Friday, 20 May 2011
Roxy-Pacific obtains 100% consent for enbloc at Mackenzie Rd
Specialty property and hospitality group Roxy-Pacific Holdings Ltd has announced that its wholly-owned subsidiary, RL Central Ltd, has obtained 100 percent consent for the collective sale of a freehold site located at 131 Mackenzie Road for approximately S$24.6 million.
“The company is pleased to announce that all the registered subsidiary proprietors of the units holding 100 percent share value had consented to the collective sale of the development,” it said.
The site is zoned for residential development, with a total area of 1,198 sq m and a maximum plot ratio of 2.1.
Roxy-Pacific Holdings had earlier said that the acquisition will be funded through internal resources and bank borrowings.
KSH Holdings clinches S$78.7m residential contract
Established construction, property development and property management group KSH Holdings Limited has clinched a S$78.7 million contract from Botanica Pte Ltd, a wholly-owned subsidiary of Wheelock Properties, for the construction of the Ardmore Three development.
Under the terms of the contract, KSH will begin construction of the project in June. This will include communal facilities, a swimming pool, basement carparks and other associated works.
“We are pleased to be awarded the Ardmore Three project,” said Mr. Choo Chee Onn, Executive Chairman and Managing Director of KSH Holdings.
“Having successfully built up a portfolio of high-end luxurious residential projects, we have a wealth of experience and expertise that we will tap on in the construction of Ardmore Three. We believe that this contract win serves as a vote of confidence in the high quality of work that KSH is known to deliver.”
Located in Ardmore Park, Singapore's most desirable residential enclave, Ardmore Three is a 36-storey, 84-unit freehold development that offers convenient access to the heart of Orchard Road, while retaining exclusivity, away from the hustle and bustle of the city.
With this new contract, the company’s existing order book now stands at around S$245 million. It also expects its unfulfilled contract value for all existing contracts to be completed by August 2013.
Mr. Choo noted that the company will “continue to maintain a healthy balance of both public and private projects.”
“We do so with the aim of diversifying our portfolio in the construction business, and in turn develop a competitive edge that will allow us to tender for a wide range of projects in both the public and private sectors,” he said.
Under the terms of the contract, KSH will begin construction of the project in June. This will include communal facilities, a swimming pool, basement carparks and other associated works.
“We are pleased to be awarded the Ardmore Three project,” said Mr. Choo Chee Onn, Executive Chairman and Managing Director of KSH Holdings.
“Having successfully built up a portfolio of high-end luxurious residential projects, we have a wealth of experience and expertise that we will tap on in the construction of Ardmore Three. We believe that this contract win serves as a vote of confidence in the high quality of work that KSH is known to deliver.”
Located in Ardmore Park, Singapore's most desirable residential enclave, Ardmore Three is a 36-storey, 84-unit freehold development that offers convenient access to the heart of Orchard Road, while retaining exclusivity, away from the hustle and bustle of the city.
With this new contract, the company’s existing order book now stands at around S$245 million. It also expects its unfulfilled contract value for all existing contracts to be completed by August 2013.
Mr. Choo noted that the company will “continue to maintain a healthy balance of both public and private projects.”
“We do so with the aim of diversifying our portfolio in the construction business, and in turn develop a competitive edge that will allow us to tender for a wide range of projects in both the public and private sectors,” he said.
Inflation to ease 3 - 4%, says MAS
Inflation has most likely peaked and will average three to four percent in 2011, said Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS).
The Consumer Price Index (CPI) climbed 5.2 percent in Q1 2011 but the MAS expects price increases to moderate, due in part to the robust Singapore dollar.
The currency is exchanging at close record levels against most major currencies and has played a key role in keeping prices in check.
The central bank pre-emptively tightened exchange rate guidelines in April 2010 and followed up with more tightening measures in October 2010 and April 2011.
“Allowing the Singapore dollar to strengthen has had a dampening effect on inflation in Singapore, which would otherwise have been much higher,” Mr. Menon noted.
The Consumer Price Index (CPI) climbed 5.2 percent in Q1 2011 but the MAS expects price increases to moderate, due in part to the robust Singapore dollar.
The currency is exchanging at close record levels against most major currencies and has played a key role in keeping prices in check.
The central bank pre-emptively tightened exchange rate guidelines in April 2010 and followed up with more tightening measures in October 2010 and April 2011.
“Allowing the Singapore dollar to strengthen has had a dampening effect on inflation in Singapore, which would otherwise have been much higher,” Mr. Menon noted.
Jones Lang LaSalle announces new appointment
Global real estate services firm Jones Lang LaSalle (JLL) has appointed Martin Hinge as Managing Director for Project and Development Services (PDS) business in Asia Pacific.
Mr. Hinge has worked in JLL’s Australia, Greater China, India, Philippines and Singapore offices for 10 years. He succeeded Albert Ovidi, who assumed the role of Chief Operating Officer, Asia Pacific, earlier this year.
