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Is it true that valuation for HDB sales is going south?
Slower gains in consumer prices expected in 2009EYE ON THE ECONOMY CPI falls 0.2% in Nov; disinflationary effects of recession could be kicking in BY ARTHUR SIM THE consumer price index (CPI) is on the decline, falling 0.2 per cent in November compared with the previous month. And while the CPI rose 5.5 per cent year-on-year (y-o-y), HSBC economist Prakriti Sofat noted that it was the lowest reading in 11 months since December 2007 when it rose 4.4 per cent. Ms Sofat said that inflation eased on the back of falling transport and equipment costs, which contracted by 1.9 per cent y-o-y following a 0.2 per cent drop the previous month. "This is in line with international oil price inflation running at -40 per cent y-o-y in November," she added. November was also the month when the motor vehicle Certificate of Entitlement premium fell to a low $2. In terms of the other major components, food inflation fell by one percentage point to 6.9 per cent y-o-y, the lowest since February this year although still more than double the five-year average. Citigroup economist Kit Wei Zheng noted that on a month-on-month, seasonally adjusted basis, the fall of 0.2 per cent in inflation after a 0.8 per cent increase in October was the first decline since September 2007, "signalling that disinflationary effects of the recession could be kicking in". Mr Kit is forecasting inflation at 1.2 per cent for 2009. He added: "The recession will also have a disinflationary, if not temporary deflationary, impact if past recessions are taken as a guide. "We expect a further moderation in headline inflation in December to 5 per cent or under, before falling to around 3 per cent or under in Q1’09 as the higher base from the upward revision in HDB Annual Values in January 2008 kicks in, alongside lower electricity tariffs and the lagged impact of commodity price declines," he said. Mr Kit also noted that the moderation in y-o-y inflation was broad-based, with prices in five out of the seven categories of the CPI basket either falling or decelerating from October, while the other two categories rose at the same pace from October. Apart from a y-o-y drop in transport/communications and food costs, clothing/footwear inflation was at one per cent in November y-o-y, down from 1.2 per cent the previous month. Housing, at 15.7 per cent y-o-y, was also down from 16.4 per cent y-o-y in October, as was recreation/ others, which stood at 2.5 per cent in November y-o-y compared with 3.3 per cent in October. Health care and education/stationery costs rose at the same pace in November as in October. Barclays Capital Research analyst Wai Ho Leong believes that inflation is expected to recede from 6.6 per cent in 2008 to an average of just 0.6 per cent in 2009. He said that there were four factors that would continue to drive inflation sharply lower in 2009: lower petrol prices, weaker domestic demand, the reduction in electricity tariffs, and falling private residential rents. Get the link to the Department of Statistics’ news release at http://www.businesstimes.com.sg
Retail rents expected to fall in 2009Retailers likely to be cautious in expansion, rents may undergo corrections to reflect the gloomy outlook BY UMA SHANKARI [SINGAPORE] RENTS for prime retail space in Orchard Road could fall by as much as 13 per cent in 2009, while rentals at suburban malls are expected to ease by about 3 per cent, property analysts here said. Cuts in consumer spending will be the key threat to rental rates. But rents will also come under pressure from the 3.2 million square feet of new retail space expected to come onstream next year – close to half of which will be along Orchard Road. A poll of property analysts here showed that they expect prime retail rents to fall by anywhere between 5 and 13 per cent next year. But malls in the suburbs, where people go to buy their neccessities, are expected to fare better. Predictions for suburban rental growth range from "holding steady" to a decline of up to 7 per cent. The consensus view is a fall of about 3 per cent. By contrast, so far in 2008, prime Orchard Road rents fell 0.8 per cent year-on-year, while prime suburban rents rose one per cent, data from CB Richard Ellis (CBRE) shows. Consumers are expected to cut back on spending on concerns of job and wage security, which will hit the sales of retailers, analysts said. Tourist arrivals are also expected to fall, which will depress sales further. "A prolonged depression in consumer spending could affect retailers’ ability to service their rents and we think it is possible that more retailers would renegotiate for lower rental rates, and retail mall managers may have to give in to avoid a high turnover in tenants," noted OCBC Investment Research analysts Foo Sze Ming and Meenal Kumar in a report. Echoed Knight Frank: "Retailers will be more cautious in expanding their businesses and retail rents are likely to undergo corrections to reflect the gloomy outlook." In addition, more space is due to come onstream – some 5.7 million sq ft in the next two years. Of this, 20-30 per cent will be located along the Orchard Road belt. Another 21 per cent will come from the Marina Bay Sands resort. Some of the major retail supply due to be completed next year