For the second time in three days, the Government has stepped in with a cautioning note to calm the bullish property sector, even going so far as to single out parties that may have helped fan the flames. Urging the public to take media reports of rising office rentals with a pinch of salt, the Urban Redevelopment Authority (URA) said “the public should take into consideration information on future...
General
It looks like an outright seller’s market — even for those in non-prime districts. Across the board, private home prices are quickening their surge towards the pre-crisis levels of 1996, according to official data released yesterday. Worrying? Yes, for aspiring public housing upgraders who may be priced out of the suburban areas, say analysts. The Government doesn’t seem to be resting easy,...
The suburban residential market is finally catching up with the verve of the high-end luxury market, according to a report by real estate specialists CB Richard Ellis. “The strong take-up recorded for suburban projects is in part due to the limited supply of new homes within the price range of $600psf and $800psf,” said Mr Joseph Tan, CB Richard Ellis’ executive director (residential). “Most new...
More comprehensive data on the property market will be available from next month, enabling the Government and the public to better gauge the health of the sector, said Mr Mah Bow Tan. There have been concerns that the recent increase in private home prices — more than 20 per cent in the last three years — is a bubble waiting to burst. Even as more options such as executive condominiums (ECs) will be...
The landlords are laughing but their tenants in Orchard most likely are not. Rents in the shopping belt are inches away from the peaks of 1996, the year before a financial crisis shocked the region. According to a report issued yesterday by CB Richard Ellis (CBRE), this year’s second quarter saw prime Orchard Road rents average $34.40 per square foot (psf) per month, veering close to the levels of...
Recently, there have been reports in the media pushing for the restrictions on the sale of landed homes here to foreigners to be relaxed. I hope the authorities quickly nip this in the bud before too much public disquiet arises. Goldman Sachs (Singapore) is lobbying for the rescindment of the Residential Property Act which has, since 1973, restricted foreigners and Permanent Residents from owning landed...
HG Properties has been awarded the Fairy Point Hill site after its bid of $25.5 million was accepted by the Urban Redevelopment Authority on Friday. Just two bids were received — the second was from Precious Treasure, which had tendered $10.68 million. Both bidders had placed bids for a lease of 45 years. A recreation club, hotel or holiday chalet can be developed on the 41,796.6 sq m parcel of land at...
Thank you for your report, “Butterfly House escapes wrecker’s ball” (June 19). To me, this is an important issue concerning the way Singaporeans think about our material history. This issue is not something that merely concerns “architecture buffs”; it should worry all Singaporeans. There is important historical value in this house not only because of its designer, age or even its unique...
A petition by a group of heritage enthusiasts to save the distinctive “Butterfly House” at 23 Amber Road from being demolished has met with some measure of success. Instead of razing the 95-year-old crescent-shaped two-storey bungalow, its developer, Goodland Group, has agreed to conserve the entrance porch and stair hall and integrate them into the facade of the new 18-storey condo. This came after...
The increase in land prices across the property market has resulted in a spate of collective sales that range beyond the high-demand prime districts. Old condominium developments in the prime areas are not the only ones that find themselves under the auctioneer’s hammer. “We are witnessing a spill over in the acquisition of residential development sites from prime districts to the suburban areas,”...