“Our diverse client base of occupiers and investors reaching across all Asian markets provides us with a strong platform to continue to grow our PDS business across new sectors, services and geographies across the region,” said Mr. Hinge.
According to JLL’s recent Global Corporate Real Estate Survey 2011, 60 percent of companies expect to expand their real estate businesses in North Asia, primarily China.
“Development activity, which slowed during the Global Financial Crisis, has now picked up in Asia, with an additional 40 percent supply coming on the market this year alone, compared to 2010.”
“We expect this to translate into increased demand for project management services in the region,” Mr. Hinge added.
Meanwhile, Mr. Ovidi, as COO, will work closely with JLL’s Asia Pacific CEO Alastair Hughes to execute the company’s growth strategies and provide strategic leadership to both the PDS and Property and Asset Management (PAM) businesses.
“Martin’s elevation to the MD position for PDS is testament to his contributions to the business and the firm. Based on the recovery in capital spending across Asia Pacific and the strong economic outlook, we have an aggressive growth plan in place for PDS in 2011,” said Mr. Ovidi.
Mr. Hinge has worked in JLL’s Australia, Greater China, India, Philippines and Singapore offices for 10 years. He succeeded Albert Ovidi, who assumed the role of Chief Operating Officer, Asia Pacific, earlier this year.
“Our diverse client base of occupiers and investors reaching across all Asian markets provides us with a strong platform to continue to grow our PDS business across new sectors, services and geographies across the region,” said Mr. Hinge.
According to JLL’s recent Global Corporate Real Estate Survey 2011, 60 percent of companies expect to expand their real estate businesses in North Asia, primarily China.
“Development activity, which slowed during the Global Financial Crisis, has now picked up in Asia, with an additional 40 percent supply coming on the market this year alone, compared to 2010.”
“We expect this to translate into increased demand for project management services in the region,” Mr. Hinge added.
Meanwhile, Mr. Ovidi, as COO, will work closely with JLL’s Asia Pacific CEO Alastair Hughes to execute the company’s growth strategies and provide strategic leadership to both the PDS and Property and Asset Management (PAM) businesses.
“Martin’s elevation to the MD position for PDS is testament to his contributions to the business and the firm. Based on the recovery in capital spending across Asia Pacific and the strong economic outlook, we have an aggressive growth plan in place for PDS in 2011,” said Mr. Ovidi.
BCA honours Jakarta Garden City
The Jakarta Garden City development is raising the bar for green developments by becoming the first residential township in Indonesia to be conferred the Green Mark Gold Award by the Building and Construction Authority (BCA) of Singapore.
Developed by one of Asia's premier property developers, Keppel Land Limited (Keppel Land), Jakarta Garden City features thoughtfully designed and environmentally responsible elements like water-efficient taps, toilet cisterns, filtration systems and the recycling of non-potable water for irrigation. Public spaces have also been built to allow daylight into common areas such as carparks and staircases, minimising the need for artificial lighting.
“With rapid urbanisation and environmental concerns, Indonesians are becoming more eco-conscious and seek homes which can achieve energy and cost savings, while benefiting the environment at the same time,” said Mr. Lim Seng Bin, President Director of PT Mitra Sindo Sukses, the Keppel Land-led joint venture (JV) company behind Jakarta Garden City.
“At Jakarta Garden City, we are committed to setting benchmarks for a desirable live-work-play-learn in an integrated township with a vibrant and eco-conscious community.”
Jakarta Garden City is expected to achieve savings of 14 percent and 43 percent in water and energy consumption respectively, resulting in total savings of around 1.87 billion IDR (S$287,500) each year.
“We are glad that the BCA Green Mark scheme is increasingly adopted by building projects beyond Singapore. We are heartened that BCA is playing a crucial role in raising awareness of the importance of sustainable developments in our tropical built environment,” noted Mr. Tan Tian Chong, Director of Technology Development at BCA.
“As the first residential development in Indonesia to receive the BCA Green Mark Gold Award, residents of Jakarta Garden City will experience first-hand the benefits of staying in an environmentally friendly building. We hope that this will encourage and spur demand for similar sustainable developments in the near future."
Launched in January 2005, the BCA Green Mark scheme aims to promote sustainability in the built environment. The green building rating system evaluates a building for its environmental impact and performance in the areas of environmental protection, energy and water efficiency, indoor environmental quality and other green features and innovation.
The development bagged the Best Middle Class Residential Development title at the International Real Estate Federation (FIABCI) Indonesia – BNI Prix d'Excellence Award 2009 and was the runner-up in the Residential (Low Rise) category at the FIABCI Prix d'Excellence Awards 2010. The township was also named Well-planned, Environmentally-friendly and Technologically Modern Township at the Indonesia Property and Bank Awards 2009.
Developed by one of Asia's premier property developers, Keppel Land Limited (Keppel Land), Jakarta Garden City features thoughtfully designed and environmentally responsible elements like water-efficient taps, toilet cisterns, filtration systems and the recycling of non-potable water for irrigation. Public spaces have also been built to allow daylight into common areas such as carparks and staircases, minimising the need for artificial lighting.
