A PART-TIME property agent duped eight foreigners in a rental scam and collected nearly $22,000 for herself and her accomplices. Razieya Mohamed Ali was jailed for 11 months by a district court yesterday. From November 2008 to February last year, the 34-year-old divorcee would post flats-for-rent advertisements on the Internet and invite foreigners working here to view the premises. To entice them to...
Rental
Office rents in Singapore are down almost 50 per cent for the entire 2009 and observers said this is mainly due to the global economic crisis. But the fall is not cause for undue concern as it follows a 90 per cent spike in rents in 2008. However, analysts said there's room for rents to fall further in 2010. Singapore's office rentals have suffered amid the global downturn as many companies with offices...
Prime retail rents have picked up in the current fourth quarter as leasing activity gather steam on the back of improved confidence and economic recovery, according to DTZ Research. Its estimates showed that gross rents of prime first-storey retail space in Orchard and Scotts Road increased marginally by one per cent to S$39.10 per square foot per month, after falling 7.3 per cent in the last four...
The rebound in economic activity has lifted demand for office space in the fourth quarter, slowing down the rate of rental decline. Jones Lang LaSalle said on Wednesday preliminary estimates showed that in the last three months of the year, the average gross effective rent of Prime Grade A properties in the CBD core area has fallen 4.9 per cent on-quarter to S$7.80 per square foot a month. Around 1.2...
Falling occupancy costs place S'pore at 32nd spot; period of stability on the cards Following a year-long slide in prime office rentals, Singapore's office occupancy costs have become far more competitive. Fourteen months ago, the island was the ninth most expensive place to rent offices. By end-March this year, it had slid to 15th spot and by the end of the third quarter, many others had become...
Office rentals in Singapore have plunged dramatically, causing it to fall to the 32nd spot in a list of the world's most expensive office market. Previously, Singapore took 9th spot on the list in the year-ago period and was in 15th place just six months ago. Property consultant CB Richard Ellis (CBRE) said Tuesday Singapore saw a 53.4 per cent on-year decline in rents. Singapore's office occupancy cost...
Prime retail rents began to stabilise in many markets across the world in the third quarter of this year as economic and retail indicators started to show signs of greater stability. Retailer confidence had also gained positive momentum. According to property consultancy CB Richard Ellis' latest Global MarketView on the retail sector, retail rents globally fell by an average of one per cent in the third...
Some were in financial hardship, and an increasing number were Singaporeans working overseas or who simply saw their flats as investments. They made up the growing number of households that are sub-letting their entire flats – a figure that jumped 21 per cent in the course of the last financial year. Between April last year and March this year, the Housing and Development Board (HDB) approved 22,754...
Singapore Land, a property developer and landlord that reported a gain in quarterly profit, said that the market for office space is expected to be “weak” as new buildings are completed in the city-state. “The office market is expected to be weak in view of the significant new supply,” the company said today in a statement, announcing a 41% gain in profit for the three months to Sept. 30 of $56.3...
The High Court on Thursday dismissed Ideal Accommodation's appeal against a court order to pay Cove Development rental arrears amounting to over $872,000. The sum represents approximately two months of rental arrears for units at Grangeford Apartments which were leased to Ideal. Earlier this year, Ideal was charged with illegally renting out 171 units of Grangeford Apartments - 141 of which had been...