Archive | October 21, 2007

A confused message from the G-7?

WHAT are we to make of it when spokesmen for the world’s most powerful economies and financial institutions begin to contradict each other in public – or make remarks which appear less than consistent with reality? Today, the finance ministers and central bankers of the G-7 – namely the countries of the US, Britain, Canada, […]

Leave a Comment Continue Reading →

Property booms, busts make economy vulnerable

SINGAPORE ECONOMIC POLICY CONFERENCE Bubble cuts private spending, raises reliance on volatile foreign demand PROPERTY price booms and busts make Singapore’s economic growth more vulnerable to volatile factors and should be prevented, an economist at a think-tank said here yesterday. While the impact of a spike in property prices on overall GDP growth is ‘quite […]

Leave a Comment Continue Reading →

Tuas Power is first Temasek genco to go on sale

Offer open to all including overseas bidders; no cap on foreign ownership (SINGAPORE) Singapore yesterday kicked off its ‘beauty parade’ of power companies when investment agency Temasek Holdings put Tuas Power up for sale. Tuas is the smallest and youngest of the three generating companies to be sold by Temasek, each of which is expected […]

Leave a Comment Continue Reading →

CapitaRetail China Trust in $336m deal

CAPITARETAIL China Trust (CRCT) – the first pure-play China retail real estate investment trust (Reit) in Singapore – has entered into a deal to buy a mall in Beijing for $336 million from CapitaRetail China Incubator Fund (CRCIF). Located in Xizhimen in Xicheng district, Beijing, Xizhimen Mall is part of Xihuan Plaza, and has a […]

Leave a Comment Continue Reading →

A-Reit in development projects totalling $277m

ASCENDAS Real Estate Investment Trust (A-Reit) yesterday announced new investments for development projects at Changi Business Park and in Jurong totalling $277 million, including about 42,000 square metres of built-to-suit (BTS) business park space at Changi Business Park pre-committed to a ‘leading international financial institution’. The trust did not identify the party but market watchers […]

Leave a Comment Continue Reading →

Greenspan: No $ plunge if China offloads Treasuries

Markets are clever enough not to over- react, he says (SEOUL) Alan Greenspan doesn’t expect a rapid decline in the dollar should China sell more of its holdings of US Treasuries, according to people attending a forum here yesterday. ‘When asked whether there will be a plunge in the dollar in case China offloads its […]

Leave a Comment Continue Reading →

No bubble in property market: NUS study

DESPITE Singapore’s red-hot property prices, no bubble is forming in the property market here, according to a study by National University of Singapore (NUS) economists. In fact, the rise in home prices is below the market’s long-run ‘equilibrium’ level, based on factors such as income and property supply, preliminary findings of the ongoing study show. […]

Leave a Comment Continue Reading →

Bleak house – Recession fears grow as US property slump worsens

WASHINGTON – THE risk of an outright recession is mounting for the United States as the housing slump heads towards ‘perfect storm’ conditions, say economists. The cloudy US housing picture has become even grimmer, as housing starts sank 10.2 per cent last month to a 14-year low, government data revealed on Wednesday. The report also […]

Leave a Comment Continue Reading →

Marina Bay’s key selling points

Its ‘live-work-play’ concept makes it an attractive location for home-buyers. MARINA Bay is not just well on the way to becoming Singapore’s new financial hub, it is also shaping up as an attractive location for home-buyers. Property analysts say that since the first residential project there – City Developments’ The Sail – was launched in […]

Leave a Comment Continue Reading →

Sites in Jurong, Holland, Orchard up for sale

2 prime freehold sites could fetch $670-$700m each in collective sales THREE sites for residential development were launched for tender yesterday – a 99-year leasehold, traditional suburban mass-market housing plot next to Lakeside MRT Station in the Jurong area, as well as two freehold, prime district sites offered through the collective sales of Villa delle […]

Leave a Comment Continue Reading →

SingPower Building on sale for expected $990m

Market watchers say leasehold property likely to fetch $1,800 psf THE office market can be expected to continue teeming with deals, with the latest offering said to be the Singapore Power Building behind Somerset MRT Station. The 30-year-old building, once known as PUB Building, is being marketed through an expression-of-interest exercise, BT understands. Market watchers […]

