Rents up for four-bedders in prime locations in Q1

Larger four-bedroom units in prime districts were the only residential unit type to see an increase in rental values in the first quarter of this year, as compared with Q4 last year, according to preliminary estimates from Jones Lang LaSalle (JLL). According to the property consultancy firm, luxury prime properties saw a marginal 0.7 % growth in rental values from the three months before. Rental values for two- and three-bedroom apartments softened from January to March as compared with Q4, though their larger, four-bedroom counterparts saw rental values go up. JLL's South-east Asia head of research Chua Yang Liang said that the rise in rental values for four-bedroom units stemmed from a mismatch in demand and supply, where there were more smaller units available in these areas, even though demand was high for bigger units. This trend is recent and is something we noticed nearing the end of last year, said Dr Chua. He expects the supply-demand mismatch to be short-lived as developers come round to meeting demand for larger units. Jacqueline Wong, head of residential at JLL, said that larger four-bedroom apartments that are at least 2,800 sq ft are favoured by the expatriate community. For typical prime, East Coast, and Central regions, rental values remained stable at Q4 levels, said JLL.

The Business Time, P30

Japan quake fuels Hong Kong home rental costs

Japan's massive disaster has increased home rental prices in Hong Kong as foreign employees in the financial sector relocate to the city from Tokyo.
The occupancy rate of rental homes has shot up since the quake, tsunami, and nuclear fallout occurred on Japan's main island of Honshu, Yonhap news agency has reported.

"We have been receiving more phone inquiries, especially from the financial sector, after the earthquake in Japan," said Man Cheung, an agent at the Golden Stars Property in central Hong Kong.

"They are usually in a hurry to relocate themselves in Hong Kong and are willing to pay high prices."

In the Mid-Levels, one of the most popular residential areas among expatriates in Hong Kong, furnished new apartments, sized under 1,000 square feet, are easily rented out at prices from HK$20,000 (US$2,566) to HK$40,000 (US$5,129) per month.
Furnished apartments in secondary areas, such as Causeway Bay and Fortress Hill, are priced at HK$30,000 to HK$40,000 (US$3,847 to US45,129) per month, and are already full, she said.

An official at a Hong Kong-based property investment firm expected the rental volume to rise further in the next few weeks. "Occupancy at two high-end furnished apartment complexes developed by Sun Hung Kai Properties in the central area climbed as much as 3 percentage points to 98 percent recently," said the official, who asked not to be named.

The units, between 475 to 1,420 square feet, are priced between HK$50,000 (US$6,410) and HK$100,000 (US$12,822) per month, he added.

Meanwhile, Hong Kong hotels have run out of rooms for this month as they accommodate evacuees from Japan.

The month of March, except for the last weekend, is usually low season for the Hong Kong tourism industry. The prices for hotel rooms have risen three times as high as usual, industry officials said.

Singapore property market remains strong in Q1 2010, according to CBRE

Singapore’s property investment sales remained active in the first quarter of 2011, continuing on a blockbuster 2010.

Investment sales in Q1 2011 have amounted to $7.23 billion (US$5.73 billion) so far, 66.6 per cent higher that the S$4.34 billion (US$3.44 billion) in Q1 2010, according to a report from CB Richard Ellis. The private investment sales market has accounted for S$4.36 billion (US$3.45 billion) or 60.3 per cent of the quarter’s total investment sales to date, while investment sales in the public sector contributed the remaining 39.7 per cent or S$2.87 billion (US$2.27 billion).

CBRE has revised upwards the minimum price criteria for an investment sale transaction from S$5 million (US$3.96 million) to S$10 million (US$7.92 million) to reflect the new market worth of investment properties. Investment sale transactions include landed and non- landed residential property, government and private sales of land and buildings, both strata- titled and en bloc. It also includes change of ownership of real estate via share sales.

