Prime homes price in Singapore falls
The Knight Frank Prime International Residential Index (Piri) stated that there was around 15 percent drop in prime home prices in Singapore in the previous year, coming as the fifth largest fall worldwide.The biggest fall in 2008 was seen by Hong Kong with 24.5 percent. It was followed by the...
Continue Reading • 20 Oct 2009
Rental rates’ downward trend seen as necessary correction
According to the analysts, they see no problem with the downward trend of prime office rents as such deterioration is a necessary correction. Prime office rents in the CBD have been greatly affected by low demand and oversupply of office space.Since the start of 2008, rents have...
Continue Reading • 20 Oct 2009
Delay in Marina Bay Suites’ construction
Referring to “current market conditions”, KepLand postponed the construction of the Madison Residences in Bukit Timah and the highly boasted Marina Bay Suites, which the company has a one-third share. The Marina Bay Suites with 221 units are being developed by KepLand in cooperation...
Continue Reading • 20 Oct 2009
Singaporeans patronises Citadines serviced apartments
SINGAPORE – Ascott company’s newly launched Citadines serviced apartment complex is already showing a good performance. The 154-unit block Citadines Singapore Mount Sophia located in Wilkie Road is about 70 percent taken just a month after its launch on 9 January 2009, the firm...
Continue Reading • 20 Oct 2009
Property player optimistic in spite record low
Amidst frustrating January that saw huge decline in property sales, property industry players remain optimistic that industry will be able to rebound and flourish in the succeeding months.The 107 private homes that were sold by the developers last month was recorded as the lowest output in sales...
Continue Reading • 20 Oct 2009
Firms Shelve 1000 New Apartments
As properties that were recently sold en bloc were returned on the rental market for lease, nearly 1,000 projected new apartments from Singapore’s property market are expected to be withdrawn.Lucky Tower at Grange Road is the latest example of this, which the City Developments Ltd (CDL)...
Continue Reading • 20 Oct 2009
Problems of deferred payment homes
During the Asian financial crises, deferred payment on homes was adapted to stimulate the property market. With a little cash, a buyer could secure a property before it was in fact built. This scheme was later stopped because it encouraged widespread speculation.As of 2008, there were 3350...
Continue Reading • 20 Oct 2009
Fresh Demand for property and transport shares
Trading in the Singapore bourse was considered flat yesterday. The Straits Times Index (STI) fell at 1,795.47, down by 3.48 points or 19 percent. During the week it increased by 3.17 percent or 55.13 points.Compared to last week’s 1.13 billion shares worth $997 million, the volume traded...
Continue Reading • 20 Oct 2009
Auction Market Slows Down
There is less action in the auction property market this year. Figures showed that in 2008, there were 852 properties for auction compared to 1,302 in 2007 or down by 35 percent.This amounts to a transaction of $69.1 million worth of properties, (excluding the final two auctions of the year) or...
Continue Reading • 20 Oct 2009
Laguna Park owners to sell at cheaper price
Unit owners in Laguna Park, whose tender unsuccessfully closed last Friday, have now considered selling at a cheaper price, ranging from S$950 million to S$1 billion. According to Credo, the marketing agent of the development, the residents are likely to obtain letter of advice about the...
Continue Reading • 19 Oct 2009
Stronger deals for Singapore luxury apartments
As a more positive mood spread to the higher realm of the private residential market, deals for Singapore luxury apartments picked up in Q2 and Q3 of 2009.From a low of 15 deals in Q1 of 2009, the figure of apartments priced more than $4 million rapidly increased to 87 in the second quarter and...
Continue Reading • 16 Oct 2009
Positive growth of office rentals expected in 2010
DTZ, the global real estate consultancy firm, has decided to upgrade its outlook, especially for the office property sector.At this point, the firm expects that rentals of office spaces will return to positive growth for 2010 as the outlook for the improving economy feeds through.However, DTZ...
Continue Reading • 16 Oct 2009
Uncompleted private homes’ sales fall in September
For the second time, the uncompleted private homes’ sales took another fall in September after hitting the high record of 2,772 units sold last July.Last month, a total of 1,143 units were sold, which is a 36.6 percent drop in sales from August. According to market watchers, this activity...
Continue Reading • 16 Oct 2009
Long-term sustainability for private property market
The private property market appears to be stabilizing further with a recorded 1,143 sales for the month of September 2009, based on URA’s latest release.“The second drop in two months,” says PropNex CEO Mohamed Ismail, referring to August’s and September’s 39% and...
Continue Reading • 15 Oct 2009
Singapore, 10th most costly office location
In Singapore, the total cost of annual occupancy per workstation slipped 3 percent year-on-year to US$16,540 according to DTZ global ranking for 2009.This was an outcome of the decline in office leases. According to Chua Chor Hoon, senior director of DTZ Singapore, “Prime office rents in...
Continue Reading • 14 Oct 2009
Sales increase: a big surprise
The housing market in the United States, which started the financial breakdown, finally appeared to turn the recession a month ago.After noting low records in January, property sales increased unexpectedly and additional building permits were released as well, a sign of an upcoming increase in...
Continue Reading • 14 Oct 2009
Convenience charged with premium at Resorts World
Premium will be charge to guests for an overnight stay in hotels at Sentosa’s Resorts World when it launches next year.Tan Hee Teck, chief executive officer of Resorts World, said yesterday that hotels in most theme parks abroad typically have higher rates, compared to the same properties...
Continue Reading • 14 Oct 2009
Possible pitfalls for a residential loan
If one is in search for a property to buy, the buyer must be cautious of the possible pitfalls as well as those associated to acquiring a residential loan.Previously, most residential buyers would disburse the 1 percent option in order to make sure of the property before finding for a residential...
Continue Reading • 14 Oct 2009
Great deals to keep tenants
Commercial landlords in Singapore are now fighting just to keep their prized tenants. Some owners of buildings on Raffles Place say that they even offer single-figure rental rates.According to several industry sources, flats with below $10 per square foot lease are popping out on list to...
Continue Reading • 14 Oct 2009
Court dismisses developer’s 'Amanusa' appeal
An appeal of a developer, which named its Yio Chu Kang condo Amanusa, has been dismissed by the Court of Appeal. The name given is similar to that of Amanresorts-owned exclusive resort in Bali.The judgement, consisting of 124 pages, was delivered by Justice VK Rajah last month. It is considered...
Continue Reading • 14 Oct 2009