include Ion Orchard, The Marina Bay Sands Shoppes, Orchard Central, [email protected] and City Square Mall. But in spite of all the new space, analysts here remain confident that the healthy take-up of retail space seen so far is likely to keep vacancy rates under control and prevent sharp rental declines caused by oversupply. Most of the major upcoming malls – such as Ion Orchard, Orchard Central, Mandarin Gallery, [email protected] and Marina Bay Shoppes – have reportedly achieved pre-commitment rates of between 50 per cent and 70 per cent, said Colliers’ director for research and advisory Tay Huey Ying. And there should be interest for the remaining retail space, she said. The Orchard Road malls will "probably be the only new retail malls the market is likely to see on this prime stretch for a while" and the Marina Bay Shoppes "should also be sought after as the locality would be a new icon for Singapore", Ms Tay said. "The challenge, therefore, is really in structuring a rental package that is win-win for both landlord and retailer in an increasingly trying time," she added. Other analysts agreed, saying that the onus will be on landlords in 2009. "Prime properties will still be able to attract tenants, but developers must be more flexible with rental expectations," said Anna Lee, DTZ’s associate director for retail. "As consumers hold their purses tighter, landlords would have to spend more on advertising and promotion to entice more consumer traffic to their malls and translate that into spending." And to mitigate lower sales faced by their tenants, some landlords may offer rental rebates and lower turnover rents, she added. Analysts also said that capital values are expected to remain steady in the retail sector. "Of note is that the retail sector remains defensive even during the Asian Crisis period, with rental rates and capital values remaining fairly stable during this period. Hence, we believe that a fair cap rate for the retail sector would remain in the 5-6 per cent range," said DBS Group Research analysts Mun Yee Lock and Derek Tan.
New small flats to have features for aged, disabledTwo-room HDB units to be built mainly in non-mature estates BY MAVIS TOH The two-room flats that the Housing Board is building again will mainly be in non-mature estates and will come with elderly- and disabled-friendly features. These 45 sq m units will have ramps at the main entrance and the toilets, and have wider toilet doors for easier wheelchair access. The eye-viewer at the front door will be larger than current ones while switches and electricity outlet points will be placed higher so the elderly do not have to stoop to reach them. Lifts will stop at every floor and larger fonts will be used in signs around the blocks. Moving across blocks will also be easier as ramps and wider walkways will be installed for the wheelchair-bound. These features are not found in existing smaller HDB flats. The HDB gave these details to The Sunday Times in response to queries about recent news that the board will be ramping up the supply of three-room and smaller flats to around 4,000 over the next two years. The HDB had stopped building two- and three-room flats in the 1980s as Singaporeans had wanted bigger flats. But these cosy units made a comeback in 2004 because of renewed demand. National Development Minister Mah Bow Tan told Parliament last month that more of such small flats will be built next year. They will help more low-income families own homes and also enable those who need to downgrade because of financial difficulties to do so, he said. Noting that the smaller flats cater mainly to lower-income families, the HDB spokesman said: "To ensure that they remain affordable to the lower income, they would mainly be offered in non-mature estates where the selling prices are lower. "The smaller flats would be offered in a variety of estates so as to offer buyers a wider choice." A gauge of the demand for smaller flats can be seen in recent sales launches. Under the HDB’s quarterly sale exercises in July and October this year, the take-up rates for three-room and smaller flats were 100 per cent and 97 per cent respectively. There are currently about 6,000 two-room and 210,000 three-room units in the open market. They cost between $77,000 and $275,000 each. Besides catering to the lower income, small flats will meet the needs of an ageing population too. With the first batch of baby boomers due to hit 65 by 2012, the HDB expects the number of elderly folk to increase rapidly. "The smaller flats will provide an avenue for the increasing elderly population to monetise their existing larger flat by downgrading to smaller flats," the spokesman said. It is thus timely for HDB to start stocking up on smaller flats now, considering it will take a few years for the flats to be built, she added. This is good news for housewife Doris Leong, 57, who lives with her husband in a five-room flat in Hougang. Their three daughters have moved out after getting married. Mrs Leong, who suffers from arthritis and has problems climbing stairs, said moving to a small unit is an option and welcomed elderly-friendly features like lifts that stop at every floor. "We don’t need a big flat for two people," she said. "With the extra money from the sale of our flat, we can live comfortably and maybe even make trips overseas."
