Plans for remaking Punggol on track
In line with plans of remaking Punggol, HDB has completed nearly 18,000 residential units as of June 1, with another 9,400 units being developed, said Ms. Grace Fu, senior minister of State for National Development.HDB is working to complete 35,000 residential units before the end of 2015, making...
Continue Reading • 23 Jun 2010
Hotel site up for sale
A hotel site located at Boon Tat Street and Robinson Road has been offered for sale under the Reserve List system.The land parcel has a site area of 1,863 sq m and can have a maximum gross floor area of 7,450 sq m, according to the URA.The hotel site, located at the centre of the CDB, is close to...
Continue Reading • 23 Jun 2010
Retail rents in Q2 end on a mixed note
Singapore’s rental values for retail space have ended on a mixed note in Q2 2010, according to property consultancy firm DTZ Research.A report released by DTZ showed that retail rents at Scotts and Orchard Road remained unchanged for the second consecutive quarter, as retailers’...
Continue Reading • 23 Jun 2010
Investment sales exceed 2009 mark
Investment sales in the Singapore property market have reached $11.26 billion so far this year, exceeding the $10.62 billion recorded for the whole of 2009, according to CB Richard Ellis.The property consultancy firm said the figure is likely to exceed its initial estimate of $15 billion and...
Continue Reading • 23 Jun 2010
Australia's era of mortgage windfall is over
The global financial crisis had removed effective competition in mortgage lending, enabling Westpac and Commonwealth Bank to keep windfall gains from the transition to a new global accord on bank capital, said Mark Joiner, chief financial officer of National Australia Bank (NAB).He said that...
Continue Reading • 22 Jun 2010
London home sellers raising asking prices
Home sellers in London have raised asking prices to record levels, as they want to benefit from the scrapping of disclosure rules and tap the property market recovery, said Rightmove plc.The average asking price for homes in the capital city increased 2.2 percent this month to £429,597...
Continue Reading • 22 Jun 2010
Tips for property bargain-hunters in Australia
Australia's home buyers might be pulling out from the property markets, but several bargain-hunters can scout for better deals in high-end property if they are committed to research and seek out auctions, a property expert said.The statement comes as auction clearance rates have continued to drop...
Continue Reading • 22 Jun 2010
China should launch property tax, according to state think tank
The Chinese government should impose a property tax to cool down the residential market which remains over-priced, said a state research company.Local governments would be reluctant to deal with possible property bubbles without a property tax due to their dependence on revenue from land sales,...
Continue Reading • 22 Jun 2010
Collapsed sales of HK luxury units under probe
The Hong Kong government has announced that it is looking into the cancellation of sales of Henderson Land apartments, which have pushed down the company’s shares this week.Henderson Land said earlier that it would record a HK$734-million (S$130 million) loss due to the sales cancellation...
Continue Reading • 22 Jun 2010
SGD to remain stable despite yuan move
China’s decision to allow greater flexibility in the yuan will not affect the exchange rate policy of Singapore, said the Monetary Authority of Singapore (MAS), as the Singaporean dollar rose to its highest rate against the US dollar in six weeks.The People's Bank of China pointed out that...
Continue Reading • 22 Jun 2010
Citi economist forecasts 12.5 percent growth for Singapore
Forecasts of Singapore's 2010 growth have just reached a new high of 12.5 percent.A month after a half-point upgrade to 9.5 percent, Kit Wei, an economist at Citigroup, has added three full points to his full year gross domestic product (GDP) forecast on the back of “better historical...
Continue Reading • 22 Jun 2010
TCT debuts on the SGX
Treasury Holdings Real Estate has announced that Treasury China Trust (TCT) has started trading on the Singapore Exchange Securities Trading Limited (SGX-ST).TCT is a business trust with a high-quality portfolio of commercial income-producing development and property projects located in the...
Continue Reading • 22 Jun 2010
Launch of The Vision sets new benchmark
The launch of The Vision condo project along West Coast Crescent by Hong Kong-based developer Cheung Kong (Holdings) in mid-March at $1,000 psf to $1,200 psf has set a new price benchmark for the West Coast area.The high-end product development features 14 strata terraced houses and 281...
Continue Reading • 22 Jun 2010
Property caveats lodged down 41 percent in May
The private residential property market in Singapore cooled significantly last month, with the total caveats lodged dropping 41 percent on-month to 1,979, according to the latest figures released by the Singapore Institute of Surveyors and Valuers.Still, several property analysts are not...
Continue Reading • 22 Jun 2010
A time for remortgages, says HSBC
The recent house price increases have caused many home owners who purchased homes between 2006 and 2008 to have adequate equity for remortgages. According to HSBC, many homeowners are now taking advantage of the low interest rates by remortgaging. Research has indicated that homeowners who...
Continue Reading • 21 Jun 2010
Australia is one of the world's best property markets
Australia’s property market, on the back of a 20-percent price increase in 2009, has been named as one of the world's best performing property markets.According to a survey of 47 countries conducted by Knight Frank, the surprising growth in real estate values was largely driven by a...
Continue Reading • 21 Jun 2010
LES clinches tenancy for Alkaff Mansion
A food and beverage company has obtained the tenancy of the former Alkaff Mansion located at Mount Faber.LES offered $79,251 per month for the site, beating eight other competitors in the tender by the Singapore Land Authority (SLA).The former Alkaff Mansion can be redeveloped into a spa, museum,...
Continue Reading • 21 Jun 2010
Knight Frank drops collective sale for Clementi Park
Clementi Park was unable to get 50 percent of its residents' votes when it tried to go en bloc in 2006.And this time around, Knight Frank, the marketing agent of Clementi Park, has pulled out from the collective sale agreement.In the minutes of the recent meeting, Knight Frank said it lacked...
Continue Reading • 21 Jun 2010
Singapore luxury properties become an international product
High net worth Chinese nationals purchasing properties in Singapore made the headlines this month after a Chinese national paid a whopping $36 million for a luxury house on Paradise Island, in Sentosa Cove.The 21/2-storey bungalow – at 14,983 sq ft and with a built-area of around 17,000 sq...
Continue Reading • 21 Jun 2010
SLA approves 60 percent of lease top-up applications
More building owners are likely to seek lease top-ups from authorities as the stock of buildings developed on 99-year leasehold sites sold by the Singaporean government since the late 1960s gets older.Since 2007, the Singapore Land Authority (SLA) has processed 56 applications for lease...
Continue Reading • 21 Jun 2010