Developers grateful for small mercies
NOT all their wishes for the Budget were met, but real estate developers were still glad to receive property tax rebates and other measures that would help them with project deferments in these tough times. But even before the government stepped in, the slow property market had already forced several developers to hold back their … Read more
Private housing supply shrinking as prices fall
Developers delay projects’ expected completion dates to beyond 2011 DEVELOPERS appear to be turning their backs on the property market, deferring more projects as property prices keep falling. Private residential property prices fell 4.7 per cent last year. This, after rising over 30 per cent in 2007. On a quarterly basis, prices fell 6.1 per … Read more
Steep fall in transactions surprises many
THE public housing market – the only property segment still growing – suffered a sharp fall in transaction volume in the fourth quarter of 2008. HDB’s Resale Price Index rose just 1.4 per cent – a marked slowdown from 4.2 per cent in Q3 and 4.5 per cent in Q2. Analysts had expected price increases … Read more
KepLand’s bleak results may set tone for industry
KEPPEL Land, Singapore’s third-largest property group by market capitalisation, on Wednesday reported an 88 per cent fall in fourth-quarter earnings, which led to a 70.8 per cent drop in 2008 net profit. The developer is seen as the harbinger of bad news as other property companies, set to announce their financial results in the coming … Read more
CapitaLand yet to make decision on fund-raising
CAPITALAND has been receiving various proposals for fund raising – including through rights issues – but it has yet to make a decision. The property titan said this yesterday in response to media reports that it was considering a rights issue. Dow Jones reported yesterday that South-east Asia’s largest property developer was mulling a rights … Read more
Commercial rents feel the slowdown
AFTER more than four years of steady increases, rents and prices of industrial space have finally caved in to the economic slowdown, falling 3.7 per cent and 6.5 per cent respectively in Q4 2008 from Q3. The office sector also continued to weaken, with rents and prices sliding 6.5 per cent and 4.9 per cent … Read more
Ascott Reit’s Q4 distributable income falls 20%
ASCOTT Residence Trust (ART) yesterday announced a distributable income of $10.32 million for the fourth quarter of 2008, a fall of 20 per cent from the previous corresponding period’s $12.85 million because of one-off expenses. The one-off expenses amounting to about $1.7 million related mainly to a refurbishment cost. ART said that excluding this one-off … Read more
Suntec Reit distribution income surges
SUNTEC Real Estate Investment Trust (Suntec Reit) has reported a distribution income of $44.1 million for the quarter ended Dec 31, 2008, a jump of 31.7 per cent. The distribution per unit (DPU) for the quarter came to 2.858 cents, up 25.4 per cent year-on-year. This works out to an annualised DPU of 11.339 cents, … Read more
FCT distributable income down 6% in Q1
FRASERS Centrepoint Trust (FCT) has announced income available for distribution of $10.4 million for its first quarter ended Dec 31, 2008, which is 6 per cent lower than a year ago. Distribution per unit (DPU), however, was 1.67 cents, higher than 1.61 cents previously, as DPU for the latest quarter was based on 100 per … Read more
Private home prices fall 6.1% in Q4
BUYERS of new private homes don’t have to worry about not being able to move in on time even as some developers take advantage of incentives announced in Thursday’s Budget that allow them to extend the completion period of their projects. To help developers improve their cash flow and give them more flexibility to plan … Read more
