The Singapore construction industry is facing a labour crunch with stricter foreign manpower quota even as the pipeline of projects remains strong. Many contractors are already taking measures to raise productivity but this is seen as just the first step forward. For example, Sam Woh uses a $200,000 tracking system to pinpoint the exact location of its over 200 delivery trucks. With this, the company...
General
The government has lowered the development charge (DC) for non-landed residential sites by three per cent on average. This compared to the 12.2 per cent increase during the last revision exercise six months ago. The most significant decreases are in the Punggol Town/Upper Serangoon Road area, and the Hougang/Paya Lebar Road/Toa Payoh/Bishan areas, which will see rates fall by 14 per cent. Analysts say...
Singapore REITs (S-REITS) continued to dominate cross-border acquisitions within Asia in 2011, according to a report by CBRE. The real estate consultancy said S-REITS invested S$2.51 billion abroad in 2011 with the vast majority of capital targeted at China. This was comparable to the investments made the previous year, when S-REITS pumped S$2.49 billion into projects abroad. CBRE said 17 out of 26...
As part of a strategic collaboration with iProperty.com Singapore, MediaCorp's TODAY newspaper will be publishing a dedicated property classifieds section in full colour. The iProperty Group described the partnership as a watershed, bringing together a leading online portal with a key national publication. CEO of the iProperty Group, Shaun Di Gregorio, said it recognises that the lines separating online...
After suffering the impact of the additional buyer's stamp duty (ABSD) introduced in early December, the mass-market segment is beginning to recover with prices for completed private apartments in the Non-Central Region climbing one percent in January. This was revealed by the latest flash estimates of the National University of Singapore (NUS) Singapore Residential Price Index (SRPI), which also showed a...
City Developments said declining rental income hurt its earnings last quarter. Net profit for the three months to December fell 32 per cent from a year earlier to S$163.2 million. Many analysts had forecasted a year-on-year decline of about 20 per cent. Source : Channel NewsAsia - 29 Feb...
Ho Bee Investment's 2011 net profit slumped 39 percent to S$202.5 million compared to the previous year. The Singapore-listed property firm said revenue fell 43 percent to S$341.5 million for the 12 months to 31 December from a restated S$600.3 the previous year. It attributed the decline to "the higher revenue recognition on the completion of residential projects, Turquoise at Sentosa Cove and The...
Parkway Life Real Estate Investment Trust (PLife REIT) said on Tuesday that it is making further acquisitions to expand its portfolio in Japan and Malaysia. Through its wholly-owned subsidiary, Parkway Life Japan4 Pte Ltd, it has a Tokumei-Kumiai agreement (or silent partnership agreement) for the acquisition of three nursing home properties in Japan at a cost of 3 billion yen (S$50 million). The...
Private home transactions fell in 2011 with decreased sales volumes in both the primary and secondary markets, said DTZ Research. “Demand was more affected in the prime areas compared to the suburban areas which continued to be supported by HDB upgraders and local investors who are drawn by smaller and more affordable units, costing less than S$1 million,” it said. Buyer’s sentiment was supported...
Spring Grove, a 325-unit condominium located on Grange Road, is tipped for collective sale if negotiations between homeowners and the US Embassy are successful. Located on the site of the former residence of the US ambassador, the 24,481 sq m site was acquired by City Developments Limited (CDL) from the US government over 20 years ago and developed into a condo project. According to The Straits Times,...