Bullishness due to economy 'firing on all cylinders in Q1' Ahead of next week's release of flash estimates of the first quarter's GDP growth, a bit of exuberance seems to have swept over some forecasters, with talk now of 2010 growth exceeding 8 per cent. DBS Bank economist Irvin Seah yesterday raised his forecast of Singapore's 2010 gross domestic product growth by one point to 7 per cent on account of...
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LIAN Beng Group yesterday posted a towering 52 per cent increase in nine-month net profit to $17.4 million, from $11.4 million a year earlier. Revenue for the nine months ended Feb 28, 2010, climbed 4.5 per cent from $230.1 million to $240.5 million. The company had earlier posted revenue of $157.6 million and net profit of $11.3 million for the six months ended Nov 30, 2009. Assuming no restatement of...
The first sale site at one of Singapore's new commercial hub, the Jurong Lake District, will be put up for tender in two weeks. According to the Urban Redevelopment Authority (URA), a developer has committed to bid S$350 million for the 1.9-hectare plot. The mixed-use site is located at Jurong Gateway Road, next to the Jurong East MRT station. It has a potential gross floor area of about 107,000 square...
Since the beginning of this year, the Housing and Development Board (HDB) has started taking action to re-possess three flats for unauthorised subletting. The flat owners had rented out their entire units without fulfilling a minimum occupation period. The housing board stressed that HDB flats are meant for owners to live in not for speculative purposes. A routine inspection in Bukit Batok uncovered...
Mustafa Centre in Little India has been ordered to stop business temporarily for 40 hours on its first floor following a court order. This after the Singapore Civil Defence Force applied for the order as it's concerned about overcrowding in the 24-hour shop. In the first case of its kind, the first floor of the store closed from 4pm on Thursday and will resume business on Saturday at 8am. The court...
Some stallholders at the five wet markets hit by the rent hike from Sheng Siong have quit and are looking for cheaper premises. Two stallholders at a market in Choa Chu Kang are not carrying on due to the higher rent they have to pay from this month. It was a blessing in disguise for one of the stallholders. He found a cheaper place at a shop next to the market at 10 per cent less in rent. The contract...
THE decline in prime retail rents looks set to bottom out as the economic recovery gathers pace and consumer confidence rebounds, says a new report. In its latest analysis of Singapore's prime retail scene released yesterday, CB Richard Ellis (CBRE) found that the pace of prime Orchard Road rental decline slowed significantly in the first quarter of this year to an average rent of $32.20 per sq ft (psf),...
A FREEHOLD residential redevelopment site in the Bukit Timah area, with an expected price tag of $35.5 million, has been put up for sale. The 26-year-old Toh Tuck Apartment, formerly known as Toh Tuck Garden, currently sits on the 40,449 sq ft site, which has a plot ratio of 1.4, allowing it to be rebuilt to five storeys. Marketer HSR said the seller's expected price of $35.5 million works out to $650...
A SITE in Hougang Avenue 2 has been triggered for tender after an unnamed developer committed to a minimum bid of $109.9 million. The 3.02ha plot is slated for development into apartment blocks of up to five storeys in height, or landed homes of up to three storeys, and is located adjacent to Hougang HDB town. Surrounded by mostly landed homes, it has a 99-year lease and a maximum gross floor area of...
SUPERMARKET chain Sheng Siong will not be allowed to convert the six wet markets it recently bought for other uses - even if all the stallholders move out. The Housing Board said in a statement yesterday that there is still demand for wet markets and it will ensure the needs of residents are met. The statement comes in the wake of a 30 per cent rental hike Sheng Siong imposed in five of the wet markets...