Property highlights of the week from Nov 5 to Nov 9:
1. Mortgage listings in auction market rise 31% q-o-q in 3Q2018
The total number of mortgagee sale listings in the third quarter of 2018 increased to 109, which is a 31.3% increase q-o-q, according to a report by Knight Frank Singapore. “Heightened uncertainty in the global economy, increased volatility in various asset markets, and restructuring in various sectors in Singapore contributed to the higher number of mortgagee listings,” says Sharon Lee, head of auction at Knight Frank.
2. Colliers relocates from One Raffles Place
Colliers International will be relocating its corporate office in Singapore in December amid the firm’s rapid growth and as part of a dynamic regional workplace strategy initiative. Colliers will lease 7,122 sq ft of Premium Grade office space at Asia Square Tower 2 and 3,869 sq ft of space at 31 Boon Tat Street. The move will see more than 180 staff relocate from Colliers’ existing 9,659 sq ft office at One Raffles Place, where the firm has been operating from since 2009.
3. Merchants Building on South Bridge Road up for collective sale
Merchants Building, the seven-storey freehold commercial building at No. 76 South Bridge Road, has been put up for collective sale by tender at a reserve price of $23.5 million. It would translate into about $3,392 psf on the gross floor area of about 6,927 sq ft, says marketing agent Cushman & Wakefield (C&W).
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4. CDL posts 10.4% rise in 3Q earnings; with higher contribution from development sales in Singapore
Singapore listed property group City Developments Ltd (CDL) saw its earnings grow 10.4% to $161.8 million for 3Q2018 ended September, from $146.6 million a year ago. 3Q2018 revenue rose 17.7% to $1.02 billion, from $863.8 million the previous year. The increase was due to higher revenue and earning recognised from the property development sales in Singapore. YTD September 2018, the group and its joint venture associates sold 787 units worth $1.56 billion in sales value.