Singapore is the 9th most expensive Asian city
Dec 3, 2009 - PropertyGuru.com.sg
Singapore now belongs to the list of top 10 most expensive Asian cities for expats, due to the strengthening Singapore dollar.
A survey by ECA International, a human resource consultancy firm, showed that Singapore is now the ninth most expensive city in the region.
Last year, the city-state claimed the twelfth spot.
ECA International said the cost of living for tourists in Singapore is also increasing with that of its neighbouring countries.
Singapore’s cost of living last year was 15 percent lower compared to Hong Kong. But now, the difference is only 7 percent.
Lee Quane, regional director of ECA International, said the rise in the cost of living is unlikely to prevent several firms from relocating their staff in the country.
Tokyo remains in top spot as the most expensive location for expatriates, as Japan’s stronger currency has outweighed the impact of its deflation rates.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Wednesday, December 9, 2009
Dragon Mansion sold for $101 million
Dragon Mansion sold for $101 million
Dec 2, 2009 - PropertyGuru.com.sg
A unit of Roxy-Pacific Holdings bought the Dragon Mansion located at 18 Spottiswoode Park Road for $100.8 million, including the development charge (DC). This works out to around $863 per sq ft per plot ratio (psf ppr).
The property has become the first successful collective sale in Singapore for 2009.
In July, CKS Property launched a tender for the site, after 80 percent of the owners consented to proceed with the en bloc sale.
This collective sale is still subject to approval from the Strata Titles Board. Each owner of the 72-unit apartment with three bedrooms is expected to receive $1.4m from the proceeds of the sale.
The entire 42,000 sq ft land area of the freehold site is designated for residential use with a 2.8 plot ratio. The new development could possibly accommodate around 120 units of apartments with a size area of 1,000 sq ft, said CKS Property Consultants.
According to property brokers, the sale price reflects the limited availability of freehold residential land close to the Central Business District, and introduces a new benchmark for the Spottiswoode Park area.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Dec 2, 2009 - PropertyGuru.com.sg
A unit of Roxy-Pacific Holdings bought the Dragon Mansion located at 18 Spottiswoode Park Road for $100.8 million, including the development charge (DC). This works out to around $863 per sq ft per plot ratio (psf ppr).
The property has become the first successful collective sale in Singapore for 2009.
In July, CKS Property launched a tender for the site, after 80 percent of the owners consented to proceed with the en bloc sale.
This collective sale is still subject to approval from the Strata Titles Board. Each owner of the 72-unit apartment with three bedrooms is expected to receive $1.4m from the proceeds of the sale.
The entire 42,000 sq ft land area of the freehold site is designated for residential use with a 2.8 plot ratio. The new development could possibly accommodate around 120 units of apartments with a size area of 1,000 sq ft, said CKS Property Consultants.
According to property brokers, the sale price reflects the limited availability of freehold residential land close to the Central Business District, and introduces a new benchmark for the Spottiswoode Park area.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Rich people prefer investing in property
Rich people prefer investing in property
Dec 2, 2009 - PropertyGuru.com.sg
Rich people are more likely to invest in properties, which are now considered as better opportunities for long-term returns than bonds and stocks, according to a recent survey done by Barclays.
The global survey shows that several people are now planning to increase their investments in commercial and residential properties.
Those with over $800,000 to invest are leading the race for property investments and their willingness to invest in the real estate market has amazed researchers.
“I was surprised how big a share of their wealth property represents,” said Mike Dicks, research head for Barclays Wealth.
With the global recession pushing property prices down in every region except parts of Asia, it is an assumption that properties are now undervalued, which has become one of the reasons for increasing investments.
Property investment for wealthy individuals is set to increase to 30 percent by next year, from the current 28 percent, according to the survey. This does not include properties used as principal residences.
The survey also showed that wealthy investors are unwilling to sell properties at short notice and may be less careful in measuring its performance as an asset.
