Singapore Economy

Businesses more cautious on spending, investment

If the latest snapshot of bank lending is anything to go by, economic headwinds are forcing businesses to start cutting spending and investment. Loans fell 0.8 per cent last month from August to $608.3 billion, the first decline after five months of modest and slowing growth in bank lending.

Singapore Real Estate

Two condos launched over weekend notch 60% sales

About 60 per cent of units launched over the first weekend of two properties - Principal Garden and Thomson Impressions - have been taken up. Developers UOL Group Ltd and Kheng Leong Company sold 60 per cent of the 200 units marketed at their Principal Garden condominium, a 663-unit development at Prince Charles Crescent, as at 4pm on Sunday.

Home owners lose prime view after land-use changes

When Mr M.K. Wong chose his new Housing Board flat in Choa Chu Kang in 2012, he was looking forward to an unobstructed view. But changes to land-use plans got in the way - literally. Instead of overlooking a school, Mr Wong's unit at Block 489D, as well those at Block 489B, will face a high-rise executive condominium (EC) instead.

20% of resale flat buyers seek proximity grant

More than one in five Housing Board resale flat buyers have applied for the Proximity Housing Grant since it was introduced in August, Minister for National Development Lawrence Wong said in a blog post yesterday. The grant was one of several housing changes that kicked in on Aug 24, the day after the National Day Rally. Said Mr Wong: "Just two months on, I am happy to see many home buyers already benefiting."

Companies' Brief

Frasers Commercial Trust

Frasers Commercial Trust recorded a good set of fourth-quarter results for the 2015 financial year. Gross revenue jumped 16.9 per cent year on year to $37.2 million, driven largely by higher income contribution from the underlying leases of Alexandra Technopark and maiden contribution from Collins Street, but that was partially offset by a weaker Australian dollar.

CDL Hospitality Trusts

Although gross revenue rose 2.4 per cent year on year to $41.1 million, distribution per unit slumped 9.7 per cent to 2.36 Singapore cents. The trusts' performance was impacted by the soft tourism scene as its Singapore hotels' revenue per available room dipped 5.7 per cent year on year to $181, due to a fall in both occupancy and average daily rate.

United Industrial Corp

United Industrial Corp (UIC) posted a 9 per cent rise in third-quarter earnings to $65.3 million on the back of higher sales and progressive sale recognition for its residential projects.

Roxy posts 7% rise in Q3 net profit

Roxy-Pacific Holdings has posted a 7 per cent increase in third quarter net profit to S$13.25 million. Revenue climbed 31 per cent to S$87.65 million - due mainly to higher revenue from property development and property investment, partly offset by a fall in revenue from hotel ownership.

GLP posts 27% jump in Q2 profit

Global Logistic Properties (GLP) reported a 27.4 per cent jump in net profit for the fiscal second quarter ended Sept 30 to US$114 million on the back of growth in China, development gains in Japan, entry into the US market, and an absence of forex losses compared to a year ago.

Hospitality sector

Strong international visitor arrivals (IVA) growth in July and August, underpinned by a recovery from Chinese visitor arrivals, further attributed to the spillover effect from Chinese visitors visiting Thailand, and an SG50 promotional campaign rolled out by the Singapore Tourism Board in May 2015.

Sinarmas Land

Francis Yee Kong Seng: Resigned as chief operating officer on Oct 31. Mr Yee, 49, left to pursue his own personal interests.

Views, Reviews & Forum

Adjust property curbs to reflect how IT has changed market

In the Sept 12 report ("Additional Buyer's Stamp Duty 'can be safely removed'"), I did not call for the complete removal of stability measures ("Make some property curbs permanent" by Mr Chua Soo Chew; Thursday). I, for one, am a strong advocate of curbing speculation and hot money from overseas by applying an even tougher Seller's Stamp Duty than the one that is currently in place.

Global Economy & Global Real Estate

Japan property market set to bubble again

Real estate in Japan should never see another bubble. Having witnessed three in the last half a century, the second one a Godzilla-sized boom in the 1980s, investors would surely be wary and vigilant against another developing. And with commercial and residential land prices still four-fifths and two-thirds below their 1990 peak respectively, talk of another bubble may seem absurd.

NY condo builders target less-wealthy amid market turmoil

Airbnb rings up US$451.4m revenue in NY in a year

Australia on the cusp of new way to power homes

Carpark that creates shade... and power

KL set to sell state-owned land

More rooftop recreation in Japanese commercial buildings