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Wing Tai Holdings, a property developer in Singapore, has withdrawn from the en bloc purchase of Holland Tower for $76.3 million due to non-fulfilment of certain conditions. Holland Tower is a 14-storey apartment block with 19 units in the prime District 10 area. The site is subject to stringent setback conditions and restrictions, making it difficult for developers to meet their intended development...
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Private residential prices in Singapore experienced a slight decline of 0.2% quarter-on-quarter in the second quarter of 2023, reversing the 3.3% growth seen in the previous quarter. This marks the first decline since the first quarter of 2020, when prices dipped by 1% due to the Covid-19 pandemic. The decline is attributed to three rounds of cooling measures and a high-interest rate environment. The fall...
The retail sector in Singapore experienced significant growth in the second quarter of 2023, with a net absorption of 290,520 sq ft, reversing a contraction in the previous quarter. This was driven by numerous new retail openings, including international luxury brands and new food and beverage entrants. The opening of The Woodleigh Mall also contributed to the healthy demand for retail space. Rental growth...
The HDB resale price index in Singapore increased by 1.5% in the second quarter of 2023, following a 1% increase in the first quarter. This marks the 13th consecutive quarter of rising prices in the public housing market. While prices have continued to rise, the pace of growth has slowed compared to last year's average quarterly growth of 2.5%. Executive flats saw a price increase of 2.3%, while five-room...
The office rental market in Singapore's Central Region has experienced slower growth in the second quarter of 2023, following two-quarters of strong growth. The average monthly rents for Grade-A offices in the CBD have flattened out, indicating a cooling market. Economic uncertainty and cautious occupiers have led to a slowdown in leasing activity, with many opting to renew or downsize to manage costs....
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