The Real Estate Developers' Association of Singapore (REDAS) has appointed former civil servant Lee Suan Hiang as its new CEO, replacing Dr Steven Choo. The appointment will take effect Dec 8. Mr Lee, 61, has previously served as deputy managing director of the Economic Development Board and chief executive of SPRING Singapore, Productivity and Standards Board (PSB), National Productivity Board,...
Developer News
Property developer Far East Organization plans to roll out a number of small home offices, or SOHO developments, in the months ahead. These projects will be launched under its new brand, Far East SOHO, starting with a 231-unit development at Scotts Road. Despite the uncertainties in the global economy, property analysts expect demand for such projects to be resilient. The Scotts Towers, which will be...
City Developments Ltd (CDL) reported a 32.4 per cent decline in its third quarter net profit to S$132.1 million on Thursday. This is lower than the restated net profit of S$195.4 million it posted a year ago, according to the property developer's stock exchange filing. CDL said lower contribution from rental properties dragged profits after its disposal of non-core investment properties in 2010 and early...
Tuan Sing Holdings announced on Monday its net profit for the third quarter totaled S$5.2 million, down 89 per cent from the corresponding period last year due in part to property cooling measures by the Chinese government. Revenue fell 75 per cent to S$47.05 million, the company said in a statement to the Singapore stock exchange. This brought the nine months' revenue and net profit to S$168.1 million...
MCC Land has won the tender to develop an executive condominium project at Yishun Avenue 7 and Canberra Drive. The Housing and Development Board said the tender was awarded at nearly S$214 million. The site on a 99-year lease can yield 725 units. Source : Channel NewsAsia - 31 Oct...
Singapore-listed Chinese developer Yanlord Land Group has bought two adjacent residential sites in the southern Chinese city of Zhuhai for 3 billion yuan (S$598 million) together with Ho Bee Investment and Shanghai Youyou Group. The sites have a combined gross floor area of 499,329 sq m and were purchased at an average 6,000 yuan per sq m, Yanlord said yesterday. Yanlord will own 60 per cent of the joint...
Singapore property developer CapitaLand reported an 83 per cent drop in its third quarter net profit to S$80.2 million. That is down from a restated S$460.1 million in the same period last year. Revenue for the quarter also fell 58 per cent to S$608.6 million from a restated S$1.44 billion a year ago. CapitaLand said the decrease in revenue was primarily due to the exceptionally strong revenue a year ago...
Property developer Keppel Land has reported a 6.6 per cent on-year increase in its third quarter net profit to S$58 million from a restated S$54 million last year. In a statement, Keppel Corp's real estate unit said the increase was due to higher earnings from property investment, as well as the introduction of a new accounting policy. The group adopted a new policy in January, under which revenue and...
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Jalan Loyang Besar/Pasir Ris Rise to Hoi Hup Realty, Sunway Developments and Oriental Worldwide Investments. The consortium submitted the highest bid of some S$141 million in the tender for the site. Their winning bid translates to a land price of about S$361 per square foot of gross floor area. The tender for the...
Residents at The Seaview condo along Amber Road have sued its developer over poor workmanship and defects. The S$14 million lawsuit is believed to be the biggest yet in the country. Residents of the “Ardmore Park of the east” allege that the estate has been plagued by defects since they began moving in. One year after the 546-unit project was completed in 2008, building surveyors discovered at least...