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SUNTEC Real Estate Investment Trust has posted distributable income of about $27 million for the first quarter ended Dec 31, 2006, up 21.7 per cent from the same year-ago period.

The jump was achieved on the back of a 16.5 per cent increase in gross revenue to $45.9 million, thanks partly to a full quarter’s contribution in the latest results from Park Mall and Chijmes bought in October 2005 and December 2005 respectively, as well as from organic growth in both the office and retail portfolios in Q1 2007. Revenue from the acquisition of 12,045-square-foot of strata office space in Suntec City Tower 1, which was completed on Dec 19 last year, was also included in the latest Q1 results.

ARA Trust Management (Suntec) Ltd, the manager of the trust, said it expects the performance of the trust’s portfolio of office and retail properties to strengthen favourably in the year ahead. Distribution per unit for Q1 will be 1.963 cents, which on an annualised basis reflects an annualised distribution yield of 4.1 per cent based on Suntec Reit’s $1.90 closing price on the Singapore Exchange yesterday. The counter ended four cents higher from Friday’s close.

Pursuant to the cumulative distribution on Nov 29 last year of 2.669 cents per unit for the July 1-Nov 5, 2006 period, unit-holders will receive a distribution payout of 1.201 cents per unit for the Nov 6-Dec 31, 2006 period. Giving an update on asset enhancement works at its properties, the trust manager said that Suntec City Mall’s newly opened digital zone e-life@Suntec achieved average rent of close to $16 per square foot (psf) per month compared with $6.14 psf per month previously.

The upcoming youth zone, named ‘MY.PLAYGround’, is slated for opening in early April this year. Works for phase one of the Fashion zone is slated to begin early next month.

Source : Business Times - 30 Jan 2007

A Freehold bungalow at 59 Goodman Road put up for sale by UCO Bank changed hands for $8.5 million in an auction last week.

Bungalow in Katong

In all, eight parties ‘bid vigorously from an opening price of $6.4 million’, according to Knight Frank auctioneer Mary Sai.

After 21 incremental bids of $100,000 each, a Singapore couple walked away with the property in the Katong area last Thursday.

The winning bid works out to $626 per square foot (psf) based on the property’s land area of 13,571 square feet - matching the rates achieved in the location during the last peak of 1995-1996, according to Ms Sai. She also observed that the price fetched was in line with current freehold bungalow prices being achieved in the Bukit Timah area.

UCO Bank had owned the 59 Goodman Road property since 1951. The single-storey freehold bungalow can be redeveloped into at least two new bungalows, according to Knight Frank.

The same auction also saw a freehold strata factory unit at Tong Lee Building in Paya Lebar sold for $445,000 or $149 psf of strata area.

The other 20 properties that also went under the hammer at the auction were withdrawn as their reserve prices were not reached. However, some offers were received for private negotiations such as for an HDB shophouse in Ang Mo Kio, and shop units at Sultan Plaza and North Bridge Road.

Source : Business Times - 30 Jan 2007

All Sky@eleven’s 273 units taken up at an average price of $975 psf

ALL 273 units of Singapore Press Holdings’ (SPH) high-end condominium at Thomson Road have been sold, barely 30 hours after they were released at a special preview on Sunday evening.

The public launch, due to be held this weekend, has been cancelled.

‘Out of every two who walked into the show-flat, one bought,’ said Mr Peter Ow, executive director of marketing agent Knight Frank.

‘We sold out in a much shorter time than Marina Bay Residences and One Shenton, which are in hotter areas. We also managed to achieve benchmark prices of $1,200 psf for the Thomson area.’

Condominiums in the area sell for about $850 per sq ft.

‘If a development of such quality were in the Newton area, it is likely to fetch at least $1,800 psf,’ said Knight Frank research and consultancy director Nicholas Mak.

Mr Ow said buyers were bowled over by the spacious layout and view. ‘Every apartment offers views of MacRitchie Reservoir and the city.

‘The demand is so strong that we have to apologise to our other guests. We had invited 300 guests for the preview which would have lasted until Wednesday. But we will still keep the show-flat open for a few days for those who are interested to view it,’ he added.

The freehold Sky@eleven, launched in the midst of a hot property market, achieved an average price of $975 psf, with the highest price recorded at $1,200 psf, said SPH in a statement last night.

The group said buyers were attracted to the pricing and the unit size, with most ranging from 1,851 sq ft to 2,820 sq ft.

Sky@eleven has eight duplex penthouses - from 3,757 sq ft to nearly 5,600 sq ft - which went for up to $5.8 million each.

‘The condo is like the luxurious Ardmore Park condo of Thomson Road,’ said Mr Mak. The robust demand was also partly due to the strong sentiment in the property market, he said.

‘Some of the demand came from those who have recently sold properties in a collective sale,’ he said. ‘It’s one of the few brand-new condos that offer large units with luxurious fittings.’

