End 09, early next year could be better, says CDL chief CITY Development Limited (CDL) believes it is too early for it to start snapping up property in the downturn. "The buyer-seller price gap is too wide still, so it's not time to buy. The end of the year, early next year could be better," said City Developments Limited's (CDL) executive chairman Kwek Leng Beng at the group's annual results briefing...
2009
Allgreen Properties saw its 2008 net profit fall 86 per cent from a year ago, when it recorded big gains. It has warned that this year is shaping up to be a difficult period. Net profit for the year ended Dec 31 was $67.4 million, compared with$493.5 million a year ago. The company had booked a $362 million fair-value gain from investment properties for 2007. "2009 is shaping up to be a difficult year...
OVER the years, I have seen many green swathes of the forest which had once covered Singapore being replaced by new buildings, shopping centres and so on. The area where Nan Hua High School now stands used to be covered with tall, old trees, now an increasingly rare sight here. The green hill opposite Wheelock Place where many enjoyed having picnics has now made way for the new ION Orchard. One of the many...
BelleRive conveys an undeniable presence at Prime District 10, situated only 5 minutes from Orchard Road, The Singapore Botanic Gardens and within 1 km from prestigious schools like Anglo-Chinese School (Barker Road) and Singapore Chinese Girls' School. Location: Keng Chin Road (District 10) Tenure: Freehold Year of Completion: 2012 Total Units: 51 (1 block, 15 storeys) Unit Types: 2 bedroom ~ 958 |...
European hotel developer Accor opened a new hotel in Singapore on Thursday, and announced that it is starting work on another hotel to be launched in 2011. Despite the weak global economy and dwindling visitor arrivals here, Accor said it still has a positive long-term outlook on the Singapore tourism sector. The firm invested S$145 million into its latest property called Ibis Singapore on Bencoolen in...
The Singapore Retailers Association (SRA) says that 20,000 employees may be retrenched as a result of store closures, if landlords do not lower rentals. It says members' incomes have contracted by 20 to 30 per cent over the last few months, and that margins are now almost negligible, if not negative. Yet, rental rates have not come down for many retailers, says the association. Occupancy costs have...
It may be a property buyers' market now, but the poor economy has brought woes to another segment of the housing industry. The business slump is turning contractors into casualties of the recession, forcing some to tout for business. Residents in Punggol have recently become the targets of touts. Several callers to Channel NewsAsia's news hotline said they had been approached by many contractors seeking...
Office rentals in Singapore suffered their sharpest quarterly drop since 2000 in the final three months of last year. A research report from property consultancy CB Richard Ellis (CBRE) said Grade A office rents fell 20 per cent on-quarter in the fourth quarter of last year, to an average of S$15 per square foot. Average office rents stood at some S$13 per square foot, down 14 per cent from a year...
For the first time, the Housing and Development Board (HDB) is launching studio apartments in Woodlands under the Build-To-Order scheme. Called Champions Court, there will be 224 units of studio apartments, 182 units of 3-room, 224 units of 4-room and 185 units of 5-room flats available. 3-room flats will cost at least S$118,000, while prices of 4-room flats and 5-room flats will start from S$194,000 and...
Singapore property and hotel group City Developments (CDL) said Thursday its net 2008 profit fell 20 percent year-on-year to 581 million dollars (382 million US) due to lower hotel operation revenues. The decline in 2008 profits came amid a sharp slowdown in the local property sector, but City Developments said its real estate business remained a major source of earnings. Total revenues in 2008 amounted...