Tag Archives: Black-and-white Bungalows

Expats still paying top dollar for historic bungalows

Black and white bungalows offer a luxurious lifestyle.

Sales of black-and-white bungalows, a type of good class bungalow (GCB), are few and far between given their limited number, reported The Wall Street Journal.

Designed after the mock-Tudor architectural style, these houses come with whitewashed exteriors that contrast with black-stained timber details. To make them more suitable for the tropics, they feature broad verandas, wide eaves and tall shutters for shade, as well as masonry piers to elevate the structure and alleviate humidity.

According to historian and academic Julian Davison, these homes combine the ‘Tudorbethan’ style of Victorian England and the colonial-bungalow style introduced in Singapore by the British Raj in India.

These properties are favoured by expatriates due to the luxurious lifestyle they offer and their large area, which start from about 2,000 sq ft for one-storey bungalows to around 8,500 sq ft to 11,000 sq ft for the more exclusive villas.

“They are the perfect answer for people looking for a bit of greenery and some space,” said Diana Chua, a Singapore guide.

However, sales are rare as only a few are privately owned, and these include most of the 100 black-and-white bungalows slated for conservation by the Urban Redevelopment Authority (URA).

The majority are currently being rented out by the Singapore government. Over 90 percent of the 500 units managed by the Singapore Land Authority (SLA) are leased as homes, while some are used for commercial purposes. JTC Corporation also oversees around 150 units at the Seletar and Buona Vista industrial parks.

In addition, rents of black-and-white bungalows declined from their peak in 2010 to 2012, following the introduction of property cooling measures. For instance, monthly rents for the 33 bungalows at Mount Pleasant range from $8,600 to $23,500, said Ascott Ltd, the property manager.

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Ex-British army homes may become S’pore hedge-fund hub

NEW LEASE OF LIFE
The bungalows, formerly housing British army personnel, are near to Biopolis

SINGAPORE is planning to create its own hedge-fund capital modelled after Greenwich, Connecticut, in a cluster of ex-British army homes called Nepal Hill, a 15- minute cab-ride from the city-state’s main banking district.

The Monetary Authority of Singapore and JTC Corp – the government agency developing and marketing the project in Nepal Hill – quietly asked hedge fund managers in January to visit the district’s so-called black-and-white bungalows, named for their white-washed walls and dark timber frames, according to a copy of the invitation obtained by Bloomberg News.

Singapore is seeking to attract firms planning to expand in the region as Asia leads the global economic recovery and the US and Europe increase regulation. The proposed cluster follows tax and regulatory incentives that have made it easier for funds to set up shop on the island than in Asian cities such as Hong Kong and Tokyo, helping the industry grow from near zero in 1997 to almost 140 firms today.

Aisling Analytics Pte will ‘certainly look at it as a potential location’ when its lease at Suntec City, next to the central business district, comes up for renewal, said Michael Coleman, the hedge-fund firm’s managing director.

‘I’ve visited and think it’s a very interesting development and a great alternative to a traditional office,’ he said. ‘You’re surrounded by greenery, have your own garden to enjoy and the area is rapidly developing.’

The downside is that it’s ‘off the beaten track’ for investors used to meeting in Singapore’s main office districts, Mr Coleman said. Aisling manages the US$1.6 billion Merchant Commodity Fund and the Merchant Equity Fund.

Rents in Singapore, the most expensive in Asia after Tokyo and Hong Kong, fell 46 per cent, on average, in the fourth quarter, the steepest decline in the region from a year earlier, according to Boston-based commercial real estate company Colliers International. The average top-grade office monthly rental in Singapore’s central business district fell to an average of $6.29 (US$4.50) per square foot in the last quarter, Colliers said in a report last month.

JTC could lure managers by making rents at Nepal Hill ‘very attractive, at least at the beginning’, said Stephane Pizzo, who set up his hedge-fund investing firm, Lotus Peak Capital, last year. He said that he has yet to view the proposed enclave because the space offered was ‘too large’ for his business. He currently works from a refurbished shophouse in Chinatown where more than half a dozen Italian restaurants are within walking distance of his office.

‘The hub idea on paper is great, but it needs to be encouraged,’ Mr Pizzo said. ‘The more people and incentives to move there, the better.’

Nepal Hill is part of a development called ‘one-north’, referring to Singapore’s location one degree north of the equator, that is already home to industry clusters including Singapore’s biomedical research hub, Biopolis. The 180-hectare area will be developed in stages within the next 20 years, JTC said in the invitation to managers.

The bungalows, which formerly housed British army personnel and their families, are remnants of Singapore’s history under British colonial rule. The proposed enclave is across the road from the Rochester Park dining hub, where restaurants such as Min Jiang, which serves Szechuan cuisine, and bars including Da Paolo Bistro Bar are also housed in colonial bungalows.

The island-state’s hedge fund industry has grown to 138 single-strategy hedge-fund managers employing more than 800 professionals from near zero in 1997, according to a survey by the local chapter of the Alternative Investment Management Association.

The industry oversees at least US$34.9 billion, excluding assets managed by several of the large global firms, it said, making it Asia’s second biggest behind Hong Kong.

Source : Business Times – 6 Mar 2010