In light of the ongoing sub-prime mortgage crisis in the United States, major global agencies have relooked their forecasts for this year. According to the latest World Economic Report, the International Monetary Fund (IMF) is predicting a 3.7 percent growth in the global economy this year - down from a 4.9 percent expansion in 2007. The IMF has also downgraded its growth projections for Singapore by...
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In the first half of this year, 12 sites will be made available for hotel development. National Development Minister Mah Bow Tan said these sites would potentially yield another 6,000 rooms which Singapore needs to meet growing demand. Mr Mah was speaking at the official opening of the six-star St Regis Singapore on Sunday, where 1,000 of Singapore's Who's Who attended the event. At St Regis, butler...
Ascendas Real Estate Investment Trust (A-REIT) has posted a 14.3 percent rise in full-year earnings to S$187.3 million. Revenue jumped by 13.9 percent to S$322 million. A-REIT has also reported strong occupancy rates for its portfolio. Overall occupancy rates stood at 98.4 percent at the end of last month. The industrial trust said organic growth and investments will continue to be the main income...
Broadcasting and radio communications firm Rohde & Schwarz has said Asia will be the source of technological innovations in the future, and that is why it has set up its first regional headquarters outside Germany in Singapore. Research and development (R&D) will be the focus of Rohde & Schwarz's new regional headquarters in Changi Business Park. The communications firm said this is its...
The University of Adelaide plans to make its campus in Singapore its second largest within two years. By 2010, its student numbers will be doubled. The University made this announcement at a dinner on Friday. The event was held to celebrate the 10th anniversary of its educational partnership with Ngee Ann Kongsi. Professor John Taplin, Pro Vice-Chancellor, University of Adelaide, said: "The University...
But don't expect prices to fall, say analysts IN another sign of a lull in the private residential property market, developers managed to sell only 795 new homes in the first three months of this year — a hefty 46 per cent decline from the fourth quarter of last year. "This was the second lowest quarter of developer sales since the Sars-stricken quarter" in the first three months of 2003, said DTZ...
COMPLAINTS against real estate agents are rising. According to the latest statistics, more than 1,000 reports have been lodged with the Consumers Association of Singapore and the Inland Revenue Authority. I am puzzled why little has been done to eradicate the presence of unethical agents who offer wrong advice and short-change buyers and sellers in a booming sector. It is time the industry is...
OCBC Bank said it does not expect further impairments on its exposure to collaterised debt obligations (CDOs). Chief Executive David Connor made that comment at the bank's annual general meeting on Thursday. So far, 85 percent of the bank's CDOs have been marked-to-market, with provisions made for. OCBC said it does not expect any impairment losses from the remaining 15 percent. Concerns were raised...
THE Housing and Development Board (HDB) received 5,700 applications for 490 flats in its final bi-monthly sale of four-room and larger units that closed on Wednesday. Bi-monthly sale exercises attract more applicants and a higher take-up rate, as the flats on offer are either completed or nearing completion, said the HDB. But with the progressive clearance exercises of unsold flats, fewer units are left...
Investment sales level in the Singapore property market in the first quarter of 2008 was similar to that in the fourth quarter of 2007 despite deepening concerns regarding the US economy. A report by DTZ Debenham Tie Leung said a total of S$8.4 billion worth of transactions was concluded, a slight increase of one per cent quarter-on-quarter. The office sector was the best performer with S$3.4 billion in...