One Finlayson Green, a freehold commercial building, has been sold to Kerisvale Pte Ltd for S$227 million. Jones Lang LaSalle (JLL), which brokered the deal on behalf of a fund managed by Lucrum Capital, said Kerisvale consists of a group of private investors and the sale price was the highest per square foot achieved this year at about S$2,520, or S$2360 per square foot on the strata area. The building,...
General
Unit prices of Singapore Real-Estate Investment Trusts (REITs) are expected to increase as the retail sector gains traction from increased consumer spending and help boost rentals for shopping malls. Economic indicators, namely population growth, rising tourist arrivals and rising household income in Singapore have boosted retail sales as the Singapore economy expanded at 14.5 per cent last year. Retail...
A prime Orchard Road site, situated next to International Building and near Orchard MRT, has been put up for tender. It is zoned for commercial use and has a potential gross floor area of about 16,000 square metres. Notable buildings in the vicinity include Claymore Plaza, Pacific Plaza, Shaw House, Shaw Centre and the Royal Thai Embassy. The successful tenderer will have the choice to develop and...
K-REIT Asia has increased its stake in Prudential Tower to 93 per cent from 73 per cent. Its trustee RBC Dexia Trust Services entered into a sale and purchase agreement with various parties to acquire levels 26 to 29 of the 30-storey building. This was at a purchase price of about S$125.1 million inclusive of rental support. Excluding the rental support, the effective purchase consideration is about...
Singapore recorded the highest percentage jump worldwide for hotel room prices last year - a 29 per cent increase over 2009 - according to a local study by hotels.com. This was based on bookings through its Singapore site, and does not take into account the bookings made overseas. Singaporeans paid an average of S$244 for a hotel room night last year. Johan Svanstrom, vice president and managing...
Two units at Pristine Heights were sold at record prices last month, with one setting a new high of $1,264 psf and another hitting $1,257 psf. The prices are above the peak of $1,202 psf in 2007, when a 732 sq ft unit on the 17th floor was sold for $880,000. The 60-unit freehold apartment along Mergui Road is seeing renewed interest from homebuyers following the launch of Cityscape at Farrer Park a block...
Alpha Investment Partners Limited (AIP) - which is the property fund management arm of Keppel Land - and NTUC Income have agreed to jointly acquire Capital Square for S$889 million. Under the deal, Alpha Investment Partners will buy over a 50 per cent stake through its Macro Trends Fund. NTUC Income will hold the other 50 per cent. Alpha Investment Partners will be the asset manager upon completion of...
Tanjong Pagar GRC residents can expect more improvements to their homes and neighbourhoods over the next five years. These include the Home Improvement Project, which refurbishes ageing flats, and the Neighbourhood Renewal Programme. These are part of the constituency's five-year masterplan aimed at rejuvenating the ageing estate. Tanjong Pagar Town Council launched the masterplan on Saturday. Minister...
Some real estate agents are expecting slower home sales over the short-term, if developers are required to publish property prices two days before they put up their units for sale. This is one of the changes the Urban Redevelopment Authority (URA) wants to bring about to make the property market in Singapore more transparent. Agents said their clients will take their time to compare property prices,...
Property developer Keppel Land has been awarded a residential site tender to build up to 630 dwelling units in Sengkang. These units range between 450 square feet and 2,200 square feet in one-to-four-bedroom configurations, as well as penthouses. Keppel Land had submitted the highest bid for the Condominium housing development at about S$286.8 million. The developer said in a statement today that the...