MI-REIT second debt extension elaborated
MacarthurCook Investment Managers (Asia) Ltd was granted their first extension last March. It was a 60-day extension for its debt facility, amounting to $220.8 million, which would have matured in April. However, yesterday, their managers declared the implementation of conditions required for the...
Continue Reading • 31 Dec 2009
Home sales on a roll in the second quarter
Despite the recession, 1,668 new private home units were sold in May, just a little lower compared to the all-time high of 1,731 in August 2007. This would not happen if price cuts weren’t considered and the share market assembly enhanced buyer confidence. Strong developer sales were also...
Continue Reading • 31 Dec 2009
Economic stability still unsure in home sales industry
Private home market declined amid the global crisis. However, in May, sales flourished, selling a total of 1,668 units. Nonetheless, industry experts believed this will not last for long if the economy will remain to decline. Experts are also worried with the weak rental demand.Urban...
Continue Reading • 31 Dec 2009
Avoid high yield S-REITs
Investors are being warned not to be tempted to buy S-REITs coming from either Singapore real estate investment trusts or government bonds.In a report last week, Sai Min Chow and Tony Darwell said they have noticed the greatest mis-pricing in the industrial and retail sectors. However, the...
Continue Reading • 31 Dec 2009
Strong demand for The Shore Residences
Property developer Far East Organization said its newest project, The Shore Residences, saw strong demand since the start of its preview two weeks ago.The 408-unit The Shore Residences is located in the Katong area.The property developer said more than 70 units were sold and interested buyers...
Continue Reading • 31 Dec 2009
Singapore top 10 most expensive cities for expats
A recent survey shows that Singapore has been included in the top 10 most expensive cities in Asia for expatriates to reside. The survey, which the ECA International has conducted, is based on a cost-of-living standard for expatriates.ECA International, a data and software solutions and employee...
Continue Reading • 31 Dec 2009
Report reveals the UK's most expensive places to purchase property
Chelsea and Kensington in London are the most expensive places in the UK to purchase real estate, with half of the most expensive residential area in the borough.The average price for a real estate property in the Wycombe Square is about £5.4 million.Overall, five out of the nine regions of...
Continue Reading • 31 Dec 2009
Financial institutions scramble to find replacement tenants
Financial institutions which own shadow office spaces of up to 400,000 square feet are now scrambling to find replacement tenants.In the real estate world, shadow space is loosely defined as excess office space that companies have leased. Unfortunately, due to the current global economic crisis,...
Continue Reading • 31 Dec 2009
Japan Land appoints new managing director
Japan Land, a Mainboard-listed property investment company, said last Wednesday that it has appointed Leow Tet Sin as the new managing director and member of the company’s nominating committee, effective from December 23. The recent appointment settles a conflict of interest issue that has...
Continue Reading • 31 Dec 2009
Greenlodge Condo up for en bloc sale, with $135m asking price
Owners at Greenlodge Condominium in Toh Tuck Road launched its freehold estate for en bloc sale. This was prompted by the improving property market.They are asking for $135 million for the site, which translates to $683 per square foot per plot ratio (psf ppr), including the development...
Continue Reading • 31 Dec 2009
Developers still offer properties
Despite the current market outlook due to the global economic crisis, and with June school holidays forthcoming, developers from here and abroad continue to launch properties in Singapore.Projects such as the 68-unit Residences Killiney (by Hoi Hup Reralty) and 152-unit One Devonshire (by...
Continue Reading • 31 Dec 2009
Government to launch 10 sites for tender in H1 2010
The government announced that its industrial land sales programme will put 10 sites, including two on the confirmed list, up for tender in the first half of 2010.Sites on the confirmed list will be launched for tender regardless of developers' interest. The two sites on the confirmed list include...
Continue Reading • 31 Dec 2009
AustraLand lands S$347.3 deal
AustraLand, CapitaLand’s Australia-based unit, landed a deal for a public housing redevelopment project in partnership with St Hilliers. The 7.5-hectare project, which is located in Carlton, Victoria, is said to be worth about S$347.3 million (A$300 million).AustraLand said yesterday that...
Continue Reading • 31 Dec 2009
Analysts reckon office rents will continue falling in 2010
The entire year of 2009 saw an almost 50 percent decline in office rents in Singapore. Observers attribute this mainly to the global economic crisis.The decline is not a cause for undue concern, as it follows a 90 percent spike in rents the previous year. However, analysts said that there is a...
Continue Reading • 31 Dec 2009
Wisma basement traffic doubles
The underpass between Wisma Atria and Orchard MRT was recently opened and pedestrian traffic to the mall’s basement increased by over 100 percent compared to last year, said mall owner Starhill Global REIT.Formerly known as Macquarie Meag Prime REIT, Starhill Global owns 74.23 percent of...
Continue Reading • 31 Dec 2009
Cash perks from office rentals
The intense competition for tenants is causing landlords to resort offering cash or capital contributions to draw new business in the typically calm office sector. Also called capital expenditures, these “golden hellos” range from $500,000 to a couple of million dollars according to...
Continue Reading • 31 Dec 2009
Asians mostly unfazed by downturn
The Canadian insurer Sun Life Financial has found through its survey that Asians are fairly optimistic and resilient despite the current economic downturn.The survey covered more than 7,000 respondents in 19 cities from China, Indonesia, India, the Philippines, and Hong Kong; Singapore was not...
Continue Reading • 31 Dec 2009
Asian currencies fall against US Greenback
Various Asian units declined against the American currency yesterday, after regional stock markets experienced losses.In Hong Kong, Hang Send Index showed loss 194.9 points and closed at 18,058.49 whilst in Japan, Nikkei 225 declined by 0.8 percent, to close at 9,786.82.Heavy selling generated...
Continue Reading • 31 Dec 2009
Asian markets ended mixed during holiday trade
The stock market in Asia ended narrowly mixed in a dwindling holiday trade last Tuesday, after Wall Street posted subdued gains.The dollar was fairly higher against the yen and euro. Australian shares led the region, its resource-heavy market powered by more solid prices for gold, oil and other...
Continue Reading • 30 Dec 2009
STI to breach 3,000 in H1 2010, say market watchers
Singapore’s Straits Times Index (STI) managed to end the year higher by 60 percent, despite weak response in the first three months, with various sectors being lifted by stimulus measures and pent-up liquidity from market players waiting to enter the market.Terence Wong, senior vice...
Continue Reading • 30 Dec 2009