A landmark residential district - with lush gardens by its side, a spectacular view of the sea and the Sands Integrated Resort a mere stone's throw away - will rise over the next few years to add further gloss to the Marina Bay area.
Some 60 hectares of land, on which 11,000 homes will be built, has been set aside for the project. The Marina South Residential District (MSRD) will also have 1.6 million sq ft set aside for hotel use, another 678,000 sq ft of commercial space and even a primary and a secondary school. There will also be community facilities for all to enjoy, the government announced yesterday.
The entire project will be developed over a 15 to 20-year period once the supporting infrastructure has been put in place, said the Urban Redevelopment Authority (URA).
URA also said given the size of the area, it is likely that the land parcels will be released in phases.
The government agency is master planning the project as the next stage of development for the Marina Bay area.
Marina Bay, which is touted as the centrepiece of Singapore's urban transformation into a vibrant, global city, is already home to several upcoming prime projects - including the Marina Bay Sands Integrated Resort and the 100-ha Gardens By the Bay.
This residential site is located between the upcoming Garden at Marina South and the Straits of Singapore.
URA hopes that MSRD will offer its residents the best of both worlds - a rare opportunity to experience waterfront living together with the lush greenery provided by the garden.
'Obviously, it is a choice location - right between the garden and the sea,' said Knight Frank managing director Tan Tiong Cheng. 'The view will be even better than that from the Marina Bay integrated resort.'
Said Colliers International's director for research and consultancy Tay Huey Ying: 'The area will provide a very wholesome residential environment.'
The bid to develop MSRD is in line with the government's 2001 Concept Plan - a long term plan that guides Singapore's development over the next 40 to 50 years - which called for more city living options for Singaporeans.
Then, URA said that those who like the downtown buzz can look forward to having 90,000 more units to choose from, mostly in the New Downtown at Marina South.
Experts expect that homes in MSRD will be popular, especially with foreigners.
'It is possible that the primary and secondary schools could be foreign schools,' said Colin Tan, Chesterton International's head of research and consultancy.
However, market watchers mostly said that even when boosted by this latest news, home prices in the Marina Bay area are not likely to reach those fetched by luxury projects in the Orchard Road vicinity anytime soon.
'I don't think the development will overtake Orchard Road in terms of prices and appeal to foreigners,' said Ms Tay. Facilities catering to foreign residents, such as foreign schools and embassies, are now located in the Orchard Road vicinity, she said.
Knight Frank's Mr Tan agreed: 'At the end of the day, Marina South is a new district; it is not tested.'
In addition, concerns exist about the infrastructure in the area. For one, the road network in the Marina Bay area will have to be improved, analysts said.
Right now, URA is looking to garner new and innovative ideas to distinguish MSRD.
Together with the Singapore Institute of Architects, it is organising a competition, which will close on November 12, for design ideas for the district. A sum of $50,000 has been set aside to be awarded for up to 10 best ideas.
Friday, September 14, 2007
Tuesday, September 11, 2007
En bloc law to change in early October 2007
The current statute that governs en bloc sale will be made more transparent and fairer for the various stakeholders. Among the proposed changes to take place in early October include:
Sales committees must be properly formed and elected.
The signing of Collective sales agreements (CSAs) will be witnessed by lawyers who can clarify doubts and explain terms and liabilities.
Cooling-off period
Potential sellers will have a five-day 'cooling-off period' after they have signed the CSA.
Majority consent to include area of development
The definition of majority consent has been changed to mean 80% of share value as well as 80% of the areas of the development. Currently majority consent means 80% or 90% of the project’s share value, depending on whether it is more than 10 years old or less. In the new rule, the first condition still applies but now a second condition is required which include 80% or 90% of the area of the development, again depending on whether the project is more than 10 years old or less.
Requirements for general meetings.
A sales committee will have to be elected by more than 50% of owners present at a general meeting of the management corporation before signing of the CSA may begin. Likewise, property consultant and lawyer will have to be appointed at a general meeting. Key issues such as apportionment of sales proceeds and the terms and conditions of the CSA will also need to be discussed and formalised during general meetings.
