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Singapore Building & Construction Industry News


Former HUDC estate could be put up for collective sale

Another privatised former HUDC estate could go on the market soon following the landmark sale of Bishan's Shunfu Ville for $638 million in May. Sources say owners of the 175-unit Raintree Gardens in Potong Pasir Avenue 1 have got the minimum consent level required for the site to be launched for sale. The 201,405 sq ft plot, next to Kallang River and near Potong Pasir MRT station, has just over 70 years of lease left. It is zoned for residential use with a 2.8 plot ratio. Property experts believ ...more

Sengkang EC site draws land-hungry developers

Singapore LAND-HUNGRY residential developers made a beeline for an executive condominium (EC) site in Anchorvale Lane, Sengkang, on Tuesday. The site drew 16 bids, a whopping turnout not seen for an EC site since July 2013. The top bid of S$355.07 per square foot per plot ratio (psf ppr) from a Hoi Hup Realty-Sunway Developments tie-up exceeded all expectations and is the highest offer for an EC site since a Choa Chu Kang Drive plot (coming up as Wardervale) fetched S$361 psf ppr in September 20 ...more

AXA Tower office space up for sale from S$2,550 psf

Singapore TWO strata office floors located at AXA Tower at 8 Shenton Way is up for sale from S$2,550 per square foot. The office space belongs to Perennial Real Estate Holdings, while JLL is the marketing agent for the expression of interest exercise. With a total strata area of about 25,500 square feet, the offering spans two office floors at the development and comprises eight strata office units on the 21st floor and six strata office units located on the 35th floor. The office units have uno ...more

FM Global breaks ground on S$80m loss prevention facility

Singapore COMMERCIAL and industrial property insurers FM Global broke ground on a new S$80 million loss prevention training and operations facility in the Singapore Science Park on Monday. The ceremony marks the start of the construction phase of FM Global's new six-storey building, which will occupy 125,000 square feet and house the FM Global Asia SimZone, the company's and Asia's first hands-on training facility. It will be constructed by Ascendas-Singbridge and is expected to be operational i ...more

Wing Tai doubles dividend despite profit dive

Singapore DESPITE posting a big drop in fourth-quarter and full-year net profit, Wing Tai Holdings has proposed to double dividend payout to shareholders to six Singapore cents for the year ended June 30. The payout, which includes a special dividend of three cents per share, is on the back of the group's recent S$411 million sale of its half-stake in the Nouvel 18 condo development - notwithstanding the fact that this has taken place after the close of the financial year. The sale was completed ...more

Far East Organization on a quest for customer satisfaction

ONE of Singapore's oldest and largest property groups, Far East Organization (FEO), is on a quest for customer satisfaction. It has even minted an index to measure the level of customer satisfaction and pegged annual staff bonus payouts to achieving index targets set for each business unit. The customer engagement index (CEI) assessment for each business unit is based on quantitative customer surveys as well as qualitative focus group discussions at various touch-points from the beginning to end ...more

Changi awards $1.1b job as part of expansion plan

Changi has awarded a second contract, worth $1.11 billion, to develop a three-runway system that will allow the airport to handle more flights as the demand for air travel increases. The first contract, of an almost similar value, was awarded in October. Changi currently operates with two runways but will add a third strip as part of the development of Changi East, which includes the massive new Terminal 5. The third runway will be the one currently used for military flights. It is separated fro ...more

Logos, Yang Kee estimate S$150m cost to develop Tuas South warehouse

Singapore LOGOS SE Asia and Yang Kee Logistics will jointly develop a five-level ramp-up warehouse in Tuas South at an expected cost of S$150 million, comprising acquisition and estimated development costs. The development will have total gross floor area of up to 66,000 square metres, and will include office space, a cafeteria and a container yard. The joint-venture partners plan to begin development immediately following acquisition. Construction is expected to run for 18 months, with practica ...more