Niche property developer Hiap Hoe said its full-year net profit more than quadrupled by 319.5 per cent to a record S$34.3 million. The better showing was driven by revenue recognition for several of its development projects. For the full year, revenue surged 272 per cent to S$110.5 million. In the fourth quarter, Hiap Hoe's profit soared to S$9 million, compared with just S$300,000 the year before. Its...
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Property developer Yoma Strategic Holdings said its third quarter net loss narrowed to S$420,000 compared with a loss of S$510,000 in the year-ago period. Its revenue for the third quarter, however, rose 47 per cent to $5.31 million from $3.61 million in the same quarter last year. Yoma said this was due to a significant increase in its sales of land and buildings. Revenue for its construction-related...
Data released Wednesday by the Urban Redevelopment Authority (URA) showed that 1,476 units were sold in the first month of the year, about triple the 481 units sold in the previous month. The rise in the number of private homes sold also breaks a five-month streak of declines. As was the trend in previous months, higher-end projects were more popular. Cube 8, a City Developments project located at...
Over the Lunar New Year holidays, Singapore's first casino and Universal Studios theme park at Resorts World Sentosa garnered all the attention. But some are wondering if the focus on roulette tables and roller coaster rides will cause the mainland's central shopping belt along Orchard Road to lose its glitter. Singapore's first casino and Universal Studios theme park opened over the weekend creating a...
Mainboard-listed Ascendas Real Estate Investment Trust or A-Reit said it will buy three new properties totalling S$228.5 million. It has signed two sale and purchase agreements as well as a memorandum of understanding for the purchase of a property under development. Under one sale and purchase agreement, A-Reit will acquire DBS Asia Hub located at Changi Business Park Crescent for S$116 million. This...
Singapore-listed property developers Yanlord and Ho Bee have jointly acquired a 13.69 hectare prime residential development site in Shanghai's Qingpu District for around S$784 million. The site is situated a mere 5.5 km from the heart of the Hongqiao Commercial District which has been earmarked by the Shanghai municipal government to be the city's fully integrated financial, commercial and logistical hub...
The Lion City has been ranked the world's 53rd most liveable city, in the latest survey by the Economist Intelligence Unit. The Republic scored highly in stability and infrastructure, and its emphasis on healthcare and education also earned it top marks. However, it did not fare as well in areas such as culture and living environment. While it is ranked behind Hong Kong and Tokyo in Asia, for example,...
High cash-over-valuation (COV) prices paid by Housing and Development Board flat buyers are a concern, acknowledged National Development Minister Mah Bow Tan, as they make resale flats less accessible to buyers who need flats urgently. But the way to deal with the situation "is not to manage or fix COVs", he feels, as "the underlying cause is high demand, caused by excess liquidity and market sentiments,...
Should you join the crowd? If you have top-notch credit, and expect to stay in your home for several years, refinancing may make financial sense. You probably won't have any difficulty getting a loan, provided you have adequate income that you can document. But for everyone else, the calculations have become increasingly complicated. And you're unlikely to qualify for the lowest advertised...
Mainboard-listed property group Ho Bee Investment said its full year net profit jumped 262 per cent to S$337 million from the preceding year. The strong profit was achieved on the back of a record revenue. Revenue for the financial year ended December 31 almost quadrupled to S$1.16 billion. Sales rose 284 per cent from the S$302 million achieved in 2008. The company also recorded strong fourth-quarter...