The Singapore Botanic Gardens was a scene of jubilation on Saturday (Jul 4) evening. Close to 100 people witnessed a historic moment as the Gardens was inscribed as a UNESCO World Heritage Site following a unanimous endorsement by the 21-member World Heritage Committee. "For me, there is a gush of joy ... that we are there, that we've reached. And it happens during our Jubilee year," said a...
Local property group Perennial Real Estate Holdings is making a foray into healthcare for the first time through a joint venture (JV) in China which plans to acquire and develop hospitals. Perennial will be investing S$63 million for a 40 per cent stake in the JV while the remaining 60 per cent will be held by Guangdong Boai Medical Group Co, a subsidiary of China Boai Medical Group (BOAI), a...
Located in the suburbs close to the Sengkang and Punggol districts, High Park is an imposing residential project overlooking the forests of Fernvale, with commanding views of the Straits of Johor. The 99 year condominium development comprises 6 towers up to 25 storeys tall, accommodating 1390 residential and 9 commercial units. Conceived and managed in the style of a resort, the development provides a...
The Monetary Authority of Singapore (MAS) has refined its proposals to strengthen the real estate investment trust (REIT) market, following feedback from industry participants. The changes, which will be phased in to facilitate smooth implementation by the industry, include capping borrowings to 45 percent of the REITs' total assets, MAS said on Thursday (Jul 2). Currently, the cap on borrowing is 35...
Average office rents in the Central Business District (CBD) area in the second quarter of the year stayed flat quarter-on-quarter at S$10.85 per sq ft, property consultant DTZ said in a news release on Wednesday (Jul 1). According to DTZ, the slowdown in rental growth was also a result of slower demand in the face of uncertain global situations such as the risk of a sharp correction in China’s real...
Ascott Residence Trust (Ascott REIT) will acquire a prime property in Times Square, New York for US$163.5 million (S$220.7 million), it announced in a news release on Thursday (Jul 2). The acquisition – the REIT's first in US – of the 411-room Element New York Times Square West hotel will yield an EBITDA of 6.2 per cent, and it is expected to increase Ascott REIT’s distribution income in the 2014...
The overall private residential property index fell for a seventh straight quarter, with prices down by 0.9 per cent in the April to June period, compared to the 1 per cent decline in the previous quarter, according to Urban Redevelopment Authority (URA) flash estimates released on Wednesday (Jul 1). Prices of non-landed private residential properties declined in all market segments, the URA said....
Flash estimates of the Resale Price Index (RPI) for the second quarter of 2015 showed a 0.4 per cent decline in the prices of Housing and Development Board (HDB) flats over the previous quarter, HDB announced on Wednesday (Jul 1). The flash estimate for the index is 135.0, HDB said, down from 135.6 in the previous quarter – an eighth consecutive quarter of decline. The RPI for the full quarter will...
There has been a 38.5 per cent increase in the number of properties put up for auction in the first half of 2015 compared to the previous six months, according to a report by Colliers International. The report said there were 378 listings. Of these, 105 – or nearly 30 per cent – were mortgagee sales, 10 per cent higher compared to the second half of 2014, when there were 95 mortgagee sales. The...
The Urban Redevelopment Authority (URA) on Tuesday (Jun 30) released detailed sales conditions for the second commercial site at Woodlands Square. The land parcel is available for sale under the Reserve List of the first half 2015 Government Land Sales (GLS) Programme. The second commercial site will be in the Woodlands Regional Centre and will sustain the development momentum of the precinct as a key...