The collapse of Lehman Brothers is set to hit Asian office rental rates. Banks are traditionally the largest users of Grade A office space in the region, and they are likely to cut back on expansion plans and even consolidate current operations in the year ahead. In the region's major office markets, Tokyo's prime rentals are leading the decline. Others are expected to follow suit over the next 12 to 18...
September 2008
For the first time, Singapore has clinched top spot as the best place for meetings and businesses, beating global players such as Paris and Vienna. The Union of International Associations (UIA) Global Rankings also gave Singapore top billing as the number one Asian country for meetings, a position Singapore has held for the past 24 years. The Singapore Tourism Board said the country accounted for 22.5...
When two dormitories housing 6000 foreign workers sprung up in the private estate of Jalan Kayu in 2005, it led to a flood of complaints from residents. Manager of Tee Up Dormitory, Kelvin Low, said, “Initially, they hope not to see any foreign workers around the estate. This is unrealistic expectation.” 3 years down the road, not only have foreign workers become a common sight here, they are even...
It is estimated that some 100,000 foreign workers are living in illegal accommodations across Singapore, due to a severe shortage of dormitory space. One particular shophouse, for example, houses about 35 foreign workers. The narrow shophouse is cramped, and there are no windows or ventilation. In one of the rooms, six bunk beds are packed into a tight space measuring 1.5 metres by 6 metres. Despite the...
THE collapse of Lehman Brothers Holdings may contribute to an easing of demand for prime office space in Singapore, where commercial rents are already peaking amid slowing economic growth, property consultants said. The market turmoil that this week also forced the sale of Merrill Lynch to Bank of America and a bailout of American International Group will probably further slow expansion by international...
Minister for National Development Mah Bow Tan has stressed that no decision has been made regarding the building of foreign worker dormitories in Serangoon Gardens. Addressing the issue at a media conference on Wednesday, Mr Mah emphasised that the proposal was still in the initial stages. He said the different ministries would first conduct a technical feasibility study at the location. Should the site...
With the Housing and Development Board's (HDB) development costs up over the last year, young couples looking to buy a new flat may ask: Would I have to pay more? For Financial Year 2007-8, tender prices for its construction works grew about 22 per cent. In June, National Development Minister Mah Bow Tan had estimated they could jump another 20 per cent this year. Releasing the HDB annual report on...
CALL it a combination of financial need or greed, and exploding demand: As of last month, 21,000 flats had been rented out by Singaporeans, a near 60-per-cent spike from the 13,200 units just 17 months ago. Coming as it does three years after subletting rules were relaxed, Housing and Development Board chief executive Tay Kim Poh attributes this recent surge to changing market dynamics. "Rentals for...
Young adults are placing their parents on the waiting list because they don't want to live with them TWO current issues should raise some concern among Singaporeans. First, the tripling in the number of applications for HDB rental flats, as highlighted by Prime Minister Lee Hsien Loong at the National Day Rally, and second, news that more families are facing difficulty paying their electricity bills....
Switching from clothes to property, the Singapore brand remains very viable FOR those who want to foray into real-estate investment trusts (Reits) but are finding them a tad too expensive, a cheaper alternative would be former shirt maker and retailer Second Chance Properties. It is not exactly a Reit in the strict sense, as it has other businesses, including apparel, gold, jewellery and securities...