For who have no clue about Jurong Lake District
Senior
For who have no clue about Jurong Lake District
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
Record top bid for EC site in Jurong
http://www.businesstimes.com.sg/breaking-news/singapore/record-top-bid-ec-site-jurong-20130730
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
16 bid received for ULU Jurong site vs 6 and 8 bid for 2 Punggol EC site.
Developers sure know where to place their bet.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
As I have said before, owner in the west beware. The western dragon is wide awake now.
SINGAPORE] An all-time record price for executive condominium land has been set for a plot in Jurong, an area which has been starved of new EC supply. Located near Jurong Country Club, the 99-year leasehold plot received a top bid of $418.53 per square foot per plot ratio (psf ppr) amid strong participation from 16 bidders. The buzz in the location, following strong sales at J Gateway condo last month, also contributed to the strong demand for the EC plot.
However, two other EC sites - both in Punggol - whose tenders also closed yesterday in a bid by the authorities to rein in bullish bids for EC land - fetched top bids of about $355 psf ppr and $356 psf ppr, just a shade above the $351 psf ppr that a plot at Punggol Field Walk/Punggol East drew in December. Analysts said this was probably because developers were mindful of a possible saturation of EC and 99-year private condo projects in the Punggol/Sengkang location.
ECs are a public-private housing hybrid with initial buyer eligibility and resale restrictions which are completely lifted 10 years after the completion of an EC project.
Some analysts said the government's attempt to have simultaneous tender closings for three EC sites does not seem to have had its desired impact of tempering tender bids, while others suggest it may be too early to declare the experiment a failure.
Besides the scarcity of new EC supply in Jurong in particular and developers' voracious appetite for residential land in general, they highlight strong underlying demand for new ECs, which cater to owner occupiers - who are not the target of many of the property cooling measures.
Also, under the Total Debt Servicing Ratio framework, a buyer wishing to upgrade from his current Housing and Development Board (HDB) flat can probably get a bigger housing loan for an EC purchase, rather than a private property; this is because the HDB monthly mortgage payment will not be factored into TDSR calculations when banks assess the amount of loan they grant to an EC buyer, notes Nicholas Mak, executive director at SLP International.
At yesterday's tender, the top bidder for the Jurong plot, located at Yuan Ching Road/Tao Ching Road, was a consortium comprising Evia Real Estate (5), BBR Development, CNH Investment and OKP Land. Its $418.53 psf ppr bid topped the previous EC land record of $392 psf ppr set for a plot in Tampines Central 7 in 2011 that is now being developed into Tampines Trilliant.
The 16 bids for the Jurong site came close to the record 19 received for the Summerdale EC site in Boon Lay Drive in May 1997, points out Mr Mak.
Property consultants estimate the breakeven cost for Evia's bid at $740-800 psf. CBRE Research associate director Desmond Sim predicts an average selling price of about $900 psf, which will set a new record for ECs. A seasoned developer estimates a lower selling price of around $840 psf.
Evia Real Estate Management's managing director, Vincent Ong, said the group plans to develop a 500-unit EC project that "promises compelling design features and lifestyle options".
"We are confident of the EC market due to the burgeoning sandwiched class and its increasingly sophisticated home taste."
The company is the real estate arm of private equity firm Evia Capital Partners.
Its bid was just 1.8 per cent higher than the next highest bid of $410.96 psf ppr by Greatview Development, controlled by Yu Zhisong. Other bidders include UOL Venture Investments, Singhaiyi, and a joint venture involving Sing Holdings, Maxdin and the Chiu family's Tang City Properties.
Also bidding were City Developments-TID, Frasers Centrepoint, EL Development, Koh Brothers, and Hoi Hup. The lowest bid - from Han Chee Juan's Teneriffe Development - was $323.37 psf ppr.
The plot at Punggol Central/Edgedale Plains drew eight bids, with a top bid of $356.14 psf ppr from a JV between Master Contract Services and Keong Hong Construction. This was 1.4 per cent more than the second highest bid by Greatview Development.
Six bids were received for a nearby waterway-fronting plot along Punggol Drive/Edgedale Plains and next to Kadaloor LRT Station. Highest bidder Peak Square - a unit of Kheong Leong - priced the site at $355.17 psf ppr, 2.5 per cent more than the next highest bidder, Kingsford Development.
Sim Lian was the lowest bidder for both Punggol plots.
Several developers went for more than one site despite the simultaneous tender closing of the three EC sites. For instance City Developments bid for all three sites as did Kingsford Development.
