Singapore's two integrated resorts (IRs) have had limited impact on home prices, according to a report by property consultancy firm DTZ. The report noted that between the first quarter of 2009 and the second quarter of 2010, capital values of private of non-landed homes rose by 65.3 per cent in Marina Bay and 38.5 per cent in Sentosa (prior to the IR's opening). After the IRs opened, prices between...
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Fragrance Group has announced that it is looking to spin off its hotel business with an eventual listing on the mainboard of the Singapore Exchange. In a statement on Thursday, the company said the time frame for the listing will depend on shareholders approval and prevailing market conditions. It added that in connection with the proposed listing, the Group has formed an investment holding company,...
Ascott Residence Trust (Ascott Reit) has entered into a conditional sale and purchase agreement to buy a 60 percent stake in the 124-unit Citadines Karasuma-Gojo Kyoto (Citadines Kyoto) from Mitsubishi Estate Co Ltd and Citadines Ippan Shadan Hojin for S$19.0 million. The balance 40 percent interest is held by The Ascott Limited. The acquisition will be wholly funded by borrowings. Following this...
Property company Orchard Parade Holdings Limited has announced the appointment of Lucas Chow as the chief executive officer and managing director with effect from March 15, 2012. The company also announced the appointment of Vincent Yik as chief financial officer. It said the newly created executive positions reflect the progression in the organisational development of Orchard Parade and its business...
The Urban Redevelopment Authority (URA) announced on Wednesday that it has awarded the tender for a residential site at Hillview Avenue to Kingsford Development Pte Ltd. The 99-year lease site attracted seven bidders when the tender closed on 6 March. The tender was launched by URA on 19 January. Kingsford Development handed in the highest bid of S$243.2 million. The site at Hillview Avenue measures...
Marina Bay will be aglow with colour and light - as more than 30 light art installations take pride of place. A host of interactive fringe events and activities, such as artist talks, night carnivals and photography workshops, will add more buzz. They're part of i Light Marina Bay 2012, Asia's first and only sustainable light art festival. The event, organised by the Urban Redevelopment Authority, will...
Global Logistic Properties, a unit of the Government of Singapore Investment Corp, is preparing an initial public offering of its Japanese warehouse assets that may raise about S$1.25 billion, said three sources with knowledge of the matter. The company, known as GLP, may list the real estate investment trust in Tokyo by the middle of the year, said sources of the people, who declined to be identified as...
The tender for a residential site at Hillview Avenue closed Tuesday with a top bid of S$243.2 million, said the Urban Redevelopment Authority (URA). Of the seven bidders, Kingsford Development handed in the highest bid for the 99-year lease site, which was launched for tender on January 19. The second highest bid of S$205.1 million came from Flamegold (a unit of UOL Group), followed by MCL Land which...
The Housing & Development Board (HDB) has awarded the tender of a land parcel at Upper Serangoon View/Upper Serangoon Road to the top bidders of the executive condominium site. Ho Lee Group Pte Ltd & Evia Real Estate Management made a joint bid of S$141.48 million when the tender closed on March 1. The site received a total of seven bids at the close of the tender exercise. The 12,392.20 sq m...
Minister of State for National Development Tan Chuan-Jin said that Singapore's development should not and need not come at the expense of the country's heritage, identity and sense of belonging. But he pointed out that hard choices need to be made on how land is used. Speaking during his ministry's budget debate, Mr Tan was responding to MPs who had called for the conservation of Singapore's heritage,...