Property analysts expect public housing market to do well in 2009
Singapore’s public housing market is expected to do well this year, compared to the slumping real estate markets across Asia. The economic slowdown means homebuyers are likely to opt for cheaper units from the Housing and Development Board (HDB) over more expensive housing like condominiums. On the private housing front, transaction volumes and prices have … Read more
CCT aborts Market Street Car Park redevelopment plans
CapitaCommercial Trust (CCT) has decided not to redevelop the Market Street Car Park into a commercial building. The redevelopment is estimated to cost up to S$1.5 billion. CCT said the decision was based on the uncertain market outlook and conditions like tight credit and high redevelopment costs. CapitaCommerical Trust Management CEO, Lynette Leong, said: “In … Read more
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CCT secures S$580m refinancing
CapitaCommercial Trust (CCT) on Tuesday said it has entered into a facility agreement with DBS Bank, Standard Chartered Bank, United Overseas Bank Limited and The Bank of Tokyo-Mitsubishi UFJ to secure a three-year term loan of up to S$580 million. The term loan will be drawn down in March 2009 to refinance the borrowings under … Read more
ARA plans to launch 3 Asian property funds
Singapore property fund manager ARA Asset Management said on Tuesday it plans to launch country-focused funds for China, India and Japan to take advantage of declining real estate prices that it expects will bottom in 2009. Each fund will have a minimum of US$500 million to invest, Group Chief Executive Officer John Lim told Reuters … Read more
Raffles Place Q4 office rents slide 15.8%: DTZ
Poor demand, more space seen lowering occupancy rates, rents in 2009 Prime office rents in Raffles Place sank 15.8 per cent quarter-on-quarter (qoq) in the final three months of 2008 to an average of $16 per square foot per month (psf pm), representing the first decline since Q4 2003, according to DTZ Research. The drop … Read more
Visitors throng Nova 88 showflat
PROPERTY hunters put aside the gloomy economic outlook last weekend and turned out in force to check out – and even buy – new flats. At Nova 88 in Balestier – likely to be the only new official launch so far this year – about 500 visitors thronged the showflat, said developer Roxy Homes. About … Read more
A tenants’ market downtown
A 30-per-cent fall in rental market expected this year TENANTS for office space are beginning to enjoy more bargaining power as increased supply for such commercial property and a weakening economy drive rents lower. This is good news for business owners such as Mr Hu Yinghan. Mr Hu, who runs an events company Apesnap in … Read more
HK says 2008 property deals fell over 20%
Hong Kong’s property market contracted sharply in 2008, with the value and number of sales for all types of building units falling by more than a fifth, government data showed on Tuesday. The Land Registry said it recorded 113,298 agreements last year compared with 145,691 in 2007. The total value of the deals amounted to … Read more
HK home sales plunge 65% in Dec for the sixth month
Hong Kong’s home sales fell for the sixth month in December, the longest stretch of declines since 2006, as local lenders raised mortgage rates and tightened lending as the economy slowed. The number of residential units changing hands last month slumped 65 per cent from the same month in 2007 to 4,706, the Land Registry … Read more
