NOL Group is selling its Alexandra headquarters premises to raise funds. The shipping and logistics leader has been reporting losses for the past five financial quarters. According to a media statement released on Monday, NOL said the sale will help the company "release capital for strategic investment". NOL Building is located at 456 Alexandra Road. It sits on a 108,060-square-foot site, with a gross...
business
Frasers Centrepoint Asset Management (Commercial), the manager of Frasers Commercial Trust (FCOT), is seeking unitholder's approval for the proposed sale of KeyPoint, its property at Beach Road, to Bayfront Ventures for S$360 million. It is also seeking a mandate to buy back units of FCOT in the future without prior approval of unitholders. Mr Low Chee Wah, chief executive officer of FCOT, said: "The...
Kemaman View, a freehold residential development located off Balestier Road, was sold en bloc for S$45.5 million on Monday. The sale translated to S$935 per square foot per plot ratio for the 17,388-square-foot site. The buyer is privately-owned developer Aylesbury Private Limited, who outbid two other entities to clinch the deal. The development's marketing agent HSR Investment Sales said the owners of...
Singapore's retail rents remained resilient in Q2 2012, supported by a high employment rate and tourist arrivals. According to property consultancy DTZ, the average rents of prime retail space in Orchard/Scotts Road rose marginally by 0.1 per cent quarter-on-quarter to S$30.33 per sq ft per month. Meanwhile, average rents in suburban areas increased 0.2 per cent to S$28.35 per sq ft per month. However,...
Singapore-listed Orchard Parade Holdings Limited (OPHL), the hotel and property arm of Far East Organization (FEO), is seeking shareholders' approval to divest three hospitality assets into a real estate investment trust (REIT) to be listed on the SGX. In a statement, OPHL said this is part of a corporate restructuring exercise to allow the company explore opportunities in the hospitality management and...
The Urban Redevelopment Authority (URA) closed the tender for the residential site at Buangkok Drive / Sengkang Central today. The site at Buangkok Drive / Sengkang Central was launched for sale by public tender on 16 April 2012. The site was offered for sale on a 99-year lease. The land spans about 18,340 square metres with a maximum gross floor area of 55,023 square metres. White Haven Properties, a...
The Urban Redevelopment Authority (URA) and the Ministry of Community Development, Youth and Sports (MCYS) have jointly issued new guidelines on land development and use of space for religious activities. These guidelines will take immediate effect. The latest guidelines allow religious groups to make use of industrial premises zoned Business 1 for their activities on a limited and non-exclusive...
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Pasir Ris Drive 3 to Capital Development Pte. Ltd. The company submitted the highest bid at S$211.0 million in the tender for the site. The tender attracted a total of five bids. The residential site was launched for sale by public tender on 16 April 2012 and closed on 5 June 2012. The land parcel was offered...
Preliminary price indices for completed non-landed properties released last week suggest that the resale market for private apartments has finally shaken off the dampening effects of the additional buyer's stamp duty (ABSD) imposed last December. The National University of Singapore's flash Singapore Residential Price Index for last month inched up 0.8 per cent, the second consecutive monthly rise...
The Urban Redevelopment Authority has approved 10 applications from shop-house owners to use their upper floors as offices and commercial schools. This follows the relaxation of rules to allow the premises to be used as offices and commercial schools. Property analysts said the take-up rate is encouraging. The use of shop-houses as business space is becoming popular, but the number of such units has not...