Monthly updates by Sale Committee
The sales committee will also have to provide monthly, instead of bi-monthly updates of the consent level to keep all owners in the loop.
Requirement of tender or auction
Every launch for sale must be through a public tender or auction which means that the majority consent would have been obtained prior to that. The sales committee can engage in follow-up negotiations with any bidder, when the tender/auction fails to attract the reserved price. But a sale by private treaty must be concluded within 10 weeks of the close of the tender/auction. Otherwise, the tender will have to be relaunched for sales efforts to resume.
Market Reaction to proposed changes
As it is, many potential en bloc projects may speed up the signing of CSA to avoid doing everything all over again when the new law comes into effect. But in the longer term, there may be fewer en bloc sale sites as it would take a longer time to launch a site for sale unless the market is booming.
Lawyers' fees for collective sales, usually $3,000 to $4,000 per unit, could double or triple because of the additional duties thrust on lawyers. The lawyers will be required to witness signatures and certify the monthly updates on the consent level. The whole process of requiring lawyers to witness signatures will slow down the speed of putting en bloc sale sites onto the market.
Sales committees must be properly formed and elected.
The signing of Collective sales agreements (CSAs) will be witnessed by lawyers who can clarify doubts and explain terms and liabilities.
Cooling-off period
Potential sellers will have a five-day 'cooling-off period' after they have signed the CSA.
Majority consent to include area of development
The definition of majority consent has been changed to mean 80% of share value as well as 80% of the areas of the development. Currently majority consent means 80% or 90% of the project’s share value, depending on whether it is more than 10 years old or less. In the new rule, the first condition still applies but now a second condition is required which include 80% or 90% of the area of the development, again depending on whether the project is more than 10 years old or less.
Requirements for general meetings.
A sales committee will have to be elected by more than 50% of owners present at a general meeting of the management corporation before signing of the CSA may begin. Likewise, property consultant and lawyer will have to be appointed at a general meeting. Key issues such as apportionment of sales proceeds and the terms and conditions of the CSA will also need to be discussed and formalised during general meetings.
Monthly updates by Sale Committee
The sales committee will also have to provide monthly, instead of bi-monthly updates of the consent level to keep all owners in the loop.
Requirement of tender or auction
Every launch for sale must be through a public tender or auction which means that the majority consent would have been obtained prior to that. The sales committee can engage in follow-up negotiations with any bidder, when the tender/auction fails to attract the reserved price. But a sale by private treaty must be concluded within 10 weeks of the close of the tender/auction. Otherwise, the tender will have to be relaunched for sales efforts to resume.
Market Reaction to proposed changes
As it is, many potential en bloc projects may speed up the signing of CSA to avoid doing everything all over again when the new law comes into effect. But in the longer term, there may be fewer en bloc sale sites as it would take a longer time to launch a site for sale unless the market is booming.
Lawyers' fees for collective sales, usually $3,000 to $4,000 per unit, could double or triple because of the additional duties thrust on lawyers. The lawyers will be required to witness signatures and certify the monthly updates on the consent level. The whole process of requiring lawyers to witness signatures will slow down the speed of putting en bloc sale sites onto the market.
Some Katong commercial properties up for collective sale
FACED with flagging businesses and dwindling human traffic, the shop owners of several commercial buildings in Katong are coming together to sell their properties en bloc.
This has led to renewed interest in the old East Coast hotspot recently, sparking hopes among residents and shopkeepers nearby that the area - famed for its good food and old-world charm - will get the rejuvenation it needs to boost its image.
At least five commercial buildings along Mountbatten Road and East Coast Road have appointed marketing agents to launch collective sales.
These include Katong Mall, Paramount Hotel and Shopping Centre, Roxy Square, Katong Plaza and the iconic Katong Shopping Centre, said Mr Lui Seng Fatt, the regional director and head of investments at Jones Lang LaSalle.
Back in its heyday, Katong Shopping Centre was the heart and soul of the East. But as the years wore on, the lack of entertainment facilities and an attractive retail mix made it a poor rival to other malls nearby such as Parkway Parade.
