AN UGLY spat that has already resulted in a police report lodged against a homeowner is brewing between listed property giant Wing Tai and some foreign investors of its three-year-old luxury condo near Orchard Road. The development, which briefly set a record price of more than $2,000 per square foot when it was launched, has more than 130 units in all. At least 15 unit owners most of them foreigners who...
developers
Property developer CapitaLand has appointed Peter Seah as its new deputy chairman from January 2009. Mr Seah has been a non-executive director with CapitaLand since 2001. He is also appointed to chair the company board's finance and budget committee. Mr Seah takes over from the incumbent Hsuan Owyang, who has been with the company since its inception, following the merger of Pidemco Land and DBS Land....
ASIAN debt managers expect real estate developers and companies in China, South Korea and Australia to provide them with the most investment opportunities next year, an industry survey shows. Economic recession, slowing consumer spending and shrinking bank lending indicate a growing number of Asia-Pacific companies will face difficulty refinancing debt next year, according to a survey of 100 hedge fund...
Singapore-listed property counters have been massively sold down in recent weeks. They are underperforming the benchmark STI, with losses of about 61 per cent year-to-date. With the outlook for the sector still cloudy, analysts say they would prefer to remain cautious on these property stocks for the year ahead. Weak new home sales in Singapore have translated into soft earnings, a poor outlook, and...
Property developer CapitaLand said on Tuesday it will not be laying off staff for now. Instead, executive-level staff will take pay cuts of between three and 20 per cent as part of the company's cost management measures. In a statement, CapitaLand said the cuts are due to the deteriorating global financial environment and economic uncertainties. President and CEO Liew Mun Leong will bear the maximum...
Property developer City Developments Ltd (CDL) has been lauded for its Corporate Social Responsibility (CSR) practices. It clinched three awards at the Asian CSR Awards 2008. CDL is the only Singapore company to be recognised at the event. In a statement, CDL said its three CSR initiatives were selected for the awards, out of a total of 15 finalists across five categories. Among them was a campaign...
Only 159 private homes were launched in October this year - the lowest in more than a year. The slide of almost 80 per cent from the 767 units launched in September is due to poor economic conditions, and the technical recession that has hit Singapore. About 194 units launched in August 2008, during the traditionally slow market in the seventh lunar month. The central region made up almost half the new...
New home sales in Singapore dived 70 per cent in October compared to September as home buying sentiment continued to sour. According to Urban Redevelopment Authority’s (URA) data, developers sold 112 new and uncompleted private residential homes last month, versus the 380 units sold in September. They launched just 159 units for sale, compared to nearly 767 in September. The most expensive unit sold...
AMID the weakening property market, City Developments said it will delay selling homes at new projects for now. About 130 units remained unsold among the homes it had already released for sale. At the same time, CDL and its partners in the South Beach development, located downtown, have agreed to delay construction on expectations that building costs will retreat, said the company. Singapore’s...
Property firm City Developments (CityDev) has posted net profits of S$150.8 million for the third quarter of this year – down 11 per cent from last year. Revenue for the period came down 13.6 per cent to hit S$688 million. The firm said it would hold back the launch of new residential projects for the time being, in light of the subdued property market and global economic uncertainty. It has also...