M&C posts 22.4% fall in H1 profit due to slower growth
Millennium & Copthorne Hotels has reported a 22.4 per cent decline in first-half earnings, due to slower growth in UK and New Zealand. Profit for the six months ended June came in at 45 million pounds or US$88 million. The bottomline was also weighed down by costs of refurbishing hotels in Boston and Chicago. M&C’s … Read more
Balestier hotel site awarded
The Urban Redevelopment Authority on Thursday awarded a 99-year leasehold hotel development site at Balestier Road to HH Properties Pte Ltd, a venture between Hiap Hoe Ltd and its sister company SuperBowl Holdings. HH Properties’s bid of $73.3 million or $172.10 per square foot per plot ratio was the highest of three bids received for … Read more
Rising building cost squeezes mass market projects more
Developers’ margins for prime projects less affected: Jones Lang LaSalle study A 20 per cent rise in construction costs will shrink developers’ profit margin for a mass-market private condo by 55 per cent; but for a project in the prime districts, the profit margin will contract by 25 per cent, according to a Jones Lang … Read more
Maison Royale put up for collective sale
MAISON Royale, a freehold residential site in Newton, has been put up for collective sale. Maison Royale: Asking price for the 20-unit project is at least $50m. Some 40 units of about 1,000 sq ft each can be built on the condo site in Newton Owners of the 20-unit project are asking at least $50 … Read more
Asian prime office prices may fall 10%
Asian real estate prices may fall further and prime office values decline 10 per cent before year’s end, Singapore-based property investor Pacific Star Group said. ‘Most markets are peaking over the next 12 months, or even trending downwards,’ said Frank Vaessen, president of fund management at Pacific Star, which manages US$3 billion of assets globally. … Read more
Occupancy level of JTC ready built facilities hits new high
Business park segment contributed to 51% of total RBF net allocation in Q2 The net allocation for JTC ready-built facilities (RBF) in Q2 2008 reached 84,100 sq m, 2.2 times higher than the 38,300 sq m in the previous quarter. This boosted the occupancy level by one percentage point to a new JTC record level … Read more
Sunny outlook for Sentosa resort homes?
Analysts decipher clues from recent rental data EARLY investors in Sentosa Cove homes must have possessed a large appetite for risk. Although the idea of developing the 117-hectare Sentosa Cove into an idyllic waterfront enclave was mooted as early as the ’80s, the first land parcel was sold to the private sector for development only … Read more
Housing agent fees: How low can they go?
With guidelines axed next month, rates will come under pressure but big fall unlikely, say experts PROPERTY experts expect agents to feel the pinch once fee guidelines are abolished next month, but the big question in the industry is just how low fees can go. Real estate insiders concede that fees will come under pressure … Read more
DBS launches special interest-only mortgage
Bank says borrowers will then have more cash to seize other investment chances DBS Bank has launched an unusual mortgage product allowing savvy customers to take advantage of cheap borrowing costs and free up cash for investment opportunities. The bank is offering customers the option of paying only the interest for the entire duration of … Read more
Ascott Raffles Place makes 50 units available first
THE plush Ascott Raffles Place, the former Asia Insurance Building (AIB), had a soft opening yesterday, with its owner, the Ascott Group, making 50 units available. National heritage building: The 146-unit premium serviced residence, the former Asia Insurance Building, will be officially launched in October The remaining units of the 146-unit premium serviced residence project … Read more
