Double Bay Residences, Simei St4 (D18, 99LH, 646units, UOL/Kheng Leong)

[kEN9170]

Citi’s new building is a business park facility located at 3 Changi Business Park Crescent.

=> Next year, DBS/Stanchart will follow. May provide rental support to mass market condos in Simei as well as boosting HDB resale value

Most of the banks have relocated their middle/back office operations or IT teams to CBP...majority are local singaporean...dont think will boost the rental mkt.

[jitkiat]

Most of the banks have relocated their middle/back office operations or IT teams to CBP...majority are local singaporean...dont think will boost the rental mkt.

Actually not yet. DBS/Stanchart and another Citibank building is yet to be ready. Barclays/Credit Sussie are already there but numbers quite small. There will be also 2 integrated development sites coming up, one by UE, another by FraserCenterPoint/Ascendas. Our governement would want office rental to stay low.

Majority Singaporeans probably true only for DBS. Nowadays a lot of foreign contract staff in IT. Anyway, hopefully Changi can become a more lively place when CBP has 20,000 working population in 2011 & 4th uni opens in 2013.

[stanchan]

I work in one of the MNC logistics companies in CBP - I can tell you that 90% of my colleagues (expats and locals) do not live in the vicinty of Bedok/Tampines at all. Most travel more than 30 min by car from other parts of Singapore. Nobody feels compelled to get a place near Changi because it is perceived as a business park, not an appealing residential area. All the promises of MNCs relocating to CBP are hype created by developers and agents.

[shespawn]

I work in one of the MNC logistics companies in CBP - I can tell you that 90% of my colleagues (expats and locals) do not live in the vicinty of Bedok/Tampines at all. Most travel more than 30 min by car from other parts of Singapore. Nobody feels compelled to get a place near Changi because it is perceived as a business park, not an appealing residential area. All the promises of MNCs relocating to CBP are hype created by developers and agents.

whether is it hype or not, the CBP is not just one of the potential rental opportunities, there's upcoming new university which will also increase the attractiveness of the rental yield there.

[jitkiat]

CITIGROUP took the wraps off a new $100 million global operations and technology (O&T) hub here yesterday.
The 200,000 sq ft purpose-built facility at the Changi Business Park marks the completion of the first phase of a $220 million plan to centralise Citi’s global O&T units in Singapore.
Acting Minister for Information, Communications and the Arts Lui Tuck Yew, who officially opened the site, -said it allowed Citi to consolidate operations under one roof, resulting in greater synergy and propelling long-term business growth. ‘It is heartening to note that in the midst of the current economic situation, global companies like Citi remain committed to Singapore,’ he said.
The site – which also houses Citi’s 22nd and newest retail banking branch – is now home to 2,000 of its 8,000 staff in Singapore. Most are moving over from older O&T sites in nearby Tampines.
Industry watchers believe Citi’s latest investment in Singapore reaffirms the Republic’s position as a magnet for international financial institutions.
Citi Singapore country head Jonathan Larsen said the building represents a strategic investment in Singapore for Citi.
‘It reinforces Singapore’s role as Citi’s strategic hub for regional management, marketing, operations and technology globally,’ he said.
Mr Larsen’s comments comes a week after Citi surprised Wall Street with second-quarter profits of US$4.3 billion (S$6.25 billion). The bank – named Singapore’s best bank in the Euromoney Awards for Excellence 2009 last week – has been steadily increasing its presence in Singapore, especially in the retail banking space, since 2005.
Mr Larsen disclosed that the bank is working with local transport operator SMRT to expand its local network, especially into the heartland.
‘We plan to set up branches in the north of Singapore, in areas such as Yishun, Sembawang and Sengkang,’ he said.
The Changi hub acts as the new site for Citi’s major processing centres, including its regional service centre for securities and funds administration plus its regional cash processing management unit. It is also the bank’s global processing centre for its wealth management business and transaction services operations, and provides technology infrastructure support and data centre services for Citi’s worldwide operations.

=> Hope more buzz soon in CBP

[cheerful]

Bingo! Somehow know tt u wld post this one (long live DBR ... heeeekee).

[jitkiat]

Bingo! Somehow know tt u wld post this one (long live DBR ... heeeekee).

In stock investment, the biggest mistake is to have emotional attachment to the stock that you own ... for property you call home, it is tough not to be excited if you grow up in that area. Didn't you see WFW owner is so sure about yet-to-annouce MRT location at their doorsteps which will happen only in 2016 at least I can see CBP & 4th uni happen sooner

Met one uncle, he owns 3 properties (Simei Green EC, penthouse in DBR, landed property in Sunbird facing DBR) all within 200m radius ... he said got seaview for the penthse?!

[cheerful]

Yup yup ... agree (home sweet home) ... & yesh, still remember that uncle story u mentioned ya ....

DBR also listed in the top 10 chart wor ... muz also say this like wat someone did at WFW thread mah. Good for u!

[noblebaby]

Since the office rental keep dropping... many will move back to CDB... or not planning to move out so soon...

for the uni... dont think many want to study there... all also want to get into NUS, if not, only try luck at NTU...

