Grand Duchess at St Patrick’s Photo Updates on 8th May 2009

Here’s your feed of photo development updates on Grand Duchess at St Patrick’s. You can figure a little more since the balcony sizes are obvious now. Decent size, not too big nor small.

Taken from St Patrick's Road, Stack 07 and 08 of Grand Duchess
Taken from St Patrick's Road, Stack 07 and 08 of Grand Duchess
Taken from St Patrick's Sch Carpark, Stack 05 and 12 of Grand Duchess
Taken from St Patrick's Sch Carpark, Stack 05 and 12 of Grand Duchess
The back of the Grand Duchess clubhouse, 126A and Stack 10
The back of the Grand Duchess clubhouse, 126A and Stack 10

People have been asking what’s 126 and 126A in the layout. It’s a pair of conservation dwelling house which someone will be staying. And some extra information that I’ve gotten to share, the current progress payment level is at 40%, Reinforce Concrete stage.

More information about Grand Duchess at St Patrick’s with full brochure can be obtained here

Interested Buyers and Tenants can contact me at +65 9125 3045 or via my contact form for a no obligation discussion on the units that I have for sale or rental

For Owners who are looking at renting or selling your units, feel free to contact me so I would be able to match you with my excellent pool of ready buyers for your exquisite unit at Grand Duchess at St Patrick’s

The Suites At Central Another Possible DPS Victim

It’s a fact. A buyer whom has committed 51 units at The Suites @ Central had problems paying up to Keppel Land as the developer calls for payment.

The Suites @ Central (District 9), formerly known as Ritz Residences is a 157 freehold condominium apartments situated at Devonshire Road next to The Metz, The Beaumont and Meyer Mansion. The joint developers are Keppel Land and Chip Eng Seng, and is about to receive its Temporary Occupancy Permit.

The bulk buyer has wrote in to Keppel for an extention of 6 months for the payments of his 51 units. Keppel has granted the request on the condition that buyer pays $500,000 monthly during the extended period.

Apart from the bulk buy transaction, there’s two other buyers who’re still arranging for payments for 5 of their units.

With the case from The Fernhill surfaced a few days ago and now this, we can see the fragility and the consequences of Deferred Payment Scheme (DPS) ballooning for the next few months when many new projects are about to receive its TOP status.

Apart from Wheelock Properties which hasn’t accepted any form of DPS during the availability of the scheme, most buyers are on DPSas it allows them to pay for their units only upon close to completion of the residential project, easing their cash flow then.

Buyers whom took DPS has paid 20% till now. Should they haven’t secure any bank loans now, most cash tight owners would experience problem as valuation of their property would have dropped since the peak in 2007, which financial institutions (FI) wouldn’t be able to support.

Would this be a mayhem for property stocks in SGX? It’s just a few weeks of wait before we know the extent of DPS’s damage.

All Eyes On The Fernhill for DPS Direction

The Case

Developer MCL Land has written down a US$1.4 million for the first quarter previously as foreign buyer Concordia Overseas Pte Ltd has not made the necessary payment for its 20 purchased units at The Fernhill.

The Fernhill (District 10) is a 25 unit freehold boutique condominium off Stevens Road. Concordia has bought all 25 units under Deferred Payment Scheme (DPS) in January 2007 from MCL Land at $1,410psf and resold 5 units within a year profiting close to $700psf.

Concordia has failed to pay up when The Fernhill has completed, forcing MCL Land to servce a 21 days notice to them to rescind the sales and purchase agreement.

According to Concordia’s lawyer, 19 out of 20 units that remains in their portfolio was sold and will be completed before the 21 days period, allowing MCL Land to register its profit on Q2 results this year.There’s a remaining balance of one final unit which was not made known in the news on its status. As far as it comes to this stage, should Concordia not be able to complete the sale of the unit, MCL Land could it take back and pocket the 20% that Concordia has already paid for to remarket it.

It won’t be a profitable move if a buyer actually walks out at this point had the developers sold the units at the peak of the market.

Will the DPS Frenzy Start?

