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Business Times
07-08-2025
- Business
- Business Times
Frasers Property logs S$1.4 billion in regional pre-sales, says it's well-placed to manage upcoming debt
[SINGAPORE] Frasers Property has achieved pre-sold revenue of S$1.4 billion so far in financial year 2025 for its projects in Singapore, Australia, China and Thailand, the real estate group said on Thursday (Aug 7), in a business update for its third quarter ended June. In Singapore, the group said the residential market remains resilient, underpinned by strong homeownership rates and continued investment appeal. It also noted that residential sales volume rose year on year, driven by a pickup in private residential launches in Q2 and a moderation in interest rates. For the first nine months of FY2025, the group sold 712 units in the city-state, with unrecognised revenue amounting to S$400 million as at end-June. Among its developments, 41 per cent of the units at the Robertson Opus were sold; at The Orie in Toa Payoh, the figure was 91 per cent. Meanwhile, Sky Eden@Bedok is on track for completion by the first quarter of FY2026. In Australia, the group noted that mean dwelling prices rose in Q2, and that residential housing demand improved following recent interest rate cuts. 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 Unrecognised revenue there stood at S$500 million as at Jun 30, with 1,672 contracts on hand, it said. Frasers also highlighted proactive leasing strategies and the portfolio repositioning of its office assets to mitigate softer occupancy and valuation pressures. It said office metrics weakened due to planned vacancies in Lee Street in Sydney, stemming from deliberate non-renewal of leases to support potential redevelopment. At Rhodes Quarter, also in Sydney, continued leasing efforts and tenant retention helped sustain weighted average lease expiry and occupancy levels despite challenging market conditions. The group noted that Thailand's residential segment remained subdued, though signs of improvement are emerging. In China, the residential portfolio delivered a stable performance, supported by steady sales and timely project completions. Frasers Property said it is well-positioned to meet all debt obligations due in the next 12 months, either through repayment or refinancing. As at end June, its net debt stood at S$15.3 billion, up 5.3 per cent from end September 2024. Its net debt-to-equity ratio worsened by 5.8 percentage points to 89.2 per cent. Frasers Property closed flat at S$0.955 on Thursday, before the announcement.
Business Times
14-07-2025
- Business
- Business Times
Two River Valley area projects – River Green and Promenade Peak – begin previews this week
[SINGAPORE] Two new condominium projects in the River Valley enclave, Wing Tai's River Green and Allgreen Properties' Promenade Peak, will start previews this week. The two are the first launches coming out of a cluster of four government land sale sites tendered in the area. Prices at River Green will start from S$2,846 per square foot (psf). Located near Great World MRT and linked to the station, the 99-year leasehold condo has 524 units in a 36-storey block. Pricing for the prime District 9 condo will start from S$1.2 million for a 420 sq ft one-bedroom unit. Two-bedders, sized from 527 sq ft, will go from S$1.5 million, while three-bedders (786 to 883 sq ft) are priced from S$2.25 million. The largest units, with four-bedrooms, will start from S$2.8 million for a 980 sq ft unit. The project has 105 one-bedroom, 280 two-bedroom, 104 three-bedroom and 35 four-bedroom units. Edmund Cheng, Wing Tai Holdings' deputy chairman, said: 'We are confident that River Green will meet the evolving expectations of today's homebuyers, offering not just homes of exceptional quality, but a lifestyle that's both dynamic and holistic for years to come.' The project will be the first residential development in Singapore to achieve the Building and Construction Authority (BCA) Green Mark Platinum (Super Low Energy) certification. When asked about pricing strategy as several other launches in the River Valley area hit the market at the same time, Stacey Ow Yeong, Wing Tai Property Management's head of marketing, said: 'I think it's important for the buyers to see what they want. All of us have our own unique selling points. For us, we sell full connectivity. We sell flexible living. We sell functional, efficient and compact layouts, leading to very affordable prices.' 