Investors from the Gulf region as well as in Canada are likely to increase their real estate allocations, with a four percent increase being put into the real estate market.
The survey also indicated that Spain is the only country where most individuals prefer to lessen the proportion of their real estate investments. About 60 percent of wealthy individuals in Spain have more than half of their wealth tied up in the property market.
About 30 percent of Indian and British investors have more than half of their total wealth associated in real estate while 40 percent of the total respondents with over £30 million have a similar allocation.
Three out of four investors said residential property looks attractive while two-thirds prefer to invest in commercial real estate. However, about 75 percent said they feel hampered by borrowing costs.
The United States is currently the most attractive location for real estate investors outside their own country, as it's regarded as having the highest potential for investment returns.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Dec 2, 2009 - PropertyGuru.com.sg
Rich people are more likely to invest in properties, which are now considered as better opportunities for long-term returns than bonds and stocks, according to a recent survey done by Barclays.
The global survey shows that several people are now planning to increase their investments in commercial and residential properties.
Those with over $800,000 to invest are leading the race for property investments and their willingness to invest in the real estate market has amazed researchers.
“I was surprised how big a share of their wealth property represents,” said Mike Dicks, research head for Barclays Wealth.
With the global recession pushing property prices down in every region except parts of Asia, it is an assumption that properties are now undervalued, which has become one of the reasons for increasing investments.
Property investment for wealthy individuals is set to increase to 30 percent by next year, from the current 28 percent, according to the survey. This does not include properties used as principal residences.
The survey also showed that wealthy investors are unwilling to sell properties at short notice and may be less careful in measuring its performance as an asset.
Investors from the Gulf region as well as in Canada are likely to increase their real estate allocations, with a four percent increase being put into the real estate market.
The survey also indicated that Spain is the only country where most individuals prefer to lessen the proportion of their real estate investments. About 60 percent of wealthy individuals in Spain have more than half of their wealth tied up in the property market.
About 30 percent of Indian and British investors have more than half of their total wealth associated in real estate while 40 percent of the total respondents with over £30 million have a similar allocation.
Three out of four investors said residential property looks attractive while two-thirds prefer to invest in commercial real estate. However, about 75 percent said they feel hampered by borrowing costs.
The United States is currently the most attractive location for real estate investors outside their own country, as it's regarded as having the highest potential for investment returns.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Singapore plunges to 32nd spot in the global office rental price list
Dec 2, 2009 - PropertyGuru.com.sg
In Singapore, office rental prices declined significantly, causing the country to fall to the 32nd spot in a list of the most expensive office rental markets around the world.
Previously, Singapore was in 9th place on the list a year ago and took the 15th spot in June 2009.
Singapore saw a 53.4 percent year-on-year decline in rents, said property consultant CB Richard Ellis (CBRE).
The office occupancy cost in Singapore now stands at US$63.89 per sq ft per annum. In 2008, rents in the country stood at US$135.13 per sq ft per annum. Singapore experienced the second steepest year-on-year decline in rentals – only behind Kiev, which dropped by 64.4 percent.
London's West End is once again the most expensive office market in the world, with rents at US$184.85 per sq ft per annum.
The Inner Central district in Tokyo came in second, with its Outer Central district in the number three spot.
Rounding up the top five are the central business district in Hong Kong in the number four spot and Moscow finishing at number five on the list.
Office markets around the world are going through declines in prime office occupancy prices, said CBRE.
In general, prices of prime office occupancy saw an average of 7.7 percent year-on-year drop worldwide.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
In Singapore, office rental prices declined significantly, causing the country to fall to the 32nd spot in a list of the most expensive office rental markets around the world.
Previously, Singapore was in 9th place on the list a year ago and took the 15th spot in June 2009.
Singapore saw a 53.4 percent year-on-year decline in rents, said property consultant CB Richard Ellis (CBRE).
The office occupancy cost in Singapore now stands at US$63.89 per sq ft per annum. In 2008, rents in the country stood at US$135.13 per sq ft per annum. Singapore experienced the second steepest year-on-year decline in rentals – only behind Kiev, which dropped by 64.4 percent.
