Another 12,700 flats will be launched in the next six months, according to a parliamentary written response by National Development Minister Khaw Boon Wan on Tuesday (July 8). Of the 22,400 Build-to-Order (BTO) flats targeted for this year, 9,700 flats have been launched. The Housing and Development Board will conduct a second Sale of Balance Flats Exercise later this year to augment the BTO...
General
Real Estate Investment Trusts (REITs) may have a “signalling effect” on retail rents in the vicinity of properties they own, Minister of State for Trade and Industry Teo Ser Luck said in parliament on Monday (July 7). He was responding to a question by Workers’ Party Non-constituency Member of Parliament Yee Jenn Jong on whether the Government agreed with a recent report that showed REIT-ownership...
A row of retail shops in Toa Payoh Central was put for sale by tender, according to real estate company Savills. In a statement on Monday (July 7), Savills said the property has a strata area of about 5,780 square feet and is located next to the HDB Hub. It also has a remaining lease of about 57 years from the Housing and Development Board (HDB). The company is the exclusive marketing agent for the...
The Urban Redevelopment Authority (URA) will reject proposals to build new hotels, boarding houses and backpackers' hostels on sites that are not zoned for hotel use. In a circular to architects, engineers, developers, owners and tenants sent on Monday, the authority said this takes place with immediate effect. It said in recent years, it has received more applications for new hotels, boarding houses...
The number of shophouses sold in the second quarter of 2014 will be the lowest in over five years, said property analysts. According to caveats lodged, there were just 18 transactions between April and June. Analysts said this is the lowest number since the fourth quarter of 2008, when 23 transactions took place. Sales have slowed in the past year as a result of the implementation of the total...
Keppel Land said on Monday it has increased its share of a joint venture housing project in southern Vietnam by buying a 43 per cent effective stake in the project's phase two and three development. The Singapore developer will pay around US$11.5 million to raise its stake in the remaining phases of the Estella -- a high-rise residential development with a retail component -- to 98 per cent from 55 per...
Frasers Centrepoint Trust (FCT) has more than doubled its revenue and asset size since its initial public offering (IPO) in July 2006. In the last eight years, the trust has been able to grow its distribution per unit at an average of 9 per cent per year. FCT said asset enhancement is its biggest engine for growth. For instance, it said the asset enhancement on malls like Causeway Point and...
Home prices in Singapore may have been moderating for several straight quarters now, as cooling measures introduced by the Government continue to take effect. However, while taking questions at the DBS Asian Insights Conference, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said the cycle is "not over". "Market players will determine where the cycle goes. I don't think the...
Last Friday, the Housing and Development Board (HDB) announced its plans to rejuvenate Dawson Estate, whose transformation will include 3,700 new units that will serve as replacement flats for residents at the nearby Tanglin Halt estate. The Tanglin Halt estate, comprising 31 residential blocks with 3,480 flats along Tanglin Halt Road and Commonwealth Drive, will be redeveloped under the Selective En...
With recent weakness in manufacturing, experts said this could impact demand for factory space. Coming at a time when the supply of industrial property is on the rise, they added that this could put pressure on some real estate investment trusts (REITs). Within the next four years, more than 5 million square metres of factory space, and 1.6 million square metres of warehouse space, are expected to...