Hotel rates experience 10-15 percent increase
With the influx of tourists to Singapore bouncing back, occupancy levels and room rates at the country’s hotels continue to increase, calming down worries that the additional 4,000-plus rooms in Marina Bay Sands (MBS) and Resorts World Sentosa (RWS) would depress the sector.Consultancy HVS...
Continue Reading • 7 Jun 2010
MLT completes two acquisitions
Mapletree Logistics Trust (MLT) has acquired two properties, one in Japan for S$22.8 million (¥1.49 billion) and the other in Vietnam for US$6.4 million.The purchase cost and other acquisition expenses were fully financed by debt, considering the relatively small size of the purchases, said...
Continue Reading • 7 Jun 2010
15-year mortgage rate in the US hits a record low
Home loan rates in the US have almost remained steady last week, seeing a near record low level for the most part, particularly for the 15-year fixed-rate mortgage, said Freddie Mac.Meanwhile, average rate for the 30-year fixed mortgage rose slightly to 4.79 percent for the week that ended...
Continue Reading • 4 Jun 2010
Ritz-Carlton to double its hotels in China
Ritz-Carlton – a Marriott International Inc luxury hotel brand – is expecting to double the number of hotels in China by 2015, making the country its most important international market, according to its president.Simon Cooper, CEO of Ritz-Carlton, said the company, which plans to...
Continue Reading • 4 Jun 2010
Asia-Pacific exceeds the Americas in hotel sales, says report
For the first time, hotel sales across the Asia-Pacific have overshadowed that in the Americas, as investors continue to flock to the region, a study showed.According to the report by Jones Lang LaSalle Hotels (JLLH) Hotel Investment Highlights, the Asia-Pacific had recorded hotel sales of US$3.3...
Continue Reading • 4 Jun 2010
URA sells three heavy vehicle park sites
URA announced that it has sold three plots of heavy vehicle parks at Senoko Drive and Bukit Batok West Avenue 5 through a public auction.It said that the15,600-sq-m heavy vehicle park site at Bukit Batok West Avenue 5 was sold for $5 million to Uni Development. This translates to about $30...
Continue Reading • 4 Jun 2010
KSH wins $70.6m deal for a luxury condo project
Mainboard-listed construction company KSH Holdings has won a new deal from Lippo Real Estate, a subsidiary of Lippo Group, to build a luxury condominium worth S$70.6 million. The construction firm will build a 36-storey luxury development called Centennia Suites, which will be located along River...
Continue Reading • 4 Jun 2010
ERA reminds agents to be careful in choosing words
Real state company ERA has reminded its agents to be very cautious in their choice of words especially when it comes to written communication.Agents have a responsibility to communicate with customers the latest information about the property market, said Mr. Eugene Lim, associate director of ERA...
Continue Reading • 4 Jun 2010
Office rents in financial district may increase 25 percent
Rentals for Grade A office space in the financial district may see at least a 25 percent increase in the next two years.Many analysts stressed that Grade A office rents in the country have already hit bottom, but will likely recover starting from the second half of the year.Among the prime...
Continue Reading • 4 Jun 2010
A quiet May for Singapore's property market
The current eurozone debt crisis has had greater success in cooling the hot private residential market in Singapore than a series of anti-speculative measures or the recent announcement of the government to release a bumper supply of state land for sale to meet the demand.Show flats and previews,...
Continue Reading • 4 Jun 2010
Now they own it, now they don't
About 25 percent of those who sold a private apartment or condominium for a profit in the subsale market during the first four months of 2010 had owned the unit less than a year, according to analysis by Savills Singapore.That is higher than 19.7-percent of owners who held their properties within...
Continue Reading • 4 Jun 2010
First-time homebuyers in the UK still cannot afford mortgage
Home loans in the UK are still out of reach for many first-time buyers, according to a sector commentator, who said that this is one of the many factors driving rental demand in the country.Tom Entwhistle, director of LandlordZONE.co.uk, stressed that a drop in supply in the industry sector and...
Continue Reading • 3 Jun 2010
Prudential withdraws deal to acquire AIA
British insurer Prudential is terminating its deal to acquire AIA, the Asian arm of AIG, due to asking price issues.Prudential said it was “in negotiations with American International Group, Inc (AIG) for the termination of the agreement (the SPA) for the combination of Prudential with AIA...
Continue Reading • 3 Jun 2010
Property sales drop 70 percent in Shanghai and Beijing
Real estate sales in Shenzhen, Shanghai and Beijing dipped as much as 70 percent last month as property developers delay sales after the central government launched its tightening measures.The Chinese government has restricted pre-sales by developers, raised minimum mortgage rates, curbed loans...
Continue Reading • 3 Jun 2010
Singaporean developers tread softly despite China curbs
While Chinese developers continue to delay home sales, their Singaporean counterparts are moving ahead with the launches of their Chinese projects.However, some Singaporean developers admitted that they will be closely monitoring the market before making future launches. Demand from homebuyers is...
Continue Reading • 3 Jun 2010
Tiong Seng posts 4 percent drop in Q1 profit
Property developer and construction group Tiong Seng has posted a 4.1-percent drop in net profits to S$3.1 million for its first quarter results that ended March 31.Revenue also dropped 56 percent to S$54.2 million, attributed to lower revenue from construction contracts and property development...
Continue Reading • 3 Jun 2010
Keppel Land uses S$76m from a rights issue to develop condo
Keppel Land announced that it has used around S$76 million of the net proceeds from its rights issue in 2009 to finance a quarter of the cost to develop its newly purchased condominium site at Boon Lay Way and Lakeside Drive.The company said it plans to develop 550 residential units at the site,...
Continue Reading • 3 Jun 2010
80 percent take-up rate for phase one at Marina Bay Link Mall
Marina Bay Link Mall has leased 80 percent of the retail space for phase one in its development, while phase two has seen a healthy take-up rate at 66 percent.The mall, which will open in November 2010, is expected to serve more than 50,000 employees and residents in downtown Marina Bay.More...
Continue Reading • 3 Jun 2010
North Bouna Vista site launched for public tender
A 99-year leasehold site at North Buona Vista Drive was launched for sale by JTC Corp through a public tender.The 1.8-hectare land plot is located at the intersection of Commonwealth Avenue West and North Buona Vista Road.The land site has a potential yield of around 112,000 sq m, out of which...
Continue Reading • 3 Jun 2010
S$113.7 million top bid for Upper Serangoon residential site
A residential site in Upper Serangoon has received a top bid of S$113.7 million offered by property developer Qing Dao Construction. This translates to about S$607 psf.It was the second highest bid recorded for a 99-year leasehold land site sold by the government for non-landed housing in the...
Continue Reading • 3 Jun 2010