Residents who live around NEX shopping mall and Serangoon MRT station will be within walking distance of Singapore's largest polyclinic when it opens in 2025. This was announced by Mr Seah Kian Peng, Member of Parliament for Marine Parade GRC, in a Facebook post on Sunday (Dec 8). The Ministry of Health is looking to ramp up the number of polyclinics from the current 20 to about 30 to 32 by...

Singapore has a property glut that could take years to clear, threatening to kill a nascent price recovery amid an already uncertain economic outlook. The city-state had an overhang of 31,948 units as of Sept 30, according to the Urban Redevelopment Authority. Sales have averaged about 2,500 homes per quarter this year, and at that rate it will take almost four years to clear the backlog, according to...

Developers continue to jump on the hotel-conversion bandwagon, with Fragrance Group for its flagship office building in Alexandra Road and Lian Beng for Wilkie Edge among the latest to have received nods from the Urban Redevelopment Authority (URA). The trend is being fuelled by the rise in hotel land values and a perceived shortage of hotel room supply on the island; this follows URA generally having...

You'll build and they'll come? Well, don't bet on it. That's what Singapore's authorities seem to be telling property developers, who are flooding the market with new homes. The builders themselves are getting nervous about the glut. But everyone — the prospective homeowner, the seller and the government — is actually lucky. A minor bubble got pricked in time, with exorbitant duties now charged...

SPH Reit has obtained A$205 million (S$194.8 million) in secured loans from Westpac Banking Corp to finance its proposed acquisition of a half-stake in Westfield Marion Shopping Centre. Inked in November, the A$670 million deal for the freehold mall in Adelaide, South Australia, will also be funded by a S$300 million issuance of perpetual securities in August plus S$164.5 million raised from a private...

Leshan Gardens, a 38-unit residential development off Geylang Road, is being sold for S$26.28 million by Kwong Wai Shiu Hospital, The Business Times understands. The buyer is an ear, nose, throat specialist doctor who also engages in the property business. Located at 1 Lorong 32 Geylang, Leshan Gardens is on a 16,412 square foot site with freehold tenure but Kwong Wai Shiu Hospital is carving out a...

The Urban Redevelopment Authority has made available for application a white site at Kampong Bugis and a hotel site at River Valley Road on the government’s reserve list. The sites, under the reserve list of the second-half 2019 Government Land Sales (GLS) programme, were recently carried over to the first-half 2020 GLS programme. The Kampong Bugis site, at the mouth of Kallang River, will be...

Housing Board resale prices have notched their biggest month-on-month increase this year despite a smaller number changing hands, according to flash data from real estate portal SRX Property on Thursday. Resale prices, which through most of 2019 have moved within a -0.2 to +0.2 per cent range, rose 0.6 per cent in November from October. It is the biggest monthly increase since January's 0.5 per cent...

Fong Yun Thai Association has put up its portfolio of 13 strata-titled semi-detached houses at Eleven @ Holland for sale via an expression of interest with a S$38 million guide price, marketing agent WTG Property announced on Wednesday. Said Chai Chin Yun, marketing director of WTG Property: "At the guide price, it works out to be approximately S$2.93 million for each house. A semi-detached house in...

The government is holding land supply for private homes steady for the first half of 2020, which should keep the residential market stable amid a big supply of unsold units. It said on Tuesday that it will keep the supply of private housing units on the confirmed list for the H12020 government land sales (GLS) programme broadly similar to that for H22019. The Ministry of National Development (MND)...