Government announces plans for Jurong Lake District

[Unregistered]

Oh any comments on this observation from the expats forum? Seems a knowledgeable chap. Thanks buddy for educating us. I will delay my buying.

We will not comment on your posting which is irrelevant to the development of Jurong Lake District.

Shemale, this is the Miscellaneous section, please do your business somewhere else. You are supposed to post it in the General section. Unfortunately, you used your asshole to think.

[Unregistered]

I have some questions for Mr. Expat Forum, can any kind soul here help me to convey?

Singapore prime property is grossly overvalued, by historical and global standards - (don't look at the 1996 peak as the benchmark, look at the average of the last 20 years)

I don't know what you mean by "overvalued". If you look at the average of the last 20 years, almost all global cities have gone up tremendously, not just Singapore.

Bombay, Shanghai, London, New York, Hong Kong.

If you look at Hong Kong's property market here:
http://business.fullerton.edu/financ...05.337_356.pdf

and Singapore's property market here:
http://www.redas.com/einformation/mt...vtmeasures.pdf

You can see that both Singapore and Hong Kong have gone up almost synchronously.

London's property prices have also gone up by 279% in the last 10 years.
http://www.easier.com/view/House_Pri...le-109868.html

Hence can you tell me which major international city is not "overvalued" compared to their historical value?

(Please exclude cities like Yangon, Kabul and Baghdad).

Singapore's property cycle is 1-2 years of boom, followed by 1-2 years of decline then 2-5 years of stagnation

Where did you get this idea from?

Look at the following residential price chart from 1960 to 2006

http://www.redas.com/einformation/mt...vtmeasures.pdf

Did you see the continuous climb all the way from Q2 1986 (Index at 33.5 points) all the way to Q2 1996 (Index at 181.4 points). Exactly 10 years and a rise of 440%. Bull-run of the decade!

What do you mean by 1-2 years of boom, followed by 1-2 years of decline?

About 30,000 new prime properties are booked to be completed by 2010, exceeding demand

Can you tell me how do you know that this supply of 30,000 has exceeded the demand?

How did you work out the demand? What are the formulae and data you used to work out the demand?

What exactly is the demand?

Possibly 50% of those were purchased by investors/speculators, many though DPS

DPS entirely skewed the market by allowing speculators/developers/realtors to rapidly pump-up prices with very small financial commitment (2%-20%)

Many of the speculators never planned to own the apartments they bought, but to flip them quickly

With negagitve equity and being highly leverage speculators will be under massive stress. Some will walk, some will sell. Further reducing market prices and sentiment.

Why should the speculators be under "massive stress"? The apartments can easily be rented out.

Don't forget that all the projects coming up TOP this year were bought in 2005, when the price was only 50% of what it is today.

With a rental yield of around 5% (based on current prices) and a mortgage interest rate of only 3%, the bank is subsidising borrowers to the tune of 2% p.a.

For those who've bought 3 years ago at half price (compared to today), that's a yeild of 10% versus a mortgage interest of 3%, the bank is subsidising borrowers to the tune of 7%.

Furthermore, rentals are expected to continue to rise due to the influx of foreingers. Read the following article:

"HDB, private apartment rentals set to rise

By Wong Siew Ying, Channel NewsAsia | Posted: 03 April 2008 0050 hrs
SINGAPORE : Rentals for HDB and mass market private apartments are set to rise in the coming years, with more foreign workers heading for Singapore."

If it looks familiar, it's because it's the title for one of the threads in this forum. Go and read the full article over there.

Please explain where is the "massive stress" coming from?

Is getting 7% p.a. from the bank stressful? Are you referring to the "massive stress" of having too much money?

Singapore's leadership are publicly bearish on the prime property market declaring prices will decline

That is really strange!

MM Lee just said during Chinese New Year on 11 Feb 2008 that "By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."

You can read his full speech here:

http://app.sprinter.gov.sg/data/pr/20080211985.htm

May I ask whether MM Lee is considered part of "Singapore's leadership"?
[QUOTE]Sales of prime properties have collapsed over the in Jan and Feb to the lowest levels in 5 years (BT and ST this week)

Market sentiment is at panic levels. External negative economic pressures and credit crunch is underway now in all developed economies - strong and weak. These will impact Singapore too.[QUOTE]
If sentiment is at "panic level", why then does the URA property price index rise 6.6% in Q4 2007 and then another 4.2% in Q1 2008?

http://www.ura.gov.sg/pr/text/2008/pr08-35.html

Remember that all these happened after the U.S. subprime had started.

