CapitaCommercial Trust (CCT) has decided to defer the planned redevelopment of the Market Street car park. In January 2008, CCT was granted an outline planning permission by urban planners to redevelop the property into a Grade A office building. Since then, it has been working with its appointed architect and consultants to finalise and submit design plans to the Urban Redevelopment Authority. In a...
General
The Monetary Authority of Singapore (MAS) has said it expects inflation, now at a 26-year high of 6.7 percent, to cool to an average 4 percent in the second half of this year. Singapore's central bank also said on Tuesday that economic growth will slow in 2008, but the expansion will likely remain at a healthy level even under a tighter monetary policy. "Full-year gross domestic growth of between 4%-6%...
Mainboard-listed Macquarie MEAG Prime REIT (MMP REIT) has booked a distributable income of S$17 million for the first quarter, up nearly 22 per cent compared to the same period a year ago. MMP REIT said that its earnings were driven by attractive acquisitions, tenancy remix as well as asset enhancement initiatives. The REIT saw strong rental rates in Singapore. Its retail space was at full occupancy,...
Prime Minister Lee Hsien Loong has set a more ambitious, 10-year target of reducing deaths at the workplace to 1.8 per 100,000 workers. Singapore's aim right now is to halve the fatality rate to 2.5 by 2015 and Mr Lee said this target is "well within reach". Mr Lee was speaking at the launch of the Workplace Safety and Health Campaign 2008 on Tuesday. The stakeholders from industry and the tripartite...
National Development Minister Mah Bow Tan said the number of foreign construction workers in Singapore has gone up, and they would need more than just basic housing. "Because the numbers are so large, we also need to look into purpose-built facilities for them. For example, the foreign workers dormitories. We cannot just build housing for them without looking at all the other facilities like sports and...
Genting International has said it is no longer in talks with the Singapore Sports Hub Consortium to build a hotel in the Singapore Sports Hub. In a statement to the Singapore Exchange (SGX), Genting said the Singapore Sports Council has decided not to have a hotel in the hub "at this point in time". Genting added that the subject matter of this announcement is not expected to have any material impact on...
A GROUP of 31 home-owners — most of them facing en bloc battles in condominium estates islandwide — have showed their support for one of their ilk, who was featured on the cover of Weekend Today. Yesterday, representatives of the group, who call themselves the "Stayers", delivered an envelope containing a letter and $520 to Today's newsroom, in a symbolic show of support for business consultant Ken...
Radac-accredited company refused to use the Radac Standard Contract About three weeks ago, I was sourcing for home renovation contractors. After performing some due diligence and referring to the Singapore National Registry of Accredited Renovators 2007 - a book given to purchasers by the Housing and Development Board (HDB) on the day of the final sales transaction - I contacted a company that was a...
Property developer CapitaLand has completed the compulsory acquisition of the Ascott Group, a serviced-apartments operator. From 28 April, Ascott becomes an indirect wholly-owned subsidiary of the company. It will be delisted from the Singapore Exchange with effect from 29 April. CapitaLand said the privatised Ascott will enhance the company's competitive advantage of having a fully integrated real...
Hong Leong Asia's shares closed 1.9 percent higher at S$2.65 on Monday after the company agreed to sell its building materials business to Malaysian cement maker Tasek Corp for S$323.5m in an all-share deal. Tasek said in a filing to the Kuala Lumpur Stock Exchange that it will issue 212.2 million shares at S$1.52 each to pay for the business. It also proposed to return to shareholders a special net...