A record number of 139 nominations were received for the President's Design Award this year with the highest honour accorded to designers and design projects. A final thirteen received honours, from fields as diverse as architecture, advertising and product design. The prestigious Designer of the Year award went to four individuals this year for a portfolio of creative works throughout their career. One...
General
Renting retail space at a suburban mall these days may not be very much cheaper than renting one at Orchard Road, say analysts. Colliers International said the gap between prime retail rents in the two segments have narrowed from 17 per cent in 2009 to 12 per cent this year. Demand for retail space in suburban malls will continue to be strong, say analysts, citing the improving quality of suburban...
A S$200 million logistics hub broke ground at Jurong West on Friday. Named Supply Chain City, the facility is the brainchild of logistics firm YCH. Apart from serving as its headquarters, the facility will also cater to other companies needing logistics space. YCH is transforming a 6.5-hectare area in western Singapore to build its new home come 2014. It will house a five-storey warehouse, a...
A number of analysts have predicted a drop in Singapore’s home prices due to a large supply of land coming onstream and tighter monetary policy from the US Federal Reserve. But a study by Credit Suisse that was reported in The Business Times predicts that prices will rise some eight percent by 2017. “Contrary to the view of many, our analysis shows that prices will only correct marginally by 2017, if...
Resale home prices of both non-landed private residential units and HDB flats continued to climb to new highs in October and November against the third quarter 2012. But according to data released by the Singapore Real Estate Exchange (SRX), the rental market for private homes is showing signs of softening. As a result, overall gross rental yield dropped to a six-year historic low of 3.77 per cent in the...
The Republic's industrial sector is near a tipping point, and rents are expected to decline 7 to 10 per cent over the next two years on rising vacancy rates, DBS Vickers said in a research report yesterday. Lower completion of new industrial space over the last few years had resulted in record low vacancy levels and a strong surge in industrial capital values and rents since the start of this...
As more wealthy Singaporeans and other Asians seek to buy property in prime overseas locations such as London, whether for investment or residence, their private bankers are only too happy to help. The wealth management divisions of banks are reporting brisk business in setting up short-term revolving loans for property purchases. The term is usually five years, renewable annually after that, and the...
The Government of Singapore Investment Corp (GIC) is set to acquire a group of resorts owned by hedge fund Paulson & Co for the sum of US$1.5 billion (S$1.8 billion) after no competing bidders emerged for the bankrupt properties. An auction for the properties was cancelled after no other bids were received, leaving GIC as the successful bidder, according to a filing yesterday in the United States...
Stronger than expected bids were submitted for a parcel of land earmarked for executive condo development in the Punggol area. The 99-year leasehold property at Punggol Field Walk/Punggol East received a total of seven bids at the close of the tender on Thursday. Property consultants had forecast between three and six bids. The Urban Redevelopment Authority (URA) said the top bid of S$162.1 million was...
Come 2015, the Civic District will sport a refreshed look with the opening of revamped public buildings such as The National Art Gallery, Victoria Theatre and Victoria Concert Hall. To strengthen the identity and attractiveness of the Civic District as a world-class arts and cultural hub for Singapore, the Urban Redevelopment Authority (URA) will be inviting consultants to participate in designing the...