Singapore's fourth public-funded university, which is scheduled to open its doors in 2011, has been named the Singapore University of Technology and Design (SU). Its founding president is Thomas Magnanti, who is an institute professor with the Massachusetts Institute of Technology (MIT). He was also the former dean of the Engineering School there. Prof Magnanti's appointment was announced by the new...
2009
Property developer Far East Organization is banking on local culture to grow its new hospitality brand. Under its new concept, Village Hotels & Residences, it aims to provide guests with a taste of the local culture in the surrounding community. And Far East is hoping to add 15 new overseas properties under the brand in the next five years, in markets such as China, Indonesia, Malaysia and...
A commercial redevelopment site at Thomson Village has been offered for sale by tender. Real estate services firm and sole marketing agent CB Richard Ellis (CBRE) said the site, located off Upper Thomson Road, has an approximate area of 13,387 square feet. It comprises eight strata-titled commercial units and a piece of vacant land, with an asking price of S$24 million. CBRE said: "Based upon a plot...
Singapore has set up a new council to help accelerate the "greening" of buildings in Singapore. Buildings in the city-state are the second largest guzzlers of electricity - after the industrial sector. But this is also the area where energy use can be easily reduced. A UN study has concluded that energy consumption in new and old buildings can be lowered by 30 to 50 per cent without significantly...
Starhill Global REIT today announced a distributable income $18.3 million for 3QFY2009, 7.8% higher than the $17 million in 3QFY2008. Post rights issue, Distribution Per Unit (DPU) for the period from Jul 1 to Sept 30, 2009 was 0.95 cents, 6.7% higher compared to the adjusted 0.89 cents achieved for the previous corresponding period. On an annualised basis, the latest distribution represents a yield of...
Ascott Residence Trust (Ascott REIT) says it achieved a unitholders’ distribution of $11.8 million and DPU of 1.92 cents for the quarter ended Sept 30, 2009. Ascott REIT’s annualised distribution yield is 6.7% based on the closing price of $1.09 per unit on October 27, 2009. Lim Jit Poh, Ascott Residence Trust Management Limited’s (ARTML) Chairman, says: “The severe challenges posed by the global...
The S$4-billion Marina Bay Financial Centre mega project is on target despite the global downturn. In a year, phase one of the Marina Bay Link Mall under the Centre will be up and running, with tenants moving into the offices above. Raffles Quay Asset Management (RQAM), who has revealed plans to make the 176,000-square-foot mall a place to "Shop, Dine and Play", said the response rate has been...
Property giant CapitaLand said on Tuesday it posted its smallest decline in net profit in a year. It said its third quarter net profit after tax and minority interests for the period ended September stood at S$281.3 million, down 33 per cent compared to the S$419.4 million earned over the same period last year. CapitaLand said the decrease was mainly attributed to lower divestment gains this year. In...
Suntec Real Estate Investment Trust (Suntec REIT) says it achieved a distribution income of $47.74 million for the period Jul 1 to Sept 30 FY09, which was 8.8% higher compared to the quarter ended Sept 30 2008 (3Q FY08). The DPU of 2.921 cents for the quarter was 2.3% higher year-on-year. Suntec REIT achieved gross office revenue of $28.7 million for the quarter, which was 7.9% higher than in 3Q FY08,...
Hong Leong Holdings said it plans to build a unique residential development on a land parcel at Serangoon Avenue 3. The developer said the project will be cutting edge in both design and concept. It will feature over 400 units, which will be sized according to the needs of customers within the area. The 99-year leasehold site has a permissible gross floor area of about 418,000 square feet. The company...