Botannia , 2BR+1Living with Patio, [email protected] 752psf, Brand New Pretigious location condo Botannia, Ground Floor Unit with Patio. 1076 Square feet @ only $752psft. High Rental Yield.Great Investment!! As good as Freehold 856yrs lease, Prestigious location surrounded by all landed private properties only. preferred by expats as well as Locals. 2+1 with patio, Lush Green spread over 400000 sq ft land area, resort lifestyle Full condo Facilities plus Jogging Track. Near Science Park, Nan Hua School, National University of Singapore, West Coat Plaza, Japanese Schools and West Coast Park. Resort Living Lifestyle, Quiet & Serene.Easy access to TPE. TOP early 2009. This is way below the Developer's price. 2 BR Units are fully sold out and normally cost more.Grab the Deal ! Resort lifestyle condo. City Lights, Brand New condo on Lavender MRT,1+1+study,mins to CBD On Lavender MRT 1+1 +study (1 Bedroom, 1 Study and 1 Living Room) - Ideal for singles, couple, small family- independent corner unit with pool view. Great investment. High Rental yield tenanted @SGD3500p.m. Near CBD, Suntec, Raffles, Esplanade, Marina IR. Near eateries. Full facilities - Sky Garden, Olympic size Swimming Pool, Children pool, Sky Jacuzzi, Wading pool, Tennis Courts, Barbeque Pits, Indoor Gym and 24th Flr Sky Gym. Just TOP Brand New Condo. Excellent Investment !! Income from Day1itself.
More often than not we find sellers from different walks of life. Some are very accommodating and motivated to sell, so pricing is rather flexible according to the market trend. While others may be rather rigid, always comparing with their neighbours transacted price, friends and relatives transacted price when they shouted having sold so much above the valuaion price. Hey the latter type of sellers fail to see or rather examine and analyse the whole situation. They have to be receptive towards the market forces. Sticking to their rigid price will not only harm their possibility of selling. Worst, the listing becomes stale over time and nobody would even take a peek at it. Homeowners may lose thousands of dollars. In the end they have to settled for less. This is very rampant. it has happen to owners who are adamant about pricing. We agents suffered too, what if the listings expires and owners decides to change housing agent to re-market the house, certainly a great economic loss to our income. So are owners willing to pay for the deep advertising costs? Not to mention the time we spend running up and down to show the house for prospective buyers? Will the owners willing to share cost? Hmmmm.....very rare cases. Listings can be king but if owners are not motivated, I would rather not take it. Well unless they are willing to share cost. Some renowned high profile real estate agent have introduced the scheme of cost sharing on advertisement. Pay half first for the advert, if the listing get sold, its refundable. Now that would likely to be fairer and owwners will actively wanting to sell their property in the market. Since the free to negotiate for commission to sell, one cannot take for granted on the income of agent. Many sellers do not see the hidden cost involved in marketing the property. Hey...like everyone else, we got to make a living too....
2 Master room with full furnished at lor 19 geyland near aljunied mrt.Prefre chinese professionals/couples. Available 1st Dec.Rental $800-$900.Call for viewing in the evening.Thanks.
Singapore's very own Lake District JURONG tends to conjure up unflattering images of factories and sleepy suburbia, but the area is slated for a stunning makeover that will transform it into Singapore's only lakeside destination.National Development Minister Mah Bow Tan yesterday unveiled a vision for a revamped Jurong, starting with a new name: the Jurong Lake District.The ambitious plan, to be implemented over the next 10 to 15 years, involves building new waterways, 1,000 private homes, 2,800 hotel rooms and adding 750,000 sq m of office and retail space.The Jurong Lake District, which at 360ha is the size of Marina Bay, will consist of two precincts.One is the 70ha Jurong Gateway, which will boast swanky new offices, condos and entertainment features, including an Olympic-size ice-skating rink, all set around Jurong East MRT station.The other is Lakeside, which is being targeted as a hang-out for young families.It will feature a bold new science centre, tourist attractions and parks complemented by water activities, all set around the Chinese Garden and Lakeside MRT stations.Mr Mah told a 500-strong audience at an Urban Redevelopment Authority (URA) seminar yesterday that many Singaporeans saw Jurong as a suburban residential and industrial area 'located far away from the city centre'.But he described it as a 'gem', with compelling reasons singling it out for redevelopment. It is near established towns, with a large labour force and a population catchment of more than one million residents.It is also a thriving business hub, with more than 3,000 companies - from multinationals to tiny operations - two universities and research centres such as one-north in the vicinity. That made it an ideal business location for cutting-edge technology, said Mr Mah.Existing transport links - the PanIsland and Ayer Rajah expressways and two MRT lines - also connect Jurong East to the city quickly.Mr Mah pointed to another benefit of the plan: the proximity of jobs to homes in the area, which reduced the need to commute and eased pressure on transport services.Jurong's rejuvenation is part of a broader URA decentralisation strategy to balance economic growth, reduce commuting and provide a high quality of life with many leisure options.It will announce its plans next month to redevelop Paya Lebar. Both initiatives are part of its 2008 Draft Masterplan Review.URA chairman Alan Chan said the ideas for Jurong were the result of consultation with a wide spectrum