The headline of a news report for a recent tender for private housing development screamed "Serangoon site draws just 4 bids". Another said the top two bids were just 2.6 per cent apart. It was alluding to the fact that the margins between the top bids before the Aug 30 cooling measures were mainly in the double digits, peaking at 31 per cent for a condominium plot in Yishun in August. They are now in the...
Developer News
Shaw Brothers Limited has sold the former Singapura Theatre site at No 55 Changi Road to a consortium for $44.9 million. The consortium includes Roxy-Pacific Holdings and Macly Capital. This works out to $768 per square foot of potential gross floor area for the freehold property. No development charge (DC) is payable for the 19,497 sq ft site, which is zoned for commercial use with a 3.0 plot ratio under...
SC Global Developments Ltd reported that its net profit for the third quarter ended Sept 30 surged to $33.42 million from $5.42 million a year ago. The six-fold rise in profit after tax and minority interests was mainly due to higher revenue recognition for the group's Singapore development projects (including The Marq on Paterson Hill, Hilltops and Martin No 38) following the progress of construction as...
The Housing and Development Board (HDB) has awarded the land parcel at Woodgrove Avenue to Tampines Court, a unit of Far East Organization, for S$105.12 million. The developer has submitted the highest of the six bids received at the close of the tender on November 4. The land parcel, which is meant for strata landed or condominium development, has a site area of over 20,900 square metres and a maximum...
Yanlord Land Group, the real-estate developer focused on developing high-end integrated commercial and residential property projects in high-growth cities in China, says net profit for the period from 1st January to 30th September 2010 (9M 2010) rose 10.5% to $228.7 million from $207.0 million in 9M 2009. Recognised revenue in 9M 2010 was lower at $1,322.5 million compared to $1,385.6 million in 9M 2009...
Property developer UOL Group's third-quarter profit increased to S$124.7 million, up 18 per cent from a year earlier. The company's revenue for the quarter rose 7 per cent on-year to S$345.2 million. The increase was due to recognition of revenue from the sale of the group's development properties, as well as the improved performance of hotel operations, UOL said. UOL's hotel properties include the Pan...
City Developments (CDL) said its third-quarter net profit edged up 1 per cent from a year earlier to S$195 million. The property company said its revenue fell 21 per cent to S$746 million, compared with S$941 million a year ago. CDL said its hotel operations benefited from a recovery in the hospitality market across all regions. The rental properties segment also performed well, boosted by gains...
Mainboard-listed property developer Singapore Land said its third-quarter net profit dropped 11 per cent from a year earlier to S$50.1 million. This was despite revenue growing 29 per cent from a year ago to S$154 million. The developer said the higher revenue was due to better sales of trading properties and higher revenue in the Pan Pacific Singapore hotel. The hotel's revenue rose 29 per cent to S$27...
Keppel Land said on Tuesday it would issue 500 million dollars worth of unsecured convertible bonds. The Singapore-dollar denominated bonds will pay interest at the rate of 1.875 per cent per annum, payable semi-annually in arrears. The bonds, which have a term of five years, will be convertible into new ordinary shares at an initial conversion price of 6.72 dollars apiece. The initial conversion price...
The gap between the top developer's bid and next highest bid for residential sites and sites with residential components has started to narrow as the impact of the property cooling measures kicks in. Developers looking to build homes are no longer bidding with wild abandon at Government Land Sale (GLS) tenders as caution sets in. The gap peaked in August and early September before declining in recent...