Developers may postpone condo launches
PROPERTY developers are widely expected to delay their new launches, now that buying sentiment is likely to be hard hit by the slew of market-cooling measures. The Government announced new rules on Monday that strongly discouraged speculation on homes, such as extending a seller’s stamp duty from one year to three years. The measures also … Read more
Toh Tuck site sold for $34m
Property developer Roxy-Pacific said yesterday that its unit, Mequity, bought Toh Tuck Apartments in an en bloc deal for $33.9 million. The freehold site, located at Toh Tuck Road, is the first collective sale in District 21 – which comprises Upper Bukit Timah and Clementi – this year. The site has an area of 40,449 … Read more
Property shares hit
DEVELOPERS took a hit on the share market yesterday following the announcement of new measures aimed at cooling the real estate boom. It was far from a bloodbath – shares dipped around 4 to 5 per cent although Allgreen Properties dived 7 per cent – but experts are uncertain where the market is headed. Analysts … Read more
UIC plans to redevelop UIC Building at 5 Shenton Way
Mainboard-listed United Industrial Corporation (UIC) plans to redevelop the UIC Building at 5 Shenton Way. The company has paid an estimated development charge of S$160.1 million to the Urban Redevelopment Authority for the proposed redevelopment. This is based on a 60 per cent residential and 40 per cent commercial mix with a gross floor area … Read more
Guocoland to raise $532m in rights issue
Real estate developer GuocoLand said on Friday that it would launch a 1-for-3 rights issue to raise about $532.5 million to strengthen its capital base and fund expansion. The company will sell 296 million shares at $1.80 apiece, a discount of approximately 15.9 per cent from the shares’ closing price of $2.14 on Thursday, the … Read more
MCL soars after HK Land offer to take developer private
Shares of residential property developer MCL Land jumped 25.6 per cent to close at $2.45 on Friday, a day after parent company Hongkong Land said it planned to delist the counter from the Singapore Exchange. Dealers said the rise in share price was expected as investors moved in to narrow the gap between its last … Read more
GuocoLand makes S$134.3m full-year profit
Property group GuocoLand said it has recorded profits of S$134.3 million for the full year ended June. This overturns a loss of S$70.2 million in the previous financial year. Meanwhile the company posted its group revenue of S$732.7 million for the same period. This is a 43 per cent increase on-year. The company said the … Read more
Hongkong Land announces delisting, exit offer for MCL Land
Hongkong Land on Thursday said it wants to acquire all the remaining shares that it does not already own in MCL Land and delist it from the Singapore Exchange. The exit offer is at a total cost of S$205 million, or S$2.45 per share. HongKong Land currently owns 77.4 per cent of MCL Land through … Read more
Sim Lian posts full-year PBT of $129.4m
Property developer and builder Sim Lian Group has recorded a full-year profit before income tax of $129.4 million in FY2010, 141% higher than the $53.6 million recorded in FY2009. Revenue from property development division contributed $582.1 million to the group’s revenue in FY2010 compared to $394.9 million in FY2009, an increase of 47.4%. The increase … Read more
Property launches picking up speed
Developers wary of looming market uncertainties: Wing Tai boss DEVELOPERS are fast-tracking mass market properties in order to take profits sooner rather than later, a leading local developer said yesterday. These firms fear looming property market uncertainty, said Wing Tai Holdings chairman Cheng Wai Keung. With government cooling measures taking hold, developers believe it is … Read more
