A 99-YEAR leasehold commercial and private residential site in Bukit Batok West Avenue 6 has garnered 11 bids at a state tender that closed on Tuesday, The top bid, from a tie-up between Qingjian Realty (BBR) and Qingjian Realty (BBC), was S$301.16 million. This works out to S$634.57 per square foot of potential gross floor area. Allgreen Properties was the second highest bidder, at S$277.98 million or...
City Developments Limited (CDL) may have placed great effort in recent years to grow its global footprint — from the appointment of an Australian as its very first CEO to rapid overseas expansion — but the listed homegrown property unit of diversified Hong Leong Group still very much wishes to remain Singaporean. The Republic, said CEO Grant Kelley, could be the company’s “hidden upside” when...
A total of 8,940 flats were launched on Tuesday (May 24), comprising 3,770 Build-To-Order (BTO) units and 5,170 balance flats, the Housing and Development Board (HDB) announced. Four new BTO projects were launched in Bukit Panjang, Sembawang, Ang Mo Kio and Bedok. A project in Bukit Merah originally planned for launch in May is undergoing further review to better integrate the project with the...
In an unprecedented move, the Council for Estate Agencies (CEA) has fined a property agency and barred it from undertaking any enbloc sale work for one year starting April 20, after it was found to have breached its duty as adviser and brought about a conflict of interest by offering incentive payments to several homeowners of Thomson View Condominium in exchange for their backing the development’s...
THE vacancy rate of warehouses in Singapore could hit close to 12 per cent in the coming quarters - around global financial crisis levels and up from the current 9.6 per cent in Q1 2016. It is no secret that the industrial property market is now soft, but global property investment management firm TH Real Estate believes that a severe supply overhang will cause the vacancy rates to spike. That said,...
SHUN Tak Holdings, a company founded by gaming tycoon Stanley Ho, has acquired its first property here. It is paying S$145 million for a prime freehold site at 9 Cuscaden Road, belonging to the late Tan Hoon Siang, the great-grandson of famous philanthropist Tan Tock Seng. The site, where a two-storey grey bungalow stands now, was put up for sale by his three sons, acting as trustees for his...
A more differentiated and customised shopping experience, as well as greater prominence for Singaporean craft and design could be in the works to strengthen Orchard Road’s appeal. A proposal for a “special precinct” called Upper Orchard, comprising the area stretching from Tanglin Road to Scotts Road, has also been put forward by City Developments (CDL). The district will have a “unique...
Once a famed shopping haven for Singaporeans and tourists alike, Orchard Road is at risk of going out of fashion, never mind the opulence and grandeur of new and refurbished malls lining the 2.2km boulevard. Even on weekends, the crowds have visibly thinned and vacancy rates have risen — at some of the older malls, more than half the shops on entire floors are empty. Faced with the combined...
Starwood Hotels & Resorts Worldwide is planning to expand its portfolio in the Republic with a new hotel at the downtown city centre under its lifestyle brand W Hotels. It would be the US-based hotel chain’s second property under this brand after W Singapore Sentosa Cove. It also has a property under St Regis brand here. Both of the Singapore properties managed by Starwood — St Regis Singapore and...
CapitaLand Commercial Trust (CCT), Singapore’s largest office real estate investment trust, will acquire the remaining 60 per cent stake it does not own in the CapitaGreen office tower for S$393 million. CCT will buy a 50 per cent share from CapitaLand group and another 10 per cent share from Mitsubishi Estate Asia, the company said in a filing to the Singapore Exchange on Monday (May 23). The...