Fragrance Assets, a unit of mainboard-listed Fragrance Group, has put in the top bid of S$15.5 million for a hotel site at Short Street. The Urban Redevelopment Authority said it received a total of 15 bids, ranging from S$8 to S$15.5 million. Other companies that had tendered for the site include Regal Land, Centurion Properties and Sim Lian Land. Property consultancy CBRE said the strong response...

Brokerage Nomura said prices of residential assets in Singapore will take a W-shaped recovery, instead of its previous forecast for a U-shaped upturn. In a research report, Nomura predicts that there will be a positive quarter-on-quarter rise in property prices in the third quarter this year. This could occur because developers have seized on the recent positive market sentiment to clear their...

Property consultancy Colliers said the amount of shadow space in Singapore has increased by almost half in a short span of two months. In a research report, the firm said the shadow space increased by 48 per cent from an estimated 250,000 square feet in March this year to 370,000 square feet in May. The amount of shadow space or excess office space that companies have leased but are looking to sublet is...

Developer CapitaLand's unit Australand said it has teamed up with St Hilliers to undertake a A$300 million public housing redevelopment project in Victoria, Australia. The project spans 7.5 hectares across three sites in Carlton, Victoria. It will involve replacing 192 old, outdated flats with over 240 new public and social housing apartments and 500 new inner city, residential homes. Construction of...

Cost of living in Singapore continues to be high, propelling it into the top ten most expensive locations within the region. A report by human resources consultancy, ECA International, found that Singapore is the 10th most expensive city in Asia and 72nd worldwide. The firm said price rises have not slowed down as much in Singapore as in other parts of Asia in spite of its weakened currency. In...

Property agents receiving more enquiries about units at the Cove BUYING and selling activity is returning to Sentosa’s home market, the district billed as a premier waterfront living dream, after suffering lacklustre demand during the shock of the global financial meltdown late last year. The hard-hit months of October and November saw zero caveats lodged, according to data on the Urban Redevelopment...

WITH sentiment in the mid- to mass-property market improving, the focus is now shifting to mid- and high-end projects, said Merrill Lynch in a report. Developers, riding on the renewed interest, “will be looking to move up the market and start launching their mid- to high-end projects which have been previously held off”, the report said. For the potential upcoming launches, Merrill estimated that...

The iconic South Beach development project along Beach Road is back on track, after a City Developments-led consortium secured S$1.2 billion in new funds. The South Beach Consortium will get money in the form of an S$800 million bank loan, and S$400 million in secured convertible notes. The South Beach project came about after a hot contest for a land parcel at Beach Road. The South Beach consortium,...

Marina Bay Sands integrated resort has said it is on target to top out its hotel towers early next month. The company said the towers have passed level 50, just five floors away from the peak of 55 storeys. Las Vega Sands' Chairman Sheldon Adelson will attend the topping out ceremony. The integrated resort will feature facilities like casino, convention and exhibition halls, a 2,600-room luxury hotel...

The Urban Redevelopment Authority (URA) has launched a site at Woodlands Industrial Park and Woodlands Avenue 4 for sale by public tender. It said a developer has committed to bidding at least S$12.5 million for the land parcel. The parcel has a site area of about 2.5 hectares and a gross plot ratio of 2.5 with a lease period of 60 years. It can be developed for a range of clean, light and general...