The White House Residences

Majestically poised in the coveted environment of Tanglin, Singapore’s prime residential district, are the White House Residences, a prospective living development of grandeur and privilege. The owner says of this prestigious area, “Singapore is not a mere jewel in Asia but a whole jewelry box with its rapidly changing and ever-progressing business, entertainment, cultural, and lifestyle opportunities.” Surrounded by a mélange of romantic colonial bungalows, stately villas, and classic architecture, these homes sit amid verdant landscape surroundings and share the exclusive neighborhood of ambassadors, senior politicians, and captains of industry. Centrally located, yet secluded, the residences enjoy proximity to Singapore’s Botanic Gardens and the bustle of Orchard Road

Only 12 distinctive homes comprise this enviable community. They share a sheltered enclave clad in an elegant mix of contemporary white stones and expansive glass enhanced by a fully equipped gym and a reflective infinity-edge pool set against a sweeping tropical backdrop. Embracing a milieu somewhere between Modernism and Romanticism, each residence has an architectural weave of comfort, style, and class with finishes that are simple and understated.

Casa, one of the three distinguished developments, boasts homes of 5,000 to 5,600 square feet spanning three stories with five voluminous bedrooms. Roof terraces, a lap pool, and landscaped gardens highlight these four dwellings. Penthouse is the second hamlet of residences that are enviably spacious and feature a roof top whirlpool with timber decks and landscaped planters. Suite is the third set of resplendent homes and graces owners with four bedrooms and a secluded private garden.

Each division of the White House Residences features homes of exemplary designer finesse, outstanding architecture, and the finest finishes. The most renowned names in the creation of masterful domains have been employed, including Anotnio Lupi and Gaggenau. The custom kitchens, baths, and wardrobe structures have each been meticulously borne of a specialist’s discerning eye. A Home Intelligence System provides state-of-the-art technology to ensure each resident supreme comfort and security. A tasteful vision and white-glove standards have been imbued into each of these Singapore jewels. Breathtaking scenery, world-class structures, upscale shopping, and refined dining are just some of the alluring attractions of the urban centerpiece that frames these gracious homes.

Email lushhome@gmail.com for more information or viewing appointment.

URA releases two residential sites for sale

The Urban Redevelopment Authority (URA) has launched a residential site at Woodleigh Close for sale by public tender.

At 1.08 hectare, market watchers said about 260-290 apartment units can be built on the plot of land, which is located near to the Potong Pasir MRT station.

A new 99-year leasehold project in the location is expected to fetch prices of around S$800 psf. This will translate to a possible land price of around S$300-350 psf per plot ratio for the site.

The tender will close at noon on June 24 and selection will be based on the tendered land price only.

Separately, the URA also released the detailed sales conditions for the residential parcel at Upper Thomson Road, which is estimated to offer 380 to 420 new homes.

The site is on URA’s reserve list and developers who are interested in buying it can apply for the plot to be put up for tender.

Under the reserve list system, the site will only be put up for sale if a developer’s minimum bid price is acceptable to the government.

Analysts expect this site at Upper Thomson Road to fetch S$200 to S$240 psf per plot ratio, which will translate into a possible selling price of S$650 to S$700 psf. – CNA /ls

Source : Channel NewsAsia – 29 Apr 2008

HDB to launch executive condominium site at Sengkang

The Housing and Development Board (HDB) will launch on Wednesday a land parcel at Sengkang East Avenue for executive condominium development under the Reserve List System.

HDB said the 17,000 square metre plot will have a permissible gross floor area of over 51,000 square metres.

Property consultants estimate that the 99-year lease site could fetch about 450 to 500 units, with a land price of S$110 to S$130 per square foot per plot ratio.

As developers are still fairly confident of the mass market property segment, market watchers said the land parcel will attract moderate interest from developers, with up to six bids for the site. – CNA/ms

Source : Channel NewsAsia – 29 Apr 2008

JTC achieves record occupancy level for ready-built facilities in Q1

JTC has achieved a record occupancy level for its ready-built facilities in the first quarter of 2008.

Net allocation was 38,400 square metres, six-fold higher than the same period last year.

In its quarterly report, JTC said this helped to boost the occupancy level for ready-built facilities by 1.3 percentage points to 93.9 percent.

Termination level, however, has gone up as well – to 51,100 square metres in the first quarter of this year, compared to 45,300 square metres in the first quarter of 2007.

However, the net allocation for prepared industrial land remained strong – at 114.9 hectares – due partly to the general expansion across the manufacturing sector for 2007.

