Daily Briefing: Home prices to drop by 10%; CapitaLand said to sell Singapore office tower

And GuocoLand celebrates topping out of Singapore's tallest building.

With Singapore half-way through the residential down-cycle, BNP Paribas expects private home prices to drop by another seven to 10 percent over the next two years. Chong Kang-Ho, Research Head for Singapore, Malaysia and Indonesia as well as Asean Property Research, noted that this could be a slow bottoming-out process due in part to the resilience of developers when it comes to price cuts. Read more here.

CapitaLand Commercial Trust, Singapore’s largest office real estate investment trust by value, is selling an office tower in the city-state’s central business district, according to a person familiar with the transaction. CapitaLand Commercial is seeking to sell the 23-story One George Street building in the Raffles Place office district, the person said, asking not to be named as the information is private. Find out more here.

Developer GuocoLand on Wednesday (13 January) celebrated the topping out of Singapore's tallest building, Tanjong Pagar Centre. The integrated mixed-use development stands at 290 metres high. The ceremony was officiated by National Development Minister, Mr Lawrence Wong. The S$3.2 billion flagship development scheduled for completion in mid-2016 will feature 890,000 sq ft of office space, 100,000 sqft of retail, 222 hotel rooms, 181 residences and 150,000 sq ft Urban Park. Read more here.

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