Developer Keppel Land has named Choo Chiau Beng as its new chairman. Mr Choo, a director of Keppel Land since 1985, will take over from Lim Chee Onn as chairman from May 1. Paying tribute to Mr Lim, Keppel Land says the company has grown from a local property player to one of Asia's premier property developers under his leadership. Mr Lim had been a director of Keppel Land (then Straits Steamship Co...
Developer News
Property developer CapitaLand believes the China market presents the best prospects in the current challenging economic climate. Speaking to shareholders at the company's annual general meeting on Thursday, CEO Liew Mun Leong said real estate is all about economic growth. And CapitaLand is hopeful that Beijing's US$585 billion stimulus package will help spur consumption there. CapitaLand is also on track...
Keppel Land reported a 38.8 per cent drop in earnings on-year for the first quarter of 2009. Net profit for the three months ended March 31 came in at some S$36.9 million. Sales for the same period fell by over 46 per cent on-year to S$145.7 million. Earnings per share also fell by 39.3 per cent to 5.1 cents. Keppel Land says the poor showing was due largely to the weak market conditions in Asia...
Singapore's property market turned in a poor showing in the first quarter as developers and home-buyers braced themselves for a prolonged downturn. But analysts said there are cash-rich individuals out there who might inject life into the Singapore market in the coming months. They said these individuals with deep pockets have been doing their homework in recent months and are now ready to close in on...
Some private property developers are thinking of turning their residential projects into serviced apartments. Ascott Hospitality said it has been approached by some developers recently, but declined to say which were considering such a move. Experts, however, said such conversions are unlikely to gain popularity in Singapore anytime soon as there are many factors against it. Private home sales may have...
Almost all of the 180 units for sale at The Arte at Thomson have been sold since the project's official launch earlier this month. A total of 170 units has already changed hands, with 20 sold over the weekend for some S$30 million. More than 1,000 visitors made their way to the 336-unit, freehold development's showroom last weekend. Developer City Developments sees this as evidence that buyers have...
Evergro Properties saw net profit more than triple to S$389,000 in the first quarter of 2009, compared to S$101,000 a year ago. The increase was largely due to a 21.5 per cent jump in interest earned from bank and other deposits amounting to S$134,000 in the three months ended March 31. Evergro, which is a unit of Keppel Land, said revenue fell by 39.2 per cent on-quarter to S$5.7 million in the first...
Applications were only supposed to open on Tuesday, but the overwhelming response to the Housing and Development Board's (HDB) latest housing project in Simei, under the Design, Build and Sell Scheme (DBSS), prompted developer Sim Lian Group to accept bookings on Saturday. Under DBSS, private developers manage the project from its design to construction and sale, and applications are accepted on a...
THE buzz continues at property launches on the island. City Developments said yesterday that it achieved about $190 million of sales from selling about 150 units at The Arte at Thomson since March 21. The freehold project is priced at $880 psf on average. No premium is being being charged for an interest absorption scheme (IAS) that CDL has extended to buyers. The scheme means buyers pay just the...
City Developments (CDL) said sales at "The Arte" condominium project have surpassed the 80 per cent mark. The developer said 150 units were snapped up in a Phase 1 launch recently with S$190 million of deals recorded. Most of those sold went for under S$2 million. The 336-unit freehold project at Thomson Road has been priced at an average of S$880 per square foot, with units ranging from 1,055 sq ft for...