Apartments at Casa Merah changed hands at above $800 psf in the secondary market between Sept 11 and 18. The surge in price was probably because of the successful launch of neighbouring Optima @ Tanah Merah in August. The new development, which will sit next to Casa Merah along Tanah Merah Kechil Avenue, saw apartments sold at above the $800 psf level. As at end-August, all the units at The Optima were...
2009
Property consultancy DTZ has upgraded its outlook for the office property sector. It now expects office rentals to return to positive growth next year as the improving economic outlook feeds through. But it said the outlook for 2009 remains firmly negative. Year to date, office rentals throughout Asia Pacific have fallen by an average of over 10 per cent. DTZ said the latest quarter on quarter growth...
Sales of uncompleted private homes took another dip in September, the second month of decline, after hitting a record high in July where 2,772 units were sold. A total of 1,143 units were sold last month, a 36.6 percent fall from August. Market watchers said this level of activity is more sustainable going forward. 5,719 units were sold in the third quarter alone, more than the whole of last year. But...
The upcoming Marina Bay Sands integrated resort (IR) in Singapore is targeting customers with high spending power. It is promising a waterfront shopping experience, with brands in the upper-middle to high end. "With integrated resorts, you normally get all sorts of different market segments - the MICE, leisure, gaming customers, and they vary from segment to segment. But we aim at attracting...
The first public housing development in the Sino-Singapore Tianjin Eco-city has reached a significant milestone. A groundbreaking ceremony was held on Wednesday. Singapore's Senior Minister of State for National Development Grace Fu officiated at the event. The Eco-city is designed to promote social harmony, create economic vibrancy and environmental sustainability. One of its key performance...
Fragrance hotel and property group says it recorded a turnover of $57.7 million in the Third Quarter of 2009, a 37.9% increase from $41.83 million recorded in the corresponding period in 2008. The property sector contributed $48.79 million or 84.6% of the consolidated revenue. This is an increase of about 51.1% from the $32.28 million contribution in the third quarter of 2008. Fragrance says major...
Building construction group Lian Beng has reported a 168% surge in profit after tax to $5.4 million for the first quarter of its 2010 financial year, compared to $2 million a year ago. This was achieved on the back of a 128.6% rise in revenue to $85.1 million. Lian Beng says the growth in revenue was driven by revenue recognition from the completion of projects like Ferraria Park, Sixth Avenue Condominium...
Fortune REIT, a property trust controlled by Hong Kong billionaire Li Ka-shing, completed the purchase of three properties in Hong Kong, it said in a statement to the Singapore stock exchange today. The total acquisition cost was HK$2.09 billion ($374 million), including fees and expenses, it said. The purchase was partly funded by a rights issue and a term loan, and brings the trust’s asset value to...
The Housing & Development Board (HDB) says the chances of a first-time flat buyer shortlisted to select a flat under the first Sale of Balance Flats exercise is slim, despite the priority given to them. This is due to the overwhelming response to the exercise which will end at midnight Wednesday. More than 20,000 applications were received as at 5pm for the 2,100 flats on offer. About seven in ten...
K-Reit Asia, the office landlord owned by Keppel Land, says its third-quarter distribution to shareholders will be $18 million, up 18.3% compared to 3Q08. This means a distribution unit of 2.69 cents. K-REIT Asia achieved a distributable income of $51.1 million for the period from Jan 1 to Sept 30, 2009. This was 25.4% higher than that for the same period in 2008, due mainly to higher rental rates...