London's West End is once again the most expensive office market in the world, with rents at US$184.85 per sq ft per annum.
The Inner Central district in Tokyo came in second, with its Outer Central district in the number three spot.
Rounding up the top five are the central business district in Hong Kong in the number four spot and Moscow finishing at number five on the list.
Office markets around the world are going through declines in prime office occupancy prices, said CBRE.
In general, prices of prime office occupancy saw an average of 7.7 percent year-on-year drop worldwide.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Tuesday, December 8, 2009
Affordability remains a key factor in purchasing property
Dec 1, 2009 - PropertyGuru.com.sg
The rising housing prices and upturn in the economy makes 34-year-old communications manager Lisa Low worried.
She fears that when she finally finds her dream home, she may not have enough money for the cash-over-valuation (COV) that resale unit buyers must pay.
"Is there such a thing as affordable property in Singapore today? With skyrocketing COV, I wonder if I'm able to fork out the $10,000 to $20,000 upfront," said Ms. Low, who resides in Bedok.
According to Mark Teo, senior group division director of ERA Realty Network, potential home owners like Ms. Low are considering several factors prior to buying a property.
Affordability is still a key factor.
First-time buyers who qualify for the HDB criteria can make "the most economic sense" by passing their application for a flat directly from the HDB, since they may spend up to three times more for private properties than for public housing.
Home buyers can benefit from the housing-loan interest rates and subsidized prices that remain the same for an extended period, Mr. Teo said.
At present, there is an annual interest rate of 2.6 percent.
According to Nicholas Mak, a real- estate lecturer at Ngee Ann Polytechnic, the 99-year condos and second-hand executive condominiums are also attractive.
“Executive condos that are five to 10 years old are slightly cheaper and come with all the amenities of full-fledged condos, like carparks, swimming pools and tennis courts,” Mr. Mak noted.
“Ninety-nine-year condos are also cheaper but they may not be as conveniently located.”
Ultimately, selecting a property depends on the buyer’s personal savings from the time of purchase to their earnings in the future.
"As a rule of thumb, it is not prudent for anyone to use more than 40 per cent of their income to service their monthly home installment,” said Mr. Teo.
However, Mr. Mak said that primary residences do not usually make good investments, as they are only chosen for their proximity to certain amenities or schools.
Mr. Teo suggested that investors who can spare $1 million should consider condos in the Tiong Bahru area, which has 3 to 4 percent rental returns, a relatively high figure.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
The rising housing prices and upturn in the economy makes 34-year-old communications manager Lisa Low worried.
She fears that when she finally finds her dream home, she may not have enough money for the cash-over-valuation (COV) that resale unit buyers must pay.
"Is there such a thing as affordable property in Singapore today? With skyrocketing COV, I wonder if I'm able to fork out the $10,000 to $20,000 upfront," said Ms. Low, who resides in Bedok.
According to Mark Teo, senior group division director of ERA Realty Network, potential home owners like Ms. Low are considering several factors prior to buying a property.
Affordability is still a key factor.
First-time buyers who qualify for the HDB criteria can make "the most economic sense" by passing their application for a flat directly from the HDB, since they may spend up to three times more for private properties than for public housing.
Home buyers can benefit from the housing-loan interest rates and subsidized prices that remain the same for an extended period, Mr. Teo said.
At present, there is an annual interest rate of 2.6 percent.
According to Nicholas Mak, a real- estate lecturer at Ngee Ann Polytechnic, the 99-year condos and second-hand executive condominiums are also attractive.
“Executive condos that are five to 10 years old are slightly cheaper and come with all the amenities of full-fledged condos, like carparks, swimming pools and tennis courts,” Mr. Mak noted.
“Ninety-nine-year condos are also cheaper but they may not be as conveniently located.”
Ultimately, selecting a property depends on the buyer’s personal savings from the time of purchase to their earnings in the future.
