And are there too many malls in Singapore?
Real Estate Developers Association of Singapore (Redas) President Augustine Tan has urged the government to review the property cooling measures as developers face potential charges of $100 million for unsold private residential units. The real estate market is reeling from the compounding effects of an oversupply situation, rising vacancy rates, weak demand and increasing interest rates, said Tan at the associations Spring Festival Lunch. Read more here.
Landmark Place, the latest UK development, is hoping to attract buyers from Singapore with a property exhibition being held here next weekend (27 to 28 February) at the Four Seasons Hotel, revealed marketing agent Knight Frank. Located within the prime London city district, the 165-unit development consists of two interconnected buildings, one of nine storeys and the other eleven storeys, which appear to be wrapped in glass. Find out more here.
According to the latest data from the government, Singapore currently has over one hundred shopping malls spread across the island. Just along Orchard Roadthe countrys world-famous shopping beltare at least 40 retail malls, with many standing side-by-side along the 2.2 kilometre shopping boulevard. For a country known as one of the hottest shopping destinations in Asia, the number of malls currently operating in the Republic might be an indicator of how the retail property market has performed over the years. Read more here.
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