Therefore CDL must be very pleased that they have fully launched all developments at the Balestier and Thomson area before 31^st Aug 2010, the date that the measures are made effective. However it is not so to Popular Holding Ltd owning 2 plots of lands at the same area. Popular Holding targeted to launch its project, 8 Raja, later this year, consisting of 2 parcels of land at No. 8 Jalan Raja Udang, and 15 Jalan Datoh. In year 2007, Popular purchased all the strata units at View Point at Jalan Datoh  for $16.5mil and at Shiba Apartments at Jalan Raja Udang for $15.5 mil. For a company with household name that best known for its bookstores and schoolbooks, the venture into Singapore property has been viewed as rather testing and risky. We will see if the launch schedule will be as planned, or like several project launches, which have been delayed till hthe dusts have settled down.

In the tucked away prestigious district 11 along Gilstead Road, it lies the exclusive development Gilstead Brooks design by the award winning WOHA architect. It is a 28 unit cluster housing project of modern Zen style terraced house. They are built with four spacious bedrooms and underground private garage for two cars. Each house is also equipped with three bathrooms, a Jacuzzi, a study and storage room. Its unique terrace-like landscape gives every home owner the convenience and a little privacy of enjoying the luxury of swimming in the communal pool which is just several steps away from the door.

The town houses are arranged around a flourishing beautiful central garden, overlooking swimming pool. Lush, terraced landscaping and sparkling, babbling brooks provide a visual delight while the delicate foliage of tropical trees create privacy and dappled shade. Planters and features walls designed to enhance and extend living spaces, together with the shimmering water from the 27m feature swimming pool forms the centre of the development.

There is currently one beautiful unit available with area 3068 sf, asking for $3.3 mil. Should you be interested in viewing the unit, or unit owners wishing to engage my service, welcome to contact me at 9681 7684.

In today’s sellers’ market, many of house owners are considering selling the houses at good price, trying to match the successful launches nearby. However I do sense signs of resistance in resale market from buyers, especially in older developments asking close to nearby new launched projects prices.

I understand all buyers would like to sell a price a notch higher than the market value, especially with the current market moving upwards. There is an expectation that I will try to manage in guiding the right selling price that all sellers should have. In order to sell your house at a good price within a reasonable time frame, you should be looking a fair market value that an informed buyer will pay.

Other than giving a Comparative Market Analysis (CMA) of your house, I would give you some realistic figure based on the latest market performance in terms of current interest rates, the rental market, and other updates that will affect your selling.

All sellers want to fetch the best pricing in selling their houses, yet minimizing the frustration and stress along the way and facilitating the process smoothly and shortly are equally critical.

Other than the pricing being important, the other key is to give yourself as much time as possible in selling. It would open up to more offers. The realistic average time one should aim at is 90 days, very much depending on your asking price, house location and condition.

CLOSING THE DEAL

When it comes to negotiating a deal, I will make sure my clients are thinking clearly when accepting an offer or objecting an offer thinking the other party will counter offer. Let’s state one scenario:

In the first weekend of the openhouse, we have a first buyer making an offer just $10k below the asking price. It makes you so positive about your house worth and the uprising real estate market that you counter with $10k above the listing price. The buyer is annoyed that you do not adhere to the listing price and walk away.

Thinking that the 1^st buyer already making offer close to your listing price, you decide to stick on to $10k above asking and waited. Of course that is always a chance that you get a full priced offer on the next day, however there also stand a possibility that you end up the only one offer you receive in the next 2 months.

I make sure that all specific scenarios and offers are being put into perspective for all sellers, that may most of time save the frustration and annoyance in salvaging a deal that you should able to close smoothly.

Do drop me a note if you have query in selling your house. I will try to reply within 3 days. If not, you are welcome to call me anytime at my hp 9681 7684.

The part continues to cover the project Thomson 368.

 UNIT PLANS

The architect has managed to submit Thomson 368 in time and enjoyed the GFA exemption of bay window and planter box.

1+Study:

The 1+Study unit of 689 sf comes with an open kitchen concept. For a size of this type, the occupiers are expected to be single or newly wedded couple with no kids. Therefore open kitchen with basic appliances may work well for you. However I do not like the idea of walking through the longish corridor along kitchen before reaching the rather small living space. The placement of the dining table is also not so appropriate, blocking the corridor access to bedroom.

Masterbed room is pretty spacious, and many would like the option of the study room able to accommodate a single bed.

I was pleasantly surprised to find a yard provided for this unit type. However I would have thought this is more necessary for bigger units like 2 bedders, where the yard provision is lacking. There is no clear hierarchy in terms of spatial provision in the project.

In a one bedder and studio unit type, many would prefer toilet to be made accessible without getting through the bedroom unit. It is especially inconvenient when you have guests at home.

