Singapore-listed Chinese property developer Pan Hong said yesterday the initial public offering (IPO) of its Jiangxi-based unit, Sino Harbour, in Hong Kong would raise HK$330 million (S$51.4 million), after the 300 million shares were priced at HK$1.10 each, the bottom end of the indicative range. Sino Harbour plans to fortify its position in various cities in China's Jiangxi province and expand the...
General
With Singaporeans increasingly turning to renting out their apartments for extra income, more disputes are flaring up between landlords and tenants, according to lawyers and property agents. And it is not only the landlords who are giving their tenants headaches. Anecdotally, complaints of landlords being held ransom by tenants in arrears and refusing to move out are increasing. Property agent G Rajan...
The government has announced that landed property in Singapore will be exclusive to Singaporeans. “The government takes a strict approach towards ownership of landed property in Singapore by PRs (permanent residents),” said Law Minister K Shanmugam, in a Business Times report. PRs today, according to the minister, own only 3.5 percent of landed homes in Singapore. This includes Sentosa Cove...
Singapore shopping mall developer CapitaMalls Asia said its second-quarter net profit has doubled on-year. In a filing to the Singapore Exchange, the company said its net profit came in at S$164.9 million for the second quarter, up from S$82.1 million a year ago. This is due to fair value gains, contributions from associates, and a revised accounting policy, it said. But its revenue declined 14 per cent...
More small and medium enterprises (SME) are taking steps to own their business premises. Experts said the upturn in Singapore's economy encouraged companies to increase their capacity. And SMEs are also opting to buy office, warehouse and factory space to save on rental costs which analysts said could rise by 15 to 18 per cent this year. Packaging solutions provider Greenpac believes consolidating its...
The latest Build-to-Order (BTO) project saw three applicants for every new flat on offer. There were 3,556 flats for the picking in the combined BTO exercise. All in, there were 11,548 bids for seven projects across the island. This includes areas like Sengkang, Tampines, Jurong West and Yishun. The combined launch is a new initiative aimed at providing home buyers more choice and greater chances of...
Slower home sales last quarter and a change in reporting standards have contributed to a 65 per cent plunge in Keppel Land's second quarter net profit. Its half year net profit also suffered, dropping 34 per cent to about S$133.8 million. Keppel Land's net profit for the second quarter ended June 30 was S$50.5 million. This is compared to S$143.8 million in the same year-ago period. Revenue for the...
Ascott, CapitaLand's wholly-owned service residence business unit, will open its first serviced residence in India and operations will start from August 1. The 96-unit property - Citadines Richmond Bangalore - is strategically located along Bangalore's well-known Richmond Road in the Central Business District. The property offers a mix of spacious studio, one- and two-bedroom apartments as well as...
PACE Development on Wednesday announced its Singapore roadshow for Thailand's super luxury Ritz-Carlton Residences development. The Thai residential property developer, which focuses exclusively on prime-location projects, said that strong interest from Singapore investors led them to stage the roadshow for the Ritz-Carlton Residences, Bangkok. The Ritz-Carlton Residences, to be located in Bangkok's...
Despite the property cooling measures announced in January, prices of luxury units have risen a staggering 20 percent to S$7.9 million, according to Kim Eng, in a report by Singapore Business Review. “While the average price per unit in all the other segments declined, in the luxury segment, it rose nearly 20 percent from S$6.6 million to S$7.9 million,” it said. It added that the volume dropped...