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Published January 9, 2007

Concorde Residences in second bid to sell en bloc Owners of building sticking to $51m reserve price By KALPANA RASHIWALA OWNERS of the freehold Concorde Residences in Thomson Road near the junction with Balestier Road are hitting the en bloc trail again after an unsuccessful attempt last year. Concorde Residences: No development charge is payable for the freehold building on Thomson Road And they are sticking to their $51 million reserve price, which reflects a unit land cost of about $534 per square foot of potential gross floor area. No development charge (DC) is payable, according to Realtorhub Real Estate executive director Daniel Ng, whose firm is marketing Concorde Residences. 'During the first tender exercise, the DC factor was not determined and therefore it caused a bit of concern with potential buyers,' he said. 'The owners have now obtained the baseline return from Urban Redevelopment Authority and it is now confirmed that there is no DC payable. 'This time around, with the known fact that DC is not payable and the fact that the market has improved significantly, the reserve price of $51 million is not unreasonable.' Based on the $51 million price tag, the breakeven cost for an apartment development on the site could be about $800-$850 psf, market watchers reckon. Mr Ng confirmed that consent for Concorde Residences' collective sale has been secured from owners controlling at least 80 per cent of share values. The 34,092 sq ft freehold site is zoned for residential use with a 2.8 plot ratio - the ratio of maximum potential gross floor area to land area - and a 36-storey maximum height. The tender for Concorde Residences closes on Feb 9. As well, Realtorhub is offering potential bidders of Concorde Residences two adjoining collective sale buildings - Balestier Court and Bright Building, with respective land areas of 10,429 sq ft and 12,278 sq ft. The requisite consent levels for a collective sale have been obtained from owners of the two properties, Mr Ng said. Balestier Court's $14.8 million reserve price works out to about $507 psf per plot ratio. Bright Building has a reserve price of $15.5 million, which comes to $451 psf ppr. The unit land prices do not include DC. Mr Ng says it has yet to be ascertained whether DC is payable for the two properties. Amalgamating the three sites - Concorde Residences, Balestier Court and Bright Building - would allow a new development with a maximum potential gross floor area of almost 160,000 sq ft. This could yield a new condo of about 130 units averaging 1,200 sq ft. All three sites are freehold with 2.8 plot ratios.

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Jan 9, 2007 Bank sees dip in rates but mortgage rate upped 1 pt IN THE article, 'S'pore economy likely to cool to slower pace this year' (ST, Jan 1), it was reported that 'mortgage borrowers can heave a sigh of relief. Interest rates, which have risen relentlessly since 2004, appear to have peaked and can only head down ...'. For me, I heaved a sigh of disbelief and despair. Three weeks ago, United Overseas Bank (UOB) informed me that my home-loan interest rate will be increased by a full percentage point. I was surprised by the increase, given the general interest-rate trend. Ironically, the article quoted economists from the bank as expecting the local benchmark interest rate to slide to 3.2 per cent from the current 3.44 per cent. I had assumed that my floating interest rate, pegged to UOB's board rate, would be tied to the local benchmark interest rate. Hence, my interest rate would fall, in line with the market trend. I was wrong. While the bank was quick to raise home-loan interest rates when general interest rates were going up last year, this is not the case when general interest rates go down. I also discovered that UOB has multiple board rates - different rates for different customers. When I asked about the board rate as a new customer, I was quoted a lower rate, presumably to attract new customers. To me, the UOB board rate is non-transparent, arbitrary and biased against its customers. More can be done to protect the interests of home-loan customers. I urge the Monetary Authority of Singapore to look into this issue. Chai Ming Yao Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access

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Jan 9, 2007 Developer raises prices by 17% for Lumiere   RIDING THE BOOM: BS Capital is now offering 45 units of the Soho-styled 168-unit Lumiere, which is in Mistri Road near Tanjong Pagar MRT station, at $1,550 psf to $2,100 psf. BS CAPITAL has hiked prices at its city-living condo Lumiere by 17 per cent following the success of nearby One Shenton and Marina Bay Residences. It is offering 45 units of Lumiere at $1,550 per sq ft (psf) to $2,100 psf, although the 168-unit condo is located some distance from Marina Bay, Singapore's reigning property hotspot. Prices at the Soho-styled Lumiere, which is in Mistri Road near Tanjong Pagar MRT station, are above the $1,450 psf to $1,800 psf range achieved for 75 units sold at a soft launch before Christmas. BS Capital is keeping the remaining 48 units for investment. Marina Bay, site of one of the integrated resorts, has become the most desirable area in town after buyers chased up the price of Marina Bay Residences to over $3,400 psf. This set a record for private homes here. That has fuelled more sub-sale interest at The Sail @ Marina Bay and energised demand for One Shenton, which is almost sold out after a frenzied weekend of sales. City Developments (CDL) said One Shenton achieved a price of close to $2,700 psf. CDL only launched the 341-unit condo last Friday, when sales were initially made to whole-floor buyers. By last Saturday, CDL said the condo was more than 95 per cent sold with prices of $1,500 psf to $2,200 psf. 'Singapore's inner-city living lifestyle is evolving,' said BS Capital's chief executive, Mr Chin Teck Chuan. Prices have climbed and are seen rising further, he said. 'The feel-good factor will come in when work starts on the two integrated resorts,' he said. 'I still think there is some room for prices to move from here.' BS Capital, he added, will be focusing on high-end and inner-city living projects. JOYCE TEO Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access

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Jan 9, 2007 Sentosa Cove condo site expected to set new price record Winning bid, to be awarded based on price alone, may exceed $1,000 psf By Property Correspondent, Joyce Teo ANOTHER prime oceanfront condominium plot has been released for sale at red-hot Sentosa Cove - and market watchers expect another record-setting price. A developer may build 200 units to a maximum height of eight storeys on the 157,108 sq ft of land. The tender, which will be awarded solely based on price, opens today and closes on March 6, said Sentosa Cove in a statement yesterday. Sentosa Cove expects the site to attract strong interest from local and overseas developers, as it is one of only three remaining condo land parcels in the high-end residential enclave. Property consultants said the winning bid for this plot, which faces the Southern Islands, is likely to be above $1,000 psf of potential gross floor area. 'This could set a new record land price for Sentosa Cove and add fuel to the already hot market there,' said Knight Frank's director of consultancy and research, Mr Nicholas Mak. The previous record was set late last year by Ho Bee at $919 psf. It was for a condo land parcel in the southern precinct of Sentosa Cove that can be built to a height of six storeys. Since then, plans for Sentosa have become clearer with Genting International and its partner being awarded the integrated resort project there. 'Relative market values have gone up,' said Savills Singapore director for marketing & business development Ku Swee Yong. Also, another development, Marina Bay Residences, has since set a new record for private home prices in Singapore, he said. The Keppel group, too, has said it will launch its Keppel Bay condo in March or April at $1,500 psf to $2,000 psf. Mr Ku thus expects bids to come in at between $1,100 psf and $1,200 psf of potential gross floor area. The winning developer may then sell the new condo from September at prices starting from $1,800 psf to $2,000 psf, he said. Mr Mak said the developer will have to sell at $1,900 psf to $2,000 psf if he pays $1,100 psf for the land. 'This is the current average price of prime properties like Ardmore Park,' he said. In Sentosa Cove, the highest record from a developer sale remains at $1,810 psf for a unit at The Coast. Ho Bee launched the 249-unit The Coast last October. It still has eight units left, which it is selling at about $1,600 psf. Next, it aims to launch its 29 bungalows at Paradise Island in Sentosa Cove for sale in the next two months. Prices of Sentosa Cove developments and plots have risen considerably in the past year. At Ho Bee's 200-unit The Berth by the Cove for instance, the highest price done in the sub-sale market was $1,360 psf for a sea-facing unit last November. The condo was launched at just $785 psf about two years ago. joyceteo@sph.com.sg PRIME PLOT Sentosa Cove expects the site to attract strong interest from local and overseas developers, as it is one of only three remaining condo land parcels in the high-end residential enclave. Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access

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Published January 9, 2007

Record price expected for Sentosa condo site Six bungalow plots awarded, with new benchmark price set at $1,308 psf By KALPANA RASHIWALA THE latest condo site being offered by Sentosa Cove Pte Ltd (SCPL) could fetch as much as $1,100 to $1,200 per square foot of potential gross floor area, market watchers say. Seaview Collection: The 157,108 sq ft condo site boasts a prime location, with unobstructed sea views and facing the Southern Islands. It can be built into an eight-storey condo with about 200 units in total And a spokesman for SCPL revealed yesterday that an expression of interest for six sea-fronting 99-year leasehold bungalow plots that closed in November last year saw a new benchmark price set for bungalow land - $1,308 psf of land area, surpassing previous high of $1,130 psf achieved in October last year. A new record for condo land in the upscale waterfront housing precinct is expected to be set for the latest condo plot offered yesterday, dubbed The Seaview Collection. It is being offered through a tender that closes on March 6. Based on the $1,100 to $1,200 psf per plot ratio top bids predicted for the plot by some observers, the breakeven cost for a new project on the site is estimated at $1,600 to $1,750 psf. Market watchers reckon a new 99-year leasehold condo on the plum site boasting sea views could fetch about $1,800 psf on average if marketed today. Market watchers reckon a new 99-year leasehold condo on the plum site boasting sea views could fetch about $1,800 psf on average if marketed today. Assuming current bullish sentiment in the luxury housing market continues to prevail, there will be further price upside in the location - which suggests potential bidders could still make a decent profit if they bag land for $1,100 to $1,200 psf per plot ratio. The 157,108 sq ft plot is the second of four condo plots in Sentosa Cove's Southern Residential Precinct and can be built into an eight-storey condo with about 200 units in total. The site has a 2.15 plot ratio - the ratio of maximum potential gross floor area to land area. The award will be based solely on price, SCPL said in a statement yesterday. The last condo site sold at Sentosa Cove - the Waterfront Collection, also in the Southern Precinct - was awarded to Ho Bee late last year for about $919 psf ppr. That can be developed into a six-storey condo. Seaview Collection boasts a more prime location, with unobstructed sea views and facing Southern Islands. It is next to an even more coveted site designated for a 15-storey condo at the entrance to Sentosa Cove's marina basin. This is expected to be offered later this year. Knight Frank director Nicholas Mak reckons the winning bid for The Seaview Collection will exceed $1,000 psf ppr. 'The bidding for this site will add more fuel to the already hot market on Sentosa Cove,' he said. A spokesman for SCPL also revealed yesterday that after an expression of interest exercise that closed in November last year, six seafront bungalow parcels offered on an individual basis have been awarded to the respective top bidders at prices ranging from $927 psf to $1,308 psf of land area, or absolute sums of $8.1 million to $17.2 million. Singaporeans picked up four of the plots, with a Malaysian and an Indian buying one each. A tender for the en bloc sale of two man-made islands - Pearl & Sandy in the Southern Precinct - also closed in November. Bids have been evaluated but an award is still pending approval from SCPL's parent ministry, the Ministry of Trade and Industry. SCPL has sold all the land parcels in Sentosa Cove's Northern Residential Precinct - for a total of 1,528 homes. The Southern Precinct will have 145 bungalow plots - of which 33 have been sold. The four condo plots in Southern Precinct are for development into 762 homes in total.

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Jan 7, 2007 Will I be forced to sell my house if I'm still bankrupt at 55? Q MY WIFE and I bought a private house about nine years ago. I was declared a bankrupt about three years ago because I was a guarantor for loans in my previous company amounting to more than $1 million. We are still living in the house as my wife is still servicing the mortgage, which is currently less than $30,000. I think the reason that the Official Assignee (OA) has not required me to sell the house is that the market value of the house is much less than the Central Provident Fund savings we have used to buy the house. I will be turning 55 in five years' time and do not see myself being discharged from bankruptcy. Will the OA force me to sell my house when I reach 55? If I am forced to sell, will the proceeds go back to my CPF account or will they be used to settle with my creditors? Is it wise for my wife to buy my share of my house now as she has the means? A The OA will not force you to sell your house when you reach 55. Only your mortgagee bank can foreclose on your house if you default on your housing loan. Your CPF monies are protected from all other creditors under section 24 of the CPF Act. For foreclosure by your mortgagee bank, your CPF monies are protected as your housing loan was taken before Sept 1, 2002. Prior to this date, the first charge on all private property mortgages was the CPF Board. However, if you have re-financed your housing loan after this date, the first charge will have been changed to the mortgagee bank. If this is the case, your CPF monies plus accrued interest utilised for the property will not be protected from the mortgagee bank, but will be protected from all other creditors. If at the time of foreclosure, your spouse is below age 55, her CPF savings used for the mortgage and accrued interest will be returned to her CPF account if your loan was taken before Sept 1, 2002. Since Sept 1, 2002, banks have the first charge on private property, and since Jan 1, 2003, banks also have the first charge on HDB bank loans. If your wife buys your share of the house, your CPF monies used for the mortgage and accrued interest will be returned to your CPF account. However, any surplus amount will form part of your assets, which will be subject to the OA's consideration with regard to your bankruptcy and subsequent discharge. Leong Sze Hian President Society of Financial Service Professionals Advice provided in this column is not meant as a substitute for comprehensive professional advice. E-mail questions to chanteik@sph.com.sg Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access

