1,800 flats to go on sale at Dawson estate next year
The 50-year-old Dawson estate is set to be transformed with the construction of two striking 40-storey towers, designed by award-winning architects, SCDA Architects and WOHA Architects. The towers, to boast about 1,800 flats, are being built under the HDB's build-to-order (BTO) system. The new towers in Dawson will be nestled among gardens designed by landscape architects. Sales will start in the third quarter of next year. Construction could start six months after that and be completed in 2014. The SCDA-designed tower block is on a 2.2ha site and could feature about 800 flats. The other block, on a 2.7ha site, will have about 1,000 units. The towers will have special features such as lofts, flexible flat designs, and sky villages or common high-rise space shared by every 10 floors. A third new-generation development will be added later by Surbana International Consultants. It will be launched when the site for it is cleared by 2011. To tie the three developments together, HDB has asked award-winning local landscape architects Cicada to draw up a landscape plan. The plans will rejuvenate Dawson estate, which has about 3,000 flats. Dawson eventually could boast about 10,000 new homes, most of which are expected to be public flats.
- The Straits Times, H10
94% support for new upgrading scheme in Yishun
Yishun residents have given the thumbs-up to the Housing Board's first Home Improvement Programme, which aims to spruce up the town's existing facilities and add new ones.
Over nine in 10 voted in favour of upgrading.
- The Straits Times, H10
End of the road for 174 Seletar colonial homes
The first phase of the $60 million Seletar Aerospace Park (SAP) project is nearing completion and Phase 2 is about to take off. 174 of the 378 colonial ‘black-and-white’ buildings could be demolished. A significant number of the remaining units will be converted to offices and commercial outlets, including F&B and lifestyle clusters around The Oval/Parklane area. About 100 will be retained as residences. All affected tenants will have to move out by this December, while those remaining will have to sign up to new tenancies. Other works in the upcoming Phase 2 of the massive project will be road widening and refurbishment of buildings which will be retained. Phase 2 works will begin next January and stretch until 2013. Phase 1 has essentially focused on the groundbreaking works for new tenants Rolls-Royce and Pratt & Whitney, and upgrading facilities for existing giants like ST Aerospace and Jet Aviation. Also starting next January will be works on construction of a new flyover from the Tampines Expressway, which will be the main entrance to the complex. There will also be some road diversions within the area. When completed in 2018, the SAP is envisaged to elevate Singapore's status as an aviation hub, contribute $3.3 billion a year or one per cent of GDP and create jobs for 10,000 people.
- The Business Times, P4
250m euro carbon trading fund to hit town
A carbon trading fund worth 250 million euros (S$532.4 million) could be listed in Singapore soon, making it among the first of such funds to debut here. Asia Carbon Global, a Singapore-based company that offers carbon financing, advisory and trading services, is now in talks with a regional asset management company to bring it to Singapore. KMPG said that Singapore has an opportunity to take the leadership as a regional hub for carbon trading and it is close to the source (as) the surrounding region generates over 80 per cent of the carbon credits traded today. It is host to many regional and internationals companies, and the industries in Singapore are potentially buyers for such credits. But he added that Singapore must beat its regional competitors in designing 'an attractive policy and regulatory framework' that would bring more companies to trade on the Singapore exchanges. The global emissions market doubled in 2007, according to World Bank figures from May 2008, and has hit 47 billion euros in total. Asia makes up 80 per cent of the CER trading, with China comprising more than half of such trades.
- The Business Times, P1
LNG terminal project may be staggered: EMA
Rising engineering, procurement and construction (EPC) costs here could lead the developer of Singapore's $1 billion liquefied natural gas (LNG) terminal to stagger the project to more closely match local demand and control costs, says the Energy Market Authority (EMA). Given the Jurong Island terminal site can accommodate four large storage tanks, this suggests Singapore could proceed with just one quarter of the project's envisaged capacity. Developers PowerGas (70 per cent) and Gaz de France (30 per cent) 'will review the necessary staging of terminal infrastructure in the basis of design', EMA said. Subsequent construction will begin when demand for liquefied natural gas increases significantly.
