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Koh Brothers’ net profit soars 138% in Q2

Posted by Kaeden Ong on 19th August 2014 in Blog

Koh Brothers Group’s net profit jumped 138 percent from $4.8 million in Q2 2013 to $11.5 million in Q2 2014.More »

Koh Brothers Group’s net profit jumped 138 percent from $4.8 million in Q2 2013 to $11.5 million in Q2 2014.

The record profit was on the back of higher group revenue mainly due to its real estate division which contributed higher sales in Q2 2014 and H1 2014, said Francis Koh, Managing Director and Group CEO of Koh Brothers.

Group revenue comprises sales of products, services rendered, property development and rental income, as well as construction contract revenue.

In Q2 2014, an increase in sales, mainly from its real estate division – Koh Brothers Development, lifted group revenue by seven percent to $109.5 million.

Whilst share of results from associated companies recorded a profit of $103,000 in Q2 2014, share of results from joint ventures had a loss of $1.6 million. The latter was mainly due to lower contribution from a property currently undertaking an asset enhancement exercise and initial setup cost for a residential project.

Looking ahead, Koh said, “The construction sector is experiencing a tight labour market and there are more stringent regulatory controls. However, the brighter side of it is that more construction demand is expected to be generated from the public sector. For the residential property market, with the various property cooling measures still in place, we expect prices to further moderate this year.”

The group’s various business lines include real estate development, construction, building materials, and environmental engineering.

Credits: Property Guru

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Residents affected by SERS want wet market nearby

Posted by Kaeden Ong on 17th August 2014 in Blog

Due to the Selective En bloc Redevelopment Scheme (SERS), about 3,480 households in 31 HDB blocks along Tanglin Halt andMore »

Due to the Selective En bloc Redevelopment Scheme (SERS), about 3,480 households in 31 HDB blocks along Tanglin Halt and Commonwealth Drive will be relocated to new flats at five sites in Dawson estate along Margaret Drive, Dawson Road and Strathmore Avenue in 2020.

However, the 157 market and hawker stalls at the nearby Tanglin Halt Market will be relocated to another area at Commonwealth Drive, a 20 minutes’ walk from Dawson estate.

As such, over 100 Queenstown residents affected by SERS have inked a petition urging the authorities to move the wet market along with them, said media reports.

Residents, Alice Lee and Shirley Soh (both 66 yrs old), began the petition which they plan to submit to the estate’s Member of Parliament (MP) Chia Shi-Lu after gathering 500 signatures.

Even though the relocation site will have a supermarket and the existing food centre in Commonwealth Drive will be moved to Margaret Drive, seniors would rather buy at a wet market as it offers fresh produce at cheaper prices, they said.

Nevertheless, it may be possible to set up a wet market within Dawson’s supermarket, said Chia.

“There are space constraints to think of at the new site. However, we are prepared to explore the possibility of having a wet market and will put it out to HDB to consider.”

Credits: Property Guru

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LTA to make selected roads safer for seniors

Posted by Kaeden Ong on 16th August 2014 in Blog

Five residential estates, in Bedok, Bukit Merah, Jurong West, Marine Parade and Yishun, will have new road safety features asMore »

Five residential estates, in Bedok, Bukit Merah, Jurong West, Marine Parade and Yishun, will have new road safety features as part of the Silver Zone pilot programme to make roads safer for the elderly.

These estates have a large population of seniors and a relatively high accident rate involving seniors, the Land Transport Authority (LTA) said in a statement last week.

A series of road safety improvements, such as special road signs and markings to identify the Silver Zones, as well as traffic calming measures to slow down motorised traffic and enable motorists to keep a better look-out for pedestrians, will soon be introduced in the estates.

Bukit Merah and Jurong West will be the first two area to begin works this month, which are expected to be completed by October and December respectively.

Credits: Property Guru

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Ho Bee Land reports 54% profit slump

Posted by Kaeden Ong on 14th August 2014 in Blog

Singapore-listed developer Ho Bee Land suffered a net profit decrease of 54 percent year-on-year to $12.2 million in Q2 2014.More »

Singapore-listed developer Ho Bee Land suffered a net profit decrease of 54 percent year-on-year to $12.2 million in Q2 2014.

