The Claremont hotel along Serangoon Road, near the junction of Owen Road, has been put up for sale. The guide price for the eight-storey, freehold budget hotel is about S$90 million, or S$1 million per room. Knight Frank, which is marketing the 90-room property through an expression of interest exercise that closes on July 28, were not able to list the room sizes of the hotel at the time of...
General
CITY Developments Limited (CDL) has increased its shareholding interest in Summervale Properties from 50 per cent to 100 per cent, after its wholly-owned subsidiary, Sunmaster Holdings, completed the acquisition from Wing Tai Land (WTL) for S$410.96 million. Both CDL and WTL had considered various ways to optimise their interests in Summervale, which is the owner and developer of Nouvel 18, a prime...
SINGAPORE real estate investment trusts (S-Reits) have risen 4.4 per cent since last Thursday's UK referendum, and Religare Institutional Research expects them to continue to rally over the course of the long drawn-out post-"Brexit" process. This is as federal fund rates are also expected to stay low in 2016. The brokerage lowered its risk-free rates by 40 basis points (bps) on Monday, and upgraded its...
IT has come full circle for Edmund Tie & Company, which became DTZ Debenham Tie Leung (SEA) more than 16 years ago and has now been relaunched with its original name following a management buyout. An agreement between shareholders of Edmund Tie & Company Holdings and Cushman & Wakefield was inked on Friday. Bound by contractual constraints, the value of the over 60 per cent stake in DTZ (SEA) was not...
MOST property consultants say that the Urban Redevelopment Authority's second-quarter flash estimates signal that a bottoming out in private home prices is fast approaching. This, coupled with the recent improvement in private home sales, also means that the authorities would be inclined to delay any easing of the property cooling measures. Some agents are also hoping that Brexit could help divert some...
Private home prices in Singapore continued their decline in the second quarter of this year, according to flash estimates released by the Urban Redevelopment Authority (URA) on Friday (Jul 1). The private residential property index fell to 140.0 points in the second quarter, from 140.6 points in the previous quarter. This represented a decline of 0.4 per cent, compared with the 0.7 per cent decline in...
Resale prices of flats is up 0.1 per cent in the second quarter of the year compared to the previous quarter, according to flash estimates from the Housing and Development Board (HDB) released on Friday (Jul 1). The decline comes after the Resale Price Index (RPI) for the first quarter dipped 0.1 per cent from the previous quarter. The RPI for the second quarter of 2016 came in at 134.8, down...
United Overseas Bank (UOB), Singapore's third-largest lender, has suspended its loans programme for London properties in the wake of uncertainties caused by Britain's vote to leave the European Union. UOB would be among the first banks in Singapore to turn cautious on such lending, even though it is not a large amount, as Brexit spooked global markets and pushed the pound to multi-year lows. "We will...
A 104-year-old church building belonging to St Joseph’s Church, Victoria Street, will be gazetted for conservation by the Urban Redevelopment Authority (URA), St Joseph’s Church announced on Thursday (Jun 30). Built in 1912, the Parochial House of St Joseph’s Church served as the headquarters of the Portuguese Mission till 1981, and later as the residence of the Bishop of Macau until 1999, when...
METROPOLITAN Parking Pte Ltd, nominee for property management services provider LHN Group, has exercised an option to buy from Ottowest Pte Ltd a carpark property for S$26 million. In a filing to the local bourse on Wednesday, LHN said the carpark property is located at Golden Mile Tower on Beach Road. In exercising the purchase option, the group said Metropolitan Parking is required to pay a deposit...