THE Government has to shoulder some of the blame for the short supply of land and high property prices, said Mr Simon Cheong, president of the Real Estate Developers' Association of Singapore (Redas), yesterday. Mr Cheong told the audience at the launch of a new property price index that land values are largely determined by the Government's reserve price system that features in all state land tenders....
Developer News
Redas chief says state intervention on supply side not always helpful The president of the Real Estate Developers' Association of Singapore (Redas), Simon Cheong, came out strongly yesterday to say the government should allow the property market here to operate fully as a free market. Mr Cheong, who was speaking at the launch of a new price index for private homes in Singapore, also asked if the state...
Contractor putting centre under receivership SINGAPORE'S largest data centre, owned by listed Japan Land, is at risk of being liquidated as its main contractor is putting the centre under receivership over delayed progress payments. Jurong Data Centre Development (JDD) is unable to repay the debts mainly because a plan to bring in an investor has hit a snag. ConnectedPlanet Holding, which agreed last...
CONTRARY to what some believe, bubbles can be good for the property market, said the executive director of Hong Kong's Cheung Kong (Holdings). Mr Justin Chiu told reporters yesterday at the showflat of his company's latest project here that he likes property bubbles because they fuel sales volumes and price rises. Mr Chiu - who was moved to dress up as James Bond at launch parties in 2004 to stimulate...
HONG KONG developer Cheung Kong Holdings is on the lookout for more residential and commercial sites to buy in Singapore, says executive director Justin Chiu. 'We are looking at a few pieces of land,' said Mr Chiu. 'The whole market (in Singapore) is moving. I am optimistic about the future.' Although land prices are high, Cheung Kong will 'keep looking for new land' as it is an 'investment in...
Developer Sim Lian Land has clinched the tender for the residential site at Tampines Avenue 1 and Avenue 10. It submitted the top bid of S$302 million for the 3.2-hectare plot. The site with a 99-year lease had attracted a total of eight bids. The remaining bids range between S$168 million and S$289 million. The Urban Redevelopment Authority (URA) said it is the fourth residential site to be sold through...
A RESIDENTIAL site facing Bedok Reservoir that failed to be sold 18 months ago after attracting only one bid of $84.6 million is now sought after by eight developers, with one offering $302 million. The Tampines site was a victim of the financial meltdown when it closed for tender in August 2008, but the property market rebound has brought it back into favour. Sim Lian Land lodged the highest bid for the...
99-year plot may yield 600 units; consultants describe bids as sensible SIM Lian Land has emerged as the top bidder for a closely contested land parcel in Tampines. The developer led the field that included familiar names such as CapitaLand, Far East Organization, Frasers Centrepoint and MCL Land in a state land tender as demand for residential land continues to hold strong. Sim Lian bid $302 million...
Developer Sim Lian Land placed the top bid of S$302 million for the residential site at Tampines Avenue 1 & Avenue 10. The tender for the 3.2 hectare site with a lease of 99 years attracted a total of eight bids. The second highest bid of nearly S$288.99 million came from a joint venture of Far East Organisation and Frasers Centrepoint. That's followed by MCL Land's bid of about S$278.3...
CHIP Eng Seng Corporation has extended its footprint overseas with the purchase of a A$20.2 million (S$25.8 million) site in Melbourne. The deal is considerable when it is seen against the property and construction firm's net profit of $75.3 million for FY2009. The land parcel is located at Mackenzie Street, in the eastern part of Melbourne's central business district, and spans around 20,000 sq ft. Chip...