Latest news with #Fong
Business Insider
2 days ago
- Business
- Business Insider
Travelers Companies (TRV) Receives a Buy from Roth MKM
In a report released today, Harry Fong from Roth MKM maintained a Buy rating on Travelers Companies, with a price target of $300.00. The company's shares closed last Friday at $265.97. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Fong is a 5-star analyst with an average return of 13.2% and a 67.56% success rate. Fong covers the Financial sector, focusing on stocks such as Progressive, Allstate, and Marsh & Mclennan Companies. In addition to Roth MKM, Travelers Companies also received a Buy from TR | OpenAI – 4o's Wesley Roofguard in a report issued on July 18. However, on the same day, Wells Fargo maintained a Hold rating on Travelers Companies (NYSE: TRV). Based on Travelers Companies' latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $12.12 billion and a net profit of $1.51 billion. In comparison, last year the company earned a revenue of $11.28 billion and had a net profit of $534 million Based on the recent corporate insider activity of 122 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TRV in relation to earlier this year. Last month, William Heyman, the Vice Chairman of TRV sold 2,000.00 shares for a total of $553,000.00.
Straits Times
2 days ago
- Business
- Straits Times
UpperHouse, The Robertson Opus see firm sales at launch; Otto Place EC at Tengah sells 58.5% of units
Find out what's new on ST website and app. UpperHouse is the best-selling CCR project since The M launched in 2020, with nearly all three-bedroom units were sold and one-third of the four-bedders taken up. SINGAPORE - Two new projects in the core central region (CCR) – UpperHouse at Orchard Boulevard and The Robertson Opus – launched over the weekend, drawing firm demand with both moving more than 40 per cent of their units. The launches of UpperHouse (301 units) and The Robertson Opus (348 units) mark the largest supply injection in the CCR since additional buyers' stamp duty (ABSD) measures were tightened in 2023, said PropNex chief executive officer Kelvin Fong. UpperHouse, by UOL Group and Singapore Land Group, sold 162 units or more than 53.8 per cent on July 19, at an average price of $3,350 per square foot (psf). The 99-year leasehold project offers units from one-bedroom and study to four-bedroom suites. Mr Fong added that one-bedders were priced at nearly $1.4 million, while two-bedders ranged from about $2.1 million to $2.7 million. Anson Lim, UOL's senior general manager of residential marketing, noted 'healthy take-up across all unit types'. The Bespoke Collection – 31 four-bedders with private lift and parking – had a 30 per cent take-up, with a high-floor unit selling for $7.66 million, or $3,724 psf. UpperHouse is the best-selling CCR project since The M launched in 2020, said Huttons Asia CEO Mark Yip. Nearly all three-bedroom units were sold, and one-third of the four-bedders were taken up, indicating 'strong owner-occupier demand'. Singaporeans and permanent residents made up 99 per cent of buyers, with the rest being foreigners. The project drew a mix of owner-occupiers and long-term investors. Top stories Swipe. Select. Stay informed. 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UOL's chief corporate and development officer Yvonne Tan attributed the strong showing to the narrowing price gap between CCR and rest of central region (RCR), and the attractive premium between freehold and leasehold luxury products. Huttons data shows that the median psf price gap between CCR and RCR narrowed from 56.5 per cent in 2018 to 1.9 per cent in the first half of 2025. 'There is potential for a strong upside once the gap between CCR and RCR home prices widens,' said Mr Yip. Mr Fong also noted that the average price of $3,350 psf makes UpperHouse one of the most competitively priced new launches near Orchard Road. He compared this to Park Nova's new units which averaged at about $6,150 psf this year and Cuscaden Reserve which fetched an average price of more than $3,100 psf for the resale units transacted in the first four months of 2025. Located in District 10, UpperHouse sits along Grange Road and Orchard Boulevard, opposite Orchard Boulevard MRT and near River Valley Primary School. UOL and SingLand acquired the 7,013.4 square metre site last year for $428.3 million or $1,617 psf per plot ratio (ppr) – 30 to 40 per cent lower than the $2,377 psf ppr fetched by a nearby Cuscaden Road site in 2018. Steady take-up at The Robertson Opus The Robertson Opus is a mixed-use project and a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk. PHOTO ILLUSTRATION: FRASERS PROPERTY, SEKISUI HOUSE Of the 348 units available in the mixed-use The Robertson Opus, 143 were sold at an average price of $3,360 psf. This works out to a take-up rate of 41 per cent, said developers Frasers Property and Sekisui House on Sunday. The 999-year development comprises one to four-bedroom units across five blocks. Studio units start from $1.37 million, one-bedders from $1.58 million, two-bedders from $2.17 million, three-bedders from $3.1 million, and four-bedders (1,539 sq ft) from $5.09 million. 