Novena businesses get a Healthy boost

Novena has transformed, from being more of a residential area with private housing and condominiums, into a medical hub in the past few years.

And with the private medical centres and malls that have sprouted up near the Tan Tock Seng Hospital (TTSH), which has been there since 1909, and Novena MRT station, business is booming.

But things are different on the other side of Thomson Road, where quiet nostalgia is being pushed out by the busy new.

Property investment in Singapore to rise

Singapore can expect a significant uptick in property investment activity this year, on the back of an expected 15-20 per cent increase in global investment activity, which is likely to surpass US$1 trillion for the first time since 2007.

Cooling measures in Hong Kong (double stamp duty) and China (more aggressive implementation of capital gains tax) will generate strong investor sentiment for Singapore and Tokyo. This is a turnaround from last year, a slow year of investment trading, which is defined in the report as deals of US$5 million and above; last year, Singapore saw virtually no price growth.

Punggol F&B site gets top bid of $11.4m

A plot of land at Punggol Point zoned for food and beverage (F&B) use has drawn a highest bid of $11.4 million, pipping eight other offers.

The offer, which works out to $3,789.6 per square metre of gross floor area (GFA), was submitted by Fragrance Group.

The next highest bidder was KT & T Resources at $8.6 million, or $2,865.1 per square metre of GFA.

Minister Khaw unveils Woodlands regional hub plans

National Development Minister Khaw Boon Wan yesterday sketched out what Woodlands Regional Centre will be like.

With 100 hectares of space available for development, Woodlands Regional Centre is a key component in reshaping northern Singapore laid out in the recent Land Use plan.

It is expected to serve as a major commercial hub in the north and will take about 15-20 years to fully develop, Mr Khaw said during a community event at Woodlands Ring Road.

Six prime strata office units at Samsung Hub up for sale

Six prime strata office units have been put up for sale on the 17th floor of Samsung Hub, a 999-year-leasehold, Grade A office block on Church Street, near Raffles Place.

The units have strata areas ranging from 883 sq ft to 3,595 sq ft, adding up to 13,132 sq ft. Their absolute price quantums range from $3 million to $12 million.

Their owner, Church Street Holdings, has put the units up for sale.

Mixed-use developments draw homebuyers

Mixed-use developments integrating residential and retail components have become an attractive proposition for homebuyers, notably couples and young professionals, according to Far East Organization.

Chia Boon Kuah, chief operating officer for property sales, said this after a recent offering, the 99-year-leasehold The Hillier, sold its last residential units last weekend.

The homes at the 528-unit SOHO development at Hillview Avenue 2 commanded an average price of $1,474 per square foot and should be ready by 2016, after launching for sale in January last year.

Government casts a cold eye on commercial sector - shops, office space

The sudden burst of activity in the commercial property sector has caught the government's eye, and indications are that it may extend cooling measures to this sector if transactions rise above what it deems to be the comfort level.

The Urban Redevelopment Authority (URA), responding to queries from The Business Times, said: "We are monitoring the various segments of the property market closely, including the commercial sector. We will introduce measures, if required, to moderate investment demand and prevent overheating in the property market."

Chip Eng Seng offers top bid of $794 psf ppr for Yishun site

A unit of Chip Eng Seng Corporation has placed the top bid for a mixed commercial and residential development site at the corner of Yishun Ring Road and Yishun Avenue 9.

The property and construction group's bid of $212.1 million, translating to $794.44 per square foot per plot ratio (psf ppr), was the highest of 13 bids received at the state tender yesterday.

This was 9.5 per cent more than the second highest offer of $193.777 million, or $725.81 psf ppr, from a joint venture between Far East Organization and its listed vehicle, Far East Orchard Limited.

Ho Bee gets ready to reap fruits of Metropolis project

Property developer Ho Bee Investment's efforts to build a strong base of recurring income will start to bear fruit later this year, with the completion of The Metropolis, its one million sq ft Grade A-specification office project directly linked to Buona Vista MRT Station on the Circle Line.

The development's 23-storey Tower 1 is expected to receive Temporary Occupation Permit around July, to be followed a couple of months later by the 21-storey Tower 2.

Chinatown grows in commercial appeal

Parkroyal on Pickering hotel opened
on Wednesday. Next door is the recently
opened and revamped Chinatown Point

There is a buzz in Chinatown and not just because it is the festive season.

Property has become the new talk of the town in the past few months, particularly commercial real estate.

The heritage-filled district has just received a major boost with the opening on Wednesday of the 16-storey Parkroyal on Pickering hotel and launch of the revamped Chinatown Point mall.

21% stake in Orchard Towers up for sale

A 21 PER CENT strata interest in Orchard Towers comprising prime freehold retail and office space is up for grabs by tender, with an asking price of about $190 million.

