Australand incurs a net loss of A$298.2 million
Australand, a unit of CapitaLand in Australia, said that it incurred a net loss of A$298.2 million.The accounting loss was attributed to its investment properties’ revaluation loss of A$249.4 million, it said.Moreover, Australand incurred the impairment of joint venture assets and...
Continue Reading • 10 Feb 2010
CMT acquires Clarke Quay for $268m
CapitaMall Trust (CMT) has acquired Clarke Quay from its sister company, CapitaMalls Asia, for $268 million.According to CMT, it has the capacity and adequate financial flexibility to finance the transaction, which is slated to be completed by July 2010.Assuming that the transaction is completely...
Continue Reading • 10 Feb 2010
CapitaLand's Beaufort project in China receives overwhelming response
CapitaLand said that its new condominium in Beijing has been receiving an overwhelming response, with 95 percent of Phase One units being sold in just over two weeks.The Beaufort condominium is situated on a 53,808 sq m land plot near the Beijing Chaoyang Park, one of the largest city parks in...
Continue Reading • 10 Feb 2010
URA launches Mohamed Sultan Rd office site for public tender
The Urban Redevelopment Authority (URA) has launched a transitional office site located at Mohamed Sultan Road for sale through public tender.The site, with a lease period of 15 years, has a maximum permissible gross floor area of around 9,200 sq m and a land area of around 0.62 hectares.It is...
Continue Reading • 10 Feb 2010
HK architect's innovative solution for space crunch
After living in the same boxy, 32-sq-m dwelling for three decades, Hong Kong architect Gary Chang came up with a science fiction-like 'domestic transformer', as an innovative solution to the increasingly repressed lives of many urban residents.“The idea is everything is moving. This is my...
Continue Reading • 9 Feb 2010
Australian mortgage funds still down
Owen Lennie, managing director of Light of Day investor group, said that even on a "highly restricted basis”, "half a dozen" of more than 200 property funds in Australia are expected to reopen for redemptions in the next 18 months.However, investors have to wait several years...
Continue Reading • 9 Feb 2010
HK real estate market due for correction
The real estate market in Hong Kong has escalated and buyers must watch out for a bubble forming, said Justin Chiu, Executive Director of Cheung Kong (Holdings) Ltd.“The rise is a bit unusual,” said Mr. Chiu in an interview. “There should be a correction at some point.”Low...
Continue Reading • 9 Feb 2010
Mapletree Logistics Trust files bankruptcy petition
Mapletree Logistics Trust said it filed a bankruptcy petition against Mr. Ang Chee Seng, company director of Alchemi Assets, who had defaulted on the lease agreements for a property at 9 Tampines Street 92.Mapletree obtained a summary judgment against Mr. Ang, who will make an appeal in court on...
Continue Reading • 9 Feb 2010
New REIT to list on SGX
A new real estate investment trust (REIT), intended to invest in logistics properties, is set to be listed on the Singapore Exchange (SGX).According to ARA Asset Management, a property fund management firm, Cache Logistics Trust (CLT) has obtained a letter of eligibility to list on the...
Continue Reading • 9 Feb 2010
Property prices recover after disastrous start in 2009
According to the latest published figures, Singapore’s residential property prices rose 7.4 percent in the last quarter of 2009, as the property market made a quick recovery from last year’s weak start.This followed the 15.8 percent increase in the previous quarter, a quick turnaround...
Continue Reading • 9 Feb 2010
UK mortgage lenders warn of continued crisis
Bank societies in Britain warned that they will have to increase rates on home loans and cut down mortgage lending if the government insists on the full payment of the £300 billion support they have received since 2008.In a recent paper to policymakers, the Council of Mortgage Lenders (CML)...
Continue Reading • 8 Feb 2010
RWS casino gears up for CNY opening
Singapore’s Universal Studios theme park and RWS casino are expected to open this coming Chinese New Year, which is considered a good timing.Staff and tenants at Resorts World Sentosa (RWS) said they have been preparing for the big opening celebration scheduled for the weekend.They have...
Continue Reading • 8 Feb 2010
GuocoLand records a $60.4m net profit for Q2
GuocoLand has recorded a remarkable recovery in its net profit in the second quarter.The real estate developer posted a net profit of $60.4 million for its Q2 ending December 31, a hefty increase from its $900,000 earnings a year ago. The higher profit contribution for Q2 was mainly from its real...
Continue Reading • 8 Feb 2010
Condos without a tennis court are still a hit
Spending a lot of money does not necessarily get you everything you need these days, unless when it comes to purchasing a private apartment.New homes that cost as much as $2,600 psf can offer designer furnishings and put you in a coveted district, but these homes may no longer have large common...
Continue Reading • 8 Feb 2010
First-time homebuyers in the UK get mortgage boost
The availability of mortgages is increasing in the UK, which is a good sign for first-time homebuyers.The number of home loan deals offered on the UK market jumped 20 percent last month, with some deals requiring a small deposit of 10%, according to figures released by financial information...
Continue Reading • 5 Feb 2010
Singapore stocks closed 0.7% lower
Singapore shares closed 0.7 percent lower on Thursday, as many investors gained profit and stayed on track ahead of the US non-farm payrolls data which is due today.Singapore’s Straits Times Index lost 19.86 points and ended at 2,744.98, on a volume of 1.27 billion shares worth $1.11...
Continue Reading • 5 Feb 2010
Sengkang condo site receives a top bid of $200.5m
A tender for a parcel of land in Sengkang saw robust bidding, with the top offer exceeding $200 million.According to industry experts, it marks a growing interest by developers to snap up good sites.The site at Fernvale Link and Sengkang West Avenue received bids from 10 developers.The top bid of...
Continue Reading • 5 Feb 2010
CapitaMalls Asia acquires Meili Mall in Chengdu for around $95m
CapitaMalls Asia has closed a deal with Chengdu Vanke Property for the purchase of the Meili Mall in Chengdu. Chengdu Vanke Property is selling it for around $95 million.The projected total expenditure of CapitaMalls Asia on the mall is $106.9 million, inclusive of fitting-out works.Meili Mall is...
Continue Reading • 5 Feb 2010
ESC suggests more flexible land use in Singapore
The Economic Strategies Committee has recommended that Singapore should look closely at how some of the industrial lands could help enhance the city's liveability.One proposal is to develop new offices, restaurants and shops alongside the manufacturing plants. If this is done according to plan,...
Continue Reading • 5 Feb 2010
No help in sight, so more US homeowners walk away
Benjamin Koellmann purchased a condominium in Miami Beach, Florida in 2006. He expected to sell his condominium by the year 2025 or maybe 2040.Doing nothing about these “underwater mortgages” could encourage more bailouts, dealing another enormous blow to the US economy.Mr Koellmann...
Continue Reading • 4 Feb 2010