Foreign demand for S'pore homes falls to lowest since global financial crisis
By Romesh Navaratnarajah:The drop in private home sales in Q1 2013 was a result of the tough property cooling measures introduced in January, according to Jones Lang LaSalle.Resale transactions of condominiums in prime districts 9, 10 and 11 declined 61 percent to 144 units during the period....
Continue Reading • 16 May 2013
MBFC devt sees grand opening
By Romesh Navaratnarajah:Marina Bay Financial Centre (MBFC), the largest integrated development in Singapore’s CBD was officially opened by Prime Minister Lee Hsien Loong on Wednesday.MBFC comprises three office towers of nearly three million sq ft of prime Grade A office space. There are...
Continue Reading • 16 May 2013
Koh Brothers enjoys profit, revenue surge
By Shabnam Muzammil:Koh Brothers Group has reported an increase in Q1 net profit attributable to equity holders of S$3.3 million due to higher contributions from its property business.Revenue also rose to S$80.8 million in the first three months of 2013 from S$58.78 million in the same period...
Continue Reading • 16 May 2013
Govt releases 5 more sites for sale in May
By Romesh Navaratnarajah:The URA and HDB will release five residential sites this month under the Government Land Sales (GLS) Programme for the first half of 2013.Offered on 99-year leases, the sites will yield around 2,725 housing units providing more options for developers and home...
Continue Reading • 15 May 2013
Laguna Shores Phuket apartments to make S'pore debut
By Nikki De Guzman:Thailand-based developer Laguna Property will showcase Laguna Shores, a resort development in Phuket at the Investment Property Showcase at Fairmont Singapore this weekend (18-19 May).The project comprises 334 units ranging from one- to two-bedroom holiday apartments with sizes...
Continue Reading • 15 May 2013
UOL profit slides, cautious outlook
By Romesh Navaratnarajah:Singapore-listed developer UOL remains cautious about the local housing market and will likely “replenish land” instead of aggressively growing its land bank, noted OCBC. This as the company reported a 15 percent decline in profit after tax and minority...
Continue Reading • 15 May 2013
S'pore housing heading for a downturn, says developer
By Romesh Navaratnarajah:With a surge of new homes coming on to the market, Singapore’s housing sector will soon become a buyer’s market as developers continue to provide attractive incentives, according to experts.Chris Comer, CEO of Castlewood Group, the developer of Nikki Beach...
Continue Reading • 15 May 2013
Mega devt in Colombo gets star designer
By Shabnam Muzammil:Singapore-based SilverNeedle Hospitality and Sri Lankan conglomerate ABANS Group have appointed award-winning architect Aedas to design Colombo City Centre.The new mixed-use development will comprise a lifestyle mall, high-rise condominium and 200-room hotel, and is expected...
Continue Reading • 15 May 2013
Khaw orders review of town councils
By Shabnam Muzammil:The government will conduct a comprehensive review of the legislation governing all town councils in Singapore, said National Development Minister Khaw Boon Wan in his ministerial statement in Parliament yesterday. To be led by Lee Yi Shyan, Senior Minister of State for...
Continue Reading • 14 May 2013
Qingjian wins tender for Woodlands EC site
By Romesh Navaratnarajah:The tender for an executive condominium site (EC) site at the junction of Woodlands Avenue 5 and 6 has been awarded to Qingjian Realty (South Pacific) Group, after it submitted the highest bid of S$216 million or S$341.21 psf ppr.Offered on a 99-year lease, the 226,088 sq...
Continue Reading • 14 May 2013
PropertyGuru is most popular local site in Singapore
By Nikki De Guzman:PropertyGuru, Asia’s leading property portal has clinched top spot among Singapore’s most visited local websites, with www.propertyguru.com.sg beating out all other property and non-tech sites including DBS.com, ChannelNewsAsia.com, iras.gov.sg and AsiaOne.com,...
Continue Reading • 14 May 2013
Luxury home prices slide 4.3%
By Romesh Navaratnarajah:With the introduction of recent property curbs, prices of luxury homes in Singapore are expected to fall by up to five percent for the rest of the year, according to Jones Lang LaSalle.Prices in the first quarter fell by 0.6 percent quarter-on-quarter, and 4.3 percent...
Continue Reading • 14 May 2013
M'sian developer sees housing demand shifting to Iskandar
By Farah Wahida:Malaysian developer Mah Sing Group expects demand for its properties in Kuala Lumpur and Penang to shift to Iskandar Malaysia, reported The Business Times.Lim Kiu Hock, Executive Director for operations at Mah Sing, said demand has shifted since the launch of Iskandar Malaysia in...
Continue Reading • 14 May 2013
UK trumps Australia for cross-border investments
By Shabnam Muzammil:The UK is still the most popular destination for cross-border investments despite having a less favourable economy than Australia, according to Savills.The latter has a forecasted GDP of three percent this year compared to the UK’s 0.6 percent. But London’s...
Continue Reading • 14 May 2013
Posh NYC apartments luring Singapore's wealthy
By Romesh Navaratnarajah:The US housing market, especially high-end condominiums in Manhattan, New York are attracting strong interest from wealthy buyers in Singapore.According to realtors, new projects with expansive views, top-of-the-line finishes and hotel-like services are a big draw with...
Continue Reading • 13 May 2013
Groundbreaking for new Tampines town hub
By Shabnam Muzammil:More than 2,500 Tampines residents took part in a ground-breaking ceremony over the weekend and witnessed development plans and a scale model of Singapore’s largest integrated town hub to be built on a site the size of seven football fields, reported The Straits...
Continue Reading • 13 May 2013
Pre-war flats must keep old facade, warns URA
By Shabnam Muzammil:Tiong Bahru residents living in 20 pre-war conservation flats have been reminded to stick to the guidelines for renovating home exteriors.The Urban Redevelopment Authority (URA) posted notices around the estate last week informing homeowners to seek permission before making...
Continue Reading • 13 May 2013
Tough measures hurting resale market: analysts
By Romesh Navaratnarajah:The recent slew of property cooling measures has pushed buyers away from resale homes and into the primary market, experts noted.Last month, only 572 resale units changed hands, which is 54 percent lower than the 1,240 homes sold during the same period in 2012. Along with...
Continue Reading • 13 May 2013
Rail improvements may cost $900m
By Romesh Navaratnarajah:The ambitious plan to upgrade the ageing North-South and East-West MRT lines will be expanded and hastened by SMRT Corp and the Land Transport Authority (LTA), reported The Straits Times.But this requires a bigger budget, with SMRT’s latest estimate at approximately...
Continue Reading • 13 May 2013
Twin Fountains' $1.64m penthouses sold out
By Romesh Navaratnarajah:The Twin Fountains executive condominium (EC) in Woodlands has seen strong interest from buyers, with the only two available penthouses sold for S$1.64 million each. Aside from both units which are vast – measuring 2,207 sq ft, 104 dual-key units were also snapped...
Continue Reading • 13 May 2013