Suntec Reit to acquire stake in MBFC
Suntec Real Estate Investment Trust (REIT) has agreed to spend S$1.4958 billion, or approximately $2,568 psf of NLA to acquire a one-third stake in some properties in Phase One of Marina Bay Financial Centre (MBFC) from companies Hutchison Whampoa and Cheung Kong Holdings, which are both owned by...
Continue Reading • 27 Oct 2010
Wing Tai posts lower Q1 results
Singapore property developer Wing Tai Holdings has posted a Q1 net profit of $30.2 million, down 35 percent from $46.3 million in the previous year, while revenue dropped 52 percent to $131 million from $275.8 million a year ago.The developer said the Q1 revenue was mainly attributed to sales...
Continue Reading • 27 Oct 2010
TCT's Q3 NPAT hits S$18.675m
Treasury China Trust (TCT) has posted a net profit after tax of S$18.675 million for the quarter that ended September 30 2010, which resulted in a net distributable income of S$0.845 million, said Treasury Holdings Real Estate Pte. Ltd, the trust’s manager.TCT, which focuses exclusively on...
Continue Reading • 27 Oct 2010
Suntec REIT distribution income down 3.2% in Q3
Suntec Real Estate Investment Trust (Suntec REIT) has seen a 3.2 percent decline in its distribution income to $46.2 million in the third quarter this year.Among the assets of Suntec REIT include Suntec City Mall, some office units in Suntec Towers One, Two and Three, and the entire Suntec Towers...
Continue Reading • 27 Oct 2010
Mortgage pressures rising in Melbourne and Brisbane
First-time homebuyers in Melbourne and Brisbane are now facing mortgage pressures similar with those in Sydney, according to new research.A study conducted by the National Centre for Social and Economic Modelling (NATSEM) at the University of Canberra showed that more than 50 percent of...
Continue Reading • 27 Oct 2010
FCT to acquire Bedok Point next year
Frasers Centrepoint Trust (FCT), a wholly-owned unit of Fraser and Neave Group, will acquire Bedok Point Mall from its parent company by Q2 next year, said Chew Tuan Chiong, chief executive of FCT.In January, FCT paid Frasers Centrepoint approximately $290 million for two malls, the YewTee Point...
Continue Reading • 27 Oct 2010
Two residential sites up for sale
The URA has launched two residential sites located at Punggol Central/Punggol Walk and Seletar Road for sale through a public tender under the Confirmed List of the H2 2010 GLS Programme.Together, the two sites can potentially yield approximately 1,080 housing units, offering homebuyers more...
Continue Reading • 27 Oct 2010
Chestnut Ave freehold bungalow sold for $5.24m
A freehold bungalow located in the Chestnut Avenue Good Class Bungalow Area was sold for $5.24 million at a property auction last week.With a starting price of $4.5 million, the property at 5 Chestnut Close received a total of 16 bids. The sale price works out to approximately $874 psf based on a...
Continue Reading • 26 Oct 2010
UK mortgage approvals at its lowest
Mortgage approvals in the United Kingdom dropped in September to its lowest level since March last year, due to weaker home loan demand, according to the British Bankers' Association (BBA).UK lenders had granted 31,104 home loans in September compared with 31,781 in the previous month, said BBA...
Continue Reading • 26 Oct 2010
Unleveraged return on Asia's real estate was -0.2%
The unleveraged return on Asian real estate in 2009 was -0.2 percent, according to a new report by the Asian unit of Investment Property Databank (IPD), a global company that provides performance analysis for owners, investors, managers and occupiers of property.IPD Asia pooled data on Singapore,...
Continue Reading • 26 Oct 2010
Frasers Hospitality to open more Middle East properties
Frasers Hospitality debuted in the Middle East in March with the launch of the 91-unit Fraser Suites Seef, Bahrain. This will be followed by the opening of Fraser Suites Doha and another three assets in the region over the next two years.Fraser Suites Doha comprises 158 suites and penthouses and...
Continue Reading • 26 Oct 2010
HK's secondary transaction volume soars to 3-years high
The weekend transaction volume for the 10 major secondary residential estates in Hong Kong for October 23 to 24 climbed to 94 transactions from 84 deals during October 16 to 17, according to the Hong Kong Economic Times (HKET).This figure implies a 3-year-high since November 2007. The volume has...
Continue Reading • 26 Oct 2010
EC site awarded to ChoiceHomes - CEL Devt JV
A 99-year leasehold executive condominium (EC) site at Pasir Ris has been awarded to ChoiceHomes Investments Ltd and CEL Developments Ltd which offered a joint bid of $89.89 million.The 15,142.2 sq m land parcel is located at the junction of Pasir Ris Drive 1 and Elias Road. It has a maximum...
Continue Reading • 26 Oct 2010
Remaining 30 units at CityVista Residences sold for $147m
The Chip Eng Seng – Lehman venture has sold the remaining 30 units at CityVista Residences for approximately $147 million, according to The Business Times.Located at Peck Hay Road in the Cairnhill area, the 20-storey freehold building of 70 units recently received a Temporary Occupation...
Continue Reading • 26 Oct 2010
MCL Land's Q3 results plummet
Property developer MCL Land has announced that its Q3 net profit declined 91 percent to US$8.84 million, from US$96.4 million last year, as Q3 sales dived 83 percent to US$46.58 million due to lower revenue from completed projects.Earnings per share in the third quarter plunged to 2.39 US cents...
Continue Reading • 26 Oct 2010
Cardiff Court up for sale
Cardiff Court off Lorong Chuan has been put up for en bloc sale for $25 million.Together with the estimated development charges of $6.63 million, the $25 million price tag of the 43,500 sq ft leasehold site works out to around $519 psf of potential gross floor area (GFA). It is zoned for...
Continue Reading • 26 Oct 2010
Private residential prices in Q3 up 2.9%
Overall prices of private residential properties grew 2.9 percent in the third quarter, compared with the 5.3 percent increase in the second quarter, said the URA.Prices of non-landed properties saw an increase of 1.6 percent in Q3, compared with the 5.0 percent increase in the earlier period,...
Continue Reading • 25 Oct 2010
US foreclosures easing out
The foreclosure process in the US is easing out, allowing delinquent home borrowers to stay in their homes for months after they stop paying mortgage debts, according to Freddie Mac.It said that homes are taking as long as eight months to work their way through the foreclosure process, two months...
Continue Reading • 25 Oct 2010
Global direct property investment volumes hit US$69b in Q3
Direct real estate investment volumes across the globe reached US$69 billion in the third quarter, indicating that investment recovery in the last four quarters has levelled off, according to new research released by global real estate services firm Jones Lang LaSalle (JLL).Meanwhile, direct...
Continue Reading • 25 Oct 2010
Estate agencies council commences operations
The Council for Estate Agencies (CEA), a new statutory board set up under the Estate Agents Act 2010, has commenced operations since last Friday.Aside from raising the professionalism of the real estate agency industry, the new regulatory framework also aims to enable consumers to better protect...
Continue Reading • 25 Oct 2010