'There has been healthy demand across all the unit types, with the three-bedroom and four-bedroom premium units under the Legacy Collection being the most popular and almost sold out,' said the developers. The buyers comprise professionals purchasing for their own stay or investment – 83 per cent are Singaporeans, 16 per cent are permanent residents mainly from China and Indonesia, and the rest are foreigners from the US and Switzerland. The Robertson Opus, which also includes a retail podium on the first floor and basement, is a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk – undertaken by Frasers Property and Japanese developer Sekisui House in a 51:49 joint venture. Given the steady take-up at both launches, PropNex's Mr Fong expects third-quarter developers' sales in the CCR to rebound. 'To be sure, the units sold at UpperHouse at Orchard Boulevard during the private preview alone has already far exceeded the 46 CCR new units sold for the whole of Q2 2025.' Despite the recent hike in seller's stamp duty rates, demand for luxury homes remains resilient, supported by buyers focused on capital stability and wealth diversification, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors. 'These factors point to a strategic reset in the CCR market. With strong fundamentals, supportive policies, and improving economic signals, the luxury housing segment is well-positioned to regain momentum.' Brisk sales at Otto Place EC The 600-unit Otto Place at Plantation Close in Tengah is located near two MRT stations and Princess Elizabeth Primary School. PHOTO ILLUSTRATION: HOI HUP REALTY, SUNWAY DEVELOPMENTS Also over the weekend, executive condo (EC) Otto Place sold 351, or 58.5 per cent of its 600 units at its launch, said developers Hoi Hup Realty and Sunway Developments. The average price of its units sold under the normal payment scheme was $1,700 psf. Otto Place features unit sizes starting at 872 sq ft for three-bedroom deluxe types, priced from $1.41 million ($1,617 psf), up to 1,195 sq ft for four-bedroom plus study luxury units, which went for $2.18 million ($1,824 psf). More than 70 per cent of the larger units were sold. Located in Tengah's Plantation District, Otto Place is near two MRT stations and Princess Elizabeth Primary School.
Business Times
2 days ago
- Business
- Business Times
Firm take-up at UpperHouse and The Robertson Opus with prices averaging about S$3,350 psf
[SINGAPORE] Two new projects in the Core Central Region (CCR) – UpperHouse at Orchard Boulevard and The Robertson Opus – launched over the weekend, drawing firm demand with both moving more than 40 per cent of their units. The launches of UpperHouse (301 units) and The Robertson Opus (348 units) mark the largest supply injection in the CCR since additional buyers' stamp duty measures were tightened in 2023, said PropNex chief executive Kelvin Fong. UpperHouse, by UOL Group and Singapore Land Group, sold 162 units or more than 53.8 per cent on Saturday (Jul 19), at an average price of S$3,350 per square foot (psf). The 99-year leasehold project offers units from one-bedroom and study to four-bedroom suites. Fong added that one-bedders were priced at nearly S$1.4 million, while two-bedders ranged from about S$2.1 million to S$2.7 million. Anson Lim, UOL's senior general manager of residential marketing, noted 'healthy take-up across all unit types'. The Bespoke Collection – 31 four-bedders with private lift and parking – had a 30 per cent take-up, with a high-floor unit selling for S$7.66 million, or S$3,724 psf. UpperHouse is the best-selling CCR project since The M launched in 2020, said Huttons Asia chief executive Mark Yip. Nearly all three-bedroom units were sold, and one-third of the four-bedders were taken up, indicating 'strong owner-occupier demand'. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Singaporeans and permanent residents made up 99 per cent of buyers, with the rest being foreigners. The project drew a mix of owner-occupiers and long-term investors. 