SINGAPORE : The Housing & Development Board (HDB), as the Government’s land sales agent, on Tuesday released an executive condominium site for sale that can accommodate about 490 units.
The 99-year leasehold parcel at Choa Chu Kang Avenue 5 comes under the Confirmed List of the Government Land Sales (GLS) Programme for the first half of 2015.
The site spans 16,386 square metres and comes with a maximum gross floor area of 49,158 metres.
The closing date for the tender is June 30, 2015.
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SINGAPORE : Legislative changes to the Housing Developers (Control and Licensing) Act will now require developers to provide detailed sales data on a weekly basis and disclose the value of any benefits to buyers in transaction documents. For the first time, the government is introducing a new set of rules to also ensure that developers accurately depict actual housing units in their showflats.
Amendments to the Act and the new set of rules on show units under the subsidiary legislation, Housing Developers Rules, will take effect from this month to “improve safeguards and provide more information to prospective purchasers of private residential properties”, the Ministry of National Development (MND) said on Monday.
Augustine Tan, president of the Real Estate Developers’ Association of Singapore (Redas), noted that developers that are already ensuring accurate representation in their showflats “will not have any issues” with the new rules. Read more >>
SINGAPORE : The Singapore hotel market attracted robust interest from investors in the first quarter of this year but remained a challenging market for buyers, according to CBRE Hotels.
As a result, there were a limited number of deals in Q1 2015.
“Investors turned more cautious during the period and become more rational and analytical when evaluating potential deals,” said CBRE Hotels (Asia Pacific) assistant vice-president Junrong Teo in a report. “As with the broader investment market, there is a bit of a price gap at present with vendors under no real pressure to sell, although CBRE does still see some opportunities in the market.”
A single deal was recorded in Q1 2015, a related-party transaction where Frasers Centrepoint acquired Capri by Frasers at Changi City from Ascendas Frasers for US$148 million. Read more >>
As part of a joint venture partnership, GIC and Canada Pension Plan Investment Board will each own a 50 per cent stake in the mall next to Sindorim Station in Seoul.
SEOUL, KOREA: Sovereign wealth fund GIC and Canada Pension Plan Investment Board (CPPIB) will be acquiring the D-Cube retail mall in Seoul in a joint venture for US$263 million (S$348 million).
In a joint media release on Monday (May 18), GIC and CPPIB said they will each own a 50 per cent stake in the mall following the acquisition from Daesung Industires. D-Cube, which was completed in 2011, is situated next to Sindorim Station, a major transportation hub connecting Seoul with Incheon and other major metropolitan cities near the capital.
The mall will be rebranded as Hyundai Department store and will be operated by Hyundai, one of the top retail operators in South Korea, GIC and CPPIB said. Hyundai, working alongside GIC and CPPIB, will also reposition the mall to better serve the Korean retail market’s expected steady growth over the long term. Read more >>
CALIFORNIA, USA : According to the California Association of Realtors, California’s housing market accelerated in April 2015 as the spring home-buying season kicked off with both higher home sales and prices for the third straight month.
Home sales rose above the 400,000 mark in April for the first time since October 2013 to post the highest level since August 2013. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 427,620 units in April, according to information collected by C.A.R.
The statewide sales figure represents what would be the total number of homes sold during 2015 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The April figure was 9.2 percent higher than the revised 391,440 homes sold in March. Home sales were up 9.3 percent from a revised 391,330 in April a year ago, and the increase was the highest year-over-year change since May 2012. Read more >>