News Highlights Saturday 19 April 2008

Real estate industry – time for real rules?
Consumers make 1,113 complaints about the real estate industry last year, a startling jump from 991 in 2006 and 672 the year before. Many said their agents have misled them, misrepresented information and failed to honour promises. Most complaints involved HDB flat deals, where relatively less-educated buyers and sellers and more rules to negotiate, mean that many Singaporeans would rather let an agent handle a transaction. The estimated 30,000 agents in the market are largely unregulated. The Inland Revenue Authority of Singapore vets only estate agencies, but not individual agents. The resolution of realtor-related complaints is very low –only 43 out of 1,113 complaints were resolved last year. From next month, the HDB will impose a checklist of rules which all agents have to go through with their clients before a sale can be inked.

- The Straits Times, S2




Cooler market tests their staying power
Property agencies say that the bumper recruitment figures experienced last year in the red-hot market have given way to fewer sign-ups but recruits with more staying power. ERA Singapore, which had 200 new recruits every month, signs up only about 180 new agents a month now. PropNex sees 140 new recruits each month, compared to about 200 a month last year, and terminates about 70 agents every month.

- The Straits Times, S6



German electronics firm opens regional HQ in S'pore
German electronics firm Rohde & Schwarz officially opened a new centre in Singapore that will serve as its headquarters for the Asia-Pacific region. The centre at Changi Business Park is the company's first regional headquarters outside Germany. President and chief executive Michael Vohrer said Singapore was the natural choice for the company's Asian hub because of its links with the region. The company has 150 employees here and the new centre will eventually increase that number by 100 or so.

- The Straits Times, S32



Guocoland's Q3 profit dives 93% to $2.6m
Guocoland Ltd yesterday reported a 93% plunge in third-quarter net profit to $2.6 million for the quarter ended March 31, down from $34.4 million a year ago. This was mainly due to a drop in gross profit to $11 million from $45.9 million, due to lower profit contribution from property development projects in Singapore and China. Revenue also fell, down 27 per cent to $104 million from $143.4 million a year ago. Guocoland said that the group has built up a solid base which will enable it to realise good growth and earnings from its landbank. The group's results for the fourth quarter (ended June 30, 2008) will be substantially better than the third quarter (ended March 31, 2008).

- The Business Times, P5



A-Reit full-year distributable income rises 14.3% to $187.3m
Ascendas Real Estate Investment Trust (A-Reit) has reported gross revenue of $322 million for the full year ended March 31, 2008 - an increase of 13.9% over the previous year. Net property income for the year came to $243 million, up 15.8% year on year. A-Reit manager Ascendas Funds Management Ltd's CEO attributed growth in net property income to positive rental reversion, active leasing and full-year contribution from prior year acquisitions. A-Reit now has 84 properties worth $4.2 billion, up from 77 properties worth $3.3 billion a year ago. The overall occupancy for A-Reit's portfolio of 84 properties is 98.4% compared with 96.6% a year ago. It said the increase in occupancy is partly due to the spillover demand from the tight office supply situation in the CBD and the continued inflow of multinational companies into Singapore.

- The Business Times, P5




Underwriters Labs moves int'l HQ to S'pore from US
Product safety testing company Underwriters Laboratories (UL) has moved its international business headquarters from the US to Singapore to be closer to Asia, the fastest-growing region for its services. In line with anticipated growth from the region, UL is planning for a bigger set-up in Singapore. The company currently operates from a 7,000 sq ft facility in HarbourFront Centre.

- The Business Times, P6



Versilia on Haig - advertisement
- Ipoh Lane at East Coast
- 128 freehold units
- Deferred payment scheme
- Developer: Hoi Hup Realty Pte Ltd

- The Straits Times, P24



Idylliceast - advertisement
- 576 Upper East Coast Road
- Freehold
- Interest absorption scheme available
- Developer: Hillwood Development Pte Ltd

- The Straits Times, P32




The Verte - advertisement
- Lorong H Telok Kurau
- Freehold
- 35 apartment units, 1 townhouse
- Developer: Roxy Homes Pte Ltd
- The Straits Times, P34
The Adara - advertisement
- Chapel Road
- Freehold
- Developer: Roxy Homes Pte Ltd

- The Straits Times, H2