Sales in the private residential market have dipped in April after a mild recovery in March. According to the numbers of private home sales released by the Urban Redevelopment Authority (URA), only 274 units were sold last month – down from 301 units in March. Developers were also holding back, with only 271 units launched in April – the lowest number of units since market weakness surfaced in...
General
The US sub-prime crisis has begun to hurt Asian property markets, the real estate investment arm of the Government of Singapore Investment Corporation (GIC) said at the FT Asia Property Summit on Thursday. While Wall Street starts picking up the pieces from the sub-prime crisis, GIC said, the Asian property market has just started to feel the impact. The investor added the fallout would be even greater...
Several buildings have won silver and bronze in the Building and Construction Authority's (BCA’s) annual Universal Design (UD) Awards 2008. The office housing Xilinx's Asia Pacific headquarters which boasts natural sunlight, wide passageways and employee-friendly facilities clinched the silver award. Changi Airport Terminal 3 clinched the silver award However, the competition which has been held for...
The building boom in Singapore and the Middle East is proving to be a boon for engineering and construction company Yong Nam Holdings. Its net profit for the first quarter rose 267 percent to about S$6 million. Revenues increased 56 percent to S$47.4 million. Yong Nam saw increased activities from projects such as Orchard Turn, Marina Bay Sands Integrated Resort, Formula One and the Dubai Metro...
Following the S$13 million makeover of Anchorpoint Shopping Centre, Frasers Centrepoint Trust has plans to turn its attention to other suburban malls under its stable. Anchorpoint's new look appears to be getting the thumbs up from retailers. Lee Hsien Yang, chairman of Fraser & Neave, said: "Anchorpoint used to be occupied by furniture shops, but I think we felt there was a niche in the market for...
Mainboard listed Banyan Tree Holdings on Thursday announced it has booked a 38 per cent increase in first quarter earnings. Its net income for the three months ended March 31 came in at S$15.4 million, largely driven by growth in its hotel investment and hotel residence/property sales segments. Its revenue rose by 34 per cent to S$140.3 million. Banyan Tree said it is cautiously optimistic for the next...
It could take a few years for the United States economy to bounce back. This was the prediction from one of Merrill Lynch’s top strategists at the start of its “Rising Stars” conference in Singapore yesterday. Mr Mark Matthews, the firm’s chief Asia strategist, said: “We are looking at a protracted recovery that’s going to take the economy two to three years to unwind from its excessive...
US sub-prime crisis hurts confidence of likely buyers City Developments (CDL) will delay sales of new residential projects in Singapore, where it gets more than half of its revenue. The confidence of prospective home buyers has been eroded by the sub-prime mortgage crisis in the United States and the downturn in global credit markets, the company said. “How long the uncertainty and credit squeeze will...
Property developer City Developments has reported a 31 percent rise in first-quarter earnings to S$165 million. The results came at the lower end of expectations. Revenue fell 1.3 percent to about S$759 million. The Singapore property market cooled substantially in the first quarter in the wake of the US sub-prime crisis late last year. The government also scrapped a deferred payment scheme, which...
Property developer UOL Group has posted a 44 percent drop in first-quarter net profit to about S$43 million. This was due to the absence of a one-time gain on the sale of Central Plaza, which lifted the number in the year-ago period. Revenue rose 11 percent to about S$162 million, boosted by better performances from its hotels in the key markets of Singapore, Australia and Vietnam. UOL also benefited...