Singapore homebuyers can expect more private residential properties to be launched in the coming months and at lower prices. Analysts said that's because developers are now torn between accepting either weaker profits or high costs of holding on to land. Brisk sales seen in recent property launches like the Caspian can be credited to lower prices being offered by developers. Units there were sold at...
developers
The government has lowered the redevelopment tax on non-landed residential property by 15 per cent on average – a more drastic cut than the 6 per cent it made half a year ago. The biggest reductions affect higher-end properties in prime locations, including Marina Bay, Robertson Quay, River Valley, Orchard Road, Grange/Tanglin, Newton and Holland Road areas. Some market watchers had been hoping for...
Singapore's property giant CapitaLand is busy looking at investment opportunities in key markets like China, as part of a strategy to weather the current economic downturn. The developer has been successful in developing projects in Shanghai and Beijing, and is now looking into second-tier cities on the Chinese mainland. Last year alone, CapitaLand China more than doubled its earnings to a record US$646...
End 09, early next year could be better, says CDL chief CITY Development Limited (CDL) believes it is too early for it to start snapping up property in the downturn. "The buyer-seller price gap is too wide still, so it's not time to buy. The end of the year, early next year could be better," said City Developments Limited's (CDL) executive chairman Kwek Leng Beng at the group's annual results briefing...
Allgreen Properties saw its 2008 net profit fall 86 per cent from a year ago, when it recorded big gains. It has warned that this year is shaping up to be a difficult period. Net profit for the year ended Dec 31 was $67.4 million, compared with$493.5 million a year ago. The company had booked a $362 million fair-value gain from investment properties for 2007. "2009 is shaping up to be a difficult year...
Singapore property and hotel group City Developments (CDL) said Thursday its net 2008 profit fell 20 percent year-on-year to 581 million dollars (382 million US) due to lower hotel operation revenues. The decline in 2008 profits came amid a sharp slowdown in the local property sector, but City Developments said its real estate business remained a major source of earnings. Total revenues in 2008 amounted...
Luxury resorts developer and operator Banyan Tree Holdings said its full year net profit fell 91 per cent to S$7 million. The bottomline was hit by the political turmoil in Thailand last year, which led to a week-long closure of Bangkok's Suvarnabhumi International Airport and left more than 300,000 tourists stranded in November. The slowing global economy has also not helped. Revenue was flat, rising...
Real estate developer Ho Bee Investment has said its full-year net profit fell 66 per cent in 2008 to S$93 million. Ho Bee said the fall was due to lower turnover and the absence of fair value gains on its investment properties. The reversal of write down of properties also contributed to the decline. Ho Bee's share of loss of JV Entities of S$5.1 million also added to its profit decline. Full-year...
Property developer and construction firm Koh Brothers has said its full-year net profit fell 30 per cent in 2008 to S$27.7 million. The fall was mainly due to the absence of revaluation gains which it had booked in the previous financial year. Revenue for the 12 months ended December dropped 24 per cent to S$216 million. CEO Francis Koh said the company is in the midst of a challenging period and will...
Property developer UOL has booked an 81 per cent drop in full-year earnings to S$147.2 million in 2008. The decline was largely due to fair value losses and impairments. UOL said revenue climbed 27 per cent over the same period to hit S$899 million. It is expecting the environment for office space to become more difficult in the coming quarters. UOL said that at the operating level, profit grew by 21 per...