Looking ahead, more ready-built spaces are expected to come on stream with Phase 2 construction of Fusionopolis, which is set to be completed by the third quarter of 2010. – CNA/ms

Source : Channel NewsAsia – 29 Apr 2008

CCT decides to defer redevelopment of Market Street carpark

CapitaCommercial Trust (CCT) has decided to defer the planned redevelopment of the Market Street car park.

In January 2008, CCT was granted an outline planning permission by urban planners to redevelop the property into a Grade A office building.

Since then, it has been working with its appointed architect and consultants to finalise and submit design plans to the Urban Redevelopment Authority.

In a statement on Tuesday, CCT said it does not expect a plan for the redevelopment to be made before mid-2009. This came after taking into consideration the significant size of the project, rising construction costs and the present volatility in financial markets.

Industry watchers said the decision is unlikely to dampen the market. The delay may, in fact, be welcomed due to the tight car parking space situation in the Central Business District.

Property analysts added that the deferment is a prudent move, given the bulk of office supply coming on stream between 2010 and 2012.

They said there is no hurry for CCT to redevelop the property in a climate of rising construction costs, which could also pose some challenges in getting construction firms to work on the project.

CCT said it will continue to take necessary steps to obtain the provisional permission from the authorities, as well as assist retail tenants in relocation and continue to operate the car park. – CNA/vm

Source : Channel NewsAsia – 29 Apr 2008

MAS expects Singapore inflation to cool to 4% in second half

The Monetary Authority of Singapore (MAS) has said it expects inflation, now at a 26-year high of 6.7 percent, to cool to an average 4 percent in the second half of this year.

Singapore’s central bank also said on Tuesday that economic growth will slow in 2008, but the expansion will likely remain at a healthy level even under a tighter monetary policy.

“Full-year gross domestic growth of between 4%-6% is still achievable, barring a sharp downturn in the US economy,” the MAS said in its semi-annual macroeconomic review, available on its Website www.mas.gov.sg. “The slower rate of expansion will bring the economy closer to its potential output path.”

Earlier in April, the MAS unexpectedly tightened its monetary policy by allowing the Singapore currency to rise at a faster pace to keep a lid on import costs.

The central bank manages the local dollar within an undisclosed currency band, which it shifted higher at its meeting on April 10.

“The re-centering of the policy band… will help to alleviate inflation pressures and provide support to the economy as it eases to a more sustainable growth rate,” the MAS said.

First-quarter GDP growth came in unexpectedly strong, running at an annualised seasonally adjusted rate of 16.9%, and economists said the data had calmed fears that the weakness of the US economy would drag on Singapore, giving the MAS room to tighten policy.

Singapore’s economy grew by 7.7% in 2007, when consumer prices rose 2.1%.

A recent jump in food costs has been a key driver of inflation across Asia, and a further acceleration in commodity prices could not be ruled out, the MAS said.

“Even if (food and oil) prices were to level off, upward pressure on wages and rentals, reflecting domestic capacity constraints, is likely to remain,” it said.

The MAS predicted inflation will peak at around 7% in the middle of the year before averaging in the upper half of a 4.5%-5.5% range for all of 2008.

Different sectors of Singapore’s economy will feel varying impacts from a global downturn, the MAS said.

“In contrast to last year’s broad-based growth story, the outlook for the Singapore economy in 2008 will vary significantly from industry to industry, depending on their exposure to the U.S.,” the authority said.

The construction sector will be relatively protected, with a steady pipeline of contracts, including S$24.5 billion in work awarded in 2007.

“This suggests a possible surge in construction activity over the next two to three quarters, as work on projects progresses into the phase where the bulk of payment streams occurs,” the central bank said. “Future demand should also remain firm, with contracts for major projects such as the integrated resorts yet to be fully awarded.”

Las Vegas Sands is expected to open the Marina Bay Sands resort in 2009, and a unit of Genting International will open Resorts World at Sentosa in 2010.

The MAS said the economy should also be supported by most of the services sector and selected manufacturers such as pharmaceuticals firms and offshore oil rig makers.

However, the electronics industry will be highly exposed to an external economic slowdown, likely preventing the sector from posting a meaningful expansion.

The financial sector is also expected to weaken if markets remain in a slump, leading to lower revenues from wealth management and brokerage services.

The MAS expects the job market to remain tight, with the unemployment rate holding beneath 2 percent. – CNA/ir

Source : Channel NewsAsia – 29 Apr 2008

MMP REIT posts S$17m distributable income for Q1

Mainboard-listed Macquarie MEAG Prime REIT (MMP REIT) has booked a distributable income of S$17 million for the first quarter, up nearly 22 per cent compared to the same period a year ago.

MMP REIT said that its earnings were driven by attractive acquisitions, tenancy remix as well as asset enhancement initiatives.

