Subscribe via email

Subscribe to Americans in Singapore by Email Verification of your email address is required to prevent spam

Monday, December 18, 2006

Our Condo

Last week we got wind that the owners of our building had reached a consensus to sell. There was a large ad in the paper "Prime Location, Sterling Opportunity" for sale by tender. The site will be shown December 19 at and the tender will close January 25. The manager has been telling people that by this time next year, most tenants will be moved out and the razing process begun. In the ad, it states that the new development can be up to 36 stories.

We also heard that the two ugly buildings next to ours have already been sold and will be razed for new developments. I've already shown pictures of the demolition and construction going on in this neighborhood.

Our lease expires February 1, and Philips' housing agents have been in negotiations for a new lease for us next year. The landlord's agent has said that they want to increase our rent 40% -- yes, that's a 4-0%!

Already, we Americans cost more than any other to employ overseas. I really don't see multi-national corporations continuing to pay these kinds of prices. They'll either re-patriate their American employees or move them to a lower-cost location (China?).

No comments: