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Thread: Just 2 bids for Ten Mile Junction site

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    Default Just 2 bids for Ten Mile Junction site

    Published April 4, 2008

    Just 2 bids for Ten Mile Junction site

    Kheng Leong unit offers $162.40 psf ppr; Sim Lian Land, $121.60 psf ppr

    By ARTHUR SIM


    THE public tender for an unusual development site at Choa Chu Kang Road and Woodlands Road has closed with just two bids received.

    The site, on which the state-owned Ten Mile Junction currently sits, received a bid of $61 million or about $162.40 per square foot per plot ratio (psf ppr) from Peak Green Pte Ltd.

    The company is understood to be linked to Kheng Leong, the privately owned property group controlled by the family of banker Wee Cho Yaw.

    The second, lower bid of $45.68 million, or $121.60 psf ppr, was put in by Sim Lian Land.

    Earlier estimates had put the value of the site at between $200 psf ppr and $250 psf ppr.

    Savills Singapore director of marketing and business development Ku Swee Yong said that he was surprised by the lower-than-expected bid, but added that rising construction costs may have been a factor.

    Recently, a development site at Jurong West was not awarded because the highest bid received was considered to be too low by the government.

    But while Mr Ku did not know if the higher bid for the Ten Mile Junction site would top the reserve price for the site, he said: 'I think the site should be awarded.'

    'This area is very local and I believe the household incomes are lower,' he added.

    Knight Frank director of research and consultancy Nicholas Mak noted that the current bid is one of the lowest in recent years.

    'The previous time when land tender bids of below $200 psf ppr were submitted was in the period from 2000 to 2002.

    'But during that period, the government did sell some of the sites at prices below $200 psf ppr.'

    On whether the Ten Mile Junction site would be awarded, Mr Mak said that it depended on whether market conditions were the same as those during 2000-2002. 'There is a 50/50 chance,' he added.

    The site, which has a residential potential gross floor area of 254,394 sq ft, could have between 200 and 240 apartments.

    The existing commercial GFA is 121,191 sq ft.

    CB Richard Ellis Research executive director Li Hiaw Ho said that if the site were awarded, the breakeven price for the newly developed residential project will be around $400 psf. This will translate to a possible selling price of about $500 psf.

    Units in Yew Tee Residences, a new 99-year leasehold project and Maysprings, the development closest to the subject site, were transacted at $520-550 psf, he noted.

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    Default Re: Just 2 bids for Ten Mile Junction site

    April 4, 2008

    TENDER FOR RESIDENTIAL PLOT

    Ten Mile Junction site draws top bid of $61m


    THE top bid for a unique 99-year leasehold site in Choa Chu Kang has come in at $61 million, which experts say is within expectations.

    The residential site at the junction of Choa Chu Kang Road and Woodlands Road attracted only two bids, with Peak Green, a unit of Peak Properties, which is controlled by the United Overseas Bank's Wee family, leading the way.

    Its bid of $61 million values the site at $162 per sq ft (psf) per gross floor area. Sim Lian Land's offer was well back at $45.68 million.

    The site has an existing three-storey commercial development - the Ten Mile Junction mall - and was the first residential site above a Light Rapid Transit station offered for sale by the Urban Redevelopment Authority (URA). It has a gross floor area of 254,394 sq ft for residential use, for either flats or service apartments. The mall has a fixed gross floor area of 121,191 sq ft.

    The URA said the tender will be awarded once the bids are evaluated.

    Knight Frank director of research and consultancy Nicholas Mak said the price was within expectations given the location and nearby amenities.

    CBRE Research executive director Li Hiaw Ho said that if the site is awarded to Peak Green, the breakeven price will be around $400 psf. This will translate into a possible selling price of about $500 psf for apartments on the site.

    NICHOLAS FANG

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by mr funny
    April 4, 2008

    TENDER FOR RESIDENTIAL PLOT

    Ten Mile Junction site draws top bid of $61m


    THE top bid for a unique 99-year leasehold site in Choa Chu Kang has come in at $61 million, which experts say is within expectations.

    The residential site at the junction of Choa Chu Kang Road and Woodlands Road attracted only two bids, with Peak Green, a unit of Peak Properties, which is controlled by the United Overseas Bank's Wee family, leading the way.

    Its bid of $61 million values the site at $162 per sq ft (psf) per gross floor area. Sim Lian Land's offer was well back at $45.68 million.

    The site has an existing three-storey commercial development - the Ten Mile Junction mall - and was the first residential site above a Light Rapid Transit station offered for sale by the Urban Redevelopment Authority (URA). It has a gross floor area of 254,394 sq ft for residential use, for either flats or service apartments. The mall has a fixed gross floor area of 121,191 sq ft.

    The URA said the tender will be awarded once the bids are evaluated.

