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21st July 2014

Singapore Real Estate

City Gate sees good take-up over weekend

Beach Rd project sells 78 home units, 62 commercial units

Source: Business Times / Singapore

CITY Gate, a mixed development by the intersection of Jalan Sultan and Beach Road, sold 78 residential units and 62 commercial units during its weekend launch as of 4pm yesterday.

This is about half of the 150 residential units and two-fifths of the 155 commercial units released.

The residential units were sold at a median price of more than S$1,800 per square foot (psf), while the commercial units were sold at prices ranging from S$2,900 to S$6,200 psf, a spokesman said.

Located at 371 Beach Road, City Gate has 311 apartments and 188 commercial units.

-By Cai Haoxiang

All eyes on Spring Grove en bloc bid

Source: Straits Times

A canny purchase of a block of freehold land in Grange Road by the United States government 64 years ago is turning into the proverbial goose that lays the golden egg. The first windfall came in 1991 when it reaped $80 million from selling a 99-year lease on the 24,481 sq m site, which at one time housed the ambassador's residence.

'Give $40k subsidy' to get parents to move

Source: Straits Times 

At least $40,000 in subsidies. Residents, analysts and agents believe that is the minimum needed to entice people living in mature towns to join their grown-up children in newer ones. Even then, the take-up rate is unlikely to be high, they told The Straits Times, because it will be hard to convince parents to uproot themselves from familiar surroundings.

Global Economy & Global Real Estate

Dubai property price rise easing: report

Govt moves to cool market, high prices temper demand

Source: Business Times / World

[DUBAI] The rise of Dubai's red-hot residential real estate market is slowing as government steps to curb speculative buying have an impact and higher prices start to affect demand, consultants JLL said in a report yesterday.

Second-quarter trends in the market that suggest the risks of the Dubai property market overheating and then crashing, as it did in 2008-2009, are easing, Craig Plumb, JLL's head of research for the Middle East and North Africa, told Reuters.

"It's good news that the market is slowing down," he said, adding that when the market eventually reached the falling phase of its cycle, the pullback was unlikely to be as violent as it was five years ago, when it triggered a corporate debt crisis in the emirate.

For now, the residential market is still climbing rapidly; average sale prices jumped 36 per cent from a year earlier in the second quarter, compared to 33 per cent in the first. Rents gained 24 per cent, after 23 per cent in the previous quarter.

-From Dubai, UAE