Remember the global financial crisis? Remember that panicky period when financial systems around the world seemed to be on the verge of a collapse? Remember how economists were falling over themselves to predict how bad a recession or depression we could be in? Well, as things turned out, their doomsday scenarios did not play out. The concerted efforts of governments worldwide to inject billions of...
General
Most people in Singapore do what they can to escape the humidity, many by spending their time in air-conditioned shopping malls and high-rise condos. But Mr Stephen Fisher, a banker with JP Morgan in Singapore and a native Australian, wanted to embrace the tropical climate. He has been in Singapore for a decade and he missed the outdoor life in Sydney, where he grew up. "I wanted to live in an open...
The Virgin Group, founded by British billionaire Richard Branson, formed a partnership to spend as much as US$500 million ($663 million) on high-end hotels over the next three years, banking on brand recognition to lure affluent clients. Virgin Hotels, intended as a four-star chain, will cater to "high income, well-educated, metropolitan 'creative class'" customers, according to a brochure on its website...
Prime residential rentals in Singapore have been boosted by new supply in the third quarter. According to preliminary estimates from Jones Lang LaSalle, average prime non-landed residential rental experienced a slight uplift of 1.1 per cent quarter on quarter. It rose to $4.65 per square foot per month in the third quarter as higher rentals commanded by the new completions benefited the rentals in the...
The number of property units sold in the third quarter has continued to fall from the previous quarter. According to CB Richard Ellis, some 3,300 to 3,500 new property units were sold in the three months to September. This is lower than the 4,033 and 4,380 units sold in the second and first quarters respectively. CBRE said residential market activity in the third quarter moved at a steady pace until it...
Singapore's office market rebounded in the third quarter as rents increased across all districts. Global real estate adviser DTZ said prime rents in Raffles Place rose 6.3 per cent on-quarter to S$8.40 per square foot per month. Average office rental values in other parts of the city centre saw a significant rental growth of 4.2 per cent to 7.3 per cent in the quarter. This comes after rental values...
The Housing and Development Board (HDB) has closed the tender for a residential site at Punggol Drive/Punggol East after receiving four bids. The highest bid of S$136 million for the site came from Qingdao Construction. That translates to about S$237 per square foot per plot ratio. The next highest of S$133 million came from joint bidders Hoi Hup Realty, Sunway Developments and SC Wong Holdings. Li Hiaw...
Around 34 residential developments with more than 8,800 units are planning to be launched by June 2011 with most of it to be mid-tier and high-end developments. Developers believe that the latest round of government measures announced on Aug 30 to dampen demand for private homes and HDB flats will impact mostly the mass market. They are hopeful that the mid-tier, high-end and luxury segments will see...
Private property prices in Singapore have remained at affordable levels to first-time home buyers despite the recent run-up in the housing market here. The government's recent announcement of cooling measures also had little impact on affordability. The Real Estate Developers' Association of Singapore (REDAS) said this may help boost prospects in the local property market. These days, first-time buyers...
Future use of the three land parcels of Malayan Railway land in Tanjong Pagar, Kranji and Woodlands and three other parcels in Bukit Timah will be reviewed under the Urban Redevelopment Authority Concept Plan and Master Plan exercises, said the Ministry of National Development (MND). Replying to queries from Channel NewsAsia, the ministry said the land parcels will be put to optimal use. However, it...