Sales of small apartments, also known as shoebox apartments or mickey mouse flats, skyrocketed last year. And demand continues to be robust this year. A total of 696 flats of 500 sq ft or smaller and another 1,285 of between 500 and 800 sq ft were sold last year. Buyer interest has remained strong this year with 533 units of 800 sq ft or less sold in the first four months. Such apartment sizes comprise...
General
A major shake-up is expected among real estate agents as their numbers are expected to fall by as much as 25 per cent when the new rules to regulate property agents kick in later this year. Agents who do not measure up will likely leave the industry and market watchers said smaller real estate agencies in Singapore may also consolidate. Currently, there are more than 20,000 real estate agents here and...
Property consultant CB Richard Ellis (CBRE) says last year's total transaction value of new homes in Singapore was just 69 per cent of that in 2007. Based on caveats lodged for the full 12 months of last year, 2009 logged a total transaction value of S$16.22 billion. That's lower than the total value of new home sales for the whole of 2007, which came in at S$23.52 billion. CBRE says the lower...
Industry watchers said smaller real estate agencies in Singapore may consolidate when new rules to regulate property agents kick in later this year. Agencies are also concerned about recruitment and compliance costs. The government is due to set up the Council of Estate Agencies to regulate property agents. The upcoming regulations seek to weed out rouge agents, and raise professional standards and...
Just five months into its operations, shopping mall 313@Somerset at Orchard Road has received more than 14.7 million visitors, higher than its original target of 10 million. SPRING Singapore says the mall's recipe for success can be attributed to its commitment to customer satisfaction. It entails more than just good service quality. The mall has also focused on meeting the two other drivers of customer...
Conglomerate Fraser & Neave (F&N) said its half year profit was up 93.7 percent or nearly doubled to S$306 million. The earnings were lifted by a stronger second quarter where profit rose 89 per cent to S$170 million. Revenue in the first half rose about 19 per cent to $2.8 billion, thanks to growth in all its key business segments. They were lifted by strong demand for drinks products and...
Property consultant Colliers International says the industrial property market here has stabilised, with rents having bottomed out. In its latest bi-annual survey on industrial real estate costs across Asia Pacific, the firm says the stabilisation was on the back of a turnaround in the US and Euro-zone. In particular, export-oriented cities, like those in Singapore and China, posted strong double-digit...
Property developer Wing Tai Holdings has posted an eight per cent increase in third quarter net profit to S$23.2 million compared to a year ago. This came on the back of a hefty 89.6 per cent rise in revenue for the quarter to S$149.54 million. This comes on the back of higher contributions from the development projects in its properties division. Wing Tai said profits recognized from units sold in...
Mainboard-listed Hotel Properties said its net profits fell 8.8 per cent on-year to S$9.8 million for the first quarter ended March 31. Its revenue edged up 0.5 per cent to S$120.1 million compared to the same period last year. The group said although its hotels in Singapore achieved higher occupancies, those in Bali and Maldives had lower room rates due to strong competition. Looking ahead, Hotel...
Mainboard-listed Chinese developer Yanlord said today that its first quarter net profit fell by 23 per cent on-year to S$18.7 million. The decline in profit follows a 7 per cent drop in revenue from the year ago period to S$173.1 million. Yanlord says the decrease in revenue was mainly attributable to a reduction in the gross floor area delivered over the period. Other than seeing a fall in revenue, the...