    Knight Frank director of research and consultancy Nicholas Mak said the price was within expectations given the location and nearby amenities.

    CBRE Research executive director Li Hiaw Ho said that if the site is awarded to Peak Green, the breakeven price will be around $400 psf. This will translate into a possible selling price of about $500 psf for apartments on the site.

    NICHOLAS FANG

    Hahaha, 500psf??? Those people living in Maysprings & The Linear better start lowering their expectations hor...

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    Default Property fever here starting to cool

    Friday, April 4, 2008

    Property fever here starting to cool


    More signs of Singapore's property market slowing: Tenders for a plot of government development land have closed, attracting one of the lowest bids in recent years.

    The residential site bordering Choa Chu Kang Road and Woodlands Road on offer attracted just two bids. The highest offer came from an arm of Peak Properties, which is controlled by the Wee family. It offered $61 million, which works out to just $162 per sq ft (psf) per plot ratio.

    Knight Frank research head Nicholas Mak said: "The current bid is one of the lowest in recent years."

    The low point came last month when just $78 psf was offered for land in Westwood Avenue. This was rejected by the Urban Redevelopment Authority (URA).

    The last time residential land bids fell below $200 psf was between 2000 and 2002, at the height of Singapore's decade-long property slump. It is not yet known whether the URA will accept the Peal Properties' offer.

    The Choa Chu Kang Road site can be potentially used to develop up to 240 condominium units or serviced apartments.

    This tender may serve as a good benchmark for another nearby site in Choa Chu Kang Drive. Bids for this site close in May. Prices of completed units in nearby Maysprings condominium recently transacted at an average price of $530 to $630 psf.

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    Default Re: Just 2 bids for Ten Mile Junction site

    ITS ALL HAPPENING FASSSSSSSSSSSSSSTTTTTT!!!!

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    Hahaha, 500psf??? Those people living in Maysprings & The Linear better start lowering their expectations hor...
    Come on, don't be so critical.
    An excellent example is Jurong. For the past few years, lots of people are denouncing Lakeshore. Now, it's going to be a different story. These group of people will start eating their words for saying that Lakeshore is not worth a buy. Look how things change so suddenly and quickly with the wave of the magic wand....

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    Come on, don't be so critical.
    An excellent example is Jurong. For the past few years, lots of people are denouncing Lakeshore. Now, it's going to be a different story. These group of people will start eating their words for saying that Lakeshore is not worth a buy. Look how things change so suddenly and quickly with the wave of the magic wand....
    Would have been better to grow rice there. Atleast can cut imports. Without food how to wave magic wand.

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    Would have been better to grow rice there. Atleast can cut imports. Without food how to wave magic wand.
    Wowww....No one has ever thought of having padi fields in Jurong but you did. You are a real genius. I am so proud that you are a fellow citizen.

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    Default Re: Just 2 bids for Ten Mile Junction site

    Sorry. Jurong is not "successful" yet. Just an announcement, prior masterplans also got a lot of promises, but none materialise. Not forgetting this is 10-15 years later. Do you want to gamble that far? If you want to buy for stay, you should choose a place you are comfortable with today, not 10 years later.
    Quote Originally Posted by Unregistered
    Come on, don't be so critical.
    An excellent example is Jurong. For the past few years, lots of people are denouncing Lakeshore. Now, it's going to be a different story. These group of people will start eating their words for saying that Lakeshore is not worth a buy. Look how things change so suddenly and quickly with the wave of the magic wand....

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    Default Re: Just 2 bids for Ten Mile Junction site

    I remember there used to be a Maysprings thread, and the people there were so excited about how much this bid will "increase" the value of their Maysprings apartment at Bukit Panjang. Quite amusing.

    Quote Originally Posted by Unregistered
    Hahaha, 500psf??? Those people living in Maysprings & The Linear better start lowering their expectations hor...

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    I remember there used to be a Maysprings thread, and the people there were so excited about how much this bid will "increase" the value of their Maysprings apartment at Bukit Panjang. Quite amusing.
    I remember too. Its biggest draw to date is the future MRT station, supposingly at the doorstep.
    But on a separate note, if Jurong and Woodlands regional offices really becomes a reality, Bukit Panjang/Upper Bukit Timah might be worth considering as it is right in the middle of these 2 regional offices. But its going to be a long long time.

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    I remember too. Its biggest draw to date is the future MRT station, supposingly at the doorstep.
    But on a separate note, if Jurong and Woodlands regional offices really becomes a reality, Bukit Panjang/Upper Bukit Timah might be worth considering as it is right in the middle of these 2 regional offices. But its going to be a long long time.
    You want to buy just buy. Very safe. every single damned thing is going up. there is no reason why property prices, regardless of location, will go down. at most maintain at current prices only what.

