A group representing Asian property investors and developers has asked the Singapore government to step in, if necessary, to help real estate investment trusts (REITs) to refinance an estimated S$4 billion in debt due this year. The Asia Pacific Real Estate Association (APREA) has written a background paper on the issue. It said that real estate is a capital-intensive business, but at present there is...
February 2009
Property developer City Developments (CDL) has denied market talk that it is planning a rights issue. In a statement to the Singapore Exchange, CDL said there is no truth to the rumours. Late last month, the company had issued S$100 million of Islamic notes to fund its shariah-compliant business. The trust certificates are due in 2010. On Wednesday, shares of CDL fell 4.2 per cent to S$5.28. The...
Residents of Gillman Heights condominium could learn by Wednesday if the S$548 million collective sale of their estate - to CapitaLand, Hotel Properties and two private funds - will go ahead. That is when the Court of Appeal is expected to decide whether the law governing collective sales should have applied to former Housing and Urban Development Corporation (HUDC) estates, such as Gillman Heights, prior...
The consortium which is constructing the Kallang Sports Hub is having difficulty in raising the necessary funds to start the project, due to the ongoing financial crisis. The government is in active discussions with the consortium to address this, as well as options on how to move the project forward. Minister of State for Community Development, Youth and Sports Yu-Foo Yee Shoon revealed this in...
Marina Bay Sands has announced in a statement that Nigel Roberts will be President of its Integrated Resort in Singapore. Mr Roberts joined Marina Bay Sands in January and will be responsible for preparing the resort for its opening this year and will oversee its operations into the future. He brings 35 years of international hospitality experience to the project, having worked in Asia, Australia, the...
Analysts don't expect supply glut as developers likely to defer construction of housing projects WHEN long queues outside showflats disappeared overnight during the 1997 Asian financial crisis, the poor demand combined with a supply glut to exacerbate the slump in Singapore's property market. A decade on, the supply side of the equation may be less dire, say pundits. In an analysis of the "supply...
Property consultancy firm DTZ Research said it will take 5.5 years to clear the inventory of unsold private residential units in Singapore as at the end of 2008. There are now 44,661 unsold private residential units. DTZ said based on a 10-year average take-up rate of 8,000 units, selling them all will take more than five years. In its latest report, DTZ said last year's unsold inventory was much lower...
Singapore developers are likely to pass on benefits from this year's Budget to their tenants. The Real Estate Developers' Association of Singapore (REDAS) said this will help them through the current tough times. Key players in the property industry came together to enjoy the traditional Lunar New Year dish, Yu Sheng (raw fish salad). The dish symbolises abundance and prosperity and Singapore developers...
Opera Gallery remained shut on Monday, one day after a stand-off with its landlord, Toshin Development, which has the master lease at Ngee Ann City. On Sunday morning, security guards from Toshin had sealed off the premises and tried to move the artworks worth US$20 million to vacate the unit for a new tenant. It was not because Opera Gallery did not pay its rent, but according to Toshin, it has a new...
Food and property group Yeo Hiap Seng said it expects to report a loss for its fiscal fourth quarter, the three months to December. It said this is due to a decrease in the value of its properties and some of its financial assets. The company is due to release its financial results for the fourth quarter and full year at the end of this month. Source : Channel NewsAsia - 2 Feb...