If sentiment is at "panic level", then prices should decrease, instead of increase. Are you referring to "panic level" of the buyers, or "panic level" of the sellers?

Asia has not "de-coupled" its economies from the US or WE. Singapore's exports indirectly still go mainly to the US. Consumption is till very low in Chinda. With recession in the US the reduced demand will still hit Singapre. Chinda owe Singapore nothing.

Singapore's 2007Q4 GDP shrank 4.8% I fully expect that the SG.gov is currently pumping the local economy hard to avoid a technical recession.

Singapore's productivity rates in 2007 declined by 0.9% - the greatest decline on record

According to the Ministry of Trade and Industry, "Singapore growth slows to 6.0% in fourth quarter"

Even "On a quarter-on-quarter seasonally adjusted annualised basis, real GDP fell by 3.2 per cent in the quarter compared with a 4.4 per cent gain in the preceding quarter, reflecting a slowdown in the manufacturing sector".

May I known where did you get the figure "shrank 4.8%" from?

http://www.channelnewsasia.com/stori...320244/1/.html

Latest population target is 5.5mln by 2040, or about 10,000 HH per year.

Given current mix that means about 2,000 prime properties required per year

Jobs growth is good, but it is largely at the lowest levels. In coming workers will not be able to live in prime property. Many incoming professionals will not be able to afford prime property rentals without correction

Adam Smith's invisible hand of capitalism will play an influencing role in equalizing the balance

What you mean by "Jobs growth is good, but it is largely at the lowest levels. In coming workers will not be able to live in prime property. Many incoming professionals will not be able to afford prime property rentals"?

Read the following article:

Steaming demand for senior private bankers
7 February 2007

UBS isn't the only one beefing up its senior private banking ranks in Singapore.

The Swiss bank relocated Carlo Grigioni, its formerly Swiss-based global head of private wealth management, to Singapore this month.

Pay for these top individuals is generous – the salary for the average private banker is around S$300k (US$195k). But it can reach considerably more than that. "Last year we came across a few candidates who will hit S$700k to $800k in total compensation," says Koh.

http://news.efinancialcareers.sg/NEW...ewsItemId-9212

Do you think that with a salary of S$300k to $800k per year, these "low level workers" will be able to live in prime properties?

[Unregistered]

Under Mah you can be sure he executes plans and not just talk. Otherwise you won't see ERPs around.

ERP is different, this is money generating project so must execute fast to obtain maximum revenue.

[Unregistered]

Remember the Ponggul 21 hype also in the masterplan? U dunno the meaning of hype issit? Anyway, it takes 10-15 years, so depends on whether u want to wait so long.

So many projects on hand, wonder which lakes or reservoirs or rivers or ponds will be next? So much hype to instill consumer confidence in the property market. Today classified section is full of advertisements on properties for sale, garang guni man will be a happy man afterall.

[Unregistered]

If sentiment is at "panic level", why then does the URA property price index rise 6.6% in Q4 2007 and then another 4.2% in Q1 2008?

http://www.ura.gov.sg/pr/text/2008/pr08-35.html

Remember that all these happened after the U.S. subprime had started.

If sentiment is at "panic level", then prices should decrease, instead of increase. Are you referring to "panic level" of the buyers, or "panic level" of the sellers?

According to the Ministry of Trade and Industry, "Singapore growth slows to 6.0% in fourth quarter"

Even "On a quarter-on-quarter seasonally adjusted annualised basis, real GDP fell by 3.2 per cent in the quarter compared with a 4.4 per cent gain in the preceding quarter, reflecting a slowdown in the manufacturing sector".

May I known where did you get the figure "shrank 4.8%" from?

http://www.channelnewsasia.com/stori...320244/1/.html

What you mean by "Jobs growth is good, but it is largely at the lowest levels. In coming workers will not be able to live in prime property. Many incoming professionals will not be able to afford prime property rentals"?

Read the following article:

Steaming demand for senior private bankers
7 February 2007

UBS isn't the only one beefing up its senior private banking ranks in Singapore.

The Swiss bank relocated Carlo Grigioni, its formerly Swiss-based global head of private wealth management, to Singapore this month.

Pay for these top individuals is generous – the salary for the average private banker is around S$300k (US$195k). But it can reach considerably more than that. "Last year we came across a few candidates who will hit S$700k to $800k in total compensation," says Koh.

http://news.efinancialcareers.sg/NEW...ewsItemId-9212

Do you think that with a salary of S$300k to $800k per year, these "low level workers" will be able to live in prime properties?

Property index went up in Q1 2008 is a fact but if you look beyond, the number of transactions actually decrease. I think you should discount this fact to a certain extent. Pardon me if you have no idea what is statistics manipulation.

