Property consultants differ on impact of future new districts
Property consultants are mixed in their views on whether the planned development of Punggol North and Kampong Bugis will have a significant impact on property prices and rents. While most expect industrial rents in Punggol North to be higher given the expected broader range of allowable uses and better facilities, they are not singing the same tune for residential prices.
Singapore is least risky country in the world for investments: Euromoney survey
The Republic has surpassed Norway and Switzerland to be the least risky country in the world for investments, according to the latest results of the Euromoney Country Risk (ECR) survey on Thursday (March 9). This is the first time Singapore has topped the ECR survey, which has ranked countries based on their investment risks for more than 20 years. In 2007, Singapore was ranked 21 on the list, but has slowly climbed up the rankings. Over the past decade, only Switzerland or Norway have topped the survey.
Singapore Real Estate
HDB resale prices dip 0.3% in Feb, volume falls
HDB resale prices were down 0.3 per cent in February compared to January, according to the SRX Property Price Index for HDB Resale. And resale transactions fell 8.5 per cent to about 1,074 HDB resale flats sold in February, down from 1,174 transacted units in January. But property consultants remain confident that HDB prices have reached a price equilibrium and continue to be stabilising.
Bulk sales harder? GuocoLand has options for Leedon
Many residential property developers are concerned about the impact that an impending move to plug a stamp duty loophole may have on bulk sales, but GuocoLand is likely to escape the brunt of it – at least for its Leedon Residence condo. Of late, the grapevine has it that GuocoLand, which is controlled by Malaysian tycoon Quek Leng Chan, has received several enquiries for bulk sales for the completed freehold project in District 10. As at end-February, 300 of the 381 units have been sold. Under Singapore’s Qualifying Certificate (QC) rules for foreign housing developers, GuocoLand has to sell the balance units by June 15 to avert paying punitive extension charges to the government.
Lendlease to launch first condo project in S’pore at Paya Lebar
Australia-listed property developer Lendlease is set to launch its first residential development in Singapore at the upcoming mixed-use Paya Lebar Quarter on March 25, 2017. Park Place Residences at PLQ, which sits on 98,520 sq ft of land, will comprise 429 units that will be released in phases. Lendlease on Thursday said that one-bedroom units at the 99-year leasehold will have a unit size of 480 to 580 sq ft, at a starting price of S$780,000.
OUE Commercial Reit raises S$150m from private placement to pay down debt
OUE Commercial Reit on Thursday said that it has raised gross proceeds of about S$150 million from a private placement of some 233.3 million new shares at S$0.643 each. Most of this will go towards partially repaying the trust’s existing borrowings. “The placement attracted strong demand, with expressions of interest coming from institutional and local investors, and the upsize option has been exercised,” the trust manager said.
OKH to divest minority stakes in logistics businesses for S$49m
Property developer OKH Global announced after Thursday’s trading close the planned disposal of minority interests in two logistics businesses for a total consideration of S$49 million. OKH’s two wholly-owned subsidiaries, OKH Transhub Pte Ltd and Chronoz Pte Ltd have on March 9 entered into two conditional share sale agreements. OKH Transhub will divest 30 million shares equivalent to a 40 per cent minority stake in PAL Investment, a logistics warehouse owner cum developer to PAL Holdings Pte Ltd (PALH) for S$40 million in cash under the first agreement.
Views, Reviews & Forum
Can developers really operate like this?
Recently, I found out that the management agent and the cleaning companies in my condominium are both subsidiaries of the developer. This raises some concerns about conflict of interest. There were earlier Forum letters by other condominium owners who expressed concerns about how some management councils and developers are bending the rules to suit them (Management councils can be as big a problem as proxy issue; Feb 28).
Ensure prefab homes do not have built-in problems
I was recently at a sales launch of a condominium project and a friend highlighted to me that this project would be the first in Singapore, and probably in the world, to use prefabricated, prefinished volumetric construction (PPVC) on a 40-storey building. The complete apartment with internal finishes, fixtures and fittings would be manufactured in a factory and transported to site for installation in a Lego-like manner.
Global Economy & Global Real Estate
Airbnb valued at US$31b in new funding round
UK housing demand hits six-month low
China’s factory prices surge 7.8% on strong manufacturing activity
China February lending slows, but worries on debt load will remain
Chinese luxury homes in demand as cities post world’s best gains
China’s property speculators make a dangerous bet in Hefei
Iskandar Waterfront City rises 7.3% as major owner opts for merger
Australia is attracting rising numbers of global millionaires
Draghi stands firm on stimulus as eurozone inflation ticks up
Canada housing starts, permits rise again
May warns on EU budget bill as Brexit start looms
Additional Articles of Interest – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article