JLL Singapore buys 20% stake in PropNex International
JLL has acquired a 20 percent stake in PropNex International, the project marketing arm of PropNex. This is in line with JLL’s strategy to grow and invest its residential business in South East Asia. Since 2007, its acquisitions include Property Edge (agency/high-end project sales), DST...
Continue Reading • 6 Aug 2014
CapitaLand's net profit up 14.5%
CapitaLand Limited recorded a net profit of $438.7 million in Q2 2014, marking a 14.5 percent increase year-on-year. This was due to improved operating PATMI, higher revaluation gains from investment properties and write-back of impairments.The group’s operating PATMI for the second quarter...
Continue Reading • 6 Aug 2014
Amendments to Land Acquisition Act passed
The amendments on the Land Acquisition Act will benefit land owners whose land is acquired for development, according to Senior Minister of State for Law Indranee Rajah and reported in the media.Passed in Parliament on Tuesday, the changes effectively removed the “betterment levy” or...
Continue Reading • 6 Aug 2014
More than 70% sold at IconSiam
Almost three quarters of units in the first phase launch at IconSiam have been sold inside one month.The development - a joint-venture between joint-venture between developers Siam Piwat, Magnolia Quality Development, and Charoen Pokphand Group - will be at the forefront of plans to make 10...
Continue Reading • 6 Aug 2014
London costliest place to sleep
London is the most-expensive city to sleep, according to a new report which examines the cost of renting a room and sleeping overnight or longer in cities around the world.At £2,050 per night, the cost of renting a 5-star London hotel suite is now eight times more expensive than renting a...
Continue Reading • 6 Aug 2014
70% loan rejection rate among first time buyers
The tougher mortgage rules introduced by Bank Negara Malaysia will continue to negatively affect first-time home buyers, according to Datuk Othman Omar, Chief Executive Officer of Oxley Holdings (M) Sdn Bhd (OHSB).During his term as the General Manager at Selangor State Development Corp (PKNS),...
Continue Reading • 6 Aug 2014
Toa Payoh set for a makeover
Toa Payoh is poised to change its image as one of Singapore’s oldest housing estates as more land within the area are earmarked for new homes, reported the media.While Housing Board flats are among the priciest in the township, its Build-to-Order (BTO) units received overwhelming interest...
Continue Reading • 5 Aug 2014
Yishun to undergo massive transformation
Northpoint City, an upcoming integrated development by Frasers Centrepoint in Nee Soon, will breathe a new lease of life into the district. The mega project will include the largest mall in northern Singapore, a residential development North Park Residences, the first Community Club to be located...
Continue Reading • 5 Aug 2014
OUE's revenue drops 10.6%
OUE’s revenue of $100.2 million in Q2 2014 marks a 10.6 percent decline, compared to Q2 2013.This was attributed to Singapore’s lacklustre residential property market, and the lack of contribution from its hotels in China which were divested in September 2013. However, there were...
Continue Reading • 5 Aug 2014
CapitaMalls Asia's CFO moves to CapitaLand
CapitaLand Limited has appointed Ng Kok Siong (pictured) as its Chief Corporate Development Officer with effect from 1 September. Ng will focus on developing corporate systems and processes to drive efficiency, as well as provide leadership to leverage business technology for organisational...
Continue Reading • 5 Aug 2014
Housing policies for PRs unlikely to change
In the last ten years, around 2,300 to 3,500 HDB units were sold by Singapore Permanent Resident (SPR) households in the resale market each year.The Ministry of National Development (MND) revealed this following a written query at yesterday’s parliament session.Singapore’s public...
Continue Reading • 5 Aug 2014
Woodlands Central to have new retail and food complex
Woodlands Central will serve as one of the business hubs outside the city, featuring its own retail and food complex by 2017, reported the media.A joint development by HDB and the National Environment Agency (NEA), the $31.1 million project will be built in the open space next to Woodlands Sports...
Continue Reading • 5 Aug 2014
Existing concessions are sufficient for upgraders: MND
The cooling measures are intended to keep the housing market stable and sustainable, encourage financial prudence among homebuyers and moderate property prices, Minister for National Development Khaw Boon Wan said in parliament yesterday.Statements were made in reply to a query on whether some of...
Continue Reading • 5 Aug 2014
LTA reveals location of Canberra MRT station
Works on the upcoming Canberra MRT station in Singapore will begin in mid-2015 and are expected to be completed in 2019.Located between Sembawang and Yishun stations along Canberra Link, the elevated Canberra station will serve commuters living in nearby estates such as Sembawang Springs, as well...
Continue Reading • 4 Aug 2014
Eye on Kampong Glam: A New Living Heritage
Muneerah Bee discovers how a district better known for embodying Singapore’s rich heritage is increasingly welcoming more residential developments. While Kampong Glam is better known as a cultural and historical zone, its excellent location on the outskirts of the city centre is drawing...
Continue Reading • 1 Aug 2014
Roxy-Pacific Holdings' properties boost revenue growth
Roxy-Pacific Holdings announced its net profit rose 16 percent to $22.8 million in Q2 2014, from $19.5 million in Q2 2013. This was achieved on the back of strong revenue growth of 49 percent to $102.6 million.In Q2 2014, the group’s revenue rose 49 percent to $102.6 million, as a result of...
Continue Reading • 1 Aug 2014
Lower property sales bring Tuan Sing's revenue down
Tuan Sing recorded a revenue of $142.9 million in H1 2014, down 22 percent over the corresponding period last year led by lower revenue from its property and industrial services.Gross profit decreased in tandem to $24.3 million with gross profit margin at 17 percent, and profit after tax stood at...
Continue Reading • 1 Aug 2014
Property market outlook remains positive amid price declines
Singapore’s property market outlook remains positive in the longer term, even as residential prices are expected to decline by 10 to 15 percent over the next two years, said industry watchers at the Real Estate Developers' Association of Singapore (Redas) property market update seminar as...
Continue Reading • 1 Aug 2014
Plan for a population of 10 million: ex-HDB head
It is necessary for the city-state to look beyond the White Paper’s population projection of 6.9 million by 2030 and plan for a higher figure of 10 million, according to Liu Thai Ker, who is widely regarded as the architect of modern Singapore.The 6.9 million forecast is an interim figure...
Continue Reading • 1 Aug 2014
Several Bedok facilities to be relocated
Bedok will soon have a brand new Bedok Integrated Complex (BIC) come 2017. It will be built on a 21,696 sq m site along Bedok North Street 1, where Bedok Adventure Park currently is. It will house Kampong Chai Chee Community Club (CC) and Bedok Sports Centre, along with various facilities such as...
Continue Reading • 31 Jul 2014