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November 12, 2009

M&C to open Studio M hotel

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MILLENNIUM & Copthorne Hotels (M&C) has added a new brand to its portfolio, Studio M, with the first hotel slated to open in Singapore in the second quarter of 2010.

Located at 3 Nanson Road in the Robertson Quay area, the 365-room Studio M hotel will fuse style and functionality by offering integrated technology and wireless connectivity, as well as other features such as an open-air tropical deck.

The project will cost $120 million, of which the land cost was $53 million. Construction is under way.

‘The concept of smart business travel is evolving rapidly. There is increasing demand from this largely untapped market segment that craves a distinctive experience, even as they demand functional services like wireless connectivity. Studio M aims to fill this gap,’ said M&C chairman Kwek Leng Beng. M&C is a subsidiary of City Developments Ltd.

And when Studio M is launched next year, Mr Kwek – who is also executive chairman of M&C’s parent company Hong Leong Group – reckoned that it will benefit from the two integrated resorts.

‘When they open, they will bring in new types of customers. You’re not taking away existing customers,’ he said.

The next stop for the Studio M brand is likely to be the Middle East. M&C is also looking at China, India and Vietnam. ‘We plan to take this new brand global,’ said Mr Kwek. ‘The question is always which will give me more stabilised earnings?’

M&C’s financial results for the nine months ended Sept 30 showed that revenue per available room (RevPAR) for its Singapore hotels fell 35.5 per cent year on year to £pounds;57.60 (S$133.32), on the back of a 9.2 percentage point drop in occupancy to 74.8 per cent. Room rates for 9M 2009 were 27.6 per cent lower at £pounds;77.

However, the decline in RevPAR has started to slow, as seen from a 31.2 per cent drop in Q3 2009, versus 44.5 per cent in Q2. Occupancy increased 0.7 percentage point for Q3. But room rates are still under pressure, declining 31.7 per cent in Q3.

‘As occupancy demands start to increase, this decline in rate will start to be addressed,’ M&C said in its interim statement.

Listed in London, M&C has more than 120 hotels worldwide under several brands.

Source : Business Times – 12 Nov 2009

 

November 7, 2009

Two new hotel sites on H1 2010 reserve list

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TWO new hotel sites – one of which is Ogilvy Centre, a conservation building opposite Lau Pa Sat – have made it to the government’s H1 2010 reserve list. But there are no new commercial sites on the list. And there are neither hotel nor commercial sites on the confirmed list for H1 2010.

Still, according to the Urban Redevelopment Authority, there’s ample supply of sites for commercial and hotel developments in the reserve list.

Choy Chan Pong, URA senior group director for land sales and administration, pointed out that about 4.5 million square feet of commercial space will continue to be made available through the reserve list of H1 2010, including about 1.5 million sq ft that can potentially be generated from a white site at Ophir Road in the Bugis area and nearly 690,000 sq ft from a white site in the Jurong Gateway area.

CB Richard Ellis director (research) Leonard Tay said that recovery in the office market is at the incipient stage. ‘If the pace of recovery quickens, the authorities have the option of adding some confirmed list sites for second half 2010 to ensure timely supply of office buildings from 2013 onwards.’

CBRE’s figures show that between now and end-2014, about 7.72 million sq ft of net lettable area of offices are slated for completion.

‘One should not underestimate the pace at which the current supply will be absorbed when the market recovers in the medium term,’ said Mr Tay. ‘For instance, the annual takeup for 2000 was a very significant 4.22 million sq ft on the back of recovery after the Asian crisis.’

Cushman & Wakefield’s Singapore managing director, Donald Han, said: ‘It takes about 2 1/2-3 years from the time a developer bids for an office site to finishing the project, and probably a good time to buy sites would be in H2 2010 to get projects ready for the post-2013 period.’

Property market players were excited about Ogilvy Centre, at the corner of Robinson Road and Boon Tat Street, being added as a hotel site with about 70 rooms to the reserve list. The property was built in 1927 and accorded conservation status in February 2000. The building’s facade as well as part of its interior have to be conserved. The government is reviewing whether to sell the site on a 30 or 60-year lease.

‘This is not your typical hotel site. It’s in the financial district and can be positioned as a luxury property like an Armani Hotel,’ Mr Han said.

The other new hotel plot on the reserve list, at Robertson Quay, can generate some 350 rooms. The Ministry of National Development’s H1 2010 reserve list can potentially generate 4,515 hotel rooms.

Source : Business Times – 7 Nov 2009

 

May 23, 2009

Ferrell puts 80 RiverGate units back on market

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FERRELL Asset Management, which counts Indonesia’s Lippo Group as one of its investors, has put around 80 apartments at the RiverGate back on the market for sale, BT understands.

