Group will continue to develop, manage prime landmark properties in region It will be business as usual for Overseas Union Enterprise (OUE), even as Indonesia's Lippo Group takes sole control of the property firm. 'There will be no change to OUE's strategy,' Lippo told BT yesterday. 'Leveraging on its hospitality experience, OUE will continue to develop and manage landmark properties in prime locations...
General
A PART-TIME property agent duped eight foreigners in a rental scam and collected nearly $22,000 for herself and her accomplices. Razieya Mohamed Ali was jailed for 11 months by a district court yesterday. From November 2008 to February last year, the 34-year-old divorcee would post flats-for-rent advertisements on the Internet and invite foreigners working here to view the premises. To entice them to...
Henderson Global Investors, an independent asset manager with US$93.8 billion of assets under management at end-2009, is introducing a suite of property equity funds in China. The Henderson Horizon Global Property Equities Fund, Henderson Horizon Asia-Pacific Property Equities Fund and Henderson Horizon Pan European Property Equities Fund will be distributed exclusively by Citibank China. Henderson said...
There's pent-up demand for half a million homes in the sector, says BPTP BPTP Ltd, an Indian developer backed by Citigroup Inc and JPMorgan Chase & Co, aims to tap demand for housing from India's middle class, managing director Kabul Chawla said here yesterday. The nation has a pent-up demand for half a million homes in the mid-tier segment, where houses cost two million rupees (S$61,584) to six...
Hong Kong property giant Cheung Kong is launching a luxury condominium at West Coast. It is hoping to ride on the bright outlook for the high-end residential property segment, with an expected pickup in the leasing market and demand from expatriates. This latest project by Cheung Kong promises to stand out from neighbouring developments. When completed, the waterfront condominium will be the only luxury...
Economists have upped their growth outlook for Singapore as the city-state's key industries continue to rebound from last year's recession, according to a central bank poll. The Monetary Authority of Singapore's survey of 20 private-sector economists showed they see average growth of 6.5 per cent this year, higher than the previous forecast of 5.5 per cent in December. They also raised their outlook for...
As developers released more upmarket projects, the average transaction value of private homes sold in the primary market in the first two months of this year rose to $1.78 million per unit, a study by CB Richard Ellis shows. This is 37 per cent higher than the $1.3 million average price of homes sold by developers for the whole of last year. But the figure for January and February 2010 is still shy of...
THE phrase 'Catch-22', taken from the title of Joseph Heller's seminal work, has come to describe a double-bind scenario where one feels caught between the devil and the deep blue sea. It may also soon come to describe the situation for developers here with the recent announcement of new government measures aimed at cooling property market sentiment and avoiding a housing bubble, barely half a year after...
INDONESIA'S Lippo Group, controlled by the Riady family, is buying Malaysian tycoon Ananda Krishnan's key stake in Singapore-listed Overseas Union Enterprise (OUE) in a deal worth $957 million. Since 2006, the two parties have jointly controlled OUE, whose prized assets include the Mandarin Orchard hotel. However, Lippo and Mr Ananda are said to have suffered strained relations in recent times in various...
THE debate in Parliament on state housing saw a number of popular assumptions disproved by National Development Minister Mah Bow Tan. He showed, with figures, that purchases of resale flats by private property owners and immigrants were too few to have contributed to a price spike in the past year. As for the charge that 'too many' owners were living off the Housing Board by subletting while they camped...