Roxy-Pacific boosts Q2 net profit to $19.5m
Roxy-Pacific Holdings has posted a 10.2 percent increase in its net profit for the second quarter of 2013 to S$19.5 million, along with a 31 percent revenue growth to S$68.9 million.The strong showing was attributed to property development, which saw an 83 percent boost in revenue to S$57.0...
Continue Reading • 2 Aug 2013
Coastal EC set to open for e-application
Sea Horizon, a coastal executive condominium (EC) in Pasir Ris developed by Hao Yuan Investment and Sustained Land will open for e-applications on 7 August. The 495-unit project will feature twelve tower blocks comprising two- to five-bedroom units and penthouses. Some homes will offer a...
Continue Reading • 2 Aug 2013
UK Minister: No ban on foreign buyers
The United Kingdom’s Housing Minister Mark Prisk has – finally – rejected calls to curb foreign ownership of London new builds, after apparently being sympathetic to the idea. The Minister's spokesman confirmed the news in a message to asset management company London Central...
Continue Reading • 2 Aug 2013
65% of construction industry uses state-of-the-art technology
Singapore’s construction sector has been seeing positive growth since adopting building information technology aimed at enhancing productivity, data shows.In fact, about 65 percent of 1,000 companies polled by the Building and Construction Authority (BCA) are already using Building...
Continue Reading • 2 Aug 2013
Soilbuild's net profit up 42% in Q2
Soilbuild Construction Group has reported a net profit hike of 42 percent to S$5.9 million in Q2 2013, from S$4.2 million a year ago.Revenue surged 70 percent to S$67.9 million from S$39.9 million during the same period in 2012. The significant increase was attributed mainly to higher...
Continue Reading • 2 Aug 2013
CapitaLand to move all operations to Capital Tower
Property giant CapitaLand will centralise all its business units at Capital Tower (pictured) by 2015.Located above Tanjong Pagar MRT station, the building has a net lettable area of approximately 741,000 sq ft. Previously, the group had plans to move its operations to Westgate Tower in Jurong by...
Continue Reading • 2 Aug 2013
Go ahead for Melbourne Docklands renewal
The Docklands area of Melbourne continues to cement its position as Australia's premier urban renewal precinct with Planning Minister Matthew Guy recently announcing planning approval for an AUD130 million (S$147.6 million) hotel and housing development.The 37-storey residential and hotel...
Continue Reading • 2 Aug 2013
UOB mortgage growth might fall
Among Singapore's three major banks, UOB should be least affected by the rise in bond yields, as it has the lowest ratio of assets held in bonds at 12 percent, according to Nomura. UOB has also been actively lowering the duration on its portfolio, as evidenced by the sharp fall in the average...
Continue Reading • 1 Aug 2013
Tharman: Building industry must deal with 'pain & gain'
In order for the construction industry to upgrade itself, it needs to learn to go through the ‘pain’ of increased foreign worker levies and tight labour market combined with the ‘gain’ of strong government subsidies.Deputy Prime Minister and Finance Minister Tharman...
Continue Reading • 1 Aug 2013
Iskandar bungalow lots sold out
Ten pre-selected bungalow lots at Leisure Farm Resort in Iskandar Malaysia have been snapped up, with more than 30 bids received. “We are overwhelmed by the strong reception,” said Lee Seng Huang, Executive Chairman of Mulpha International, the parent company of the project's...
Continue Reading • 1 Aug 2013
Jakarta top for prime price rises
Jakarta led the way for the third consecutive quarter for annual prime residential property prices according to the latest research from Knight Frank.Prime residential prices around the world – defined by the report as being the top five percent of mainstream property in each surveyed city...
Continue Reading • 1 Aug 2013
French gay village gets the green light
The gay community are the latest group to fuel the booming retirement property market, which already offers developments catering to art enthusiasts, musicians, military veterans and university alumni. According to research by Stonewall, the U.K. lesbian, gay and bisexual charity, there are...
Continue Reading • 1 Aug 2013
EC site in Jurong attracts 16 bids
An executive condominium (EC) site (pictured) at Yuan Ching Road/Tao Ching Road drew 16 bids at the close of its tender on Tuesday, according to the HDB. The 217,298 sq ft site with a maximum gross floor area (GFA) of 651,895 sq ft was among three EC sites offered on 99-year leases.A consortium...
Continue Reading • 1 Aug 2013
Competition between new projects to affect rents
The rental market may be forced to cut prices further as a large upcoming supply of newly-completed condominiums pushes up the number of potential rental properties, according to media reports.Property consultants believe that competition will heat up even more and rental rates will fall in the...
Continue Reading • 1 Aug 2013
Branded buyers look to Vietnam
Investing in Vietnamese property, especially along the country’s fabled Central Coast, has never been more popular with foreign investors, according to Vietnam Sotheby’s International Realty.The company noted that Asia-based investors from Hong Kong, Singapore, and mainland China are...
Continue Reading • 1 Aug 2013
Asia's rich continue to house hunt overseas
With limited properties available in their home countries, Asian investors could park up to US$150 billion (S$190.6 billion) in property investment in global gateway cities over the next five years, according to a CBRE report. Currently, wealthy Asian institutional investors control a fifth of...
Continue Reading • 1 Aug 2013
Uncertainty raised over foreign property ownership in Indonesia
A bill currently being drafted by the Indonesian government is giving hope that foreign buyers, including Singaporean expatriates, could own properties in the country.The existing rules which allows foreigners to occupy a building or land for 25 years is now being revised and awaiting approval...
Continue Reading • 1 Aug 2013
S'pore property nearing inflexion point: Redas chief
Singapore's property cycle is nearing an important inflexion point, said Chia Boon Kuah, President of the Real Estate Developers' Association of Singapore (Redas).Pointing to two emerging trends, namely increased volatility and a maturing property cycle, Chia, who is also Chief Operating...
Continue Reading • 31 Jul 2013
China firm to invest US$1b in LA devt
China's state-owned Shanghai Greenland Group has invested US$1 billion (S$1.27 billion) into a Los Angeles project, making it the latest Chinese developer to venture abroad.“We are extending the China market abroad, and we prioritise our investment to countries where Chinese immigrants,...
Continue Reading • 31 Jul 2013
CapitaLand saves over $35m in utility bills
Singapore-based developer CapitaLand today said it has saved over S$35 million in utility costs through its sustainability programme since 2009. This figure was shared during a briefing of its Global Sustainability Report 2012, which highlighted the group's environmental achievements. This is its...
Continue Reading • 31 Jul 2013