Two developers have already applied for the government's lighting incentives. The Urban Redevelopment Authority (URA) has received two formal applications since the incentives were announced in March this year. One of them has already been granted approval. Under the lighting incentive plan, developers and building owners will be given a grant that covers at least half of the installation costs. The...
The Urban Redevelopment Authority is inviting developers to apply to put a reserve site at Sin Ming Lane up for tender.The 5.13 hectare site is earmarked for industrial development. It has a lease of 30 years with a maximum permissible gross plot ratio of 2.5. An 8-storey building with about 128,000 square metres of maximum gross floor area can be built on the site. Under the government's land sales...
Prime office rents in Singapore rose 15 percent on year in the third quarter. This was the third highest increase among Asia's business capitals. According to consultants CB Richard Ellis, only New Delhi and Mumbai saw rents that were greater than those in Singapore. Manila was the only other city that witnessed double digit improvement in office rents in the last quarter. The remaining cities saw...
Republic Hotels and Resorts has put in the highest bid for a hotel land parcel at the corner of Mohamed Sultan Road and Nanson Road.Its bid of $45.8 million works out to S$518 per square foot per plot ratio. The bids ranged from a low of $32 million to a high of $45.8 million. Republic Hotels and Resorts is linked to property developer City Developments. CDL says in a statement that Republic Hotels...
Ascendas REIT will build a distribution facility at Changi LogisPark for some $32.5m.The facility is expected to be completed by the start of 2008. A-REIT's existing customer Zuellig Pharma, a marketing and distribution company for pharmaceutical products, will be the anchor tenant. Zuellig has committed to leasing about 80 percent of the total lettable area for 10 years. In a statement, A-REIT said it...
A new $40 million road tunnel is to open in the Fort Canning area in January, after three years of construction. Motorists along Stamford Road will be able to drive straight through where the old red-bricked National Library used to stand.Currently, motorists have to slow down, turn and stop at two traffic light junctions, but when the tunnel opens, they can go straight to Penang Road into the town area...
JTC Corporation has launched a one-hectare land parcel at Serangoon North for sale by public tender.The 60-year lease industrial site has a maximum permissible gross plot ratio of 1.4 and is zoned for business development. It is one of three industrial sites being offered under the Government Land Sales programme for the second half of the year. The tender will close in six weeks. The third industrial...
There was a 43 percent jump in transactions for good class bungalows (GCBs) in the three months to September from a year ago.This brought the total transacted value for this class of the property market in the third quarter to $281 million. According to Knight Frank, the total transacted value of GCBs for the first 9 months of the year exceeded the $733 million recorded for the whole of last year. Prices...
Soaring prices of high end luxury apartments have sent third quarter profits of City Developments soaring.The property developer says its earnings for the three months to September shot up by over 250 percent to nearly S$128m. Strong contributions from hotel operations and the disposal of hotels to CDL Hospitality Trusts more than doubled the bottomline for the nine months to S$214m. On its prospects,...
Singapore's retail sales rose 1.7 percent from a year ago to S$2.30 billion due largely to increased sales at department stores and supermarkets, and higher spending on items such as clothes and footwear. The Department of Statistics said on Wednesday that compared to August, sales were up a seasonally adjusted 0.9 percent in September. Economists had expected the index to rise in September from August...