July 31, 2008
Jones Lang Q2 profit dives 67% to US$25m
(NEW YORK) Jones Lang LaSalle Inc, the world's second-largest
commercial real estate broker, said that second-quarter profit fell
67.6 per cent as borrowing costs increased for apartment buildings,
offices and retail properties.
Net income declined to US$25.5 million, or 73 US cents a share, from
US$78.6 million, or US$2.32, a year earlier, the Chicago-based
company said in a statement on Tuesday. Revenue dropped 2.5 per cent
to US$660 million.
Higher borrowing costs and scarcer financing for investment in
commercial real estate cut into property sales.
Financial services firms have lost or written down more than US$468
billion since the beginning of last year, prompting them to curtail
lending.
The company said that it had a 34 per cent increase in investment
advisory fees and a 23 per cent increase from commissions.
'Solid revenue performance from LaSalle Investment Management and our
diverse business lines offset the continued impact of illiquid credit
markets,' chief executive officer Colin Dyer said in the statement.
Jones Lang, second in market value to CB Richard Ellis Group Inc,
earns about 34 per cent of its revenue from Europe and the Middle
East, 29 per cent from the Americas and 23 per cent from the Asia-
Pacific region, according to a company report this month.
The company was projected to earn US$1.01 a share, according to the
average of four analysts' estimates in a Bloomberg survey.
In the Americas region, Jones Lang said, revenue rose 6 per cent to
US$190 million. In Europe and the Middle East, it rose 20 per cent to
US$236 million, and Asia Pacific revenue fell 33 per cent to US$142
million. That decline came after the company failed to repeat a year-
ago gain made on a hotel transaction.
Jones Lang stock has lost 20 per cent in New York Stock Exchange
composite trading since the beginning of the year.
Jones Lang operates in more than 700 cities and 60 countries with
about 30,000 employees, according to its website. It represents
tenants, and manages, leases and values commercial real estate.
Thursday, July 31, 2008
Lawyer jailed for fraud barred from practising
July 31, 2008
Lawyer jailed for fraud barred from practising
By Carolyn Quek
A LAWYER convicted of fraud has now been barred from practising.
Mr Tan Sok Ling, 41, was the first lawyer to be struck off the rolls
this year.
He did not appear before the Court of Three Judges yesterday to
contest the application by the Law Society to dismiss him from the
profession.
Last November, Mr Tan, a lawyer since 1993, was sentenced to jail for
11 months for forgery and giving false information.
In March 2006, he had inflated the stamp duty payable for a Thomson
Park house that his client bought by $5,400.
And in July 2003, Mr Tan lied to a police officer that he lived in
Bukit Timah when he actually lived in Tanah Merah in order to secure
a spot in a prestigious all-girls school in Bukit Timah for his
daughter.
He is believed to be out of jail as a notice to attend court for
yesterday's hearing was personally served on him at his home on July
26.
Before his conviction, he had also been suspended from practising by
the Law Society for a year in March last year for not keeping proper
accounts as the sole proprietor of the now-defunct Tan S.L. Partners.
Following his conviction, the Law Society began proceedings to remove
him from the Bar as his offences involved fraud and dishonesty -
flaws which the legal profession does not accept.
The hearing yesterday took all of 10 minutes.
Another lawyer Low Yong Sen also faced the Court of Three Judges
yesterday for allegedly overcharging a married couple for expenses
incurred in a property deal.
He had allegedly charged his clients three times more than what was
deemed by a disciplinary committee as fair when he billed his client
$4,300 in expenses.
Mr Low, who represented himself, told the three judges that he was
mainly a family lawyer who rarely did conveyancing deals.
The property transactions he handled mainly involved HDB flats and
this was his case which involved a private property, he said.
Mr Low, a lawyer for 15 years, said he had engaged a legal secretary
to help him with the work and had billed his clients that much based
on that secretary's claims.
He did not stand to benefit by overcharging the couple, Mr Low told
the court.
His case was adjourned to a later date as the judges asked for a
point of law in his case to be clarified.
Last year, two lawyers were disbarred - fugitive David Rasif, who has
fled the country after allegedly pocketing more than $11 million of
his clients' money, and Mr Edwin Tay, who did not keep any books of
acounts of his clients for the entire year of 2004 for the law firm
he then owned.
Lawyer jailed for fraud barred from practising
By Carolyn Quek
A LAWYER convicted of fraud has now been barred from practising.
Mr Tan Sok Ling, 41, was the first lawyer to be struck off the rolls
this year.
