Singapore is now one of the top 10 most expensive Asian cities for expatriates to live in due to the strengthening of the Singdollar. A survey by human resource consultancy ECA International showed that Singapore now has the ninth highest cost of living in the region. Last year, the city-state was in the twelfth place. ECA International said the cost of living for visitors to Singapore is also catching...
2009
Falling occupancy costs place S'pore at 32nd spot; period of stability on the cards Following a year-long slide in prime office rentals, Singapore's office occupancy costs have become far more competitive. Fourteen months ago, the island was the ninth most expensive place to rent offices. By end-March this year, it had slid to 15th spot and by the end of the third quarter, many others had become...
Dragon Mansion at 18 Spottiswoode Park Road has become the first successful en bloc sale in Singapore this year. The property was sold to a unit of Roxy-Pacific Holdings for S$100.8m including the development charge. That translates to about S$863 per square foot per plot ratio. CKS Property Consultants launched a tender for the site in July, after it obtained consent from more than 80 per cent of the...
Economists from OCBC Bank expect Singapore's economic growth momentum to be sustained for 2010. OCBC said the economy is expected to grow 4 per cent in 2010 - at the mid point of the government's official forecast of 3-5 per cent expansion. However, concerns are mounting about asset bubbles and rising inflation. The problems currently facing Dubai World have been isolated so far. But observers expect...
Office rentals in Singapore have plunged dramatically, causing it to fall to the 32nd spot in a list of the world's most expensive office market. Previously, Singapore took 9th spot on the list in the year-ago period and was in 15th place just six months ago. Property consultant CB Richard Ellis (CBRE) said Tuesday Singapore saw a 53.4 per cent on-year decline in rents. Singapore's office occupancy cost...
Confidence in the real estate sector is returning among high-net-worth individuals according to new survey from Barclays Wealth. Over the next two years, 35% of the survey’s respondents said they plan to increase the proportion of their portfolios dedicated to real estate, excluding their primary residences. The average allocation to real estate among respondents was 28% internationally and 23% in the...
Singapore will host the second World Cities Summit next year from June 28 to 30. National Development Minister Mah Bow Tan said Tuesday the theme for the World Cities Summit 2010 is "Liveable and Sustainable Cities for the Future". Opening an engineering conference in Singapore, Mr Mah said that in recent years, nations have seen growing evidence of the adverse effects of climate change, with several...
The Urban Redevelopment Authority (URA) has released detailed sales conditions for the Reserve List site at Bartley Road/Lorong How Sun. The plot of land, which is meant for residential development, will have a site area of about 2.21 hectares. It can generate a maximum gross floor area of 61,865 square metres and has a 99-year lease period. URA says the site is located within an established residential...
Prime retail rents began to stabilise in many markets across the world in the third quarter of this year as economic and retail indicators started to show signs of greater stability. Retailer confidence had also gained positive momentum. According to property consultancy CB Richard Ellis' latest Global MarketView on the retail sector, retail rents globally fell by an average of one per cent in the third...
Singapore-based real estate investment house Pacific Star said on Thursday that the former Singapore Power Building is expected to open in January 2010. Now renamed TripleOne Somerset, the building is undergoing a S$50 million comprehensive facelift. The 32-year-old building, which Pacific Star acquired in February 2008, will introduce a revamped, striking frontage. The refurbished facade includes the...