We’ve already seen Capitaland taking charge by rescinding some contracts to remarket some of The Rivergate condominium units to avoid crashing the market price in its project. There will be more of such units floating into the market as more projects are completing soon. (Many, among hiding are Tierra Vue which is coming this July, One Amber and Grand Duchess at St Patrick’s by the end of the year, and a whole lot more)

Will the developer take action against DPS default buyers? We really don’t know, but there’s only 2 outcome:

  1. The developer rescinds the Sales and Purchase agreement of the buyer, takes back the unit, forfeits the 20% already being paid and re-markets the unit without taking action against buyer.
  2. The developer rescinds the Sales and Purchase agreement of the buyer, takes back the unit, forfeits the 20% already being paid and sues the buyer for the difference. That’s the worse case scenario.

Market watchers are watching closely on The Fernhill development to look at the trend on how the developers react to DPS defaulters. We’ll see.

Punggol 21 – The Charming Waterfront Living of Singapore

How Punggol Marina looks like 2 years back, photo credits to elkin, Clubsnap
How Punggol Marina looks like 2 years back, photo credits to elkin, Clubsnap

How a short period of time has changed a place so tremendously.

Nicholas and I used to wakeboard regularly at Punggol Marina 2 years back with WakeTime and we knew there were development plans to close the channel where we used to ride. It was for quite sometime the announcement before the Police Coast Guards started to become serious and kept chasing our boats away. Since then, Nicholas and I stopped riding for awhile because of work commitment and wakeboard activities has moved to Seletar waters. Sad.

I caught up with a friend for a drink at the Marina yesterday. Gone was the smooth buttery flat channel which was totally dammed up with some sort of a station. Guess this has got to do with the plans that URA/HDB has laid out for Punggol 21 which was mentioned in 1996, and still reinforced in the recently gazetted Master Plan 2008.

High Quality HDB Flats in Punggol

Night view of Punggol Estate. Photo credits: Missy - verysporty, Flickr
Night view of Punggol Estate. Photo credits: Missy - verysporty, Flickr

Since 1996’s released plan by the government to develop Punggol, the estate has been on its track with its vision on building high quality HDB Flats, LRT and MRT lines to populate the area. And with the introduction of Kallang-Paya Lebar Expressway (KPE), residences here have improved road network to shorten the time span to travel to the city.

Design-and-Built and Design-plus flats were being offered then and we can see resale market is floating with movements of Punggol flats. The price has since been climbing steadily since 2005.

Punggol also has a strongly knitted community amongst residences. New happenings in Punggol? Things to take note such as watching out for hustlers or even having new community activities? Check out Punggol.org.

A Future Sports Complex, a Club House and a Reservoir

A new SAFRA clubhouse integrating a sports complex will be built in Punggol Central for the future convenience of dwelling residents. Coming 2010, we’ll have a new Punggol Reservoir. The new reservoir banks will feature unique plantations and more sports complex for Sengkang residents. The most catchy feature would be its fruit themed floating man-made wetland, which will become a habitat for fishes and birds.

Artiste Impression of Punggol Reservoir and Wetland from URA
Artiste Impression of Punggol Reservoir and Wetland from URA

2010’s Punggol Point and Punggol East

With the gazetted URA Master Plan 2008, a brand new waterfront promenade project awarded to LOOK Architects (The same award winning architect house whom brought you the iconic Alexandra Arch) will be ready in 2010 for residents of Punggol and Sengkang. A 4.2km waterway will connect Sungei Punggol and Sungei Serangoon together, with promenades on both sides running through Punggol Town.

Artiste Impression of Future Punggol Town Centre from URA
Artiste Impression of Future Punggol Town Centre from URA

Imagine water activities such as kayaking and waterfront dining at Punggol Point. This will definitely enhance the ‘Play’ mission of URA’s and improve the lifestyle living of the residents. You can read more about promenade details here.

Will Punggol 21 be Singapore’s answer to Venice? It’s a big statement, but give it sometime I’m sure it’ll still be impressive ;)

*Updated June 2013 – New Punggol Ecopolitan EC Opens for Registration!

Comprehensive Project Details of Grand Duchess, Tierra Vue, One Amber and More

Grand Duchess Club House with Stack 18 behind - Artiste Impression
Grand Duchess Club House with Stack 18 behind - Artiste Impression

Recently I have just sold a lovely ground floor 3 bedroom unit in Grand Duchess at St Patrick’s.

As we understand, developer’s will not continue to grant you Deferred Payment Scheme (DPS) and you’ll automatically be switched to Progressive Payment (PPS). Many of my buyers have asked me on the progress of the building and payment phase.

