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I REFER to the article, ‘Ex-Red House Bakery to be part of $15m project’ (ST, July 30).

It was fascinating to read about the history of the Red House and the purpose it plays in raising money for those in need. Clearly, it is a building that possesses not only architectural originality, but also an admirable raison d’etre.

Thus, it was with concern that I read about the ongoing plans to redevelop the Red House, and the area around it. Have the developers considered the visual and aesthetic impact of the proposed five-storey building on the surrounding historic Katong landscape?

In a district of low-rise shophouses and residential units, the modernist glass facade of the proposed apartment block is a potentially jarring element.

It would be reassuring to hear from Warees Investments about the steps that the developers may be planning to undertake to ensure that the overall integrity of the area is maintained.

Additionally, in response to Mr Mohammad Zahid Yacob, I wonder if Katong really needs to be revitalised. Anyone who has visited the area would know that it is a bustling neighbourhood, with many people frequenting its grocery stores and coffee shops from dawn to dusk. Parking can often be a nightmare.

In my view, Katong does not need to be made any more ‘happening’. It already is - it is a compact neighbourhood with a genuine community function and inspires much love and loyalty in the hearts of its long-time residents.

Ken Lee Jun-Jie
 
Source : Straits Times - 1 Aug 2007

A Second prime plot at Marina View with a price tag expected to exceed $1 billion was launched for sale yesterday in a move to help meet the demand for office space.

The 0.9ha site is adjacent to another plot that was launched for sale in late May. Both sites are behind the One Shenton condominium and Shenton House, and both are expected to attract major property developers and funds.

Knight Frank’s Mr Nicholas Mak expects the new site to fetch bids of $1.1 billion to $1.3 billion or $900 per sq ft to $1,060 per sq ft of potential gross floor area.

Both plots are ‘white sites’, meaning they can be used for a variety of uses, although the Urban Redevelopment Authority (URA) can impose conditions.

In this case, the URA said the new 0.9ha site can yield a gross floor area of 113,580 sq m but at least 60 per cent must be earmarked for office. And at least 25 per cent has to be set aside for hotel use. This area could yield about 550 rooms. The rest may be used for residential and other commercial uses such as retail.

The site will be connected to nearby projects such as One Raffles Quay, Marina Bay Financial Centre and One Shenton through a network of covered and underground walkways and second-storey links. Its tender closes on Nov 13.

Separately, industrial landlord JTC Corporation said it saw strong demand for its ready-built factory space in the second quarter. Net allocation for ready-built facilities - which include factories, warehouses and technopreneur space - reached 58,200 sq m, up from 6,700 sq m in the first quarter. This helped raise the occupancy of such facilities by 1 per cent to 89 per cent.

But demand for prepared industrial land - which allows tenants to build their own facilities - fell from a high of 95.7ha in the first quarter to 64.4ha in the second quarter.

Source : Straits Times - 1 Aug 2007

Measures are in place to enforce industry standards

Letter from Tan Heng Huay
Deputy Director (Public Affairs)
Housing & Development Board (HDB)
and Lee Leng Kiong
Director (Corporate Communications), Inland Revenue Authority of Singapore (Iras)

We refer to the letter by Mr Teo Cheng Peow, “Putting the house in order” (July 11).

The HDB and Iras have been working with the Singapore Institute of Surveyors and Valuers and the Institute of Estate Agents to provide property buyers/sellers with more effective consumer protection, and support the drive of the real estate industry towards greater professionalism.

An accreditation scheme for real estate agents, the Singapore Accredited Estate Agencies (SAEA) Scheme, was set up in November 2005. It sets education and practice standards for estate agents and conducts disciplinary hearings to look into complaints against member agents and their agencies. We will continue to work with the SAEA on the scheme to improve professionalism standards.

To prevent flat buyers and sellers from being taken advantage of by unscrupulous estate agents, HDB conducts monthly resale seminars on policies and procedures pertaining to the transaction of resale flats. A comprehensive guide to the resale process is available on the HDB InfoWeb at www.hdb.gov.sg.

HDB has set up the e-Resale System, which allows resale flat buyers and sellers who transact without engaging housing agents, to submit resale applications and valuation requests electronically. Property buyers and sellers may check if a housing agent is licensed, or view the criteria for granting of a housing agent’s licence, at www.iras.gov.sg.

Those who need clarifications on the policies and procedures involving the transaction of resale HDB flats, can call HDB’s Sales/Resale Customer Service Line at 1800 866 3066, or visit HDB Hub during office hours. For enquiries on housing agents’ licences, they can call Iras at 6351 2465.

… and looking out for consumers

Letter from Manisah Jalil
Secretariat, S’pore Accredited Estate Agencies

We refer to the letter “Putting the house in order” (July 11). We understand the writer’s concern that is also shared by the public.

