Category Archives: Luxury Property

Local projects garner global accolades

Posted on 24 Sep 2009 | Comments Off on Local projects garner global accolades

Singaporean developments put up a respectable showing this year picking up regional and international awards

REAL estate companies in Singapore and the rest of Asia are now placing greater emphasis on winning awards that give their projects – as well as the developer the award-winning properties are associated with – an international stamp of quality.

Top quality: (From above onwards) The Quayside Isle Collection at Sentosa Cove, Mapletree Business City and Far East Organization’s Orchard Scotts are just some of the projects that have done Singapore proud

One of the most prestigious international awards a developer can win for his property is the FIABCI Prix d’Excellence. FIABCI is the French acronym for the International Real Estate Federation, which organises the annual Prix d’Excellence to recognise excellence in property development.

Singaporean projects put up a respectable showing this year. Orchard Scotts, by Far East Organization, came up tops in the residential category, while Newton Suites, by UOL Group, took second spot. The St Regis Singapore, by City Developments, Hong Leong Holdings and TID Pte Ltd, won in the hotel category.

Entrants are evaluated on five criteria: global concept, architecture and design, development and construction, community benefit and environmental impact, and financials and marketing. The FIABCI award is especially prized as a project has to do well in all five categories to win acclaim.

Singapore developments have performed well in the FIABCI competition over the past few years, ever since City Developments’ Republic Plaza became the first project to bag the FIABCI Prix d’Excellence overall winner prize in 1997. Other top winners over the years include Suntec City, Prudential Tower, Caribbean at Keppel Bay, the Esplanade Theatres on the Bay, 1 Moulmein Rise and One Raffles Quay. Continue reading →

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Rental market here on road to recovery

Posted on 24 Sep 2009 | Comments Off on Rental market here on road to recovery

Homes in districts 9, 10 and 11 are seeing more rental enquiries now that prime rents have fallen

BUFFETED by so much negative economic data, the residential rental market inevitably succumbed, with rents falling sharply by 8.5 per cent in the first quarter, and another 5.3 per cent in Q2. While the decline may be showing the first signs of easing, the leasing market remains depressed given the lingering concerns about the large number of new homes coming on stream.

Housing supply is perhaps the biggest influence on rentals. New home completions this year are expected to exceed 11,000 units, going by data from the Urban Redevelopment Authority (URA). On the other hand, the average long-term take-up stands at about 7,200 units a year. While this demand-supply imbalance will weigh on rents, the relatively smaller number of completed units expected next year (just over 5,000 units) may provide some reprieve, allowing the market to digest the excesses and rents to stabilise.

Also, the estimated number of completed units in 2011 and 2012 may be lower than stated given that some projects have yet to begin construction. Nevertheless, the supply pipeline is strong enough to keep the rental market in check, with any significant rise in asking rents by landlords likely to be faced with tenant resistance.

However, leasing demand in the past few quarters continued to be robust, underpinned by falling rentals. Leasing volume in July hit a record high of 4,252, about 11 per cent more than the previous record of 3,846 set in August last year.

This comes after a strong Q2 of more than 10,300 leasing transactions, just below the all-time high of 10,900 done in Q3 2008. What is even more encouraging is that the islandwide vacancy rate remained unchanged at 5.9 per cent as of Q2 2009, despite the large number of units completed so far this year (over 6,000 units). This is a testament to the depth of housing demand. Continue reading →

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