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Fierce competition among developers may be why fresh curbs are needed

Same facts, different interpretations. This axiom is starkly exemplified by the strong reactions of the property industry to the latest housing cooling measures that took effect on July 6. The Real Estate Developers' Association of Singapore (Redas) has insisted that there is no rationale for the tough measures, which included raising the additional buyer's stamp duty (ABSD) for most categories of buyers as well as imposing a new non-remittable... ...more

En bloc hopefuls extend tender closing dates

Singapore WITH no successful collective sale deals since the latest cooling measures took effect on July 6, some projects that have already launched their tenders are extending their deadlines. The tender for Horizon Towers, launched on July 5 at a reserve price of S$1.1 billion, will now close on Sept 12 instead of the previously announced Aug 7. Marketing agent JLL said in a statement on Tuesday: "The decision was made following feedback from... ...more

Sutton Place up for collective sale with S$268m reserve price

Singapore THE owners of Sutton Place, a freehold development off Farrer Road, have put the property up for collective sale by tender, with a reserve price of S$268 million. At that price, the land rate for the site works out to S$1,917 per square foot per plot ratio, after factoring a development charge of about S$17.88 million, which is subject to confirmation from the relevant authorities, said Knight Frank Singapore, its sole marketing agent.... ...more

Kentish Green joins en bloc fray

Singapore KENTISH Green on Oxford Road has joined the roster of developments here trying for a collective sale. Owners are asking for a reserve price of S$230 million for the site spanning 59,143 sq ft. The 122-unit condo is close to Farrer Park MRT Station. At this price, a sale would net each owner between S$1.736 million and S$2.086 million. The site can be redeveloped to accommodate 219 to 259 apartments with a small commercial... ...more

CDL takes another green step forward

Singapore CITY Developments Limited (CDL), announced that it will have its carbon reduction targets assessed and validated by the Science Based Targets Initiative (SBTi), making it the first local real estate company to do so. This move is part of its accelerated climate change strategy amid the backdrop of Singapore's impending 2019 carbon tax and the global transition to a low carbon economy. The SBTi, which is fast becoming a standard business... ...more

After July spike, developers seek clues in next few months

Singapore NEW home sales in June dropped almost half from May - but the numbers will jump back up this month with the last-minute buying frenzy the night before a new round of cooling measures kicked in on July 6. Given the skewed performance in July - over 1,000 units in Riverfront Residences, Park Colonial and Stirling Residences were snapped up on the night of July 5 - market watchers expect the impact of these... ...more

Two freehold central sites up for en bloc

Singapore SUMMER Green is the latest condo to hit the collective sale market with a reserve price of S$48 million. The reserve price translates to a land rate of approximately S$1,178 per square foot per plot ratio (psf ppr), inclusive of a development charge of approximately S$320,000, for the freehold site with 24 apartments. Owners at the 13-storey condo off Balestier Road could net themselves about S$2 million per unit. The development, which... ...more

Optimistic Koh Brothers senses opportunities

DESPITE the government's recent cooling measures, Koh Brothers Group's managing director and chief executive, Francis Koh, will still tender for one or two more mass market sites in Singapore to balance out his slate of Holland Village projects. "There may be an opportunity although the market may see it as a negative thing and there's a knee-jerk reaction," he says. "But we think we can price in the higher costs and go in conservatively -... ...more