Marina Bay Financial Centre (MBFC) has received pre-commitment for over 66 per cent of space in Tower 3, a year ahead of its completion. Raffles Quay Asset Management, the asset manager of MBFC, said on Thursday the commitments have risen 11 per cent from 6 months ago. The new lease agreements were inked with McGraw-Hill, as well as law firms Ashurst LLP and WongPartnership. DBS had previously signed up...
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JTC Corporation has accepted an application from a developer to put up an industrial site at Ubi Road 1/Ubi Avenue 4 for sale via public tender. JTC said the developer has committed to bid at a price of not less than S$29.38 million in the tender for the land parcel. Zoned for "Business 1" development, the 1.24 ha site has a maximum gross plot ratio of 2.5 and a lease period of 60 years. The project has...
CapitaLand said that it is set to develop its second Raffles City integrated development in Shanghai. It is the seventh Raffles City project in China. Raffles City Changning, as the development has been named, will be located in Shanghai's Changning District, near the Hongqiao Transportation Hub, according to the announcement. The integrated development will consist of a Grade A office tower and a...
Keppel Land has secured a 17.2 hectare site within the main city of Nantong, Jiangsu province in China, for S$202 million. The lakefront residential development will be Keppel Land China's first property development in Nantong. Keppel plans to target the high income segment for the development, which will comprise about 1,000 homes. The first phase is expected to be launched in the first half of...
Bayshore Park may be 24 years old and on a 99-year lease tenure, but it remains popular. The 1,093-unit development comprises four 32-storey towers and three low-rise 10-floor blocks. The condominium was developed by Far East Organization (FEO) and completed in 1986. As one of the older developments in the area, the condo sits on a sprawling site of over one million sq ft. Designed with a seaside resort...
Mainboard-listed commodities giant Wilmar International said on Wednesday its wholly-owned subsidiary WCA is bidding for six land sites in Liaoning Province, China. This will be done through a joint bid agreement with two companies - Kerry Properties and Shangri-La China. The sites are designated for residential and commercial use and have a total gross site area of about 566,000 square metres. The...
210 property agents have had their registration applications rejected and will no longer be allowed to practise from Saturday. Industry regulator, the Council for Estate Agencies (CEA), said the individuals were found to either have criminal records or records of offences involving fraud and dishonesty. The industry regulator - which was set in October - requires real estate firms to apply for a licence...
Office rents rose at a faster pace in the fourth quarter, but may slowdown next year until recovery in the US and Europe gather momentum, real estate consultant DTZ Research said. It said average prime gross rents in Raffles Place rose 7.1 per cent on quarter to S$9 per square foot per month, from a 6.3-per cent rise in the previous quarter. For the whole of 2010, average prime gross rents in Raffles...
Property developer GuocoLand Ltd said it currently has no plans to launch a real estate investment trust (REIT). GuocoLand, led by Malaysian tycoon Quek Leng Chan, made the statement in response to an article in the Business Times newspaper which said the developer was planning to start two REITs that would hold assets of between S$6 billion and S$8 billion in Singapore, China, Malaysia and Vietnam. The...
It has been a good year for agents selling luxury properties to foreigners in Singapore. Ms Jasmine Png, an associate director with real estate agency OrangeTee, says she has never before seen as many earnest buyers from China. What's drawing them here are "the tightening measures in China and Hong Kong, which have actually made the Singapore residential market look appealing," said Ms Png. The "relative...