More signs of Singapore’s property market slowing: Tenders for a plot of government development land have closed, attracting one of the lowest bids in recent years. The residential site bordering Choa Chu Kang Road and Woodlands Road on offer attracted just two bids. The highest offer came from an arm of Peak Properties, which is controlled by the Wee family. It offered $61 million, which works out to...
Higher plot ratios and integrated developments with greenery and other features are among the wish lists of industry players, who are anticipating significant changes to the government's new Draft Master Plan. The master plan, expected to be released soon by the Urban Redevelopment Authority, will guide Singapore's land use over the next 10 to 15 years. Buildings in Singapore may get even taller, if...
Minority owners of the Futura condominium on Leonie Hill Road have withdrawn their appeal against the en bloc sale of the property. The reasons for the decision have not been disclosed. Futura was sold to City Developments' subsidiary City Sunshine in October 2006 for S$287 million. This means each unit owner will get between S$3.7 million and S$9.4 million. However, some minority owners complained that...
Home-grown interior design firm Design Studio is joining hands with the world's fifth largest interior fit-out company Depa United Group. Their joint venture, DDS Asia Holdings, is targeting business opportunities in the hospitality and commercial sectors. DDS Asia has a share capital of $10 million, and will go for projects worth over $50 million. Work has already begun on some $54.4 billion worth of...
Rentals for HDB and mass market private apartments are set to rise in the coming years, with more foreign workers heading for Singapore. Property agents expect rents to climb by about 10 percent this year. They say HDB flat-owners could gain from the spike in demand. Singapore’s two integrated resorts will be ready in the next two years. Besides attracting more tourists, they are also expected to...
Developing economies in East Asia, including Indonesia, Malaysia and Thailand, will grow at their slowest pace in six years in 2008, according to the latest forecast from the World Bank. It said growth is being dragged down by the US sub-prime mortgage crisis and a drop in exports to the US. The World Bank also warned that governments in the region need to be watchful over rising inflation. Trade with the...
Two markets and hawker centres will enjoy a new lease of life under the National Environment Agency's Hawker Centres Upgrading Programme (HUP). Artist's impression of the upgraded hawker centre at Block 160 & Block 162 of Ang Mo Kio Avenue 4 Located at Block 160 and Block 162 of Ang Mo Kio Avenue 4, and Block 17 of Upper Boon Keng Road, the centres are closed from 1 April until the end of the year...
CapitaCommercial Trust (CCT) is planning to sell S$280 million worth of five-year convertible bonds. The bonds are being targeted at mainly institutional investors. CCT said it could issue more convertible bonds to raise another S$90 million. This will take the total amount raised to S$370 million. The Trust said it could also pay cash in lieu of issuing new units on conversion of the bonds. It will be...
More than 360,000 sq ft at Badminton Hall area in Guillemard to be released IN A bid to help alleviate an office space crunch, the Singapore Land Authority (SLA) hopes to release another 368,000 square feet in gross floor area for temporary conversion by the middle of the year. But that is still 20 per cent less than what was released in the same period last year. Mr Teo Cher Hian, director of private...
Income ceiling for extended family scheme is too low My husband and I are buying a resale flat. We are first-time applicants and our combined monthly income is below $8,000, so we would qualify for the Housing and Development Board (HDB) concessionary loan. To encourage first-time applicants and young couples to stay with their parents, the HDB recently introduced the extended family scheme, with a new...