28th January, Monday
Residential
Cooling measures not a concern, says foreign developer of luxury condo Source: The Straits Times The latest property cooling measures may be targeting foreign buyers, but at least one property firm believes that the steps will not curb foreign appetite for Singapore properties. China Sonangol Land plans to continue expanding in Singapore and is not too bothered by the latest cooling measures. The company expects buying activity to return in about six months' time. It is planning to develop another freehold condominium in East Coast this year, the 109-unit Amber Skye, which it is jointly developing with OKP Holdings. Amber Skye will be launched in the second half of this year. The developer plans to focus on residential properties in Singapore, but is also considering developing offices.
Link to the story: http://www.straitstimes.com/st/print/786140
Commercial
Alexandra Central units put up for quick resale Source: Business Times Some investors are already trying to flip the shop units they bought just days ago at the yet-to-be-completed Alexandra Central, a sign that they had invested in the project hoping to make a quick buck. A Business Times check showed that at least 19 of the 114 retail units that were sold by the developer last Monday, appeared to be on the market again by Saturday. Only one unit of each size was included in this tally. Prices listed ranged from about $3,720.93 per sq ft for a 258 sq ft unit, to as high as $8,600 psf for a 107.6 sq ft unit. The project's popularity came amid expectations among market watchers that commercial properties are likely to see higher interest following the recent round of cooling measures that hit the residential and industrial markets about two weeks ago. When completed, Alexandra Central will be located next to Ikea and on the site of the former Safra building in Alexandra Road. The overall development includes a 450-room hotel managed by Park Hotel Group. Construction is expected to be completed by June 2016. It is developed by Chip Eng Seng.
Link to the story: http://www.businesstimes.com.sg/print/425322
Investment Sales
Commercial property in Changi up for tender Source: Business Times A freehold commercial property at the corner of Changi Road and Lorong 105 Changi has been put up for sale by tender. No 160 Changi is offered for sale on a vacant possession basis, said its marketing agent. This came after its owner, AIA Singapore, shifted operations that used to be housed there up until late last year to its other properties in Singapore. The property is expected to fetch in excess of $62 million. No 160 Changi is currently a 4-storey building with two basement levels that include 23 carpark lots. It sits on a site area of about 18,000 sq ft (sq ft) about 300 m away from Eunos MRT station and has a permissible gross plot ratio of 3.0. The tender will close on 8 March at 4pm.
Links to the story: http://www.businesstimes.com.sg/print/425314 http://www.straitstimes.com/st/print/786148
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