Singapore Property Market | Lush Dream Home

Tag Archives: Singapore Property Market

Upbeat outlook on luxury market

Posted on 31 Oct 2009 | Comments Off

WHEELOCK Properties (Singapore) CEO David Lawrence remains upbeat about prospects for Singapore’s luxury residential property market, as the island is increasingly attracting rich people and businesses.

‘The interesting thing is that more and more people are becoming PRs and citizens,’ he says. ‘A lot of them are very rich and want the best product. So you’ve got to be a good developer producing good products like Wheelock or SC Global or Hotel Properties Ltd (HPL).’

Wheelock owns about 16 per cent of SC Global and almost 21 per cent of HPL. ‘We’re happy with our stakes in these companies,’ Mr Lawrence said in a recent interview with BT.

In April last year, he apologised to shareholders at an annual general meeting for having bought a stake in SC Global at the top of the market in 2007. But now he lets on: ‘I should tell you that I have had approaches from Middle Eastern investors recently to buy our stake in SC Global and I said: ‘Not interested. Thank you very much’.’

Wheelock acquired its SC Global stake at an average price of $2.35 a share. SC Global’s stock price fell from a high of $3.40 in June 2007 to a low of 29.5 cents in March this year. It has since been recovering, ending at $1.41 yesterday, down one cent from Thursday’s closing price. Continue reading →

Comments Off on Upbeat outlook on luxury market

Posted in Luxury Property, Property Market / Real Estate

Tagged David Lawrence, Singapore Luxury Homes, Singapore Property, Singapore Property Market

Govt could release office sites again next year

Posted on 31 Oct 2009 | Comments Off

Wheelock Properties boss cites firming in office rents, and suggests govt will act fast to keep rents reasonable.

THE government could release two or three large office sites for sale fairly soon – as early as first half next year – as office rents are starting to firm, says Wheelock Properties (Singapore) CEO David Lawrence, based on his experience with the group’s Wheelock Place office tower.

MR LAWRENCE
‘Look at the Marina area. They have so many sites with the infrastructure ready to go.’

The sites could be in the Marina area and part of the confirmed list, he said in a recent interview with BT.

A potential tenant was recently in discussions with the property group to lease a 4,000 sq ft office unit at Wheelock Place in Orchard Road. But when it was a day late reverting and the offer deadline lapsed, Wheelock immediately signed a deal with another party at a rental rate $1 per sq ft more than that discussed with the earlier party, Mr Lawrence disclosed. He declined to give further details, citing confidentiality reasons.

According to him, the slight pick-up in rents probably has to do with Singapore raising its profile again lately – the way the government has come through the global financial crisis, good corporate governance, the integrity and pragmatism of the government. It is becoming attractive for firms – particularly in commodities, fund management and wealth management – in Europe and the US, who want to tap the Asia growth story, to operate in Singapore.

The same phenomenon is taking place in Hong Kong, he observes.

Hence, notwithstanding the substantial supply pipeline, of about 7.7 million sq ft of offices slated for completion from Q4 this year to end-2012, according to CB Richard Ellis figures, Mr Lawrence believes the government will release office sites quite soon.

‘I don’t know this for a fact, but I think it is part of government policy or should be part of government policy to keep releasing sufficient land so that office rents are kept reasonable in Singapore, because there are a lot of spin-offs into the economy from having these companies and people in Singapore,’ he said. Continue reading →