300 units sold at Larvotto project in HK
Property developer Sun Hung Kai Properties has sold 300 units at its Larvotto project in Hong Kong over the past two weekends.Sun Hung Kai and its partners, Paliburg Holdings Ltd and Kerry Properties Ltd, have brought in a total revenue of HK$8 billion (S$1.4 billion) from the sale, said Victor...
Continue Reading • 27 Jul 2010
Singapore's manufacturing output up 26.1% in June
The manufacturing output of Singapore has increased 26.1 percent in June, according to data released by the Economic Development Board (EDB). However, the level of growth came in slower due to a drop in the pharmaceutical segment.The figure was below the 36.7 percent market forecast and a far cry...
Continue Reading • 27 Jul 2010
SGD likely to strengthen, according to IMF
Inflation in Singapore is likely to pick up, and policy-makers should be wary about the growth and price outlook, which may need further calibration of the country’s monetary policy, according to the International Monetary Fund (IMF).While making an assessment of the country's economy, IMF...
Continue Reading • 27 Jul 2010
Rob Blain receives top award
CB Richard Ellis (CBRE) has announced that Rob Blain, chairman and chief executive of CBRE for Asia Pacific, has received the “Industry Champion” award at the 2010 Real Estate Facilities Projects (RFP) Outstanding Individuals Industry Awards.The awards, which recognise the...
Continue Reading • 27 Jul 2010
Euro Stoxx 50 futures to launch in Singapore
Eurex and the Singapore Exchange will launch US dollar denominated Euro Stoxx 50 futures in Singapore by end-2010.“Customers will have first-mover advantage to react to weekend or overnight European and US market news and manage their European exposures during Asian hours,” said Chew...
Continue Reading • 27 Jul 2010
StayWell Hospitality expanding beyond Australia
The four-year-old StayWell Hospitality Group which has made huge strides in Australia, is now targeting Singapore and Dubai for expansion.“Our aim was to secure a sound domestic footing, and now we’re moving into Asia,” said Richard Doyle, StayWell’s executive director....
Continue Reading • 27 Jul 2010
Starhill Global REIT's DPU in Q2 down 4.2%
Starhill Global REIT’s Q2 distribution per unit (DPU) was 0.91 cent, which is 4.2 percent lower compared with 0.95 cent in the first quarter.Although property income rose 6.9 percent to S$28.9 million, its distributable income in the second quarter fell 3.6 percent to S$17.7...
Continue Reading • 27 Jul 2010
Fragrance Group Q2 net profit down 4.9%
Property developer Fragrance Group has announced that its net profit for the second quarter fell 4.9 percent to $16.8 million, compared with $17.7 million over the same period last year. Revenue also dropped 24.3 percent to $60.2 million, compared with $79.5 million in the previous year.The...
Continue Reading • 27 Jul 2010
Pastoral View owners, OCBC sell properties together
Pastoral View owners have teamed up with OCBC to sell their two properties together. OCBC’s site, located at 11 Bassein Road is next door to the 50-unit Pastoral View, located at 7 Bassein Road in the Novena area. Both properties are freehold.“The sellers are expecting offers in the...
Continue Reading • 27 Jul 2010
US mortgage rates down to new record lows
The average rates for 30-year and 15-year fixed-rate mortgages in the US fell to new record lows last week, according to a new survey released by Freddie Mac.Low interest rates in the country are expected to trigger growth in the housing market, which has been reeling from the expiration of the...
Continue Reading • 26 Jul 2010
Ascott REIT's DPU climbs 4% in Q2
Ascott Residence Trust (Ascott Reit) has posted a slim rise in its distribution per unit (DPU) for the second quarter of 2010. Ascott Reit DPU rose 4 percent to 1.87 cents in Q2 from 1.79 cents over the same period last year, while Q2 distribution to unitholders increased 5 percent to $11.6...
Continue Reading • 26 Jul 2010
FCT posts a record distribution income in Q3
Frasers Centrepoint Trust (FCT) has announced that its distribution income in the third quarter increased 35 percent to $16.3 million from a year ago. Chew Tuan Chiong, CEO of FCT, also said distribution per unit (DPU) rose seven percent from last year’s 1.94 cents to 2.07 cents in...
Continue Reading • 26 Jul 2010
Net office demand surges in Q2
Net office demand in Singapore has increased in the second quarter of 2010 to its highest quarterly level since the third quarter of 2007. Demand has increased approximately 68 percent from Q1 to 398,264 sq ft in Q2, according to figures released by the URA. The strong quarterly take-up has...
Continue Reading • 26 Jul 2010
Private property prices reach all-time record
Private property prices have increased 5.3 percent in the second quarter this year, setting an all-time high in the price index to 184.1, and beating the earlier record of 181.4 achieved in the second quarter of 1996.In spite of the smaller quarter-on-quarter increase and the expected slower...
Continue Reading • 26 Jul 2010
Funds for UK mortgage rescue scheme to be cut
The new coalition government in the UK has announced that its mortgage funding rescue programme will be cut, in line with a series of financial cutbacks in order to save money to reduce budget deficit, said Housing Minister Grant Shapps.The minister noted that while total funds for the Mortgage...
Continue Reading • 23 Jul 2010
Final call for entries to MIPIM Asia Awards 2010
MIPIM Asia has announced the final call for entries to the MIPIM Asia Awards 2010, with the deadline for submission set at August 6.Launched in 2007, the MIPIM Asia Awards is now in its fourth year, paying tribute to outstanding projects in the Asia Pacific, for their architectural, technical and...
Continue Reading • 23 Jul 2010
China to improve policy measures
Chinese Premier Wen Jiabao has announced that China will improve its policy measures to stimulate consumption for the second half of the year while balancing inflationary pressures.“Regardless of whether the aim is to solve long-existing systemic and structural problems or to solve urgent...
Continue Reading • 23 Jul 2010
ARA buys 15% stake in APN
ARA Asset Management has obtained a 15-percent stake in Australia’s struggling funds management provider APN Property Group.ARA, a real-estate funds manager affiliate of Cheung Kong Group, is listed on the Singapore Stock Exchange with a $638 million market capitalisation.APN, whose three...
Continue Reading • 23 Jul 2010
Suntec Reit's DPU down 15 percent in Q2
Suntec Real Estate Investment Trust has posted a distribution per unit (DPU) of 2.528 cents in the second quarter of 2010, down 15 percent from last year’s 2.977 cents.Gross revenue also declined 3.3 percent to S$62.4 million, a decline of S$2.1 million over the same quarter last year,...
Continue Reading • 23 Jul 2010
CMT's DPU in Q2 up 7.5 percent
CapitaMall Trust (CMT) announced recently that it will get involved in greenfield development projects to raise its distribution per unit.CMT also announced that this will be on top of the company’s existing strategy involving assets enhancement, active leasing as well as selective...
Continue Reading • 23 Jul 2010