He did not appear before the Court of Three Judges yesterday to
contest the application by the Law Society to dismiss him from the
profession.
Last November, Mr Tan, a lawyer since 1993, was sentenced to jail for
11 months for forgery and giving false information.
In March 2006, he had inflated the stamp duty payable for a Thomson
Park house that his client bought by $5,400.
And in July 2003, Mr Tan lied to a police officer that he lived in
Bukit Timah when he actually lived in Tanah Merah in order to secure
a spot in a prestigious all-girls school in Bukit Timah for his
daughter.
He is believed to be out of jail as a notice to attend court for
yesterday's hearing was personally served on him at his home on July
26.
Before his conviction, he had also been suspended from practising by
the Law Society for a year in March last year for not keeping proper
accounts as the sole proprietor of the now-defunct Tan S.L. Partners.
Following his conviction, the Law Society began proceedings to remove
him from the Bar as his offences involved fraud and dishonesty -
flaws which the legal profession does not accept.
The hearing yesterday took all of 10 minutes.
Another lawyer Low Yong Sen also faced the Court of Three Judges
yesterday for allegedly overcharging a married couple for expenses
incurred in a property deal.
He had allegedly charged his clients three times more than what was
deemed by a disciplinary committee as fair when he billed his client
$4,300 in expenses.
Mr Low, who represented himself, told the three judges that he was
mainly a family lawyer who rarely did conveyancing deals.
The property transactions he handled mainly involved HDB flats and
this was his case which involved a private property, he said.
Mr Low, a lawyer for 15 years, said he had engaged a legal secretary
to help him with the work and had billed his clients that much based
on that secretary's claims.
He did not stand to benefit by overcharging the couple, Mr Low told
the court.
His case was adjourned to a later date as the judges asked for a
point of law in his case to be clarified.
Last year, two lawyers were disbarred - fugitive David Rasif, who has
fled the country after allegedly pocketing more than $11 million of
his clients' money, and Mr Edwin Tay, who did not keep any books of
acounts of his clients for the entire year of 2004 for the law firm
he then owned.
1,800 flats to go on sale at Dawson estate next year
July 31, 2008
1,800 flats to go on sale at Dawson estate next year
Two 40-storey towers to be constructed under build-to-order system by
2014
By Joyce Teo
A NEW generation of Housing Board flats is set to go on sale in about
a year's time at now-sleepy Dawson estate.
The 50-year-old Queenstown estate is set to be transformed with the
construction of two striking 40-storey towers, designed by award-
winning architects, SCDA Architects and WOHA Architects.
The towers, to boast about 1,800 flats, are being built under the
HDB's build-to-order (BTO) system - now the board's main means of
providing new housing stock.
HDB rarely builds new flats within a mature estate due to the lack of
space. The new towers in Dawson will be nestled among gardens
designed by landscape architects - a first for an HDB estate.
News that the flats will be on sale in a year's time was unveiled by
Ms Grace Fu, Senior Minister of State for National Development, at
the HDB awards dinner yesterday.
She later told reporters that she expects very strong demand for the
new flats.
Sales will start in the third quarter of next year. Construction
could start six months after that and be completed in 2014, Ms Fu
said.
At Dawson - Singapore's first Housing Board estate - the SCDA-
designed tower block is on a 2.2ha site and could feature about 800
flats. The other block, on a 2.7ha site, will have about 1,000 units.
The towers will have special features such as lofts, flexible flat
designs, and sky villages or common high-rise space shared by every
10 floors.
But potential buyers can still influence the final design. Feedback
is invited at an exhibition on Dawson estate before the consultants
finalise their designs. The show at the HDB Hub in Toa Payoh runs
from today until Aug 10.
Home-hunter Lauren Shen, 27, a graphic designer, said: 'The flats are
exciting because they can be customised. I have applied for a flat in
Punggol. If I don't get it, I will wait for these new ones.
'But it will depend on the prices. My chances may be limited because
I think they will be very popular.'
A third new-generation development will be added later at Dawson by
Surbana International Consultants. It will be launched when the site
for it is cleared by 2011.
To tie the three developments together, HDB has asked award-winning
local landscape architects Cicada to draw up a landscape plan.
The plans will rejuvenate Dawson estate, which has about 3,000 flats.
Dawson eventually could boast about 10,000 new homes, most of which
are expected to be public flats.
HDB is keen to preserve Dawson's heritage and is seeking
contributions of old photos, postcards, books and other items for use
in a display.
