The move by Wheelock Properties to take a write-down for a condominium project reflects difficulties faced by developers to sell residential units on land bought before the last set of cooling measures announced last year, property consultants said. Wheelock said on Monday that it was writing down S$110 million for The Panorama condominium project. Consultants said the developer had paid a...
General
It's now easier for tenants to negotiate rentals for private residential homes as some landlords have become increasingly concerned about the impact of looming supply of rental units, according to some property agents. SLP International Property Consultants said average rentals have fallen by 1 per cent in recent months, as they foresee more downside this year. A total of 19,907 private residential...
Riviera Point, a 33-unit residential development at the junction of Kim Yam Road and River Valley Road, has been re-launched for collective sale, with the owners seeking offers in excess of S$68 million. The S$68 million asking price translates to about S$1,379 per square foot based on the potential gross floor area, sole marketing agent Jones Lang LaSalle said in a statement on Monday. If...
The Republic’s property market is in for another challenging year with cooling measures set to stay in place and with the introduction of new measures in the construction sector, City Developments Limited’s Executive Chairman Kwek Leng Beng said yesterday after the company reported an 11 per cent fall in fourth-quarter net profit. The head of Singapore’s second-largest listed developer maintained...
The number of HDB flat dwellers buying condominiums or private apartments last year fell 1.1 percentage point. According to the Singapore Real Estate Exchange (SRX), the total number of non-landed private home transactions in 2013 was 20,203 units. Of these, 9,192 units were bought by those who owned or lived in HDB flats. This accounted for 45.5 per cent of the total purchases, down from 46.6 per...
Prime Orchard Road rents are expected to dip slightly this year as some restaurants look for cheaper space on the fringes of the city-centre, Savills said in a report on Friday. Rising manpower costs in a tight Singapore labour market are also discouraging retailers from expanding, contributing to the downward pressure on rents, the UK property services firm said. Savills said it expects rents at...
The first HDB flats under the Design, Build and Sell Scheme (DBSS) have been put on the resale market, after reaching the minimum occupancy period of five years. Some flat owners are asking for as much as 60 per cent more than what they paid five years ago. The Premiere on Tampines Avenue 6 was the first HDB flat project designed, built and sold by a private developer. 90 per cent of the...
With the assurance from the Government that the property cooling measures are here to stay, housing market sentiment will remain weak as buyers stay longer on the sidelines, said analysts yesterday. This is because those looking to buy a new property can look forward to further downward price correction, after Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said on Friday that there is...
Frasers Centrepoint has sold 220 of the 300 units for its latest project, RiverTrees Residences, in Sengkang’s Fernvale district, which were released for sale last weekend, said the developer yesterday. Mr Cheang Kok Kheong, Frasers Centrepoint Chief Executive for Development and Property in Singapore, said: “This validates our belief that there is still depth in the market and that there is robust...
MCL Land (Brighton) submitted the highest bids for two 99-year leasehold sites for Executive Condominium (EC) development at Chua Chu Kang Grove. The two adjacent plots were put up for sale under the batch tender closing system, aimed at ensuring more prudent bids from developers. According to the Housing and Development Board (HDB), the first plot, Parcel A, attracted a total of seven bids. The...