Universal Studios Singapore in Resorts World Sentosa (RWS) will be open to the public from March 18 at 8.28am.

But the park’s first guests will be staff of RWS, who will be able to enjoy the rides from March 13 with their families.

Universal Studios Singapore will bring to life the best movie-themed attractions packed within seven zones.

RWS said it is possible that certain attractions may become temporarily unavailable during the preview phase, as Universal Studios Singapore continues its technical and creative adjustments.

Ticket prices will then be partially rebated with S$15 worth of shopping and dining vouchers valid for use at the theme park.

Robin Goh, assistant director for Communication at RWS, said that during the soft opening period, there will be limits on the number of guests.

“This is to ensure there will be a phased run in of the operations within the opening of the park gradually, and this number will be increased in time. When we are fully operational, we are expecting 4.5 million visitors to Universal Studios alone a year,” Mr Goh said.

Ticket sales will begin at 9am on March 10. They can be made online, via phone bookings and at the ticket booths at the theme park.

Singaporeans and Permanent Residents holding onto DBS credit cards can expect S$6 off regular ticket prices.

Source: Channel News Asia, 5 Mar 2010

DPM Wong allays concerns about influx of immigrants

THE Government hears and understands Singaporeans’ concerns about the influx of immigrants in recent years, Deputy Prime Minister Wong Kan Seng said yesterday.

So it has refined the requirements for permanent residents (PRs) and new citizens, even as it continues to take them in to top up Singapore’s declining population, he told Parliament.

As one indication, there were 59,500 new PRs last year, down from 79,200 in 2008, and 19,900 new citizens, compared to 20,500 a year ago.

‘I know that this is a matter which Singaporeans care deeply about, and rightly so, as it concerns the value of our citizenship,’ he said.

‘We will ensure that those who become one of us are of suitable quality, and not only contribute to Singapore economically but also integrate well into our society,’ he added.

Mr Wong, who is also Home Affairs Minister and oversees population issues, spoke during the debate on his ministry’s plans for the coming financial year.

Eight MPs voiced concerns about the recent surge in foreigners – one in three people in Singapore is now foreign-born – and sought updates on policies to integrate newcomers.

Six months ago, Prime Minister Lee Hsien Loong first voiced understanding of Singaporeans’ concerns, and promised to sharpen distinctions between citizens and non-citizens.

Since then, the Government has increased fees for non-citizens in schools, polytechnics and institutes of technical education, as well as giving citizens double the chances of PRs when it comes to school balloting at Primary1.

In health care, subsidies for citizens will be raised further, thus widening the gap with PRs.

Yesterday, Mr Wong said that while the Government continues to welcome ‘good quality’ PRs, Singaporeans come first in their own country.

‘No need to worry about this,’ he declared.

But distinctions must be sensible and balanced, and not undermine the principle of meritocracy which makes Singapore competitive and draws foreigners to sink roots here.

He emphasised the distinction between ‘transient’ foreigners who form a quarter of the five million people here, and resident ones who become PRs and citizens. Transients leave when their work permits or employment passes expire.

While Singaporeans may be frustrated and annoyed at sharing common spaces with people of different social habits and reflexes, the Government is taking action to educate foreigners on social norms here, said Mr Wong.

He added: ‘I acknowledge that there are also those on employment passes holding jobs that Singaporeans are willing to do, and who compete directly with Singaporeans. However, if we want to compete globally, we have to create an environment which can attract the best people, including those who are mid-level – be they Singaporeans or foreigners.’

The number of new PRs minted each year rose from 32,000 in 2003 to 63,000 in 2007, which works out to an average of 48,300 a year over that five-year period.

Explaining the surge, Mr Wong said the Government took advantage of the strong economy in the mid-2000s to attract and retain suitable foreigners to sink roots here to make up for Singapore’s low birth rate. It recently reviewed its framework for assessing PRs and citizens, and will tighten it further.

But he rejected an absolute cap on the numbers, saying: ‘There may be events which trigger an unexpected surge in numbers, which we should take advantage of.’

Mr Wong also explained why Singapore needs to have new citizens each year: ‘If our total fertility rate remains the same, and we do not allow immigrants to settle here, our resident population will start to shrink as early as 2025 because deaths will outstrip births.’

To replenish the current resident pool, Singapore needs 60,000 new babies a year. But there were only 37,000 local newborn babies last year, and despite numerous procreation incentives, the number does not promise to increase by much, he observed.

Hence the need to top up with about 20,000 new citizens each year, to ensure citizens form the core of the population.

Appealing to Singaporeans to be realistic about the need for immigrants, he said: ‘We are all descendants of immigrants.

‘Singapore grew and prospered since its founding because our great-grandparents, grandparents and parents were allowed to come and settle to make a better life and in the process, to contribute to Singapore’s growth.

