STB stops Allgreen’s purchase of condo for lack of ‘good faith’ AN APPLICATION for the en bloc sale of Regent Garden has been dismissed by the Strata Titles Board (STB) - much to the delight of the majority owners. A group of 25 owners at the 31-unit condominium had earlier sued the buyers, Allgreen Properties, for allegedly breaching the sale and purchase agreement by grossly undervaluing the...
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Citigroup has revised down Singapore's economic growth forecast this year to 5.6 percent from 6.2 percent, amid market uncertainty. However, the lender said it is confident about strong growth in emerging Asian markets for 2008. Citigroup is also predicting that equities will be the asset class of choice. With the volatile market, Citigroup is also advising investors to keep a close eye on telecom, banks...
Macquarie MEAG Prime REIT (MMP REIT) has reported a full-year net income of S$76.8 million, boosted by a jump in its fourth-quarter earnings. The trust, which owns Ngee Ann City and Wisma Atria, said this is due to higher rentals, new leases and revenue from its acquisitions in Japan and China. Following the strong results, MMP REIT plans to distribute 6.19 cents per unit to its unit holders. The revamp of...
Property developer GuocoLand has reported a net profit of S$60.6 million for its half year ended December 31. That was a 15 percent increase compared to the same period a year ago. Revenue rose 114 percent to S$402 million. However, net profit in the second quarter actually fell 26 percent to S$33 million. This was due to the absence of an exceptional gain that was booked in the year-ago...
CapitaLand’s offer to buy the remaining shares of its 67-per-cent unit, The Ascott Group, at $1.73 apiece represents a decent exit price for minority owners of the luxury residences operator, according to CIMB, who said the price “is a fair valuation from a historical perspective, but attractive in the current environment of heightened risk aversion”. Stock markets worldwide have been rocked in...
Boosted by sale of stake in One Raffles Quay, the firm posts a seven-fold surge in Q4 profits to $572 million Keppel Land kicked off the current quarterly earnings for the property sector on a positive note with a strong set of results, but analysts said the sharp gains may not be repeated in the current year as businesses could face weaker business conditions. The seven-fold surge in net profit to $572...
Tecity has raised its general offer for Straits Trading to S$6.50 a share following a counter bid from the Lee family. The revised offer values the company at S$2.1 billion. It is 14 per cent higher than Tecity's original offer price of S$5.70 and 31 per cent above the last traded price of Straits Trading before the general offer. The latest offer by Tecity, controlled by the family of the late Tan Chin...
Singapore will announce its national budget for the fiscal year of 2008 on 15 February, in a parliamentary seating. Analysts say they expect the government to announce measures to help Singaporeans cope with inflation and the higher cost of living. In December 2007, consumer prices rose 4.4 percent over the previous year, touching a 25-year high in the Republic's history. For the whole year, the...
SMRT has officially opened its first heartland, non-underground retail space - Choa Chu Kang Xchange, at the junction of a bus interchange, MRT and LRT stations. This follows the Raffles and Dhoby Xchanges, both of which are in the city. Covering close to 1,000 square metres, all 42 shops at Choa Chu Kang Xchange have been leased out. MRT Corporation president & CEO, Saw Phaik Hwa, said: "(Five...
BBR Holdings has won a S$95 million contract to build two office tower blocks at the International Business Park in Jurong East. Piling works will begin next month and the project is expected to be completed by August next year. The latest award from Ascendas adds to BBR's current order book of nearly S$423 million. The project will feature two 12-storey tower blocks linked by a sky-bridge at the 10th...