Bukit site opened for hotel developers
The Urban Redevelopment Authority (URA) placed a 3ha site in Bukit Chermin into a reserve list of commercial space despite the poor condition of the real estate sector. The site can generate a maximum floor area of 10,000 square meters.URA says it will be developed into a distinctive lifestyle...
Continue Reading • 21 Oct 2009
Office rents in Singapore decline
A survey conducted by CB Richard Ellis (CBRE) showed that annual occupancy costs in Singapore decreased to US$135.13 per square feet in November from US$139.31 in May, placing the state at the 9th spot in the list of the most expensive places to do business and 13th in the list of office markets...
Continue Reading • 21 Oct 2009
Shopping mecca to rise at Serangoon
The current economic slowdown is not holding back the construction of a mega shopping mall at Serangoon Central. Gold Ridge contracted Low Keng Huat to construct the $295 million commercial property, which is poised to become an iconic retail center in North East. Gold Ridge is a special purpose...
Continue Reading • 21 Oct 2009
Will Raffles aim high and stay high?
Singapore’s Raffles Hotels and Resorts keep on a spirited development, which may bring forth 30 hotels in 2012 on several cities including Kuala Lumpur, San Francisco and New York.“As a brand, Raffles has tremendous potential for global expansion. We're not yet represented in certain...
Continue Reading • 21 Oct 2009
The passion for success
Chances do come once in a lifetime and the chance for Lim Wee Lim came when he was 24 years old. When this chance came, he embraced it gladly, and then it flourished into something good. That something good is now known as the Kitchen Culture. Now at 42 years old, Mr. Lim is now Kitchen...
Continue Reading • 21 Oct 2009
Otto Marine launched $97.7 million IPO
Otto Marine has raised one of the largest IPOs this year. Despite the global financial crisis, the offshore marine group is selling 235 million shares at 51 cents each in a bid to raise $97.7 million in net proceeds.“We look long term in our IPO, and in our business, we have strong growth...
Continue Reading • 21 Oct 2009
Charter hotel to rise in Katong
Santa United International Holdings will turn a pre-war residential complex into a charter hotel aimed at tourists and businessmen. The property, which comprises of nine shophouses, is located in Katong along the East Coast Road in the Pernakan enclave. The $12 million project will begin in early...
Continue Reading • 21 Oct 2009
Global crisis starts sending people home
Global recession hits hard on Singapore, sending several employees in various companies at home to never come back to work anymore.“Some are quite distressed when they come to me because they just lost their job and don't know where they are going to. It's very difficult for them as many...
Continue Reading • 21 Oct 2009
Deteriorating construction sector
Compared to last year’s growth of 20.3 percent, this year is a different story for the construction sector. Instead of growing up, the sector just keeps falling down. In the first quarter of 2008, it had an 18 percent growth rate, but in the third quarter of 2008, the sector started to...
Continue Reading • 21 Oct 2009
What is a Grade an Office Space?
Office buildings are categorized based on a combination of physical characteristics and location. Grade-B and C buildings are always classified according to the qualities of Grade-A buildings. Indeed, no formula can be devised to categorise buildings into classes; judgment unfortunately is always...
Continue Reading • 21 Oct 2009
The Orchard Scotts Experience
Orchard Scotts has recently placed a 16-seater dining room exclusively for its guests.Not to be confused with function rooms found in other lesser condominiums, the new dining room is very different with its 52-inch LCD TV embedded in a granite wall and a cordon bleu coffee machine built into...
Continue Reading • 21 Oct 2009
January Budget to reverse economic woes
Economic growth for the country may slide into negative territory. The government has announced that it will place measures to reduce and absorb the ill effects that may occur. It also plans to fast track the approval of the 2009 Budget as early as January.According to Prime Minister Lee...
Continue Reading • 21 Oct 2009
Property writedown affects future profits
As small home developers starts to cut prices, other property groups become pressured to make writedowns too. This will cut bottom lines, which have already begun to fall in the newest quarterly reports. Way back in 2001, CapitaLand and Keppel Land had real estate projects with breakeven costs...
Continue Reading • 21 Oct 2009
Credit tightens as prices fall
As property prices start to fall, home loans became more difficult to acquire. When value of properties fall down, credit is harder to get as banks and other financial institutions tighten their credit machinery.Banks grant only 90 percent of the value of the property or its selling price,...
Continue Reading • 21 Oct 2009
Market Gloom Ignored Over Condo Launch
El Development is rolling out its condominium launch of the 200-unit Rosewood Suites, a 99-year leasehold located in Woodlands, this weekend. This is a rare and optimistic launch as the property market proves to be gloomy these days. The developer is hoping that discounted prices will draw...
Continue Reading • 21 Oct 2009
Developers Are Not Up For Greens
Green development in the property sector is likely to be delayed because of the economic slowdown. According to a building consultant, developers are not so eager because its benefits are not substantial in the short-term.But according to Peter Rawlings, a consultant from the British consultancy...
Continue Reading • 21 Oct 2009
US Home Prices Fall due to Recession
According to the Standard and Poor’s/Case-Shiller Home Price Indices that was released on 30 December 2008, the prices of single-family US houses in October had an eight percent slide from 2007 due to the extended recession.From September to October 2008, the composite index of 20 cities in...
Continue Reading • 20 Oct 2009
Home Market Deterioration’s Solution: Lower Prices
Although there are valid reasons for developers not to make their home prices lower, such as the fall of valuations and price war, there are also irresistible reasons for a developer to lower their home prices.First appealing reason to lower home prices is that lower prices will attract buyers...
Continue Reading • 20 Oct 2009
Forecast on Singapore’s 2008 GDP
According to the Singapore’s Minister of State for Trade and Industry S. Iswaran, the country’s GDP for 2008 is now anticipated to come in lower than what is expected.The country’s economy had contracted by 5.3 percent in Q2 and 6.8 percent in Q3 due to technical recessions. On...
Continue Reading • 20 Oct 2009
JTC to expand IBP in Jurong
Despite the economic downturn, JTC is planning to develop in Jurong the International Business Park (IBP) in anticipation for uptick in demand of industrial space after the recession. The developer plans to expand the park by 20% and increase plot ratios in selected areas.“We are expecting...
Continue Reading • 20 Oct 2009