‘Had they been denied the opportunity to do so at the right time, we would not have been born here and Singapore would not be what it is today.’

Source: Straits Times, 5 Mar 2010

I REFER to last Friday’s report, ‘In firefighters we trust (but not property agents)’, which placed property agents as least trustworthy.

The online poll of 760 people conducted by Reader’s Digest magazine is inconclusive.

The Public Perception & Expectations of Real Estate Agents survey conducted by Ngee Ann Polytechnic, involving 1,041 respondents and reported in the media two months ago, revealed that 81 per cent engaged property agents in their real estate transactions.

Of the total number of respondents, 68 per cent were tertiary-educated (diploma to postgraduate qualifications). From these figures, it can be deduced that well-educated consumers trust property agents enough to appoint them in their real estate transactions.

Unlike any consumer or insurance product, the purchase of a property may cost millions of dollars and often involve the consumer’s life savings. Yet 843 people in the Ngee Ann Polytechnic survey enlisted the assistance of property agents in their real estate transactions.

This would appear inconceivable if property agents were the least trustworthy. In fact, of the remaining 19 per cent of respondents who did not use estate agents, less than 20 per cent of this group attributed their decision to ‘lack of trust’.

That means fewer than 40 people out of 1,041 respondents actually said they did not trust property agents.

Moreover, 65 per cent of respondents were satisfied with their estate agents’ services and 67 per cent rated them between ’satisfactory’ and ‘excellent’ in the key attribute of Fiduciary, which referred to confidence and trust in an ethical relationship.

While the estate agency profession has not been adequately regulated, we do not agree that this is tantamount to being least trustworthy. The recent negative publicity of rogue estate agents is an exception and does not reflect the majority who value professionalism and integrity. We will all do well not to lean towards over-generalisation.

Dr Tan Tee Khoon
Chief Executive Officer
Singapore Accredited Estate Agencies

Source: Straits Times, 5 Mar 2010

DEVELOPERS here already have the option to build retirement housing villages on any site that is zoned for residential use.

But the Government will study a suggestion by Nominated MP Laurence Wee that those interested in developing such villages be given the option of 60-year land leases – or 30-year leases that can be extended for a further 30-year period.

Senior Minister of State for National Development Grace Fu informed Mr Wee that the Urban Redevelopment Authority had, in fact, already made a Jalan Jurong Kechil site available for sale on a short tenure of 30 years.

‘The developer has the flexibility to develop the site for retirement housing or conventional housing development. The shorter tenure of 30 years allowed for the site was intended to reduce the land costs, which could facilitate retirement housing development,’ she said.

Ms Fu made the point that not only was the option of residential zones already available, but the developers could also build developments targeted at niche markets like the elderly. She said the Housing Board also built studio apartments that are custom-built for elderly living.

Mr Wee had envisaged a development of low-rise condominiums which offers elderly folk a means to live with peers, while staying socially involved to combat loneliness and depression.

Property developer and former Real Estate Developers’ Association of Singapore chief Daniel Teo, 67, said the Government was ‘moving in the right direction’.

He too is keen on developing a retirement village and agreed that longer leases would be more attractive.

He explained that higher building costs and the benefits of economies of scale might mean that having a longer lease would serve a developer better.

Source: Straits Times, 5 Mar 2010

HONGKONG Land Holdings (HKLand) has announced a net profit of US$1.64 billion for the year ended Dec 31, 2009, a turnaround from 2008’s US$109 million loss.

The profit attributable to shareholders comprises underlying profit of US$777.1 million (up 107 per cent from FY2008’s US$375.1 million) and profit from non-trading items of US$864 million (FY2008: loss of US$484.5 million). The latter stemmed mainly from an increase in fair value of investment properties of US$1 billion (FY2008: decrease of US$698.9 million).

Revenue for the period was up 29.4 per cent at US$1.32 billion.

A final dividend of 10 US cents per share for 2009 has been recommended. Total dividend for the year amounts to 16 US cents per share, an increase of 23 per cent from 2008.

HKLand said that net rental income grew 19 per cent over the previous year.

For Singapore, it said that its wholly owned One Raffles Link and joint venture development One Raffles Quay are both fully let.

It also said that construction of Marina Bay Financial Centre (MBFC) is due to complete in two phases, in 2010 and 2012.

The two phases, comprising 190,000 sq m and 150,000 sq m of gross floor area, respectively, are more than 68 per cent pre-committed. It added that the two towers in Phase 1 completing in 2010 are over 81 per cent let.

An independent valuation of the group’s commercial investment properties at the end of 2009, including its share of completed investment properties in associates and joint ventures, was US$15.5 billion, an increase of 6 per cent.

