Hotel and serviced residence owner Far East Hospitality Trust aims to tap South-east Asia's booming tourism demand and grow its portfolio value by 50 per cent over the next two years. Far East Hospitality expects to acquire a hotel and two serviced residences - Orchard Parksuites and Orchard Scotts Residences - from its sponsor Far East Organisation within the next 24 months, increasing its portfolio by...
business
A freehold residential development, Chateau Eliza, at Mount Elizabeth has been sold en bloc for S$92.2 million. It was sold to a consortium of private investors, Newfort Realty, and was the development's third tender attempt. This is also the 20th successful collective sale deal concluded in Singapore this year. With the sale, each apartment owner stands to receive gross sales proceeds of between S$2.08...
The Urban Redevelopment Authority (URA) has awarded the tenders for the industrial site at Yishun Avenue 9 (Parcel 5) and the residential with 1st storey commercial site at Tai Thong Crescent today. Tender for the industrial site was launched on 27 June 2012 and closed on 30 August 2012. The land parcel was offered for sale on a 30-year lease term. The successful tenderer is Soon Hock Tuas Development...
The Urban Redevelopment Authority (URA) closed the tender for the residential with 1st storey commercial site at Tai Thong Crescent today after receiving a total of 8 bids. The highest bidder for the 99-year lease site is Verwood Holdings Pte. Ltd. and Intrepid Investments Pte. Ltd at S$245 million. The site at Tai Thong Crescent was launched for sale by public tender on 30 July 2012. It was originally...
Developers with luxury residential projects seem to be delaying the launches and, in some cases, completions as they await the anticipated uptick in the high-end segment, according to a report in Straits Times. While homes in suburban areas are selling well at record high prices, sales volumes in the luxury sector is anaemic and prices are languishing over the past year. In a report by property...
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Farrer Road to Far East Soho Pte. Ltd. The company submitted the highest bid in the tender for the site at $45.777 million or $11,924.20 per square meter of gross floor area (GFA). With a land area about 0.27 ha, the residential site is expected to generate a GFA of about 3,839m². Tender for the 99-year lease...
Raffles Quay Asset Management (RQAM) on Thursday said it has achieved a commitment level of over 70 per cent for its Marina Bay Financial Centre (MBFC) Tower 3. In a statement, RQAM added that it has signed on new tenants, including Mead Johnson, Berge Bulk, Clifford Capital and Clyde & Co. These new tenants, from industries such as shipping, financial investment, legal, and paediatric nutrition will...
CapitaLand said Tuesday that the group will relocate to Westgate Tower in Jurong progressively from early 2015. The group will occupy about 160,000 square feet across 11 floors of the new 20-storey prime office tower. It will also maintain a city office at Capital Tower as a flexible workspace to liaise with clients or business partners, it said. The group, which includes CapitaMalls Asia, CapitaMall...
Longer mortgage tenures could have adverse implications for the property market, borrowers and banks if it becomes more widespread. Deputy Prime Minister Tharman Shanmugaratnam gave the assessment in a written reply to Parliament on Monday. He added that the government will continue to closely monitor the property market. Stretching a home loan out over 50 years does translate to a lower monthly...
Singapore office rents are extending their slide as global economic uncertainty forces landlords to drop prices. Colliers International said the average monthly gross rents for central business district (CBD) Grade A space fell by 1.1 per cent quarter-on-quarter to S$8.45 per square foot in the three months ended June 2012. This follows a 4.3 per cent on-quarter drop in Q1. The price decline appears to...