Business Times: Growth in office occupancy costs tapers off in Q2

Prime Raffles Place space up only 1.1% quarter on quarter: DTZ report
By UMA SHANKARI
GROWTH in office occupancy costs in Singapore has started to taper off after the meteoric rise last year, reflecting the increased resistance to higher occupancy costs, according to a new report.
‘Apart from Raffles Place, Shenton Way/ Robinson Road/Cecil Street [...]

Business Times: Land Lease profit falls 47% on UK writedown

(SYDNEY) Lend Lease Corp, the Australian developer that is building London’s Olympic Village, said net income fell 47 per cent as the company wrote down its UK assets for a third straight year, driving its shares to the lowest since 2000.
Net income tumbled to A$265.4 million (S$339.7 million) in the 12 months to June 30, [...]

Business Times: Australia house prices fall in Q2

(SYDNEY) Australian house prices fell in the second quarter for the first time in almost three years as the highest borrowing costs since 1996 deterred home buyers.
An index measuring the weighted average of prices for established houses in the nation’s eight capital cities fell 0.3 per cent from the March quarter, when it rose a [...]

Business Times: UK construction falls at record pace in July

Little doubt that sector is now in recession: Global Insight economist
(LONDON) British construction activity fell at a record pace in July, a survey showed yesterday, as the credit crunch takes an increasing toll on the property market.
The Chartered Institute of Purchasing and Supply/Markit construction purchasing manager’s index (PMI) fell to 36.7 last month – the [...]

Business Times: ARA reports 130% climb in Q2 earnings

Revenue for the period is up 75% to S$15.3m, says the Reit manager
By UMA SHANKARI
ARA Asset Management yesterday said that its second-quarter net profit rose 130 per cent to S$8.9 million – from S$3.9 million a year ago – as it benefited from an increase in the property values and net property income [...]

Business Times: SingLand, UIC post stronger Q2, H1 earnings

OFFICE landlord Singapore Land and its parent United Industrial Corporation yesterday both posted improved second-quarter and first-half net earnings.
The stronger earnings – comprising net profits attributable to shareholders and to minority interests – for the two companies were due partly to fair value gains on investment properties. In previousyears, revaluations of investment properties had been [...]