Asian shares expected to fall further
Asian stocks are likely to go down after fears on euro zone debt weighed on Wall Street, New York, while measures to limit credit and debit card fees increased fears of tightened banks’ regulation.The major US indices closed as much as two percent lower on Friday, with several banks and...
Continue Reading • 17 May 2010
Singapore-China business ties to strengthen
Ties between Singapore and China will be strengthened as the Chinese economy continues to grow, said Minister Mentor Lee Kuan Yew during the Chamber of Commerce and Industry in China (SingCham) event in Beijing.Before Mr. Lee gave his statement, members and guest of SingCham observed a minute of...
Continue Reading • 17 May 2010
Singapore market starts on a weak note
Singapore market has started the week on a soft note after Wall Street ended weak on Friday, as investors continued to be apprehensive over the sustainability of European public debt.Straits Times Index fell 0.52 percent or 14.71 points to 2,840.50. Over all, losers beat gainers at seven to one...
Continue Reading • 17 May 2010
Property unit lifts F&N's Q2 results
Conglomerate Fraser and Neave’s (F&N) earnings for the second quarter rose sharply, lifted by better results across all business segments, especially from its property arm.The company has posted a net profit of $235.9 million for Q2, more than three times higher compared to the $64.3...
Continue Reading • 17 May 2010
Number of property agents likely to fall this year
Property agents may get a major shake-up, as their numbers are likely to drop by as much as 25 percent when the new rules to regulate real estate agents start later this year.Those agents who fail to meet the new standards will likely leave the industry, and several market watchers said that...
Continue Reading • 17 May 2010
Home foreclosures in the US decline
Home foreclosures in the US have plummeted for the first time in four years, as the economy recovered from the latest recession fuelled by a mortgage meltdown, according to a real estate company.According to RealtyTrac, foreclosure fillings, including auctions, bank repossessions and default...
Continue Reading • 14 May 2010
Hotel Properties posts 8.8% decline in Q1 net profit
Mainboard-listed Hotel Properties has posted an 8.8-percent drop in net profit to S$9.8 million during the first quarter ended March 31.Revenue rose 0.5 percent to S$120.1 million compared to the same period in 2009.According to the group, hotels in Maldives and Bali had lower room rates due to...
Continue Reading • 14 May 2010
Yanlord's net profit drops 23% in Q1
Mainboard-listed Chinese property developer Yanlord has announced that the net profit for Q1 this year dropped 23 percent on-year to S$18.7 million.The decline in profit was recorded after a seven-percent decline in revenue on-year to S$173.1 million.The company said the decrease in Q1 results...
Continue Reading • 14 May 2010
Ho Bee to sell first bonds to fund China property
Property developer Ho Bee Investment Ltd. is planning to fund its expansion into the property market in China by selling bonds for the first time. Ho Bee, along with Yanlord Land Group Ltd., acquired a residential development site in Shanghai for 3.82 billion yuan or US$560 million in February,...
Continue Reading • 14 May 2010
Genting posts huge Q1 loss despite RWS opening
Despite the huge contributions from Resorts World Sentosa (RWS), Genting Singapore has recorded a net loss of $396.3 million in Q1 due to a $478.1-million impairment loss from the intangible assets on its UK casino operations.The company’s net loss of $396.3 million for the first quarter...
Continue Reading • 14 May 2010
Wing Tai posts net profit of S$23.2m in Q3
Property developer Wing Tai Holdings has reported a net profit of S$23.2 million for the third quarter ended March 31, up eight percent from the same period in 2009.Revenue for the quarter rose a hefty 89.6 percent to S$149.54 million, boosted by higher contribution from the development...
Continue Reading • 14 May 2010
Interest rates on mortgage plunging
Interest rates in the home loan market are dropping and could end up close to zero, which is good news for mortgage holders, but pain for anyone looking for some returns on their bank deposits.The trend of interest rates in Singapore is in stark contrast to Australia and other Asian countries,...
Continue Reading • 13 May 2010
Saizen REIT starts cash accumulation to resume distribution payouts
According to mainboard-listed Saizen REIT, it has started accumulating cash in preparation for the resumption of its distribution payouts, expecting payment of its 2010 financial year distribution to unitholders to take place sometime in September 2010.For the third quarter ended in March 31, it...
Continue Reading • 13 May 2010
Soilbuild posts 47% drop in Q1 net profit
Property developer Soilbuild has recorded a net profit drop of 47 percent on-year in Q1 2010 to S$10.3 million, and a 50-percent decline of revenue to S$32.5 million. The company said the weak Q1 result was attributed to a reduction in fair value gains from both derivative financial instruments...
Continue Reading • 13 May 2010
UOL posts 71% on-year drop in Q1 net profit
Property firm UOL Group has posted a 71-percent drop in net profit to just over S$100 million during the first quarter of the year.This was largely attributed to negative goodwill on acquisition of interests in an associated firm during Q1 2009.However, with its property development, investment...
Continue Reading • 13 May 2010
SC Global's Q1 net profit up 28%
SC Global Developments has posted a net profit of $13.4 million, an increase of 28 percent from last year’s $10.5 million.Earnings surged as the property group recognized higher revenue from development projects in Singapore – including The Marq on Paterson Hill, Hilltops and Martin...
Continue Reading • 13 May 2010
Koh Brothers's net profit up 166% in Q1
Mainboard-listed Koh Brothers Group has posted a 166-percent increase in net profit to $3 million for Q1 this year. The Q1 result was achieved on the back of a 39-percent increase in sales to $84.8 million, which was mainly attributed to the company’s Construction & Building Materials...
Continue Reading • 13 May 2010
CDL's Q1 earnings soar 68% on year
Property developer City Developments has reported a net profit of S$139.3 million for the first quarter this year, up 68 percent from a year ago.This improved performance came on the back of stronger revenue, which surged 20.6 percent to S$750.4 million.Accordingly, basic earnings per share...
Continue Reading • 13 May 2010
Fannie Mae asks for more government support
Fannie Mae, the largest home loan funds provider in the US, has asked the government for an additional US$8.4 billion or S$11.6 billion of funds after the company lost US$13.1 billion in Q1.The mortgage fund provider will receive over US$84.6 billion from the government, including its latest...
Continue Reading • 12 May 2010
Bonvests posts 26.5% net increase in Q1
Bonvests Holdings’ net profit increased 26.5 percent to $7.91 million during the first quarter ended March 31 on the back of firmer sales and a one-off gain from selling the Burger King business in Singapore.Bonvests, which is involved in hotel management and property development, reported...
Continue Reading • 12 May 2010