By TEH HOOI LING SENIOR CORRESPONDENT THE science of numbers has developed quite a bit since June 1955, when a new quiz show called The $64,000 Question made its debut on American television. The show was a hit. It captured as much as 85 per cent of the viewing audience and spawned dozens of copycat […]
Archive | November 24, 2007
Inflation rises with policy posers in tow
Analysts expect swift counter-measures as monthly numbers climb to a 16-year high (SINGAPORE) The need for further policy action to stem price pressures – sooner rather than later – has grown with an unexpected surge in October’s inflation rate to 3.6 per cent, economists say. The market consensus estimate was 2.8 per cent. ‘We thought […]
Top Stories for Front Page – Market sticks to singing the US sub-prime blues
STI loses 115 points for the week reinforced by rising oil price and weak US$ LOCAL stock market investors must by now have grown tired of hearing about the US sub-prime mortgage market, collateralised debt obligations (CDOs) and what the US Federal Reserve might or might not do on interest rates. Unfortunately, like it or […]
HK billionaire on the hunt for bargains
Now is the time to get back into stocks: Lee Shau Kee (HONG KONG) Billionaire investor Lee Shau Kee, sometimes nicknamed Hong Kong’s Warren Buffett, said that he spent more than HK$1 billion (S$185 million) in the stock market on Thursday as the first salvo in a HK$10 billion bargain hunt. ‘Now is the right […]
CLOSING MARKET REPORT – Wall St lifted higher by retailers, banks
NEW YORK – US stocks rebounded on Friday in an abbreviated session as the start of holiday shopping lifted retail stocks, while progress in a plan to relieve the credit market’s strain aided bank shares. Shares of JPMorgan Chase, Bank of America and Citigroup all rose more than 2 per cent. The three banks, spearheading […]
October inflation hits 16-year high of 3.6%
Figure surprises economists, who say Govt may do more to cool economy CONSUMER prices rose at their fastest pace in 16 years last month as food, housing and transport costs all accelerated their rate of increase. Inflation hit 3.6 per cent, resuming an upward trend after September’s 2.7 per cent breather. Yesterday’s figure caught out […]
4 office floors at The Arcade put up for sale
ALMOST 18 per cent of The Arcade at Raffles Place comprising four floors have been put up for sale through an expression of interest exercise, and the indicative price range is between $80 million and $90 million. Based on the indicative price, the unit price for the 32,120 sq ft of space is between $2,500-$2,800 […]
Koh Brothers buys 2 Shell kiosks for $19.6m
It aims to use one site for condo, other for hotel project KOH Brothers has bought two petrol kiosks from Shell – one in Bukit Timah and the other in Changi – for close to $19.6 million. The first site, at 383 Bukit Timah Road, is next to Koh Brothers’ freehold serviced apartment complex, Alocassia […]
Topshop to open China store next year
(SHANGHAI) British fashion retailer Topshop plans to open its first China store early next year, following rivals such as Inditex’s Zara and Hennes & Mauritz AB in setting up shop in the world’s fastest growing major economy, sources familiar with the situation said yesterday. Topshop had signed a deal to rent space in the Shanghai […]
Shimao to shun debt markets for up to a year
(HONG KONG) Shimao Property Holdings Ltd, a developer owned by Chinese billionaire Hui Wing Mau, said it will shun debt markets for up to a year as yields on its dollar bonds rose to a record. The Hong Kong-listed company doesn’t plan to sell foreign- currency bonds or convertible debt in the next six to […]
Japanese Reits likely to be takeover targets
Those trading at less than their net asset value are likely to be bought out (TOKYO) Japanese real estate trusts and asset managers may be ripe for takeovers after share prices plunged and stricter compliance guidelines raised costs, said property managers including a local real estate executive at Morgan Stanley. Regulations to boost investor protection […]
India’s retail rents rank 16th most expensive
Khan Market in New Delhi the most costly at 950 rupees psf a month IN NEW DELHI INDIA has been ranked the 16th most expensive global retail ‘high street destination’ by a prominent real estate consultant. According to the report Main Streets Across the World 2007 by Cushman & Wakefield, Khan Market, located near the […]
CapitaLand sets up $880m India property fund
CAPITALAND, South-east Asia’s biggest developer, yesterday said that it has successfully established its first India private property fund with a fund size of $880 million. The company first announced the fund – CapitaRetail India Development Fund – in July. The closed-end private fund has the mandate to invest in retail mall developments in India. CapitaLand […]
Australian poll largesse risks high rates, inflation
(SYDNEY) Generous promises from Australia’s two main political parties ahead of tomorrow’s general election have stoked fears that interest rates, already at the highest in a decade, may go up even further than the market anticipates. Financial markets are pricing in a rate rise early next year, but analysts say investors might have to factor […]
ADB warns sub-prime fallout could get worse
Financial volatility, repricing of credit risk may lead to capital flight: report IN TOKYO FALLOUT in Asia from the US sub-prime mortgage crisis, through financial and other channels, may prove heavier than expected, the Asian Development Bank warned in a report published yesterday. This came as a Bank of Japan Policy Board member cautioned that […]
Reception for IPOs cooling as market sentiment dives
Poor debuts by recent listings fail to dampen plans by at least five firms to go public soon THE investing public’s appetite for new listings has turned sour amid the current stock-market turmoil. But the recent rocky reception for several initial public offerings (IPOs) has not deterred several more firms from making plans to list […]
CapitaLand opens business school as CEO launches book
