Archive | November 20, 2007

Fifteen Balestier terrace houses sold for $61m

Buyer pays $739 ppr, a record for freehold residential land in vicinity A ROW of 15 terrace houses in Jalan Bunga Raya have been sold for $61 million or an all-up unit land price of $739 per sq ft per plot ratio (psf ppr) – a record for freehold residential land in the Balestier/Novena area. […]

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Orchard Road prime rents 4th highest in Asia

ORCHARD Road prime rents have hit US$325 psf per year, making it the world’s 14th most expensive area for shopkeepers. By contrast, annual prime rents for sites on New York’s Fifth Avenue are US$1,500 psf, or US$922 for sites on the Avenue des Champs Elysees, in Paris. Orchard Road is also the fourth most expensive […]

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Ginza Plaza to get $26m facelift

It will be redesigned by DP Architects and renamed West Coast Plaza FAR East Organization will spend $26 million updating the 16-year old Ginza Plaza shopping mall. The mall, which will be renamed West Coast Plaza, is expected to be ready for business in the third quarter of 2008. Vivienne Tan, president of Far East […]

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Lippo-Mapletree trust falls 3.1% in market debut

(SINGAPORE) Shares of property trust Lippo- Mapletree Indonesia Retail Trust started trade yesterday at 77.5 cents in their Singapore stock market debut, down 3.1 per cent against the issue price of 80 cents a unit. The units closed yesterday at 68 cents, down 12 cents or 15 per cent from the initial public offer (IPO) […]

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Amber Residences condo a hit

70 units snapped up within hours during private preview at $1,650 psf average MORE than 70 of the 114 units at Voda Land’s Amber Residences in Amber Road were snapped up within hours during a private preview on Sunday at an average price of $1,650 per square foot (psf), the agency marketing the project said […]

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MTI raises ’08 forecast for ‘hotter’ economy

Easing resource crunch, cyclical downturn will prevent overheating: officials (SINGAPORE) The Ministry of Trade & Industry has raised slightly its forecast of GDP growth in 2008, but maintains that the economy has not become ‘too hot’. In a somewhat unusual move, it has upped the 2008 growth forecast by half a point to 4.5-6.5 per […]

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Asia faces the inflation test

As long as economic policymakers act responsibly and transparently, Asia can avoid excessive price increases By WILLIAM PESEK JR ASIANS sure are unique; they don’t eat and they don’t use energy. That’s nonsense, of course, yet it’s how some are viewing Asia. Even as prices rise faster in some places than during the 1990s, investors […]

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China supports strong US dollar, says official

Beijing hopes for an orderly solution following recent market turbulence (CAPE TOWN) China supports a ‘strong dollar’ because it would be conducive to fostering a healthy global economic system, the country’s central bank governor Zhou Xiaochuan said yesterday. Speaking to reporters, Mr Zhou said that Beijing hoped for an orderly solution following recent market turbulence […]

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Crude prices rise on weakening greenback

Dollar’s decline has prompted investors to switch funds into gold, silver and oil (LONDON) Crude oil prices rose on speculation the weakening US dollar will spur demand for the commodity from buyers holding other currencies. The dollar’s 10 per cent decline this year has prompted investors to switch funds into gold, silver and oil. Saudi […]

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Consumer prices could rise by up to 4.5% next year: MAS

Central bank sticks to policy of letting Sing$ strengthen gradually, modestly PRICE pressures ranging from rising oil prices to a squeeze on resources at home, are likely to push consumer prices up by 3.5 to 4.5 per cent next year, after rising by about 2 per cent this year. Singapore’s central bank announced its new […]

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SELLDOWN IN FINANCIAL FIRMS – Wall St plunges on Citi, economic worries

NEW YORK – STOCKS in the United States slid yesterday as a brokerage downgrade of Citigroup sparked a selloff in financial services companies on concerns about credit losses and the housing slump. Goldman Sachs cut Citigroup to ‘sell’ and said the bank may have to write off US$15 billion (S$21.8 billion) over the next two […]

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