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Changi Garden sold to Chip Eng Seng for S$249m

Singapore PROPERTY group Chip Eng Seng has picked up Changi Garden in a collective sale for S$248.8 million, a price that consultants say will set a new and much-higher benchmark for properties in the vicinity. The listed company beat eight other bidders with a price that was 27 per cent above residents' initial asking price of S$196 million. The price for the freehold site works out to an auspicious S$888 per sq ft per plot... ...more

JLW suggests housing body like Singapore's HDB for Malaysia

Kuala Lumpur MALAYSIA needs a single authority akin to Singapore's Housing and Development Board (HDB) to oversee the implementation of transparent, sound and coordinated public policies and to plan and manage the demand and supply of affordable homes, a property consultancy has suggested. In an article on affordable housing, Jones Lang Wootton (JLW) expressed concern that incomes have lagged increases in home prices, and that Putrajaya's efforts... ...more

Lian Beng exploring spin-off of property development business

Singapore LIAN Beng Group said it is exploring a possible spin-off of its property development business to be listed on the Catalist Board of the Singapore Exchange. It has appointed SAC Capital Private Limited as the financial advisor on the proposed spin-off, and the sponsor and issue manager for the proposed listing. The construction contractor-cum-developer said it believes the proposed spin-off and listing will provide a transparent... ...more

Two mixed-use developments up for en bloc sale

Singapore THE en bloc train steams ahead with another two projects jumping on the collective sale bandwagon on Tuesday. The mixed-use developments - Jalan Besar Plaza and Tai Wah Building off Orchard Road - both sit on freehold land and are asking for S$390 million and S$81 million respectively. The owners of Jalan Besar Plaza in Kallang are into their third sale attempt, after two public tenders in 2015 and 2016 yielded no takers. Their... ...more

Soilbuild warrants - leveraged play on construction sector

THE property market looks like it's picking up steam with the number of en bloc deals that are being struck. On Thursday for example came news that Amber Park has been sold en bloc and on Friday, it was Normanton Park. This then begs the interesting issue of whether the flow-through will benefit construction firms. If so, then casting our eye on the construction sector for interesting, long-dated warrants, we come across Soilbuild Construction... ...more

Building on productivity push

To raise productivity in construction, a sector that is struggling with profits and efficiency, the Building and Construction Authority said last week that it will announce public projects that require higher levels of prefabrication ahead of time. The longer runway is meant to help firms prepare themselves for using methods like prefabricated prefinished volumetric construction (PPVC), where entire rooms are built off-site and topped up with... ...more

Unsustainable to increasingly buy land at higher prices, warns Redas chief

Singapore THE head of the developer's body on Wednesday cautioned that the trend of land-hungry developers increasingly buying private residential sites at higher prices has many significant associated risks. Notably, it is not sustainable to continue at this rate. With property measures in place, slow growth in Singapore's population and manpower curbs, we do not see runaway demand in sales transaction volume and property prices in the next few... ...more

Industry welcomes new law to protect buildings against attacks

Designing buildings with security in mind will help save lives and reduce longer-term security costs, said Mr Desmond Choo, chairman of the North East Community Development Council. Addressing delegates from the building, architecture, security and facility management industries at an industry convention yesterday, he pointed to the devastating attack by a lone gunman who killed 58 people at a music festival in Las Vegas on Sunday. Security... ...more