Westin brand returns to Singapore
Following a nearly ten-year absence, the Westin brand will stage a comeback in Singapore when a 280-room hotel opens on the top floors of Asia Square Tower 2 by 2013.According to industry sources, Starwood Hotels & Resorts has secured the management contract to run the hotel under the Westin...
Continue Reading • 14 Oct 2010
China's developers facing uncertainty, says S&P
Property developers in China may face further price reduction of up to 10 percent in some major cities in the next 12 months, according to Standard & Poor's Ratings Services report card titled “Chinese Real Estate Developers Are Wary As Correction Deepens”.Despite regulatory...
Continue Reading • 13 Oct 2010
China's tightening measures to speed up property sales
The slew of policy-tightening measures in China, aimed at preventing a bubble from bursting in the property market is likely to speed up sales of several projects, as property prices in top-tier cities decline, according to industry executives and analysts.Since April, the central government has...
Continue Reading • 13 Oct 2010
Global Logistics looking at a REIT spin-off
Global Logistics Properties may spin off a real estate investment trust (REIT) to monetise its assets, specifically completed properties in Japan.“We are always exploring that option,” said Ming Z Mei, chief executive of Global Logistics in an interview with The Business Times....
Continue Reading • 13 Oct 2010
A chance to own a piece of Vivocity
Investors may get a chance to own a piece of Vivocity, the largest mall in Singapore, by the middle of 2011, said Wong Mun Hoong, chief financial officer of Mapletree Investments.The company is planning to list a commercial real estate investment trust (REIT), which is expected to raise no less...
Continue Reading • 13 Oct 2010
LG Optimus 7 coming to Singapore
LG Electronics has announced the launch of LG Optimus 7 in Singapore, introducing a revolutionary experience of mobile living for customers.LG Optimus 7, LG’s first Windows® Phone 7 device, is a direct result of the partnership between LG and Microsoft in the smartphone market. Among...
Continue Reading • 13 Oct 2010
PropertyGuru wins SVCA Best Performing Company 2010 Award
AllProperty Media, the company behind Singapore’s largest property website www.PropertyGuru.com.sg, has won the award for Best Performing VC/PE-Backed Company at the first annual 2010 Singapore Venture Capital and Private Equity Association (SVCA) Awards. The accolade comes less than a week...
Continue Reading • 13 Oct 2010
US mortgage applications climb, says MBA
Mortgage applications in the US climbed sharply in the week ending October 1, according to a report released by the Mortgage Bankers Association (MBA).The company’s purchase index, which measures purchase loan application activity, rose 9.3 percent from a week ago and is at its highest peak...
Continue Reading • 13 Oct 2010
344 units sold at Esparina Residences project
About 344 units at the 573-unit Esparina Residences EC project have been sold as of October 10.Frasers Centrepoint, which developed the project, received a total of 1,155 applications since it was launched on September 30. However, only 344 units were sold due to its balloting process, with some...
Continue Reading • 13 Oct 2010
Sydney the world's worst mortgage market
Homeowners in Sydney spend more on paying their mortgages compared to residents of other major global cities, according to a global study.The Daily Telegraph revealed that according to a comparative global study, Sydney ranked first in terms of average percentage of income spent on mortgages,...
Continue Reading • 12 Oct 2010
12 Blues hotel set to launch in the Maldives
12 Blues Resort & Spa, the first hotel residences project in the Maldives that offers individual foreign ownership, will be launched for sale in Singapore, Hong Kong and London in November and December this Year.Situated in Raa Atoll in the Indian Ocean, 12 Blues Resort & Spa is only a...
Continue Reading • 12 Oct 2010
76 units sold at The Lanai
Property developer Far East Organization has announced that it sold 76 units, including a bulk deal, at a preview of The Lanai project which began on October 9.Located in the Hillview area, the 10-storey development comprises 214 units in six towers. The project includes a mix of two-, three-,...
Continue Reading • 12 Oct 2010
KSH unit to acquire Geylang site for S$28m
Development 26 Pte. Ltd., an associate company where KSH Holdings Limited owns 45 percent share through its wholly-owned subsidiary Kim Seng Heng Realty Pte Ltd, has exercised the option to acquire a freehold property at 5 Lorong 26, Geylang for S$28 million.TEE Development Pte Ltd, a...
Continue Reading • 12 Oct 2010
Tuan Sing Holdings to release Q3 results
Tuan Sing Holdings Limited has announced that it will release its unaudited financial results for the third quarter and nine months ended 30 September 2010 on Friday, 29 October 2010, after the close of trading.The company added that on the same evening, it will post its results together with the...
Continue Reading • 12 Oct 2010
URA awards Petir Road site
The URA has awarded the 99-year residential site at Petir Road to Wincheer Investment Pte. Ltd. after it offered the highest bid of $177.4 million in a public tender that closed on October 7.The land parcel has a total site area of 22,744.1 sq m and a maximum permissible gross floor area of...
Continue Reading • 12 Oct 2010
Penthouse at The Boulevard Residence sold for $30m
SC Global recently sold a penthouse at The Boulevard Residence for $30 million or $4,242 psf, the highest achieved in the development in both unit price and absolute quantum terms.The deal involves a 7,072 sq ft triplex unit with an 11-metre lap pool and five bedrooms. Sources said the buyer is a...
Continue Reading • 12 Oct 2010
Keppel Land to sell one-third stake in MBFC
Property developer Keppel Land has announced that it has entered into a conditional share purchase agreement with K-REIT Asia to divest a one-third stake in Phase One of Marina Bay Financial Centre (MBFC) for S$1,426.8 million, including rental support. The divestment will give the developer a...
Continue Reading • 12 Oct 2010
China's property firms recording strong sales in Q1 - Q3
China’s top 20 real estate firms have recorded total revenue sales of RMB471 billion in the first three quarters of 2010, up 34.6 percent over the same period last year, according to a report released by China Real Estate Information Corp.The real estate firms recorded large profits from...
Continue Reading • 11 Oct 2010
Park Hotel Group eyeing SGX listing
Park Hotel Group is looking at being listed on the Singapore Exchange (SGX) in the second half of next year and possibly, a dual listing in Hong Kong.Plans for an IPO, most probably through a real estate investment trust (REIT) listing, are on course, said Allen Law, director of the Park Hotel...
Continue Reading • 11 Oct 2010
Glenville collective sale fetches $39.5m
A joint venture between Nobel Design Holdings, ACT Holdings, Aspen Development and Soh Chooi Lai has acquired the Glenville residential property through a collective sale for about $39.51 million.The four-storey residential building located at Lim Tua Tow Road, off Upper Serangoon Road sits on a...
Continue Reading • 11 Oct 2010