Despite Singapore's worst economic slump since independence, the residential property sector is in the midst of a new boom reminiscent of 2007, when the city-state was known as the world's hottest real estate market. Greed and its twin brother fear are back in play as punters stake out condo launches days before sales open, with some offering blank cheques to pre-book flats, prompting the government to...
2009
Mainboard-listed Wheelock Properties has posted an 89 per cent on-year rise in its net profit for the second quarter to S$28.9 million. However, revenue fell 10.8 per cent to S$78.4 million. The firm said this was because no further revenue was recognised from its projects, The Cosmopolitan and The Sea View, in the current period, as these projects were completed last year. In the current financial...
Property developer Soilbuild on Wednesday said its net profit for the second quarter fell 12 per cent on year to S$20.3 million. This was due to an increase in its selling and operating expenses, as well as higher finance costs. But revenue rose 10 per cent to S$96.9 million, due to the progressive recognition of income from its condominium projects such as Leonie Parc View, The Centrio, Montebleue as...
Bukit Sembawang Estates said net profit for its fiscal first quarter fell 84 per cent on-year to S$1.4 million. Revenue dropped 72 per cent to S$6.4 million. The property developer said the decline was mainly due to lower development revenue recognised on its Paterson Suites condominium. The firm noted that there has been a recent pick-up in the property sector, but said it remains cautious during this...
Mainboard-listed Allgreen Properties on Wednesday said its second-quarter net profit rose 36.2 per cent to S$23.4 million from a year earlier. This comes as the developer's revenue rose and operating expenses fell in the three months to June. Turnover increased 14 per cent to S$84.6 million due to higher revenue from development properties. Allgreen said it has benefited from the improving buying...
Property developer UOL has slipped into the red in the second quarter. The firm made a loss of S$20 million in the three months to June, compared to a profit of S$145 million in the same period last year. The loss was due to lower income from its hotel operations and fair value losses recognised for UOL's investments in United Industrial Corp and Marina Centre Holdings in the second quarter. Revenue for...
The Housing and Development Board (HDB) said it will launch another build-to-order (BTO) project in Punggol this month. This announcement came after its latest BTO project in Punggol received good response from flat buyers. HDB said as at 2pm Wednesday, the Punggol Residences project saw 5,147 applications for the 769 units available. This translates to a subscription rate of 6.7 times. HDB said the...
KNG Development has submitted the top bid of S$12.1 million for an industrial site at Kaki Bukit Road. The offer works out to about S$105 per square foot. Units of mainboard-listed Sim Lian Group and Soilbuild Group were among the bidders for the site. The Urban Redevelopment Authority said it received a total of 18 bids for the land parcel, with the lowest bid at S$5.2 million. The land parcel has a...
TWELVE years ago, it was a sleepy, out-of-the-way estate without even an LRT line. That was back when Dr Teo Ho Pin was first elected as Member of Parliament for Bukit Panjang. Shortly after, life began to slowly flow into the estate, with the LRT starting its runs in 1999. Come 2015, it will be connected directly to the MRT system when the Bukit Panjang station, to be located near Ten Mile Junction, is...
ONE lawyer noticed his clients being "extra cautious" when engaging him to oversee their property transactions. It was not unexpected, said Mr Suppiah Thangaveloo of Thanga and Co, given the recent series of lawyers absconding with clients' cash. "I've not heard any snide remarks but I've noticed that many of (the clients) are more inquisitive in matters concerning money," he said. "They're just being...