Leave a Comment Continue Reading →

Sept exports disappoint with 2.2% growth

Showing falls short of forecast 8.1% and pales against August’s 10.9% pace (SINGAPORE) After expanding stronger than expected in August, Singapore’s non-oil domestic exports sprang another surprise last month – this time it was a dismal showing with meagre 2.2 per cent growth from a year ago, falling far short of the 8.1 per cent […]

Leave a Comment Continue Reading →

HDB expects stock of unsold flats to drop to 2,200 units by year-end

THE stock of unsold Housing and Development Board (HDB) flats, which stood at about 10,000 three years ago, is now down to 3,500, and the board expects the stock to fall to 2,200 units by the end of the year. Speaking at a press conference to release the HDB Annual Report 06/07 on Tuesday, HDB […]

Leave a Comment Continue Reading →

HDB expects stock of unsold flats to drop to 2,200 units by year-end

THE stock of unsold Housing and Development Board (HDB) flats, which stood at about 10,000 three years ago, is now down to 3,500, and the board expects the stock to fall to 2,200 units by the end of the year. Speaking at a press conference to release the HDB Annual Report 06/07 on Tuesday, HDB […]

Leave a Comment Continue Reading →

Economy’s solid growth to spill into 2008: NTU

It cites uptick in world electronics demand, sizzling construction activity THANKS to the sustained health of the global economy, an uptick in world electronics demand and sizzling construction activity here, the rosy picture for Singapore’s economy will persist into next year, Nanyang Technological University economists said yesterday. Singapore’s gross domestic product is expected to grow […]

Leave a Comment Continue Reading →

CDL in US$125m Moscow hotel venture

JV will develop conference and business facilities on adjacent site CITY Developments Ltd (CDL) has teamed up with a company owned by Sudhir Gupta of Amtel Group for a US $125 million joint venture in Moscow that involves investing in a hotel that will be repositioned as a Copthorne (under CDL’s Millennium & Copthorne Hotels […]

Leave a Comment Continue Reading →

ProLogis to double Japan investment

CEO expects firm to own or manage 1.2t yen of assets in Japan by 2010 (TOKYO) ProLogis, a US property firm that operates distribution centres, aims to double its investment in Japan despite concern about the impact of sub-prime problems on the economy, its CEO said yesterday. ‘One thing about our business is that when […]

Leave a Comment Continue Reading →

Japan Reit to test sub-prime impact

Industrial & Infrastructure Fund is first to list in eight months (TOKYO) Industrial & Infrastructure Fund Investment Corp may find its upside potential capped by US sub-primerelated concerns after it goes public today in the first Japanese Reit listing in eight months. The new real estate investment trust (Reit) is the first to own infrastructure […]

Leave a Comment Continue Reading →

Limitless to invest in Bakrie unit

(JAKARTA) Dubai may invest about 2 trillion rupiah (S$323 million) in a unit of PT Bakrieland Development, Indonesia’s biggest property developer by value, through the Gulf sheikhdom’s Dubai World investment holding. Limitless, Dubai World’s property arm, agreed to buy a 30 per cent stake in PT Bakrie Swasakti Utama, the two companies said yesterday in […]

Leave a Comment Continue Reading →

Japan Reit to test sub-prime impact

Industrial & Infrastructure Fund is first to list in eight months (TOKYO) Industrial & Infrastructure Fund Investment Corp may find its upside potential capped by US sub-primerelated concerns after it goes public today in the first Japanese Reit listing in eight months. The new real estate investment trust (Reit) is the first to own infrastructure […]

Leave a Comment Continue Reading →

Possible 2008 recession in US will hit Asia: Stephen Roach

Asia needs to take events in US more seriously, he says IN SEOUL THE United States could face a consumer-induced recession next year, which will also hit Asian economies, said Morgan Stanley’s chairman for Asia, Stephen Roach. Speaking at the World Knowledge Forum in Seoul, Mr Roach – well known for his bearish views – […]

