Fragrance hotel and property group says it recorded a turnover of $57.7 million in the Third Quarter of 2009, a 37.9% increase from $41.83 million recorded in the corresponding period in 2008. The property sector contributed $48.79 million or 84.6% of the consolidated revenue. This is an increase of about 51.1% from the $32.28 million contribution in the third quarter of 2008. Fragrance says major...
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Building construction group Lian Beng has reported a 168% surge in profit after tax to $5.4 million for the first quarter of its 2010 financial year, compared to $2 million a year ago. This was achieved on the back of a 128.6% rise in revenue to $85.1 million. Lian Beng says the growth in revenue was driven by revenue recognition from the completion of projects like Ferraria Park, Sixth Avenue Condominium...
Fortune REIT, a property trust controlled by Hong Kong billionaire Li Ka-shing, completed the purchase of three properties in Hong Kong, it said in a statement to the Singapore stock exchange today. The total acquisition cost was HK$2.09 billion ($374 million), including fees and expenses, it said. The purchase was partly funded by a rights issue and a term loan, and brings the trust’s asset value to...
The Housing & Development Board (HDB) says the chances of a first-time flat buyer shortlisted to select a flat under the first Sale of Balance Flats exercise is slim, despite the priority given to them. This is due to the overwhelming response to the exercise which will end at midnight Wednesday. More than 20,000 applications were received as at 5pm for the 2,100 flats on offer. About seven in ten...
K-Reit Asia, the office landlord owned by Keppel Land, says its third-quarter distribution to shareholders will be $18 million, up 18.3% compared to 3Q08. This means a distribution unit of 2.69 cents. K-REIT Asia achieved a distributable income of $51.1 million for the period from Jan 1 to Sept 30, 2009. This was 25.4% higher than that for the same period in 2008, due mainly to higher rental rates...
The Housing & Development Board (HDB) has seen strong demand for the 2,100 flats being offered under its "Sale of Balance Flats" exercise. The HDB received more than 19,000 applications, just a day before the exercise closes, which means that the flats are nearly nine times oversubscribed. Demand was high for the flats - ranging from studio apartments to executive flats - in estates such as Bedok,...
Fortune Real Estate Investment Trust says it has received valid acceptances and excess applications for a total of 955,123,404 rights units at the close of Fortune REIT’s rights issue on Oct 7. This represents 115.8% of the total number of rights units available under the rights issue. The manager had on Aug 24 announced the fully underwritten one-for-one renounceable rights issue of 824,879,427 rights...
Accrediting all real estate agents and setting up a tribunal to handle disputes are some of the proposals which could be introduced soon to help improve the standards of the real estate industry. The suggestions came after the Ministry of National Development consulted industry players from September 10 to October 1. And from October 13, the public can give their feedback on the proposed regulatory...
If you are thinking of investing in small apartments measuring less than 500 sq ft because they are cheaper, you may want to think again, according to property experts. As there are only a few "shoe box" housing units available on the market, and with a popularity that's still in the early stages, analysts said the returns on investment in these properties could be limited. "This is a non-standard...
There’s been a spurt in sales at Nuovo in Ang Mo Kio recently, after the executive condominium (EC) crossed the five-year minimum-occupation period. Seven units changed hands from Sept 4 to 11, according to caveats lodged with URA Realis. In 2006 and 2008, there was only one transaction each, and two deals in 2007. Owners who sold recently are taking advantage of the “Centro-effect”, caused by the...