Net office demand surges in Q2
Net office demand in Singapore has increased in the second quarter of 2010 to its highest quarterly level since the third quarter of 2007. Demand has increased approximately 68 percent from Q1 to 398,264 sq ft in Q2, according to figures released by the URA. The strong quarterly take-up has...
Continue Reading • 26 Jul 2010
Private property prices reach all-time record
Private property prices have increased 5.3 percent in the second quarter this year, setting an all-time high in the price index to 184.1, and beating the earlier record of 181.4 achieved in the second quarter of 1996.In spite of the smaller quarter-on-quarter increase and the expected slower...
Continue Reading • 26 Jul 2010
Morgan Stanley exits dormitory business
Morgan Stanley is putting its portfolio of four majority-owned dormitories, which can house over 20,000 workers, up for sale.An expression of interest (EOI) is believed to have closed for the portfolio earlier in July, receiving six bids at prices ranging between $375 million and $450 million....
Continue Reading • 23 Jul 2010
Property owners continue with planned collective sales
The new provisions to the Land Strata Titles Act took effect last week, but property owners with collective sale ambitions appear unfazed as they continue their planned en bloc sales.Among the developments that have elected sales committees and are pursuing their en bloc runs include Shenton...
Continue Reading • 23 Jul 2010
The Scala set to be launched
A private preview of The Scala residential project is set to take place earlier than expected and its developer said the selling price of the new project will be unveiled during the event.Developed by Hong Leong Holdings, the 99-year leasehold project is located in Serangoon Avenue 3 near the new...
Continue Reading • 23 Jul 2010
Values of flood-affected properties likely to fall
Most homeowners residing in flood prone areas are worried that property values and rental prices will likely fall.Several property experts have mixed views on the matter, as to whether the values will drop or if it is just a premature reaction.“It's already clear in people's minds which...
Continue Reading • 22 Jul 2010
GCB prices still rising
Prices of the most expensive homes in Singapore have continued to increase, with the value of upmarket, prime-area bungalows soaring this year and sales totalling over $1 billion in the first half of 2010.According to a report released by Savills Singapore, a house in Nassim Road went for $43.5...
Continue Reading • 22 Jul 2010
Q2 investment sales market improves
Singapore’s investment sales market in the second quarter has strengthened further, recording a 24.3 percent jump to S$7.11 billion, compared with S$5.72 billion in the first quarter this year, according to property consultancy group Colliers International.The group said the increase in the...
Continue Reading • 22 Jul 2010
Serviced apartment rent increases to resume this year
Singapore’s mid-tier and high-end segment is expected to see a 5 percent to 10 percent increase in its average daily serviced apartment rental rates this year, following a 22-percent decline in 2009, said Savills Singapore.Savills’ index for serviced apartment rents in the segment...
Continue Reading • 21 Jul 2010
Holland Tower up for sale
Holland Tower, a freehold residential redevelopment site located in District 10, has been put up for sale through a public tender by Jones Lang LaSalle (JLL).The URA said the redevelopment of the 21,879-sq-ft site, which is zoned for residential use, can maintain its current height and can be...
Continue Reading • 21 Jul 2010
Two residential sites up for sale
The URA has released two residential sites located at Buangkok Drive/Sengkang Central and Jalan Eunos up for sale, which could yield a total of 1,020 housing units.The residential site at Buangkok Drive/Sengkang Central was launched for sale under the Reserved List of the H2 2010 Government Land...
Continue Reading • 21 Jul 2010
Kaki Bukit industrial site up for public tender
The URA has put an industrial site at Kaki Bukit Avenue 4 up for public tender.With a total site area of around 3.0 hectares, the industrial site was reserved for Business 2 development. It has a leasehold period of 60 years and a maximum permissible gross plot ratio of 2.5.The industrial site is...
Continue Reading • 20 Jul 2010
New popular residential districts emerge
Districts 9, 10 and 11 have been the ideal residential areas in Singapore for several years. But with the recent property boom spreading to the suburbs, several newly popular districts have emerged outside these prime areas.Property developers have acquired land sites around suburban MRT stations...
Continue Reading • 20 Jul 2010
CBRE announces promotion of Pauline Goh
CB Richard Ellis (CBRE) has announced the promotion of Ms. Pauline Goh as the new chief executive officer for South East Asia starting on July 1, 2010.Ms. Goh has been a part of the company for 27 years and during this period, she has established herself as a model professional in the execution...
Continue Reading • 19 Jul 2010
LHW eyes second luxury hotel in Singapore
Leading Hotels of the World (LHW) is planning to put its premier brand behind a second luxury hotel in Singapore.The hospitality chain expects to have the second luxury hotel up by end of this year but claimed the timetable has not been confirmed.Currently, the company’s network in the...
Continue Reading • 19 Jul 2010
Frasers Centrepoint buys StarHub Centre from CCT
Property developer Frasers Centrepoint is acquiring Starhub Centre from CapitaCommercial Trust (CCT) for approximately S$380 million.Starhub Centre is a ten-storey office building with retail space located next to FCL's Centrepoint mall. Currently, the property has a committed occupancy rate of...
Continue Reading • 19 Jul 2010
SDB Asia acquires Cavenagh Mansions for S$42.4m
SDB Asia, a wholly-owned subsidiary of Selangor Dredging Berhad (SDB), has acquired Cavenagh Mansions for about S$42.4 million.This translates to around $1,025 psf ppr with a development charge of approximately S$267,000.The freehold residential property at District 9 currently houses 21...
Continue Reading • 19 Jul 2010
New development set to change landscape of Orchard Road
Orchard Road will be adding a new face to its shopping belt, with a retail, hotel and office project soon to come up at the sites of the former Specialists' Centre and Hotel Phoenix, and also Orchard Emerald mall.The project will cost nearly S$700 million and is slated for completion in the...
Continue Reading • 19 Jul 2010
High-end market has room for growth
Singapore has long been regarded as a safe investment haven, which is why foreigners are snapping up property throughout the island.Foreigners have bought around 23,000 non-landed private homes since 2007, 35 percent of which are high-end homes in Districts 1, 2, 4, 9, 10 and 11, according to the...
Continue Reading • 19 Jul 2010
Global commercial property investment volumes almost double
Preliminary global direct commercial property investment volumes have recorded a strong recovery in Q2 from last year.Jones Lang LaSalle claimed that commercial real estate investment volumes achieved US$66 billion in the second quarter, which nearly doubled the 2009 level.According to Jones Lang...
Continue Reading • 16 Jul 2010