Two good-class bungalows (GCBs), one in Tanglin Hill and the other in Victoria Park Road, have been sold for a total of S$105 million. According to The Strait Times, both properties were acquired by Singaporeans. The two-storey Tanglin Hill bungalow was sold for S$57 million (approximately S$1,648 psf). It was completed in 1990 and is located on a 34,579 sq ft site with a built-up area of 8,000 sq...
General
Property consultants have noted that there has been some opportunistic buying at the top end of the market. Many of those on the hunt are looking for condominium units for their own stay, and therefore prefer completed projects with spacious units. “With the ongoing European debt crisis, and global market uncertainty, people prefer not to flash their wealth and adopt a more conservative outlook,” says...
Prices of landed homes in Telok Kurau, Kovan and Joo Chiat could fall by 10 to 20 per cent following the introduction of new rules by the Urban Redevelopment Authority (URA) to limit the number of apartments that can be built in low-density housing areas, property analysts said. The rules, which kicked in on Thursday, are more likely to affect smaller developers, the analysts said. The plot size for all...
Olina Lodge, a freehold condominium located at Holland Hill, has been relaunched for collective sale with a lower indicative price of S$220 million. The tender for the 84,288 square foot site, which has a maximum plot ratio of 1.6 or a gross floor area of 134,862 sq ft, will close on Dec 13, according to property consultant DTZ. The price translates to S$1,544 per sq ft per plot ratio, including 10 per...
Global Logistic Properties (GLP) has mandated banks to manage a proposed offering of Singapore dollar-denominated perpetual capital securities, the company said in a statement on Friday. The property group has appointed JP Morgan as global coordinator, while JP Morgan, Citigroup, Goldman Sachs, and DBS Bank will be joint bookrunners and joint lead managers, GLP said. Fitch Ratings has assigned an...
National Development Minister Khaw Boon Wan has said many first-timers have succeeded in selecting flats under the Build-to-Order (BTO) scheme under the Housing and Development Board's ramped-up building programme. He said first-timers' application rates appear to be within a "promising range", based on the pattern in the latest batch of Build-to-Order (BTO) flats launched on Thursday. He said that if...
It has been a decade since real estate investment trusts (REITs) made their appearance on the Singapore bourse, but it appears many investors are still grappling to understand this asset class. The REIT sector hit the headlines recently when K-REIT Asia's plans to buy 87.5 per cent of Ocean Financial Centre (OFC) and raise S$976 million through a rights issue to fund part of the cost was approved despite...
The Government has recently decided to restart a building programme for hawker centres - an icon of local food culture that is often neglected as a property asset class. These mass market spaces house food stalls that serve up the true taste of Singapore. There are 112 hawker centres today, the last one having been built in 1985. After 26 years, the plan to build 10 new such establishments in the next...
The Real Estate Developers' Association of Singapore (REDAS) has appointed former civil servant Lee Suan Hiang as its new CEO, replacing Dr Steven Choo. The appointment will take effect Dec 8. Mr Lee, 61, has previously served as deputy managing director of the Economic Development Board and chief executive of SPRING Singapore, Productivity and Standards Board (PSB), National Productivity Board,...
The Urban Redevelopment Authority (URA) has closed the tender for a residential site at Chestnut Avenue. The 1.87-hectare land parcel, which can yield some 380 housing units attracted a total of 12 bids. SP Setia International submitted the top bid of S$180 million. The other bids for the 99-year leasehold site ranged between just over S$166 million and S$131 million. Property consultancy CBRE said the...