New home sales in Singapore dived 70 per cent in October compared to September as home buying sentiment continued to sour. According to Urban Redevelopment Authority’s (URA) data, developers sold 112 new and uncompleted private residential homes last month, versus the 380 units sold in September. They launched just 159 units for sale, compared to nearly 767 in September. The most expensive unit sold...
Developer News
Developer to roll out Woodlands project on back of solid soft launch A DEVELOPER is rolling out a rare condominium launch in Woodlands this weekend - optimistic that lower-than-planned prices will draw buyers, despite the gloomy market conditions. EL Development is launching the 99-year leasehold, 200-unit Rosewood Suites at $580 per sq ft (psf) on average. The developer held a sneak preview to test the...
AMID the weakening property market, City Developments said it will delay selling homes at new projects for now. About 130 units remained unsold among the homes it had already released for sale. At the same time, CDL and its partners in the South Beach development, located downtown, have agreed to delay construction on expectations that building costs will retreat, said the company. Singapore’s...
Property firm City Developments (CityDev) has posted net profits of S$150.8 million for the third quarter of this year – down 11 per cent from last year. Revenue for the period came down 13.6 per cent to hit S$688 million. The firm said it would hold back the launch of new residential projects for the time being, in light of the subdued property market and global economic uncertainty. It has also...
Banyan Tree Holdings has seen its third quarter earnings hit by political unrest in Thailand which affected its operations there. The resort developer and manager posted a 78 per cent on-year decline in net profit to S$14 million for the first nine months of the year to September. In the third quarter, the company reported a net loss of S$4.9 million compared to net profits of S$49.1 million last...
SPECULATION that Singapore multinational property company CapitaLand could be part of a rescue effort for the Marina Bay Sands integrated resort project is being downplayed by the developer. A company statement yesterday clarified that “no discussion has transpired between itself and Sands”. CapitaLand nevertheless stated that it is currently monitoring and studying any opportunities arising from...
Property developer CapitaLand said it has not held any talks with Las Vegas Sands over the integrated resort at Marina Bay. The comment follows market talk that CapitaLand may step in to take a stake in the resort, given financial difficulties at Sands. In its statement, CapitaLand said it is watching the current global environment and studying opportunities related to distressed companies or assets in...
Property group Orchard Parade Holdings posted a 36.3 per cent increase in net profit to S$36 million for the nine months ended September as compared to last year. The improved performance was attributed to the group's hotel business which saw higher room rates. The company also saw lowered costs and improved contributions from associated companies. Revenue for the period slipped 18.3 per cent to S$54.4...
SOUTH-EAST Asia's largest property developer, CapitaLand, saw its third-quarter profit fall by 26 per cent as slowing economic growth continues to hurt demand for homes in Singapore, China and Australia. Net income fell to $419.4 million, from $563.9 million a year earlier, CapitaLand said in a statement yesterday. Revenue declined 33 per cent to $597.2 million. "The fundamentals in the group's core...
Southeast Asia's largest property developer CapitaLand posted a 26 per cent drop in third quarter net earnings over a year ago. Net profit came in at S$419.4 million due to lower sales. Revenue in the three months ended September also fell by some 33 per cent to S$597 million. For the year-to-date, net profit hit S$1.18 billion, down from S$2.08 billion in the same period last year. CapitaLand said it...