The Normanton Park condominium is set to be put up for en bloc sale next Thursday (Oct 22) after more than 80 per cent of the owners agreed to a sale. Channel NewsAsia understands that the reserve price is in the region of S$840 million. Located near Kent Ridge Park, the estate is on a site of about 62,000 square metres with a balance lease term of about 61 years. Formerly designed for Singapore...
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Rivervale Mall at Sengkang will soon have new owners, following CapitaLand Mall Trust's (CMT) decision to sell the property to a private equity fund managed by AEW Asia for S$190.5 million. CMT, which announced the sale on Thursday (Oct 15), said it will realise a gain of about S$72 million, after taking into account the divestment fee and other expenses. The property had been valued at S$116 million in...
Singapore-based investors put in at least S$3.8 billion in overseas real estate markets despite a weaker global economy in Q3, according to data compiled by DTZ (SEA) Research. Of this, more than S$1.8 billion was invested in Australia and S$1.2 billion in the UK. In Singapore, private investment in office space also rose to S$828 million in Q3 2015 from S$465 million in Q2. Offices accounted for...
Sales of new private homes slumped 33.5 per cent last month as developers continued to scale back new launches. Excluding executive condominiums (ECs), developers sold 341 units in September, down from the 513 units sold the previous month, data from the Urban Redevelopment Authority (URA) showed on Thursday (Oct 15). Including ECs, 629 units were sold, down from August’s 979 units. The...
Southeast Asia's biggest property developer, CapitaLand, on Wednesday (14 Oct) confirmed news reports that it was involved in talks to buy the Asia Square Tower 1 office building. Its statement to the stock exchange came a day after Bloomberg News said a consortium of Norway's sovereign wealth fund and CapitaLand has been chosen as the preferred bidder for the 43-storey office building in Singapore's...
Credit rating agency Moody's assigned its strongest rating to the Housing and Development Board (HDB), citing its close integration with national policies, as well as the strong fiscal oversight and financial support offered to the housing agency by the Singapore Government. Apart from the Aaa rating for the HDB, which is on par with the rating assigned to the Singapore Government, Moody's also issued a...
The private housing market remained in the doldrums in September, with sales of non-landed units continuing to decline, according to flash estimates from SRX Property released on Tuesday (Oct 13). A total of 446 non-landed private homes were resold last month, down 10.6 per cent compared to the 499 units resold in August. On a year-on-year basis, resale volume was down 4.7 per cent from the 468 units...
Efforts to gain conservation status for one of Singapore's oldest private residential buildings, Pearl Bank Apartments, have hit a roadblock. Channel NewsAsia understands that so far, about 90 per cent of its residents have given their support to the plan. This is short of the 100 per cent approval required under existing rules, and the deadline is end-October. According to sources, the Pearl Bank...
The number of consumer complaints against property agents in Singapore fell to 702 cases in the 12 months till March 2015, down from the 751 cases in the previous 12-month period. This is according to data released by the Council for Estate Agencies (CEA) in its 2014/15 annual report on Monday (Oct 12). Most of the complaints, or 46 per cent, were transactions related to HDB flats. Another 34 per...
The Building Construction Authority (BCA) has revised the tender evaluation framework for Government construction projects, raising the productivity weightage to 10 per cent of the overall score. The revised framework will be fully implemented from January next year. This will allow builders with "good productivity records" in their past projects and their investment in technology adoption and workforce...