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Singapore new private home sales soar to record number in March

SINGAPORE, April 15 — Developers in Singapore sold a record number of new homes in March as buyers returned to the market, driven by discounts and incentives and raising fears the government could take further steps to cool the housing market.

The Urban Redevelopment Authority (URA) said today developers sold 2,793 housing units last month — nearly four times the 712 units sold in February and the highest number since the URA began publishing monthly data.

Including executive condominiums or ECs, a category of homes reserved for Singaporean buyers, sales by developers rose to 3,072 in March from 921 in February.

Colin Tan, head of research at real estate consultancy Suntec Chesterton International, said the surge in home sales raised the possibility of further government intervention, even though the jump was partly due to discounts offered by developers.

Property consultants said the Singapore developers that have been most aggressive in cutting prices to lure buyers include Southeast Asia’s biggest developer Capitaland and the Far East Organisation, whose listed units include Yeo Hiap Seng Ltd and Far East Orchard.

“March’s transaction numbers are a combination of new launches, attractive pricing and discounts and rebates which would lead to short-term robust buying behaviour,” said Mohd Ismail, CEO of PropNex, a firm of property agents.

“Strong sales are not likely in the coming months,” he added.

For the month of March, the best-selling projects included those launched by Bayfront Reality, a joint venture between Aspial Corp and Fragrance Group, and Tuan Sing Holdings.

Singapore has been trying to cool its housing market as recent immigration and near-record low interest rates drove a surge in demand.

In January, the government raised stamp duties for foreign buyers of Singapore homes and set new limits on their ability to borrow.

Authorities also introduced an additional stamp duty on locals buying a second property and foreigners with permanent residency status seeking to own their first home in the Southeast Asian city-state. — Reuters

GUH plans RM1.2bil projects, contribution from property division to reach 30% by 2018

GEORGE TOWN: GUH Holdings Bhd plans to launch RM1.2bil worth of commercial and residential properties in Seremban over the next five years, raising the contribution of its property development division to about 30% by 2018.

Group managing director Datuk Kenneth H'ng (pic) said in an interview that the mixed development project would comprise 1,041 units of medium to high-end landed residential properties with RM939mil gross development value (GDV) in Taman Bukit Kepayang on 195 acres.

“The remaining GDV is for a commercial component comprising a shopping mall, shops, small home offices, and a food and beverage centre.

“We will kick off the project later this year,” he said.

Last year, the contribution of the property division segment to the group's revenue had already hit 12%, while its contribution to the pre-tax profit was 25%.

“Our development projects in Taman Bukit Kepayang have always enjoyed brisk sales because of its strategic location,” he added.

The mixed development scheme is just off the North-South Expressway and the Seremban interchange, which is the gateway to Seremban town, and shopping facilities like the Tesco hypermarket, 12 public primary and secondary schools, commercial complexes such as Jusco and Seremban Parade, and hospitals.

“It is also 45 minutes to Kuala Lumpur via the highway.

“Taman Bukit Kepayang is also convenient for those working in Nilai, Bangi, Tampin, Kuala Pilah, and the KL International Airport,” he said.

Since 2008, the pricing of landed residential properties has increased substantially, due to the accessibility of Taman Bukit Kepayang.

A double-storey terraced house is now priced at RM405,888, compared with RM173,888 in 2008, while a 2.5-storey semi-detached house is now selling for RM571,888, compared with RM445,888 in 2008.

A 2.5-storey bungalow is now priced RM861,888, compared with RM679,888 in 2008.

“For a strategic location, the pricing is still very competitive against other popular township like George Town in Penang.

“We will look for new sites in the country, particularly in the growing townships that are suitable for property development. These can be in the form of joint-venture development with landowners,” he said.

Over the past 10 years, GUH has developed 1,450 units of residential and commercial property on 304 acres in Taman Bukit Kepayang with a GDV of RM286mil.

GUH's core business is in the manufacturing of printed circuit boards (PCBs) for audio-visual and household appliance products.

But due to the declining demand for LED television globally, GUH's business strategy is to grow on its property development division and water treatment business, which currently generates about 13% of the group's revenue.

