An S$85.46 million transaction of office space at SBF Center, which is coming up near Tanjong Pagar MRT Station, has taken place, according to caveats information. The deal reflects a price of S$3,125 per square foot. The space transacted adds up to about 27,350 sq ft, covering all of levels 29 and 30 and eight smaller units on levels 27 and 28 of the 31-storey building. A breakdown of information...
General
A Confirmed List site at Tampines Industrial Drive (Plot 2) has been launched for sale by public tender, JTC announced on Tuesday (Jan 26). The launch is under the first half 2015 Industrial Government Land Sales Programme, it said. The 0.49-hectare site is zoned for Business-2 development, and has a 20-year tenure with a maximum permissible gross plot ratio of 1.4, JTC said. Industrialists are...
If a citizen can afford a second or third property through the existing Total Debt Servicing Ratio (TDSR) regime, should he also have to pay Additional Buyer’s Stamp Duty (ABSD), Mr Christopher De Souza asked in Parliament on Monday (Jan 25). The Member of Parliament for Holland-Bukit Timah GRC called for the Government to consider removing ABSD for Singaporeans, while retaining the TDSR for...
Prices of office space in the Republic remained flat for the whole of 2015, dropping just 0.1 per cent from the year before, while rentals declined by 6.5 per cent. For the fourth quarter, prices of office space also decreased 0.1 per cent from the previous quarter. Rentals, however, fell 1.8 per cent in the fourth quarter, compared to the 2.9 per cent drop in the third quarter of 2015. As of the...
Prices of retail space declined 0.8 per cent and rentals by 4.1 per cent for the whole of 2015, according to data released by the Urban Redevelopment Authority (URA) on Friday (Jan 22). The islandwide vacancy rate of retail space rose to 7.2 per cent at the end of the fourth quarter, compared to 7 per cent at the end of the third quarter. This was a result of a 22,000sqm increase in the stock of retail...
As part of plans to make walking, cycling and taking public transport the primary means of commuting in Singapore, the Land Transport Authority unveiled what it called two "signature" conversion projects - incorporating more cyclist and pedestrian-friendly dimensions to the original plans for the North-South Expressway and Bencoolen Street. The planned North-South Expressway - originally conceived as a...
Keppel Corp will consolidate its interests in four asset management businesses under one subsidiary, saying the move will help expand its capital platform. The restructuring would not change the unit-holdings in the property trusts or investments in the funds, it said in a statement. The businesses currently manage S$26 billion of assets. The consolidation would include the managers of Keppel...
The consortium comprising Lendlease and Abu Dhabi Investment Authority (ADIA) that last year bagged a plum site in Paya Lebar Central, has obtained provisional permission from Singapore's planning authority to build a project that will comprise offices, retail space as well as 429 apartments. Going by market talk, the apartments are expected to be launched for sale probably next...
Commercial property prices and rentals fell further in the fourth quarter of last year, as supply outpaced demand. According to figures released by the Urban Redevelopment Authority (URA), office rents fell by 1.8 per cent in Q4, albeit at a slower pace of decline than the 2.9 per cent decrease in Q3. This led to a full-year drop of 6.5 per cent, which eroded most of the gains achieved in 2014 when...
AS A sign of the current market conditions, a total of 104 property agencies and 3,573 real estate agents left the industry after the latest licence renewal exercise with the Council for Estate Agencies (CEA). The CEA had licensed 1,369 estate agents and registered 29,262 salespeople as at Jan 1, 2016. In the past year, there were 1,299 new salespeople who joined the industry, said CEA, which...