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New S$2m fund to help construction firms acquire quieter building equipment

Singapore CONSTRUCTION companies in Singapore can apply for a new S$2 million fund to help pay for quieter equipment from April 1, as the authorities seek to slash noise levels from construction sites. The new Quieter Construction Innovation Fund will encourage construction firms to continue investing in new machines and methods to reduce noise, which is part of the National Environmental Agency's (NEA) strategy to use technology to defeat noise... ...more

Oxley's 1953 moves a third of its units; Sustained Land's One Meyer 14% sold

Singapore AMID more muted home-buying sentiment, residential property developers appear to be more easily contented with lower sales rates. Over the weekend, Oxley moved about a third of its residential and commercial units at 1953, a six-storey mixed development at the corner of Balestier and Tessensohn roads - a result that marketing and sales director Eugene Lim said was "encouraging in these current market conditions". Of the 58 residential... ...more

Katong Plaza relaunched for collective sale with approval for hotel use

Singapore KATONG Plaza - currently zoned for commercial and residential use - has obtained approval from the Urban Redevelopment Authority (URA) for hotel use at a gross plot ratio of 3.0. The freehold site has a land area of 34,044 square feet and a total allowable maximum gross floor area of 102,133 sq ft. Marketing agent Huttons Asia, which relaunched the site for sale by public tender on Thursday, said in a statement that this... ...more

Gambas Way industrial site on reserve list triggered for tender: JTC

Singapore JTC on Monday said it has accepted an application to put up an industrial site in Gambas Way (Plot 2) for sale by public tender. The land parcel is on the reserve list under the first half 2019 Industrial Government Land Sales (IGLS) Programme. A site on the reserve list is triggered for launch if a developer's indicated minimum price in its application is acceptable to the government. This is as opposed to confirmed... ...more

Florence Residences sells close to 60 units on launch weekend

Singapore THE property market has not yet fully recovered from last year's onslaught of cooling measures, going by first weekend sales at one of this year's most-anticipated condo launches. The Florence Residences in Hougang released 200 units for its first phase of sales on Saturday, of which close to 60 units or 30 per cent were sold. The 1,410-unit condo project is this year's first mega launch. Developed by Logan Property, Florence Residences... ...more

Development charges for hotel use jump 45.6%

Singapore AMID waning interest in private residential developments sites following last July's cooling measures, development charge (DC) rates for non-landed residential use have been lowered for the first time in three years. In contrast, DC rates for hotel and commercial use - areas that have been hotbeds of investor interest - continue to rise. In particular, the rates for the use group that includes hotels and hospitals have been jacked up... ...more

Oxley confident of repaying S$1.6b debt due in next three years

Singapore OXLEY Holdings' executive chairman and chief executive officer Ching Chiat Kwong is confident that the property developer can pay off its S$1.6 billion in debt due in the next three years through the sale of its completed projects, local and overseas, as well as a steady stream of asset disposals. As at end-2018, the property group's net gearing stood at 2.55 times, a significant rise from 2.17 times just six months earlier - as... ...more

Developers re-issuing options amid cooling market, launch bonanza

Singapore DEVELOPERS reported that they sold 602 private housing units in December - but the figure has turned out to be distorted because options for two-thirds of them were not exercised by the expiry date. Lapsed options or "returned units" may be gaining pace following the July cooling measures and new launches begin to pile up, some market players say. Typically, the holder of an option-to-purchase (OTP) - where the developer or seller... ...more