Penthouse for sale: St Regis Residences, Singapore (District 10)

Location: Tanglin Road
Tenure: 999 years leasehold
Year of Compeltion: 2008

Penthouse For Sale

Size: 5597sqft
Bedroom: 5
Asking: $16m (as at 28 Nov 2009)

Email info@lushhomemedia.com or +65 9631 8037 with the following for more information

Penthouse for sale: Marina Bay Residences (District 1)

Location: Marina Bay
Tenure: 99 years leasehold
Expected Compeltion: 2010

Penthouse For Sale

Size: 4478sqft
Bedroom: 5
Asking: $3400psf (as at 18 Nov 2009)

Email info@lushhomemedia.com or +65 9631 8037 with the following for more information

Penthouse for sale: Rhapsody on Mt Elizabeth (District 9)

Location: Mt Elizabeth
Tenure: Freehold
Expected Compeltion: end 2009

Penthouse For Sale

Size: 2540sqft
Bedroom: 4+1
Asking: $2100psf (as at 16 Nov 2009)

Email info@lushhomemedia.com or +65 9631 8037 with the following for more information

Office property market slowing in Q2

Singapore’s office property sector market appears to be cooling a little.

According to property consultant DTZ, the average office occupancy rate for the second quarter of this year saw a dip of 0.2 percentage point.

Office rental prices have also been flat – suggesting that the market is resistant to rising prices.

According to DTZ, the average office occupancy rate in the second quarter dipped to 96.9 per cent.

It said the slide was spurred by tenants seeking cheaper locations when their leases expired.

Chua Chor Hoon, Senior Director, Research, DTZ, said, “Our second quarter figures show that it has eased very slightly, by 0.2 percentage point, which reflects the office occupier’s resistance to the high rentals in the CBD, and also partly (because) of the slower economy. Companies are now more cautious and they are taking a longer time to think about expansion and renewal.”

Despite the overall dip, areas just outside the CDB saw higher occupancy rates – with the Novena and HarbourFront areas hitting 99 per cent.

At the same time, office rentals climbed by 1.1 per cent – with locations like Raffles Place now going for an average of S$19 per square foot a month.

The report showed that businesses have been looking to alternative locations like business parks, and temporary office locations to tide them over until new office locations open up in 2010.

At the moment, business park rentals cost about half, or a third of what can be found in the CBD.

Some companies may find it more cost-effective to stay in these alternative locations, but DTZ believes there will still be demand when the new supply comes on-stream.

Ms Chua said, “There will be new demand to take on the new office space, and even if the economy slows down this year and next year, we are likely to see it coming back in 2010. That’s when it also coincides with a few major events and developments that are going to take place, like the integrated resorts, and the Youth Olympics, and that is going to give the economy a boost.”

The DTZ report also showed that industrial sector demand remained stable – despite a weakening manufacturing sector – due to foreign investment. – CNA/ms

Source : Channel NewsAsia – 30 Jun 2008

Katong Mall sold to Tuan Sing Group for S$219m

Katong Mall has been sold in a collective transaction to property developer Tuan Sing Group for S$219 million.

Including a premium of S$24.5 million to top up the site’s lease, the price works out to about S$865 per square foot of gross floor area.

The tender for the 99-year leasehold commercial development in the Marine Parade area was launched in May.

Katong Mall, located at the junction of East Coast Road and Joo Chiat Road, is currently a four-storey building with three basements.

Under the Master Plan, the 78,158 square foot site is zoned for commercial use. It has a gross plot ratio of up to 3.6, with the allowable building height subject to evaluation.

Outline planning permission has been obtained for either a full commercial development or a mixed development with residential and commercial space.

The new development could yield some 100 residential units of 1,200 square feet each, and 185 commercial or retail units with an average size of 400 square feet. – CNA/ms

Source : Channel NewsAsia – 30 Jun 2008

RA puts up Ophir-Rochor Road for sale by public tender

The Urban Redevelopment Authority (URA) has launched a white site for sale in the Ophir Rochor corridor.

The announcement did not come as a surprise, as the government had already indicated it will be sold under the confirmed list of the land sales programme.

The 2.7 hectare site is expected to be a mixed use cluster, acting as a connector between the existing financial district and the historical centres of Kampong Glam and Beach road.

The site has a gross permissible floor area of 160,000 square metres.

The winning bidder has to set aside 40 per cent of the site for office use, with at least another 15 per cent for hotel related activities.

In the future, the site will also have direct basement access to the new East-West rail line, through the upcoming Bugis Interchange MRT station.

Analysts are expecting a land cost of up to 1.5 billion Singapore dollars, translating to between 850 Singapore dollars and 900 Singapore dollars per square foot of gross floor area.

Rents in the area are expected to be between 8 Singapore dollars and 10 Singapore dollars per square foot.

