To buy or not to buy? PRIVATE residential prices in Singapore have been climbing since the second quarter of last year, prompting home seekers and investors who haven't gotten their feet wet to wonder: 'Should I still buy now?' Some of the most prominent developers in Singapore - who are also past winners of the Singapore Business Awards - shared their views on where the property market is headed with...
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JTC Corporation has awarded the tender for the Industrial Government Land Sales site at Tampines Industrial Avenue 4 to Soon Hock Tuas Development. The company submitted the highest bid of about S$33 million. All in, JTC Corp received 10 bids. The industrial site, located within Tampines Wafer Fab park, spans an area of 5 hectares. It has a gross plot ratio of 0.64 to 0.8 which will yield a total Gross...
Mainboard-listed Wee Hur Holdings on Tuesday said its wholly-owned subsidiary Wee Hur Paya Lebar has exercised the option to buy a property for S$15.2 million. The transaction of the property, located at 422 Upper Paya Lebar Road, is still pending approval from the relevant authorities. The construction service provider intends to redevelop the property. It will finance the acquisition with internal...
Two freehold residential sites have been put up for collective sale for the same asking price - at least $22.5 million each - while another en bloc deal has been sealed for $95 million. The 11-storey Waldorf Mansions in the Balestier area was built in the 1990s and occupies 11,384 square feet. Under the Master Plan 2008, the site is zoned for residential development and can be built up to a height of 36...
Property agents have been urged to be responsible in the light of "scare tactics" on clients' concerns. Emails forwarded to MediaCorp detailed how some agents are highlighting the Government's recent land sales to lower client expectations of property prices. These emails detail correspondence between agents of real estate firm ERA. In one email, a senior division director drew attention to a news report...
Singapore's real estate investment trusts (REITs) have toughened up and are ready to hit the acquisition trail, according to analysts. The country's REITs have recapitalised their balance sheets and refinanced debt, which will put them in a better position to grow this year. After a difficult 2009, REIT managers have lowered their gearing levels. But observers said the REITs are now comfortable with...
More people are buying resale waterfront and city homes in Singapore. CB Richard Ellis (CBRE) said secondary sales of homes in the prime inner city districts, such as Marina Bay and Sentosa, reached S$750.8 million last year. This is higher than the average secondary sales levels of about S$738 million between 2005 and 2008. Compared with new sales last year, resale transactions in the prime inner city...
Singapore's office property market is picking up, according to brokerage firm Nomura. It noted that office rentals in Singapore are bottoming out amid stronger-than-expected demand, prompting tenants to commit sooner than expected. Nomura said a reduction in occupancy costs and the desire to secure contiguous expansion or better quality space has prompted pre-commitments. Given such stronger demand -...
With the property sector showing signs of a slowdown, concerns have been raised over how some real estate agents are employing scare tactics to close deals. Emails forwarded to MediaCorp detailed how some agents are highlighting the government's recent land sales as a bargaining tool to lower their clients' expectations on property prices. One agent disclosed that a deal was closed after telling the...
Foreigners no longer accounted for most buyers who purchased homes at more than $5 million, according to a recent study conducted by Savills Research and Consultancy, revealing that Singaporeans are now buying up pricey homes. The report showed a stunning turnaround in a trend which has prevailed for nearly three years when foreigners had led the top end of the home market in the country. The percentage...