1,800 flats to go on sale at Dawson estate next year
Two 40-storey towers to be constructed under build-to-order system by
2014
By Joyce Teo
A NEW generation of Housing Board flats is set to go on sale in about
a year's time at now-sleepy Dawson estate.
The 50-year-old Queenstown estate is set to be transformed with the
construction of two striking 40-storey towers, designed by award-
winning architects, SCDA Architects and WOHA Architects.
The towers, to boast about 1,800 flats, are being built under the
HDB's build-to-order (BTO) system - now the board's main means of
providing new housing stock.
HDB rarely builds new flats within a mature estate due to the lack of
space. The new towers in Dawson will be nestled among gardens
designed by landscape architects - a first for an HDB estate.
News that the flats will be on sale in a year's time was unveiled by
Ms Grace Fu, Senior Minister of State for National Development, at
the HDB awards dinner yesterday.
She later told reporters that she expects very strong demand for the
new flats.
Sales will start in the third quarter of next year. Construction
could start six months after that and be completed in 2014, Ms Fu
said.
At Dawson - Singapore's first Housing Board estate - the SCDA-
designed tower block is on a 2.2ha site and could feature about 800
flats. The other block, on a 2.7ha site, will have about 1,000 units.
The towers will have special features such as lofts, flexible flat
designs, and sky villages or common high-rise space shared by every
10 floors.
But potential buyers can still influence the final design. Feedback
is invited at an exhibition on Dawson estate before the consultants
finalise their designs. The show at the HDB Hub in Toa Payoh runs
from today until Aug 10.
Home-hunter Lauren Shen, 27, a graphic designer, said: 'The flats are
exciting because they can be customised. I have applied for a flat in
Punggol. If I don't get it, I will wait for these new ones.
'But it will depend on the prices. My chances may be limited because
I think they will be very popular.'
A third new-generation development will be added later at Dawson by
Surbana International Consultants. It will be launched when the site
for it is cleared by 2011.
To tie the three developments together, HDB has asked award-winning
local landscape architects Cicada to draw up a landscape plan.
The plans will rejuvenate Dawson estate, which has about 3,000 flats.
Dawson eventually could boast about 10,000 new homes, most of which
are expected to be public flats.
HDB is keen to preserve Dawson's heritage and is seeking
contributions of old photos, postcards, books and other items for use
in a display.
94% support for new upgrading scheme in Yishun
31, 2008
94% support for new upgrading scheme in Yishun
By Fiona Chan, Property Reporter
YISHUN residents have given the thumbs-up to the Housing Board's
first Home Improvement Programme, which aims to spruce up the town's
existing facilities and add new ones.
Over nine in 10 voted in favour of upgrading when polling closed on
Monday night, said Senior Minister of State for National Development
Grace Fu.
Referring to the 94 per cent support, she said: 'This shows a really
strong endorsement.' She was speaking at the HDB's annual awards
yesterday.
Township planner Surbana International Consultants swept the design
awards in all categories - new housing, upgrading and parks - for the
second year.
Two projects - Edgedale Green in Punggol and Central Horizon in Toa
Payoh - won for new housing, while its work at Clementi Meadows won
for the main upgrading programme. The firm won the park prize for
Montreal Green in Sembawang.
Quality awards for building were also given to Poh Lian Construction
and Straits Construction. Three contractors - Kienta Engineering
Construction, Chiu Teng Construction and Teambuild Construction - won
for quality in upgrading projects.
Six firms were lauded for good service, including Sun Microsystems,
which runs the backup and recovery of HDB business data, and V-Workz
International, supplier of e-brochure and virtual showflat systems.
For construction safety, Straits Construction, Sim Lian Construction
and Teambuild Construction took top honours.
94% support for new upgrading scheme in Yishun
By Fiona Chan, Property Reporter
YISHUN residents have given the thumbs-up to the Housing Board's
first Home Improvement Programme, which aims to spruce up the town's
existing facilities and add new ones.
Over nine in 10 voted in favour of upgrading when polling closed on
Monday night, said Senior Minister of State for National Development
Grace Fu.
Referring to the 94 per cent support, she said: 'This shows a really
strong endorsement.' She was speaking at the HDB's annual awards
yesterday.
Township planner Surbana International Consultants swept the design
awards in all categories - new housing, upgrading and parks - for the
second year.
