From 1 January, the Singapore Land Authority's Electronic Payment Instruction (ePI) service will allow lawyers to electronically notify banks of details of conveyancing money paid into conveyancing accounts, instead of using hard copy forms. The Inland Revenue Authority of Singapore will also accept electronic stamp duty payments via the ePI service. The Ministry of Law on Thursday said these moves would...
General
Prices of completed shoebox apartments peaked in August and dropped three percent in November, according to the flash estimates from NUS’ Institute of Real Estate Studies. Month-on-month, prices of these units dropped 0.2 percent in November. The flash estimates also showed that prices of larger apartments in both Central and Non-Central regions continued to rise in the previous month. Since 2010, the...
The latest property cooling measures could be removed if the Singapore economy deteriorates or stagnates amid the looming economic downturn, according to analysts. However, if home prices continue to increase despite the new policy, home buyers can expect the measures to remain. According to a report by The Straits Times, developers have been giving warnings since the implementation of the cooling...
The Ministry of Trade and Industry (MTI) will be releasing more land to meet potential demand under its Industrial Government Land Sales Programme (IGLS) for the first half of 2012. In a statement, MTI said it will place 16 sites in the Confirmed List and 12 sites in the Reserve List, with a total site area of almost 24 hectares. More sites of smaller size and shorter tenure have also been released to...
Fortune Real Estate Investment Trust, a property trust listed in Hong Kong and Singapore, said it will acquire two retail properties in Hong Kong for a total of HK$1.9 billion. Fortune REIT said the purchase consideration for Belvedere Garden Property and Provident Centre Property are HK$1.25 billion and HK$650 million respectively, both at a discount to their respective independent valuations. According...
Singapore residential property prices were slightly higher by 1.7 per cent on-month in November. This is according to the flash Singapore Residential Property Index (SRPI) by the National University of Singapore (NUS). Prices were also up 1.0 per cent in October. While the NUS Overall SRPI increased, the index covering small units of 506 square feet and below fell 0.2 per cent last month. In...
A wave of transformation is sweeping through the once-sleepy Tiong Bahru estate. Thanks to a new breed of indie retail shops and coffee houses, the 20 blocks of pre-war conserved flats have attracted renewed interest from home buyers and this has pushed up home prices in the area by about 50 percent over the last two years. Located near Tiong Bahru Market and Food Centre, the area bounded by Seng Poh,...
Office rents in the Raffles Place business district have stalled, according to figures from property services firm, DTZ. Prime office rents were unchanged in the second half of the year, after rising by 5.4 per cent and 3.3 per cent in the second and first quarters respectively, DTZ said. DTZ attributed the stagnation to occupier concerns over the worsening Eurozone debt crisis. The average office rent...
The value of collective sales for this year has surpassed the S$3 billion mark, strongly driven by the sale of smaller sites. According to data from Credo Real Estate, about 49 sites were sold in 2011 for a total of S$3.04 billion — a significant increase from the 36 sites sold for S$1.77 billion last year. Most of the sites went for below S$100 million, with only 12 sites sold for above the S$100...
Deeply divergent views from the government and developers regarding the recent property cooling measures were aired at the Real Estate Developers Association of Singapore’s (REDAS) 52nd anniversary dinner. The event was the first public function for the industry after the Singapore government imposed the latest cooling measures. Tan Chuan-Jin, Minister of State for National Development and Manpower,...