Property agents say more private homes on sale amid downturn
Property agents said there’s been an eight per cent jump in the number of private homes being put up for sale recently compared to previous two quarters. HSR Property Consultants said about half of the sellers have bought units under the Deferred Payment Scheme. The scheme which was scrapped last October allowed homebuyers to delay … Read more
Chinese tourists snap up cheap US property
CHINA tourists in Hummers and limousines have been weaving through American neighbourhoods in recent months. Their target: Foreclosures and other bargain properties, now that US housing prices have hit rock bottom. Media company owner Zhao Hongjun, 48, is one them. He has already been on a two-week road trip through the US, visiting scenic sites … Read more
Time to put an official number to DPS units
THE deferred payment scheme (DPS) was introduced more than 10 years ago in the middle of the 1997 Asian financial crisis, which dented interest in Singapore’s property market. Developers welcomed the scheme. The DPS allowed home buyers to put down just 10 per cent or 20 per cent of the purchase price when buying a … Read more
Weakness seen in Bangkok luxe condo market
THE luxury condominium market will dive next year as the global economic downturn continues to dry up the much-needed pool of cash-rich foreign investors, local property analysts said. They predict that luxury condominium prices would drop by 10-20 per cent in the first half of 2009. Current high prices will stifle local demand, as the … Read more
More hotels, rooms amid global gloom
But hoteliers hope to woo customers by offering more bang for the buck ABOUT 10 new hotels offering some 5,100 rooms are expected to open next year despite news that Singapore’s hotel industry is labouring amid the global economic downturn. The buildings, conceptualised during a more prosperous period, face a difficult task ahead of filling … Read more
HDB factory rents can be staggered
I REFER to Madam Tay Boon Yong’s letter, ‘HDB factory rents up 20%’ (Nov 29). Our industrial tenants pay a fixed rent during their tenancy period, which could range from one to three years. Before the tenancy expires, they are offered the option of renewing their tenancies at the prevailing market rent. In Madam Tay’s … Read more
NOVA 48 @ Prome Road
Location: Prome Road Tenure: Freehold Description: 1 Block of 12 Storey with a part 4 storey apartment Estimated Completion: 2012 Total Units: 48 Unit Types: 1 + study ~ 657 sqft (2 units) 2 bedroom ~ 861 sqft (2 units) 3 bedroom ~ 936 – 1453 sqft (28 units) 3 + study ~ 1098 – … Read more
Henderson hopes to buy farm land
It wants to take advantage of prices in weak market Developer Henderson Land plans to persuade the Hong Kong government to sell agricultural land so that it can take advantage of cheaper prices as the property market weakens, an executive said yesterday. Property firms who bought land in a slump during a 2003 outbreak of … Read more
Hong Kong home prices may fall more on tighter credit
Memories revived of 1997-98 Asian crisis, when prices slumped two-thirds from peak Hong Kong home prices, down almost a quarter from their five- year high in March, may drop further as the credit crisis drives up joblessness and threatens to spark defaults. ‘There’s a real lack of funds,’ Leland Sun, chairman of Hong Kong-based Pan … Read more
DTZ sees HK office rents falling next year
Hong Kong office rents may fall in 2009, as the global financial crisis hurts the city’s economy, property adviser DTZ Holding plc said. ‘Office rents in Hong Kong, especially those for grade A offices, would be mostly affected as their tenants such as investment banks and finance companies are badly hit in the global financial … Read more
