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Modest cuts reflect cautious stance by Government, say consultants

THE Government has made some moderate cuts to the development charges which property developers pay for enhancing the use of non-landed residential sites, such as condominium sites.

This reflects the Government’s cautious outlook on the property market, some property consultants say, though one consultant queried any cut in the current red-hot residential market.

The rates for development charges fell by an average of 2 per cent, compared with a 15 per cent cut six months ago. These charges can vary from a few million dollars to tens of millions depending on the size of the project involved.

Some areas were unchanged while others were subject to bigger falls. The rate for Sentosa, for instance, got the biggest cut – 16.67 per cent – while there was a 10 per cent fall for the Balestier area. Continue reading →

Yongnam, Lian Beng net multi-million dollar jobs

Posted on 19 Aug 2009 | Comments Off

TWO building companies, Yongnam Holdings Ltd and Lian Beng Group, yesterday announced multi-million dollar contracts, further boosting their order books.

Amid revived interest in the private residential property sector, construction group Lian Beng clinched a $101 million contract for the construction of Waterfront Key. The contract was awarded by FCL Peak Pte Ltd, a joint venture between Frasers Centerpoint and Far East Organization.

The contract covers the construction of 437 apartment units in eight 15-storey blocks, together with a basement carpark, swimming pool and other ancillary facilities. Work on Waterfront Key is expected to commence in the fourth quarter of 2009 and will be completed in three phases within 32 months.

‘This is a good start to our new financial year, as the private residential sector has been relatively quiet in the last few quarters. With the extremely positive response to recent property launches, we expect the demand for construction services from the private residential sector to pick up once again,’ said Ong Pang Aik, managing director of Lian Beng.

The latest contract win will boost Lian Beng’s order book to about $617 million. The group’s existing project portfolio includes the development of Kovan Residences, Amber Residences, The Ritz-Carlton Residences, Cairnhill Singapore and camp facilities at Kranji.

Meanwhile, Yongnam, a structural steel contractor and specialist engineering solutions provider, has won its ninth contract for the Marina Bay Sands Integrated Resort (IR). With the addition of the new contract valued at $38.7 million, Yongnam has clinched a total of over $340 million worth of contracts for the major development.

Said chief executive officer Seow Soon Yong: ‘This is certainly an added boost to our leading position in the industry and further encouragement Continue reading →