Singapore's real estate market has been hit by the global economic slowdown. But financial institution Morgan Stanley believes it has found a prime opportunity in the form of dormitories for foreign workers. The bank's real estate arm manages a fund that holds a majority share in Avery Strategic Investments which owns and operates four dormitories here. They are the Kian Teck Dorm, Woodlands Dorm,...
General
Prices for private property and public housing fell steeply in the first three months of the year. In the Housing and Development Board (HDB) resale market, the first drop since 2006 was seen. HDB's flash estimate, based on its Resale Price Index, showed a decline of 0.6 per cent in the first quarter compared to the fourth quarter of last year, which had registered a 1.4 per cent increase. Still, some...
Office occupancies and rentals in Singapore fell sharply in the first quarter of 2009, according to latest figures from property consultancy DTZ. DTZ said the data showed that companies continued to consolidate space and put expansion plans on hold in the wake of the global financial crisis. According to DTZ, office rents slid 18 per cent on average island-wide. This was the steepest decline since the...
The recent credit crunch has hit real estate investment trusts (REITs), making it difficult for them to refinance loans. Japan-based Saizen REIT said it will have S$123 million worth of loans - which are in the form of commercial mortgage backed securities (CMBS) - to refinance by the end of the year. This is despite a strong showing of support from shareholders for a planned rights and warrants...
Private residential properties in Singapore saw a sharp fall in rentals and a slight price decline in the first quarter of 2009. Real estate consultancy firm DTZ in its report on Tuesday said monthly rentals of luxurious homes slid 18.8 per cent to S$5.20 per square foot, a level not seen since the third quarter of 2006. Rent of units in prime districts also saw a drop, down 16.2 per cent to S$3.65 per...
Frasers Hospitality, a unit of food and property conglomerate Fraser and Neave (FRNM.SI), has been in talks with private equity firms to form a real-estate fund but is not in hurry to start the business, a senior executive told Thomson Reuters in an interview today. “I think there will be many good deals, but we’re not in a hurry to jump in at the moment,” Choe Peng Sum, chief executive officer of...
Timeless Sophistication, Privileged Living. An Urban Masterpiece. An exciting architectural icon is set to illuminate the prime district 9 skyline. Inspired by the dawn of new age city living in exclusive boutique size units. Illuminaire is the essence of a metropolitan lifestyle, a Shangri-la for those conversant in the ways of the world. Designed with the aspiration to inspire Illuminaire's sensuous...
International and local companies have shown 'substantial' interest in the new Changi race track, the Singapore Sports Council (SSC) said yesterday when unveiling the Request For Proposal (RFP) to build and manage the project. The plan is for a permanent circuit on 41 hectares of land at the eastern tip of Singapore. Also on the site - next to Changi Exhibition Centre - will be an entertainment complex,...
Developer Far East Organisation said its new private residential project Mi Casa at Choa Chu Kang has seen brisk sales during a preview over the weekend. Far East said 97 of the 123 units released were snapped up even before the development was officially launched. Mi Casa – Spanish for "My Home" – comprises a total of 457 units at an average price of S$625 per square foot. Far East Organisation...
The Park Hotel Group hospitality chain is revamping its hotel property along Singapore's prime shopping district. It announced on Monday that the Park Hotel Orchard will be rebranded as the Grand Park Orchard after major renovation work. The hotel will be closed from April 1 this year till the second quarter of 2010. Park Hotel Group said the new five-star property will become the flagship of its...