AccorHotels said on Wednesday it had entered exclusive talks to buy concierge service provider John Paul, as it pushes further into new hospitality services and beefs up its response to the challenges of Airbnb. Under the terms of the deal, AccorHotels - the world's fifth-largest hotel group - will acquire 80 percent of John Paul for about US$150 million in equity and debt, with the company's chief...
THE surge of interest in 2015 among property owners to convert residential developments to serviced apartments may have lost some steam this year. Some market watchers attribute this to a pick-up in residential sales while others point to a soft patch ahead for serviced apartments. Applications for such conversions jumped to 12 last year from five in 2014, and provisional permissions rose in tandem to...
DEVELOPERS Sinarmas Land and KOP have agreed, through their subsidiaries, to develop parts of Nuvasa Bay, a high-end integrated residential and mixed-use development in Nongsa, Batam. Sinarmas Land's subsidiary PT AFP Dwilestari and KOP's subsidiary KOP Properties on Sunday signed a memorandum of understanding to develop various parts of Nuvasa Bay's beachfront and lagoon areas for landed houses,...
A CHARMING single-storey bungalow on a sprawling site in Queen Astrid Park has changed hands for S$44.5 million. The buyer is understood to be a family member of Goh Hup Jin, son of billionaire paint tycoon Goh Cheng Liang. The transaction was an estate sale. The price works out to S$1,271 per square foot based on the freehold land area of 35,011 square feet. Located at the corner of Queen Astrid Park...
Faced with a looming November deadline to finish selling all its units in the completed Nouvel 18 condo project in a plush District 10 locale, City Developments Ltd (CDL) is racing to stitch together a profit participation securities (PPS) scheme for the project, BT understands. The deal, if it materialises, will see CDL's role in Summervale Properties, the company that developed the 156-unit freehold...
LATEST data from the National University of Singapore (NUS) provides yet another piece of evidence of greater price resilience of late in non-landed private homes in prime locations compared with other segments. June flash estimates for its Singapore Residential Price Index (SRPI) series - which tracks prices of completed private apartments and condos - showed that the subindex for Central Region...
INDUSTRIAL rents and prices have fallen for the fifth straight quarter as headwinds on the manufacturing and economic fronts, coupled with uncertainty in the market and supply outstripping demand, took its toll on industrial property in Singapore. The all-industrial rental index registered a 6.1 per cent year-on-year dip and fell 1.7 per cent on a quarterly basis, the latest statistics from JTC...
SC Global Developments Pte Ltd, a developer of upmarket residences, on Thursday unveiled an Enhanced Purchase Plan that allows prospective buyers of its Hilltops condominium to earn a 10 per cent return per annum on a 20 per cent downpayment - in what is believed to be the first such financing scheme in the market. Prospective buyers will be given a two-year option to purchase the units at a price that...
PRICES and rentals of industrial space in Singapore continue to fall in tandem with occupancy rates, while vacancy rates edge upward, a report has found. Prices for overall industrial property market in the second quarter fell 6.5 per cent year on year and 2.3 per cent quarter on quarter, JTC Corporation's latest statistics released on Thursday show. Industrial rents fell 6.1 per cent year on year...
PRICES of completed private apartments and condominiums in Singapore appreciated in June 2016 over the preceding month - contrasting with the month-on-month decline posted in May this year. National University of Singapore's (NUS) June flash estimate for its Overall Singapore Residential Price Index (SRPI) released on Thursday reflects a 0.6 per cent month-on-month (m-o-m) increase - contrasting with a...