Global Logistic Properties (GLP) has reported a 53.7 per cent increase in first quarter (ended June 30) net profit to US$153 million (S$190.6 million), driven by a strong operational performance in China and growth in its Japanese fund management platform. Asia's largest logistic facilities provider said turnover rose 32 per cent year-on-year to US$170.5 million (S$212.4 million), boosted by a 75 per cent...
General
The Urban Redevelopment Authority (URA) announced today that it has accepted an application from a developer to put up the industrial site at Yishun Avenue 9 (Parcel 6) for sale via public tender. The land parcel was made available for sale through the Reserve List system on 7 December 2011. URA has received an application from a developer for the site to be put up for public tender. The developer has...
Singapore's Real Estate Investment Trusts (REITS) have outperformed the broader market so far this year rising 22 per cent compared to the benchmark Straits Times Index's 14 per cent gain. But analysts said such higher capital gains are adding pressure on yields. Reaching higher are the average Distribution Per Unit from REITS. On average, analysts noted that dividends grew 2 per cent from the previous...
National Development Minister Khaw Boon Wan said the 50-year mortgage bank loans that are available now are not likely to have significant impact on the public housing market. In a written reply to a question by Member of Parliament Chen Show Mao, Mr Khaw added that while some borrowers may be attracted by the lower monthly instalments, the ministry does not expect 50-year housing loans to be popular. Mr...
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said longer mortgage tenures have implications for the property market. In a written reply to parliamentary questions, Mr Tharman said they give buyers the impression of improved housing affordability. He said the reality is that of a larger long term debt service burden. United Overseas Bank drew controversy when it launched a new...
Stakeholders along the Singapore River have formed a new partnership to enliven the various precincts along the river and enhance visitor experience. Called the Singapore River One or SRO, this not-for-profit entity will work with property owners and business operators along Singapore River to execute a five-year business plan with the aim of making the precinct more vibrant and attractive to...
Rising land value has encouraged landlords to develop more mixed-use projects. This includes developing more residential units along Shenton Way, once known as Singapore's Wall Street. And as more financial services firms gravitate towards the new downtown area, industry players said Shenton Way has a unique opportunity to regenerate itself. V on Shenton is one of the latest residential-cum-commercial...
Mainboard-listed United Engineers on Friday said its second-quarter net profit declined 76 per cent to S$7.4 million compared to the previous year. In a filing to the Singapore Exchange, the company said this was mainly due to an absence of profit contribution from property sales at The Rochester, which was completed in 2011. Higher operating expenses also weighed down the firm's bottomline. Meanwhile,...
UOL Group has booked a net profit of about S$171.68 million for the second quarter ended 30 June 2012, down by 19 per cent compared to the previous year. In a filing to the Singapore Exchange (SGX), UOL attributed the decline mainly to lower income from property development sales and lower fair value gains from investment properties. During the quarter, UOL recorded a 34 per cent on-year drop in revenue...
The Housing and Development Board (HDB) has awarded the tender for a 99-year leasehold residential site at Bright Hill Drive to United Venture Development (UVD). The tender attracted a total of six bids with UVD placing the top bid of S$291.5 million for the site, about 18 per cent higher than the next bid. UVD is a joint venture company of UOL and Singapore Land Ltd. The site at Bright Hill Drive spans...