Imagine buying a raffle ticket in a bid to win a property? While this might sound strange to some, it isn’t to the many American property owners who have engaged in this kind of practice to move their properties into new hands.

With the current situation in Singapore where many new developments are expected to hit a very slow market, property raffles might just become the next big thing since the sliced bread.

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Singapore, 25 September 2008 - OUB Centre Limited today unveiled plans for a spectacular new 38-storey commercial tower which will form part of One Raffles Place, creating a new gateway to Singapore’s established centre of business and commerce.

The new One Raffles Place tower will provide 350,000 square feet of Prime Grade A office space and is scheduled to be completed in 2011. It will stand alongside the existing OUB Centre, one of Singapore’s tallest buildings, officially opened by the then Prime Minster Lee Kuan Yew 20 years ago.

Henry Kok Moo Yong, General Manager of OUB Centre Limited, said that Raffles Place had been the centre of commerce in Singapore for over a century.

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Over 60 apartments, or 70 per cent of first release, sold in a week

15 September 2008, Singapore – Leading property investment and development company, Hong Fok Corporation, has received a strong response for their new Singapore residential development, the Concourse Skyline. Private previews held over the past week have sold more than 70 per cent of the apartments released in the first phase.

Hong Fok Director SE Cheong said that more than 60 of the 90 apartments in the first release put on sale at private preview over the past week sold at average prices ranging from $1,500 to $1,800 per square foot.

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^{Public Housing in Singapore [Credits - tuis]}

Singapore has undergone a huge cosmetic building change over the last couple of years. Since 2005 the building boom has been so active that property prices have risen by 70 percent. In the last year alone, office rent and residential rent also went up by 70 percent. This means Singapore sorts now the highest office rentals in all of Asia.

The construction boom comes with a hefty price though. Markets have slowed down in the last few months, in fact so much so that the overall increase of property prices only reflected a 0.17 percent profit margin in the 2nd quarter of 2008.

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