2 & 3 bedroom Apartment

There are 2 bedroom unit types of 2 bedders of 872 and 883 sf respectively. As mentioned earlier, yard is missing from this unit type.

This 3 bedroom unit type comes with an utility room, 2 baths and one WC.

Living and dining spaces are not spacious but functional, with a spacious balcony area cum planter.

The units will be the stack facing the full blast of west sun, especially for stack 2. Therefore it is not easy to miss the extensive RC ledge across the façade, which could be a sun shading devices to cut down the heat.

The usual master bath tub is missing from all unit types except the 4 bedroom apartments.

4  bedroom Apartment

The 4 bedders boast to have 270 deg view towards the city. This unit of 1722 sf comes with private lift. This unit comes with a balcony with extensive planter area. Surprisingly for many showflat viewers do not find the living and dining room spacious with a unit comes with 1722 sf.  It is due to the layout of living and dining being sandwiched by wall and balcony.

This unit comes with a dry & wet kitchen, and a yard that many home makers will be very happy of. And this is the only unit comes with a bath tub for the master bath room.

PRICING

CDL has again hit it right with the pricing strategy they set.  With each of projects starting from the Arte, Cube 8 and this time round 368 Thomson, they are progressively setting off a new price hike to the Balestier and Thomson property transactions. As to date, 368 Thomson has been fully sold at an average price of $1400 psf, which is the highest among all three projects.

THOMSON 368 SELLERS

Have to do a bit of advertisment: If you are the lucky ones managed to purchase a unit from the Thomson 368/ Cube 8, and intend to sell prior to the TOP, welcome to contact me as I haver ready buyers in hand ready to purchase them.

Today I receive my weekly subscribed copy of the Edge. Under the Cover Story, Cecilia Chow has done a comprehensive review on the Renewal of Balestier. She has done a great job covering Balestier & Thomson property developments, therefore you should not miss out the issue.

You are able to find my views from the article too.

In the land scarce Singapore, people are getting more receptive to leasehold properties, being it commercial or residential. Therefore if your property is sitting on leasehold and expiring soon, you might be considering applying for lease topping up. And the approval rate is very much dependent on the government’s long term planning intention. Previously the government has been rather liberal in the approving on topping up leases. However with the Concept Plan 2011 to accommodate a projected 6.5 million population, we are seeing the decline in the approval for lease top up bid.

An article on the Lease top up for your leisure reading.

60% of lease top-up bids approved since 2007

Wed, Jun 23, 2010
The Business Times

By KALPANA RASHIWALA

(SINGAPORE) As the stock of buildings developed on 99-year leasehold sites sold by the government since the late 1960s gets older, more building owners are expected to apply to the authorities for lease top-ups.
Two such cases are currently under evaluation. But since 2007, the Singapore Land Authority (SLA) has processed 56 applications for lease extensions of which only about 60 per cent were approved. The other 40 per cent were rejected.

SLA’s spokesperson said in a written response to queries from The Business Times that in land-scarce Singapore, leases are generally allowed to expire without extension. Such a policy makes it possible for the government to recover land upon lease expiry, and reallocate it to meet fast changing socio-economic needs.

‘Nevertheless, lease extensions can be considered on a case-by-case basis,’ she said.

In evaluating requests for lease extensions, the government takes into account several factors including the long-term planning intention for the site and surrounding land, and whether the proposed use would optimise land.

SLA said that lease extensions granted since 2007 involved various uses such as commercial, residential, industrial and conservation properties. The period of the lease top-up depended on specific circumstances, but any top-ups together with the unexpired term of existing leases will not exceed 99 years.

‘This is in line with our current policy that all new state leases (for sites which are capable of independent development) should not exceed 99 years,’ said SLA.

Knight Frank chairman Tan Tiong Cheng sees a lot of soundness in the government’s approach.

‘To extend or not to extend? The answer lies in whether it fits into the long-term planning for the area. The government does not have to reveal its plans, so it has adopted a case by case approach,’ he says.

He cites the example of the government selling land for recreational use in Marina South on short-term leases of 20 years. ‘The government did not extend the leases when they expired and took the sites back because it had bigger plans for the area,’ Mr Tan said.

‘It’s a similar situation with the government’s plan for a new Central Business District on reclaimed land in the Marina area which can accommodate modern, big floor-plate office developments. What happens to ageing, pencil buildings on small plots in the old CBD? Should the government agree to reset their leases so that they can be redeveloped into new tiny office blocks for which there may not be much demand? The State may prefer to take back the sites when their leases expire and amalgamate them for a bigger development.’

