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CityDev year net doubles, sees positive 2008 |
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Thursday, 28 February 2008 |
By Daryl Loo Reuters Thu 28 Feb., 2008 5:58am EST
SINGAPORE (Reuters) - City Developments Ltd (CTDM.SI: Quote, Profile, Research), Southeast Asia's second-largest property developer, more than doubled its 2007 profit on home sales and hotel revenues, beating market forecasts, and said it was upbeat despite the global credit crisis.
CityDev said global economic uncertainty has caused property investors to hold back on buying, but added it was in a strong financial position to weather the storm for the next three years.
The company's shares climbed nearly 4 percent, before closing up 1.3 percent, beating the broader market .FTSTI, which dipped 0.7 percent.
CityDev said it sold 1,655 units last year with a sales value of S$3.38 billion ($2.42 billion), and would recognize profits on these as construction progressed.
"Property development will continue to make a significant contribution, with locked-in profits yet to be recognized from pre-sold residential projects," Executive Chairman Kwek Leng Beng said in a media briefing.
Private home prices in Singapore jumped more than 31 percent last year, boosting CityDev and local rivals CapitaLand (CATL.SI: Quote, Profile, Research) and Keppel Land (KLAN.SI: Quote, Profile, Research).
But home prices in the city-state rose a slower 6.8 percent in the fourth quarter, and are expected to moderate further this year, reflecting investor concerns about global growth and the effect of government steps to cool the market.
For more information: http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSSIN34195120080228
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Last Updated ( Friday, 29 February 2008 )
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City Developments Fourth-Quarter Profit Rises 71% (Update1) |
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Thursday, 28 February 2008 |
By Jean Chua Bloomberg.com 28 Feb , 2008 03:00 EST
Feb. 28 (Bloomberg) -- City Developments Ltd., Singapore's second-largest developer, said fourth-quarter profit rose 71 percent after home prices surged to an 11-year high in the city.
Net income rose to S$235 million ($168 million) in the three months ended Dec. 31, from S$137.3 million a year earlier, the company said today in a statement to the Singapore stock exchange. Full-year profit climbed to S$725 million, or 76 cents a share, from S$351.7 million, or 36.6 cents, beating the S$616.6 million average estimate of eight analysts Bloomberg surveyed.
City Developments and rivals CapitaLand Ltd. and Keppel Land Ltd. may face declining demand in Singapore this year amid concerns the economy could fall into a recession. Singapore property prices may climb 8 percent to 10 percent this year, after surging 31 percent last year, London-based real estate consultant Savills Plc said this month.
``The market has slowed down since the subprime fallout took place, but our view is that Singapore's fundamentals are still very strong,'' Kwek Leng Joo, managing director of City Developments, said at a briefing today. ``It's a matter of confidence. People are hesitating but demand is still there.''
Homes in Singapore
City Developments' shares rose 2 percent to S$12.56 at 3:21 p.m. Singapore time. The stock has fallen 12 percent this year, compared with a 5.9 percent gain by CapitaLand and a 16 percent decline by Keppel Land. The three are Singapore's biggest developers by assets.
City Developments last year sold 1,655 homes worth S$3.38 billion, with 95 percent of these sold in the first nine months. In 2006, it sold 1,337 units worth S$2.77 billion. The company may offer 427 homes for sale in the first half of this year, according to today's statement.
For more information: http://www.bloomberg.com/apps/news?pid=20601080&sid=aWBEb0AuIxaA&refer=asia
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Banyan tree rakes in 142% jump in FY net profile to S$102m |
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Thursday, 28 February 2008 |
Channel NewsAsia Posted: 28 February 2008 1411 hrs
SINGAPORE: Luxury resorts and spa operator Banyan Tree is reaping more rewards from its overseas expansion.Its net profit for the full year jumped 142 percent to $102 million.This was achieved on the back of a 26 percent rise in revenue to $422 million.
The bottomline was driven by Banyan Tree's hotel operations and property sales segments, coupled with a one-off negative goodwill exceptional gain arising from its unit's rights issue in July last year.
Commenting on the results, Banyan Tree's executive chairman Ho Kwon Ping said most of the company's businesses performed better in 2007, adding that he is hopeful the positive trend will continue into 2008.