Despite the residential property cooling measures introduced on 14 January, prices remained firm while a development site in the Government Land Sales (GLS) programme even achieved a record price. A GLS residential site at Bishan Street 14 was awarded to CapitaLand for a record- breaking bid of $869 (US$688) psf/plot ratio or $550.10 million (US$435.68 million).

Total residential investment sales including Good Class Bungalow (GCB) sales accounted for 43.0 per cent of the quarter’s total investment sales or S$3.11 billion (US$2.46 billion) in transacted value. This was 21.5 per cent lower than the $3.96 billion (US$3.14 billion) residential investment sales recorded last quarter, but 51.7 per cent higher than the $2.05 billion (US$1.62 billion) chalked up in Q1 2010. Residential en bloc sales were active this quarter, with seven sites sold so far, generating $603.70 million (US$478.1 million). Newton View, sold to Novelty Group at $147.60 million (US$116.9 million) or S$1,403 psf/plot ratio (US$1,111), achieved the highest quantum value for a prime en bloc sale since 2007. Some mega en bloc sites that have failed previously are also back on the market.

“The property cooling measures introduced by the government has caused some uncertainty in the residential investment sales market with lower transaction volumes expected for 2011. However, developers remain keen to acquire sites either through the GLS programme or via en bloc sales. The tougher investment conditions in the residential sector have shifted some investor attention to the other sectors, but there is also a growing price gap between the asking and expected prices, ” said Jeremy Lake, Executive Director, Investment Properties.

The GCB market slowed down in this quarter, with six GCBs having been sold for a combined total of $104.80 million (US$83 million) so far. However, a relatively new GCB at Cluny Road set a record price of $2,039 psf (US$1,615) on the freehold land area of about 16,200 sf. It is a two-storey property with a basement and boasts of eco-friendly and energy-saving features.

The hotel sector burst into life this quarter, achieving $874.76 million (US$692.8 million) to date, or 12.1 per cent of total investment sales through three GLS hotels sites and two private sector transactions. The Ogilvy Centre GLS site was awarded to the Royal Group Holdings for $86.00 million (US$68.1 million or a $1,072 psf/plot ratio (US$849). A hotel site at Gopeng Street/Peck Seah Street, was awarded to Far East Organization for $194.77 million (US$154.3 million or $932 psf/plot ratio (US$738) while another site at Robertson Quay went to City Developments Limited for $127.76 million (US$101.18 million) or $938 psf/plot ratio (US$742.9).

The office investment market was also active, having chalked up 26.6 per cent of total investment sales in the quarter with $1.92 billion (US$1.52 billion) so far. Alpha Investment Partners and NTUC Income acquired Capital Square from Ergo Insurance for $889.00 million (US$704.1 million) or $2,300 psf (US$1,821) based on its net lettable area of 386,525 sf. CLSA bought PoMo – a mixed office and retail development – for $255.00 million (US$202 million) or $1,401 psf  (US$1,109) based on its net lettable area of 182,060 sf. One Finlayson Green, a freehold office block in Raffles Place, was sold to a private equity group Kerisvale Pte Ltd for $227.00 million (US$179.8 million( or about $2,524 psf (US$1,999) for its net lettable area of about 89,950 sf.

The retail investment market has contributed $737.78 million (US$584.2 million) or 10.2 per cent of the total investment sales to date. CapitaMall Trust bought Iluma shopping mall for $295 million (US$233.6 million) which translates to $1,593 psf (US$1,262) based on the net lettable area of 185,190 sf.

The industrial sector accounted for 7.9 per cent of total investment sales or $570.11 million (US$451.53 million). The sector’s sales included 11 private transactions and three GLS sites in Toh Tuck, Ubi and Kaki Bukit. Oxley Holdings surprised the market by offering $217 (US$171) psf/plot ratio or $72.20 million (US$57.1 million) for a GLS industrial site at Ubi Road 1/Ubi Avenue 4. Cache Logistics Trust, Cambridge Industrial Trust and AIMS AMP Capital Industrial REIT also made selective purchases of industrial properties.