According to the Germany-based GfK research house, the global unit sales of LED-backlight LCD television is forecast to grow 4% year-on-year to 217 million in 2013.

“This, however, is well down on the 11% growth achieved in 2011. Growth in emerging markets is projected to offset a slight reduction across developed regions, but will slow compared with last year's levels,” the GfK report said.

In mature markets such as Japan and western Europe, sales are projected to remain subdued, declining by 1% year-on-year, according to the GfK report.

On GUH's water treatment business, Teknoserv Engineering Sdn Bhd, a tier two water contractor, is now bidding for RM150mil worth of contracts.

“Among the contracts tendered, some are providing sub-contracting services for high profile jobs such as the Kuala Langat water treatment plant in Selangor.

“As of Dec 31, 2012, the company still has RM20mil worth of contracts to deliver in 2013,” he said.

Through Teknoserv, GUH is presently exploring water and wastewater concession projects in China and the Asean region, according to H'ng.

“We are working on a couple of leads, which we will disclose once we have something concrete,” he said.

Teknoserv's profit after tax is expected to increase to RM1.79mil in 2013 from RM1.4mil in 2012, while its revenue is forecast to grow to RM15.6mil from RM11.5mil a year ago. - The Star

E&O aims to launch RM2.2bil projects in M'sia and UK within 12 months

GEORGE TOWN: Eastern & Oriental Bhd (E&O) is targeting to launch some RM2.2bil worth of property projects in Malaysia and the United Kingdom within the next 12 months, according to group deputymanaging director Eric Chan.

Some of the identified properties include Seri Tanjung Pinang in Penang, the Kuala Lumpur city centre, Iskandar Malaysia in Johor and Central London starting by the second quarter of this year, he told StarBiz during a recent interview on the group's completion of the RM260.6mil Villas By-The-Sea project in Tanjung Seri Pinang.

Also present were CIMB-Mapletree chief executive officer Raja Noorma Othman and Al-Salam Bank Bahrain chief executive officer Yousif A Taqi. CIMB-Mapletree and Al-Salam Bank Bahrain are partners of Villas By-The-Sea.

These projects include the RM500mil Andaman at Quayside Condominiums (third and final tower), Seri Tanjung Pinang, Penang, the RM400mil Mews Serviced Apartments at Jalan Yap Kwan Seng, Kuala Lumpur, the RM1bil Avira Terraces and Service Apartments, Iskandar Malaysia, Johor, and the RM250mil Princes House Apartments, London.

“Our four main growth engines in Penang, Johor, Kuala Lumpur and central London should sustain us in the coming years. The projects in Penang should generate about 35% of group revenue for the 2013 fiscal year ending March 31, 2014,” he said.

“The contribution from Johor should also be around 35%, while the rest would come from Kuala Lumpur and London for the same period.”

Chan said to successfully develop new property growth engines, it was imperative to develop greater regional and internal exposure of the brand, establishing strategic partnerships to attract the best talent.

On the group's progress to reclaim the 307.56 ha of land in Tanjung Seri Pinang, Chan said the group was now in the final stages of producing the detailed masterplan, following which it would be submitted for approvals.

On the Villas By-The-Sea project, Chan said all the 73 two-storey and three-storey villas had been sold out.

“Buyers comprise both largely locals with a number of foreigners, most from countries such as the United States and Canada, who came in under the Malaysia My Second Home programme,” Chan shared.

E&O properties have generally enjoyed healthy capital appreciation for both landed and strata properties.

“Seri Tanjung Pinang has been extremely rewarding in this sense. The villas, which were first launched at RM2.9mil in 2007, are now fetching about RM3.8mil to RM4.2mil in the market,” Chan added.

Meanwhile, Raja Noorma said the group remained bullish on Penang, particularly in the residential sector due to the compelling demographics, scarcity of land and limited fresh supply.

On CIMB-Mapletree's plans to work with Al-Salam and E&O on future projects, such as the 307.56 ha to be reclaimed in Tanjung Seri Pinang, Raja Noorma said the group would explore and evaluate these opportunities.

“Ultimately, as a fund, we would evaluate entry pricing, viability and whether it fitted into our investment mandate.

