ION Orchard will open its doors on Tuesday in its soft opening, with over 70 per cent of the shops ready for business. It is the second major mall to open in a decade along the prime Orchard Road shopping strip, with 96 per cent of its space leased. After two and a half years, and more than S$2 billion in investment and construction costs, the eight-storey mall, with a retail mix of established brands,...
Singapore-listed K-Reit Asia has reported a second quarter distribution per unit (DPU) of 2.64 cents. This is up 21 per cent from a year ago. The manager of the property trust says the higher DPU was mainly due to higher rental rates for new and renewed leases. Net property income for the three months ended June grew 34 per cent to S$12.3 million. K-Reit says it will pay out 4.99 cents for the period...
Mainboard-listed Australand says it expects the value of its investment property portfolio to drop by 235 million Aussie dollars for the six-month period ended June. This is about 10 per cent lower compared to what the portfolio was worth at the end of last year. The company, which is also listed in Australia, says it has also undertaken a review of its residential, commercial and industrial development...
The Urban Redevelopment Authority (URA) has decided to keep the existing guidelines where live music and performances are not allowed in restaurants and pubs located in private shophouses near residential estates. URA's decision followed the feedback it received from a public consultation exercise. It launched an online survey in September last year to gather the public's views on the planning guidelines...
Singapore-listed Advance SCT says its unit Tsing Yi Enterprises has entered into a sale and leaseback agreement for a factory at Kranji Crescent. Tsing Yi will sell the property to Shingda Construction for S$6.3 million and lease it back. Based on the net book value of the property, the company will register a S$370,000 deficit from the proposed sale. However, Advance SCT says the move will enable it to...
THE tweak to property tax announced last week - from Jan 1 next year, individuals who have sold a property in the prior four years will be subject to income tax on any subsequent home sales - is more than equitable. In fact, taxes should be imposed on every property transacted irrespective of the number of times a sale is carried out. I was recently invited to a property launch only to be informed that...
One of Singapore’s leading property developers, Far East Organization, announced the launch of Silversea, its 383-unit mid-upper range condominium on Amber Road (on the former Amberville HUDC apartment site) at prices starting from $1,300 psf, with sea-facing units at $1,600 psf. The launch of Silversea is likely to bring the spotlight back on the Amber Road and Marine Parade neighbourhood, and stir...
4 bedroom + maid room All rooms are ensuite Property Types: Terraces (from 3,100sqft) and Semi-D(4,209sqft). Email [email protected] with the following for more information: Jansen 8 / Name / Contact # / Property Type...
A new five-star hotel with luxury shopping outlets will soon replace the former Crown Prince Hotel along Orchard Road. Set to open next year, the Grand Park Orchard Hotel and the Knightsbridge retail space linked to it will add to the buzz along the rejuvenated shopping district. Its retail space will almost double to about 83,000 square feet. It is part of Park Hotel Group's plan - which was conceived...
Plans are underway to ensure that all property agents in Singapore have proper accreditation by the end of this year. According to the Singapore Accredited Estate Agencies (SAEA), it is working with the Workforce Development Agency (WDA) to equip more agents with a formal certification. Out of 30,000 property agents in Singapore, only about 6,000 have sat for exams. The SAEA plans to introduce an...