Business parks are set to see occupancy rates go beyond 90 per cent by the end of June this year to hit a new peak, according to property consultants CB Richard Ellis (CBRE). At the end of March, the average occupancy rate for business parks stood at about 88 per cent. CBRE said office space shortage and persistent rent increases are driving office tenants towards industrial properties. This has pushed...
Singapore will introduce a new Long Term Pass (LTP) card to all foreigners residing in Singapore on Student’s Pass (STP), long term visit pass, Employment Pass (EP) and Dependant’s Pass. The move is part of the government’s initiative to enhance the national security of the country, said the Immigration & Checkpoints Authority (ICA) and the Ministry of Manpower (MOM) in a joint statement on...
Urban Resort is located in the coveted District 9 of Singapore, right in the heart of Orchard Road. It’s only 3 minutes away from Somerset MRT Station and walking distance to Orchard Road shopping belt. This development consists of large 3 & 4 bedroom unit sizes which are a rarity in the city living Singapore. With only 64 units in the development, Urban Resorts ensures exclusivity for a chosen...
IT ROSE to fever pitch just 12 months ago, but as the latest property market figures roll in, the en bloc charge could be all but over for property owners and developers alike. Price growth in the private residential market slowed for the third straight quarter to 0.4 per cent, even as Housing Development Board resale prices grew strongly by 4.4 per cent between April and last month. This petering off in...
S’pore-designed: energy-efficient device cools air to 25 degrees Celcius When the Sentosa integrated resort opens in a few years’ time, visitors may enjoy aircon temperatures even as they queue outdoors. This is thanks to a new Singapore-designed device that chills air to about 25 degrees Celsius and consumes 20 per cent of the energy required by traditional air-conditioners using fans and solar...
SPRING Singapore is putting its headquarters up for sale ahead of a possible move to the second phase of Fusionopolis at One North. The Government’s enterprise development agency hopes to then lease half of the building’s units: back for the next two years for its roughly 300 employees while its new headquarters is being built. While no deal has been signed for Fusionopolis, it is understood that...
HDB upgraders’ demand for condos outside central region could also rise AS SOARING rental rates add to their cost burden, more Permanent Residents (PRs) are snapping up Housing and Development Board (HDB) resale flats. “Two years ago, you would pay less than $1,000 a month in rent for a four-room flat but now, you would be paying almost $2,000,” said PropNex chief executive Mohamed Ismail. “If...
The SPRING Singapore building at No. 2, Bukit Merah Central has been put up for sale by expression of interest. The property comprises a 22-storey tower block and a six-storey podium block. SPRING Singapore sits on an area of 88,295 square feet and the building has a total gross floor area of 355,153 square feet. The property has a lettable area of 198,744 square feet and is almost fully occupied. The...
UBS said more instability is expected in the relatively cool real estate investment trust (REIT) market before it picks up, and this turnaround could happen as early as the last quarter this year. Although REITs have been under pressure in the current volatile market, some other market-watchers said they expect to see new REITs being launched within the next six to 12 months. Retail and healthcare REITs,...
Mapletree Investments has formed a joint venture with Arcapita Bank of Bahrain to hold a portfolio of industrial properties bought from JTC Corp. The assets are worth a combined 1.7 billion Singapore dollars. Arcapita will hold a 56.5 per cent stake in the joint venture called Mapletree Industrial Trust (MIT). Mapletree will own 25.1 per cent, while the rest will be held by Mapletree Industrial Fund, a...