Mr Ho said that Banyan Tree is also seeing a strong pipeline of new hotel projects and encouraging responses to property and hotel residences sales.
Banyan Tree said that so far, there has been no perceptible, negative impact of the US sub-prime crisis and liquidity crunch on its hotel or property operations.The US market accounts for only less than 2% of its business.
Banyan Tree has recommended a final tax exempt dividend of 2 cents per share for 2007.A total dividend of S$15.2 million will be paid out when approved.
For more information: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/331655/1/.html
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'Honey, quit work so we can buy flat' |
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Wednesday, 27 February 2008 |
By Desmond Ng the electric new paper 27 february , 2008
Not if you consider today's HDB resale prices and the robust private property market.
Right now, those with a household income above $8,000 would not qualify for a new HDB flat.
Mr Christopher de Souza, Member of Parliament for Holland-Bukit Timah GRC, cited the above example to The New Paper.
He argued that the $8,000 income ceiling, which has remained unchanged for the last 14 years, should be revised.
He declined to give more details about the couple.
The 32-year-old lawyer said: 'Some people actually take the drastic step of making their wife-to-be stop work for a period so they can qualify for the ceiling.'
He added that some people would accept a promotion at work, but declined a raise so they would remain below the income ceiling.
'We need to address how realistic this ceiling is, considering that resale flats have become more expensive in recent years.'
Mr de Souza raised this issue during the Budget debate yesterday and noted that many people in his age group have crossed the household income ceiling.
He said: 'For a young couple, few things are harder or more ironic than having to slog for many years to pay off a huge mortgage for their first home, just because they worked hard and were given raises early in their careers.'
Raising this income ceiling was one of Mr de Souza's three suggestions on how the Budget could achieve a better and more equitable distribution of the nation's wealth without discarding the principle of workfare and meritocracy.
For more information: http://newpaper.asia1.com.sg/news/story/0,4136,157483,00.html
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Ho Bee's full year profit jumps 176% to S$272m |
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Wednesday, 27 February 2008 |
Channel NewsAsia Posted: 27 February 2008 1926 hrs
SINGAPORE: A robust property market and a strong economy have helped developer Ho Bee to report record full-year earnings.
Net profit jumped 176 percent on year to S$272 million. This was achieved on the back of record revenues of S$596 million, up 52 percent on year.
Ho Bee's development properties reported higher sales due to the progressive recognition of income from its residential projects, including those at Sentosa Cove, Orange Grove Road and Holland Road.
Its property investment division has continued to benefit from high occupancy levels and improvement in rental rates.
Ho Bee's Chairman and CEO Chua Thian Poh said he is cautiously optimistic about the market outlook.
Ho Bee's Chairman and CEO Chua Thian Poh said he is cautiously optimistic about the market outlook.
He cited recent Urban Redevelopment Authority (URA) data that suggested a continued rise of overall prices of residential properties in the fourth quarter, albeit at a lower rate.
URA had said overall prices for residential properties rose 6.8 percent compared to 8.3 percent in the previous quarter. For non-landed properties, the increase was 7.2 percent, against 8.3 percent in the previous quarter.
For more information:
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/331451/1/.html
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MP urges raising of income cap for subsidised HDB flats |
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Tuesday, 26 February 2008 |
Channel NewsAsia - Tuesday, 26 February , 2008
SINGAPORE: It is time to raise the income ceiling for first—time buyers of subsidised public housing, says MP for Holland—Bukit Timah GRC Christopher De Souza.
This, he feels, will also help ensure a more equitable distribution of the Budget surplus.
Speaking during the Budget debate, Mr De Souza pointed out that it has been 14 years since the HDB last increased the monthly income ceiling for buyers of new flats, from S$7,000 to S$8,000.
Yet in the 10 years between 1995 and 2005, he said data from the General Household Survey showed the proportion of resident households earning S$8,000 and above every month had nearly doubled from 10.85 per cent to 19.9 per cent.
And while measures have been taken to help the low—income group meet their housing needs, this was not the case for the middle—income group.