Frasers Centrepoint, Evia, Sing Holdings and Sim Lian were among those who bid for two sites.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
New Launch Project Specialist
In the end, the Govt wins, now residential land in the West can command high price....all the JLD hype and releasing land for malls and office has worked, these are developments not sensitive to the "chocolate smell syndrome" of many residential buyers, so now with the transformation of the West gaining momentum, all future residential launches will be priced on par with the rest of Singapore.....PAP Huat Ah!Originally Posted by Ringo33
Senior
JLD is no hype, its the future of Singapore.
dont worry, the smell of money and success in Jurong area will overpower whatever smell you are talking about and people who shy away from Jurong will eventually join the queue
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
After kinokuniya borders bookstore is coming to jurong. The force in the west is strong
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Junior
does it help JLD's case that the western singapore are more pro-pap than the eastern side? hence pap is rewarding their supporters in the west.
half beast half freak
or issit western r less pro-pap tats y they nid to do more to regain votes?
Senior
The western region is strategically very important for the ruling government because its the place where our country attract the largest FDIs. With over 3000 MNCs in western region, the last thing PAP want is to have an opposition taking over.
Actually opposition parties has never been very serious or attracted to the west. perhaps they do not want to disturb the goose that lay golden eggs.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
Borders is likely to be in Jurong East central.
Borders back by Popular demand
By cai haoxiang
Published July 31, 2013
HOMEGROWN books retailer Popular Holdings announced this morning that it will open a Borders bookshop in Singapore by this year-end. The bookstore will be located in Jurong, the company said.
Popular acquired the Borders brand in Singapore last year, CEO Chou Cheng Ngok told a media briefing. The company, known for selling textbooks and assessment books, wants to appeal to a different market segment.
"Borders is an international brand, it has its following, its niche," Mr Chou said.
http://www.businesstimes.com.sg/brea...emand-20130731
New Launch Project Specialist
Siglap fan here agrees. We must open our minds to change.
Global recession is coming....
Think is they don't want to be there too long in case get lung cancer???
Newbie
Man, you have brand new shopping malls, revamped entertainment centers, new F&B outlets, new commercial offices, giant retail mall, International Business park, famous bookstores, library, hotel, hospitals and in the work a themed park in JLD.
Isn't it obvious ?
Newbie
No doubt JLD has the making of a prime district.
Newbie
Those who still doubt it gonna miss a big time boat.
Senior
Jurong Gateway is fast becoming a little "Orchard Road".
Please living in the west, beware!!
[SINGAPORE] Unfazed by a grim industry outlook and ghosts of bookstores past, mainboard-listed Popular Holdings has doubled down on the book retail business.
It has acquired the Borders Singapore brand and will open a Borders bookstore in Jurong East's upcoming Westgate mall before the year is up.
"Borders is an international brand, it has its following, its niche," Popular CEO Chou Cheng Ngok told a media briefing on the move yesterday morning.
He said the brand was acquired last year for "between $2 and $200,000". Mr Chou, 76, used a Hokkien phrase pa si buay zao ("won't give up even if beaten to death") to describe Popular's commitment to books. "The challenging part is how to differentiate between the different brands," he said.
Popular, known for selling school textbooks, stationery, office equipment and assessment books, has explored other growth options in recent years.
It is now into property development. It also opened three bookstores under the Harris brand but was forced to shut them down in 2011 and 2012 due to rising rents. It also opened two bookstores under the Prologue brand at Ion Orchard and Orchard Central.
But it is shutting down the Ion Orchard store, with the last day of business on Aug 25.
"We're not blaming anybody," Mr Chou said even as he cited difficulties in getting a following for the brand. "The overheads are high, and getting higher. The margins are low, and getting lower. But the Orchard Central branch will remain open."
Borders, meanwhile, had opened its flagship store in Wheelock Place in 1997, and its Parkway Parade outlet in 2007. But declining profits, an inability to tackle the challenges posed by the digitisation of the book industry, and high debt forced the US company into bankruptcy in 2011.
The Singapore outlets also closed down in 2011. Some blamed Australian parent company RedGroup Retail, which had bought the Borders brand for Singapore, Australia and New Zealand, for going bust. Others said that discounts cut into earnings. Customers said its poor book selection and non-book products like toys and cookware turned them off.
For now, Popular management is staying tight-lipped on how they would do things differently, declining to answer all business strategy questions.
They have on board Victor Tan Wei Nam, who used to be financial controller of RedGroup Retail and is now Popular's head of English business. He hinted yesterday that Popular will try to retain the lifestyle bookstore idea that drew customers in Borders' heyday. Its Wheelock Place outlet had late opening hours, a bistro, and a music section. "There is a niche to be filled with all these brands closing," he said, pointing to the book-loving community that Borders drew.
The new Borders, located at CapitaMalls Asia's Westgate mall by Jurong East MRT, will be competing with Books Kinokuniya, which just opened an outlet in June at neighbouring Jem mall.
Competitors like MPH senior manager Marcus Frois welcomed Popular's move as a "very positive development for the local book trade" compared to previous years.