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    Default Re: Just 2 bids for Ten Mile Junction site

    I think the government should stop releasing more land. Most developers will a decent land bank already and there is a real risk of oversupply....

    On a separate note, the soil testing of downtown line has commenced at Upper Bukit Timah. So can see triangular steel structures - near Hilliside, near Hume Park, opp Rail Mall, in front of Methodist church and near Stand Chart.

    Quote Originally Posted by Unregistered
    I remember too. Its biggest draw to date is the future MRT station, supposingly at the doorstep.
    But on a separate note, if Jurong and Woodlands regional offices really becomes a reality, Bukit Panjang/Upper Bukit Timah might be worth considering as it is right in the middle of these 2 regional offices. But its going to be a long long time.

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    You want to buy just buy. Very safe. every single damned thing is going up. there is no reason why property prices, regardless of location, will go down. at most maintain at current prices only what.
    Agree. Thanks.

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    Default Re: Just 2 bids for Ten Mile Junction site

    Need lots of units and outlets for the foreign talents working on jurong island. But don't expect them to earn super-high salaries because they are only engineers.

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    Quote Originally Posted by Unregistered
    Need lots of units and outlets for the foreign talents working on jurong island. But don't expect them to earn super-high salaries because they are only engineers.
    yes, expect them to rent from those afford to buy.

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    Need lots of units and outlets for the foreign talents working on jurong island. But don't expect them to earn super-high salaries because they are only engineers.
    They are building dorms for them. Wont rent your small condos.

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    Default Re: Just 2 bids for Ten Mile Junction site

    [QUOTE=Unregistered]
    Originally Posted by Unregistered
    Interesting analysis from Singapore expat forum. What do you guys say? Any views?



    Quote:
    Originally Posted by Unregistered
    Posted: Sat Mar 29, 2008 8:54 pm Post subject: Singapore Property Going Down The Tubes?

    --------------------------------------------------------------------------------

    I sent my buddy an e-mail asking if it was a good time to buy property in Singapore...

    He's a Hong Kong based Asia property analyst for a small successful private investment bank.
    He sent me this....(don't shoot me, I'm just the messenger.)

    Quote:
    Well...I would wait at least another 6 months to a year.

    We told clients and investors to sell all Singapore holdings (property, stocks and everything else) in June 2007. We determined that prices would never, ever be higher and were predicting a 15% drop in pricing by March 2008 and 25% drop by June 2008.

    Rationale was simple and not rocket science.

    #1. There was no demand for housing when the boom started.
    The vacancy rates on existing housing were above New York, London, Hong Kong, Tokyo and other major urban market levels. A Singapore property boom made no sense at all.

    #2. Singapore GDP...nice impressive numbers. But the growth was 99% construction related. There is no economic growth when the construction boom ends and those numbers are subtracted from the total.

    #3. The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market.

    #4. Value for money on Singapore property for foreign investors is not good when compared to other projected growth economies. (several factors are weighed including psf, quality of workmanship, size of economy, projected growth of economy, lifestyle and culture of the market.)

    #4. The targeted future population numbers of Singapore are pie in the sky and completely without substance. Singaporeans are not having kids and the demand for jobs in Singapore will be service led lower paying jobs to supply the planned tourism developments. Non of these new inhabitants will be buying or renting condo's, especially in the high-end. And tourists visit, they don't buy or rent.

    #5. Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities.

    #6. There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market. This leads to investors belief in hype and speculation rather than economic principles.

    #7. Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy.

    We expect distress sales in the property market to start soon. The high-end rental market is non-existent and the higher % of all unit sales were high-end investment property, speculator driven.
    These buyers need "wealthy" renters to subsidize the million dollar mortgages. Most locals cannot afford the rents the market is demanding.
    Surveys of multinational companies and banks have indicated that there is no boat-load of expats with a big housing allowance arriving at the Singapore port anytime soon. The new owner is now stuck with 100% of a very expensive monthly mortgage.

    Here is an example of one major high-end development I'm following to prove the point. These are some very telling numbers.
    600+ units launched
    20+ remaining at $2,000 per square foot via the developer.
    100+ units previously sold are now for sale privately less than 7 months after launch for $1,300 to $1,600 per square foot.
    The reason...no rental income.
    That tells me that property owners are willing to admit that market prices are down 25%+ already. Unfortunately, even at a 25% discount, there are no buyers.

    Existing Singapore residents are keeping the rental market buoyant due to the fact they sold their old places and are waiting for the prices to drop...OR...waiting for their new unit to be completed. These people are relatively small in overall numbers and definitely not going to rent high end luxury units. They are driving HDB, middle priced housing rents up right now. They are also demanding 12 month leases or even less if they can get it proving that they are waiting to move or sitting on the sidelines waiting for prices to drop.