Many of these buildings in Katong are more than 20 years old and, in the case of Katong Shopping Centre, which opened in 1973, more than 30.
Dr Lim Un Huat, owner of several shops at Katong Mall, told The Straits Times most shop owners were in favour of the en bloc sales, and were waiting for the right price to sell.
Mr Lui said the 'tired-looking' buildings were overdue for a revamp, especially since residential projects in the area have gone upmarket.
This has led to renewed interest in the old East Coast hotspot recently, sparking hopes among residents and shopkeepers nearby that the area - famed for its good food and old-world charm - will get the rejuvenation it needs to boost its image.
At least five commercial buildings along Mountbatten Road and East Coast Road have appointed marketing agents to launch collective sales.
These include Katong Mall, Paramount Hotel and Shopping Centre, Roxy Square, Katong Plaza and the iconic Katong Shopping Centre, said Mr Lui Seng Fatt, the regional director and head of investments at Jones Lang LaSalle.
Back in its heyday, Katong Shopping Centre was the heart and soul of the East. But as the years wore on, the lack of entertainment facilities and an attractive retail mix made it a poor rival to other malls nearby such as Parkway Parade.
Many of these buildings in Katong are more than 20 years old and, in the case of Katong Shopping Centre, which opened in 1973, more than 30.
Dr Lim Un Huat, owner of several shops at Katong Mall, told The Straits Times most shop owners were in favour of the en bloc sales, and were waiting for the right price to sell.
Mr Lui said the 'tired-looking' buildings were overdue for a revamp, especially since residential projects in the area have gone upmarket.
Friday, September 7, 2007
Singapore Sports Hub
The Sports Hub will be Singapore's premier land and sea sports, entertainment and lifestyle hub with integrated programming. A unique cluster development of integrated world-class sports facilities within the city, it will play a critical role in accelerating the development of sports industry, excellence and participation and take sports to the next level in Singapore.The Sports Hub neatly captures all three components in one masterstroke. It will draw international events to its world-class facilities, and offer events management enterprises some of the largest potential crowds ever to assemble in Singapore. It will encourage large numbers of people to adopt and pursue sports and make sports part of their life. And it will offer exceptionally compelling opportunities for sports-related enterprises, federations, and organizations to bring their message to an enormous, interested audience.Construction and management of this development are to be handled under the public-private partnership (PPP) model. Proposals by the three pre-qualified consortiums are currently being evaluated, and the successful consortium is expected to be announced in December 2007. The facilities to be built are as follows:Located on a 35ha site in Kallang, the Sports Hub will include the following facilities:
A new 55,000-capacity National Stadium with a retractable roof;
A 6,000-capacity indoor Aquatic Centre that meets world tournament standards;
A 3,000-capacity multi-purpose arena which will be scalable and flexible in layout;
41,000 sq m of commercial space
A Water Sports Centre
The existing 12,000-capacity Singapore Indoor Stadium; and
Supporting leisure and commercial developments
A 6,000-capacity indoor Aquatic Centre that meets world tournament standards;
A 3,000-capacity multi-purpose arena which will be scalable and flexible in layout;
41,000 sq m of commercial space
A Water Sports Centre
The existing 12,000-capacity Singapore Indoor Stadium; and
Supporting leisure and commercial developments
The Sports Hub is well connected to the Mass Rapid Transit network, major expressways and is only 15 minutes from the Singapore Changi International airport. A new Stadium MRT station will be operational when the Hub construction is completed. From Day One, fans will have low-cost, hassle-free access to the Sports Hub.The Sports Hub is also located next to the Marina Bay area and is poised to ride on the wave of exciting developments at Marina Bay like the Marina Bay Sands Integrated Resort, Marina Barage, Singapore Flyer and the floating platform at Marina Bay. The Hub is the first and largest sports facilities infrastructure Public-Private-Partnership (PPP) projects in the world. It is also Singapore's largest and flagship PPP project of this nature.While the Sports Hub is under construction, the new floating stage at Marina Bay will host sporting and other events. Literally floating on the water, the stage will bring some of the highest-profile international events ever to grace Asia, while at the same time remaining available to showcase exceptional local talent and regional competitions. These activities form the key lead up programmes towards a successful start of the Sports Hub in 2011.
