Increasing sales for newly launched condominiums
Sales in the property market increased its growth as mass and upper-mid-market condominium launched and attracted large crowds of buyers in June 2009 in Singapore.According to a spokesman for developer Hoi Hup Realty, the 68-unit Residences Killiney project has sold 39 out of 60 released units...
Continue Reading • 31 Dec 2009
JLL: slower slide in Grade A office rent
In Singapore, the monthly prime Grade A office rental slide slows down in the second quarter of 2009. According to property consulting group Jones Lang LaSalle (JLL), the monthly average rents of the prime Grade A office drop to $9.50 per square foot (psf) during the 2nd quarter, a 11 percent...
Continue Reading • 31 Dec 2009
Senior Minister shows five steps to develop financial sector
The aim of Singapore to be at the head of financing infrastructure investments in Asia in the coming years is one of the five strategies that Singapore Senior Minister Goh Chok Tong revealed in the annual ceremonial dinner of the Association of Banks (ABS) held on 26 June 2009 to develop the...
Continue Reading • 31 Dec 2009
URA bids for hotel site
Urban Redevelopment Authority (URA) announced that it would start the tender process for a hotel site on New Bridge Road after receiving a $43.8 million bid from undisclosed developer. The bid reportedly matched or exceeded the minimum price asked by the Singaporean government, thereby setting...
Continue Reading • 31 Dec 2009
Property investment sales increase this quarter
According to CB Richard Ellis (CBRE), investment sales of real estate in Singapore hit $953.9 million in the second quarter of 2009, showing a 248% increase from the first quarter’s $273.8 million.This increase was reached because residential investment sales quadrupled due to the growth in...
Continue Reading • 31 Dec 2009
New Bridge Road site's $44m bid
The Urban Redevelopment Authority (URA) announced that it will be launching a public tender for a hotel site located at New Bridge Road in July 2009.The 0.45 hectare hotel site was made available for sale by April 2007’s reserve list system of the Singaporean government. The government's...
Continue Reading • 31 Dec 2009
Negative outlook for Singapore banks
The future of the Asian banking industry and Singapore banks is negative due to an expected significant growth in non-performing loans (NPLs) in the midst of increasing corporate defaults, Moody's Investors Service reports.Deborah Schuler, group credit officer and senior vice-president for Asian...
Continue Reading • 31 Dec 2009
ABC guide to house developers for greener designs
A new design guideline, aimed at both public and private developers to bring out rain gardens and plant-covered condominiums, was released by PUB. The guideline, which is included in the Active Beautiful Clean Waters (ABC Waters) Programme, discusses several methods by which water features and...
Continue Reading • 31 Dec 2009
Q2 sales of pre-owned houses grew 71 percent
The Urban Redevelopment Authority (URA) said the number of pre-owned, private houses sold during the second quarter increased 71 percent from 856 units in the first quarter to 1,706 units.Re-sale capital values also increased in the second quarter, though it was still less than the figures seen...
Continue Reading • 31 Dec 2009
PAC uncovers loopholes in letting government contracts
The Public Accounts Committee (PAC) of the Singaporean Parliament released the third report, revealing that the Defence Science and Technology Agency (DSTA), the procurement agent of the Ministry of Defence (Mindef), failed to verify the debarment status of subcontractors, thus unknowingly...
Continue Reading • 31 Dec 2009
Strong weekend sales for fresh projects
This week saw high sales turnover rates for a number of condo projects.Frasers Centrepoint sold 302 of its 330 units at the Woodleigh Close project. The units were sold at $790 per sq ft on average. According to Lim Ee Seng, chief executive of the company, majority of the buyers were Singaporeans...
Continue Reading • 31 Dec 2009
Property brokering needs government oversight
Regulatory reforms in the property industry are long overdue and it's time that the government addresses the concerns of real estate buyers and sellers.Two years ago, my relative hired a property agent to sell her flat, but she eventually noticed that every time a prospective buyer visits the...
Continue Reading • 31 Dec 2009
Buyers crowd over showflats
Since Friday, Frasers Centrepoint sold more than 90% of its 330-unit 8@Woodleigh condo. The 99-year leasehold project, which is located near Potong Pasir MRT Station, sells at $780 per square foot, but the prices are 3 percent higher under the interest absorption scheme (IAS).The 15-storey...
Continue Reading • 31 Dec 2009
The Do's and Don'ts of Buying a House
The global recession sent house sales falling, thus luring the buy-side sector to take advantage of big price cuts. Sales of newly-constructed private homes hit a two-year historic low at 1,668 units last month, while housing prices were down by 25% since last year.Though market observers...
Continue Reading • 31 Dec 2009
Prices of high-end bungalows rally as sales rebound
The high-end bungalow market showed significant improvements since the start of the year, with property agents even expecting to sell more units. “I expect to sell six to eight out of the 15 good class bungalows (GCB) on hand within six months” said K.H.Tan, Newsman Realty’s...
Continue Reading • 31 Dec 2009
Changi road and Balestier properties open for bidding
A site at Changi and Still roads with a façade corner is for developmental endorsement to make it a commercial and residential venture, and a Balestier revamped shophouse with a six-storey rear annex block are up for bid amounting to around $40 million. The receiver and manager of Asia Pte...
Continue Reading • 31 Dec 2009
OCBC's better staff gives better service
After receiving complaints regarding sale of inapt products, OCBC Bank changed the way their staff sales handle their customers. Such changes are sending their sales and marketing staff to up to date trainings and rewriting sales documents in simpler language. Head of secured lending at OCBC,...
Continue Reading • 31 Dec 2009
Developers take advantage of home-buying wave
There’s a strong wave of home-buying this season. Interested private home buyers are welcome to project launches with as much as 1,668 units available since May. Sale price of brand new homes have slithered up since earlier this year.However, this buying wave may not last long since its...
Continue Reading • 31 Dec 2009
US Dollar hurts Asian currencies
East meets west when Asian currencies glided down against the US dollar yesterday; the demand for emerging-market assets in Asian stocks were reduced. Russia and the International Monetary Fund’s confidence in the US Dollar were partly to blame.The Singapore dollar could have dropped as low...
Continue Reading • 31 Dec 2009
Punggol creates harmony with their foreign residents
Activities have been provided by proletariat leaders in Punggol Central, in order to help new immigrants to bond with Singaporeans. Late last year, a cricket league was handled by Pasir Ris-Punggol GRC to accommodate Indian emigrants. This was also formed because a number of Indians were...
Continue Reading • 31 Dec 2009