The Association of Process Industry (ASPRI) will build a 7,900-bed workers accommodation in Jalan Papan to cater to workers from the process industry, it announced on Tuesday (Dec 23). The integrated development will also house a 3,000 square metre training centre which provides training courses for process industry workers who reside in the facility. The ASPRI training courses will help process...
General
A strengthening Singapore dollar against regional currencies has made overseas properties more attractive for local investors. However, due to the year-end holiday season, market watchers said the full impact will not be seen until the new year. For now, popular investment options for Singaporeans - such as the Iskandar development in Malaysia - have not seen a marked increase in sales. This could also...
Office rentals have been pushing higher in 2014, with tight supply pushing rentals up by more than 10 per cent. Consultancy Jones Lang LaSalle (JLL) projects that rentals at office buildings in the Central Business District (CBD) - including Marina Bay, Shenton Way and Raffles Place - could grow by some 16 per cent, driven primarily by the tight supply of new office space in Singapore. Looking into...
Perennial Real Estate Holdings said late on Monday (Dec 22) it has gained control of 96.32 per cent of Perennial China Retail Trust at the close of its takeover offer. Trading in Perennial China will be suspended from Tuesday, and Perennial Real Estate will exercise its right to compulsorily acquire the remaining Perennial units at the offer price of S$0.70, to be satisfied by the issuance of 0.52423...
City Developments Ltd (CDL) has bought an upscale residential development in Shanghai in a deal worth 799 million yuan (S$169 million), continuing its overseas expansion in property segments other than hotels. The development in Shanghai's Qingpu District consists of 120 residential units built on a 163,837 square metre parcel of land. CDL said 85 of the units remain unsold. According to CDL, the...
The downtown skyline in Singapore will see another addition once the S$3 billion South Beach project - a mega mixed development at Beach Road - is up and running over the next year. The project's developers City Developments and IOI Group have secured leases for 80 per cent of the office space, and its first corporate tenant will move in early next year. Office space comprises about 30 per cent of...
Parkway Life Real Estate Investment Trust (PLife REIT) has purchased a nursing home and care facility property in Japan, its second acquisition in the fourth quarter of 2014, it announced in a press release on Friday (Dec 19). PLife REIT purchased Ocean View Shonan Arasaki for ¥1,700 million (S$18.9 million) from Oueikikaku Kabushiki Kaisha. This follows an earlier acquisition of Habitation Jyosui,...
Homegrown lifestyle property developer Oxley Holdings has made its foray into the Japanese property market. It has acquired Chiba Port Square, a mixed development located in the heart of Chiba City's port area in Greater Tokyo. This follows an announcement by Oxley earlier in November that it was planning to buy the property for ¥3.55 billion (S$39.5 million) from Masuya Home Company. With a site...
A property agent has been sentenced to 12 months in prison for stealing rental money from his Indonesian client and forging his signature to collect the misappropriated funds. Fong Wai Loon, 37, was found guilty by the State Courts on Tuesday (Dec 16) of forgery for the purpose of cheating and criminal breach of trust, which carries a maximum prison term of 10 years and seven years, respectively. In...
Straits Trading Company said on Tuesday (Dec 16) that it will buy a retail development in Chongqing for 668.4 million yuan (S$140.5 million), marking its first foray into China's property market. The purchase of the Times Midtown development from Chongqing BBMG Dacheng Shanshui Properties was done via Straits Real Estate, in which the Singapore investment firm has an 89.5 per cent stake. Straits...