Owners of the Beauty World Plaza retail and residential building are putting up the redevelopment site for tender with a reserve price of S$165 million, agent Knight Frank Singapore announced on Wednesday. The 2,305.6 square metre site in the Upper Bukit Timah neighbourhood comprises a single block with 61 retail units and 30 residential units. Under the Urban Redevelopment Authority's (URA) 2014 Master...
The High Court has granted a sale order to Goodluck Garden's S$610 million collective sale on Monday following a lengthy dispute, but Justice Woo Bih Li also criticised marketing agent Knight Frank, the property's collective sale committee (CSC) and the CSC's lawyers Rajah & Tann for how they handled the sale. Owners of the 210-unit freehold residential development in Toh Tuck Road went to court after...
Freehold commercial property Golden Wall Centre has been sold en bloc for S$276.2 million to City View Holdings, a wholly owned subsidiary of Worldwide Hotels, which owns and manages hotel chains such as Hotel 81. The amount was higher than the reserve price of S$260 million, which was little changed from what the strata unit owners wanted in their first attempt at a collective sale in 2016. At...
GuocoLand Limited today announced the groundbreaking of Guoco Midtown, unveiling the name of the prime site that is set to rejuvenate the Beach Road district. It will provide a new epicentre for this side of Singapore’s Central Business District (CBD). Guoco Midtown is expected to be completed by the first half of 2022. Nestled within the City Hall office micromarket, Guoco Midtown will be the final...
Homeowners who opposed in a collective sale of private homes will still have to pay any seller's stamp duty that applies to them. "If the sale occurs within the holding period, the seller's stamp duty is applied, regardless of whether an individual owner consented to or opposed the sale," said National Development Minister Lawrence Wong in Parliament on Tuesday. The reason is that the collective...
In a cooling en bloc market, Minbu Villa, a freehold residential development in Novena, is going up for tender at S$145.8 million again, but could see the reserve price lowered if 80 per cent of the owners agree. Its earlier attempt this year was launched in March and closed on April 17 without a winning bidder. This time, more than 60 per cent of the owners by share value and strata area have...
The Government has put in place new anti-money laundering and terrorism financing requirements for property developers that will require them to perform due diligence checks on their buyers and flag suspicious activity. The new rules come after Parliament passed the Developers (Anti-Money Laundering and Terrorism Financing) Bill on Tuesday (Nov 20). The Bill amends both the Housing Developers...
If the Government had not stepped in with measures in July to cool the property market such that there are now signs of moderation, property prices would have surged ahead, possibly going up by 10 to 15 per cent, National Development Minister Lawrence Wong said. Explaining the rationale behind the cooling measures on Thursday (Nov 15) at an industry anniversary dinner organised by the Real Estate...
Sales of new private homes in Singapore fell 36 per cent in October from a year earlier, as there were barely any new launches in the month. Developers sold 487 units last month - excluding executive condominiums (ECs) - compared with 761 units in October 2017, according to data released by the Urban Redevelopment Authority (URA) on Thursday (Nov 15). On a month-on-month basis, sales fell by about...
Condominiums and private apartments rentals dropped for a second straight month, slipping 0.7 per cent in October from the previous month, according to SRX on Wednesday. This came after rents dipped 0.5 per cent in September, with the figure revised by SRX from a 0.4 per cent decline. After barely budging in 2018, private market rents are now down 0.1 per cent from a year ago - but are a hefty 20...
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