“With rapid urbanisation and environmental concerns, Indonesians are becoming more eco-conscious and seek homes which can achieve energy and cost savings, while benefiting the environment at the same time,” said Mr. Lim Seng Bin, President Director of PT Mitra Sindo Sukses, the Keppel Land-led joint venture (JV) company behind Jakarta Garden City.
“At Jakarta Garden City, we are committed to setting benchmarks for a desirable live-work-play-learn in an integrated township with a vibrant and eco-conscious community.”
Jakarta Garden City is expected to achieve savings of 14 percent and 43 percent in water and energy consumption respectively, resulting in total savings of around 1.87 billion IDR (S$287,500) each year.
“We are glad that the BCA Green Mark scheme is increasingly adopted by building projects beyond Singapore. We are heartened that BCA is playing a crucial role in raising awareness of the importance of sustainable developments in our tropical built environment,” noted Mr. Tan Tian Chong, Director of Technology Development at BCA.
“As the first residential development in Indonesia to receive the BCA Green Mark Gold Award, residents of Jakarta Garden City will experience first-hand the benefits of staying in an environmentally friendly building. We hope that this will encourage and spur demand for similar sustainable developments in the near future."
Launched in January 2005, the BCA Green Mark scheme aims to promote sustainability in the built environment. The green building rating system evaluates a building for its environmental impact and performance in the areas of environmental protection, energy and water efficiency, indoor environmental quality and other green features and innovation.
The development bagged the Best Middle Class Residential Development title at the International Real Estate Federation (FIABCI) Indonesia – BNI Prix d'Excellence Award 2009 and was the runner-up in the Residential (Low Rise) category at the FIABCI Prix d'Excellence Awards 2010. The township was also named Well-planned, Environmentally-friendly and Technologically Modern Township at the Indonesia Property and Bank Awards 2009.
April home price increases more widespread in China
More cities in China witnessed a rise in the prices of new homes in April, compared with March, as the government continued to curb property prices, according to official data from the National Bureau of Statistics (NBS).
Of the 70 major cities monitored, 56 recorded an increase in the prices of new homes, while home prices decreased in nine cities and remained steady in five others.
In March, 49 cities saw home prices climb, while 12 saw them decline.
Beijing was among the major cities that saw prices rise by a marginal 0.1 percent, while Shanghai witnessed an increase of 0.3 percent, according to NBS.
The Chinese government has been trying to control property prices, which in many regions have increased far beyond what an average income earner can afford.
Since late 2009, the government has imposed various property cooling measures, such as banning the purchase of second homes in some cities and levying trial property taxes in Chongqing and Shanghai.
To pacify growing public resentment over high property costs, the government has promised to supply more land for low-cost housing this year.
The April data represents the fourth monthly poll since the government replaced the nationwide property index by publishing data for individual cities.
Of the 70 major cities monitored, 56 recorded an increase in the prices of new homes, while home prices decreased in nine cities and remained steady in five others.
In March, 49 cities saw home prices climb, while 12 saw them decline.
Beijing was among the major cities that saw prices rise by a marginal 0.1 percent, while Shanghai witnessed an increase of 0.3 percent, according to NBS.
The Chinese government has been trying to control property prices, which in many regions have increased far beyond what an average income earner can afford.
Since late 2009, the government has imposed various property cooling measures, such as banning the purchase of second homes in some cities and levying trial property taxes in Chongqing and Shanghai.
To pacify growing public resentment over high property costs, the government has promised to supply more land for low-cost housing this year.
The April data represents the fourth monthly poll since the government replaced the nationwide property index by publishing data for individual cities.
UK mortgage market favours wealthy
The UK mortgage industry is still giving the best rates to wealthy borrowers, implying that the market remains effectively closed to most first-time home buyers.
On average, the best deals offered by lenders to typical first-time home buyers are of “very poor value.”
There is also the prevalent problem of lenders providing “eye-catching” rates that offer limited supply.
“Lenders are also now openly talking about favouring lending to cash-rich buy-to-let investors, rather than to first-time buyers. It's likely that this situation is going to continue for a while yet,” said PricedOut spokesperson Matt Griffith.
E.serv, one of the largest providers of housing valuation services in the UK, revealed that more first-time home buyers mounted the real estate ladder in April, as a result of gradually slackening lending requirements.
On average, the best deals offered by lenders to typical first-time home buyers are of “very poor value.”
There is also the prevalent problem of lenders providing “eye-catching” rates that offer limited supply.
“Lenders are also now openly talking about favouring lending to cash-rich buy-to-let investors, rather than to first-time buyers. It's likely that this situation is going to continue for a while yet,” said PricedOut spokesperson Matt Griffith.
E.serv, one of the largest providers of housing valuation services in the UK, revealed that more first-time home buyers mounted the real estate ladder in April, as a result of gradually slackening lending requirements.
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