'To sell above 50 per cent of the units for a CCR project is an excellent set of results. It highlights the resilient demand for prime CCR homes and strong fundamentals in Singapore's property market,' Yip noted. UOL's chief corporate and development officer Yvonne Tan attributed the strong showing to the narrowing price gap between CCR and Rest of Central Region (RCR), and the attractive premium between freehold and leasehold luxury products. Huttons data shows that the median psf price gap between CCR and RCR narrowed from 56.5 per cent in 2018 to 1.9 per cent in H1 2025. 'There is potential for a strong upside once the gap between CCR and RCR home prices widens,' said Yip. Fong also noted that the average price of S$3,350 psf makes UpperHouse one of the most competitively priced new launches near Orchard Road. He compared this to Park Nova's new units which averaged at about S$6,150 psf this year and Cuscaden Reserve which fetched an average price of more than S$3,100 psf for the resale units transacted in the first four months of 2025. Located in District 10, UpperHouse sits along Grange Road and Orchard Boulevard, opposite Orchard Boulevard MRT and near River Valley Primary School. UOL and SingLand acquired the 7,013.4 square metre site last year for S$428.3 million or S$1,617 psf per plot ratio (ppr) – 30 to 40 per cent lower than the S$2,377 psf ppr fetched by a nearby Cuscaden Road site in 2018. Steady take-up at The Robertson Opus Of the 348 units available in the mixed-use The Robertson Opus, 143 were sold at an average price of S$3,360 psf. This works out to a take-up rate of 41 per cent, said developers Frasers Property and Sekisui House on Sunday. The 999-year development comprises one to four-bedroom units across five blocks. Studio units start from S$1.37 million, one-bedders from S$1.58 million, two-bedders from S$2.17 million, three-bedders from S$3.1 million, and four-bedders (1,539 sq ft) from S$5.09 million. 'There has been healthy demand across all the unit types, with the three-bedroom and four-bedroom premium units under the Legacy Collection being the most popular and almost sold out,' said the developers. The buyers comprise professionals purchasing for their own stay or investment – 83 per cent are Singaporeans, 16 per cent are permanent residents mainly from China and Indonesia, and the rest are foreigners from the US and Switzerland. Soon Su Lin, Frasers Property Singapore's CEO, said: 'The project's rare 999-year tenure, prestigious District 9 address, and sophisticated riverside lifestyle – alongside its proximity to key business and lifestyle hubs – make it a compelling choice for discerning buyers seeking long-term value and generational wealth.' The Robertson Opus is a 999-year leasehold mixed-use project and a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk. ILLUSTRATION: FRASERS PROPERTY, SEKISUI HOUSE The Robertson Opus, which also includes a retail podium on the first floor and basement, is a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk – undertaken by Frasers Property and Japanese developer Sekisui House in a 51:49 joint venture. Given the steady take-up at both launches, PropNex's Fong expects Q3 developers' sales in the CCR to rebound. 'To be sure, the units sold at UpperHouse at Orchard Boulevard during the private preview alone has already far exceeded the 46 CCR new units sold for the whole of Q2 2025.' Despite the recent hike in seller's stamp duty rates, demand for luxury homes remains resilient, supported by buyers focused on capital stability and wealth diversification, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. 'These factors point to a strategic reset in the CCR market. With strong fundamentals, supportive policies, and improving economic signals, the luxury housing segment is well-positioned to regain momentum.' Brisk sales at Otto Place EC Executive condo (EC) Otto Place sold 351, or 58.5 per cent of its 600 units during its launch, said developers Hoi Hup Realty and Sunway Developments. The average price of its units sold under the normal payment scheme was S$1,700 psf. Otto Place features unit sizes starting at 872 sq ft for three-bedroom deluxe types, priced from S$1.41 million (S$1,617 psf), up to 1,195 sq ft for four-bedroom plus study luxury units, which went for S$2.18 million (S$1,824 psf). More than 70 per cent of the larger units were sold. The 600-unit Otto Place at Plantation Close in Tengah is located near two MRT stations and Princess Elizabeth Primary School. ILLUSTRATION: HOI HUP REALTY, SUNWAY DEVELOPMENTS Located in Tengah's Plantation District, Otto Place is near two MRT stations and Princess Elizabeth Primary School. ERA Singapore CEO Marcus Chu said: 'Despite broader economic headwinds, demand for ECs remains strong, supported by steady local interest, significant price advantages over private condos and government grants.'