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Jan 8, 2007 More buildings set to go green 21 buildings on track to get Green Mark; Marina Bay IR, new HDB flats aim to be eco-friendly By Jessica Cheam   ECO-FRIENDLY: A total of 34 buildings here, like the Botanic Gardens' visitor centre, already have the Green Mark. -- ANDREW TAN GOING green is slowly, but surely, catching on in Singapore. Several buildings are already proudly brandishing the Green Mark, which proclaims that they are energy-efficient and environmentally friendly. The Marina Bay integrated resort is in talks to get the mark; Singapore's newest hospital will also have it; even some new flats in HDB estates will come on board. So far, 34 buildings already have the mark - launched in January 2005 by the Building and Construction Authority (BCA) - and 21 more are on track to satisfying the criteria. Among them is the 100,000 sq m Alexandra Hospital in Yishun. By the time it is completed in 2009, it will have features such as roof gardens, energy-efficient lighting and air-conditioning systems, rainwater harvesting technology and solar panels. Also in the pipeline are 'green' Housing Board flats - likely to be in Punggol - said a HDB spokesman, adding that the board is working with town councils to install green features in existing estates. Even private home owners are getting into the act, putting up solar heaters, said Mr Phillip Lee, owner of Omega Trading, which specialises in providing hot water using solar energy. City Developments (CDL) is leading the private sector charge with 12 buildings already boasting the Green Mark. It is developing eight of the 17 upcoming private green buildings, such as City Square Mall, The Oceanfront @ Sentosa Cove and One Shenton. City Square Mall, a $180 million development due to be completed in 2009, has a central air-conditioning system which achieves optimum indoor temperatures. It costs an additional $700,000 compared to a standard system, but CDL forecasts that it will save $500,000 a year in energy bills - thus recovering its investment in less than two years. The Green Mark Buildings programme offers developers several incentives, the latest of which was revealed recently by Minister of State for National Development Grace Fu. On Dec 14, she announced the setting up of a $20 million kitty to entice private developers, and a further $50 million for research and development in green technology. Developers can draw cash incentives of up to $3 million per project. Said CDL general manager for projects Eddie Wong: 'The incentives offered are only the icing on the cake. Ultimately, stakeholders must have a change in mindset, a corporate philosophy, a commitment.' However, despite the obvious financial - and environmental - benefits, some developers have not latched on to the idea. These are the ones who build to sell, and therefore have no long-term stake. 'This is an area that needs help. Consumers should be taught to be smart buyers. When they're aware of the benefits, it doesn't make business sense for developers to ignore the market,' said Mr Wong. Mr Pua Seck Guan, chief executive of CapitaLand's retail arm, said green efforts are part of its corporate social responsibilities. Its Plaza Singapura - going green this year - has a skyroof that keeps heat out of the building while admitting natural light. CapitaLand also has three other green buildings: Varsity Park Condominium, Capital Tower and One George Street. All this spells good business for companies providing eco-friendly products and services. Mr Lee of Omega Trading said that demand for his company's products has been slowly increasing in the past two years. However, he added a word of caution: 'We hope that this is sustainable, and not just 'fashionable'.' Etam Holdings, which manufactures and sells compost units that convert foodwaste into fertiliser, is looking forward to higher sales. Said managing director John Teo: 'There's definitely a big demand, but it's still going to take a bit more time to change the local mentality of investing in green products.' jcheam@sph.com.sg CHANGE OF MINDSET NEEDED 'The incentives offered are only the icing on the cake. Ultimately, stakeholders must have a change in mindset, a corporate philosophy, a commitment.' MR EDDIE WONG, CDL general manager for projects Assessment criteria   Energy efficiency (35 points) Building design and orientation, facade materials. Energy-efficient features, such as environmentally friendly equipment or technology in air-conditioning and lighting. Building management (20) Eco-friendliness of building process, for example, conservation of trees on site and use of environmentally friendly materials. Water efficiency (15) Water-conservancy efforts, such as using non-potable water for cooling towers and toilets. Indoor environment quality (15) Levels of carbon monoxide and carbon dioxide inside the building - even in basement carparks. Adequate lighting and optimum temperature and humidity. Low noise levels and indoor air pollution. Environmental innovation (15) New eco-friendly technological innovations, such as waterless urinals and light pipes which transmit natural light into basement carparks to reduce lighting load. There are different Green Mark awards: For basic certification, 55 to 69 points are required. For Gold, between 70 and 79; for Gold Plus, 80 to 84; and for Platinum, 85 to 100 points.                                       Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access

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