"PROPERTY developers such as Koh Brothers and GuocoLand, which bought collective sale sites during boom times, are now becoming landlords as they wait out the market slowdown.
They are leasing out apartments they bought to existing occupants as a way to generate some income instead of simply leaving them vacant.
They are leasing out apartments they bought to existing occupants as a way to generate some income instead of simply leaving them vacant.
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If developers were to launch their projects now, it may be challenging for them to reach their target price for some of the projects.’
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Frasers Centrepoint said it may offer short-term leases to the former owners of the 185-unit Flamingo Valley, a freehold site in Siglap Road that it bought for $194 million in February last year.
‘We had 50 owners who wrote to ask us to extend their lease…They haven’t found anything suitable,’ said the firm’s general manager of development and property, Mr Cheang Kok Kheong.
He said the firm was likely to extend a lease of six months to a year. This would ‘give us more time to think about our plans’."
Frasers Centrepoint said it may offer short-term leases to the former owners of the 185-unit Flamingo Valley, a freehold site in Siglap Road that it bought for $194 million in February last year.
‘We had 50 owners who wrote to ask us to extend their lease…They haven’t found anything suitable,’ said the firm’s general manager of development and property, Mr Cheang Kok Kheong.
He said the firm was likely to extend a lease of six months to a year. This would ‘give us more time to think about our plans’."
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If developers were to launch their projects now, it may be challenging for them to reach their target price for some of the projects.’ - MR MAK of Knight Frank, on companies holding out for better prices
Straits Times - 04 June 2008
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