Real Estate Investment Trusts (REITs) have no impact on retail rents, which are being driven up by the malls' location and enhancements instead of their ownership. This is according to a study conducted by the Ministry of Trade and Industry (MTI), following a growing perception that rental prices at retail malls acquired by REITs are rising at a faster rate. After removing factors such as location...
General
China's property sector showed further signs of cooling for the month of April -- average prices of new homes in 70 major cities rose 6.7 per cent on-year, down from 7.7 per cent a month earlier. Some economists said that the real estate downturn could be the main drag on China's growth this year. After years of red-hot growth, China's property market is cooling down but the slowdown is spilling over...
Singapore property group Mapletree Investments is looking to expand into the United States and Europe amid a less certain outlook for its core Asian markets in the near future. "Over the last 12 months, we were concerned about the volatility that could arise across markets in Asia once the start of the QE tapering was made known," Group Chief Executive Officer Hiew Yoon Khong said in a statement...
To see how impactful the government’s cooling measures have been, look no further than District 9. Data from the Singapore Real Estate Exchange (SRX) for last month showed that the median Transactions-Over-X Value (TOX) for District 9, which consists of Orchard, Cairnhill and River Valley, was negative S$130,000. Each month, SRX algorithms compare the actual transacted value for each unit in a...
New private home sales picked up last month, recovering from the doldrums they sank into in March after developers shaved prices, and analysts said the market will become more active with several attractive launches expected in the coming weeks. Last month, 745 private homes were sold, 55 per cent more than the 480 units offloaded in March, data released by the Urban Redevelopment Authority (URA)...
CapitaLand has sweetened its offer to buy out minority shareholders of shopping mall arm CapitaMalls Asia. CapitaLand, Southeast Asia's largest developer, said it will now pay S$2.35 per share, up from the previous offer of S$2.22 per share. The previous offer price was subsequently adjusted downwards to S$2.2025 per share to take into account a dividend payment. CapitaMalls shareholders who...
Prudential Tower will soon have new owners. Keppel REIT said on Thursday it has entered into agreements to sell its 92.8 per cent stake in the 30-storey office building near Raffles Place MRT station for S$512 million -- which is 4.5 per cent above valuation. The buyers of Prudential Tower are companies held by KOP Ltd, Lian Beng Group, KSH Holdings and Centurion Global. Keppel REIT said in a...
Property developer City Developments expects the Singapore residential market to be cautious with moderated volumes and a lower rate of sales compared with the peak of the property cycle. However, it believes that well-located projects, especially those near to MRT stations which are competitively priced, should continue to attract reasonable buying interests. The company made these comments today...
Global logistics firm, DHL Supply Chain, has unveiled plans to build its Advanced Regional Centre at Singapore’s Tampines LogisPark. The facility is a joint investment worth S$160 million between DHL and Cache Logistics Trust, a Real Estate Investment Trust (REIT). It is expected to increase the company’s warehouse capacity in Singapore by 40 per cent, create another 500 jobs, and further strengthen...
The Singapore Sports Hub's retail mall has been named the Kallang Wave. According to its mall manager SMRT Alpha at a media preview on Wednesday, the mall will open from June. Spread over 41,000 square metres, Kallang Wave will boast the tallest indoor climbing wall in Singapore and the first sports-themed hypermarket. The mall is part of the S$1.33-billion Singapore Sports Hub, and SMRT Alpha...