Tune Hotels welcomed its two-millionth guest on July 13 at its hotel in Danga Bay, Johor Bahru in Malaysia. Since its opening last year, Tune Hotel Danga Bay has been heavily promoted as a gateway to Singapore. Tune Hotels, started four years ago, is part of the Tune Group founded by Tony Fernandes and Kamarudin Meranun. The group is made up of low-cost carrier Air Asia, mobile operator Tune Talk, Tune...
General
The Urban Redevelopment Authority (URA) has closed the tender for an industrial site at Pioneer Road North and Soon Lee Street with seven bids received. KNG Properties submitted the highest bid of S$64.5 million or around S$176 psf/plot ratio. The next highest bid came from NSS Development, which bid nearly S$60 million. The site was launched for public tender on June 16 on a 30-year lease. The land...
Global direct real estate investment volumes rose 7 per cent on-quarter in the second quarter to hit over US$101 billion. This is according to research findings from Jones Lang LaSalle, which added that on a year-on-year basis, the investment volumes jumped a staggering 47 per cent. However, in Asia Pacific, Jones Lang said there was a sizable on-quarter fall of 30 per cent in volumes to US$18.5...
CapitaMalls Malaysia Trust (CMMT) has recorded distribution per unit (DPU) of 2.00 Malaysian cents for the second quarter of this year from April 1 to June 30. This is 8.1 per cent higher than the forecast DPU of 1.85 Malaysian cents for the quarter and was achieved on the back of gross revenue of S$23.2 million (RM57.2 million). The annualised DPU of 8.02 Malaysian cents is 8.1 per cent above the...
Some tenants at The Verge shopping mall at Serangoon Road have refused to pay rent because of what they said are failed promises by the mall's management. Tenants Channel NewsAsia spoke to say in 2009, they were told that 35 per cent of the mall would house IT and electronic stores which would draw in the crowds. But tenants, like Josephine Chua who took up two units based on that premise in 2009, were...
The VIP preview of Cheung Kong’s Thomson Grand luxury condo received overwhelming response, with all 50 units taken up at prices between S$1,100 psf and S$1,600 psf for two- to four-bedroom units. The most expensive unit was snapped up at S$3.6 million, while 11 of the 22 strata terraced units were sold for up to S$4.1 million each. Buyers for the first 50 units included upgraders and investors, with...
New measures aimed at safeguarding the conveyancing of money will be implemented starting 1 August 2011. These measures will protect clients' money and prevent lawyers from absconding with money from property transactions. Under the new measures, lawyers will no longer be allowed to receive and hold conveyancing money in their clients' accounts. Instead, the money must be held in a conveyancing account...
Singapore property agents have been advised to avoid doing business in Johor because they may be unfamiliar with Malaysian regulations and laws. Similarly, Malaysian real estate agents have been discouraged from looking for properties in neighbouring countries, particularly in Singapore. Loo Kung Hoe, Chairman of Malaysian Institute of Estate Agents Johor Baru, noted that the institute had received...
A commercial redevelopment site which Peace Centre and Peace Mansion sit on is up for en bloc sale. Marketing manager Savills Singapore said the site at 1 Sophia Road is over 7,100 square metres and has a guide price of S$675 million. This works out to S$1,306 per square foot per plot ratio, and includes an estimated upgrading premium of S$145 million to top up the existing lease to a 99-year...
It was a slow start to the first weekend of the walk-in-and-buy phase of the most expensive Design, Build and Sell Scheme (DBSS) flats to hit the market. When MediaCorp visited the showroom of Centrale 8 on Saturday at 6pm, around 20 families were viewing the project. A board which listed the availability of the 708 units in the project, said around 35 per cent of the flats have been sold since the...