of public and private industry players.Market watchers welcomed the news, saying it would inject new life into Jurong, which has struggled for years to shed its industrial image.Colliers International's director of research and consultancy Tay Huey Ying said the plan 'would lift the popularity and value of property in the mid- to long-term'.PropNex chief executive Mohamed Ismail predicted that home prices could increase by five to 10 per cent in the next two years.Madam Halimah Yacob, an MP for Jurong GRC, said the rejuvenation was a welcome move.The Chinese and Japanese gardens, for example, were under-utilised and could do with a makeover, she said.Residents are also excited.Manager David Lim, 49, who owns a four-room HDB flat at Lakeside, said he hardly stays in Jurong for his weekend recreational activities.'But to have all these amenities so close to home will really be a bonus,' he said.Fun: New waterfront playgroundTHE Lakeside area will be transformed into a major leisure destination in the next 10 to 15 years, with existing attractions enhanced and new ones added.WATERSIDE FUN: The lakeside village will feature a host of food and retail outlets as well as boutique hotels.First up is the new 'world-class' Singapore Science Centre, which will involve expanding the existing attraction and relocating it next to Chinese Garden MRT station. This will allow it to make use of the nearby Jurong Lake and surrounding green spaces to extend the learning environment, said National Development Minister Mah Bow Tan yesterday.New facilities will also be added to key attractions in the area, like the Chinese and Japanese Gardens.Jurong Lake itself will be spruced up, turning the area into Singapore's new 'waterfront playground' and bringing it closer to the new Jurong Gateway office hub.The Government is also exploring ways to make the lake more accessible, such as by building new waterways or a landscaped walkway.By the end of the year, the lake will host new water activities such kayaking and dragon-boating, thanks to the PUB. By the end of next year, the agency will also set up more public amenities around the lake, such as boardwalks, fishing points, wetlands and water features. To cap it all, a public park and a lakeside village will be built along with four or five other attractions near the water targeted at families with young children.These may have 'edutainment' or nature themes, and could even include hotels, restaurants, or shops.The lakeside village will offer more shopping and dining options. It will be linked to Jurong Gateway by a network of walkways, making the two precincts just a 10-minute walk apart.Business: Largest commercial area outside townMOVE over, Tampines. Jurong is set to be the next big suburban commercial hub.BIG DRAW: Jurong Gateway will host offices, shops, homes, hotels, restaurants and entertainment centres.About 70ha around the Jurong East MRT station have been set aside for the new Jurong Gateway, which will be the largest business district outside of town.Offices, shops, homes, hotels, restaurants and entertainment centres are just some of the facilities earmarked for the site, said National Development Minister Mah Bow Tan yesterday.Jurong Gateway will provide about 8.1 million sq ft of office and retail space - more than double Tampines' and more than three times Novena's, Mr Mah said.About two-thirds of the space will be set aside for offices, while a third will be for retail, restaurant and entertainment outlets. There will be a mix of large, modern malls and low-rise shops in a 'village setting'.Jurong Entertainment Centre, part of CapitaLand's CapitaMall Trust, is also being revamped and will house an Olympic-size ice-skating rink next year.Mr Mah also said more than 1,000 new private homes will be added around the MRT station, and up to 2,800 hotel rooms in the area.The spate of development will make Jurong Gateway 'an attractive location for company headquarters, especially those from the business services and science and technology sectors', he said, adding that Jurong East is 'already a thriving business hub today', with more than 3,000 companies in Jurong and Tuas.Property consultants welcomed the plans. 'Making plans now would prevent a possible repeat of the supply crunch we are experiencing,' said Ms Tay Huey Ying of Colliers International.Housing: Over 1,000 private homes to be builtPROPERTY hunters looking to buy a stake in the newly revamped Jurong Lake District will be happy that more than 1,000 private homes will be built there.TARGETING YOUNG FAMILIES: View of Lakeside park. New private housing will be coming up close to the area.But no more new Housing Board flats are planned for Jurong, said National Development Minister Mah Bow Tan yesterday.This is also partly because the focus is on building up Sengkang and Punggol towns, said Mr Mah.'There is sufficient public housing in Jurong so the next phase will be... on private housing,' he added.However, if demand is strong for the private homes, more land can be re-allocated for condominiums.That is why the sites around the MRT stations are mostly white sites, said Mr Mah.'But all this ultimately has got to depend on the market and how it responds, whether the emphasis is more on office or housing.'The Urban Redevelopment Authority said yesterday that the residential buildings at Jurong Gateway are likely to be 35 storeys at most, and building heights will gradually step down towards the lake to enable good views.Colliers International's director of research and consultancy, Ms Tay Huey Ying, said it was timely for the Government to make early plans to accommodate and tap on any spillover in demand from the Central Business District.This could occur from the office, hotel and residential sectors when mega projects, such as the two integrated resorts and Marina Bay Financial Centre, are completed and up and running, she said.
