Category Archives: Property Market / Real Estate

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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Posted in Developers, Luxury Property, Property Market / Real Estate, Sentosa Property

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Office market here is still active

Posted on 24 Sep 2009 | Comments Off on Office market here is still active

The vacancy rate in prime Grade A buildings rose from 1.8% in Q3 2008 to 6.1% in Q2 this year

THE office market here, like many around the world, has seen a fundamental shift in dynamics over the last nine months, with a marked drop in demand since the collapse of Lehman Brothers a year ago leading to a drop in rents. While all markets are cyclical, Singapore’s commercial property market has seen rental fluctuations that are typical of a more volatile market such as Hong Kong.

The reason for this is that many new developments were cancelled or delayed during the Asian financial crisis/Sars period in 2002-2004. The typical four-year construction period for a Grade A office building means that there is a lag in the supply pipeline, which was adversely affected from 2006-2008.

These were the years which saw a substantial increase in demand for office space. Much of it came from the financial services sector, partly as a result of the global growth of this sector and partly as a result of Singapore’s successful repositioning as a global financial services centre.

Jones Lang LaSalle’s research shows that from the bottoming out of the market in 2004 to the peak in Q3 2008, Grade A core CBD vacancy shrank from 11.6 per cent to 1.8 per cent and rents surged by 303 per cent. Post credit crisis, the negative take-up and concerns of over-supply have led to rents dropping by 48 per cent between Q3 2008 and Q2 2009. Continue reading →

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

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