The adjusted net asset value per share increased by 12 per cent to US$6.64 over the year.

Contribution from residential development projects was US$386 million in FY09, compared with a breakeven result in FY08.

In Singapore, construction of Marina Bay Residences, the residential component of Phase 1 of the MBFC, will be completed and handed over to buyers in 2010. HKLand added that the first batch of units of the second MBFC residential tower were released for sale in the last quarter of 2009, and over 95 per cent had been sold by year-end.

MCL Land, HKLand’s 77 per cent-owned listed affiliate, will complete Waterfall Gardens and D’Pavilion in 2010. They were 100 per cent and 44 per cent sold, respectively, at the end of 2009. MCL Land’s The Peak@Balmeg is scheduled for completion in 2011 and was 90 per cent sold, while Parvis is targeting a 2012 completion and was launched for sale in November with 56 per cent sold at the end of 2009.

HKLand said that earnings in 2010 should continue to benefit from high occupancy levels and steady rentals together with the recognition of profits on the completion of residential developments. But it added that some uncertainty remains over the strength and durability of the economic recovery.

Earnings per share for FY09 were 72.96 US cents, against 2008’s loss of 4.79 US cents.

Source: Business Times, 5 Mar 2010

SINGAPORE: They were free to discuss any point raised in the Budget 2010 speech — and on Tuesday, several parliamentarians chose to reiterate the concerns Singaporeans have over the affordability of housing board flats.

While Finance Minister Tharman Shanmugaratnam in his February 22 speech had touched on a new tax regime to buffer flat owners, whose flat values are rising, from a growing property tax bill, MPs broached a more direct fear: Would residents be priced out of public housing, whether by foreigners or private property owners?

By admitting too many immigrants too quickly into the country, Mr Inderjit Singh (Ang Mo Kio GRC) said Singaporeans must now compete for resources, which drives up the cost of living: “The clearest manifestation of this is the cost of HDB flats.”

Dr Ahmad Magad (Pasir Ris—Punggol GRC) said going by anecdotal evidence, there were private property owners who owned resale HDB flats, but instead of staying in them, as the rules require, were renting them out. “While the numbers may now be quite small, I fear they will swell if no new measures are introduced.”
He is asking the Government to review its policy of allowing the sale of HDB flats after a year if they are purchased with a bank loan and the rental of HDB flats after a three—year occupation period.
“Harsh action should be taken against those who rent out their flats illegally,” he added.

MP Sin Boon Ann (Tampines GRC) called for a review of the S$8,000 household income ceiling for buyers of new flats.

“Not everyone whose combined income exceeds the household limit can afford private housing, (nor will they) necessarily have the ability to stump out cash for the cash portion if they bought an HDB flat from the secondary market,” he said.

And with the perception that property prices are rising, many feel owning “a decent home” is even further out of reach, he said.

Meanwhile, MP Liang Eng Hwa (Holland—Bukit Timah GRC) hoped the Government would pre—empt another emergence of en bloc fever, which he said could distort the property market and cause short—term volatility.

“Besides, en bloc sales, if too widespread, can be harmful for the environment and waste much of our precious resources,” he added.

Source, Today 5 March 2010

AN EXECUTIVE condominium (EC) site in Sengkang has drawn a whopping 11 bids, with the winning offer trumping analysts’ expectations by a fair margin.

The 19,000 sq m site, which can be developed into 520 apartments and is near Buangkok MRT station, was topped by joint bidders Frasers Centrepoint’s Opal Star and Lum Chang Building Contractors. Their valuation of the asset came to $193.28 million, or $315 per sq ft (psf) of gross floor area.

They nudged MCC Land (Singapore) and its bid of $190.7 million, or nearly $311 psf of gross floor area, into second place. The third bid of $181.19 million, or $295.3 psf of gross floor area, came from Hoi Hup Realty, Sunway Developments and Hoi Hup J.V. Development.

Analysts had expected lower bids of between $190 and $300 psf of gross floor area, which would translate into a final selling price of $550 to $600 psf.

By the close of the tender yesterday, developers large and small had put in pitches, from Far East Organization to Sim Lian Land and Chinese firm Qingjian Realty.

City Developments’ unit submitted the second-to-last bid of $140.38 million, or $228.8 psf of gross floor area, while Boon Keng Development was last in with an offer of $121.8 million, or $198.5 psf of gross floor area.

CBRE Research said the large number of bids showed that developers continued to have an upbeat outlook for the suburban residential market, and signalled that they were keen to build up their land banks for suburban development.

‘Six of the 11 bidders expect the new development…to be launched above $600 psf, which would be a reasonable average selling price for a new EC project at this location in today’s market,’ said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.

‘This indicates that about half of the developers in today’s tender expect the price of entry-level homes to increase in the next year or so.’

