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Thread: The Rochester (D5, 99 year leasehold, United Engineers)

  1. #1
    Newbie
    Join Date
    Feb 2007
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    366

    Default The Rochester (D5, 99 year leasehold, United Engineers)

    Rumoured to be launching at $1,200PSF. A far cry from $550PSF as originally planned.



    Property
    Published December 19, 2006

    Homes in one-north to be launched early next year

    By UMA SHANKARI

    THE first-ever residential development in science hub one-north, tentatively named One Rochester Park, will be launched around Chinese New Year - and the project is expected to benefit from the new-found buzz of the Rochester Park area.



    One Rochester Park: Most of the apartments in the project will be two-bedroom and three-bedroom units


    The 368-unit development is right next door to the up-and-coming Rochester Park, a dining and retail enclave set against a rustic backdrop of undulating grounds and green canopies.

    The project is developed by United Engineers (UE), which last year secured the public-private partnership (PPP) project to build a business hotel and mixed development in one-north from JTC Corporation.

    Most of the apartments in the project will be 1,200 square feet two-bedroom and 1,500 sq ft three-bedroom units.

    Separately, UE will also be building 250 hotel rooms and 120 serviced residence units.

    The whole mixed development is designed by Tange & Associates, headed by the son of the late Kenzo Tange, who designed UE's flagship development UE Square about a decade ago.

    Said UE: 'The design of one-north, of which the mixed development forms a part, is a self-contained concept - eat, live and play.

    'It promotes the exchange of ideas and interflow of traffic, and as such does not promote boundaries between land use - and hence little or no use of fences.'

    Market watchers said that it is hard to predict the launch price for the development as the concept is new.

    UE has previously said that prices could start at about $550 per sq ft, but with the upward trend in property prices over the past few months, the launch price should be well above that when the time comes.

    Prices will also be boosted by the area's new-found fame - it is fast becoming known for its F&B outlets housed in atmospheric colonial bungalows. UE gained two such bungalows when acquiring the site, which will soon be leased out to F&B tenants.

    One Rochester Park is UE's first wholly owned residential project since the company successfully launched its apartments at UE Square a decade ago. Then, at the height of the property boom, units were sold out within a day, said the company.

    Since then, while UE has taken stakes in other residential projects, it has focused on its core business of engineering and construction.

    In a recent interview with BT, UE's chief executive Jackson Yap said that he was especially interested in working on more PPP projects with JTC.

    UE's managing director David Liew said the company might also look into participating in the request for proposals (RFPs) to build Phase 2B of the cutting-edge science and engineering R&D hub Fusionopolis in one-north, after JTC said it will launch an RFP next year for private developers to build the project.

  2. #2
    Grandfather Clock
    Guest

    Default Re: One Rochester (D5, 99 year leasehold, United Engineers)

    How psf can change in just 3 months!

    $600 psf becomes $1,200 psf!

  3. #3
    Bypasser
    Guest

    Default Re: One Rochester (D5, 99 year leasehold, United Engineers)

    One Rochester launch will now be in May.

  4. #4
    Unregistered
    Guest

    Default Re: One Rochester (D5, 99 year leasehold, United Engineers)

    Quote Originally Posted by Bypasser
    One Rochester launch will now be in May.
    Yep, heard it was delayed. Probably smart of them to do so. No way the market can sustain this kind of buying at this kind of prices for D5 (like at One North Residences). Better to wait awhile for market to cool down, at the same time fuelling bigger interest in D5 through some news articles.

  5. #5
    Makelele
    Guest

    Default Re: One Rochester (D5, 99 year leasehold, United Engineers)

    I have a feeling that somehow this won't do as well as one-north residences... I could be wrong of course. Where one-north was a novelty to the public at that point in time, One Rochester will merely come across as expensive. Hope I'm wrong.

  6. #6
    one-north
    Guest

    Default Re: One Rochester (D5, 99 year leasehold, United Engineers)

    Quote Originally Posted by Bypasser
    One Rochester launch will now be in May.

    It will be early part of May.
    Our wait will be over soon.
    Get ready brothers and sisters!

  7. #7
    Reuters Newsmaker Event
    Guest

    Default MM Expects Growth To Hit Top End Of 4.5-6.5% Forecast

    Quote Originally Posted by Reuters
    Key factor for S'pore economy is whether US consumers will continue to spend
    Audrey Tan
    Assistant Money Editor
    The Straits Times
    25 April 2007

    Singapore's economy is likely to grow at the top end of the official 4.5 to 6.5% growth estimate this year, as long as the United States economy holds up, Minister Mentor Lee Kuan Yew said yesterday.
    A key factor for Singapore's growth is whether US consumers will continue to spend, he said.

    If US consumption is hit by the housing market slowdown or other factors, then Singapore may grow only at the lower end of the range, he said at the Reuters Singapore Newsmaker Event, a dialogue with financial and media professionals, yesterday.

    'My guess is it doesn't look as if there will be a major downturn in the US, so it may be at the higher end (of the growth forecast). But the key factor is the US economy. They're still our biggest single market,' Mr Lee said.

    But fundamentally, Singapore is set to grow, 'short of an oil crisis or major crisis over Iran', he added.