PROPERTY giant CapitaLand has opened its own business school at a heritage building in Sentosa. Yesterday, chief executive Liew Mun Leong also used the venue to launch a book that is a compilation of nine years of e-mail messages to his staff, written mostly on Sundays. The developer spent $10 million to renovate the building, […]
US sub-prime losses may reach $434b, says OECD
Organisation says worst is not over and credit turmoil could wreak more havoc on markets LONDON – OVERALL losses caused by the United States mortgage market crisis could feasibly hit US$300 billion (S$434 billion), and the broader credit crunch could yet inflict greater damage on equity markets, the OECD said. ‘Thus far, equity investors seem […]
US sub-prime woes ‘should not deter Asian bond growth’
ASIAN bond markets must continue to grow and develop, even though it was their relative lack of sophistication that spared them from the worst of the United States sub-prime crisis. A conference on regional bonds in Singapore yesterday heard that the highly complex financial products used by American and European banks are still not that […]
Jack Investment raises Iluma project cost
Entertainment, retail mall bill to soar to $160m from $100m JACK Investment, which won the tender to build a retail and entertainment mall on a site opposite Bugis Junction in 2005, has revised its projected total investment cost from $100 million to $160 million. Project director Lim Swee Teck said that Jack Investment intends to […]
Hot market smokes out solo land sites
19 single-owner plots worth $1.05b sold this year (SINGAPORE) With the property market running hot, it is not just collective sales that have ballooned. Over the past two years, more residential land sites owned by single owners were sold as well. So far this year, 19 residential sites owned by single owners and worth some […]
Credo Real Estate sells 5 adjacent developments in en bloc package
Five developments with total site area of 74,355 sq ft sold to KSH for $120m FIVE in one fell swoop – taking collective sales to the next level is Credo Real Estate, which has just managed to sell a package of five neighbouring residential developments to a single developer for $120 million. The five developments, […]
SINGAPORE INTERNATIONAL – Big market in projects from int’l agencies
S’pore firms can grow their overseas businesses and leverage on the IOs’ facilities Many Singapore companies do not realise how big the market is for projects awarded by international organisations (IOs) like the Asian Development Bank (ADB) and World Bank. The World Bank and ADB jointly award about US$31 billion of business projects annually through […]
Average Grade A office rents here on par with HK
But top rents in HK are 1.8 times higher than in comparable buildings here AVERAGE island-wide Grade A rents are currently just a shade under those of Hong Kong, but the highest rents achieved by Hong Kong Grade ‘AAA’ office buildings are still about 1.8 times higher than the top rents achieved in comparable buildings […]
Viet firm to raise funds for 11 projects
(HANOI) Saigon Thuong Tin Real Estate Joint-Stock Co, part of the same group as the only bank listed on the Ho Chi Minh City Stock Exchange, will sell bonds and shares this year to raise capital for investments. The Ho Chi Minh City-based property developer aims to raise funds for 11 property projects, Dang Hong […]
World’s most expensive office rentals in London, Mumbai
Singapore rents grew the fastest at 83%, says survey by CB Richard Ellis (SEATTLE) London and Mumbai tenants paid the most for high-quality offices this year, while Singapore rents grew the fastest as economic growth lured international banks to Asia, said CB Richard Ellis Group Inc, the world’s largest commercial real estate broker. London’s West […]
Lone Star to sell Japanese hotel operator Solare
(TOKYO) Lone Star has hung a for sale sign over its Japanese hotel operator Solare Hotels and Resorts Co Ltd, sources familiar with the matter said, in a deal which could raise 150 to 200 billion yen (S$2.6 billion). The US investment fund has engaged real estate services firm Jones Lang LaSalle to handle the […]
Dubai developer Damac to invest US$5b in India
It will build houses, offices, shops in Mumbai, New Delhi, Hyderabad, Bangalore (MUMBAI) Damac Properties, a closely held developer based in Dubai, plans to invest as much as US$5 billion in India over the next three years as a booming economy spurs demand for real estate. The developer will construct houses, offices and shops in […]
China needs to levy property tax: official
(BEIJING) China should levy a general property tax to discourage speculation and rein in runaway real estate prices, according to a member of the central bank’s monetary policy committee. Fan Gang’s comments in the latest issue of a Chinese Academy of Social Sciences magazine echo concerns voiced this week by Premier Wen Jiabao that China’s […]
Bankers bought fewer luxury London homes in past 4 mths
(LONDON) Bankers and money managers purchased fewer luxury homes in central London in the past four months as turmoil in the credit markets escalated, real estate broker Savills plc said. Purchases of homes costing £2 million (S$6 million) to £4 million by financial services employees declined almost 26 per cent between August and last week, […]
Ascott buys another KL serviced residence
THE Ascott Group is adding another serviced residence in Kuala Lumpur – its sixth property in Malaysia. The group said yesterday it has signed a conditional agreement to buy a 208-unit serviced residence from HSC Properties (HSCP) for RM112.5 million (S$48.3 million). The property will be named Somerset Ampang when it opens in the first […]
US commercial property sales down 70% in Oct
But report says the five-year bull run may not be over (NEW YORK) US office building sales fell 70 per cent in October from a year earlier, yet another sign the credit crunch that began in the US housing market has spread to the commercial real estate market, Real Capital Analytics said on Tuesday. But […]
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