Upper Serangoon residential site attracts strong bids
The tender for a residential site at Upper Serangoon Road / Pheng Geck Avenue (Parcel A) was closed yesterday, after attracting a total of 15 bids. The top bid was submitted by Clerodendrum Land Pte Ltd at S$185.17 million, or S$6,106.52 psm of gross floor area (GFA).“The top bid of...
Continue Reading • 12 Aug 2011
Govt must have contingency plans, says Dr Tony Tan
Former Deputy Prime Minister Dr Tony Tan said that, should he be voted in as president, his experience will help the government. He noted that the Singapore government should enact contingency plans in case the current economic situation plaguing Europe and the United States turns into a...
Continue Reading • 12 Aug 2011
PropertyGuru teams up with Yahoo!
A new partnership has been announced between PropertyGuru and Yahoo! Inc that will see the two publishers provide comprehensive property-related content to more than 17 million visitors across Singapore, Malaysia, Indonesia and Thailand.Under the deal, PropertyGuru will provide property news,...
Continue Reading • 12 Aug 2011
Chip Eng Seng posts lower Q2 profit
Construction and property group Chip Eng Seng Corp Ltd has posted a 14.4 percent decline in net profit for the second quarter, down to S$17.71 million from S$20.7 million over the same period last year.The company’s revenue for the period also fell 31.1 percent to SS$86 million, from S$125...
Continue Reading • 12 Aug 2011
CDL reports strong results for Q2
Boosted by strong contributions from rental properties and hotel operations, City Developments Ltd (CDL) saw a 17 percent increase in net profit for the second quarter to S$220.9 million, from S$188.9 million a year ago.The company said property development continues to be a major contributor to...
Continue Reading • 12 Aug 2011
Prime property prices in major global cities continue to rise
Prices of prime properties monitored by Knight Frank's Prime Global Cities Index increased 6.8 percent year-on-year in June 2011, with Hong Kong experiencing the strongest annual growth of 16.1 percent.“Our latest results confirm that annual price growth in prime city markets has slowed...
Continue Reading • 11 Aug 2011
Aussie home loan approvals seen to be steady
The Australian Bureau of Statistics has noted that the number of home loans granted in Australia in June remained steady.Based on data released by the bureau, mortgage applications to build or purchase properties remained flat from May, when it climbed 2.8 percent, according to a Bloomberg...
Continue Reading • 11 Aug 2011
GCB market to remain tight
Median rents for Good Class Bungalows (GCBs), an exclusive category of bungalows with stringent planning guidelines, have been stable over the past few decades, according to The Business Times.Based on built-up area, the average rents for GCBs reached S$3.41 psf per month as of the second quarter...
Continue Reading • 11 Aug 2011
M&C all set to expand in Asia
Millennium & Copthorne Hotels (M&C), a division of Singapore property developer City Developments, is embarking on an expansion plan in India, China and the Middle East.Executives at the London-listed hospitality chain are certain that demand for hotel accommodation in these markets will...
Continue Reading • 11 Aug 2011
COV is here to stay, says Khaw
National Development Minister Khaw Boon Wan has clearly stated that he cannot abolish the cash premiums that HDB resale flat buyers must pay to sellers.His announcement came as a reply to comments posted on his Facebook page on National Day. He explained that the Cash-Over-Valuation (COV)...
Continue Reading • 11 Aug 2011
Home buyers can expect more luxury projects in Singapore
Home seekers can look forward to a string of luxury residential projects in some of the most prime locations in Singapore, such as Sentosa Cove, Ardmore Park and Nassim Hill, according to The Business Times.CB Richard Ellis (CBRE), one of the leading property consultancy groups in Singapore,...
Continue Reading • 11 Aug 2011
China's property market accelerated in July despite curbs
China’s yearly real estate investment and sales growth accelerated in July, as revealed in official data, even as the government increased efforts to regulate the sector.The optimistic growth in one of China’s key sectors provides a boost to its sluggish economy at a crossroads where...
Continue Reading • 11 Aug 2011
Bukit Sembawang hits record Q1 profit of S$44.4m
Singapore property developer Bukit Sembawang has posted strong results in the first quarter, with net profit climbing 3.5 times to S$44.4 million, from S$12.5 million over the same period last year.The marked improvement was attributed to a combination of higher profit recognition from its...
Continue Reading • 11 Aug 2011
Bishan condo gets residents thumbs up
CapitaLand's new condominium project in Bishan Central has been given the thumbs up by design experts, as well as residents living in the area. Renowned international architect Moshe Safdie was commissioned to design the development. The 540-unit condominium will comprise two 38-storey...
Continue Reading • 10 Aug 2011
Singapore's economy ekes out 0.9% Q2 growth
The Ministry of Trade and Industry has announced that Singapore’s economy expanded by 0.9 percent in Q2 from the previous year, to beat advance estimates.As part of his National Day message, Prime Minister Lee Hsien Loong revealed that growth in the first six months of the year rose 4.9...
Continue Reading • 10 Aug 2011
UK house prices creep up 0.5% in July
Residential property prices in the UK rose 0.5 percent in the second quarter from the preceding three month period, according to latest figures published by Halifax.“This was the first increase in this key measure of underlying price movements for 14 months. Prices rose for the third...
Continue Reading • 10 Aug 2011
Home buyers in Beijing face tougher loan approvals
First-time home buyers in Beijing face tougher loan approvals, as China’s "Big Five" banks have withdrawn their favourable first-home loans in the city starting August, according to a report by the China Securities Journal.The report said that first-time home buyers applying for...
Continue Reading • 10 Aug 2011
Jones Lang acquires Indonesia's largest property consultancy firm
Global real estate services firm Jones Lang LaSalle (JLL) has announced its acquisition of Indonesia’s largest property consultancy firm Procon, creating the largest real estate services company in the country.“I am delighted and excited with this new combined business operation in...
Continue Reading • 10 Aug 2011
S'pore the 4th best city in the world: Savills
Singapore has been named one of the top 10 cities in the world, according to the Savills World Class Index of residential property markets.According to Property Wire, average prices in the index have risen 77 percent since the end of 2005.The index shows the widening gap among the rising...
Continue Reading • 10 Aug 2011
Ho Bee's net profit plummets 55.3% from last year
Singapore property developer Ho Bee Group has recorded a 55.3 percent year-on-year decline in net profit in the second quarter to S$57.2 million, on the back of a 42.5 percent drop in Q2 revenue to S$157.6 million.The decline in Q2 results was mainly driven by lower revenue recognition at its...
Continue Reading • 10 Aug 2011