Archive | October 3, 2007

Star stockbrokers make top bid for Kovan site

Duke Development’s bid of $436.55 psf ppr beats 5 others for 99-yr leasehold A COMPANY controlled by stockbrokers Han Seng Juan and David Loh Kim Kang of UOB Kay Hian yesterday emerged as the surprise top bidders for a 189,812 sq ft site next to Kovan MRT Station and the Kovan Melody condo. Through Duke […]

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Call for more hotel rooms amid crunch

WITH hotels filling up and guests having to pay more for their accommodation, there is ‘a call for more hotel rooms’ in Singapore, says a consultant. There are already 15 more hotels planned or under construction, which should help, he says. In an interview with BT, Patrick Ford, who is president of Lodging Econometrics, an […]

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HORIZON TOWERS CASE – Counsel: Buyers’ lawyer has ‘outstayed welcome’

Minority owners’ counsel point to several defects in application (SINGAPORE) The Horizon Towers appeal continued in the High Court yesterday, with the minority owners – those who didn’t agree to the en bloc sale – presenting their objections as to why the Strata Titles Board’s (STB) decision should not be overturned. And while it was […]

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US spending slowdown won’t hit Asia hard

But risk from China equity correction is a threat: economist THE threat to Asian economic growth from a slowdown in US consumer spending may not be as great as widely feared, said a senior HSBC economist last week. Economic growth in Asia is increasingly driven by domestic demand, while the historical relationship between US consumer […]

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Emerging-market stocks: views divided

Speculators turn bearish, but bulls are even more confident rally will persist (NEW YORK) Speculators are increasing their bearish bets against two-thirds of the 50 largest emerging-markets companies. That’s making the bulls even more confident stocks will keep rising from Brazil to China. Short sales on Brazilian oil company Petroleo Brasileiro SA’s US-traded shares climbed […]

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MGPA sells 12 floors of offices for quick profit

$225m sale price is 70% up from price it paid in Jan for space in Springleaf Tower TWELVE floors in Springleaf Tower that were bought in January for $134 million have been sold again for $225 million – an increase of almost 70 per cent. The seller is Macquarie Global Property Advisors (MGPA) which made […]

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Growth of office rentals to slow

Tenants prepared to explore lower-cost locations and alternative premises: CBRE ENOUGH is enough. Or so it seems for those having to pay high office rents. CB Richard Ellis (CBRE) executive director (office services) Moray Armstrong foresees further rent rises but reckons that the pace of increases will slow. ‘We have observed tenants’ increasing resistance to […]

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Vibrant new logo for Raffles City brand

CEO: Another step towards realising investment potential CAPITALAND yesterday launched a new logo for its Raffles City brand at the 21st anniversary of Raffles City Singapore. Capita-Land chief executive Liew Mun Leong said that the re-branding was another step towards realising Raffles City’s investment potential. ‘We have said that we would grow the number of […]

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ARA Asset Mgt files prospectus for listing in S’pore

IPO pricing slated for Oct 25 after roadshows; listing on Nov 5: sources REAL estate fund firm ARA Asset Management yesterday filed its prospectus in Singapore for an initial public offering which sources close to the deal said may raise US$200 million for its shareholders and the firm. Singapore-based ARA, which managed US$4.7 billion of […]

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MONEY MATTERS – Yes, sub-primes still offer an investment opportunity

And this is despite the matter having morphed into a more general credit crunch problem By JOSEPH CHONG I RECEIVED a few queries from readers of my last article in BT (‘Deciphering the message of the markets’, Aug 1), which discussed, among other things, the origins of the recent sharp market retrenchment. There were two […]

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RESEARCH HOUSE REPORT – S’pore leads Asia-Pac in homes price boom

SINGAPORE’S property market is setting the pace as real estate prices soar across the Asia-Pacific region. The country posted a ‘remarkable house price growth’, year on year, of 21.05 per cent for the 12 months ended June, up from 6.08 per cent the previous year, an online research house, Global Property Guide, said yesterday. That […]

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Big developers lose bidding for prime Kovan plot

BIG gun property developers who lined up for a prime residential site in the Kovan area were pipped in the bidding by a firm hardly anyone has heard of. Duke Development placed the top bid of $290 million for the 190,000 sq ft site in Simon Road, trumping highprofile rivals Far East Organization, Hong Leong […]

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Is the worst over?

Investors and analysts clash over whether the global sub-prime mortgage crisis has turned the corner Yes, say investors POSITIVE OUTLOOK Banking giants disclose sub-prime related losses on Monday but investors take the disclosures as a sign that the worst may be over. DOW’S RECORD CLOSE Investors push US stocks to its highest-ever close on optimism […]

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Minority owners make their case for Horizon Towers

HORIZON Towers minority owners said yesterday that the Strata Titles Board (STB) was right to throw out the estate’s collective sale application over a paperwork glitch. Mr Ramesh Kannan, who is representing some minority owners, told the High Court that rules should be followed particularly strictly, because they involved compulsory acquisitions of assets. ‘The approach […]

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Raffles Cities abroad help to extend S’pore brand: MM Lee

CapitaLand blazes a trail for local firms by exporting mall concept overseas RAFFLES City has become a landmark since it opened two decades ago, and CapitaLand’s efforts to take the concept overseas has extended Singapore’s global footprint, said Minister Mentor Lee Kuan Yew last night. He told a ceremony marking the building’s 21st anniversary that […]

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