I agree that pay for these top individuals are generous, but how many of these are in Singapore? Do you have any ideas? Maybe you have the luxury of meeting many of them, i only heard many pple said they saw a lot of "low level workers" doing roadworks, building IRs, stadium, condos, even in restaurants, they must be earning 300k to 1 mil a year.

[Unregistered]

Oh any comments on this observation from the expats forum? Seems a knowledgeable chap. Thanks buddy for educating us. I will delay my buying.

good. but don't feel heart pain or complain to govt if price continues to move up in next 5-1- years, be responsible to your own decision.

[Unregistered]

Jurong to transform from industrial zone to Lake District
Jessica Cheam
The Straits Times
Saturday, 5 April 2008


An impression of Jurong Lake District in the future. -- Photo: URA


Lakeside, will provide attractions with an education element to attract families. -- Photo: URA

Mention Jurong now and it conjures images of industrial land and sleepy suburban homes - but within the next decade, this district will get a stunning makeover that will transform it into Singapore's only lakeside destination to live, play and work.
The blueprint for Jurong - to be re-branded Jurong Lake District - was unveiled by National Development Minister Mah Bow Tan on Friday at the Urban Redevelopment Authority's (URA) annual seminar for industry players.

The ambitious plan, to be developed over the next 10 to 15 years, involves enlarging waterways, building 1,000 new private homes, 2,800 hotel rooms and adding 500,000 sq m of office space. New tourist attractions, public parks and water activities will also add sparkle to the rejuvenated town.

Jurong Lake District will consist of two complementary precincts - Jurong Gateway and Lakeside - around the Jurong East MRT Station and Jurong Lake in the west region of Singapore.

New homes, offices and retail space will sprout around the Jurong East MRT Station, to be known as Jurong Gateway, making it an attractive commercial hub serving the west region, outside the city centre.

Next to it, a unique leisure destination, Lakeside, will provide attractions with an education element to attract families.

Located around the Jurong East MRT Station, the new plans for the 70 ha Jurong Gateway is to develop it into a vibrant commercial hub with a good mix of office, retail, residential, hotel, entertainment, food & beverage and other complementary uses.

It will be the biggest commercial hub outside the city centre. New waterways and pedestrian linkages will provide seamless connections between the two precincts.

An integrated network of pedestrian walkways between buildings and public facilities will also be created. New landscaped open spaces and park connectors at the street-level and skyrise greenery in buildings will add to the already lush and scenic areas.

Speaking to a 500-strong audience, Mr Mah said Jurong East is perceived by many Singaporeans as a suburban residential and industrial area 'located far away from the citiy centre'. 'However, Jurong is a gem that has yet to be uncovered and refined,' he said.

URA's chief executive Mrs Cheong Koon Hean added: 'Jurong Gateway and Lakeside are precious gems which offer exciting opportunities for the development of leisure attractions and the biggest commercial hub outside the city centre.'

'To realise this vision, the planners have developed strategies that capitalise on the wonderful assets these areas have. These include building upon the strategic location of Jurong Gateway which is well served by road and rail, and in the midst of a large population and customer catchment.

'The lake and its greenery are also unique features which can be enhanced. We would like to bring about a transformed image for this area. The Jurong Lake District will become a much sought after lakeside destination for business and leisure.'

The total potential area for development is 360 ha, close to the size of Marina Bay. The existing Chinese and Japanese Gardens will have added new facilities and activities to make them more attractive for both residents and tourists.

URA said all the attractions around the Jurong Lake will be developed with 'a sensitive approach to the surrounding environment and natural greenery'.


Site Plan Of Jurong Lake District


Jurong Lake DIstrict In The Future

Blueprint for Jurong Lake District unveiled
Jurong Gateway: Biggest commercial hub outside the city



Located around the Jurong East MRT Station, the new plans for the 70 ha Jurong Gateway is to develop it into a vibrant commercial hub with a good mix of office, retail, residential, hotel, entertainment, food & beverage and other complementary uses. It will be the biggest commercial hub outside the city centre.

Jurong Gateway is one of the three regional centres identified under the Concept Plan 1991, as part of a decentralisation strategy to sustain Singapore's growth. While Marina Bay and the city remain as the main commercial centres, new commercial hubs like Jurong Gateway will also be developed outside the city centre to provide more choices of attractive business locations and bring jobs closer to homes. The other two regional centres are Tampines and Woodlands.