    The Singapore property market is massively oversupplied today and more units are on the way. This is not good. This is should be extremely troublesome to anyone who owns property anywhere in that market. The potential valuation losses in the property market could be enormous, especially at the high-end. Overall prices could sink well below SARS levels and this could happen within 6 months to a year.

    The short lived property boom was very much like a pyramid scheme.
    It was all hype and no substance.
    The first guys in are now smoking big cigars.
    The last guys in are now left holding the ashtray.

    ++++++++++++++++++++++++++++++++++++
    Excellent post and thanks for this , I am cancelling my plans to buy property this year!!!!!!!
    QUOTE]

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered

    Interesting analysis from Singapore expat forum. What do you guys say? Any views?



    Quote:
    Originally Posted by Unregistered
    Posted: Sat Mar 29, 2008 8:54 pm Post subject: Singapore Property Going Down The Tubes?

    --------------------------------------------------------------------------------

    I sent my buddy an e-mail asking if it was a good time to buy property in Singapore...

    He's a Hong Kong based Asia property analyst for a small successful private investment bank.
    He sent me this....(don't shoot me, I'm just the messenger.)

    Quote:
    Well...I would wait at least another 6 months to a year.

    We told clients and investors to sell all Singapore holdings (property, stocks and everything else) in June 2007. We determined that prices would never, ever be higher and were predicting a 15% drop in pricing by March 2008 and 25% drop by June 2008.

    Rationale was simple and not rocket science.

    #1. There was no demand for housing when the boom started.
    The vacancy rates on existing housing were above New York, London, Hong Kong, Tokyo and other major urban market levels. A Singapore property boom made no sense at all.

    #2. Singapore GDP...nice impressive numbers. But the growth was 99% construction related. There is no economic growth when the construction boom ends and those numbers are subtracted from the total.

    #3. The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market.

    #4. Value for money on Singapore property for foreign investors is not good when compared to other projected growth economies. (several factors are weighed including psf, quality of workmanship, size of economy, projected growth of economy, lifestyle and culture of the market.)

    #4. The targeted future population numbers of Singapore are pie in the sky and completely without substance. Singaporeans are not having kids and the demand for jobs in Singapore will be service led lower paying jobs to supply the planned tourism developments. Non of these new inhabitants will be buying or renting condo's, especially in the high-end. And tourists visit, they don't buy or rent.

    #5. Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities.

    #6. There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market. This leads to investors belief in hype and speculation rather than economic principles.

    #7. Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy.

    We expect distress sales in the property market to start soon. The high-end rental market is non-existent and the higher % of all unit sales were high-end investment property, speculator driven.
    These buyers need "wealthy" renters to subsidize the million dollar mortgages. Most locals cannot afford the rents the market is demanding.
    Surveys of multinational companies and banks have indicated that there is no boat-load of expats with a big housing allowance arriving at the Singapore port anytime soon. The new owner is now stuck with 100% of a very expensive monthly mortgage.

    Here is an example of one major high-end development I'm following to prove the point. These are some very telling numbers.
    600+ units launched
    20+ remaining at $2,000 per square foot via the developer.
    100+ units previously sold are now for sale privately less than 7 months after launch for $1,300 to $1,600 per square foot.
    The reason...no rental income.
    That tells me that property owners are willing to admit that market prices are down 25%+ already. Unfortunately, even at a 25% discount, there are no buyers.

    Existing Singapore residents are keeping the rental market buoyant due to the fact they sold their old places and are waiting for the prices to drop...OR...waiting for their new unit to be completed. These people are relatively small in overall numbers and definitely not going to rent high end luxury units. They are driving HDB, middle priced housing rents up right now. They are also demanding 12 month leases or even less if they can get it proving that they are waiting to move or sitting on the sidelines waiting for prices to drop.

    The Singapore property market is massively oversupplied today and more units are on the way. This is not good. This is should be extremely troublesome to anyone who owns property anywhere in that market. The potential valuation losses in the property market could be enormous, especially at the high-end. Overall prices could sink well below SARS levels and this could happen within 6 months to a year.

    The short lived property boom was very much like a pyramid scheme.
    It was all hype and no substance.
    The first guys in are now smoking big cigars.
    The last guys in are now left holding the ashtray.

    ++++++++++++++++++++++++++++++++++++
    Excellent post and thanks for this , I am cancelling my plans to buy property this year!!!!!!!
    I am just waiting for the morning to cancell my loan application. Wan can buy soon at 40% less.

  20. #20
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    Default Re: Just 2 bids for Ten Mile Junction site

    Why only 2 Bids for 10 Mile Junction site. Hope the market is not slumping. Flippers like us may get whacked.

  21. #21
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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Messenger

    I sent my buddy an e-mail asking if it was a good time to buy property in Singapore...

