Bigger cuts for DC rates possible
Bigger cuts of up to 20 percent in the development charges (DC) are being expected by property consultants from the authorities for the forthcoming revision effective 1 March. Several observers said the proportion of the development in land value, which proceeds to the state, may be lowered by...
Continue Reading • 18 Nov 2009
Gillman collective sale goes ahead
In Singapore yesterday, The Court of Appeal has dismissed the appeal of the Gillman Heights’ minority owners to end the collective property sale.CapitaLand, Hotel Properties and two other private funds have agreed to purchase the $548 million worth of property in 2007. However, a minority...
Continue Reading • 18 Nov 2009
Housing projects take squatters out of slums
From her third-floor flat, Mrs. Elvie Pablo, a mother of four children, pinpoints an extensive slum of shanties. This eyesore is the Philippine National Railways or the PNR.According to Mrs. Pablo,”That is where we used to live”. The excessive crowding was awful, and several quarrels...
Continue Reading • 18 Nov 2009
Property Stocks Rally on China’s Fiscal Boost
Property stocks enjoyed a two-day break from the market gloom after China’s real estate market announced its plans to boost sales. The rally is likely to be short-lived, however. According to some analysts, measures taken by property stockholders will have a limited effect on boosting up...
Continue Reading • 18 Nov 2009
Some loss but most gain in subsales
Even though it is a difficult property year in Singapore, an overwhelming 95 percent of the property sellers who dealt private condominiums and flats in the subsale market a year ago were able to turn a great profit.However, the amount of subsales that ran up losses totalled above doubled - from...
Continue Reading • 18 Nov 2009
China’s housing prices to rise next year
Housing prices in China will continue to increase next year due to a stronger inflationary expectations and the surge in bank lending, said the government’s top think tank yesterday.But the property market may flow back slightly and become stable in the second half of next year, after the...
Continue Reading • 18 Nov 2009
UK property market showing signs of stability
The property market in the UK is showing signs of stability after more than two years of declining property prices.The British Land Co. PLC, the second-largest real-estate investment trust in the United Kingdom in terms of market capitalization, disclosed the latest evidence on Tuesday. It...
Continue Reading • 18 Nov 2009
CapitaLand raises $1.79 billion from CMA
CapitaLand, the largest developer in Southeast Asia, raised $1.79 billion (S$2.47 billion) from selling stakes of CapitaMalls Asia (CMA), its retail arm which has a portfolio of 86 malls in China, India, Singapore, Japan and Malaysia.According to a prospectus on the MAS website, CapitaLand...
Continue Reading • 18 Nov 2009
SPH to acquire Clementi Mall for $392m
Singapore Press Holdings (SPH), which has a near monopoly of the newspaper publishing industry in the country, will acquire a local property for S$541.9 million (US$391.8 million).On Tuesday, SPH revealed that its subsidiary, CM Domain Pte Ltd, had received a notice from the Housing...
Continue Reading • 18 Nov 2009
Dilemma in the Asian Property Market
The PricewaterhouseCoopers (PwC) and Urban Land Institute (ULI) released a report, The Emerging Trends in Real Estate Asia Pacific 2009, which depicted an apocalyptic scenario of the Asian property market – bankruptcies, falling asset prices, deteriorating debt markets, increasing...
Continue Reading • 17 Nov 2009
URA October results down massively
The number of private homes launched and sold by developers in October plunged to their lowest levels since home sales began to bounce back in February, according to official figures released recently. While the outcome was expected, the question now is: How long will it take for the home market...
Continue Reading • 17 Nov 2009
MI REITs recapitalisation plan rejected
Mainboard-listed Cambridge Industrial Trust (CIT) has expressed its opposition to the recapitalisation plan of MacarthurCook Industrial REIT (MI REIT).CIT, MI REITs largest unitholder with an almost 10 percent share, said it will vote against the said proposal.MI REIT announced earlier this month...
Continue Reading • 17 Nov 2009
New sites will ensure sufficient housing
The Singapore government assured last week that there is sufficient residential supply in the country, so home buyers need not rush. Following this announcement was the government’s decision to sell eight residential sites in the first half of 2010.The eight sites are located in non-city...
Continue Reading • 17 Nov 2009
HK’s lucky flat is not so lucky
A Chinese buyer who paid HK$56 million ($7.2 million) for a “lucky” unit in Hong Kong may be regretting his move, according to a media report.The Chinese buyer bought the luxury duplex apartment, located on the 68th floor in the Mid-Levels district, for HK$88,000 per square foot....
Continue Reading • 16 Nov 2009
Sentosa Cove deal not completed
A foreign investor who purchased two adjoining bungalow sites located at the Sentosa Cove in 2008 did not complete the transactions. One of the plots has been re-sold by Sentosa Cove to a local buyer at $1,688 per sq ft (psf) of land – the same price that the foreign investor proposed....
Continue Reading • 16 Nov 2009
Foreign buyers eyeing new investments
Foreign property buyers are venturing out of the usual prime districts in Singapore to invest in other parts of the island.A new study done by Savills shows that overseas investors are looking at districts 11 and 22, as well as district 12, which is the Balestier area.The study also revealed...
Continue Reading • 16 Nov 2009
Better value for older homes
While the local property market plunged in late 2008 along with the global economy, home values have since bounced back to its normal level. Since the second quarter of this year, a larger number of interested home buyers have lined up outside the showrooms of new condominium launches.Property...
Continue Reading • 16 Nov 2009
Boustead’s property division lifts its Q2 profit by 13%
The strong performance of Boustead Singapore’s real estate division boosted its Q2 earnings by 13 percent amid the unfavorable forex movement and challenging business conditions.The infrastructure and engineering specialist posted $10.8 million profit for the quarter that ended on September...
Continue Reading • 13 Nov 2009
JLL welcomes new appointees
With improving market conditions and continuing positive results in the Singapore market, Jones Lang LaSalle (JLL) announced key senior appointees for its Singapore business within the Residential Project Sales, Investment and Commercial Leasing and Retail services.Dr Megan Walters, who has more...
Continue Reading • 13 Nov 2009
CDL sold 854 private homes in Q3
City Developments Limited (CDL) sold 854 private homes amounting to around $1 billion in Q3 2009. Accordingly, for the first nine months of 2009, its sales tally reached 1,391 units worth around $1.72 billion - a large increase from the 360 units amounting to approximately $340 million...
Continue Reading • 13 Nov 2009