Property developers become homebuyers
With the hot property market in Singapore, many property developers are snapping up units in their own projects, particularly high-end properties.The Singapore Exchange filings showed that at least four listed property developers have sold units in their residential projects to relatives or...
Continue Reading • 14 Apr 2010
DBS Bank signs up as main tenant at MBFC Tower Three
Leasing activity in the office sector remains strong, as the economy improves. Analysts said that this has cut the amount of the so-called "shadow space" or vacant office space not on the market.In H1 2009, shadow space was 550,000 square feet, and now, it is just one-tenth of it.In the...
Continue Reading • 14 Apr 2010
Soilbuild tops bid for Yishun industrial site
Soilbuild Group Holdings submitted the highest bid in a government tender for an industrial site at Yishun Avenue 6, said the Urban Redevelopment Authority (URA).The 1.43-hectare plot, which was launched for sale on a 60-year lease, received a total of five bids.Soilbuild's bid of $29.29 million,...
Continue Reading • 14 Apr 2010
Over $500m of GCBs snapped up in Q1, says CBRE
Property consultancy firm CBRE said that more than $500 million worth of Good Class Bungalows (GCBs) have been sold during the first quarter of 2010.Based on CBRE’s analysis of URA Realis caveats, 29 deals were made in Q1 2010, amounting to $470.33 million. In addition, Mr. Douglas Wong,...
Continue Reading • 14 Apr 2010
Australian home loan demand falls for fifth consecutive month
Mortgage demand in Australia dropped for the fifth consecutive month in February, as tighter lending conditions and increasing interest rates discouraged interested borrowers.According to data released by the Australian Bureau of Statistics (ABS), only 50,287 mortgages were granted to...
Continue Reading • 13 Apr 2010
Survey finds positive Q2 business expectations
Sustained by the improving global sentiment and brighter economic outlook, many local companies in Singapore have reported strong market expectations for the current quarter in the latest Business Optimism Index survey conducted by Dun & Bradstreet.The Business Optimism Index is based on the...
Continue Reading • 13 Apr 2010
Asian bubble concerns unlikely to spur severe market crash, says DBS CEO
Property bubbles are forming in some of the key cities in Asia which may lead to a market correction, according to Mr. Piyush Gupta, chief executive officer of DBS.In a speech at an event organized by the American Chamber of Commerce in Singapore, he stressed that more Asian governments may...
Continue Reading • 13 Apr 2010
ECs rise in popularity, thanks to increasing private condo prices
Executive condominiums (ECs) have risen in popularity, say property agents.ECs are the next best thing for those who are priced out of the private condo market, where prices have hit new highs recently.According to real estate agents, the price of each square foot has increased by about 70...
Continue Reading • 13 Apr 2010
Tiong Aik and CDL condo projects gearing up for preview
Property developers are preparing to launch private residential projects, to meet demand from buyers before competition sets in, including those on new sites being sold by the government. Tiong Aik group is expected to preview its freehold Starlight Suites at River Valley Close this week at an...
Continue Reading • 13 Apr 2010
Marina Bay Sands to boost hotel sector, say industry players
The Marina Bay Sands integrated resort in Singapore will add additional hotel rooms in the downtown area, which currently houses nine hotel chains. But existing hotel players see this as a new opportunity rather than a threat.The tower blocks are now famous landmarks in downtown Marina Bay, and...
Continue Reading • 13 Apr 2010
Investors to hold down US mortgage rates, says Pimco
Investor demand for mortgage-backed securities will help keep the cost of US home loans down after the Federal Reserve ended its $1.25-trillion purchase programme for the debt, said Pacific Investment Management Co., manager of the world’s biggest bond fund.Home prices in the US are...
Continue Reading • 12 Apr 2010
EL Development to acquire Diamond Tower in Balestier
EL Development has signed a deal to acquire the freehold Diamond Tower in the Balestier area for about $49.6 million through an en bloc sale.The price for the freehold tower works out at around $652 psf of potential gross floor area, inclusive of a $300,000 development charge payable to the...
Continue Reading • 12 Apr 2010
Cashew Heights owners plan a second collective sale
Owners of Cashew Heights condominium are planning to put the property into a collective sale for the second time, as the first attempt, three years ago, had failed.About 170 owners of the 598-unit estate have signed a requisition to hold an extra-ordinary general meeting (EGM), which will put the...
Continue Reading • 12 Apr 2010
Fragrance Properties acquires Culford Garden for $39m
Fragrance Properties has acquired Culford Garden, a 24-unit apartment at Siglap, for $39 million in a collective sale – the third successful en bloc sale this year.Each owner could receive an average of 1.625 million from the sale’s proceed.The sale price translates to a land rate of...
Continue Reading • 12 Apr 2010
Government released 8 residential sites in Q1
The government released eight residential sites, which can yield about 3,340 executive and private condominium homes, during the first three months of the year, as home buyers continued to snap up new homes and property developers clamoured for plots to replenish their shrinking landbanks.Five of...
Continue Reading • 12 Apr 2010
Real estate agencies urge agents to go back to school
Property agencies are sending their agents back to school, as they are preparing for tighter rules in their industry.Some are even urging their agents to take existing accreditation tests and attend preparatory courses to improve their chances of passing the mandatory industry examination, which...
Continue Reading • 12 Apr 2010
US mortgage rates hit eight-month high
The rates for 30-year home loans in the US jumped this week, hitting its highest level in eight months amidst improving economic conditions and the end of the government’s move to push down interest rates.According to a weekly survey of conforming mortgage rates released by Freddie Mac, the...
Continue Reading • 9 Apr 2010
Asian Real Estate takes centre stage at Cityscape Asia 2010
Cityscape Asia 2010, the world’s largest B2B real estate investment and development exhibition and conference event, will be held at Suntec Singapore from May 18-20, 2010.Event organizer, Cityscape, said that the global property world is gradually shifting its attention to Asia to unveil...
Continue Reading • 9 Apr 2010
Keppel Land upbeat about prospects for residential sector
In its latest annual report, Keppel Land stated that it is upbeat about prospects for residential properties in Singapore and other major markets it operates in.Last year, the property developer sold 384 homes in the country and 3,100 overseas.Keppel Land now plans to release more waterfront...
Continue Reading • 9 Apr 2010
Auctions for high-end homes hit $13 million in Q1
According to the latest figures released by Colliers International, more high-end homes surfaced at the auction scene during the first three months of 2010, mostly involving owner sales.Properties that changed hands in the first quarter reached to about $13.4 million – higher than in any...
Continue Reading • 9 Apr 2010