Singapore Real Estate
Pressure mounts over unsold units
Developers already struggling in a weak market face more pressure with 700 unsold homes at 13 projects set to be hit by fees of nearly $100 million, the Real Estate Developers’ Association of Singapore said yesterday. It did not give details of the specific projects.
Time to ease property curbs, say developers
The head of the property developers’ body here says it is time to wind back property cooling measures given an oversupply of housing and a fragile economy. Stepping up similar calls he made last year, Mr Augustine Tan said the measures had already succeeded in reducing home prices and sale volumes – and that it was timely to look at calibrating them.
Developers looking at S$100m of extension charges
The pressure is mounting for property developers to dispose of leftover units in projects that fall under the qualifying certificate (QC) rules and the additional buyer’s stamp duty (ABSD). Pressing this point on Thursday was Real Estate Developers’ Association of Singapore (Redas) president Augustine Tan. Speaking at the Redas Spring Festival lunch, he noted that, based on estimates collated by Redas, some 700 unsold units across 13 developments are affected by the QC rules this year, with the estimated extension charges on them approaching S$100 million.
New ZACD fund to scour for data centres, discounted luxury homes
Zacd Group has launched a second fund under the Asia Pacific Real Estate Opportunistic Fund (ARO) series to scour for luxury homes and data centres in Singapore as well as student accommodation in Australia. For luxury residential units here, it is looking to buy them in bulk at deep discounts of more than 15 per cent below market value.
Hoi Hup’s top bid for Hougang EC site near high end of expectations
Despite sluggish EC sales, the top bid for an executive condo site in the Hougang/Yio Chu Kang area has come in towards the high end of market expectations. The 99-year leasehold site is not near any MRT station but is considered attractive as it is nestled in an established HDB estate, which provides a catchment of potential buyers for the future EC project, and is near amenities (including Hougang 1 mall). It is also a stone’s throw from the popular Rosyth School, which runs the Gifted Education Programme.
CapitaLand’s Q4 2015 Patmi (profit after tax and minority interests) decreased 39.5 per cent year-on-year to S$247.7 million mainly due to lower fair value gains from the revaluation of investment properties and profit contributions from Westgate Tower.
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