Property developer Far East Organisation is investing in local culture to ensure the growth of its new hospitality brand.

Through its innovative concept- Village Hotels & Residences, Far East aims to offer visitors and tourists a distinct taste of the local culture in the nearby communities. For instance, guests at Albert Court Village Hotel would have the chance to learn the culture of Little India through a guided tour and dining options.

The developer also targets to add 15 more overseas properties in markets such as Indonesia, Malaysia, Vietnam and China to promote the brand in the next five years.

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More and more foreign buyers are engaging in the property market of Singapore. Their number has dramatically shot up during the second quarter, but according to some property experts, they are not quite in the league of the high-spending ones seen during the boom of 2007.

At that time, high-spenders flocked to the country in droves, setting records highs and making high-end prices go even higher. Aside from the funds and individuals, foreign companies are also involved in the action.

Jones Lang LaSalle, a consultancy, recently conducted a study and found out that foreign buyers recorded 1,662 caveats in this year’s second quarter alone. It was a significant increase from the 489 caveats of the first quarter.

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(1) Jackie Chan’s condo sold to OUE

District 9 The Grangeford in the Grange Road/Leonie Hill vicinity has been sold to Overseas Union Enterprise (OUE) at a unit land price of $1,810 pe
r square foot per plot ratio, including a differential premium of $92.7 million payable for topping up the remaining lease to its original 99 years.

The 193 owners of Grangeford, including Hong Kong movie star Jackie Chan, will pocket a total of $625 million.

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Far East sells 12 units at Alba in Cairnhill at average $2,300 psf

By KALPANA RASHIWALA

HO Bee Investment will preview its Trilight condo at Newton Road this week at an average price of about $1,650 per sq ft, the group’s chairman and CEO Chua Thian Poh told BT yesterday.

Ho Bee will not offer an interest absorption scheme (IAS) for the 30-storey freehold condominium project, located on the highest point in the Newton area.

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By EMILYN YAP

(SINGAPORE) A study by property consultancy CB Richard Ellis (CBRE) has confirmed what everyone suspected - small apartments have become more common. And their sales hit a record-high this year. But whether owners or tenants can get used to tighter living space is another matter, says CBRE.

The firm looked at caveats lodged between January and September and found that 412 new non-landed residential units measuring 500 sq ft or less had been sold - 38 per cent more than the 299 sold in the whole of last year.

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SC Global sells units at $3,100-$3,400 psf at the exclusive 4-storey project

By KALPANA RASHIWALA

 SINGAPORE) Upmarket developer SC Global Developments is said to have sold six units at its Seven Palms at Sentosa Cove condo at between $3,100 per square foot (psf) and $3,400 psf - record prices for the upscale waterfront housing district.

On a lump-sum basis, the three and four-bedroom units were sold at about $9 million to $15 million each.

All units in the four-storey development will face either Tanjong Beach next door, or the sea or the Tanjong Golf Course at the Sentosa Golf Club.

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Many looking at market conditions, competition before deciding launch date

By KALPANA RASHIWALA AND UMA SHANKARI

(Singapore)

DEVELOPERS are busy getting projects launch ready. However, whether they release them by this year’s end or next year will depend on market conditions, ‘ground feedback’ from potential buyers and the segment of the market the projects are in.

Far East Organization began previewing its Alba condo at Cairnhill Rise this week. The property giant is believed to have released 18 units up to the seventh floor of the 18-storey freehold condo, which has a total 50 units. The 18 units range from 1,862 to 2,250 sq ft.

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Luxury condo prices up 17% from Q1; new peak for prime area landed homes

(SINGAPORE) Latest figures from DTZ show that prices of completed landed and non-landed private homes in various segments continued to recover in the third quarter after bottoming out in the first quarter of this year in the aftermath of the global financial crash

One of the strongest price gains was reflected in the average price of freehold completed prime district condos, which rose 22.3 per cent from the recent low of $1,120 per square foot in Q1 to $1,370 psf in Q3. ‘As more buyers were drawn to the market, average private home prices continued on the uptrend in Q3 2009, led by smaller homes in the prime districts of 9, 10 and 11,’ DTZ said.

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Sales taper off at many projects as cooling measures start to seep in

By KALPANA RASHIWALA

(SINGAPORE) City Developments Ltd (CDL) sold a whopping 316 units last week at its Hundred Trees condo in the West Coast, a quarter of them on interest absorption scheme (IAS). Demand for most other projects, however, seemed to falter.

‘Hundred Trees is amongst the last few developments where buyers may opt for IAS,’ CDL noted in its press release yesterday. The developer has raised the 956-year leasehold condo’s average price from $895 psf initially to about $910 psf. Those who buy on IAS pay a 2.5 per cent price premium.

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By VEN SREENIVASAN

(SINGAPORE) The multiple-award winning Changi Airport has received another five awards, including four ‘Best Airport’ titles, in September 2009. These awards were for Changi’s excellence in airport facilities and services.

Changi Airport was voted the ‘Best Airport in the World’ by readers of Business Traveller (UK edition), a leading global travel publication. Since it first won the title in 1988, Changi Airport has won the award for 22 consecutive years.

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