Food and property group Yeo Hiap Seng said it expects to report a loss for its fiscal fourth quarter, the three months to December. It said this is due to a decrease in the value of its properties and some of its financial assets. The company is due to release its financial results for the fourth quarter and full year at the end of this month. Source : Channel NewsAsia - 2 Feb...
Developer News
Here's good news if you are looking for a place to rent. Property developers are renting out en bloc units at half the usual price. Many new property projects have been put on hold due to the economic uncertainty. In the meantime, developers are renting out the existing units, acquired over the last two years, to cover their costs. Mark Teo, ERA's senior group division director (real estate), said:...
Property developer CapitaLand has said it will give back S$41.5 million in rental rebates to existing retail, commercial and industrial tenants. This will effectively mean a 4 per cent reduction in rentals on average. The developer is passing on the savings it received from the government's Budget announcement last week. Finance Minister Tharman Shanmugaratnam had said the government is giving a 40 per...
CAPITALAND is considering a rights issue to raise about $1.5 billion, by offering one new rights share for every four existing shares at $2.20 each, people familiar with the situation said on Friday. "The consideration is for the capitalincrease to take place around mid-February, but there is no firm decision," one person said. The Singapore-listed developer revealed on Friday that it had received...
Market-watchers have welcomed Budget measures, announced by Finance Minister Tharman Shanmugaratnam on Thursday, which are aimed at helping Singapore property developers through the current downturn. While analysts had already expected the government to unveil help for the depressed property market, they noted on Friday that some of the moves are particularly creative. These measures include allowing...
Singapore mainboard-listed Evergro Properties has posted a 178 per cent increase in full-year earnings. Net profit for the year ended in December came in at S$545,000. Revenue for the period rose 9.8 per cent to S$43.6 million. According to the property firm, sales last year were primarily driven by its projects in China, namely Changzhou and Tianjin, adding S$36.8 million to its coffers. Evergro noted...
THE grey clouds hovering over the private property market here have gotten even darker. Islandwide launches of new private homes last month slumped to a record low since the Urban Redevelopment Authority (URA) started releasing the monthly data in June 2007. Developers placed just 157 units for sale last month, down nearly60 per cent from November. And out of these, they managed to sell 131...
Islandwide launches of new private homes in December 2008 slumped to a record low since the Urban Redevelopment Authority (URA) started releasing the monthly figures in June 2007. Developers placed just 157 units for sale last month, down by 59 per cent from November. Analysts said there has been softening demand for homes. But the low launch volume could also be due to seasonal adjustment and developers...
Real estate giant CapitaLand saved some S$1.5 million last year by reducing its electricity and water consumption. The green efforts were carried out across 23 properties such as its retail malls and office buildings. The amount of electricity saved can power about 13,000 five-room HDB flats for one month, while the amount of water saved can fill 24 Olympic-sized swimming pools. Last year, CapitaLand...
Mainboard-listed UOL Group has made a takeover bid for United Industrial Corp (UIC). UOL is paying S$1.20 per share - valuing UIC at S$1.6 billion. The move comes after UOL's shareholding in UIC crossed the 30 per cent mark. Under listing rules, this means it has to make a general offer for the remaining shares. UOL's bid for UIC has revived long-time rivalries between United Overseas Bank Chairman Wee...