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Singapore Power Building sold

The 17-storey Singapore Power Building on Somerset Road has been sold. Pacific Star Group did not disclose the price it paid but it is believed to be close to S$1 billion. The property group described the transaction as a landmark deal and one of the largest commercial real estate deals transacted in Singapore to date. It is planning a makeover of the 30-year-old property. Part of the plans will be to...

OCBC’s Q4 net profit down 16% to $428m

Singapore's Oversea-Chinese Banking Corp (OCBC) said Thursday its fourth quarter net profit fell 16 percent from a year ago in the absence of one-time gains and higher expenses offsetting strong revenues. Net profit was S$428 million compared with S$510 million a year ago when it was bloated by divestment gains. Revenue totalled S$1.08 billion, up 19 percent from the same period last year, the bank said...

UOL posts 134% jump in full-year profit to record S$759m

Property developer United Overseas Land (UOL) has more than doubled its profit for 2007, helped by a S$590.5 million gain from investment properties. Net earnings jumped 134 percent to a record S$759 million, boosted by higher income from property development, quoted investments, property investments and hotel operations. Revenue rose 18 percent to S$709 million. The group benefited from the progressive...

CapitaLand sues 4 Gillman Heights Condo owners for breach of contract

Capitaland is suing the owners of four units of Gillman Heights condominium for breach of contract. It is also seeking unspecified damages. The owners, who belonged to a majority group, had agreed to sell their units in a collective sale agreement with CapitaLand in February last year. CapitaLand is paying S$548 million for the 607-unit estate and the deal has also received the approval of the Strata...

Hock Lian Seng wins circle line Marina Bay station contract

The civil works contract (C901) for the Circle Line Marina Bay Station has been awarded to Hock Lian Seng Infrastructure (Pte Ltd). The S$348.4 million contract is for the construction and completion of the Circle Line Marina Bay Station and tunnels. It includes alteration and addition works to the current North South Line (NSL) Marina Bay station, diversions of the East Coast Parkway and demolition of a...

Investment growth in Asia marches through US recession concerns

Asia will continue to attract strong investments this year despite the uncertain global economic outlook, according to some participants at the 9th Annual Investment Management Association Singapore Conference on Tuesday. They expect investment vehicles such as venture funds and private equity to pick up in 2008. Asia has seen a sharp change - from a positive global economic outlook in 2007 to one of...

Unsolicited offers for MMP REIT; trust manager to conduct review

There has been a number of unsolicited offers for Macquarie MEAG Prime (MMP) REIT, and one of them involves buying 100 percent of MMP REIT units and taking the trust private. The trust's manager, Macquarie Pacific Star, says it will now conduct a strategic review of the trust to maximise value for its unit-holders. MMP REIT has been trading at a substantial discount to its net asset value of S$1.61 a...

Holland Hills en bloc sale will go ahead

A last-ditch attempt by Dynamic Investments to thwart the Holland Hills Mansion en bloc sale was over in less than 20 minutes yesterday. In a Court of Appeal hearing, three judges, including Chief Justice Chan Sek Keong, upheld last October’s High Court ruling that the Strata Titles Board had approved the $292-million sale in good faith. The issue in contention was the board’s approval of the sale...

Owner who objected to Holland Hills Mansion en bloc sale loses appeal

Dynamic Investments, which owned the largest unit of Holland Hills Mansion, had tried to appeal against the Strata Titles Boards’ (STB) approval of the S$292 million sale, but its case was dismissed by the Court of Appeal on Tuesday. Dynamic Investments had argued that although the sales committee followed the guidelines set down by the Singapore Institute of Surveyors and Valuers, it did not assess if...

Singapore still competitive compared to HK despite higher personal taxes

Singapore remains competitive in attracting key top talent despite the government's decision to keep personal income tax rates unchanged, according to tax experts. However, they say Singapore may be losing ground on the non-tax advantages it has been banking on, such as housing and education. The persistent air pollution in Hong Kong has sent expatriates to Singapore's shores. That is despite Hong Kong...

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