The Lake Vista project under the Design, Build and Sell Scheme (DBSS) at Yuan Ching received some 1,000 applications as at 4pm Monday. With 682 units available, this means that there are three applications for every two units, said developer Hoi Hup Sunway Pte Ltd. Applications will close at midnight on Monday. Analysts said demand for the Lake Vista project was as expected and not overwhelming....
General
The fully sold, 302-unit freehold Martin Place Residences obtained its temporary occupation permit (TOP) just last month. Enterprising property agents are already milling about in the area, showing units for lease and sale on the secondary market. There were two transactions at Martin Place Residences over the week of Sept 13 to 20, based on the latest caveats lodged and downloaded from URA Realis as at...
National Development Minister Khaw Boon Wan made a commitment in Parliament on October 19, that every newlywed couple earning below S$10,000 dollars will be able to afford and get their first Build-To-Order (BTO) flat. The HDB has ramped up the supply of new flats to meet demand and the market imbalance is showing signs of improvement. The September BTO launch saw a moderate to low application rate,...
If shopping malls seem to be a little more crowded these days, this is probably because retail space is not keeping up with the growth in population here. According to a Savills Research report, retail space per capita is estimated to have dropped to 7 sq ft from 8 sq ft over the past decade - and this is not taking into consideration the spike in visitor arrivals and a surge in supply. While retail...
It has been four years since Prime Minister Lee Hsien Loong sketched out his vision for Punggol, a sleepy suburb located in the northeastern part of Singapore. It was an ambitious project to transform what some residents have described as a backwater town into a "Waterfront Town of the 21st Century". An earlier plan to remake Punggol had hit a bump, when the Asian Financial Crisis struck. Built at a...
Singapore property developer CapitaLand reported an 83 per cent drop in its third quarter net profit to S$80.2 million. That is down from a restated S$460.1 million in the same period last year. Revenue for the quarter also fell 58 per cent to S$608.6 million from a restated S$1.44 billion a year ago. CapitaLand said the decrease in revenue was primarily due to the exceptionally strong revenue a year ago...
For the past couple of weeks, you get the sense that momentum is building up in the private housing market. In an ironic twist, a private residential site tender at Flora Drive in Upper Changi broke new ground on Wednesday, the same day National Development Minister Khaw Boon Wan said it was not time yet to remove the property market cooling measures. It was the first site sale to reverse the tide of...
The number of foreigners owning private property in Singapore has grown to 16 per cent in the first half of this year, compared to 12 per cent for the whole of last year. National Development Minister Khaw Boon Wan revealed the numbers in Parliament on Thursday, in response to concerns from several MPs about the impact of property ownership by foreigners. Despite the growing demand from foreigners, Mr...
The macroeconomic headwinds blowing from the United States and Europe have raised concerns that Singapore's office rental market could head for the kind of tough times it experienced during the last global financial crisis. Back then, Grade A office rentals fell from a high of S$18.80 per sq ft (psf) per month in the second quarter of 2008 to S$8.00 psf in the first quarter of last year, translating to a...
Frasers Centrepoint Trust (FCT) has posted an 8.8 per cent on-year increase in its fourth quarter distribution per unit of 2.35 cents, the highest it has ever paid out. This follows the re-opening of its biggest asset. Causeway Point registered net property income of S$13.3 million, an increase of 95.6 per cent. This helped lift FCT's gross revenue to S$117.9 million and and net property income to S$82.6...