On Monday, a piece of Singapore’s public housing story was consigned to the annals of history after National Development Minister Khaw Boon Wan said in Parliament that buyers and sellers of Housing and Development Board (HDB) resale flats must agree on a price before seeking an official valuation for the purpose of applying for an HDB housing loan. Cash-over-valuation (COV) — the difference between...
General
Budding entrepreneurs in Singapore will soon have more working space to turn their ideas into new products and services. Industrial developer JTC has launched a cluster site to provide more work and recreational facilities for start-ups. With the opening of JTC Launchpad @ one-north, the government plans to drive more private sector involvement in the start-up community. Block 71 at Ayer Rajah...
Far East Organization has won the tender for a hotel site at Sentosa. The 60-year leasehold site at Artillery Avenue is situated on elevated ground and overlooks Palawan Beach. According to Sentosa Development Corporation, Far East will pay an upfront land premium of S$32 million. In addition, it will pay S$3.7 million annually, or 10 per cent of the total annual gross revenue, whichever is...
Singapore's largest retail warehouse store is set to open in the fourth quarter of this year, adding to developments that have sprung up around Jurong East MRT station. Big Box will have some 400,000 square feet of shopping space, featuring brands such as Akira, Mod Living, Castilla, Barang Barang and Novena. The services include a drive-through service that allows shoppers to place orders in advance...
Singapore serviced residence operator Ascott has secured a contract to manage its first property in Myanmar. The CapitaLand unit said on Thursday that the 153-unit Somerset Kabar Aye Yangon, slated to open in early 2018, is part of a mixed-use development that also comprises a luxury condominium. The serviced residence is a 15-minute drive from downtown Yangon and close to the Shwedagon Pagoda as...
Online property portal group PropertyGuru is seeking to launch an initial public offering within the next 18 months, with Singapore or Australia the most likely listing destination, the company’s Chief Executive said yesterday. If the company lists in Singapore, it would be the first online property portal to list in the city-state, while in Australia, it would be the second after ipropertygroup,...
The National Development Ministry (MND) will study whether reverse mortgages should be provided by the private market or by the government in future. A reverse mortgage is a loan taken up by the owner using his property as collateral. This loan is then repaid with interest upon termination of the loan, or death, typically from the sales proceeds of the property. In Parliament on Monday, the...
A residential site at Yishun Avenue 9 attracted just five bids at the close of an Urban Redevelopment Authority (URA) tender on Tuesday, attesting to the weakened sentiment in the property market. EL Development submitted the highest bid of S$278.8 million for the 20,553.8 square metre site. The price translates to around S$4,844 per square metre of gross floor area. The other bidders for the site...
The push to raise productivity in Singapore’s construction sector is taking on a new focus this year. New rules will soon take effect, pushing for greater use of productive technologies such as prefabricated components. From the second half of 2014, developers will be required to use prefabricated bathroom units (PBUs) for all residential projects on government land sales sites. Singapore...
The resale market continued its downward trend as sales of previously-owned private homes last month slumped to their lowest level in more than five years, a further indication of the impact the cooling measures have had in dampening demand. Flash estimates by the Singapore Real Estate Exchange (SRX) yesterday put the overall resale volume of non-landed private homes at 242 units last month, down 18.5...