Another international school has opened its doors in Singapore, hoping to fill an expected demand for foreign-style education system here and in the Asia Pacific. According to Singapore-based education group Cognita, although earlier surveys had estimated the exodus of some 2,000 international students, improvements in Singapore's economy have in fact led to an increase in expatriates moving into the...
General
Asian real estate investment trusts (REITs) have bounced back strongly in the first half of 2009, according to a recent analyst report by property consultancy CBRE. Their total market capitalisation rose 14.3 per cent for the period. Analysts said on Thursday this performance was driven by improving credit conditions, government support for re-financing – especially for Japan REITs (J-REITs) – and...
Mainboard-listed developer Guocoland has posted a full year net loss of S$70.2 million, reversing a S$161.8 million net profit in the previous financial year. The net loss was mainly due to a revaluation loss of S$81million on its Tung Centre property, write-downs in values of development properties in Malaysia and foreign exchange losses. Revenue for the financial year ended June fell 24 per cent to...
The Urban Redevelopment Authority (URA) has investigated over 500 cases of illegal subletting at private residences so far this year. That's 25 per cent more than the whole of 2008. These involve the unauthorised partitioning of apartments, shophouses and terrace units into smaller units in order to sublet them individually. Authorities said the majority of offences involved turning residential units...
Mainboard-listed property firm Sim Lian Group said its full year net profit fell 12 per cent to S$38.7 million from a year earlier. The drop in profit was mainly a result of allowances for a foreseeable loss in a development project and a decline in fair values of investment properties. Revenue for the financial year ended June rose 48 per cent to S$575.5 million, mainly due to higher revenue from its...
Three consortiums have submitted tenders to build Singapore's permanent racing track in Changi. The Singapore Sports Council (SSC) had called for tenders in March and the bidding closed at 4pm on Thursday. The three consortiums are SG Changi Pte Ltd, Singapore Agro Agriculture Pte Ltd and Sports Services Ltd. The bids include designing, building, financing and managing the Changi Motorsports Hub...
The first phase of Marina Bay Financial Centre is now 67 per cent pre-leased ahead of its completion in the second quarter of next year. This phase includes Tower Two and the fully pre-leased Tower One. The latest tenant at the location is Servcorp, a serviced and virtual office provider. In a statement, Raffles Quay Asset management said Servcorp's seven-year lease will start next year. Servcorp will...
Singapore-listed Chinese property developer Pan Hong said Thursday it will receive compensation for a delay in the handover of a land parcel that it bought. The firm said it will receive 4 million yuan (about S$846,000) from authorities in China's Fuzhou city due to the delay. Pan Hong had bought the rights to the Fuzhou site in 2007 at a cost of 200 million yuan. But an unspecified delay on the...
Mainboard-listed Saizen Reit said Thursday it has made a loss of 183 million yen (about S$2.76 million) in the fourth-quarter ended June. Net property income for the period came in at 708.6 million yen. That is a 12 per cent increase in net property income as compared to the same period last year. The trust, which focuses solely on Japanese property, has recommended the suspension of distribution since...
OVERNIGHT queues, balloting, midnight crowds - these dramatic scenes at the Optima condominium at Tanah Merah recently were precursors to the 270 apartments selling out in three days, and fuelling concerns that a property bubble may be brewing in Singapore. Industry players have largely shrugged off such concerns - attributing the recent property effervescence to pent-up demand, peak public housing...