Development Plans for Jurong WestSeveral new development plans to make Jurong West a more vibrant town will be launched on Sunday 5 Oct 03 by the Minister of State for Defence, Mr Cedric Foo, who is also the MP for West Coast GRC. Background2. Jurong West Town covers the areas bounded by the Pan-Island Expressway in the north, Jurong Canal Drive and Yuan Ching Road in the east, Jalan Ahmad Ibrahim, Corporation Road, Boon Lay Way and then Upper Jurong Road in the South. It was originally a tangle of mangrove swamps, jungles, farms and small kampungs. Development began in the 1960s to transform it into a residential town. Today, it is home to about 200,000 residents.3. There are also numerous places of attraction such as the Chinese Garden, the Japanese Garden and a comprehensive range of facilities, including Jurong Stadium, Jurong Point and various other recreational and religious amenities. The new development plans will add to the richness of Jurong West and make it a more attractive and bustling town and home for its existing and potential residents.Campus Town4. Beginning with a development theme for the Town, Jurong West is proposed to adopt a “Campus Town” theme. Its proximity to Nanyang Technology University (NTU) and its distinct imagery in the area provided the inspiration to build an image of Jurong West as a youthful town that is progressive and culturally vibrant.5. As a first step, the boundary that separates the Jurong West residents and the NTU community first needs to be dissolved. One of the ideas to achieve a “Campus Town” theme is by building a “University Activity Bridge” across the Pan Island Expressway. Not only will this Bridge improve access between NTU and Jurong West Town, it can also serve as a bustling meeting point as it could house shops, eateries, and cybercafes.6. Another idea of achieving the proposed “Campus Town” theme is by developing clusters of activities. Five clusters of activities are proposed at different locations in the Town. These five clusters, each with a unique identify and serving a specific function are:U-Haven:Located at the neighbourhood centre located closest to NTU, it would house bookstores, cafes, hip eateries, music shops, arts and craft shops etc as well as outdoor exhibitions and even a flea market, Stadium Cove style. Students no longer have to travel far for these activities, and residents can enjoy a whole new host of shopping and eating facilities.The Marketplace:The vacant land parcel, located at the east of Jurong Point, could be put to temporary uses such as local produce market, nurseries and be host to the occasional fun fair, so as to boost the image of the town centre as a central “marketplace”. Furthermore, the site at the corner of Boon Lay Way and Jln Boon Lay has been identified for the future Jurong West Park. This would provide a welcome respite from the heat and rest from shopping as well serve as a focal point for community bonding. Seasonal activities that could take place in the town park (e.g. dance / music performance).ARTSBoxBoon Lay Gardens is envisaged to be a vibrant, modern arts and cultural centre for learning and recreation. Boon Lay Community Club and Boon Lay Shopping Centre could be used to stage arts and photography exhibitions, calligraphy demonstrations, poetry readings, artists’ market, etc. These activities can spill over to the adjacent neighbourhood park where jam sessions and arts installations can take place in a more natural setting.Sports ZoneTo capitalise on the existing Jurong Stadium, a sports cluster, named “Sports Zone” is proposed in Taman Jurong. It could see the introduction of multi-purpose hard courts for roller hockey and street soccer. For added recreation, there are possibilities for football fan clubs and skate / bicycle parks in this cluster. For those who prefer spectator sports, they can hang out at the sports themed cafes / snack bars and watch their favourite teams in action.Recre-Hub:Recre-Hub is the venue for family recreation. Families can play ultimate frisbee, picnic, catch an open air concert/ movie screenings or do line dancing north of Jurong Lake. There are also possibilities for rock climbing.Premium Homes7. More homes will be built in Jurong West to enable the young to live near their parents and preserve family and community ties. Two condominiums with a total of about 1,100 units are coming onstream near Lakeside MRT Station by 2006. A better living environment will also be created when about 500 trees are planted along Boon Lay Way by the end of this year, resulting in a boulevard of trees.Healthy Lifestyle8. Residents in Jurong West can look forward to a new sports complex at Jurong West St 93 / Pioneer Road North by end 2005. The complex will comprise a stadium with running tracks, a swimming complex with fun pools, water slides and jacuzzi, an indoor sports hall, tennis courts and outdoor fitness areas.9. A new 10ha Town Park along Boon Lay Way named Jurong West Park, will be ready by 2007. It will serve as a venue for recreation and bring more greenery to the residents.10. There will be more park connectors to provide