Grabbing opportunities in uncertain times
FOLLOWERS of YTL Corporation must have felt a sense of deja vu earlier this week when the Malaysian conglomerate said it had acquired a slice of prime Orchard Road real estate in Singapore at a hefty discount. Demonstrating that he hasn’t lost his penchant for spotting a good bargain during a major economic upheaval, group … Read more
CapitaLand poised to seize opportunities in downturn
PROPERTY giant CapitaLand has the resources and rainy-day cash to ride out the economic downturn as well as snap up any buying opportunities that might arise, it said yesterday. The firm, which reported disappointing third-quarter results, said at a results briefing that it is prepared for more turbulence. Chairman Richard Hu said: ‘CapitaLand is well … Read more
CapitaLand’s Q3 profit falls 25.6% on shrinking home sales
CAPITALAND, Singapore’s largest developer, yesterday said that net profit for its third quarter ended Sept 30, 2008 fell 25.6 per cent to $419.4 million, from $563.9 million a year ago as home sales fell. Revenue in Q3 2008 fell to $597.2 million, down 33.3 per cent from $895.8 million in Q3 2007. Turnover was hit … Read more
How a sub-prime crisis was averted in 1985
SINGAPORE could have faced its own sub-prime crisis in the 1985 recession, says economist Chew Soon Beng, a professor at Nanyang Technological University. This was because there was a policy then encouraging every Singaporean to buy a Housing Board flat. When growth slowed, wages were cut and many lost their jobs. Singapore averted a situation … Read more
Govt stops outright land sales
THE Government has largely put a halt to outright land sales until the middle of next year to help stave off the risk of oversupply as the property sector keeps heading south. Most development sites it had previously slated for definite release this year will be shifted to a reserve list where properties are offered … Read more
Govt suspends sale of state land
Move welcomed in property circles as timely GOVERNMENT Land Sales (GLS) from the Confirmed List of state sites have been suspended for the first half of next year. The remaining sites on the Confirmed List will be transferred to the Reserve List. And a ban on converting office space in the central area to other … Read more
High property prices affect us all
I REFER to the timely article last Saturday, ‘How affordable are HDB flats?’. The HDB flat pricing issue first appeared in Forum five years ago. HDB’s responses throughout have been mere statements, without the detailed numbers it has. Our public bodies must be transparent. In its Pinnacle@Duxton project launched in 2004, the awarded tender price … Read more
Marina Barrage, an engineering feat, finally opens
AFTER decades of planning and years of design and construction, the Marina Barrage was finally opened yesterday. Marking an important milestone in Singapore’s water story, the barrage creates a reservoir that collects rainwater from the largest catchment in Singapore in the most densely built up part of the island. The water collected can then be … Read more
a-iTrust expanding tech park in Chennai
ASCENDAS India Trust (a-iTrust) is embarking on a $62.7 million expansion of its IT park in Chennai to meet demand for business space in the Indian city. Construction at the International Tech Park Chennai (ITPC) will begin this month and could be completed in early 2010, adding 802,000 sq ft of new business space. a-iTrust … Read more
CapitaLand profit slips on slowing home sales
SOUTH-EAST Asia’s largest property developer, CapitaLand, saw its third-quarter profit fall by 26 per cent as slowing economic growth continues to hurt demand for homes in Singapore, China and Australia. Net income fell to $419.4 million, from $563.9 million a year earlier, CapitaLand said in a statement yesterday. Revenue declined 33 per cent to $597.2 … Read more
