Fortis Global buys S$33m First Reit property
Fortis Global Healthcare, which is owned by the Singh family, is acquiring an upcoming cancer hospital in Singapore from First Real Estate Investment Trust (First Reit) for S$33 million.The acquisition will be financed by internal resources and completed in March.Located at No 19 Adam Road, the...
Continue Reading • 25 Feb 2011
SC Global posts S$144.2m full-year profit
Singapore-based property developer SC Global Developments has posted a full-year profit of S$144.2 million in 2010, an increase of nearly three times the S$56.9 million in the previous year.Revenue for the fiscal year also increased nine percent to S$878.3 million from S$804.7 million, while...
Continue Reading • 25 Feb 2011
More authenticity requirements for housing agents
The Council for Estate Agencies (CEA) has released new regulatory measures to safeguard consumer interest and heighten the professional credibility of the real estate industry.These measures will include photographs of estate agents on CEA’s online public register site; the introduction of...
Continue Reading • 25 Feb 2011
Tiong Seng net profit hits S$21.4m
Construction group and real estate developer Tiong Seng Holdings Limited has announced that its net profit attributable to equity holders hit S$21.4 million, on revenue of S$252.3 million, for the full year ended 31 December 2010.The lower revenue was mainly attributed to a higher proportion of...
Continue Reading • 24 Feb 2011
UK mortgage lending picks up in January
Net mortgage lending of UK banks rose in January, as home owners sought to fix their costs, resulting in an increase in refinancing activity, according to data from the British Bankers Association (BBA).Net mortgage lending surged £1.6 billion last month, up from the £0.9 billion...
Continue Reading • 24 Feb 2011
OCBC: Inflation should not alarm Singaporeans
While the Consumer Price Index (CPI) print for January was higher than market expectations of 4.4 percent year-on-year, OCBC has stated four reasons why Singapore should not be worried.OCBC said the increase was well-flagged and anticipated by the market; the Ministry of Trade and Industry (MTI)...
Continue Reading • 24 Feb 2011
Chip Eng Seng's Q4 profit up 24%
Property and construction company Chip Eng Seng has announced that its net profit increased 24.4 percent to S$38.8 million in the fourth quarter, from S$31.2 million over the same period the previous yearThis was attributed mainly to better gross profit contribution from the sales of the...
Continue Reading • 24 Feb 2011
CDL to raise stake in South Beach project
City Developments Limited (CDL) is poised to increase its stake in the consortium developing the South Beach project, after it exercised its right of first refusal to acquire one-third stake of Dubai World in the consortium and met conditions for the transaction, said sources.This means that...
Continue Reading • 24 Feb 2011
Perennial China Retail Trust plans public offering
Perennial China Retail Trust, a wholly-owned subsidiary of property-investment firm Perennial Real Estate, is planning to file a S$1 billion (US$780.6 million) IPO prospectus to the Monetary Authority of Singapore (MAS) this week.A source familiar with the plan said Perennial intends to lodge and...
Continue Reading • 23 Feb 2011
JLL ranks in the top 100 outsourcing providers
The annually ranked 2011 Global Outsourcing 100 by the International Association of Outsourcing Professions (IAOP) has named Jones Lang LaSalle (JLL) as one of the world’s top 100 outsourcing providers for the third consecutive year.These rankings recognise the best outsourcing service...
Continue Reading • 23 Feb 2011
CapitaLand seeks up to S$6b in investments
CapitaLand is looking to invest between S$5 billion and S$6 billion this year, after committing over S$6 billion towards new investments in 2010, said CEO Liew Mun Leong.This could include purchases of sites and mergers and acquisitions.Property cooling measures announced by the Singapore and...
Continue Reading • 23 Feb 2011
UOL Group sees major net profit increase
UOL Group has announced that its net profit for the full year ended 31 December 2010 jumped 76 percent, while its revenue climbed 29 percent to S$1.29 billion.The growth in revenue was attributed to the progressive recognition of revenue from the sale of development properties.The group’s...
Continue Reading • 23 Feb 2011
Rising costs a pressing factor after Budget 2011
The new budget did little to alleviate the worries about rising prices among Singaporeans. The Government has received echoing remarks about rising prices in the past four days, including a forum it held on Tuesday.Most welcomed the initiatives, which include cash pay-outs, tax rebates and...
Continue Reading • 23 Feb 2011
NZ mortgages most affordable in January
Mortgages in New Zealand were the most affordable in seven years in January, as low interest rates boosted the purchasing power of home buyers and home prices declined, said a report.Affordability reached its highest levels since February 2004, aided by a slight increase in weekly wages and the...
Continue Reading • 23 Feb 2011
S$9m expansion in the pipeline for RSYC
The Republic of Singapore Yacht Club (RSYC) plans to upgrade its facilities and services to meet the needs of a new generation of boaters and marina-going club members in Singapore.After 11 years of operation from its modern yacht club premises, RSYC is set to start a new development phase to...
Continue Reading • 22 Feb 2011
CapitaLand posts bleak Q4 results
Southeast Asia's largest property developer, CapitaLand, has reported a 41 percent decline in its Q4 profit to S$522.1 million, down from S$885.7 million over the same period the previous year. The company attributed the lower Q4 net profit mainly to smaller one-off gains, compared to the...
Continue Reading • 22 Feb 2011
Singapore: Asia's fourth most liveable city
Singapore has been named the fourth most liveable city in Asia, behind Osaka, Tokyo and Hong Kong, based on a survey conducted by the Economist Intelligence Unit (EIU).Worldwide, Singapore ranked 51st, along with San Francisco, with a rating of 88.7 points.A rating of 80 to 100 points means that...
Continue Reading • 22 Feb 2011
Wheelock's Q4 revenue up 40.1%
Singapore-based Wheelock Properties has announced that its revenue for the fourth quarter rose 40.1 percent to S$126.2 million, attributed to higher revenue contribution from Scotts Square, based on the progress of construction works last year.The company said it plans to begin construction of...
Continue Reading • 22 Feb 2011
UK mortgage lending falls by 13%
Mortgage lending in the United Kingdom dropped 13 percent from December to January, hitting its lowest level in a year, said the Council of Mortgage Lenders (CML).Lenders lent only £9.2 billion in January 2011, though this was still five percent higher than £8.8 billion in January...
Continue Reading • 22 Feb 2011
Debt levels increasing among Reits
The levels of borrowings among real estate investment trusts (Reits) are rising. Out of 16 Singapore Reits, about 10 had a higher aggregate leverage or gearing ratios as of end December 2010 than in the previous year.Many Reits had relied significantly on debt to support growth, until the onset...
Continue Reading • 21 Feb 2011