Majority sellers seek individual legal advice in face of potential lawsuit (SINGAPORE) Two weeks – that’s all the time the majority sellers of Horizon Towers now have to find a way to salvage the botched collective sale of their development. If they fail to do so – by the ominous deadline of Sept 11 – […]
Archive | August 27, 2007
CDL may seek partners to expand overseas
But it remains steadfast in being the proxy to S’pore property market CITY Developments Ltd (CDL) is looking for opportunities to expand to regional markets like Korea, and could be seeking new partners in the process. CDL announced earlier this month that it had signed a memorandum of understanding with Korea’s DC Chemical Company Limited […]
CCB reveals US$1.06b sub-prime exposure
HONG KONG – China Construction Bank, one of the country’s ‘big four’ state lenders, said it held US $1.062 billion worth of US sub-prime mortgage loan-backed securities at the end of June and expects the securities to have ‘limited impact’ on its operating results for the year. The exposure is far lower than the US$9.65 […]
Rattled bonds market to remain in spotlight
WHAT IT IS NEWSFLOW from the badly shaken bonds market will continue to dominate headlines this week as global financial markets struggle to return to normal after the recent volatilities. Given the uncertainties fuelled by the credit crunch crisis as the mortgage market in the United States sours, traders will be keenly watching for any […]
Exposure to US sub-prime loans negligible, says DBS
DBS Group has reiterated that its exposure to the United States sub-prime market is ‘negligible’. Only US$188 million (S$286.7 million) of the bank’s collateralised debt obligations (CDOs) ‘directly reference some exposure’ to US sub-prime mortgages, said DBS group chief financial officer Jeanette Wong. This makes up just 12 per cent of the bank’s total $2.4 […]
What’s in a condo name? More than you can imagine
Faced with an increasingly strict set of naming rules, developers are forced to get creative with foreign terms, coined-up words IF PROPERTY developer Lippo Group had its way, the condominium it is building in Kim Seng Road would be called Trinity rather than Trillium. But the group’s original application for ‘Trinity Towers’ was deemed too […]
Floating condo takes opulence to high seas
S’pore buyers can preview luxury liner as marketing drive makes stop here By Joyce Teo DO YOU feel like you have been living too long in one place and are now longing and pining for life on the high seas? Then try splurging some of that hard-earned money on a plush home onboard a luxury […]
Reits a safe choice in roily market: Goldman
SINGAPORE’S real estate investment trust (S-Reit) market could be just the place to park your funds while weathering the storm in the equity markets, says Goldman Sachs executive director (Asia-Pacific Investment Research) Leslie Yee. In a report on S-Reits, Mr Yee said: ‘We reiterate our positive view on S-Reits and recommend investors to buy in […]
ECB rate rise uncertain, Asia sub-prime fears grow
NEW YORK/LONDON – Central bank officials said market turmoil made a euro zone rate rise far from certain while three Asian banks’ heavy exposure to the limping US home loan sector reinforced global credit worries on Friday.In the US, the Federal Reserve refrained from open market operations ahead of a weekend for the first time […]
Reaction to banks’ sub-prime exposure mixed
China’s markets have shrugged off worries over the US credit crisis (SHANGHAI) China’s banks are just beginning to disclose figures on their exposure to the US sub-prime mortgage crisis – and so far the reaction is mixed. Bank of China saw its Hong Kong stock price fall by as much as 8.1 per cent yesterday […]
GuocoLand full-year profit up 81%
Revenue jumps 94% to $702.5m; Q4 earnings more than triple to $194.7m QUEK Leng Chan’s Singapore-listed GuocoLand yesterday posted fourth-quarter net profit of $194.7 million, more than triple the $53.7 million in the same year-ago period, boosting full-year net earnings to $281.9 million, up 81 per cent from the preceding year. GuocoLand attributed the improved […]
Horizon Towers sellers to discuss options on Wednesday
HORIZON Towers flat sellers will meet next Wednesday in a push to raise millions of dollars to fight a lawsuit by Hotel Properties (HPL) and its partners over a botched collective sale. Another meeting is due to be held on Sept 7. In a protracted saga, the HPL consortium has been trying to buy Horizon […]
Home sales, factory orders rise in July
(WASHINGTON) Sales of new homes perked up, while factory orders took off in July, raising hopes that the economy can safely weather financial turmoil that has shaken Wall Street. The Commerce Department reported yesterday that new-home sales rose 2.8 per cent in July, after falling 4 per cent in June. The increase in July lifted […]
Over 3,000 needy families benefit from HDB grant
THE Housing and Development Board (HDB) said that 3,300 lower income families have received the Additional CPF Housing Grant (AHG) between the scheme’s start in March 2006 and last month. The total disbursed is $40 million. The HDB said that with the income ceiling for AHG eligibility now increased from $3,000 to $4,000, it expects […]
Dow up but analysts warn there could be more upheaval yet
NEW YORK -WALL Street is heading for another volatile week, but the bulls could get a further reprieve if calm brought on by the Federal Reserve’s liquidity injections and a surprise cut in its discount rate lasts. The coming week will see the release of a slew of economic indicators, including July existing home sales […]
CapitaLand up nearly 15% as business in China grows
IT HAS been a good week for CapitaLand, with its shares gaining nearly 15 per cent. The property giant not only rode on the market’s rebound from one of its worst slumps in 20 years. It also got a leg up from its growing exposure to China’s property market. The exposure is helping it make […]
GuocoLand posts 81% increase in full-year earnings
HIGHER profits from projects in Singapore and China, and revaluation gains drove full-year net profits at property developer GuocoLand up 81 per cent. Earnings for the year ended June 30 jumped from $155.6 million to $281.9 million. This included a $116.5 million gain from the revaluation of the group’s investment properties in Singapore – mainly […]
DBS exposure to US sub-prime about $2.4b
Figure is almost twice the amount the bank declared a fortnight ago DBS Group Holdings confirmed yesterday its exposure to the United States sub-prime mortgage crisis is about $2.4 billion – almost double the amount it had acknowledged previously. The disclosure sent its stock falling by as much as 60 cents yesterday, hitting a low […]
BNP to reopen frozen funds in sub-prime mess
Paris – FRENCH banking giant BNP Paribas has said it plans to unblock three of its investment funds, whose suspension earlier in the month sparked turmoil on global stock markets. On Aug 7, BNP Paribas suspended the funds, which had made investments linked to risky sub-prime home loans in the United States, because of difficulties […]
Company directors snap up shares after market correction
They see good value and investors consider support to be positive sign PANIC was the last thing on the minds of many company founders and directors when Singapore share prices slumped in spectacular fashion just over a week ago. Instead, they have leapt into the fray, buying up their own stock at bargain-basement prices since […]
US new home sales rise by surprising 2.8%
July orders for durable goods, meanwhile, grow 5.9%, also beating expectations Washington – SALES of new homes in the United States last month unexpectedly rose for a second time this year, suggesting the housing market was stabilising before the rout in credit markets. Purchases increased 2.8 per cent to an annual pace of 870,000 last […]
