Chevron House at Raffles Place has been sold for $547 million to a fund management Deka Immobilien of Germany, taking the total value of Singapore office investment sales deals this year to around $3 billion. The price works out to around $2,083 per square foot based on the net lettable area (NLA) of 262,650 sq ft. Formerly known as Caltex House, Chevron House is a 33-storey building on a site with a...
Property Investment
The property investment market in Singapore recorded S$5.91 billion in sales for the third quarter of 2010. This is an 86 per cent on-year growth, according to property research firm Jones Lang LaSalle (JLL). However when compared to the previous second quarter, investment property sales slipped eight per cent. Still, there are several deals under conditional contracts worth more than S$590 million and...
THE times have been good for property investors in the past couple of years. Prices in certain areas, particularly in selected areas of Kuala Lumpur and Petaling Jaya have risen significantly, some as high as 50 per cent. And as a result of this rise, practically all property investors had made money. In fact, some people have seen their net worth jump up by 30 or 40 per cent because of the price rise....
Most of us have heard it all before from the experts. Investing in homes is one of the safest and surest forms of investment. If you cannot re-sell the property for a good profit within a couple of years, you can always hold it for the long term because it will always appreciate. But if everyone follows this advice, will it still work? Surely it is a recipe for disaster. If everyone is going to earn it...
50 per cent stake in retail portion of Malacca Centre in Raffles Place also transacted INVESTMENT sales of property have been gathering momentum in the private sector, with several deals inked recently. They include the Park Regis hotel at New Market Street/Merchant Road near the Singapore River, which is said to have been sold for $218 million to Indonesian mining magnate Yusuf Merukh. Separately, a 50...
IBIS Singapore on Bencoolen, a three-star hotel, has been sold just 18 months after it opened its doors. Details were not disclosed but it is understood a Singapore private investor paid a figure above $200 million for it. The hotel was put up for sale via a private tender in June by joint owners LaSalle Investment Management and French hotel group Accor. They announced the sale yesterday, but did not...
The number of commercial units, typically shophouses and strata units for office and shops, sold in 1H 2010 remained similar to that in 2H 2009. A total of 495 commercial units were transacted in 1H 2010, reflecting a 4 per cent decrease compared to that in 2H 2009. Although economic conditions have tremendously improved in 1H 2010, the number of commercial properties transacted was subdued, underpinned...
Property consultants Colliers International says Singapore's investment sales market strengthened further in the quarter that ended in June turning in sales of S$7.11 billion. That's 24.3 per cent above the S$5.72 billion chalked up in the first quarter of this year. Colliers released the information in its latest Knowledge Report Tuesday. It found that the investment sales market was driven...
Singapore is among the most active regional investors in the Asia Pacific region when it comes to cross border commercial real estate investments. Property consultant DTZ Research said investors from Singapore, Hong Kong and Australia spent a total of US$1.8 billion in the second quarter. The money targeted predominantly the markets in China, Singapore and Hong Kong. But the volume of commercial real...
Analysts said more Singaporean investors are increasingly moving to conservative asset classes. Among them, properties Down Under. Westpac Private Bank has seen 18 per cent of its Australia and New Zealand multi-currency home loans coming from Singapore in the past nine months, up by six percentage points over the same period last year. They attribute the increase to poorer risk appetite after the recent...