CapitaLand is investing over S$1 billion in 15 malls across India through two joint ventures with Indian companies. The venture will be fully funded by the CapitaRetail India Development Fund, which is 45 per cent owned by CapitaLand. CapitaLand said it plans to duplicate its China strategy in India, which is to focus first on the gateway cities, including Mumbai, New Delhi and Bangalore, and then...
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CapitaMall Trust Management Ltd will pay S$62.3 million in distributable income, for the October-to-December period, or 2.34 Singapore cents per unit. This compares with the distributable income of S$52.3 million it paid a year ago. CapitaMall, which is 27-percent owned by Southeast Asia's largest developer CapitaLand, said its fourth-quarter distribution was 30 percent higher than forecast due to...
Hotel sales in Singapore topped US$376 million last year, putting it in sixth position in transaction activity in Asia. This is a 3.5 per cent growth from 2006. According to Jones Lang LaSalle Hotels, Japan saw the highest activity last year with US$6.8 billion of deals done, a 63 per cent jump from the previous year. Jones Lang attributed the lure of Japan to the low cost of debt. It added that while...
GIC Real Estate is partnering with Russia's PIK Group to develop a large urban township in the city of Mytischi in Russia. The 114-hectare site is located in the Moscow region to the northeast of the capital. GIC Real Estate will acquire a 25 per cent stake in the project for US$233 million (S$336 million). A CB Richard Ellis appraisal carried out 12 months ago valued the site at over US$1.3...
Citigroup has come out to clarify that Singapore will not be significantly affected by the group's global layoffs. At a news briefing on Friday, it said that as far as Singapore is concerned, it expects the attrition rate to stay normal. No bonus cuts are expected and staff will still be paid salary increments. Citigroup said that overall, Asia including Singapore is positioned for good growth. Like...
The "Cool Dome" design, submitted by the Singapore Sports Hub consortium, will be Singapore's next iconic structure. Singapore Sports Hub Group's proposal The Singapore government on Saturday revealed the consortium as its preferred bidder for the Singapore Sports Hub project. The consortium beats two other bids. The winning team's strong programming line-up gave it the upper hand over their...
Asian economies face a challenging year in 2008 but as a group they are still expected to show growth of 10 to 12 percent. This is the forecast from HSBC in its latest report on the region. However, a recession in the US could knock off a few percentage points off Singapore's economic growth. With a US recession on the horizon and the US sub-prime mortgage crisis still taking its toll, HSBC is...
FUND managers across the world have turned “super-bearish” over the last month, abandoning hope that Europe and Asia can escape contagion from the United States housing crisis. A Merrill Lynch survey found that a fifth of big investors now expect an outright global recession, an occurrence not seen since the 1930s. Some think the world is already in recession. “The period of denial may be...
SINGAPORE has seen several ugly en bloc tussles but this is a first. The majority owners, having agreed to sell their condominium, are now suing the buyers. A group of 25 at the 31-unit Regent Garden is alleging that developer Allgreen Properties has breached the sale and purchase agreement by grossly undervaluing the condominium. The owners filed a claim last Monday with the High Court to declare that...
Sales previews for Marina Bay luxury condo to start end of this monthDESPITE worries of a global slowdown and a decline in sales of private property these few months, developers of the Marina Bay Suites are confident they will be able to attract enough buyers for this luxury condominium. Sales previews for these 221 units will start by the end of the month, and marketing agents said they have seen...