The tender for an industrial site at Playfair Road has attracted strong bids. There were 12 bids for the 8,600 square metre site. The highest bid of S$33 million was submitted by Trio Link Development. It works out to about S$142 per square foot per plot ratio. According to property consultants CB Richard Ellis, this was the highest bid ever for a 60-year leasehold industrial site. The Playfair Road...
February 2008
Singapore's economy is expected to grow by 4 to 6 percent this year, down from the previous forecast of 4.5 to 6.5 percent. The downward revision is the result of deteriorating external economic conditions and greater downside risks, said the Trade and Industry Ministry, in a report on Thursday morning. According to the report, current conditions suggest that the US will likely enter a mild recession in...
Some two years after Warwick University's unsuccessful attempt at setting up a campus here, another United Kingdom tertiary institution — Queen Margaret University (QMU) — is ready to open its doors in April. The QMU Asia Campus is a joint venture between the East Asia Institute of Management and QMU, Edinburgh — the product of a seven-year collaboration and the university's first offshore...
Fraser and Neave (F&N) has delivered a 33 per cent rise in first quarter profit to S$103 million. It attributed the strong performance to contributions from its property developments, including the Soleil @ Sinaran project in Singapore and other overseas projects. Revenue for the first quarter rose 19 per cent year-on-year to S$1.3 billion. F&N also plans to launch the sale of two other projects...
Sembawang Engineers and Constructors has won a S$400 million contract to build the North Podium of the Marina Bay Sands integrated resort. The podium, which will have four upper levels and four basements, will house the casino, theatres and a retail arcade. Construction work will start this month and expected to be completed by April 2009. The company is also building the new Downtown Line Bayfront MRT...
Singapore’s economy expanded 5.4 percent on-year in the fourth quarter, falling short of the advance estimate for 6.0 percent growth, said the Ministry of Trade and Industry in a statement. Singapore’s gross domestic product fell 4.8 percent in the fourth quarter from the third on a seasonally adjusted and annualised basis compared to an initial estimate for a 3.2 percent decline. The economy...
GIC Real Estate has bought a 40 per cent stake in Finland’s fifth largest modern shopping centre, Iso Omena, for 132 million euros or about S$270 million. The seller, Citycon, will continue to own the remaining 60 per cent of the mall. Citycon will also continue to manage the shopping centre in Helsinki. Iso Omena has a total lettable area of over 61,000 square metres. Both Citycon and GIC RE have...
Singapore has moved up 10 spots to become the world’s seventh most expensive office location. According to Cushman & Wakefield’s global ranking, prime office rents shot up 78 percent in Singapore last year. The property consultancy expects demand for office space from companies across most industry sectors to remain strong this year against a tight supply till 2010. Cushman is predicting that...
Construction of the Downtown Line began on February 12 and the Land Transport Authority (LTA) said it will decide where to build future stations for the new line after looking at commuter traffic. Besides the Chinatown Station, the first phase will consist of another five stations. But for the other 27 stations, which fall under phases two and three, the LTA has yet to finalise their locations on the...
Standard Chartered Bank is investing S$206m in a new office building in Changi Business Park in Singapore. The new building will house the bank's back-end operations and a global learning centre, and will be completed in 2010. This makes Standard Chartered the latest financial institution to relocate part of its operations to Changi. DBS, Citibank and Credit Suisse have made similar announcements. The...