There is a new hotelier in town and Mr Satinder Garcha, who is ranked 48th on the Forbes' Singapore rich list, plans to shake up the luxury boutique hotel sector in Singapore. Mr Garcha made his money in the new economy, in Silicon Valley, before moving on to develop luxury landed homes in Singapore such as The Green Collection in Sentosa Cove. A 1950s Art Deco building on Syed Alwi Road once housed...
IN the heyday of the retail-property market, many landlords were eager to slice retail spaces into smaller units to lease out at higher rents per square foot. Now in the face of softening rents and dwindling tenant sales, some landlords are changing tack to lure back the bigger tenants they were once inclined to shoo away. While this curating of tenant mix may lend support to mall occupancies and...
THE rental gap between prime spaces in suburban malls and Orchard malls has been narrowing - and this trend is slated to continue into 2016. Property consultants noted that the relative resilience of suburban malls stems from their larger local catchment and lower susceptibility to tourist spending, which has been dealt a blow from lacklustre tourist arrivals and competition from other global cities for...
THE Singapore Government Land Sales programme (GLS) for the first half of 2016 will comprise four sites on the Confirmed List and 12 sites on the Reserve List. In all, these sites can yield up to 7,420 private residential units, including 1,460 executive condominium (EC) units, and 272,600 square metres gross floor area (GFA) of commercial space, the Ministry of National Development said on...
THIS year's tally of investment sales of property - big-ticket transactions of at least S$10 million - is set to be the lowest in six years, preliminary numbers from CBRE and Savills Singapore show. Still, the tally will not be as bad as that for 2009, when transactions dived during the Global Crisis. Savills' numbers reflect S$16.7 billion of deals so far this year (up to Dec 16), - about 11 per...
Developers sold a total of 759 private residential units in November, a 39 per cent uptick from 548 units sold in October and representing a 79 per cent jump from a year ago. The top selling project last month was MCC Land's The Poiz Residences in Potong Pasir that was launched during the last weekend of November and sold 277 units at a median price of S$1,440 per square foot (psf). This was followed...
The Urban Redevelopment Authority (URA) released the detailed sales conditions for the White site at Central Boulevard today. The land parcel is available for application under the Reserve List of the second half 2015 Government Land Sales Programme. Located within the heart of the new growth area at Marina Bay, the future development on the White site will contribute to building up the critical mass of...
More than 150 motor workshops are expected to move out of Sin Ming Industrial Estate in the third quarter of 2016, to free up land for higher intensity development as part of the Housing and Development Board (HDB)'s Industrial Redevelopment Programme. HDB said that all affected tenants have already selected their replacement units in a new multi-storey complex, AutoCity, right next door. Those...
Real estate giant City Developments (CityDev) will inject three of its office properties into an investment platform, in a move that will free up hundreds of millions of dollars in funds for new investments. In a statement on Tuesday (Dec 15), CityDev said the three properties are Central Mall (Office Tower), 7 & 9 Tampines Grande and Manulife Centre. The properties - valued at around S$1.1 billion -...
Real estate fund manager M&G Real Estate will become the sole owner of Compass Point mall in Sengkang, after entering into a deed to buy the remaining 18.99 per cent of shares it does not already own. M&G said on Wednesday (Dec 16) it will be buying the shares from FCL Centrepoint, a subsidiary of Frasers Centrepoint. The transaction is expected to be completed in February next year, M&G added. FCL...