It is estimated that some 100,000 foreign workers are living in illegal accommodations across Singapore, due to a severe shortage of dormitory space. One particular shophouse, for example, houses about 35 foreign workers. The narrow shophouse is cramped, and there are no windows or ventilation. In one of the rooms, six bunk beds are packed into a tight space measuring 1.5 metres by 6 metres. Despite the...
THE collapse of Lehman Brothers Holdings may contribute to an easing of demand for prime office space in Singapore, where commercial rents are already peaking amid slowing economic growth, property consultants said. The market turmoil that this week also forced the sale of Merrill Lynch to Bank of America and a bailout of American International Group will probably further slow expansion by international...
Minister for National Development Mah Bow Tan has stressed that no decision has been made regarding the building of foreign worker dormitories in Serangoon Gardens. Addressing the issue at a media conference on Wednesday, Mr Mah emphasised that the proposal was still in the initial stages. He said the different ministries would first conduct a technical feasibility study at the location. Should the site...
With the Housing and Development Board's (HDB) development costs up over the last year, young couples looking to buy a new flat may ask: Would I have to pay more? For Financial Year 2007-8, tender prices for its construction works grew about 22 per cent. In June, National Development Minister Mah Bow Tan had estimated they could jump another 20 per cent this year. Releasing the HDB annual report on...
CALL it a combination of financial need or greed, and exploding demand: As of last month, 21,000 flats had been rented out by Singaporeans, a near 60-per-cent spike from the 13,200 units just 17 months ago. Coming as it does three years after subletting rules were relaxed, Housing and Development Board chief executive Tay Kim Poh attributes this recent surge to changing market dynamics. "Rentals for...
Young adults are placing their parents on the waiting list because they don't want to live with them TWO current issues should raise some concern among Singaporeans. First, the tripling in the number of applications for HDB rental flats, as highlighted by Prime Minister Lee Hsien Loong at the National Day Rally, and second, news that more families are facing difficulty paying their electricity bills....
Switching from clothes to property, the Singapore brand remains very viable FOR those who want to foray into real-estate investment trusts (Reits) but are finding them a tad too expensive, a cheaper alternative would be former shirt maker and retailer Second Chance Properties. It is not exactly a Reit in the strict sense, as it has other businesses, including apparel, gold, jewellery and securities...
The Peak @ Balmeg (formerly known as Balmeg Court) is located in an area consisting primarily of landed properties, townhouses and low-rise apartments on the west coast of Singapore. The site is favourably situated on Balmeg Hill off Pasir Panjang Road, and is characterised by an exclusive and tranquil setting with sea views even from the ground level. The area is popular with both locals and expatriates...
Singapore's Housing & Development Board (HDB) said it is offering 8,400 new flats this year, which is 40 per cent higher than the 6,000 units offered in 2007. Of these, 5,000 flats have already been launched, with a good part of them sited in Punggol, which is earmarked as a waterfront town. Plans are also in the pipeline to address the issue of rising construction costs and high demand for public...
A new S$35 million waterfront promenade at Marina Bay in central Singapore will be ready by the end of next year. The Urban Redevelopment Authority has promised that visitors will get a panoramic view of the Bay from any spot on the promenade. Its key design features a continuous waterfront loop, and along the Bayfront, visitors can expect to see dancing water jets, an eco-friendly Visitor Centre, a Mist...