The value of properties that were sold at auctions this year hit its highest level in seven years. According to property consultant Knight Frank, some S$320 million worth of properties changed hands at auctions in 2006. This was the highest since the last market peak in 1999.All in, for the whole year, about 175 properties were sold at auctions - up from 163 in 2005. Altogether some 1,838 properties...

A subsidiary of Lian Beng Group has won a S$93 million contract to build a proposed condominium housing development in Pasir Ris. The development at Flora Drive comprises four blocks of 8-storey apartments, housing a total of 472 units. It will have basement carparks, swimming pool and other common facilities. The development is expected to be completed by the middle of 2009. It brings Lian Beng...

CROWN Jewel Of Marina Bay Poised to become the most desirable address in Singapore, Marina Bay Residences is a new iconic landmark that will redefine the meaning of luxurious living. Set in the heart of the brand new Marina Bay district, Marina Bay Residences offers residents a superb selection of business and pleasure activities. The Marina Bay Financial Centre is right next door and the...

The residential market looks set to end 2006 on a high with a take-up rate of around 9,700 new homes and price increases in the region of 9 per cent.   According to a report by real estate services firm CB Richard Ellis, the final quarter of the year saw the highest sales, with approximately 3,000 new units being sold.   A total of 792 units from four projects were fully sold this quarter. They were...

Singapore property developer CapitaLand Ltd said its joint venture in China bought a residential site in the city of Chengdu in Sichuan province for 251.9 million yuan (US$32.2 million). Capitaland said in a statement on Tuesday that the joint venture - Sichuan CapitaLand Zhixin - acquired the site through a government land tender. Located in Wenjiang District, the site is set amidst a scenic ecological...

Mapletree Logistics is planning to raise up to S$349 million. It plans to issue new units through a private placement and an ATM offer to Singapore retail investors. Mapletree plans to use the money to pay for 15 warehouses and distribution centres, to bring its portfolio to 56. Eight of the properties are in Singapore, five in Malaysia and one each in China and Japan. Mapletree also intends to partly...

Despite the sizzling demand in luxury homes, the Government has judiciously stuck mainly to the reserve list in its land sales programme for the first half of next year. And surprise surprise, no new residential site in the prime districts will be released. All in, some 39 sites will be offered, yielding a potential of 5,300 hotel rooms, 5,500 private homes and 500,000 sq m of commercial space. Eight...

Retailers are reporting strong sales this holiday season, if not better than last year's. They say this is partly due to more aggressive promotions this year. Some banks which are tying up with shopping malls for the first time this year have reason to cheer. They say their credit card sales are doing well. They note that since mid-November, spending on credit cards has risen by as much as 15 percent...

The government has released a prime site in the central business district for sale in the first half of next year. The one hectare site at Raffles Place can be used for office space with complementary hotel or retail use. It is one of seven sites placed on the confirmed list of sites for sale and strong interest is expected from developers. According to property experts, the upcoming Business and...

The Urban Redevelopment Authority has launched the tender for a commercial site at the junction of New Bridge Road and North Canal Road after getting a S$21.5 million bid from an unnamed developer. The 1,300 square metre site is suitable for a small-scale office development. With a gross plot ratio of 4.2, it can generate a maximum gross floor area of about 5,400 square metres. The 99-year leasehold...