PRIVATE property sales by developers remained weak last month, with 441 units sold. That may be up 55 per cent from the 284 units sold in April, but over 3,000 new units remained unsold. That was despite developers cutting their prices for homes in 18 developments last month. Median prices for The Verve along Jalan Rajah, for example, dropped 17 per cent from $1,187 per sq ft (psf) in March to $985 psf in...

There has been a sharp pick-up in the number of private home sales in May - more than 441 homes changed hands, about 56 per cent higher than the previous month. Despite the spike, analysts said it is premature to talk about any strong rebound in the property sector. Colliers International’s director of research and advisory, Tay Huey Ying, said: “I wouldn’t say that this set of May numbers give a...

There will be changes to the CPF Minimum Sum, the Medisave Minimum Sum and the Medisave contribution ceiling from July 1. The CPF Board said the new CPF Minimum Sum will be S$106,000, up from S$99,600 currently. CPF Members who set aside this amount will get a monthly payout of S$910 from age 64 for about 20 years. The new Medisave Minimum Sum will be S$29,500, up from S$28,500. The Medisave...

Private-sector economists are a little less optimistic about Singapore’s economic growth this year than they were three months ago. According to the latest quarterly survey of 21 professional forecasters by the Monetary Authority of Singapore, they expect full year growth to come in lower at 5.5 per cent. The new forecast is a slight downgrade from the 5.6 per cent estimate in the last survey in March....

Macquarie Prime Real Estate Investment Trust (MP REIT) has secured 19.75 percent higher rent from its tenant Toshin Development. But when contacted, MP REIT declined to reveal details of the rent, saying it is confidential. Toshin is the master lessee for about 226,000 square feet of retail space in Ngee Ann City. The new rent will be locked in for three years from June 8 this year. MP REIT says this...

New rules for BTO applications have helped genuine public housing buyers: Mah THE private market may have quietened, but the housing board resale market remains “quite active”, said Minister for National Development Mah Bow Tan. :”Transactions are still strong - not as strong as six months ago, but still relatively strong,” Mr Mah said, on the sidelines of a community event...

There is no slowdown in the public housing market, but National Development Minister Mah Bow Tan has said the number of transactions may not be as high as six months ago, as the market is now more balanced with an adequate supply of new flats being offered by the Housing and Development Board. He was speaking to the media at the sidelines of a constituency event on Sunday. Mr Mah said, "The economy is...

Singapore's first airport hotel has opened its doors to guests, nearly 30 years after Changi Airport began operations. Although the 320-room Crowne Plaza Changi Airport has just opened for two weeks and not all the rooms are ready, it is already meeting its occupancy target of 75 percent for the full year. Room rates at the hotel start from about US$200 – just below the prices at the premium Orchard...

Surging US home foreclosures rose to another record in May, according to a survey Friday which showed home foreclosure actions hit a fresh all-time high of 261,255. A building up for auction in Baltimore The survey by research firm RealtyTrac said the percentage of foreclosure actions -- including default, auction sale notices and bank repossessions -- rose seven percent from the prior month and spiked...

Sentiments in the Singapore residential property market continued to weaken in the first quarter on the back of a possible recession in the United States. Private home sales dropped by 40 percent in the first quarter of this year compared with the last quarter of 2007, according to a report by DTZ Research. Transactions of private condominium units, based on caveats lodged, fell 41 percent to 2,500,...