Complete Property Market Updates of Singapore

June 19, 2008

Central: More hotels

Filed under: Commercial,Education,General,Hospital,Hotel — Propertymarketupdates @ 5:52 am

LIVE

·  130,900 new homes, in towns such as Toa Payoh, Queenstown, Bukit Merah and Boon Keng, as well as at Kallang Riverside, Tanjong Rhu, Singapore River and Sentosa

WORK

·  Extension of the Central Business District at Marina Bay and along Beach Road/Ophir-Rochor Road

·  New offices at Paya Lebar Central

·  Further development of office and business parks at one-north

PLAY

·  New hotels at Chinatown, Tanjong Pagar, Singapore River, Kampong Glam, Little India, Farrer Park, Paya Lebar, Kallang Riverside, Balestier and Sentosa

·  Sports Hub at Kallang will have a National Stadium, aquatic and water leisure centre, multi-purpose indoor arena, sports library and museum

·  New park connectors and Labrador boardwalk linking Southern Ridges to VivoCity, HarbourFront and Southern Waterfront

·  New events at Singapore River

Source : Straits Times – 24 May 2008

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West: More greenery

Filed under: Commercial,Education,General,Hospital,Hotel — Propertymarketupdates @ 5:50 am

LIVE

·  46,000 new homes near MRT stations, parks and waterbodies, such as at Jurong East, Jurong West, Hillview and Choa Chu Kang

·  A new general hospital in the Jurong Lake District by 2015

·  A shopping mall with a library and bus interchange at Clementi town centre

·  New campuses for the Canadian International School and River Valley High School in Jurong West by next year and 2015, respectively

·  Third Institute of Technical Education regional campus in 2010

WORK

·  2,500ha of land set aside in Jurong and Tuas for industrial uses

·  750,000 sq m of commercial space for offices, shops and restaurants in Jurong Gateway

TRAVEL

·  The East-West MRT line will be extended west

·  The Downtown Line 2 will connect parts of the region to the city centre

PLAY

·  Jurong Lake District will have edutainment attractions, dining and lifestyle destinations and a new park by the lake

·  World-class Science Centre next to Chinese Garden MRT Station

·  Interpretative Centre and boardwalk at the Bukit Timah Nature Reserve

·  Boardwalks and boating activities at Jurong Lake and Pandan Reservoir

·  Singapore’s first motocross venue at Tuas

·  More parks and park connectors

Source : Straits Times – 24 May 2008

May 12, 2008

New Master Plan expected to see selective changes

Filed under: Commercial,General,HBD Reviews,Hospital,Hotel,Land Sale,REIT — Propertymarketupdates @ 1:27 am

Key sectors seen benefiting include hotels, aerospace, healthcare, transport

URBAN Redevelopment Authority’s Master Plan 2008 – which will be exhibited soon – will see changes in land use and increases in plot ratios, but these will be selective and focused on growth areas, rather than a widespread upgrade in densities, DBS Vickers Securities said in a report dated yesterday.

The strategic initiatives from the Master Plan will filter down to improved growth fundamentals for various economic sectors. While the property sector will be a key and obvious beneficiary, also standing to benefit from the strategic outline are the hotels, aerospace, healthcare, transport and construction sectors, the report said.

More land will be provided for development of the aerospace industry and the establishment of a designated hub near Seletar Airport will continue to provide strong fundamentals for the sector’s continued growth. For the healthcare sector, DBS Vickers sees a medical hub developing around the Novena area and ‘we could see rezoning of land parcels in this area to facilitate the development of this medical hub’.

It also suggests plot ratio increases in some mature HDB estates, as part of the rejuvenation plan. With Jurong and Paya Lebar earmarked as new business hubs outside the CBD, ‘we are likely to see a concentration of Government Land Sale projects in these two areas in the medium term’.

Noting that the authorities have revealed plans for new residential enclaves such as the area around Marina South Gardens and Kallang Basin, it said, ‘we expect rezoning and plot ratio adjustments in these areas’.

‘We expect much of the key significant land use and plot ratio changes to be concentrated in certain strategic areas – Seletar (aerospace industrial use), Jurong (new regional centre), Paya Lebar (commercial hub near city fringe), Marina Bay (white sites and residential), Novena (medical and healthcare), Kallang Basin (residential) and Ophir-Rochor (mixed development).’

