Three consortiums have submitted tenders to build Singapore's permanent racing track in Changi. The Singapore Sports Council (SSC) had called for tenders in March and the bidding closed at 4pm on Thursday. The three consortiums are SG Changi Pte Ltd, Singapore Agro Agriculture Pte Ltd and Sports Services Ltd. The bids include designing, building, financing and managing the Changi Motorsports Hub...
2009
The first phase of Marina Bay Financial Centre is now 67 per cent pre-leased ahead of its completion in the second quarter of next year. This phase includes Tower Two and the fully pre-leased Tower One. The latest tenant at the location is Servcorp, a serviced and virtual office provider. In a statement, Raffles Quay Asset management said Servcorp's seven-year lease will start next year. Servcorp will...
Singapore-listed Chinese property developer Pan Hong said Thursday it will receive compensation for a delay in the handover of a land parcel that it bought. The firm said it will receive 4 million yuan (about S$846,000) from authorities in China's Fuzhou city due to the delay. Pan Hong had bought the rights to the Fuzhou site in 2007 at a cost of 200 million yuan. But an unspecified delay on the...
Mainboard-listed Saizen Reit said Thursday it has made a loss of 183 million yen (about S$2.76 million) in the fourth-quarter ended June. Net property income for the period came in at 708.6 million yen. That is a 12 per cent increase in net property income as compared to the same period last year. The trust, which focuses solely on Japanese property, has recommended the suspension of distribution since...
OVERNIGHT queues, balloting, midnight crowds - these dramatic scenes at the Optima condominium at Tanah Merah recently were precursors to the 270 apartments selling out in three days, and fuelling concerns that a property bubble may be brewing in Singapore. Industry players have largely shrugged off such concerns - attributing the recent property effervescence to pent-up demand, peak public housing...
Wing Tai Holdings has booked a sharp drop in annual earnings. Net income for the year ended in June came in at S$21 million, down by some 90 per cent on-year. The bottomline was dragged lower by fair value losses on investment properties. Meanwhile, its revenue climbed by 18 per cent to S$428 million. With the residential property market showing signs of a pickup in recent months, Wing Tai Holdings took...
A developer has committed to bidding at least S$83.7 million for a residential site at Serangoon Avenue 3. The 1.39-hectare land parcel is located near Lorong Chuan MRT station and Nanyang Junior College. The 99-year leasehold site has a maximum permissible gross floor area of close to 39,000 square metres. The Urban Redevelopment Authority will launch the tender for the site in about two weeks under...
Mainboard-listed Fortune REIT is launching a HK$1.9 billion or about S$352.6 million rights issue to expand its operations. The REIT will issue about 825 million units in the one-for-one rights offer. The price of HK$2.29 per unit represents a 44 per cent discount to the last traded price of HK$4.10 per unit. Fortune REIT said about HK$1.6 billion of the total amount raised will be used to buy three...
Homes in the primary market, or new ones sold by developers to owners, traditionally cost five to eight per cent more than those in the secondary or resale market. But this gap is growing to between 10 and 20 per cent as the Singapore property market heats up. Developers have sold more than 10,000 new private homes to date in 2009, more than double the total in 2008. And while sales in the secondary...
Fashion retailer FJ Benjamin said it will open three new outlets at the upcoming Marina Bay Sands integrated resort. It plans to bring US brand Guess, lingerie giant La Senza and the company's own fashion label Raoul to the new Marina Bay Sands Shoppes mall when it opens early next year. FJ Benjamin said it is also considering opening stores for several other brands within its portfolio of apparel...