Archive | November 1, 2007

Two 99-year sites up for collective sale

Chancery Court, Thomson View tenders likely to close in early Dec (SINGAPORE) Chancery Court and Thomson View Condo, both 99-year leasehold properties, are being put up for collective sale, with respective guide prices of $468 million and $550 million. Chancery Court, a privatised HUDC estate on a choice location along Dunearn Road, has been launched […]

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Park Hotel Group opens Kunming hotel today

SINGAPORE-BASED Park Hotel Group has added the five-star Harbour Plaza hotel in Kunming, China to its portfolio. The hotel, one of the best in Kunming, has been renamed Grand Park Hotel Kunming and begins operations today. It has a total of 300 rooms and suites, all with broadband access. Facilities at the hotel, which is […]

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Brisk sales at newly-launched suburban projects

Analysts looking to see effect of scrapping of deferred payment UIC Ltd is launching its 192-unit Park Natura development across from Bukit Batok Nature Park, and market watchers will be eager to see how sales will be affected by the US sub-prime mortgage crisis or by the withdrawal of the deferred payment scheme (DPS). So […]

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Atrium @ Orchard could fetch over $1b: analysts

Govt expected to put property up for sale with fresh 99-year lease SINGAPORE Land Authority is putting up The Atrium @ Orchard for sale, BT understands. Market watchers say the property is expected to fetch over $1 billion. They reckon the Orchard Road property, which will be sold with a fresh 99-year lease, could fetch […]

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Singapore is Asia’s most competitive economy

WEF report ranks it No 7 globally, overtaking Japan; another seven Asia-Pacific countries among top 30 (SINGAPORE) Singapore has overtaken Japan to become the most competitive economy in Asia, according to a World Economic Forum (WEF) report. The Global Competitiveness Report (GCR) 2007-2008, which was released yesterday, ranks Singapore at No 7 in the world […]

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Banks lend big for property and share investments

Share financing grows a thumping 74.8% over the year (SINGAPORE) Bank loans to the property sector in September grew at the fastest annual pace in nearly eight years, according to new data released yesterday. Meanwhile, lending by banks to individuals to buy shares rebounded to its highest level since end-July, when the recent financial market […]

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COMMENTARY – Even the experts can get it so badly wrong

History is replete with heavy trading losses that were all too easily incurred WITHIN less than a fortnight, two Singapore shipbuilders have announced massive currency trading losses. How and why these losses were incurred will surface only after investigations have been conducted. However, history is replete with financial case studies of how heavy trading losses […]

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Mitsubishi Estate earnings down 14% in first half

(TOKYO) Mitsubishi Estate, Japan’s largest developer by market value, said first-half profit fell 14 per cent on rising costs at its office and commercial building segment and declining sales from development. Net income was 25.4 billion yen (S$320 million) in the six months to Sept 30 from 29.4 billion yen a year earlier, the Tokyo-based […]

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UK counting cost of housing ills

Run on Northern Rock signals boom may be ending (LONDON) Nick Collins, an independent London real estate broker who has had record profits every year since 2003, took a hit in September – and that may be bad news for a UK economy built on a housing bubble. Five of his 50 buyers pulled out […]

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Australian building approvals rise in Sept

The number of approvals gained 6.8% to 13,710 from August (SINGAPORE) Australia’s home-building approvals rose almost seven times as much as forecast in September as a housing shortage and rising rents encouraged investors to buy property. The number of approvals to build or renovate houses and apartments gained 6.8 per cent from August to 13,710, […]

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Sovereign funds pose little risk to the world

UK Chancellor Alistair Darling doesn’t like them. Italian Prime Minister Romano Prodi and European Union Trade Commissioner Peter Mandelson don’t either. Sovereign wealth funds, the huge pools of capital built up by a small group of mainly oil-rich nations to invest their assets around the world, are becoming very unpopular. As the funds grow in […]

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Why the US dollar party may yet end…

… And why the Singapore dollar is the investment holding currency of choice FOR all the foolish chatter about an ‘unprecedented’ meltdown, the ongoing CDO (collateralised debt obligations) crisis is but a re-run of a regular occurrence in the banking industry: that of a cycle of extremely poor credit decisions by professional lenders, in this […]

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Won, pound latest stars of US$ slide

IT WAS the turn of the British pound and the Korean won to stand out in Asian currency trading yesterday, as the US dollar continued its slide to new multi-year lows in anticipation of another US interest rate cut. After the sharper-than-expected fall in US consumer confidence for October reported overnight, traders are fearful that […]

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Govt won’t let space crunch hinder finance hub ambitions

THE space crunch that has hit the office sector and sent rents soaring will not be allowed to derail Singapore’s aim to be a key financial centre. The pledge came from National Development Minister Mah Bow Tan, who also pointed out that the tight supply – itself a factor of the booming economy – provides […]

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