Up to 75,000 new jobs could help to prop up market HOMES for the masses have always been the backbone of Singapore’s residential market. And, with the two integrated resorts (IRs) expected to employ some 75,000 people, demand for such housing is likely to go up. Both IRs are expected to draw a significant influx of “foreign talent”, simply because Singapore does not have enough people with the...
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Developer wants to build luxury homes and hotels across Asia and Europe FOLLOWING the launch of The Hamilton Scotts on Scotts Road, its developer Hayden Properties is now setting its sights on the region and beyond to develop and build similar ultra-luxurious homes. Hayden has an interesting mix of owners. It is 50-per-cent owned by KOP Capital, founded by 39-year-old lawyer Ong Chih Ching and Leny...
Office rents in Singapore are starting to show signs of peaking, said property analysts. They noted that prime rental costs have generally increased at a far slower pace in the first half of this year, compared to 2007. Looking ahead, they expect office rents to soften even more towards the end of 2009 and early 2010 as demand for prime space eases. Donald Han, managing director of Cushman &...
Property developer Hiap Hoe has put in the top bid of S$73.3 million for a hotel site at Balestier Road and Ah Hood Road. The price works out to S$172 per square foot per plot ratio for the 99-year leasehold site. Consultants CB Richard Ellis said the bid is relatively low compared to other hotel sites. The site has a maximum gross floor area of 425,942 square feet, which can potentially yield some 675...
Southeast Asia's biggest property developer, CapitaLand, has set up a US$1 billion private equity fund to invest in mixed-use commercial properties in China. The size of the fund could be increased to US$1.3 billion by the end of this year. The Raffles City China Fund is the first for CapitaLand in China and also the largest in value it has ever managed. The fund will target prime mixed-use commercial...
FOR nine months over an unfolding global credit crunch, developers here held back from pushing out condominiums and houses into the market. Homebuyers found little variety in the showrooms. But when the supply gate was unlatched in June, interest poured back in — especially into the mass-market segment — resulting in a bumper month for sales despite the recent stock market and economic gloom. In...
June was the best performing month in terms of home sales since the property market tumbled last September, according to numbers released by the URA on Tuesday. Altogether, 801 private homes were sold, a jump of 80 per cent from May. But there were also more units launched. The number of units launched in June leapt 125 per cent from May to 1,069 units, meaning that there were more unsold properties in...
Residents living in the north-western part of Singapore can look forward to faster and more direct access to the city centre, when construction of Stage Two of the Downtown Line rail network is completed in 2015. The 16.6 kilometre-long line comprises one depot at Gali Batu and 12 stations stretching from Rochor, along Bukit Timah Road and Bukit Panjang, to Petir. It will have three interchange stations...
The World Trade Organisation (WTO) has praised Singapore for having one of the most open and competitive economies in the world. The accolade was contained in the ongoing trade policy review by both the WTO secretariat and members. The report on Singapore's economy policy, released on Monday, was prepared as part of the WTO's Trade Policy Review, of which Singapore is participating for the fifth time. It...
Inflation is soaring in Vietnam, and that's driving up overall business costs there. Despite this, Keppel Land said it will not have any impact on its property projects in the country in the short term. In a filing with the Singapore Exchange, the property developer said its joint ventures with strong local partners in Vietnam is helping the company to manage its cash flows. It is also forming...