Midscale and economy hotels in Singapore performed better than their luxury counterparts in the first six months of 2015, reversing the trend seen in previous quarters, property services firm CBRE said in a report on Wednesday (Aug 12). This is because tourists from the region had become more price-sensitive in light of the Singapore dollar's appreciation against currencies like the ringgit and...
General
EL Development has placed the top bid of S$314.1 million or S$551.15 per square foot per plot ratio (psf ppr) for a 99-year private condominium site at West Coast Vale. The state tender attracted six bids. The second highest bid, from a tie-up involving Hoi Hup Realty, Sunway Developments and Oriental Worldwide Investments, was nearly S$534 psf ppr. The lowest bid, from a joint venture between...
After hitting a two-year high in June, the resale volume of Housing and Development Board (HDB) flats slumped 9.2 per cent in July, according to flash estimates released by SRX Property on Thursday (Aug 6). A total of 1,552 HDB resale flats were sold last month, down from the 1,709 transacted units in June. However, compared to a year ago, resale volume was up 15.6 per cent. Resale prices fell 0.5...
Local property group Perennial Real Estate Holdings said on Tuesday (Aug 4) it has received planning permits for proposed enhancement works at TripleOne Somerset and AXA Tower. The plans for TripleOne Somerset, a predominantly-office cum retail development off Orchard Road, include increasing the retail area and converting up to 32,000 square feet of gross floor area into medical suites. Perennial also...
The upcoming Waterway Point at Punggol has secured committed occupancy for 90 per cent of its retail space, about six months before its opening, Frasers Centrepoint Malls said on Tuesday (Aug 4). Frasers Centrepoint Malls said the 370,824 square feet (sq ft) Waterway Point will offer four levels of indoor shopping, leisure and alfresco dining spaces with a view of Punggol Waterway. Key tenants...
From mid-August, enhanced guidelines on advertisements for property investment advertisements will take effect. The new guidelines for all media platforms aim to eliminate advertising claims that are speculative, misleading, or cannot be substantiated, said Advertising Standards Authority of Singapore. Singaporeans are one of the top real estate buyers in Asia, according to the Consumers Association...
Thong Sia Building located opposite The Paragon in the Orchard Road shopping belt has been sold to SIN Capital Group for S$380 million, marketing agent JLL said in a news release on Wednesday (Jul 29). This works out to S$2,430 psf over the existing gross floor area for the freehold building. The 26-storey building was built in 1981 and has a land area of about 21,602 sq ft. It currently comprises seven...
Chinese Web giant Alibaba Group on Thursday (Jul 30) announced it will set up data centres in Singapore, as well as Japan, Europe and the Middle East, as part of its US$1 billion investment to drive the growth of its cloud computing arm Aliyun. In a press release, Alibaba Group CEO Daniel Zhang said Aliyun will serve as an "essential engine" for the company in the new economy which sees the physical...
Start-up community JTC LaunchPad@one-north is holding its first showcase on Tuesday (Aug 4) since its official opening on Jan 23. LaunchPad Unveiled is an initiative which aims to provide a platform for start-ups to showcase their innovations to the public, and create opportunities for collaboration and knowledge sharing. Co-organised by Action Community for Entrepreneurship (ACE) and Reta Social...
The response to the latest batch of executive condominium (ECs) projects has been tepid, with about 2,200 EC units remaining on the shelves as of June 2015, the highest in almost a decade. The largest EC development to date, Sol Acres, received 800 e-applications for its 1,327 units when online subscription closed on Sunday (Jul 26), while The Brownstone EC, located along Canberra Drive, sold just under...