Owner in talks with landlords; group also updating product range THE well-loved Robinsons department stores could soon be in Singapore's heartland malls. The brand's owner Al-Futtaim Group is in talks with landlords here to take up space at one of Singapore's many suburban malls, Robinsons chairman Jim McCallum said. He also added that Dubai-based Al-Futtaim Group will spend around $16 million this year...
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Industry encouraged to develop expertise in recycling of waste from demolition THE Building and Construction Authority (BCA) announced a new $15 million Sustainable Construction Capability Development Fund during the opening ceremony of Samwoh's Eco-Green Park. The fund is part of the effort to encourage industry players to adopt Sustainable Construction (SC) practices and technologies, and eventually...
RETAIL rents across most of Singapore held steady in the first quarter of this year, a new report showed. This ended five straight quarters of decline in some areas, as tourist arrivals grew and consumer confidence rose, according to the report by DTZ Research. In the premier shopping belt of Orchard Road/Scotts Road, retail rents remained constant as the market absorbed new supply that came onstream in...
The real estate arm of global fund manager Invesco has launched a fourth fund investing European institutional capital in repriced US commercial property, after raising US$120 million. The Luxembourg-domiciled fund raised the equity from four institutional investors, including two investors from Germany's MEAG Munich ERGO AssetManagement GmbH (MEAG). A first acquisition is expected shortly, Invesco...
Singapore retail rents have held firm in the first quarter of this year. According to estimates by DTZ Research, rental values of retail space in the prime retail belt of Orchard and Scotts Road, other city areas and even suburban areas remained unchanged. DTZ said gross retail rents at the Orchard and Scotts Road area stayed firm as the market absorbed the new supply that came onstream in 2009 and in...
The Building and Construction Authority is setting up a S$15 million fund to promote sustainable construction. The fund will focus on developing capabilities in recycling waste from the demolition of buildings and in using recycled materials for construction. The construction industry has welcomed the latest initiative, but is hoping for more government support for their usage. The opening of the Samwoh...
Engineering and advanced packaging solutions provider Ellipsiz has agreed to sell its interest in a building at 12 Joo Koon Crescent for S$4.4 million. The firm is expected to book a net gain of S$1.7 million from the sale. Ellipsiz said the proposed sale will enhance its financial position and increase its working capital. The property is a factory-cum-office building, whose lease is due to expire in...
City Harvest Church said its management board is in discussion with the relevant parties and a statement will be issued shortly regarding its S$310 million stake in Suntec Singapore. The church was recently asked by the Commissioner of Charities about this business venture. City Harvest did not create a separate business entity for the purchase. There are concerns regarding this arrangement because the...
I AM writing to commend the residents of Tampines Street 22 for extending a welcoming hand to new rental block residents who will soon become their neighbours. Their gesture demonstrates the unity that is needed to maintain the harmony we currently enjoy ('New rental block? Neighbours say welcome'; last Thursday). On the other hand, the discriminatory stance taken by certain residents of Tampines Street...
RESIDENTS outside of Aljunied and Jurong can breathe easy for now, as most town councils say they will not be raising their conservancy fees just yet. Aljunied and Jurong town councils announced two weeks ago that they will be increasing their service and conservancy (S&C) fees from next month, due to higher operating and maintenance costs. However, 13 of the 14 remaining town councils say they will...