US$3.14 billion worth of direct commercial property investment deals in Singapore for the third quarter of 2010 was the third highest in the Asia-Pacific region behind Japan and Australia. In terms of quarter-on-quarter growth, the 358 per cent increase recorded for Singapore in Q3 placed it as the top market mover in the region for the quarter, according to Jones Lang LaSalle. Major deals in the...
General
Prices of luxury condos have continued to rise this year but a new rule may soon tie the hands of the developers. Currently many developers have picked their time to launch developments when sentiments are good and decent prices can be charged. But under the rule changes which are expected to come in early next year, they may lose this choice. If they exceed the project completion period on sites bought...
Singapore's latest executive condominium (EC) saw a strong turnout of potential home buyers on the first day of its launch. Market watchers predict the Prive will be popular because of the renewed interest in this type of housing. Executive condos are a hybrid of private and public housing which made a comeback this year after a five-year hiatus. Located near Punggol MRT station, Prive is priced at $660...
The Real Estate Developers' Association of Singapore (REDAS) has underscored the importance of stable property prices for the country. REDAS President Simon Cheong, was giving a speech at his association's 51st anniversary dinner. He said along with other Asian economies, Singapore is resorting to tightening measures to deal with the threat of an overheating property sector. Prices will be impacted as...
Southeast Asia's largest property developer CapitaLand said on Friday it had sold units at a property in downtown Singapore for a total of S$218 million. Its indirect subsidiary Adelphi Property Pte. Ltd has sold 86 office units and 77 retail units to Guthrie Pte. Ltd. and its joint venture partner Sun Venture Property Pte. Ltd. The property is a 999-year leasehold, 10-storey mixed-use building...
Valuation and resale applications to the HDB will go fully electronic from January 3 next year. Currently, the majority of these applications are handled by housing agents and more than 85 per cent of all requests are already made online. HDB said with full electronic submission, customers will benefit from the lower online fees. The housing board said the move towards 'paper-less' transactions is also...
Overseas Union Enterprise (OUE) on Friday said its upcoming commercial project at 50 Collyer Quay has to date achieved close to 60 per cent occupancy. Some of its key tenants include Merrill Lynch International Bank, Allen & Overy LLP and Citrix Systems Singapore. The developer also said that it has decided to name the premium Grade A office tower located in the Marina Bay area as "OUE Bayfront". Its...
MapleTree Logistics said it has acquired 44 and 46 Changi South Street 1 for S$16.8 million from JEP Precision Engineering. JEP Precision Engineering is a local sub-contractor in the aerospace industry, specialising in machining aircraft engine components. JEP will lease back the property for a period of seven years with an option to extend for a further term of seven years. MapleTree can also increase...
Despite the numerous Government policies to cool the property market in Singapore, the high-end residential segment has not been adversely affected. To begin with, the Government measures implemented thus far are targeted at the mass market, which has seen property values rising ahead of economic recovery. Based on Jones Lang LaSalle estimates, the average resale capital value for areas outside the prime...
Hot-money flows into Asia have hogged the headlines for much of the past month as the investment community acted in anticipation of the second round of quantitative easing that the United States Federal Reserve is expected to unleash. Rapid and large fund flows into a region tend to inflate prices in all asset classes, creating wealth in the destination countries. Typically, such new wealth created tends...