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The Business Times  |  March 30, 2013 Total sales value so far this year higher than all of 2012 The property auctions market jumped back to life in the first quarter following a sleepy 2012, with total sales value in the first three months alone exceeding that for the whole of 2012, said Colliers International. The auctions market recorded a total sales value of $76.08 million from January to March this year, exceeding the $62.44 million chalked up for the entire 2012. The figures exclude the sale of land put up by statutory boards through auction. Colliers now expects more than $150 million worth of transactions for the market this year. The first quarter's strong showing came despite the lull in the secondary market - a result of the recent round of government cooling measures implemented in the residential sector. Helping to pick up the slack, however, were four high-value sales, involving mostly commercial and industrial units, which generate

The Straits Times  |  March 30, 2013 Mar 30, 2013 Cooling measures in Singapore and Hong Kong have forced investors in both places to look to Europe for their property fix. The key cities of Munich, Berlin and London have emerged as the main centres for Asian buyers, said IP Global, a Hong Kong-based property company. "The recent cooling measures in Hong Kong and Singapore have made investors, especially non-residents, think twice about the additional costs (of buying properties there)," said Mr Tim Murphy, founder and chief executive of IP Global, which buys and manages international real estate for clients. "Most Singaporeans look for $1 million to $3 million price points for overseas developments," he said. "They prefer one- and two-bedders for these investment properties and are looking for strong rental yields and capital growth. "Some factors that investors consider before taking the plunge include foreign o

The Straits Times  |  March 30, 2013 A single person who buys a home to live in will be hit with the additional buyer's stamp duty (ABSD) if he does not dispose of his existing residence first. That means a single person might have to find accommodation in between selling the old home and completing the purchase of the new one. The clarification came from the Ministry of Finance (MOF) on Thursday, following uncertainty over whether stamp duty concessions for married people would also apply to singles. Some married couples will get a refund of the ABSD if they dispose of their first property within six months of buying a resale home or the completion of an uncompleted one. This relief is provided for joint purchases by married couples with at least one Singaporean spouse. Both parties must also not own any other property at the time of purchase to qualify. But these do not extend to singles, the ministry told The Straits Times. This means

The Straits Times  |  March 30, 2013 Rise of casinos, Iskandar among the attractions The rise of casinos in Asia and of Iskandar Malaysia are two factors that should encourage investors to keep placing their cash in high-yielding Asian real estate. That is the assessment of Singapore-based real estate investment house Pacific Star Group in its latest report on the sector's outlook. The firm also said structural shifts in industrial production will spur real estate growth. Pacific Star specialises in managing funds, Reits and private equity, among other assets. In the past 12 years, it has transacted US$12 billion (S$14.9 billion) of property deals for clients. It said upscale casino resorts will propel the next phase of tourism growth in Asia beyond Macau and Singapore. Multibillion-dollar integrated resorts are being planned in South Korea and the Philippines, and on a smaller scale in Vietnam and Cambodia, said the report. Casino