JTC and STB board appointments
The Trade and Industry Minister re-appointed Mr. Simon C Israel as the chairman of Singapore Tourism Board (STB) and Mr. Cedric Foo as the chairman of JTC Corporation (JTC). DTZ Executive Director Ong Choon Fah was also appointed and a partner at Deloitte & Touche Ernest Kan Yaw Kiong and...
Continue Reading • 20 Oct 2009
Housing market to remain stagnant in 2009
Singaporean developer DTZ expected home sales to remain weak in 2009 given the economic slowdown. The company said that the poor market condition would hold back consumers from buying real estate. Home sales have decreased dramatically in the third quarter. Only 112 and 192 units were sold in...
Continue Reading • 20 Oct 2009
First REITs bottom line remains steady
First Real Estate Investment Trust (First REIT) announced yesterday that the market value of its eight properties barely changed vis-a-vis 2007. The news came out after the revaluation of the trust’s properties on 26 Dec 2008.The properties were revalued at $324.9 million, compared to the...
Continue Reading • 20 Oct 2009
$180m makeover for arts facilities
The Victoria Theater and Concert Hall will undergo $180 million worth of renovation as part of the cultural development program of the Singaporean government. The cost is estimated to be 30% that of Esplanade. Moreover, the government sets aside $115 million for similar projects aimed at making...
Continue Reading • 20 Oct 2009
Singaporean Economy Strengthened by Recessions
The 1998 financial crisis, the Internet bubble and the 2008 mortgage crisis helped the Singaporean economy to become more agile and less vulnerable to economic downturns. The Asian economy was not yet recovering from the 1998 crisis when the dotcom bubble hit in 2000. SARS outbreak in 2003...
Continue Reading • 20 Oct 2009
Home prices keep tumbling
Even if developers beg to differ, private home prices are dropping, and it will keep falling even further until next year. The figures for sold homes is going for an 18 year-low this year, to make it worse, supply is nowhere near deficient.“In every bear market, no matter what the...
Continue Reading • 20 Oct 2009
El-Ad divesting South Beach and Futura
According to El-Ad Properties, owned by an Israeli billionaire Yitzhak Tshuva, they are in search for interested buyers for their South Beach project’s one-third venture, and also for their fifty percent share at Leonie Hill Road, the Futura apartment. El-Ad’s complete investment in...
Continue Reading • 20 Oct 2009
Another top executive leaves Capitaland
Capitaland has again lost a top executive – Chief Corporate Officer Tham Kui Seng, a treasured deputy of the president and CEO Liew Mun Leong.Capitaland said Mr Tham’s reason for leaving is “to pursue personal interest”. Mr Tham is known to have been planning his...
Continue Reading • 20 Oct 2009
Regulatory system for home buyers
The global financial crisis has created consequential effects on Singaporean property-buyers. Economic crunch has put those who bought properties last year on a risky situation.People might lose lots of money trying to sell their properties in this declining market. Those who are stuck with...
Continue Reading • 20 Oct 2009
Sales of new private homes’ dramatic fall
The figures are starting to threaten the industry. With just 192 new private homes sold last month, it has been predicted that this year’s total sales can fall to levels that has never happened since 1990. CBRE Research reveals a total sale of about 4,300 units, a painful drop from last...
Continue Reading • 20 Oct 2009
UK helps in home repossessions
British policymakers take possible steps to help nearly 75,000 owners who would face repossessions in the following year.The UK government proposed a one billion pound scheme to help home owners facing repossessions, primarily targeting those who have a less income and those unemployed. Depending...
Continue Reading • 20 Oct 2009
MAS learns the art of mortgage lending
In response to BT queries, the Monetary Authority of Singapore (MAS) has recently announced that it won’t play a part in the repossession of a home if the mortgage is default.As of today, mortgage arrears in the US and UK are incredibly high, putting millions of people into risks of being...
Continue Reading • 20 Oct 2009
Laguna Park Owners Approve Enbloc Sale
Channel News Asia (CNA) reported yesterday the approval for the enbloc sale of Laguna Park, a 30-year-old condominium, by the apartments’ owners has reached the 80 percent threshold.The condominium, which has a total land area of about 667,000 sq. ft., is being sold by the owners for S$1.2...
Continue Reading • 20 Oct 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 • 20 Oct 2009
Property Investments trickles down a bit
The total investment sales of the Singapore real estate only amounts to S$17.8 billion due to the weak property market trends and grip-tight financing.“With market uncertainty and economic risks appearing to be on the downside, many investors will remain on the sidelines of the property...
Continue Reading • 20 Oct 2009
Office rental values expects to decline
Prime and average Grade A office rental values are expected to decline for about 20 percent in Q4 this year from the previous quarter, CB Richard Ellis said. The fourth quarter fall means that for this whole year, estimated fall in rental is only about 14 percent for prime space and 13 percent...
Continue Reading • 20 Oct 2009
Hotel Industry amidst the Global Recession
In spite of the economic downturn in Singapore’s hotel industry, about ten hotels plans to offer some 5,100 rooms, which are expected to launch next year. The hotels, which are conceived in the midst of the prosperous period, are facing difficulties in filling up their rooms. But, owners...
Continue Reading • 20 Oct 2009
Further property deflation foreseen in 2009
DTZ predicts 15%–20% decline (year-on-year) in the prices of condominiums and apartments in prime districts in 2009. Official data for the fourth quarter of 2008 showed that the prices of non-landed private homes in high-end districts (including District 9, 10 and 11) plunged by 14% on...
Continue Reading • 20 Oct 2009
Tuan Sing Holdings to sell Park Hyatt Hotel
The Grand Hotel Group (GHG) in Canberra, Australia, which is 50%-owned by Tuan Sing Holdings, is selling for S$79.5 million (A$80 million) - a near 14% premium to its book value.Tuan Sing announced yesterday that GHG, together with two other GHG subsidiaries, obtained a put-and-call selection...
Continue Reading • 20 Oct 2009
Singapore Top Asian Investor in Japan
Singapore extended its lead as Asia's biggest investor in Japan. For the first nine months this year, Singapore has pumped US$2.5 billion in direct investments into Japan.According to the Japan External Trade Organisation, there is about 86% of the total that the rest of Asia invested in Japan...
Continue Reading • 20 Oct 2009