City Developments (CDL) has booked a record S$410.5 million in net profit for the three months ended Dec 31 last year. The Singapore property developer's net attributable profit after tax and non-controlling interests (PATMI) was up 6.6 per cent from S$384.9 million in the fourth quarter of 2014 “despite challenging market conditions”, said CDL in a statement issued on Thursday (Feb 25). CDL said...
General
Prices of completed non-landed private homes inched up 0.1 per cent in January compared to the month before, led by small units and units in the non-central region. This is based on flash estimates from the National University of Singapore (NUS) for the Singapore Residential Price Index (SRPI), after a revised 0.6 per cent price fall for completed private homes in December. January 2016 estimates are...
The Additional Buyer’s Stamp Duty (ABSD) may be abolished this year given the supply of homes that are coming into the market amid the increasingly challenging global economic climate, Mr Kwek Leng Beng, executive chairman of City Developments (CDL) predicted yesterday. He added, without going into specifics, that mid and low-end private housing could see further price declines this year, while the...
Development charge rates have been revised downwards following the regular half-yearly review by the Ministry of National Development. A development charge is levied on projects that increase the value of the land they sit on. This could involve rezoning of a site to allow higher value use, or when the plot ratio is increased to allow the building of a larger project. The industrial segment saw the...
In the last two years, the Housing and Development Board (HDB) has received more than 230 requests from those living in public rental flats for a change of tenant under the Joint Singles Scheme, Minister of State for National Development Koh Poh Koon said in Parliament on Monday (Feb 29). There are around 12,000 households under the scheme. In 2015, HDB received 2,184 rental applications – of...
Prices of executive condominiums (ECs) do catch up with private condos after the initial five-year minimum occupation period (MOP), and even more so when they are fully privatised 10 years after purchase. A study by OrangeTee has found that the average price gap between new condos and ECs starts at around 20 per cent, due to the sales restrictions that apply to ECs, as well as their lower land and...
DESPITE a generally quiet leasing market, there has been buzz about two big transactions involving major players. BT understands that The Bank of Tokyo-Mitsubishi UFJ (BTMU) is in advanced discussions to lease about 140,000 square feet of office space at Marina One. It will be moving out of Republic Plaza, where it is the anchor tenant and also one of the oldest in the building, occupying about 150,000...
Construction group Lian Beng has inked a deal to buy Broadway Plaza in Ang Mo Kio for S$51.5 million. Broadway Plaza is a leasehold 5-storey commercial property in Ang Mo Kio Central facing Ang Mo Kio Avenue 6. It sits on a land area of 18,450 sq ft and has a gross floor area of approximately 55,351 sq ft. The property has about 61 years left on its lease. It bought this as a "strategic investment"...
About half of this year’s new Housing and Development Board (HDB) flats (about 9,000) will be launched in mature towns, said National Development Minister Lawrence Wong on Wednesday (Feb 24). This proportion is higher than last year where new flats in matured estates accounted for one-third of the supply. “We are trying to do more for mature estates because we know that there’s demand,” said...
Developers are starting to launch new projects in Singapore, following a quiet start to 2016. And while there is an underlying demand for homes, one analyst said developers must keep prices relatively low to attract buyers. CapitaLand’s Cairnhill Nine is one of the latest projects to be unveiled on Tuesday (Feb 23). The integrated development, a 268-unit residential tower, is part of the same complex...