City Developments (CDL) and CapitaLand have fully sold their joint venture Botannia condominium project, located near West Coast Park. The majority of the 493-unit development with a 956-year leasehold was bought by Singaporeans. Foreigners purchased about a quarter of the units. In a statement, CDL said the strong sales is a clear indication that homeowners and investors have become more upbeat,...
2009
The rental cost for industrial properties in Singapore could come down by as much as 30 per cent this year. Property consultants said this is due to a drop in demand as companies scale back their space as well as increased supply. A slump in demand for Singapore's exports has led to factories running at excess capacity and this has prompted companies to either put expansion plans on hold, or even scale...
Singapore-listed Pan Hong Property Group has posted a S$7.8 million loss for the financial year ended March. This reverses a S$39.2 million profit in the previous financial year. The China-based developer said the net loss was mainly due to a sharp drop in revenue as it sold fewer residential units during the financial year. Revenue for the period fell 93 per cent to S$8.4 million. Giving an update on...
CapitaLand's wholly-owned service residence business unit, Ascott, has opened its newest property in northern China. The property - called Somerset YouYi, Tianjin - is located in the heart of the downtown Hexi commercial district. The serviced apartment in Tianjin is the fifth property that Ascott has opened this year. Another eight will follow for the rest of this year, including three in...
The Monetary Authority of Singapore (MAS) has released a consultation paper on a proposal to require real estate investment trusts (REITs) to hold annual general meetings (AGMs). The proposal will affect all REITS which are regulated as Collective Investment Schemes in Singapore. Potential changes include requiring REITS to hold AGMs every calendar year, with an interval not exceeding 15 months from the...
Situated on Sentosa embraced by serene waters, Seascape is an epitome of luxurious living, offering 151 exclusive waterfront homes amidst the mystic charm of its natural surroundings. Built by the sea, the development's dramatic backdrop is just one of its many breathtaking aesthetic virtues. The elegant bold exterior is a reflection of the richness of the land and the splendour of the sea. Inspired by...
Minister in Prime Minister's Office, Lim Hwee Hua, has announced a S$7.05 million Neighbourhood Renewal Programme (NRP) for some 2,100 units in Serangoon North. Residents can look forward to new facilities like covered linkways, footpaths, fitness corners and surveillance systems. Aljunied Town Council says it is a fully-funded government project. A polling exhibition will be held and the upgrading will...
CapitaCommercial Trust (CCT) is looking to raise S$828.3 million through a 1-for-1 rights issue. According to the real estate investment trust, the proceeds will be used primarily to reduce its borrowings. CCT is looking to ease its debt burden, which comes to some S$2.6 billion. And it plans to do so with a S$828.3 million rights issue. Under the rights issue, it plans to offer unit-holders one unit...
Singapore developers continued to perform well at the annual FIABCI Prix d'Excellence competition this year. Far East Organisation won the top prize in the Residential Category with its Orchard Scotts project. This is the company's fifth FIABCI award to date, making it the only developer in the world to snag five wins in the prestigious competition. Its previous wins were for developments including The...
Implementing easy transport links between Singapore and the mega Iskandar Malaysia project is one of the aims of the Joint Ministerial Committee. Iskandar Malaysia's CEO, Harun Johari, said this when asked about the progress of the rail link between Singapore and Iskandar Malaysia. Malaysian Prime Minister Najib Razak, who is in Singapore for an introductory visit, toured the project at Nusajaya before...