53rd-storey Orchard Residences unit fetches over $28m A NEW record property price for Singapore has been set, even though fewer sales are being made in high-end residential projects since the time of the US sub-prime mortgage crisis. CapitaLand and Sun Hung Kai Properties are said to have sold earlier this week a penthouse on the […]
Archive | October 12, 2007
MAS seeks amendments to financial market laws
Changes aim to enhance regulatory oversight, responsiveness to market innovation LAWS relating to the financial market in Singapore will be amended, with regulators asking for comments on the proposed changes. The Monetary Authority of Singapore (MAS) has released a policy consultation paper on proposed changes to the Securities and Futures Act (SFA) and the Financial […]
High Court gives Horizon sale fresh lease of life
STB dismissal overturned, en bloc law clarified, but sale still faces uncertainties (SINGAPORE) The High Court yesterday overturned the Strata Titles Board’s (STB) decision in August to dismiss Horizon Towers’ collective-sale application – and sent the matter back to the board for its continued deliberation. This means that, barring any objection, Horizon Towers’ application will […]
Henderson’s dividend fund wary of Reits
It favours banks as they’re the cheapest sector in Asia HENDERSON Global Investors’ Asian equity dividend fund favours banks but is wary of real estate investment trusts (Reits), its manager said yesterday. Mike Kerley, who manages the US$100 million Horizon Asian Dividend Income Fund, also said the fund was ‘underweight’ exporters due to their vulnerability […]
US credit crunch may test global economic growth
Broader slowdown cannot be ruled out after sub-prime fallout: IMF (WASHINGTON) The recent global credit squeeze caused by the meltdown of risky US mortgage loans may test the ability of the world’s economy to keep expanding as it has over the past several years, the International Monetary Fund (IMF) said on Wednesday. The IMF also […]
US growth to slow to 2% in 2008: survey
CEOs polled say economy will be hurt by the increase in costs of credit (NEW YORK) US economic growth will slump to 2 per cent or less next year, hurt by the increase in costs of credit, a majority of US chief executive officers predict in a new survey. How the turmoil in financial markets […]
US$ sellers continue to bear down
US DOLLAR bears continued to find reasons – even if some were less than substantive – to force their favourite target to fresh lows in Asia yesterday. The euro surged back above US$1.42 and the Australian dollar recorded a fresh 23-year high of 90.49 US cents, while the Canadian dollar was not afraid to continue […]
MGM’s casino resort to rival Vegas’ best
AN OTHERWISE dismal year for the Atlantic City casino industry turned a bit brighter on Wednesday when gambling giant MGM Mirage, announced plans to build a huge resort hotel that would rank among the most expensive casino projects in history. The casino hotel, to be called the MGM Grand Atlantic City, will cost US$4.5 billion […]
After sub-prime, investors turning to commodities
Search for higher yields leads to CCOs tied to a portfolio of commodities (NEW YORK) Investors and fund managers bitten by the collapse in sub-prime mortgages are now looking for new opportunities to trade bonds linked to traditionally volatile commodity prices and risky emerging markets. While the ensuing credit crunch from the sub-prime collapse reduced […]
Existing and new-home sales expected to drop
‘Exceptionally weak’ US housing market may lead to recession BOSTON- EXISTING home sales this year probably will fall to a five-year low – worse than forecast – signalling that the United States housing market is far from hitting its bottom. New-home sales may decline 24 per cent to a 10-year low of 804,000, and existing […]
Investment property sales jump 94% to $15.7b
INVESTMENT property sales nearly doubled, touching $15.69 billion, in the third quarter, reflecting buoyant investor sentiment. This was 93.9 per cent higher than the $8.09 billion recorded in the same period last year, a new report by property consultancy CB Richard Ellis (CBRE) showed yesterday. Most investment sales – 64.3 per cent, or $10.1 billion […]
Sing Holdings sells EastGate units for $63m
A DECISION to focus on the booming residential property market has seen Sing Holdings sell off 48 commercial units in its EastGate building for $63 million. The 10-storey EastGate, developed by Sing Holdings, received temporary occupation permit (TOP) status in 1998 and is located along East Coast Road and near Marine Parade Central. Of its […]
China plans to launch Reits on Shanghai bourse
BEIJING – CHINA plans to launch real estate investment trusts (Reits) on the Shanghai Stock Exchange as part of a bid to provide more financial products for investors, a senior official said yesterday. Mr Zhu Congjiu, the general manager of the Shanghai Stock Exchange, did not specify when the Reits would come to market. But […]
HORIZON TOWERS SAGA – Judge sends en bloc case back to Strata Titles Board
Court overturns board’s ruling, saying technical errors not sufficiently serious to halt sale THE Horizon Towers sale is back on, after a landmark decision by the High Court yesterday overturned a Strata Titles Board (STB) ruling to abort the deal. Justice Choo Han Teck ruled that the STB’s move in August to halt the sale […]
