Katong Mall Rejuvenation Coming Soon

Tuan Sing which bought Katong Mall enbloc for $219m in July 2008 has sold it to Perennial Katong Retail Trust for $247.55m in November 2009.

Mr Pua Seck Guan, former executive of CapitaLand, set up the private trust. The investors are no more than six parties, including corporate and institutional investors and Mr Pua.

The seven-storey centre, in a fairly affluent neighbourhood at the junction of East Coast and Joo Chiat roads, will undergo a $55 million revamp lasting 12 to 15 months.

This will transform it into a lifestyle and food and beverage hub, said Mr Pua, who was chief executive of CapitaLand Retail before stepping down a year ago.

'After pumping in the upgrading cost, the returns can be attractive,' he said, adding that the expected net property yield after completion will be about 6 per cent to 8 per cent.

Its gross floor area will be relatively unchanged at 282,000 sq ft after redevelopment works.
But its net lettable area will rise from 172,170 sq ft to over 206,000 sq ft, said a statement from Perennial Real Estate.

The revamp will add 99 more carpark spaces to make a total of 278. These will be on basements two and three. About 30,000 sq ft of retail space on basement two will then be relocated to more prime areas on the upper floors as well as a newly created fifth floor - now the rooftop.

A cinema will occupy the top floor, while anchor tenants will include a food court and gourmet supermarket, said the statement. The mall is likely to close around the middle of next year for renovation works.

Punggol Waterfront Housing Design Unveiled

• On 11 November 2009, the government announced the winning design for Punggol Waterfront Housing Design Competition launched in 2008.

• Group8asia, an international architectural firm; in partnership with local design firm Aedas, has emerged as the winner of the design competition.

• The winning design comprise sky terrace concepts, with spaces for roof gardens. The design enabled a large proportion of units to enjoy scenic views of the waterway. Other winning attributes include a resort-like design, functional and workable layout of site, and visually pleasant and refreshing housing forms that could be replicated along the waterway.

• This award-winning development is estimated to be launched in mid-2010 where 1,200 HDB units will be put up for sale and residents can experience an eco-friendly housing experience by the waterway. The resort-style housing leverages on the attractions of the waterway and the promenade.

Redevelopment of Bedok Bus Interchange

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On 6 November 2009, the Minsitry of National Development (MND) announced the Government Land Sales (GLS) Programme for private residential, commercial and hotel developments for the first half of 2010.

A total of 8 private residential sites were placed under the Confirmed List and another 34 private residential/commercial/hotel sites were placed under the Reserve List.

One of the interesting sites is the piece of land which the current Bedok Interchange sits on. It is placed under the Reserve List and will be available in December 2009. The site is slated for a mixed residential cum commercial development. I suspect it will also has to be integrated with a bus interchange (just like the ones in Clementi, Sengkang etc).

Finally, there are concrete plans to revamp the "outdated" Bedok Town Centre. I really hope a developer will quickly trigger this site for tender once it is available in December 2009.

Overview of Punggol New Town & HDB Flat Prices

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Punggol New Town Demographics

As at 31 March 2008, HDB has completed 16,734 flats in Punggol.

By 2011, another 4,000 flats are expected to be completed.

HDB’s projected ultimate number of dweliing units, including private and public housing in Punggol Town is 96,000 in Year X. This is equivalent to twice the number of dwelling units Ang Mo Kio Town has as at 31 March 2008.

Punggol 21 Plus

Sequence of Events

Aug 1996

Prime Minister Goh Chok Tong in his National Day Rally announced plans for “Punggol 21”. The plan was to develop Punggol into a model waterfront town, serviced by an intricate transportation network system comprising a bus interchange as well as a Mass Rapid Transit (MRT) station (Punggol MRT station). The MRT station would in turn be linked to Light Rail Transit (LRT) stations dispersed around the town, ensuring that every home would be no more than 300 metres to the nearest LRT station. The plan was, however, halted with the onset of the Asian economic crisis of 1997. Construction began the following year, but stopped as the demand for flats declined rapidly. The undertaking to create a resort-style estate in Punggol was further impeded by financial difficulties in the construction industry in 2003.

Aug 2007

Prime Minister Lee Hsien Loong in his National Day Rally speech articulated a new vision for Punggol, naming it "Punggol 21-plus". Putting the original "Punggol 21" plan back on track, this latest model would transform the existing Punggol estate into a waterfront town featuring amenities ranging from jogging tracks to restaurants offering alfresco dining. In addition, the Punggol and Serangoon rivers would be dammed up to form a freshwater lake.

Sep 2007

Key strategies for “Punggol 21 Plus” unveiled. Minister of State for National Development, Grace Fu, says the masterplan, announced recently, will take time to study and develop. It is a long-term plan and is thus not expected to be completed in the next five years (Source: Channelnewsasia).

Nov 2007

URA unveiled design proposals for a new waterfront promenade and park at Punggol Point. A 4.9 kilometre promenade will be built to connect two proposed sports and recreational clusters at Punggol Point and along Sungei Serangoon. The promenade will also be linked to new park connectors planned by NParks along Sungei Punggol and Sungei Serangoon.

Dec 2008

Blueprint of winning design for New Punggol Waterway unveiled. There will be a 10km cycling trail in a rustic setting along the 4.2km waterway and a pedestrian 'kelong-like' bridge to recapture the old fishing days.

Jan 2009

HDB awarded a $144.6 million contract to build the first part of Punggol Waterway to Koh Brothers.

Feb 2009

Budget Debate – Minister Mah Bow Tan indicated that the first sale site for a mixed commercial cum residential development at the town centre will be launched by 2011.

April 2009

Groundbreaking ceremony of the new Punggol Waterway. An estimated 21,000 units of private and public housing are expected to be built beside the 4.2km waterway. The project is expected to be completed by end of 2010.

Mortgage Loan Evaluation Model

Buying a property is one of the major decisions in life for many Singaporeans.

To me, taking up a mortgage loan with the right "elements" is just as important.

The level of interest rates (i.e. housing loan package) is often regarded as the most important push factor when deciding which loan package to take up.

However, a property owner may also end up paying much more in interest payments if he does not carefully consider the right parameters (loan amount, loan tenure etc) in his mortgage loan.

I have recently created a Microsoft Excel based "Mortgage Loan Evaluation Model" to facilitate a potential borrower in choosing a suitable mortgage loan package (with the right parameters) for himself.

For those who happen to read this posting and are interested in using this program please send an email request to me (Note: use the file/program at your own risk).

I hope the program would be useful and I would appreciate if you could provide me with your comments after using it.