Located off Thomson Road, the 43-storey high Sky@eleven is the tallest project in the area and is due for completion by late 2009.

‘The attraction is the spacious and double frontage layouts providing cross ventilation. It’s also an exclusive location as there are few condos nearby,’ said a buyer who snapped up his high-floor unit at an early bird price of $985 psf yesterday morning.

While some SPH staff did buy, the number of deals was ‘insignificant’ when compared with the number of buyers from the public, the group said. There were also no discounts offered to SPH staff and board members.

SPH chairman Tony Tan said: ‘We are extremely happy with the overwhelming response and at the same time very grateful to the buyers for their support for our exclusive development.’

The condominium is developed by Times Development, a wholly owned unit of SPH.

Mr Sum Soon Lim, chairman of Times Development, said: ‘Sky@eleven truly offers value for money given the luxury lifestyle concepts it offers. It can surely claim to be one of the most beautiful, prestigious and iconic residential properties in District 11.’

RED-HOT RESPONSE

‘Out of every two who walked into the show-flat, one bought. We sold out in a much shorter time than Marina Bay Residences and One Shenton, which are in hotter areas.’

MR OW, executive director of marketing agent Knight Frank, on the overwhelming demand

Source : Straits Times - 30 Jan 2007

It expects average prices of between $1,800 and $2,500 psf by year-end

Prices of luxury homes may have surged last year, but CapitaLand is banking on them rising even further this year.

The developer plans to launch up to 1,200 new homes this year, of which about 80 per cent, or as many as 960 units, will be in the high-end segment.

By the end of the year, CapitaLand expects most high-end homes to reach average prices of between $1,800 per sq ft (psf) and $2,500 psf, Ms Patricia Chia, chief executive of CapitaLand Residential Singapore, said yesterday.

Ms Chia even expects a few ’super luxury’ developments to command more than $3,000 psf as an average price.

CapitaLand itself has at least two developments in the pipeline that can be classified in the ’super luxury’ category, she said.

These are the Orchard Turn condominium above Orchard MRT Station and another at the former ANA Hotel site at 1 Nassim Hill.

‘Within what we have today, I would say that Orchard Turn and the ANA Hotel site will fall into this category of super luxury,’ said Ms Chia. ‘This is because the location is very unique, the address is a very desired one.’

Most importantly, these homes are ‘very limited edition, we’re talking about very few units in the market’.

The Orchard Turn condominium is expected to have about 170 units, while the ANA Hotel site will host ‘way below 100 units’.

To date, only a handful of units at two upscale projects - Marina Bay Residences and St Regis Residences - have breached the price level of $3,000 psf.

CapitaLand’s most expensive unit on a psf basis - a home at Scotts HighPark - went for only $2,500 psf.

Apart from these two developments, CapitaLand has lined up other projects for launch soon.

These include new residences on the collective sale sites of Dragon View Park in River Valley and Silver Tower in Cairnhill.

The developer is also ready to launch a new condominium in Meyer Road, built on the former Meyer Tower/First Mansion sites that were bought by DBS Land in 1999, before it merged with Pidemco Land to form CapitaLand.

CapitaLand expects to launch between 1,000 and 1,200 new homes in total this year - around 25 per cent more than the total number it sold last year.

The developer sold 954 units last year for a total of $1.23 billion, up from 882 units worth $1.09 billion in 2005.

Only 11.6 per cent of its total stock remains unsold, said Ms Chia.

The counters of CapitaLand and its group of real estate investment trusts went up yesterday following the media conference.

CapitaLand shares gained 25 cents to close at $6.90, while CapitaCommercial Trust units rose 15 cents to close at $2.74.

Units of CapitaMall Trust went up four cents to $3.28, and those of CapitaRetail China Trust rose 14 cents to close at $2.91.

Ascott Residence Trust was the only CapitaLand-related Reit to close lower. Its units eased one cent to close at $1.74.

Source : Straits Times - 30 Jan 2007

CapitaLand, South-east Asia’s biggest property firm, said on Monday that its business had not been hit by higher sand costs after Indonesia last week banned sand exports to Singapore.

Singapore is among the biggest importers of Indonesian sand, once used for land reclamation and now in strong demand as Singapore’s construction industry recovers after years in the doldrums.

‘Over the past couple of years we had anticipated that construction cost would rise. In addition, we had also earlier sealed the construction contracts for all our ongoing projects,’ Patricia Chia, chief executive of CapitaLand Residential Singapore, said in a presentation to journalists.

Neighbouring Indonesia has banned all sand exports, citing environmental concerns and the need to protect its borders.

The Singapore Government said it does not expect the ban to have a significant impact on the construction sector thanks to other suppliers.

CapitaLand plans to launch 1,000 to 1,200 residential units this year, after selling 954 units worth $1.23 billion (US$800 million) last year, Ms Chia said. The firm sold 882 units worth $1.09 billion in 2005. — REUTERS

Source : Business Times - 29 Jan 2007