Daily Archives: 22 Sep 2009

233 units of CapitaLand’s Interlace condominium project sold

Posted on 22 Sep 2009 | Comments Off on 233 units of CapitaLand’s Interlace condominium project sold

CapitaLand said on Tuesday 233 units were sold in the preview sales of its Interlace condominium project, which will be built on the former Gillman Heights site.

The prices for the 360 units that were released for sale ranged from S$850 to S$1,150 per square foot.

The developer said nearly two thirds were sold, including two, three, and four-bedroom apartments and penthouses.

Located on an 872,000 square foot site at the junction of Depot Road and Alexandra Road, the 99-year leasehold development has a total of 1,040 homes. The apartments range from 800 to some 5,900 square feet.

CapitaLand is the lead project manager for The Interlace, which it is developing jointly with two other shareholders, including Hotel Properties.

Source : Channel NewsAsia – 22 Sep 2009

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Posted in Developers, New Launches

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S’pore no longer one of the top 20 most expensive office locations globally

Posted on 22 Sep 2009 | Comments Off on S’pore no longer one of the top 20 most expensive office locations globally

Singapore is no longer one of the top 20 most expensive office locations globally.

A survey by property consultancy Colliers International showed that in June, Singapore’s office space was the 26th most expensive in the world.

That is a steep fall from December last year, when Singapore was number 6.

Colliers said this is because Singapore’s office property market was among the most severely affected by the global financial crisis, with rents dropping 42.3 per cent in the first half of this year.

The only other city in the world which registered a sharper drop in office rents was Riga, in the Eastern European nation of Latvia, where rentals fell 49.6 per cent.

Colliers noted that Singapore has 10 million square feet of office space under construction, and when this supply is made available, it is likely to keep office rents in the doldrums for a while more, despite the improving economic outlook.

Analysts from Jones Lang LaSalle agree, saying that despite increased market activity, the substantial upcoming supply continues to weigh on the market. Continue reading →

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Posted in Office / Retail / Industrial, Property Market / Real Estate

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