Las Vegas Sands chief executive officer Sheldon Adelson said he is lobbying to get more land from the Singapore government to expand its profitable integrated resort in Singapore. Mr Adelson told reporters at the opening of the Marina Bay Sands (MBS) that the meetings, incentives, conventions and exhibition (MICE) business has been overwhelming and more land space would be needed. "Otherwise we may have...
General
Singapore's latest iconic structure, the lotus-inspired ArtScience Museum at Marina Bay Sands integrated resort, is ready to open its doors. The structure, made up of "10 fingers", is also touted as the "Welcoming Hand of Singapore" which opens up to the skies. Its architect Moshe Safdie said: "These shapes which you read from the outside - some say 'lotus', some say 'hand of welcome' - are actually the...
Shopping mall developer and operator CapitaMalls Asia said its fourth quarter net profit fell 15.2 per cent due to lower contributions following the divestment of several properties earlier in 2010. Net profit for the last quarter ended Dec 31 fell to S$144 million from S$169.9 million a year ago. CapitaMalls Asia also reported a drop in revenue by some 16.5 per cent on-year to S$55.2 million for the...
Private property developer Far East Organization has appointed Mr Lucas Chow as an Executive Director. The appointment from August, will see Mr Chow providing strategic counsel to Far East Organization’s Chief Executive Officer, Mr Philip Ng, on new business growth and brand development across the company's diverse real estate portfolio. “Lucas brings an excellent record of accomplishments in...
The Housing and Development Board (HDB) has launched a new issuance of notes under its S$7 billion Medium Term Note Programme. The issuance comprises a S$320 million, 5-year Fixed Rate Note issue with a coupon of 2.0225 per cent per year. The issued notes will be in denominations of S$250,000 and will be offered by way of placement to investors. Application is being made for the listing of the notes on...
Millennium and Copthorne Hotels (M&C), a UK-listed hotel operator controlled by Singapore tycoon Kwek Leng Beng, has reported a profit before tax of 36.7 million pounds for the fourth quarter, an increase of 24.4 per cent year-on-year. For the full year, pre-tax profit rose 57 per cent to 128.6 million pounds. Fourth-quarter hotel revenue increased 17 per cent to 205.4 million pounds, while full-year...
Demand for landed properties is likely to be robust this year, according to market watchers. They said landed property buyers are typically unaffected by the government measures to curb speculation. That is because they are less likely to speculate on their houses as they are usually long-term owner occupiers. Analysts said going forward, limited supply of landed properties, low interest rates and...
The government handed out S$322 million to eligible households under the Additional Housing Grant (AHG) Scheme since it was enhanced two years ago. The grant can be used to buy either a new flat from the Housing & Development Board (HDB) or a resale flat from the open market. In fresh figures released to Channel NewsAsia, HDB said 16,100 households have benefited since the changes. But with growing...
CB Richard Ellis Group struck a deal to buy most of the real estate investment management business of Dutch financial company ING Group NV for US$940 million ($1.3 billion), making it the world's biggest real estate investment manager. The deal, which nearly triples CB Richard Ellis's assets under management, ends an auction process that lasted over a year and attracted more than 40 others, including CB...
Property consultancy CB Richard Ellis has launched the public tender for the sale of Austral View at 6 Tanjong Rhu Road. The Austral View sits in a well-established residential estate along Tanjong Rhu and Meyer Road. The prime freehold site has an area of more than 30,000 square feet. With a guide price of S$88 million, that works out to about S$1,350 per square foot per plot ratio, inclusive of the 10...