Our approach to assist in resolving problems involving unprofessional real estate agent conduct is through the Singapore Accredited Estate Agencies (SAEA) Scheme. SAEA was formed by industry professionals supported by government agencies in November 2005, to accredit property agents and agencies to raise industry professionalism and competence.

The SAEA seeks to ensure that by end-2008, all agents under the scheme pass the Common Examinations for House Agents and become Accredited Agents. However, the scheme may take some time to be accepted by the industry.

Accredited agencies and their agents adhere to a Code of Practice and Code of Conduct and Ethics. Disciplinary action will be taken against agencies and agents for any breach of these codes. The SAEA’s two codes and list of accredited agencies are listed on www.saea.org.sg. A search can be made to see if an agency or agent is accredited.

The SAEA does not condone agents avoiding co-broking to secure full fees from a buyer or seller. We urge potential buyers, sellers, landlords and tenants to support the scheme. We provide objective guidance and will act in the best interests of industry and public.

Source : Today - 1 Aug 2007

EDB poll also shows manufacturers are wary about H2 business climate

JTC has benefited from the office sector crunch as businesses priced out of the traditional corporate space seek out new locations to house their operations.

According to JTC’s latest quarterly figures released yesterday, demand for JTC flatted factory space grew 2.5 per cent to 1.11 million square metres (sq m) in the second quarter of the year. Supply was unchanged at 1.417 million sq m, pushing occupancy rate 2 percentage points up to 78 per cent over the first three months of 2007.

The data also showed that occupancy of technopreneur space — or facilities specially designed for technology-based activities — reached a high of 85 per cent during the same period, a 14-percentage-point rise from the quarter before.

“There is high demand coming from the office sector, where backroom operations are being moved towards lower cost facilities away from the business districts,” said Mr Dominic Peters, director of industrial, Savills Singapore.

Mr Donald Han, managing director of Cushman & Wakefield, agreed: “Tenants who cannot afford the office rentals are moving to fringe areas like Kallang and Henderson. The main beneficiaries are the business parks and industrial properties.”

For the second quarter, JTC’s net allocation of ready-built facilities, including flatted factories and business parks, climbed to 58,200 sq m, up from 6,700 sq m in the first quarter.

Yet Mr Han said: “Occupancy levels are higher for most centralised industrial space like those in Henderson and the Lower Delta areas (where) we’re seeing 90- to 93-per-cent occupancy.”

Technopreneur@Bukit Merah reached full occupancy and business park space on the whole enjoyed a high 93-per-cent occupancy rate, JTC said.

Meanwhile, the Economic Development Board said its second quarter business confidence survey showed manufacturers were less optimistic about business conditions for the second half of this year.

The EDB surveyed 381 manufacturing companies for their business expectations. A net-weighted 22 per cent forecasted better conditions in coming months — a slight decline from the 26 per cent in the previous quarter.

This easing of sentiment is apparent in a couple of manufacturing clusters. Electronics companies’ positive sentiment moderated from 38 per cent a quarter ago to 34 per cent, while precision engineering firms slid from 24 per cent to 12 per cent.

For manufacturers in the transport engineering, chemical and biomedical manufacturing clusters, expectations remained largely at the same level.

The general manufacturing industries, especially the food, beverages and tobacco, and miscellaneous industries, displayed stronger sentiments as consumer spending and the construction sector performance stays strong.

More than half the firms surveyed said there are no limiting factors affecting their ability to get more export orders. Of the 43 per cent that felt otherwise, 28 per cent cited price competition from overseas competitors as the biggest factor. Other limiting factors cited included raw material and hiring constraints.

Source : Today - 1 Aug 2007

The Urban Redevelopment Authority yesterday offered a 0.9-hectare land parcel at prime site Marina View (picture) for tender.

Second Prime Marina Site

It estimates that at least 60 per cent of its gross floor area will be developed for office use, 25 per cent for hotels, and 15 per cent for retail, residential or entertainment purposes.

The parcel — the second white site to be offered in Marina View — has a gross plot ratio of 13, yielding a maximum gross floor area of 113,580 sq m.

The land parcel is part of the huge government land sales programme announced last month — indicative of the Government’s determination to contain the hefty rise in property prices.

Analysts expect big developers such as City Development and CapitaLand to bid for the land.

The site enjoys direct frontage onto a public open space linking Marina Boulevard to Straits Boulevard, so that all buildings would have panoramic views of the city skyline and Marina Bay. Also, the area will also be served by an extensive network of covered underground space and other links.

Mr Wallace Chu, DBS Vickers’ property analyst, said timing is important for whoever gets the bid.

“They want to build it as soon as they can, to catch as much of the demand as they can,” he said, adding that financial institutions will probably snap up the space.

Bidders will likely take the cue from Mapletree Investments’ recent $391.9-million offer of an Anson Road site.

The tender closes in November.

Source : Today - 1 Aug 2007