Business Times
2 days ago
- Business
- Business Times
Firm take-up at two prime CCR projects; UpperHouse 53% sold at average S$3,350 psf
[SINGAPORE] Two new projects in the Core Central Region (CCR) – UpperHouse at Orchard Boulevard and The Robertson Opus – launched over the weekend, drawing firm demand with both moving more than 40 per cent of their units. The launches of UpperHouse (301 units) and The Robertson Opus (348 units) mark the largest supply injection in the CCR since additional buyers' stamp duty measures were tightened in 2023, said PropNex chief executive Kelvin Fong. UpperHouse, by UOL Group and Singapore Land Group, sold 162 units or more than 53.8 per cent on Saturday (Jul 19), at an average price of S$3,350 per square foot (psf). The 99-year leasehold project offers units from one-bedroom and study to four-bedroom suites. Fong added that one-bedders were priced at nearly S$1.4 million, while two-bedders ranged from about S$2.1 million to S$2.7 million. Anson Lim, UOL's senior general manager of residential marketing, noted 'healthy take-up across all unit types'. The Bespoke Collection – 31 four-bedders with private lift and parking – had a 30 per cent take-up, with a high-floor unit selling for S$7.66 million, or S$3,724 psf. UpperHouse is the best-selling CCR project since The M launched in 2020, said Huttons Asia chief executive Mark Yip. Nearly all three-bedroom units were sold, and one-third of the four-bedders were taken up, indicating 'strong owner-occupier demand'. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Singaporeans and permanent residents made up 99 per cent of buyers, with the rest being foreigners. The project drew a mix of owner-occupiers and long-term investors. 'To sell above 50 per cent of the units for a CCR project is an excellent set of results. It highlights the resilient demand for prime CCR homes and strong fundamentals in Singapore's property market,' Yip noted. UOL's chief corporate and development officer Yvonne Tan attributed the strong showing to the narrowing price gap between CCR and Rest of Central Region (RCR), and the attractive premium between freehold and leasehold luxury products. Huttons data shows that the median psf price gap between CCR and RCR narrowed from 56.5 per cent in 2018 to 1.9 per cent in H1 2025. 'There is potential for a strong upside once the gap between CCR and RCR home prices widens,' said Yip. Fong also noted that the average price of S$3,350 psf makes UpperHouse one of the most competitively priced new launches near Orchard Road. He compared this to Park Nova's new units which averaged at about S$6,150 psf this year and Cuscaden Reserve which fetched an average price of more than S$3,100 psf for the resale units transacted in the first four months of 2025. Located in District 10, UpperHouse sits along Grange Road and Orchard Boulevard, opposite Orchard Boulevard MRT and near River Valley Primary School. UOL and SingLand acquired the 7,013.4 square metre site last year for S$428.3 million or S$1,617 psf per plot ratio (ppr) – 30 to 40 per cent lower than the S$2,377 psf ppr fetched by a nearby Cuscaden Road site in 2018. Steady take-up at The Robertson Opus Of the 348 units available in the mixed-use The Robertson Opus, 143 were sold at an average price of S$3,360 psf. This works out to a take-up rate of 41 per cent, said developers Frasers Property and Sekisui House on Sunday. The 999-year leasehold development comprises one to four-bedroom units across five blocks. Studio units start from S$1.37 million, one-bedders from S$1.58 million, two-bedders from S$2.17 million, three-bedders from S$3.1 million, and four-bedders (1,539 sq ft) from S$5.09 million. 'There has been healthy demand across all the unit types, with the three-bedroom and four-bedroom premium units under the Legacy Collection being the most popular and almost sold out,' said the developers. The buyers comprise professionals purchasing for their own stay or investment – 83 per cent are Singaporeans, 16 per cent are permanent residents mainly from China and Indonesia, and the rest are foreigners from the US and Switzerland. Soon Su Lin, Frasers Property Singapore's CEO, said: 'The project's rare 999-year tenure, prestigious District 9 address, and sophisticated riverside lifestyle – alongside its proximity to key business and lifestyle hubs – make it a compelling choice for discerning buyers seeking long-term value and generational wealth.' The Robertson Opus is a 999-year leasehold mixed-use project and a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk. ILLUSTRATION: FRASERS PROPERTY, SEKISUI HOUSE The Robertson Opus, which also includes a retail podium on the first floor and basement, is a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk – undertaken by Frasers Property and Japanese developer Sekisui House in a 51:49 joint venture. Given the steady take-up at both launches, PropNex's Fong expects Q3 developers' sales in the CCR to rebound. 