Singapore Real Estate

Managed hybrid IT will contribute towards a smarter Singapore

As Singapore charges towards its vision of becoming the world's first Smart Nation, efforts have been stepped up to develop digital technologies and solutions to enhance the quality of life. This year alone, Singapore has seen the launch of various projects to make life easier, like the recent smart- homes trial run conducted by the Housing and Development Board (HDB), and the smart health-assist project which uses sensors to help patients better manage their conditions.

Sectoral manpower plan for hotels unveiled

A S$5,000 sign-on bonus will be dangled before ITE and polytechnic hospitality graduates when a work-study scheme is launched next year, specially for the hotel sector. This "Earn-and-Learn" Programme, part of the SkillsFuture movement, will also give hotels up to S$15,000 for each participant signed up under it.

UOL, Kheng Leong to sell first phase of Alexandra condo at over S$1,600 psf

Citing upside potential in new condominium project Principal Garden that may defy tepid market conditions, developers UOL Group and Kheng Leong Company said that they are contemplating the launch of its 663 units in phases.

Ivy Lee Realty fighting application to wind up firm

The realty firm of Ms Ivy Lee, one of Singapore's top real estate agents, is fending off an application to wind up the company. The plaintiff is MWA Capital, a licensed moneylender. Both parties were in the High Court yesterday as MWA Capital said it was proceeding with its application. But the hearing was postponed to allow both sides to make their arguments.

Companies' Brief

Singapore Property

The Business Times has reported that property developers' call to the government to extend their project-completion deadlines has been turned down. We believe that developers will start lowering their asking prices soon. Given a challenging market, development risks could increase as they approach their project deadline of five years. We believe this would set the stage for a lifting of property cooling measures in 2016.

Singapore Retail Reits

DTZ recently announced that Q3 2015 prime retail rents had fallen 3.7 per cent quarter on quarter, and 4.5 per cent year on year. While this is only from one real estate consultant, it does beg the question of whether our base assumption of market rents falling one per cent annually over 2015-16 could be an underestimate.

Ascendas Reit

Ascendas Reit (A-Reit) recently announced its proposal to acquire a portfolio of 26 logistics properties in Australia for about $1.01 billion. Nine of the properties are in Melbourne, the largest industrial property market in Australia in terms of land stock, another nine are in Sydney, seven in Brisbane and one in Perth. All the properties are on freehold land.

Global Economy & Global Real Estate

Rich Chinese face backlash in North America's costliest city

For sale: San Francisco Bay Area's largest ready-to-build site

Developer plans aggressive expansion as Egyptians exit Cairo

Blackstone buys BioMed Realty Trust for US$8b

Foreign homebuying drops in California as Chinese slow buying

Brooklyn homes sell at fastest pace in 8 years as prices surge 15%

Boom in Seoul's mini-room housing

Foreign Homebuying Drops in California as China Slowdown Seen

Chicago's Landmark Tribune Tower Marketed for a Potential Sale