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Builders venture abroad for new income streams, to diversify

Singapore SINGAPORE property developers have been diversifying into new markets and business segments in recent years after several rounds of property cooling measures, which have contributed to a tougher operating environment. Following the most recent measures, developers that The Business Times spoke to nonetheless still see Singapore as a core market and will continue to look for opportunities here, in addition to overseas. In July, the... ...more

Expand Construction tops in this year's E50 Awards

Singapore EXPAND Construction emerged the overall champion at this year's Enterprise 50 (E50) Awards, sending a clear signal that businesses can still triumph over the challenges in the external environment. The company, which placed third last year, outdid the field for the first time - a remarkable feat, considering the woes faced by the languishing construction industry in the past few years. The next two places were taken by new entrants -... ...more

YTL Land to launch freehold 'villas in the sky' on Dec 1

Singapore MALAYSIA-BASED property developer YTL Land & Development (YTL Land) will launch a 77-unit freehold condominium in Orchard Boulevard, with 53 apartments to be released for sale on Saturday. Located at 3 Orchard Boulevard, 3 Orchard By-The-Park will have an average selling price of S$3,400 per square foot, depending on the size of the unit. The condominium - envisioned by its Italian architect and designer Antonio Citterio as "villas in... ...more

Beauty World Plaza owners launch redevelopment site for tender

Singapore THE owners of the Beauty World Plaza retail and residential building are putting up the redevelopment site for tender with a reserve price of S$165 million, agent Knight Frank Singapore announced on Wednesday. The tender for Beauty World Plaza will close on Jan 30, 2019, at 3pm. The 2,305.6 square metre site in the Upper Bukit Timah neighbourhood comprises a single block with 61 retail units and 30 residential units. Under the Urban... ...more

Bukit Panjang property up for collective sale for S$42m

Singapore A ROW of apartments with commercial shops in Phoenix Road, Bukit Panjang, will be put up for collective sale via public tender on Thursday for S$42 million, marking the first time that the owners are embarking on an en bloc sale. This translates to a land rate of S$617 per square foot per plot ratio (psf ppr), and S$566 psf ppr after factoring in the 7 per cent bonus balcony gross floor area. No... ...more

Golden Wall Centre sold for S$276.2m on second collective sale attempt

Singapore FREEHOLD commercial property Golden Wall Centre has been sold en bloc for S$276.2 million to City View Holdings, a wholly owned subsidiary of Worldwide Hotels, which owns and manages hotel chains such as Hotel 81. The amount was higher than the reserve price of S$260 million, which was little changed from what the strata unit owners wanted in their first attempt at a collective sale in 2016. At S$2,331 per square foot per plot... ...more

Soilbuild buys Sembcorp EOSM for S$12.3m

Singapore SOILBUILD Construction Group on Wednesday said it is buying Sembcorp EOSM - an associated firm of Sembcorp Industries that designs and makes building materials in Singapore, Malaysia and India - for some S$12.3 million. The purchase involved buying the 60 per cent stake held by Sembcorp Industries' unit, and the remainder from a collection of sellers including Thye Chuan Engineering Construction and several individuals. The sale price... ...more

New rules for housing developers to prevent money laundering

Housing developers will bear more responsibilities and duties to prevent money laundering and terrorism financing from happening in the real estate sector under a Bill passed in Parliament yesterday. This, along with other proposed changes in the Developers (Anti-Money Laundering and Terrorism Financing) Bill, will bring Singapore's anti-money laundering and terrorism financing regime in line with international standards, said Minister for... ...more