Developer Keppel Land has named Choo Chiau Beng as its new chairman. Mr Choo, a director of Keppel Land since 1985, will take over from Lim Chee Onn as chairman from May 1. Paying tribute to Mr Lim, Keppel Land says the company has grown from a local property player to one of Asia's premier property developers under his leadership. Mr Lim had been a director of Keppel Land (then Straits Steamship Co...
General
Property developer CapitaLand believes the China market presents the best prospects in the current challenging economic climate. Speaking to shareholders at the company's annual general meeting on Thursday, CEO Liew Mun Leong said real estate is all about economic growth. And CapitaLand is hopeful that Beijing's US$585 billion stimulus package will help spur consumption there. CapitaLand is also on track...
First REIT has recorded a 2.5 per cent on-year jump in distributable income to S$5.2 million for the first quarter of 2009. The healthcare real estate investment trust attributed the increase to its resilient trust structure. It added that the distribution per unit (DPU) also rose 1.6 per cent to 1.88 Singapore cents for the three months ended March 31. First REIT said it achieved a distribution yield of...
Hopes of a quick turnaround in the property market here are fizzling out. Property consultancy DTZ said the probability of a full recovery in the Singapore property market by the end of this year is low. In a research report issued on Wednesday, DTZ predicted there is only a 0.1 per cent chance that the Singapore office rental market will recover by year-end. The residential market here is not faring...
Keppel Land reported a 38.8 per cent drop in earnings on-year for the first quarter of 2009. Net profit for the three months ended March 31 came in at some S$36.9 million. Sales for the same period fell by over 46 per cent on-year to S$145.7 million. Earnings per share also fell by 39.3 per cent to 5.1 cents. Keppel Land says the poor showing was due largely to the weak market conditions in Asia...
Mainboard-listed Ascott Residence Trust on Wednesday reported that its distribution per unit (DPU) in the first quarter fell 24 per cent on-year. For the three months ended March, Ascott Reit achieved a DPU of 1.77 cents, lower than the 2.33 cents over the same period last year. Gross profit stood at S$19.9 million, 16 per cent lower than the year-ago profit of S$23.3 million. Ascott Reit said the fall...
Singapore's property market turned in a poor showing in the first quarter as developers and home-buyers braced themselves for a prolonged downturn. But analysts said there are cash-rich individuals out there who might inject life into the Singapore market in the coming months. They said these individuals with deep pockets have been doing their homework in recent months and are now ready to close in on...
K-REIT Asia, a real estate investment trust sponsored by Keppel Land, reported a 37.3 per cent on-year jump in distribution income for the first quarter on positive rental reversions. Distribution income for the three months ended 31 March totalled some S$15.7 million. K-REIT attributed the increase to higher rentals achieved for new and renewed leases. For the first quarter, shareholders can expect...
Developers interested in purchasing a 2.5 hectare industrial development site at Woodlands can now apply to the Urban Redevelopment Authority (URA) for it to be put up for tender. The URA has released the detailed sale conditions for the reserve list site, which is bordered by Woodlands Avenue 4 and Woodlands Industrial Park E5. The 60-year lease site has a gross plot ratio of 2.5, with a maximum...
Singapore's second integrated resort operator, Resorts World at Sentosa, has refuted accusations that more than half of the 10,000 jobs available would go to foreigners. Its management says Singaporeans remain its top priority when hiring, and it is receiving up to a thousand applications a day. The comments were made at the media preview of four new hotels that will be opening on the island next...