Singapore-listed developer GuocoLand has won the tender for a “white” site located above Tanjong Pagar MRT Station, offering the highest bid of $1.708 billion or $1,006 psf ppr among the six bidders. GuocoLand, owned by Malaysian tycoon Quek Leng Chan, plans to develop the tallest residences in Singapore, with up to 78 storeys, in a $3 billion mixed development project. The company is required to set...
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The Housing & Development Board (HDB) is launching more Build-To-Order (BTO) flats in Yishun. The latest project, Yishun Greenwalk, will offer 1,176 standard flats. The project is bounded by Yishun Ring Road, Yishun Avenue 6 and Yishun Avenue 9. A three-room unit would range from S$150,000 to S$186,000 in price while a four-room unit would cost between S$224,000 to $280,000. A five-room flat would...
Singapore's GDP expanded by 10.6 per cent on a year-on-year basis in the third quarter of 2010. On a quarter-on-quarter basis, the economy contracted by 18.7 per cent, a reversal from the growth of 27.3 per cent in the previous quarter. The advance estimates released by the Ministry of Trade and Industry (MTI) on Thursday said it expected the Singapore economy to grow by around 15 per cent for the whole...
In 2015, as many as 17 million visitors are expected to arrive on Singapore's shores. That is a big jump from less than 9 million business travellers and tourists last year. Experts said more visitors will mean greater demand for hotel rooms. Analysts added that long-term demand for hotel rooms in Singapore is also expected to drive hotel investment trusts. Global hoteliers like Holiday Inn Express...
About 17 boutique hotels have been set up in Singapore, of which seven were developed in the past two years and according to an analyst, this number is set to grow especially in the fringe areas of Singapore. As Singapore's Tourism 2015 blueprint aims to increase visitor arrivals to 17 million by 2015, this translates to an average of 46,000 visitors a day. But there are now only some 30,000 hotel rooms...
A handful of private homes nearing completion in the prime Orchard Road area have been re-sold at a loss. A Savills analysis of caveats captured by the Urban Redevelopment Authority showed that nine units bought in 2007 were sold in 2010 at a loss in the sub-sale market. But the bulk of homes bought from 2006 to 2009 - 78 out of 87 - were sold for a profit. The sellers who lost money sold units in...
After two years of construction, the $1.3 billion NEX shopping mall in Serangoon, is slated to open by the end of this month. One unique feature of NEX is the pitting of retailers against each other: Cold Storage versus FairPrice, Food Republic versus Food Junction. While it may seem unusual for rival brands to co-exist under one roof, mall manager Guthrie Consultancy Services is confident that its...
Germany’s Deka Immobilien has bought a Singapore office tower for about US$420 million ($545.5 million), broker Savills said on Tuesday, in a deal that crystallises a hefty loss on the price paid by owner Goldman Sachs in 2007. “The transaction reflects a 30% discount from the peak pricing of 2007 and prime rental levels remain approximately 50% below their peak in 2007,” said Craig Ward, a director...
Ascendas, the Singapore-based provider of business space, will partner a Japanese consortium led by Mizuho Corporate Bank and JGC Corporation, to develop a world-class integrated township in Chennai, India. Ascendas said it has signed a memorandum of understanding (MOU) with the Japanese consortium for the project. The project will feature eco-friendly infrastructure for industrial, business, commercial,...
UOL Group said its latest Spottiswoode Residences project has seen strong preview sales. About 87 per cent or 130 units of the total 150 released for sale since November 12 have been snapped up. UOL says it will be releasing another 80 units for sale at Spottiswoode Residences' main launch on Wednesday, November 17. The property group added that 86 per cent of the buyers were Singaporeans with most...