Singapore's property market will see a strong second quarter this year with the new home sales volume expected to hit 4,000 units. According to CB Richard Ellis, this would make it 11.3 per cent higher than the 3,595 new homes sold in the first quarter and close to the 4,241 units sold in the fourth quarter of 2010. CBRE said the top five projects which have contributed to the primary sales volume so far...
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Mainboard-listed Global Logistic Properties (GLP) said it has entered into a partnership with Vancl, one of the largest online apparel retailer in China. Under the deal, GLP said it will address Vancl's rapid growth and the need for logistic facilities. GLP will work with the online retailer on site selection, project planning, and logistics facility leasing on a nationwide basis. In a statement, Mr...
Prices of residential properties in Singapore may decline by up to six percent when interest rates start rising, said a senior executive from Cheung Kong (Holdings) in a report by Reuters. However, the red-hot housing market in Singapore, as well as in China and Hong Kong, are unlikely to see a collapse. Home prices in these three countries have climbed this year, due to low interest rates and strong...
There will still be demand for more expensive public housing such as the Design, Build and Sell Scheme (DBSS) flats. That's the view of property analysts, following the recent debate over the pricing of such flats and the relevance of the scheme. A five-room flat at the new DBSS Centrale 8 near the Tampines Regional Centre costs up to S$778,000. A previous indicative price had been set at S$880,000,...
Financial institutions should provide a fact sheet in a standardised format when marketing loans for residential property to consumers, the Monetary Authority of Singapore (MAS) said on Wednesday. It has issued a consultation paper seeking feedback on what exactly the fact sheet should contain. A residential property loan is a long-term financial commitment. As the current low global interest rate...
Hong Kong developer Cheung Kong unveiled on Wednesday its latest residential property project in Singapore. The development, Thomson Grand, will be located in Upper Thomson. It will comprise a total of 361 units. Thomson Grand is slated for completion in November 2018. Its launch is expected early July. The condominium occupies a land area of about 225,000 square feet. Of the 361 units, 339 are...
Balmoral Condominium on Balmoral Road has been sold for S$141 million in a collective sale. The sale price represents a unit land rate of S$1,546 per square foot per plot ratio, the highest in four years. Suzie Mok, director of investment sales at Savills Singapore, which brokered the deal, said: "The property has excellent potential, given its exclusivity and choice location in the prime District 10...
The management of CapitaCommercial Trust says it has seen a strong response from investors for its five-year US$645 million bond issued on Tuesday. The Class A secured floating rate notes are due in 2016. The notes are issued out of the trust's multi-currency medium-term note programme valued at S$10 billion. The bonds have been rated AAA by Fitch Ratings and Moody's Investors Service. The notes are...
Tulip Garden has re-launched its collective sale, after its last unsuccessful tender exercise that closed in January this year. Credo Real Estate, which is handling the sale, said the owners of the 164-unit development are asking a minimum S$600 million, down from the previous price of S$650 million. Credo said the majority of the owners present at an extraordinary general meeting last month voted in...
The Urban Redevelopment Authority (URA) has closed the tender for the industrial site at Irving Place after receiving 15 bids in total. Developer Oxley Vista submitted the highest bid of nearly S$43.4 million. That translates to about S$3,697 per square metre. The next highest bid came from Wega Engineering that bade S$41.3 million dollars. The site was launched for public tender on April 25 on a...