TIMING can decide whether the deferred payment scheme (DPS) helps or hurts private home developers, as shown by updates provided this week on two projects. On Friday, Keppel Land revealed that it had yet to receive full payment for about a-third of Suites @ Central, a 157-unit freehold condominium on Devonshire Road that obtained its Temporary Occupation Permit (TOP) earlier this year. In particular,...
Developer News
Property developer Roxy-Pacific has posted a 53 per cent on-year rise in its first quarter net profit, to S$6.4 million. Revenue increased by nearly two-thirds to S$38 million. The jump was mainly due to the progressive recognition of revenue from five development projects in the quarter. The firm also saw an increase in rental yield from the renewal lease for some of the shop units at its Roxy Square...
Diversified Fraser and Neave (F&N) says its first half profit fell 17 per cent on-year to about S$158 million. Revenue in the same period ending March 31 fell about four per cent to S$2.4 billion. But the company faired a bit better in the second quarter, where profit rose four per cent to S$90 million. The firm says this is due to strong contributions from its food and beverage and commercial...
Property developer CapitaLand has collected payment for 98 per cent of the 542 units of RiverGate apartments which have been sold since it obtained the Temporary Occupation Permit in March 2009. CapitaLand said the progress payments and deferred payment receivables for the sold units were securitised through special purpose vehicle Okeanos Investment Corporation. Okeanos issued US$477 million (S$731...
Hong Leong Group said it has started to introduce precautionary measures against the spread of swine flu at its various offices. These include increasing the frequency of cleaning and disinfecting all lifts and toilets. By Tuesday, City Developments will also set up checking counters at the building entrances of all its investment properties. The counters will screen visitors and record their...
Hong How Investments tests the market with a new SoHo development LOCAL developer Hong How Investments is testing the market with the soft launch of 14 units in a SoHo development on Armenian street. It has cut its asking price by 12.5 per cent to $2,100 to $2,200 per square foot (psf) from the $2,400 to $2,500 psf range when the developer was first ready for launch last August. While enquiries have...
A slowdown in the prime property market in Singapore has prompted a handful of developers to ask for extensions on their projects in the high-end Sentosa Cove. One developer has been granted a one-year extension. The residential properties on the resort island of Sentosa are aimed at providing luxury waterfront living. But prices have been hit amid the property slump in Singapore. There are 1,700...
Property developer Singapore Land reported net profit of S$73.2 million for the first quarter of 2009 - more than double of the amount recorded a year before. It saw revenue rise by 4 per cent to S$86.2 million on higher rental income, which was partially offset by lower revenues from its Pan Pacific Singapore hotel. The developer said revenue from the hotel fell by 28 per cent to S$21.3 million due to...
Property developer Keppel Land has become the latest company here to boost its capital through a rights issue. It is seeking to raise some S$712 million by issuing about 653 million new ordinary shares. Under the rights issue, holders will be offered nine rights shares for every 10 existing ordinary shares. Each rights share would be sold at a price of S$1.09, a 42 per cent discount over Thursday's...
Property developer CapitaLand on Friday posted an 83 per cent fall in its first quarter profit. For the three months ended March, the developer's profit was S$42.9 million, down from S$247.5 million earned over the same period last year. Revenue fell by 23 per cent to S$487 million due mainly to lower property values across the region. Lower profits were recorded in China, Europe and Australia, which...