Category Archives: Property Market / Real Estate

Chiu family is top bidder for New Bridge Road Hotel Site

Posted on 5 Sep 2009 | Comments Off on Chiu family is top bidder for New Bridge Road Hotel Site

THE Chiu family of Hong Kong that used to run the former Tang Dynasty City attraction in Jurong is poised to make a comeback on the Singapore hospitality scene.

A unit linked to the family emerged as top bidder yesterday in a state tender for a 99-year leasehold hotel site at New Bridge Road, near Outram Park MRT Station, Pearl’s Centre and Singapore General Hospital (SGH).

The top bid of about $67.7 million works out to almost $401 per sq ft (psf) of potential gross floor area.

Dennis Chiu, a director of Leedon Investments, which placed the highest bid, told BT the group hopes to develop a boutique business hotel with about 300-400 rooms.

The development cost could be in the order of $400,000 to $500,000 a room, he said. Details were still being worked out.

A spokeswoman for the group said construction costs for the hotel could be around $70-80 million.

The proposed hotel will be linked to the current exit on the site linked to Outram Park MRT Station. Continue reading →

Comments Off on Chiu family is top bidder for New Bridge Road Hotel Site

Posted in Property Market / Real Estate

Tagged ,

Preventing a property market bubble

Posted on 5 Sep 2009 | Comments Off on Preventing a property market bubble

THAT the government is sending a second signal in the space of two months that it is watching developments in the property market underscores its unease over the current real estate boom. And this time, the government has upped the ante a notch, after the earlier caution appeared to have made little impact on the market.

On Wednesday, Minister for National Development Mah Bow Tan said that there is a ‘definite possibility’ that the government will re-introduce land sales through its confirmed list system from next year – thus increasing the potential supply of homes – and that it was ‘a question of how much we put on the confirmed list’. Sale of state land under the confirmed list was suspended for the first half 2009 Government Land Sales Programme to help stave off oversupply risk as the property market here was then on a downtrend. This came after Mr Mah warned earlier in late July that speculation was trickling back into the property market. The government was watching the situation closely, he said then, and will take action should the market overheat. But that seemed to have made little impression on sentiment, and was followed by several ‘hot’ property launches where queues formed and units were snapped up immediately. Continue reading →

Comments Off on Preventing a property market bubble

Posted in Property Market / Real Estate, Property Price

Tagged , ,