Other than Borders closing in 2011, homegrown art and design bookstore Page One also shut its doors in 2011. The century-old Chinese bookseller Commercial Press closed its last store in Singapore in end-2012.
This year is bucking the trend, he said, with the Kinokuniya and Borders openings, and MPH itself opening a new outlet in Parkway Parade in October.
But stiff competition remains in the industry, he said, noting that rental and staff wage increases have outpaced sales growth and discounts mean book retailers are not making money despite selling more books.
This trend, together with competition among wholesalers trimming margins and the threat posed by electronic books and online stores like Amazon and Book Depository, point to a "somewhat sombre picture of the book business", he said.
Popular recorded a 25.2 per cent drop in net profit to $23.3 million for its full year ended Apr 30, due to lower revenue from its property development business and its main retail and distribution business.
Expressing doubts about Popular's latest move, SIAS Research lead analyst Ng Kian Teck said: "There are reasons why Borders exited the business. Unless there's some new concepts that Popular is bringing to the name, it will be hard for them to differentiate and generate value-add return."
Popular traded unchanged at 28 cents yesterday, after the news was announced. The company made five share repurchases in July at around 27 and 28 cents. Its last reported net asset value per share was 27.29 cents. Popular's buyback of 899,000 shares yesterday accounted for most of the day's trading activity.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
Capitaland has decided to remain in CBD afterall. They must be confident of filling up their office tower
CapitaLand Group is keeping its current headquarters at Capital Tower and will centralise all its business units there by 2015, the property giant said on Thursday.
The announcement that it will operate from the central business district (CBD) area reverses earlier plans to move to the mixed development Westgate Tower in Jurong by 2015. Last year in August, CapitaLand had said that it would move its operations there while retaining a city office at Capital Tower.
CapitaLand said that the decision was made after a strategic review of the total office space requirement and available options.
Presently, CapitaLand operates from several locations in Singapore. They include Capital Tower, Robinson Point and AXA Tower which are in the CBD and Wilkie Edge on Wilkie Road. The move will take place between 2014 and 2015.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Office Boy
Because they understand that Jurong is after all Jurong.
It doesnt do their Corporate image any good to be in Jurong.
CDL is also in CBD.
My office and most other banks are also in CBD.
We had thoughts of moving out of CBD but my big bosses say I dont understand that prestige is more important than a few million bucks each year.
Only the best stays in town, the rest, eg Borders, who didnt make it in town, can consider Jurong.
DKSG
Global recession is coming....
Heard the brand "Borders" have been cursed, probably cannot survive within 10 years again???
Newbie
my office also in town leh.. previously we were in the west.. then 1 day, 1 ang mo boss came in and he decides to move us all back to ORQ.. all because of prestige lah...but town parking more expensive..
Senior
If not for URA restriction, the better proposition for Westgate office is actually to lease out the office space as medical suites.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Junior
i am a bit confused by this statement.
capitaland deciding to remain in CBD is it positive or negative for J-gateway price?
Senior
Capitaland as landlord must be confident of securing tenants for their office block before deciding to remain in CBD. positive or negative will depends on the type of tenants filling the void.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Newbie
I just realize Westgate only has 320,000 sf office space which should be easily be filled up.
With another 300k sf from JEM, JLD only has 600k sf of commercial office space with no pipeline? which seems a tad too little
Even the upcoming Metropolis in Buona Vista has 1.2mm sf of office space.
To put things in perspective, the CBD will have asia square tower2, DUO, southbeach, marina one, GuocoTower - around 4-5mm sf of office space - 8x effect for JLD!
Senior
you forgotten about the Sim Lian venture ave plot which could potentially yield 650,000sqft, and also office space at IBP and JTC Summit.
What you are seeing today is only the beginning of JLD development, and there are still many plot of commercial site yet to launch.
Its a 15 years development, so be patience.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Office Boy
Most prestigious companies want to be located in town.
In any small downturn, most surviving company will take the opportunity to move into town, ditching those OCRs offices and leaving them empty for a looong time.
OCR is always the buffer/cushion, when times are good people no choice go OCRs, but once they get the chance they move into town.
Same for residential. If people can afford to stay in Orchard who wants to stay in Jurong ?
DKSG
Senior
Depending what you mean by prestige actually. AFAIK, companies like P&G, Unilever, Nestle, Pfizer, Samsung, Sony, doesnt operate inside CBD, and the talk about companies moving into City are actually more for show rather than for substance actually.
If you can afford to stay in Orchard, why do you even need to compare it to Jurong?
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
New record price
Lakeholmz Resale 1,033sqft
$1,055psf
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Blue blood
Seems like people are willing to paymore to live in Jurong.
Even The Mayfair can fetch such a good price now (LH99y since 1996)
Most recent transaction in Jun for 635 sq ft sold at $1181 psf, as compared to a similar sized unit in Aug 2011 for $913psf.
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