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A 13,404 sq ft freehold residential site in the prime Somerset area is up for collective sale.

Owners of the residential site - the 10-unit Mayer Mansion at Devonshire Road - are asking for $38.5 million for the property, inclusive of a development charge of $507,000. The site has a 2.8 plot ratio, which brings the asking price to $1,026 per square feet per plot ratio (psf ppr).

The site has a building height limit of 36 storeys. Richard Quek, managing director of PMC, the property consultancy handling the sale, says that as many as 30 units of 1,250 sq ft each can be built on the site.

‘Sites in the prime Orchard Road area launched over the past 18 months generally have been big-ticket items, requiring massive development capital,’ says Mr Quek. ‘Smaller developers looking to develop upmarket luxury projects in the area, therefore, have been shut out of this market segment. In this regard, the Mayer Mansion site, with a plot size of 13,404 sq ft, affords a rare opportunity for smaller developers wishing to develop an upmarket exclusive project.’

But market watchers told BT that the asking price is relatively high. If a developer pays $1,026 psf ppr for the site, the breakeven cost is estimated to be around $1,500 psf ppr.

The site - about two minutes’ walk to the Somerset MRT station - is in an area that is expected to see increased activity once shopping malls at the former Glutton Square and Somerset MRT sites are complete in about three years. Nearby residences are selling well. The Metz, a luxury 169-unit condo by MCL Land launched in November 2004 at about $1,238 psf, is fully sold, while the 157-unit Ritz Residences has sold about 80 per cent of the 117 units released so far in a soft launch - at an average of at least $1,400 psf.

If the asking price is met, the 10 owners of Mayer Mansion stand to make around $3.8 million each.

Source : Business Times - 5 Sept 2006

The share of the top five nationalities (Malaysia, Indonesia, United Kingdom, India and China) as a percentage of the total number of foreigners buying private homes here has declined over the past few years, according to a caveats analysis by DTZ Debenham Tie Leung.

This has happened because the island’s real estate market has been attracting foreigners from other places - the Middle East, Sweden, Belgium, Greece and Japan - reflecting Singapore’s growing appeal as a global city.

Market watchers also note that the introduction of new products over the past few years - like waterfront condos and bungalows at Sentosa Cove and high-rise city condos facing Marina Bay (The Sail @ Marina Bay) - has raised the appeal of investing in Singapore property among foreign buyers once unacquainted with the local residential market.

Another factor that has put Singapore on the radar screens of international property investors is the government’s decision to have two integrated resorts with casinos here.

The top five nationalities’ share had been consistently above 70 per cent since 2000, and even hovered at 80 per cent or more for every quarter in 2001 and 2002.

It slipped to 68 per cent in Q2 this year, from 70 per cent in both Q1 this year and Q2 last year.

‘This is due partly to the laggard performance of the Singapore private residential market compared to other cities in the region and the growing attraction of Singapore as a global city,’ DTZ said.

‘With developers’ concerted efforts to introduce various quality projects to newer markets such as the Middle East, the profile of foreign buyers is also likely to become increasingly international,’ the report said.

One developer which has been tapping strong foreign interest in its projects is City Developments Ltd (CDL). Its group general manager Chia Ngiang Hong says: ‘Beyond the traditional countries like Malaysia, Indonesia and Hong Kong, there’s growing interest from buyers in newer markets like the Middle East, Japan, UK and the US keen on investing in Singapore property because of its potential.’

‘Some of these new buyers are only just starting to be exposed to investment opportunities in the region, and others are seizing the potential as Singapore transforms itself into a global city.’

Two recent high-end launches by CDL - St Regis Residences in the Tomlinson/Cuscaden roads area, and The Oceanfront @ Sentosa Cove - also drew buyers from European countries like UK, France, Belgium, Finland, Greece and Denmark.

Savvy foreign buyers familiar with the concept of branded residences were drawn to St Regis Residences, Mr Chia noted.

