Archive | November 28, 2007

Westwood Apartments sold for $2,525 psf ppr

WESTWOOD Apartments at Orchard Boulevard has been sold for $435 million or a unit price of $2,525 per square foot per plot ratio (psf ppr), making it the most expensive site to be sold by collective sale to date. In June, The Ardmore was sold for $262 million or $2,337 psf ppr. The price achieved […]

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United Engineers makes top bid for AMK DBSS site

UNITED Engineers (UE) has emerged as the top bidder for HDB’s latest Design, Build and Sell Scheme (DBSS) site in Ang Mo Kio, the government agency said yesterday. UE’s bid – which was the highest of five – came in at $134.2 million, or some $212 per square foot per plot ratio (psf ppr). The […]

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EL Devt to build 200-unit condo in Woodlands

EL Development plans to build a 200-unit mass market condominium on the Woodlands site it won in a government tender, the company’s managing director Lim Yew Soon told BT yesterday. The project, which will be launched in the third quarter of 2008, is expected to sell for about $600-$650 per square foot (psf), Mr Lim […]

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Oversupply looms in S’pore office sector: Citigroup

It downgrades two stocks with key exposure to sector – KepLand, CityDev SINGAPORE is in danger of seeing an oversupply of office space from 2010 onwards, Citigroup is warning. The bank’s research unit has also downgraded two Singapore stocks with significant exposure to the office market here – Keppel Land and City Developments. ‘The market […]

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Yishun industrial site up for sale

A SITE at Yishun Avenue 6 has been put up for sale for industrial development. The land parcel is one of the four new industrial sites that were scheduled for release on the reserve list under the Government Industrial Land Sale Programme for the second half of 2007. The 1.43-hectare site has a plot ratio […]

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Funds tailor products for the nest egg

(NEW YORK) Wall Street has repeatedly sounded alarms to spur working Americans to save more for retirement, but it has been less interested in helping convert nest eggs to spendable, post-paycheque income. Of course, mutual funds emphasising dividends have long been available, along with plans for withdrawing principal. More recently, the industry has offered life-cycle […]

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Emerging markets losing lustre

Pictet Asset Management now banking on green investments A PIONEER in emerging market investments and environmental funds is sounding caution on emerging markets, even as he hails the green theme as the wave of the future. Renaud de Planta, chief executive of Pictet Asset Management, says emerging markets could underperform mature markets in the near […]

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China, India seen driving Asia’s wealth market

SG PRIVATE Bank is looking to China and India to drive Asia’s wealth markets, and the sub-prime crisis is a short-term hiccup, says chief executive Pierre Baer. The firm advises on some US$20 billion in Asian clients’ assets, posting an annual growth of about 30 per cent. It set up its Singapore office in 1998. […]

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Bull market in Asia in mature stage

Value investing advisable THE bull market in Asia ex-Japan equities is in the mature stage, says Markus Rosgen of Citi Investment Research, and he advises investors to switch from momentum investing towards value. In the value space, Mr Rosgen, Citi’s chief Asian strategist, favours large cap stocks which he says have only just begun to […]

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Bond insurers affected by credit crunch

(NEW YORK) INVESTORS already burned by turmoil from the credit crunch are now worried about unwanted surprises in the industry that insures bonds. In the face of mounting losses in US mortgages, rating agencies are reviewing eight leading bond insurers, which could lead to downgrades. Such a move could ripple across the financial sector, because […]

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Citi sees likely office space glut by 2010

Other analysts argue that pent-up demand will soak up excess supply OFFICE space may be in severe short supply now, but Citigroup predicts the tables will be turned by 2010 with even a glut possible. ‘The market is underestimating the potential supply of new office space in 2010 and beyond, in our view,’ said the […]

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Condo-like housing plot nets $134m bid

A THIRD site earmarked for public housing to be designed, built and sold by private developers has attracted a top bid of $134.2 million. Greatearth Development placed the bid, which was 13 per cent higher than the one submitted by its closest rival, AMK Development, and well ahead of those of the other three contenders. […]

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RECORD PROPERTY DEAL NO. 1: Paying a premium for ocean views

