Far East buying GCB in King Albert Park for S$43.8m

Far East Organization is buying a Good Class Bungalow (GCB) on a freehold site of over 39,000 square feet at 16 King Albert Park. The plan is to amalgamate the site with four adjoining plots the group already owns before redeveloping the enlarged site of over 100,000 sq ft into several bungalows which the group will hold as an investment property for rental income. Far East is paying S$43.8 million...

Luxury residential sales market moved at slower pace last year

2008 saw a drastic fall in sales of luxury apartments in Singapore. Property consultancy CB Richard Ellis said 1,096 caveats were lodged in 2008 – a fifth of the sales volume in 2007. In 2007, the average launch price of luxury projects ranged from S$2,000 to S$4,000 per square foot. But by the end of 2008, the average launch price of such homes had fallen to a range of between S$2,000 and S$2,600 per...

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