“The impact from Japan’s recent earthquake and unfolding geopolitical events is likely to affect Singapore’s growth to some extent. Total investment sales could exceed $20.00 to $25.00 billion (US$15.84 to US$19.8 billion) this year, but is unlikely to match last year’s $29.38 billion (US$23.27 billion),” said Lake.

Wing Tai Holdings Limited and architect Toyo Ito have not so much built as created a marvelous gem called Belle Vue Residences in the heart of Singapore

Described by developer Wing Tai Holdings Limited Deputy Chairman Edmund Cheng as a love affair between himself and Japanese architect Toyo Ito, Belle Vue Residences is not just another luxury property development in Singapore. The legendary architect, who also designed the city-state's Vivocity mall, graced the project with his presence at the launch proper in September, 2010. This was of course a nice touch considering that Cheng courted Ito and convinced him to grace Belle Vue Residences with his vision.

Ito (pictured below) is much more than a purveyor of mall style, as those familiar with his work in Japan will know. A famous proponent of conceptual architecture, Ito thinks of his designs as "clothing" for city dwellers and simultaneously tries to express the interior and the exterior. "Architecture should be a sort of media-clothing, which is necessary in order for man to have a relationship with and integrate himself into the environment." This is amply evident in the shape and structure of Belle Vue Residences. At the launch of the luxury development, Ito himself confirmed that one of his aims was to bring the outside inside, and vice versa, thus eliminating or at least redefining boundaries.

Standing amidst the splendour of Belle Vue Residences' nine five-storey apartment blocks, the truth of Ito's words is plainly evident. Common area water features spill over and meet individual residences in such a way that one cannot tell where anything begins or ends. The blocks even look to be floating on the water. Similarly, greenery is not confined to a corner or even a central location, instead sprawling all across the property. With plants arranged for show on individual units by the developer, it even seems like the green areas outside have found a way into the homes.

The visual effect of Belle Vue Residences is made a little surreal thanks to the underwater lights and lantern shaped pole lights, a lighting concept by French consultant L'Observatoire. In its official documentation, Wing Tai says that the living spaces were "designed to parallel nature's branching pattern, seamlessly integrating interior and exterior spaces." Large windows on all sides of every apartment add to this vaunted transparent appeal.

Inside one of the 176 freehold units, those same windows lead one to feel completely enveloped by nature yet comfortingly screened by it as well. The naturally finished floors of the living and dining areas and the exotic timber strip flooring of the bedrooms also adds to the feeling of having invited nature into the home. Without exception, everything here feels organic, like it wasn't so much built as grown. Asked about this, Ito said he felt people need to be a part of the natural world and this guided his design philosophy. His first venture into residential territory outside Japan, Belle Vue Residences certainly lives up to his reputation.

"Good design means not to design, not to make shapes deliberately. My inspiration was to create a dwelling environment that enables us to rediscover our intimate relationship with nature, extending the tranquility of the outdoors into personal living spaces," said Ito.

Despite this assertion, Belle Vue Residences is indeed well designed, which you may have inferred from the above passages and the pictures. Aside from the flooring described above, all bedrooms also feature walk-ins from Ximula, while all bathrooms come with fine marble flooring and sanitary ware from Duravit and fittings from Hansgrohe. The kitchen in every unit comes fully equipped with built-in cabinets from Siematic and a full range of appliances from Miele, including cooker hob and hood, oven, steam oven, dishwasher and coffee machine.

 

Given that Belle Vue Residences recently received its Temporary Occupation Permit (TOP), and can be both bought and moved into immediately, it is perhaps appropriate to take a break from waxing lyrical and provide some hard facts.

The total site area is 248,000 sqf and it is hidden away within Singapore's District 9, in the Orchard-Oxley neighborhood. There are seven two-bedroom units (1,300-2,300 sqf), 103 three-bedroom units (1,500-4,200sqf), 62 four-bedroom units (2,000-4,800 sqf), one five-bedroom unit (5,400sqf) and two penthouses (4,800-5,000 sqf).

