Jones Lang LaSalle (JLL), a global property consultancy firm, has expressed a different view from most analysts who have said that Singapore will face a housing glut between 2013 and 2015. “Demand for housing is likely to remain fairly stable and support the injection of new stock over the next few years,” said Dr Chua Yang Liang, Research Head of JLL Southeast Asia. It added that the residential...
General
The Urban Redevelopment Authority (URA) has launched a residential site at Chestnut Avenue for sale by public tender today. The site area is about 1.87 ha, and the land parcel will have a maximum permissible gross floor area (GFA) of 39,271 sqm. The site, located in the western part of Singapore, is well connected to major arterial roads and expressways such as Bukit Timah Expressway (BKE), Pan Island...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, has increased its presence in India with the soft opening of its first Somerset brand of serviced residence. The 187-unit Somerset Greenways Chennai follows the recent opening of the 96-unit Citadines Richmond Bangalore. Ascott has five other serviced residences in India which are under development in Ahmedabad, Bangalore, Chennai...
A three-storey walk up residential development at Ceylon Road is being put up for collective sale. The indicative price for the site is in the range of S$25.75 million to S$27.39 million or about S$800 to S$850 per square foot per plot ratio. Ceylon Flats is a freehold property located off East Coast Road, comprising a total of 21 apartment units. The 23,168 sq ft site is marketed by property...
Singapore's construction industry is set to grow over the next two years, but the global economic uncertainty ahead could cause "havoc" on financial markets and business confidence. President of the Singapore Contractors Association Limited (SCAL), Ho Nyok Yong, made this point at a dinner on Tuesday evening. Dr Ho said the construction industry's growth will be sustained by demand for public housing and...
A new financing scheme has been launched to help owners retrofit old buildings to make it more energy efficient. Announcing this at the opening of the International Green Building Conference at Suntec City, Minister of State for National Development Brigadier-General (NS) Tan Chuan Jin said the "Building Retrofit Energy Efficiency Financing Scheme" will start on a pilot basis from the first of October...
The revised S$12,000 income ceiling for executive condominiums (EC) will also apply to five projects launched before August 15 this year. The Ministry of National Development said it made this change following public feedback to apply the new ceiling to projects launched before August 15, the date the new ceiling was announced for EC projects. MND said it found the feedback sound as it will enable home...
The Urban Redevelopment Authority (URA) said it has closed the tender for an industrial site at Woodlands Avenue 12. The site was launched for public tender on August 15, 2011. It was originally on the Reserve List of the Government Industrial Land Sales Programme. URA had, on July 29, accepted a successful application for the sale of the site, offered on a 60-year lease. Four bids were received, the...
Residential property prices are expected to fall 8-10 per cent over the next year as government policies work their way through the market amid a worsening economy, according to brokerage UOB Kay Hian's latest note to investors published yesterday. It has been eight months since the Government introduced stiff stamp duties of as high as 16 per cent on the seller of a residential property and lowered the...
Property plays are trading at steep discounts from book value and this may make them ripe for the picking, according to a DBS Group Research report published yesterday. As earnings visibility is clouded by the current economic uncertainties, a less volatile valuation parameter to consider is the book value of assets, the report said. About 60 per cent of the stocks listed on the Singapore Exchange are...