Collapse at V On Shenton construction site
By Romesh Navaratnarajah: According to reports, an excavator fell on its side at a construction site across from DBS Building this afternoon. Witnesses in and around Robinson Road heard a loud bang just before 5pm followed by momentary tremors. The site is believed to be the former UIC Building...
Continue Reading • 2 Aug 2012
Majority stake in Southbank SOHO block up for sale
By Romesh Navaratnarajah: An approximately 56 percent stake in the Southbank SOHO block (pictured) is up for sale by Expression of Interest (EOI) with an asking price of S$63 million or S$1,812 psf, according to marketing agent CBRE. The Southbank mixed development comprises a 40-storey...
Continue Reading • 2 Aug 2012
T.K. Yeo unveils first high-rise development
By Romesh Navaratnarajah: Privately-held developer T.K. Yeo, which is controlled by the Yeo Hiap Seng family, has launched Fifteen Robin (pictured), the company’s first high-rise residential development at 15 Robin Road. Comprising a total of 32 luxury apartments, the 17-storey project...
Continue Reading • 2 Aug 2012
Jalan Sultan site triggered from URA's reserve list
By Romesh Navaratnarajah: The Urban Redevelopment Authority (URA) has accepted an application from a developer who committed a minimum bid of S$148.69 million to launch the public tender for a site (pictured) at the junction of Victoria Street and Jalan Sultan. Made available through the...
Continue Reading • 2 Aug 2012
Tanah Merah Kechil Road site fetches top bid of S$285m
By Romesh Navaratnarajah: The public tender for a residential site at Tanah Merah Kechil Road (pictured) which closed yesterday received a top bid of S$285.21 million jointly from Fragrance Group and World Class Land, according to the Urban Redevelopment Authority (URA). The 99-year leasehold...
Continue Reading • 1 Aug 2012
En bloc deals picking up pace
By Romesh Navaratnarajah: En bloc deals saw a big boom in the mid-2000s when many lucky homeowners became instant millionaires after closing profitable collective deals. Since then, many Singaporeans have been trying their luck, hoping to emulate the same success. But with the property market...
Continue Reading • 1 Aug 2012
Asia Pacific property investment volumes up 19% in Q2
By Romesh Navaratnarajah: Total global real estate investment volumes soared 24 percent to S$108 billion in Q2 2012, according to Jones Lang LaSalle (JLL) Capital Markets Research. Data collected from over 60 countries in Q2 shows an upturn from the small dip in activity for Q1 2012, when volumes...
Continue Reading • 31 Jul 2012
Prices of small units slipped 1.4%: NUS index
By Romesh Navaratnarajah: Prices of completed small apartments measuring up to 506 sq ft declined 1.4 percent in June, according to the National University of Singapore’s (NUS) Singapore Residential Price Index (SRPI). Based on flash estimates, the sub-index for units in the Central Region...
Continue Reading • 31 Jul 2012
Private home sales still going strong
By Romesh Navaratnarajah: The private residential market continued to see robust sales last week with V On Shenton (pictured) selling 50 units, bringing total sales to 140. Developed by United Industrial Corporation (UIC), the 54-storey tower was launched on 20 July with 190 out of its 510...
Continue Reading • 31 Jul 2012
URA launches 3 residential sites for sale by public tender
By Romesh Navaratnarajah: The Urban Redevelopment Authority (URA) has launched the public tender for two 99-year leasehold residential sites at Farrer Road (pictured) and Tai Thong Crescent (Parcel C) under the reserve list.The Farrer Road plot has a land area of around 0.27-ha. With a maximum...
Continue Reading • 31 Jul 2012
Landed homes continue to shine
By Romesh Navaratnarajah: Landed home prices grew 0.4 percent according to the Urban Redevelopment Authority (URA) Index, indicating that demand for such homes remains healthy. Terraced homes saw the biggest price rise at 1.2 percent, followed by semi-detached houses at 0.6 percent, while...
Continue Reading • 31 Jul 2012
Developers launching projects at lower prices: data
By Romesh Navaratnarajah: Prices of uncompleted homes declined sharply in Q2, which could indicate that developers are lowering prices for new launches. Recent data from the Urban Redevelopment Authority (URA) showed a 0.9 percent dip in prices of uncompleted non-landed homes, a first since...
Continue Reading • 30 Jul 2012
Singapore property tops Hong Kong: UOB Kay Hian
By Romesh Navaratnarajah: Even with an expected 10 to 15 percent drop in sales volumes this year, Singapore’s property market is still expected to perform better than rival Hong Kong because of three main reasons, noted UOB Kay Hian. Firstly, Boston Consulting Group reported that Singapore...
Continue Reading • 30 Jul 2012
GCB market perking up after sluggish 2012 start
By Romesh Navaratnarajah: The Good Class Bungalow (GCB) market showed improved performance in Q2 2012 following an initial slowdown in Q1 due to the introduction of the additional buyer’s stamp duty (ABSD) which was launched in December. According to caveats analysis by CBRE, the number of...
Continue Reading • 27 Jul 2012
Enticing showflats attract more buyers, say experts
By Romesh Navaratnarajah: Developers are aware that aside from a good location, an attractive showflat can also lure buyers into acquiring a property. “Generally, the showflat is the primary marketing tool for developers to promote their new condominium,” said Elson Poo, General...
Continue Reading • 27 Jul 2012
Private home prices scale to new high
By Romesh Navaratnarajah:Private home prices climbed 0.4 percent in Q2 2012, up from the 0.1 percent rise in Q1, according to the Urban Redevelopment Authority (URA). Prices of non-landed properties in the Core Central Region (CCR) and Rest of Central Region (RCR) grew 0.6 and 0.4 percent...
Continue Reading • 27 Jul 2012
Luxury apartment rentals dip 0.8%
By Romesh Navaratnarajah: Monthly rentals of luxury apartments fell 0.8 percent in Q2 this year due to tighter immigration rules, noted Colliers International Research. The consultancy stated that stricter immigration controls affected spill-over leasing demand from foreigners who cancelled or...
Continue Reading • 26 Jul 2012
Housing prices could fall 10%-15%, says bank
By Romesh Navaratnarajah: Housing prices in Singapore could drop 10 to 15 percent in the next 12 months, according to a report by UBS.UBS claimed that while the property market remains resilient despite the government’s cooling measures, it is near a tipping point. However, this outlook is...
Continue Reading • 26 Jul 2012
Bungalow in Holland Rise GCB area up for sale
By Romesh Navaratnarajah: A 53,000 sq ft land site within the Holland Rise Good Class Bungalow (GCB) area is up for sale by tender. Zoned for GCB housing, the vacant site is located 400m from the MRT station and Holland Village. It has been subdivided into three plots, two of which can be...
Continue Reading • 26 Jul 2012
Aussie firm linked to world's richest woman buys Sentosa condos
By Romesh Navaratnarajah: A company linked to Australian mining tycoon Gina Rinehart’s Hancock Prospecting is acquiring two units at Seven Palms (pictured), a Sentosa Cove condo project by SC Global Developments for S$57.2 million, according to sources who spoke to The Business Times....
Continue Reading • 26 Jul 2012