Singapore Real Estate

Private property market 'stabilising'

Resale prices of private apartments rose a tad last month - a further sign that the market is stabilising. Values were up an estimated 0.3 per cent month on month after rising 0.1 per cent from May to June, according to flash estimates from SRX Property's price index. "It would seem prices have reached an equilibrium level and we are unlikely to see large changes in price levels," said Mr Eugene Lim, ERA Realty key executive officer.

Private condo resale prices flat in July: SRX

The private property resale market continued to look weak, data from SRX Property released on Thursday showed. Resale prices of private condominiums and apartments inched up 0.3 per cent in July 2015 compared to June. Notwithstanding the slight increase, SRX Property described the market as being "as flat as a board".

Tender for two more Dempsey blocks for F&B, retail use

The Singapore Land Authority (SLA) and the Singapore Tourism Board (STB) will be conducting a tender to develop Blocks 17 and 18 Dempsey Road for food and beverage (F&B) and retail use, the two agencies jointly announced on Thursday. The tender for the two blocks within Tanglin Village opened on Thursday, and is targeted at strengthening the former army barrack's position as a unique lifestyle enclave, as well as encourage the further development of interesting lifestyle concepts in Tanglin Village.

EL Development awarded tender for West Coast Vale residential site

EL Development has been awarded the tender for a residential site at West Coast Vale, said the Urban Redevelopment Authority (URA) in a news release on Thursday (Aug 13). The property developer submitted a bid of S$314.1 million for the 18,900-square-metre site near Jurong Lake District. The site has about 53,000 square metres in gross floor area and this can potentially yield about 595 residential units, said URA.

Common errors in estimating housing demand

A common error in estimating housing demand repeatedly surfaces in research reports, news commentaries, property brochures and even academic papers. In the commentary “Predicting the sun will rise in the east” published in TODAY on June 21, 2013, I highlighted the error of taking the 5.3 million total population, divided by the 1.2 million dwelling units

SIBOR climbs to four-month high

A key interest rate benchmark hit a four-month high on Thursday (Aug 13), as sentiment towards the Singapore dollar remain weak following the depreciation of the Chinese Yuan. On Wednesday, the three-month Singapore Interbank Offered Rate (SIBOR) rose to 0.9345 per cent. On Thursday, the rate climbed further to 0.9388 per cent.

Companies' Brief

CityDev's Q2 earnings dip; group has been raising M&C stake

City Developments Ltd (CDL), which on Thursday posted a 3.2 per cent year-on-year drop in second-quarter net profit to S$133.5 million, has been raising its stake in its London-listed hotel arm Millennium & Copthorne Hotels with an eye to consolidating more of the latter's profit. CDL's stake in M&C has risen from about 53 per cent at end-2005 to 63 per cent at end-June 2015.

Leng Beng not too worried about China

Kwek Leng Beng, executive chairman of property and hotels group City Developments Ltd (CDL), said he is not too worried about China's yuan devaluation, which has dented the stock market. "In fact I'm looking at China, I'm looking at a big deal now, if I can get it, subject to planning permission. I'm going to China, where everybody got so frightened.

Media's yuan-devaluation reports over-dramatic: Wing Tai

The media have been "over-dramatic" in their doom-and-gloom reporting of the Chinese central bank's devaluation of the yuan, Wing Tai chairman Cheng Wai Keung said at the group's results briefing on Thursday. The People's Bank of China on Tuesday surprised markets by cutting its reference rate for the yuan by 1.9 per cent. It also announced a new fixing mechanism that promised to account for market supply and demand.

Wing Tai plans to close some stores as profit plunges 41%

Property developer and retailer Wing Tai Holdings reported a 41 per cent drop in full-year net profit, hurt by weak sales of residential apartments. The firm is planning to close some of its retail outlets in Singapore. Wing Tai's net profit came in at S$150.3 million for the financial year ended June, while revenue fell 16 per cent to S$676.7 million. Wing Tai said Singapore's private residential property is expected to remain subdued for the rest of this year, while conditions in the retail sector have become tougher.

Hotel Properties

Hotel Properties Ltd (HPL) posted a 74 per cent rise in second-quarter net profit to S$12.2 million. Revenue rose 34 per cent to S$163.8 million.

Centurion Corp

Construction for Westlite Woodlands, a permanent workers' dormitory with 4,100 beds, was completed in July 2015 and is expected to start contributing from Q3 to Q4 2015. In addition to Westlite Woodlands, Westlite Papan is expected to be completed in mid-2016.

OUE H-Trust posts 7.3% dip in Q2 DPS

Amid headwinds in the hospitality and retail markets, OUE Hospitality Trust (OUE H-Trust) reported a 7.3 per cent year-on-year drop in distribution per stapled security (DPS) for the second quarter ended June 30 to 1.52 cents. Net property income from its hospitality segment grew 5.1 per cent from a year ago to S$19.1 million, as contribution from the newly acquired Crowne Plaza Changi Airport (CPCA) offset lower revenue from Mandarin Orchard Singapore, while net property income from retail mall Mandarin Gallery contracted 5.4 per cent to S$6.68 million amid lower occupancy and fit-out periods as part of lease renewals.

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