Residential

Afiniti Residences sold out on first day of launch

Afiniti Residences, a 147-unit condominium project in Iskandar Malaysia, was sold out on its highly anticipated launch by the 50:50 joint venture between Temasek Holdings and Pulau Indah Ventures. 25% of the buyers were Singaporeans, while the rest were mainly Malaysians. Some 88 units were open to the public and the remaining 59 units were for developers and partners. The residential project includes 21-storey towers with studio, 1+study, 2 and 2+study units. The selling price per square foot ranges from S$345 to $406, and unit sizes range from 484 square feet to 1,064 square feet.  Construction for the residences is expected to finish in 2015.

(Source: Business Times)

Room rates eased, occupancies remained strong

Singapore room rates have softened for the first four months of 2013, yet occupancies remained strong. The Singapore Tourism Board (STB) estimates that the Average Room Rate fell by 2.2 percent year-on-year while the average occupancy only decreased by 0.3 percent. STB’s figures put the number of visitor arrivals in Singapore in the first quarter of 2013 at 3.8 million, increasing 6.4 percent year-on-year. The strong occupancy is said to help prevent any sharp fall in revenue per available room.

(Source: Business Times)

Private apartment resale prices decreases in May

Resale prices of non-landed private apartments decreased slightly in May due to weak transaction volumes. The NUS Singapore Residential Property Index showed resale prices for May easing 0.5 percent from April, while April increased by 0.1 percent from March. Transaction volume for May is 40 percent lower than that of last May, which could be explained by a mismatch in expectations between buyers and sellers. The index decreased by 0.5 percent in the Core Central Region and 0.4 percent in the Rest of Central Region, while the Outside Central Region (OCR) gained 0.3 percent. The reason for the gain in OCR is thought to be the narrowed price gap between private residential homes and HDB resale flats to only 5 percent.

(Source: Business Times)

Pasir Ris Chalets to be used as quarantine housing

The Home Team NS (HTNS) Pasir Ris Chalets will be on standby to be used as possible quarantine housing by the government from June 17. This is due to the the Middle East Respiratory Syndrome Coronavirus (MERSCoV) with 55 cases confirmed worldwide, even though no such case has been discovered in Singapore. Members of HTNS can continue to use to chalets but they will have to check out within 3 hours if the chalets are needed as a quarantine facility. HTNS members who have booked the chalets on or after June 17 may choose to cancel the bookings. In either cases, they will be given the full refund and vouchers of $100.

(Source: Business Times)

Commercial

RMG’s Thong Sia units up for tender sale

Raffles Medical Group (RMG) has put the commercial podium at Thong Sia Building up for tender sale, after its plan of building a new medical centre failed. The podium consists of 8 strata-titled units from level 1 to 7. The retail and office unit sizes range from 710 square feet to 8,826 square feet, with their price between $2,500 and $6,000 per square foot. Thong Sia Building is opposite the Paragon shopping centre, and is a freehold mix-use commercial and residential property. Jones Lang LaSalle (JLL) agent is the exclusive agent handling the sale. JLL claimed that the units can be up to $35 million in price and would provide more freehold, retail and office strata units in the Orchard Road area. Lower floors are expected to attract flagship store developers , while upper floors are suitable for offices. The tender ends at 3 pm on July 15.

(Source: Business Times)

The Sail @ Marina Bay’s 22 retail units sold for $105m

The 22 retails units at the Sail @ Marina Bay were sold for $105 million to Wen Way Investments Pte Ltd, a Singapore-incorporated company controlled by China interests. This makes one square foot of the units priced at $4,582. All 22 units are leased mainly to food and beverage establishments. The units were reported to previously belong to a Singapore couple who paid $32 million for them in 2009.  Upon acquiring the units, Wen Way Investments was said to be looking out for more strata retail units in Singapore for long-term investment, not to subdivide and sell. Wen Way is also embarking on joint development of commercial and industrial property projects in Singapore. Wen Way has purchased about $200 million of real estate in Singapore.

(Source: Business Times)

Singapore REITs retain competitive edge amidst market volatility

Despite Hong Kong being a strong contender in the real estate investment trust (Reit) field, Singapore Reits still have plenty of buying opportunities. Singapore Reits are believed to be more active in their managing asset portfolio through asset enhancement initiatives and portfolio renewal, according to John Stinson, executive managing director of Cushman and Wakefield Asia-Pacific. Even in the middle of market volatility, Mr Stinson said now is the time to buy because most Reits show strong returns and are trading at five-year highs on a year-on-year basis. Singapore Reits have average returns of about 6%. Industrial Reits offer the highest yields, but office Reits are considered the most attractive segment.

(Source: Business Times)

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