Analysts caution that banks here may not rush into home foreclosures THEY are flocking to the auction houses, hoping to find bargains. But each time the starting price is called out, there are audible sighs and shaking of heads. Still too high, say those who have been frequenting property auctions in recent weeks. Expectations are growing for some fire sales in the local property market, which is...
A study by real estate agency ERA has shown that the resale prices of Housing and Development Board (HDB) flats in Jurong appreciated faster than other suburban towns in Singapore. It compared median resale prices in the fourth quarter of 2008 to those in the first quarter of the same year. The study covered three- to five-room, and executive flats in Jurong West, Tampines and Woodlands. The comparison...
A group representing Asian property investors and developers has asked the Singapore government to step in, if necessary, to help real estate investment trusts (REITs) to refinance an estimated S$4 billion in debt due this year. The Asia Pacific Real Estate Association (APREA) has written a background paper on the issue. It said that real estate is a capital-intensive business, but at present there is...
Property developer City Developments (CDL) has denied market talk that it is planning a rights issue. In a statement to the Singapore Exchange, CDL said there is no truth to the rumours. Late last month, the company had issued S$100 million of Islamic notes to fund its shariah-compliant business. The trust certificates are due in 2010. On Wednesday, shares of CDL fell 4.2 per cent to S$5.28. The...
Residents of Gillman Heights condominium could learn by Wednesday if the S$548 million collective sale of their estate - to CapitaLand, Hotel Properties and two private funds - will go ahead. That is when the Court of Appeal is expected to decide whether the law governing collective sales should have applied to former Housing and Urban Development Corporation (HUDC) estates, such as Gillman Heights, prior...
The consortium which is constructing the Kallang Sports Hub is having difficulty in raising the necessary funds to start the project, due to the ongoing financial crisis. The government is in active discussions with the consortium to address this, as well as options on how to move the project forward. Minister of State for Community Development, Youth and Sports Yu-Foo Yee Shoon revealed this in...
Marina Bay Sands has announced in a statement that Nigel Roberts will be President of its Integrated Resort in Singapore. Mr Roberts joined Marina Bay Sands in January and will be responsible for preparing the resort for its opening this year and will oversee its operations into the future. He brings 35 years of international hospitality experience to the project, having worked in Asia, Australia, the...
Analysts don't expect supply glut as developers likely to defer construction of housing projects WHEN long queues outside showflats disappeared overnight during the 1997 Asian financial crisis, the poor demand combined with a supply glut to exacerbate the slump in Singapore's property market. A decade on, the supply side of the equation may be less dire, say pundits. In an analysis of the "supply...
Property consultancy firm DTZ Research said it will take 5.5 years to clear the inventory of unsold private residential units in Singapore as at the end of 2008. There are now 44,661 unsold private residential units. DTZ said based on a 10-year average take-up rate of 8,000 units, selling them all will take more than five years. In its latest report, DTZ said last year's unsold inventory was much lower...
Singapore developers are likely to pass on benefits from this year's Budget to their tenants. The Real Estate Developers' Association of Singapore (REDAS) said this will help them through the current tough times. Key players in the property industry came together to enjoy the traditional Lunar New Year dish, Yu Sheng (raw fish salad). The dish symbolises abundance and prosperity and Singapore developers...