Opportunistic funds are rapidly losing their status as kingpins of the distressed real estate market, likely hurting their fundraising abilities in the next market cycle, as banks get savvy with problem property debts. While managers such as Blackstone and Orion Capital raised hundreds of billions of dollars to capitalise on the worst market slump in years, most have yet to find the cut-rate deals seen...
General
I REFER to the commentary 'Public + private=property prices' (BT, April 3-4). I would like to make two points on the writer's view that if private property prices go up, public flat prices will have to follow and hence intervention is needed. 1. Resale mass market condos are still affordable: First of all, mass market private property prices in Singapore over the past decade have hardly kept pace with...
DEVELOPERS have bid aggressively for a 60-year leasehold industrial site at Yishun Avenue 6 (Parcel 1). Seven parties had expressed interest by the time the tender closed yesterday. OKH Management put in a top bid of $27.2 million, or $71 per square foot per plot ratio (psf ppr). The is 2.4 times the trigger price of $11.5 million, or $30 psf ppr, that an unnamed developer had committed to pay in...
A NEWLY set up food and beverage company fronted by Italian Gabriele Piegaia has topped the bids for the keenly contested former Alkaff Mansion site. The two-month-old company, LES, topped the tender with a monthly rent offer of $79,251, which is about three times the Singapore Land Authority's (SLA) monthly guide rent of $28,100. Fragrance Group came in second with a monthly offer of $41,300 while...
Singapore's big lenders are aggressively lowering rates to beat off competition from each other and smaller finance houses in a hot home loans market. Financiers had the lowest interest rates at the start of the year, but three months on, banks have also started dropping prices. The Singapore property market is heating up, helping to propel the home loans space. Competition is stiff among major local...
Developer OKH Management has placed the top bid of S$27.2 million for the industrial site at Yishun Avenue 6. This is slightly more than double the minimum bid of S$11.5 million committed by an unnamed developed on March 8 this year. The top bid of S$27.2 million translates to about S$71 per square foot per plot ratio. The breakeven cost for this development is estimated to be between S$250 per square...
Investment sales in the property market finally slowed in the first quarter this year. Property consultant DTZ Research said the value of investment transactions in the first three months this year fell 8.5 per cent on-quarter to S$2.64 billion. It was the first drop after three straight quarters of increases. The industrial sector leapfrogged the residential sector to account for the bulk of the...
CapitaLand, meanwhile, sells 110 Interlace units over the weekend THE property launch scene continues to buzz. UOL Group is expected to preview its 99-year leasehold Waterbank at Dakota condo this week at prices ranging from above $1,000 per square foot to around $1,300 psf. Over the Good Friday weekend, CapitaLand sold a total 110 units at The InterLace in the Alexandra Road area at $850-1,300 psf....
Even so, players have their work cut out as more than a million sq ft of space comes onstream, say PETER SEE-TOH and PNG POH SOON THE retail market not only faced the onslaught of the global financial crisis but also had to brave additional headwinds arising from a huge amount of new retail supply coming onstream in 2009. Lettable retail space increased by 1.7 million square feet, a whopping 51/2 times...
MORE projects are expected to be put up for collective sale this year as the property market continues to hot up. This should bode well for developers keen to beef up their land banks, but they are not rushing into the en bloc market just yet, experts say. 'The problem in the en bloc market is the gap between what sellers want and what developers are prepared to pay,' said Ms Chua Chor Hoon, DTZ's head...