A subsidiary company of City Developments (CDL) is the top bidder for a site to develop an executive condominium (EC) at Sengkang West Way/Fernvale Link. The land parcel received a total of six bids at the close of tender on Thursday. Verspring Properties has put in the highest bid of S$135 million or S$296 per square foot per plot ratio (psf ppr). This is 0.1 per cent higher than the second highest...
General
Property group UOL posted a 13 percent decline in third quarter net profit to S$87.8 million compared to a year ago. However group revenue for the three months ended September 30 fell 33 percent to S$277 million on-year. In its filing to the stock exchange on Thursday, the company attributed the decline to the drop in property development revenue from S$267.4 million to S$133.7 million following the...
The Muscat Street redevelopment project will be officially opened on Thursday. Minister for Foreign Affairs and Minister for Law K. Shanmugam will co-officiate the launch event with Oman's Secretary General of the Ministry of Foreign Affairs Sayyid Badr Hamad Al-Busaidi. The project is a joint initiative between Singapore and Oman. The redeveloped Muscat Street will provide a new space for the local...
The Urban Redevelopment Authority (URA) launched a residential site at Alexandra View for sale by public tender on Wednesday. The 99-year leasehold site was made available for sale through the Reserve List System on 26 September 2012. Under the Reserve List System, a site will only be put up for tender if the developer's minimum bid price is acceptable to the government. URA said a developer has...
Public housing flats built under the Design, Build and Sell Scheme (DBSS) appear to have fallen out of favour with home buyers in recent months. Analysts say there are about 1,000 units of unsold DBSS flats and sales could slow as a result of the large pipeline of new Build-To-Order flats (BTO) and executive condominiums (EC). But they say DBSS flats will enjoy healthy capital gains going forward. These...
Two redevelopment sites at Balestier Road and Pasir Panjang Road have been launched for sale by tender, according to exclusive marketing agent Knight Frank. The first site at 520 Balestier Road is a 1,971.3 sq m (around 21,219 sq ft) freehold plot zoned commercial and residential under the 2008 Master Plan. With a gross plot ratio of 3.0, it can offer a gross floor area (GFA) of 5,913.9 sq m (63,657 sq...
New private homes typically cost 20 percent more than resale homes, but analysts say this price gap has since narrowed. Entering into the fourth quarter, new private developments now command just a four percent premium over resale private units, according to data compiled by the Singapore Real Estate Exchange (SRX) which collates transactions by major property agencies accounting for 80 percent of the...
Singapore developer Capitaland plans to launch its first value housing project in China in the next few weeks. This will be the company's maiden foray into the middle-income mass housing market and it is expected to be the next driver of growth for the property firm in China. When CapitaLand China released its first high-end homes in Hangzhou for sale last month, some 100 units were snapped up in two...
Leading business space solutions provider Ascendas Land (Singapore) and Mitsui & Co on Monday held a ground breaking ceremony for Fusionopolis Phase 5 at one-north. Projected to cost approximately S$370 million, Fusionopolis Phase 5 comprises a 17-storey building with approximately 59,300 square metres of business space and 5,500 square metres of retail space. The development also includes a separate...
Former Minister Mentor Lee Kuan Yew said public housing has to keep up with the rising aspirations of Singaporeans and that the facilities and design of older estates should also not fall behind newer ones. Mr Lee was speaking at a tree planting event at Havelock View on Sunday. Many residents of Havelock View turned up to welcome Mr Lee Kuan Yew who was there as part of the Tree Planting day...