Las Vegas Sands said it is committed to completing the development of the Marina Bay Sands integrated resort in Singapore. Concerns had been raised about the company's ability to finish the US$4 billion development after news broke out that it was struggling with a shortage of cash. In a statement on Friday, Sands said it met with the Singapore government this week and gave the assurance that it will see...
General
A case to restore deferred payment schemes during the recession?: What a difference a year makes. Just over 12 months ago, the economy and stock market were booming, prompting the Government to intervene to cool the heady property market. Out went deferred payment schemes for homebuyers. A year on, and the economy is in recession, with the stock market tanking. Scrapping deferred payment schemes was...
Minister reassures that public housing projects will proceed THERE is no need to fear that the economic slowdown will be felt in our public housing projects. Giving his reassurances last night in response to questions, National Development Minister Mah Bow Tan said: “There is no delay in our public housing programme, our building programme and in our upgrading programme. “We know there is demand...
Did land-sale changes come too late? IN A market where sentiment rules, the Urban Redevelopment Authority's (URA) recent changes to the land sales programme have quite naturally cheered up developers. But has the intervention, which included cancelling the ongoing tenders for two sites, come a little late, and does the nature of the changes hint at the authorities being caught off-guard by the sharp fall...
Parkway Life Real Estate Investment Trust (PREIT) said it will distribute 1.71 Singapore cents per unit for its third quarter. The total distribution of about S$10.3 million is some 10 per cent higher than forecast. The announcement came as the trust posted strong third quarter results for the year. Its total net property income came to some S$12.5 million, more than 15 per cent higher than...
Singapore is developing a new "Cleantech Park" in Jalan Bahar for clean technology research, prototyping and light manufacturing. It will be sited next to the Nanyang Technological University, in northwest Singapore. Deputy Prime Minister and Co-ordinating Minister for National Security, S Jayakumar, gave these details at the opening of the 2nd Singapore Energy Conference on Tuesday morning. The first...
The Singapore government’s move to cut the number of land sites it is putting up for sale will affect plans to redevelop certain parts of the country. But analysts say it will not slow efforts to rejuvenate the overall landscape as there are many other projects underway. In fact, the move was praised as a prudent one, given the difficult economic environment. Last Friday, the Ministry of National...
RSP Architects, Jurong Consultants to come up with concept masterplan THICK grass covers a flat stretch of land for more than two kilometres. A few young trees stand tall and migratory birds swoop across the plain. It is hard to imagine this natural sanctuary as Semakau, a landfill commissioned nine years ago as the dumping ground for ash from Singapore's waste incinerators. Now, RSP Architects and...
Mid-range retail spaces in Singapore are likely to see a fall in rental rates, due to a drop in tourist arrivals and slowing domestic spending. Properties which are having rental rates renegotiated in the midst of the current economic downturn are likely to be the most vulnerable. Experts said landlords will have to rent out their spaces for less as retailers are hit by lower earnings. Eugene Lim,...
JTC Corporation reported a 38.5 per cent drop in net allocation of prepared industrial land (PIL) for the third-quarter 2008, on a year-on-year basis. Third quarter figures stood at 34.5 hectares, similar to the previous quarter but lower than the 56.2 hectares seen in the same period last year. Property consultancy Jones Lang LaSalle told Channel NewsAsia the contraction reflects the weakening of...