Singapore-listed Tuan Sing Holdings is close to winning the hand of Australia's Grand Hotel Group on its third proposal. This comes after Grand Hotel, which operates the Hyatt chain of hotels in Australia, accepted Tuan Sing's revised offer of A$1.40 a share. The sweetened deal is 7.6 percent higher than Tuan Sing's previous bid. The deal is made up of an increased cash offer of A$1.33 and special...
S$70 million will be set aside for research and incentives for developers to build more environmentally-friendly buildings over the next five years. And the government will take the lead. From April 1 next year, all new public buildings and buildings more than 5,000 square metres that are undergoing retrofitting must have the Green Mark certification. All these initiatives are part of the government's...
Demand for serviced residences has been strong this year due in part to a rise in the number of project-based teams brought in by multinational firms. Service apartment operators say there are also more expatriate professionals relocating to Singapore, in tandem with an increase in investments. But even as occupancy rates are hitting the high 90 percent, service apartments in Singapore are still cheaper...
Singapore's retail sales index rose 1.6 percent in October this year compared to a year ago. Total sales amounted to some S$2.5 billion thanks to higher sales, especially in fashion and footwear, supermarkets, food and beverages, and telecom and computer goods. Sales for these goods increased by between 7 and 10 percent over the same period last year. But receipts for recreational goods, and optical...
Singapore's high-end home market is looking at a potential capital appreciation of between 10 and 13 percent next year due to strong demand by corporations and new overseas buyers. This is according to the latest outlook by property consultant Jones Lang LaSalle. It says while there are some pockets of speculative buying, the situation is not getting out of hand. Private residential property in...
Property investment sales in Singapore have reached nearly S$27 billion to date. This is double the historical high of S$13.5 billion recorded last year. Property consultant CB Richard Ellis says the investment market was driven by buoyant activity in real estate investment trusts. Active acquisitions of development sites by developers in both the private and public sectors was another...
Units at Marina Bay Residences have been sold at yet another record price. The developer, BFC Development, says units were sold at over S$2,700 per square foot - the highest so far for primary sales in the area. Even at this record-setting price, more than 90 percent of the apartments have been snapped up at special preview sales held for invited guests over the last two days. According to the...
Resorts World at Sentosa is expected to give Singapore small and medium-sized companies a big lift. In its first news conference since winning the bid to build Singapore's second integrated resort last Friday, the Genting International-Star Cruises consortium said up to S$200 million (US$120 million) worth of goods and services will be procured from local companies each year. The $5.2 billion resort is...
Singapore Land has bought a residential site in China for 175 million renminbi (S$34.4 million). The site in Chengdu has a lease of 70 years and can be developed into high-end residential apartments. It spans 7,600 square metres and has a plot ratio of 7. SingLand says the acquisition and development of the site will be financed by internal funds and bank borrowings. It is not expected to have a...
Another record has been set for property prices at the Marina Bay area. A new residential development, Marina Bay Residences, is being put on the market at between S$1,550 and S$2,150 per square foot. This will dwarf the previous benchmark set for the area by another development - The Sail @ Marina Bay - which went for up to S$1,700 per square foot. Strong interest in the Marina Bay Residences has...