Analysts expect drop in transactions The local property market is in for a correction in the coming months, said industry players, citing tell-tale signs like a plateau in home prices and a drop in transaction volumes. The Singapore Institute of Surveyors and Valuers (SISV) said there were only 899 caveats lodged for condominiums in the first three weeks of last month. There were 3,060 for the whole of...
General
A proposed mixed-hotel-and- retail development on the site of the former Specialists' Shopping Centre and Hotel Phoenix may face stiff competition, as it will be a latecomer in the revamped Orchard Road shopping strip, said industry players. But experts also believe the new development will benefit from synergies with nearby shopping malls once the linkway, Discovery Walk, is complete. Discovery Walk is...
Mainboard-listed Yanlord Land Group is tying up with an affiliate of GIC Real Estate to develop and manage properties in China. Yanlord and Reco Yizhong have set up a subsidiary for this purpose with a registered capital of US$300 million ($416 million). The subsidiary, named Yanlord Real Estate (Chengdu), will manage the prime residential development site in Panchenggang, Jinjiang District, Chengdu. The...
Industry players have said Singapore's property market is in for a correction in coming months. Tell-tale signs include a plateau in home prices and a drop in transaction volumes. The Singapore Institute of Surveyors and Valuers said there were 899 caveats lodged for condominiums in the first three weeks of May. This compares with 3,060 for the whole of April. New condominium projects are still doing...
CapitaCommercial Trust has repurchased some S$49.5 million worth of convertible bonds from an issue it had made in May 2008, which are due in 2013. This reduces the outstanding principal amount of the bonds from the original S$370 million to S$180 million, following a series of prior buy-backs and cancellations in February and April this year. The repurchase was funded by the net cash proceeds of a...
Mainboard-listed Parkway Life REIT on Wednesday said it is buying six properties in Japan worth about S$60.5 million. The properties are nursing home and care facilities, and will be funded by borrowings. Five of the properties are located in densely populated residential areas in Japan's Fukuoka Prefecture, with the remaining one in Akita Prefecture. Parkway Life REIT said the purchases are...
China's property market is gearing up for change, after the State Council approved a gradual reform of the country's real estate tax system. Analysts are expecting the changes to include a new tax on residential property. The reform is part of efforts to cool the red hot property sector on the Chinese mainland. Property prices in China have been surging to record highs. Data showed that real estate...
Two residential sites located near the Kovan MRT Station and in Orchard Road were launched separately for collective sale yesterday. Property consultant Credo Real Estate announced the sale of Goodrich Park in Simon Lane with offers likely to be around $80 million to $85 million. More than 80 per cent of the owners have agreed to the sale and each may gain between $1.54 million and $1.63 million for the...
Developers MCC Land has put in the top bid of S$131.7 million for a land parcel at the corner of Sembawang Road and Canberra Drive. The bid works out to S$387 per square foot per plot ratio. The second highest bid from SP Setia International came in at S$122.6 million. Nam Hee Contractor and OPH Marymount submitted the third highest bid of S$111 million. The lowest bid of S$85 million came from Frasers...
Singapore prime Orchard Road shopping belt has been ranked the 27th most expensive retail street in the world by property consultant Colliers International. The city moved up one notch from the 28th spot last year in the Colliers annual global ranking of rents for prime retail space. Colliers said prime retail space along Orchard Road is US$330.19 per square foot per year on average. This was up about 2...