Top Stories

Younger, beefier Cabinet for post-SG50 Singapore

Seventeen days after sweeping to a convincing general election victory, Prime Minister Lee Hsien Loong on Monday announced a major shake-up to his Cabinet, with a larger line-up in place to prepare the next team of leaders to take over after the next polls. The new Cabinet in the post-SG50 era will have 20 full or acting ministers, with half of them aged 55 years and below. In all, there are 37 office-holders, up from 33 previously, and half are 50 years old or younger.

Lawrence Wong to lead National Development

Cabinet's youngest minister, Mr Lawrence Wong, 42, will helm the Ministry of National Development (MND), which is responsible for national land-use planning and development. His role will also include overseeing the Housing Board, as well as property cooling measures, which have been in place for some years.

Singapore Real Estate

New rules for developers: Showflats must correctly represent actual units

Prospective condominium buyers can now be assured that what they see is what they will eventually get, as developers must now declare that showflats correctly represent the actual units offered for sale, before opening them up for viewing. Measures taken by the developers of The Criterion executive condominium (EC) at Yishun include labels indicating the position and thickness of removed walls; a list of materials, finishes and fittings; and setting aside extra space for an aircon ledge. These are to ensure their show units comply with the latest rules.

Completed condo prices down 0.6% in August: NUS

The prices of completed condominiums and apartments in Singapore fell 0.6 per cent in August over July, according to the National University of Singapore's (NUS) flash estimates for its Singapore Residential Price Index (SRPI) released on Monday. This is after the index dipped 0.2 per cent month on month in July, based on the revised index value for that month.

H2 sales of strata office and retail units to remain muted, says report

As demand for space moderates amid an uncertain economic outlook, Singapore's strata commercial sector is expected to remain muted in the second half of the year, a biannual research bulletin said.

Luxury home sales continue to sputter in third quarter

Luxury home sales seem to be still stuck in the doldrums. Just 112 luxury apartments have been sold so far in the third quarter, well down on 162 units for the same period last year and 188 in 2013, DTZ Research analysis shows.

South Beach to offer largest stock of women-only rooms

City Developments Ltd (CDL) and IOI Group's The South Beach hotel will have one of the biggest inventories of women-only rooms for a Singapore hotel. The 654-room hotel will have 80 such rooms across three floors. Two floors are in the main tower and the third one is in the adjoining podium, Padang Terrace.

Closing date for bids for 77 Robinson Rd postponed by 2 weeks

Just a few weeks after launching an expression of interest for the sale of 77 Robinson Road, property consultancy group DTZ South East Asia has delayed the Oct 15 closing date for the exercise by about two weeks, BT understands. This is to allow the seller - a fund managed by the former SEB Asset Management, which has been acquired by Savills Investment Management - to bundle 77 Robinson Road together with an eight-storey office block that the fund owns in Japan for sale through the same EOI exercise.

Companies' Brief

Ng Kok Siong to be new CEO of Guangzhou Knowledge City

Ng Kok Siong, the current executive vice-president of urban investment and development company Singbridge, will be the CEO of the Singapore-Sino Guangzhou Knowledge City as of Oct 15, said a press release from the recently merged township developer entity Ascendas-Singbridge Group. Mr Ng has over 20 years of real estate experience in investment, development, asset management and real estate consultancy in the Asia-Pacific region, particularly in China, the release noted.

Singapore Property: Global Logistic Properties and Wing Tai

The share prices of property developers, which had generally suffered lacklustre performances over the last year due to a slowing housing market, saw another leg down in Q3 2015 alongside increased volatility in the general market on heightened fears of a Chinese hard landing and uncertainty over a Fed rate hike. Over 2014 to date, the Straits Times Real Estate Developer Index (FSTREH) fell 4.9 per cent while its price-to-book ratio dipped to 68 per cent, which is one standard deviation below its nine-year average.

Global Economy & Global Real Estate