The Housing and Development Board (HDB) is reviewing the eligibility criteria for the Public Rental Scheme. National Development Minister Mah Bow Tan said this is to ensure that the heavily subsidised rental flats are targeted at those who are genuinely poor and without other housing options. More details on the review will be announced when ready. Mr Mah disclosed this in a written answer to a question...
General
DBS Group, Southeast Asia's biggest bank, said on Friday its fourth quarter net profit fell 18 percent from the previous year as it set aside heavy provisions to cover its exposure to risky US mortgages. Net profit for the three months to December 2007 came in at S$491 million (US$347.15 million), down from S$596 million in the same period in 2006, the bank said in a statement. DBS set aside an...
The pace of cost increases has been rapid and unsettling for businesses so the government is implementing key measures to address office space constraints and spike in construction costs. Construction demand will continue to build up this year, with projected value of contracts to hit up to S$27 billion. At the same time, construction costs are climbing as well. Finance Minister Tharman Shanmugaratnam...
The tender for an industrial site at Playfair Road has attracted strong bids. There were 12 bids for the 8,600 square metre site. The highest bid of S$33 million was submitted by Trio Link Development. It works out to about S$142 per square foot per plot ratio. According to property consultants CB Richard Ellis, this was the highest bid ever for a 60-year leasehold industrial site. The Playfair Road...
Singapore's economy is expected to grow by 4 to 6 percent this year, down from the previous forecast of 4.5 to 6.5 percent. The downward revision is the result of deteriorating external economic conditions and greater downside risks, said the Trade and Industry Ministry, in a report on Thursday morning. According to the report, current conditions suggest that the US will likely enter a mild recession in...
Some two years after Warwick University's unsuccessful attempt at setting up a campus here, another United Kingdom tertiary institution — Queen Margaret University (QMU) — is ready to open its doors in April. The QMU Asia Campus is a joint venture between the East Asia Institute of Management and QMU, Edinburgh — the product of a seven-year collaboration and the university's first offshore...
Fraser and Neave (F&N) has delivered a 33 per cent rise in first quarter profit to S$103 million. It attributed the strong performance to contributions from its property developments, including the Soleil @ Sinaran project in Singapore and other overseas projects. Revenue for the first quarter rose 19 per cent year-on-year to S$1.3 billion. F&N also plans to launch the sale of two other projects...
Sembawang Engineers and Constructors has won a S$400 million contract to build the North Podium of the Marina Bay Sands integrated resort. The podium, which will have four upper levels and four basements, will house the casino, theatres and a retail arcade. Construction work will start this month and expected to be completed by April 2009. The company is also building the new Downtown Line Bayfront MRT...
Singapore’s economy expanded 5.4 percent on-year in the fourth quarter, falling short of the advance estimate for 6.0 percent growth, said the Ministry of Trade and Industry in a statement. Singapore’s gross domestic product fell 4.8 percent in the fourth quarter from the third on a seasonally adjusted and annualised basis compared to an initial estimate for a 3.2 percent decline. The economy...
GIC Real Estate has bought a 40 per cent stake in Finland’s fifth largest modern shopping centre, Iso Omena, for 132 million euros or about S$270 million. The seller, Citycon, will continue to own the remaining 60 per cent of the mall. Citycon will also continue to manage the shopping centre in Helsinki. Iso Omena has a total lettable area of over 61,000 square metres. Both Citycon and GIC RE have...