Reports say Singapore's central bank is in discussions to discontinue the Singapore Interbank Offered Rate (SIBOR). The Monetary Authority of Singapore (MAS) launched a review of the SIBOR last July after abuses related to the London Interbank Offered Rate (LIBOR) surfaced. A few months later, it broadened investigations to include some exchange rates set in the city. Analysts say getting rid of SIBOR...
General
Sales of new private homes in Singapore jumped by about 43 per cent on-month in January 2013, despite the latest round of cooling measures introduced last month. According to the Urban Redevelopment Authority (URA), 2,013 units of new private homes - excluding executive condominiums - were sold in January, compared to 1,410 units sold in December 2012. A URA spokesperson said about 60 per cent of the...
The Real Estate Developers' Association of Singapore (REDAS) said property developers are feeling anxious as the latest round of cooling measures took effect last month. Singapore's top property developers gathered on Friday to celebrate the Lunar New Year. Newly-elected REDAS president Chia Boon Kuah told a crowd of 500 that property developers will continue taking part in land bids, which form their...
Home sales were brisk during the Lunar New Year holidays. Five buyers each bought a unit at La Fiesta in Sengkang between 9 and 11 February. They are four Singaporean Chinese, who are first-timers, and one Indonesian. Mr Lim Yew Soon, managing director of EL Development, which developed La Fiesta, observed the crowd during the Lunar New Year was similar to any "regular weekend." But he admitted that the...
Temasek-owned Mapletree Investments is planning to raise as much as S$1.6 billion in gross proceeds from a planned initial public offering of a Greater China-focused real estate investment trust (REIT). Scheduled to list on the Singapore Exchange on March 7, Mapletree Greater China Commercial Trust could potentially be Singapore's largest initial public offering in two years. In a preliminary prospectus...
The latest round of property cooling measures announced on Jan 11 triggered a sell-off in the shares of developers as analysts predicted a drop in private housing prices, but opportunities await tax-savvy investors, who may find the post-curb market not as inhospitable as initially perceived. There’s no question that real estate has proven itself to be a sustainable asset class. Yet the additional...
Perennial China Retail Trust (PCRT) has posted S$43.6 million in amount available for distribution to unitholders for the year ended December 31. This brings its full-year distribution per unit to 3.86 Singapore cents. For the fourth quarter, amount available for distribution to unitholders was S$11.2 million. The China-focused retail development trust said distributable income for the full year was...
Far East Organization has topped the list of property developers in Singapore yet again for best sales figures last year at 2,181 private homes, or around 10 percent of the total number of 22,290 new units sold. Among its best-selling projects were The Hillier in Hillview Rise and Watertown in Punggol, according to DTZ Research. In second place is City Developments Limited (CDL) and parent company Hong...
Following the latest round of property cooling measures in Singapore, many developers have been offering “incentives” to buyers in the form of discounts to offset the stamp duty hike. But builders of super prime properties have resisted such sales tactics. According to Alain Fanaie, Group CEO of China Sonangol Group, developments on “prime” spots do not need to attract buyers through such...
Property analysts said the former Bukit Timah Turf Club area will probably be redeveloped into a private residential estate, consisting of a mix of landed properties and condominiums. The government is setting aside this piece of land for residential use as part of the recently-released Land Use Plan. The Grandstand is an establishment that sits on the former Bukit Timah Turf Club. The new family...