Daily Archives: 5 Nov 2009

Phase 1 of Marina Bay project 72% leased

Posted on 5 Nov 2009 | Comments Off on Phase 1 of Marina Bay project 72% leased

PHASE 1 of the new Marina Bay Financial Centre (MBFC) mega office development is now 72 per cent leased, thanks to mining company BHP Billiton taking a further four floors.

The company has taken the additional floor space at Tower Two which, together with Tower One, comprises the first phase of the ambitious project intended as a seamless extension of the Central Business District.

BHP committed to 142,000 sq ft at Tower Two a year ago and is now slated to have a total leased floor area for 10 years from 2011 of 231,000 sq ft on levels 40 to 50 of Tower Two.

Phase 2 of MBFC will be complete when Tower Three has been opened. But already, about 64 per cent of total office space in Phases 1 and 2 has been leased.

The three office towers have almost three million sq ft of grade A office space. MBFC will also have two residential towers of 649 luxury apartments, and 176,000 sq ft of retail space.

Mr Wilson Kwong, chief executive of Raffles Quay Asset Management, which manages the centre, said BHP’s decision to take up additional space is testament to the MBFC’s vision of being Asia’s best business address. Continue reading →

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Posted in Office / Retail / Industrial

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Foreigners back in private home market

Posted on 5 Nov 2009 | Comments Off on Foreigners back in private home market

Foreign buyers are streaming back into the private homes market in growing numbers, especially those from China.

They account for 22.7% of such sales in Q3, above the 19.7% average

RELATED LINKS FOREIGN BUYERS ON THE RISE

FOREIGN buyers are streaming back into the private homes market in growing numbers, especially those from China.

New research from property consultancy Savills Singapore shows foreigners accounted for 22.7 per cent of private home sales in the third quarter – above the 19.7 per cent average since the start of 2000.

Buyers from China have dislodged those from India for the No. 3 spot in the rankings this year with a contribution of nearly 15 per cent of total foreign purchases. This puts China just behind Indonesia in the second spot and Malaysia at No. 1

In the past two years, India had been in third spot, but it has slipped to fourth.

Last year, buyers from China had moved up to the No. 4 spot, dislodging buyers from Britain.

Buyers from Myanmar featured more strongly, coming in at No. 8. They did not make it to the top 10 last year, and were 10th in 2007.

In the July to September period, foreign buyers – including permanent residents – lodged 2,448 private home caveats, a key step to buying a home.

This is up from 1,807 caveats in the second quarter and just 498 in the first, according to data compiled by Savills. Continue reading →

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Posted in General, Property Market / Real Estate

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