Will falling bids lead to tweaking of GLS?
Rising costs leave many developers with hands tied but govt retains options WILL the Government Land Sales (GLS) Programme fizzle out because developers are offering low land bids in the face of rising construction costs? Two suburban condo sites – at Woodleigh Close and Choa Chu Kang Drive – were sold at state tenders over … Read more
URA’s 99-yr site receives one bid
An Urban Redevelopment Authority tender for a 99-year leasehold condominium site at Tampines Ave 1/Ave 10 facing Bedok Reservoir closed on Tuesday receiving just one bid. Boon Keng Development bid S$84.63 million or S$117.96 per square foot of potential gross floor area. The bid was way below market expectations. Source : Business Times – 12 … Read more
NZ home prices fall for first time since Feb 2005
New Zealand’s house prices fell from a year earlier for the first time in more than three years in July as record-high interest rates eroded demand for property. Average prices dropped 2.2 per cent from a year earlier, Quotable Value New Zealand Ltd, the government valuation agency, said in a report released in Wellington yesterday. … Read more
Ayala Corp Q2 profit falls 38%
Ayala Corp, the Philippines’ most valuable conglomerate, said that second-quarter net income slid 38 per cent, as bank and telecoms earnings weakened, and warned that inflationary pressures would hit its second half. ‘We expect operating conditions to remain challenging for the balance of this year and perhaps into early next year as we continue to … Read more
Home sales to hit record this year, says Megaworld
Despite rising prices, Philippine builder says demand is not flagging Megaworld Corp, the Philippine builder controlled by billionaire Andrew Tan, says that apartment sales will reach a record this year as the nation withstands a credit crisis that triggered a property slump in the US and UK. ‘The world may be ending in other parts … Read more
MI-Reit’s 1Q09 distributable income up 67.8%
MacarthurCook Investment Managers (Asia) Limited, the manager of MacarthurCook Industrial Reit (MI-Reit), on Tuesday announced a distributable income of S$6.6 million for the first quarter ended June 30, 2008 — up 67.8 per cent or S$2.7 million higher than a year ago. The distribution per unit (DPU) of 2.35 cents for the quarter outperforms the … Read more
Straits Trading’s Q2 net falls 75% to $58.5m
The Straits Trading Company’s second-quarter net profit fell 75 per cent to $58.5 million from a year earlier, despite a 57 per cent jump in revenue to $362.3 million. The drop in net profit was due mainly to lower exceptional gains of $51.4 million compared to $229.2 million a year earlier. Higher costs at its … Read more
Hersing’s Q2 net profit tumbles 79.5%
HERSING Corporation, which owns the ERA real estate marketing franchise here, on Tuesday posted second quarter net profit of S$1.3 million, down 79.5 per cent from the same period last year. Revenue for the quarter ended June 30, 2008, slid 36.4 per cent to S$38.2 million. For the first six months of this year, Hersing’s … Read more
Hotel Plaza Q2 net profit up 5 per cent
Hotel Plaza Ltd has reported on Tuesday a net profit of S$16.3 million for Q2 2008, an increase of 5 per cent from the $15.5 registered a year ago. Revenue for the quarter increased by 16 per cent to $79.9 million from $69.2 million in Q2’07. Hotel Plaza attributed this to better performance from its … Read more
UOL sees 49% drop in Q2 earnings
PROPERTY group UOL’s second-quarter net profit fell 49 per cent to $145.0 million, from $286.3 million a year ago, as the group saw lower fair value gains on its investment properties. Turnover for the three months ended june 30, 2008 rose 4 per cent to $209.3 million, up from $201.6 million in Q2 2007. The … Read more
