Yanlord Land Group, the real-estate developer focused on developing high-end integrated commercial and residential property projects in high-growth cities in China, says net profit for the period from 1st January to 30th September 2010 (9M 2010) rose 10.5% to $228.7 million from $207.0 million in 9M 2009. Recognised revenue in 9M 2010 was lower at $1,322.5 million compared to $1,385.6 million in 9M 2009...
General
Singapore was the third-most expensive office location in the Asia-Pacific region in the third quarter of this year. According to property consultant Colliers International, it is the fifth straight quarter that Singapore has held that rank, with an annual gross rent of US$67 per square foot. That is a 15.6 per cent increase from the previous quarter. Topping the list is Tokyo, which remained in first...
Property developer UOL Group's third-quarter profit increased to S$124.7 million, up 18 per cent from a year earlier. The company's revenue for the quarter rose 7 per cent on-year to S$345.2 million. The increase was due to recognition of revenue from the sale of the group's development properties, as well as the improved performance of hotel operations, UOL said. UOL's hotel properties include the Pan...
City Developments (CDL) said its third-quarter net profit edged up 1 per cent from a year earlier to S$195 million. The property company said its revenue fell 21 per cent to S$746 million, compared with S$941 million a year ago. CDL said its hotel operations benefited from a recovery in the hospitality market across all regions. The rental properties segment also performed well, boosted by gains...
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) said it planned to raise up to S$696.1 million through an initial public offering (IPO), according to a prospectus it has filed with the Monetary Authority of Singapore (MAS) . It said it planned to sell 632.8 million units, with each unit priced between S$1 and S$1.10. If successful, this would make it the first...
The flood of hot money unleashed by the United States' latest round of monetary easing runs the risk of inflating a bubble in Singapore property market. This may in turn increase the chances of further property cooling measures, warned analysts yesterday. Regional markets are expected to be on the receiving end of a large slice of the US$600 billion (S$770 billion) injected by the US Federal Reserve last...
Park Regis Singapore, a 203-room hotel in the Raffles Place area, is set to launch on November 16, marking the entry of Australian-based StayWell Hospitality Group (SWHG) into the Southeast Asian region. The new hotel marks a significant milestone in expanding SWHG's brand in major destinations across the region. SWHG currently manages over 10 Park Regis hotels particularly in Australia, and has new...
Good-class bungalow (GCB) owners are cashing in on escalating property prices. A CB Richard Ellis (CBRE) analysis of Urban Redevelopment Authority (URA) Realis caveats shows that GCBs are netting bumper profits for owners who have seen average per sq ft (psf) prices rise almost 30 per cent over the past year. Some have taken to buying and selling their GCBs within a period of less than two years. At...
Singapore Pools is understood to have purchased IOI Plaza, a landmark 12-storey granite office block at the corner of Middle Road and Prinsep Street, for $139 million. The seller is a unit of Malaysia's IOI Properties Bhd. This works out to about $1,381 per square foot (psf) based on a net lettable area (NLA) of about 100,640 sq ft. The site has about 85 years' remaining lease. Singapore Pools, whose...
Mainboard-listed property developer Singapore Land said its third-quarter net profit dropped 11 per cent from a year earlier to S$50.1 million. This was despite revenue growing 29 per cent from a year ago to S$154 million. The developer said the higher revenue was due to better sales of trading properties and higher revenue in the Pan Pacific Singapore hotel. The hotel's revenue rose 29 per cent to S$27...