According to agents, a private preview began a few days ago and around 30 to 40 units have been taken up. The 545-unit freehold condominium in the Robertson Quay area received Temporary Occupation Permit in March, and was a joint development between CapitaLand and Hwa Hong Corporation.

The apartments on sale are spread over several floors and comprise three-bedders, four-bedders and penthouses. They are selling at $1,450 – $1,550 psf, one source said. Prices of lower-level units may even start from $1,380 psf.

According to Urban Redevelopment Authority data on caveats lodged, recent transactions of RiverGate units took place between $1,150 – $1,470 psf.

The seller of the apartments is believed to be fund manager Ferrell Asset Management. One of its funds, the Ferrell Premier Real Estate Investment Fund, had paid over $180 million for 100 units in 2005, bought in two separate tranches of 80 and 20 units.

Previous reports did not mention the per-square-foot price of the fund’s units. When RiverGate was first launched in 2005, units were priced at $1,080 psf on average. That subsequently rose to $1,600 psf in the final phase of release in 2006.

Ferrell Premier Real Estate Investment Fund’s website states that the fund invests in the ‘high-yielding sector’ of Singapore’s property market.

‘The objective of this sub-fund is to achieve returns of 10 – 15 per cent per annum through investments in properties with medium to long-term capital appreciation potential.’

BT understands that associates of Knight Frank and DTZ are marketing the units. Savills could also be marketing the units.

Source : Business Times – 23 May 2009

 

May 18, 2009

CapitaLand sells 80% of Wharf Residence

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HOMEBUYER sentiment continued to hold up over the weekend, with units of CapitaLand’s The Wharf Residence selling fast.

The property giant launched 100 units last Friday, of which 85 were snapped up that same day.

The Wharf Residence is a 999-year leasehold condominium, located off the hip Mohamed Sultan Road, comprising four residential towers and 13 conservation shophouses.

Over the weekend, CapitaLand released more units and sold another 24. During its launch last year, 25 units were sold. The weekend sales bring the total number of units sold to 134, as of 4pm yesterday.

With 173 apartments in the development, CapitaLand has chalked up a respectable tally of nearly 80 per cent sold.

In a press statement yesterday, CapitaLand said that it sold the units at an average price of between $1,300 and $1,600 per sq ft (psf). Prices are down, lower than the range of $1,429 psf to $1,708 psf seen in the third quarter of last year.

Another selling point could have been the stamp duty absorption and interest absorption scheme.

Ms Patricia Chia, chief executive of CapitaLand Residential Singapore, said that four out of five of the homebuyers were locals. The rest of the buyers hailed from Indonesia, Malaysia, China, Japan, Canada and Vietnam.

She added that the heritage homes will be launched for sale soon.

The sales of The Wharf Residence suggest that the healthy performance of the property market, as seen by the strong showing in new private home sales last month, is set to continue.

Source : Straits Times – 18 May 2009

 

May 18, 2009

CapitaLand sells 24 more The Wharf Residence units

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CAPITALAND has sold another 24 apartments over the weekend at The Wharf Residence at Tong Watt Road, off Mohamed Sultan Road, the listed property group said in a release yesterday.

This comes after the sale of 85 apartments on Friday following a relaunch of the 999-year-leasehold project.

The apartments are priced at between $1,300 and $1,600 per square foot (psf) inclusive of a package comprising stamp duty absorption and an interest absorption scheme.

Buyers who do not opt for this package will enjoy an 8 per cent discount.

Last year, CapitaLand priced apartments in the development at $1,500 to $1,900 psf, again inclusive of the stamp duty/interest absorption package.

However, buyers were not given the choice of not opting for this package.

With the latest sales achieved up to 4pm yesterday, CapitaLand has sold 134 of the total 173 apartments in the project.

About 80 per cent of buyers for the 134 units sold to date are Singaporeans.

The rest are from Indonesia, Malaysia, China, Japan, Canada and Vietnam, said CapitaLand Residential Singapore CEO Patricia Chia.

The apartments comprise two to four-bedroom units ranging from 1,012 to 2,196 square feet, as well as five penthouses (2,745 to 5,565 sq ft).

The development also includes 13 conserved shophouses, dubbed the Vintage Collection houses, ranging from 4,478 to 4,930 sq ft in strata area.

Ms Chia said CapitaLand has received queries for the conserved houses and will launch them for sale soon.

