Jurong Lake revamp on the cards, but is the price right?
SINCE it first unveiled ambitious plans in April to transform sleepy Jurong over the next decade, the :Urban Redevelopment Authority (URA) has rolled out the area’s first land parcel: A site for mixed development in the Jurong Lake District. The 1.9-hectare site, located beside the Jurong East train station, has a 99-year leasehold and a … Read more
Jurong East reserve site available for application
Urban Redevelopment Authority on Friday made available for application a ‘white’ site next to Jurong East MRT Station through the reserve list. The 1.9 hectare site can be developed into a maximum gross floor area of about 1.15 million sq ft, of which at least 30 per cent must be set aside for office use … Read more
CityDev’s M&C’s sale of Hilton Seoul is off
City Developments’ London-listed hotel unit Millennium & Copthorne Hotels (M&C) announced on Friday that the agreement for the disposal of Millennium Seoul Hilton to Kangho AMC Co has been terminated with immediate effect. The buyer was unable to finalise its financing arrangements by the extended completion date of Nov 28. The sale, announced in June … Read more
She’s angry because property market is soft, yet…
Her rent is raised by 52 percent TENANTS can afford to be picky these days as the property market turns sluggish, and recession fears abound. But not if the lease is in Chip Bee Gardens near Holland Village, with its popular black and white inter-terrace houses. Instead of cutting rents, the landlord – JTC Corporation … Read more
Lend Lease makes progress in leasing of Orchard mall
LEND Lease says it has found over 50 per cent of the retailers it needs for 313@Somerset Orchard Road. Lend Lease development director Michael Kenderes would not reveal expected rents, but he said Lend Lease has ‘agreed terms’ with these retailers and expects to sign letters of offer early next year. 313@Somerset is one of … Read more
Reits treading warily in market minefield
Refinancing a bigger focus; acquisitions on hold; sector shakeup possible THE latest earnings season has been a chilly one for real estate investment trusts (Reits) hit by the credit crunch and a cooling property market. Many Reits are working to shore up confidence in their credit positions. Property acquisitions are virtually off the table while … Read more
MI-Reit to refinance $201m of debt by Jan
Disclosure comes after Moody’s cuts rating, with possible further downgrade MACARTHURCOOK Industrial Reit (MI-Reit) said yesterday it aims to refinance some $201 million of debt due in April 2009 by the end of January next year. MI-Reit announced the plan a day after Moody’s Investors Service downgraded the Reit’s corporate family rating to Ba2 and … Read more
URA releases reserve-list hotel site for application
Market watchers don’t see any takers until at least mid-’09 THE Urban Redevelopment Authority (URA) yesterday released for application through the reserve list a plum hotel site at Bukit Chermin flanked by Keppel Club and the Reflections at Keppel Bay condo project. Despite the site’s attractive location in hilly terrain along the coast, some market … Read more
Hotel site at Bukit Chermin up for grabs
THE Urban Redevelopment Authority (URA) is offering a hotel site, Bukit Chermin, to developers, despite the weak property market. The 3ha site, on URA’s reserve list – meaning it will go to tender if enough interest is shown – has a maximum permissible gross floor area of 10,000sq m. URA says it should be developed … Read more
Construction firms face ‘collapse risk’
Many of the 2,000 firms in DP Info’s study have high debt, little cash and weak profitability THE local construction industry could already be in serious trouble heading into the economic downturn, new data from DP Information Group (DP Info) shows. Ironically, the seeds of the problem were sown during the recent construction boom as … Read more
