City Developments Ltd (CDL) reported a 32.4 per cent decline in its third quarter net profit to S$132.1 million on Thursday. This is lower than the restated net profit of S$195.4 million it posted a year ago, according to the property developer's stock exchange filing. CDL said lower contribution from rental properties dragged profits after its disposal of non-core investment properties in 2010 and early...
General
The Urban Redevelopment Authority (URA) on Thursday released the detailed sales conditions for an industrial site at Sims Drive/Aljunied Road for public tender. The land parcel is part of the Reserve List of the Industrial Government Land Sales Programme for the second half of 2011. URA said interested developers can apply for the site to be put up for tender. The site has an area of about 0.63 ha and...
A prime leasehold site next to Kent Ridge Park is up for sale by tender with a reserve price of S$323 million. The site, Vista Park at 50-66 South Buona Vista Road, has a potential gross floor area (GFA) of approximately 446,947 square feet. Based on the reserve price, the land price works out to be about S$824 per square foot (psf) per plot ratio (ppr), inclusive of a lease top-up of approximately...
Three blocks of flats at East Coast Road - Blocks 1, 2 and 3 - have been chosen for the government's Selective En bloc Redevelopment Scheme (SERS). The site, which is the 75th site to be benefit from SERS, has 82 sold flats which are about 48 years old. The Housing and Development Board (HDB) will build replacement flats comprising 2-, 3-, 4- and 5-room flats at Chai Chee Road for the affected flat...
The amount of global property debt that could face refinancing problems in the next three years fell 27 per cent to US$142 billion (S$180.8 billion) over the six months to November, property research firm DTZ said on Tuesday. It said loan sales were picking up and there was sufficient equity to cover the funding gap, which it defines as the difference between the existing debt balance secured by...
The authorities have said that it is not possible to conserve every former school in Singapore, despite a Facebook campaign to "Save Old School" started by some alumni of Methodist Girls' School, after plans were announced for the redevelopment of Old School@Mount Sophia. The area, a former school campus, is now an arts enclave, with a cluster of six buildings. It was earlier announced that the site had...
A freehold residential site located at District 15 in the East Coast area has been launched for public tender with a price tag of over S$23 million. Its exclusive marketing agent HSR Investment Sales said owners of the four landed houses currently in the site have given the nod to the joint investment sale via 100 per cent consensus. HSR said the site has an indicative price of between S$23.25 million...
Emeritus Senior Minister Goh Chok Tong said the close partnership between the government and private sector was critical to the successful development of Singapore's new downtown at Marina Bay. Mr Goh was speaking on Tuesday evening at the opening of Asia Square Tower 1. "Looking ahead, we must continue to upgrade Singapore's business infrastructure in order to meet the changing needs of global business...
The Housing & Development Board has awarded the tender for the land parcel at Punggol Central/Edgedale Plains to Qingjian Realty (South Pacific) Group. The developer had submitted a bid of S$215.87 million for the 20,256.1 sq m site. The 99-year leasehold site is earmarked for condominium housing development that can yield an estimated 610 units. It has a maximum gross floor area of 60,768.30 square...
Rents for apartments in the city fringe areas are on the rise and this is being attributed to the concurrent increase in the number of small units that are generally under 500 sq ft in size. In a study by CBRE, rents in the city fringe, which covers areas like Balestier, Bishan and Geylang, rose to S$3.36 per square foot (psf) per month (pm) by the third quarter of this year, up from S$3.15 last year....