Infrastructure company, Boustead Singapore, said its FY2008 net profit rose 46 percent to S$51.5 million, while its revenue rose about 28 percent to S$438 million – the sixth straight year of record profits and revenues. Boustead said its better showing was due to the buoyant environment and strong global demand for infrastructure projects in developing nations. Three of its four divisions performed...
General
Singapore’s Frasers Hospitality is expanding into Indonesia for the first time. It has announced plans for 270 luxury service apartments and penthouses to be housed within the Ciputra World Jakarta development (picture), which is slated for completion by mid-2011. Fraser Suites Jakarta will be located in a 30-storey tower, with leisure and fitness facilities such as a swimming pool, tennis courts and...
The Urban Redevelopment Authority (URA) has launched an industrial site at Woodlands Industrial Park E5 for sale by public tender. The site has an area of 1.68 ha and is zoned for a Business 2 development. The tender for the site will close at noon on July 22. The URA also released the detailed sales conditions for a reserve list site at Kallang Pudding Road for industrial development. The 0.57 ha site...
Parkway Trust Management , the manager of Parkway Life Real Estate Investment Trust, is investing in two nursing homes in Japan for some S$34m. One of the homes is located in Yokohama City, Kanagawa Prefecture and the other is in Ibaraki City, Osaka. The vendor of both properties is nursing home operator ZECS Community Co. Under the sale and leaseback agreements, ZECS CC will lease back 100% of the...
The air along Robertson Quay has finally been cleared. And the source of the offending stench a 1m-thick layer of sludge lining the bed of the Singapore River has been removed, giving the area a breath of fresh air. The years of muck that lined a 50m stretch of riverbed could have been due to dead leaves, litter and silt discharged from nearby worksites, especially after rain, said a PUB officer during a...
Proposed flat application system gives ownership of choice and saves on effort I APPLAUD the Housing and Development Board’s (HDB) recent initiative regarding balloting under the build-to-order (BTO) scheme, which aims to deter people from throwing their names into the flat-balloting hat frivolously. However, I feel that the root of the problem lies with the balloting system - it is like a lucky-draw,...
Katong Mall is up for collective sale by tender. Under the Master Plan, the 99-year leasehold 78,158 square foot commercial development site has a gross plot ratio of up to 3.6, with an allowable building height subject to evaluation. It has the potential to be redeveloped into a commercial or retail development with a gross floor area (GFA) of up to 281,369 square feet, subject to relevant authorities'...
The Urban Redevelopment Authority (URA) has closed the tender for a 53,200-square metre residential site at Choa Chu Kang Drive. The highest offer for the site was for S$116 million, which translates to S$203 per square foot. The offer was submitted by Tian Hock Properties. Li Hiaw Ho, executive director of CBRE Research said given the top bid of S$203 per square foot and an estimated breakeven cost of...
Mapletree Investment, the real estate branch of Singapore investment firm Temasek, has signed an agreement with China's Guangzhou Southern-Donald Technology to build seven blocks of high-end service apartments and a retail mall. Mapletree will hold 80 per cent of the US$320 million project. The development in Nanhai District of Foshan City, Guangdong Province, will be the third investment of the newly...
National Development Minister Mah Bow Tan has unveiled some features of the Malay Village facelift under the URA Draft Master Plan 2008. In outlining future plans for the Paya Lebar area in Parliament on Monday, the minister said a substantial portion of the Malay Village site will be reserved for a new civic building. It will house a variety of amenities, including a Community Club, the Community...