Developers find pricing of GLS sites more in tune with market realities (SINGAPORE) Developers seem to be turning increasingly to state tenders instead of en bloc sales to restock their residential landbanks. This is because land pricing at state tenders is more responsive to the current bearish market conditions. Also, the Government Land Sales (GLS) […]
Archive | January 22, 2008
GIC RE enters Russian real estate market
It buys 25% of township project for US$233m; forms partnership with PIK AFTER announcing around $7 billion worth of property deals in 2007, GIC Real Estate (GIC RE), the property arm of the Government of Singapore Investment Corporation, said that it will develop a township on a site in Russia with a market value of […]
Investment bar set high, but EDB expects to cross it
It forecasts another bumper year despite prospects of global economic slowdown (SINGAPORE) The world’s economy may be slowing down, but Singapore expects to continue attracting huge investments this year that will spur growth and create jobs. If anything, it expects to surpass last year’s record $16.1 billion worth of manufacturing investments. The Economic Development Board […]
Genting confirms talks to build hotel in Sports Hub
Shatec signs pact to be master caterer of hub for 25 years (SINGAPORE) Genting International plc (GIL) yesterday confirmed a BT report that it is currently in preliminary talks with Singapore Sports Hub Consortium to build a hotel in the Sports Hub. In an announcement on the Singapore Exchange, GIL said ‘preliminary planning suggests the […]
Chip Eng Seng wins $188m HDB contract
CHIP Eng Seng Corporation has been awarded a contract worth $188 million by the Housing & Development Board for the construction of 1,394 dwelling units in Queenstown. The contract, won through wholly-owned subsidiary Chip Eng Seng Contractors (1988) Pte Ltd, also includes the construction of a multi-storey carpark, link bridges, a roof garden, an education […]
SUB-PRIME HITS: Bank of China may post 2007 loss on write-down
SCMP report heightens concerns about China’s exposure to crisis (BEIJING) Bank of China might post a 2007 loss because of a big write-down on billions of dollars of US subprime related investments, a newspaper reported yesterday, sending shares in the lender tumbling. Quoting unidentified sources, the South China Morning Post said that Chinese banking regulators […]
Once-hot China real estate sector cools down
(SHANGHAI) After booming in recent years, China’s real estate market is finally starting to feel the pinch from sagging demand and tighter controls. One of China’s biggest real estate agencies, Chuanghui Real Estate, has shuttered dozens of outlets in Shanghai and other cities, leaving angry customers and employees, after an ill-timed expansion just as the […]
Emaar’s India unit in IPO to tap US$1.8b
Proceeds will be used to buy land, development rights, pay for construction (MUMBAI) Dubai’s Emaar Properties hopes to raise up to US$1.8 billion from an initial public offering of a unit in India, where IPOs are forecast to more than double this year despite choppy markets in the wake of the US subprime mortgage crisis. […]
ART buying another property in Australia
ASCOTT Residence Trust (ART) is acquiring an 84-unit serviced residence in Australia for a total purchase price of A$28.5 million (S$35.6 million). In a statement released yesterday, ART said the acquisition is yield-accretive at an estimated annualised property yield of 6.1 per cent in the forecast year 2008. The freehold property, currently known as Chifley […]
Analysts see Asian economies weathering a US recession
Reason: Asia is now less dependent on the US economy (BANGKOK) Asia would be able to weather any recession in the United States, analysts say, because rising trade and investment within the region make it less dependent on the US economy than in the past. While a severe downturn in the US would drag on […]
Asian markets crash while US totters
Recession fears hit home in plunges reminiscent of post-9/11 debacle (SINGAPORE) It was blood on the floor across Asian bourses yesterday as investors dumped stocks amid intensifying fears of a US economic meltdown. This, despite President George W Bush last week announcing a massive US$145 billion stimulative tax relief plan and Federal Reserve boss Ben […]
British house prices fall in January
(LONDON) UK house prices declined for a third month in January, reviving interest among prospective buyers after a slump in viewings late last year, Rightmove plc said. The average asking price fell 0.8 per cent to £230,428 ($647,908) from December, compared with a 3.2 per cent drop the previous month, Britain’s most-used property website said […]
UK property shares set for 20% rise: Morgan Stanley
But over longer run, rally could ebb as economic downturn forces rentals to fall IN LONDON UK property shares may surge at least 20 per cent in the first half of 2008 as the Bank of England cuts interest rates, predicts Morgan Stanley. On a longer two year view however, Morgan Stanley is concerned that […]
UK home mortgages slip in Dec
