The government has increased the development charge rate for both non-landed and landed residential homes. Analysts said this is in line with the strong rebound in home sales and prices over the last six months. The rise in non-landed residential DC rates, in particular, is expected to add on to developers' land banking cost. Private homes were hot property in 2009. Some 6,300 units have been sold in the...
General
CITY Developments (CDL) is aiming to start building its landmark $2.5 billion South Beach project in Beach Road next year, said its boss Kwek Leng Beng yesterday. Mr Kwek gave an update on the project - shelved in late 2008, owing to high construction costs, then slated for a start this year - as he unveiled a far- better-than-expected 77 per cent surge in fourth quarter net profits for CDL. He brushed...
Singaporeans can look forward to more property launches. The Real Estate Developers' Association of Singapore (REDAS) on Thursday announced that its members will be bringing forward property launches. REDAS added that its efforts are only limited by the land available and hence the long-term solution to a stable market is still adequate supply. The association celebrated the Lunar New Year, riding on an...
Mainboard-listed Chinese property developer Yanlord Land has booked a 16 per cent drop in fourth quarter net profit to S$118.4 million. This came on the back of a 48 per cent fall in revenue to S$214 million. Yanlord said the decline in fourth quarter revenue was due to a decrease in gross floor area delivered. For all of 2009, net profit rose 44 per cent to S$325.3 million. Yanlord is proposing a...
Singapore's City Developments on Thursday said it expects to remain profitable this year, and does not expect to see much impact from recent government measures to cool the property market. The developer booked a 2 per cent increase in full-year earnings to S$593 million or US$420 million. That is its second highest on record. Revenue last year hit an all-time high of almost S$3.3 billion. The...
Mainboard-listed luxury resorts operator Banyan Tree is back in the black in the fourth quarter. Banyan Tree booked a net profit of S$2.97 million - a sharp reversal from the S$6.9 million loss in the same period a year ago. For the whole of 2009, net profit came in at S$3 million. This was a 57 per cent drop on-year. Banyan Tree said the fall was due to a strong first half in 2008. Its bottomline was...
Real estate developer Japan Land on Thursday said it has completed its new Jurong Data Centre in Singapore. The total project cost for Phase One amounted to S$215 million. Japan Land invested about S$40 million in the project, with the remaining funds coming from various other investors. The developer said it will explore similar opportunities in Asia, especially in Malaysia, China and India. The new...
Recently, apartments at the 189-unit The Trumps have increasingly crossed the $800 psf level, even surpassing the 2007 peak of $896 psf. Last August, a high of $975 psf was achieved when a 1,270 sq ft unit on the 16th floor sold for $1.24 million. Located a street away from the Kembangan MRT station, the five-year-old condominium is attractive to families with young children as it is a short drive to good...
Las Vegas Sands said it plans to open the first phase of its US$5.5 billion Marina Bay Sands development on 27 April 2010. Sheldon Adelson, chairman and chief executive officer of Las Vegas Sands, said the integrated resort will immediately go to work by hosting its first event - the Inter-Pacific Bar Association's annual conference - just days after opening its doors. The second phase will open on June...
The two latest HDB Build-to-Order or BTO projects - Punggol Crest and Treegrove@Woodlands - are seeing strong demand. The number of applications received so far was four times the number of units available. The more popular ones are the bigger flats. There were some 2,600 applicants for 270 4-room units at Punggol Crest. The 372 4-room units on offer at Treegrove saw 2,390 applicants. But the 2-room...