Mah provides sneak peek of revived projects to be announced on Budget Day MORE deals up for grabs, less money required upfront and subsidised courses to groom local talent these are some of the initiatives that small-time construction firms can keep their eyes peeled for come Budget Day next week. The sneak peek, provided yesterday by National Development Minister Mah Bow Tan, brought cheer to struggling...
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Owners still asking for sky-high prices while bank valuations fall A DOWNTURN is usually the time for bargain-hunters to snap up properties on the cheap. But for now at least, the reality could not be more different, as prospective buyers discover. Said Ms K Chan, a HDB dweller looking to upgrade to a condo: “I thought this would be a good time to pick up a good bargain. But owners are still asking for...
News of a pair of S-Reit refinancings is good sign THE recent news of two successful refinancings bodes well for the broader Singapore real estate investment trusts (S-Reit) sector. CapitaCommercial Trust announced last week that it would be able to refinance some $580 million in commercial mortgage-backed securities (CMBS) due in March 2009, using a 3-year term loan facility with four banks. In...
The Singapore government will roll out public sector projects worth up to S$50 million each from the middle of this year. It had earlier deferred projects amounting to S$4.7 billion to ease pressure on the construction sector. The government said the upcoming projects are expected to attract small and medium-sized contractors. National Development Minister Mah Bow Tan said: "The big contractors have...
Real estate giant CapitaLand saved some S$1.5 million last year by reducing its electricity and water consumption. The green efforts were carried out across 23 properties such as its retail malls and office buildings. The amount of electricity saved can power about 13,000 five-room HDB flats for one month, while the amount of water saved can fill 24 Olympic-sized swimming pools. Last year, CapitaLand...
Mainboard-listed UOL Group has made a takeover bid for United Industrial Corp (UIC). UOL is paying S$1.20 per share - valuing UIC at S$1.6 billion. The move comes after UOL's shareholding in UIC crossed the 30 per cent mark. Under listing rules, this means it has to make a general offer for the remaining shares. UOL's bid for UIC has revived long-time rivalries between United Overseas Bank Chairman Wee...
Asian economies, excluding Japan, are expected to grow a weighted 5.5 per cent this year - down from the 7 per cent growth seen in 2008. HSBC said this slide will be led by Hong Kong, Korea, Taiwan and Singapore, while countries like China and India will be the main supports of growth. Falling demand from most developed nations in the wake of the global downturn has hit economic growth in Asia. But...
As Singapore retains its title as the world’s second freest economy, its reputation as one of the world’s most flexible labour markets is also gaining ground. Going by the latest data from a United States think-tank, on matters of labour freedom, the Republic scores 98.1 — trumping even Hong Kong, the world’s reigning freest economy. According to The Heritage Foundation, flexible rules mean "the...
The tender for the former Mee Toh School on No.375 Race Course Road has attracted an overwhelming 20 bids. The Singapore Land Authority (SLA) put the land up for tender under the "Ideas Tender Scheme" last month. Under the scheme, bidders are allowed to submit alternative bids for innovative uses for the property. The 20 bids were by 14 bidders and Cambridge Institute Pte Ltd had the highest bid of...
Singapore-listed construction firm Lian Beng has posted a nine per cent increase in its first half net profit. Net earnings for the six months ended November rose to S$8.8 million from S$8.1 million a year ago. This was on the back of a 42 per cent jump in revenues to S$151 million on progress made in various construction projects. Lian Beng said demand for construction services has softened amid the...