The URA has said it will continue to release more land in the Ophir Rochor area over the next five to 10 years in tandem with market demand. – CNA/vm

Source : Channel NewsAsia – 30 Jun 2008

Millennium & Copthorne Hotels New Zealand completes Auckland hotel deal

Millennium & Copthorne Hotels New Zealand said it has completed its purchase of the Copthorne Hotel Auckland Harbourcity.

But in a filing to the Singapore Exchange, it said the price of the deal was confidential.

Millennium & Copthorne is funding the purchase with cash and a new loan facility.

The area around the Copthorne Hotel Auckland Harbourcity is now a focal point for entertainment and access to the Waitemata Harbour.

Millennium & Copthorne Hotels and Resorts now has three owned or leased properties in Auckland.

It also recently clinched a short-term management agreement for the Metropolis Hotel Auckland. – CNA/ms

Source : Channel NewsAsia – 30 Jun 2008

L’VIV @ Newton Road

Experience luxe urban living like never before

Soaring through the night sky in a dazzling beacon of light, L’VIV is set to take chic city living to new heights. Located in the prime residential enclave of Newton, this exclusive boutique development boasts prime views of the city from each tastefully appointed apartment. It also features 4 distinct lifestyles suites on the 24th storey, perfect for entertaining and relaxing. L’Vista lets you host your own fabulous private pool party, whilst the L’Viva lets you unwind and chill out with your friends anytime, any day.

Wellness enthusiasts can immerse themselves in holistic goodness at L’Vanda, after which they can enjoy a soothing massage at L’Verdure. With easy access to MRT stations, prestigious schools, shopping malls and the premier Orchard Road shopping belt, L’VIV is the ultimate lifestyle residential development for well-heeled and style-savvy individuals.

Location: 23 Newton Road (District 11)
Tenure: Freehold
Expected Completion: 2013
Site Area: 3,984.20 sqm (42,886 sqft)
Total Units: 147
Unit Types:
1 bedroom + study ~ 614-657sqft
2 bedroom + study ~ 990-1001sqft
Penthouse ~ 2002-2530sqft

Contact us at info@lushhomemedia.com or +65 9631 8037 with the following for more information:

L’VIV / Name / Contact # / Unit Type Interested

Construction of Solaris has begun

Construction of Phase 2B of Fusionopolis has begun with the ground-breaking ceremony for a 15-storey building called Solaris.

It is being developed by Soilbuild Group – the first private sector developer at Fusionopolis cluster at one-north.

Its $148-million new building will cover :an estimated gross floor area of 540,000 square feet and is slated for completion in 2010. It will house research activities for: infocommunications, media, science and engineering industries.

Trade and Industry Minister Lim Hng Kiang, officiating at Friday’s ground-breaking ceremony, expressed confidence that Solaris will attract strong interest.

Already, developments in Phase 1 and 2A of Fusionopolis are attaining full occupancy before their official completion.

“The Fusionopolis cluster … will help to anchor high value economic activities and contribute to the development of Singapore as a knowledge-intensive economy,” said Mr Lim.

Source : Weekend Today – 28 Jun 2008

Tender for Phase 3 of Fusionopolis will open by H2

Singapore is seeing an overwhelming demand for research and development space, particularly from the info-communication, media and science sectors.

So to meet the growing need, the government said it will expand the Fusionopolis cluster at one-north.

This was revealed at the ground-breaking ceremony of Phase 2B of the development on Friday.

The ground-breaking marks the start of Phase 2B of Fusionopolis. However, further development of the cluster is now projected to grow at a much faster pace.

Philip Su, Assistant CEO, JTC Corporation, said: “In terms of demand from the private sector for space in business park, you’ll find that we are presently quite short.

“Even with the ground-breaking of Phase 2B, there is an unfulfilled demand for such space. So, that’s the reason why we may have to push forward some of our plans to bring in Phase 3.”

An additional 50,000 square metres of Gross Floor Area will be added under Phase 3 and Phase 4. And to meet demand for more business park space, JTC is bringing forward the development of the third phase.

It will open Phase 3 for tender by the private sector by the second half of this year.

Speaking at the ground-breaking, Trade and Industry Minister Lim Hng Kiang noted that Fusionopolis plays a key role in building up a knowledge-based economy in Singapore.

Mr Lim said: “The Fusionopolis cluster, together with the other developments in one-north, will help to anchor high-value economic activities and contribute to the development of Singapore as a knowledge-intensive economy.”

When ready, the 15-storey building will house R&D labs for the infocomm, media, science and engineering industries. As part of the Fusionopolis cluster, it is expected to set the stage for more public-private partnerships.

With Fusionopolis Phases 1 and 2A previously attaining full occupancy even before completion, Phase 2B is expected to receive similar responses.

Low Soon Sim, Executive Director, Soilbuild, said: “There has been quite a bit of interest, and at this point in time, we are focusing on their design requirements.”

Mainboard-listed Soilbuild is the developer for Phase 2B – the first private developer in the Fusionopolis cluster. Construction for Phase 2B is expected to be completed by 2010. – CNA/ms

Source : Channel NewsAsia – 28 Jun 2008