Property consultancy DTZ said office and industrial rents here continued their downward trend in the second quarter this year. For the office market, average monthly gross rents of prime offices in Raffles Place fell by 19 per cent to S$9.70 per square foot, compared to a 25 per cent fall in the previous quarter. Office rents in the Central Business District (CBD) fringe and de-centralised areas suffered...
2009
DESPITE the current global economic downturn, home buyers today are still spoilt for choice when it comes to taking a loan from financial institutions here. Since January 2003, buyers of Housing and Development Board (HDB) flats no longer have to take a loan from the Government-backed provider of more than 82 per cent of Singapore's homes. And since then, the HDB has stopped giving out what it terms...
1 Do I need to seek NParks' approval if I want to remove a tree in my garden? Approval from the National Parks Board (NParks) is needed only if the tree is within one of the two tree conservation areas, or has been deemed a heritage tree. You can call NParks' helpline on 1800-4717300. If necessary, officers will pay you a visit to inspect the trees. 2 Do private developers need to seek NParks'...
There was a significant jump in the number of secondary market transactions at projects near the CBD earlier this month. In the Thomson area, at Sky@eleven, three units were sold in the first week of June for between $1,140 psf and $1,200 psf. The most recent transaction was a 1,851 sq ft unit on the 24th floor, which changed hands at $2.2 million or $1,200 psf. The seller had purchased the unit from the...
Property consultancy DTZ said strong buying momentum of private homes in Singapore has carried on into the second quarter this year. In its latest Singapore Property Market Report, DTZ estimated that sales in the primary market came up to between 6,700 and 6,900 units from January to June, surpassing the 4,264 units sold for the whole of last year. As such, the firm is forecasting that this year's sales...
Ratings agency Standard & Poor's said Singapore Real Estate Investment Trusts (S-REITs) can cushion against external shocks in the event the economic downturn is prolonged. In a report, S&P said three factors will offer S-REITs some buffer – cash flow resilience of the underlying properties, strong management of operations and strength of the S-REITs' sponsor or key shareholder. S&P also...
CEL Development is launching the remaining units of its Oasis @ Elias condominium at Pasir Ris on Saturday. Half of the 142 units previewed have been sold, at an average price of S$670 per square foot. The units that have been sold included six of nine penthouses in the property. Marketing agent CB Richard Ellis said HDB upgraders made up 80 per cent of the buyers. The strong take-up rate reflects the...
While several new malls are being built along Orchard Road, Meritus Mandarin Hotel has been quietly renovating its shopping wing. Mandarin Gallery will re-open in December, competing with new entrants on the prime shopping district for the retail dollar. Meritus Mandarin Hotel is turning its lobby, ballrooms and function rooms into retail space - offering four floors of shopping. The new mall will have...
Global luxury retailer Louis Vuitton has said it is in discussions to open a store at one of the two upcoming integrated resorts in Singapore scheduled to open next year. This was revealed at a preview of its latest global store, which will open at ION Orchard on Friday. Jean-Baptiste Debains, president of Louis Vuitton Asia Pacific, said: "We're looking at it seriously. No decision has been taken now,...
An increasing number of people have been taking on green initiatives, including companies. But what about cities? The World Bank has just launched its Eco2 Cities programme which proposes a set of guidelines that will help cities and governments move in the right direction. The programme is aimed at encouraging cities to think of longer term, sustainable options. The World Bank said if developing...