Lian Beng wins contract to build The Scala
Local building construction company Lian Beng Group has won a $119.5-million contract to build the 99-year leasehold condominium project, The Scala, located at Serangoon Avenue 3, close to NEX Mega Mall and Lorong Chuan MRT Station.The contract was awarded by property developer Hong Leong Group....
Continue Reading • 3 Aug 2010
US to implement new law for mortgage brokers
A new lending law for mortgage brokers will be implemented in the US, aimed at reducing mortgage fraud and increasing consumer protection.The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) sets minimum standards for state registration and licensing of mortgage brokers,...
Continue Reading • 2 Aug 2010
SGX Q4 profit down 13%
Singapore Exchange Limited has reported a 13 percent drop in its net profit in the fourth quarter, but increased its dividend and stressed that it is confident about prospects.SGX and Asian competitors like Hong Kong Exchanges and Clearing have already seen a drop in stock market trading volumes...
Continue Reading • 2 Aug 2010
United Overseas Australia pretax down in H1
Property developer and property investment company, United Overseas Australia has announced that its pretax profit in the first half of 2010 dropped A$116 million to A$25 million from the previous year.It said the huge decline was attributed to the timing of the project completion, which greatly...
Continue Reading • 2 Aug 2010
Stamford Land Q1 profit up
Property developer Stamford Land has increased its Q1 net earnings more than 10 times, from $3.2 million in 2009 to $38 million this year, in spite of flat topline revenue of nearly $52 million.The huge increase in the Q1 result was largely due to the $47.7-million gains on fair value of...
Continue Reading • 2 Aug 2010
Tuan Sing's profit jumps 56% in Q2
Tuan Sing Holdings saw its net profit in Q2 jump 56 percent to $5.53 million, attributed to revenue increase in the property and industrial services segments.The company also lifted its net profit to $26.42 million in the first half of this year, more than six times the $4.3 million net profit in...
Continue Reading • 2 Aug 2010
Ascott announces new expansion plans
The Ascott Limited, the service residence arm of CapitaLand, has laid down new plans to expand its portfolio by over 50 percent in the next five years.Ascott hopes to significantly contribute to the growth of CapitaLand, possibly accounting for as much as 20 percent of the group’s earnings...
Continue Reading • 2 Aug 2010
UK house prices, home loans drop
The price of a typical property in the UK dropped 0.5 percent this month, as demand from homebuyers remained subdued. This means that the annual house price inflation also declined 6.6 percent from 8.7 percent in June. The average price of a UK home is £169,347 compared with...
Continue Reading • 30 Jul 2010
S'pore's richest keep getting richer
The latest list of Forbes wealthiest individuals and families in Singapore indicated that the top 40 richest Singaporeans are now worth US$45.7 billion (S$62 billion), up 17 percent from US$39 billion in 2009. The list is made up of popular entrepreneurs, business leaders and...
Continue Reading • 30 Jul 2010
HK Land's H1 profit up 70%
Property developer Hongkong Land Holdings has posted a 70 percent increase in net profit to US$1.39 billion in the first half of 2010, following a US$402-million loss in 2009.The company said H1 profit, excluding revaluation losses or gains, increased to US$477 million from US$281 million a year...
Continue Reading • 30 Jul 2010
Construction costs may rise, say experts
Singapore’s construction costs may climb by as much as 6 percent in 2011 when government rules that restrict foreign workers set in, according to several property experts. Among the manpower constraints that will start this month include a rise in the foreign worker levy and a...
Continue Reading • 30 Jul 2010
New rules to cause exodus of property agents
As the government is implementing tough new regulations, thousands of property agents in Singapore are expected to bail out of the industry over the next 17 months. The new rules will impose examinations and a basic educational standard on property agents. Currently, there are no such...
Continue Reading • 30 Jul 2010
US borrowers on trend to reduce loans
US borrowers are pouring in more cash at mortgage closings, according to the US Federal Home Loan Mortgage Corp.Around 22 percent of borrowers who refinanced first-lien home loans paid off mortgage closings with cold cash, the third-highest percentage since Freddie Mac began recording borrowers...
Continue Reading • 29 Jul 2010
GSS a blessing for Orchard retailers
Orchard Road’s retailers saw a 5 to 15 percent increase in sales during the Great Singapore Sale (GSS) compared to last year, according to the Orchard Road Business Association (Orba). It claimed that boutique shops such as Zara, Guess and Topshop recorded higher sales of almost...
Continue Reading • 29 Jul 2010
JLL reports $32 million net income for Q2
Jones Lang LaSalle (JLL) has reported a net income of $32 million or $0.72 per share in the second quarter this year, compared with a net loss of $14 million or $0.14 per share over the same period last year. The group’s adjusted net income hit $37 million in the second quarter this...
Continue Reading • 29 Jul 2010
Ascott to launch Citadines Bali Kuta
CapitaLand's Ascott recently won a contract from Indonesian developer PT Rudy Indopratama Sejahtera to develop a serviced residence in Bali, Indonesia. The 174-unit serviced residence located in Kuta will be called Citadines Bali Kuta. The five-storey residence is targeted to open in 2012...
Continue Reading • 29 Jul 2010
Eurozone mortgage lending picking up
Eurozone mortgage borrowing increased last month after nearly two years of a slump, a sign that bank lending across the region may be coming back to life.According to data released by the European Central Bank, mortgage lending for home purchases grew 3.4 percent last month, the fastest pace...
Continue Reading • 28 Jul 2010
Visitor arrivals in June set record
The Singapore Tourism Board (STB) said visitor arrivals in June increased 26.7 percent to 950,000 from 750,000 over the same period last year, setting a new June record and indicating a seventh consecutive month increase.There was a total of 3.8 million visitor days in June, which refers to the...
Continue Reading • 28 Jul 2010
Australand expects $120 million net profit
Australand, whose redevelopment of 357 Collins Street in Melbourne's CBD forms a major part of its development pipeline, is expecting its 2010 net profit to be the same as last year’s $120 million.The diversified property group earlier reported a net profit of $72.2 million for the...
Continue Reading • 28 Jul 2010
CDLHT profit in Q2 up 49.2%
CDL Hospitality Trusts (CDLHT) has announced that its net profit in the second quarter surged 49.2 percent to $28.70 million, primary attributed to the higher occupancies, room rates and contributions from its recently acquired hotels in Australia.CDLHT said it saw a 45.4 percent increase in room...
Continue Reading • 28 Jul 2010