Category Archives: Lifestyle and Neighbourhood news

Interesting activities in the katong neighbourhood

Kallang River to be rejuvenated

The Urban Redevelopment Authority (URA) launched the “A River Runs Through It” exhibition this morning, which showcases opportunities to revitalise areas along Kallang River. Minister for National Development and Second Minister for Finance Lawrence Wong officiated at the launch.

The exhibition is a call for public feedback and ideas on a preliminary conceptual plan to rejuvenate the Kallang River, and revitalise the areas around the river.

Kallang River’s potential for rejuvenation

The Kallang River is Singapore’s longest natural river.  Originating from Lower Peirce Reservoir, the 10 km Kallang River passes through many housing and industrial areas such as Ang Mo Kio, Bishan, Toa Payoh, Bendemeer and Kallang Bahru, before merging into the Kallang Basin. There are now about 800,000 people living within 2 km of Kallang River. In the next 20 years, there is potential to inject around another 100,000 dwelling units in the area.

Waterfront rejuvenation started in the 1980s in Singapore, following the clean-up of both the Singapore River and Kallang Basin. In the past 30 years, the government has focused on the Singapore River, Marina Bay and the Kallang Basin. The time is ripe now to start a discourse to further rejuvenate the Kallang River in the future.

Many of the ideas exhibited at this stage are conceptual and aspirational in nature, and not developed in great detail. The intention is to invite public feedback, so that they can be developed further. The government has outlined five broad key ideas to rejuvenate Kallang River:

  1. Activate the waterfront, and enhance Kallang Basin as a sports and recreational venue. Active, Beautiful, Clean Waters (ABC Waters) projects will animate the waterfront. An idea that is being developed for implementation is an eventual stream, cascading waters and rain gardens between Bishan Road and Braddell Road. Meanwhile, more facilities are being studied at the area around the Sports Hub to strengthen its standing as an inclusive sports and recreational precinct. Sport Singapore, in collaboration with other agencies, will be transforming the area along Jalan Benaan Kapal into an inclusive community space that celebrates active living.
  2. Inject new waterfront housing developments in park-like settings and renew old industrial estates. Kampong Bugis and Kallang Distripark are primed for the development of quality green residential neighbourhoods. Home to smaller industrial estates, Kallang Industrial Estate has the potential to be renewed into a mixed-use precinct with new industrial developments. The Kampong Bugis project was announced by Minister Lawrence Wong in Parliament recently, and consultations with industry have already started.
  3. Enhance accessibility by providing a seamless active mobility route along Kallang River between Bishan and the city centre. A seamless promenade along the Kallang River will have a key catalytic effect to spur developments around it. The exhibition will present some aspirational ideas to overcome major obstacles along the river bank, such as new underpasses and a cycling bridge across the Pan Island Expressway.
  4. Enrich the biodiversity of Kallang River. Current habitats along the river can be complemented with the naturalisation of more stretches of the waterway, and wider green setbacks, to allow biodiversity to flourish even more.
  5. Celebrate and incorporate the river’s rich heritage. The public will be invited to help capture the memories and heritage associated with the river to enrich future development plans.

Please see Annex A [PDF, 36kb] for detailed proposals to revitalise the river.

Public feedback for exhibited proposals

URA is calling on members of public to share their feedback on the proposals to revitalise Kallang River and Kallang Basin. URA will also be inviting grassroots and residents living along Kallang River and other stakeholders to the exhibition for their views. Members of public are also welcome to give their feedback online at ura.sg/kallangriver.

The ideas and proposals will be exhibited at The URA Centre Atrium from 29 Mar to 2 May, 9am to 6pm, Mondays to Fridays. Admission is free.

https://www.ura.gov.sg/uol/media-room/news/2017/Mar/pr17-23

Singpost Centre mall to be managed by Capitaland

The mall in the new SingPost Centre – near Paya Lebar MRT station – spans five floors and has a net lettable area of about 175,000 sq ft. The SingPost Centre will house the new General Post Office and Philatelic Store and feature tenants, including supermart NTUC FairPrice, Golden Village cinemas and a Kopitiam foodcourt. SingPost said the 300 sq m General Post Office will feature traditional counter service and technology-enabled innovations such as POPStations and eSAM machines. There will also be a heritage corner where customers can learn about the postal service firm’s 150 years of history.

CapitaLand Mall Asia is the mall manager, signing its first third-party mall management contract in Singapore, boosting CapitaLand’s mall network here to 20. The long-term contract with Singapore Post will see CapitaLand managing the upcoming mall at the new SingPost Centre in Paya Lebar – slated to open in the second half of this year.

