National Development Minister Mah Bow Tan said the postponement of up to S$3 billion worth of public construction projects will not affect housing estate upgrading programmes. As for new flats offered in mature estates being many times oversubscribed, Mr Mah said the HDB is already ramping up its building programme. At a community event on Sunday, the minister also gave the assurance that his ministry...
So when will freehold condo prices fall to match those of leasehold? FREEHOLD condominium ownership is no longer forever in Singapore, yet the myth of freehold property being held in perpetuity and resultant higher pricing linger on. While it may seem like Singaporeans will have a hard time letting the myth go, it may only be a matter of time until logic overcomes emotion and premiums for freehold condos...
Southeast Asia's biggest property developer CapitaLand has reported record earnings for the fourth year in a row. Net income for 2007 came in at better than expected S$2.8 billion, almost three times higher compared to the previous year. The jump was due to robust growth in its key markets of Singapore, China and Australia as well as fair value gains on its portfolio. CapitaLand expects Singapore's...
Wheelock Properties said its full year 2007 profit jumped nearly six-fold to S$218 million. The improvement was fuelled by changes in fair value on its investment property. Revenue rose 44 percent to S$189 million. Wheelock remains upbeat about its strong financial position. For the financial year 2008, Wheelock will recognise the remaining profits from its property developments - The Sea View and The...
Round-the-clock work is underway to make sure the S$500 million (US$356 million) University Town at the former Warren Golf Course is completed in time for the Youth Olympic Games in August 2010. The University Town will be the Athletes Village for some 3,500 young athletes during the inaugural Games. But hardware aside, the National University of Singapore (NUS) is also planning an array of activities to...
Office rents in Singapore are likely to rise at a slower pace this year, even as supply, especially in prime areas, remains tight. Robust demand for grade A office space by financial institutions and other companies will still contribute to overall rental growth, but it would not match the upward spiral seen last year, said property consultants. “A variety of factors indicate a slower pace of rental...
Rentals of Grade A offices in Singapore are expected to continue rising this year. According to property consultant Savills, average office rentals here may even nudge above that of Hong Kong's, currently the highest in the region. They added that Singapore's office property sector will continue to remain buoyant despite worries over the US sub-prime crisis. One Raffles Quay in Singapore's Central...
Singapore's third largest lender OCBC Bank has reported flat profits for the full year at S$2.07 billion, marginally higher than S$2 billion profit in 2006. Excluding divestment gains from non-core assets and tax refunds, OCBC's core net profit beat expectations by growing 30% to S$1.88 billion on the back of strong loans growth. OCBC is seeing broad-based revenue growth across its key markets and...
Shares of Ascott Group are likely to be suspended, now that CapitaLand has gained control of 91.7 percent of the company. Under listing rules, the Singapore Exchange may suspend a stock when its free float falls below 10 percent. In a statement, CapitaLand says it will not appeal for the trading suspension to be lifted. The company has said that it intends to take the Ascott Group private. However, it...
Singapore erupted in celebration on Thursday after winning the right to host the inaugural Youth Olympics in 2010, with Prime Minister Lee Hsien Loong calling it a new era for Southeast Asian sport. The International Olympic Committee (IOC) awarded the Games to the city-state ahead of Moscow by a vote of 53 to 44. It will be the first time that Singapore is hosting a multi-disciplinary sporting event of...