- The Business Times, P2
SMEs, start-ups dive in to swim against the tide
Start-ups and SMEs here still seem undeterred - at least for now. New start-ups continued to come on-stream at a steady pace in the first half of the year. The Association of Small & Medium Enterprises (ASME) said that there has been no drop-off in the number of companies seeking to join the organisation. Things look especially bullish on the new businesses front. Data from the ACRA shows that 26,023 new companies were registered in the first half of this year. This compares favourably with the number of new companies set up in 1H 2007 and 2H 2007, which came to 25,141 and 24,575 respectively. But analysts said that there is usually a lag-time between a slowdown in economic activity and a decrease in the number of new businesses registering. This means that the number of start-ups could still fall off in 2H 2008 or 1H 2009. Singapore's three local banks (DBS, UOB and OCBC) said that their SME divisions are still going strong. Given Singapore's strong economic fundamentals, the performance of local SMEs remains robust and resilient.
– The Business Times, P1
Frasers to support top KL serviced residences
Frasers Hospitality, the hospitality arm of property group Frasers Centrepoint said it will provide technical and advisory services for a 'gold-standard' serviced residence project in Kuala Lumpur. The project, Fraser Place Kuala Lumpur, is in the Malaysian capital's 'Golden Triangle', where most international banks, oil-and-gas companies and multinationals are based. The project is part of a mixed development comprising an office tower and a second tower with 217 studios, one-bedroom, two-bedroom and penthouse serviced residences. Fraser Place Kuala Lumpur will open in the third quarter of 2009. Fraser said that the project will be ideal for expatriates working in Malaysia on medium- term projects, as it provides comfort, all-day-dining and even facilities for accompanying spouses and families.
- The Business Times, P40
Keppel Land Q2 profit falls 16% to $52.7m
Keppel Land’s second-quarter profit fell 16.4 per cent as it sold fewer homes in Singapore and abroad. Net profit fell to $52.7 million from $63.0 million a year earlier. Besides lower turnover from home sales, its property services segment and hotels also saw lower revenue. For first-half 2008, net profit fell 10% to $113.0 million, from $125.5 million in 2007. Sales fell 29.9 per cent to $459 million, from $654.6 million previously. The company's financials were hit by delayed launches, for example Marina Bay Suites. Keppel Land still hopes to launch the 221-unit Marina Bay Suites, as well as the second phase of Reflections of Keppel Bay, some time in the second half of this year. Other projects where units could be sold include Park Infinia at Wee Nam, where there are still 52 apartments left, as well as Madison Residences. In all, the company could launch 777 residential units by year-end. For the office sector, Keppel Land wants to improve the pre-commitment level at its Marina Bay Financial Centre (MBFC), where overall pre-commitment is 60 per cent. Phase one of the office complex, with 1.6 million sq ft, will be completed in 2010. Rents at MBFC are now in the region of $16 per sq ft.
- The Business Times, P6
HK home sales may fall on inflation worries
Hong Kong's apartment transactions may fall to a 10-month low in July, then drop further, on concerns that accelerating inflation and a slumping stock market may push prices down, analysts said. Total home sales in the city may drop to 6,100 in July, the lowest number since September, from 7,167 in June, according to Centaline Property Agency. They are looking at between a 3 and 5% correction in prices within the quarter. The benchmark Hang Seng Index has fallen almost a third from its record in October as credit-market losses climbed worldwide, threatening global economic growth even as inflation accelerates in Hong Kong. The combination could deter potential homebuyers, possibly for the balance of the year. Credit Suisse forecast a 5 to 10 per cent reduction in home prices in the second half. Hong Kong's four biggest real estate agencies this month fired a total of more than 300 workers in anticipation of a housing slump, according to Hong Kong Economic Times. Hong Kong has the most expensive luxury home prices in Asia, US$10,490 to US$14,780 per square metre, according to the Global Property Guide website. That compares with US$12,510 to US$22,923 per square metre in Manhattan.
- The Business Times, P39