With investors desperate for yield in a prolonged low-rate environment, shares of trusts have surged in Singapore and elsewhere in Asia. But that enthusiasm has been largely focused on real estate investment trusts (REITs) and has not been reflected in demand for business trusts. In Singapore, 90 per cent of the assets in a REIT must be fully developed and already drawing income. Business trusts,...
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Frasers Hospitality has strengthened its presence Down Under with the opening of Fraser Place Melbourne, bolstering the firm's portfolio of premium-serviced residences in Australia's key gateway cities. Located in Melbourne's entertainment quarter and within a short walk from the city's financial district, Fraser Place Melbourne features 112 studio residences with integrated living, dining and kitchen...
A downtown plot of land in Shanghai has been sold at the highest price this year as a recovery in sales boosted developers' expectations for a market rebound even as the government maintained property curbs. The 1.2 million-sq-ft site near Shanghai South Railway station was sold yesterday for 5.4 billion yuan (S$1.06 billion), according to the local land reserve centre. A group of four companies, led by...
The tender for a land parcel located at Sembawang Crescent/Sembawang Drive closed on Thursday with a top bid of $211.92 million. The site, measuring 21,718.4 square metres, received a total of eight bids. In a statement, the Housing and Development Board (HDB) said the top bid came from boutique developer JBE Holdings, while the second highest bid of S$210.1 million was handed in by FCL Place Pte. Ltd....
City Developments Limited (CDL) has unveiled a luxurious new residential project in Singapore offering exclusive housing options with a myriad of facilities to make residents feel at home. Called Echelon at Alexandra View, the condominium comprises 508 units of one, two and three-bedroom apartments, three and four-bedroom suites and five-bedroom penthouses to satisfy the accommodation requirements of...
An unregistered salesperson who posted flyers in public places was fined S$21,000 on Wednesday. He was charged under the Estate Agents Act. The Council for Estate Agencies (CEA) charged 59-year-old Lum Chap Heng in court on 14 November for posting flyers carrying his mobile number to advertise for landlords and tenants. Lum also represented a flat owner and helped her find potential tenants for her...
Property investments remain a core asset in the investment portfolios of Asia's wealthy individuals. According to Citibank Singapore, real estate accounts for a third of client portfolios under its management. These customers typically have net assets of S$1m and above. Property prices in Asia, particularly Singapore and Hong Kong, have seen a boom in recent years. This is particularly due to low...
Property developer Far East Orchard (FEOrchard) signed a memorandum of understanding with Australia-based hotel operator Toga Pty (Toga Group) on Wednesday which will explore the setting up of a proposed joint venture. Under the agreement, the proposed joint venture will serve as a hotel management and ownership platform in Australia. Plans are also in the pipeline for the proposed joint venture to...
Hong Kong is at risk of an abrupt decline in property prices after gains fuelled by low interest rates and a limited supply of new housing, the International Monetary Fund (IMF) said. "The property sector is the main source of domestic economic risk," the IMF said in a report on the city released today. The odds of a slump that has major economic and financial consequences is "fairly low in the near...
With expectations that HDB and private property prices will climb in the next half year, the property Affordability Sentiment Index (ASI) of PropertyGuru's latest Property Sentiment Survey dipped further in Q3 2012. The study, which was done in collaboration with Blackbox Research, polled around 1,000 Singaporeans and found that 69 percent of respondents believe that HDB flat prices will rise in the next...