The Urban Redevelopment Authority (URA) has received a top bid of S$251 million for a residential site at Upper Thomson Road. The bid was submitted by Treasure Well Investments and works out to about S$5,741 per square metre. The URA said it received a total six bids with the lowest one at S$135 million. Among the bidders of the site were Frasers Centrepoint and Sim Lian Land. The Upper Thomson Road...
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Singapore-listed Parkway Life Real Estate Investment Trust has reported a third-quarter distribution per unit (DPU) of 1.91 cents, up 12.1 per cent from a year ago. Net property income for the three months ended September grew 23.3 per cent to S$15.4 million. Parkway Life said it saw continued growth in the third quarter as a result of increased rental income from its Japanese properties and an upward...
A new work group has been formed to study the joint development of an iconic economic project in Iskandar Malaysia. This is a follow-up to the discussions between the prime ministers of Malaysia and Singapore in May this year. They mooted the idea of a bilateral project in Iskandar Malaysia as a showcase of the commitment of both countries to build a strong, productive and enduring relationship. The...
SembCorp Marine is building a new 206-hectare yard facility in Tuas in three phases over the next 16 years. SembCorp Marine said on Wednesday the first phase will have ship repair and conversion facilities, and will have three-and-a-half times the capacity of the current yard at Pulau Samulun. The rig-builder expects the new yard to boost productivity by as much as 20 per cent from a reduced product...
Lippo-Mapletree Indonesia Retail Trust says it achieved a distributable income of $13.1 million for the quarter ended Sept 30, 2009 (3Q 2009), 23.1% below the distributable income of $17.0 million recorded in the quarter ended Sept 30, 2008 (3Q 2008). DPU for 3Q 2009 is 1.22 cents compared to 1.60 cents in 3Q 2008. Lippo-Mapletree says the lower distributable income year-on-year is due to lower specialty,...
The APEC CEO Summit in Singapore next week will see a record number of 1,500 participants, underscoring the strategic importance of this year's meeting. Taking centre stage will be world leaders such as US President Barack Obama and Chinese President Hu Jintao. Organisers of the APEC CEO Summit have launched an online discussion forum, www.asiapacvoices.com, featuring opinion-editorial pieces by prominent...
Mainboard-listed Saizen Real Estate Investment Trust said it has defaulted on a commercial mortgage-backed securities loan worth 7.3 billion yen or about S$113 million. It said despite efforts since early last year, it was unable to find a commercially viable solution before the maturity of the YK Shintoku loan. The loan is non-recourse and Saizen said the default is not expected to affect its other...
Prime Minister Lee Hsien Loong said on Tuesday he does not expect another dip in Singapore's economy. Mr Lee was giving his assessment on the global economic outlook ahead of the Asia Pacific Economic Cooperation (APEC) meetings, which will take place in Singapore. The prime minister noted that most countries are out of the "trough of spasm" that was experienced at the start of the year, and said...
marcus evans holds Asian Real Estate and Investments Summit at Four Seasons Hotel Macao, Macao, China marcus evans has achieved a major milestone as the recognized leader of business intelligence and held the Asian Real Estate and Investments Summit, with an intellectual melting pot for more than 90 C- Level practitioners. marcus evans Summits (www.marcusevans.com), produces high level business...
Even as demand for private homes tapers off, there continues to be a strong take-up for condominium units in the Flora Road area off Loyang Avenue, with 11 transactions of between $550 and $715 psf between Oct 2 and 9, according to caveats lodged by URA Realis. Though it may be about a 20-minute drive from the CBD, this area is being transformed by the growing number of companies moving to Changi and...