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 Market watchers noted that River Green's pricing, on a total quantum level, is a shade below selling prices of Toa Payoh project The Orie. The Rest of Central Region (RCR) condo, with prices starting at S$1.28 million for one-bedders, sold 86 per cent of its 777 units at an average of S$2,704 psf in January. River Green starts booking sales on Aug 2. Wing Tai Holdings acquired the 9,291 sq m site that River Green sits on for S$464 million (S$1,325 psf ppr) in a state land tender in June 2024. A month later, Allgreen bid S$730.09 million (S$1,304 psf ppr) for the 9,286 sq m Zion Road site where Promenade Peak is coming up. Just across the Singapore River, Promenade Peak will also start booking sales on Aug 2, at prices around S$3,000 psf, according to market sources. The project, with a District 3 address, has 596 units in a 63-storey block. It will be the world's tallest prefabricated prefinished volumetric construction (PPVC) residential building, and will feature the highest infinity pool in Singapore. The unit mix will include 80 one-bedroom units sized at 527 sq ft; 320 two-bedroom units sized between 657 and 797 sq ft; 118 three-bedroom units sized between 1,033 and 1,195 sq ft; 57 four-bedroom units sized between 1,421 and 1,582 sq ft; and 19 five-bedroom units spanning 1,884 sq ft each. There are also two 4,144 sq ft penthouses on the 63rd floor. Next to the Allgreen development, City Developments Ltd (CDL) and Mitsui Fudosan are building Zyon Grand, a mixed-use integrated development directly connected to Havelock MRT station. The project will comprise two 62-storey residential towers with 706 condo units, a 36-storey tower with 376 serviced apartments and a retail podium. It is expected to be launched in the fourth quarter. CDL and Mitsui Fudosan acquired the site in April 2024 for slightly over S$1.1 billion (S$1,202 psf ppr). A fourth condo is being developed by GuocoLand, on a River Valley Green site acquired at a February tender for S$627.8 million (S$1,420 psf ppr). A fifth site is available under the GLS reserve list. Altogether, the five sites could bring 3,080 new homes into the area, said Christine Sun, chief researcher and strategist of Realion Group. Nearby at Robertson Quay, Frasers Property and Sekisui House will book sales for The Robertson Opus this Saturday (Jul 19) with prices starting from S$3,150 psf. The 999-year mixed-use development comprising 348 homes is a redevelopment of Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk. 'Given the steeper competition, most developers will likely price their projects sensitively to attract consumers,' Sun said.
Business Times
21-05-2025
- Business
- Business Times
Stocks to watch: CapitaLand Investment, CDL, SingPost, SIA Engineering, Delfi, SLB, Dasin Retail Trust
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (May 21). CapitaLand Investment (CLI) : The global real asset manager on Wednesday announced the launch of its first onshore master fund in China, the CLI RMB Master Fund. The fund has a total equity commitment of five billion yuan (S$921 million) and is set to contribute 20 billion yuan to CLI's funds under management when fully deployed. The counter ended Tuesday unchanged S$2.53. City Developments Ltd (CDL) : The property developer posted first-quarter sales revenue of S$1.9 billion for its property development segment in the Singapore market, driven by the launch of its joint venture condominium project, The Orie, in Toa Payoh. Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value, said the group in its operational update on Tuesday, for the quarter ended Mar 31. The group said that its other projects continue to register good sales, including Lumina Grand, its executive condominium project in Bukit Batok, and The Myst in Upper Bukit Timah Road. The counter ended S$0.02 or 0.4 per cent lower at S$4.73 before the announcement. Singapore Post (SingPost) : The company has appointed Teo Swee Lian, 65, to the board as chairman-designate and non-independent non-executive director with effect from May 21. Her appointment comes at the conclusion of a search by the SingPost board to succeed Simon Israel, the postal services company said in a bourse filing on Wednesday. Teo will assume the role of chairman at the conclusion of SingPost's next annual general meeting when Israel retires after nine years at the helm. Teo's portfolio includes board and directorship roles with Singtel and AIA Group. The counter closed 0.9 per cent or S$0.005 lower at S$0.565 on Tuesday. SIA Engineering : The mainboard-listed company signed fresh services agreements with national carrier Singapore Airlines (SIA) and its low-cost subsidiary Scoot on Tuesday, in a deal expected to yield a total labour revenue of S$1.3 billion. The new agreements took effect from Apr 1 for a term of two years, with a one-year extension option, said the company. The signing supersedes earlier contracts inked in April 2023. SIAEC's support of the SIA and Scoot fleets includes maintenance, repair and overhaul, as well as fleet management support services. The counter ended S$0.01 or 0.4 per cent higher at S$2.44 before the announcement. Delfi : The chocolate confectioner ran up a 27.2 per cent drop in earnings before interest, taxes, depreciation and