Developers may be eyeing privatisation
Some publicly-listed developers may consider going private due to stocks trading at huge discounts, weak buying activity in the luxury segment and potential extension charge for unsold units, according to media reports quoting CIMB. Based on five criteria, there are four candidates for...
Continue Reading • 24 Apr 2014
LTA awards $1.15b contracts for Thomson, Eastern Region lines
Construction work on three MRT stations on the Thomson Line are set to get underway this quarter, as part of $1.15 billion in contracts awarded by the Land Transport Authority (LTA) for the Thomson and Eastern Region Lines. The contracts involve the construction of Mount Pleasant, Stevens and...
Continue Reading • 21 Apr 2014
CDL makes two senior appointments
Following in the footsteps of their fathers, the sons of CDL's chiefs have joined the developer's senior management team, media reports said.38-year-old Sherman Kwek (pictured), the son of Executive Chairman Kwek Leng Beng, was appointed as Chief Investment Officer on Tuesday. His job will be to...
Continue Reading • 17 Apr 2014
Keppel Land's Q1 profit drops 9%
Property giant Keppel Land reported weaker than expected results in the first quarter of 2014, with net profit falling about nine percent to $87 million. According to a Credit Suisse report, the slightly soft Q1 result was mainly due to the absence of a tax write-back, as well as lower profit...
Continue Reading • 16 Apr 2014
ISOTeam secures $18m in new HDB contracts
Singapore-listed ISOTeam, a building maintenance and estate upgrading specialist, has won contracts for four new projects worth a total of $18 million.These include three Repairs and Redecoration (R&R) contracts for 52 HDB blocks in the Bishan, Moulmein-Kallang and Pasir Ris areas which will...
Continue Reading • 15 Apr 2014
Singapore GDP up by 5.1% in first quarter
The Singapore economy grew 5.1 percent on a year-on-year basis in Q1 2014, based on advance estimates by the Ministry of Trade and Industry (MTI).This is lower than the 5.5 percent growth seen in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy...
Continue Reading • 15 Apr 2014
Ascott to run Tokyo serviced residence
The Ascott Limited (Ascott), CapitaLand's serviced residence business unit, has secured a master lease agreement with Mitsubishi Estate Company, one of Japan's largest property developers, to operate the 129-unit Ascott Marunouchi Tokyo. In a statement, Ascott said the building is slated to open...
Continue Reading • 15 Apr 2014
LTA calls for feasibility study on high-speed rail link
Companies that wish to conduct a feasibility study for the Singapore leg of the High Speed Rail (HSR) link may now submit their tenders, announced the Land Transport Authority (LTA) and reported in the media. According to the agency, the study aims to develop options for the HSR link....
Continue Reading • 14 Apr 2014
BCA mulls compulsory training for condo managing agents
To raise the bar in the strata management industry, Singapore's Building and Construction Authority (BCA) is considering introducing a training requirement for all managing agents, media reports said.Aside from improving professionalism, the mandatory training will also ensure that managing...
Continue Reading • 14 Apr 2014
S'pore firm buys up US land
Singapore-listed CCM Group has acquired five of seven available land parcels in a 136-acre development in the US city of Houston, and has received letters of intent from US developers to acquire 285 lots amounting to about US$28.5 million.Each lot measures around 6,900 sq ft and the developers...
Continue Reading • 9 Apr 2014
Tuas West the best spot for high-speed rail terminal: experts
Tuas West is the most feasible location for the upcoming high-speed rail terminal in Singapore, aside from the other two possible locations recently revealed by Prime Minister Lee Hsien Loong, which are Jurong East and the city centre, media reports said. Experts noted that while the area is...
Continue Reading • 9 Apr 2014
WTA Championships in sponsorship deal with SC Global
Luxury developer SC Global Developments has teamed up with the Women's Tennis Association (WTA) and signed a five-year deal as presenting sponsor for the 2014-2015 BNP Paribas WTA Championships Singapore. SC Global will receive brand exposure through international television coverage of the...
Continue Reading • 4 Apr 2014
Property industry salaries decline
Property and real estate industry professionals in Asia earned 3.4 percent less money last year, according to an annual survey conducted by the Royal Institution of Chartered Surveyors and real estate recruitment company Macdonald & Co.While overall salaries declined to stand at an...
Continue Reading • 4 Apr 2014
Ascott buys prime HK serviced residence for about $88.8m
CapitaLand's wholly-owned serviced residence company, The Ascott Limited (Ascott), has bought an operating serviced residence in Hong Kong (pictured) for HK$545 million (approx. S$88.8 million).Ascott plans to rebrand the property as Citadines Mercer Hong Kong in Q3 this year, making it the...
Continue Reading • 3 Apr 2014
S'pore still a cheaper place to live for locals: report
Out of 109 major cities across the globe, Singapore came in as the most expensive city for expatriates in 2012, according to a study by the Asia Competitiveness Institute (ACI) and reported in the media.But this was mainly due to a big gain in the Singapore dollar against the US dollar in recent...
Continue Reading • 31 Mar 2014
CapitaLand buys stake in Chengdu sites
Property giant CapitaLand has purchased a 60 percent stake in two adjacent prime residential sites in Chengdu for RMB752 million (approx. S$155 million). The acquisition further strengthens its presence in China. The plan is to build around 4,600 apartments on the sites catering to first-time...
Continue Reading • 28 Mar 2014
Real estate firms unprotected against fraud and corruption
The majority of global real estate and construction companies are not properly protected against fraud and corruption, according to the latest research from the Grant Thornton International Business Report (IBR). This comes amid warnings suggesting that such practices could account for as much as...
Continue Reading • 28 Mar 2014
CBRE names new CEO for Asia Pac
Property consultancy CBRE has a new head in the Asia Pacific. Daniel Queenan (pictured) has immediately assumed the responsibilities of Chief Executive Officer and will lead the operational management of the region. Previously, Queenan was CBRE's Chief Operating Officer for Asia Pacific as of...
Continue Reading • 27 Mar 2014
Savills in the saddle for charity
Real estate agency Savills has raised more than US$15,000 for charity by taking part in a 500 kilometre cycle ride in Vietnam.Four Savills’ staff undertook the three-day bike ride from Thanh My to Dong Ha and then to Da Nang to raise funds for Vietnam’s first international specialist...
Continue Reading • 26 Mar 2014
Mortgage interest rate hike won't be big: economists
Although economists expect mortgage interest rates to rise, homeowners need not panic, media reports said.They explained that the end of quantitative easing policies in the US may result in rate hikes globally, including in Singapore. However, the US Federal Reserve is expected to raise its...
Continue Reading • 25 Mar 2014