Shorter, streamlined process for HDB resale transactions from next year

SINGAPORE: The Housing and Development Board (HDB) will launch a new resale portal to reduce the transaction time for buying and selling HDB flats, it announced on Thursday (Oct 19).
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Hong Kong-listed Logan Property bags Florence Regency for S$629m

FLORENCE Regency, a privatised HUDC estate in Hougang, has finally found a buyer who is willing to match the independent valuation of S$629 million – and that buyer is Logan Property.

Florence Regency’s sole marketing agent JLL said that the Singapore-incorporated subsidiary of the Hong Kong-listed Chinese developer has picked up the 336-unit development at Hougang Avenue 2 for S$629 million through a collective sale.

This marks the second land parcel in Singapore snapped up by Logan Property, which had in May tabled the top bid with Nanshan Group for a 21,109 square metre site in Stirling Road under the Government Land Sales programme at a whopping S$1.003 billion or S$1,050.7 per square foot per plot ratio (psf ppr).

The public tender for the collective sale of Florence Regency had closed on Sept 27 with three bidders refusing to raise their bid prices to match the valuation. The collective sale agreement drafted by law firm Lee & Lee required that the sale price be no lower than the valuation. Continue reading

Former Zouk site put on sale at $689.35m minimum price

The prime site along the Singapore River formerly occupied by popular nightspot Zouk has been put on the market at a minimum price of $689.35 million.

The 99-year leasehold plot in Jiak Kim Street is expected to produce a new record for Government Land Sales (GLS) sites in terms of the land rate.

Property experts cited the strong selling points, including the riverfront view, prime District 9 location, proximity to the upcoming Great World and Havelock MRT stations on the Thomson-East Coast Line and dining offerings in the Robertson Quay area and Great World City mall. Continue reading

Foreign developers throwing lines into Singapore’s en bloc pond

FOREIGN developers – those from China in particular – sense there’s a killing to be made from Singapore’s feverish en bloc market.

Amid limited options under the government land sales (GLS) programme, a few have plunged headlong into the game while several others are sussing out information on available en bloc sites and learning how the process works. It may only be a matter of time before more will emerge with en bloc trophies in hand, market watchers say.

Before 2016, there were more sites under the GLS programme than in the en bloc market, so developers hardly considered en bloc sites back then, JLL regional director of investments Tan Hong Boon observed. Continue reading

Regin Hotel in Sims Avenue up for sale

SINGAPORE – A budget hotel on freehold land near the junction of Sims Way and Sims Avenue is up for sale.

Regin Hotel’s 46 rooms spread over five levels now cater to budget travellers, mostly from the region.

But “interested parties can consider repositioning the hotel to a different category, such as a themed boutique hotel or a hip and trendy hostel”, said the property’s exclusive marketing agent Savills Singapore. Continue reading