Gillman Barracks may have been recently hit by the departure of a handful of its gallery tenants, but it has announced plans to bring in replacements and to beef up its offerings. The visual arts hub will be holding an open call for new gallery tenants at the end of the month. It will be open to both local and international galleries, and those selected are scheduled to open early next year and will...
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Canada's Manulife Financial Corp has shelved a plan to list a real estate investment trust on the Singapore Exchange (SGX), citing market volatility due to the situation in Greece. “In light of increased volatility in the equity capital market, the IPO of Manulife US Real Estate Investment Trust (Manulife US REIT) has been delayed,” a spokeswoman for Manulife Financial said on Monday (Jul 6) in...
The Singapore Botanic Gardens was a scene of jubilation on Saturday (Jul 4) evening. Close to 100 people witnessed a historic moment as the Gardens was inscribed as a UNESCO World Heritage Site following a unanimous endorsement by the 21-member World Heritage Committee. "For me, there is a gush of joy ... that we are there, that we've reached. And it happens during our Jubilee year," said a...
Local property group Perennial Real Estate Holdings is making a foray into healthcare for the first time through a joint venture (JV) in China which plans to acquire and develop hospitals. Perennial will be investing S$63 million for a 40 per cent stake in the JV while the remaining 60 per cent will be held by Guangdong Boai Medical Group Co, a subsidiary of China Boai Medical Group (BOAI), a...
Located in the suburbs close to the Sengkang and Punggol districts, High Park is an imposing residential project overlooking the forests of Fernvale, with commanding views of the Straits of Johor. The 99 year condominium development comprises 6 towers up to 25 storeys tall, accommodating 1390 residential and 9 commercial units. Conceived and managed in the style of a resort, the development provides a...
The Monetary Authority of Singapore (MAS) has refined its proposals to strengthen the real estate investment trust (REIT) market, following feedback from industry participants. The changes, which will be phased in to facilitate smooth implementation by the industry, include capping borrowings to 45 percent of the REITs' total assets, MAS said on Thursday (Jul 2). Currently, the cap on borrowing is 35...
Average office rents in the Central Business District (CBD) area in the second quarter of the year stayed flat quarter-on-quarter at S$10.85 per sq ft, property consultant DTZ said in a news release on Wednesday (Jul 1). According to DTZ, the slowdown in rental growth was also a result of slower demand in the face of uncertain global situations such as the risk of a sharp correction in China’s real...
Ascott Residence Trust (Ascott REIT) will acquire a prime property in Times Square, New York for US$163.5 million (S$220.7 million), it announced in a news release on Thursday (Jul 2). The acquisition – the REIT's first in US – of the 411-room Element New York Times Square West hotel will yield an EBITDA of 6.2 per cent, and it is expected to increase Ascott REIT’s distribution income in the 2014...
The overall private residential property index fell for a seventh straight quarter, with prices down by 0.9 per cent in the April to June period, compared to the 1 per cent decline in the previous quarter, according to Urban Redevelopment Authority (URA) flash estimates released on Wednesday (Jul 1). Prices of non-landed private residential properties declined in all market segments, the URA said....
Flash estimates of the Resale Price Index (RPI) for the second quarter of 2015 showed a 0.4 per cent decline in the prices of Housing and Development Board (HDB) flats over the previous quarter, HDB announced on Wednesday (Jul 1). The flash estimate for the index is 135.0, HDB said, down from 135.6 in the previous quarter – an eighth consecutive quarter of decline. The RPI for the full quarter will...