WBL Corporation’s wholly- owned subsidiary, Wearnes Motors (HK) Ltd (WMHK), has entered into a provisional agreement to sell a building in Kowloon for HK$223 million (S$43.4 million). Upon completion of the deal, WMHK will lease the building – which it now uses as a showroom with workshop service facilities for the car trade – from […]
Archive | August 28, 2007
MI-Reit to expand into offices and technology parks
THE fourth listed industrial real estate investment trust (Reit) – MacarthurCook Industrial Reit – is extending its investments into offices and technology parks. MI-Reit yesterday announced that it has agreed to buy Plot 4A, International Business Park fromEurochem Corporation (a member of Tolaram Group), for $91 million. This is a 13-storey office park building with […]
Moody’s keeps Emaar rating after swap fails
(DUBAI) Emaar Properties PJSC’s credit rating was affirmed by Moody’s Investors Service yesterday after the Middle East’s largest property developer by market value called off a proposed land-for-shares swap with state-owned Dubai Holding. Emaar’s credit rating remains at ‘A3′, the seventh-highest grade, Moody’s said. ‘We believe the government support that would be provided to Emaar, […]
Unibail-Rodamco H1 earnings rise 11%
Market values Europe’s largest property trust at 15.3 billion euros (Edinburgh) Unibail-Rodamco SA, Europe’s largest real estate investment trust, said first-half profit rose 11 per cent as rents and property values increased. Net income rose to 1.1 billion euros (S$2.3 billion), or 24.79 euros a share, from 1.03 billion euros, or 22.46 euros, a year […]
Goldman bags Tiffany’s Tokyo flagship property
Deal worth 37b yen; glitzy Ginza store to be leased back to jewellery retailer (TOKYO) Goldman Sachs is buying Tiffany & Co’s flagship property in Tokyo for 37 billion yen (S$484 million), a person familiar with the deal said yesterday, in a move that underlines the appeal of prime real estate here to investors. The […]
Mortgage meltdown survivors say affected owners not ideal neighbours
Investors flipped homes for a quick profit, they complain (CORONA, California) Bhaviesh and Varsha Shah bought their dream home in a new development east of Los Angeles two years ago, planted flowers around an emerald lawn and picked out wicker furniture for sitting outside on cool afternoons. Today the view from their porch is a […]
July home resales drop for 5th consecutive month
(NEW YORK) Sales of previously owned homes in the US fell in July for a fifth consecutive month, adding to the inventory of unsold properties and showing the housing slump that triggered a collapse in credit markets will drag on. Purchases declined 0.2 per cent, less than forecast, to an annual rate of 5.75 million, […]
S Korean firm building 70-storey tower in Hanoi
World’s 17th tallest building will house offices, hotel and 2 apartment blocks (HO CHI MINH CITY) Keangnam Enterprises Ltd began building what the South Korean company says will be Vietnam’s tallest skyscraper, betting that the South-east Asian country will maintain economic growth and foreign investment levels. Ground-breaking ceremonies were held in Hanoi two days ago […]
Law may alter the pace of en bloc sales
Amendments could see sales surge in near future, but sites may take longer to launch later (SINGAPORE) Proposed changes to the law will make the en bloc sale process more transparent and include safeguards to ensure that the various stakeholders get a fair deal. Sales committees will have to be properly formed and elected. Collective […]
MAS raises inflation forecast to 1% – 2%
THIS year’s inflation forecast by Singapore’s central bank has been bumped up a notch. But the Government says slightly higher inflation – a faster rise in consumer prices – is hardly surprising given long-running strong economic growth. The Monetary Authority of Singapore (MAS) yesterday raised its inflation forecast for this year to between 1 and […]
July sales of existing US homes dip 0.2%
WASHINGTON – THE pace of existing home sales in the United States fell slightly last month to a 5.75 million unit annual rate, the National Association of Realtors (NAR) said yesterday. The report also said that the supply of unsold single- family homes hit its highest since 1991. Total existing home sales, which include condominium […]
Property, financial boom drives growth in services
Overall turnover in the sector expands by 15.6 per cent in second quarter SINGAPORE’S services sector racked up a robust second quarter, thanks to the booming property and financial sectors. Overall business receipts for the three months ended June 30 were up 15.6 per cent over the same period last year, according to the Department […]
Rents, wages up but S’pore cheaper than HK, Tokyo
Also, it has qualities like liveability that economies in region cannot easily copy, says Lim Hng Kiang. But it has to keep an eye on costs EVEN though property costs and wages are on the rise, Singapore remains cheaper than global cities in the region such as Hong Kong and Tokyo, said Trade and Industry […]