'To be sure, the units sold at UpperHouse at Orchard Boulevard during the private preview alone has already far exceeded the 46 CCR new units sold for the whole of Q2 2025.' Despite the recent hike in seller's stamp duty rates, demand for luxury homes remains resilient, supported by buyers focused on capital stability and wealth diversification, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. 'These factors point to a strategic reset in the CCR market. With strong fundamentals, supportive policies, and improving economic signals, the luxury housing segment is well-positioned to regain momentum.' Brisk sales at Otto Place EC Executive condo (EC) Otto Place sold 351, or 58.5 per cent of its 600 units during its launch, said developers Hoi Hup Realty and Sunway Developments. The average price of its units sold under the normal payment scheme was S$1,700 psf. Otto Place features unit sizes starting at 872 sq ft for three-bedroom deluxe types, priced from S$1.41 million (S$1,617 psf), up to 1,195 sq ft for four-bedroom plus study luxury units, which went for S$2.18 million (S$1,824 psf). More than 70 per cent of the larger units were sold. The 600-unit Otto Place at Plantation Close in Tengah is located near two MRT stations and Princess Elizabeth Primary School. ILLUSTRATION: HOI HUP REALTY, SUNWAY DEVELOPMENTS Located in Tengah's Plantation District, Otto Place is near two MRT stations and Princess Elizabeth Primary School. ERA Singapore CEO Marcus Chu said: 'Despite broader economic headwinds, demand for ECs remains strong, supported by steady local interest, significant price advantages over private condos and government grants.'
Business Times
15-07-2025
- Business
- Business Times
Kelvin Fong appointed PropNex CEO; Ismail Gafoor remains as executive chairman
[SINGAPORE] Real estate agency PropNex on Tuesday (Jul 15) announced that Ismail Gafoor will be stepping down as chief executive officer, effective immediately, with deputy CEO Kelvin Fong taking on the role. Ismail, 61, will remain in the company as executive chairman and continue to be involved in guiding PropNex's strategic direction, stakeholder engagement and board leadership. 'Stepping down as CEO is a deeply personal and meaningful milestone after 25 years of building PropNex from the ground up… As executive chairman, I will continue to guide the company strategically and support Kelvin and the leadership team with the same energy and focus I've always had,' he said. Fong, 50, has more than 20 years of experience in the real estate industry. He joined PropNex in 2002 and was appointed executive director in 2018, before being promoted to deputy CEO in August 2023. In his new role, Fong will oversee the company's day-to-day operations and expansion efforts locally and regionally. 'As CEO, I will continue to empower our salesforce, innovate our services, and deepen our engagement with consumers, to enhance operational effectiveness,' he said, adding that PropNex has a 'strong foundation' and is 'well-positioned for its next era of growth'. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up At a press conference on Tuesday, Fong added that he hopes the number of agents in PropNex increases under his leadership, and he aims to continue advancing the company's technologies. The company said: 'The separation of these roles enhances corporate governance by formalising the division between oversight and management, thereby ensuring an appropriate balance of power, increased accountability, and enhanced capacity of the company's board for independent decision-making.' This leadership transition was one of the announcements made at the press conference at Marina Bay Sands, which was also held to commemorate PropNex's 25th anniversary. Ismail also launched his self-enrichment book titled I Am Not Good Enough on the same day, which reflects on his entrepreneurial journey. PropNex was started by Ismail, along with his co-founders, through the merger of several smaller real estate agencies in 2000. It is listed on the Singapore Exchange and has a market capitalisation of almost S$900 million. The company's salesforce today exceeds 10,000.
