Singapore expects sluggish economy, but no double dip recession
Singapore is not likely to experience another recession, but expects sluggish economic recovery, said Trade Minister Lim Hng Kiang.Mr. Lim said that the consumption-boosting effects of stimulus packages implemented by the government at the peak of the global economic slump are waning and the...
Continue Reading • 12 Jan 2010
Holiday homes market bounces back
With the mortgage crisis taking place last year, fewer people had the chance to buy their dream vacation homes.However, lenders are now willing to finance second homes. Borrowers must still be patient, eminently qualified and strategic in choosing their vacation homes.“People are beginning...
Continue Reading • 12 Jan 2010
GIC incurs losses on New York property project
The Government of Singapore Investment Corporation (GIC) confirmed that it incurred losses from a prime New York real estate project, after American owners missed payment of their debt.GIC is believed to have written off more than $798 million (US$575 million). It confirmed that it...
Continue Reading • 12 Jan 2010
ARA Fund to sell units at Grange Infinite
ARA Asset Management’s private fund is said to have put 53 units at Grange Infinite up for sale, as activity in the high-end residential sector returns.Some of these freehold apartments at Grange Road could be sold for $2,900 per square feet or more, depending on the floor they are on and...
Continue Reading • 12 Jan 2010
CDL sold The Office Chamber for $13 million
City Developments Ltd (CDL) has sold another small office block located at the corner of Kitchener Road and Jalan Besar.The Office Chamber was sold for nearly $13 million, which works out at around $940 per square foot (psf) of the net lettable area (NLA).The buyer, ERC holdings, is expected to...
Continue Reading • 12 Jan 2010
Commercial real estate in US to see growth in 2011
US commercial property investors may still have to wait until 2011 to see their returns grow, as returns are expected to stay in the negative this year, said CB Richard Ellis Group’s research arm.“The worst is behind us because (values) won't be dropping as fast,” said Serguei...
Continue Reading • 11 Jan 2010
Malaysian property market gaining momentum
Malaysia’s property market will have a good result this year, as the economic situation improves and prices become more affordable.A recent report from CIMB Research showed that due to moderate price appreciation, low interest rates and rising incomes, Malaysia’s residential...
Continue Reading • 11 Jan 2010
More debt issuances this year, says top banker
The beginning of 2010 will likely see more debt issuances, as more companies seek to take advantage of the low interest rates, according to Keith Magnus, the new Head of Investment for UBS in Singapore and Malaysia.However, he warns that easy money in the capital market will not transform to a...
Continue Reading • 11 Jan 2010
GCBs fetching top dollar
Singapore’s Good Class Bungalow (GCB) market did well last year and is expected to remain so in 2010 as the economic condition of the country improves.The average price on a psf basis reached as high as $826 in 2009, up from $820 in 2008 and $681 in 2007, according to CB Richard...
Continue Reading • 11 Jan 2010
China formulates fresh measures to fight property bubble
China promised on Sunday that it will not allow foreign speculative investment to affect the local property market. This, as property prices in the mainland increase quickly.The directive from the State Council will guide ministries and local authorities, including The China Banking Regulatory...
Continue Reading • 11 Jan 2010
Speculative buying of Malaysian property still under control
Excessive speculative buying of properties due to various flexible home loan packages is not Malaysia’s major concern, said several industry players and analysts.SP Setia Bhd chief executive officer, Tan Sri Liew Kee Sin, said: “Given that many of the buyers were first-time home...
Continue Reading • 8 Jan 2010
UK banks still unwilling to lend to commercial property
The first Lenders’ Expectation survey conducted by Jones Lang LaSalle revealed that only a few of the well-capitalized banks in the UK are able and willing to lend more than £100 million to commercial property.Since commercial property values experienced a huge drop of more than 40...
Continue Reading • 8 Jan 2010
KepLand to develop a waterfront residential township in Vietnam
Keppel Land, one of the premier property developers in Asia, said that it has acquired a third township site in the popular District 2 of Ho Chi Minh City in Vietnam. Through Flemmington Investments, KepLand’s wholly-owned subsidiary, this acquisition is a joint venture between Keppel Land...
Continue Reading • 8 Jan 2010
FCT to acquire two malls in Singapore for over $290m
Frasers Centrepoint Trust (FCT), a leading mainboard-listed real estate investment trust (REIT), plans to purchase two shopping malls in Singapore for $290.2 million.It will buy Yew Tee Point and Northpoint 2 from Yishun Development, a wholly-owned subsidiary of its parent company, Neave and...
Continue Reading • 8 Jan 2010
IRs will not be major growth drivers
The buzz surrounding Resorts World Sentosa and Marina Bay Sands has intensified recently, as the resorts prepare for their grand openings and Singapore readies itself for a robust recovery this year.According to several analysts, the timing could not be better. Economists forecast that the...
Continue Reading • 8 Jan 2010
Preview sales of CapitaLand's Urban Suites received good response
Property developer CapitaLand said on Wednesday that Urban Suites, its' high-end development, received good response during its' latest preview sales. Of the 165 units launched during the first phase of the sale, 60 units were released to buyers who were ready to buy at least one unit. According...
Continue Reading • 7 Jan 2010
Luxury home sales remain high
Sales of luxury houses continued to do well at the end of 2009, according to updates from two developers.Malaysia-based YTL Corporation sold six villas for its Kasara project located at Sentosa Cove, with prices ranging from $14 million to $22 million. The selling price was around $1,600 per...
Continue Reading • 7 Jan 2010
The Lunar New Year is spurring the renovation business
Singapore’s renovation business is experiencing a boom, mainly due to the upcoming Lunar New Year and the anticipated improvement in the property market. According to several contractors, they have seen business increase by 20 percent from Q4 2009.For contractors, the New Year period is...
Continue Reading • 7 Jan 2010
Hotel room rates will continue to fall in 2010
The number of visitors in Singapore is expected to rise this year, and so will the number of hotels competing for their share, said CBRE Hotels.The consultancy firm expects the hotel industry to continue facing challenges this year, as room rates and room revenue could fall by 4 percent on an...
Continue Reading • 7 Jan 2010
Sentosa Cove Development records 50% take-up rate
YTL Corporation has officially launched "Kasara - The Lake", which is comprised of 13 luxury villas at Sentosa Cove.Six of the total number of villas previewed were bought by buyers from Singapore, the Asia-Pacific region and Europe, with prices ranging from $14 million to $22...
Continue Reading • 7 Jan 2010