    He's a Hong Kong based Asia property analyst for a small successful private investment bank.
    He sent me this....(don't shoot me, I'm just the messenger.)

    Quote:
    Well...I would wait at least another 6 months to a year.

    We told clients and investors to sell all Singapore holdings (property, stocks and everything else) in June 2007. We determined that prices would never, ever be higher and were predicting a 15% drop in pricing by March 2008 and 25% drop by June 2008.

    Rationale was simple and not rocket science.

    #1. There was no demand for housing when the boom started.
    The vacancy rates on existing housing were above New York, London, Hong Kong, Tokyo and other major urban market levels. A Singapore property boom made no sense at all.

    #2. Singapore GDP...nice impressive numbers. But the growth was 99% construction related. There is no economic growth when the construction boom ends and those numbers are subtracted from the total.

    #3. The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market.

    #4. Value for money on Singapore property for foreign investors is not good when compared to other projected growth economies. (several factors are weighed including psf, quality of workmanship, size of economy, projected growth of economy, lifestyle and culture of the market.)

    #4. The targeted future population numbers of Singapore are pie in the sky and completely without substance. Singaporeans are not having kids and the demand for jobs in Singapore will be service led lower paying jobs to supply the planned tourism developments. Non of these new inhabitants will be buying or renting condo's, especially in the high-end. And tourists visit, they don't buy or rent.

    #5. Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities.

    #6. There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market. This leads to investors belief in hype and speculation rather than economic principles.

    #7. Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy.
    I have some questions for Mr. Hong Kong Property Analyst, can you be my "messenger" as well.

    #1. ChannelNewsAsia on 27 February 2008 reported that "Last year, Singapore saw over 63,000 new PRs, an 11-per-cent increase from 2006; and the city-state also welcomed more than 17,000 new citizens, a 30-per-cent jump."

    Every year, we have 63,000 + 17,000 = 80,000 new immigrants, that is not including foreigners who come here on employment pass (but not taking up citizenships or PRs).

    What do you mean "no demand for housing"? May I know where these 80,000 people are going to stay? Inside the canals?

    In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

    http://www.channelnewsasia.com/stori...331492/1/.html

    #2. ChannelNewsAsia reported on 10 August 2007 that Singapore's "Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter, while the construction sector grew by 18 per cent, the strongest growth in almost 10 years. Growth in the manufacturing sector picked up pace to 8.3 per cent."

    No matter how I calculate, I don't know how you arrived at the figure that "growth was 99% construction related."?

    In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

    http://www.channelnewsasia.com/stori...293171/1/.html

    #3. You said "The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market."

    Then may I ask you what about this person called Jet Li?

    Your Hong Kong magazine wrote "Actor Jet Li moved to Singapore last year for his daughters’ education, reported Hong Kong’s Next Magazine recently ... he bought a S$7mil (RM16.1mil) unit at nearby Ardmore Park condominium."

    Is Jet Li a "senior executive" from some Multinational Company? Must luxury housing be only for "senior executives"?

    Is Jet Li's purchase of Armore Park luxury condominium illegal? Since he is not a "senior executive"?

    #4. Can you explain why our "projected growth of economy" is no good?

    A MasterCard International survey showed that"Being often touted recently as the next unexplored, potential-filled Asian emerging economy, Vietnam unsurprisingly registered, among the 13 nations surveyed, the highest score of 94.3 points in the MasterIndex of Consumer Confidence (MCC), which ranges from 0 to 100 points, with Taiwan posting the lowest at 29.7 points. Hong Kong came in second position with a score of 85.9 points, closely followed by China and Singapore, which posted 85.5 and 83.6 points, respectively." http://news.cens.com/cens/html/en/ne...ner_22113.html

    Singapore is ranked fourth, after Vietnam (94.3 points), Hong Kong (85.9 points), China (85.5 points) and Singapore (83.6 points).

    Singapore is ranked 4th and just 2.3 points behind Hong Kong as the next unexplored, potential-filled Asian emerging economy, why is that considered "no good"?

    #4 (You've got two points #4 and this is the second one) You said "Non of these new inhabitants will be buying or renting condo's, especially in the high-end."

    Then what about Dr. Sudhir Gupta, "Born in India, moved to Russia to get Ph.D. in agricultural chemistry. Started tire company in Moscow ... Escaped assassination attempt in Moscow 4 years ago; now shuttles between that city and Singapore, where he's a citizen.

    http://www.forbes.com/lists/2006/79/...upta_AHUD.html

    He bought a luxury bungalow at Binjai Park for $12.55 million and 22 apartments, including the 63rd-storey penthouse, in the second tower of The Sail @ Marina Bay condo for a total $31 million.

    Aren't these properties considered "high end", can you define what is meant by "high end"?

