Deyaar will develop projects by 2010
Deyaar DEYR.DU, a developer in Dubai, announced on Monday that it had removed 20 percent of its workforce. The company said it will organize co-investment funds for its expansion plans overseas and re-start the development of projects by 2010."2009 was a development holiday. In 2010 we have...
Continue Reading • 28 Oct 2009
CapitaLand’s Profit Drops 33% in the Third-Quarter
CapitaLand Ltd., the biggest developer in Southeast Asia, said its third-quarter revenue dropped 33 percent from the previous year.Net income in the third quarter fell to $201 million ($281.3 million) from last year’s S$419.4 million, according to a statement released by Singapore stock...
Continue Reading • 28 Oct 2009
Office space slump to worst condition
The biggest banks and security firms in New York may relinquish this year more than eight million square feet of office space, deepening the current slump on commercial properties in more than a decade.Citigroup, JPMorgan Chase and bankrupt Lehman Brothers Holdings as well as several industry...
Continue Reading • 27 Oct 2009
CDL's profit jumps to $100m in Q4
The City Developments Limited (CDL) said the previous day that it anticipates to continue to be profitable this 2009, having recorded $100 million net earnings in the fourth quarter of 2008.With revenue easing to 5.2 percent to $2.95 billion, the full-year net earnings of CDL slide by 19.9...
Continue Reading • 27 Oct 2009
CDL backs out on SKorea’s project
The City Developments Ltd (CDL) pulled back from a commercial and hotel project in Incheon, South Korea, said CDL Executive Chairman Kwek Leng Beng.Under a memorandum of agreement in 2007 with DC Chemical Company, CDL was to raise up to US$300 million into a project in South Korea.However, Mr....
Continue Reading • 27 Oct 2009
Developers meet with valuers to seek for similar ground
Singapore developers held a meeting with valuers the previous week amid the recent complaints regarding the conservative valuations, which have derailed home sale transactions as prospective home buyers failed to secure from banks the required loan quantum.BT understands that developers are not...
Continue Reading • 27 Oct 2009
Minister Mah: Government has limitations
National Development Minister Mah Bow Tan said yesterday, “There are limits to what the Government can and should do,” telling developers about government’s limitation to guarantee the smooth sailing and the long-term stability in the property market.“For instance, we...
Continue Reading • 27 Oct 2009
$158m freehold condo site sold
Lee Tat Development has sold a 207,000 square feet plot for $158 million, making it one of the largest freehold condo site deals in the last 12 months.The said plot, which is located at the end of Lengkong Tujoh and Jalan Senang, was purchased through a joint venture transaction with Hoi Hup and...
Continue Reading • 27 Oct 2009
HK’s mortgage loans drop to 40 percent
Mortgage loans in Hong Kong dropped for three straight months in October, as lending transaction in banks become tighter due to economic slowdown and a freeze of global credit.Figures from Hong Kong Monetary Authority (HKMA) showed Hong Kong banks approved about S$2.7 billion (HK$13.7 billion) of...
Continue Reading • 27 Oct 2009
Singapore property investors remain strong
Residential and commercial property sectors in Singapore are still attractive to several medium- to long-term investors.Property observers see Singapore’s commercial status as one of the international financial hub. Despite this year's difficult times for all marketing sectors, market...
Continue Reading • 27 Oct 2009
Sub-sales drop to the lowest level
Despite the price inflations in the third quarter, speculative activity in the private housing market during the same period dropped to its lowest level in the last two years. Urban Redevelopment Authority (URA) data showed yesterday that the number of sub-sale transactions fell by nearly 20...
Continue Reading • 27 Oct 2009
CDL wins ownership over Newton land
A 14-year-old abolished legal concept finds its way back to influence court rulings regarding a multi-million dollar land dispute in Newton.Just before 1994, a legal concept known as “adverse possession”, a party who used the land for 12 years without asking permission from the owner...
Continue Reading • 27 Oct 2009
OUE: Good transaction for The Parisian condo
The Parisian condominium located at Angullia Park is going to change hands again after less than three years when it was collectively sold, but this time at a much higher price.The Overseas Union Enterprise (OUE) purchased the freehold site in December 2006 for $228.1 million, and resold it for...
Continue Reading • 27 Oct 2009
CapitaLand gives rental rebates to tenants
CapitaLand said it would give back rental rates worth S$41.5 million to existing industrial, commercial and retail tenants, giving an effective 4 percent rental reduction to all its tenants.The property developer received budget savings from government last week and this will be passed on to...
Continue Reading • 27 Oct 2009
Sharp turnaround for Private home and HDB resale prices in Q3
Prices of private homes increased 15.8 percent in Q3, somewhat lower compared to Urban and Redevelopment Authority’s (URA) initial forecast of a 15.9-percent growth.The rise in prices from July to September is a quick turnaround, snapping four straight quarters of fall from the 4.7-percent...
Continue Reading • 26 Oct 2009
Hong Kong leads property lending amid bubble concern
The Central Bank of Hong Kong moved on Friday to limit mortgages amid the rising concern over a real estate bubble in the country. This initiative is intended to slow the surge in luxury property prices, which is driven by wealthy home buyers coming from mainland China.Cautioned of a possible...
Continue Reading • 26 Oct 2009
Property rebound increases trading of Singapore shares
Singapore shares are expected to trade higher in the coming weeks as home prices surge due to renewed interest in the property sector, said dealers.The blue-chip Straits Times Index saw a 0.27 percent rise, closing at 2,715.34, up by 7.22 points from the previous week. Last week, the median...
Continue Reading • 26 Oct 2009
Second Chance purchases 22 units at Sim Lim Square
Second Chance Properties of Singapore acquired 22 prime units at Sim Lim Square worth S$35 million. The retail space unit was valued by Jones Lang LaSalle, a professional and financial service firm specialising in investment management and real estate services.The said units cover 9,604 sq. ft....
Continue Reading • 23 Oct 2009
Collective Sale for Dragon Mansion Sees Cheaper Offer
The significant en bloc sale in Singapore in 2009 can be achieved if the owners of condominiums will concur to a price which is cheaper compared to what has been expected.Roxy-Pacific, a boutique developer, has agreed to purchase a site at Spottiswoode Park, but at a price lower than the original...
Continue Reading • 23 Oct 2009
Novena condo up for soft launch
An exclusive freehold Novena condo, which has been redesigned to accommodate smaller units, will have its soft launch tomorrow.The freehold condo Lincoln Suites is a project under a consortium comprised of KSH Holdings, Koh Brothers Group, Lian Beng Group and Heeton Holdings.The first phase of...
Continue Reading • 23 Oct 2009