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Daily Archives: 11 Aug 2009

Luxury retailers still expanding here

Posted on 11 Aug 2009 | Comments Off

WITH consumers hesitant to spend, and visitor arrivals dwindling, it is no surprise that retail sales have been on a downward slide in recent months.

But a stroll down Orchard Road reveals one segment of the industry that still shines: luxury retail.

Despite the recession, luxury developers and retailers here have not put the brakes on their glittery expansions.

The next high-end development on its way is Knightsbridge, an 83,000sqft, four-storey retail podium connected to Park Hotel Orchard and scheduled to open in May next year.

Unveiled last month, Knightsbridge will house its eight to 10 luxe tenants in double-storey flagship units.

The developer, Park Hotel Group, has secured 50per cent tenancy and says it is confident of opening with a full house next year.

It joins two other upcoming or newly completed projects on the strip, in proximity to the existing temples of luxury, Palais Renaissance, Continue reading →

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Posted in Office / Retail / Industrial

Tagged Singapore Office / Retail, Singapore Property Market

Resale prices of Caribbean at Keppel bay cross $1,100 psf

Posted on 11 Aug 2009 | Comments Off

With the opening of the $6 billion Resorts World at Sentosa fast approaching, there is a buzz of excitement as investors anticipate the influx of visitors expected in 1Q2010. To cater for a surge in tourists and locals to the island, a 620m $70 million walkway is being constructed and is expected to be completed in November 2010.

As development at the upcoming casino gain traction, interest in properties on the mainland of Singapore and Sentosa Cove have picked up in recent months.

For instance, at the 969-unit Caribbean at Keppel Bay, developed by Keppel Land and completed in 2004, there were three transactions in the week of July 3 to 10, according to caveats lodged with URA Realis. A check against the monthly number of transactions shows there was an average of five units changing hands from April to June this year versus only two from January to March.

According to property agents, buying activity has picked up and there is more interest from foreigners. However, transaction levels remain low, owing to higher quantum prices and the gap in asking prices ranging from $1,300 to $1,400 psf versus buyers’ expectations of $1,000 Continue reading →