Property developers may incur up to S$90 million in extension charges for unsold units in their condo projects from April to December 2015, followed by S$238 million in 2016 if the health of Singapore's real estate market does not improve. This adds up to a staggering S$328 million that developers are expected to fork out in the worst-case scenario should they fail to sell any units by end-2016,...
Developer News
City Developments (CDL) has booked a 2.8 per cent rise in net profit for the three months ended Mar 31, on the back of increased revenue from property development and hotel operations. The Singapore property developer's net attributable profit after tax and non-controlling interests was S$123 million in the first quarter, up from S$119.7 million in the same period a year ago. In a statement, City...
Property developer Frasers Centrepoint (FCL) will build a 16-storey hotel at China Square Central following an agreement that will see the developer pay Frasers Commercial Trust (FCOT) around S$44.8 million, FCOT announced on Monday (Apr 27). The hotel, with a gross floor area of 16,000 square metres and located near Cross Street, will be operated by Frasers Hospitality under the "Capri by Fraser"...
Perennial Real Estate Holdings Limited (PREH) announced on Tuesday (Apr 21) that it has entered into a joint venture to acquire a freehold waterfront site in Penang, Malaysia to be developed into a large-scale integrated mixed-use development. The 50-50 joint venture between the group’s Singapore-incorporated subsidiary Perennial Penang Pte Ltd and IJM Land Berhad will turn the site into what it...
Hotel Properties Limited (HPL) has invested in a 30 per cent stake in a venture that is buying two prime properties in Southbank, central London, for £308 million (S$627 million), as the Singapore-listed hotel landlord and property developer expands its footprint in the British capital. In a regulatory filing with the Singapore Exchange on Saturday, HPL said its indirect wholly-owned subsidiary, HPL...
Keppel Corp will extend the closing date of its offer to buy up the remaining shares of Keppel Land to March 26. The offer was due to expire on Thursday (Mar 12). As of Wednesday, Keppel Corp controls 80.8 per cent of the total number of issued shares. This is short of the 90 per cent level needed to take the property giant private. Earlier this year, Keppel Corp, the world's largest rig builder, offered...
Luxury property developer Ho Bee Land said on Friday (Feb 27) its net profit fell 44 per cent in the fourth quarter from a year ago, hurt by a drop in fair value gains which offset a rise in rental income. Ho Bee, which owns the Metropolis in one-north and is known for its Sentosa developments, earned S$285.2 million in the three months ended December, down from S$506 million in the same period a year...
Developers in Singapore may soon get help in meeting new construction requirements introduced in November last year. Speaking at the annual Chinese New Year celebration lunch organised by the Real Estate Developers' Association of Singapore on Friday (Feb 27), Minister in the Prime Minister's Office and Second Minister for the Environment and Water Resources Grace Fu said details will be announced next...
Keppel Corp's offer to buy over the remaining shares of Keppel Land for up to S$3.2 billion has been described as "not fair but reasonable" by independent financial adviser KPMG Corporate Finance. KPMG Corporate Finance, which is advising Keppel Land's independent directors, said that while Keppel Corp's base and higher offer prices of S$4.38 and S$4.60 per share were made at substantial premiums to...
Real estate company CapitaLand Limited posted a Profit After Tax and Minority Interests (PATMI) of S$409.4 million for the fourth quarter of 2014, an 187 per cent increase over the same period in 2013, it announced in a news release on Tuesday (Feb 17). The group also posted a PATMI of S$1.16 billion for the 2014 financial year, which is a 38.2 per cent increase year-on-year. The group attributed the...