Developers with luxury residential projects seem to be delaying the launches and, in some cases, completions as they await the anticipated uptick in the high-end segment, according to a report in Straits Times. While homes in suburban areas are selling well at record high prices, sales volumes in the luxury sector is anaemic and prices are languishing over the past year. In a report by property...
economy
Longer mortgage tenures could have adverse implications for the property market, borrowers and banks if it becomes more widespread. Deputy Prime Minister Tharman Shanmugaratnam gave the assessment in a written reply to Parliament on Monday. He added that the government will continue to closely monitor the property market. Stretching a home loan out over 50 years does translate to a lower monthly...
Singapore office rents are extending their slide as global economic uncertainty forces landlords to drop prices. Colliers International said the average monthly gross rents for central business district (CBD) Grade A space fell by 1.1 per cent quarter-on-quarter to S$8.45 per square foot in the three months ended June 2012. This follows a 4.3 per cent on-quarter drop in Q1. The price decline appears to...
Property developer Ho Bee on Tuesday said second-quarter net profit surged 44.6 per cent from the corresponding period a year earlier to S$72.9 million as revenue rose 6.7 per cent to S$147.1 million. The rise in profit was due mainly to the increase in turnover and a gain of S$17.9 million in the sale of investment property, it said. Ho Bee chairman and chief executive Chua Thian Poh said that the...
Singapore's City Developments is confident China's residential property market won't crash. And it's waiting for opportunities for hotels to get cheaper for acquisitions. City Developments is planning to launch its first residential development in Chongqing in southwest China next year, should the property market improve. Its confidence in the market is underpinned by a trust that authorities will act to...
City Developments' second quarter earnings tumbled 37.7 per cent from last year to S$137.7 million. The Singapore-listed developer noted a lack of substantial divestment gains in 2012 compared to a year earlier, and said revenue in the latest quarter was down by 19.6 per cent to S$787.7 million. From its hotels worldwide, Revenue Per Available Room (RevPAR), which is a measure of how good a hotelier is...
Global Logistic Properties (GLP) has reported a 53.7 per cent increase in first quarter (ended June 30) net profit to US$153 million (S$190.6 million), driven by a strong operational performance in China and growth in its Japanese fund management platform. Asia's largest logistic facilities provider said turnover rose 32 per cent year-on-year to US$170.5 million (S$212.4 million), boosted by a 75 per cent...
For the last three years, the trend in Singapore's residential property market has been virtually one-directional: Up. Despite the Government's repeated efforts to cool the market, home prices have remained resilient and recently hit new highs. It is not hard to see why. Population growth has been on an uptrend, there has been a housing shortage for years, and borrowing rates are currently low. I have...
CDL Hospitality Trusts (CDLHT) has announced a 10.2 per cent increase in its second-quarter distribution per unit (DPU) to 2.92 cents, up from 2.65 cents in the same period last year. The trust said its gross revenue climbed 6.0 per cent to S$36.6 million, due mainly to higher revenue per available room (RevPAR) and strong growth in visitor arrivals. Its net property income rose by 5.9 per cent from...
Sentiment for the property development industry in Singapore has improved marginally in the second quarter. This according to the latest survey jointly developed by the Real Estate Developers' Association of Singapore (REDAS) and the NUS Department of Real Estate. According to the Real Estate Sentiment Index (RESI), the outlook for Singapore's real estate market is showing a modest improvement compared...