Mapletree Investments has signed a Memorandum of Understanding (MOU) on a joint venture with Japan's ITOCHU Corporation to undertake "Build-to-Suit" development projects for logistics tenants in Japan. The companies agreed to extend their collaboration on investment and development of logistics, retail, industrial and commercial real estate projects in Japan, Singapore and the rest of Asia. The extension...
General
The first group of foreign workers moved into a converted dormitory at Serangoon Gardens estate on Friday. The issue first made headlines last year, with nearby residents worried about safety and privacy issues. A wire fence around the dorm is all that separates the former school from a tennis centre and the rest of the Burghley Drive private estate. But many residents in the area on Saturday did not seem...
Singapore investors are not alone in their love for property. Those in Hong Kong have also allocated 25 per cent of their portfolios to property, according to a survey of high net worth individuals conducted by Barclays Wealth. In fact, both groups expect to allocate a greater part of their portfolios to property over the next two years by about 3 percentage points. They cited potential yield and capital...
The completion of the upcoming Marina Bay Sands integrated resort next year and the VIP private preview of the 221-unit Marina Bay Suites have put the spotlight back on The Sail @ Marina Bay. Sales activity at the 1,111 unit The Sail has picked up pace in recent weeks. Nine transactions were done in the first week of November alone — versus 10 deals achieved for all of October. Prices achieved in the...
Capitaland's wholly-owned serviced residence business unit, The Ascott Group, has opened its fifth serviced residence in Beijing. It is also the first time an Ascott serviced residence has partnered with Raffles City to offer an integrated lifestyle development comprising a retail mall, an office tower and a serviced residence. Located in Dongcheng District, the new serviced residence is near the Second...
Singapore is now one of the top 10 most expensive Asian cities for expatriates to live in due to the strengthening of the Singdollar. A survey by human resource consultancy ECA International showed that Singapore now has the ninth highest cost of living in the region. Last year, the city-state was in the twelfth place. ECA International said the cost of living for visitors to Singapore is also catching...
Falling occupancy costs place S'pore at 32nd spot; period of stability on the cards Following a year-long slide in prime office rentals, Singapore's office occupancy costs have become far more competitive. Fourteen months ago, the island was the ninth most expensive place to rent offices. By end-March this year, it had slid to 15th spot and by the end of the third quarter, many others had become...
Dragon Mansion at 18 Spottiswoode Park Road has become the first successful en bloc sale in Singapore this year. The property was sold to a unit of Roxy-Pacific Holdings for S$100.8m including the development charge. That translates to about S$863 per square foot per plot ratio. CKS Property Consultants launched a tender for the site in July, after it obtained consent from more than 80 per cent of the...
Economists from OCBC Bank expect Singapore's economic growth momentum to be sustained for 2010. OCBC said the economy is expected to grow 4 per cent in 2010 - at the mid point of the government's official forecast of 3-5 per cent expansion. However, concerns are mounting about asset bubbles and rising inflation. The problems currently facing Dubai World have been isolated so far. But observers expect...
Office rentals in Singapore have plunged dramatically, causing it to fall to the 32nd spot in a list of the world's most expensive office market. Previously, Singapore took 9th spot on the list in the year-ago period and was in 15th place just six months ago. Property consultant CB Richard Ellis (CBRE) said Tuesday Singapore saw a 53.4 per cent on-year decline in rents. Singapore's office occupancy cost...