The Real Estate Developers Association of Singapore (REDAS) has expressed its disappointment over the lack of consultation, following the government's announcement of the latest property cooling measures. It said the measures came as a surprise, as the current market outlook is uncertain. REDAS said the good take-up rate in the primary market is driven by the increased number of new launches and unique...
General
Office rents in Hong Kong and Singapore are set to fall, brokers say, as their markets start to reflect the slowdown in trade and investment caused by the euro zone debt crisis. In a mid-quarter review released yesterday, Jones Lang LaSalle forecast Grade A rents in Hong Kong to fall 5 to 6 per cent in the fourth quarter to US$1,643 (S$2,107) per sq m per year and 4 per cent in Singapore to US$786 per sq...
The government has imposed an Additional Buyer's Stamp Duty (ABSD) for private property of between 3 per cent and 10 per cent for Singaporeans, Permanent Residents and foreigners to moderate investment demand for private residential property and promote a more stable and sustainable market. The changes take effect on December 8. Foreigners will pay 10 per cent Additional Buyer's Stamp Duty (ABSD) for any...
The Government Land Sales (GLS) Programme for the first half of 2012 (1H2012) will comprise 14 Confirmed List sites and 27 Reserve List sites. These sites can yield about 14,100 private residential units, including 3,500 Executive Condominium (EC) units, 218,000 sqm gross floor area (GFA) of commercial space and 4,800 hotel rooms. The Ministry of National Development (MND) announced this on...
The Government announced today an Additional Buyer's Stamp Duty (ABSD) to be imposed on certain categories of residential property purchases. The ABSD will be imposed over and above the current Buyer's Stamp Duty, and will apply to the purchase price or market value of the property (whichever is higher) for the following purchases: Foreigners and non-individuals (corporate entities) buying any...
Property developers UOL Group and Singapore Land have witnessed strong take-up at their joint condo development, Archipelago. The consortium sold slightly more than 100 of the 190 units released for preview sales, which began last Friday. With an average price of S$1,000 psf, the five-storey 99-year leasehold project is located within 500 metres from the upcoming Bedok Town Park MRT station. According to...
The Urban Redevelopment Authority (URA) has released the detailed sales conditions for two industrial sites at Yishun Avenue 9 (Parcels 5 and 6) today. The two land parcels at Yishun Avenue 9 are made available for application under the Reserve List of the 2nd half 2011 Industrial Government Land Sales Programme, as announced by the Ministry of Trade and Industry on 30 June 2011. Developers interested in...
The Urban Redevelopment Authority (URA) has awarded the tender for the hotel site at Jalan Bukit Merah / Alexandra Road to CEL Development Pte Ltd. The company submitted the highest bid in the tender for the site at $189,000,000 ($8,494.76 per square meter of GFA). The tender for the hotel site was launched on 5 October 2011 and closed on 1 December 2011. The land parcel was offered for sale on a 99-year...
The tender for the development of a residential site at Alexandra Road closed on Tuesday with seven bids, the Urban Redevelopment Authority (URA) said. The top bid of S$396 million was jointly submitted by Sunmaster Holdings, Intrepid Investments and Garden Estates Limited. These are units of City Developments, Hong Leong Group and Hong Realty respectively. The bid translates to S$8,120.08 per sq...
The Golden Bridge over Shenton Way in downtown Singapore which was supposed to be demolished to make way for new developments in the area has been given a new lease extension. The 30-year lease for Golden Bridge expired in 2003. Since then, pending final development plans for the area by Urban Redevelopment Authority (URA) and Land Transport Authority (LTA), the ex-lessee was given short extensions to...