August | 2009 | Lush Dream Home

Office leasing scene – musical chairs with extra seats

Posted on 5 Aug 2009 | Comments Off

Some tenants factor in higher headcount as they move to new locations

There’s a buzz in the office leasing market. Many new leasings are at the expense of space being given up in existing locations as occupiers are drawn to better-value propositions in newer buildings. But a few are taking up more space in their new locations than what they are giving up in their existing premises to cater to future increases in headcount.

‘It’s not all musical chairs. There’s also a smattering of improved headcount numbers, even as most occupiers chase lower cost, better value locations,’ a seasoned office property consultant said.

Another office consultant, Knight Frank director of office leasing Agnes Tay, said: ‘I don’t expect net office demand to turn positive this quarter, but the negative demand will be smaller in the second half of this year. Continue reading →

Tuan Sing Q2 profit plunges 63%; revenue down 17%

Posted on 5 Aug 2009 | Comments Off

TUAN Sing Group’s second-quarter net profit fell 63 per cent to $3.5 million from $9.5 million a year ago. Revenue fell 17 per cent to $54.9 million from $66.1 million, due to lower revenue from its property, industrial services and retail business segments.

‘Operating conditions for the rest of the year are likely to remain challenging,’ the group said in its statement yesterday.

For the half year, net profit plunged 72 per cent to $4.3 million from $15.4 million, as revenue sank 36 per cent to $84.5 million.

Tuan Sing’s property segment posted a 96 per cent plunge in net profit to $0.6 million, as revenue fell 50 per cent to $18.9 million for the six months ended June 30. This was due to lower development property sales, and the group said that though rental income increased, the additional costs of $3.1 million due to the acquisition of Katong Mall Continue reading →