general manager Jeffrey Chan told The New Paper that he welcomed the news.

In a report in The New Paper on 12 Apr, Mr Chan, 35, said he had submitted a $50 million plan to the Housing Board (HDB) to revamp the village.

He said: ‘The plans we submitted to HDB last month seems close to what the URA (Urban Redevelopment Authority) wants. We are happy to hear that there will be a civic centre and space for cultural performances because it goes with what we plan to offer.’

He said his company wants to amend and resubmit its plans within two weeks to HDB.

When asked if he is confident of getting an approval, he would only say that he ‘remains positive’.

This despite being aware that the commercial use of the land might be shelved, which means that his plans may not be usable.

Mr Chan said that URA’s plans are not set in stone yet. ‘So we hope that when a decision on usage of the space is finally made, HDB will approve our commercial plans.’

The Malay Village was set up in 1989 to showcase traditional Malay village life but, over time, it has been labelled a white elephant.

Presently, its tenants are an odd mix of shops selling anything from traditional Malay clothes and woodcraft to frozen meat and fruits.

Despite the news that she has only three years left for business, Ms Siti Suhaila Yahya of Wayan Retreat Balinese Spa said that she is hopeful of remaining in the area beyond 2011.

The spa owner spent $250,000 to renovate her spa and hire more employees early this month.

The 30-year-old said: ‘I look forward to making the best use during this period, but I would like to assure the Malay community that we will retain our presence in Geylang Serai.’

She has another branch in Bussorah Street, off Arab Street.

She said: ‘I hope that URA will engage the existing tenants and give us priority (to be involved) in their redevelopment plans.’

Staying On

Other tenants expressed similar interest in staying on.

One of them is Mrs Ramlah Karim, 63, who shifted her bridal outfit shop to Malay Village in January due to lower rents there. Her shop used to be at Jalan Pisang off Arab Street.

She said: ‘True, there’s not much walk-in traffic and I get by on my regulars, but the place is growing on me… I like the richness of culture here and I believe there is a bright future for business when the new market and mall are ready next year.’

Nigerian tourist Lawal Musawa, 46, who was shopping with his wife at a boutique selling traditional clothes, felt the Malay Village was a ‘natural setting’ that the Malays should be proud of.

When told it will be torn down, he said: ‘This is one of the places in Singapore to see what a Malay settlement is like. If it looks too new, I don’t think tourists like me will appreciate the culture, even if there are performances.’

The Changes

UNDER the Urban Redevelopment Authority’s Draft Masterplan 2008, the estimated 2.2-ha area of the Malay Village:

• Will be incorporated as part of a larger Paya Lebar Central area.
• Will be transformed into a civic centre, a plaza and a pedestrian mall, but will keep the culture and heritage of the area.
• Will house a community club, a Community Development Council office and, maybe, a community library in he civic centre.
• Will have more space for stalls during the Hari Raya bazaar at the pedestrian mall.
• Will have open spaces for stalls and activities in front of the civic centre, about the size of HDB Hub in Toa Payoh.