More buzz will soon be added to Tanglin Village (picture), the rustic bohemian hangout a short drive from the busy Orchard Road area. Yesterday, the Singapore Land Authority (SLA) awarded a total of 11 buildings — consisting of 40,135 sq m over two sites — to local construction company Country City Investment Pte Ltd. Country City Investment is planning to turn the cluster into a “lifestyle...
Jurong and Paya Lebar have been designated to become new business hubs, under the upcoming Master Plan review for 2008. Giving a preview of the plans in a Channel NewsAsia interview, National Development Minister Mah Bow Tan said these would provide space for Singapore’s continued growth as a global business centre, and offer an alternative to the overcrowded CBD area. The Master Plan guides...
The landlords are laughing but their tenants in Orchard most likely are not. Rents in the shopping belt are inches away from the peaks of 1996, the year before a financial crisis shocked the region. According to a report issued yesterday by CB Richard Ellis (CBRE), this year’s second quarter saw prime Orchard Road rents average $34.40 per square foot (psf) per month, veering close to the levels of...
Recently, there have been reports in the media pushing for the restrictions on the sale of landed homes here to foreigners to be relaxed. I hope the authorities quickly nip this in the bud before too much public disquiet arises. Goldman Sachs (Singapore) is lobbying for the rescindment of the Residential Property Act which has, since 1973, restricted foreigners and Permanent Residents from owning landed...
Property analysts had predicted that it was not likely to happen, but the local real estate market has just witnessed its first collective sale to bust the billion-dollar mark. CapitaLand yesterday got the nod to buy Farrer Court collectively for $1.3388 billion, and plans to transform the ageing HUDC estate into a luxurious condominium with the help of partners including Hotel Properties (HPL). The...
In the eyes of some, at least, there may never be a better time to slaughter one of the sacred cows of the landed home market. The idea of owning a nest in Singapore is becoming increasingly attractive to foreigners. The Government, too, has been effusive in its efforts to draw foreign talent here to build the economy. So why not relax restrictions on the sale of landed property to foreigners — and...
Farrer Court got the ball rolling by slapping on an asking price of $1.5 billion for its collective sale. Now, Savills Singapore is getting in on the act with the tender launch for the collective sale of Pacific Mansions at $1.18 billion. “The recent record land transactions for prime residential sites reflect developers’ bullishness for the luxury end of the residential market,” said Mr Steven...
Investors have spent $21.4 billion on property for the first half of this year. And the momentum is set to continue, breaking the record $30.51 billion set last year, said real estate firm CB Richard Ellis. These total investment sales figures for properties above $5 million are already 48 per cent higher than the value that was achieved for the same period last year. “At this halfway point, there is...
HG Properties has been awarded the Fairy Point Hill site after its bid of $25.5 million was accepted by the Urban Redevelopment Authority on Friday. Just two bids were received — the second was from Precious Treasure, which had tendered $10.68 million. Both bidders had placed bids for a lease of 45 years. A recreation club, hotel or holiday chalet can be developed on the 41,796.6 sq m parcel of land at...
Hoping to ride the current property wave, developer Novelty Group will soon launch a River Valley project that is asking for around double the prices in the area. Named Luma, the 75-unit freehold development will be priced at above $2,500 per square foot (psf) when launched next month, said Novelty’s chief operating officer Manoj Kalwani. That would surpass the nearby 2RVG, which sold for about $1,100...