$100m project planned for Ten Mile Junction site
Far East Organization has announced that it plans to build a $100 million development comprising 338 small office-home office (SoHo) units and 121,000 sq ft of retail space at the Ten Mile Junction site.In February, the developer paid $164 million or $437 psf ppr for the 99-year leasehold site...
Continue Reading • 3 Nov 2010
Bedok Reservoir site attracts 6 bids
A land parcel at Bedok Reservoir Crescent has received a total of 6 bids in a public tender that closed yesterday, with CEL Development Ltd offering the highest bid of $112.69 million, or around $2,414.52 psm per gross floor area (GFA).The second-highest bid came from Kwan Hwee Investment Ltd at...
Continue Reading • 3 Nov 2010
112 units at The Glyndebourne sold in private preview
The Glyndebourne, a 150-unit freehold condo development, has sold 75 percent or 112 units in a private preview held last weekend.City Developments Limited (CDL), which is developing the project, said 70 percent of the total buyers were Singaporeans, with the remaining 30 percent comprising...
Continue Reading • 3 Nov 2010
New estate agent rules need time
New rules aimed at weeding out rogue real estate agents will take a few years to bring down the number of complaints, said the Consumer Association of Singapore (CASE).Seah Seng Choon, director of CASE, made this announcement as it appears that real estate agents are among the 10 most-complained...
Continue Reading • 3 Nov 2010
HK's Q3 RML in negative equity drops 51%
Hong Kong’s residential mortgage loans (RMLs) in negative equity dropped 51 percent to HK$200 million in the third quarter from HK$500 million in the second quarter, according to data compiled by the Hong Kong Monetary Authority.The unsecured portion of the loans hit HK$100 million.However,...
Continue Reading • 3 Nov 2010
October trading value boosted by mega IPOs
Trading on the Singapore Exchange (SGX) in October shifted to higher priced stocks, driven by the entry of two mega initial public offerings (IPOs).This was reflected by a 17.8 percent increase in trading volume to $44.79 billion from $38.03 billion in September, in spite of a 7.2 percent decline...
Continue Reading • 3 Nov 2010
URA launches Robinson Road hotel site for tender
The URA has launched a hotel site at Robinson Road and Boon Tat Street for sale through public tender, after a developer committed to bid not less than S$30.8 million.It was made available for sale on June 22 through the government’s Reserve List system. The site is located at the junction...
Continue Reading • 3 Nov 2010
Property tax to be introduced in China
The central government of China will likely begin levying a long-awaited real estate tax in the first half of next year at the earliest, said a government researcher.Jia Kang, director of the Research Institute of Fiscal Science, was also quoted by the official China Securities Journal as saying...
Continue Reading • 2 Nov 2010
More Reits to debut on SGX, says DBS
At least five more real estate investment trusts (Reits) could be making their entry onto the Singapore stock exchange in the next six months, which could possibly raise an average of $500 million each.More dual listings might also be seen, after several firms from China upgraded their guidelines...
Continue Reading • 2 Nov 2010
UK agent Hamptons opens office in HK
UK-based residential agent Hamptons International has opened an office in Hong Kong as part of its move to expand into Asia.Following several successful property exhibitions this year, Hamptons will introduce a range of new UK projects to Asia in the next two months.Hamptons said the office in...
Continue Reading • 2 Nov 2010
Developers eyeing project launches before holidays
With the recent announcement by City Developments (CDL) that it has sold 75 percent of the 150 units at Glyndebourne condo since its preview started on Friday, other developers are rushing to release projects prior to the year-end holiday season.UOL Group will likely preview the 36-storey...
Continue Reading • 2 Nov 2010
W Hotels opens first hotel in Southeast Asia
W Hotels Worldwide has just opened W Retreat Koh Samui, the first W in the Southeast Asian region.The opening of W Retreat Koh Samui is an important milestone as W Hotels continues to grow worldwide, on track to more than twice its global portfolio by 2012, reaching over 50 hotels...
Continue Reading • 2 Nov 2010
New rules affect upcoming HK auction
Bidding for a luxury site to be auctioned in the Kowloon Tong area in Hong Kong will happen under the shadow of new rules that limit the amount of common space that may be added into a development to 10 percent of its permitted gross floor area (GFA).The site located in Inverness Road, on the...
Continue Reading • 2 Nov 2010
MAS adds new index to track Singapore economy
The Monetary Authority of Singapore (MAS) has created a new index to track the economy, and it has indicated that Singapore’s economic activity peaked in May following a rapid run-up of nearly six months.The newly-constructed Economic Activity Index (EAI), which comprises over a dozen...
Continue Reading • 2 Nov 2010
Keppel Land's Seasons Park draws strong interest
Property developer Keppel Land has sold over 90 percent of the 220 units released during the soft launch of its Seasons Park residential project in the Sino-Singapore Tianjin Eco-City over the weekend.The 1,672-unit residential development is Keppel Group’s first collection of eco-homes to...
Continue Reading • 2 Nov 2010
OCBC's mortgage applications drop 20%
Home loan applications at OCBC Bank have declined by 20 percent since the government implemented new measures to curb the property market, said David Conner, chief executive at OCBC Bank.However, Mr. Conner noted the bank’s home-loan portfolio should continue to expand, albeit at a slower...
Continue Reading • 2 Nov 2010
Emerging markets face capital overflow as economies improve
The rapid economic growth of emerging markets has resulted in currency appreciation and massive capital inflows, according to a report released by Moody’s Investors Service.While emerging economies have been enjoying faster growth and better credit positions than developed countries since...
Continue Reading • 1 Nov 2010
CapitaLand's YTD earnings hit $751.1m
Property developer CapitaLand has announced that its net profit for the nine months ended 30 September 2010 increased 4 percent to S$751.1 million, driven by higher development profits, divestment gains and fair value gain on investment properties.Excluding the impact of impairments and...
Continue Reading • 1 Nov 2010
CEA rules prohibit dual representation by agents
The Council for Estate Agents (CEA) has set out new rules prohibiting dual representation by salespersons, also known as property agents.Starting 15 November 2010, salespersons will no longer be able to represent both the seller or buyer or tenant and landlord in any real estate...
Continue Reading • 1 Nov 2010
CDLHT enjoys strong Q3 earnings
CDL Hospitality Trusts (CDLHT) has achieved a 5.5 percent increase in average occupancy rate to 91.6 percent in the third quarter for its Singapore hotels, attributed to the growth in strong visitor arrivals to the country.CDLHT’s average daily rate jumped 23.4 percent, while room revenue...
Continue Reading • 1 Nov 2010