The High Court on Thursday dismissed Ideal Accommodation's appeal against a court order to pay Cove Development rental arrears amounting to over $872,000. The sum represents approximately two months of rental arrears for units at Grangeford Apartments which were leased to Ideal. Earlier this year, Ideal was charged with illegally renting out 171 units of Grangeford Apartments - 141 of which had been...
General
There were almost four times the numbers of applicants for the 1,200 flats released in HDB's Build-To-Order (BTO) flats in Sengkang and Jurong West. However, one industry player sees this demand for BTO flats as the norm and not as a result of the recent high prices in the HDB resale market. Mohammed Ismail, CEO of Propnex, said: "BTO are generally in greater demand and the usual number of subscription...
The Urban Redevelopment Authority (URA) will launch a tender for an industrial site at Pioneer Road North and Soon Lee Drive. The land parcel was previously placed under the reserve list system. It has an area of 1.9 hectares and a lease period of 30 years. Under the system, a site would be released for sale only if it receives a bid with a minimum price that is acceptable to the government. An unnamed...
There was a flurry of activity in the Newton Road area, with five transactions of between $1,100 and $1,676 psf carried out from Sept 25 to Oct 2, according to caveats lodged with URA Realis. The highest psf transacted price for that week was seen at a 1,216 sq ft, 10th-floor apartment at Newton One — it was sold for $2.038 million or $1,676 psf. Another transaction that took place in the same tower was...
Forest canopies keep temperatures in our nature reserves cooler, so could a similar concept have the same effect in our business parks? Singapore's leading industrial landlord intends to find out, and if it works, industrial clusters here are set to turn a shade of green. The Green Roof Trellis concept by JTC Corporation aims to lower temperatures in these parks by 2-3°C – which would reduce energy...
Singapore's fourth public-funded university, which is scheduled to open its doors in 2011, has been named the Singapore University of Technology and Design (SU). Its founding president is Thomas Magnanti, who is an institute professor with the Massachusetts Institute of Technology (MIT). He was also the former dean of the Engineering School there. Prof Magnanti's appointment was announced by the new...
Property developer Far East Organization is banking on local culture to grow its new hospitality brand. Under its new concept, Village Hotels & Residences, it aims to provide guests with a taste of the local culture in the surrounding community. And Far East is hoping to add 15 new overseas properties under the brand in the next five years, in markets such as China, Indonesia, Malaysia and...
A commercial redevelopment site at Thomson Village has been offered for sale by tender. Real estate services firm and sole marketing agent CB Richard Ellis (CBRE) said the site, located off Upper Thomson Road, has an approximate area of 13,387 square feet. It comprises eight strata-titled commercial units and a piece of vacant land, with an asking price of S$24 million. CBRE said: "Based upon a plot...
Singapore has set up a new council to help accelerate the "greening" of buildings in Singapore. Buildings in the city-state are the second largest guzzlers of electricity - after the industrial sector. But this is also the area where energy use can be easily reduced. A UN study has concluded that energy consumption in new and old buildings can be lowered by 30 to 50 per cent without significantly...
Starhill Global REIT today announced a distributable income $18.3 million for 3QFY2009, 7.8% higher than the $17 million in 3QFY2008. Post rights issue, Distribution Per Unit (DPU) for the period from Jul 1 to Sept 30, 2009 was 0.95 cents, 6.7% higher compared to the adjusted 0.89 cents achieved for the previous corresponding period. On an annualised basis, the latest distribution represents a yield of...