Sales of small private apartments, commonly known as shoebox units in Singapore, have taken a downward turn. Data compiled by analysts show that new sales fell about 57 per cent in September from the previous month to 99 units. The fall in the sale of shoebox units occured after the government announced that it will moderate the number of shoebox apartments entering the market. Analysts said buyers are...
real-estate
More executive condominiums (ECs) are now selling for more than S$1 million. Research from real estate agency Savills Singapore has shown that over 300 new ECs were transacted above S$1 million, with half of these transacted in the first eight months of 2012. The report said there are a "seemingly growing number of young, affluent buyers snagging bigger and more luxurious penthouses...". Other factors...
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at New Upper Changi Road to Sherwood Development Pte Ltd, a unit of Keppel Land. The company submitted the highest bid in the tender at about S$434.5 million for the 3.18-hectare site. Experts said the breakeven cost is estimated to range from S$1,150 to $1,250 per square foot and the selling price is likely to be...
An old bungalow in Kampong Bahru may be developed into a childcare, student care or eldercare facility. Built in the 1930s, the Running Bungalow at Spooner Road has an area of 1,010 square metres (sqm) with a total usable floor area of around 569 sqm. It sits on land formerly owned by the Malaysian State Railway, Keretapi Tanah Melayu Berhad (KTMB). The building was a rest stop for train drivers, and...
Waterbay, the latest executive condominium project at Punggol has seen strong demand from eligible home buyers when bookings opened October 19. Its developer Qingjian Realty said over 200 units out of a total of 383 units were snapped up. Qingjian said the three-bedroom and four-bedroom dual-key units were popular with the buyers, as were the penthouse units. Prices range from S$560,000 for a...
Dynasty Real Estate Investment Trust (REIT) opens its yuan-denominated initial public offering today in Singapore's first flotation to be sold in the Chinese currency, seeking to raise up to 5.4 billion yuan or S$1 billion in what is set to be the largest new share sale here this year. Units in the trust, backed by Hong Kong billionaire Li Ka-shing and sponsored by ARA Asset Management, will be tradeable...
Punggol may be touted as Singapore's hottest new estate after the Housing and Development Board (HDB) unveiled new plans for the area, but analysts said condominium prices and rentals may be tepid in the next two to three years. In the past year, private housing developments in Punggol have been selling like hot cakes, as the government has consistently released land for home developments. So far, three...
Far East Hospitality will be unveiling two new hotels in Singapore come 2013. This is part of its plans to double its property portfolio in the next five years. The hospitality operator currently manages eight hotels and nine serviced residences in Singapore. It also oversees the Sri Tiara residences in Kuala Lumpur, Malaysia. East Village Hotel in the Katong district and The Amoy Hotel at Far East...
Mapletree Logistics Trust (MLT) saw a 1.2 per cent on-year increase in its distribution per unit (DPU) in the second quarter of its financial year. Its DPU for the three months ended 30 September 2012 came in at 1.71 cents, up from the 1.69 cents announced in the same period a year ago. Amount distributable to unitholders during this period rose by 1.2 per cent on-year to S$41.4 million. Gross revenue...
The controversy surrounding shoebox units has spurred many diverse viewpoints in the past. And now a new report by Savills Research called “Shoebox units – Is small smart or is bigger better?” is championing the role such homes have in major cities around the world. According to Savills, homes as small as 250 sq ft can successfully meet demand for city centre living amongst young professionals, for...