The REIT saw strong rental rates in Singapore. Its retail space was at full occupancy, while offices were 98 per cent occupied.

MMP REIT is proposing to pay out 1.76 cents for the first quarter, up 20 per cent on year. – CNA/vm

Source : Channel NewsAsia – 29 Apr 2008

PM Lee sets ambitious goal to reduce workplace fatality rate

Prime Minister Lee Hsien Loong has set a more ambitious, 10-year target of reducing deaths at the workplace to 1.8 per 100,000 workers.

Singapore’s aim right now is to halve the fatality rate to 2.5 by 2015 and Mr Lee said this target is “well within reach”.

Mr Lee was speaking at the launch of the Workplace Safety and Health Campaign 2008 on Tuesday.

The stakeholders from industry and the tripartite partners endorsed the aim to keep the number of accidents down and to design safety into the work process.

A new council has been set up to develop codes of practice for the different sectors.

Lee Tzu Yang, Chairman, Workplace Safety and Health Council, said: “What we are trying to do is to see how we can make sure that we address the key areas of vulnerability. So we looked at the statistics in Singapore from the experience in workplace safety and health, and the sectors which need to have better practices than currently.

“So for example, the areas we are looking at (includes) metal pressing – the safe use of machinery – and we are looking at supervision in construction where the statistics indicate more needs to be done.”

PM Lee explained that if accidents were analysed, many creative and innovative ways could be found to tighten safety standards and practices, and to correct what workers and companies are still not doing properly.

He stressed that every safety improvement that Singapore’s workforce makes is an important one because it will reduce the risk of tragedy and prevent the further loss of lives.

PM Lee said: “From time to time, accidents would still occur, and we would have to deal with them. But we had developed an effective framework, with clear principles for safety management.

“This would keep accident rates to a minimum, not just by responding to accidents when they occur, but by designing safety into the work processes and pro-actively detecting and fixing unsafe practices before accidents happen.

“We must convince employers that a safe and healthy workplace makes good business sense. Workplace injuries and fatalities can result in not only financial expense, but also loss of reputation.

“On the other hand, a safe workplace environment and a good safety record will give workers confidence that the firm has their well-being at heart, and motivate them to perform that much better.

“Hence, every employer and business owner should see good safety and health practices as an investment for the future, not an additional cost burden.”

The Prime Minister noted that in 2004, accidents at the workplace resulted in the loss of 83 lives or 4.9 fatalities per 100,000 workers. And in 2007, the fatality rate dropped to 2.9.

At the heart of this year’s campaign is a 40-foot container, a mobile exhibit which will visit various workplaces. The aim is for the container to reach out to some 200,000 workers during the year, with a whole host of educational materials on workplace safety and health.

The ultimate goal is for Singapore to have one of the best workplace safety records in the world. – CNA/vm

Source : Channel NewsAsia – 29 Apr 2008

Foreign construction workers need more than just basic housing

National Development Minister Mah Bow Tan said the number of foreign construction workers in Singapore has gone up, and they would need more than just basic housing.

“Because the numbers are so large, we also need to look into purpose-built facilities for them. For example, the foreign workers dormitories. We cannot just build housing for them without looking at all the other facilities like sports and entertainment facilities.

“So, in the new type of foreign worker dormitory, we hope to be able to make it more self-contained rather than just building a dorm with beds,” said Mr Mah.

The minister was speaking to Singapore reporters after visiting the Auckland Regional Migrant Services (ARMS), a non-governmental organisation (NGO).

ARMS helps many migrants and refugees assimilate into New Zealand culture. The organisation said housing often plays a big role in how the different races mix.

The Singapore delegation was keen to know how the Kiwis deal with the high influx of foreigners into New Zealand. They were also briefed on the services provided by ARMS as well as the problems encountered.

Mr Mah said grassroots leaders in Singapore perform similar functions to NGOs like ARMS.

The minister is accompanying President SR Nathan on his state visit to New Zealand. – CNA /ls

Source : Channel NewsAsia – 29 Apr 2008

Genting no longer in talks to build hotel at Sports Hub

Genting International has said it is no longer in talks with the Singapore Sports Hub Consortium to build a hotel in the Singapore Sports Hub.

In a statement to the Singapore Exchange (SGX), Genting said the Singapore Sports Council has decided not to have a hotel in the hub “at this point in time”.

Genting added that the subject matter of this announcement is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the company for the financial year ending 31 December 2008.

It was reported earlier this year that the Singapore Sports Hub Consortium was in talks with Genting International to build a hotel at the new National Stadium and Sports Hub in Kallang. – CNA/ir

Source : Channel NewsAsia – 29 Apr 2008