amortisation to US$17 million for the first quarter ended Mar 31, from US$23.3 million the year before. Net sales fell some 0.5 per cent to US$149.8 million from US$150.7 million. In a business update on Tuesday, Delfi attributed the performance to 'weaker regional currencies', particularly the rupiah, as well as to lower sales in its agency brands business after certain agency partners in Indonesia cut back on promotional spending for their products during the period. Shares of Delfi closed flat at S$0.71 before the announcement. SLB Development : The company's shareholders approved the scheme resolution proposed by Lian Beng Group's board of directors – which comprises the controlling Ong family – to acquire and privatise the property player. It is expected to delist on or around Jul 2, said its board of directors in a bourse filing on Tuesday evening. At the scheme meeting on Tuesday morning, 99 independent shareholders who make up some 96.1 per cent of the total present and voting, gave their nod of approval. This represented about 99.9 per cent of the scheme shares, higher than the approval benchmark of 75 per cent. Four shareholders, or 3.9 per cent, were against the scheme. The expected last day of trading for the counter will fall on or around Jun 12, followed by books closure at 5 pm on Jun 17. The counter closed flat at S$0.23 on Monday, before the company called for a trading halt. It resumes trading on Wednesday. Dasin Retail Trust (DRT) : The trustee-manager of DRT rebutted criticism from its former alternate director, who claimed in a resignation letter that his input was snubbed and key financial reports were not published despite his reminders, among other complaints. In a bourse filing on Tuesday, the trustee-manager set out to address the assertions Zhang Zhongming raised in an Apr 15 e-mail that saw him resigning from his position as alternate director for Zhang Zhencheng – noting that it 'disagrees with his allegations'. Zhang Zhongming is the nephew of Zhang Zhencheng, who is a non-executive director and shareholder of the trustee-manager. Zhang Zhongming noted in his exit letter that he was resigning effective immediately, believing that staying in his position 'serves no useful purpose'. In response to the resignee's claim that his 'requests, suggestions and feedback have been consistently ignored since early 2023 by the majority directors', the trustee-manager maintained there were 'valid reasons and grounds'. It raised examples of the resignee's 'repeated insistence that the invalid extraordinary general meeting of DRT… was valid, contrary to the legal advice received'. Units of DRT closed S$0.002 or 10 per cent lower at S$0.018 before the announcement.
Straits Times
20-05-2025
- Business
- Straits Times
CDL posts $1.9 billion in Q1 sales revenue in Singapore property development
Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value. ST PHOTO: LIM YAOHUI SINGAPORE - Property developer City Developments (CDL) posted sales revenue of $1.9 billion for its property development segment in the Singapore market in the first quarter of 2025, driven by the launch of its joint venture condominium project, The Orie, in Toa Payoh. Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value, said the group in its operational update on May 20 for the quarter ended March 31. The group said that its other projects continue to register good sales including Lumina Grand, its executive condominium project in Bukit Batok, and The Myst at Upper Bukit Timah Road. In the United Kingdom, the group has obtained approval for a £1.1 billion (S$1.9 billion) residential-led mixed-use scheme in south-west London. In China, the group's wholly owned subsidiary registered a total sales value of 179.5 million yuan (S$33.2 million) from its sale of 86 residential, office and retail units. Office portfolio For its Singapore office portfolio, the group achieved a committed occupancy rate of 97.2 per cent, driven by high occupancy rates in South Beach, City House and King's Centre. All three of the group's wholly owned office assets recorded positive rental reversions. The majority of the expiring office leases for the year have also been renewed and negotiations for expiring leases in 2026 have commenced. On other hand, the group's office portfolio in China registered a committed occupancy of 52.7 per cent. The group said this reflected challenges in the office market and that it is actively pursuing opportunities to optimise its portfolio and exploring alignment with government-supported sectors. Hotel operations In the first quarter, Singapore hotels experienced a 16.7 per cent year-on-year decline in revenue per available room, or RevPar, to $153.70, due to lower average room rate and occupancy. The softer performance was partly attributed to a high base effect from several major events last year, such as the Taylor Swift concert in March 2024, which