Khaleej Times (UAE)
15 February 2010
Union Properties has posted its third consecutive quarterly loss, after provisions for contracting and property valuation, landing the Dubai-listed developer with an annual loss of about half-a-billion dirhams and sending its shares lower. In a statement on the Dubai Financial Market website, the emirate’s third-largest developer by market value reported a full-year net loss of Dh498m, against a net profit of Dh763.1m in 2008.
New Zealand Herald
16 February 2010
Investors in a NZ$701m New Zealand real estate fund are suffering dividend cuts. Managers of the Multiplex New Zealand Property Fund wrote to investors this month suspending their quarterly dividends and explaining big funding problems. The fund, managed by Brookfield Multiplex Capital Management, has landmark assets in New Zealand including Auckland’s NZ$138m ASB Bank Centre on Albert Street and the NZ$84m, 19-level Gen-i Tower on Wyndham Street.
Straits Times (Singapore)
16 February 2010
Now that the holidays are out of the way, property developers are ready to launch at least six new housing projects while others will have new phases released. At the higher end of the market, Wing Tai is preparing to sell its 147-unit L’Viv in Newton Road at an average price believed to be about S$2,000 per sq ft. Elsewhere, Far East Organization has started selling units at Altez, a 62-storey project along Enggor Street at Tanjong Pagar, located near its Icon condominium.
Dallas Morning News (USA)
16 February 2010
Foreclosure postings for several high-profile north Texas properties caused commercial real estate loan default filings to surge this month. The properties – scheduled for forced sale by lenders at next month’s foreclosure auctions in Dallas-Fort Worth – represent more than $900m of debt. About 250 properties, including office buildings, hotels, shopping centres, warehouses and commercial land, are posted for the March sale, according to Addison-based Foreclosure Listing Service. The two largest foreclosure filings were for the Four Seasons Resort and Club in Las Colinas, with $183m of debt, and the Mosaic apartment buildings in downtown Dallas, which had $66.5m in original mortgages.
