BBR Holdings Ltd in Singapore expected strong sales for their new luxury flats, Nassim Hill, located in an exclusive neighbourhood near Orchid Road. The triplex apartments come with private roof top pools and gardens but demand is dwindling due to cooling measures introduced by the government. The company has sold 9 out of 16 units so far, at an average price of S$10 million (US$7.9 million).
BBR still hopes to report a 5 per cent rise in net profit last year aided by construction work for government projects.
Andrew Tan chief executive officer of BBR believes the company should look at different areas for investment and focus more of its sales efforts on Chinese buyers.
“We have shifted the focus from European to Chinese buyers as the Chinese buyers are really rich and they also have their own (property) restrictions. If they are looking for a place to park their funds, they would want a place that is stable, so Singapore and Hong Kong is where they would look,” he said.
BBR is also looking to develop more mid-end residential apartments that cater to Singaporeans. The 140-unit Bliss@Kovan has sold nearly half of its units and the majority of buyers are Singaporeans
The company reported net profit of S$19.6 million (US$15.5 million) in 2010. BBR competes with construction and property firms such as Koh Brothers Group Ltd and larger rival CapitaLand.
by Property Report
BBR still hopes to report a 5 per cent rise in net profit last year aided by construction work for government projects.
Andrew Tan chief executive officer of BBR believes the company should look at different areas for investment and focus more of its sales efforts on Chinese buyers.
“We have shifted the focus from European to Chinese buyers as the Chinese buyers are really rich and they also have their own (property) restrictions. If they are looking for a place to park their funds, they would want a place that is stable, so Singapore and Hong Kong is where they would look,” he said.
BBR is also looking to develop more mid-end residential apartments that cater to Singaporeans. The 140-unit Bliss@Kovan has sold nearly half of its units and the majority of buyers are Singaporeans
The company reported net profit of S$19.6 million (US$15.5 million) in 2010. BBR competes with construction and property firms such as Koh Brothers Group Ltd and larger rival CapitaLand.
by Property Report
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