a seamless green link. The extension of Ulu Pandan Park Connector II to Jurong Lake will be completed by 2007, while the other park connectors in this region will be introduced by 2015.11. In addition, a linear green link, named Jurong Green Mall, will be built along the drainage reserve of Jurong West St 64 / 62 from Boon Lay Way, with facilities for both pedestrians and joggers. Four new footbridges will be built over the drainage reserve along Jurong West St 62/64 and together with Jurong Green Mall, they are expected to be completed by end 2004 In all, the greenery will not only improve the ambience of this town, but also make it cosier and better linked-up as well.Transportation12. Jurong West is served by two MRT Stations, Lakeside and Boon Lay. Currently Under study is the proposed Jurong Region Line, a light rail system to serve the residents in both Jurong East and West beyond the end points of East West MRT line. It will also provide the students and staff of NTU with a more convenient form of travel.Shopping13. More shopping facilities will come on stream. Pioneer Mall will be ready by early next year and will house supermarkets, eateries and shops. A new mixed commercial/ residential development in the Town Centre, that will incorporate a new bus interchange, is also currently being planned.14. A new Taman Jurong Market / Food Centre will be built to replace Corporation Drive Market/ Food Centre and Yung Sheng Food Centre. To be ready by end 2004, it will be a 5-storey building. The first floor will house the market while the second and third floors will house the food stalls. The 4th and 5th floor will be multi-storey car parks.Community & Institutional Facilities15. A new community building at Jurong West Central 3/ Street 64 will incorporate a community club (the Frontier – a community club @ Pioneer), community library and polyclinic. The Jurong Town Community Club will be upgraded and extended by mid 2005 to better serve the needs of the residents. An International School is proposed at Jurong West St 41.Town Council.16. Jurong West Town is within the boundary of West Coast - Ayer Rajah Town Council. This Town Council was set up in 2002 to manage and maintain the common areas. It has completed many improvement projects ranging from new and upgraded facilities such as senior citizen corners, children playground, fitness corners, pavilions and walkways. One of its latest projects is the construction of a covered walkway from Boon Lay MRT Station to Blocks 662C and 664B Jurong West St 64, to be completed in December this year.Survey17. The implementation of the ideas and possibilities requires the public’s participation. Hence, HDB is carrying out a survey among them to find out their preferences and opinions. The findings will help towards refinement of the plans for the greater benefit of the residents and all the other communities in Jurong West.Date Issued : 05 Oct 2003
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"A total of 1,113 complains were lodged against real estate industry last year. Many said agents misled them and failed to honour promises". .....reported The Straits Times, Saturday, 19 April, 2008. Hence, buyers and sellers ensure you engage the agent with a credible background. Also, those who are planning to become Real Estate professionals - choose the correct mentor. View me on my blog - http://realestateprofessional-joeheng.blog.spot.com and make your correct decision Cheersjoe
More PRs snapping up private homes Thursday, September 11, 2008 Their share in pool of foreign buyers is rising after turmoil in global markets The proportion of permanent residents (PRs) in the pool of foreign buyers of private homes here has been rising since the third quarter of 2007, when the US sub-prime crisis struck, according to DTZ’s analysis of caveats data from Urban Redevelopment Authority’s Realis system. Correspondingly, non-PR foreigners have seen their share of this pool decline from 54 per cent in Q3 2007 to 46 per cent in Q2 this year. One explanation could be that PRs are more likely to buy Singapore homes for their own occupation whereas non-PR foreigners may be more inclined to buy for investment and would hence tend to become increasingly cautious amidst the volatile global financial markets. DTZ senior director (research) Chua Chor Hoon expects the trend to continue in the coming months given the global economic uncertainty. The property consultancy’s analysis showed that PRs made up 54 per cent of the total number of 913 private-home purchases by foreigners in Q2 this year captured by Realis as at early August. This was up from a 51 per cent share in Q1, which in turn was higher than 47 per cent and 46 per cent shares in the fourth and third quarters of last year respectively. Foreigners (including PRs) bought a total 913 private homes here in Q2 2008, up 3 per cent from the preceding quarter. Malaysians overtook Indonesians as the top foreign buyers of private homes in Singapore in the second quarter. Malaysians accounted for 19 per cent (172 transactions) of the overall purchases by foreigners (including