SINGAPORE'S Minister for National Development Lawrence Wong on Monday maintained that the property cooling measures have been effective in stabilising the property market and it remains "too early to declare victory and unwind the measures". A week ago, Member of Parliament Christopher de Souza (Holland-Bukit Timah) had reiterated his call for the government to take a gradual approach in easing the...
PROPERTY developer Oxley Holdings has agreed to sell 241 units at Plot 21 of the Royal Wharf Development in London for £59.9 million (S$115.6 million). The buyers have paid £1.8 million of the consideration amount, and will pay the remainder upon completion of Plot 21, which is expected to be in the fourth quarter of 2018. The sale was carried out by Oxley's wholly owned unit Oxley Wharf Property...
Office rents in Singapore's CBD fell by 3.9 per cent in the first quarter of this year from the previous quarter - their third straight quarterly decline - as concerns over a global economic slowdown dampened demand for office space. according to DTZ Southeast Asia, office rents fell to S$9.90 per square foot (psf) per month in Q1 2016, which is expecting them to continue dropping due to weak demand and...
Social networking site LinkedIn opened its S$80 million Singapore data centre on Wednesday (Apr 6) - the company's first data centre outside of the United States. The 23,500-square-feet facility is housed in Digital Realty Trust's data centre in Jurong, and will process all of LinkedIn’s online traffic in the Asia-Pacific region and handle about a third of global traffic, it said in a news release....
OFFICE rents in Singapore's central business district (CBD) fell by 3.9 per cent in the first quarter of this year from the previous quarter - their third straight quarterly decline - as concerns over a global economic slowdown dampened demand for office space. Office rents fell to S$9.90 per square foot (psf) per month in Q1 2016, according to DTZ Southeast Asia, which is expecting them to continue...
DISRUPTIVE technology may be shaking up the property valuations space, but the incumbents have sounded a note of caution to the use of computer-generated valuations. The Singapore Institute of Surveyors and Valuers (SISV) on Wednesday stated categorically that it does not recognise these valuations. "Such computer-generated values are not considered valuations (in accordance with SISV Valuation...
A PROPERTY fund managed by Alpha Investment Partners has taken full ownership of 78 Shenton Way after buying out partner Commerz Real's half stake in the asset. Alpha Investment Partners is part of Keppel Corporation. The transaction, said to have been done three weeks ago, was effected through the sale of shares in the special purpose vehicle that holds 78 Shenton Way. The deal priced the entire...
AccorHotels, Europe's largest hotel group, said on Tuesday it bought British high-end serviced home rental company onefinestay as it fights the rising challenge of online home-sharing company Airbnb and booking websites like Expedia. The world's fifth-largest hotel group, undergoing a reorganisation initiated by Chief Executive Sebastien Bazin, said it paid 148 million euros (S$228.56 million) for...
AN apartment on the third level of the plush Seven Palms Sentosa Cove has been sold by the developer for S$15.782 million - which works out to S$3,721 per square foot based on the strata area of 4,241 sq ft. The unit is on the third floor in the block next to Tanjong Beach. The buyer, a Singapore citizen, is understood to be in the telecom infrastructure business. The four-storey condo, comprising three...
THE trustees of an estate that holds a 25,741-square-foot freehold site on the ultra-prime Cuscaden Road are putting the property up for sale by tender. The site has a gross plot ratio of 4.2 times, which implies a gross floor area of about 108,112 square feet. Although a detached house currently sits on the site, the site has been zoned as "hotel" in the 2014 Master Plan. JLL, which has been engaged...