But analysts say price tag is not typical of HDB market, which is more moderate IN AGEING five-room HDB flat in Marine Parade has been snapped up for a record price of $750,888 – and all because of its sweeping ocean views. The buyers, who paid cash, bought the 32-year-old Marine Terrace flat as their […]

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Record property deals: $750,888 for 5-rm Marine Parade flat

IN FRESH signs the property market is still pretty hot, an HDB flat has sold for a record $750,888 – and a developer has paid a record price for a collective sale site. A retired couple yesterday bought the 32-year-old recently renovated flat in Marine Parade. The couple, who declined to be named, have lots […]

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RECORD PROPERTY DEAL NO. 2: High collective sale price catches analysts off guard

THE record collective sale price achieved by Westwood Apartments yesterday has put to rest industry concerns that the red-hot property market has cooled off. Malaysian conglomerate YTL Corporation paid $435 million for the 30-year-old condominium in Orchard Boulevard, with an additional $4.6 million development charge. This prices it at a startling $2,525 per sq ft […]

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IPO lifts Indian property baron’s fortune by $6.3b

Shares of Mundra Port & SEZ more than double on debut on back of infrastructure boom MUMBAI – INDIAN property magnate Gautam Adani has just added US$4.4 billion (S$6.34 billion) to his personal fortune. His company, Mundra Port & Special Economic Zone (SEZ), more than doubled on its first trading day in Mumbai, boosting the […]

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US home prices plunge by record 4.5%

WASHINGTON – HOME prices in the United States fell in the third quarter by the most in at least two decades, as the sub-prime lending crisis caused sales to slump. Home values retreated 4.5 per cent in the three months ended Sept 30 from the same period last year, the most since records began in […]

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Expat cost of living in S’pore gaining on HK’s

S’pore and Chinese cities move up the ranks due to strong currencies, inflation (SINGAPORE) The Republic is catching up with Asia’s leading cities in one area it probably does not wish to make strides in – expatriate cost of living. While some of the region’s most pricey cities became relatively less expensive in the past […]

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Riverwalk, Cairnhill Mansion and site next door up for sale

(SINGAPORE) Three prime sites – one zoned for commercial use and two for residential use – went on the market yesterday. The Riverwalk near Clarke Quay is offered through a collective sale, said property firm Jones Lang LaSalle (JLL) which is marketing the project. Market watchers reckon that the project could fetch about $700 million […]

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S’pore launches pushed back as developers gauge sentiment

Some projects being launched overseas first, others struggle to finish showflats (SINGAPORE) Developers here are holding back residential launches due to poor market sentiment – and in some cases are choosing to launch their projects overseas first as they wait for market sentiment here to recover. Launches are also being held back as showflats are […]

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Two more transitional sites up for tender

Mountbatten and Aljunied sites follow those at Scotts Rd and Tampines (SINGAPORE) The Urban Redevelopment Authority has launched two transitional office sites at Mountbatten Road and Aljunied Road/Geylang East Avenue 1 for sale by tender. This follows the recent sale of two transitional office sites at Scotts Road and Tampines for $219 per square foot […]

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Lippo sees top Jakarta property value triple by 2014

Group plans to invest up to US$10b in domestic real estate projects by that time (JAKARTA) Indonesia’s Lippo Group, which runs hospitals and property firms, said it would spend up to US$10┬ábillion on domestic real estate projects by 2014, and expects prime Jakarta property to double or triple in value by then. The group, which […]

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Nakheel to buy UK property, set up Reit

Developer sees value in assets, may sell shares in US$700m trust in S’pore in ’08 (DUBAI) Nakheel PJSC, the Dubai, United Arab Emirates-based developer of the world’s biggest manmade islands, will buy UK real estate investment funds and start a real estate investment trust, or Reit, as it expands into property asset management. ‘UK Reits […]

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Istithmar to transfer properties to Nakheel

Dubai’s move will create global real estate group with US$52b of projects (DUBAI) Istithmar PJSC, a Dubai government-owned private equity investor managing US$10 billion, will merge its real estate investments with Nakheel PJSC, another property company owned by its parent. ‘The nature of the real estate assets that we have will be well served by […]