The report added: ‘With the phased opening of the Circle Line from 2009 onwards, we also expect to see an increase in plot ratios for undeveloped state land sites that are close to Circle Line MRT stations, and in particular those that intersect with existing MRT stations.’

‘With interchange stations planned at Paya Lebar, Serangoon, Bishan, Buona Vista, Harbourfront and Dhoby Ghaut, we believe that the highest potential for plot ratio changes could come at the Paya Lebar and Serangoon stations, given that the area around the remaining interchange stations are already relatively built up,’ DBS Vickers said.

Source : Business Times – 6 May 2008

February 29, 2008

RMG ‘happy to lose’ tender for Novena site

Filed under: Hospital,Property Deal — Propertymarketupdates @ 9:36 am

RAFFLES Medical Group (RMG) executive chairman Loo Choon Yong says he is ‘happy to lose’ the tender for a hospital site at Novena, seeing the record bid of $1,600 psf per plot ratio (ppr) by Parkway Holdings makes the site one of the most expensive commercial land buys in recent times.

‘This is one tender we are quite happy to lose,’ said Dr Loo. ‘As you can see, it’s a different risk appraisal, I suppose.’

The tender for the Novena site closed last Friday. At $344.1 psf ppr, RMG’s bid fell a long way short of even the $694.5 psf ppr put in by second-highest bidder Napier Medical. The site was awarded to Parkway yesterday afternoon.

Although it missed out, RMG intends to keep looking for opportunities to grow locally. ‘We can of course move out backroom services,’ said Dr Loo. ‘We can move out even my office and use every square inch to serve patients.’

At the rate business is growing, it may not be long before that happens. RMG announced yesterday its full-year net profit more than doubled to $35.9 million, from $15.7 million in FY2006. This was helped by a 46.9 per cent or $9 million rise in operating profit to $28.2 million and a one-time gain of $12.5 million from its 50 per cent interest in Raffles Hospital Properties . The gain resulted from a revaluation of the Raffles Hospital building, which RMG previously co-owned with a CapitaLand unit.

Revenue for the 12 months ended Dec 31, 2007, jumped 25.6 per cent to $168.7 million. This was driven largely by hospital services which saw revenue surging 34.3 per cent to $106.3 million. The increasing complexity of cases resulted in more intensive use of facilities and higher value-added services.

According to Dr Loo, the hospital is operating at 40-60 per cent capacity, with some of the bed space making way for outpatient operations.

The healthcare services segment, which encompasses the clinics business, grew 14.4 per cent to $69.7 million. During the year, the group opened three new clinics – at Science Park, TechPark, TechPlace and a 24-hour medical centre in Terminal 3 of Changi Airport.

Basic earnings per share for the year went up to 7.36 cents, from a restated 3.50 cents the year before. Net asset value per share was 38.98 cents at Dec 31, up from 24.87 cents at end-2006. The group is proposing a final dividend of 1.5 cents a share, bringing the payout for the year to 2.5 cents a share.

Dr Loo is optimistic about the group’s prospects in 2008 but says the state of the global economy is important. ‘Because we are actually serving regional patients, if they do less well, they may be less inclined to come,’ he said. ‘Singaporeans will always have the option of going to government hospitals.’

More than one-third of RMG’s patients are from overseas, with the top sources being Indonesians, Malaysians and expatriates living in the region.

Source : Business Times – 19 Feb 2008

Parkway top bidder for private hospital site

Filed under: Hospital,Property Deal — Propertymarketupdates @ 7:45 am

$1.2b bid seals Novena’s reputation as medical hub

THE Parkway group has emerged the top bidder for the new Novena medical hub, a private hospital which will be built on a 1.7 ha plot along Irrawaddy Road.

Its $1.2 billion bid was was higher than that put in by Raffles Medical and a consortium backed by developer Far East.

At about $1,600 per sq ft per plot ratio, the private hospital will stand alongside a hotel, condominium and an office building, all eyeing ‘medical’ guests and tenants.

