The Urban Redevelopment Authority (URA) has awarded a site tender at Upper Serangoon Road / Pheng Geck Avenue to Clerodendrum Land, a subsidiary of Tuan Sing Holdings. The 99-year residential site went for S$185,168,000 on 15 August. The 8,663 square metre site has a maximum gross floor area of 30,323 square metres. The land parcel was launched for tender on 21 June and closed on 11 August. Source :...
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CapitaLand has announced it has acquired an additional 50 per cent interest in Innov Tower, Shanghai, for approximately S$56 million. CapitaLand said it exercised its right of first refusal to acquire from CITIC Trust Co Ltd, its 50 per cent interest in Caike Property (Shanghai) Co Ltd in which CapitaLand has an existing 50 per cent interest. Innov Tower is the sole asset of Caike, a company incorporated...
Borders has said that a dispute with its landlord, Wheelock Properties, has caused its bookstore at Wheelock Place to be closed since Tuesday. Borders said it was "extremely disappointed" with its landlord of 13 years, but did not elaborate. It also reassured the public that the store's closure is not linked in any way to the shutdown of over 200 Borders stores in Australia and the US when its parent...
Singapore's benchmark lending rates are being pushed down to record lows by global funds looking for a place to park. Analysts said the so-called hot money, or unproductive funds, have been pouring into the country since the US Federal Reserve said it would keep its interest rates near zero for the next two years. They said much of speculative money is destined for Singapore property. The Singapore...
Kwek Leng Beng, Executive Chairman of City Developments Limited (CDL), expects property price trends in Singapore to change soon. According to Kwek, in a span of six months, property developers will likely reduce launch prices of private housing projects not situated near MRT stations by approximately five percent, if they wish to increase the number of transactions amid the presence of more cautious...
Several homeowners are banking on the continued demand for resale flats by asking for higher cash-over-valuation (COV), according to an ECG Property expert. However, with the raising of the income ceiling for HDB flats and executive condominiums (ECs), he hopes high prices taper off. On 14 August, Prime Minister Lee Hsien Loong announced during his National day Rally speech that the HDB income ceiling...
Singapore’s swap offer rate (SOR) — a rate signifying the synthetic cost of borrowing Singapore dollars, by borrowing US dollars at similar maturity and exchanging them for Singapore dollars — turned negative last week as funds seeking safety flooded the local market. This resulted in several mortgage brokers receiving orders from DBS Group and Maybank to stop offering home loans pegged to SORs,...
The Urban Redevelopment Authority (URA) has announced that the tender for a residential site for landed homes in Serangoon Garden Way has closed with the highest bid coming in at S$105 million. The bid came from a joint venture (JV) between City Developments Ltd (CDL) and Hong Realty under their wholly-owned subsidiaries Sunmaster Holdings Pte Ltd and Garden Estates (Pte) Limited respectively. URA said a...
The pool of potential home buyers for Design, Build and Sell Scheme (DBSS) and Build-To-Order (BTO) flats is now the same, as the government is keeping the monthly income ceiling for DBSS flats at S$10,000. National Development Minister Khaw Boon said yesterday that buyers with a monthly income of up to S$10,000 now have a choice between DBSS and BTO flats. He said that those who can afford DBSS flats...
Higher earners who want to buy executive condominiums will be eligible for housing grants - but they will not be as big as what lower earners will get. The monthly household income ceiling has been raised from $10,000 to $12,000. However, National Development Minister Khaw Boon Wan yesterday announced a 'fairer', tiered system to take into account the greater earning power of those who are now...