Tag Archives: Tampines

CapitaLand submits highest bid for white site at Jurong Lake district

Posted on 26 May 2011 | Comments Off on CapitaLand submits highest bid for white site at Jurong Lake district

Southeast Asia’s largest property developer CapitaLand has submitted the highest bid of S$968.99 million for a vast “white site” property in the Jurong Lake district.

The Urban Redevelopment Authority (URA) closed the tender for the site, after receiving five bids in total.

The top bid also translates to about S$1,012 per square foot per plot ratio.

The next highest bid of S$917 million came from the joint-venture between United Engineers and Singapore Press Holdings.

Analysts said they expect the 1.8-hectare site to be turned into a vibrant commercial hub that will rival the one in Tampines.

The “white site”, the second to be put up for sale by the URA, gives developers the flexibility to change the mix of use or the quantum of each use stipulated in the conditions of tender, without having to pay a differential premium.

The sale site at Boon Lay Way is ideal for sizeable mixed-use development with a potential gross floor area of about 88,980 square meters.

CapitaLand’s offer is approximately double the S$510 million trigger bid, according to Li Hiaw Ho, executive director at CBRE Research.

The bid was launched through JG Trustee and JG2 Trustee, a joint venture between CapitaMalls Asia, which has a 50 per cent stake, and HSBC Trust Services (30 per cent) and CapitaLand (20 per cent).

If successful, the property would be near CapitaLand’s IMM Building and its upcoming JCube.

CBRE estimates an average monthly rent of S$15 per square foot (psf) and S$6 psf for the retail and office space respectively.

“It is likely that a pure commercial development with a high proportion of retail element will be developed on this 1.8 ha parcel,” Mr Li said.

A successful award of the property would hasten the development of Jurong East as a vibrant commercial hub, he added.

“Given the sizeable amount of retail pipeline supply from the neighbouring Lend Lease’s and JCube projects as well as existing retail amenities in this area, it would offer residents/workers a retail experience rivalling that of Tampines in the east,” Mr Li said.

The other bidders for the site were the partnership of JL Retail Management and JL Office Management, as well as a consortium composed of the Far East Civil Engineering, OPH Marymount, Sekisui House and China Construction (South Pacific) Development Co.

Lowest bidder Aquamarine Development and FC Commercial Trustee, meanwhile, has put its offer price at S$639.88 million.

Source : Channel NewsAsia – 25 May 2011

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A wrong sense of housing affordability: NSP’s Goh

Posted on 26 Apr 2011 | Comments Off on A wrong sense of housing affordability: NSP’s Goh

Paying nothing as a deposit for a new flat or covering monthly mortgages with Central Provident Fund contributions do not mean public housing is affordable, the National Solidarity Party said yesterday.

At current housing prices, buyers will have to service their loans for the next 30 years, which will wipe out the CPF accounts of many buyers, leaving them with little for retirement, NSP secretary-general Goh Meng Seng said in response to recent comments by National Development Minister Mah Bow Tan.

Mr Mah had said on Sunday that eight in 10 couples who buy new flats use only a quarter or less of their salaries to service their home loans, because they use their CPF. Combined with housing grants, a couple earning $4,000 could get a flat with “zero deposit”, he had also said.

But Mr Goh said many young people he has met on the ground cannot afford flats, even with a 30-year mortgage: “A 30-year mortgage isn’t affordable. It would mean that all the youngsters now, in 30 years’ time, wouldn’t be able to retire; CPF would be zero. So what gives? Our future generation will suffer.

“To say that – not forking out cash for deposit – is a myth. It has created a wrong sense of affordability.”

His NSP team distributed flyers at the Tampines MRT Station last night. The NSP is contesting Tampines Group Representation Constituency, where Mr Mah is the People’s Action Party anchor minister.

Mr Goh also defended his proposal that permanent residents should have a longer minimum occupation period for HDB flats: Eight years, compared to five for Singaporeans. Mr Mah had rejected that proposal as housing policy was already “stacked in favour” of Singaporeans.

Mr Goh responded by saying there should be a mindset change with regard to PRs: “Whoever we want to attract, we should have the motive to make sure these PRs will become our citizens. We don’t want (PRs of) a migrant nature.” He believes that raising the criteria to eight years will elicit more commitment from PRs, as a flat will then become a home to them and “the natural path is to become a citizen”.

As for local issues NSP will campaign on, Mr Goh said Tampines has a number of problems, including an ageing population, lack of car park spaces and poor estate maintenance. Some ageing HDB blocks have leaking roofs and peeling paint, he said.

His proposals include a community hospital to serve the elderly in Tampines, Simei and Pasir Ris-Punggol.

Source : Today – 26 Apr 2011

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