Sleepy Joo Chiat to transform into boom town
By Romesh Navaratnarajah: The neighbourhood of Joo Chiat (pictured) will undergo major transformation in the next few years, with new buildings and changing demographics to rejuvenate the sleepy area. Smaller boutique condos with less than 100 units each are springing up, including the sold out...
Continue Reading • 2 Jul 2012
Credo Real Estate celebrates 10 years in business
By Romesh Navaratnarajah: Credo Real Estate celebrated its 10th anniversary last Wednesday, hosting a cocktail reception attended by the who’s who in the industry including National Development Minister Khaw Boon Wan. Karamjit Singh, Managing Director of Credo (pictured) said:...
Continue Reading • 2 Jul 2012
Shoebox mania subsides, demand up for bigger units
By Romesh Navaratnarajah: With initial signs that the shoebox craze may be subsiding, demand for larger non-landed homes appears to be on the upswing with upgraders leading the way.Data from property consultancy CBRE shows that the median size of all new non-landed homes sold in Q2 2012 rose to...
Continue Reading • 2 Jul 2012
Private home prices up 0.4% from Q1
By Romesh Navaratnarajah: The overall private residential property price index climbed 0.4 percent to 206.8 in Q2 2012, up from 206.0 in the previous quarter, according to flash estimates released by the Urban Redevelopment Authority (URA).The rise counters the 0.1 percent decline seen in the...
Continue Reading • 2 Jul 2012
Singapore looking to become jewel in the tropics
By Romesh Navaratnarajah: Despite Singapore’s dense population, the government has been working hard to enhance the country’s liveability standards so that it can be recognised as “one of the jewels in the tropics”, said Prime Minister Lee Hsien Loong.“Our efforts to...
Continue Reading • 2 Jul 2012
Draconian land laws proposed in Thailand
By Andrew Batt: Thailand’s Ombudsman and Auditor-General Siracha Charoenpanij has revealed he is drafting new laws aimed at protecting the Kingdom from illegal foreign nominee ownership of land, with harsh penalties for offenders including deportation for any foreigners found guilty of...
Continue Reading • 29 Jun 2012
London's Providence Tower launches in Singapore
By Romesh Navaratnarajah: UK developer Ballymore Group unveiled its newest London waterfront project – Providence Tower (pictured) in Singapore yesterday, which is expected to provide good investment opportunities for overseas buyers. Designed by Skidmore, Merrill and Owings,...
Continue Reading • 29 Jun 2012
Growth in prime London property slows
By Andrew Batt: London's prime residential property values rose by an average of 0.9 percent in the second quarter of 2012, and the 6.0 percent annual price growth was at its lowest level since September 2009, according to new analysis from international real estate advisor Savills.Despite this,...
Continue Reading • 29 Jun 2012
Pheng Geck Ave site attracts top bid of S$114.8m
By Romesh Navaratnarajah: The tender for a residential site (pictured) located at Pheng Geck Avenue (Parcel B) closed yesterday after attracting a total of 13 bids, with the top bid at S$114.8 million.It translates to S$6,762.09 psm and was offered by Santarli Corporation. The second...
Continue Reading • 29 Jun 2012
Mumbai's tossed-out tenants become overnight millionaires
By Romesh Navaratnarajah: Several tenants in Mumbai who are paying US$20 (S$26) or less for a month’s rent are becoming millionaires as developers tear down old colonial mansions (pictured) to construct luxury towers for the rich. Built as early as the 1900s, there are around 500 crumbling...
Continue Reading • 28 Jun 2012
Credo marks new milestone
By Romesh Navaratnarajah:Best known for en bloc deals, Credo Real Estate has now made its foray into property fund management. Karamjit Singh, Managing Director of Credo, said the firm has entered into a joint venture (JV) with Republic Investment Management, a local fund management company not...
Continue Reading • 28 Jun 2012
Farrer Drive site awarded to Singland
By Romesh Navaratnarajah:A residential site at Farrer Drive (pictured) has been awarded to Singland Development, after it offered the top bid of S$113.2 million, which translates to around S$11,286 psm.The site was launched for tender on 24 May by the URA (Urban Redevelopment Authority) and...
Continue Reading • 28 Jun 2012
Property auctions market sputters along
By Romesh Navaratnarajah:Singapore’s property auction market saw a subdued start to the year due to the effects of the additional buyer’s stamp duty (ABSD). Of the 198 properties put up for auction in H12012, 191 were listed by owners while seven were put up by mortgagees. “This...
Continue Reading • 28 Jun 2012
Faber Drive bungalow goes on sale
By Romesh Navaratnarajah:A bungalow at 44 Faber Drive (pictured) has been put up for sale by Expression of Interest (EOI), according to a statement by Knight Frank.With features that include a garden and swimming pool, the site has an area of 11,719 sq ft and is adjacent to The Clementi Mall,...
Continue Reading • 28 Jun 2012
Singapore ranks 13th for property transparency globally
By Romesh Navaratnarajah:Singapore is ranked 13th among the most transparent real estate markets in the world, according to the 2012 Global Real Estate Transparency Index released by Jones Lang LaSalle (JLL). Singapore recorded a composite score of 1.85, while Hong Kong, which landed in 11th...
Continue Reading • 28 Jun 2012
Singapore's mortgage rates are lowest in Asia
By Romesh Navaratnarajah: Home buyers in Singapore are taking advantage of mortgage rates that are at an all-time low despite record-high housing prices, said a Bloomberg report. For instance, Shivram Anantharaman, a private banker at ICICI Bank Ltd, used to pay a monthly rent of S$2,650 until...
Continue Reading • 28 Jun 2012
OCBC gives negative outlook for Keppel Land
By Cheryl Tay: The outlook for Keppel Land’s office sector is expected to be negative for the remainder of FY 2012, despite the fact that the company has a favourable balance sheet of S$1.6 billion with a net gearing of 16 percent, according to OCBC Investment Research.OCBC has also...
Continue Reading • 27 Jun 2012
OCBC upgrades residential sector
By Romesh Navaratnarajah: OCBC Research has rated the residential sector “Overweight” and expects mass market prices to remain high. “Our analysis of household income and system liquidity shows that mass-market prices will likely stay supported in FY 2012 and we forecast prices...
Continue Reading • 27 Jun 2012
Shoebox units may grow 70 percent over next three years
By Romesh Navaratnarajah:From around 2,500 units, the number of completed shoebox homes could grow to 9,700 by 2015, according to Khaw Boon Wan, Minister for National Development. He added that 80 percent of shoebox units are located in the central region. In addition, OCBC Research noted that...
Continue Reading • 27 Jun 2012
Six levels of AA Centre to go up for sale
By Romesh Navaratnarajah: The first six levels of AA Centre (pictured) located at 336 River Valley Road have been put up for sale in an Expression of Interest (EOI). According to marketing agent Colliers International, interested buyers have until 7 August to submit their offers. The 14-storey...
Continue Reading • 27 Jun 2012