United Industrial Corporation (UIC) has made a formal offer to take mainboard-listed Singapore Land (SingLand) private. UIC announced last month that it wanted to buy over the remaining 19.64 per cent of shares in SingLand that it did not already own. The deal is valued at S$761.7 million. UIC is offering to pay S$9.40 for each SingLand share. It said that buying out minority shareholders will...
General
The number of resale non-landed private homes transacted in February was the lowest in more than five years. This is according to latest numbers from the Singapore Real Estate Exchange (SRX). The data also showed that resale prices fell by 2 per cent from January. Property consultants said that they expect the resale market for private homes to remain fairly muted amid current cooling...
To reduce the focus on Cash-Over-Valuation (COV) in negotiations during the sale of a flat, the Housing and Development Board (HDB) will only accept valuation requests from resale flat buyers after they have been granted an Option to Purchase by flat sellers. National Development Minister Khaw Boon Wan, who announced this change in Parliament on Monday, said this will restore the original intention of...
The government is seriously studying the reverse mortgage scheme as an additional option to help the elderly in Singapore monetise their flat. Under a reverse mortgage, the owner retains the full lease of his flat but takes a loan against it as collateral. The owner then repays the loan with accumulated interest upon termination, or death, usually with sales proceeds from the flat. The idea of a...
As small and medium-sized enterprises (SMEs) struggle with labour tightening in the push for improved productivity, they are also being squeezed by landlords demanding ever-rising rents. Many businesses that lease commercial and industrial space, especially those under the real estate investment trust (REIT) structure, are hurting, and I must say, hurting real bad. Over the course of this week, Members...
More comprehensive rental data will be made available to the public later this year, according to Minister of State for Trade and Industry Teo Ser Luck. Speaking in Parliament during the Committee of Supply debate on Thursday, Mr Teo said small and medium enterprises (SMEs) have given feedback that they face significant rental spikes when their tenancies are renewed. Mr Teo said: "To help businesses...
The overall median Cash-Over-Valuation for HDB resale flats fell to zero in February, according to latest data from the Singapore Real Estate Exchange. It is the lowest median since the Singapore Real Estate Exchange began collecting records in 2006. It was $5,000 in December 2013 and $3,000 a month later, finally hitting the zero mark in February 2014. Nearly half of 26 estates across Singapore...
Global Logistic Properties (GLP), the real estate giant whose key shareholders include Singapore’s sovereign wealth fund GIC, has agreed to pay Brazil’s BR Properties 3.2 billion reais (S$1.7 billion) for property assets in the South American country. Singapore-based GLP is buying 34 industrial and logistics facilities in Brazil that will lead to a yield of 9.4 per cent, the company said yesterday...
Ho Bee Land continued its diversification into the United Kingdom by purchasing an office building that once served as London's General Post Office. The Singapore developer will pay ￡171 million (S$362 million) for the freehold property known as 1 St Martin's Le Grand, it said in a statement on Friday. "The acquisition of 1 St Martin's Le Grand is our second major office acquisition in the city of...
Property developer Tuan Sing Holdings said it is seeing encouraging take-up from buyers for its Cluny Park Residence project. The high-end condominium was launched on Thursday. Located in the Bukit Timah district, the freehold development spreads across close to 49,000 square feet. Cluny Park Residence has 52 units and each unit has been priced from about S$2.3 million. So far, about 20 units...