The Ascott Group has secured a contract to manage a serviced residence property in Vietnam's third largest city, Hai Phong. It clinched the contract through Thuy Duong Investment Joint Stock Company, an established real estate company with developments across Vietnam's major cities. To be called Somerset Central TD, this will be Ascott's first serviced residence property in the coastal city of Hai Phong...
2009
Property consultant DTZ said sales of private homes here this year are likely to be higher than the record of 14,800 units sold in 2007. In a report, DTZ said there was a "frenzied" level of activity seen in the third quarter this year. That led to a record number of more than 2,700 homes sold in July. DTZ is forecasting that the record of some 5,100 units sold in the second quarter of 2007 will be...
Ratings agency, Fitch, said Singapore real estate investment trusts or S-Reits still face questions about their financial flexibility and refinancing ability. In a research report, Fitch noted that S-reits have largely been able to refinance their maturing debt obligations in 2009. As at June this year, Fitch pointed out that S-Reits are moderately geared at an average of 31 percent. It added that...
Just like drivers, some suggest property agents should be licensed by a government body - and subject to a demerit point system too. That would mean being allowed to a set number of points, before facing possible suspension for misconduct. Such ideas were floated by industry players yesterday at a forum organised by the Institute of Estate Agents (IEA), as the Ministry of National Development (MND) began...
CapitaLand said on Tuesday that its related entities have embarked on an asset swap arrangement to take full ownership of 22 retail malls in China. The firm said its sponsored funds, CapitaRetail China Development Funds, agreed to an asset swap arrangement with SZITIC Commercial Property (SCP). Under the deal, the development funds will swap their 65 per cent equity stakes in 4 projects and 50 per cent...
Wee Hur Holdings said it plans to buy a 70 per cent stake in the Villas@Gilstead development for S$9 million. It said the proposed acquisition is in line with its growth strategy to diversify into the property development business. Villas@Gilstead is a residential property project at Gilstead Road, near Novena MRT station. It is a strata housing development comprising 10 semi-detached houses, 6 terrace...
The temporary foreign workers' dormitory in Serangoon Gardens is expected to open in November this year. Second Finance Minister Lim Hwee Hua, who is also the Member of Parliament for Aljunied GRC, was speaking to reporters at a community event in the area on Saturday. The temporary foreign workers' dormitory is located at Burghley Drive. Residents in the area had raised concerns about the dorm's...
SCDA, Look and WOHA put nation on par with the Netherlands, Italy and Canada at International Architecture Awards 2009 IN ROBERT Powell's book, Singapore Houses, the author says: 'Architects in Singapore are producing work with a level of refinement and sophistication that is comparable with the best in the world, and one would be hard pressed to find a nation of similar size with such an abundance of...
The vibrant property market saw not just burgeoning sales volume but an increase in consumer complaints against real estate agents as well. To address issues such as what property agents should or shouldn't do, as well as their duties, the Institute of Estate Agents (IEA) will hold a public seminar on Sept 28 with the theme "Consumers' Expectations of Today's Professional Estate Agents". At the forum,...
City Developments Limited (CDL) has released a few units from its latest project, Hundred Trees, for a soft launch. The Hundred Trees development sits on the site of the former Hong Leong condominium in the West Coast area. The units that have been released for soft launch are priced at S$895 per square foot. CDL did not say how many units have been released. The whole project consists of 396 units,...