Building government projects at a later time may cost more if prices of materials continue to rise. However, National Development Minister Mah Bow Tan said that is a calculated risk the government has to take. To cool the market, the government is deferring a total of about S$4.7 billion worth of public sector construction projects to 2010 and beyond. Construction is one of the hottest industries in...
July 2008
PRIVATE home prices rose a slender 0.2 per cent over the second quarter. That’s half the Urban Redevelopment Authority’s earlier flash estimate of 0.4 per cent growth. This was the third consecutive quarter in which prices rose more slowly, after rocketing 31.2 per cent last year. “The continued weakening of the property price index continues to reflect cautious sentiment in view of the slowing US...
More choice for home-buyers HAD you $20,000 in cash to pay for the Cash-Over-Valuation (COV) component of a resale 4-room Housing and Development Board (HDB) flat, you would have better bargaining power now than in the last quarter of 2007. Back then, you might just have been able to afford such a flat in far-flung areas such as Bukit Panjang, Chua Chu Kang, Jurong or Woodlands. But between April and...
Prices of private homes in Singapore grew at a slower pace in the second quarter than initially projected - climbing at just 0.2 per cent against an earlier estimate of 0.4 per cent. This is a far cry from the 3.7 per cent growth in the previous three months. Analysts said this is the first time that final numbers have come in lower than flash estimates, suggesting that home prices are finally...
Prices for public housing on the resale market have risen, while those for private property have moderated for the second quarter of 2008. According to latest official figures, there has also been little upward movement in the private property rental market. Data for the HDB resale and rental markets based on transactions in Q2 saw HDB's Resale Price Index (RPI) up 4.5 per cent, compared to the 3.7 per...
Singapore's Gardens by the Bay project is on track for completion by the end of 2010. National Development Minister Mah Bow Tan said the project is unaffected by the government's recent decision to defer S$1.7 billion worth of public-sector building projects – a move meant to ease the pressure on the construction industry in Singapore. Mr Mah was speaking to the media at the official opening of the...
A "Sentosa Gateway Tunnel" is set to be built so that motorists can circumvent the busy traffic in the Harbourfront area to get into town. The Land Transport Authority (LTA) said the tunnel will connect outbound traffic from Sentosa island directly to Kampong Bahru Road and Keppel Road. It is part of plans to improve the road infrastructure to meet future demands of development in that area, which will...
SINGAPORE’S booming office market is facing a drop in demand and a slowdown in rents that have left many wondering: What happens next, when a host of new developments are launched? Tight supply and high demand, mostly from financial institutions, made Singapore the ninth most expensive office market in the world, ahead of rival Hong Kong, according to property consultant CB Richard Ellis. Rents nearly...
Prices holding steady but don’t pop the bubbly yet: Economists ECONOMISTS rubbed their eyes in disbelief yesterday as official data showed that for the third month in a row, inflation held firmly at 7.5 per cent last month instead of climbing. Does this spell a plateau in consumer prices, which are currently at a 26-year high? Maybe not, said some pundits, as June enjoyed some once-off relief and...
No-frills establishments offering high-tech amenities aimed at business travellers MILLENNIUM and Copthorne Hotels (M&C) may build up to five more “limited service” hotels in Singapore, if the one currently under construction along Mohammed Sultan Road takes off. The London-listed hotel group’s chief executive Richard Hartman, revealing this yesterday during an interview, said more may also pop...