Property sector braces for tougher times in 2008

Players feel squeeze from more credit woes and soaring construction costs

THE property market in Singapore is set to face a challenging year ahead as it continues to take hits from the sub-prime crisis in the United States and rising construction costs, industry body Real Estate Developers’ Association of Singapore (Redas) said.
‘Unfortunately, the sub-prime woe continues [...]

Parkway justifies record land bid with vision for a ‘hospital of the future’

Focus will be on cardiology, oncology and orthopaedics

(SINGAPORE) Parkway Holdings will be building on its newly-acquired Novena site what it calls a ‘hospital of the future’, that will incorporate a hub of top medical professionals, with the latest technology, organised along a high level of thoughtfulness for the patient.
Speaking to the press and analysts for [...]

Office rents in Singapore on upward climb: property firms

THE occupancy cost for office space in Singapore is now higher than in Hong Kong, according to a new report.
Data from property firm CB Richard Ellis (CBRE) show that total occupancy cost here hit US$10.42 per square foot per month (psf pm) at the end of 2007.
By comparison, total occupancy cost for Hong Kong was [...]

Tanjong Pagar hotel site may fetch $750 psf ppr

CONTINUING its rollout of hotel sites amid the current shortage of hotel rooms, the Urban Redevelopment Authority yesterday made available for application a reserve-list site in the Tanjong Pagar area.
The 99-year leasehold site, at the corner of Gopeng Street and Peck Seah Street, can be developed into a 30-storey hotel with about 330 hotel rooms.
The [...]

2 good class bungalows on Leedon Road up for sale

A PAIR of recently completed Good Class Bungalows at 37 and 39 Leedon Road are being launched by their developer George Lim. His asking price is about $35 million for each bungalow. The plots’ land areas are 22,000 square feet and 21,000 sq ft respectively.
Each five-bedroom, two-storey freehold house has a basement garage for up [...]

Maybank’s home loan promotion creates a buzz

Other banks won’t get into price war, says OCBC’s chief executive

(SINGAPORE) Maybank’s promotional home loan package has apparently drawn massive interest from new home buyers and home owners looking to refinance.
But at least one bank here has come out to say that this is unlikely to spark a mortgage price war in Singapore.
Maybank told BT [...]

$6.4b Budget surplus poser: Was GST hike needed last year?

The question may be visited during the Budget debate

(SINGAPORE) The $6.4 billion bumper Budget surplus racked up in FY2007 has begged the question - was there a need to raise the Goods and Services Tax (GST) by two percentage points last July, if at all?
The issue has surfaced in Budget talk public and private this [...]

Singapore’s Olympic dream comes true

It wins right to host YOG 2010; SMEs poised to ride branding boom

(SINGAPORE) Shortly after 7pm yesterday, the Padang erupted. The two-horse, Moscow-versus-Singapore race to host the very first Youth Olympic Games (YOG) in 2010 had just seen Singapore breast the tape first, and everyone - from the Prime Minister to the other VIPs present [...]

Japan’s exports improve despite US slowdown

Rising import costs due to surging oil, gas prices cause big trade deficit in Jan

IN TOKYO

FACED with slowing demand in the US market, Japan’s exports still managed to improve last month on the back of solid sales to other parts of Asia and to Europe.
But surging oil and natural gas prices pushed the country’s import [...]

US Fed to focus on growth with possible risk of inflation

Most other central banks put a single goal above all others: stable prices

(WASHINGTON) A nightmare scenario of rising prices and falling growth emerged on Wednesday as the US government reported that consumer prices are surging even as the beleaguered housing sector remains stuck in its worst slump in a quarter century.
The combination of inflation and [...]

US growth forecast cut but S’pore economists unperturbed

Outlook for Republic has already factored in a more severe slowdown for US
THE Federal Reserve on Wednesday cut its forecast for United States economic growth, but the move left American investors and economists in Singapore unfazed.
The US central bank now expects the world’s biggest economy to expand between 1.3 per cent and 2 per cent [...]

Quieter property market but outlook favourable in long run

THE real estate roller coaster that developers have ridden in recent years has taken a sharp turn, thanks to United States sub-prime woes, and left the industry wondering what is coming next.
‘Six months ago, we were concerned about the market exuberance,’ said Mr Simon Cheong, the president of the Real Estate Developers’ Association of Singapore [...]

Development fees may jump for non-residential sites

For residential areas where strong land sales have lifted values, charges could surge
DEVELOPERS may soon have to pay more to redevelop non-residential sites such as land for hotels or hospitals.
A key government fee for redeveloping sites will be revised again next month, and property consultants expect it to be raised for land used for purposes [...]

DELISTING A SUBSIDIARY

CapitaLand raises Ascott stake to 91.7%
CAPITALAND is on track to delist its serviced apartment unit, The Ascott Group, after lifting its stake in the firm to 91.7 per cent.
The property giant said yesterday that once its offer expires next Tuesday, Ascott shares ‘may be suspended’ by the Singapore Exchange.
CapitaLand has stated its aim of delisting [...]

‘US has slipped into recession’

NEW YORK - THE United States economy is in a recession, albeit a mild one, as a weakening consumer sector has compounded ongoing problems in the housing and credit markets, according to UBS economists.
‘It’s not coming. It’s here,’ UBS said in a research report on Wednesday.
The Federal Reserve on Wednesday sharply lowered its forecast for [...]

It’s Singapore 2010

An honour and privilege for everyone, says PM Lee; now for the countdown to the main event
THE news that Singapore waited over seven months for came at precisely 7.11pm yesterday, broadcast live via satellite link from Lausanne in Switzerland.
It was delivered by International Olympic Committee (IOC) president Jacques Rogge, who simply said: ‘The IOC has [...]