Prime office rents may be on a downward trend, but analysts say there is nothing much to worry about as the decline is a necessary correction. An oversupply of office space and low demand has knocked down prime office rentals in the central business district (CBD). Rents have fallen as much as 40 per cent since the beginning of 2008 but observers said that rents are not in a free fall. They said the...
General
The number of public housing blocks eligible for lift upgrading has gone up. When the lift upgrading programme (LUP) started in 2001, 5,300 blocks did not have full lift access. Of these, 1,000 did not qualify due to the high cost of upgrading. But now, that number has dropped to 200. Eligible blocks are those where the cost of fitting lifts on every floor, averages a maximum of S$30,000 per unit. But...
More Singapore companies, including small and medium enterprises (SMEs), may soon have opportunities to be involved in projects in the Sino-Singapore Tianjin Eco-city in China. Senior Minister of State for National Development, Grace Fu, was replying to a question by Dr Ong Seh Hong in Parliament on Monday. Ms Fu said the ministry has been working with IE Singapore and the Building and Construction...
Ascendas Real Estate Investment Trust (A-REIT) has announced a 11.7% y-o-y increase in net property income to $81.1 million for 2Q FY09/10 due to an enlarged portfolio compared to $97.3 million for 2Q FY08/09. Distributable income increased by 15.4% to $61.6 million from a year ago. However, DPU for the quarter fell 13.2% to 3.48 cents for the quarter from 4.01 cents a year ago. Reflecting the severe...
Singapore, under pressure from the G20 to improve banking transparency, passed a bill in Parliament today amending its income tax law to comply with OECD standards to fight cross border tax evasion. The new bill enables the Singapore government to ask banks for client information in potential cases of foreign tax evasion, and not just for domestic tax cases as allowed by the previous law. “This enhanced...
Owners of units in Laguna Park, whose tender closed unsuccessfully on Friday, are now considering selling at a lower price. The new price is said to be between S$950 million and S$1 billion. The development's marketing agent Credo said residents are likely to receive letters advising on the situation in the next two or three days. Earlier, many property analysts said Laguna Park's initial S$1.2 billion...
Some banks are rolling out new services and attractive mortgage packages to increase their market share in the private housing loan sector. Banks such as Standard Chartered has set up a service counter to offer loan evaluations at show flats. Said Dennis Khoo, general manager of Wealth Management Consumer Banking at Standard Chartered Bank: "I think it's even better prudence because before (a buyer) puts...
OWNERS of East Coast condominium Laguna Park have failed in their bid to sell the property en bloc for $1.2 billion through a tender process. Industry analysts say the result was not surprising, considering the high asking price. However, in a curious twist of events, one company had submitted a bid for $1.728 billion - only to withdraw the offer on Thursday night. The estate's marketing agent, Credo...
The company that had submitted the higher of two bids withdraws, citing funding difficulties LAGUNA Park, which went up for collective sale last month at $1.2 billion, has failed to attract a buyer so far. The 528-unit leasehold project at Marine Parade remains unsold after the company that submitted the higher of two bids faced funding problems. At the close of the tender on Tuesday, two submissions...
Location: Paterson Road (District 9) Tenure: Freehold Year of Completion: 2010 Total Units: 35 Unit Types: 2 Bedroom ~ 818 - 1,033 sqft Penthouses ~ 2,013 - 3,164 sqft Facilities: Stepping Stones, Pebble Water Court, Sun Deck, Jacuzzi, Landscaped Court, Gymnasium, Lap Pool, Function Deck, BBQ Pits, Sauna. Email [email protected] with the following for more information or an appointment: Paterson Linc...