Leave a Comment Continue Reading →

Foreigners sell record US financial assets in Aug

(WASHINGTON) International investors sold a record amount of US financial assets in August as tightening access to credit threatened economic growth and spurred an exodus from American equities. Total holdings of equities, notes and bonds fell a net US$69.3 billion after an increase of US$19.2 billion in July, the Treasury Department said on Tuesday in […]

Leave a Comment Continue Reading →

CEO survey finds 37% chance of US recession

(WASHINGTON) Leading Wall Street chief executives predicted a 37 per cent chance of a US economic recession in the next 12 months, according to a Financial Services Forum survey released yesterday. The forum is a policy group made up of the chief executives of 20 of the world’s largest financial institutions, including Citigroup Inc, Morgan […]

Leave a Comment Continue Reading →

US leading economic indicators rebound

WASHINGTON – A forward-looking gauge of US economic activity rebounded in September, pointing to ‘slow but steady’ growth, the Conference Board reported on Thursday. The business research group said its index of leading economic indicators, a gauge of activity in the coming six to nine months, increased 0.3 per cent to a reading of 137.9 […]

Leave a Comment Continue Reading →

US homebuilders’ sentiment at record low

Bigger discounts and sweetened incentives have yet to revive demand, survey finds out (WASHINGTON) CONFIDENCE among US homebuilders fell to a record low in October as declining prices, higher mortgage rates and loan restrictions scared off buyers. The National Association of Home Builders/Wells Fargo index of builder sentiment fell to 18, more than economists had […]

Leave a Comment Continue Reading →

US mortgage volume likely to dip to a low next year

(BOSTON) Mortgage originations will fall next year to the lowest levels since 2000, forcing job losses for at least 30,000 more home finance professionals, according to a forecast released yesterday by the Mortgage Bankers Association. Inventories of homes for sale will remain high as tighter lending standards across the industry reduce available credit for prospective […]

Leave a Comment Continue Reading →

US home building hits 14-yr low as inflation kicks up

Data seen by some as sign of continuing headwinds for the economy (WASHINGTON) US home construction starts fell in September to their lowest level in more than 14 years, while consumer prices rose at the sharpest rate in four months, separate reports showed yesterday. Weak housing data boosted US government bond prices and the US […]

Leave a Comment Continue Reading →

CDL makes first venture into Russia

Its $92m stake in Amtel unit will allow it to capitalise on acute hotel shortage in Moscow PROPERTY developer City Developments (CDL) is using a joint venture to make its entry into Russia. It will pay US$62.5 million (S$91.7 million) for a 50 per cent stake in Soft Proekt, a company that owns land and […]

Leave a Comment Continue Reading →

Two collective sale sites eyeing high selling prices

THE collective sale frenzy may have cooled somewhat but a number of new sites have hit the market since new rules on these sales took effect earlier this month. The latest are two sites in posh parts of town which were put up for sale yesterday – both are aiming for hefty sale prices. One […]

Leave a Comment Continue Reading →

URA launches tender for Boon Lay condo site

A PRIME residential site on Boon Lay Way has been released for sale, just days after news emerged that a nearby condominium unit had fetched a record price of $1,080 per sq ft (psf) last month. Property pundits expect keen interest in the 2.2ha land parcel next to Lakeside MRT station. The Jurong West HDB […]

Leave a Comment Continue Reading →

Foreign investors dump US assets at record rate

Sales hit high of $102b in August, when credit woes were most intense NEW YORK – FOREIGN investors dumped United States stocks, bonds and notes by a record amount as the credit squeeze intensified, according to the latest US Treasury figures. Until now, US policymakers have appeared relatively relaxed about the US dollar’s decline, since […]

Leave a Comment Continue Reading →

Home starts dive to 14-year low; consumer prices up

WASHINGTON – HOME construction starts in the United States fell last month to their lowest level in more than 14 years. Meanwhile, consumer prices in the US rose at the sharpest rate in four months, separate reports showed yesterday. ‘We knew housing was weak, but these numbers show another pretty big drop, so the sector […]

Leave a Comment Continue Reading →