Property developer Sing Holdings has issued an earnings warning. It says it expects to report a net loss in its first quarter results ending March. In a filing to the Singapore Exchange, Sing Holdings says the loss is due to showflat and marketing expenses for its 229-unit "The Laurels" development. According to the company, sales of 36 per cent of the units at "The Laurels" had been finalised by the...
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Parkway Life REIT said its first quarter distribution per unit rose 9.7 per cent to 2.07 cents, compared to 1.89 cents in the same quarter a year ago. This came on the back of a 9.7 per cent increase in distributable income to S$12.5 million for the quarter ended March, from S$11.4 million last year. Net property income for the quarter was 13.4 per cent higher at S$17.2 million. The higher revenue was...
Last week, the Government proposed changes to the Land Titles (Strata) Act, making the process of selling an estate enbloc stricter but also fairer than before. The changes are expected to take effect next month. This came after the Ministry of Law received further feedback and suggestions on the Act. These range from requesting more procedural controls to loosening the regulations, as well as proposals...
The tender by the Housing and Development Board (HDB) for the land site at Tampines Road has attracted a whopping total of 16 bids from property developers. This is higher than the 14 bids attracted from developers for the land site at Boon Lay Way and Lakeside Drive when its tender closed on Tuesday. Fragrance Properties submitted the highest bid of $16.25 million for the 99-year lease land parcel which...
Some 1,050 flats will be offered at Boon Lay Grove in Jurong West and at Floral Spring @ Yishun under the HDB's latest new Build-To-Order (BTO) projects. The majority of the flats are four and five-room units and 95 per cent of these two types of units will be set aside for first-time buyers, said the HDB. Four-room units at Boon Lay Grove are being sold at between $239,000 and $287,000 each....
The game could be up soon for rogue real estate agents. The Ministry of National Development (MND) plans to set up a statutory board, the Council of Estate Agencies (CEA), to professionalise the real estate industry. Among the measures: Tighter licensing conditions for estate agencies and their agents, a code of ethics and professional conduct for estate agents, a discipline and dispute resolution...
To preserve the heritage of historic districts, Heritage Charters can be drawn up to guide the kinds of activities and uses allowed in these areas. These can be formulated jointly by the public, private and people sectors, said Mr Lee Tzu Yang, co-chair of the focus group appointed to look into the issue. There is also a need to develop more iconic structures to give each area in Singapore a distinct...
Some of their suggestions echoed popular calls that have been rejected time and again by the Government; other proposals may be downright unpopular, admitted the focus group appointed by the Urban Redevelopment Authority (URA) to review its Concept Plan 2011. Either way, green transport will have a key role in building a sustainable city, said the 30-member group. For one, a dedicated bicycle lane...
The Building and Construction Authority has awarded three engineers the Design and Engineering Safety Excellence Awards. They were recognised yesterday for their work in designing safe and creative buildings. Ms Joanne Wong, from Meinhardt Infrastructure, was tasked with diverting Stamford Canal so that a new gleaming shopping mall, 313 Somerset could be built over it. At the same time, engineers had to...
Mainboard-listed BBR Holdings has secured a second contract worth S$139.6 million from the Urban Redevelopment Authority (URA). This is to construct Phase 3B of the Proposed Common Services Tunnel at Marina Bay. The group said the latest contract was awarded to BBR's wholly-owned subsidiary, Singapore Piling & Civil Engineering. The scope of works includes completion of the CST Box Tunnel and...