Source : Business Times – 18 May 2009

 

May 18, 2009

CapitaLand says 110 units at The Wharf Residence sold

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CapitaLand said yesterday it had released 100 units for sale at The Wharf Residence and sold 85 units. The average price is between $1,300 to $1,600 psf. This brings the total number of units sold to-date at the development to 110. Buyers will also enjoy stamp duty absorption and an interest absorption scheme.

The Wharf Residence is a 999-year leasehold condominium located at Tong Watt Road, off Mohamed Sultan Road.

The development sits on a 76,956-square feet site and comprises four contemporary residential towers with 173 apartments and 13 conserved shophouses.

Buyers have a choice of two- to four-bedroom apartment types, with sizes ranging from 1,012 sq ft to 2,196 sq ft. There are also five penthouses ranging from 2,745 sq ft to 5,565 sq ft in size. The 13 conserved Vintage Collection houses range from 4,478 sq ft to 4,930 sq ft in size.

Temporary Occupation Permit for The Wharf Residence is expected to be obtained in 2013.

Source : The Edge – 16 May 2009

 

May 8, 2009

Payment collected for 98% of sold RiverGate units

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PAYMENT has been collected for 98 per cent of the 542 condo units sold at CapitaLand’s RiverGate project since Temporary Occupation Permit (TOP) was obtained in March, the developer said yesterday.

Payment collection for the remaining 2 per cent, or 11 sold units, is ongoing, and the buyers have been served notice to pay up. The 11 units were ‘all sold separately to individual buyers under the deferred payment scheme (DPS)’, a CapitaLand spokeswoman said.

More than 90 per cent of the 542 RiverGate units sold were under DPS, she added. CapitaLand developed the 545-unit freehold condo in the Robertson Quay area through a 50:50 joint venture with Hwa Hong Corporation.

Asked what CapitaLand will do regarding the 11 buyers that have not paid up, the spokeswoman said: ‘For genuine homebuyers who may face difficulties meeting the payment obligations, we will address these on a case-by-case basis. We will see how we can lend our assistance within the constraints of the obligations under the securitisation structure.’

The progress payments and deferred payment receivables for sold units were securitised through special purpose vehicle Okeanos Investment Corporation, which in January 2007 issued US$477 million ($731 million) of floating rate notes due 2011.

With the proceeds collected for RiverGate so far, the US$477 million of notes are expected to be fully redeemed by the expected maturity date in June 2009, CapitaLand said in a statement yesterday.

RiverGate buyers who opted for DPS paid 20 per cent of the apartments’ price when booking them. Upon obtaining TOP, a further 65 per cent of the price is payable, with the balance of 15 per cent to be paid once the development obtains a Certificate of Statutory Completion and legal completion status from the authorities.

The 43-storey freehold project was launched in phases, with the initial phase in 2005 priced at $1,080 per square foot on average, and the final phase in 2006 priced at $1,600 psf on average. Units in the project have recently changed hands at about $1,200-1,380 psf.

Among those who bought RiverGate units from the developers is property fund manager Ferrell, which acquired 100 units in two tranches – 80 around Chinese New Year in 2005 and 20 later that year.

RiverGate is the first residential project in Singapore to be accorded landmark status by the Urban Redevelopment Authority in recognition of its strategic location and cutting-edge architectural design, CapitaLand pointed out yesterday.

‘At 43 storeys, the development towers above the predominantly 10-storey buildings in the vicinity,’ it said. ‘Against this urban landscape, the majority of RiverGate’s apartments enjoy views of the river and the business district city-scape.’

Source : Business Times – 8 May 2009

 

October 28, 2008

Singapore River light-up gets glowing feedback

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TWO months after the first phase of the Great Singapore River Light-Up, locals and tourists have given the area the thumbs up for its enhanced ambience.

Completed in August, the multi-coloured lights festooning the bridges, underpasses and trees on the river and its banks are part of an ongoing project by the Singapore Tourism Board (STB) to beautify the river.

The works are also aimed at turning a tourist spot with patchy success into a bigger draw for visitors.

The STB has no numbers on traffic in the area, but some Boat Quay and Clarke Quay restaurants and bars have observed bigger crowds.

And most of the locals and tourists interviewed by the river said they liked the changes and were now keener on revisiting the area.

On a visit one recent weekday evening, The Straits Times found office workers, students and joggers on the river banks, and tourists posing for pictures in front of the glowing bridges.

Danish expatriate Nadja Sondergaard, 24, who was taking in the view at UOB Plaza, said: ‘The lighting makes everything look cosy, and frames the river’s features better.’

