Come mid-2016, the Tanjong Pagar Centre will be the tallest building in Singapore, towering over the Central Business District at 290 metres. Developer GuocoLand Group launched the office and retail components of the project on Wednesday (Feb 4). The integrated mixed-use development will have six storeys of F&B and lifestyle offerings and public spaces for recreational and community...
The resale prices of Housing and Development Board (HDB) flats rose 0.6 per cent on-month in January, the first increase in 12 months, the Singapore Real Estate Exchange (SRX Property) said on Thursday (Feb 5). Still, an ERA analyst cautioned that the price increase does not mean the market is rebounding. “The increase has more to do with the up and down fluctuations that is associated with tracking...
The Urban Redevelopment Authority (URA) is looking for more opportunities to develop underground space in land-scarce Singapore. In an exclusive interview with Channel NewsAsia, its chief planner and deputy chief executive officer Lim Eng Hwee said that building underground is a new frontier for Singapore and presents “almost unlimited potential”. Some of the major underground projects that have...
The three-month Singapore Interbank Offered Rate (SIBOR) continued to push higher on Monday (Feb 2), touching 0.67863 per cent. SIBOR is a key interest rate that housing loans in Singapore are pegged to and it has been on an upward trend since the end of last year. Expectations are that home buyers may have to service higher monthly mortgages, and industry watchers have said this could reduce...
In an exclusive interview with Channel NewsAsia, the Urban Redevelopment Authority’s (URA) Chief Planner and Deputy Chief Executive Officer Lim Eng Hwee said URA intends to intensify efforts to decentralise business activities and commercial centres outside the city. Decentralisation is a way to achieve a more sustainable growth by distributing commercial activities to various parts of the island,...
A consortium led by Perennial Real Estate Holdings (PREH) has acquired AXA Tower in downtown Singapore for S$1.17 billion. The 50-storey office tower with some retail space has a total net rental area of about 674,000sq-ft. This translates the acquisition price to about S$1,735sq-ft. Located within the Central Business District near Tanjong Pagar MRT station, AXA Tower has a total Gross Floor Area...
The Republic’s banks are expected to weather the correction in the city-state's home prices as household debts are low relative to assets, Fitch Ratings said in a commentary on Friday (Jan 30). Fitch also said local banks DBS, Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) have healthy loss-absorption buffers, which will help them weather a significant rise in credit costs. The...
Local property listings start-up 99.co officially launched its website on Thursday (Jan 29). According to the start-up, it has received new funding of S$2 million from investors including Facebook co-founder Mr Eduardo Saverin and venture capital firm Sequoia Capital. 99.co said its website uses a search function that sorts listings based on location and relevance and is less reliant on paid...
Resale prices of private homes fell again in December, according to Singapore Residential Price Index (SRPI) estimates released on Wednesday (Jan 28). The SRPI, compiled by the National University of Singapore's Institute of Real Estate Studies, showed overall prices declined 1.2 per cent in December from the previous month. In November, prices fell 0.4 per cent from a month earlier. Prices of homes...
What goes into building a city and what does it take to build a city from the ground up? Managing Director at PwC Capital Projects & Infrastructure, Keith Martin said on Tuesday (Jan 27): "The starting point of good planning is really to understand the demand for a new city space or new urban development. “So, there must be a way of measuring demand, assessing that demand, understanding the type...