Economies such as Singapore and Hong Kong have benefited from the global economic boom in the last five years. But their open and exposed economies mean they are also vulnerable to recessionary pressures as the world economy slows down. However, Morgan Stanley said it is not all doom and gloom for Singapore. Experts said the country would be among the first to bounce back once a global recovery takes...
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The Housing and Development Board (HDB) has launched Punggol Arcadia, a 750-unit project under its Build-To-Order (BTO) system. The project is at the junction of Punggol Place and Punggol Field. Buyers can choose from 3-room, 4-room and 5-room units. The price of these flats range from S$181,000 for a 3-room unit to S$416,000 for a 5-room unit. 4-room units cost between S$268,000 and S$327,000. This is...
Property firm City Developments (CityDev) has posted net profits of S$150.8 million for the third quarter of this year – down 11 per cent from last year. Revenue for the period came down 13.6 per cent to hit S$688 million. The firm said it would hold back the launch of new residential projects for the time being, in light of the subdued property market and global economic uncertainty. It has also...
Banyan Tree Holdings has seen its third quarter earnings hit by political unrest in Thailand which affected its operations there. The resort developer and manager posted a 78 per cent on-year decline in net profit to S$14 million for the first nine months of the year to September. In the third quarter, the company reported a net loss of S$4.9 million compared to net profits of S$49.1 million last...
INVESTORS here now have the opportunity to cash in on distressed properties in the United States. Yesterday, property investment group IP Global said it would be the first to offer such properties for sale, through its Singapore real estate partner Adhome Realty. The first development on the block is a downtown Los Angeles residential project at prices that are, on average, 30 per cent lower than before...
Impact of any delay likely to be greater in luxury segment THE uncertainty surrounding the two integrated resorts projects — in particular, the Marina Bay Sands — is unsettling already fragile sentiment in the property market. After all, the prospects for economic benefits from the IRs have been positive for the market. But recent developments and positive announcements from the operators have eased...
The Singapore government said Wednesday it will not bail out the troubled US gaming firm Las Vegas Sands should it fail to fund the Marina Bay integrated resort. Senior Minister of State for Trade and Industry S Iswaran, speaking on the sidelines of an industry conference, said there has been no request from Sands for a bailout so far. Sands has been working to avoid defaulting on bank covenants and...
Young and old, local and foreign, the vision includes all SOME 100,000 plants will be introduced. The neighbourhood park will be transformed into a theme park for both young and old. Boon Lay Shopping Centre will be revamped. The vision is to transform Boon Lay into a tranquil suburban residential enclave with a distinctive identity, and it's not just to cater to the district's aging population. By...
IT was the only executive condominium site up for confirmed sale this year. But when the tender closed yesterday at noon, there were no bids received. The 99-year lease site in Punggol - with a land area of 22,497 sqm that can accommodate a 16-storey development - was the fourth EC site put on the market this year by the Government. The other three were on the reserve list, to be launched for tender only...
LAS Vegas Sands is to halt work on developments in Macau, where it earns two-thirds of its revenue, to focus on the US$4-billion ($6-billion) integrated resort project at Marina Bay, executives said. The casinos and resorts company run by billionaire Sheldon Adelson said it is managing to raise a further US$2.14 billion in capital following a third-quarter loss. The United States-based company expects...