Auction property sales hit record high of S$22.7m in August
Auction sales of properties in Singapore hit a record high in August at S$22.7 million, 37 per cent higher compared to a year ago. The increase was mainly due to the sale of four residential infill land sites by the Singapore Land Authority (SLA), despite taboos associated with property purchase during the Hungry Ghost month. … Read more
Construction sector growth expected to slow over next 3 to 4 quarters
The construction sector has been a pillar of Singapore’s economy over the past two years, supporting it with on-year growth of close to 20 per cent every quarter. But the sector’s pace of growth has slowed from the 24 per cent rate seen in the fourth quarter of last year to below the 20 per … Read more
Chip Eng Seng wins S$156m HDB contract
Mainboard-listed construction firm Chip Eng Seng has won a S$156 million contract to design and build residential units in Punggol West for the Housing and Development Board (HDB). The deal includes the construction of a car park and community facilities. Construction is expected to begin in April next year, pending HDB approval, and is estimated … Read more
Chip Eng Seng wins $156m HDB deal
Construction and property group, Chip Eng Seng Corporation said on Tuesday its subsidiary, Chip Eng Seng Contractors (1988) Pte Ltd, has been awarded a design and build contract worth $156 million (US$110 million) by the Housing & Development Board (HDB) in Punggol West, Singapore. The Singapore-public housing contract entails the design and construction of residential … Read more
Britain axes property sales tax to boost housing market
The British government moved on Tuesday to bolster the stricken housing market, announcing that homes worth up to 175,000 pounds (US$311,000) would be exempt from property sales tax for the next year. The move will increase the threshold at which the tax, known in Britain as stamp duty, is paid from 125,000 pounds from Wednesday, … Read more
Serangoon Gardens’ residents against plan to build workers’ dorm
Residents of Serangoon Gardens are upset over news that a workers’ dormitory may be built at Burghley Drive where Serangoon Garden Technical School used to be located. Residents’ concerns include noise pollution, traffic congestion and the safety of residents – many of whom are retirees. Over 500 people have signed a petition against the construction, … Read more
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Development of NTUC Club’s S$45m Palawan Resort at Sentosa delayed
Touted as the Singapore labour movement’s first high-end resort for the working class, the S$45-million Palawan Beach Resort has been facing major delays. The proposed 200-room resort, announced 3 years ago by then NTUC Secretary-General Lim Boon Heng, was to have been built on a 3-hectare plot of land, next to Palawan Beach at Sentosa, … Read more
UK mortgage approvals fall to lowest since 1999
UK mortgage approvals fell for a 12th month to the lowest since at least 1999 in July as financial institutions curbed lending and the property slump deepened. Banks granted 33,000 loans for house purchase, compared with 35,000 in June and the fewest since comparable data began nine years ago, the Bank of England (BOE) said … Read more
UK house prices see their steepest fall since 2001
End to property slump still some way off: research firm Hometrack (LONDON) UK house prices fell by the most since at least 2001 in August as economic growth stagnated, and an end to the property slump is ‘still some way off’, according to Hometrack Ltd. Falling value: A couple browsing at the window of an … Read more
