Archive | November 22, 2007

No resale levy for second-timers buying ECs

NEW executive condominiums (ECs) will be even more attractive now that the resale levy is no longer payable. The Housing and Development Board imposes the levy on those who sell their first flat to buy another from the board. It is a fixed sum that ranges from $15,000 to $50,000 according to flat type, and […]

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Woodlands residential site surprises with 8 bids

Evan Lim’s top bid of $56m marginally higher than Frasers Centrepoint’s A 99-year leasehold residential site in Woodlands was found to have drawn a surprising eight bidders when the government tender closed yesterday, with the top bid coming to some $56 million – or $232 per square foot per plot ratio (psf ppr). Recent government […]

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En bloc millionaires to drive market

If just two-thirds buy homes, they may spend $6b: Savills (SINGAPORE) Around 5,700 homes were sold through collective sales in the first half of this year and the home owners who will have to look for replacement homes are expected to drive the property market. A report by Savills Singapore estimates that if just two-thirds […]

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LATEST US DATA – Housing starts up 3% in Oct, permits down 6.6%

Building permits fall to 1.178m unit pace, the lowest level in 14 years (WASHINGTON) US home construction starts were up 3 per cent in October, the biggest monthly gain in eight months but building permits were down 6.6 per cent to a level not seen in 14 years, a government report yesterday showed. The Commerce […]

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GuocoLand to develop 1st project in Vietnam

The 17.5 ha integrated development will cost US$58 million GUOCOLAND yesterday broke ground on a US$58 million development in Vietnam – its first project in the country. The 17.5 ha site will be home to The Canary – an integrated development which will house some 1,200 residential apartments, a hotel, a trendy retail mall and […]

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Nina’s estate set to go to administrators

Feng shui expert files application to preserve assets of HK$100b estate IN HONG KONG THE stage is set in Hong Kong for a feisty probate battle over the fortune of Nina Wang Kum Yu-sum, once Asia’s richest woman, and control of the sprawling Chinachem property empire. The estate of Ms Wang, who died in April […]

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DIFC eyes US property, telecom, energy assets

Investments could come after dust settles on mortgage crisis: governor (DUBAI) The Dubai government agency that bought into Deutsche Bank this year said it could invest in US banks, property and other sectors after the dust settles on a mortgage crisis that has cut asset prices. Banks that have reported losses from defaults on sub-prime, […]

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Sweet collective-sale deal for 15 houses in Balestier

Each owner gets $4m – 2 to 3 times what they would have made if they sold separately IT TOOK 18 months but the owners of 15 terrace houses in Balestier have pulled off a sweet deal to match some of the collective sales that have been making headlines all year. They have banded together […]

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Waterfront condos coming up at Bedok Reservoir

FOUR condominiums will be built where the former Waterfront View estate in Bedok Reservoir Road used to be. The first will be launched in the first quarter of next year, said developers Frasers Centrepoint and Far East Organization yesterday. It will be called Waterfront Waves and have 405 units, of which more than half will […]

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Woodlands condo plot draws 8 bids

EIGHT bidders have put in tenders for a residential site near the Singapore American School and right in the middle of the heartland, Singapore’s new real estate hot zone. Bids for the plot – located between Woodlands Avenue 2 and Rosewood Drive – ranged from $36.4 million to $56 million. EL Development, a unit of […]

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First-time buyers get better shot at executive condos

FIRST-TIME home hunters will soon get increased priority to buy executive condominiums (ECs). The Housing Board now requires EC developers to reserve at least 90 per cent of units for first-time buyers in the first month of sale. First-time buyers are those who have yet to receive a housing subsidy. Until now, there was no […]

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GuocoLand looking out for more project sites in Vietnam

It breaks ground on its first development in the country – an $84m integrated complex HO CHI MINH CITY – SINGAPORE developer GuocoLand Group yesterday broke ground on its maiden development in Vietnam – The Canary – and says it is already on the lookout for further development sites. The US$58 million (S$84 million) investment […]

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Large yuan revaluation ‘would hurt growth’

SEOUL – A BIG Chinese currency revaluation would invite speculation and damage growth, said Dr Fan Gang, a monetary policy adviser to the People’s Bank of China. Sharp increases in the yuan’s value would trigger ‘large speculative capital inflows and outflows that will kill China’s growth and financial stability’, Dr Fan, a member of the […]

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Asian stocks rebound as US dollar steadies

Hedge funds, traders snap up blue chips, hot China plays across Asia on greenback’s gain REGIONAL stock markets, including Singapore’s, made startling recoveries in late trading yesterday after nosediving early in response to a big drop on Wall Street. The Straits Times Index (STI) collapsed by 85 points right after the opening bell but finished […]

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Things get hotter as shrinking dollar goes pop

US dollar’s image losing currency as emblem of extravagance, success NEW YORK – WHEN people start talking about rappers and supermodels shunning the US dollar, you know there’s a problem. As the greenback recently hit historic lows against other major currencies, rap mogul Jay-Z released a new video in which he flashed euros, not dollars. […]

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Rise in US housing starts not sign of rebound for sector

Unexpected 3% rise due to surge in apartments; applications for building permits continue to fall WASHINGTON – CONSTRUCTION of new homes and apartments in the United States rebounded last month by the largest amount in eight months, but the unexpected increase was not viewed as a signal of a housing turnaround. The Commerce Department reported […]

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