The boom in the economy for 2007 has contributed to a 30 percent hike in demand for household renovations. And industry players said consumers are looking for more luxurious, branded designs. To cope with growing demand, contractors and interior designers are increasing their prices by as much as 30 to 50 percent. Farok Majeed, chairman of Renovation and Decoration Advisory Centre, said: “Generally...
The inflation picture will get worse before it gets better - that is the message from UOB in a forecast given on Wednesday. It said flooding in many agricultural areas has reduced food supplies, driving up prices of necessities like wheat and coffee products. There are also other domestic factors at play. The hike in taxi fares was one reason why UOB increased its inflation forecast for 2008 - to...
Resilience in developing economy is helping to cushion the current slowdown in the United States, according to the World Bank in its latest Global Economic Prospects Report. Real GDP growth for developing countries is forecast at 7.1 percent this year, compared to the 2.2 percent for high-income countries. Global economic growth is expected to be moderate this year – the World Bank is looking at a 3.3...
A tie-up between Ho Bee and Malaysia’s IOI Properties has clinched the last prime condominium site on Sentosa for S$1.1 billion. The price for the Pinnacle Collection works out to S$1,822 per square foot per plot ratio. Ho Bee will have a 35 percent stake while the remaining interest will be held by IOI. The 99-year leasehold site covers 232,000 square feet and has a plot ratio of 2.6. The...
Remaining units at upmarket waterfront residence, Reflections at Keppel Bay, are expected to set new price benchmarks for condos in the harbourfront area. This bullish view came from its joint developer Keppel Land. The units released under phase one of the project last year had already set benchmark prices for the west coast. Mirroring the buoyant property market, Reflections at Keppel Bay set new...
With rising inflation and escalating asset prices, prospective homebuyers should take advantage of relatively low interest rates to finance their purchases, according to UOB’s head of loans Kevin Lam.Mr Lam said the economy had developed into a “negative interest-rate situation”, where asset prices rise very quickly while interest rates remained low.“With interest rates at 3 to 4 per cent,...
Shares of CapitaLand took a hit on Tuesday – giving up 5 percent following news it was making a move to gain total control of the Ascott Group. The developer is offering S$1.73 a share for all the remaining shares of the serviced residence operator that it did not already own. That is 43 percent higher than Ascott’s last closing price, leading some analysts to suggest that the offer might have been...
MM Lee predicts another 10 years of prosperity Minister Mentor Lee Kuan Yew, gazing into the future, sees continued prosperity in Singapore over the next five to 10 years, even if there is a slowdown in the United States and Europe. Predicting that China and Europe will grow between 8 to 10 per cent, Singapore will - with the integrated resorts and Formula One coming on stream - be at a new level after...
A dearth of supply and high demand from businesses expanding in the region drove up prices so much that Singapore recorded the second highest annual growth in office occupancy costs in the world last year. Annual office occupancy costs here rose 93 per cent to US$16,220 ($23,275) per workstation, just behind Moscow’s 95-per-cent growth, according to real estate consultancy DTZ Debenham Tie Leung’s...
High price of DBSS flats mean buyers may have to spend a significant portion of their lives paying off loans THE recent launch of City View @ Boon Keng and the identification by the Housing and Development Board (HDB) of three more sites in Simei, Toa Payoh and Bedok for such developments has taken the price of public housing to a new level. When compared to other private properties in the area, it seems...