(LONDON) British customer-owned lenders approved fewer loans for house purchase in December as falling house prices hurt the confidence of prospective buyers, a report by the Building Societies Association said. Mortgage approvals fell 20 per cent from a year earlier to £pounds;4.1 billion (S$11.5 billion), said the BSA, which represents 59 building societies in the […]
Service apartments seek shorter stays to ease hotel room crunch
Industry association proposes rule on stay of 7 nights or more be lifted FOR 20 years, there has been a little-known rule governing service apartments: Guests have to stay seven nights or more. Now, with an eye on the current hotel room crunch, the Serviced Apartments Association proposes that this condition be lifted. There are […]
Poor will not be neglected in HDB upgrading
Revised schemes allow for more flexibility and govt subsidies THE Housing Board will not neglect the needs of the poor, or be rigid, as it upgrades flats under schemes which have recently been revamped. The Minister of State for National Development, Ms Grace Fu, gave this assurance as the Housing and Development (Amendment) Bill, which […]
Condo-style flats only a small part of public housing, says Mah
PARLIAMENT PRICEY condo-style flats will remain a small proportion of the total public housing supply with the Government pledging yesterday to continue providing affordable homes. Its assurance came as high-end flats in Boon Keng offered by private developers were launched recently for up to $727,000 for a five-room flat. The flats come with interior layouts […]
Investments in fixed assets in S’pore jump to record $16b
Good mix of new projects boosts data, lifts outlook for this year: EDB SINGAPORE has smashed the record for investments in new factories, machinery and other industrial facilities – having secured $16.1 billion worth of such investments last year. This was thanks to a whopping 400 new projects, including multibillion-dollar petrochemical and wafer fabrication plants […]
TOWNSHIP DEVELOPMENT: GIC property unit in Russian joint venture
THE property arm of the Government of Singapore Investment Corporation (GIC), GIC Real Estate, and a Russian company have announced a joint venture to develop a residential township north-east of Moscow. GIC Real Estate will acquire a 25 per cent stake in the project for about US$233 million (S$335 million). Its partner, PIK Group, will […]
EDB revises key indicators to reflect industry changes
THE blurring of the traditional lines between the manufacturing and services sectors has led the Economic Development Board (EDB) to revise the performance indicators it uses to reflect investment into Singapore. EDB’s assistant managing director for planning and policy, Dr Beh Swan Gin, said yesterday that evolving industry conditions had necessitated a revamp of the […]
STI plunges 6% in worst one-day fall since Oct 1987
Asian markets battered on fears of a US recession and possible writedowns by regional banks SINGAPORE’S market yesterday suffered its worst one-day fall since the Black Monday crash in October 1987 while other Asian bourses had to go back to the Sept11, 2001, terror attacks for a day as bad as this. The Straits […]
Australia caught in Asian boom and US bust
PM Rudd vows to cut govt spending among other plans to curb inflation SYDNEY – BOOM in Asia and bust in the United States are buffeting Australia’s economy, Prime Minister Kevin Rudd warned yesterday as he outlined plans to rein in inflation. ‘The most pressing economic challenge domestically is inflation,’ he told a meeting of […]
Southern China fights inflation by hiking wages
Officials hope raise will offset rising prices and stave off social unrest SOUTHERN China took steps to combat rising inflation yesterday with the manufacturing hub of Guangdong province set to raise minimum wages by 13 per cent after the Chinese New Year. Over in the autonomous casino enclave of Macau, its government yesterday also proposed […]
TAKING STOCK: Market likely to stay under pressure
Analysts say Bush’s economic rescue plan will do little to assure investors A FISCAL stimulus package unveiled last week by United States President George W. Bush may not be enough to assuage market fears that the US economy is headed for a slowdown. The Dow Jones Industrial Average closed at a 10-month low on Friday, […]
US shares endure their worst-ever start to a year
Further selldown expected unless this week’s earnings results are first-rate NEW YORK – STOCKS in the United States, as measured by the Standard and Poor’s (S&P) 500 Index, are off by 9.7 per cent so far this month – their worst start to a year ever. If markets slide again as they did last week, […]
Real estate market quiet as uncertainty looms in US
Buyers might want to delay their property purchases till a clearer picture emerges, say experts THE Singapore property market has turned somewhat jittery in the face of growing fears about a recession in the United States. Analysts suggest that unless buyers need a home to live in, they might want to delay any purchases until […]
TOP OF THE NEWS: The dome picked for Sports Hub
KALLANG will have one of the world’s biggest domes dominating its landscape by the end of 2011, to replace the 35-year-old National Stadium. The Singapore Sports Hub consortium has pipped two other groups for the right to build and run the Sports Hub for 25 years, it was announced yesterday. The Government will pay the […]