The sale of site, the first private hospital since Raffles Hospital was built in 2001, is part of the plan to build up more facilities here by 2012, when one million foreign patients are expected to arrive a year for treatment.

Already in the neighbourhood are Tan Tock Seng Hospital (TTSH), the National Neuroscience Institute and National Skin Centre.

Upcoming Renci hospital and private institutions like Johns Hopkins International Medical Centre and newly launched Novena Medical Centre (NMC) complete the family of healthcare providers located within walking distance to each other.

If Parkway is awarded the site, it will have a presence in the two medical hubs – Novena and the existing cluster in Orchard, with Mount Elizabeth Hospital and medical centre as well as medical suites in Lucky Plaza and Paragon.

Source : Straits Times – 16 Feb 2008

November 20, 2007

Far East opening $8m outpatient clinic at Novena

Filed under: Developer News,Hospital — Propertymarketupdates @ 5:06 pm

FAR East Organization and a group of doctors are investing $8 million to set up a clinic called Novena Surgery, in response to what they say is an increasing need for outpatient surgery for Singaporeans and international patients.

Lim Beng Hai, director and senior consultant hand surgeon for the Centre for Hand and Reconstructive Microsurgery, Singapore, who is chairman of Novena Surgery, said that many local patients were opting for surgery as outpatients.

‘This demand is augmented by the rising number of international patients seeking treatment in Singapore,’ he said.

Novena Surgery, which takes up 8,000 sq ft, will be located on the eighth floor of the $257 million Novena Medical Center. It is expected to open its doors on March 1 next year.

It will be used by doctors practising at the centre and those from other hospitals, medical centres and clinics in the area.

Novena Surgery, which aims to provide ambulatory care and surgery facilities, will have three operating theatres and two endoscopy suites, with private rooms and common areas for patients to recover after surgery.

The facility will offer surgical specialties including eye surgery, ear-nose- throat and obstetrics and gynaecology. Surgeons can look forward to a concierge service, which will arrange for patients to be picked up and arrive on time for surgery.

Patients will be able to use touch-screen monitors in the wards to make requests from nurses, to access the Internet and to send e-mail.

The board of directors is expecting Novena Surgery to break even in the space of a year, and bring in annual revenues of more than $10 million after three years.

The number of cases per day could reach a maximum of 100, they said at a press conference.

Heah Sieu Min, who is on the board of directors, described Novena Surgery as a ’seamless, convenient service which will be value for money’.

GL Yap, executive director of Far East Organization, said that Far East would be interested in tendering a bid for the hospital site at Novena Terrace/Irrawaddy Road launched this week by the Urban Redevelopment Authority.

Source : Business Times – 2 Nov 2007

November 13, 2007

CDL HT distributable income jumps 138.5%

Filed under: Hospital,REIT — Propertymarketupdates @ 2:10 pm

CDL Hospitality Trusts (CDL HT) has reported distributable income of $18.8 million for Q3 2007, up 138.5 per cent
from $7.9 million a year earlier and 90.8 per cent higher than its projection.

Revenue was $23.97 million, up 112.9 per cent from $11.3 million previously. And distribution per unit was 2.36
cents, up 108.8 per cent from 1.13 cents.

CDL HT said its hotels put up a strong showing.

Average occupancy rates at the Orchard Hotel Singapore, Grand Copthorne Waterfront Hotel Singapore, M Hotel
Singapore and Copthorne King’s Hotel Singapore increased 3.9 percentage points from a year earlier to 89.4 per cent,
while the average daily rates increased 21.8 per cent to $201. Revenue per available room (RevPAR) rose 27.4 per
cent to $179.

The four hotels achieved combined hotel revenue of $56.4 million and a combined gross operating profit of $28.2
million.Including Novotel Clarke Quay Hotel, which was acquired on June 7 this year, total hotel revenue for Q3 was
$65.1 million and gross operating profit $32.4 million.

Combined weighted average RevPAR for the five hotels – including Novotel Clarke Quay Hotel – was $176. The average
occupancy rate was 90 per cent.

