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PROPERTY group Ho Bee Land has entered into a deal to sell Rose Court, an office block in Southwark, London to an unrelated Guernsey property unit trust for £94.5 million (S$167.5 million). The buyer has paid a deposit of 10 per cent of the sale price and the balance will be payable upon completion on Feb 21, 2017. The transaction is a cash purchase, Ho Bee said in a news release issued after the close...

GSH Corporation stands to make a net profit of nearly S$80 million from disposing of its 51 per cent stake in the consortium that holds GSH Plaza. This figure is based on information released in the regulatory filing by GSH Corporation, which is controlled by "Popiah King" Sam Goi, to the Singapore Exchange on Monday evening. The GSH-led consortium has entered into a binding term sheet with Hong...

Amendments to the Planning Act will make two practices illegal - that of using private residential properties for rentals of under six months, and housing more than six tenants in each unit. However, the government is looking into shortening the minimum six-month requirement for private housing rentals, and creating a new class of use for private homes so that they can be rented out short-term. The...

A CONSORTIUM led by Sam Goi's GSH Corporation has entered into a binding term sheet with Hong Kong-listed Fullshare Holdings for the proposed sale of the consortium's investment vehicle, Plaza Ventures, at S$725.2 million. Plaza Ventures is the vehicle the consortium used for the purchase of the former Equity Plaza in 2014. The consortium then renamed the building GSH Plaza and embarked on a major...

WHEN the redeveloped Robinson Towers opens in end-2018, it will be equipped with a new automatic carpark system that uses battery-powered automated guided vehicles (AGVs) instead of conveyor belts or lifts. MHE-Demag, the material-handling arm of industrial group Jebsen & Jessen (SEA) which is bringing the technology into Singapore, said that the automated carpark system using AGVs is the first of its...

THE Ministry of Law (MinLaw) yesterday unveiled a S$25 million refurbishment plan that will restore the heritage of the Red Dot Traffic building at 28 Maxwell Road. Last month, MinLaw announced that it would be taking over the conserved building for the expansion of Maxwell Chambers, one of the top five international arbitration centres in the world. The building will add 120,000 square feet of space to...

Private home prices in Singapore fell 3.1 per cent in 2016, with both landed and non-landed properties witnessing a drop in prices, according to latest figures by the Urban Redevelopment Authority (URA) on Thursday (Jan 26). The private residential property index also saw a 0.5 per cent dip from 137.9 in the third quarter to 137.2, which is the 13th consecutive quarter of decline. For the prices of...

The resale prices of Housing and Development Board (HDB) flats fell by 0.1 per cent in 2016, according to latest figures from HDB released on Thursday (Jan 26). For the fourth quarter of 2016, the Resale Price Index saw the same drop when compared to the previous quarter, it added. Resale transactions dropped 9.1 per cent from 5,514 cases in the third quarter to 5,012 in the fourth quarter of 2016....

Members of the public who want to submit their views on proposed key amendments to the Building Maintenance and Strata Management (BMSM) Act can do so in a third and final public consultation, said the Building and Construction Authority (BCA) on Wednesday (Feb 1). The amendments in the draft Bill aim to enhance governance and transparency over how strata-titled developments are run, as well as provide...

PROPOSED changes to the law that governs the management and maintenance of strata properties here were announced on Wednesday, aimed at improving the governance and transparency in the management of strata-titled developments, and providing greater clarity to existing provisions. Chief among the proposals is a cap on the number of proxies one can hold during a general meeting, to prevent abuse by those...