Confidence in the real estate sector is returning among high-net-worth individuals according to new survey from Barclays Wealth. Over the next two years, 35% of the survey’s respondents said they plan to increase the proportion of their portfolios dedicated to real estate, excluding their primary residences. The average allocation to real estate among respondents was 28% internationally and 23% in the...
General
Singapore will host the second World Cities Summit next year from June 28 to 30. National Development Minister Mah Bow Tan said Tuesday the theme for the World Cities Summit 2010 is "Liveable and Sustainable Cities for the Future". Opening an engineering conference in Singapore, Mr Mah said that in recent years, nations have seen growing evidence of the adverse effects of climate change, with several...
The Urban Redevelopment Authority (URA) has released detailed sales conditions for the Reserve List site at Bartley Road/Lorong How Sun. The plot of land, which is meant for residential development, will have a site area of about 2.21 hectares. It can generate a maximum gross floor area of 61,865 square metres and has a 99-year lease period. URA says the site is located within an established residential...
Prime retail rents began to stabilise in many markets across the world in the third quarter of this year as economic and retail indicators started to show signs of greater stability. Retailer confidence had also gained positive momentum. According to property consultancy CB Richard Ellis' latest Global MarketView on the retail sector, retail rents globally fell by an average of one per cent in the third...
Singapore-based real estate investment house Pacific Star said on Thursday that the former Singapore Power Building is expected to open in January 2010. Now renamed TripleOne Somerset, the building is undergoing a S$50 million comprehensive facelift. The 32-year-old building, which Pacific Star acquired in February 2008, will introduce a revamped, striking frontage. The refurbished facade includes the...
Mainboard-listed property investment firm, Japan Land, said on Thursday that it remains committed to observing the requirements of the listing manual of the Singapore Exchange. The firm gave the assurance following news that one of its independent directors, lawyer and MP for Tampines GRC Sin Boon Ann resigned from the board. Mr Sin had quit as he was not satisfied with the firm’s control of its...
MANDARIN Gallery is set for a soft launch this Friday after a $200 million makeover. About half of the 103 stores are open for business and the mall should be fully operational around the third week of January. 'It is almost completely leased out and we expect tenants to move in by January 2010,' said Patrina Tan, senior vice-president of retail, marketing and leasing for Overseas Union Enterprise...
Industry players say the upcoming new measures to improve standards of the real estate sector here will not affect the property prices. The government has just finished gathering suggestions for a new regulatory framework for the industry. It will likely be introduced by the second half of next year. Industry practitioners said the government will likely introduce a central registry to list all...
Members of the public said that property agents must pass a standard industry entrance examination before they are allowed to practise. The exam should not only test them on practical knowledge of the real estate industry and how to carry out their work, but it should cover ethics as well. This was part of the feedback received during a public consultation exercise for a new regulatory framework for the...
Mainboard-listed CapitaMall Trust (CMT) said its current chief executive officer, Lim Beng Chee, will relinquish his position with the company to focus on his new role as CEO of newly-listed CapitaMalls Asia. However, Mr Lim will continue as a director and a member of the Executive Committee of CapitaMall Trust. Current Deputy CEO Simon Ho will assume the top position, while head of Investment and Asset...