Vincent Yeo, CEO of M&C REIT Management, manager of CDL HT, said: ‘Even though September’s growth against the
previous year was diluted because of the extremely high rates achieved last year due to the one-off International
Monetary Fund/World Bank meeting held in Singapore, the third quarter still showed very strong growth rates
overall.’

CDL HT said that of the $18.8 million of distributable income, $3.6 million – representing income available for
distribution for the period from July 1 to July 18 – has already been distributed. The remaining $15.2 million of
income available for distribution will be included in the computation of the next distributable income for the
period July 19 to Dec 31.

CDL HT units closed eight cents higher at $2.47 yesterday.

Source : Business Times – 1 Nov 2007

October 15, 2007

Government to build 550-bed Yishun hospital

Filed under: Hospital — Propertymarketupdates @ 8:54 pm

THE Ministry of Health (MOH) is building a regional hospital in Yishun to better serve residents in the northern region of Singapore.

Spanning over 3.4 hectares, the 550-bed hospital will offer a comprehensive range of medical and healthcare services. The new public sector hospital will be named Khoo Teck Puat Hospital, following the promise of a donation of $125 million from the family of the late banker and philanthropist.

A new entity, KTPH Pte Ltd has been incorporated under MOH Holdings to own and operate Khoo Teck Puat Hospital.

A board of directors, chaired by Jennie Chua, president and CEO of The Ascott Group, has been appointed to guide the strategic direction of Khoo Teck Puat Hospital, a ministry statement said.

The board will ensure that the hospital is managed well with strong corporate governance to achieve financial sustainability, service excellence, and an active programme of development and innovation so that it can deliver on its mission of being a hassle-free and patient-centric hospital, it added.

MOH also noted that Mavis Khoo, representing the Khoo Teck Puat Foundation, has agreed to serve as a member of the board.

Khoo Teck Puat Hospital will be run by the existing team running Alexandra Hospital and will continue to be led by Liak Teng Lit, chief executive officer.

The incorporation of the hospital provides the team with the opportunity to try out innovative models of care delivery and coordination, as well as eliminate wastage that stands in the way of efficiency, with a view to improving healthcare for Singaporeans.

Source : Business Times – 8 Oct 2007

September 29, 2007

$2b plan to build more medical facilities

Filed under: Hospital — Propertymarketupdates @ 12:16 am

But as health-care costs rise, better-off patients will have to pay more By Salma Khalik, Health Correspondent

MORE hospitals, clinics and other medical facilities will be built over the next eight years to cater for a growing and greying population.

It will cost the Government more than $2 billion to build them, a sign that health-care costs can only go up – which begs the question: Who will pay for the higher operating costs?

Along with the Government and employers, it will be patients who have to foot the bill, with the more well-off paying more, said Health Minister Khaw Boon Wan yesterday at the ground-breaking ceremony for a new pathology laboratory at Singapore General Hospital.

In store are two new hospitals in Yishun and in the west, adding over 1,000 beds to the 12,000 in 29 hospitals and specialty centres. Land has also been set aside for two more hospitals in Woodlands and Sengkang.

Polyclinics, nursing homes and community hospitals will be expanded, and there will be a bigger Communicable Disease Centre at Tan Tock Seng Hospital to battle infectious diseases.

Specialist centres, bigger labs, research and teaching facilities and centres to tackle emerging problems such as addictions to gambling are also in Mr Khaw’s plan.

Demand is clear. Singapore’s population has increased by 813,000, or 22 per cent, in the last 10 years.

In the next decade, Mr Khaw expects a similar jump as the population soars towards 5.5 million.

Already, health care professionals are stretched and medical facilities are over-crowded, he added.

Looking at the worldwide trend of spiralling health-care costs, he said Singapore’s spending on health care was 3 per cent of its gross domestic product 10 years ago, and even now, at 4 per cent, it is still ‘the best among developed countries’.

‘Ten years from now, it will surely be higher, but how much higher? Five per cent, 7 per cent or worse?’

Japan, which spends 8 per cent on health care, wants to cap costs at 10 per cent, while in the US, economists project it will rise from 16 per cent to over 20 per cent in future.

Mr Khaw also raised again the thorny issue of means testing – deciding how much subsidy patients enjoy based on their income.

