Rents in Singapore's prime residential sector are expected to ease further. According to consultants Jones Lang LaSalle, it's expecting to see a 4.5 per cent contraction for the whole year. It has already weakened by two per cent year to date. In its mid-year review on the Singapore property market, Jones Lang LaSalle also notes an easing in the resale prices of luxury projects in the prime...

CapitaLand intends to build an estimated 1,500 mid to high-end homes in prime District 10 on a site that currently houses the Farrer Court estate. The developer and its partners bought the site off Farrer Road in a collective sale last June for some S$1.34 billion. Revealing plans for the project on Thursday, CapitaLand said the new development will have seven blocks of 36-storeys each, with mainly two,...

The Singapore Land Authority (SLA) has awarded the first two sites for transitional office space this year. One of the most keenly-watched sites was the former Home Affairs Ministry complex at Phoenix Park. The parcel was awarded to LHN Facilities Management, which will pay S$368,888 in rent per month. 11 bids were received for the Phoenix Park site, 10 of which were above the guide rent of S$165,000...

CapitaMall Trust will distribute 3.52 cents per unit for its second quarter, up 13 per cent on year. The figure was slightly higher than expected. The mainboard-listed REIT booked a 20 per cent on-year increase in distributable income to S$58.7 million in the second quarter. CapitaMall Trust said on Thursday it is optimistic it can deliver its projected distribution of 13.9 cents for 2008. It cited...

Up to 75,000 new jobs could help to prop up market HOMES for the masses have always been the backbone of Singapore’s residential market. And, with the two integrated resorts (IRs) expected to employ some 75,000 people, demand for such housing is likely to go up. Both IRs are expected to draw a significant influx of “foreign talent”, simply because Singapore does not have enough people with the...

Developer wants to build luxury homes and hotels across Asia and Europe FOLLOWING the launch of The Hamilton Scotts on Scotts Road, its developer Hayden Properties is now setting its sights on the region and beyond to develop and build similar ultra-luxurious homes. Hayden has an interesting mix of owners. It is 50-per-cent owned by KOP Capital, founded by 39-year-old lawyer Ong Chih Ching and Leny...

Office rents in Singapore are starting to show signs of peaking, said property analysts. They noted that prime rental costs have generally increased at a far slower pace in the first half of this year, compared to 2007. Looking ahead, they expect office rents to soften even more towards the end of 2009 and early 2010 as demand for prime space eases. Donald Han, managing director of Cushman &...

Property developer Hiap Hoe has put in the top bid of S$73.3 million for a hotel site at Balestier Road and Ah Hood Road. The price works out to S$172 per square foot per plot ratio for the 99-year leasehold site. Consultants CB Richard Ellis said the bid is relatively low compared to other hotel sites. The site has a maximum gross floor area of 425,942 square feet, which can potentially yield some 675...

Southeast Asia's biggest property developer, CapitaLand, has set up a US$1 billion private equity fund to invest in mixed-use commercial properties in China. The size of the fund could be increased to US$1.3 billion by the end of this year. The Raffles City China Fund is the first for CapitaLand in China and also the largest in value it has ever managed. The fund will target prime mixed-use commercial...

FOR nine months over an unfolding global credit crunch, developers here held back from pushing out condominiums and houses into the market. Homebuyers found little variety in the showrooms. But when the supply gate was unlatched in June, interest poured back in — especially into the mass-market segment — resulting in a bumper month for sales despite the recent stock market and economic gloom. In...