AVERAGE island-wide first-storey retail rentals have fallen by 1.2 per cent in Q4 2015, compared to the last quarter, to about S$30.50 per square foot (psf), DTZ data showed on Wednesday. This is the third consecutive decline since Q2 2015. For the whole of 2015, average first-storey rents fell at a faster pace of 5.9 per cent, compared to the slower decline of 0.3 per cent in 2014. "Much of the...
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CapitaLand Commercial Trust, Singapore's largest office real estate investment trust by value, is selling an office tower in the city-state's central business district, according to a person familiar with the transaction. CapitaLand Commercial is seeking to sell the 23-story One George Street building in the Raffles Place office district, the person said, asking not to be named as the information is...
A further slide in residential home prices in 2016 may finally persuade the government to take its foot off the brakes in Asia’s worst-performing property market. Property brokers including Knight Frank and Jones Lang LaSalle said the government may be swayed to lift some of the curbs that have depressed local home sales and damped values. Home prices could drop as much as 8 per cent this year,...
Prices of private homes in the Republic fell about 2 per cent in December 2015 from the previous year, according to flash estimates from SRX Property. The overall price fall in 2015 was about 2.3 per cent, it added in a report released on Tuesday (Jan 12). Between November and December 2015, non-landed private properties in Singapore suffered a 0.8 per cent drop in prices. SRX Price Index for...
The developer of Tanjong Pagar Centre is pinning its hopes on their latest development to be at the heart of efforts to rejunenvate the Tanjong Pagar District, according to President and CEO of Guocoland Group, Mr Raymond Choong. Mr Choong was speaking at the development’s topping up ceremony on Wednesday (Jan 13), which was attended by National Development Minister Lawrence Wong. "Tanjong Pagar...
Rental prices for Housing and Development Board (HDB) flats dipped 0.6 per cent from the previous month in December, while rents for private apartments remained relatively flat with a 0.1 per cent increase, according to a local property index. Year-on-year, rental prices for HDB flats in December fell 4 per cent, and were down 8.6 per cent compared to its peak in August 2013, flash estimates from SRX...
Rental values are likely to continue to slide in 2016, though this dip is not expected to last for too much longer, according to real-estate consulting firm DTZ Southeast Asia. Consumer sentiments, coupled with the expected completion of retail developments such as OUE Downtown Gallery, The Heart at Marina One and Tanjong Pagar Centre this year, are expected to "exert further downward pressure on...
A WEAKER manufacturing sector and excess supply put a dent in average monthly gross rents for factory space in the fourth quarter of 2015, property consultancy DTZ said in a press release on Tuesday. It added that with 4.6 million sq ft of multiple-user factory space coming into the market in 2016 amid a softer economic environment, it expects industrial rents to "trend downwards" this year. Average...
AMONG the properties making their auction appearance this month are an uncompleted factory in Kranji on a site with a balance lease term of about nine years, a couple of shop units in the basement of the freehold Ming Arcade along Cusacaden Road (both mortgagee sales) and a receiver sale of a two-storey detached house off Upper East Coast Road with seven bedrooms and an indicative price of S$9.5...
Singapore is "half-way through the residential down-cycle" with another 7-10 per cent of decline in private home prices seen over the next two years, compounded by the prospects of a rising rate cycle, a softer job market and slower immigration growth, BNP Paribas projected. This will be a slow bottoming-out process partly due to developers' resilience to price cuts due to their strong holding power and...