Here’s our summary of the important residential, commercial and industrial news this week. We hope this helps you to save time catching up on the news!
Slower GCB sales due to gap between offer and asking price
Widening gap between offer and asking prices has decreased GCB sales. For example, asking price for a GCB in areas like Tanglin ranges from $2,300 to $2,500 psf while buyers are only willing to pay $1,800 to $2,000 psf. However, GCB sales this year have reached at least $750 million to date. Till now, the largest GCB transaction in 2011 is a 69,546 sq ft sprawling land sale on Yarwood Avenue at $59.5 million ($856 psf). The slower GCB sales this year might be due to investor’s withdrawal of speculative activity with the implementation of SSD. However, seller’s expectation remains high due to limited supply of GCBs. Newsman Realty …