The Government will be reducing the housing supply next year, to prevent a glut in the market. On Monday (Oct 20), National Development Minister Khaw Boon Wan said the number of Build-to-Order (BTO) flats to be launched next year will be reduced by 25 per cent. This means a BTO programme of about 16,000 units next year, a drop from this year's 22,400 units. The number of sites released under the...
After a brief recovery in August, resale prices of non-landed private residential units dipped marginally by 0.3 per cent last month from the previous month because of healthy supply and the continuing impact of property cooling measures. Resale transaction volume saw an upswing following the end of the Hungry Ghost Festival, but rental volumes continued to decline, a flash report released yesterday by...
Penang chief minister Lim Guan Eng today (Oct 14) unveiled a new mixed-use development project led by a joint venture of Singapore’s Temasek Holdings and Penang’s state development agency, Penang Development Corporation. This comes as both governments take further steps to strengthen their trade and investment links. Situated near Penang’s Bayan Baru Free Industrial Zone, the S$500 million...
A steering committee has been set up to drive the development plans for Jurong Lake District and its surrounding areas, Deputy Prime Minister Tharman Shanmugaratnam said. The committee will be headed by Culture, Community and Youth Minister Lawrence Wong. It will comprise members from the public and private sectors, as well as the community. Mr Tharman, who also a Member of Parliament for Jurong GRC,...
Another long-serving senior CapitaLand executive has resigned, worsening an exodus that has already seen the departure of its deputy chief executive and the head of shopping malls. “Wong Heang Fine, CEO, CapitaLand Singapore (Residential), will be leaving the organisation at the end of October 2014 to pursue other professional interests," CapitaLand Group CEO Lim Ming Yan said in a statement early...
Buyers returned to the private housing market in September, with sales of homes surging 48.3 per cent from the previous month. Excluding executive condominiums (ECs), developers sold 648 new units last month, up from the 437 units sold in August, data from the Urban Redevelopment Authority showed on Wednesday (Oct 15). Including Executive Condominiums (ECs), 707 new units were sold in September. The...
To cater to its expanding e-commerce logistics business and the growing market, Singapore Post (SingPost) is investing about S$182 million to develop a three-storey eCommerce Logistics Hub in Tampines LogisPark. The company said in a statement on Tuesday (Oct 14) that the e-commerce logistics market in Asia Pacific is estimated to grow to more than US$175.24 billion by 2016, and the new logistics hub...
Ratings agency Moody's Investors Service on Monday (Oct 13) said regulatory proposals to tighten Singapore's Real Estate Investment Trusts (S-REITs) are "credit positive". The US-based firm added that the regulatory proposals by the Monetary Authority of Singapore (MAS) would foster financial discipline, enhance corporate governance and strengthen investor confidence. The proposed changes include...
Transfers of industrial properties due to corporate restructuring will now be exempted from Seller's Stamp Duty, after the Stamp Duties Amendment Bill was passed in Parliament on Wednesday (Oct 8). Senior Minister of State for Finance and Transport Josephine Teo said the exemption is granted to minimise the impact of the Seller's Stamp Duty on non-speculative business transactions. These include...
The first multi-tenanted development in Singapore hosting an integrated ecosystem of companies in the surface engineering industry, the JTC Surface Engineering Hub, was officially opened on Thursday (Oct 9). The S$59 million hub sits on a 1.9-hectare site at the newly-redeveloped Tanjong Kling estate. A key feature is its centralised wastewater treatment plant, which helps companies involved in surface...