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Daily Archives: 11 Sep 2009

House prices rise fast on record lending, confidence

Posted on 11 Sep 2009 | Comments Off

(BEIJING) It rose 2% in August from a year earlier, and double the gain in July, says report

China’s house prices in the nation’s 70 biggest cities rose at the fastest pace in 11 months on record lending and climbing confidence.

House prices increased 2 per cent in August from a year earlier, double the gain in July, according to a National Bureau of Statistics report on its website yesterday. Sales and investment in property development accelerated in the first eight months of the year from the seven months through July, the bureau said.

In fact, just yesterday, China Overseas Land & Investment agreed to pay seven billion yuan (S$1.46 billion) for a plot of land in Shanghai in the country’s biggest land transaction this year, underscoring developers’ optimism toward China’s property market.

China Overseas outbid rivals including Greentown China Holdings Ltd during an auction for the 312,600-square-metre parcel of land, which will be used for residential development. Continue reading →

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Posted in Overseas Property, Property Market / Real Estate

Tagged BeiJing, Overseas Property

Fragrance unit buys Sembawang site

Posted on 11 Sep 2009 | Comments Off

FRAGRANCE Group continues to buy land. It said yesterday that its fully owned subsidiary Fragrance Homes has bought a site at Kerong Lane, in the Sembawang area, for $7.5 million.

The price works out to $238 per square foot for the 31,464 sq ft plot. The 99-year leasehold site is for landed housing and can yield 15 three-storey terrace houses with attics.

‘The acquisition is subject to the seller obtaining the necessary approval from the Urban Redevelopment Authority,’ Fragrance said yesterday. An industry observer said the site could be one sold by the URA in the past. It is in a location where URA has auctioned sub-divided landed-housing plots.

In April last year, the authority auctioned 11 plots at an average price of $223 psf. At that auction, Fragrance picked up four plots that can be developed into eight semi-detached houses and 40 terrace houses.

Market watchers say the group has bought more than $100 million of property in the past few months. Its purchases include the Premier Centre
office block in the Beach Road area, development land at Telok Kurau, a site in Changi Road and a row of shophouses at Pasir Panjang.

Fragrance Group posted an 11.4 per cent year-on-year increase in net profit for the second quarter ended June 30 to $17.7 million. Turnover rose 33.1 per cent to $79.5 million.

Source : Business Times – 11th Sep 2009