Ascott Reit expands its Asia presence
By Nikki De Guzman:Ascott Residence Trust (Ascott Reit) has agreed to purchase three prime serviced residences in China and 11 Japanese rental properties for S$287.4 million.Ascott Reit will acquire Citadines Biyun Shanghai (pictured) for around S$63.2 million and Somerset Heping Shenyang...
Continue Reading • 2 May 2013
China tops Asia Pacific stock rankings
By Nikki De Guzman:The Asia Pacific region reported an eight percent growth in invested stock last year, outperforming both North America and Europe, according to a DTZ report. Emerging markets fuelled the region’s robust performance, with China surpassing Japan as the region's...
Continue Reading • 2 May 2013
Jones Lang posts moderate revenue growth
By Romesh Navaratnarajah:Jones Lang LaSalle reported a six percent revenue increase to US$856 million (S$1.056 billion) in the first quarter of 2013, from US$813.3 million (S$1.003 billion) during the same period last year. Fee revenue stood at US$781 million (S$963 million), up six percent from...
Continue Reading • 2 May 2013
Govt taking serious look at EC scheme
By Nikki De Guzman:National Development Minister Khaw Boon Wan said there is “something wrong somewhere” with the executive condominium (EC) scheme due to "a sense of inequity", and it cannot carry on in its current form.At a recent dialogue on housing, Mr Khaw highlighted...
Continue Reading • 30 Apr 2013
CEO shake-up at Ascott
By Shabnam Muzammil:CapitaLand has announced that its wholly-owned serviced residence business, The Ascott Limited (Ascott), has appointed Lee Chee Koon (pictured) as its CEO with effect from 1 June.He will replace Chong Kee Hiong who is leaving the firm at the end of May to pursue other...
Continue Reading • 30 Apr 2013
Public urged to submit ideas for building code
By Shabnam Muzammil:Singapore's Building and Construction Authority (BCA) will organise exhibitions at shopping malls over the next two years to raise awareness on features that will improve accessibility in public buildings.The draft accessibility code is in its fourth review and the public can...
Continue Reading • 29 Apr 2013
New guidelines issued for property agents
By Romesh Navaratnarajah:The Council for Estate Agencies (CEA) has published a professional service manual (PSM) which specifies the responsibilities and service standards required of all property agents and salespersons. “The PSM seeks to set clear standards and guidelines to...
Continue Reading • 29 Apr 2013
CapitaLand sees 41% profit increase
By Nikki De Guzman:Property giant CapitaLand recorded a 41 percent increase in net profit during the first quarter of 2013 to S$188.2 million, while revenue was up 3.2 percent at S$661.9 million. However, it remains “cautiously optimistic” about the housing market after the government...
Continue Reading • 29 Apr 2013
Ascott Reit's unitholders' distribution up 14% to $27.6m
By Nikki De Guzman:Ascott Residence Trust (Ascott Reit) posted a 14 percent increase in unitholders’ distribution in Q1 2013 to S$27.6 million compared to the same period last year, while distribution per unit climbed five percent to 2.25 cents.“Ascott Reit has continued to...
Continue Reading • 29 Apr 2013
CBRE announces senior hire
By Shabnam Muzammil:Real estate consultancy CBRE has appointed Marc Giuffrida (pictured) as Executive Director of its Global Capital Markets business. To be based in Singapore from 13 May, he will report to Greg Penn, Head of Capital Markets Asia, and Chris Ludeman, President of Global Capital...
Continue Reading • 26 Apr 2013
AVJ to raise S$52.6 million
By Nikki De Guzman:AVJennings (AVJ), the Australia-listed arm of Singapore developer SC Global, is undertaking a 2-for-5 non-remounceable pro rata entitlement offer that aims to raise AU$41.2 million (S$52.6 million) to cut its debt and bolster working capital requirements. Under the offer,...
Continue Reading • 25 Apr 2013
CEA "aware" of under-the-radar property sales
By Andrew Batt: More than two years after the formation of the Council for Estate Agencies (CEA) with the aim of regulating the buying and selling of property in the city state, a number of unlicensed real estate agents are continuing to sell overseas property to local buyers in direct breach of...
Continue Reading • 24 Apr 2013
Hong Leong's properties in China safe
By Shabnam Muzammil:Hong Leong Group has reported that their properties in China were not affected by the 7.0 magnitude earthquake that hit Lushan in Sichuan last week.However, tremors were felt at the Hotel Chengdu, a Millennium & Copthorne (M&C) hotel, although there was no damage to...
Continue Reading • 24 Apr 2013
New rules to reduce flooding
By Nikki De Guzman:To minimise the impact of flooding, PUB has introduced new measures into its revised Surface Water Drainage Code of Practice which takes effect from 1 June. Going forward, all new and redevelopment projects with a land area of 0.2ha and above will be required to control...
Continue Reading • 23 Apr 2013
RCs to undergo major image change
By Shabnam Muzammil:Residents’ Committees (RCs) islandwide will undergo large-scale restructuring to better represent the needs of their local communities, reported The Straits Times.Under this initiative, all 572 RCs will choose themes which reflect the demographic profile and interests of...
Continue Reading • 22 Apr 2013
Govt has no immediate plans for more cooling measures
By Romesh Navaratnarajah: Although property prices remain high, the government does not intend to introduce a new set of cooling measures for now as prices are moving the right way, it was reported in The Straits Times.“We’re not planning another round of measures, but it depends on...
Continue Reading • 19 Apr 2013
KSH snags first China contract
By Nikki De Guzman:Listed construction group KSH Holdings, through its 50 percent owned Sino-Singapore unit, has received its first construction contract in China worth RMB157 million (S$31.24 million) for the Liang Jing Ming Ju Phase Four development in Beijing.Under the deal awarded by...
Continue Reading • 19 Apr 2013
Keppel Land net profit dives 31.9%
By Shabnam Muzammil:Keppel Land posted a 31.9 percent drop in its net profit for Q1 2013 to S$96.6 million from S$141.9 million in the same period last year, while gross profit fell 15 percent to S$58.75 million from S$69 million seen in the first quarter of 2012. According to the developer, the...
Continue Reading • 18 Apr 2013
UK property fund approved by MAS
By Andrew Batt:The Monetary Authority of Singapore (MAS) has approved an investment fund which lends directly to property owners in the United Kingdom. The Montello Income Fund, which has been listed as a permissible collective investment scheme by the Singapore authorities, provides short...
Continue Reading • 18 Apr 2013
Keppel Land, China Vanke to jointly build condo
By Shabnam Muzammil:Keppel Land has partnered with China Vanke, the country’s largest residential property developer, to jointly develop properties in Singapore and China. The first joint project will see the development of a 726-unit condominium set to launch in the second half of...
Continue Reading • 18 Apr 2013