Actually not yet. DBS/Stanchart and another Citibank building is yet to be ready. Barclays/Credit Sussie are already there but numbers quite small. There will be also 2 integrated development sites coming up, one by UE, another by FraserCenterPoint/Ascendas. Our governement would want office rental to stay low.

Majority Singaporeans probably true only for DBS. Nowadays a lot of foreign contract staff in IT. Anyway, hopefully Changi can become a more lively place when CBP has 20,000 working population in 2011 & 4th uni opens in 2013.

[jitkiat]

Since the office rental keep dropping... many will move back to CDB... or not planning to move out so soon...

for the uni... dont think many want to study there... all also want to get into NUS, if not, only try luck at NTU...

Most banks (DBS, Citi, Stanchart) signed lease with Ascendas for 5 years ... ultimately it makes sense to house operation & IT in Changi to save cost over long term and consolidate support ppl into single location. This probably has more impact for HDB rental & resale prices.

According to Minister, The 4th uni tie up is with MIT so students must be on par with MIT top-notch standard, cannot anyhow take ... so does not mean apply will sure get knowing Singaporean, ai hao lian, sure many apply one

Anyway, CBP & 4th uni will not affect condo price in the East as much as macro-enonomics like GDP growth, supply & demand etc. Oversuppy problem & US crash in 2011/2012 may kill does not matter whether got new MRT, new uni or whatever positive things you can think of.

Play stocks better, can get out immediately whenever u see sign of crash coming suburban condo if no taker, will be stuck for years liao

[venus]

Has DBR increase their price yet?

[jitkiat]

Stack 1, 8th floor 3br about 680psf. Going going gone soon.

[venus]

was it selling at this price during the initial launch?

[sabian]

Don't be twit and buy into the hype lah.

CBP is for housing the bank's cost centre. Go ask around. Are ops folks paid well? Why so many are FTs?

If these jobs pay well, why need so many FTs?

Even if I am working in Citi Ops, just because my office shifts does not mean I make plans to shift my home/ family as well.

The 4th Uni is likely to be better equipped with hostels than NUS/ NTU. If you are a foreign student, you want to rent cheaper hostel or nearby condo? The 4th Uni has space and the concept is different from SMU (city campus).

I don't see Clementi/PPanjang/BVista having extrordinary rental yield compared to others with NUS nearby.

[shespawn]

was it selling at this price during the initial launch?

early birds got 3% discount for the first 120. after that, they did increase the price and no more discount.

Don't be twit and buy into the hype lah.

CBP is for housing the bank's cost centre. Go ask around. Are ops folks paid well? Why so many are FTs?

If these jobs pay well, why need so many FTs?

Even if I am working in Citi Ops, just because my office shifts does not mean I make plans to shift my home/ family as well.

The 4th Uni is likely to be better equipped with hostels than NUS/ NTU. If you are a foreign student, you want to rent cheaper hostel or nearby condo? The 4th Uni has space and the concept is different from SMU (city campus).

I don't see Clementi/PPanjang/BVista having extrordinary rental yield compared to others with NUS nearby

Well, DBR don't need the CBP to drive up the rent, there are more factors to drive that up. Look at those along the MRt tracks condo developments, their prices also increased. Optima launching at more than 800psf. there's nothing there, except for the landed properties. Casa merah launched at crazy price in 2007, now people are also buying at more than 700psf. Last week, I was there to take a look, and there were many agents bringing buyers at night to look around. Mrt tracks noisy, but people is not detered by that.

oh, and Anna Gwee bought DBR too, does it meant anything?

[forte]

Don't be twit and buy into the hype lah.

CBP is for housing the bank's cost centre. Go ask around. Are ops folks paid well? Why so many are FTs?

If these jobs pay well, why need so many FTs?

Even if I am working in Citi Ops, just because my office shifts does not mean I make plans to shift my home/ family as well.

The 4th Uni is likely to be better equipped with hostels than NUS/ NTU. If you are a foreign student, you want to rent cheaper hostel or nearby condo? The 4th Uni has space and the concept is different from SMU (city campus).

I don't see Clementi/PPanjang/BVista having extrordinary rental yield compared to others with NUS nearby.

I think near international schools will have better rental prospects than local uni....as expats will tend to want to stay near international schools as will be more convenient for their kids...since local uni most probably cater more for Sporeans who will not shift house just for the uni or can stay in hostel.....

[jitkiat]

I think near international schools will have better rental prospects than local uni....as expats will tend to want to stay near international schools as will be more convenient for their kids...since local uni most probably cater more for Sporeans who will not shift house just for the uni or can stay in hostel.....

I am more worried about S&P500 at 1,800 or 400 at the time this project TOP That determines whether the property is at 500psf or 1000psf, whether your rental yield is 2% or 5%

[sabian]

I think near international schools will have better rental prospects than local uni....as expats will tend to want to stay near international schools as will be more convenient for their kids...since local uni most probably cater more for Sporeans who will not shift house just for the uni or can stay in hostel.....

you got that right.

