Singapore Real Estate

Efforts to cool housing have paid off, says Khaw

Efforts in the past four years to rebalance the property market have paid off and it is "a lot cooler now", National Development Minister Khaw Boon Wan said on Friday. Reporters had asked him, at the press conference to introduce two new faces running for PAP seats in Sembawang GRC, whether he thought he had managed to assuage voters' disatisfaction over housing issues, which had come to the fore in the 2011 general election.

Not the right time yet to adjust property curbs, says minister

Property-cooling measures will stay for now and the right time to adjust or even lift some of the temporary initiatives is when the market equilibrium is a lot more certain and sustainable, said National Development Minister Khaw Boon Wan.

Housing situation ‘much happier’ but more needs to be done: Khaw

While the Government has done much to address the public dissatisfaction with housing that came to the fore in the 2011 General Election, National Development Minister Khaw Boon Wan told TODAY in an interview there remains more to be done, such as addressing the needs of singles and people who suddenly find themselves in financial hardship.

New HDB scheme: Call to let studio flat owners extend lease

Let existing studio apartment owners extend their leases and allow third-timers to buy flats under the Housing Board's upcoming Two-Room Flexi scheme. These were some of the recommendations made by property analysts and residents, as public consultation on the new scheme continues.

July condo rents fall more than HDB flats

The rental decline for private apartments and condominiums has been much more pronounced than that for Housing & Development Board (HDB) flats, latest data from SRX Property shows. Within the private segment, rentals in the Core Central Region (CCR) eased less than those in the suburbs or Outside Central Region (OCR). It is a similar pattern in the HDB rental market, with a smaller drop for flats in mature estates (seen as more prime areas) than non-mature estates.

Lien's grandson pays $21m for Good Class Bungalow

A grandson of the late banker and philanthropist, Mr Lien Ying Chow, has bought a Good Class Bungalow (GCB) in Chee Hoon Avenue after taking part in a tender. Mr Michael Lien and his wife paid $21.39 million or about $1,197 per sq ft (psf) for the 17,868 sq ft freehold plot, according to caveats lodged. Mr Lien is executive chairman of Wah Hin & Co, founder of Leap Philanthropy and a board director of Temasek Holdings.

Foreigners grab 5 floors of Prudential Tower

Some well-heeled foreign buyers have been spending big in the strata office market amid selective buying in the segment. A Chinese buyer has splashed out about $100.6 million on the 25th to 27th floors of Prudential Tower, according to caveats lodged. This works out to an average of $2,750 per sq ft (psf), based on unit areas of 12,196 sq ft per floor.

Less overtime for workers in manufacturing, construction

Companies' Brief

UOL Group

UOL's core net-profit increase to $98.7 million for the first half was largely in line with expectations and made up 40 per cent of full-year forecast. The group continued to enjoy a better showing from its residential operations, such as Katong Regency, Seventy St Patricks, Riverbank @ Fernvale and Botanique at Bartley, as well as rental income from One KM, which helped offset the slight slack in hotel contributions.

OUE swings into the red in Q2

OUE Limited swung into the red in the second quarter ended June 30 with a net loss of S$16.28 million versus a net profit of S$4.43 million a year ago, owing to S$20.55 million of other losses mainly arising from fair-value losses on its investment in a mutual fund. "Excluding the other losses, the group's business and operations continue to have a positive contribution with attributable profits of S$4.3 million for 2Q 2015 (Q2 2014: S$4.8 million)," said OUE.

United Engineers post lower Q2 profit

United Engineers Ltd (UEL) posted a second-quarter net profit of S$17.6 million, down 57 per cent from the previous corresponding's S$40.8 million, which included S$16.6 million from discontinued operations.

Stripping off discontinued operations, profit attributable to equity-holders from continuing operations fell 27 per cent. Revenue for the three months ended June 30 dropped 59 per cent to S$468.2 million.

Wheelock posts Q2 earnings of S$17.74m

Despite more than trebling second-quarter revenue from a year ago, Wheelock Properties (Singapore) posted an 85.3 per cent slump in net profit for the three months ended June 30 to S$17.74 million. This was mainly because the year-ago corresponding quarter carried a negative goodwill of S$109 million.

Global Economy & Global Real Estate

Crown Group unveils Sydney project here

A major central Sydney residential and hotel project has been unveiled here as developers cash in on the Singapore dollar's greater buying power Down Under. Sydney-based Crown Group Holdings unveiled the award-winning Infinity by Crown Group at the Grand Hyatt Singapore hotel last Friday.

Water park sparks controversy in parched California

Brazil homebuilder MRV reports 32% profit rise

Efforts to preserve artist Henry Varnum Poor's house stall

Foreigners buying Aussie property illegally face jail

Wanxiang Teams With Pritzker for $1 Billion in Hotels

Canadian Home Sales Decline for Second Month on Toronto Drop