For example, Prime Minister Lee Hsien Loong stated in last year’s National Day Rally speech that the maximum Additional CPF Housing Grant (AHG) would be enhanced further from S$20,000 to S$30,000. In addition, the household income ceiling for AHG eligibility would be raised from S$3,000 to S$4,000. These changes help the low—income group.
Meanwhile, skyrocketing property prices also mean many in the middle income group could no longer afford resale flats or the cheaper leasehold private condominiums.
For more information: http://sg.news.yahoo.com/cna/20080225/tap-330998-231650b.html
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CapitaLand's Profit Jumps 49% |
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Monday, 25 February 2008 |
The Wall Street Journal PATRICIA KOWSMANN Monday, 25 February, 2008
SINGAPORE -- CapitaLand Ltd. said fourth-quarter net profit increased 49% on higher revenue and gains on its property portfolio.
Southeast Asia's largest property developer by market capitalization reported net of S$674.7 million (US$480 million) for the quarter, up from a restated S$453.5 million a year earlier.
Revenue rose 33% to S$1.3 billion from S$999 million on a buoyant Singapore market and on higher contributions from operations in Australia and China, the company said in a statement.
CapitaLand recorded gains of S$136.8 million from the revaluation of the group's portfolio of investment properties held by units.
For this year, the company said, "the current weakness in the U.S. housing market and economy and the tight credit environment will likely cast a cloudy outlook over the general economic and business conditions for at least the first half of 2008."
"However, the group, with its strong cash reserves and low gearing is well positioned to capitalize on opportunities that could arise during this period and to further grow its well-diversified portfolio," it added.
About 24% of CapitaLand's revenue last year came from Singapore. China accounted for about 29%, while 38% came from Australia and New Zealand.
For more information: http://online.wsj.com/article/SB120389425767689051.html?mod=googlenews_wsj
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S'pore REITs still dominant in Asia despite current market conditions |
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Monday, 25 February 2008 |
By Pamela Almeda, Channel NewsAsia | Posted: 25 February 2008 2203 hrs
SINGAPORE : Singapore's real estate investment trust (REIT) market is holding up, despite the current weak market conditions, according to the Asian Public Real Estate Association.
It said that Singapore REITs are attractive to investors because of their well-diversified and cross-border assets as well as the good regulatory framework here.
Singapore is a key player in Asia's REIT space. Together with Japan and Hong Kong, it accounts for over 90 percent of the REIT market in the region.
Singapore ranks Number 2 next to Japan, and has a market capitalisation of US$21.6 billion as at January 2008.
According to the Asian Public Real Estate Association, there are good reasons why Singapore REITs are attractive.
Peter Mitchell, CEO, Asian Public Real Estate Association, said: "The fact that there is no restriction on investing on offshore assets; that the withholding tax for corporate non-resident investors is 10 percent, which is very competitive; that the REIT is not taxed at the REIT level so the income flows down on a gross basis to investors... so it's a very attractive proposition."
For more information: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/331048/1/.html
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Singapore beckons with dream home |
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Friday, 22 February 2008 |
The Telegraph sambit Saha Friday, 22 February , 2008
Dreaming about owning a home in Singapore? Get ready this weekend, as the largest developer from the island state comes calling.
Far East Organisation will showcase around 100 villas and 1,200 apartments, each priced between Rs 2.5 crore and Rs 15 crore, at a city hotel on February 23 and 24. The properties are in various stages of development; some are ready to be moved into.
The company is bringing only one table model, a residential condominium called VIDA, located in the affluent district of Cairnhill Rise.
“There is a lot of interest among Indian buyers, including from Calcutta, in Singapore properties. It is a vast market waiting to be explored,” said Far East executive director Chia Boon Kuah.
A survey by the company has revealed that a large number of Calcuttans send their children to Singapore for higher studies. The country also draws most of its spending from the city. “Hence, the interest,” explained an official.
Land Solutions India, the Delhi-based marketing partner of Far East, believes Calcutta’s proximity to Singapore is only adding to the interest.
“Moreover, investment is on the rise in the Calcutta realty market. Selling properties worth a few crores here is no longer difficult,” pointed out Akshay Jain, the chief executive officer of Land Solution.
But how does one buy a property in Singapore?
For more information: http://www.telegraphindia.com/1080222/jsp/calcutta/story_8932181.jsp
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