Property Update (10 April 2015)

pic-150410-update-01-sgbizparks

Singapore business parks see higher occupancy in Q1: CBRE | channelnewsasia.com

SINGAPORE: Occupancy levels at Singapore business parks rose in the first quarter of 2015 as industries such as the infocommunications industry and the pharmaceutical industry took up more space, property services firm CBRE said on Thursday (Apr 9).

CBRE estimated the vacancy rate at business parks fell to 10.4 percent in the first quarter, down from 11.7 percent in the last three months of 2014.

It added that occupiers took up about 910,000 square feet of business park space during the first quarter, including space at the newly developed Fusionopolis Phase 2A.

Rents in the city fringe sub-market, which includes properties such as Mapletree Business City and Nexus, were unchanged from the previous quarter at S$5.50 per square foot (psf) per month. They were, however, about 1.9 per cent higher when compared to the same period a year ago.

Rents in business parks further from the city maintained at S$3.65 psf/month quarter-on-quarter, but were down 5.2 per cent from the same period last year, CBRE said. Read more here >>

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Opinion: Singapore faces a future in which growth won’t come so easy | marketwatch.com

SINGAPORE (MarketWatch) — Singapore saw the end of an era in March with the death of its founder, the first Prime Minister Lee Kuan Yew. Lee Kuan Yew lived to be able to witness the 50th year of Singapore’s independence and see the success of his vision, with the city-state having grown to be one of the financial capitals of Asia, a premier country in ASEAN, and an economic and industrial powerhouse punching way above its weight.

While some disagreed with his hard-line tactics or his ends-justify-the-means views, few could doubt his success, his dedication and his love for Singapore and its people. For that, his death has stirred unprecedented public demonstrations of anguish and affection. There is virtually no spot here in Singapore without a public display or tribute in sight. The public viewing attracted hundreds of thousands with lines stretching beyond eight hours, and nearly as many gathered on the street sides to view the rainy-day procession to his state funeral on a Sunday.

With the traditional seven-day mourning period and an era officially over, Singapore must now look to the future and decide what it holds, particularly from an economic perspective. Will it be a continuation of current policy? Or will Singapore tack a new route, navigating uncharted waters with a new captain? Read more here >>


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Dubai to get mandatory affordable housing quotas | propertywire.com

DUBAI : A proposal by Dubai Municipality to introduce mandatory affordable housing quotas for all new residential developments is expected to bring a wide range of benefits to the emirate, it is claimed.
The move will create further maturity in the market and is long overdue, according to a new report from international real estate consultants, Cluttons.

With the residential market in Dubai now meandering through the second half of the current property cycle and with values stabilising following the tremendous growth recorded in 2013 and the first half of 2014, the timing for the introduction of such legislation is ideal, the firm says.

According to Steven Morgan, chief executive officer of Cluttons Middle East, the issue of affordability has been one that has been quietly bubbling away in the background for some time. Read more here >>

pic-150410-update-03-globalrents

Global residential rents see weakest annual rise since 2009 | propertywire.com

Prime global residential property rents rose by 0.6% in 2014, their weakest annual rise since 2009, according to the latest index from international real estate firm Knight Frank.
Tokyo led the annual rankings with prime rents ending last year 11.1% higher, while at 6.5%, the Middle East recorded the strongest increase of all the world regions year on year.

In contrast Moscow, where rents are largely US dollar denominated, prime rents plummeted by 16% due primarily to the weakness of the Rouble. At the start of 2014 the US dollar equated to 32.8 roubles, by the end it was closer to 56.5.

The 16% decline in prime rents recorded in Moscow dragged the global index down but four other cities, Vienna, Geneva, Singapore and Beijing also saw prime rents slip year on year.

‘The weak index results underline the global economy’s fragility in 2014 but hides the fact that 12 of the 17 cities we cover saw luxury residential rents increase or remain static in 2014,’ said Kate Everett-Allen, Knight Frank residential research partner. Read more here >>

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