The HDB compulsorily acquired 39 flats from their owners last year as they had blatantly infringed the subletting rules. One of the flats acquired was at Pinnacle@Duxton. The owner had sublet the entire flat without HDB's approval in the guise of subletting of rooms, shortly after the flat purchase in January last year. During its night inspections in May and June 2010, HDB found that the owner was not...
General
Pearlbank Apartments, a 37-storey development on Pearl’s Hill near Chinatown, has been offered for en bloc sale with an indicative price of S$750 million. This is the third time the 99-year leasehold development has been launched for en bloc sale. It was last marketed in 2008 at similar selling price but had no takers then. The selling price translates to a land price of S$1,495 psf ppr, including an...
Specialty property and hospitality group Roxy-Pacific Holdings Ltd on Tuesday said that its wholly-owned subsidiary RL Central Pte Ltd has agreed to buy a freehold site comprised at 131 Mackenzie Road for about S$24.6 million. The site has a total land area of 1,198 square meters and a maximum plot ratio of 2.1 for residential development, the mainboard-listed company said in a statement. It said the...
Lawyers will now be prohibited from holding conveyancing money in their clients' account - in the changes made to the Conveyancing and Law of Property Act that were read in parliament Monday by Law Minister K Shanmugam. The changes are expected to begin in phases from August 1 this year after the bill is passed. Conveyancing money used for payment of stamp duties, option deposits, and balance of sales...
About 556,000 CPF members use their CPF savings to service the loans for their HDB flats and 88 per cent of them are covered under the Home Protection Scheme (HPS). In a written reply, National Development Minister Mah Bow Tan said HPS is a mortgage-reducing insurance scheme. It protects HDB households against the loss of their flats should the breadwinner pass away or become incapacitated before the...
Cairnhill Mansions, a freehold residential site in District 9, has been released for collective sale with an indicative price of S$361.5 million (around S$2,308 psf) and no development charge (DC). Its current price tag is lower than the S$443.6 million (S$2,833 psf) guide price set for the property in an earlier collective sale attempt in late 2007. The property is zoned for residential use with a...
Residents at Arcadia condominium are seeking an extension of lease for the aging estate, not for the collective sale but to conserve the property’s three buildings on environmental and heritage grounds. The condo’s management committee said it applied to the Singapore Land Authority (SLA) in 2010 to top up the lease back to 99 years. If successful, the property will set a milestone in Singapore’s...
Emerald Garden is probably one of the most overlooked residential properties in the CBD. Located amid conservation shophouses on Club Street near Chinatown, the 265-unit residential project completed in 1998 was probably the first downtown private apartment development. It is within walking distance of both Raffles Place and Tanjong Pagar, and also the Tanjong Pagar, Chinatown and Raffles Place MRT...
Amber Towers was sold to Resource International Holdings, a wholly owned subsidiary of China Sonangol Land Pte Ltd, for S$161.6 million, said sale manager Savills Singapore. The District 15 freehold redevelopment site occupies an area of approximately 40,708 sq ft and can potentially accommodate a new high rise residential development with a maximum permissible gross floor area of about 144,604 sq ft...
Mainboard-listed Ying Li International Real Estate said it has signed on key tenants and is set to launch its retail mall, in the heart of the CBD area of the Chinese city of Chongqing, in the fourth quarter of this year. The company has signed up China's leading cinema and entertainment group, Poly Cinema, as one of the key tenants of the IFC mall. It will be the entertainment group's flagship cinema...