Far East Organisation has submitted the highest bid of S$119 million for a commercial and residential site at the junction of Yio Chu Kang Road and Seletar Road. This is nearly 3 times the minimum bid price of S$40.5 million. Far East's bid translates to about $364 per square foot. Centurion RE submitted the second highest bid at S$88.19 million, followed by Frasers Centrepoint's offer of S$80.13...
General
Office rents in Singapore fell for the fourth straight quarter with prime rentals averaging at S$7.50 per square foot a month in the third quarter of 2009. Real estate consultancy firm CB Richard Ellis said this is a 12.8 per cent on-quarter drop – an improvement over the 18 per cent decrease a quarter ago. Grade A office rents fell about 13 per cent on-quarter to S$8.80 per square foot per month....
A new suburban shopping centre will rise in the west - this time it will be in Clementi. The retail hub is tentatively called "Clementi Mall", and it is part of a larger development located at the former Clementi Bus Interchange. The 99-year leasehold property has about 25,000 square metres of gross floor area. A tender for the sale of the property will close on November 10. Jone Lang LaSalle has been...
Suntec REIT says Sunshine Assets Limited, the special purpose vehicle set up in 2006 to issue notes under the $500 million Medium Term Notes Programme, today issued a new series of three-year fixed rate notes bearing a fixed interest rate of 3.55% per annum, due September 2012. The aggregate issue size of the notes is $25 million, which was oversubscribed. The proceeds from the notes will be on-lent by...
So far the market seems to have taken in its stride the removal of the interest absorption scheme (IAS) for properties. The knee-jerk decline of 43 points by the STI on Monday was followed by a sharp rebound on Wednesday as broader economic recovery factors continue to dominate. But there is an impending overbuilding of residential property in Singapore. According to Leong Wai Ho,director and senior...
Prices of 99-year non-landed homes sold in the third quarter of this year have increased across the board – across new, resale and sub-sale markets. CB Richard Ellis, the world's largest commercial real estate services firm, said its analysis of caveats lodged showed an 11.0 per cent in median prices of new leasehold homes - from S$825,000 (S$660 psf) in the second quarter to S$916,000 (S$769 psf) in...
Property investment sales rose 13 per cent between July and September to S$1.8 billion, compared to the previous quarter. The improved performance was buoyed by better market and investor sentiments. In its latest report, property consultancy Jones Lang LaSalle said the residential sector dominated investment sales, accounting for 52 per cent of total sales. Investment sales in the residential sector...
This year's Hungry Ghost Festival has spooked buyers in the property auction market, but enough cash was still burned up to set a three-year high in sales. Property consultancy Colliers International said on Wednesday only 14 out of 85 properties put up for auction during the Hungry Ghost Festival, which began on August 20, were sold. That works out to a successful transaction rate of just 16.4 per...
Singapore's private home sales in August fell 39 per cent short of July's - when a record 2,772 units were sold. According to data by the Urban Redevelopment Authority, just 1699 homes were sold in August. According to analysts, while these numbers may be relatively low, they're still better than expected as the Chinese Hungry Ghost Festival typically depresses sales even more. A dip in the number of...
The Housing and Development Board (HDB) will review whether the target group for the Lease Buyback Scheme needs to be expanded. The Scheme, launched in March this year, allows low-income elderly living in smaller flats (2- and 3-room flats) to sell the remaining leases to the government in return for annuities. In a written response to a question in Parliament, National Development Minister Mah Bow Tan...