Singapore's latest round of property curbs are probably enough to cool the market, and may present buying opportunities, the head of the Republic's biggest developer said. "With the recent property curbs, we see new situations, new opportunities arising," CapitaLand chief executive Lim Ming Yan said in a Bloomberg Television interview on Wednesday (Aug 8). The Republic took additional steps to reign...
The halting of an en bloc purchase by Tee Land reflects the turn in sentiment among property developers in Singapore who have begun redoing their sums on the back of the latest cooling measures, industry observers told Channel NewsAsia. This cautious approach is especially the case for smaller players that may not have the same financial muscle as their bigger rivals, they added. However, while the...
Tee Land has decided not to exercise its option to purchase Teck Guan Ville in what was originally a S$60 million collective sale due to the latest round of cooling measures. Tee Land will forfeit its 1 per cent deposit. The company cited the "impact on market sentiment and purchasers' interest" following the government's announcement on July 5. Tee Land "has decided to adopt a more prudent and...
Far East Organization, which acquired the first six levels of the former AA Centre in River Valley Road in 2013, is buying 27 of the 28 residential units on the upper floors of the freehold 14-storey building. Far East is paying a total of S$124.10 million for the bulk purchase of the 27 units - 23 apartments and four penthouses. This works out an average price of S$2,574 per square foot based on the...
A unit of Hong Kong-based developer Wheelock and Co said on Thursday (Jul 19) it had launched an offer for all the shares of Singapore-listed subsidiary Wheelock Properties Singapore at S$2.10 each. Star Attraction, a wholly owned indirect subsidiary of Wheelock and Co, said the voluntary unconditional general offer would allow Wheelock Property shareholders to realise their investment entirely in cash...
Despite the government's recent cooling measures, Koh Brothers Group's managing director and chief executive, Francis Koh, will still tender for one or two more mass market sites in Singapore to balance out his slate of Holland Village projects. "There may be an opportunity although the market may see it as a negative thing and there's a knee-jerk reaction," he says. "But we think we can price in the...
Developers may trim prices of new launches by as much as 10 per cent from their earlier indications in response to the latest round of property cooling measures, with high-end homes likely to see bigger adjustments, analysts say. In downgrading their stock ratings across several developers, some have started pricing in a 5-10 per cent reduction in average selling prices (ASP) in their forecasts, though...
Real estate firm Royal Group has raised its first sharia-compliant financing from RHB Bank Singapore for a S$300 million (US$220.8 million) property, helping widen the range of Islamic finance deals in Southeast Asia's main financial hub. Singapore has been promoting Islamic finance over the past decade, with the city-state issuing its first Islamic bond in 2009, aiming to attract religiously-minded...
There is no rationale for the new housing curbs given that the Singapore property market "is in the early stages of a recovery and the recovery is in line with economic fundamentals", said the Real Estate Developers' Association of Singapore (REDAS) on Friday (Jul 6). The statement from the industry body came a day after the Government announced new property cooling measures. Among the curbs are a 5...
Shares of several developers and real estate service groups fell on Friday (July 6), a day after tough property cooling measures were introduced by the authorities. The share price of Oxley Holdings dropped almost 16 per cent to 34 cents, while City Developments’ (CDL) shares closed at S$9.46, down 15.6 per cent. Wing Tai Holdings’ share price fell 6.9 per cent to S$1.89. Propnex and APAC realty...
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