STANDING head and shoulders above the tired facades of an electrical shop and a coffee shop in Dickson Road in Little India is a shiny 29-room hotel, Wanderlust. Not the only new kid on the block, it faces a brand-new branch of the Hotel 81 chain of budget hotels. Just a few paces away, workers are busy moving in the lobby furniture of a yet-to-be-named 90-room hotel. These are among at least nine...
General
Petrochemicals industry's impending growth requires 'land intensification' WITH the world's largest oil/petrochemical companies like ExxonMobil and PetroChina planning even more investments here, Singapore is studying how to intensify land use for the industry. This follows JTC Corporation's recent foray into building underground oil/chemicals storage caverns on Jurong Island and its plans for offshore...
Analysts have said Grade B and C offices need to offer more attractive features like new facilities, or risk falling occupancy levels. Already, there is a growing trend of tenants from the banking sector relocating to Grade A office space or planning to do so. Banks are leading a flight to Grade A office space as the sector rebounds strongly from the financial crisis and prepares for further...
Property watchers believe a higher supply of new Build-To-Order flats for 2011 will help to take some heat off the resale market where prices have been hitting record highs. Minister for National Development Mah Bow Tan said the Housing & Development Board is prepared to launch 16,000 new flats next year. They believe that this will allay concerns that prices are climbing too fast. And they hope...
First-time home buyers can look forward to at least 16,000 new Build-To-Order (BTO) flats next year, should demand continue to be strong. The National Development Minister gave this assurance while speaking to reporters after his ministry's National Day Observance Ceremony Friday morning. Even while recognising the work of the various agencies under the umbrella of the National Development Ministry,...
The Housing Development Board (HDB) has awarded the tender for the site at the junction of Tampines Avenue 5 and Tampines Central 8 to Sim Lian Land. The property developer submitted the highest bid at some S$178 million. This translates to about S$253 per square foot. The 32,000 square metre site is designated for public housing under the Design, Build and Sell Scheme (DBSS). It was launched in June...
CapitaLand said its Ascott Residence Trust or Ascott REIT has entered into an agreement to sell a rental housing property, Country Woods, in Jakarta for S$33.9 million. It said this is the highest price submitted in a competitive bidding process and is 60 per cent above the property's valuation as at June 30. It added that Ascott REIT is expected to enjoy an estimated net gain of S$5.7 million from the...
Property developer Bukit Sembawang Estates says group revenue for the first quarter ended 30 June 2010 was $34.4 million as compared to $6.4 million in the prior corresponding period. Accordingly, the net profit before tax increased by 706.1% from $1.8 million in the prior corresponding period to $14.8 million for the quarter ended 30 June 2010. The increase was mainly due to higher profit recognition on...
Mainboard-listed property developer Singapore Land has returned to the black in the first half of 2010. It posts a net profit of S$108 million, overturning the loss of some S$272 million over the same period last year. This is on the back of a 52 per cent increase in revenue to S$260 million for the six months ended June. Meanwhile, it report a second quarter net profit of about S$60 million. This also...
UOL Group today announced a net attributable profit of $147.8 million for the second quarter ended 30 June 2010, compared to a loss of $20.1 million in 2Q09. The net attributable profit excluding fair value and other gains increased by 36% to $122.1 million as compared to 2Q09. For the first six months in 2010, its net attributable profit excluding fair value and other gains rose 43% to $205.7 million...