BT recently reported that Singapore-listed City Developments Ltd (CDL) may be at the preliminary stages of exploring the possibility of carrying out a third profit participation securities (PPS) exercise - this time for a portfolio of 48 apartments in three of the property developer's completed projects in Singapore's Core Central Region. It is interesting to look at the merits of this latest exercise...
STARHILL Global Reit on Wednesday announced the new base rents for its Toshin master lease, which is 5.5 per cent higher than the existing rate, and is effective for three years starting June 8, 2016. The rate is based on the average of three market rental valuations done by independent licensed valuers. The Toshin master lease accounted for about a fifth of the Reit's portfolio gross rent in March...
MINISTER for National Development Lawrence Wong said the government factored in the drop in the number of remaining unsold private homes, as well as the corresponding pick-up in new private home sales at a monthly average rate of 600 units over the last 12 months, in minting the second-half state land sales programme. In a blog post titled "Finding The Right Balance" on Wednesday following the Ministry...
The Ministry of National Development (MND) announced on Wednesday (Jun 8) that it has launched four Confirmed List sites and 11 Reserve List sites under the Government Land Sales (GLS) programme for the second half of 2016. The Confirmed List sites include three private residential sites at Fernvale Road, Perumal Road and West Coast Vale, and a commercial and residential site at Upper Serangoon Road,...
Jalan Besar Plaza will be put up for sale again after a bid to sell the building last November failed, real estate group Huttons said on Monday (Jun 6). The 36-year-old building will be launched for public tender on Tuesday at a minimum price of S$380 million, or S$2,115 per square foot per plot ratio. The sale in November had priced the building at S$390 million but did not receive any bids. The...
BlackRock has agreed to sell a 43-storey office building in Singapore to Qatar Investment Authority, a sovereign wealth fund, for S$3.4 billion, in what the US firm said was the largest-ever single-tower real estate deal in the Asia-Pacific region. Asia Square Tower 1, located along Marina View at Marina Bay, has more than 1.25 million square feet of net lettable area and has Citigroup as its anchor...
In response to growing demand for database storage, global data centre provider Digital Realty Trust launched its second data centre in Singapore, Digital Loyang Way, on Thursday (Jun 2). The 177,000 square feet facility is designed to accommodate a wide range of customer deployments from cloud service providers to financial services customers in an efficient and eco-friendly manner. Located in...
The Urban Redevelopment Authority (URA) has launched an online portal for people to search for information on land matters without having to pay a fee, National Development Minister Lawrence Wong wrote in a blog post on Thursday (Jun 2). The portal, called URA SPACE (Service Portal and Community e-Services), consolidates detailed information such as land use plans, urban design guidelines, property use...
Funan DigitaLife Mall closes for renovations this month, and while some retailers at the IT and electronics hub have indicated they are moving operations online, at least two players said they are sticking with brick-and-mortar stores. One of them is AddOn Systems, which has been at Funan for as long as the mall has existed. This connection will come to an end when AddOn moves to Bugis Junction after...
Owners at Harbour View Gardens in Pasir Panjang are hoping to make it second time lucky, after launching the project for collective sale at about $34 million yesterday. About three years ago, the proposed sale of the site to Roxy-Pacific Holdings for $33 million was blocked by the High Court, and the decision was upheld by the Court of Appeal. The basis for the rejection was that the public tender...