2008 saw a drastic fall in sales of luxury apartments in Singapore. Property consultancy CB Richard Ellis said 1,096 caveats were lodged in 2008 – a fifth of the sales volume in 2007. In 2007, the average launch price of luxury projects ranged from S$2,000 to S$4,000 per square foot. But by the end of 2008, the average launch price of such homes had fallen to a range of between S$2,000 and S$2,600 per...
Shares of CapitaCommercial Trust (CCT) rallied to a two-month high on Wednesday following an announcement that it would refinance as much as S$580 million of mortgage-backed securities. The counter was up 7 per cent to S$1.00. Analysts are also cheering the company's decision to scrap a billion-dollar redevelopment plan in Singapore's business district as more developers are expected to hold back...
Court said temple's acquisition based on planning factors AN APPEAL by three devotees to get back the site of their 66-year-old temple off Bartley Road has been dismissed. In an 18-page judgment released on Monday, the Court of Appeal rejected the trio's contention that the Government's acquisition of the land had violated the Republic's Constitution. The three devotees of Jin Long Si Temple - Ms Eng...
Businessman accused of vandalising property at East Coast estate WHEN the possibility of a collective sale for Laguna Park was announced in December 2007, some residents held back, hoping this would drive up the estate's value. But things turned ugly later at the East Coast area condominium, which was hit by a spate of vandalism cases after several residents opposed the sale. Cars belonging to residents...
CAPITACOMMERCIAL Trust (CCT) has scrapped plans to redevelop the Market Street car park into a grade A office building, which could have cost up to $1.5 billion. "The manager, after taking into consideration the uncertain market outlook, tight credit conditions, high redevelopment cost and significant size of the project, has decided to abort the project immediately," the Singapore-listed real estate...
When the possibility of a collective sale for Laguna Park was announced in December 2007, some residents held back, hoping it would drive up the estate’s value. But matters turned ugly later at the East Coast condominium, which was hit by a spate of vandalism after several residents opposed the sale. Cars belonging to residents against the sale were splashed with paint or scratched, while mailboxes...
Singapore's public housing market is expected to do well this year, compared to the slumping real estate markets across Asia. The economic slowdown means homebuyers are likely to opt for cheaper units from the Housing and Development Board (HDB) over more expensive housing like condominiums. On the private housing front, transaction volumes and prices have fallen at an increasing pace in recent months...
CapitaCommercial Trust (CCT) has decided not to redevelop the Market Street Car Park into a commercial building. The redevelopment is estimated to cost up to S$1.5 billion. CCT said the decision was based on the uncertain market outlook and conditions like tight credit and high redevelopment costs. CapitaCommerical Trust Management CEO, Lynette Leong, said: "In line with our prudent approach to capital...
PROPERTY hunters put aside the gloomy economic outlook last weekend and turned out in force to check out - and even buy - new flats. At Nova 88 in Balestier - likely to be the only new official launch so far this year - about 500 visitors thronged the showflat, said developer Roxy Homes. About 20 per cent of Nova 88's units were sold, with prices ranging from $900 to $990 per sq ft. Some 20 per cent...
A 30-per-cent fall in rental market expected this year TENANTS for office space are beginning to enjoy more bargaining power as increased supply for such commercial property and a weakening economy drive rents lower. This is good news for business owners such as Mr Hu Yinghan. Mr Hu, who runs an events company Apesnap in Chinatown, will be asking for much lower rent when his lease runs out at the end of...