As developers released more upmarket projects, the average transaction value of private homes sold in the primary market in the first two months of this year rose to $1.78 million per unit, a study by CB Richard Ellis shows. This is 37 per cent higher than the $1.3 million average price of homes sold by developers [...]

THE phrase ‘Catch-22′, taken from the title of Joseph Heller’s seminal work, has come to describe a double-bind scenario where one feels caught between the devil and the deep blue sea. It may also soon come to describe the situation for developers here with the recent announcement of new government measures aimed at cooling [...]

INDONESIA’S Lippo Group, controlled by the Riady family, is buying Malaysian tycoon Ananda Krishnan’s key stake in Singapore-listed Overseas Union Enterprise (OUE) in a deal worth $957 million. Since 2006, the two parties have jointly controlled OUE, whose prized assets include the Mandarin Orchard hotel. However, Lippo and Mr Ananda are said to have suffered strained relations [...]

THE debate in Parliament on state housing saw a number of popular assumptions disproved by National Development Minister Mah Bow Tan. He showed, with figures, that purchases of resale flats by private property owners and immigrants were too few to have contributed to a price spike in the past year. As for the [...]

LIAN Beng Group has bagged a $144 million building contract for a condominium development at Dakota Crescent. The design-and-build contract was awarded by UOL Development (Dakota) Pte Ltd. The development comprises 616 apartment units in three 19-storey blocks and four 20-storey blocks, and a six-storey carpark building with a roof garden, a swimming pool and [...]

The tenuous alliance between Indonesia’s Riady family and Malaysian tycoon Ananda Krishnan in Overseas Union Enterprise (OUE) has come to an end – at a price of almost $1 billion. Yesterday, the Riadys’ Lippo Group paid some $957 million to acquire all of Mr Krishnan’s stake – and greater control – in the mainboard-listed property group. With [...]

SINGAPORE Land group general manager Vito Koh Leong Huat will leave his post from end-May to pursue his personal interests. Mr Koh, who has been with SingLand for more than five years, is in charge of the group’s residential business. His responsibilities include identifying business development and real estate opportunities, sourcing and securing residential sites [...]

Lippo, through its investment unit, Golden Concord Asia, has raised its stake in Overseas Union Enterprise (OUE) in a deal worth S$957 million. The acquired stake was previously held by a Malaysian conglomerate with interests in telecommunications, media, power and gaming. Upon the completion of the transaction, Lippo will hold a 88.5 per cent stake in OUE. OUE [...]

The BCA Academy will offer a new postgraduate programme in facility and environment management. It said the programme will enhance building professionals’ capabilities to manage and maintain buildings in Singapore including those that are built with “green” features. The Master of Science in Facility and Environment Management Programme is being offered under a tie-up with University College [...]

IT IS full steam ahead for Singapore’s new growth areas such as Jurong and Paya Lebar as the Government ramps up plans to develop the Republic’s alternative city centres. National Development Minister Mah Bow Tan yesterday said several government agencies, including the Ministry of National Development (MND) and some of its statutory boards, will relocate to [...]

THE Government will not introduce more measures relating to the property market for now, but will monitor the market closely, said National Development Minister Mah Bow Tan yesterday. This follows a string of measures aimed at cooling both the private and HDB property markets unveiled by the Government in the past two months. But Mr Mah said [...]

THE noise from construction projects has long been the bane of residents hoping to sleep in on Sundays. But there is hope for some peace soon. From Sept 1, all new projects will have to stop work from 10pm on Saturday to 10am on Sunday. This ban applies to any building project within 150m of a residential area. [...]

THE on-again, off-again redevelopment of the prime Specialists’ Shopping Centre and Hotel Phoenix site in Orchard Road is back on the agenda after a two-year break. OCBC Bank announced yesterday that it is in talks with construction and property group United Engineers Limited (UEL) to build a hotel and mall on the land. But the original player [...]

IN ITS urban planning blueprints, the Ministry for National Development (MND) won’t miss the forest for the trees. Instead, it takes a well-rounded approach when drawing up its development concept plans, taking into account existing infrastructure and consulting MPs and other agencies. This was National Development Minister Mah Bow Tan’s assurance to the House yesterday. [...]

SHOULD the Government do something about ‘Mickey Mouse-size’ apartments that are all the rage now? No, said National Development Minister Mah Bow Tan yesterday, reiterating that market forces should continue to determine the prices and sizes of homes that will be developed. He was responding to concerns raised by Dr Amy Khor (Hong Kah GRC) about the [...]

ALJUNIED and Jurong town councils will raise their monthly service and conservancy (S&C) charges from April for the first time in five years. They have cited higher maintenance and operating costs – particularly for the numerous new lifts in the older estates – as reasons for the hike. Charges will go up by between 50 cents and [...]

I REFER to last Wednesday’s letter by the Ministry of Law, ‘Allowing one owner to stop majority untenable’, in response to Mr Tan Keng Ann’s letter, ‘Review law on en bloc sales’ (Feb 27). In the same manner, it is also untenable that 90 per cent of owners of property developments less than 10 years old, [...]

I REFER to Sunday’s report, ‘Property agents call for curbs on subletting’. It was mentioned that the new measures taken by the Government to reduce speculation may not be sufficient to keep prices of resale flats in check, since prices may still be driven up by those who keep flats to rent out rather [...]

Five parties said to have tendered for job of marketing Jurong East building JTC Corporation is seeking to lease out about 95,000 square feet of offices at its headquarters building near Jurong East MRT Station. It recently conducted a tender exercise to appoint a sole marketing agent to help it find tenants for the building. The space [...]

Changes made to reserve list system make it easier for developers to trigger sites for sale The government has tweaked its bi-annual land sales programme to make land supply more responsive to market demand. Three changes have been made to the reserve list system, National Development Minister Mah Bow Tan said in Parliament. He added that the government [...]