WALL STREET: White House plan fails to lift stock market gloom
NEW YORK – THE White House’s effort to boost the economy with a US$150 billion (S$216 billion) stimulus plan failed to lift market sentiment as stocks tumbled for a fourth day on Friday, closing out the worst week for the S&P 500 in five years. Investors’ main worry was that the effort may not prevent […]
Regent Garden en bloc sale contested
(SINGAPORE) Allgreen Properties’ purchase of Regent Garden via a collective sale is now being contested by the majority sellers of the property, the company said in a filing to the Singapore Exchange yesterday. BT understands that the majority owners, who together own 25 of the 31 units and over 80 per cent of the share […]
Hotel rooms during F1 race period going fast
RATES of $1,000 a night and higher have not deterred Formula 1 fans from snapping up trackside hotel rooms for the inaugural Singapore Grand Prix. Hotels ranging from the glitzy Ritz-Carlton Millennia Singapore to the Peninsula-Excelsior Hotel are already fully booked for the Sept 26 to 28 race. This is despite significantly higher than normal […]
Investors reckon US already in recession
Markets, key indicators are plunging, reflecting sentiment that outlook appears to be very bleak NEW YORK – WHILE the chairman of the United States Federal Reserve told Congress on Thursday that a recession could still be averted, Wall Street sent Washington a different message: It is already here. The Dow Jones Industrial Average plunged 306.95 […]
Inflation seen eating into pay hikes this year
Real take-home pay increases will be subdued: HR group INFLATION is likely to take a big bite of that fat pay rise this year. With Singapore workers looking forward to some of the biggest pay rises in the developed economies at 5 per cent, ECA International, a global club of human resource practitioners, says real […]
Singapore may dodge recession in 2008: economists
SINGAPORE – Singapore’s export-driven economy, which shrank in the fourth quarter, will feel the impact of a slowdown in the United States but will just avoid recession, analysts said on Friday. Weak exports figures on Thursday suggested the government’s Jan 2 advanced estimate showing the economy shrank in the fourth quarter at an annualised and […]
Exports lurch to worst showing in five years
NODX hit by electronics slump; jury still out on 2008 as US slowdown looms (SINGAPORE) Even the economists were caught off-guard. They had expected Singapore’s key non-oil domestic exports (NODX) in December to grow at a healthy clip, compared to a year ago. Instead, they fell 4.5 per cent on the heels of a […]
Dubai govt investment arm eyeing China, says CEO
(SINGAPORE) Dubai government investment agency Istithmar is mulling investments in China, the Wall Street Journal quoted its chief executive as saying yesterday. Istithmar comes under the umbrella of the state-owned Dubai World, which also includes DP World, a container port handler that was forced by lawmakers in the United States to sell its US assets […]
Data shows recession in some US states, industries
Economists see signs damage is spreading to states; industries now unaffected (WASHINGTON) A wide range of data from the government, private corporations and independent analysts paints a picture of a nation that is already in recession in some states and industries, while much of the nation and big parts of the economy have suffered little. […]
LATEST US DATA: Housing starts plunge 14% in December
Building permits post biggest fall in 12 years as housing slump deepens (WASHINGTON) Builders in the US broke ground in December on fewer houses than forecast, making 2007′s decline in homebuilding the worst in almost three decades. The 14 per cent decrease to an annual rate of 1.006 million, the lowest since 1991, followed a […]
Sub-prime losses could near half a trillion dollars: study
TOKYO – Potential losses from US mortgage woes could top US$460 billion worldwide with aftershocks to be felt until late 2008, a Japanese private think tank estimated on Friday. The Japan Research Institute said in a report that combined losses to be suffered by financial institutions and investors worldwide could reach US$463.6 billion ‘in the […]
Bush, Bernanke back economic rescue plan
No specifics yet, but package is likely to include tax rebates (WASHINGTON) US President George W Bush and Federal Reserve chairman Ben Bernanke yesterday embraced calls for an economic stimulus package to avert recession. Mr Bernanke said that such a plan should be quickly implemented and temporary so that it will not complicate longer-term fiscal […]
Merrill takes US$11.5b sub-prime writedown
Largest US broker posts first full-year loss since 1989 (NEW YORK) Merrill Lynch reported a second straight quarterly loss after writing down US$11.5 billion of subprime mortgages and bonds, ousting its chief executive officer and losing almost half of its market value in 2007. New York-based Merrill said yesterday that it suffered a fourth-quarter net […]
Buddy, can you spare a few billion dollars?