Nearby, bank officer Xann Tay, 27, was stretching before a jog along the river banks with two colleagues. ‘It’s visually quite nice for running. It’s more vibrant and colourful,’ she said.

Australian honeymooners Mark and Helen Harper also liked what they saw.

Mrs Harper, 29, said: ‘We’re from Brisbane, which also has a river, but it’s not lit up quite so appealingly.’

Such comments are probably music to the STB’s ears. With the growth in tourist arrivals having slowed in recent months, it has become even more important for Singapore’s attractions to remain relevant.

Boat Quay and Clarke Quay attracted only 7 per cent of visitors in 2006, dismal against Orchard Road’s 73 per cent. Visitor numbers at the two quays went up marginally last year to 8 per cent.

The STB, coy about how much it has spent to revamp the river, is now moving into the second and final phase of the project, when it will bring similar lighting improvements to the stretch from Robertson Quay to Kim Seng Bridge. This phase is expected to be completed in March.

But while the crowds are coming, cash registers are not exactly ringing down the entire strip.

A few restaurants and bars, particularly those popular with the Shenton Way crowd, have reported a 10 per cent increase in business, but some merchants in the area have not seen the jump in business that they had hoped would buffer them from the coming slump in business expected.

A manager of a Boat Quay bar who declined to be named said tourist traffic appeared to have plunged 40 per cent recently; other operators in both quays complained that the lights lacked the impact to attract tourists.

In response, the STB has said it takes two hands to clap. Its director of events and entertainment cluster development Lynette Pang said that the merchants also had to do their bit to be creative about their product offerings.

Source : Straits Times – 28 Oct 2008

 

September 21, 2008

Singapore River glows as light-up brightens night-scape

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THE Singapore River was awash with light last night, bringing to life the first of the Government’s plans to transform the country’s night-time look.

Pyrotechnics, music and a carnival accompanied the unveiling of hundreds of lights along the waterway’s banks.

With the flick of a switch by Trade and Industry Minister Lim Hng Kiang, the Read and Cavenagh bridges came alive in a wash of colours.

A school of ‘jellyfish’ – underwater lights – started to glow in front of the Asian Civilisations Museum, giving the river a subtle gleam. And the pedestrian underpasses linking Clarke Quay and Boat Quay started to shimmer.

Yesterday’s big light-up marked the end of the first phase of a Singapore River makeover announced in March.

The project, which the Singapore Tourism Board (STB) would only say cost less than Orchard Road’s $40 million renovation, covered Empress Place, Clarke Quay and Boat Quay. By March next year, the works will be extended to Robertson Quay and Kim Seng Bridge.

Mr Lim said: ‘The lighting enhancements not only highlight the unique architectural features of the river by night but also improve the river experience for diners and partygoers.’

Last night’s light-up was the start of a larger drive by the Urban Redevelopment Authority (URA) to beautify the city’s night-scape. Other areas where lighting will be enhanced include Marina Bay and Bugis.

URA chief executive officer Cheong Koon Hean, who was behind the project, said: ‘Good lighting can help create a captivating night scene that enhances our city’s appeal. It enlivens our experience and appreciation of our city.’

The URA, however, also said it is important to consider the environment while brightening the night sky. In the Singapore River’s case, energy-efficient LED lighting was used, said the STB.

Yesterday’s spectacular event marked the start of the inaugural Singapore River Festival, which will include shows, parties and concerts in the lead-up to the Formula One Grand Prix next weekend.

Source : Straits Times – 20 Sep 2008

 

September 12, 2008

S’pore River Festival promises music, dance & shopping experiences

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The Singapore River, once a lifeline to early immigrants, will spring to life for two weekends from September 19 to 28 for the Singapore River Festival.

Among the many events leading up to the Formula One night race in late September is a dance drama spectacle “Legenda Singapura”.

The half hour-long performance, which will also include a float parade, tracks the journey of Sang Nila Utama and Singapore’s modernity. And where better to tell it than at the Singapore River, an origin of the city’s prosperity.

Expect to be dancing at unconventional places too. Organisers will turn the defunct River Valley Swimming Pool into a swanky party venue.

Lynette Pang, director, Events and Entertainment, Singapore Tourism Board, said: “On top of the new experience of dancing inside the pool with no water, there will be a rain concept where partygoers can feel intermittent mist and water.”

Party-goers can visit the various watering holes or view art pieces on display at shopping malls along the river and underpasses between Boat Quay and Clarke Quay.

Apart from the music, retail and F&B promotions, spectators can also look forward to lighting effects on different bridges along the Singapore River at the festival’s launch party on the night of September 19.

Source : Channel NewsAsia – 12 Sep 2008

 

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