Posted by luxuryasiahome on December 29, 2008
Private home sales in Singapore have taken a sharp fall in the fourth quarter of this year.
According to a report released Monday by property consultant DTZ, only 112 private homes were sold in the primary market in October, and 192 units sold in November.
This, compared to the monthly average of 444 units sold in the first nine months of the year.
The October sales volume is the lowest since the release of official monthly sales data by the Urban Redevelopment Authority (URA) in June 2007.
For the full year, DTZ estimated that the number of home sales in the primary and secondary markets will only make up about 35 per cent of last year’s sales, which saw some 38,100 units sold.
The figure is based on caveats lodged with the URA so far.
At the same time, the fall in private home prices have started to gather pace in the fourth quarter, with prime non-landed properties the hardest hit.
Prices of non-landed freehold private homes in the prime districts fell by 14 per cent quarter-on-quarter in the three months ended December, according to DTZ Research.
Overall, average private home prices have fallen 21.6 per cent year-on-year to S$1,160 per square feet, below the level of S$1,200 per sq ft in the second quarter of 2007.
Meanwhile, average monthly rents of prime non-landed homes have fallen 9.2 per cent to S$4.36 per square feet.
DTZ expects home sales to remain low next year as the recession takes its toll and homebuyers are concerned over job security.
Source : Channel NewsAsia – 29 Dec 2008
Posted in General, Market Reports, Rental | Tagged: Singapore Property, Singapore Property Market, Singapore Property Prices, Singapore Rental Market | Leave a Comment »
Posted by luxuryasiahome on December 29, 2008
The Singapore government is proceeding to put in the infrastructure to facilitate the growth of Jurong Lake District. This follows the unveiling of the area’s development blueprint in April this year.
Giving an update on Monday, both the Urban Redevelopment Authority (URA) and JTC said the measures include constructing a new spinal road, expanding the Jurong East MRT station and redeveloping the bus interchange.
There will also be upcoming developments at the International Business Park (IBP), Teban and Pandan Gardens.
The existing business cluster in the IBP will be expanded to maximise its potential in the next economic upturn.
Given IBP’s proximity to industrial estates in the west and to the major commercial hub at Jurong Gateway, it remains an attractive location for many industrialists to site their headquarter operations.
JTC envisaged that this strong demand for business park space in IBP will continue into the next economic upturn.
It is planning to develop the land parcels along the business park’s southern boundary, generating about 5 hectares of land and 125,000 square metres of business park space.
There will also be improvements to the road network in the IBP which was the first business park established in Singapore in 1992.
Teban and Pandan Gardens will be rejuvenated as well to provide attractive waterfront housing and to enhance their connectivity.
On top of that, there will be road improvement works at Faber Terrace and Faber Hills. This will improve current traffic situation in the area and allow more quality low and medium density housing fronting Sungei Ulu Pandan.
All these are part of Master Plan 2008 to develop new growth areas outside the city centre.
Source : Channel NewsAsia – 29 Dec 2008
Posted in General | Tagged: JTC, Jurong Lake District, Master Plan 2008, Urban Redevelopment Authority | Leave a Comment »
Posted by luxuryasiahome on December 29, 2008
City Developments Limited (CDL) on Monday announced that it has increased the limit for its medium-term note programme from the initial $700 million (US$483 million) announced in May this year to $1.5 billion.
‘DBS Bank Ltd has been appointed as the new arranger of the MTN Programme with effect from Dec 12 2008 following the retirement of the previous arranger,’ CDL said in a regulatory filing with the Singapore Exchange.
The proceeds from the notes will be used to refinance existing borrowings of the company and its subsidiaries and/or to finance the general working capital requirements of the company and its subsidiaries.
‘The notes will constitute direct, unconditional and unsecured obligations of the company and shall at all times rank pari passu as a single class, without any preference or priority among themselves, and pari passu with all other present and future unsecured obligations (other than subordinated obligations and priorities created by law or the trust deed constituting the notes) of the company,’ CDL added.
CDL has applied to list the notes on the Singapore Exchange.
Source : Business Times – 29 Dec 2008
Posted in Developer News, General | Tagged: CDL, City Developments, Developers, Medium-term Note, MTN Programme | Leave a Comment »
Posted by luxuryasiahome on December 29, 2008
Depa Ltd, the United Arab Emirates-based interiors contractor fitting out the world’s tallest tower in Dubai, won a 118 million-dirham (US$32 million) contract at a holiday resort in Singapore.
Depa and its partner DDS Contracts & Interior Solutions Pte Ltd will fit out an entertainment venue at Resorts World, a resort on the Sentosa island in Singapore, the companies said on Monday in a joint emailed statement.
DDS, in which Depa holds 55 per cent and Singapore-listed Design Studio 45 per cent, targets interior contracts in the hospitality & commercial segments within Singapore, Malaysia, Thailand, Indonesia and Vietnam.
This contract is expected to contribute positively to Design Studio’s and Depa’s financial performance for FY2009/2010.
Source : Business Times – 29 Dec 2008
Posted in General | Tagged: DDS Contracts & Interior Solutions, Resorts World at Sentosa, Depa Ltd | Leave a Comment »