“We are open to future joint-venture prospects, as such strategic partnerships have enabled the group to leapfrog, grow and scale-up at a much faster pace,” she said.

On its RM1.5bil real estate fund, Raja Noorma said the funds were invested in 13 development projects throughout Malaysia.

“Since 2005, the fund has been able to generate 12% to 15% returns per annum.

“The Villas By-The-Sea project was one of the 13 development schemes,” she added.

The first batch of the Villas by-The Sea project, comprising 40 detached villas, were sold and delivered to the purchasers in 2009, while the second batch of 33 units of detached and super-semi-detached villas were recently completed and delivered.

The villas enjoy an excellent location at the world-class master Seri Tanjung Pinang development, which is one of Penang's most sought-after residential enclaves, a preferred address among locals and home to more than 20 nationalities of foreigners.

The villas are spread over 6.70 ha and offer spectacular views of the sea.

The showpiece of these properties, the 9,040-sq-ft Martinique Villa By-the-sea, which adopts a modern tropical and Caribbean-inspired architectural theme, emerged the winner of the “Best Villa Development (Malaysia)” in the South-East Asia Property Awards 2011. - The Star

Tourists like the historical attraction of boutique heritage hotels

Unique feature: The facade of China Tiger Studio Apartment. Wilkinson says the apartments enjoy good response from visitors from China, Hong Kong, Indonesia, Scandinavia and Europe.

BOUTIQUE heritage hotels in Penang are expected to see occupancy rates of around 70% this year, compared to approximately 66% a year ago, riding on overseas arrivals.

Malaysian Association of Hotels (MAH) Penang Chapter vice-chairman Andy Fong said that this would be the best year for occupancy rates in boutique heritage hotels, since the trend of providing high-end lodging in prime heritage properties located in George Town took off five years ago.

“Since 2008, the occupancy rate has increased gradually from 50% yearly,” he said.

Fong said an increase could be expected as more mid- to high-end travellers worldwide are now more aware of George Town’s World Heritage Site status (WHS) awarded by Unesco in 2008.

The increase in more direct flights to Penang from the Asean and the Asia Pacific regions also helps to boost the tourist arrivals for the boutique heritage hotels business in George Town, Fong added.

There are presently about 17 boutique heritage hotels, with fewer than 50 rooms, priced from RM400 per night to RM2,000 per night, in George Town.

Fong, who is also the general manager of 23 Love Lane, a boutique heritage hotel, said the guests are predominantly from China, Hong Kong, Japan, Australia the UK, the US, and France.

“Overseas visitors comprise 70% of guests in boutique heritage hotels, while the remainder are domestic travellers,” he said.

Clean sheets: 23 Lovelane Penang boutique heritage hotel housekeeper Yee Chew Yet preparing a room.

Fong said what attracts foreign visitors to boutique heritage hotels in inner George Town is the way the projects are being restored for adaptive commercial use.

“The intricacies of restoration work and the antique furniture used determine the pricing of the rooms per night.

“Our guests are interested in the details of the restoration and do not mind the rates, which are still very competitive compared to a similar range of hotels in the region.

“The furniture for 23 Love Lane, Penang, for example, comes from the 19th century Straits Settlement period,” he said.  

No. 23 Love Lane, comprising 10 rooms with built-up areas of 500sq ft to 3,000sq ft, sells its rooms from RM500 per night to RM2,800 per night.

The Straits Settlements were a group of British territories located in South-East Asia, established in 1826 as part of the territories controlled by the British East India Company, which came under direct British control as a crown colony on April 1, 1867. 

The colony was dissolved in 1946 as part of the British reorganisation of its South-East Asian dependencies following the end of the Second World War.

The Straits Settlements consisted of the four individual settlements of Malacca, Dinding, Penang, and Singapore.

Penang Global Tourism director Ooi Geok Lin said the total number of tourists who spent at least a night in Penang in 2012 totalled about 6.09 million, a slight increase of 1.22% from 6.02 million in 2011, according to Tourism Malaysia statistics.

Award-winning hotel: The exterior view of Macalister Mansion at Macalister Road.

