En bloc projects being leased out instead of getting rebuilt MANY new homes recently built for the well-heeled in Singapore are sitting empty. Only 45 per cent of the luxury projects launched since June 2006 have been sold as of November last year, according to property consultancy CBRE. This period saw the roll-out of 20 projects in this segment, which has a total of 2,209 units, some of which have yet...
Developer News
Shares of CapitaCommercial Trust (CCT) rallied to a two-month high on Wednesday following an announcement that it would refinance as much as S$580 million of mortgage-backed securities. The counter was up 7 per cent to S$1.00. Analysts are also cheering the company's decision to scrap a billion-dollar redevelopment plan in Singapore's business district as more developers are expected to hold back...
PROPERTY hunters put aside the gloomy economic outlook last weekend and turned out in force to check out - and even buy - new flats. At Nova 88 in Balestier - likely to be the only new official launch so far this year - about 500 visitors thronged the showflat, said developer Roxy Homes. About 20 per cent of Nova 88's units were sold, with prices ranging from $900 to $990 per sq ft. Some 20 per cent...
AN UGLY spat that has already resulted in a police report lodged against a homeowner is brewing between listed property giant Wing Tai and some foreign investors of its three-year-old luxury condo near Orchard Road. The development, which briefly set a record price of more than $2,000 per square foot when it was launched, has more than 130 units in all. At least 15 unit owners most of them foreigners who...
Property developer CapitaLand has appointed Peter Seah as its new deputy chairman from January 2009. Mr Seah has been a non-executive director with CapitaLand since 2001. He is also appointed to chair the company board's finance and budget committee. Mr Seah takes over from the incumbent Hsuan Owyang, who has been with the company since its inception, following the merger of Pidemco Land and DBS Land....
ASIAN debt managers expect real estate developers and companies in China, South Korea and Australia to provide them with the most investment opportunities next year, an industry survey shows. Economic recession, slowing consumer spending and shrinking bank lending indicate a growing number of Asia-Pacific companies will face difficulty refinancing debt next year, according to a survey of 100 hedge fund...
Singapore-listed property counters have been massively sold down in recent weeks. They are underperforming the benchmark STI, with losses of about 61 per cent year-to-date. With the outlook for the sector still cloudy, analysts say they would prefer to remain cautious on these property stocks for the year ahead. Weak new home sales in Singapore have translated into soft earnings, a poor outlook, and...
Property developer CapitaLand said on Tuesday it will not be laying off staff for now. Instead, executive-level staff will take pay cuts of between three and 20 per cent as part of the company's cost management measures. In a statement, CapitaLand said the cuts are due to the deteriorating global financial environment and economic uncertainties. President and CEO Liew Mun Leong will bear the maximum...
A dispute between property developer Lee Tat Development and Grange Heights residents over a strip of land came to an end on Tuesday as the Court of Appeal ruled in favour of Lee Tat, overturning an earlier appeal decision. It is extremely rare for the Court of Appeal to re-look a case that it has passed judgement on. Since the 1970s, Lee Tat has been trying to stop the residents from using a pathway,...
Property developer City Developments Ltd (CDL) has been lauded for its Corporate Social Responsibility (CSR) practices. It clinched three awards at the Asian CSR Awards 2008. CDL is the only Singapore company to be recognised at the event. In a statement, CDL said its three CSR initiatives were selected for the awards, out of a total of 15 finalists across five categories. Among them was a campaign...