A developer has committed to bid not less than S$56,500,000 for a land parcel on the Reserve List of the Government Land Sales Programme. The site at Rangoon Road/Farrer Park Station Road is slated for hotel development. The Urban Redevelopment Authority (URA) said the price committed by the developer is acceptable to the government, and it will release it for sale by public tender. The 0.3-hectare land...
General
Property giant CapitaLand Group has reshuffled its senior management with a string of key appointments. Lim Ming Yang, the chief executive officer (CEO) of The Ascott, CapitaLand's serviced residence business, will relinquish his role to focus on his position as the group's chief operating officer. He will oversee major group-wide strategic projects and continue to build on the group's businesses in...
While residents in Woodlands are petitioning for a proposed eldercare centre in their neighbourhood to be moved elsewhere, others living near one in Ang Mo Kio feel differently. The eldercare centre at Block 123 Ang Mo Kio Avenue 6 is run by the Asian Women's Welfare Association. Its services are so welcomed that over the past two years, it has seen a 20 per cent increase in elderly patients who require...
Second Chance Properties has reported a 20 per cent on-year rise in net profit to S$3.5 million for the second quarter ended December 31. This is despite group revenue declining 2 per cent to S$9.5 million in the quarter. The higher profit came on the back of a 119 per cent decline in other operating expenses over the three-month period. Looking ahead, Second Chance Properties said in a statement that...
Fourth-quarter data released last Friday by the Urban Redevelopment Authority (URA) point to a massive, unprecedented wave of upcoming supply in the residential, commercial and industrial segments, sounding a clear warning to investors who may have entered the market recently at high prices. RESIDENTIAL OVERHANG Four quarters ago, the expected private home completions for last year and this year were...
The secondary market for private homes is shrinking. Of that, there is no doubt. The trend has been clear since the second half of 2010, but what is unnerving is the rate at which demand is shrinking. Official figures show that the number of resale and sub-sale deals have fallen by more than a quarter last year compared to 2010. Their market share of total sales has also fallen to about 57 per cent from...
The number of property agents registered with the Council for Estate Agencies (CEA) has fallen by nearly 11 per cent since new rules kicked in a year ago. As of Jan 1, there were about 30,600 real estate agents licensed to practice, down from 34,300 last January. There are also fewer property agencies in business - down by 5 per cent to less than 1,500. The estate agency watchdog said property agents...
Property developers seem pessimistic about the outlook for Singapore's real estate market in 2012, with some analysts foreseeing a five to ten percent drop in property prices this year. But market watchers also say the strong interest in recent property launches could defy these forecasts and even lead to more cooling measures. Celebrations continue but property developers are still in the dark about the...
More than a decade's supply of retail space is under construction in Singapore. This is putting pressure on retailers in existing malls and forcing their owners to refurbish as the competition heats up. Construction is well underway at shopping malls in suburban Jurong. The two malls there and another in Punggol will house one million square feet of commercial space. Nationwide, 3.6 million square feet...
Global Logistic Properties (GLP) said the construction of its 79,023 square-metre large-scale multi-tenant logistics facility in Soja city, Japan will start in June this year and finish by February 2013. The project costs around USD$103 million, GLP said in a news release. It is the second under the Japan Development Fund - GLP's joint venture with the Canada Pension Plan Investment Board (CPPIB)...