Keppel Corp's net profit up 9.4% in Q2
Keppel Corp has announced that its operating revenue in the second quarter increased 24.6 percent to $444.6 million on the back of a 24.6-percent year-on-year fall in profit to $2.42 billion.However, due to the absence of a one-time gain worth $422 million in Q2 2009, the company’s net...
Continue Reading • 23 Jul 2010
Morgan Stanley exits dormitory business
Morgan Stanley is putting its portfolio of four majority-owned dormitories, which can house over 20,000 workers, up for sale.An expression of interest (EOI) is believed to have closed for the portfolio earlier in July, receiving six bids at prices ranging between $375 million and $450 million....
Continue Reading • 23 Jul 2010
Property owners continue with planned collective sales
The new provisions to the Land Strata Titles Act took effect last week, but property owners with collective sale ambitions appear unfazed as they continue their planned en bloc sales.Among the developments that have elected sales committees and are pursuing their en bloc runs include Shenton...
Continue Reading • 23 Jul 2010
The Scala set to be launched
A private preview of The Scala residential project is set to take place earlier than expected and its developer said the selling price of the new project will be unveiled during the event.Developed by Hong Leong Holdings, the 99-year leasehold project is located in Serangoon Avenue 3 near the new...
Continue Reading • 23 Jul 2010
US mortgage loan demand rises as purchase demand surges
The number of US mortgage applications surged last week, as demand for home loan purchases increased for the first time in five weeks, according to the Mortgage Bankers Association (MBA).Meanwhile, demand for refinancing loans reached the highest level in 14 months, as interest rates hit its...
Continue Reading • 22 Jul 2010
HSBC Singapore welcomes new CEO
HSBC has appointed Mr. Alex Hungate as the new chief executive of its Singapore operations starting on September 1.Mr. Hungate, who is currently the global head of personal financial services and marketing at HSBC London, takes the place of Mr. Guy Harvey-Samuel, who will move to Hong Kong to...
Continue Reading • 22 Jul 2010
CCT's distributable income up 16%
Real estate investment trust CapitaCommercial Trust (CCT) has announced that its distributable income in the second quarter of this year rose 15.9 percent to $55.674 million over the same period last year.The increase was primarily due to lower property operating expenses and higher rental...
Continue Reading • 22 Jul 2010
CBRE ranked the world's top commercial property firm
For the seventh consecutive year, CB Richard Ellis (CBRE) has been ranked as the world‘s top commercial property firm by National Real Estate Investor, a leading magazine for professional real estate investors.CBRE manages over 2.5 billion sq ft of commercial property worldwide, a portfolio...
Continue Reading • 22 Jul 2010
Values of flood-affected properties likely to fall
Most homeowners residing in flood prone areas are worried that property values and rental prices will likely fall.Several property experts have mixed views on the matter, as to whether the values will drop or if it is just a premature reaction.“It's already clear in people's minds which...
Continue Reading • 22 Jul 2010
Wee Hur to acquire MacPherson Rd property
Construction services company Wee Hur Holdings is acquiring a property at No.459, MacPherson Road.The company said the acquisition price of the property reached S$3.85 million, and the cost for redevelopment will be funded by internal resources and bank borrowings.Wee Hur added that the property...
Continue Reading • 22 Jul 2010
Four state properties up for rent through public tender
The Singapore Land Authority (SLA) has announced that it has appointed total asset management company UGL Premas to launch four state properties for rent through a public tender.The state properties, 1-4 Piccadilly Circus, have a total land area of 4,713 sq m and a gross floor area of about 1,041...
Continue Reading • 22 Jul 2010
GCB prices still rising
Prices of the most expensive homes in Singapore have continued to increase, with the value of upmarket, prime-area bungalows soaring this year and sales totalling over $1 billion in the first half of 2010.According to a report released by Savills Singapore, a house in Nassim Road went for $43.5...
Continue Reading • 22 Jul 2010
Q2 investment sales market improves
Singapore’s investment sales market in the second quarter has strengthened further, recording a 24.3 percent jump to S$7.11 billion, compared with S$5.72 billion in the first quarter this year, according to property consultancy group Colliers International.The group said the increase in the...
Continue Reading • 22 Jul 2010
UK mortgage lending surged 15% in June
Mortgage lending in the UK rose 15 percent in June to approximately £13.1 billion from £11.4 billion in the previous year, according to the latest figures released by the Council of Mortgage Lenders (CML).Gross lending also increased 7 percent compared to June 2009, but lending in the...
Continue Reading • 21 Jul 2010
Amara Group joins the Thai hospitality market
As part of its regional expansion, Amara Hotels & Resorts, the hospitality arm of Amara Holdings Limited, will be developing a 272-room hotel project in Thailand, marking the company’s first project in the country.In conjunction with its latest project, Amara Hospitality (Thailand) Co.,...
Continue Reading • 21 Jul 2010
CDL buys Renaissance Syracuse Hotel in New York
City e-Solutions, a subsidiary of City Developments Ltd. (CDL), recently purchased Renaissance Syracuse Hotel in New York for about US$10 million.This represents US$35,842 per key and a 14 percent yield on the net operating income for 2009.The 20-story hotel, which is situated on a freehold site,...
Continue Reading • 21 Jul 2010
Wing Tai shares up 4.3%
Singapore-listed property developer Wing Tai has recorded a 4.3 percent rise in shares to a two-month high of $1.70 (US$1.23) following the upgrade of another major developer by Credit Suisse.City Development was upgraded by Credit Suisse to ‘outperform’, resulting in an almost 3...
Continue Reading • 21 Jul 2010
Keppel Land's net profit up 20.3% in Q2
Property developer Keppel Land has announced that its net profit for the second quarter increased 20.3 percent to $70 million on the back of a 19-percent fall in Q2 revenue to $202.8 million.The company’s net profit for the first half of this year also increased 41.6 percent to $134.7...
Continue Reading • 21 Jul 2010
Serviced apartment rent increases to resume this year
Singapore’s mid-tier and high-end segment is expected to see a 5 percent to 10 percent increase in its average daily serviced apartment rental rates this year, following a 22-percent decline in 2009, said Savills Singapore.Savills’ index for serviced apartment rents in the segment...
Continue Reading • 21 Jul 2010
Rent with no restrictions
Religious organisations are not allowed to exclusively lease or own commercial premises, according to recently released guidelines.Concerns have now emerged on the future of the City Harvest Church with its $310-million stake in Suntec Singapore, and of the business arm of New Creation Church,...
Continue Reading • 21 Jul 2010