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Posted by on in New Launches

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Despite the continued drop in private home prices, Singapore’s property market has showed signs of life, with a rejuvenated collective sales market and robust luxury residential sales, reported The New Paper.

Data from the Urban Redevelopment Authority (URA) showed that private home prices fell by 10.8 percent over 12 consecutive quarters, while rents dropped by 10.7 percent.

Nonetheless, the sales volume for the first nine months of 2016 increased by 9.8 percent year-on-year to 11,993 private units (excluding executive condominiums).

In fact, the falling prices have helped boost the luxury residential segment.

As at 15 December, the Core Central Region (CCR), which includes Orchard, Bukit Timah and Novena, registered 2,601 private home transactions, up 42.6 percent from last year, revealed Savills Singapore Research Head Alan Cheong.

“This shows there has been a strong revival of interest in the luxury segment of the private residential market,” he said.

Cheong attributed the revival to developers’ creative marketing schemes, like the deferred payment scheme offered at OUE Twin Peaks.

Another bright spot is the return of collective sales. Three deals worth over $1 billion were sealed this year, compared to one $380 million deal in 2015 and none in 2014.

The $638 million sale of Shunfu Ville to Chinese developer Qingjian Realty emerged as the biggest en bloc sale of the year.

Edmund Tie and Co. Research Head Dr Lee Nai Jia is confident more sales will be sealed in 2017.

“This is because sellers have dropped asking prices, while developers are keen on well-located smaller sites,” he said.

 

Credits: Propertyguru

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SINGAPORE - Singapore said Friday that measures it had implemented to cool down the property market have succeeded but it was "too early" to relax them.

The remarks by Finance Minister Tharman Shanmugaratnam in parliament came amid concerns by analysts about property prices soaring to unsustainable levels in emerging markets, including those in Asia.

"Our cooling measures have been aimed at moderating the market so as to prevent property prices from getting too far out of line with incomes," Shanmugaratman said as he unveiled the 2014 national budget.

"We are not engineering a hard landing, but neither are we able to eliminate cycles in the property market, with upswing in prices in some years followed by corrections," he said.

"Given the run-up in prices in recent years, it is too early to start relaxing our measures. The government will continue to monitor the property market and adjust the measures when necessary."

Singapore last year imposed additional measures in a bid to dampen down the red-hot property market, including raising stamp duties, which made it costlier for foreigners to buy property.

The government also sharply increased minimum cash downpayments for individuals applying for loans for second or subsequent homes.

These were in addition to earlier measures to tame the property market, including a move by the central bank in 2012 to impose a maximum tenure of 35 years for new housing loans.

Analysts have raised the red flag about soaring property prices in several Asian economies and have urged regional policymakers to take steps to prevent risky asset bubbles.

Low interest rates have fuelled a property boom in emerging markets which may have led consumers to overborrow.

There are fears that a rise in interest rates expected to accompany a winding down of the economic stimulus package in the United States would lead to borrowers unable to repay their loans.

This could deflate property prices and destabilise the banking system.

- See more at: http://business.asiaone.com/news/news/budget-2014-singapore-says-too-early-relax-property-cooling-measures#sthash.waZ9fZE7.dpuf

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Posted by on in Trends

SINGAPORE - The sale consideration may comprise a cash component of S$696.9 million and a cash equivalent component, comprising units held in the OUE commercial reit, of S$308.1 million. This is assuming that OUE Bayfront is sold for the minimum price, it said in a circular filed with the Singapore Exchange on Wednesday.

Here are excerpts from the circular to shareholders OUE posted on the Singapore Exchange website on Nov 20:

The Directors are convening the EGM to be held on December 4, 2013, to seek the Shareholders' approval for:

Resolution 1 (Ordinary Resolution): the proposed disposal of the property located at Collyer Quay in Singapore's central business district ("CBD") comprising

(i) an 18-storey premium office building with rooftop restaurant premises located at 50 Collyer Quay ("OUE Bayfront"), which is complemented by retail facilities at its ancillary properties, namely

(ii) a conserved tower building located at 60 Collyer Quay with panoramic views of the Marina Bay landscape which is currently occupied by a fine dining restaurant ("OUE Tower") and

(iii) a link bridge located at 62 Collyer Quay with retail units ("OUE Link"), together with the plant and equipment therein (collectively, the "OUE Bayfront Property") to OUE C-REIT (the "Proposed Disposal"), and

Resolution 2 (Ordinary Resolution): the proposed declaration of a distribution in specie of the stapled securities in OUE H-Trust (the "OUE H-Trust Stapled Securities") held by the Company (the "Company-held OUE H-Trust Stapled Securities"), to Shareholders on the basis of 1 Company-held OUE H-Trust Stapled Security for every 6 Shares, free from encumbrances and together with all rights attaching thereto, held as at 5.00 p.m. on the date and time on which the Transfer Books and the Register of Members of the Company are closed for the purpose of determin ing the entitlement of Shareholders to the proposed distribution in specie (the "Books Closure Date"), to be announced, fractional entitlements to be disregarded and to be disposed of or dealt with in such manner and for such purpose as the Directors deem fit in the interests of the Company (the "Proposed Distribution In Specie").

2.5 Valuation of the OUE Bayfront Property

Based on the valuation of the OUE Bayfront Property by Cushma n & Wakefield VHS Pte. Ltd. ("Cushman") as at 30 September 2013, the OUE Bayfront Property is valued at S$1,010,000,000 on an "as-is" basis and at S$1,039,000,000 after taking into account the income support pursuant to the Deed of Income Support.

2.10 Use of Sale Proceeds

Assuming that the OUE Bayfront Property is sold for the Minimum Price, the Sale Consideration may comprise a cash component of S$696.9 million ("Cash Proceeds") and a cash equivalent component (comprising Units) of S$308.1 million ("Cash Equivalent Proceeds"). The foregoing is for the purpose of illustration only and the final amount of each of these components will be subject to variation depending on the issue price of the Units as well as market conditions at the relevant time.

The Company intends to use the Cash Proceeds for the following purposes:

(i) to pay down existing debt of US$376.6 million; and

(ii) for general corporate and working capital purposes.

The Company will make further announcements in respect of the detailed use of the proceeds and on any distributions to the Shareholders in due course.

Credit Asia One

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