Operator of Singapore's second integrated resort, Resorts World at Sentosa, said it is on track to open four of its six hotels by the first quarter of 2010, adding some 1,350 rooms in the Republic. Even though tourist arrivals, hotel occupancy and room rates have been falling due to the global economic slowdown, the integrated resort will be launched as scheduled. The IR expects to fill 9,000 job...
General
Singapore's main shopping district has officially welcomed its first boutique hotel, Quincy, which marks Far East Organisation's maiden foray into this market segment. The 108-room Quincy hotel at Mount Elizabeth Road has been open for just over a month, but it has already managed 76 per cent occupancy in February, despite falling tourist arrivals. Raphael Saw, director of Hospitality Operations, Far...
The Nautilus@Punggol is the Housing and Development Board's (HDB) latest Build-To-Order (BTO) project and the first in that area. Prices for its 4- and 5-room units are about 20 to 30 per cent lower than the resale flats in that vicinity, signalling generous subsidies for these new flats. The Nautilus@Punggol will have eight blocks comprising some 520 flats. Of these, nearly 80 per cent are 4-room flats...
Far East Organisation has launched its first-ever major rebranding exercise for its hospitality division. The property developer plans to rebrand its stable of 17 hotels and serviced residences in Singapore under new names. This was announced on Wednesday as Far East opened its first boutique hotel at Mount Elizabeth Road. Under the first phase of the rebranding, Far East will introduce a new "Village"...
Australian construction company McConnell Dowell has clinched the contract to build the Beauty World station at Stage 2 of the Downtown MRT Line. The Land Transport Authority (LTA) says the S$339.88 million project, scheduled to commence in the second quarter of the year, is targeted for completion in 2015. The Beauty World station is located along Upper Bukit Timah Road, off Jalan Jurong Kechil. It...
Two Singapore-listed developers are offering a buyback scheme for a new condominium project in Bangkok. Under the deal, buyers who are not satisfied with their units at The Surawong can sell them back to the developers at 95 per cent of the purchase price. Developers Tee International and Hup Soon Global are launching the project in Singapore on Friday. The Surawong comprises 52 freehold units, ranging...
The average global hotel price per room fell some 12 per cent last year, according to the latest Hotel Price Index from Hotel.com. This is the first on-year drop in room prices in five years for the Asia Pacific region. Compared to 2007 prices, room rates in the Philippines, New Zealand and Australia fell most significantly at between 22 and 35 per cent. Many Asian cities saw substantial drops, with...
The government is reviewing ways to strengthen the regulatory framework for housing agents. Speaking in Parliament on Tuesday, Senior Minister of State for Finance and Transport, Lim Hwee Hua, said government bodies - including the Housing and Development Board and the Finance Ministry - are carrying out a review on how to raise the overall professional standards of housing agents here. Mrs Lim said:...
ION Orchard, one of Singapore's largest shopping malls, is set to open this July amid the dismal economic outlook and falling consumer confidence. In a filing to the Singapore Exchange, CapitaLand said tenants have already committed to lease 80 per cent of space in the mall. 60 per cent of the retail space will be devoted to flagship stores and new-to-market brands including Boucheron, Dsquared and Diane...
Bukit Panjang will be among the first few places to kick off the Neighbourhood Renewal Programme aimed at upgrading older HDB estates. S$6 million has been set aside to rejuvenate the Cashew division in the area. Nearly 1,700 homes in the Cashew division will benefit from the Neighbourhood Renewal Programme. In the pipeline are more cycling and jogging tracks, covered linkways and residents'...