Property developer CapitaLand has collected payment for 98 per cent of the 542 units of RiverGate apartments which have been sold since it obtained the Temporary Occupation Permit in March 2009. CapitaLand said the progress payments and deferred payment receivables for the sold units were securitised through special purpose vehicle Okeanos Investment Corporation. Okeanos issued US$477 million (S$731...
developers
Hong Leong Group said it has started to introduce precautionary measures against the spread of swine flu at its various offices. These include increasing the frequency of cleaning and disinfecting all lifts and toilets. By Tuesday, City Developments will also set up checking counters at the building entrances of all its investment properties. The counters will screen visitors and record their...
Hong How Investments tests the market with a new SoHo development LOCAL developer Hong How Investments is testing the market with the soft launch of 14 units in a SoHo development on Armenian street. It has cut its asking price by 12.5 per cent to $2,100 to $2,200 per square foot (psf) from the $2,400 to $2,500 psf range when the developer was first ready for launch last August. While enquiries have...
A slowdown in the prime property market in Singapore has prompted a handful of developers to ask for extensions on their projects in the high-end Sentosa Cove. One developer has been granted a one-year extension. The residential properties on the resort island of Sentosa are aimed at providing luxury waterfront living. But prices have been hit amid the property slump in Singapore. There are 1,700...
Property developer Singapore Land reported net profit of S$73.2 million for the first quarter of 2009 - more than double of the amount recorded a year before. It saw revenue rise by 4 per cent to S$86.2 million on higher rental income, which was partially offset by lower revenues from its Pan Pacific Singapore hotel. The developer said revenue from the hotel fell by 28 per cent to S$21.3 million due to...
Property developer Keppel Land has become the latest company here to boost its capital through a rights issue. It is seeking to raise some S$712 million by issuing about 653 million new ordinary shares. Under the rights issue, holders will be offered nine rights shares for every 10 existing ordinary shares. Each rights share would be sold at a price of S$1.09, a 42 per cent discount over Thursday's...
Property developer CapitaLand on Friday posted an 83 per cent fall in its first quarter profit. For the three months ended March, the developer's profit was S$42.9 million, down from S$247.5 million earned over the same period last year. Revenue fell by 23 per cent to S$487 million due mainly to lower property values across the region. Lower profits were recorded in China, Europe and Australia, which...
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...
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...
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...