DTZ’s analysis showed that within the five major nationalities, Malaysians and Indonesians continued to be the biggest foreign home buyers here in Q2, each accounting for 20 per cent of overall purchases by foreigners. The number of private homes bought by Malaysians in Q2 totalled 236, while Indonesians purchased 233 homes. UK nationals bought 121 homes, placing them in third position, followed by Indians (116 deals) and mainland Chinese (75 deals or 7 per cent share of the total foreign buying pie in Q2)

Source : Business Times - 4 Sept 2006

Q MY MARRIAGE was solemnised in a foreign country but I am now living in Singapore.

Should my spouse and I divorce, which country’s law will apply?

If I am not wrong, prenuptial agreements are not recognised in Singapore courts.

So is there a legal way to protect my assets such as property, shares and CPF savings from going to my spouse if we divorce?

A The Family Court here can grant divorces for marriages registered in any country if you fulfil two conditions.

Firstly, three years must have passed since the date of your marriage registration in that country.

Secondly, you must be a Singapore citizen or if you are a foreigner, you must have lived in Singapore for a continuous period of three years before you file for divorce.

If you do not satisfy both conditions, you have to consult a divorce lawyer in the country that you registered your marriage in.

You are right: Prenuptial agreements are not enforceable in Singapore’s Family Court.

Before the court grants a final divorce order, it has to make orders in relation to the custody of the children, maintenance for the wife and children, and division of the matrimonial home and matrimonial assets. These are often referred to as ‘ancillary matters’.

Matrimonial assets refer to assets acquired by you or your spouse or both of you before the marriage for the benefit of the family or which are substantially improved upon by either spouse during the marriage.

Assets acquired by either spouse during the marriage also form part of the matrimonial assets.

Your CPF funds, property and shares may be regarded as your matrimonial assets.

You may wish to reach an agreement on the division of the matrimonial assets with your spouse before you file for divorce or during the divorce proceedings.

In this way, you can have a say in how the matrimonial assets are to be shared with your spouse.

A lawyer would be able to assist you in doing this. Such an agreement will ensure that both of you resolve the issue in an amicable and speedy manner.

The Family Court would endorse such an agreement if it is a complete and comprehensive financial settlement. It must also benefit both of you.

Rajan ChettiarLawyerRajan Chettiar & Co

Source : Sunday Times - 3 Sept 2006

Potential profits in the hundreds of thousands await the lucky ones who net such apartments

WHILE some home owners have to wait years for a collective sale windfall, speculative investors can hit the jackpot in just months if their buys pay off.

Last week, Colliers International auctioned off a penthouse at Silver Tower in Cairnhill Road for a whopping $6.12 million - way above its market value of $4.5 million - because it came with the potential reward of collective sale proceeds.

If the collective sale, now at an advanced stage, materialises, the buyer could get $7 million or more.

Properties that could soon be sold en bloc can typically garner a premium of 5 to 15 per cent, said property consultants.

Ms Grace Ng, auctioneer and executive director of property consultancy Colliers International, cited an Aug 16 auction, where she sold a 1,872 sq ft freehold unit in Charlton Garden in the Upper Serangoon Road area for $610,000 - $80,000 more than the opening bid of $530,000.

The four-storey block was put up for collective sale in a tender that closed in May, though the bids did not match the owners’ asking price of $1.1 million each.

But there was keen interest at the auction because the bidders were aware of the collective sale attempt, said Ms Ng.

Salesman David Toh, 40, was one lucky ‘collective sale’ buyer. In 2003, he paid $845,000 for Calrose Garden apartment in Yio Chu Kang Road, well up on the $650,000 opening bid, but made a quick profit of over $200,000.

‘About a month after that, the property’s agent asked if we will accept the collective sale proceeds of nearly $1.15 million,’ said Mr Toh, who did not know about the en bloc sale before his purchase.

