A consortium - comprising Intrepid Investments, Sunmaster Holdings and TID Residential - has submitted the highest bid in the tender for a residential site at Mount Vernon Road. The consortium submitted the top bid of S$388.11 million for the 20,810.9 sq m site. Only five bids were submitted for the site even though it is a very accessible location, reflecting what an analyst said is the cautious...
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A consortium led by CapitaLand is pumping in 21 billion yuan (S$4.3 billion) into developing a prime site in Chongqing, China. It has signed a cooperation agreement with the Chongqing government. Under the deal, the CapitaLand-led consortium will develop the site in the heart of Chongqing's Yuzhong District into a landmark mixed development. The development, located on a prime site in Chaotianmen, will...
Bank of America (BofA) Merill Lynch cited in its recent report that 20 percent of the total number of private home transactions recorded last year were accounted for by foreign buyers, while PRs and Singaporeans made up a respective 13 percent and 67 percent share. “This is a big jump from 10 years ago, when foreigners accounted for only six percent. Foreigners are entering the mass market, not just the...
More than 800 online applications for City Developments Ltd’s (CDL) The Rainforest EC project were received as of 5pm yesterday, the last day of applications for eligible EC buyers. “We are receiving more e-applications progressively till the end of the day,” said a spokesman from CDL. The median selling price for units at the development range from S$720 psf to S$730 psf, with 818 sq ft...
As 2012’s first tender for a 99-year leasehold private condo site (at Mount Vernon Road) under the Government Land Sales (GLS) Programme closes today, the cautious bidding seen for Punggol Place, 2011’s last state tender, is expected to continue, according to a Business Times report. Although the Punggol tender drew 13 bids, major property developers were mostly absent. The top bid of about S$354 psf...
Luxury home prices in central London rose for a 14th consecutive month in December amid tight supply and demand from overseas buyers seeking safer investments, Knight Frank said. Values of houses and apartments that cost an average of £3.7 million (S$7.4 million) rose by an average of 0.8 per cent from a month earlier, the broker said in a report yesterday. Prices are now 7 per cent higher than their...
Two freehold redevelopment sites - Asia Gardens and Jade Towers - have been put up for collective sale by tender. The two sites are located in districts 2 and 19 respectively. The collective sale of Asia Gardens has an indicative price of between S$302.6 million to S$307.7 million, or about S$1,500 to S$1,525 per square foot (psf) per plot ratio (ppr). No development charge is payable for this...
Ming Arcade, a commercial development in the prime Orchard Road area has been put up for collective sale by tender for the second time. The sole marketing agent, Jones Lang LaSalle, said the relaunch also comes with a lower asking price of over S$120 million. Meanwhile, the site was offered at more than S$130 million during the first tender exercise. Stella Hoh, national director and head of investments...
Rents for business park space and offices have stagnated over the last six months. This is according to research by DTZ which is part of commercial property giant UGL Limited. Rent for business park space has remained unchanged at S$4.38 per square foot per month in the second half of 2011. This is a contrast to the robust 6.6 per cent growth registered in the first half. Likewise, average rent for...
The Ministry of National Development is accelerating its Home Improvement Programme (HIP). Over the next few years, the ministry will be increasing its budget for the programme by some 20 per cent. Minister of State Lee Yi Shyan said the programme will cover 160,000 more flats over the next five years. But said the issue of industry capacity will also have to be considered. Mr Lee Yi Shyan, Minister of...