After a near month-long tussle, some tenants at The Grangeford may stay on at the condominium after all. About 40 of them have expressed interest to do so under the new landlord, Savills although the actual number could be higher as some enter into joint-leases with others to rent whole apartment units. Residents had been given till 5pm on June 30 to vacate the premises after previous landlord Ideal...
General
Market watchers said prices of private residential properties could climb by between five and 10 per cent on average in the second half of 2009. Strong sales in recent months have driven prices up despite the economic slowdown. Concerns are being raised over a potential property bubble. Close to 6,000 units of new private homes have been sold so far in 2009. This has surpassed the over 4,200 deals done...
OCBC Investment Research has said mass-market residential projects are seeing strong demand, especially from local buyers, but it is still too early to call for a recovery in the property market. In its latest report on the property sector, OCBC noted that the recently launched 8@Woodleigh condominium at Potong Pasir was fully sold within two weeks, while Vista Residences in Balestier has also seen a...
Singapore's Prime Grade A office market has seen three straight quarters of rental contractions but Jones Lang LaSalle says that pullback is easing. The property consultancy said rentals fell 11 per cent in the second quarter, compared to 28 per cent in the first quarter. Jones Lang said landlords have been taking a defensive strategy of securing occupants for their office space at the expense of...
The landed housing market has been particularly active in the past month. At Bowmont Gardens in Frankel Estate in the east,a terrace house with a land area of 1,539 sq ft was sold for $950,000, or $617 psf, last month. According to caveats lodged with URA Realis, this property changed hands three times in the last three years. It was sold at $938,000 in May 2007 and $800,000 in January 2007. At Duchess...
NIGHTLIFE entrepreneur Michael Ma, who runs the IndoChine group in Singapore and elsewhere, is going into hotel management with the setting up of a joint venture to be known as the LaTour IndoChine Hotel Group. It will be headquartered in Singapore. The hotel management company is designed to provide wide-ranging expertise to developers entering the realm of boutique hotels, six-star hotels as well as...
ORCHARD Road, Singapore's most famous retail belt, is set to be the densest shopping street in the region, according to the Orchard Road Business Association. With three new mega-malls scheduled to open for business by the end of the year, about 1.8 million sq ft of new retail space will be added, bringing the total space available on Orchard Road to 8 million sq ft. And the 2.2km stretch of road is also...
There has been a huge spike in activity in the investment sales market in Singapore during the second quarter this year. According to property consultancy CB Richard Ellis, total property investment sales in the period so far have amounted to some S$954 million. The amount is up by more than three times from the previous quarter. CBRE said Thursday the good showing was due to the sharp recovery in the...
CapitaCommercial Trust said on Thursday its S$828-million rights issue has been oversubscribed. The offer closed on Wednesday, and final results will be released soon. CapitaCommercial had launched the rights issue in May, offering one rights unit for every existing unit at 59 cents each. The proceeds from the rights issue are to be used to reduce borrowings and for general corporate and working capital...
The government will launch a tender for a hotel site at New Bridge Road in two weeks' time, after a developer committed to at least S$43,888,888 for the land parcel. The site is under the Reserve List of the Government Land Sales programme. It has an area of about 0.45 hectares and will be able to generate a maximum permissible gross floor area of about 15,687 square metres with a lease period of 99...