US banks seek foreign govt, other funds, but for how long will they be obliged? (NEW YORK) First hard-pressed Wall Street banks turned to rich foreign governments for help. Now, they are seeking aid from the likes of New Jersey and big mutual funds to bolster their weakened finances. Citigroup and Merrill Lynch said on […]
1,098 HDB flats now open for balloting
THE Housing Board yesterday launched a ballot for the sale of 1,098 flats in Bedok, Clementi, Queenstown and Jurong West with demand for public housing staying on the boil. The flats are surplus units from the board’s Selective En bloc Redevelopment Scheme, which relocates residents from ageing blocks to new ones nearby. Such flats are […]
Home prices stay firm even as property stocks retreat
Amid weak sentiment in a quiet market, many players are adopting a wait-and-see attitude SINGAPORE’S property stocks have been taking a hammering lately but the property market has so far remained unscathed. After riding the boom to dizzy heights, property counters have now dropped by up to 60 per cent or so from their high […]
Nominal wages could rise 5% this year: Survey
SINGAPORE employees can expect a hefty 5 per cent pay rise this year, on average, according to a new survey, up from 4.5 per cent last year. However, a rising inflation rate could mean their real spending power barely changes, despite the rise. The survey, carried out by human resources organisation ECA International, is based […]
CHINESE ECONOMY’S SUPER-GROWTH
‘Growth’ problems won’t go away yet THE Chinese economy, having chalked up an average growth rate of 9.7 per cent for over two decades, sustained another year of double-digit growth last year, at 11.5 per cent. This was first announced by Premier Wen Jiabao on Nov 20 last year whilst visiting Singapore. Soon after this, […]
Export growth slumps to slowest pace in five years
2.3% figure is well under official forecasts of between 4% and 6% growth A SURPRISE contraction last month capped a disappointing year for Singapore exports, which missed official targets as growth slumped to its slowest pace in five years. Expansion last year hit just 2.3 per cent, well under official forecasts of between 4 and […]
Lie low till next quarter, Credit Suisse tells investors
THE Singapore stock market will continue its wild swings for the next few months – so keep clear. That was the health warning from Credit Suisse’s head of Asian equity research, Ms Fan Cheuk Wan, who believes the bourse will start to stabilise and head north in the second quarter. She estimates that regional markets […]
Borrowing costs swell as banks clamp down
NEW YORK – STUNG by billions of dollars in bad debts, banks in the United States are clamping down on loans, making borrowing costlier for the consumers and companies that are the best hope for keeping the US economy out of recession. Economists are increasingly worried that reluctant banks plus skittish borrowers will create a […]
Fed chief backs quick action to help US economy
But Bernanke says Fed is not forecasting recession; Bush also sees need for fiscal stimulus WASHINGTON – FEDERAL Reserve chairman Ben Bernanke yesterday threw his support behind efforts to craft a fiscal stimulus package, and repeated that the United States central bank was ready to act aggressively to counter recession risks. The remarks came shortly […]
Forget forecasts, US may be in recession already
Misreading economy not unusual due to mixed signals from various sectoral data WASHINGTON – FOR all the complex ways in gathering economic data and crunching it at the speed of light, predicting recessions is still an inexact science. ‘It’s the economy, stupid,’ said Mr Bill Clinton and he was elected President in 1992 on promises […]
