Foreigners may be allowed to own apartments and even commercial property in Indonesia under a revised rule expected by the third quarter of this year, Indonesia's investment chief said yesterday. The move is likely to draw investors into South-east Asia's biggest economy and increase the flow of foreign capital into the country. 'The government is committed to continuously review policies to make it...
General
JAPANESE mall operator Parco opened its new department store at Millenia Walk yesterday. The retailer's $10 million, 85,000 square foot Parco Marina Bay occupies the space formerly occupied by DFS Galleria, which was later replaced by several smaller shops including piano and dance studios. Parco has set aside 6,000 sq ft of space on the second level for the government-backed next Next Fashion Incubator...
CIMB Bank Bhd, Singapore, has given a revolving credit facility to Mapletree India China Fund Ltd (MIC Fund) for up to US$100 million over a period of three years. The MIC Fund, which is a dual-country total return fund focusing on property development in China and India, is managed by Mapletree Investments Pte Ltd. 'We have witnessed our deposits base grow exponentially since the launch of our retail...
Property developer SP Setia Bhd has recorded RM900 million (S$385.6 million) in sales as of March 22, less than five months into the current financial year ending Oct 31, 2010. Its president and chief executive officer Liew Kee Sin attributed this to the strong underlying demand for good properties, fuelled by increasingly confident business and consumer sentiment as well as a highly supportive financial...
Overcrowding has become a safety issue at Mustafa Centre, and the management has expanded its premises to accommodate more shoppers. This is in response to a possible Singapore Civil Defence Force (SCDF) court order. If confirmed, the first storey of the 24-hour shopping centre risks being temporarily closed. The centre, which sees up to 10,000 shoppers daily, has expanded certain areas in its premises...
he Singapore Civil Defence Force (SCDF) is getting a court injunction against Mustafa Centre to close part of its building for breaching safety violations. According to SCDF, these include "serious episodes of overcrowding". A pre-trial conference was held on Tuesday, and the case will be heard again next Wednesday. In January this year, Mustafa centre was fined S$17,000 for two charges of fire safety...
Overall prices rise 2-5%, with new highs in resale prices in some segments Demand for new private homes in the first quarter of 2010 more than doubled compared to Q4 2009, according to a new report. Close to 4,000 new units were sold in Q1 2010, compared to only 1,860 in the previous quarter. The report, by CB Richard Ellis (CBRE), also said that overall private home prices rose by 2-5 per cent in Q1...
THE Housing Board (HDB) is launching a housing site at Yishun for tender today which will add another 700 homes to the housing stock. The site, at the junction of Yishun Avenue 11 and Yishun Central, is being launched under the HDB's design, build and sell scheme (DBSS). This allows private developers to design, build and sell the homes directly to flat buyers. Such flats come with finishes similar to...
PRICES of private, leasehold resale homes have shot past their previous peak - in late 2007 - according to a new report by property consultancy DTZ. The latest price rises for this segment, dominated by upgraders, while relatively modest, were enough to push average prices past the previous high. Landed resale homes saw the biggest price rises in the first quarter of the year to reach another new high...
FRESH evidence has emerged of Singapore's red hot property market with the Housing Board's (HDB) latest launches attracting six applicants for every available flat. A staggering 5,015 bids were received for 828 new flats in Sengkang and Sembawang by the application deadline of midnight on Monday. The high level of interest outstrips that of recent years, when about four applications were typically...