Selling the stake is a subsidiary of Sinarmas Land Ltd (previously known as Asia Food & Properties) called Golden Bay Realty, which is looking to part with the stake as a whole, or split it into three components: the retail space, offices in the front tower, and offices in the rear tower.

4 North Bridge Rd shophouses to be auctioned

Four freehold shophouses along North Bridge Road have been launched for sale by public auction.

The shophouses, bounded by Kandahar Street and Aliwal Street and within the Kampong Glam conservation area, will be sold together; they have been tagged with an indicative asking price of $15.5 million.

The units, at 762, 764, 766 and 768 North Bridge Road, will be sold with existing tenancies, which expire between March this year and July next year.

New curbs could benefit office, retail space

 The commercial property sector could benefit from the latest cooling measures, analysts believe, as investors look for alternative places to park their money.

The residential market bore the brunt of the latest moves by the Government to curb buoyant prices and demand, with measures that affect all residential properties as well as those specific to public housing and the hybrid executive condominium (EC) market that mostly took effect from Saturday.

Commercial hub shaping up in Jurong Gateway

Jurong Gateway, the area around Jurong East MRT station, is well on the way to becoming a major commercial hub in the western part of Singapore.

Upcoming launches of more shopping malls, a hospital, a hotel and office space will add buzz to the district, which used to be hilly jungle land dotted with prawn ponds and crocodile- infested rivers.

But analysts note that the area has few private residential projects, with most condominiums being nearer to the Lakeside district, west of Jurong Gateway. The only private condo homes are the 280-unit Westmere, an executive condominium launched in 1996, and Ivory Heights, a former HUDC project.

Investment funds big sellers of property

Investment funds were big sellers of property here last year; with the value of sales more than double that of purchases amid weaker economic conditions.

The funds mainly sold off office buildings and industrial properties and invested in hotels and retail malls.

Analysts estimate that funds sold properties here worth a total of up to $3.36 billion last year.

This was well above the value of purchases, of between $1.17 billion and $1.31 billion.

Kismis Lodge up for en bloc sale again

Kismis Lodge is being put up for collective sale for the second time.

Located off Toh Tuck Road, Kismis Lodge occupies a land area of 70,283 square feet (sq ft). The plot, comprising 64 walk-up apartments, was first put up for tender on July 16 last year.

In the July 2012 tender, the owners asked for between $90 million and $95 million, which translates to about $1,281 to $1,352 per square foot (psf).

HDB Resale Price Index Increases 2.5% over 3rd Quarter

Date issued : 02 Jan 2013

 HDB’s flash estimate of the 4th Quarter 2012 Resale Price Index (RPI) is 202.9, a 2.5% increase over 3rd Quarter 2012 (see Annexes A-1 (PDF 8KB) and A-2  (PDF 19KB)).

2The RPI provides information on the general price movements in the public residential market. Transacted prices of individual flats (by block and flat type) can be found on HDB’s website and detailed online enquiries can be made at http://services2.hdb.gov.sg/webapp/BB33RTIS/BB33PReslTrans.jsp

3The RPI for the full quarter and more detailed public housing data for 4th Quarter 2012 will be released on 25 January 2013.

Govt keeping close eye on Executive Condominiums

The National Development Ministry (MND) has warned that it is closely watching developments in the executive condominium (EC) segment and will consider further measures if needed.

It was responding to The Straits Times' queries on whether sky-high prices for some EC units at recent launches are of concern.

The latest focal point in the EC debate is a huge 4,349 sq ft "presidential suite" at 514-unit CityLife @ Tampines, which will be the first EC unit to eclipse the $2 million mark if sold at its launch today.

November prices of built condos up 1.9%

After lagging for most of this year, prices of completed private apartments and condos in Singapore's Central Region sprang to life in November, latest data from the National University of Singapore showed.

Its November flash estimate for the Singapore Residential Price Index (SRPI) series showed that the sub-index for the Central Region (excluding small units) rose 2.6 per cent from October.

This is double the 1.3 per cent gain over the same period posted by SRPI's sub-index for Non-Central Region (excluding small units).

Interest growing over $2m Executive Condominium unit

CityLife @ Tampines Site Plan

The $2 million-plus price tag does not seem to have dampened interest among potential buyers for a spacious executive condominium (EC) that hits the market tomorrow.

At least 12 people have expressed interest in the "presidential suite" at CityLife @ Tampines.

The prized unit comes with 4,349 sq ft of space, including a roof terrace of about 1,600 sq ft, and can be yours for an EC price record of $2.05 million.

Other large apartments at the 514-unit project also garnered healthy interest yesterday, the second day of the showflat preview. Bookings open tomorrow, with average prices of $770 per sq ft (psf).