Starting April next year, elderly flat owners keen to take up the Lease Buyback Scheme will have the flexibility to choose the length of lease they want to retain, depending on their age and preferences, instead of being limited to a standard 30-year lease currently. Those aged 70 to 74 will have the option of a 25-year lease, while those aged 75 to 79 will have the option of a 20-year lease, and those...
General
One way to help owners of private housing monetise their property for retirement is to relaunch the reverse mortgage scheme, which was first introduced eight years ago. Although it did not meet with much success at the time, property analysts say more elderly home owners could be attracted to the scheme if it ensures good payouts. Under a reverse mortgage, the owner retains the full lease of the...
The Jurong Rock Caverns (JRC), the first commercial underground rock cavern storage facility for liquid hydrocarbons in Southeast Asia, was officially opened on Tuesday (Sep 2). It will be a key support for Singapore's petrochemical industry. Speaking at the opening, Prime Minister Lee Hsien Loong says that with this experience, the Government is considering more subterranean projects. This includes...
Amid restructuring trends in the economy, Pan Asia Logistics has officially opened its new warehouse at Tuas, with an automated storage and retrieval system. The new system is expected to boost productivity by some 70 per cent. It can store up to 700,000 different spare part types and will result in space savings of about 30 per cent. Pan Asia Logistics said the new facility - its second facility in...
National Development Minister Khaw Boon Wan on Monday (Sep 1) launched the third Green Building Masterplan to guide Singapore’s green building journey over the next five to 10 years. The Masterplan, developed by the Building and Construction Authority (BCA), was launched at the opening ceremony of the International Green Building Conference and the BEX Asia Expo. Both events are being held as part of...
Resale prices of private homes slipped lower in July according to Singapore Residential Price Index (SRPI) estimates, which were released on Thursday (Aug 28). The SRPI, compiled by the National University of Singapore's Institute of Real Estate Studies, showed overall prices fell 0.3 per cent in July from the previous month. In June, prices fell 0.5 per cent from a month earlier. Prices of small...
Slashing prices is not the best way to increase sales in the luxury home segment despite the current property climate, as developers risk tarnishing the brand image of their offerings, said Wing Tai Holdings chairman Cheng Wai Keung yesterday. This is one of the reasons the company has not taken that option with its freehold Ardmork Park project, Le Nouvel Ardmore. Wing Tai has sold only three of the 43...
The government is looking at introducing greater flexibility to the Lease Buyback Scheme, and this could include extending or shortening the number of years of flat leases participants of the scheme can retain. National Development Minister and MP for Sembawang GRC, Mr Khaw Boon Wan said this during his constituency's post-National Day Rally dialogue on Sunday morning (Aug 31). Currently, seniors on the...
traco Leisure, a subsidiary of Straco Corporation, on Thursday (Aug 28) announced that it bought the Singapore Flyer for S$140 million. In an announcement on the Singapore Exchange website, Straco said the acquisition "represents an expansion of the group's core tourism related business". The operator of the Singapore Flyer went bankrupt and it was placed under receivership in May last year. In a...
An industrial site at Gambas Crescent (Parcel 4) attracted four bids at the close of tender by the Urban Redevelopment Authority (URA) on Tuesday (Aug 26). The highest bid of S$35 million came from NSS Realty Pte Ltd, while the lowest bid of S$25.6 million was put in by Hock Lian Seng Holdings. The 1.57-hectare site is zoned for Business-1 development and has a 30-year tenure and a maximum gross plot...