Singapore's total population stood at 5.18 million as at end June this year. According to latest statistics from the Population Trends 2011 report, there were 3.79 million Singapore residents. Of which, 3.26 million are Singapore citizens and 530,000 are permanent residents. There were 1.39 million non-resident foreigners as at end June. The report said the total population expanded by 2.1 per cent, or...
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Rents for prime commercial properties are continuing to moderate. The deteriorating economic outlook has also seen Grade A office rental growth slow to its weakest pace in a year. Singapore's office property market cooled further in the third quarter. Colliers International said Grade A office rents in the CBD grew by a marginal two per cent in the quarter to S$9.08 per square foot per month. Rents in...
Shoebox units outperformed other condos as an investment last month, according to website iProperty.com. Prices for the minute flats, normally measuring less than 500 square feet, rose 14 per cent to an average S$1,549 per square foot (psf) in August 2011 from a year ago. In contrast, psf prices increased 4.9 per cent for condominiums measuring between 501 to 1,500 square feet; and rose 9.9 per cent for...
The latest rules requiring property developers to be more transparent were expected to be in place by the end of this month. However, the Urban Redevelopment Authority (URA), says it needs more time to iron out the details for some of the proposals, after consulting with the industry. According to a URA spokesperson, some of these details require legislative changes, which normally take time. The new...
The S$1.33 billion Singapore Sports Hub is scheduled to open by April 2014, according to Chan Chun Sing, Acting Minister for Community Development, Youth and Sports. “In this private-public partnership programme, we want to get the downstream things like maintenance all integrated to the planning and development of the project right upfront,” he said. “I’m very happy today to see that all three...
The Claymore Wing of Orchard Hotel has undergone a S$10 million makeover, with all its 331 guestrooms now fully refurbished, according to The Business Times. “I am pleased to announce that our S$10 million refurbishment project is completed and reflects our commitment to create a memorable experience for our guests,” said Lim Boon Kwee, Senior Vice-President of Asia for M&C International. All...
Residents at The Seaview condo along Amber Road have sued its developer over poor workmanship and defects. The S$14 million lawsuit is believed to be the biggest yet in the country. Residents of the “Ardmore Park of the east” allege that the estate has been plagued by defects since they began moving in. One year after the 546-unit project was completed in 2008, building surveyors discovered at least...
Average prices of mass market homes in suburban areas have exceeded the psychological threshold of S$1 million, according to a Straits Times report. Data compiled by Ku Swee Yong, Chief Executive of International Property Advisor, and the Singapore Condo agency showed that values for new and resale private units in the second quarter averaged S$1 million, up from S$970,000 over the same period last...
Singapore-based company Popular Holdings, through Popular Land Investment, has secured an en bloc sales deal to acquire Permai Court, a freehold residential site at Kampong Bahru, for approximately S$20.25 million. This works out to about S$982 psf ppr, taking into consideration an estimated S$2.5 million development charge (DC) and premiums for the adjoining site. Permai Court, which is the first...
The Old Admiralty House at Old Nelson Road in Sembawang, is likely to be developed into a boarding school. A private school, FIS Institute won the bid from the Singapore Land Authority (SLA) in late May. But renovations are being delayed as the school is awaiting approval to build an extension building. For this land area, FIS Institute has to pay a monthly rent of about S$150,000. The tenure is for...