April new home sales more than double year-ago showing: URA
The turnaround in the residential market continues in the new home segment, with developers in Singapore selling 1,555 private homes last month. Although this was 12.6 per cent lower than the four-year high of 1,780 private homes sold in March, it was more than double the 750 units sold in April 2016. The above figures exclude executive condominiums (ECs). Including ECs, which are a public-private housing hybrid, developers found buyers for 1,926 units in April, an 18.3 per cent month-on-month drop.
Global trade is key to S’pore’s growth: Halimah
Singapore needs to keep boosting its international trading links, given the global economic slowdown and political uncertainty, according to Speaker of Parliament Halimah Yacob yesterday. Madam Halimah told a trade workshop: “As two-thirds of (Singapore’s) GDP (gross domestic product) is generated by external demand, we must always be open to trade, innovation, talent and ideas.” She noted how trade enables Singapore to “further capitalise on its comparative advantage and deepen economic linkages with (its) partners”.
Singapore Real Estate
S’pore consortium named master developer for India city
A Singapore consortium was given the master development rights to build the new capital city of Amaravati for the southern Indian state of Andhra Pradesh. The group, comprising Ascendas-Singbridge and Sembcorp Development, received the letter of award on Monday to develop the commercial core of Amaravati. The ceremony, held at the Taj Gateway Hotel in Vijayawada, was witnessed by Minister for Trade and Industry (Industry) S Iswaran and Andhra Pradesh Chief Minister Chandrababu Naidu.
Singapore property comeback fuelled by developers hungry for land
Developers’ hunger for Singapore land is adding to signs that the city’s housing market is making a comeback after three years of price declines. As new home sales surge after an easing of property restrictions in mid-March, developers are becoming more aggressive in bidding at land auctions. On average, they’ve paid a 29 per cent premium, the highest level in at least five years, according to broker Cushman & Wakefield Inc, which makes comparisons with the past prices of similar properties.
Tai Seng station to get underpass to Paya Lebar hub
Tai Seng MRT station on the Circle Line will soon be linked by an underground walkway to the bustling Paya Lebar industrial and commercial hub on the other side of the road – courtesy of private developer Mapletree. The station is the only one on the eastern stretch of the line that does not have an underground link to the other side. Currently, those who work in the offices or dine in the area have to cross at a signalised junction or climb an overhead pedestrian bridge. Each route is a distance of at least 500m.
30 BCA award winners lauded for creative ideas
Travelling in the United States and Europe to find ways to erect buildings that are friendly to the old, the young and the handicapped, CapitaLand’s Mr Eng Tiang Wah was struck by the wide use of Braille in public areas. Inspired, the giant developer’s vice-president for product development and design introduced Braille for almost all the signs at its integrated development in Cairnhill. Coupled with several other creative features, the widespread use of Braille won the complex – which comprises condominium Cairnhill Nine, luxury serviced residence Ascott Orchard and Al-Falah Mosque – the Building and Construction Authority’s (BCA) highest award for inclusive design this year.
CDL launches sustainability blueprint for its business
Aligning with the nation’s commitment to the Paris agreement, Climate Action Plan and the Sustainable Singapore Blueprint, City Developments Limited (CDL) introduced its new sustainability blueprint CDL Future Value 2030 on Monday. Outlined in CDL’s latest Integrated Sustainability Report 2017, the blueprint highlights the Singapore-listed international real estate operating company’s set of tangible environmental, social and governance (ESG) goals and targets, working with 2030 in mind.
Starhill Global Reit divests 4th property in Tokyo
Starhill Global Reit (SGReit) has divested Harajuku Secondo Property in Tokyo for 410.2 million yen (S$5.1 million), at a 22.4 per cent premium to its latest valuation. SGReit’s manager, YTL Starhill Global Reit Management Limited, said in a Singapore Exchange filing on Monday that the transacted price translates to a yield of 2.5 per cent, based on the net property income for the financial year ended June 30, 2016.
Perennial sees Light in northern Malaysian state of Penang
In an RM4.5 billion (S$1.45 billion) integrated waterfront development in Penang called The Light City (TLC), Perennial Real Estate Holdings Ltd believes it has an investment in Malaysia worthy of its commitment. Perennial chief executive Pua Seck Guan views the development, to be undertaken in joint venture with IJM Land, as one that Perennial can add value to and monetise in the future.
Global Economy & Global Real Estate
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