Boutique hotels in Singapore are seeing a 20 per cent increase in occupancy rates, thanks to the APEC meetings. The 288-room Link Hotel at Tiong Bahru have been offering business packages with free broadband internet and Asian buffet since last month. And business is up by 20 per cent, with the hotel being almost fully booked. Another draw is that the hotel is not affected by road closures, unlike those...
General
The luxury residential segment is starting to see prices inch back to peak levels recorded in late 2007 and 1Q2008. The bellwether of luxury condos, Wheelock Properties’ Ardmore Park recently saw two units change hands in the resale market at above $3,000 psf, according to caveats lodged with URA Realis from Oct 9 to 16. Some property consultants attribute it to owners re-setting their prices to more...
Heeton Holdings, together with KSH Holdings and TEE International, have joined forces to acquire the Mitre Hotel site for $121 million, by way of a public tender. Heeton will own 45% of this project, while KSH and TEE International will take up the remaining 35% and 20% respectively. The 39,972 sq ft freehold land parcel, located along Killiney Road in Singapore’s prime District 9, has a plot ratio of...
Mainboard-listed luxury resorts operator, Banyan Tree, has narrowed its third quarter net loss to S$968,000 from S$4.9 million a year earlier. It said on Thursday this was achieved on the back of good revenue growth from its hotel investments and management segments, coupled with cost-cutting measures. Overall revenue for the three months ended September fell 14 per cent to S$71.2 million. This was...
There are signs the worst may be over for the hotel industry in Singapore. That's according to Millennium & Copthorne Hotels, a unit of Hong Leong Group. It said revenues are showing signs of picking up. And M&C also sees room for further growth next year despite the opening of the two integrated resorts in Singapore. Kwek Leng Beng, executive chairman, Hong Leong Group, said: "I believe that...
Mainboard-listed Saizen REIT, which owns Japanese properties, said that it will start accumulating cash for distribution in the last quarter of the current financial year. It has suspended distribution since the start of the last financial year to conserve cash. The trust reported a net profit of 164 million yen (S$2.5 million) for the first quarter ended September, up 48.9 per cent from a year...
The government has launched an industrial site at Pioneer Road for sale by public tender. It was made available for sale through the Reserve List system after a developer committed to bid at least S$8.2 million for the site. The 30-year leasehold land parcel has a site area of about 1.9 hectares and a maximum gross plot ratio of two hectares. The tender will close on December 9. Singapore’s Urban and...
All Real Estate Investment Trusts (REITs) will have to hold an AGM by 31 Dec 2010 under revisions introduced by the MAS. The Monetary Authority of Singapore issued the requirement that come into effect in January next year, under a revised Property Funds Appendix for REITs. It states that REITs must hold Annual General Meetings (AGMs) not more than 15 months from the last preceding AGM, a move said the...
Singapore is the most integrated of the 21 economies which make up the Asia Pacific Economic Cooperation (APEC), according to an index released by the Pacific Economic Cooperation Council (PECC) on Wednesday as part of its annual State of the Region report. In fact, the Asia Pacific region, as a whole, has become more integrated since APEC was founded 20 years ago. The PECC index of economic integration...
Singapore-listed United Engineers Limited said that its third quarter net profit jumped to S$12.7 million, from S$1.9 million in 2008. The firm's revenue increased 18 per cent on-year to S$169.5 million. United Engineers said the improved revenue was mainly due to the progressive recognition of revenue from its property sales. These include sales at The Rochester in one-north and Park Central @ AMK in...