PRs), followed by a 17 per cent share for Indonesians. China and India citizens each accounted for 11 per cent of foreign buyers while UK buyers had a 9 per cent share. Projects which received more foreign interest in Q2 include The Lakeshore in Jurong, Vutton at Akyab Road and Nassim Park Residences. Foreigners (including PRs) made up 44 per cent of the 55 units sold at The Lakeshore, and about two-thirds of the 11 units sold at Scotts Square and nine units sold at Martin Place Residences. ‘The Indonesians favour prime districts 9 and 10. District 15 is popular with all the five major nationalities because it offers sea views, easy access to the airport and city, and is a popular residential area even with the locals with its attractive amenities. ‘The Chinese, Malaysians and Brits also buy into the west. This could be due to the proximity to the Science Park, industrial estates and National University of Singapore,’ Ms Chua said. Source : Business Times - 11 Sept 2008
MARINA BAY FINANCIAL CENTRE Thursday, September 11, 2008 Over 65% of Phase 1 leased out BHP Billiton and Macquarie take up total of more than 216,000 sq ft The first phase of Marina Bay Financial Centre is 65.6 per cent pre-leased, almost two years ahead of its completion in Q2 2010. Two big names from Australia, BHP Billiton and Macquarie Group, are among the latest tenants announced by the consortium developing the mega project. The BHP Billiton deal confirms a BT story last month. The resources giant will lease 142,000 sq ft on levels 44 to 50 of MBFC’s Tower 2 under the project’s first phase, while Macquarie will take more than 74,000 sq ft on levels 16 to 18 of the same tower. Both tenancies are for 10 years, with options for renewal and expansion. Murex Southeast Asia, which is involved in software development for trading, risk management and processing, has leased about 25,000 sq ft on level 19 of Tower 2 under a six-year tenancy agreement. With the latest signings, the total 2.92 million sq ft of Grade A office space in both phases of the MBFC development is 61 per cent pre-committed. The project is a symbol of Singapore’s ambition to be a leading financial centre. The office component of MBFC’s Phase 1 comprises Tower 1, fully let and anchored by Standard Chartered Bank, and Tower 2, which is now 45 per cent pre-leased. The second phase, slated for completion in Q2 2012, consists of Tower 3, which is 55 per cent pre-committed and anchored by DBS Bank with a 700,000 sq ft lease. MBFC marketing agent CB Richard Ellis’s executive director Moray Armstrong said that while overall office leasing momentum in Singapore has eased in the past few months, the latest signings at MBFC are ‘a good indicator that demand for quality office space remains in positive territory’. ‘There is, of course, some caution among occupiers, but across the majority of our client base we sense there is underlying confidence in Singapore’s relative position,’ he said. The MBFC project also includes two residential developments and 119,000 sq ft of retail space. The project is being developed by a consortium comprising Hongkong Land, Keppel Land and Li Ka-shing’s Cheung Kong (Holdings)/ Hutchison Whampoa. Source : Business Times - 11 Sept 2008
Ease of doing business: Singapore is still No. 1 Thursday, September 11, 2008 Singapore is tops for the third straight year globally in the ease of doing business, thanks to continual regulatory reforms, a survey by the World Bank and International Finance Corporation (IFC) shows. New Zealand is a close runner-up, followed by the United States, Hong Kong and Denmark. The top five companies have all retained their positions from last year. The Doing Business 2009 report noted that Singapore has undertaken reforms in starting a business and dealing with construction permits. It simplified the online process for business start-ups, cutting the time required by a day, and fast-tracked the process for giving out construction permits from 102 days to 38. The survey ranks 181 economies based on 10 indicators of business regulation that track the time and cost to start and operate a business, trade across borders, pay taxes and close a business. The rankings do not reflect areas such as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions or crime rates. A record number of 239 reforms were identified between June 2007 and June 2008 that make it easier to do business in 113 economies. Eastern Europe and Central Asia led the world in reforms for a fifth straight year, with over 90 per cent of its countries making reforms. Africa also had a record year for regulatory reforms, with 28 countries completing 58 reforms - more than in any other year. East Asia and the Pacific saw the biggest pick-up in the pace of reforms among regions this year. Two-thirds of its economies introduced reforms, up from less than half last year. Some 26 reforms were identified in 24 countries across the region between June 2007 and June 2008. ‘Countries in the region are clearly committed to reform agendas,’ said Dahlia Khalifa, a co-author of the report. ‘Regardless of their stage of economic development, they