The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 19, 20 & 21st March 2016

Singapore Economy

Jobs, slowing economy top concerns for Singaporeans
The slowing economy and its impact on Singapore’s job market are the areas that Singaporeans would most like the Government’s Budget Statement on Thursday (March 24) to tackle, going by feedback collected by REACH. One-third of the views collected in an annual exercise held by REACH and the Ministry of Finance concerned these two areas, a press release by the government feedback portal on Sunday said. A total of 3,600 pieces of feedback were collected from Feb 1 to 26.

Singapore Real Estate

Developers sanguine about selling out before ABSD deadlines
Despite much industry lobbying for an extension of deadlines for developers to meet the conditions for additional buyer’s stamp duty (ABSD) remission on residential sites, it appears that many developers are sanguine about the looming deadlines.

More properties to go on the block
Analysts expect more properties to go under the hammer this year, amid a weaker rental market, tough business environment and job cuts in some industries. Real estate consultancy Colliers International said there have been 154 auction listings so far this year, of which about 45 per cent or 70 units were mortgagee listings. The other 84 units were owner listings.

Firm fails to get more land compensation
A company whose Tuas land was acquired for MRT development failed in the Court of Appeal to raise the compensation paid to it from $14.2 million to $23 million. But the court said the valuation issue involved a question of law that was subject to judicial review. Compulsory acquisition of land pits the interests of the individual landowner against those of the State, said the court in judgment grounds released on Tuesday.

Spice trader’s District 15 bungalow put up for auction
A freehold District 15 bungalow in the Tanjong Katong area owned by the recently bankrupted managing director of spice and nut trader Pars Ram Brothers has been put up for auction as a mortgagee sale.The indicative price of the property, at 85 Branksome Road, is about S$16 million, which translates to S$1,213 per square foot on the land area of 13,189 sq ft. On the site is a single-storey bungalow where Kirpa Ram Sharma, who was Pars Ram’s managing director, once lived.

Beach Road ‘hotel’ still draws in tourists
A condominium in the heart of the Bugis district is attracting tourists who rent units there on a short-term basis, some even for just a night. This despite the fact that around seven years ago, authorities told property owners at The 101 in Beach Road that operating such “condo hotels” is against the law.

TEE Land’s Thai unit to build luxury, landed units
The Thai unit of Singapore-listed developer TEE Land intends to get into the luxury property segment and also build more landed homes. Bangkok-based Chewathai Public Co develops mostly mass-market and mid-tier condominiums but sees opportunity in new market segments.

Building owners, event organisers ready to beef up security

Views, Reviews & Forum

Investors see opportunity in EC market
The idea of buying an executive condominium (EC) as an investment appears to be gaining traction among homebuyers, even as the wider property market continues to trudge along at a snail’s pace. The Government’s move last August to raise the income ceiling for those eligible to buy these public- private hybrid homes has made them more accessible to a wider pool of people.

Global Economy & Global Real Estate

Starwood signs deal to manage hotels in Cuba

NY’s housing authority cooperating in ‘very expansive’ federal inquiry

China property tycoon Wang Jianlin eyes sporting trophy

British Columbia readies new rules to tackle ‘shadow flipping’

After stellar boom, UK housebuilders face tougher progress

Ascott targets 2,000 units under new Tujia Somerset brand by the end of 2016

China home prices soar in Feb

Anbang makes binding Starwood Hotels bid

Chinese developer Greenland’s default risk rises

Lim Guan Eng opens bungalow to newsmen

Starwood Hotels Plans to Accept Anbang’s $13.2 Billion Bid

Additional Articles of Interests — Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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