“The figure is expected to rise by 5% this year.

“About 2.99 million of the arrivals for last year’s figure comprised domestic visitors, while the remaining 3.096 million were foreign visitors,” Ooi said.  

Hotel Penaga on Hutton Lane, which is owned by Pelindung Dahan Sdn Bhd, is also experiencing higher occupancy rates since the beginning of this year.

Pelindung Dahan director Angela Hijjas said so far this year, the monthly occupancy rate of the 45-room boutique  heritage hotel had doubled, compared to the same period a year ago.

“Some 30% of our guests are local visitors.

“To enable our guests to enjoy and understand more about the unique local culture, we run an artist residency programme for artists to socialise with hotel guests in the studio a few evenings a week, for which the hotel provides refreshments.

“Original artwork from the region is hung in all the rooms and public spaces, as well as a collection of Chinese embroideries, carvings, maps and paintings from the late 19th and early 20th centuries.  We find many of our guests are interested to meet artists who work in Penang, to share experiences and gain insight into the city,” she said.

Hijjas said about RM10mil was spent to renovate the 15 heritage properties into a boutique heritage hotel.

That the  local boutique heritage hotel industry is gaining international recognition and attention is evident in Macalister Mansion winning the coveted gold award for best luxury hotel design given by the Annual Hospitality, Design, Furniture Luxurious Projects Asia Summit & Awards 2013.

Looking good: The Super 8 hotel at Tye Sin Street.

“We won the award recently in March for the hotel’s unique location and specially commissioned art work.

“It will certainly help to boost Macalister Mansion’s reputation in Asia, especially among high-end travellers who are looking to experience authentic heritage ambience and first-class boutique hotel services,” said a Macalister Mansion spokesperson.

The Macalister Mansion (formerly the Choong Lye Hock Mansion) sits on a 48,943sq ft site on Macalister Road. Its eight rooms are priced from RM800 and onwards a night.

Since it started business last November, it has received a good response from visitors from the UK, Australia, Hong Kong, and Singapore. It is also popular with Malaysian travellers.

The Hospitality, Design, Furniture Luxurious Projects Asia Summit & Awards was created in 2012 to foster links and harness synergies between hospitality, design and furniture industries as well as promoting design excellence and trends in Asia’s luxury development project.

China Tiger Studio Apartments proprietor Rebecca Wilkinson said boutique heritage hotels have more to offer than just history.

“We leverage not just on the restoration works that have gone into the heritage properties, but also on the uniqueness of inner George Town, which has other tangibles and intangibles.

“The tangibles are the heritage properties, while the intangibles are the people involved in the traditional trades and crafts living in the inner city.

“Besides Florence in Italy, there are only a handful of cities worldwide with the size of George Town that have the WHS status,” she said.

Wilkinson runs two studio apartments with built-up areas of 1,300sq ft each on China Street, which has proven popular with visitors from China, Hong Kong, Indonesia, Scandinavia and Europe.

“We rent out to families in the mid- to high-income range for long- and short-term stays at rates of RM500 per night,” she added.

Wilkinson said that the renovations for China Tiger provide the comfort of modern living, while simultaneously retaining much of what is original in the interior.

“This is what we understand by restoring heritage properties for modern-day commercial use,” she said.

Real estate in Penang is still cheap, compared to other countries in the region, according to Wilkinson.

“This is why foreigners are interested to invest in heritage properties in inner George Town, taking advantage of the WHS status,” she said.

The cost to restore a heritage building for adaptive commercial use is around RM300 to RM400 per sq ft, depending on the quality of finishings used.

Meanwhile, budget hotels in George Town are finding it difficult to maintain the same occupancy rates as a year ago.

The Malaysian Budget Hotel Association (MBHA) Penang Chapter) secretary Arthur Chin said, last year, the budget hotels in George Town registered occupancy rates of about 66% .

“This year it will be difficult to maintain, due to more hotel rooms being made available in the market among all categories of hotels.

“The occupancy rate for this year may also drop,” he said.

There are 85 budget hotels providing 3,000 rooms in Penang.

Chin said, although tourist arrivals have risen, the number is still not sufficient to sustain the budget hotel segment, which sells rooms at less than RM200 per night.

