The red-hot property market has prompted the sale of two prime freehold commercial buildings. One is a four-storey building at 23 and 25 Kampong Bahru Road, opposite the Singapore General Hospital. The price is $16 million, or $1,421 per square foot of gross floor area. The site area is about 3,402 sq ft, with a total strata area of some 11,259 sq ft. The boutique building has been set aside for...
General
A 45-year-old man was fined $600 after he admitted to that he had rented out his shop space to an unlicensed massage business. The case came to light in March last year, when police officers conducted checks at Oh Eng Siong's shop in Fortune Centre and found three cubicles partitioned with curtains. Investigations revealed that body massage services were being provided within these cubicles, out of the...
CapitaCommercial Trust (CCT) believes that Raffles Place has not lost its attraction as a business district. This is according to its chief executive officer Lynette Leong, who spoke on the sidelines of the trust's Annual General Meeting on Wednesday. CCT has three office properties in the Raffles Place area. The new Marina Bay Financial Centre has been attracting many financial institutions to relocate...
Property group CapitaLand announces a slew of management changes aimed at strengthening its next level of leadership. For its retail business, the property giant has appointed Mr Tony Tan as Deputy CEO of its CapitaRetail China Trust Management. He will also continue to hold his current position as head of finance in the same unit. At CapitaMalls Asia (CMA), Hazel Chew, who currently heads the finance...
The government is taking a "fundamental re-look" at the entire real estate industry. Speaking in Parliament, National Development Minister Mah Bow Tan said this includes strengthening measures to curb unscrupulous practices and abuses. Among the measures, the government plans to plug a loop hole on using public housing flats as collateral for loans. Public housing flats are not meant to be used as...
Analysts expect more en bloc sales activity from the city fringes and East Coast areas as developers cater to a growing mid-market segment. They were responding to proposals tabled in Parliament on Monday to smooth out the collective sales process. The new rules also seek to address the role of the Strata Titles Board and balance the interest of property owners. Collective sales have bounced back this...
Mainboard-listed Orchard Parade Holdings says its first quarter net profit jumped to S$9.3 million sing dollars for the period ended March 31. This compared to net profit of S$107,000 posted in the same quarter a year ago. The improved profit came on the back of higher revenue and a gain from the revaluation of its investment properties. The revaluation saw a S$1.6 million gain compared to a loss of...
Property developer Fragrance Group said its net profit rose 42.6 per cent on-year in the first quarter to S$14.4 million. But turnover fell 17.7 per cent to S$41.8 million due to lower contributions from its property development operations. However, this was partly offset by an increase in revenue contribution from its hotel business. Going forward, Fragrance said it intends to launch another two landed...
The Housing and Development Board (HDB) will make available a State land parcel in Pasir Ris under the Reserve List of the GLS Programme from today. The 99-year leasehold site is located at the junction of Pasir Ris Drive 3 and Pasir Ris Drive 4. HDB said some 380 residential units can be built on the site designated for condominium housing. Under the Reserve List System, developers who are interested in...
When the Government introduced measures to cool the property market in February, the steps were not intended to stop prices from rising. Instead, they were calibrated to temper exuberance in the market and pre-empt a property bubble from forming, Minister for National Development Mah Bow Tan told Parliament yesterday. Overall, property prices increased 5.6 per cent in the first quarter this year compared...