 

Location

• 15 to 33 Oxley Walk, Singapore

Tenure

• Freehold

Site area

• 23,003.50 sq m (247,609 sq ft )

Units

• 176, Total
• 7 2-bedroom (1,300-2,300 sqf)
• 103 3-bedroom (1,500-4,200sqf)
• 62 4-bedroom (2,000-4,800 sqf)
• 1 5-bedroom (5,400sqf)
• 2 Penthouses (4,800-5,000 sqf)

Facilities

• Barbeque Area
• Children's Pool
• Children's Playground
• Clubhouse
• Courtyard Garden
• Gymnasium
• Jacuzzi
• Leisure Lounge
• Multi-purpose Games Court
• Multi-purpose Room
• Steam and Sauna Rooms (with changing rooms)
• Theatrette
• Viewing Veranda

 

$36m Sentosa home sale still valid

Rumours that a buyer walked away from his $500,000 deposit for a posh bungalow after he got cold feet over the $36 million price tag appear unfounded. The title deed shows that Mr Shen Bin - a Chinese national and a Singapore permanent resident - remains the owner of the 14,983 sq ft plot on Paradise Island in the northern part of Sentosa Cove. There was a great deal of media coverage when Mr Shen was reported to have offered $2,403 per sq ft (psf) for the home last May. This far outstripped market prices and set a benchmark price for the area. The average psf price for the 10 detached homes sold in Sentosa Cove last April and May was $1,976.  Rumours arose in December that Mr Shen had baulked at the deal after learning that his offer far exceeded prevailing market rates. He was said to have forfeited more than $500,000 - including the deposit, commission, lawyers' fees and administrative charges - when he backed out of the deal. However, a property title information search by The Straits Times found that Mr Shen remains the owner of the 99-year leasehold bungalow.  Interest in landed homes in Sentosa remains strong, with property agents saying there has been a healthy number of viewing requests with genuine offers being tabled.

Prices have also continued to inch upwards, with the sale of a bungalow in Ocean Drive in October fetching a record $2,988 psf - or $28.2 million - on its land area of 9,436 sq ft. Sentosa Cove is a gated community comprising more than 2,000 homes, of which 400 are landed. The rest are condominium units. The landed houses in Sentosa Cove appeal to a wider market, as foreigners who do not have permanent resident status are allowed to buy them. Paradise Island is in the northern part of the cove.

- The Straits Time, P19

Exchange Rates (extracted from xe.com)

1.00 SGD	=	0.79 USD
1.00 SGD	=	5.20 CNY
1.00 SGD	=	2.40 MYR
1.00 SGD	=	0.49 GBP
1.00 SGD	=	885.17 KRW
1.00 SGD	=	35.40 INR
1.00 SGD	=	6,909.80 IDR
1.00 SGD	=	6.18 HKD

ST Index change:  3,058.71 (+15.68) *As at Fri 25 Mar 2011 09:23 AM
SIBOR (3 mths): 0.43750 (S$)         

SWAP (3 mths): 0.17313 (S$)

