HDB has accepted an application from a developer to put up a residential land parcel at Sengkang West Avenue for public tender. The land parcel is under HDB's Reserve List system. Under the system, the government will put up a site for tender if it receives an application from a developer who commits to bid for the site at or above the minimum offer price acceptable to the government. In this case, the...
General
The manager of CapitaCommercial Trust said it has appointed a new head of Finance. The current Finance head, Edward Bin, is being transferred to CapitaLand Commercial to assume the role of vice president of Finance. He will be replaced at CCT by Annie Chua, who is currently the Reit's deputy head of finance. CCT said she is an experienced finance professional who's 20 years in finance and treasury...
Keppel Land has bought a site in northeast China for S$180 million. The purchase was made through its wholly-owned subsidiary Da Di Investment. The 30-hectare site is in Shenyang - the capital city of Liaoning province. Keppel Land plans to build a township on the site, which will comprise about 6,000 homes and some commercial developments. The project will be targeted at the upper-middle market. The...
Mainboard-listed Saizen REIT said on Monday that it has repaid some S$71.3 million loan of a unit, Yugen Kaisha Shingen. It made the repayment last Friday. Giving an update, the REIT said it has fully deployed the net proceeds of about S$41.1 million from the rights issue in making the repayment. It had also utilised its internal cash resources in paying back the money. Saizen REIT's rights issue was...
The construction sector around the world is likely to pick up in 2010 in tandem with the recovering global economy. Accoring to KPMG's 2009 Global Construction Survey, 64 per cent of respondents expect to either increase or maintain profits by next year. The survey sought the view of top management of more than 100 of the world's leading engineering and construction companies. The outlook for the...
WHAT exactly does it mean when a Reit is taken over? In the case of other corporate entities, it's fairly clear that when a general offer is made after the 30 per cent trigger point is reached, control of the company and the subsequent economic decision-making will pass into the hands of the successful takeover party. With Reits though, the situation is not as clear - mainly because economic...
Three years in the making and Singapore's two integrated resorts will finally open soon and the operators are upbeat about the prospects. Resorts World Sentosa, due to open in a matter of weeks, expects to attract 13 million visitors in the first year alone. The resort said it has been receiving thousands of enquiries from the public everyday. And one of the most talked about attractions is Universal...
Residents in Sengkang New Town on Wednesday welcomed their first wet market, which is being opened a year earlier than the target launch date. Kopitiam Square houses 120 stalls selling cooked food, meat, vegetables and dried goods. Some stallholders said their rental is 10 to 20 per cent higher than normal rates. But like the residents, they are optimistic about their business prospects thanks to its...
Prime retail rents have picked up in the current fourth quarter as leasing activity gather steam on the back of improved confidence and economic recovery, according to DTZ Research. Its estimates showed that gross rents of prime first-storey retail space in Orchard and Scotts Road increased marginally by one per cent to S$39.10 per square foot per month, after falling 7.3 per cent in the last four...
Singapore's economy is expected to revert to positive growth next year, thanks to the global recovery. According to some economists, growth could even surpass the government's estimates for 2010. They are looking at GDP growth of more than 5 per cent, compared to the government's current forecast of a 3 to 5 per cent growth. This follows 2009's roller coaster ride, where the economy took a beating in the...