Tag Archives: Singapore Property Market

Keppel Land’s net profit surges by 70%

Posted on 22 Oct 2009 | Comments Off on Keppel Land’s net profit surges by 70%

Third-quarter gain rises to $78.5m as projects generate higher revenue

THE feel-good factor igniting the residential property market – and starting to take hold in the commercial sector – had a dramatic effect on Keppel Land’s bottom line in the third quarter.

Profit and turnover both soared, as buyers flocked to condominium launches across the island, while sales overseas were also buoyant.

‘The low interest rate environment and greater optimism about the economy and job market have continued to improve the market sentiments driving the housing market,’ the group said in a statement yesterday, as it released its numbers for the three months ended Sept 30.

It said net profit in the third quarter rose by 70 per cent to $78.5 million, from $46.2 million in the same period last year, due to higher revenue from projects and greater contributions from associated companies. Continue reading →

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Posted in Developers, Property Market / Real Estate

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Lincoln Suites launched at average $1,680 psf

Posted on 21 Oct 2009 | Comments Off on Lincoln Suites launched at average $1,680 psf

THE four property developers who jointly bought freehold Lincoln Lodge more than two years ago in a collective sale intend to launch the project tomorrow, they said yesterday.

The developers – Koh Brothers, Heeton Holdings, KSH Holdings and Lian Beng Group – paid $243 million for the District 11 property along Khiang Guan Avenue at the height of the property boom in June 2007. But they put off launching the project as the property market went south soon after.

Now, with the market seemingly staging a recovery, the 175-unit Lincoln Suites will be rolled out, beginning with invited guests tomorrow. The first phase of the launch will see 56 units offered at an average price of $1,680 per square foot (psf).

The consortium paid significantly more than the reserve price of $188 million for the project in 2007 as it was ‘very interested’ in the site. There were several bids for the site.

It was then estimated that the $243 million forked out worked out to $1,449 psf per plot ratio (ppr) including an estimated development charge (DC) of $413,000. Continue reading →

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Posted in Developers, New Launches, Property Price

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