CDL reports strong results for Q2
Boosted by strong contributions from rental properties and hotel operations, City Developments Ltd (CDL) saw a 17 percent increase in net profit for the second quarter to S$220.9 million, from S$188.9 million a year ago.The company said property development continues to be a major contributor to...
Continue Reading • 12 Aug 2011
Aussie home loan approvals seen to be steady
The Australian Bureau of Statistics has noted that the number of home loans granted in Australia in June remained steady.Based on data released by the bureau, mortgage applications to build or purchase properties remained flat from May, when it climbed 2.8 percent, according to a Bloomberg...
Continue Reading • 11 Aug 2011
M&C all set to expand in Asia
Millennium & Copthorne Hotels (M&C), a division of Singapore property developer City Developments, is embarking on an expansion plan in India, China and the Middle East.Executives at the London-listed hospitality chain are certain that demand for hotel accommodation in these markets will...
Continue Reading • 11 Aug 2011
COV is here to stay, says Khaw
National Development Minister Khaw Boon Wan has clearly stated that he cannot abolish the cash premiums that HDB resale flat buyers must pay to sellers.His announcement came as a reply to comments posted on his Facebook page on National Day. He explained that the Cash-Over-Valuation (COV)...
Continue Reading • 11 Aug 2011
Bukit Sembawang hits record Q1 profit of S$44.4m
Singapore property developer Bukit Sembawang has posted strong results in the first quarter, with net profit climbing 3.5 times to S$44.4 million, from S$12.5 million over the same period last year.The marked improvement was attributed to a combination of higher profit recognition from its...
Continue Reading • 11 Aug 2011
Singapore's economy ekes out 0.9% Q2 growth
The Ministry of Trade and Industry has announced that Singapore’s economy expanded by 0.9 percent in Q2 from the previous year, to beat advance estimates.As part of his National Day message, Prime Minister Lee Hsien Loong revealed that growth in the first six months of the year rose 4.9...
Continue Reading • 10 Aug 2011
Home buyers in Beijing face tougher loan approvals
First-time home buyers in Beijing face tougher loan approvals, as China’s "Big Five" banks have withdrawn their favourable first-home loans in the city starting August, according to a report by the China Securities Journal.The report said that first-time home buyers applying for...
Continue Reading • 10 Aug 2011
Jones Lang acquires Indonesia's largest property consultancy firm
Global real estate services firm Jones Lang LaSalle (JLL) has announced its acquisition of Indonesia’s largest property consultancy firm Procon, creating the largest real estate services company in the country.“I am delighted and excited with this new combined business operation in...
Continue Reading • 10 Aug 2011
Ho Bee's net profit plummets 55.3% from last year
Singapore property developer Ho Bee Group has recorded a 55.3 percent year-on-year decline in net profit in the second quarter to S$57.2 million, on the back of a 42.5 percent drop in Q2 revenue to S$157.6 million.The decline in Q2 results was mainly driven by lower revenue recognition at its...
Continue Reading • 10 Aug 2011
S'poreans should save for rainy days: Khaw
Global economic uncertainties have affected Singapore and Singaporeans need to “save for a rainy day”, said National Development Minister Khaw Boon Wan.Delivering his message yesterday on the sidelines of a national day observance ceremony in Sembawang, the minister called on...
Continue Reading • 8 Aug 2011
US credit downgrade could adversely affect mortgage market
The US mortgage market, which has been supported by the government, could be affected by the country’s recent credit downgrade, with the possibility of a hike in borrowing costs for consumers.Karen Shaw Petrou, Managing Partner of Federal Financial Analytics, said that the...
Continue Reading • 8 Aug 2011
KSH Holdings posts Q1 net profit of S$2.7m
KSH Holdings Limited (KSH), one of Singapore’s leading property developers, has posted a net profit of S$2.7 million on the back of a total revenue of S$40.8 million in the first quarter ended 30 June 2011.“I am pleased to report that the group has achieved bottom-line performance of...
Continue Reading • 8 Aug 2011
NTUC-IEA partnership to benefit real estate professionals
With the signing of an agreement between the Institute of Estate Agents (IEA) and the National Trades Union Congress (NTUC), around 1,800 IEA members can now get subsidies for training courses.The partnership enables members to enjoy the privileges offered by both NTUC and IEA with a single...
Continue Reading • 8 Aug 2011
Higher fair value gains fuel SingLand's strong Q2 results
Singapore Land's net profit surged almost four times to S$273.3 million in the second quarter, fuelled by higher fair value gains on investment properties, despite increasing capital values.The company achieved fair value gains on investment properties of S$247.6 million in Q2, up from S$10.1...
Continue Reading • 8 Aug 2011
Heeton revenue rises 4%
Niche property developer Heeton Holdings has announced that its revenue for the first six months of 2011 rose four percent to S$17.8 million, from S$17.1 million over the same period last year.This was largely attributed to proceeds from the sales of its residential developments like The Lumos...
Continue Reading • 8 Aug 2011
Ascott to expand portfolio in India
Singapore-based The Ascott Ltd is expanding its presence in Indian cities such as New Delhi, Mumbai and Pune, with its US$250 million investment in seven upcoming properties. “India is an important market for us. There is a big untapped demand but limited supply of serviced...
Continue Reading • 8 Aug 2011
PropertyGuru launches revamped FullHouse website
PropertyGuru, Asia's leading property portal company, along with its Malaysian offshoot HomeGuru, has launched the revamped Northern Malaysia property website, Fullhouse.com.my.FullHouse unveiled its new website, which was redesigned and enhanced to offer improved features and functionality for...
Continue Reading • 5 Aug 2011
Koh Brothers net profit up 25% to S$6.7m
Koh Brothers Group Ltd, an established construction, property development and specialist engineering solutions provider, has achieved a 25 percent increase in net profit to S$6.7 million in the first half of the year.The group’s profit before income tax rose 37 percent to S$8.8 million,...
Continue Reading • 5 Aug 2011
URA gets strong support for changes to Housing Developers Act
The Urban Redevelopment Authority (URA) announced that it has strong support for the proposed amendments to the Housing Developers (Control & Licensing) Act (HDCLA) and Housing Developers Rules (HDR).In a statement published yesterday, the URA said it received feedback from more than 100...
Continue Reading • 5 Aug 2011
CapitaLand Q2 profit up 17%, sees growth prospects in Asia
Southeast Asia’s largest real estate company, CapitaLand, posted a net profit of S$399.0 million in the second quarter of 2011, up 17 percent from S$339.7 million over the same period last year.Revenue for the quarter also increased 25 percent to S$740.4 million, while earnings before...
Continue Reading • 5 Aug 2011