The SingPost Centre mall will augment its presence in eastern Singapore, where it currently owns and manages two malls – Tampines Mall and Bedok Mall.  It is also involved in a joint venture to develop the Jewel Changi Airport which is due to be ready in early 2019.

With CapitaLand as the retail mall manager, SingPost will be able to focus its attention on our core operations of postal services and e-commerce logistics. Under the property management agreement, CapitaLand will oversee the period leading up to the opening of the mall, its marketing and promotion as well as leasing and facilities management.

Millenials favour property investments

The Manulife Investor Sentiment Index (Manulife ISI) survey found that more than two-thirds (68 per cent) of Singapore millennials aim to purchase local property, with 40% intending to do so for investment purposes to generate rental income. The millennials, defined as those who are currently between the ages of 25 and 34 years, favour investing in property as a means to achieve financial security though their satisfaction with rental yield is the lowest in Asia.

58 % are satisfied with the rental yields compared to an average of 78 % in Asia. The highest satisfaction levels with regard to rental yields were in Indonesia (97%) and the Philippines (92%). A statement by Manulife said this suggests that Singapore millennials who bank on rental income may need to seek other alternatives.

The latest Manulife ISI survey was conducted in September and October 2016, and was based on 500 online interviews in markets including Hong Kong, China, Taiwan and Singapore. Respondents were middle-class to affluent investors aged 25 and above, who are the primary decision makers of financial matters in the household and currently have investment products.

The study found that Singapore millennials were more optimistic about their retirement prospects than older generations – eight out of 10 believe they will be able to maintain or improve on their current lifestyle when they retire. In contrast, older investors tended to lower their expectations as they drew closer to retirement – 44% above the age of 50 expect to scale back their lifestyle in retirement.

Millennials, however, do recognise that financial and health concerns may challenge their retirement aspirations. 74% plan to continue working in a full-time or part-time job after retirement, and expect their work income to contribute close to 20% of their retirement income.

But more than half feel their health condition may not allow them to continue working.

Millennials may also become the “sandwich” generation, expected to care for their children and ageing parents. More than a third (34%) believe they will need to support their children and their parents even after they retire, as opposed to 8% for those aged 50 and above.

44% do not expect to receive any financial assistance from their children. Half of millennials expect they will still be carrying debt or a mortgage in retirement.

Marine Blue officially launched this weekend

Capitaland is officially launching a residential project in Marine Parade this weekend. The  average price for the units is at S$1,700 per sq ft (psf). This officially launch came after more than two years after its soft launch in January 2015.

38 units have been sold as of last month. Majority of the units in Marine Blue come with a view of the sea. The remaining 86 units for sale comprise 52 one-bedroom units, 27 loft suites, three penthouses and four pool terraces:

  • One-bedroom units (sizes from 635 to 980 sq ft); priced S$1.13 million – S$1.39 million.
  • Loft suites (sizes from 1,270 to 1,593 sq ft); priced S$1.56 million – S$1.67 million.
  • Penthouse units (sizes from 3,025 to 3,261 sq ft); priced S$4.11 million – S$4.47 million.
  • Pool terraces (three bedrooms and a private pool) (sizes from 3,670 to 3,993 sq ft);  priced S$4.87 million – S$5.24 million.

Marine Blue received its temporary occupation permit (TOP) in October last year. Under Qualifying Certificate (QC) rules, CapitaLand is due to sell all units by October 2018. Marine Blue is located near East Coast Park, Tao Nan and Ngee Ann Primary and many other popular schools in the east. It is conveniently opposite the popular shopping mall in the east, Parkway Parade, with the new Thomson-East Coast Line (TEL) to be ready in 5 years’ time. The owner of Parkway Parade, Landlease, is separately launching a mega integrated development in Paya Lebar as well over the weekend.

The official launch of the 124-unit Marine Blue comes after the government’s move last Friday to ease property market cooling measures that have been in place since 2013:

  • each tier of the seller’s stamp duty (SSD) will be lowered by four percentage points and the holding period shortened from 4 years to 3.
  • a new stamp duty – the Additional Conveyance Duties – aimed at residential property transactions done through the transfer of shares in property-holding entities.
  • Total Debt Servicing Ratio (TDSR) will no longer apply to mortgage equity withdrawal loans with loan-to-value ratios of 50 per cent and below.

New Paya Lebar Condo @ Katong Fringe ready for sale

The Park Place Residences at Paya Lebar Quarter (PLQ), a 429-unit development which will be the third condo project to hit the market this year after The Clement Canopy in Clementi and Grandeur Park Residences in Tanah Merah, will open for a preview tomorrow.

The $3.2 billion PLQ – being jointly developed by Lendlease and Abu Dhabi Investment Authority – will feature a mall, three office towers and three residential blocks. Developer Lendlease yesterday said it is confident there will be a good take-up for the 99-year leasehold Paya Lebar project.

Lendlease plans to sell 171 apartments, or 40 per cent of the total units at Park Place Residences, as part of its first release. Park Place Residences will have 117 one-bedroom units, between 480 sq ft and 580 sq ft in size, with prices starting at $780,000. Meanwhile, the price for 234 two-bedroom apartments, between 650 sq ft and 900 sq ft, will start from $1 million. The remaining 78 three-bedroom units, between 1,080 sq ft and 1,350 sq ft, will be priced from $1.6 million.

The prices should work out to an average of about $1,560 psf to $1,610 psf. This would make Park Place Residences the priciest condo project out this year. Average prices at both The Clement Canopy and Grandeur Park Residences are below $1,400 psf. Park Place Residences will be launched for sale on March 25.

Concurrently the MOF has just announced a set of updated initiatives for property. It includes changes to SSD among others — http://www.mof.gov.sg/news-reader/articleid/1795/parentid/59/year/2017?category=Press%20Release

Freehold Katong Apartment @$900psf only

Renovated Duplex/Maisonette in East Coast/Katong area. MIns to i12Katong Mall, famous Katong eateries and short walk to the future MRT station, this is a great buy! 2045 sqft at $1.85M. Spacious. Call David King @ 9477-2121 for more details.

http://www.sgbayhomes.com/20489762

Katong/St Patrick Semi Detached house @$5k+ only

Beautiful katong semi detached house for rent. Near Katong eateries, malls, schools ( Tao Nan, Ngee Ann, CHIJ, St Patrick’s, Victoria School and Junior College). Partially furnished with garden. 4 bedrooms with guest room at level 1. 3800/2800sqft. Available now. Call David at 94772121 for viewing.

http://www.sgbayhomes.com/19593941

Saving Dakota Crescent

On local press recently, there is a group of architects, led by Mr Jonathan Poh, seeking to save parts of Dakota Crescent. Dakota Crescent is one of the oldest public housing estate in the island. The group is submitting a paper to MND to provide various options to save the entire area, as well as conserving parts of the iconic structures in the estate.

Based on the government’s rejuvenation plans for old housing estates, the 17 rental blocks in Dakota Crescent is primed for demolition. The residents have to vacate the area by end of 2016, to either nearby Cassia Crescent or elsewhere if they decide to buy a new flat. The site is reserved for future residential development.

The conservation plan include 8 “butterfly blocks” — curved buildings with 2 perpendicular wings at the back; blocks 10 and 20, which are similar to the already demolished blocks in St Michael’s estate in Whampoa and the Princess and Duchess estates in Queenstown. The flats were built SIT in 1958.

Dakota Crescent.png

Katong Shopping Centre may go enbloc again

Katong Shopping Centre (KSC) in Katong/East Coast area is making a third time try at the collective sale market, with a asking price of about $630m. More than 80% of owners have agreed to the proposed sale. CDL owns 60 units and 323 carpark spaces in the mall. KSC is built in 1973, at a cost of $20m to CDL.

The psf price of %2248 is seen high in today’s market. The 86,924 sqft site with plot ratio of 3.0 is zoned for commercial and residential use. The current gross floor area (GFA) is 280,203sqft. The agent responsible for the collective sale, Cushman & Wakefield, is applying to URA for outline permission for full commercial site.

The venue is also a prime ideal for additions and alterations to recreate a landmark mall in Katong. A potential 32K sqft space may be set aside for medical suites. The site is within 500-600m of the future MRT stations of Marine Parade and Amber. The tender is due 8 Sept 2016.

 

 

KatongShoppingCentreFacade

Burger King and Long Beach @ East Coast closing next year

After the closing of the McDonald’s outlet in East Coast area in 2012, the latest development in the popular dining area in East Coast will see the moving out of popular eateries and developments in Raintree Cove site. Long Beach Main Seafood restaurant, the only drive-in Burger King outlet, Ju Shin Jung East Korean Charcoal BBQ Restaurant, and Lorna Whiston Pre-school will move out when the lease expires on Feb 28 2017. The landlord, National Parks Board (NPB), will be taking over the space but there are scant details of the development plans. Market talk is that a new concept will replace the current dated structures, to cater for beach-goers.