Monthly Archives: April 2013

Government to release four residential sites

Posted on 20 Apr 2013 | Comments Off on Government to release four residential sites

Government to release four residential sites estimated to yield 1,800 housing units in April 2013.

To provide developers and home-buyers with more choices in private housing, the Housing & Development Board (HDB) and Urban Redevelopment Authority (URA) will be releasing four residential sites for sale in April 2013 under the Government Land Sales Programme for 1st half 2013. These four sites can collectively yield about 1,800 residential units.

One Executive Condominium site at Anchorvale Crescent and two residential sites at Fernvale Close and Faber Walk are launched for sale today under the Confirmed List. The fourth site, an Executive Condominium site at Punggol Central, will be launched on 29 April 2013 under the Confirmed List.

The tender for the Punggol Central site will close on the same day as two other Executive Condominium sites at Punggol Drive and Yuan Ching Road – 30 July 2013. The latter two sites will be launched for sale in June 2013. The move to close the tenders on the same day is being initiated in response to feedback from the public and real estate industry that this could help moderate tender bids and, in turn, future property prices. The sites were chosen on the basis that all three are meant for Executive Condominium developments and slated for launch during the second quarter of this year.

Land Parcel at Anchorvale Crescent
The site is located in close proximity to Farmway LRT station and Tampines Expressway (TPE). It is also near Sungei Punggol, Sengkang Riverside Park, Sengkang Floating Wetland and Sengkang Sports & Recreation Centre.

Land Parcel at Faber Walk
Situated within an established residential estate, the 1.5 ha land parcel has direct access to the Ulu Pandan Park Connector, and is also near the commercial amenities at Jurong such as IMM, JCube, and the upcoming JEM and Westgate.

Land Parcel at Fernvale Close
The site is located in close proximity to Layar LRT station and has frontage to Sungei Punggol and the nearby facilities and amenities like Sengkang Riverside Park, Sengkang Floating Wetland and Sengkang Sports & Recreation Centre. The upcoming Seletar Mall is also located within walking distance.

Land Parcel at Punggol Central/Edgedale Plains
The site is located in close proximity to Oasis LRT station and Tampines Expressway (TPE). Amenities and facilities in Punggol town include the award-winning My Waterway @ Punggol, the Punggol Promenade and commercial malls such as Punggol Plaza and the upcoming Waterway Point.

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Wing Tai chairman selling Nassim Road house for $300 million

Posted on 16 Apr 2013 | Comments Off on Wing Tai chairman selling Nassim Road house for $300 million

Wing Tai chairman selling Nassim Road house for $300 million

Wing Tai Holdings Ltd. (WINGT) Chairman Cheng Wai Keung is seeking a record S$300 million ($242 million) for a home near Singapore’s Orchard Road shopping belt, betting that developers may profit from dividing the site.

The 85,000-square-foot site on an elevated lot at 33 Nassim Road, near the city’s Botanic Gardens, includes a two-story home, swimming pool and tennis court, according to Jones Lang LaSalle Inc., the sole marketing agent. Wing Tai’s stock rose to the highest in more than three years.

Cheng Wai Keung, chairman of Wing Tai Holdings Ltd., is also managing director of Wing Tai, a Singapore property developer and retailer of brands including Adidas AG, G2000 and Fast Retailing Co.’s Uniqlo.

“These kinds of assets come onto the market once in 10, 15 or even 20 years,” Karamjit Singh, head of investments and residential at Jones Lang LaSalle in Singapore, said in a phone interview yesterday. “The potential buyers of this league would be able to recognize the opportunity.”

Singh estimated the property in an area that includes the residence of the British high commissioner and embassies of Japan and Russia could fetch between S$250 million to S$300 million. The site may be sold as two lots, which can yield a total of five homes, he said.

He declined to comment on the owner of the property, except to say it’s being marketed after receiving unsolicited offers.

“This is beyond economics, it’s mind boggling and probably one of the highest in the world,” said Alan Cheong, senior director of research and consultancy at broker Savills (Singapore) Pte. “It’s no small change even for the ultra high net worth. It could be an Indian tycoon or a Russian oligarch that might bid for it.”

Legitimate Buy

The price is 79 percent higher than the $135 million listing for the Crespi-Hicks Estate in Dallas, according to broker Douglas Newby, which is marketing the property. The home on the 25-acre site, owned by former Texas Rangers owner Tom Hicks, is touted as the most expensive property for sale in the U.S., according to a report by Time Magazine on Jan. 31.

“The primary value of a property is based on the land value,” Newby said in a phone interview yesterday. For the Singapore property, “if the land is worth $150 million to $200 million, then this might be a legitimate buy.”

Mukesh Ambani, India’s richest man who’s ranked the 28th richest on the Bloomberg Billionaires Index, owns a 27-story home in Mumbai valued at about $500 million, adding to his $22.4 billion net worth.

More Millionaires

Residential prices in Singapore climbed to a record in the first quarter as an increase in the number of millionaires drove up demand. Singapore is Asia’s most-expensive housing market after Hong Kong, according to a Knight Frank LLP and Citi Private Bank report released last year that compared 63 locations globally.

Increasing wealth in the island-state has contributed to rising property prices. Singapore’s millionaire households rose 14 percent in 2011, according to a Boston Consulting study. The proportion of millionaire homes in the city of 5.3 million people was 17 percent, the highest in the world, followed by Qatar and Kuwait.

The tenant staying in the Nassim Road home is moving out this week, Singh said, declining to comment on past residents. The highest price for a residential property in Singapore was a S$87.5 million site on Swettenham Road, according to Jones Lang LaSalle. The site is also close to the Botanic Gardens, a 154- year-old downtown park.

Adidas, Uniqlo

The Nassim Road site is owned by Winright Investment Pte, according to property records obtained by Bloomberg News. Cheng, and his wife, Helen Chow, who list their address at another Nassim Road home, are the shareholders of Winright, a company set up in March 1995 for “holding of property for long-term investment purposes,” according to company records obtained by Bloomberg News.

Cheng, 62, is also managing director of Wing Tai, a Singapore property developer and retailer of brands including Adidas AG (ADS), G2000 and Fast Retailing Co.’s Uniqlo. Wing Tai climbed 6.4 percent to S$2.09 at the close in Singapore, the highest since Jan. 19, 2010.

Lee Hwee Hong, a spokeswoman at Wing Tai, declined to comment.

The tender for the property closes on May 16, Jones Lang LaSalle said in an e-mailed statement yesterday.

Source : Bloomberg

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