Senior Minister Goh Chok Tong said on Sunday Singapore has got its economic basics right so even in the face of a looming US recession, the country can cope. And it can also depend on the critical growth in China and India. He was speaking in an interview with South Korea's Arirang TV in Seoul. He said Singapore with its good budget, good economy and strong fundamentals can weather a US recession, even...
General
The sub-prime crisis in the United States has not affected investment flows within ASEAN countries. Trade and Industry Minister Lim Hng Kiang who was responding to a question from MP for West Coast GRC Ho Geok Choo, in Parliament on Monday, said feedback from companies show interest within the region remains strong. As at 2006, the total foreign direct investment (FDI) from other ASEAN countries to...
The High Court on Monday dismissed an application by three devotees of the Jing Long Si Temple. The devotees had initiated proceedings to declare that the government's acquisition of the temple site had violated the Constitution. The three devotees had initiated proceedings on January 16 this year, and the case was heard in chambers on January 29. The Court said the devotees had no standing to make the...
It is time to raise the income ceiling for first-time buyers of subsidised public housing, says MP for Holland-Bukit Timah GRC Christopher De Souza. This, he feels, will also help ensure a more equitable distribution of the Budget surplus. Speaking during the Budget debate, Mr De Souza pointed out that it has been 14 years since the HDB last increased the monthly income ceiling for buyers of new flats,...
National Development Minister Mah Bow Tan said the postponement of up to S$3 billion worth of public construction projects will not affect housing estate upgrading programmes. As for new flats offered in mature estates being many times oversubscribed, Mr Mah said the HDB is already ramping up its building programme. At a community event on Sunday, the minister also gave the assurance that his ministry...
So when will freehold condo prices fall to match those of leasehold? FREEHOLD condominium ownership is no longer forever in Singapore, yet the myth of freehold property being held in perpetuity and resultant higher pricing linger on. While it may seem like Singaporeans will have a hard time letting the myth go, it may only be a matter of time until logic overcomes emotion and premiums for freehold condos...
Southeast Asia's biggest property developer CapitaLand has reported record earnings for the fourth year in a row. Net income for 2007 came in at better than expected S$2.8 billion, almost three times higher compared to the previous year. The jump was due to robust growth in its key markets of Singapore, China and Australia as well as fair value gains on its portfolio. CapitaLand expects Singapore's...
Wheelock Properties said its full year 2007 profit jumped nearly six-fold to S$218 million. The improvement was fuelled by changes in fair value on its investment property. Revenue rose 44 percent to S$189 million. Wheelock remains upbeat about its strong financial position. For the financial year 2008, Wheelock will recognise the remaining profits from its property developments - The Sea View and The...
Round-the-clock work is underway to make sure the S$500 million (US$356 million) University Town at the former Warren Golf Course is completed in time for the Youth Olympic Games in August 2010. The University Town will be the Athletes Village for some 3,500 young athletes during the inaugural Games. But hardware aside, the National University of Singapore (NUS) is also planning an array of activities to...
Office rents in Singapore are likely to rise at a slower pace this year, even as supply, especially in prime areas, remains tight. Robust demand for grade A office space by financial institutions and other companies will still contribute to overall rental growth, but it would not match the upward spiral seen last year, said property consultants. “A variety of factors indicate a slower pace of rental...