The problem, though, is finding such apartments, as canny investors would have swept up most of them early on.

One investor bought a three-bedroom maisonette at 99-year leasehold Gillman Heights, located off Depot Road, for about $580,000 last April. If the collective sale tender for Gillman Heights goes through, the investor could get nearly $900,000.

‘The seller wanted to get rid of his apartment quickly as he was migrating. It was advertised and the buyer called at 7.30am to ask my agent to keep it for him. He said he would pay an extra 1 per cent commission,’ said PropNex Realty’s senior division director, Mr Eric Cheng.

‘We found out later that he already had two units there and seven months later, the property proceeded with a collective sale.’

To get ahead of other buyers, potential investors will need to do some homework on their own or with property agents.

‘You need to know some basic things such as the plot ratio, development charge and height limit of a site. You have to know how much gross floor area a site can take, for example, to access its potential for a collective sale,’ said Mr Cheng.

Of course, a project’s collective sale is very much dependent on the owners’ wish to sell. Assuming that is not a problem, investors will also need pure luck to pick out the right properties, agents said.

‘The rest will also be based on your gut feel of the site’s locality,’ added Mr Cheng.

Source : Sunday Times - 3 Sept 2006

Property on prime freehold site could set benchmark for prices in the area

SINGAPORE Press Holdings (SPH) is developing an upmarket condominium in Thomson Road that analysts say could set a new benchmark for prices in the area.

The property - to be built on a prime freehold site that currently houses SPH’s Times Industrial Building - will be the first residential development for the media company.

The move, which has surprised some market watchers, is expected to yield higher profits than an outright sale of the plot, SPH said in a statement yesterday, and it will better enhance shareholder value.

‘This is an opportunistic project in view of the sustained recovery in the property market and our prior experience in redeveloping The Paragon,’ said SPH chairman Tony Tan.

‘The current market sentiment bodes well for this project, and we are confident that there will be strong demand for the units at this development.’

The project is planned to be an upmarket 43-storey condominium with a gross floor area exceeding 660,000 sq ft. It will be launched next year and built on a relatively large site of about 240,000 sq ft.

It will consist of four-bedroom units, all offering panoramic views of the city and MacRitchie Reservoir, said Mr Peter Ow, executive director of Knight Frank, the project’s marketing agent.

‘Pricing won’t be cheap because of the quality of furnishing that will be fitted,’ said Mr Ow.

‘I expect it to set a new benchmark for prices for the area.’

Property prices in the nearby Novena area have risen between 5 and 10 per cent in the past year, in line with a general recovery of Singapore’s property market. Freehold apartments there now go for about $800 to $1,000 per sq ft, and analysts say prices will continue to rise next year.

Mrs Ong Choon Fah, executive director of property consultancy DTZ Debenham Tie Leung, said the project will probably be the tallest in the area. The nearby Thomson 800 is just 20 storeys.

‘It’s a good location that is convenient and near many amenities, including Novena Square and the Toa Payoh town centre,’ she said.

Dr Tan said: ‘The development will be in a class of its own, catering to the needs of affluent home buyers who value the fantastic view, surrounding greenery, lush landscaping and top-notch design.’

Made earlier this year, the decision to develop the Thomson site surprised some given SPH’s previous sale of its landmark Times House site three years ago.

Also, until last December, the company was still considering offers for the site, which topped a list of non-core property assets it was looking to sell.

An SPH spokesman said the recovery of the property market is now much firmer than in 2003, when the company sold the Kim Seng Road plot to Marco Polo Developments.

The new development is a one-off project and the company, which has no other residential sites, is not planning to buy any more.

The Times Industrial Building was built in the 1960s and used to house the company’s magazines business, which has since moved to a Genting Lane facility.

To build the condominium, SPH has incorporated a new unit called Times Development which will be chaired by director Sum Soon Lim.

Source : Straits Times - 2 Sept 2006