Condo site at Jalan Lempeng draws S$408m top bid
The state tender for a condo site at Jalan Lempeng has attracted a total of eight bids, the highest being S$408 million (S$554.35 psf ppr) from Multi Wealth, a wholly-owned subsidiary of Malaysia’s IOI Properties.“The tender for the private non-landed residential site located on Jalan...
Continue Reading • 13 Jan 2012
Construction industry due for overhaul
Singapore’s construction industry needs rebranding and restructuring to ensure sustained growth, despite the industry’s robust outlook for the next three years.“To achieve a breakthrough, we will need to go beyond cosmetic changes so rebranding cannot just be about having more...
Continue Reading • 13 Jan 2012
Singapore companies do better overseas
Singapore companies operating in international markets are reporting better results, with both profit and revenue trending up, compared to those concentrated in the domestic market, according to a survey report by Regus Global Survey, which polled over 12,000 companies globally.“This report...
Continue Reading • 13 Jan 2012
US mortgage applications pick up
US mortgage applications rose 4.5 percent on a seasonally adjusted basis in the week that ended 6 January, according to a survey conducted by the Mortgage Bankers Association of America (MBA), which covers 75 percent of the mortgage market.Refinances increased by 3.3 percent from the previous...
Continue Reading • 13 Jan 2012
PR converts apartment in Lucky Plaza into budget hotel
Following PropertyGuru’s report on a new HDB flat in Yishun being advertised as a “budget hotel”, a similar story has emerged, this time in the prime shopping and entertainment district of Orchard Road.According to a source, several private apartments in Lucky Plaza are being...
Continue Reading • 13 Jan 2012
S'pore man jailed for posing as property agent
A 45-year-old man became the first person found guilty of pretending to be a real estate agent, without being registered with the Council for Estate Agencies (CEA).Tan Cher Peng was sentenced to four months in jail and a fine of S$32,000 for five charges of violating the Estate Agents Act, as...
Continue Reading • 13 Jan 2012
Global Logistic and FNN to shine this year, says bank
Developers with low reliance on development income and a high proportion of rental income will likely stand out, according to Bank of America Merill Lynch.“We expect stocks with superior earnings visibility to outperform given the challenging macro environment in 2012,” it said.Global...
Continue Reading • 13 Jan 2012
New measures have already dampened property market
With 3,092 new homes sold from October to November, the residential market started Q4 2011 “on a strong note”, with new home sales for the first 11 months hitting 15,393 units, before the new set of cooling measures were introduced in December, according to CBRE in its latest...
Continue Reading • 13 Jan 2012
Mixed reactions over additional tax ruling
Everyone, from property industry professionals to home buyers, were caught off guard when the government announced the latest cooling measures, with many analysts and developers stating that they were unexpected and the harshest they have seen by far.“At first glance, these latest cooling...
Continue Reading • 13 Jan 2012
HK home loans down after new adjustment
The amount of loans under Hong Kong Mortgage Corporation’s (HKMC) mortgage-insurance plan fell 36 percent in 2011 from a year ago, after it adjusted the programme to ensure that banks did not over-lend.The volume of new loans drawn dropped to HK$26.3 billion (S$4.37 billion), making it more...
Continue Reading • 12 Jan 2012
Overwhelming response seen for The Nautical
The Nautical, a 435-unit condo project along Sembawang Road, has received overwhelming response from buyers, with 136 (68 percent) of the 200 units released snapped up.“Buyers who bought units at The Nautical are more than convinced that there is hardly similar property with the same...
Continue Reading • 12 Jan 2012
CDL plans more launches after good show by The Rainforest
City Developments Ltd (CDL) has sold 150 units on the first day of sales for The Rainforest, its executive condominium (EC) project in Choa Chu Kang, at an average price of S$730 psf.All five percent of the project’s 466 units allocated for second-time home buyers in the first month of its...
Continue Reading • 12 Jan 2012
Ascott to manage new Citadines in Surabaya
The Ascott Limited (Ascott), a wholly-owned serviced residence business unit of CapitaLand, has secured a new management contract for its first Citadines Apart’hotel in Surabaya, Indonesia.Scheduled to open in 2014, the 288-unit Citadines Marvell Surabaya is located in the business district...
Continue Reading • 12 Jan 2012
UK mortgage availability to stay limited in Q1
UK mortgage lending in the first quarter of this year will remain restricted, according to the latest Credit Conditions Survey by the Bank of England.Many lenders have already revised their expectations on the household income of potential borrowers and revealed that they will impose stricter...
Continue Reading • 11 Jan 2012
Royalville condo once again for sale
Royalville, a freehold development site on Bukit Timah Road, is back on the market for a second time, with an indicative price of between S$320 million and S$370 million.In its last tender exercise in July 2011, the asking price for the 93-unit four-storey condo was between S$370 million and...
Continue Reading • 11 Jan 2012
Mt Vernon Road residential site draws few bids
The public tender for a residential site at Mount Vernon Road received only five bids, as developers remain cautious after the additional buyer's stamp duty (ABSD) was implemented last month.“Response to the tender of the residential site at Mount Vernon reflects the cautious attitude of...
Continue Reading • 11 Jan 2012
PropertyGuru reports outstanding results for 2011
Asia’s leading property portal group, PropertyGuru, has extended its market leadership position in its core markets, with revenue, agents and traffic continuing to grow rapidly, ahead of expectations.PropertyGuru’s revenue grew over 60 percent year-on-year, while property agent...
Continue Reading • 11 Jan 2012
CDL most exposed to volatile residential market
With a historic landmark of 5.4 million sq ft, City Developments Ltd (CDL) has the highest exposure to the Singapore residential market, according to Bank of America Merill Lynch.Meanwhile, Fraser & Neave and UOL have the highest mass-market residential exposure, with 1.81 million sq ft and...
Continue Reading • 11 Jan 2012
Jones Lang, Blake Dawson launch Asia-Pac real estate guide
Global property services firm Jones Lang LaSalle (JLL), in partnership with law firm Blake Dawson, has launched the Asia Pacific Property Investment Guide 2012, a comprehensive guide on the operation of real estate markets across Asia Pacific. The guide, now in its second edition, discusses the...
Continue Reading • 11 Jan 2012
CapitaLand in agreement to develop Chongqing site
A consortium comprising CapitaLand, CapitaMalls Asia and Singbridge Holdings (SBH) has signed a cooperation agreement with the Chongqing government for the development of its biggest mixed-use project, in terms of land size and investment quantum.Under the agreement, the consortium will develop a...
Continue Reading • 11 Jan 2012