But group turnover for the three months jumped to $26.8 million compared to $6.1 million during the same period last year, on the back of higher revenue from investment properties.

Rental income from industrial and commercial properties increased to $25.7 million from $2.8 million in Q2 last year due to the rentals of office buildings, The Metropolis in Singapore, and Rose Court and 1 St Martin’s Le Grand in London.

Group CEO Chua Thian Poh noted that Singapore’s real estate environment continues to be challenging, especially in the residential sector.

“The government had reiterated on many occasions that it is still too early to relax the cooling measures,” he said.

Ho Bee develops luxury homes in the exclusive Sentosa Cove enclave, including the Cape Royale condominium.

Credits: Property Guru

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Several Bedok facilities to be relocated

Posted by Kaeden Ong on 13th August 2014 in Blog

Bedok will soon have a brand new Bedok Integrated Complex (BIC) come 2017. It will be built on a 21,696More »

Bedok will soon have a brand new Bedok Integrated Complex (BIC) come 2017.

It will be built on a 21,696 sq m site along Bedok North Street 1, where Bedok Adventure Park currently is.

It will house Kampong Chai Chee Community Club (CC) and Bedok Sports Centre, along with various facilities such as a polyclinic, eldercare centre and public library.

The new Bedok Sports Centre will have six sheltered tennis courts, a sports hall with eight badminton courts, two sepak takraw and silat courts and five pools.

Residents of all ages can enjoy facilities and programmes which promotes holistic wellness at the BIC.

“Bedok is one of the oldest areas that has not been refurbished. With this new complex, it would allow everyone to gather in one area to exercise with newer facilities,” said Bedok resident Charleston Lin.

Plans for the BIC was announced in 2011 as part of the “Remaking Our Heartlands” plan for the East Coast area by the HDB. The Groundbreaking Ceremony for the BIC took place on 26 July.

Along with the BIC, Bedok Town Centre will also be rejuvenated with the upcoming Bedok Integrated Transport Hub and Bedok Residences, a new condominium development.

Credits: Property Guru

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Majority of unsold units located in central areas

Posted by Kaeden Ong on 12th August 2014 in Blog

The possibility of a surplus of private homes as well as a poor rental market are keeping home seekers fromMore »

The possibility of a surplus of private homes as well as a poor rental market are keeping home seekers from purchasing completed homes, particularly in the city centre, reported the media.

Notably, majority of the unsold units at completed developments in Singapore are located in upmarket districts 9, 10 and 11, showed data last week.

Of the 1,412 completed but unsold homes as at end-June, 63.3 percent or 894 units are located in the city centre, 29.3 percent or 414 unsold units are in the city fringe, while only 7.4 percent or 104 unsold completed units are in the suburbs, said Christine Li, Research Head at OrangeTee.

She noted prices of completed homes within the city centre dropped 1.9 percent in Q2 from the previous quarter, marking the biggest quarterly drop since Q2 2009.

“This could suggest that some developers have started to become skittish and have started to cut prices in order to move units to avoid Qualifying Certificate (QC) fines,” she said.

Under Qualifying Certificate rules, developers are imposed with a certain fine if they fail to sell all the units in a project within two years of completion.

To move units, some developers have reduced prices in certain projects.

Bukit Sembawang, for instance, sold more than 30 units at The Vermont on Cairnhill (pictured) after it slashed prices to just over $2,000 psf from the previous average of about $2,400 psf.

Despite the price drop, consultants believe that homebuyers will likely remain cautious, partly due to upcoming surge in supply as well as the rising vacancy rates.

Islandwide vacancy rate for private homes, including landed homes, rose from 6.6 percent in Q1 2014 to 7.1 percent in Q2 2014 – its highest level since the 7.4 percent registered in Q1 2006.

The city centre area was the worst hit, with a vacancy rate of 8.5 percent, revealed the URA.

According to R’ST Research Director Ong Kah Seng, some owners of these units may have left their apartments empty after failing to fetch rents that could cover high maintenance costs.

Credits: Property Guru

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