More Detailed Information About Grand Duchess at St Patrick’s, Tierra Vue, One Amber and other projects in District 15

I will have a landing page for Grand Duchess, Tierra Vue, One Amber with the most updated information including potential rentals and the progress stage of the construction for the project, along with other construction projects along District 15 for your perusal.

Should you have any questions with regards to Grand Duchess at St Patrick’s, I can be always easily reached here.

Singapore New Blueprint for Green Buildings By 2030

The Government has released a blueprint on the direction to go within the next 20-30 years for green buildings in Singapore. This is tied inconjunction with Building and Construction Authority (BCA) on its Green Mark Project started since January 2005.

BCA Green Mark

There’re a few tier standards in the Green Mark namely Gold, Gold PLUS and Platinum. You can refer to the chart from BCA here.

To encourage existing buildings to be stamped Green, BCA has roled out its second Master plan to offer cash incentives.

Free Gross Floor Area for Developers

Urban Redevelopment Authority (URA) is working closely with BCA to offer bonus gross floor area (GFA) for new private developments, a huge bonus to developers, again being subjective to Development Charges on the bonus GFA.

The landscape for new business districts such as Marina Bay and Jurong Lake District is monitored closely as buildings will have to attain a certain level of rating.


Excerpt from The Straits Times

SINGAPORE’S policymakers have unveiled a sweeping blueprint, 15 months in the making, to help build a greener, more energy efficient and sustainable nation.  The $1 billion plan, to be implemented over the next five years, will change everything from the cityscape and landscape here, to the way Singaporeans live and the way businesses are run. If successful, it will make energy usage here more efficient, reduce pollution and expand the nation’s green spaces – even as the demand for resources rises along with economic growth…

More from Straits Times

All these initiatives will result in energy reduction cost savings by $1.6 billion a year and result in creation of more job professions for the new standards.

As a developed nation, the move would create sustainability and encourage a healthier landscape make-over in Singapore. The future of the country has not sway in the wrong direction and is still looking bright for global investors and our local people.

A Swavroski Cable Car Cabin for Singapore?

Sentosa Cable Car, The Old Look
Sentosa Cable Car, The Old Look
Photo credit: Flying Cloud

Amazing things people can come up with for ideas. Sentosa is finally upgrading its fleet of their old school cable cars during this recession.

SINGAPORE: The view off Singapore’s Harbour Front is going to change as the cable cars stop moving for a S$36m overhaul later this year.

Mount Faber Leisure Group is investing in a whole new cable car system which will see 67 new cable car cabins, as well as a Swarovski-encrusted VIP cabin.

As part of the changes, the cable car rides will be rebranded as jewel rides. The project will start in the third quarter of 2009 and is scheduled for completion by the second quarter of 2010.

Channel News Asia

A Swavroski encrusted cabin? I wonder how much that’s going to cost to just be sitting on it in the future, but before the rides of our old cabins stop before the 15th of August, maybe you’d like to bring your kids (free for those under 12) and yourself for another nostalgic ride before the rates get hike when its new fleet is ready.

I bet the glittering cabin is going to be a hit with girls and couples who wants an alfresco sky dining experience. Hum

Legal Property Advice – Chances of Getting a Share of Property Proceeds after Divorce

Sunday Times is a weekly must read for me, especially with the columns that touches mostly on legal issues on real estate.

This week they’re covering issues with regards to divorce and how the judgement would be like when it comes to handling a property’s proceedings.

I am married, without any kids. My husband and I live in a condominium. His mother is a joint owner. He is paying for the home solely by himself, including the monthly housing loan and all other bills, while I am paying the monthly maintenance and conservancy fee of $300.

In the event of a divorce, do I have a chance of fighting for an equal share from the proceeds of the condominium?
A Normally a legal owner would have beneficial interest in the property. The beneficial interest acquired by the mother will be in proportion to her financial contribution. However, if the property was bought without any financial contribution from her, then it is arguable that she has no beneficial interest in the property.

An answer from Lie Chin Chin, Managing Director of Characterist LLC.

Upon a divorce, the court can order the division of the sale proceeds attributed to the share in the condominium that is the matrimonial asset.

For example, if the mother has a 30 per cent share, then only 70 per cent share in the condominium can be available for division between you and your husband.

The division will be in such proportions as the court thinks just and equitable, considering several factors such as length of marriage, and the parties’ direct and indirect financial contribution towards acquisition of the matrimonial property.

