Upper Serangoon Road site attracts only 2 bids
A land parcel at Upper Serangoon Road has attracted only two bids in a public tender that closed on November 30.Kwan Hwee Investment Ltd offered the highest bid of $155.23 million, while Sim Lian Land Ltd offered $113.30 million.The land site has a total area of 20,000 sq m and a maximum gross...
Continue Reading • 1 Dec 2010
Hawaii Tower to go en bloc
Hawaii Tower, on Meyer Road, is expected to be launched for sale next week with an indicative price of $700 million, or approximately $1,401 psf ppr, including a $55 million development charge (DC). The site, which sits on a 192,340 sq ft plot, is zoned for residential use with a gross plot ratio...
Continue Reading • 1 Dec 2010
Non-landed private home prices down 0.7%
Non-landed private home prices saw a 0.7 percent decline in October, after a 1.1 percent monthly increase in both August and September, according to the Singapore Residential Price Index (SRPI) of the National University of Singapore (NUS).The decline was attributed to falling prices in the...
Continue Reading • 30 Nov 2010
Asia Square to feature Westin hotel
Asia Square will feature a 300,000 sq ft, five-star business hotel, which will cover 15 floors within one of its towers.The upcoming commercial development will offer approximately 2 million sq ft of Grade A office space and 70,000 sq ft of retail space.The 306-room hotel, to be launched in 2013,...
Continue Reading • 30 Nov 2010
New rule may affect luxury condo prices
Property developers usually launch projects when sentiments are good and decent prices can be charged. However, they may lose the flexibility to time their construction and launches under a new rule, which is expected to take effect early next year.If developers break the project completion...
Continue Reading • 30 Nov 2010
Cushman & Wakefield to expand Asian team
Cushman & Wakefield Inc. intends to increase the headcount of its Asian brokerage and research teams to tap on the region’s growing property activity.The world’s biggest privately held property services firm will add 10 to 15 people to the 25-staff regional research team over the...
Continue Reading • 30 Nov 2010
UK mortgage approvals slip in October
Mortgage approvals in the UK dropped to an eight-month low in October, reflecting the increasing slowdown in the property market.The Bank of England said mortgage approvals to purchase homes reached 47,185, down from 47,369 approved loans in September.According to the median of 17 predictions in...
Continue Reading • 30 Nov 2010
Malaysia launches Syariah-compliant Reit
Pelaburan Hartanah Bumiputra (PHB), a government-owned company in Malaysia, has launched a S$418 billion (US$317 billion) investment trust to lure more Muslim Malays to invest in the Malaysian property market.The Syariah-compliant Reit would allow Muslim Malays to increase their stake in real...
Continue Reading • 30 Nov 2010
Suntec Reit to raise $429m from placement
Singapore-based unit trust Suntec Reit, which owns a majority stake in Suntec City, has announced its plan to raise as much as $429 million through a private placement of new units to partially fund the acquisition of properties at Marina Bay Financial Centre (MBFC) worth $1.5 billion.The trust...
Continue Reading • 30 Nov 2010
Punggol site up for tender
HDB has launched the tender for a residential-cum-commercial site in Punggol Town Centre, as part of a plan to create a vibrant town in Punggol.The land parcel was made available for sale on the confirmed list under the government’s 2H2010 GLS programme. It can potentially yield up to 685...
Continue Reading • 30 Nov 2010
Malaysia's Genting hits jackpot in Q2
Malaysia’s Genting Bhd hit the jackpot after reporting that net profit in the second quarter was more than doubled, fuelled by strong sales from its hospitality and leisure division.“The increase came mainly from the leisure and hospitality division with the commencement of operations...
Continue Reading • 30 Nov 2010
Sunway to launch RM1.1b Singapore project
Malaysian conglomerate Sunway Holdings will launch another property project in Singapore next week, with a gross development value (GDV) of approximately RM1.1 billion.Yau Kok Seng, Sunway’s managing director, said the 1.92-hectare project, known as Vacanza @ East, will be situated in a...
Continue Reading • 30 Nov 2010
Malaysian property sector to benefit from ETP
While the proposed Economic Transformation Programme (ETP) is not an announcement of the government managing contracts it would support, analysts have stressed that it will mainly benefit the property and construction sectors.Under the ETP, the private sector will be required to come up with the...
Continue Reading • 30 Nov 2010
Malaysia's Alam d'16 set to launch
Malaysian property developer Magna Prima Bhd is expecting to launch a series of property developments until next year, including the upcoming Alam d'16, a low-density residential project in Shah Alam.The company said the launch of Alam d'16 will boost its share in the residential property market...
Continue Reading • 30 Nov 2010
Jelebu Road site up for application
A land parcel at the junction of Jelebu Road and Petir Road is now open for application. The URA released detailed sales conditions for the site last Friday.The plot was made available for sale on the reserve list under the government’s 2H2010 GLS programme. The land parcel has a total site...
Continue Reading • 29 Nov 2010
More Islamic REITs to launch in Asia
More Islamic real estate investment trusts (REITs) are expected to launch in Asia early next year and attract investors from the Arab world, said Rafe Haneef, new head of HSBC Amanah Malaysia, in an interview with Reuters.Sabana REIT, the first shariah-compliant REIT in Singapore, which was...
Continue Reading • 29 Nov 2010
Home loan customers trapped by Aussie banks
An industry expert has said customers of the big four Australian banks now feel “trapped” and unable to transfer to a new institution.According to a survey conducted by Essential Research, a significant proportion of consumers believe that they face many obstacles when it comes to...
Continue Reading • 29 Nov 2010
Singapore property measures working
The three-month-old property measures implemented by the government to cool public and private housing prices have been working, said National Development Minister Mah Bow Tan.The effect of property cooling measures is well seen in HDB’s resale market, where median cash over valuation (COV)...
Continue Reading • 29 Nov 2010
HK property measures taking effect
The latest measures implemented by the Hong Kong government to control property price speculation have achieved some success, said chief executive Donald Tsang.“The preliminary response from the market shows that the measures have exerted a certain level of impact,” said Mr Tsang....
Continue Reading • 29 Nov 2010
New launches see good take-up rates
Property developers have continued to see good take-up at their residential projects over the past week.CapitaLand sold 48 units at d'Leedon, located at the former Farrer Court site, at an average price of $1,680 psf. The developer previewed the project to only former Farrer Court owners, with...
Continue Reading • 29 Nov 2010