In the meantime, leaving these buildings as they are may introduce urban blight. But if these owners propose to redevelop their buildings into apartments, thus furthering the government’s plan to increase inner-city housing, they may get their lease extensions. The first such case was Natwest Centre, which is currently being developed into The Clift.

Market watchers say building owners who apply for lease top-ups often do have redevelopment proposals, or plans to sell the property on the assumption of redevelopment.

DTZ executive director (consulting) Ong Choon Fah says many leasehold buildings are becoming physically obsolete. Some are also drawing undesirable occupier profiles. ‘If government is willing to top up leases, that will give these property owners an incentive to redevelop,’ she said.

The properties for which lease top-ups have been granted since 2007 are said to include the former Ong Building site, which is being redeveloped into the 76 Shenton project comprising 202 apartments, and the former Overseas Union House site, which is making way for a new 18-storey office project, 50 Collyer Quay.

But not all successful applications have their leases topped up to 99 years.

Lease upgrades approved in connection with CBD office redevelopments have sometimes been for less than 99 years to try and synchronise future lease expiries of all the sites on the same street block. The idea is to have all sites on that stretch revert to the state around the same time to accommodate more comprehensive planning and redevelopment for the area.

Analysts recall the case of 71 Robinson Road, whose lease was topped up in April 2007 not to the usual 99 years but 85 years and 10 months to match the remaining lease term for SIA Building next door. The latter’s lease was reset to 99 years in 1994. Leases for both sites will now expire in 2093.

SLA’s spokesperson said that for commercial uses, lease extensions may be granted if they help to achieve a certain planning intention – such as substantial intensification in land use – significantly earlier.

Analysts say that may explain why a few office building owners in the CBD reportedly had lease top-up applications turned down when they planned only retrofitting works, which are deemed as additions and alterations. On the other hand, those who supported their applications with planning approval from the Urban Redevelopment Authority to redevelop the site into a bigger office block have succeeded at lease top-ups.

The original Gaudi designed roof in Barcelona

I took a picture of Haniffa during the National Day: The building is flying several Singapore flags and banners of different colors and sizes, showing its patriotism from each family.

INTRODUCTION

Artist Impression of 368 Thomson

Let focus this part of article on the newly launched Thomson 368 by CDL.

368 Thomson is sitting at the former developments of Concorde Residences, Bright Building & Balestier Court. It is sitting on a freehold land of slightly more than 60,000 sf. It consists of a residential tower of 36 storey with 157 units, which is expected to be completed in year 2015.

Existing site for 368 Thomson with the Arte & Tan Tong Meng Apartment as the backdrop

Enough say of the surrounding site in my earlier articles. What is ‘striking’ is that the residential enclave of CDL’s empire being broken up by the prominent reddish tower Tan Tong Meng Apartment (which the enbloc did not work out). The strategy of CDL in Balestier developments would have changed if they had earlier succeeded in acquiring the Tan Tong Meng apartment. They could have easily consolidated all these plots and developed them as a mega big residential development. Of course CDL might have adhered to the current approach of separate parcels for different project launch as to minimize their risk to the property economic cycle.

The prominent red & white Tan Tong Meng Apartment along Thomson Road

DEVELOPMENT DESIGN

It is not difficult to notice that all CDL developments in the aforesaid area are planned in priority of views rather than North South facing to avoid harsh local weather. It is also applicable to 368 Thomson.

Nothing spectacular of the design of the 36 storey high rise of 157 units, with most façade fully cladded with glazing. There seems to be a trend for all developments, which I would have thought  the high usage in glass would have scored low in the Green Mark exercise that the Government is promoting. Though one is able to use low E (low emissivity) glazing to cut down the radiant heat, I would personally think the RC wall will be a better insulation against the harsh afternoon sun we have in the region. Have you not realize that one is able to stay in an older apartments which is well ventilated without turning air-conditioner, while aircon is a must for the new developments with full glazing?

 Of course I cannot deny that the view and design of building will be much enhanced with glazing. Maybe this is a balance that the developer and architect try to balance and weigh.

SITE PLANNING

368 Thomson Site plan

368 Thomson has 2 accesses to its development. Some people may applaud on its convenience of having an additional access to Jalan Raja Udang. It is the existing road from current Bright Building as shown in the photo. Personally I do not think the additional access is necessary given that the Jalan Raja Udang is by the side of Thomson Road which could be easily reachable if one exit from the main entrance.  

Existing access road from Bright Building

I would have though the road access will be more better utilized by replacing it with communal facilities such as more water feature, or garden or even a tennis court. For a development of this size, it is quite a disappointment to many that 368 Thomson does not come with a tennis court.