    #5. I don't understand your this statement at all "Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities."

    This statement totally confounds me so I need you to explain what you mean?

    #6. Why do you say that Singapore lacks "real, transparent, objective information available"?

    According to Jones Lang LaSelle report on Global Real Estates Transparency, "Highly Transparent countries for the first time in 2006 are Hong Kong, Sweden, France and Singapore, each having jumped to Tier 1 from Tier 2 since the 2004 survey."

    http://www.joneslanglasalle.com/en-G...kets+Trans.htm

    Singapore and Hong Kong both have been promoted from Tier 2 to Tier 1 as "Highly Transparent Countries", together with Sweden and France.

    So can you please explain your statement "There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market."?

    #7. You predicted that "Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy."

    I want to ask, if you are so good at predicting, then last June (just before the sub-prime) did you go short-sell USD100 billion worth of US stock futures contracts through leveraged margin-trading account? Especially short Bear-Stearns shares, then you would be a multi-billionaire by now.

    Then why are you still working as a "Asia property analyst for a small successful private investment bank."?

  22. #22
    Unregistered
    Guest

    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    I have some questions for Mr. Hong Kong Property Analyst, can you be my "messenger" as well.

    #1. ChannelNewsAsia on 27 February 2008 reported that "Last year, Singapore saw over 63,000 new PRs, an 11-per-cent increase from 2006; and the city-state also welcomed more than 17,000 new citizens, a 30-per-cent jump."

    Every year, we have 63,000 + 17,000 = 80,000 new immigrants, that is not including foreigners who come here on employment pass (but not taking up citizenships or PRs).

    What do you mean "no demand for housing"? May I know where these 80,000 people are going to stay? Inside the canals?

    In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

    http://www.channelnewsasia.com/stori...331492/1/.html

    #2. ChannelNewsAsia reported on 10 August 2007 that Singapore's "Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter, while the construction sector grew by 18 per cent, the strongest growth in almost 10 years. Growth in the manufacturing sector picked up pace to 8.3 per cent."

    No matter how I calculate, I don't know how you arrived at the figure that "growth was 99% construction related."?

    In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

    http://www.channelnewsasia.com/stori...293171/1/.html

    #3. You said "The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market."

    Then may I ask you what about this person called Jet Li?

    Your Hong Kong magazine wrote "Actor Jet Li moved to Singapore last year for his daughters’ education, reported Hong Kong’s Next Magazine recently ... he bought a S$7mil (RM16.1mil) unit at nearby Ardmore Park condominium."

    Is Jet Li a "senior executive" from some Multinational Company? Must luxury housing be only for "senior executives"?

    Is Jet Li's purchase of Armore Park luxury condominium illegal? Since he is not a "senior executive"?

    #4. Can you explain why our "projected growth of economy" is no good?

    A MasterCard International survey showed that"Being often touted recently as the next unexplored, potential-filled Asian emerging economy, Vietnam unsurprisingly registered, among the 13 nations surveyed, the highest score of 94.3 points in the MasterIndex of Consumer Confidence (MCC), which ranges from 0 to 100 points, with Taiwan posting the lowest at 29.7 points. Hong Kong came in second position with a score of 85.9 points, closely followed by China and Singapore, which posted 85.5 and 83.6 points, respectively." http://news.cens.com/cens/html/en/ne...ner_22113.html

    Singapore is ranked fourth, after Vietnam (94.3 points), Hong Kong (85.9 points), China (85.5 points) and Singapore (83.6 points).

    Singapore is ranked 4th and just 2.3 points behind Hong Kong as the next unexplored, potential-filled Asian emerging economy, why is that considered "no good"?

    #4 (You've got two points #4 and this is the second one) You said "Non of these new inhabitants will be buying or renting condo's, especially in the high-end."

    Then what about Dr. Sudhir Gupta, "Born in India, moved to Russia to get Ph.D. in agricultural chemistry. Started tire company in Moscow ... Escaped assassination attempt in Moscow 4 years ago; now shuttles between that city and Singapore, where he's a citizen.

    http://www.forbes.com/lists/2006/79/...upta_AHUD.html

    He bought a luxury bungalow at Binjai Park for $12.55 million and 22 apartments, including the 63rd-storey penthouse, in the second tower of The Sail @ Marina Bay condo for a total $31 million.

    Aren't these properties considered "high end", can you define what is meant by "high end"?

    #5. I don't understand your this statement at all "Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities."

    This statement totally confounds me so I need you to explain what you mean?

    #6. Why do you say that Singapore lacks "real, transparent, objective information available"?

    According to Jones Lang LaSelle report on Global Real Estates Transparency, "Highly Transparent countries for the first time in 2006 are Hong Kong, Sweden, France and Singapore, each having jumped to Tier 1 from Tier 2 since the 2004 survey."

    http://www.joneslanglasalle.com/en-G...kets+Trans.htm

    Singapore and Hong Kong both have been promoted from Tier 2 to Tier 1 as "Highly Transparent Countries", together with Sweden and France.

