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  • [UPDATE] Capacity limits for visitors to project sales galleries, resale properties
    Business
    EdgeProp

    [UPDATE] Capacity limits for visitors to project sales galleries, resale properties

    As part of the revised safe management measures (SMM) announced by the Multi-Ministry Taskforce on May 14, capacity has been further reduced at property developers’ project sales galleries and showflats with effect from May 16 to June 13.In a circular to property developers, the Urban and Redevelopment Authority (URA) stated that the maximum capacity for project show galleries and the showflats within, will be based on a distance of of 16 sqm per person, instead of the existing 10 sqm per person.The maximum number of persons in each group touring the sales gallery will be reduced from the existing five to just two – and that includes visitor, sales person or the developer’s staff.The maximum number of persons in each group touring the sales gallery will be cut to just two – and that includes visitor, sales person or the developer’s staff (Photo: Samuel Isaac Chua/EdgeProp Singapore)Food and beverage cannot be consumed in the sales galleries, which means masks have to be always kept on.URA is encouraging developers to implement the revised SMM as soon as possible rather than wait for the new measures to come into effect. The revised SMM applies to both new and existing project sales galleries.TraceTogether-only SafeEntry are required to be implemented at sales galleries by 17 May 2021. Scanning of barcodes on ID cards will still be accepted till 31 May 2021. These measures have been introduced to reduce the risk of Covid-19 transmission.The Council for Estate Agents (CEA) also issued a statement on how agents should conduct property viewings during this coming month. IT tools and solutions were encouraged, and agents are to meet clients in person only “if it is absolutely necessary” for conducting the property transaction.If in-person meetings is required, a physical distance of at least one metre has to be maintained between person. If activity is to be conducted within a private residence – whether occupier or unoccupied – the agent has to record the entry of the client or any other person in the premises as part of contact tracing requirements.In conducting viewing, handover or takeover activities, agents are also encouraged to reduce contact with surfaces within the premises. And if premises are occupied by a household, agents are to ensure that there are no more than two distinct visitors (including the agent) per day.The agent may request that the occupants turn on all the lights, open windows and doors for viewing prior to the visit (Photo: Samuel Isaac Chua/EdgeProp Singapore)The agent may request that the occupants turn on all the lights, open windows and doors for viewing prior to the visit. And clients are requested not to touch any surfaces within the premises.To further minimise contact, agents may wear gloves. They are also not to hand out marketing materials or documents at the meetings, for instance, those relating to the handover or takeover such as end-of- tenancy checklist, inventory list or property condition reports. Electronic means are encouraged to deliver such materials.Agents are also encouraged to market properties using non-physical means, for instance digital or telephone marketing. Agents are allowed to photograph or filmi properties in order to conduct online viewings.Door-to-door marketing, marketing of properties in public places as well as distribution of flyers at public spaces such as public transport nodes and HDB common areas are discouraged.If buildings zoned for retail use such as malls have been leased to conduct property transaction activities, property agents are to comply with the SMM set out by Enterprise Singapore, Housing & Development Board (HDB), Singapore Tourism Board and URA.HDB currently does not allow the exercise of option to be done remotely or electronically. Forms such as the Option to Purchase, require “wet-ink” signatures. However, in handing or taking over rental properties, agents should first arrange for virtual meetings to discuss handover or takeover matters. Agents are encouraged to keep interactions short and adhere strictly to the daily visitor gap.See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) Industrial-style semi-detached house at Greenbank Park for sale at $9.98 mil Three shophouses for sale from $7 mil each Office rents up by 3.3% q-o-q despite higher vacancy rates En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available

  • Business
    EdgeProp

    Frasers Property continues to pursue value for investors, says CEO

    The results briefing of Frasers Property (FPL) on May 12 was initially thought to be a runof-the-mill update on its operations and financials, so much so that a few analysts moved on to other results briefings which are often on Zoom or Webex. And indeed, there were questions on Bedok Point, residential landbanking, executive condominium strategy, and so on.This article continues on The Edge Singapore.See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available

  • LHN Group records net profit of $15.3 mil for 1H2021
    Business
    EdgeProp

    LHN Group records net profit of $15.3 mil for 1H2021

    Local real estate management services company LHN Group has announced a net profit after tax of $15.3 million for 1H2021 ended March 31, 2021.The group’s revenue increased 24.9% to $64.5 million in 1H2021. The positive earnings were mainly attributed from an increase in revenue from residential properties within its space optimisation business, as well as its facilities management business. A dip in earnings from its industrial and commercial properties partially offset its overall revenue for the six months.Its residential properties segment saw a 28.9% y-o-y increase in revenue of about $1.5 million, mainly attributable to the commencement of operations of its new serviced residence in Cambodia and revenue from its student hostel at 1A Lutheran Road Singapore.202 Kallang Bahru is a JTC industrial property that was jointly acquired with W&S Flexi from Ascendas REIT for $17 million in January 2020. (Picture: LHN Group)Industrial revenue declined 42.7% y-o-y due to a fall in revenue from subleases as a result of the expiry of four master leases. The average occupancy rate of the groups industrial properties was 89% in 1H2021.Revenue from commercial properties fell by 53.8% y-o-y due to a decrease in revenue from subleases because of the expiry of two master leases in 1H2021. The renewal of other subleases at lower rates and a decrease in revenue from its asset at 1557 Keppel Road also contributed to the decline in commercial revenues.Looking ahead, the group says it intends to grow its residential business and has entered options to purchase properties in Singapore at 40 & 42 Amber Road, 75 Beach Road, and 115 Geylang Road. It will also seek more external facilities management contracts by providing integrated facilities management services, as well as opportunities to grow its transport fleet and expand its logistics customer base.See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available