News about Singapore

The purchase price of S$538 million (RM1.

CIDB’s bid to elevate the quality of Malaysian buildings is laudable and a move in the right direction.

In a filing with Bursa Malaysia on Friday, Glostrext said its indirect wholly-owned subsidiary Glostrext Technology (S) Pte Ltd has accepted the option to purchase a property known as 30 Kaki Bukit Road 3, #02-01 Empire Technocentre, Singapore, which was granted by Singapore-based Uninec Construction Pte Ltd on Oct 13 this year.

The Malaysia boutique developer’s One Draycott bagged five awards and its Jui Residences received one.

The research house said projects close to the Rapid Transit System (RTS) should continue to see strong demand, and the Singapore dollar-driven consumer spending power is expected to have positive spillover effects on the retail, hospitality and real estate players further out from the city centre over time.

Allan Soo RE Consultants principal, Allan Soo: The daily crossings (between Singapore and Johor Bahru) are 320,000.

The counter has risen more than 231% this year, on sentiment play amid an inflow of positive news for projects in Johor, in particular near the Iskandar region, where UEM Sunrise’s portfolio is mostly located.

So far, almost 30 firms have submitted a request to purchase the RFI documents, while the project will be via a design-finance-build-operate transfer (DFBOT) model with the asset to be handed over after the concession period.

The group said that due to Malaysian Financial Reporting Standards' (MFRS) 15 accounting treatment, the development profit from two of the group’s ongoing Singapore property development projects will only be recognised upon their completion and handover.

CGS-CIMB said cement industry's prospects will look brighter post the fourth quarter of calendar year 2023 once there is clarity on the MRT3, Bayan Lepas Light Rail Transit and HSR, which have a combined value of circa RM90 billion.