    Even foreign investors from as far as the Middle East and Europe can see the stars are aligned for Singapore.

    There are Gulf Arabs and even people from Monaco buying property in Singapore in the current property upturn, compared to previous property booms where the only foreign buyers were from the region, Mr Lee said.

    'I took that as a great tribute because if you live in Monaco and you are putting money here, obviously you believe this will last as long as Monaco... So it really affirms my conviction that the stars are in the right firmament for us,' he said.

    These property purchases are a strong show of confidence in the Singapore economy, Mr Lee said. 'If they just put money into the stock market, they are off tomorrow. But when you buy property, properties take a long time to negotiate and when you want to liquidate, it takes a long time.'

    Mr Lee's optimism was mirrored by the Monetary Authority of Singapore (MAS), which said yesterday that the local economy is on track for a 4th straight year of robust growth.

    The central bank is sticking to the official growth estimate even as it notes that the US economy is slowing and the global electronics sector is sputtering.

    Singapore's growth momentum may slow in the first half of this year, but will pick up steam in the second half, MAS said in its half-yearly Macroeconomic Review released yesterday.

    A 'sharper-than-expected' US downturn is the key risk to global growth this year, but growth in Asia and Europe should provide some cushion for the global economy, it added.

    In Asia, strong buying from consumers at home could also help offset a slowdown in exports, it added.

    In Singapore, local electronics firms may continue to suffer from the global electronics industry downturn, hurting Singapore's growth momentum in the first half of this year.

    But growing stockpiles in the semiconductor industry - which have hit local electronics firms - should clear in the second half, MAS said.

    In any case, other non-IT-related industries are expected to be key drivers of growth this year, MAS said.

    MAS expects continued growth in non-IT industries, such as transport engineering and the biomedical sector. The finance, retail and tourism industries are also expected to grow, while the property upturn will give a lift to the construction industry, MAS said.

    Growth of between 4.5 and 6.5% this year is well above Singapore's medium-term growth potential of 3 to 5% growth, but is still a significant slowdown from last year's 7.9%.

    That was the third straight year of healthy growth for the local economy, which grew by 6.6 and 8.8%, respectively, in 2005 and 2004.

    But HSBC economist Robert Prior-Wandesforde said Singapore's exports could start to pick up sooner rather than later, which means overall economic growth may well accelerate earlier than the MAS forecast of a second-half recovery.

    MM Sir!
    Can you confirm foreigners are buying and you won't do anything to disturb this uptrend?

  8. #8
    Unregistered
    Guest

    Default Re: One Rochester (D5, 99 year leasehold, United Engineers)

    Quote Originally Posted by Grandfather Clock
    How psf can change in just 3 months!

    $600 psf becomes $1,200 psf!
    There is a lot of upside for Singapore property, only problem is developer has taken the share of upside to the max for you before launch. You have to be a fool to believe there will be a lot of upside left for you. It is possible, but the risk/reward ratios would tell you that it is a lousy investment decision to suck up the the price adjusted property from developer's hand.

  9. #9
    Bargain Hunter
    Guest

    Default RE: Huge Jump In Homes Sold For Above S$5M

    Quote Originally Posted by Joyce Teo (Ms)
    Joyce Teo
    The Straits Time
    25 April 2007

    The number of home buyers paying more than S$5 million for a residential property in Singapore is skyrocketing, a new report has found.

    Property consultancy Savills Singapore said last year, 503 sales were done for homes costing more than S$5 million - an "astounding" 229.9% jump over 2005. About 60% of these high-end homes were bought by Singaporeans.

    And already in the first quarter of this year, the 157 deals made have surpassed the 153 total for all of 2005. Foreigners accounted for a growing proportion - 55% - of the buyers. In 2005, Singaporeans accounted for about 85% of these deals.

    The jump in buyers paying big prices corresponds, not surprisely, with a surge in the prices of high-end homes, particularly in the past 2 years.

    In the first quarter of this year, the average price of super luxury homes has shot up to S$2,747 psf, from less than S$2,400 psf in the fourth quarter.

    However, luxury homes in Singapore are still considered a bargain compared with other major gateway cities around the world, said Savills.

    In London, the world's most expensive city in the high-end market, the average price of high-end homes hovers around S$8,900 psf, it said.

    In New York, such homes cost about S$4,500 psf on average. And apartments in Roppongi Hills in Tokyo cost about S$3,400 psf on average.

    ... in Singapore are still considered a bargain ...

    What? Bargain?
    Let me know. Must grab all these CheapCheap buys.

  10. #10
    Teacher
    Guest

    Default Re: MM Expects Growth To Hit Top End Of 4.5-6.5% Forecast

    Quote Originally Posted by Reuters Newsmaker Event
    MM Sir!
    Can you confirm foreigners are buying and you won't do anything to disturb this uptrend?

    MAS said up already. Will it say up if it intend to disturb the uptrend?
    Let's see who is gonna contradict MM's first world vision.

    one-north is one of Singapore key pillar. You better go grab something in One Rochester. Don't just spend your time sitting at home reading the UBS, Citigroup, MAS, etc. reports. Act now by grabbing something in one-north.

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