Two projects - Edgedale Green in Punggol and Central Horizon in Toa
Payoh - won for new housing, while its work at Clementi Meadows won
for the main upgrading programme. The firm won the park prize for
Montreal Green in Sembawang.
Quality awards for building were also given to Poh Lian Construction
and Straits Construction. Three contractors - Kienta Engineering
Construction, Chiu Teng Construction and Teambuild Construction - won
for quality in upgrading projects.
Six firms were lauded for good service, including Sun Microsystems,
which runs the backup and recovery of HDB business data, and V-Workz
International, supplier of e-brochure and virtual showflat systems.
For construction safety, Straits Construction, Sim Lian Construction
and Teambuild Construction took top honours.
Keppel Land upbeat despite 16% fall in net gain
July 31, 2008
Keppel Land upbeat despite 16% fall in net gain
Take-up of mid-priced projects at recent launches 'encouraging'
By Yang Huiwen
THE property story has been one of gloom for months but Keppel Land
(KepLand) sees a silver lining in the dark clouds.
It said market sentiment appears to be more positive now compared to
the first quarter, 'judging from the encouraging take-up in recent
launches of mid-priced projects'.
But it added that market sentiment remained cautious due to 'slower
economic growth and a challenging external environment'.
KepLand, which has projects in China, Vietnam and India, said that
while regional property markets have been affected by higher mortgage
rates and credit-tightening, housing demand will continue to grow.
Despite a lift in spirits, the firm had to report a 16.4 per cent
slump in net profits for the three months to June 30 in the wake of
the cooling market in Singapore and in the region.
Earnings came in at $52.7 million, down from $63 million in the same
period a year ago, after property sales were almost halved.
Revenue plunged 48.2 per cent from $359.2 million to $185.9 million,
partly on lower contributions from residential projects after they
had been completed.
Singapore remains a stalwart for the firm, contributing over 70 per
cent in net profits for the quarter.
The firm is expected to launch its prime residential projects,
including Marina Bay Suites and Phase Two of Reflections at Keppel
Bay, when sentiment improves.
KepLand also expects to benefit from the buoyant office market. It
forecasts positive rental revisions that will be supported by strong
demand for prime space over the next few years.
Earnings per share was 7.3 cents, down from 8.8 cents for the same
period last year. Net asset value per share was $3.13 as at June 30,
down from $3.18 at Dec 31.
Net profit for the six months was down 10 per cent at $112.96 million
while revenue fell 29.9 per cent to $459 million. No dividend has
been declared for the half-year ended June 30.
KepLand shares closed unchanged at $5 ahead of the earnings
announcement yesterday. They have fallen by more than 30 per cent
this year.
Keppel Land upbeat despite 16% fall in net gain
Take-up of mid-priced projects at recent launches 'encouraging'
By Yang Huiwen
THE property story has been one of gloom for months but Keppel Land
(KepLand) sees a silver lining in the dark clouds.
It said market sentiment appears to be more positive now compared to
the first quarter, 'judging from the encouraging take-up in recent
launches of mid-priced projects'.
But it added that market sentiment remained cautious due to 'slower
economic growth and a challenging external environment'.
KepLand, which has projects in China, Vietnam and India, said that
while regional property markets have been affected by higher mortgage
rates and credit-tightening, housing demand will continue to grow.
Despite a lift in spirits, the firm had to report a 16.4 per cent
slump in net profits for the three months to June 30 in the wake of
the cooling market in Singapore and in the region.
Earnings came in at $52.7 million, down from $63 million in the same
period a year ago, after property sales were almost halved.
Revenue plunged 48.2 per cent from $359.2 million to $185.9 million,
partly on lower contributions from residential projects after they
had been completed.
Singapore remains a stalwart for the firm, contributing over 70 per
cent in net profits for the quarter.
The firm is expected to launch its prime residential projects,
including Marina Bay Suites and Phase Two of Reflections at Keppel
Bay, when sentiment improves.
KepLand also expects to benefit from the buoyant office market. It
forecasts positive rental revisions that will be supported by strong
demand for prime space over the next few years.
Earnings per share was 7.3 cents, down from 8.8 cents for the same
period last year. Net asset value per share was $3.13 as at June 30,
down from $3.18 at Dec 31.
Net profit for the six months was down 10 per cent at $112.96 million
while revenue fell 29.9 per cent to $459 million. No dividend has
been declared for the half-year ended June 30.
KepLand shares closed unchanged at $5 ahead of the earnings
announcement yesterday. They have fallen by more than 30 per cent
this year.
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