"As a rule of thumb, it is not prudent for anyone to use more than 40 per cent of their income to service their monthly home installment,” said Mr. Teo.
However, Mr. Mak said that primary residences do not usually make good investments, as they are only chosen for their proximity to certain amenities or schools.
Mr. Teo suggested that investors who can spare $1 million should consider condos in the Tiong Bahru area, which has 3 to 4 percent rental returns, a relatively high figure.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Wednesday, December 2, 2009
Google Street View in S'pore
http://www.todayonline.com/singapore/EDC091203-0000076/Google-Street-View-in-S-pore
Google Street View in S'pore
05:55 AM Dec 03, 2009
SINGAPORE - Google Street View has arrived - making this the first country in South-east Asia to have a virtual street guide based on photographs.
Cars fitted with cameras went around Singapore earlier this year to take the shots. The technology by Google allows users to view and navigate 360-degree street-level imagery, including the country's most iconic sights.
Google said that faces and licence plates are blurred out, and one can see what already is visible on public roads.
The Web-based application can also be used on mobile phones. Businesses and organisations can add their own listings to the application for free.
Google Street View was launched in 2007, and is currently available in 100 cities around the world. Countries in the Asia-Pacific region that already have Street View are Japan, Australia and New Zealand. Hoe Yeen Nie
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Google Street View in S'pore
05:55 AM Dec 03, 2009
SINGAPORE - Google Street View has arrived - making this the first country in South-east Asia to have a virtual street guide based on photographs.
Cars fitted with cameras went around Singapore earlier this year to take the shots. The technology by Google allows users to view and navigate 360-degree street-level imagery, including the country's most iconic sights.
Google said that faces and licence plates are blurred out, and one can see what already is visible on public roads.
The Web-based application can also be used on mobile phones. Businesses and organisations can add their own listings to the application for free.
Google Street View was launched in 2007, and is currently available in 100 cities around the world. Countries in the Asia-Pacific region that already have Street View are Japan, Australia and New Zealand. Hoe Yeen Nie
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
More global partnerships for S'pore
http://www.todayonline.com/singapore/EDC091203-0000080/More-global-partnerships-for-S-pore
More global partnerships for S'pore
by Cheryl Lim cheryll@mediacorp.com.sg
05:55 AM Dec 03, 2009
SINGAPORE - The local media industry is fast becoming a leading hub growth sector.
At the Asia Media Festival, more than $10 million worth of deals were signed between local firms and international partners this year.
The Media Development Authority (MDA) said this represents a major vote of confidence in the Singapore media industry.
Partnerships between Singapore and international media companies produced more than 10 official projects this year, and more are set to take place between Singapore firms and partners in the United Kingdom, Australia and China.
Singapore, China and the UK will co-produce a documentary called "Monumental Challenge".
The project sees Singapore's Oak3 Films, UK's MediaLab and the History Channel and China Intercontinental Communication Centre working together.
The documentary will consist of six one-hour episodes produced in High Definition how six of the world's greatest monuments are being restored.
Xinya Media and StarHub announced that they will work towards providing China-made media content and productions to the local market. This will include shows from the various genres like music shows and teen idol dramas.
An agreement between Singapore's MyChinaChannel and Shanghai Media Group's distribution arm Wings Media will see both sides co-producing two infotainment television series.
In addition, three new proposals have been selected for development under the MDA-ScreenWest Cross-Media Development Initiative.
The proposals are "Potted Histories" by Australia's Great Western Entertainment and Singapore's Infinite Frameworks, "Are You Smarter than Nature" by Australia's Sea Dog Films and Singapore's Very Productions, and "Global Sound Hunters" by Australia's Circling Shark Productions and Singapore's Xtreme Production.
Also, Singapore media companies can now seek closer collaboration with their Japanese counterparts with the signing of an MOU between Technology Seed Incubation and Singapore's Thymos Capital.