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China developer acquiring Spirit World

GUANGZHOU property developer China Yuanbang Property Holdings is acquiring Spirit World Holdings, one of the joint venture partners of its Aqua Lake Grand City project in Nanchang City, Hongjiaozhou for 200 million yuan (S$39 million). On completion of the proposed acquisition, Spirit World will become an indirect wholly owned subsidiary of the group, which will […]

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UK house prices fall in Nov for second month running

Values down 0.2% from October but housing shortage seen limiting declines (LONDON) UK house prices fell for a second month in November as a jump in credit costs sapped confidence among buyers and sellers, a survey by Hometrack Ltd showed. The average cost of a home in England and Wales fell 0.2 per cent from […]

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Sub-prime crisis takes its toll on European markets

But stability can be expected if the US avoids recession: DTZ (SINGAPORE) Shockwaves from the US sub-prime mortgage crisis a few months ago are reverberating through the real estate markets of the UK and Europe, with deals shelved or abandoned. In its European Quarterly 2007 report, DTZ says the volume of transactions could fall at […]

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Cairnhill Mansion up for collective sale

THE Cairnhill Mansion apartment block near the Goodwood Park Hotel, plus an adjoining site, have been put up for collective sale – a transaction that could total nearly $600 million. The owners of Cairnhill Mansion, which is about 40 years old, want at least $443.6 million for their estate, comprising 60 apartments of 2,024 sq […]

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Short-term office sites put up for sale to ease crunch

Plots in Aljunied and Mountbatten roads come with 15-year leases GOOD news for office tenants struggling to find affordable office space in the Central Business District (CBD). The Government yesterday launched for sale two short-term office sites along Aljunied and Mountbatten roads to ease the office space crunch. Both plots come with 15-year leases and […]

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S’pore ranked 9th most costly Asian city for expatriates

SINGAPORE has risen 10 places in a new global survey of the most expensive places for expatriates to live. The Republic is closing the gap on higher-priced Hong Kong, which stayed at No. 79 in the survey, conducted by human resources firm ECA International. Despite the jump, Singapore, at No. 122, is still significantly cheaper […]

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It wasn’t me, Greenspan says of housing mess

Sales and price slump not a reflection of Fed policies when he headed central bank LONDON – FORMER Federal Reserve chairman Alan Greenspan said he has ‘no particular regrets’, and that the deepening slump in the United States housing market is not a result of his policies. ‘Markets are becoming aware of the fact that […]

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Property may be big gainer as real interest rates plunge

Mounting inflation makes it tempting to borrow, but things may change in the long run (SINGAPORE) Rising inflation may be starting to worry policymakers and the man on the street, but it has had an interesting side effect. It has pushed down the real interest rate dramatically and is expected to drive the property market […]

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Firm to sell Malacca Centre retail space

A RETAIL podium at Malacca Centre in Raffles Place has been put up for sale. The 999-year leasehold property comprises of ground and basement floors and has direct frontages to the main road. The sellers are an investment holding company, said property firm Cushman & Wakefield, which is marketing the property. The property has a […]

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Asia should be on inflation alert: JPMorgan

Countries that let currency strengthen will be better off (SINGAPORE) Inflation poses a bigger and more immediate threat to countries in Asia than a US economic recession, said a senior equity strategist. Emerging-market countries that allow their currencies to strengthen in the next 12 months are more likely to see sustained economic growth and escape […]

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Malaysian tycoon enters S’pore luxury homes market

YTL Group plans to build top-end marina, residential projects in region MALAYSIAN tycoon Francis Yeoh, who helms YTL Group, one of Malaysia’s largest listed companies, is intent on an aggressive expansion in Asia – starting in Singapore. The Republic is the target of the first part of his grand plan to build a series of […]

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ME & MY MONEY – Rentals will pay for his retirement

Swiss-born entrepreneur has six properties that can provide 70% of his income after he retires MR ROBERT Gremli, 63, who hails from Switzerland, will never forget his first impression of Singapore. ‘It was incredibly hot, as if someone had thrown a hot blanket over me in a steam room,” he said. He wondered at the […]

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