are recognising the role that regulatory reform can play in staying competition while boosting entrepreneurship and job creation,’ she added. Among the world’s largest emerging markets, China led with reforms that make it easier to obtain credit by expanding the range of assets that can be used as collateral, to pay taxes and enforce contracts, and retained its 83rd position. Brazil and India both eased trade processes. In a teleconference yesterday, Sylvia Solf, programme manager of the survey, told reporters that the top 10 rankings were little changed as countries that make the list continually press for reforms as they seek to enter new markets, free trade agreements as well as to achieve cost efficiencies. Seven Organisation for Economic Co-operation and Development (OECD) high-income economies, including Canada, Greece, Hungary and Portugal, made regulatory reforms this year. Ms Solf noted that these high-income economies recognise that red tape remains an issue and are seeking ways to cut it. Source : Business Times - 11 Sept 2008
17 Reasons Why Investor should BUY Property by 2010 Here I would like to take the opportunity to give 17 good reasons why investor or home buyers should invest a property by year 2010. Though there are lots downside sentiments all around, we still hold strong faith and beliefs that with the combination of these reasons and Singapore strong economic foothold, all investors and home buyers should get a good profit by the year 2011 or earlier. You got to come in early, as 2010 is nearing, prices will be rising as well.1) Sovereign Wealth - GIC & Temasek with $215 billion and $108 billion respectively in assets under management, Total $323billion2) Formula 1 - First night racing in the world. Will attract thousands of tourist all across the world to come to Singapore. Singapore will be the eyes of the world during this period.3) Double the size of Financial District - Singapore plans to double the size of its financial district as part of its strategy to emerge as one of Asia's leading financial centre. The new growth area will be more than twice the size of London's >Canary Wharf and provide 2.8 million square meter of office space, the equivalent of Hong Kong's main central district, said the Urban Redevelopment Authority4) Biofuel investment - comprehensive ecosystem contributing almost 5 per cent of our GDP, world largest Biodiesel plant building in Singapore.5) Biomedical - home to global biomedical players, country with global connectivity, world-class infrastructure and government support, magnet for international talents, centre of vibrant research - the compelling hub for biomedical sciences in Asia. Current output $23 billion.6) Integrated Resort - enhance position as a leading destination for Meetings, Incentives, Conventions and Exhibitions (MICE).7) Hedge against high Inflation of 6.6% - Property investment is the best way to hedge against inflation. Cash Rich Individual should invest to prevent losses. Low mortgage interest loan of 3%8) Education Hub - launched its World-Class University programme to attract up to 10 world-class institutions9) Youth Olympic - First to host the world's first Youth Olympic Games in 2010, a boom to Singapore's construction business and tourism receipts.10) Medical Hub - leading medical destinations and expects to receive about 1 million international healthcare visitors by 2012, estimate $4 billion medical tourism receipts11) Excellent Infrastructure - $23.5 billion investment on MRT and expressways to accommodate more foreigners and also achieving to become a world class city.12) Population increase to 6.5mil by 2050 - Average 43,000 new population against average 25,000 new private homes yearly, thus the demand for properties.13) MICE ( Meetings, Incentives, Conventions and Exhibitions) - key drivers of tourism in Singapore, with visitor arrivals constituting approximately 28 per cent of total visitor arrivals and 35 per cent of total tourism receipts or SGD 4 billion in 200614) Aerospace Hub - Fastest growing industries, with 2005 registering a record output of S$5.2 billion (US$3.2 billion), a 17 per cent increase over 2004.15) Remove of Estate Duty - encourage wealthy individuals from all over Asia to bring their assets into Singapore, thus supporting the growth of the wealth management industry16) Premium Art Center with Asia's Leading Auction Houses - Singapore aim to be the auction hub of Asia and housekeeping for all expensive art pieces, thus supporting growth and bringing more investors into Singapore17) Tourism Expansion – More world class places of interest will be opening up in Singapore make the city the place for fun and play – SpacePort is one of the upcoming attraction, thus encouraging tourism.In 1980s, property prices grow due to Manufacturing and Trading In 1990s property prices grows further due to IT industry and Shipping, In 2000s we have Foreign talents, Financial Sector and Tourism - property prices still continues to growSo in 2010s? Today, we Have a Strong 17 reason that will boost property prices to a solid new height and it is coming… can you see!!!…