Tuesday, January 31, 2012

Small apartment prices climb 11.8% in 2011

Business Times: Tue, Jan 31
(SINGAPORE) Prices for small apartments islandwide as well as for larger apartments outside the Central Region rose about twice as fast as prices of larger apartments in the Central Region last year. This trend, while similar to the one in 2010, was more pronounced last year.


According to flash estimates released by the National University of Singapore for its Singapore Residential Price Index (SRPI) series, the sub-index for small apartments islandwide (up to 506 square feet) rose 11.8 per cent for the whole of 2011.


The sub-index for Non-Central Region (excluding small apartments) climbed 11.7 per cent while that for Central Region (excluding small apartments) increased 5.7 per cent in 2011. Central Region comprises Districts 1-4 (which includes the financial district and Sentosa Cove) and the traditional prime residential districts of 9, 10 and 11. The overall SRPI rose 9.2 per cent last year...

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Martin Koh/ Sherry Tang
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CEA to further raise industry standards

Business Times: Tue, Jan 31
(SINGAPORE) Not resting on its laurels, the Council for Estate Agencies (CEA) will continue to take further steps to raise industry standards and protect consumers, Minister for National Development Khaw Boon Wan posted in his blog yesterday.


He stated that improvements will continue to be made via four main fronts: finetuning the Estate Agency Work Regulations, improving industry development, promoting consumer education while continuing to address the industry's overall concerns.


CEA has also managed to close more than 75 per cent of complaints received thus far, issuing numerous letters of advice and warnings, and resorting to legal action in certain cases...

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Martin Koh/ Sherry Tang
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Fall in resale prices of homes in Dec

Straits Times: Tue, Jan 31
MORE signs are emerging of a slowdown in the residential property sector, this time with a fall in resale prices of homes sold last month - though experts say it is too soon to be certain of a trend.


This was the first drop since September last year, according to the new Singapore Residential Price Index (SRPI) flash figures released yesterday.


The index showed prices overall falling 0.8 per cent - their biggest dip since July last year - after a modest increase of 1.4 per cent in November.


Prices of central and non-central homes were down 0.4 per cent and 1 per cent respectively. However, shoebox units - homes sized below 506 sq ft - achieved a price increase of 3.4 per cent...

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Martin Koh/ Sherry Tang
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DP is master planner for Qatar project

Business Times: Tue, Jan 31
(SINGAPORE) Singapore-based DP Architects has been appointed as the master planner for Seef Lusail, a prime commercial waterfront district in Lusail City, Qatar.


The award winning multi-disciplinary design consultancy will be responsible for designing the 600,000 sq m waterfront promenade and transforming it into a mixed-use development that will include entertainment, retail, hotel, residential, recreational, and cultural attractions.


The 2.3km waterfront precinct will be developed by the Seef Lusail Real Estate Development Company (SEEF). The company is a joint venture between Qatar's fourth largest bank by market value, Masraf Al Rayah, and the property investment arm of the Qatar government, Qatari Diar...

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Starhill's Q4 DPU falls 2.9%

Business Times: Tue, Jan 31
STARHILL Global Real Estate Investment Trust (SGReit) posted a 4.7 per cent decline in income available for distribution to $22.2 million for the fourth quarter ended Dec 31, 2011, from $23.3 million a year back.


Income to be distributed to unitholders also fell 2.9 per cent during the same period to $19.6 million. Correspondingly, Q4 distribution per unit (DPU) dipped 2.9 per cent to 1.01 cents from 1.04 cents a year earlier. This was mainly attributed to rental disruptions from the asset redevelopment works at Wisma Atria and negative rental reversions in Singapore office space, which also led to a 0.6 per cent decline in net property income (NPI) to $36.5 million for the quarter.


For the full year, SGReit posted NPI of $143.6 million, a 10.1 per cent increase from $130.5 million...

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Martin Koh/ Sherry Tang
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