Property developer Kng Realty has submitted the highest bid of S$19.4 million for an industrial site at Pioneer Road North. The Urban Redevelopment Authority (URA) has closed the tender for the site after receiving eight bids in total. The next highest bid came from Sia Kong Wah & Gimp Investment at S$18 million. Kng Realty's bid translates to about S$48 per square foot. Li Hiaw Ho, executive...
General
Private sector economists have further upgraded their outlook on the Singapore economy, and now expect GDP to contract by 2 per cent this year. In the previous survey of professional forecasters conducted by the Monetary Authority of Singapore (MAS) in September, economists had a median forecast of a 3.6 per cent decline in GDP for the whole of 2009. For the fourth quarter, the 20 economists who...
Singapore REITs are expected to pursue more acquisitions in 2010 to drive growth, with deals likely to be funded by private placements, says OCBC Investment Research. “Opportunistic acquisitions will be very much in vogue in 2010 as some REITs shore up declining earnings and others exploit favourable market conditions,” it says in a research note although funding sources may be limited as REIT...
Singapore appears to be losing a bit of its shine as one of Asia Pacific's top real estate investment markets. It slipped three notches among Asian markets in PwC's latest survey on where institutional investors prefer to put their money next year. Singapore was ranked number two last year. But it was placed number five among 20 cities in the latest report by PricewaterhouseCoopers (PwC). Shanghai was...
Chappelis Pte Ltd has submitted a top bid of S$38.5 million for a residential site at Westwood Avenue. The Housing and Development Board (HDB) said it received a total 32 bids, with the lowest one at S$16.8 million from Boon Keng Development. The second highest bid came from a partnership between Hoi Hup Realty and Sunway Developments, which put in a bid of some S$38 million. Act-Nobel Homes rounded off...
The Urban Redevelopment Authority (URA) has released a site at Woodlands Avenue 12 for sale from the Reserve List. The plot of land, which is meant for industrial development, will have a site area of about 3.2 hectares. It can generate a maximum gross floor area of 32,279 square metres and has a 60-year-lease period. URA said the site can be developed for a variety of uses under "Business 1" zoning....
Marina Bay Sands on Monday said it has signed over 30 deals for premier events at its new Expo and Convention Centre. This is expected to attract over 150,000 attendees to the integrated resort when it opens next year. Marina Bay Sands said it has sealed events from a wide range of industries, from the engineering and legal sector to life sciences and renewable energy. Some events are marking their...
Singapore-based real estate investment house Pacific Star has announced the successful completion of the refinancing programme for Capital Square. The S$549 million facility included S$320 million of senior notes - the largest Singapore dollar corporate bond issue so far this year. The firm said the proceeds from the facility will be used to refinance the existing debt obligations and working capital of...
Mainboard-listed Soilbuild Group has been appointed by Kolette, a subsidiary of CSC Holdings, to manage and market a S$51.7-million business space development project in Tuas. The development will consist of 70 single, double and three-storey high terrace factory units, ranging from 3,000 to 6,000 square feet each. Under the agreement with Kolette, Soilbuild will receive a portion of these units for...
The Victoria Street Wholesale Centre will relocate in 2011, and most of the dry food shopkeepers will be moving to the new location. And the market's merchant association hopes the move will help revamp the market's image. Construction of the new Victoria Street Wholesale Centre will start in April next year and is expected to finish in late 2011 or early 2012. The new 8-storey building will be situated...