Construction sector set for slowdown after existing projects run out
Singapore’s construction sector looks set to ride out the current economic downturn, thanks to a strong orderbook of projects lasting for at least another year. These projects are expected to be valued at around S$30 billion by the end of 2008. That is 22.4 per cent higher than 2007. But some experts are predicting a … Read more
ibis to set up largest hotel branch outside Europe in Singapore
Global economy hotel chain, ibis, will set up its largest branch outside Europe here. The 538-room hotel will be the first ibis in Singapore and will open its doors on February 24 next year. ibis Singapore on Bencoolen plans to target leisure and business travellers with its debut nightly rate of S$148 per room. Located … Read more
HDB to offer 4,000 smaller flats over the next two years
The Housing and Development Board (HDB) has launched a new Build-To-Order (BTO) project at Yishun. It has the highest proportion of smaller flat types among BTO projects. This is in line with HDB’s plan to supply more smaller flats. The latest Build-To-Order project is Dew Spring@Yishun. 43 per cent of its 864 units are 2- … Read more
Parts of Tanglin Village to be redeveloped
The Dempsey Road area which is home to restaurants, bars and gourmet grocers is set to get more vibrant. The Singapore Land Authority (SLA) has awarded the tender to redevelop parts of Tanglin Village to property investment firm Country City Investment. The project will cover 20,147 square metres of land with a gross floor area … Read more
URA puts up Stamford Road/North Bridge Road site for sale
Singapore’s Urban Redevelopment Authority (URA) has put a 1.46-hectare site at Stamford Road/North Bridge Road for sale. It is available on the Reserve list of the Government Land Sales Programme for the second half of 2008. The land parcel occupies a prime location in the heart of the city, and is strategically situated along the … Read more
Value of properties sold through auctions plumbs 10-year low
The Singapore property auction market witnessed a 10-year low in the total value of properties sold in year 2008. Only S$83.67 million worth of properties were sold via auction this year, according to figures from Colliers International. ‘Not only does this represent an approximate 79 per cent decline from the total sale value of S$407.43 … Read more
2008: The year the bubble burst
Property prices collapsed worldwide in 2008 as hyper-inflated housing bubbles finally burst, brutally punctured by the global credit crunch – and the slump could continue for two more years, experts say. The strains had begun appearing in mid-2007 when overstretched US homeowners began to default on loans known as ’sub-prime’, a term virtually unknown outside … Read more
JLL sees property interest picking up here as investors exit other markets
BUYING interest in Singapore’s property market is beginning to pick up as the country benefits from investors who scale back in other markets, said Jones Lang LaSalle (JLL) yesterday. Foreign property funds and developers are looking for investment opportunities in the residential and commercial sectors here, said Chris Fossick, JLL’s managing director for South-east Asia … Read more
Should you jump in now?
JLL says yes; other property pundits not so sure THANKS in part to falling interest rates, the affordability for luxury homes in Singapore has improved by 24 per cent since the third quarter of last year, according to property consultancy Jones Lang LaSalle (JLL). JLL compiles an affordability index for private homes, which takes into … Read more
CapitaLand loses top exec, a trusted deputy of CEO
CAPITALAND has lost another top executive – chief corporate officer Tham Kui Seng, a trusted deputy of group president and CEO Liew Mun Leong. In a regulatory filing with the Singapore Exchange yesterday, CapitaLand cited the reason for Mr Tham’s departure as his desire ‘to pursue personal interest’. Mr Tham, 51, is understood to have … Read more
