Singapore Economy

Amid global uncertainty, S’pore set to look closer to home for growth

Given China’s stuttering economy and the United States struggling to get out of first gear, Singapore will need to look closer to home for comfort next year while it re-positions itself for longer term prosperity. This was the consensus among experts interviewed by TODAY.

Singapore Real Estate

More dark clouds loom for private housing market next year

After another year of subdued home buying activity, property analysts warned that the Republic’s private residential property market may be in for tougher times in 2016 as the lacklustre economic environment is likely to depress sentiment further. Adding to the woes is the United States Federal Reserve’s decision to start normalising interest rates, which is expected to keep prospective buyers on the sidelines as they adjust to the new reality.

Prices of completed small condos down in November

Prices of completed small condo units and apartments (up to 506 square feet) islandwide slipped 1.2 per cent in November over October. This was based on the latest flash estimates from the National University of Singapore for its Singapore Residential Price Index (SRPI) series.

Industrial land supply for H1 2016 at 8-year low

The Singapore government has continued to moderate the supply of industrial land for the first half of 2016 in the face of a looming industrial space glut. Marking an eight-year low, there will be six sites on the Confirmed List and four sites on the Reserve List with a total site area of 12.24 hectares under H1 2016 industrial government land sales programme (IGLS).

Old Seagate building gets top bid of S$250m

The former Seagate building at 7000 Ang Mo Kio Avenue 5 has received six bids from potential buyers through an expression of interest, with the top bid crossing S$250 million or in excess of S$300 per square foot of net lettable area (NLA), BT has learnt. Ho Lee Group, owner of the property, is seeking to divest the hi-tech industrial building through a share sale of the property's holding company 7000 AMK Pte Ltd.

Unit's owners have no stair access to upper floor

Owners of a double-storey shophouse in Little India now have no legal access to the second level of their property and may have to build their own staircase to get to it. This is after the Court of Appeal ruled that they had no right to use what they had access to in the past: a staircase in their neighbour's unit.

Companies' Brief

First non-family CEO for Heeton

Heeton Holdings, a family-run boutique developer, has for the first time appointed a non-family chief executive officer (CEO). The mainboard-listed group on Monday named Eric Teng Heng Chew as the CEO and an executive director from Jan 4. Toh Giap Eng, the current CEO and managing director, will be redesignated executive deputy chairman.

Oxley accepts offer to buy Chiba Port Square for US$60m

Oxley Holdings said on Monday that it has accepted an unsolicited offer for Chiba Port Square, located in Chiba Prefecture, Japan, for US$60 million. A memorandum of understanding (MOU) was inked between the group on Dec 25 and Greenland Hong Kong Investment Group and Japanese tax-free store chain operator LAOX Co Ltd.

China Yuanbang Property Holdings

Developer China Yuanbang Property Holdings said its unit has agreed to sell its 25 per cent stake in Wanyuan Yuanbang Resort Development to Wanyuan City Qinba Electronic Commerce for 37.5 million yuan ($8.1 million). The agreement struck last Monday will occur when 27 million yuan has been paid to its Guangdong Yuanbang Real Estate Development unit. Once completed, this unit will hold a 57 per cent stake in Wanyuan Yuanbang Resort.

Global Economy & Global Real Estate

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