Indirect contributions could include efforts to enhance the welfare of the family, looking after the home or caring for the family or any aged or dependant of either party. The facts that you have no children and that your husband’s financial contribution is significantly more than yours are not factors in your favour.

Your contribution to the maintenance of the condominium is a factor in your favour. However, to have a higher chance of getting 50per cent of the matrimonial asset, you need to show there were extensive indirect contributions on your part.

Singapore Private Residential Price Plunged Further in Q1 2009

URA Released Figures for Q1 2009

The Urban Redevelopment Authority (URA) has released its figure for 1st quarter of this year on its real estate statistics. The figures for private residential sale prices has declined 14.1% on overall, abeit slightly more over the projected rate of 13.8% by URA.

Rest of Central Region was hit the hardest with a -17.0% quarter on quarter (qoq), with Core Central Region (CCR) at 16.2% and Outside Central Region (OCR) at 7.3% qoq.

Landed residential decline softer than its non-landed counterparts at 9.2% (qoq).

Rentals Have Dipped

Rentals have fell by 8.5% this quarter, as compared to the previous quarter of 5,3%, a much sharper dip. You can download a compilation of rentals data with individual residential projects here.

Even HDB data wasn’t spared either. Although HDB prices are still holding up, but the cash over valuation (COV) has been declining since Q1 2008. A complete data release is on URA’s website.

Will The Slide Stop From Here?

Highly unlikely. We will see further contraction in prices before it eases out. Property prices are highly tied to economy status and reacts especially much to local stock market situation. As property price index is a lagging indicator, until our economy picks up, we won’t see any high rally in property prices anytime soon. You can take a look on Salary.sg’s chart which pegs STI’s performa to property market index.

Again, we should see secondary sub-sale market picking up as supplies are getting ready soon. Pressure will be on buyers who have purchased their homes on Deferred Payment Scheme (DPS) and have not secured their finances.

More analysis from Nicholas Mak, Knight Frank on URA Q1 released data here.

Definition Areas of CCR, RCR and OCR

CCR Boundary Map from URA
CCR Boundary Map from URA

Core Central Region (CCR)

Singapore prime postal district areas 9, 10, 11, Downtown Planning area and Sentosa.

Rest of Central Region (RCR) and Outside Central Region (OCR)

Postal district areas that are outside Core Central Region 9, 10, 11, Downtown Planning area and Sentosa.

RCR areas are depicted in the Central Region Boundary line excluding CCR. Any areas which is out of the boundary line is considered OCR.

Refer to the map from URA here.

Key Collection for Tierra Vue in July 2009

Key Collection for Tierra Vue Owners this July

It’s confirmed. A Tierra Vue owner client of mine has gave me a call 2 weeks ago to inform me about his unit’s keys availability in July as his solicitor has asked him to get ready.

He has sneaked into his unit and has a couple of shots of his unit as well as the surrounding compiled in pdf. Any interested parties of Tierra Vue can take a look at his duplex unit which is open for sale as well. You can contact me for more information.

A General Overview on Tierra Vue (Pre-TOP)

Tierra Vue on 10th April 2009
Tierra Vue on 10th April 2009

Actually I have snicked in before when the gardeners are doing the landscaping for Tierra Vue. The general feel for the project is good, nice ambience, decent sized project.

There are a few good factors which should be able to maintain the price of Tierra Vue project at its developer’s price; again it’s a bet. We know Tierra Vue’s pricing wasn’t the most ideal for buyers at the time of launch; median about 890psf, which is pretty high.

Good Finishing, Bedroom Sizes Err..

MCL Land’s finishings for projects has always been decent. I’ve peeked into the ground floor units. You have decent finishing for sure. A probable complain would be about the bedroom sizes. Again, most of the new projects have this same problem with the bedroom sizes. To overcome this problem, you can always consult your Interior Designer for space-saving techniques.

Prices for Tierra Vue

Since we know the launched developer’s price was high, we expect most current owners wouldn’t mind breaking even should there be any chances; As we can see lately there was two transactions (a 3 and a 2 bedder) in February and March that was clearly underwater.

Whether the transaction prices could still hold would determine on the key collection phase whether the owners will have the ‘Wow’ factor when they open the door to their apartment. We would expect some transactions to happen still before the TOP phase in July.

You can find more information about Tierra Vue and download a copy of the catalogue here.