With an expected slowdown in the property market at home, homegrown developer City Developments (CDL) is now looking to diversify more of its assets beyond Singapore. While CDL's mid-priced condominiums like those at the Echelon in Alexandra should continue to see demand, the same cannot be said for its high end properties. And to push sales in this segment, CDL said it is coming up with new strategies...
Developer News
Overseas Union Enterprise (OUE) is planning to raise up to S$1 billion from the listing of its hospitality assets in Singapore this year, Dow Jones Newswires reported, citing two people with knowledge of the deal. OUE could launch an initial public offering for a hospitality-focused real-estate investment trust (REIT) in the third quarter of the year, the sources said, according to the report. A...
CapitaLand Group's chief executive, Lim Ming Yan, expects further moderation in the Singapore's real estate market this year, and is targeting China as a key profit centre. Some analysts, however, warn that economic and political uncertainty in China may limit CapitaLand's pricing capability. CapitaLand will be scouring for new projects in China and its home base in Singapore, where a government-driven...
The Real Estate Developers' Association of Singapore (REDAS) said property developers are feeling anxious as the latest round of cooling measures took effect last month. Singapore's top property developers gathered on Friday to celebrate the Lunar New Year. Newly-elected REDAS president Chia Boon Kuah told a crowd of 500 that property developers will continue taking part in land bids, which form their...
Far East Organization has topped the list of property developers in Singapore yet again for best sales figures last year at 2,181 private homes, or around 10 percent of the total number of 22,290 new units sold. Among its best-selling projects were The Hillier in Hillview Rise and Watertown in Punggol, according to DTZ Research. In second place is City Developments Limited (CDL) and parent company Hong...
Property giant United Industrial Corp (UIC) on Friday reported annual net profit doubled even as revenue fell, helped by a surge in fair value gains on the group’s investment properties. For the year ended Dec 31, UIC earned S$391.6 million, including a S$247.3 million revaluation gain, while revenue slumped 12 per cent to S$711.5 million. Turnover fell mainly due to lower revenue from hotel operations,...
Singapore property developers will face tougher regulations if a proposed amendment to the Housing Developers (Control and Licensing) Act is enacted into law. The Bill aims to protect the interests of buyers purchasing uncompleted units, and will force developers to publish details of discounts, stamp duty reimbursements and incentives given to home buyers. It will also see greater regulation of show...
Wing Tai Holdings on Monday reported second-quarter net profit surged from the corresponding period in the previous year, boosted by its property business. Net profit for the three months ended Dec 31 was up 159 per cent to S$88.7 million as revenue jumped 73 per cent to S$321.8 million, Wing Tai said. The stellar performance was due in large part to progressive sales in its projects such as Foresque...
Analysts say the comprehensive Land Use Plan released by the government on Thursday will present many opportunities for developers. It will also boost the property market in years to come. They add that home prices in some areas could also appreciate, though not any time soon. Housing estates like Woodlands, Sembawang, Seletar and Punggol may be far from the city today, but come 2030, these towns are...
Frasers Hospitality, the serviced apartment arm of the Fraser and Neave group, wants to expand in Singapore but may be put off by high land prices and construction costs. Its Chief Executive, Mr Choe Peng Sum, said: “We think there is scope for at least another Frasers property here, but we are a bit concerned about the high building and land costs here. Just a couple of years ago, it used to S$700 per...