Homegrown building construction company Lian Beng has clinched a S$119.5 million contract to build The Scala - a 99-year leasehold condominium development located at Serangoon Avenue 3. The contract was awarded by the Hong Leong Group and covers the construction of five 17- to 18-storey blocks. It also covers the construction of podium and basement carparks, clubhouse, and other recreational and communal...
General
Charges under the Night Parking Scheme (NPS) offered at HDB and URA carparks will be doubled with effect from 1 Nov 2010. The overnight night parking charge of $2 will be revised to $4, while the current night parking half-hourly charge remains at 50 cents. In a news release, the HDB and URA said most NPS carparks which provide overnight parking for non-resident motorists are currently heavily...
With the current property market and HDB prices at its peak, potential second-hand flat buyers should not dive in recklessly when purchasing a flat, but will have to be mindful of the potential pitfalls, warns real estate agents. Citing an example of a family who paid S$645,000 for their executive maisonette in Yishun 14 years ago, Mr Mohamed Ismail, CEO of PropNex real estate agency, says the family has...
The Urban Redevelopment Authority (URA) has launched a white site at Peck Seah Street and Choon Guan Street for sale by public tender. The 1.5 hectare land parcel is being put up for sale under the Confirmed List in the second half of the Government Land Sales Programme. The 99-year leasehold site is zoned for commercial, hotel and residential use, and is strategically located next to the Tanjong Pagar...
The government has identified three HUDC estates for privatisation. The estates are located at Hougang North Neighbourhood 3, Hougang North Neighbourhood 7, and Potong Pasir. The Ministry of National Development (MND) said the three estates comprise a total of 797 of apartments and maisonettes. Real estate agents said the news could affect prices of these properties, which may rise 5 to 7 per...
THE Real Estate Developers' Association of Singapore has made a bold move by launching its Real Estate Sentiment Index (RESI). The industry has taken a risk going public with the sentiment index, which it developed jointly with the National University of Singapore's Department of Real Estate. As expected, brickbats have surfaced, with sceptics questioning the credibility of developers - the key...
A NEW index tracking the property market shows that developers and other industry players remain positive but believe conditions will cool down from the bullish levels seen in recent months. More developers also believe the slowing global economy and an increased supply of new development land may hit market sentiment over the next six months. The Real Estate Sentiment Index, which was launched at a...
Real estate has made a lot of Singaporeans millionaires, property never goes down to zero value, unlike stocks and shares, says CDL executive chairman Kwek Leng Beng KWEK Leng Beng, 69, is the executive chairman of the Singapore wing of the Hong Leong Group of Companies, a global conglomerate worth over $30 billion employing 50,000 staff. Mr Kwek is also the executive chairman of leading property...
When the property market is on a roll, it is easy to forget that property prices move in cycles - that is, prices can and will eventually correct. I know of no mature economy which has seen an uninterrupted and sustained upward cycle. Cycles are part and parcel of the function of the modern economy. In the early days, the evidence suggested that the Singapore private housing market had a cycle - from boom...
Property investors with a lower budget but with a longer term perspective towards property purchases may look at the choices available in suburban areas instead of prime locations. Analysts reckon that prices in upcoming suburban areas are still within reach and units there have upside potential as well, making them good investment opportunities. Among the new coming areas that potential buyers can...