The winner of the site will have to set aside 95 per cent of the units during the first month of sale for first-time home buyers, as stipulated by the Housing Board.

Frasers Centrepoint is looking to build 500-plus units on the plot, said a spokesman.

‘This site is well located, and in view of the tight supply and great demand, we are confident that it will be an attractive development especially to home buyers who have been recently priced out of the market,’ he said.
The units are not expected to be cheap, given that the top bid is the highest received for an EC site since land was made available for sale from this source in 1997, property experts said.

The previous record, set in May 1997, was at $220 psf of gross floor area, according to CBRE Research.
Based on the top bid’s value, analysts estimate the break-even level to be about $600 to $640 psf, which indicates that final selling prices could range from $650 to $700 psf.

PropNex chief executive Mohamed Ismail said that such a price ‘will seem reasonable’ come the second half of the year, when developers who bought land recently at some $500 psf or more ‘will be marketing their private mass market condos at more than $900 psf’.

At nearby The Rivervale EC, Florida EC and Park Green EC, units were sold at $520 to $600 psf between last October and last month, said CBRE Research.

The Government last put up an EC site for sale in Punggol in September 2008 but failed to attract any bids. The last EC launched was La Casa in Woodlands in May 2005 – for around $550 psf – which was completed in early 2008.

HDB announced yesterday that it will put up for tender a land parcel along Yishun Avenue 11 within the next two months. The site is earmarked for housing development under the Design, Build and Sell Scheme (DBSS) and will have a potential yield of 700 flats, it said.

Source, Straits Times 5 March 2010

AN EXECUTIVE condominium (EC) site in Sengkang has drawn a whopping 11 bids, with the winning offer trumping analysts’ expectations by a fair margin.

The 19,000 sq m site, which can be developed into 520 apartments and is near Buangkok MRT station, was topped by joint bidders Frasers Centrepoint’s Opal Star and Lum Chang Building Contractors. Their valuation of the asset came to $193.28 million, or $315 per sq ft (psf) of gross floor area.

They nudged MCC Land (Singapore) and its bid of $190.7 million, or nearly $311 psf of gross floor area, into second place. The third bid of $181.19 million, or $295.3 psf of gross floor area, came from Hoi Hup Realty, Sunway Developments and Hoi Hup J.V. Development.

Analysts had expected lower bids of between $190 and $300 psf of gross floor area, which would translate into a final selling price of $550 to $600 psf.

By the close of the tender yesterday, developers large and small had put in pitches, from Far East Organization to Sim Lian Land and Chinese firm Qingjian Realty.

City Developments’ unit submitted the second-to-last bid of $140.38 million, or $228.8 psf of gross floor area, while Boon Keng Development was last in with an offer of $121.8 million, or $198.5 psf of gross floor area.

CBRE Research said the large number of bids showed that developers continued to have an upbeat outlook for the suburban residential market, and signalled that they were keen to build up their land banks for suburban development.

‘Six of the 11 bidders expect the new development…to be launched above $600 psf, which would be a reasonable average selling price for a new EC project at this location in today’s market,’ said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.

‘This indicates that about half of the developers in today’s tender expect the price of entry-level homes to increase in the next year or so.’

The winner of the site will have to set aside 95 per cent of the units during the first month of sale for first-time home buyers, as stipulated by the Housing Board.

Frasers Centrepoint is looking to build 500-plus units on the plot, said a spokesman.

‘This site is well located, and in view of the tight supply and great demand, we are confident that it will be an attractive development especially to home buyers who have been recently priced out of the market,’ he said.
The units are not expected to be cheap, given that the top bid is the highest received for an EC site since land was made available for sale from this source in 1997, property experts said.

The previous record, set in May 1997, was at $220 psf of gross floor area, according to CBRE Research.
Based on the top bid’s value, analysts estimate the break-even level to be about $600 to $640 psf, which indicates that final selling prices could range from $650 to $700 psf.

PropNex chief executive Mohamed Ismail said that such a price ‘will seem reasonable’ come the second half of the year, when developers who bought land recently at some $500 psf or more ‘will be marketing their private mass market condos at more than $900 psf’.

At nearby The Rivervale EC, Florida EC and Park Green EC, units were sold at $520 to $600 psf between last October and last month, said CBRE Research.

The Government last put up an EC site for sale in Punggol in September 2008 but failed to attract any bids. The last EC launched was La Casa in Woodlands in May 2005 – for around $550 psf – which was completed in early 2008.

HDB announced yesterday that it will put up for tender a land parcel along Yishun Avenue 11 within the next two months. The site is earmarked for housing development under the Design, Build and Sell Scheme (DBSS) and will have a potential yield of 700 flats, it said.

Source, Straits Times 5 March 2010