Funan to reopen on June 28 after undergoing three-year redevelopment

SINGAPORE (June 3): The manager of CapitaLand Mall Trust (CMT), an indirect wholly-owned subsidiary of CapitaLand, says Funan is slated to open its doors on June 28 this year – two months ahead of its original scheduled date.

CityDev's 1Q earnings more than double to $200 mil on higher margins & Manulife Centre divestment gain

SINGAPORE (May 15): City Developments (CDL) has announced earnings of $199.6 million for the 1Q ended March, rising 133.8% from restated 1Q18 earnings of $85.3 million on strong profit margins and the realisation of a pre-tax divestment gain.

The bottomline growth came despite a 29.5% y-o-y decline in revenue to $746.2 million from $1.06 billion a year ago, in the absence of revenue recognition from The Criterion executive condominium (EC) in its entirety over the previous quarter.

Sysma unit wins $20 mil contract to build Nassim Road bungalow

SINGAPORE (Mar 25): Sysma Holdings says its construction unit, Sysma Construction, has secured a $20 million contract to erect a bungalow at 54 Nassim Road for “an established private owner”.

Spanning two storeys, the bungalow will feature an attic and swimming pool. 

In its filing to the SGX on Monday, Sysma says its new contract will span sixteen months commencing from the date of approval from the relevant authorities, which it anticipates to receive by April 2019.

OCBC wary of residential sector's near-term outlook in spite of encouraging data

SINGAPORE (Mar 18): OCBC Investment Research is maintaining “neutral” on Singapore’s residential sector despite the recent recovery in Singapore developers’ stock prices and the announcement of a new Cross Island MRT line, which helped to boost Feb m-o-m private home sales volumes by 4.4%.

The research house’s preferred sector picks remain UOL Group and CapitaLand, which are both rated “buy” with fair value estimates of $8.45 and $3.98, respectively.

Why DBS remains cautious on Chip Eng Seng despite Kampong Java site win

SINGAPORE (Jan 17): DBS Group Research is forecasting property transaction volumes to fall 20% y-o-y to 7,500-8,500 units in 2019, and says it is possible for the property price index (PPI) to decline by up to 3% this year, and even further, should macro conditions worsen.

The research house currently has a “hold” call on developer Chip Eng Seng (CES) with a target price of 75 cents, which has yet to factor in the group’s ongoing acquisition of a land parcel at Kampong Java.

This is the year for office REITs to shine: OCBC

SINGAPORE (Jan 8): OCBC Bank is expecting Singapore office REITs to strengthen further in the near-term this year – and possibly, in the process, demand higher rents to bring about positive rental reversion.

In a Tuesday report, OCBC’s credit research team highlights office REITs as a bright spot among Singapore REITs (S-REITs), with the recent trend of strong new office supply looking to reverse in 2019.

Active presence in China, improving O&M segment keep this stock's outlook bright

SINGAPORE (Jan 4): OCBC Investment Research is maintaining its “buy” call on Keppel Corporation with a fair value estimate of $7.25 on expectations of a continued recovery in the offshore and marine (O&M) segment, as well as the group’s recent developments in China.

The research house is forecasting $2.5 billion of new orders for O&M in 2019 after an estimated $1.7 billion worth of new orders were secured in 2018, compared to $1.1 billion in 2017.

Few bright spots in sight for local residential sector in near term, says OCBC

SINGAPORE (Jan 3): OCBC Investment Research is maintaining “neutral” on the local residential sector after Singapore home prices posted their first decline in six quarters, according to recent Urban Redevelopment Authority (URA) flash estimates.

The research house continues to project a private residential price growth range of -3% to +2% for 2019, while also maintaining its forecast for 10,000 to 12,000 private sales transactions.

HLH Group scraps $16 mil sale of D'Seaview Hotel on payment issues

SINGAPORE (Dec 12): Hong Lai Huat Group (HLH Group) is terminating its $15.7 million sale of D’Seaview Hotel, a component of the group’s mixed-use development project in Cambodia.

This is because buyer has failed to make fulfil the requisites for payment for the project after only making partial payment to HLH Group its Cambodian subsidiary PH One Development, the project’s vendor.  

The decision was arrived at after PH One sought legal advice from its Cambodian counsels.

How Singapore property could turn on an election: Andy Mukherjee

SINGAPORE (Nov 30): Singapore is getting ready for polls. Because a single party has ruled uninterrupted since 1959, the real importance of the next election lies in the rare leadership transition that will take place afterwards.

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