In terms of facilities, 368 Thomson boasts of facilities like:

• Playground
• Multi Purpose deck
• Outdoor fitness
• Garden of Solitude
• Eco Stream
• Lattice Walk
• Walk of Lights
• sky Terrace 3rd storey
• Main Pool
• Thermal Jet Pool
• Children Pool
• Sun Deck
• Pool Deck
• BBQ Area
• Alcove Seats
• Gymnasium

I will it strange that they name the 3^rd storey communal area as ‘sky terrace’ (do not think one will view much sky at that level with most tree canopy blocking the view), and find it even stranger that they did not choose 4^th storey as the ‘sky terrace’ to skip the usual perceived unlucky number which an usual a developer will do.

368 Thomson comes with 170 lots from basement, level 1 & level 2, which is considered decent for 157 units.

UNIT TYPES

site plan showing the adjacent development units

The architect adopted a simple & straightforward in its unit plans. With only 4 unit types ranging from 1+Study  to 4 bedroom design, each of the 5 stacks are replicated throughout every floor(excluding Penthouse unit types). As a buyer, you may have realized the bonus of such straightforward. Many of times the building defects such as leakage happens. In 368 Thomson, the standard floor plate takes away the worry that there is change of dry to wet area in the floor plate with change in unit types which may lead to leakages from above to your floor.

schematic unit distribution

From the unit sizes, CDL appears that it does not favor mickey mouse units. Their smallest unit 1+Study bedroom unit types already comes at 689 sqft, which could easily be a 2 bedroom unit to many developments.

In the above site plan, the unit numbers of each development including the Arte, Vista Residences & 368 Thomson are overlaid so the readers could get a clear idea of view that the unit could get. I summarized the following 368 Thomson below:

• Stack #01 & #02: 2-bedrooms (62 units): 872/883sqft  - Facing Thomson main road with view to City  
• Stack #03: 3-bedrooms (31 units): 1302sqft  – Facing Tan Tong Meng Tower & reservoir view.
• Stack #04: 1 + Study (31 units):  689sqft  – Facing the Arte development and Jalan Raja Udang. 
• Stack #05: 4-bedrooms (31 units): 1722sqft  – Facing 3 corners from Jalan Raja Udang, Balestier Road and partial Thomson Road. Paranomic view to city. The only stack comes with Private lift access.
• 5-bedroom penthouses (2 units): 3337/ 3391sqft

To be continued

11 Bassein Road has always appeared more of a historical site to me whenever I take a turn from Balestier Road to go to Mandalay Road. The reason being that I witness the intriguing structural ‘remains’ on the piece of plot with hoarding surrounding the site.

From the recent news on Pastoral view at 5 Bassein Road going enbloc, then I realised the plot of land belonged to OCBC bank.

I thought this is a pretty good strategy, as the land area will be 51,395 sft based on the combined land area. The sizeable plot is able to attract serious developers as it offer greater variety and economies of scale in development.

This location is great as it is steps from the Novena MRT and Tan Tock Seng Hospital. However some potential buyers may be deterred by the neighbour Renci Nursing Home which is just sitting beside it.

The Straits Times, 27 July 2010

After failed 2008 attempt, it is making another bid, this time with adjoining vacant plot

THE revival in the collective sale market this year is continuing, with a small development and adjoining land parcel in the Novena area the latest to go on sale.

The 50-unit Pastoral View and the vacant plot have a combined asking price of about $130 million to $150 million.

The two sites in Bassein Road have a total land area of 51,395 sq ft and can be built up to some 143,906 sq ft of gross floor area and a height of 36 storeys. They are near Novena MRT station.

The local agency which is marketing the freehold sites said the buyer can choose to build a high-rise tower comprising 140 apartments with an average size of 1,000 sq ft each.

The price translates to a land rate of $904 to $1,043 per sq ft per plot ratio, said its deputy managing director Tan Hong Boon.

This includes a modest development charge of about $157,000 for the plot at 11 Bassein Road to redevelop it.

No development charge is payable for the 10-storey Pastoral View, which was previously put up for sale in early 2008 at an asking price of $95 million without the adjoining plot.

But the market had turned for the worse by the time the tender closed in April that year, and it was not sold.

It said buyers can opt to tender for the combined sites or either one.

Pastoral View alone is 34,193 sq ft in size and going for $86.6 million to $100 million. If the sale goes through at the minimum asking price, the estate’s owners will stand to reap at least $1.04 million to $4.56 million each, depending on their unit’s size.

The smaller adjoining plot at 11 Bassein Road is 17,203 sq ft in size. The asking price for the plot alone is about $43.4 million to $50 million. A search shows that it is owned by OCBC Bank.

So far this year, at least 16 sites worth $786 million have been sold en bloc, compared with just one last year at $100.8 million, said the agency.

More sites are expected to be put up for collective sale this year, said Mr Tan.