Fall in property investment sales recorded 10-year low
The property investment sales last seen in 1998 have fallen to great levels, recording a 10-year low.The total investment sales have yet totalled to $184.6 million during the Q1 of 2009, says CB Richard Ellis. The quarterly investment sales the last time recorded to be lower, which in the first...
Continue Reading • 20 Oct 2009
A hard hitter’s soft comment
Ascendas is considered to be one of the growing companies with assets rising eight-fold to $9 billion today from $1.2 billion in 2001. Yet, it’s Chief Executive Officer and president, Ms. Chong Siak Ching, has managed to keep out from the spotlight.Ms. Chong said, “I don't think any...
Continue Reading • 20 Oct 2009
98% drop in property investment sales
SINGAPORE – Property investment sales have plunged since the start of the year, and could get even worst.CB Richard Ellis (CBRE)’s latest figures show that sales to this point have only reached $184.6 million. This is a 98 percent drop on the same period for the past year and a 56.4...
Continue Reading • 20 Oct 2009
Public and private partnerships
Disagreeable real property loans and mortgage-backed securities attached on the balance sheets of banks after the housing market collapse in the United States. Banks neglect to put them up for sale at very low prices and investors do not want to pay more.A plan was formulated consisting of two...
Continue Reading • 20 Oct 2009
Prime homes price in Singapore falls
The Knight Frank Prime International Residential Index (Piri) stated that there was around 15 percent drop in prime home prices in Singapore in the previous year, coming as the fifth largest fall worldwide.The biggest fall in 2008 was seen by Hong Kong with 24.5 percent. It was followed by the...
Continue Reading • 20 Oct 2009
Rental rates’ downward trend seen as necessary correction
According to the analysts, they see no problem with the downward trend of prime office rents as such deterioration is a necessary correction. Prime office rents in the CBD have been greatly affected by low demand and oversupply of office space.Since the start of 2008, rents have...
Continue Reading • 20 Oct 2009
More positive aspect viewed for Singapore stocks
The stock market in Singapore was back on the upside on Monday after one session, as it halted the modest 2-day winning streak where it had earned 1.6 percent or over 40 points all the way through. The Straits Times Index (STI) finished just above the plateau of 2,710 points, and now several...
Continue Reading • 20 Oct 2009
A-REIT distribution per unit fell to 13.2 percent
Ascendas Real Estate Investment Trust (A-REIT) is handing out 3.48 cents for every unit for the Q2 ended September, which showed a 13.2 percent fall on-year.However, compared to last year during the same period, the total distributable income of A-REIT has increased to 15.4 percent at S$61.6...
Continue Reading • 20 Oct 2009
Delay in Marina Bay Suites’ construction
Referring to “current market conditions”, KepLand postponed the construction of the Madison Residences in Bukit Timah and the highly boasted Marina Bay Suites, which the company has a one-third share. The Marina Bay Suites with 221 units are being developed by KepLand in cooperation...
Continue Reading • 20 Oct 2009
Office occupancy cost dropped
Singapore – Office occupancy cost went down by 22 percent, from a yearly average gross lease of US$125.06 per square foot (psf) in H1 2008 to US$97.07 psf in H2.However, according to the report of Colliers International, Singapore is still the third in Asia-Pacific as the most expensive...
Continue Reading • 20 Oct 2009
Vanishing Singapore partly caused by En bloc sales
“Where did you go, my Singapore of old?”, a statement made by Paul Carthigasu in reference to the destruction of almost everything in Singapore as a result of change and development. He believes that much of Singapore’s soul has been lost because of its ongoing redevelopment...
Continue Reading • 20 Oct 2009
Allgreen’s fair value gain plunges
Net profit amounting to $67.4 million has been reported by Allgreen properties yesterday. This year’s net profit has declined by 86.34 percent, a fall from $493.5 million of last year. This decline in the company’s net profit comes along with the $8.35 million decrease in fair value...
Continue Reading • 20 Oct 2009
Singaporeans patronises Citadines serviced apartments
SINGAPORE – Ascott company’s newly launched Citadines serviced apartment complex is already showing a good performance. The 154-unit block Citadines Singapore Mount Sophia located in Wilkie Road is about 70 percent taken just a month after its launch on 9 January 2009, the firm...
Continue Reading • 20 Oct 2009
Koh Brothers reports decline in profits
The 2008 net profit for Koh Brothers showed a decline from $39.7 million last year to $27.7 million, according to the construction and property group’s report yesterday.The decline was attributed to the lack of revaluation gain this year. Back in 2007, the revaluation gain was pegged at...
Continue Reading • 20 Oct 2009
81 percent fall in UOL’s profit
UOL Group revealed an 81 percent fall in its net profit. The property developer’s profit plummets to $147.2 million for the previous year, ending in December 31. The fall was largely due to a fair value loss amounting about $106.8m on its investment properties versus the $590.5m that it...
Continue Reading • 20 Oct 2009
Property player optimistic in spite record low
Amidst frustrating January that saw huge decline in property sales, property industry players remain optimistic that industry will be able to rebound and flourish in the succeeding months.The 107 private homes that were sold by the developers last month was recorded as the lowest output in sales...
Continue Reading • 20 Oct 2009
Forecasts for 2009
The first forecast is from Dr. Chua Hak Bin, Citigroup's head of equity research. According to him, the key of 2009 is Singapore’s budget, which will save jobs and eventually lure global firms. Furthermore, he explains:“Two themes will dominate the first half of next year - recession...
Continue Reading • 20 Oct 2009
Firms Shelve 1000 New Apartments
As properties that were recently sold en bloc were returned on the rental market for lease, nearly 1,000 projected new apartments from Singapore’s property market are expected to be withdrawn.Lucky Tower at Grange Road is the latest example of this, which the City Developments Ltd (CDL)...
Continue Reading • 20 Oct 2009
Foreign Workers’ Town
Mini Environment Services (MES) is planning to build a town for foreign workers. At a cost of $200 million, it has tapped Surbana International to design the project and Certis Cisco to oversee the security concerns of the project which is expected to rise in Jurong. The project has come about...
Continue Reading • 20 Oct 2009
Problems of deferred payment homes
During the Asian financial crises, deferred payment on homes was adapted to stimulate the property market. With a little cash, a buyer could secure a property before it was in fact built. This scheme was later stopped because it encouraged widespread speculation.As of 2008, there were 3350...
Continue Reading • 20 Oct 2009