[venus]

early birds got 3% discount for the first 120. after that, they did increase the price and no more discount.

Thanks for the info. Will chk out optima 1st. If too ex then mabbe will reconsider DBR

[jitkiat]

Thanks for the info. Will chk out optima 1st. If too ex then mabbe will reconsider DBR

You can get an idea by looking at Casa Merah's asking price:

http://www.casa-merah.com/

[venus]

You can get an idea by looking at Casa Merah's asking price:

http://www.casa-merah.com/

Recent transactions avg 750psf, someone here mentioned CM owners are now asking for 800psf. But optima rumoured to be launching at 900psf . that's not exactly "market rate" rite? If so, might as well buy CM which is going to top soon and better still further away from mrt not as noisy.

Anyway since I'm looking at bigger unit I'm hoping... just hoping, psf will be lower lah. I know chances quite slim Can forget abt optima liao.

[sabian]

early birds got 3% discount for the first 120. after that, they did increase the price and no more discount.



Well, DBR don't need the CBP to drive up the rent, there are more factors to drive that up. Look at those along the MRt tracks condo developments, their prices also increased. Optima launching at more than 800psf. there's nothing there, except for the landed properties. Casa merah launched at crazy price in 2007, now people are also buying at more than 700psf. Last week, I was there to take a look, and there were many agents bringing buyers at night to look around. Mrt tracks noisy, but people is not detered by that.

oh, and Anna Gwee bought DBR too, does it meant anything?

neber say dbr cannot rent out....no need to pull in CEO related names.

so dun worry...dun kan cheong. u agent/ owner?

[jitkiat]

Recent transactions avg 750psf, someone here mentioned CM owners are now asking for 800psf. But optima rumoured to be launching at 900psf . that's not exactly "market rate" rite? If so, might as well buy CM which is going to top soon and better still further away from mrt not as noisy.

Anyway since I'm looking at bigger unit I'm hoping... just hoping, psf will be lower lah. I know chances quite slim Can forget abt optima liao.

When caveat is lodged at URA, it is probably 1-2 months late. 750psf is probably transacted in June. There is probably already transaction close to 800psf in July. That's why CM owners are asking for 800psf now. WFK is also selling > 750psf now?

[shespawn]

Recent transactions avg 750psf, someone here mentioned CM owners are now asking for 800psf. But optima rumoured to be launching at 900psf . that's not exactly "market rate" rite? If so, might as well buy CM which is going to top soon and better still further away from mrt not as noisy.

Anyway since I'm looking at bigger unit I'm hoping... just hoping, psf will be lower lah. I know chances quite slim Can forget abt optima liao.

i find CM it's better than optima because of the MRT train sound. If you do consider CM, check out the 3 bedrooms facing the landed property side. at night it's pretty peaceful. Not sure abt the west sun facing. I think Optima will have more smaller units since they priced so high.

[venus]

ya facing landed hses side is better. used to stay around there closer to simpang bedok side. Really like the "kampong" feel. However I still think price is too high for this area. Sold my plc there at a loss, abt 100k excldg interest. A very painful lesson. So now I'm very very cautious with such overpriced properties.

[tanumy]

I just bought DBR yesterday and today developer already increase 3% higher. I find the place is great and this district got huge potential in future to come. DBR has great facilities unlike other condo and price also quite attractive in this current market.

SO thumbs up to all those who got unit over there.... cheers.....

[shespawn]

I just bought DBR yesterday and today developer already increase 3% higher. I find the place is great and this district got huge potential in future to come. DBR has great facilities unlike other condo and price also quite attractive in this current market.

SO thumbs up to all those who got unit over there.... cheers.....

oh yah! another neighbour :-)

urs is 3 bedder or 4 bedder? what price did you buy? im hoping my friend buy there too!

[jitkiat]

I just bought DBR yesterday and today developer already increase 3% higher. I find the place is great and this district got huge potential in future to come. DBR has great facilities unlike other condo and price also quite attractive in this current market.

SO thumbs up to all those who got unit over there.... cheers.....

Welcome welcome. You are right about the great facilities and relatively affordable prices. Copied from another website:

• Extensive landscape & water area (occupy 220,000 sq ft of land area- 2/3 of site area, almost 3 football fields)
  
• 4 swimming pools - 50m lap pool, lagoon pool, jungle pool & children's pool
  
• Landscape features:-
  a. Elevated Jacuzzi
  b. One-tree island
  c. Green wall/canopy at main entrance drop off & above clubhouse
  d. Sports Deck (on roof top of carparks)
  
• 5-storey waterfall
• Indoor area of clubhouse & gym = 12,000 sq ft = almost 10 units of 3-bedroom apartments

• Many special clubhouse facilities for residents. Some not easily found on other condos: e.g. Library (for 50 persons - quiet study areas for students); Band room (fully accesorized with drumsets, electric guitar and amplifiers); Piano room

[kale]

any ideas on the mthly maintenance fee?

[jitkiat]

any ideas on the mthly maintenance fee?

2br ~ 250
3br ~ 300