Having lost out twice on building the integrated resorts in Singapore, property developer CapitaLand is setting its sights on a similar resort in China. And it says it may use the rejected proposals for Marina Bay and Sentosa on its Chinese concept. But this will still need the green light from Chinese authorities. While CapitaLand is keen to grow its integrated leisure, entertainment and conventions...
The URA has received two bids for the 99-year leasehold hotel site at Sinaran Drive. The top bidder, Glory Realty, offered S$131.1 million or S$501 per square foot per plot ratio. According to property agents CB Richard Ellis, this was close to the highest bid placed by Republic Hotels & Resorts Limited for a hotel site at Mohamed Sultan Road last year. Meanwhile, CBRE Research said that in view of...
JTC Corporation has launched a Request-for-Proposal to develop and manage a Civic, Cultural and Retail Complex at one-north. The complex will be located next to the Buona Vista MRT Station. At 1.9 hectares, the site is the largest land parcel to be offered by JTC to date for private sector development at one-north. The complex is expected to have the capacity to host large-scale events like seminars,...
Mapletree Logistics has reported a full year distributable income of more than S$40 million. This translated to a distribution per unit of slightly over 5 cents, which was 11 percent higher than forecast. MapletreeLog's distribution per unit for the fourth quarter rose 38 percent on year to 1.45 cents as a result of property acquisitions. At the end of December, MapletreeLog's property portfolio of 41...
The 30-year-old red brick chalets at East Coast Park will be given a new lease of life with a $5-million revamp, one year after NTUC Club withdrew from the site. Its new tenant, Island Park Resort, hopes to transform the chalets into a cluster of beachfront English cottages, sectioned into a tranquil zone and a party zone, complete with a world-class conference and convention centre with WiFi access. The...
In a move that will address the dual directions that luxury and mass market private homes increasingly move in, the Urban Redevelopment Authority (URA) is set to introduce different price indices for various segments of the market. As early as the end of this month, the URA could provide more information for its private property price index (PPPI) when it’s due to present the figures for the final...
East Coast Resort is set to get a $5 million makeover with new and upgraded facilities, as well as a new name - Island Park Resort. The new owners, Goldkist International, has signed a tenancy agreement with the Singapore Land Authority (SLA) for an initial term of three years and is renewable up to 2015. The Singapore-based company has promised an eco-friendly approach to the upgrading, which will be...
Singapore-based company Surbana Consultants has broken ground on a US$214m (S$331m) mixed development in Abu Dhabi. It is the first of 4 such projects the company is undertaking in the emirate, and is a sign of the growing interest in the largest and wealthiest emirate in the United Arab Emirates. Singapore companies have traditionally been active in nearby Dubai, using it as a hub for the Middle...
Singapore on Monday opened a light rail link to Sentosa island, which will become home to a gaming and entertainment complex. The 140-million-dollar (91 million US) Sentosa Express takes passengers on a four-minute journey from a station at the VivoCity shopping mall on the main Singapore island, Sentosa said on its website. The VivoCity station connnects to the city's main underground transport...
A dual economy is emerging in Singapore, says economists at the annual Singapore Perspectives Seminar organised by the Institute of Policy Studies. Moving forward, the Singapore economy will be growing at 3 to 5 percent every year, which is creditable for a mature economy. However, economists are warning of divergent growth patterns between different businesses and income groups in...