Property developer Kheng Leong has sold 180 units in The Minton condo project in Hougang over the weekend. The units sold were part of the 300 units released in the 1,145-unit project at Lorong Ah Soo/Hougang Street 11. It has an average selling price of about $850 psf. Property agents marketing The Minton project said that the sales result was below the expected output, which was patterned in the...
General
Developer Sim Lian Group, through its subsidiary Geo-Tele, has offered to sell its property at 9 Tai Seng Drive to Sabana Investment Partners (SIP) for S$46.3 million. The construction and property company said the offer price represents a premium of 78 per cent over the book value and presents an attractive opportunity for it to dispose of the asset. The firm will require the approval of JTC...
Mainboard-listed property and hospitality player, Overseas Union Enterprise, is proposing to issue up to S$200 million of notes due in 2015. The notes are convertible into new ordinary shares. OUE says the issue size and pricing will be determined after a book-building exercise. The notes will be offered to institutional or accredited investors in Singapore, qualified institutional buyers in the US and...
Spring Grove along Grange Road has seen prices climbing since March last year and fast approaching the peak of $1,792 psf achieved in January 2008, when a 1,388 sq ft unit on the fourth floor was sold for $2.49 million. Last month, prices hit a high of $1,700 psf when a 2,701 sq ft unit on the 19th floor was sold for $4.6 million. The 14-year-old, 325-unit condominium comprises three blocks of two- to...
The Government of Singapore Investment Corporation (GIC) has agreed to acquire a 5 per cent stake in the proposed real estate investment trust of the Malaysian developer, Sunway City. Sunway City said it has entered into a cornerstone agreement with GIC for the sale of 134 million units of the REIT. In its stock exchange filing, Sunway City said GIC will buy the units at 98 Malaysian sen per unit or at...
The iconic stretch of black-and-white bungalows from 29 to 35 Scotts Road will soon get a facelift, with more buzz expected as it has been earmarked by the Singapore Land Authority (SLA) for redevelopment into a lifestyle belt. Among the new tenants that can occupy the colonial-style bungalows following the redevelopment include those that operate beauty services, health and fitness stores, bridal and...
WHEN Sean Clifford returned to Hong Kong for a friend's wedding in 2005, he couldn't believe the kind of rental returns he estimated he could achieve in a year after renovating an apartment in one of the city's old walk-up buildings. 'I went out and looked at property, and I was shocked,' he recalled. 'It was a 25-30 per cent return on your cash if you took an apartment and renovated it' in an appealing...
THE famed Watergate Hotel in Washington, DC, which has been vacant since 2007, was sold this week to a group of European investors by the bank that foreclosed on the hotel last summer. Euro Capital Partners bought the 251-room hotel on prestigious Virginia Avenue for US$45 million in an all-cash deal, said Marc Magazine, who led the sale of the hotel for broker CB Richard Ellis. The sale closed on...
Responding to the strong demand for private housing and land for private residential developments, the Ministry of National Development last week released its "highest potential supply quantum" per half year since 2001. Comments from the industry suggest they expect the impact of this strong signal to be immediate, in terms of cooling home sales and dampening land bids. Well, the experts have been...
Developers from China are looking to break into the Singapore property sector by building mass market and mid-tier residential homes. Observers said the new entrants want to diversify from their home market, while seeking opportunities in Singapore's growing property sector. Since late 2007, China-based developers have been trying to cut themselves a slice of the pie. While they account for no more than...