Wing Tai Holdings has booked a sharp drop in annual earnings. Net income for the year ended in June came in at S$21 million, down by some 90 per cent on-year. The bottomline was dragged lower by fair value losses on investment properties. Meanwhile, its revenue climbed by 18 per cent to S$428 million. With the residential property market showing signs of a pickup in recent months, Wing Tai Holdings took...
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A developer has committed to bidding at least S$83.7 million for a residential site at Serangoon Avenue 3. The 1.39-hectare land parcel is located near Lorong Chuan MRT station and Nanyang Junior College. The 99-year leasehold site has a maximum permissible gross floor area of close to 39,000 square metres. The Urban Redevelopment Authority will launch the tender for the site in about two weeks under...
Mainboard-listed Fortune REIT is launching a HK$1.9 billion or about S$352.6 million rights issue to expand its operations. The REIT will issue about 825 million units in the one-for-one rights offer. The price of HK$2.29 per unit represents a 44 per cent discount to the last traded price of HK$4.10 per unit. Fortune REIT said about HK$1.6 billion of the total amount raised will be used to buy three...
Homes in the primary market, or new ones sold by developers to owners, traditionally cost five to eight per cent more than those in the secondary or resale market. But this gap is growing to between 10 and 20 per cent as the Singapore property market heats up. Developers have sold more than 10,000 new private homes to date in 2009, more than double the total in 2008. And while sales in the secondary...
Fashion retailer FJ Benjamin said it will open three new outlets at the upcoming Marina Bay Sands integrated resort. It plans to bring US brand Guess, lingerie giant La Senza and the company's own fashion label Raoul to the new Marina Bay Sands Shoppes mall when it opens early next year. FJ Benjamin said it is also considering opening stores for several other brands within its portfolio of apparel...
Cove Developments, owner of The Grangeford condominium, has said it will take legal action against former master tenant Ideal Accomodations which converted some 140 condominium apartments into 600 units. The illegal partitions had been put up at the private development off Orchard Road. But after nearly three months, Cove said it has finally completed all removal works, in time for the August 21 deadline...
The Finance Ministry said the property gains tax was proposed because of earlier feedback. Speaking at a community event on Sunday, Second Finance Minister Lim Hwee Hua said certain property investors had wanted more certainty regarding the current rules. Proposed changes to tax individuals who sell property before a four-year period were designed to shed some light on what defined a trader who sells...
Landmark lawsuit over reverse mortgage dispute will set legal precedent here IN A case that has been touted as the first of its kind in Singapore, a couple have sued NTUC Income for a reverse mortgage deal that turned sour, claiming that the insurer had wrongfully seized their home in 2006. On Friday, NTUC Income filed its defence, setting the stage for a possible court showdown while maintaining that it...
1 Madison Residences by Keppel Land A new luxury project to hit the market, the 56-unit Madison Residences along Bukit Timah Road was launched last week by Keppel Land. According to property agents, prices for the freehold 18-storey development range between $1,600 psf to $1,700 psf. It features three-bedroom apartments of 1,464 square feet, four-bedroom apartments of 1,776sqf and penthouses of 3,218sqf...
IF YOU are thinking of shopping for a private property this weekend, you may find your choices limited, as developers seem to be avoiding the start of the Hungry Ghost month when it comes to launching new projects. The Hungry Ghost month - the seventh month on the lunar calendar - is considered by some to be an inauspicious time to buy new property. This year, the Hungry Ghost month began on Thursday and...