Archive | October 11, 2007

HDB prices likely to go up as unsold flats dwindle

1,600 apply online for 489 flats offered in balloting/walk-in sale yesterday THE number of unsold Housing and Development Board (HDB) flats is getting smaller, with prices expected to go up. HDB put up 489 flats in the North and West zones for sale yesterday through its Bi-monthly Combined Balloting/Walk-in sale exercise, and at the end […]

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UOL unit is top bidder for hotel site

It bids $253m for Upper Pickering plot with plan including Soho units UOL Group subsidiary Hotel Plaza plans to develop small office, home office (Soho) units as well as a 350-400 room hotel on a choice plot at Upper Pickering Street, for which it emerged as the top bidder at a tender yesterday, UOL Group […]

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Office block flipped 3rd time over past year

Dapenso Building sold for $120m, double December’s price tag of $58m (SINGAPORE) The Dapenso Building, a nine-storey office block in Cecil Street, seems to have changed hands three times in the past year, with ownership recently passing to home- grown property outfit KOP Capital under a deal said to have valued the building at just […]

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Rising rents are now a business challenge

Demand and supply mismatch has caused office rentals in the CBD to skyrocket OFFICE rentals in the Central Business District (CBD) have been climbing relentlessly as a result of the demand and supply mismatch. Conversion of buildings for residential use and the redevelopment of ageing office blocks such as Ocean Building and Overseas Union House […]

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En bloc site goes on sale for $2,800 psf ppr

WESTWOOD Apartments, the first luxury collective sale site to be launched after the recent changes to collective sales rules and the US sub-prime crisis, has an indicative price tag of $488 million. This works out to $2,800 per square foot per plot ratio (psf ppr) for the 62,179 sq ft site on Orchard Boulevard. Marketed […]

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World’s wealthy still eyeing property

They are undeterred by the market turmoil triggered by the US sub-prime crisis (GENEVA) The wealthy have lost none of their appetite for property despite the market turmoil triggered by the sale of risky sub-prime mortgages in the US, according to some of the world’s top private bankers. Clients of wealth managers are, however, on […]

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Office sector booms Down Under

Regional centres like Canberra, Hobart, Perth and Brisbane have taken off WHAT do the office markets of Perth, Brisbane, Canberra and Hobart have in common with Moscow, Warsaw, Barcelona, Tokyo and Singapore? They are all experiencing acute low office vacancy rates not seen since the beginning of the century and the momentum built up over […]

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City office mart seen riding out forecast job cuts

But if redundancies are higher, supply overhang could lead to recession: players (LONDON) The City of London is set to lose enough jobs next year to empty its landmark ‘Gherkin’ skyscraper twice over, putting pressure on the office market in this global financial hub. The industry expects prices and rents to fall, but consistent tenant […]

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Dubai to build US$11 billion waterway around downtown

(DUBAI) Dubai will spend US$11 billion on a waterway longer than the Panama Canal to encircle the downtown area and expand waterfront property available for development. Limitless LLC, a unit of government-owned Dubai World, will start building the 75-kilometre waterway in December. It will be the largest construction project by the emirate, which has undertaken […]

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UK’s Local Shopping Reit eyes takeovers

It intends to use its tax-efficient status to boost portfolio (LONDON) The Local Shopping Reit, Britain’s first specialist start-up real estate investment trust (Reit), says it is hunting for corporate acquisition opportunities to boost its retail property portfolio. In a trading update yesterday, the company – which buys neighbourhood and convenience retail properties in urban […]

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UK developer confidence down

(LONDON) British commercial development activity experienced a modest increase in September but developer confidence has fallen to its lowest point since May 2003, data showed yesterday. UK property services firm Savills said developers were still struggling to regain optimism in the wake of credit market turmoil, with 20 per cent of respondents predicting a drop […]

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HK cutting taxes to shore up financial centre status

Income tax dips to 15%, corporate tax, 16.5%; gap with S’pore rates widens (HONG KONG) Hong Kong’s government will cut income and corporate taxes by one percentage point to help protect the city’s position as an Asian financial centre in its high-stakes race with Singapore. Salaries tax will be cut to 15 per cent and […]

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Upper Pickering hotel site attracts record bid

A HOTEL site at Upper Pickering Street has drawn strong interest from developers, with the highest bid being a record one for such a property. Nine bids had been submitted when the tender closed yesterday. The top bidder – mainboard-listed Hotel Plaza – put in a price of $253.2 million for the 6,959 sq m […]

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MAS to let S$ strengthen faster to cool rising inflation

Local currency may hit $1.40 against the greenback by end of next year INFLATION concerns have taken centre stage, after a surprise move by the Monetary Authority of Singapore (MAS) to curb rising pressure on consumer prices. Amid rosy economic news on the local economy. the central bank said yesterday it will allow the Singapore […]

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Hong Kong cuts corporate tax rate to 16.5%

HONG Kong will trim corporate and salary tax rates by one percentage point next year to 16.5 per cent and 15 per cent, respectively, as it moves to stay competitive against cities like Singapore. The tax cuts will cost the Hong Kong government HK$5 billion (S$951 million) annually. With the corporate tax rate expected to […]

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