Singapore's Gardens by the Bay project is on track for completion by the end of 2010. National Development Minister Mah Bow Tan said the project is unaffected by the government's recent decision to defer S$1.7 billion worth of public-sector building projects – a move meant to ease the pressure on the construction industry in Singapore. Mr Mah was speaking to the media at the official opening of the...
General
A "Sentosa Gateway Tunnel" is set to be built so that motorists can circumvent the busy traffic in the Harbourfront area to get into town. The Land Transport Authority (LTA) said the tunnel will connect outbound traffic from Sentosa island directly to Kampong Bahru Road and Keppel Road. It is part of plans to improve the road infrastructure to meet future demands of development in that area, which will...
SINGAPORE’S booming office market is facing a drop in demand and a slowdown in rents that have left many wondering: What happens next, when a host of new developments are launched? Tight supply and high demand, mostly from financial institutions, made Singapore the ninth most expensive office market in the world, ahead of rival Hong Kong, according to property consultant CB Richard Ellis. Rents nearly...
Prices holding steady but don’t pop the bubbly yet: Economists ECONOMISTS rubbed their eyes in disbelief yesterday as official data showed that for the third month in a row, inflation held firmly at 7.5 per cent last month instead of climbing. Does this spell a plateau in consumer prices, which are currently at a 26-year high? Maybe not, said some pundits, as June enjoyed some once-off relief and...
No-frills establishments offering high-tech amenities aimed at business travellers MILLENNIUM and Copthorne Hotels (M&C) may build up to five more “limited service” hotels in Singapore, if the one currently under construction along Mohammed Sultan Road takes off. The London-listed hotel group’s chief executive Richard Hartman, revealing this yesterday during an interview, said more may also pop...
But CEO warns of impact from global slowdown SERVICED apartments owner Ascott Residence Trust is offering a 9-per-cent higher dividend payout to unitholders for the second quarter after room rates increased. It yesterday announced a total distributable income of $13.3 million, or 2.19 cents per unit, thanks to growth across its portfolio, which comprises 37 serviced-apartment residences across...
CAPITACOMMERCIAL Trust, the office landlord run by CapitaLand, will pay investors 23 per cent more in dividends for the second quarter, as it earned more rental income. Shareholders will receive $36.1 million, or 2.6 cents a share, for the three months ended June 30, from 2.12 cents a year earlier. CapitaCommercial also expects to post higher income for the rest of the year, as it increases rents on...
There is a distinct possibility of lower prices with so many developments set to be completed at the same time RECENT arguments against earlier predictions of a private housing oversupply are overblown, and cannot be further from the truth. In fact, those predicting an oversupply are probably understating their case. How bad the market fares will depend on the economy. But, leaving the economic factor...
DESPITE its ups and downs, property appears to be the main investment path for those with surplus cash who want to diversify from their existing businesses. So it was with stockbrokers Han Seng Juan and David Loh Kim Kang when they founded Centurion Properties a couple of years ago. They’re the “David and Han Team” or “The Dream Team”, as they are popularly known in the stockbroking world, due...
Singapore is now the fifth most expensive city in Asia, according to Mercer Worldwide Cost of Living Survey. Singapore’s rise in rankings is partly due to the appreciation of the Singapore dollar against the US dollar. Other contributing factors include its high quality of living and continued strength as a regional hub. Tokyo is the costliest Asian city, followed by Seoul, Hong Kong and Osaka. In...