DAILY MARKET UPDATES 23rd August 2008

Hoi Hup-led group wins HDB project
HDB awarded a Design, Build and Sell Scheme (DBSS) site at Lorong 1A Toa Payoh to a Hoi Hup Realty-led consortium that emerged as the top bidder. The winning bid of about $198.82 million works out to about $160 psf ppr - the highest of three bids for the 103-year leasehold plot. The consortium includes Sunway Developments and Hoi Hup JV Development. The group plans to build about 1,200 HDB flats on the site, of which about a third will be three and four-room flats and the rest five-room flats. It is also looking at building five blocks, of which two will be 46 storeys high and with a sky terrace on one of the upper levels (above the 20th floor). The remaining blocks will be 40 storeys high. It is expected to be launched in early second-quarter 2009. The average selling price is expected to be around $500 psf and will depend on whether Hoi Hup can secure exemption of bay windows and planter boxes from gross floor area calculations.
- The Business Times, P7
S'pore to run out of workers 'in 5 to 8 years'
The prediction was made by Dr James Canton, futurist, author and business adviser to many of the world's top companies. Dr Canton, who also sits on the international advisory board of Singapore's Economic Development Board, said that because of a low replacement rate, Singapore is going to run out of people in the next five to eight years. He suggested that a liberal immigration policy may be needed.
- The Straits Times, C24
GuocoLand FY08 net falls 43% to $162m
GuocoLand's earnings for the full year ended June 30 fell 43% as it saw lower sales from its property development projects in Singapore and a one-third fall in other income. GuocoLand has operations in Singapore, China, Malaysia and Vietnam. The group acknowledged that the property markets in the countries where it operates are slowing down. But the attraction of Asia as a growth region should have positive effects on the demand for quality housing in these countries, GuocoLand said. For Singapore, the completion of the two integrated resorts and the Marina Bay Financial Centre should help economic growth in the next few years. Among other purchases, the company completed its en bloc acquisitions of Sophia Court, Palm Beach Garden, Leedon Heights and Toho Garden condominiums in Singapore.
- The Business Times, P4
CapitaLand to gain $313m from China assets
CapitaLand will realise a portfolio gain of $313 million from injecting four Raffles City assets in China as seed assets into its 50% owned Raffles City China Fund. The gain will comprise a $183 million net gain from the dilution of CapitaLand's interest in the four Raffles City assets as well as $130 million fair value gain for Raffles City Shanghai. The US$1 billion (about S$1.4 billion) real estate private equity fund will buy CapitaLand's effective 55.9% stake in Raffles City Shanghai, and 100% of the Raffles City projects under development in Beijing, Chengdu and Hangzhou.
- The Business Times, P4
China may reform VAT regime to boost economy: think-tank
China is on the verge of an overhaul of its valued-added tax (VAT) system that will give its softening economy a boost by encouraging firms to invest more. Under the current 'production-based' VAT regime, firms may not deduct from their VAT bills the tax incurred when they buy machinery and other capital assets. If China switches to 'consumption-based' VAT, companies would be able to do so. The ministry said it was actively working on a plan to roll out such a reform across China.
- The Business Times, P9
King Bhumibol is wealthiest royal: Forbes
With a fortune estimated at US$35 billion, Thailand's King Bhumibol Adulyadej is the world's richest royal sovereign, and oil-rich Sheikh Khalifa Bin Zayed Al Nahyan of Abu Dhabi is far back at No 2, Forbes magazine reported. King Bhumibol, 80 and, at 62 years on the throne, pushed to the top of the richest royals list by virtue of a greater transparency surrounding his fortune. 'As a group, the world's 15 richest royals have increased their total wealth to US$131 billion, up from US$95 billion last year. Sheik Khalifa, the current president of the United Arab Emirates, was estimated to be worth US$23 billion.
- The Business Times, P11
Dakota Residences
- 5 min away from CBD
- 348 units
- 99-year leasehold
Amenities:
- Well-known good schools (Dunman High School, Singapore Korean School)
- Shopping malls (Parkway Parade)
- Dakota MRT Station
- Katong Park, East Coast Park
- Upcoming Singapore Sports Hub
- New Kallang Riverside
- Marina Bay developments
Facilities:
- Spa pool, 40m-lap pool, aqua gym, etc
Developer: Ho Bee & NTUC Choice Homes
- The Straits Times, D10 - advertorial
Shelford Suites
- 77 freehold condo units
- Shelford Road
- Walking distance to Botanic Gardens and the future Botanic Gardens MRT Station
- Near Nanyang Pri Sch and Raffles Girls’ Pri Sch
- Approved deferred payment scheme
- Expected TOP: 30 June 2011
- Developer: City Developments
- Marketing agents: Savills, CBRE
- The Straits Times, A10 - advertisement
Jubilee Residence
- Freehold apartment
- Foreigners eligible
- Immediate occupancy
- Over 50% sold
- 353 Pasir Panjang Road
- Expected TOP: 31 Aug 2008
- Developer: Choregeo
- Marketing agent: Savills
- The Straits Times, A24 - advertisement
The Tresor
- 999-year leasehold condo
- Along Duchess Road
- Immediate occupancy
- 2006 BCA Green Mark Gold Award
- 2BR (1012sqft) - $1600psf onwards
- 3BR (1399-1421sqft) - $1500-1700psf
- 4BR (1593 sqft) - $1800 psf
- 30 units for sale
- Developer: Keppel Homes
- Marketing agent: CBRE
- Latest transaction (new sale): $1646psf (1711sqft)
- The Straits Times, A30 – advertisement
Livia
- 99-years leasehold condo (from 7 Jan 2008)
- 3-BR apartments from $797,000 ($628 psf)
- Located just off Pasir Ris Drive 1
- 8 minutes walk to Pasir Ris MRT Station
- 3-, 4-BR apartments and penthouses
- Expected TOP: 31 Dec 2011
- Developer: Hong Realty
- Marketing agents: ERA, Knight Frank
- Transactions in Aug (new sale): $631-732psf
- The Straits Times, B3 - advertisement
The Verte
- Freehold apartment
- 35 apartment units, 1 townhouse
- Lorong H Telok Kurau
- 5 min walk to Kembangan MRT
- Expected TOP: 31 Jan 2012
- Developer: Roxy Homes
- Marketing agents: Savills
- Transactions in Aug (2 new sales): $790-910psf
- The Straits Times, B4 - advertisement
The Florentine
- 947 years leasehold apartment
- From $786,000
- Florence Road
- Near Kovan MRT
- Expected TOP: 31 June 2011
- Developer: Roxy Homes
- Marketing agents: HSR
- Latest transaction: $812psf (1055 sqft)
- The Straits Times, B6 - advertisement
Tijani 2 North (Kuala Lumpur)
- Freehold
- Kenny Hills
- 2827 – 3133 sq ft
- From S$515psf
- 7.4 acres of landscaping
- 21 units per acre
- Expected completion end 2008
Surin (Penang)
- Freehold
- Hillside location with seaview
- 1307 – 2827 sq ft
- From S$135 psf
- Expected completion end 2011
Developer: Bolton
Marketing agent: OrangeTee
- The Straits Times, A26 - advertisement

­ ST Index change 2,723.30 (+9.83)