    So can you please explain your statement "There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market."?

    #7. You predicted that "Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy."

    I want to ask, if you are so good at predicting, then last June (just before the sub-prime) did you go short-sell USD100 billion worth of US stock futures contracts through leveraged margin-trading account? Especially short Bear-Stearns shares, then you would be a multi-billionaire by now.

    Then why are you still working as a "Asia property analyst for a small successful private investment bank."?
    Arguing facts with facts. Well Done !! Proud that you are a Singaporean.

  23. #23
    Unregistered
    Guest

    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    Arguing facts with facts. Well Done !! Proud that you are a Singaporean.
    Yes Yes Yes, brother. We need more people like you in this forum. Otherwise , those bunch of sour grapes (in this board or Spore expat) will flood this board with all sort of nonsense.

  24. #24
    Unregistered
    Guest

    Default Re: Just 2 bids for Ten Mile Junction site

    While I am vested in property, I tend to think that there might be a supply glut coming up. Many new citizens are previously PR, so shouldn't double-count as well. Not all PRs buy properties in the end. Many are working here and do intend to go back to their country/other more prestigious countries after their working stints. I hope the government will review their GLS and release less land, because seriously, I don't think the market can absorb that kind of supply - looking at the home sales figures past few years (even with the PR numbers), the massive supply may outstrip demand come 2009. In fact, the impact is somewhat felt today already.

    Quote Originally Posted by Unregistered
    I have some questions for Mr. Hong Kong Property Analyst, can you be my "messenger" as well.

    #1. ChannelNewsAsia on 27 February 2008 reported that "Last year, Singapore saw over 63,000 new PRs, an 11-per-cent increase from 2006; and the city-state also welcomed more than 17,000 new citizens, a 30-per-cent jump."

    Every year, we have 63,000 + 17,000 = 80,000 new immigrants, that is not including foreigners who come here on employment pass (but not taking up citizenships or PRs).

    What do you mean "no demand for housing"? May I know where these 80,000 people are going to stay? Inside the canals?

    In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

    http://www.channelnewsasia.com/stori...331492/1/.html

    #2. ChannelNewsAsia reported on 10 August 2007 that Singapore's "Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter, while the construction sector grew by 18 per cent, the strongest growth in almost 10 years. Growth in the manufacturing sector picked up pace to 8.3 per cent."

    No matter how I calculate, I don't know how you arrived at the figure that "growth was 99% construction related."?

    In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

    http://www.channelnewsasia.com/stori...293171/1/.html

    #3. You said "The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market."

    Then may I ask you what about this person called Jet Li?

    Your Hong Kong magazine wrote "Actor Jet Li moved to Singapore last year for his daughters’ education, reported Hong Kong’s Next Magazine recently ... he bought a S$7mil (RM16.1mil) unit at nearby Ardmore Park condominium."

    Is Jet Li a "senior executive" from some Multinational Company? Must luxury housing be only for "senior executives"?

    Is Jet Li's purchase of Armore Park luxury condominium illegal? Since he is not a "senior executive"?

    #4. Can you explain why our "projected growth of economy" is no good?

    A MasterCard International survey showed that"Being often touted recently as the next unexplored, potential-filled Asian emerging economy, Vietnam unsurprisingly registered, among the 13 nations surveyed, the highest score of 94.3 points in the MasterIndex of Consumer Confidence (MCC), which ranges from 0 to 100 points, with Taiwan posting the lowest at 29.7 points. Hong Kong came in second position with a score of 85.9 points, closely followed by China and Singapore, which posted 85.5 and 83.6 points, respectively." http://news.cens.com/cens/html/en/ne...ner_22113.html

    Singapore is ranked fourth, after Vietnam (94.3 points), Hong Kong (85.9 points), China (85.5 points) and Singapore (83.6 points).

    Singapore is ranked 4th and just 2.3 points behind Hong Kong as the next unexplored, potential-filled Asian emerging economy, why is that considered "no good"?

    #4 (You've got two points #4 and this is the second one) You said "Non of these new inhabitants will be buying or renting condo's, especially in the high-end."

    Then what about Dr. Sudhir Gupta, "Born in India, moved to Russia to get Ph.D. in agricultural chemistry. Started tire company in Moscow ... Escaped assassination attempt in Moscow 4 years ago; now shuttles between that city and Singapore, where he's a citizen.

    http://www.forbes.com/lists/2006/79/...upta_AHUD.html

    He bought a luxury bungalow at Binjai Park for $12.55 million and 22 apartments, including the 63rd-storey penthouse, in the second tower of The Sail @ Marina Bay condo for a total $31 million.

