Analysts don't expect supply glut as developers likely to defer construction of housing projects WHEN long queues outside showflats disappeared overnight during the 1997 Asian financial crisis, the poor demand combined with a supply glut to exacerbate the slump in Singapore's property market. A decade on, the supply side of the equation may be less dire, say pundits. In an analysis of the "supply...
2009
Property consultancy firm DTZ Research said it will take 5.5 years to clear the inventory of unsold private residential units in Singapore as at the end of 2008. There are now 44,661 unsold private residential units. DTZ said based on a 10-year average take-up rate of 8,000 units, selling them all will take more than five years. In its latest report, DTZ said last year's unsold inventory was much lower...
Singapore developers are likely to pass on benefits from this year's Budget to their tenants. The Real Estate Developers' Association of Singapore (REDAS) said this will help them through the current tough times. Key players in the property industry came together to enjoy the traditional Lunar New Year dish, Yu Sheng (raw fish salad). The dish symbolises abundance and prosperity and Singapore developers...
Opera Gallery remained shut on Monday, one day after a stand-off with its landlord, Toshin Development, which has the master lease at Ngee Ann City. On Sunday morning, security guards from Toshin had sealed off the premises and tried to move the artworks worth US$20 million to vacate the unit for a new tenant. It was not because Opera Gallery did not pay its rent, but according to Toshin, it has a new...
Food and property group Yeo Hiap Seng said it expects to report a loss for its fiscal fourth quarter, the three months to December. It said this is due to a decrease in the value of its properties and some of its financial assets. The company is due to release its financial results for the fourth quarter and full year at the end of this month. Source : Channel NewsAsia - 2 Feb...
As companies around the world retrench staff and downsize during the current downturn, many are turning to alternatives like virtual and serviced offices. Within Asia, companies in Singapore are leading the way in this trend. Their take-up rate for such services has grown by up to 20 per cent in the last quarter compared to the same period in 2007. For example, one chiropractor has opted for a temporary...
Living close to the city puts the world at your feet. Woodsville 28 is designed to provide you with an idea urban home for a complete modern lifestyle. Convenient in its prime location, comprehensive in its facilities, the joy of living a stone's throw from the city is truly heartening. With the MRT at your doorstep, you can easily access almost any destination to enjoy a world of amenities - all in a...
A rental dispute turned ugly at Ngee Ann City on Sunday morning. Security was called in to the Opera Gallery - one of the tenants there - to seal off the premises which houses over S$20 million worth of art. The Opera Gallery had brought in dramatic street art during the F1 race last September. And now it is caught in some drama itself. Its landlords at Ngee Ann City ordered security to seal off the...
Here's good news if you are looking for a place to rent. Property developers are renting out en bloc units at half the usual price. Many new property projects have been put on hold due to the economic uncertainty. In the meantime, developers are renting out the existing units, acquired over the last two years, to cover their costs. Mark Teo, ERA's senior group division director (real estate), said:...
Waterfront Waves is designed to merge as one with the picturesque Bedok Reservoir & Park. With unprecedented proximity to the reservoir, you can look forward to commanding vistas of shimmering waters from your home. This is truly a luxury many may desire, but only few will ever own. The calm waters of Bedok Reservoir are the perfect arena for a whole host of water sports & activities. Brace your...