Shares of CapitaMalls Asia made their much-anticipated debut on the Singapore Exchange on Wednesday. The counter closed at S$2.30 - up 8.5 percent over its IPO price - against expectations for a 10 percent jump. The listing was the largest in Singapore in 16 years. The IPO was 1.7 times oversubscribed, with the institutional portion garnering about 2.5 bids for every available share. Liew Mun Leong,...
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Boon Building at 61 South Bridge Road has been launched for sale through a tender. The six-storey building is on a 999-year leasehold, sitting on a site area of about 2,300 square feet. The building is zoned as a commercial site and will be sold with vacant possession. DTZ Debenham Tie Leung has been appointed as the marketing agent for the sale. DTZ said it expects the property to attract both...
The Urban Redevelopment Authority (URA) has released for sale a site at Kaki Bukit Avenue 4 for industrial development. The land parcel has a site area of about three hectares and a gross plot ratio of 2.5. The site will have a lease period of 60 years. The site is being released under the government's Reserve List. Under the Reserve List system, a site would only be put up for tender if a developer's...
Property consultant DTZ said on Tuesday there was less speculative activity in the third quarter this year. In a report, it said the proportion of sub-sales declined from 16 per cent in the second quarter to just 13 per cent in the third quarter. Sub-sales, which refer to re-sales that occurred before the completion of a project, are usually used as an indicator of speculative activities. Another...
The IPO by CapitaMalls Asia saw strong demand, with the retail tranche over-subscribed by 3.9 times, and the institutional tranche was over-subscribed by 1.5 times. At S$2.8 billion, the IPO is Singapore's largest in 16 years. CapitaMalls Asia will make its debut on the Singapore Exchange on Wednesday. And if the IPO subscription rates are anything to go by, it looks set to make a splash. Market...
Real estate investment trusts (REITs) may have taken a battering in the wake of the global financial crisis, but according to experts, they have rebounded sharply and recovered more quickly than other equities. Some market watchers said REITs hold great potential in the new post-financial crisis investment landscape. Singapore's Raffles City has undergone a major facelift since being managed by a REIT....
There has been a series of transactions for apartments in the prime Draycott Drive-Draycott Park district from Oct 23 to 30. Five apartments in the exclusive neighbourhood located in the vicinity of the American and Tanglin Clubs were sold for prices ranging from $1,762 to $2,303 psf. The most prestigious development in the Draycott area is the 136-unit Draycott Eight, developed by Wing Tai Holdings and...
The government said on Monday the measures taken to cool the property market appear to have had the desired effect. Speaking in Parliament, National Development Minister Mah Bow Tan noted that since the measures were introduced, the sale of private homes fell 37 per cent on-month in September, and another 29 per cent in October. In September, the government removed the Interest Absorption Scheme and...
The median resale prices of executive condominiums (ECs) have increased 63 per cent in the last two years, riding on the bull-run in the private residential market. Property consultancy CB Richard Ellis said caveats lodged for ECs in the resale market in October this year showed prices at S$519 per square foot. This is 63 per cent higher from the bottom of the market in the third quarter of 2006 when ECs...
The Housing & Development Board (HDB) has projected it will need to offer between 10,000 and 12,000 new flats per annum over the next five years to meet the housing demand in Singapore. Speaking in Parliament on Monday, National Development Minister Mah Bow Tan re-assured that there will be enough affordable flats for first time buyers. This year, at least 13,500 flats will be offered in total –...