The recovery in Singapore's office property market gained a firmer footing in the second quarter of 2014, according to Colliers International's latest Research and Forecast Report. As growth momentum in the global and local economy picks up, brighter business prospects sparked more leasing demand for office developments, the report said. All Grade A office micro-markets breached the technical full...
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The Urban Redevelopment Authority (URA) has awarded the tender for a 3.9 hectare industrial site at Woodlands Avenue 12 to Wee Hur Development. Wee Hur submitted the highest bid of S$76.9 million for the site, which has a 30-year lease term and a maximum gross plot ratio of 2.5. Source : Channel NewsAsia - 4 Jul...
Ascott Residence Trust, also known as Ascott Reit, announced on Monday (July 7) that it has entered into conditional agreements to acquire its first serviced residence in Kuala Lumpur, Malaysia, as well as properties in Wuhan and Xi’an in China at a total property value of S$173.9 million. Ascott Reit will acquire the 207-unit Somerset Ampang Kuala Lumpur from The Ascott Ltd for RM175 million (S$67.4...
The price index for private homes fell 1.1 per cent in the second quarter, the third continuous quarter of price decrease, according to flash estimates released by the Urban Redevelopment Authority (URA) today (July 1). Prices of non-landed private residential properties in all market segments declined in the second quarter, the agency said. In the core central region, prices fell 1.5 per cent, more...
The upcoming CapitaGreen, a Grade A office building at Market Street, has secured leasing pre-commitments for 21 per cent of its net lettable area, joint developer CapitaCommercial Trust (CCT) said on Wednesday (July 2). About 150,800 sq ft of the 40-storey building’s total net lettable area of 700,000 sq ft has been committed, CCT said. The tenants include multinational firms such as commodities...
Flats in Tanglin Halt were built in early 1960s, and are one of Singapore's oldest. In ten years' time, they will be among 31 blocks at Tanglin Halt Road and Commonwealth Drive that will be cleared under the Selective En Bloc Redevelopment Scheme. Under the Master Plan 2014, the area has been zoned for mainly residential use. And when redeveloped, analysts say it can yield more than 5,000 homes - 50 per...
Singapore has been ranked the most transparent real estate market in Asia. This is according to Global Real Estate Transparency Index 2014, published by consultancy firm JLL. Overall, the top positions are still dominated by markets in the west. Singapore maintained its 13th place in the index. But with Hong Kong slipping from 11th in 2012 to 14th in the latest report, it has pushed Singapore to top...
More banks and financial institutions in Singapore are using heritage buildings as a training ground for employees in the Asia Pacific region. These buildings typically date back to the 1900s and have been given a new lease of life. They are often equipped with the latest technology to foster learning and development. The Command House, originally known as Flagstaff House, once served as the official...
Frasers Centrepoint Ltd's (FCL) bid to buy Australand Property Group in a deal worth around A$2.6 billion has been accepted by directors of the Australian company, the Singapore real estate giant said in a filing on the Australian stock exchange. FCL's offer of A$4.48 per Australand security was unanimously accepted by the Australian company's board in the absence of a superior proposal. An independent...
The Hotel Grand Chancellor in Little India has been sold to an unnamed party for S$248 million, owner Hotel Grand Central Ltd said on Monday (June 30). Hotel Grand Central said the buyer has paid a deposit of S$18.6 million for the 328-room 3-star hotel at Belilios Road, and the transaction is expected to be completed in January next year. Hotel Grand Chancellor, which opened in 2010, was valued at...