COMMENTS
Personally I forsee property prices in Tanjong Rhu area to keep on rising in the next 5 years as the area is in proximity to (1) new Sports Hub, (2) new Stadium MRT station,
(3) new retail mall (former Kallang Leisure Mall), (4) Suntec & Marina area, and (5) CBD.
Pebble Bay at Tanjong Rhu
Desired Condominiums In The East (1) - Pebble Bay @ Tanjong Rhu
Tenure: 99 years leasehold
No. of Units: 510
TOP Date: 1997
No. of Units: 510
TOP Date: 1997
Average Transacted Price in
August 2007 : $1,125 psf
July 2007 : $1,088 psf
Pebble Bay, one of Singapore's first waterfront condominium developments located in the prime Tanjong Rhu area, obtained its Temporary Occupation Permit (TOP) in October 1997.
The project which is a joint venture with CapitaLand, offers 510 units of luxurious apartments with 20 different designs in sizes ranging from 850 sf to 6,114 sf. The units comprise a mix of studio, 2/3/4-bedroom and penthouse apartments with floor areas ranging from 90 sm to 400 sm. Outstanding amenities and recreational facilities, lush tropical landscaping and panoramic views form an integral part of the development.
The project which is a joint venture with CapitaLand, offers 510 units of luxurious apartments with 20 different designs in sizes ranging from 850 sf to 6,114 sf. The units comprise a mix of studio, 2/3/4-bedroom and penthouse apartments with floor areas ranging from 90 sm to 400 sm. Outstanding amenities and recreational facilities, lush tropical landscaping and panoramic views form an integral part of the development.
Location
Pebble Bay's strategic location in the prime Tanjong Rhu area, ensures easy access to all parts of Singapore. The Central Business District, Orchard Road and Changi Airport are just a few minutes’ drive away via the East Coast Parkway expressway and Nicoll Highway.
Moreover, the project which is adjacent to a proposed marina, offers panoramic waterfront views, outstanding amenities and easy access to recreational facilities in the Kallang Basin. It is within walking distance to The National Stadium, Indoor Stadium, Kallang Tennis Centre and Kallang Theatre and a proposed commercial village with food kiosks and outdoor shopping.
Pebble Bay's strategic location in the prime Tanjong Rhu area, ensures easy access to all parts of Singapore. The Central Business District, Orchard Road and Changi Airport are just a few minutes’ drive away via the East Coast Parkway expressway and Nicoll Highway.
Moreover, the project which is adjacent to a proposed marina, offers panoramic waterfront views, outstanding amenities and easy access to recreational facilities in the Kallang Basin. It is within walking distance to The National Stadium, Indoor Stadium, Kallang Tennis Centre and Kallang Theatre and a proposed commercial village with food kiosks and outdoor shopping.
Facilities
Pebble Bay offers world-class resort style facilities. Amongst its landscaped gardens are a swimming pool, a lagoon pool, a wading pool, spa and bubble pool, tennis courts and squash courts. In addition, there is a golf driving range, putting green, fitness circuit, gymnasium, steam rooms and a children’s playground.
Pebble Bay offers world-class resort style facilities. Amongst its landscaped gardens are a swimming pool, a lagoon pool, a wading pool, spa and bubble pool, tennis courts and squash courts. In addition, there is a golf driving range, putting green, fitness circuit, gymnasium, steam rooms and a children’s playground.
To top off the excellent waterfront view and luxurious facilities, Pebble Bay is created with superb quality finishes using natural materials and specially designed stone finishes to mark the luxury resort ambiance.
Wednesday, September 5, 2007
Astoria Park Condominium Unit Transactions
Astoria Park Condominium
28 - 34 Lorong Mydin
TOP in 1995
Tenure - 99 years wef 01 May 1993
District 14
354 units
2 bedrooms - 79 to 93 sqm
3 bedrooms - 109 to 122 sqm
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