Property prices across the board were down in the first quarter of 2009. Official figures released Friday showed that in the private property market, residential, office, shop and industrial properties decreased fetched lower prices both in terms of sales and rentals. As for HDB’s Resale Price Index (RPI) for public housing, it showed a fall by 0.8% in 1st Quarter 2009 over the previous quarter. This...
2009
A slowdown in the prime property market in Singapore has prompted a handful of developers to ask for extensions on their projects in the high-end Sentosa Cove. One developer has been granted a one-year extension. The residential properties on the resort island of Sentosa are aimed at providing luxury waterfront living. But prices have been hit amid the property slump in Singapore. There are 1,700...
Property developer Singapore Land reported net profit of S$73.2 million for the first quarter of 2009 - more than double of the amount recorded a year before. It saw revenue rise by 4 per cent to S$86.2 million on higher rental income, which was partially offset by lower revenues from its Pan Pacific Singapore hotel. The developer said revenue from the hotel fell by 28 per cent to S$21.3 million due to...
Property developer Keppel Land has become the latest company here to boost its capital through a rights issue. It is seeking to raise some S$712 million by issuing about 653 million new ordinary shares. Under the rights issue, holders will be offered nine rights shares for every 10 existing ordinary shares. Each rights share would be sold at a price of S$1.09, a 42 per cent discount over Thursday's...
Property developer CapitaLand on Friday posted an 83 per cent fall in its first quarter profit. For the three months ended March, the developer's profit was S$42.9 million, down from S$247.5 million earned over the same period last year. Revenue fell by 23 per cent to S$487 million due mainly to lower property values across the region. Lower profits were recorded in China, Europe and Australia, which...
Mapletree Logistics Trust saw its distributable income amount rise 36.1 per cent to some S$29 million in the first quarter of 2009 over the previous year. The trust said available distribution per unit (DPU) was 1.47 cents for the period, which is about 0.7 per cent higher compared to the previous quarter. The payout will be made on May 29, 2009. Mapletree Log said the increase is largely due to lower...
Developer Keppel Land has named Choo Chiau Beng as its new chairman. Mr Choo, a director of Keppel Land since 1985, will take over from Lim Chee Onn as chairman from May 1. Paying tribute to Mr Lim, Keppel Land says the company has grown from a local property player to one of Asia's premier property developers under his leadership. Mr Lim had been a director of Keppel Land (then Straits Steamship Co...
Property developer CapitaLand believes the China market presents the best prospects in the current challenging economic climate. Speaking to shareholders at the company's annual general meeting on Thursday, CEO Liew Mun Leong said real estate is all about economic growth. And CapitaLand is hopeful that Beijing's US$585 billion stimulus package will help spur consumption there. CapitaLand is also on track...
First REIT has recorded a 2.5 per cent on-year jump in distributable income to S$5.2 million for the first quarter of 2009. The healthcare real estate investment trust attributed the increase to its resilient trust structure. It added that the distribution per unit (DPU) also rose 1.6 per cent to 1.88 Singapore cents for the three months ended March 31. First REIT said it achieved a distribution yield of...
Hopes of a quick turnaround in the property market here are fizzling out. Property consultancy DTZ said the probability of a full recovery in the Singapore property market by the end of this year is low. In a research report issued on Wednesday, DTZ predicted there is only a 0.1 per cent chance that the Singapore office rental market will recover by year-end. The residential market here is not faring...