33,000 is hell of a lot of unsold flats

PROPERTY - the word alone sets the Singaporean heart racing. Those capital gains, the own-your-own-home dream all make for a potent elixir. Every now and then, National Development Minister Mah Bow Tan has to raise a red flag when real estate gets over- heated and prices threaten to enter the realm of the ridiculous. 'As the Government, we need to make sure that we look at the overall interest of the economy and everybody concerned, including the developers, real estate agents, buyers and then take it not just now but... down the road as well,' he said. The balancing act has become more difficult of late with a perfect storm of low interest rates, ample liquidity and record-breaking economic growth fuelling the property boom. Trying to keep a lid on all this has preoccupied Mr Mah, 62, for much of the past 12 months. A range of cooling measures has been adopted to take the heat out of the market, while large tracts of state land have been released to ensure developers can keep up the supply of homes. But as the minister told The Straits Times last week, buyers should perhaps curb their enthusiasm as there are already plenty of homes around. There are about 33,000 uncompleted units that remain unsold, and that is 'a hell of a lot of flats', said Mr Mah, enough to tide over the private market for three years and casting a shadow of a potential oversupply over the housing landscape. Buyers and developers must take into account this huge supply before making any big-ticket purchase decisions, he added. Throw in the fact that interest rates will certainly rise at some point and the risk of external shocks to Singapore's economy, and the equation for a potential home-buyer becomes that much trickier. Huge global uncertainties such as the turmoil in the Arab world could also have a knock-on effect on Singapore, throwing a spanner in the works of rising prices. But he acknowledges that the supply overhanging the market may not depress prices. If the global economy gets back on track and confidence returns, then demand will keep prices firm. Confirmed list sites go on sale regardless of interest and are often an indication of the Government's strategic development plans. Land on the reserve list is put up for tender only if developers make an acceptable initial offer. There are others who believe the Government should stay out of the private sector and let market forces reign, but he rejects the free-for-all approach. One recent measure - levying stamp duty of up to 16 % on homes sold within certain periods - has been attacked as being too harsh. But he pointed out that 1,101 buyers did not find it too onerous, choosing to purchase new private homes last month. This represented a 'reasonably healthy level of activity in the market' from buyers who were mostly owner-occupiers or looking at the purchase as a long-term investment. In a booming market with prices heading north, frustrated buyers can get angry and foreigners have been the target of some of this resentment. But he says Singaporeans are 'over-blaming' them. Foreigners cannot buy public flats - which comprises about 80 % of the market - and are restricted in buying landed homes. This limits them to only a narrow sector of the non-landed private market. The proportion of foreigners buying such homes has not increased over the years, hovering at around 20 to 30 %, he added. Another hot issue centres on calls for more regulations over the sale of homes of less than 500 sq ft - so-called shoebox flats - but this is one the Government has decided to sit out. These tiny homes, which can have psf prices of up to 20 % more than standard flats, make up only about 5 to 6 % of all transactions, he said. But if sales soar and begin to distort the Urban Redevelopment Authority's private property price index - which is based on the psf prices - the Government may consider a sub-index for shoebox homes.

- The Straits Time, P18

Exchange Rates (extracted from xe.com)

1.00 SGD	=	0.79 USD
1.00 SGD	=	5.18 CNY
1.00 SGD	=	2.39 MYR
1.00 SGD	=	0.48 GBP
1.00 SGD	=	888.39 KRW
1.00 SGD	=	35.46 INR
1.00 SGD	=	6,890.27 IDR
1.00 SGD	=	6.16 HKD

ST Index change:  3,006.63 (+3.88) *As at Wed 23 Mar 2011 09:28 AM
SIBOR (3 mths): 0.43750 (S$)         

SWAP (3 mths): 0.14993 (S$)

 

Luxury Property Market Still Hot In Singapore

A bungalow in Singapore's prime district 10 at Leedon Park sold for a record S$61.4 million (US$47.6 million) in December 2010, proving the luxury market is still hot in the country.

The site is believed to be the same that was sold in June 2010 for S$59.4 million (US$46 million), suggesting that perhaps the first buyer could not hold on to the property as the S$2 million (US$1.55 million) difference would only enable him or her to recover the stamp duty and other expense, the Today newspaper reported.

In 2010, more than S$2 billion (US$1.55 billion) worth of property was sold in District 10 - which roughly covers the area from Grange Road to Sixth Avenue.

More than 30 of the nearly 300 transactions in the district involved properties costing at least S$20 million (US$15.5 million), including a house in Ewart Park that went for nearly S$40 million (US$31 million) or just over S$1,000 psf (US$775), one in Belmont Road that cost the buyer a cool S$35.7 million (US$27.7 million) or S$1,220 (US$946) psf, and a Brizay Park home that was relatively cheap at S$941 (US$729) psf.