The two companies will identify and pair up promising media companies from both countries to co-develop and distribute mobile games and applications, new media technologies and animation productions for the global market.
The MDA has also launched a new initiative, jointly-funded by South West Screen, its counterpart in the south-west of England. This will see more than $100,000 invested towards multi-platform and cross-media projects.
Mr Mark Leaver, director of development, South West Screen said: "We have come up with some very interesting applications that work on mobile or applications that help you have a sense of where you are in the world, like the GPS."
The MDA said such collaborations reflect growing demand for original media content with an Asian perspective.
The MDA is also putting focus on the three-dimensional media market.
Mr Christopher Chia, MDA's chief executive officer, said: "The first two to three years will be experimental. There will be some countries and some companies that will try first, just to test the market ... "So we hope to be one of the earliest ones, to see what it could mean for the television viewing public - first in Singapore, and then for the rest of the world."
This year's Singapore Pavilion at the Asian Television Forum will showcase Singapore's end-to-end production of 3D content.
The announcements were made at the Asian Television Forum - the anchor event of the annual Asia Media Festival, a premier trade event hosted by the MDA.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
More global partnerships for S'pore
by Cheryl Lim cheryll@mediacorp.com.sg
05:55 AM Dec 03, 2009
SINGAPORE - The local media industry is fast becoming a leading hub growth sector.
At the Asia Media Festival, more than $10 million worth of deals were signed between local firms and international partners this year.
The Media Development Authority (MDA) said this represents a major vote of confidence in the Singapore media industry.
Partnerships between Singapore and international media companies produced more than 10 official projects this year, and more are set to take place between Singapore firms and partners in the United Kingdom, Australia and China.
Singapore, China and the UK will co-produce a documentary called "Monumental Challenge".
The project sees Singapore's Oak3 Films, UK's MediaLab and the History Channel and China Intercontinental Communication Centre working together.
The documentary will consist of six one-hour episodes produced in High Definition how six of the world's greatest monuments are being restored.
Xinya Media and StarHub announced that they will work towards providing China-made media content and productions to the local market. This will include shows from the various genres like music shows and teen idol dramas.
An agreement between Singapore's MyChinaChannel and Shanghai Media Group's distribution arm Wings Media will see both sides co-producing two infotainment television series.
In addition, three new proposals have been selected for development under the MDA-ScreenWest Cross-Media Development Initiative.
The proposals are "Potted Histories" by Australia's Great Western Entertainment and Singapore's Infinite Frameworks, "Are You Smarter than Nature" by Australia's Sea Dog Films and Singapore's Very Productions, and "Global Sound Hunters" by Australia's Circling Shark Productions and Singapore's Xtreme Production.
Also, Singapore media companies can now seek closer collaboration with their Japanese counterparts with the signing of an MOU between Technology Seed Incubation and Singapore's Thymos Capital.
The two companies will identify and pair up promising media companies from both countries to co-develop and distribute mobile games and applications, new media technologies and animation productions for the global market.
The MDA has also launched a new initiative, jointly-funded by South West Screen, its counterpart in the south-west of England. This will see more than $100,000 invested towards multi-platform and cross-media projects.
Mr Mark Leaver, director of development, South West Screen said: "We have come up with some very interesting applications that work on mobile or applications that help you have a sense of where you are in the world, like the GPS."
The MDA said such collaborations reflect growing demand for original media content with an Asian perspective.
The MDA is also putting focus on the three-dimensional media market.
Mr Christopher Chia, MDA's chief executive officer, said: "The first two to three years will be experimental. There will be some countries and some companies that will try first, just to test the market ... "So we hope to be one of the earliest ones, to see what it could mean for the television viewing public - first in Singapore, and then for the rest of the world."
This year's Singapore Pavilion at the Asian Television Forum will showcase Singapore's end-to-end production of 3D content.
The announcements were made at the Asian Television Forum - the anchor event of the annual Asia Media Festival, a premier trade event hosted by the MDA.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Subscribe to:
Posts (Atom)