Super 8 Hotel chief executive officer Alex Loo also said the first quarter of this year was slower than the corresponding period the previous year.

The Super 8 is a 50-room budget hotel located in Tye Sin Street, priced from RM88 to RM148 per night.

“The occupancy for last year was around 70% for Super 8, but we expect the occupancy to drop this year, due to more competition.

“To increase our market share, we have invested about RM9mil for another budget hotel in Bayan Baru, which is now becoming a popular area for business travellers to stay, as it is a stone’s throw away from the Bayan Lepas Free Industrial Zone,” he said.

Loo said the group’s 8 Boutique by the Sea @ Tanjung Tokong had just opened for business.

“We are pricing the rooms around RM100 to RM150 until the end of next month. After that, the room rates will be from RM200 per night onwards,” he said. - The Star

Choo dreams of bringing celebrity friends to Penang home

GEORGE TOWN: Penang-born international fashion icon Datuk Jimmy Choo has bought his first property in his home-state – a townhouse in the palatial Y Cantonments in Canton­ment Road.

“This is the first property I have purchased here since I left for Britain as a child. I’m buying a townhouse as my Penang residence.

“Now that I will have a home in Penang again, I intend to invite all my superstar friends to visit my hometown,” he quipped.

Choo’s six-bedroom, four-storey townhouse, located about 400m from the Pulau Tikus market, will be ready by 2015 and is one of 20 exclusive units to be built by The Yeangs Sdn Bhd. Piling for the project has already started.

The units, to measure almost 2,000sq m, are priced up to RM4.4mil. Half have already been snapped up in the neighbourhood made up of Penang’s rich and famous.

Choo’s residence will have a private rooftop garden, private elevator made of glass and the master bedroom will take up the entire third floor.

It will also have a private plunge pool and an open-air shower and deck. Choo, who made his fortune designing exclusive shoes for Britain’s royalty and superstars, said he was also eyeing several other properties in Penang.

“Penang has the potential to grow into a world-class economic and education centre. I have been away for decades and seen so much around the world.

“I see a lot of possibilities for Penang,” said Choo, who has been an Officer of the Order of the British Empire since 2003.

He said he chose Y Cantonments as he was impressed with its “sustainability design”.

“I am attracted to the eco-friendly elements in the architecture such as the rainwater harvesting system and low energy design,” he explained. - The Star

‘Question Penang tunnel plan’

GEORGE TOWN: The people of Penang should question if there is any justification for the proposed 6.5km Gurney Drive-Bagan Ajam undersea tunnel project, said an Australian town planner.

“Why do you need it? What is the implication and who is it going to affect?” asked Dr Peter R. Jensen, who arrived here yesterday to speak at a forum organised by the Penang Citizens Awareness Chant Group (Chant) tomorrow.

The Johor-born Dr Jensen, 72, who is also managing director ofHyparcons Pty Ltd which is a professional consultancy firm in Australia, will focus on issues concerning re-development and heritage at the forum. “I will also be studying the Penang Transport Master Plan (PTMP),” he told reporters.

The forum themed “Is the undersea tunnel environmentally sustainable and Gurney Drive enclave livable?” will be held at 8pm at E&O Hotel here.

Hyparcons provides services in disputes over development, land use planning, site appraisal and opportunities, land use controls and analysis, among others.

Dr Jensen said he only came to know of the proposed Penang undersea tunnel about 10 days ago, adding that “I am catching up with the progress of Penang since my last visit 40 years ago.”

Currently involved in urban designing and architecture in Australia, Dr Jensen has just finished writing a book which is scheduled to be published in June.

The undersea tunnel is one of the four infrastructure projects announ­ced by the state government.

The RM6.3bil mega package consists of the 6.5km Gurney Drive-Bagan Ajam undersea tunnel, the 4.2km Gurney Drive-Lebuhraya Tun Dr Lim Chong Eu Bypass, the 4.6km Lebuhraya Tun Dr Lim Chong Eu-BandarBaru Air Itam Bypass and a 12km Tanjung Bungah-Teluk Bahang paired road. - The Star

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