The costliest in per-square-footage terms was a 24,183 sq ft Nassim Road property that was sold for S$43.53 million (US$33.7 million) in August. In fact, few properties in District 10 cost less than S$1,000 psf (US$775).

"These are crazy prices," said property consultant Colin Tan of Chesterton Suntec International. "Sometimes I wonder where these people get the money to pay such prices. Many appear to be investors more than stayers as they seem to be investing in land rather than buying rooms."

However, the costliest landed properties in Singapore are to be found on Sentosa Island where sites are said to have changed hands for more than S$2,400 psf (US$1,860).

A bungalow at Paradise island reportedly changed hands in June for S$36 million (US$27.9 million). And unlike most other landed property sites in the country which are freehold, those on Sentosa are on 99-year leases and foreigners face no restriction in buying.

Source: Property Report

'Ghost towns' vs fewer homes

WHEN the Committee of Supply sat in Parliament recently, the National Development Ministry was asked if it could have anticipated the surge in demand for Housing Board (HDB) flats that has led to the record-high resale flat prices seen today.

Could HDB and the Immigration and Checkpoints Authority, for example, have been more coordinated in monitoring the influx of foreigners and its impact on housing demand?

The argument is that if HDB had seen it coming, it should have built more flats earlier and eased the current supply crunch.

In answering the question, Minister Mah Bow Tan invoked images of the infamous HDB 'ghost towns'. It was less than a decade ago that a surfeit of completed but unsold flats led to many near-empty HDB blocks in areas like Sembawang, Jurong West and Sengkang.

In 2005, there were still a staggering number of about 10,000 flats that were languishing in the market unsold.

'Home-owners paid a price for the oversupply then,' said Mr Mah, recalling the concern from citizens about safety, theft and deterioration of the empty flats.
Others griped about the negative effect the overhang of unsold flats was having on home prices.

Now, Singapore seems to have swung from one extreme to the other - from oversupply to undersupply. There is much unhappiness about the latter, but people have forgotten that oversupply is just as bad as undersupply, said Mr Mah.

The Government's challenge, therefore, is to find the 'sweet spot that is not too much, not too little', he added.

It's worth looking at both these statements more closely. Is an oversupply of flats really just as bad as an undersupply? I think many would disagree, for two reasons.

The first is that an oversupply of flats is a hyper-local problem that affects only certain new towns. For those who do not live in them or near them, the problem is out of sight and out of mind.

An undersupply of flats, on the other hand, is very much a national problem that affects all young married couples and others such as upgraders.

Second, an oversupply problem potentially depresses flat prices, but this affects mostly potential sellers, who already have a home.

An undersupplied market, on the other hand, affects buyers who do not yet have a home to call their own and are in urgent need of one to start families.

They also include upgraders who need more space because their children have grown.
The impact is more immediate on a wider spectrum of the population - people who want a home so they can move on with their lives.

This unhappiness could translate into a higher cost, politically, compared with an oversupply situation, for the current Government.

This brings us to the second of Mr Mah's points: that however difficult it may be, it is critical for the Government to find the 'sweet spot' between the two evils.

Logically, this means finding some sort of middle ground between two systems that have been at opposite extremes.

HDB used to have a queueing system where it would build and complete flats before they were sold to buyers in the queue. This exposed HDB to considerable holding risk. If HDB misjudged the demand, or if demand evaporated for some reason, the result would be a big stock of unwanted, empty flats.

After the 1997-98 Asian Financial Crisis and the oversupply situation in the early part of the last decade, HDB switched to the build-to-order (BTO) scheme. Here, the opposite is true and HDB bears minimal risk: It builds a project only if there is a certain number of buyers for the flats.

Perhaps finding that 'sweet spot' requires fine-tuning this supply mechanism to something in-between: that is, HDB could consider permanently maintaining a buffer of completed flats.

This idea had been mooted before by MP Cynthia Phua (Aljunied GRC), who asked if HDB could consider keeping a stock of ready flats for families who are in urgent need of a home.

