News At A Glance

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RTS Link To Proceed

RTS Link To Proceed

Malaysia has confirmed that plans will continue to proceed with plans with Singapore to build the Rapid Transit System (RTS) Link, a 4km cross-border MRT line that will link the two countries from Bukit Chagar station in Johor Bahru to Woodlands North in Singapore will continue. Malaysia Transport Minister Anthony Loke informed reporters that Malaysia is “committed to continue with the project”, adding that they will look into how to reduce the cost of project. This confirmation comes after Malaysia’s new Prime Minister Mahathir Mohamad said that he will not be proceeding wit...

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Realisation Of A Dream

Realisation Of A Dream

Impression City, made its first major step in its development on May 28, when the Encore Melaka Theatre opened its doors to welcome almost 2,000 audience members for a trial performance of Encore Melaka. Helmed by acclaimed director Wang Chaoge from China, the 70-min show features a cast of 200 Malaysian artists including actors, singers, dancers and percussion drummers and is the culmination of years of effort by Datuk Wira Boo Kuang Loon, Chief Executive Officer of Malaysian property developer Yong Tai Berhad. The Encore Melaka theatre boasts innovative and stunning video projection mapping...

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Sales Of Private Homes Inches Up In April

Sales Of Private Homes Inches Up In April

It was reported that developers launched 654 new units and sold 729 private homes (excluding executive condominiums) last month, up slightly from the 716 units in March. The 729 units sold in April were distributed as follows: 50 units (7%) in Core Central Region (CCR), 459 units (63%) in Rest of Central Region (RCR) and 220 units (30%) in Outside Central Region (OCR). Within the CCR, 8 Hullet’s four units were sold at a high median price of $3,448. Some of the best performers in RCR include Park Place Residences which sold 177 units at a median price of $2,060 psf and The Verandah Residences...

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Commercial And Residential Site In Holland Road Awarded

Commercial And Residential Site In Holland Road Awarded

The Urban Redevelopment Authority (URA) has awarded the tender for a commercial and residential site in Holland Road to a consortium led by Far East Organization together with Sekisui House and Sino Group. The 99-year leasehold site at Holland Road was awarded to the highest of five shortlisted tenderers based on the dual-envelope (concept and price) system. The winning bid was $1.213 billion or around $1,888 per square foot per plot ratio (psf ppr). URA received 15 bids from 10 consortiums, including three from the Far East Organization consortium. Five proposals were then shortlisted based o...

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More Freehold Residential Sites Put Up For Sale

More Freehold Residential Sites Put Up For Sale

With the current en bloc fever going on, there have been several more residential sites put up for sale recently, including four collective sales in prime locations such as Cavenagh Gardens off Orchard Road, Trendale Tower and Cairnhill Astoria in District 9 as well as Fernhill Court in District 10. Prime districts were particularly attractive to developers, as they forked out a total of $4.604 billion for the 17 sites sold in Districts 9, 10, 11 thus far this year, which is more than half of the $8.351 billion value from the 26 collective sales in total to date. The $4.604 billion figure from...

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Developers Interested In Cuscaden Road And Mattar Road, Less So For Silat Avenue

Developers Interested In Cuscaden Road And Mattar Road, Less So For Silat Avenue

A consortium comprising SC Global Developments, New World Development and Far East Consortium International, beat eight other developers/consortiums with its bid of $410 million for a residential site in Cuscaden Road. The nine bids garnered for the Cuscaden Road site signal developers’ continued interest in prime development sites. The top bid translates to $2,377 per square foot per plot ratio (psf/plot ratio) and could likely translate to a launch price between $3,300 and $3,600 psf for the future project, which is in line with the current pricing of freehold luxury projects like New Futura...

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Property Market May Benefit From Singapore’s Positive Economic Outlook

Property Market May Benefit From Singapore’s Positive Economic Outlook

Singapore’s growth this year was forecast at 1 to 3 per cent, but it is likely to exceed last year’s 2 per cent, said Prime Minister Lee Hsien Loong at this year’s May Day Rally. PM Lee also said that Singapore’s economy is doing better than it did last year, and that he maintained a “cautiously optimistic” outlook. Earlier on 27 April 2018, the Monetary Authority of Singapore (MAS) released its half-yearly macroeconomic review. In its review, MAS said that Singapore’s economic outlook for the year remains positive despite global trade risks. It expects Singapore’s full-year gross domest...

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Extension Charges Or QC Penalties “Almost Nothing” As Market Picks Up

Extension Charges Or QC Penalties “Almost Nothing” As Market Picks Up

Mr Lim Sim Seng, Chairman of the Singapore Land Authority (SLA), said that developers are paying “almost nothing” in extension charges this year. This is in comparison to the $50 million paid by developers in extension charges or what is also known as qualifying certificate (QC) penalties. QC rules require all foreign developers, defined as having at least one foreign shareholder and/or director, as well as listed developers to finish building their projects within five years of acquiring the site and also sell all the units within two years of obtaining their temporary occupation permit. The...

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JB-Singapore Rapid Transit System (RTS) On Track For Completion In 2024

JB-Singapore Rapid Transit System (RTS) On Track For Completion In 2024

On 18 April 2018, Singapore’s Transport Minister Mr Khaw Boon Wan gave an update of the progress of the Rapid Transit System (RTS) Link, after visiting the sites at the Woodlands North station in Singapore as well as the Bukit Chagar station in Johor Bahru. Mr Khaw wrote about the RTS Link that, “When completed in 2024, it should be the preferred mode of transport for commuters crossing the Johor Strait.”, noting that the trip between the two stations takes just five minutes. The RTS will be run by a joint venture formed by rail operators SMRT and Prasarana Malaysia, for the first concession o...

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March Delivers Best Showing Of Developers' Sales In Q1 2018

March Delivers Best Showing Of Developers' Sales In Q1 2018

In URA’s statistics on developers’ sales for the month of March 2018, developers reported that they had launched 614 new units and sold 716 units in the month. In March, there were only two new projects launched, namely 8 Hullet and The Tapestry. Out of the 716 units sold, only 344 units (48%) were from these new launches. The other 372 units (52%) were from projects that were already in the market. Based on URA monthly statistics on developers’ sales, the total number of unsold units has been reduced by almost half from 12,212 in March 2017 to 6,641 in March 2018. That partly explains the rel...

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