Jurong Gateway offers a highly attractive location outside the Central Business District for company headquarters, business services as well as companies in the science and technology sectors. Companies that set up their offices at Jurong Gateway will be able to:
- gain ready access to a large labour and customer pool from more than one million residents in the surrounding towns of Clementi, Bukit Batok, Jurong East and Jurong West.

- enjoy the close proximity to a substantial cluster of multinational and global businesses of more than 3,000 companies around the International Business Park and the Jurong and Tuas Industrial Estates.

- tap on a large talent pool from the many surrounding tertiary institutions and research hubs like the Nanyang Technological University, National University of Singapore, One-North and the Science Park 11 Jurong Gateway is already a major transport hub.

The Jurong East MRT station is the interchange station for the East-West and North-South MRT lines. It is well served by three MRT stations and a bus interchange. Jurong Gateway is also well connected to the rest of the island by two major expressways. It is only about 20 minutes away from the city centre by car or train and just 15 minutes to the Second Link.

More new spaces to come

With more than 50 ha of vacant land available for development, Jurong Gateway will provide about 750,000 sq m of commercial space, more than two and a half times the size of Tampines Regional Centre today.

The 750,000 sq m of commercial space consist of:
- 500,000 sq m of office space and

- 250,000 sq m of retail, food & beverage and entertainment space.

About 2,800 hotel rooms will also be introduced at the fringe of Jurong Gateway, next to Lakeside, to meet the increasing demand for hotel rooms and to cater to the new leisure attractions and businesses that will be introduced around Jurong Lake and Jurong Gateway.

In addition to the commercial space, at least 1,000 new homes will be added around the Jurong East MRT station, providing more opportunities to live and work in the area.

Seamless connections, more greenery

Singaporeans and visitors can look forward to seamless connections and more greenery at Jurong Gateway.

From Jurong East MRT station, pedestrians can walk conveniently and comfortably to most developments and public facilities around the area through an extensive network of walkways. They can also stroll to attractions at Jurong Lake area through a new pedestrian walkway.

There will be an experience of lush greenery with new landscaped open spaces and park connectors introduced at the street-level. Skyrise and rooftop greenery will also be encouraged on many of the buildings in the area.

Key buildings will have scenic views of the lake. For example, buildings around the Jurong East MRT station will step down towards the lake, allowing most developments to have panoramic views of the lake.

Lakeside: New waterfront playground

Jurong Lake and the area around it, known as Lakeside, is the other area in the Jurong Lake District. Spread over 220 ha of land and 70 ha of water, Lakeside is envisaged to be developed into a major leisure destination for Singaporeans and tourists.

The attractions at Jurong Lake will be differentiated from others located in Marina Bay, Southern Waterfront and Mandai.

Singaporeans can look forward to enjoy greater access to the lake with additional green spaces and new attractions around the lake for the whole family.

Bringing the lake closer

There will be greater access to the lake from Jurong Gateway. One idea is to create new waterways to bring the experience of the lake closer to the main commercial hub. Another idea is to create a landscaped walkway from Jurong Gateway to the Lakeside.

New green spaces, better access to the lake

A new public park will be developed at the western edge of Jurong Lake, next to Lakeside MRT station. The waterfront promenade along Jurong Lake will be enhanced as well, making it easier and more pleasant for residents and visitors to enjoy breathtaking views of the lake.

New water activities like kayaking and dragon-boating will be introduced in the lake by the end of 2008 as part of Public Utilities Board (PUB)'s Active Beautiful Clean programme. PUB will also be implementing more public amenities such as boardwalks, fishing points, wetlands and water features at selected stretches of the lake by the end of 2009 to allow people to enjoy more of the lake.

New attractions around the lake

Land is available for four to five attractions around the lake catering to families with young children. Possible attractions could be those with edutainment theme or nature-based attractions leveraging on the lake, or attractions with hotels, food & beverage and retail uses.

They will complement the attractions that are already in Jurong, for example, the Jurong Bird Park, Science Centre and Singapore Discovery Centre. Blending in with the garden and lake settings, these new attractions will offer fresh recreational opportunities around the lake.

The first anchor attraction is the new world class Science Centre. It will be moved next to the Chinese Garden MRT station. The new Science Centre will not only be bigger and more accessible, the new location also provides exciting opportunities to extend the learning experiences beyond the centre to the lake and surrounding green spaces.

A new lakeside village will be created next to the Jurong Lake. Just 10 minutes walking distance away from Jurong Gateway, the village offers an alternative shopping and dining experience, with food & beverage, retail and entertainment uses and boutique hotels by the lakeside.

This village will be connected to Jurong Gateway through a network of walkways, making it a natural gathering place for residents, visitors and people working nearby.

Wow! What a beautiful and impressive plan!