boosted visitor arrivals. In contrast, the rest of Asia saw a 7.9 per cent increase of its RevPar in Q1 compared with a year ago to $114. The increase was led by Taipei's strong performance in average room rate and occupancy, and improved occupancy at other South-east Asia hotels such as Manila and Jakarta. In its other markets, Australasia hotels saw its RevPar go up 10.9 per cent in the first quarter compared with a year ago, while Europe hotels saw a 7.4 per cent increase in RevPar over the same period. For its Singapore retail portfolio, the group registered a committed occupancy of 96.2 per cent for the first quarter. The group attributed this to strong tenant retention and resilient assets. Debt profile The group said it had a healthy debt expiry profile as at March 31. Its net gearing ratio stands at 72 per cent, and its interest cover is at 1.4 times. The group maintains 'strong' cash reserves of $2 billion and a 'robust' liquidity position with $3.8 billion in cash and available undrawn committed bank facilities. It added that despite concerns over macroeconomic uncertainties such as inflation and trade tensions, it is cautiously optimistic about the resilience of the property sector, given its diversified portfolio across geographies and asset classes. The counter ended $0.02 or 0.4 per cent lower at $4.73 before the announcement on May 20. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
20-05-2025
- Business
- Business Times
CDL posts S$1.9 billion in Q1 sales revenue in Singapore property development
[SINGAPORE] Property developer City Developments (CDL) posted sales revenue of S$1.9 billion for its property development segment in the Singapore market in the first quarter of 2025, driven by the launch of its joint venture condominium project, The Orie, in Toa Payoh. Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value, said the group in its operational update on Tuesday (May 20) for the quarter ended Mar 31. The group said that its other projects continue to register good sales including Lumina Grand, its executive condominium project in Bukit Batok, and The Myst at Upper Bukit Timah Road. In the United Kingdom, the group has obtained approval for a £1.1 billion (S$1.9 billion) residential-led mixed-use scheme in southwest London. In China, the group's wholly owned subsidiary registered a total sales value of 179.5 million yuan (S$33.2 million) from its sale of 86 residential, office and retail units. Office portfolio For its Singapore office portfolio, the group achieved a committed occupancy rate of 97.2 per cent, driven by high occupancy rates in South Beach and City House and King's Centre. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up All three of the group's wholly owned office assets recorded positive rental reversions. The majority of the expiring office leases for the year have also been renewed and negotiations for expiring leases in 2026 have commenced. On other hand, the group's office portfolio in China registered a committed occupancy of 52.7 per cent. The group said this reflected challenges in the office market and that it is actively pursuing opportunities to optimise its portfolio and exploring alignment with government-supported sectors. Hotel operations In Q1, Singapore hotels experienced a 16.7 per cent year-on-year decline in revenue per available room, or RevPar, to S$153.70, due to lower average room rate and occupancy. The softer performance was partly attributed to a high base effect from several major events last year, such as the Taylor Swift concert in March 2024, which boosted visitor arrivals. In contrast, the rest of Asia saw a 7.9 per cent increase of its RevPar in Q1 compared to a year ago to S$114. The increase was led by Taipei's strong performance in average room rate and occupancy, and improved occupancy at other South-east Asia hotels such as Manila and Jakarta. In its other markets, Australasia hotels saw its RevPar go up 10.9 per cent in Q1 compared to a year ago, while Europe hotels saw a 7.4 per cent increase in RevPar over the same period. For its Singapore retail portfolio, the group registered a committed occupancy of 96.2 per cent for Q1. The group attributed this to strong tenant retention and resilient assets. Debt profile The group said it had a healthy debt expiry profile as at Mar 31. Its net gearing ratio stands at 72 per cent, and its interest cover is at 1.4 times. The group maintains 'strong' cash reserves of S$2 billion and a 'robust' liquidity position with S$3.8 billion in cash and available undrawn committed bank facilities. It added that despite concerns over macroeconomic uncertainties such as inflation and trade tensions, it is cautiously optimistic about the resilience of the property sector, given its diversified portfolio across geographies and asset classes. The counter ended S$0.02 or 0.4 per cent lower at S$4.73 before the announcement on Tuesday.
