A residential site at Tampines Avenue 10 drew 12 bids at the close of the auction on Tuesday (Apr 28), indicating strong demand from developers despite the soft property market. The Urban Redevelopment Authority (URA) said the 15,660.4 square metre 99-year leasehold site attracted a top bid of S$227.78 million from MCC Land (Singapore). This works out to around S$5,194.53 per square metre of gross floor...
More developments will receive the Universal Design Mark by the Building and Construction Authority (BCA) this year. A total of 37 projects - including condominiums, shopping centres and even parks - were certified this year, to have a design philosophy which considers people of all ages and abilities. This is up from 31 last year and 26 in 2013. Some of the universal design features at Singapore’s...
Property developer Frasers Centrepoint (FCL) will build a 16-storey hotel at China Square Central following an agreement that will see the developer pay Frasers Commercial Trust (FCOT) around S$44.8 million, FCOT announced on Monday (Apr 27). The hotel, with a gross floor area of 16,000 square metres and located near Cross Street, will be operated by Frasers Hospitality under the "Capri by Fraser"...
Private healthcare provider Raffles Medical Group will open a new medical centre at Shaw Centre in June to bring a full range of medical and specialist services to patients in the Orchard Road area. The announcement came as the healthcare provider booked a net profit of S$15.1 million for the first quarter of 2015. This marks a 3 per cent growth from the same period a year ago. Raffles Medical Group...
Prices of private residential properties decreased 1 per cent quarter-on-quarter in the first quarter of 2015, representing the sixth straight quarter of price decline, the Urban Redevelopment Authority said on Friday (Apr 24). The price index for Q1 dropped to 145.5, from the previous quarter's 147.0. The decline was seen across the whole private residential property market, with non-landed properties...
The property oversupply situation in Iskandar Malaysia, Johor, is "likely to get worse before it gets better", said Maybank Investment Bank's research wing in a report, with property values in an increasingly crowded development space possibly declining over the medium term. In a research note issued by the Malaysian bank on Tuesday (Apr 14) urged investors to be cautious about the region, noting...
The Scorpio East building at 25 Tai Seng Avenue has been put up for sale by Expression of Interest by property consultant Colliers International. The seven-storey industrial building within Paya Lebar iPark sits on a 27,000 sq ft site that presently has a balance lease of 51 years, Colliers International said in a press release on Wednesday (Apr 22). With a total gross floor area of approximately...
Perennial Real Estate Holdings Limited (PREH) announced on Tuesday (Apr 21) that it has entered into a joint venture to acquire a freehold waterfront site in Penang, Malaysia to be developed into a large-scale integrated mixed-use development. The 50-50 joint venture between the group’s Singapore-incorporated subsidiary Perennial Penang Pte Ltd and IJM Land Berhad will turn the site into what it...
With the residential property market remaining sluggish, analysts have said more homeowners are choosing to rent out their homes first, hoping to fetch a better selling price when the market recovers. However, this is putting downward pressure on rentals. Industry watchers said tenants are now signing shorter leases, expecting rentals to dip. Prices of private homes have been on the downward trend...
Increases in the price and rental of industrial space have "slowed sharply", according to data from JTC on Thursday (Apr 23). The slowdown follows the increase in supply of industrial land and space in recent years, and in tandem with moderation in occupancy rates, it said in a news release. The rental rate movement in for all industrial properties fell 2 per cent year-on-year in the first quarter of...