LC Dev to gain stake in Knight Frank S'pore
LC Development, a property developer focused primarily on the hospitality sector, has revealed its plan to invest S$34.1 million and effectively gain a 44 percent stake in leading real estate consultancy firm Knight Frank Singapore.The SGX-listed LC Development will acquire an 80 percent stake in...
Continue Reading • 29 Sept 2011
Jones Lang to manage The Pelican Krabi
Global property services firm Jones Lang LaSalle (JLL) has entered into an agreement to manage The Pelican Krabi, a new luxury development located in an area which has become Krabi’s new millionaire mile.“As we want to ensure that the property and its owners are well looked after, we...
Continue Reading • 29 Sept 2011
Home prices in central region decline from peak in May
Latest figures from NUS’ Institute of Real Estate Studies has revealed that the Singapore Residential Price Index (SRPI) for the central region (excluding small units) declined 2.08 percent in August 2011 from its recent high in May 2011, and was down 0.7 percent from July.With this in...
Continue Reading • 29 Sept 2011
HK property market to have soft landing, says Tsang
Hong Kong Financial Secretary John Tsang Chun-wah expects a “soft landing” for the real estate market, which the government has tried to curb with a series of measures, including higher stamp duties.“Transactions have fallen and prices are starting to trend down slowly,”...
Continue Reading • 28 Sept 2011
Starwood to open exclusive resort near Phuket
Starwood Hotels & Resorts, one of the world’s leading hotel and leisure companies, has announced the upcoming opening of The Naka Island, A Luxury Collection Resort & Spa, in November 2011.Situated in the southernmost province just off the coast of Phuket in Thailand, The Naka...
Continue Reading • 28 Sept 2011
Singapore sees emerging markets as path to growth
Singapore’s economic success has always depended on its business ties with its neighbours and other developed countries.However, Trade and Industry Minister Lim Hng Kiang emphasised — during his welcome speech at the three-day Russia-Singapore Business Forum (RSBF) — the need...
Continue Reading • 28 Sept 2011
Rate hike deters first-time Aussie home buyers
The cash rate increase by the Reserve Bank of Australia (RBA), which was followed by retail banks’ larger increases, has slashed the number of new home buyers by roughly a third.In a span of 12 months to July 2011, approximately 90,000 first-time home buyers funded their dwelling, down...
Continue Reading • 28 Sept 2011
KSH secures S$49.9m hospital contract
KSH Holdings Limited, a well-established construction, property development and property management group, has secured a contract worth S$49.9 million from Mount Alvernia Hospital for additions and alterations to the hospital’s car park block, front lobby and side entrance extension.Under...
Continue Reading • 28 Sept 2011
Baha Mar opens HK office, to lift sales in Asia
Baha Mar, a US$3.5 billion resort complex on the Caribbean island of The Bahamas, has opened an Asia Pacific office in Hong Kong with the aim of boosting its sales and marketing operations in the region.“Our expansion into Asia, and particularly into China, is further evidence of our...
Continue Reading • 28 Sept 2011
Property developer sued for S$14m by angry residents
Residents at the Seaview condo along Amber Road have sued its developer over poor workmanship and defects.The S$14 million lawsuit is believed to be the biggest yet in the country.Residents of the “Ardmore Park of the east” allege that the estate has been plagued by defects since they...
Continue Reading • 27 Sept 2011
UK buyers prefer France over Spain for a second home
France has surpassed Spain as the top destination for British property buyers seeking second homes, according to a survey published by HomeAway.co.uk and Savills International.The perception of the country as stable, easy to access and having limited home price declines has boosted its position...
Continue Reading • 27 Sept 2011
Colliers staff in Asia take part in community projects
Nearly 1,500 Colliers International staff across Asia participated in various community initiatives last week, in the final leg of the company’s Asia-wide corporate social responsibility campaign. Under the theme 'Out For Good', the campaign was launched earlier this year. It has received...
Continue Reading • 27 Sept 2011
Condo market heats up in Pattaya, Thailand
The total number of Pattaya condo units launched in the first half of 2011 has exceeded the number of units released last year, according to a recent report.The increase was attributed to two new projects launched in Q1, with over 1,400 units each. Currently, the two projects — Condotown...
Continue Reading • 27 Sept 2011
Singapore Sports Hub to open for action by 2014
The S$1.33 billion Singapore Sports Hub is scheduled to open by April 2014, according to Chan Chun Sing, Acting Minister for Community Development, Youth and Sports.“In this private-public partnership programme, we want to get the downstream things like maintenance all integrated to the...
Continue Reading • 27 Sept 2011
HK new mortgage loans down 27% in August
New mortgage loans in Hong Kong dropped 27 percent month-on-month to HK$14.7 billion (S$2.45 billion) in August, according to the Hong Kong Monetary Authority (HKMA).Data showed that the value of new home loan approvals declined 10.3 percent to HK$15.8 billion in August. Loan approvals for new...
Continue Reading • 27 Sept 2011
Orchard Hotel gets a S$10m facelift
The Claymore Wing of Orchard Hotel has undergone a S$10 million makeover, with all its 331 guestrooms now fully refurbished, according to The Business Times.“I am pleased to announce that our S$10 million refurbishment project is completed and reflects our commitment to create a memorable...
Continue Reading • 27 Sept 2011
Old Admiralty House set to become boarding school
FIS Institute is set to redevelop Old Admiralty House at Old Nelson Road in Sembawang into a boarding school, after winning the bid from the Singapore Land Authority (SLA).However, renovations have been delayed, pending approval of the application to build an extension.In exchange for the land...
Continue Reading • 27 Sept 2011
Malaysian, Chinese companies sign MoUs on property development
Malaysia’s Iskandar Investment Bhd (IIB) and Beijing-based property developer Zhuoda Real Estate Group signed two Memorandums of Understanding (MoUs) last Friday to establish integrated residential developments in Iskandar Malaysia.The move comes after the signing of an agreement in April...
Continue Reading • 26 Sept 2011
S'poreans bear brunt of rises in cost of living
Inflation in Singapore rose to 5.7 percent from a year ago, according to the Department of Statistics. The consumer price index (CPI) rate grew faster than the 5.15 percent forecast by Reuters, surging ahead of the 5.4 percent recorded in July, making it the highest since 2008. The cost of...
Continue Reading • 26 Sept 2011
UK mortgage approvals rise in August
Mortgage approvals in the UK surged to a 15-month high in August, as property investors fuelled demand, according to the British Bankers Association (BBA).Lenders signed off 35,226 loans for home purchases, an increase from the 33,734 in July. Compared to last year, mortgage approvals were higher...
Continue Reading • 26 Sept 2011