    Aren't these properties considered "high end", can you define what is meant by "high end"?

    #5. I don't understand your this statement at all "Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities."

    This statement totally confounds me so I need you to explain what you mean?

    #6. Why do you say that Singapore lacks "real, transparent, objective information available"?

    According to Jones Lang LaSelle report on Global Real Estates Transparency, "Highly Transparent countries for the first time in 2006 are Hong Kong, Sweden, France and Singapore, each having jumped to Tier 1 from Tier 2 since the 2004 survey."

    http://www.joneslanglasalle.com/en-G...kets+Trans.htm

    Singapore and Hong Kong both have been promoted from Tier 2 to Tier 1 as "Highly Transparent Countries", together with Sweden and France.

    So can you please explain your statement "There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market."?

    #7. You predicted that "Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy."

    I want to ask, if you are so good at predicting, then last June (just before the sub-prime) did you go short-sell USD100 billion worth of US stock futures contracts through leveraged margin-trading account? Especially short Bear-Stearns shares, then you would be a multi-billionaire by now.

    Then why are you still working as a "Asia property analyst for a small successful private investment bank."?

  25. #25
    Unregistered
    Guest

    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    While I am vested in property, I tend to think that there might be a supply glut coming up. Many new citizens are previously PR, so shouldn't double-count as well. Not all PRs buy properties in the end. Many are working here and do intend to go back to their country/other more prestigious countries after their working stints. I hope the government will review their GLS and release less land, because seriously, I don't think the market can absorb that kind of supply - looking at the home sales figures past few years (even with the PR numbers), the massive supply may outstrip demand come 2009. In fact, the impact is somewhat felt today already.
    US is facing the greatest exodus of their ppl in history right now. Many are dumping their house and migrate to Asia and Australia. Singapore is one of their top destinations. They come and they buy houses. There are no better time for Singapore to reap the world top talent massively.

    I read a news yesterday that Australia rent is projected to jump up by another 50% this year.

  26. #26
    Unregistered
    Guest

    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    While I am vested in property, I tend to think that there might be a supply glut coming up. Many new citizens are previously PR, so shouldn't double-count as well. Not all PRs buy properties in the end. Many are working here and do intend to go back to their country/other more prestigious countries after their working stints. I hope the government will review their GLS and release less land, because seriously, I don't think the market can absorb that kind of supply - looking at the home sales figures past few years (even with the PR numbers), the massive supply may outstrip demand come 2009. In fact, the impact is somewhat felt today already.
    US is facing the greatest exodus of their ppl in history right now. Many are dumping their house and migrate to Asia and Australia. Singapore is one of their top destinations. They come and they buy houses. There are no better time for Singapore to reap the world top talent massively.

    I read a news yesterday that Australia rent is projected to jump up by another 50% this year. But, I don't know how Singapore rental will increase this year. Any comment?

  27. #27
    Unregistered
    Guest

    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    US is facing the greatest exodus of their ppl in history right now. Many are dumping their house and migrate to Asia and Australia. Singapore is one of their top destinations. They come and they buy houses. There are no better time for Singapore to reap the world top talent massively.

    I read a news yesterday that Australia rent is projected to jump up by another 50% this year. But, I don't know how Singapore rental will increase this year. Any comment?
    Yes my phone hasnt stopped ringing. So many want to buy it after seeing the plan for Jurong. How much should I charge more?

  28. #28
    Unregistered
    Guest

    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    While I am vested in property, I tend to think that there might be a supply glut coming up. Many new citizens are previously PR, so shouldn't double-count as well. Not all PRs buy properties in the end. Many are working here and do intend to go back to their country/other more prestigious countries after their working stints. I hope the government will review their GLS and release less land, because seriously, I don't think the market can absorb that kind of supply - looking at the home sales figures past few years (even with the PR numbers), the massive supply may outstrip demand come 2009. In fact, the impact is somewhat felt today already.
    Oh I thought the same too but so much supply coming. People have already started offering 20% less for my upmarket flat after reading about the private homes coming with the Jurong development.

  29. #29
    Unregistered
    Guest

    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    Yes my phone hasnt stopped ringing. So many want to buy it after seeing the plan for Jurong. How much should I charge more?
    U mean Whole of Jurong belongs to u?? wat an idiot.

  30. #30
    Unregistered
    Guest

    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    Sorry. Jurong is not "successful" yet. Just an announcement, prior masterplans also got a lot of promises, but none materialise. Not forgetting this is 10-15 years later. Do you want to gamble that far? If you want to buy for stay, you should choose a place you are comfortable with today, not 10 years later.

    Bull's eyes! I would not dare bet anything more than 10 years for Singapore. When the MM is no longer around, nobody can guess what's next.

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