Mr Mah had pointed out that although HDB does not plan for a buffer, there is in reality a buffer of flats over and above the BTO flats that are available, and they have shorter waiting times.

These available flats are leftovers from other HDB schemes - such as the Selective En-bloc Redevelopment Scheme and surplus BTO flats - which are sold under HDB's sales of balance flats exercise.

In a market like the current one, however, this buffer almost completely disappears. Recent BTO projects have also seen 95 per cent take-up rates, which means that in the coming years, there are unlikely to be many buffer flats.

Looking back, perhaps what the HDB could have done - and what some MPs have mooted before - is build 10-20 per cent extra new flats each year as part of a 'steady state' policy. The flats would be built regardless of whether or not they are bought at launch.

To minimise the risk of 'ghost towns' of empty flats, the HDB could plan it such that these flats are scattered in projects across the island, on plots that are perhaps extensions of established estates like Tampines or Yishun.

By the time the flats are built, the allure of immediate occupation would naturally attract buyers who are reluctant to wait three years for a new flat but who are also unwilling to pay the higher premium associated with resale flats.

If demand is weak, such as in an economic downturn, the HDB will have to hold on to the unsold units, but the holding risk is minimised compared with the old system.

If demand is strong, the HDB will not be left high and dry with nothing in reserve to offer. This buffer may then help alleviate the unhappiness on the ground.

Of course, there are risks associated with building extra flats. The HDB is answerable if thousands of completed flats are unoccupied.

The question turns on whether the public regards new HDB flats more as a necessity or a luxury.

The Government would never be faulted for stockpiling emergency supplies of essential items like rice, for example. If HDB flats are more like necessities, then the risks of undersupply outweigh that of oversupply.

If the experience of the last 10 years is anything to go by, finding that 'sweet spot' between oversupply and undersupply would be well worth HDB's effort.

Tanjong Pagar to get a facelift

MM Lee unveils 5-year masterplan for area, promising slew of enhancements

Minister Mentor Lee Kuan Yew yesterday unveiled a five-year master-plan for Tanjong Pagar GRC and Radin Mas single-member constituency.

The plan promises residents more green spaces, new and spruced-up public housing estates and better transport links in the next five years. It also aims to make life easier for the large pool of elderly residents in the GRC, located at the geographical centre of the island.

In the works are handrails and ramps across all estates, and lifts on every floor by 2014.

There will also be new flats, new playgrounds, a faster broadband network, and enhancements to several schools - to attract younger residents.

Mr Lee, who has represented Tanjong Pagar since 1955, highlighted to some 500 residents the role that the Government's policy of home ownership has played in Singapore's stability and progress. He pledged more improvements.

The ABC waters programme has turned a 1.2km stretch of the Alexandra Canal, from Tanglin Road to Delta Road, into an open waterway with play and wetland areas, a community plaza and lookout decks, among other features.

Why refurbish?

'Every time an estate gets old, we renew it, we refurbish it. Why? Because we want to increase the value of your homes, beautify the surroundings.'

'Eighty-five per cent are in HDB homes. We intend to keep the values of these homes up. They will never go down,' he added.

MINISTER MENTOR LEE KUAN YEW on the rejuvenation of Tanjong Pagar, which includes large-scale projects like Commonwealth10

- The Sunday Times

Exchange Rates (extracted from xe.com)

1.00 SGD	=	0.781 USD
1.00 SGD	=	5.140 CNY
1.00 SGD	=	6.090 HKD
1.00 SGD	=	2.386 MYR
1.00 SGD	=	0.486 GBP
1.00 SGD	=	886.892 KRW
1.00 SGD	=	35.392 INR
1.00 SGD	=	6,877.130 IDR

ST Index change: 2,935.78 (-7.1) *As at Fri 18 Mar 2011 05:10 PM

SIBOR (3 mths): 0.43750 (S$)      

SWAP (3 mths): 0.17369 (S$)