‘Patients who are better off can and should shoulder a higher burden. If they choose subsidised services, they should get a lower subsidy than those who are less well-off.’

That is why means testing is needed, said the minister, who in April had given notice that income checks will start in a limited form in public hospitals within a year. ‘All over the world, medical inflation exceeds general inflation,’ he explained.

As the total cost goes up, so will the patient’s share, just as the Government and employers’ share will.

Madam Halimah Yacob, head of the Government Parliamentary Committee (GPC) for Health, agreed: ‘As Singaporeans, we have to be realistic. We cannot continue to expect a high standard of health care without paying for it.’

To keep a tight rein on costs, Mr Khaw outlined five principles:

·  Adopt a healthy lifestyle.

·  Make patients co-pay to discourage over-consumption.

·  Reward doctors and hospitals in a way that encourages them to find better, safer and cheaper ways to treat patients.

·  Give patients enough information so they can choose doctors and hospitals which provide better and cheaper care.

·  Accept that when a patient cannot be cured, families and doctors should realise the limits of medical science and learn to let go.

Source : Straits Times – 26 Sep 2007

June 18, 2007

New private hospital to be set up in Jurong

Filed under: Hospital — Propertymarketupdates @ 12:08 am

150-bed facility that offers full suite of services will be ready in three to four years By Salma Khalik, Health Correspondent

A NEW private hospital will be ready in the western part of Singapore in three to four years.

It will offer the full suite of services – emergency and intensive care, surgery, specialist clinics offering cancer, geriatric and orthopaedic care, and a Traditional Chinese Medicine clinic.

To be operated by China Healthcare, it will retain its present name, Westpoint. The premises, at the site of the old Jurong Hospital, is now run by China Healthcare as a convalescent home.

China Healthcare’s chief executive officer Ong Chu Poh plans to spend up to $15 million to transform it into a 150-bed hospital offering acute and convalescent care.

News of a new hospital in Jurong was welcomed by Madam Halimah Yacob, an MP for Jurong GRC. ‘It fills a need. It’s good that they will offer both acute and convalescent care, making it easier to move between the two seamlessly. It will also give residents more options,’ she said.

She has been concerned about the shortage of hospital beds and had queried the Health Minister about it in Parliament recently.

The ministry sees a need for 60 to 100 new subsidised beds every year for Singapore until the population stabilises.

Mr Ong said patients can expect to pay lower rates than the B1 and private room rates charged by other private, and even public hospitals, which start from $150 a day.

‘They can also use their Medisave,’ he said. But there will be no subsidised care, except for those who qualify under the ministry’s convalescent home subsidy.

China Healthcare runs five Medicare centres under the EconHealthcare name, and two nursing homes in Singapore as well as a Medicare centre in Kuala Lumpur.

It took over full ownership of the 20-year-old, 58-bed Westpoint last September and has spent the last few months renovating the place.

Its lease on the land at Corporation Drive, owned by Jurong Town Corporation (JTC), has been extended by another 30 years, giving it a total of 39 years. Mr Ong is now in talks with JTC to build a new five- or six-storey building at the premises.

He is confident that the Health Ministry will give its approval for a licence to run a full hospital, based on his company’s track record and its ability to meet the requirements.

Dr Madeleine Chew, the hospital’s chief executive officer and medical director, said the plan is to offer complete community care.

In cases of serious accidents that require sophisticated surgery, for example, Westpoint will treat the immediate trauma, stabilise the patient and then send him to the National University Hospital.

With the purchase of a CT or computed tomography scanner, it will be able to deal with most accident cases, she said.

But the niche it wants is holistic community care.

Mr Ong said having both an acute and convalescent hospital in the same place means a patient who is getting better can easily move to a cheaper bed in the convalescent section, while having doctors nearby in case of need.

He added: ‘Since we also run two nursing homes, it will be easy to get a place for patients needing longer nursing care.’

Westpoint already offers home physiotherapy and nursing services, which it will expand as needed.

And as the population ages, the number of cancer patients will increase. Dr Chew said that offering cancer treatment, possibly in a tie-up with a tertiary hospital, will give patients living in Jurong the convenience of doing chemotherapy near their homes.

Source: The Straits Times, 15 June 2007

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