Mainboard-listed Keppel Land has posted a 3.5 percent drop in quarterly earnings. First quarter net profit came in at S$60.3 million, down from S$62.5 million in the same period last year. This was much lower than a Dow Jones Newswires poll estimate of S$98 million. Revenue fell by 7.6 percent on year to S$273.1 million. The weak earnings came on the back of a cautious property market, following the...
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The Tekka Centre, which is located at Blk 665, Buffalo Road, will close for upgrading on 1 May 2008 till the third quarter of 2009. It will be given a makeover under the National Environment Agency's (NEA) Hawker Centres Upgrading Programme (HUP). The market cum hawker centre was built in 1980 and has become a tourist attraction over the years. NEA said the upgraded centre will be more accessible as...
JTC Corporation and Mapletree have cancelled plans to list a real estate investment trust due to current volatile market conditions. Instead, JTC will divest the S$1.71 billion real estate portfolio to a private trust sponsored by Mapletree. This divestment option was part of Mapletree's proposal to JTC, when Mapletree was appointed by JTC as the REIT manager for the selected portfolio in February this...
Malaysia has shelved plans for a bullet train linking Kuala Lumpur to Singapore because of the cost, a top planning official said on Tuesday. The 8 billion ringgit (US$2.5 billion) project, proposed by Malaysian infrastructure and utilities group YTL Corp in 2006, aimed to cut travel time between the two cities to 90 minutes from seven-and-a-half hours presently. "The government is not going ahead with...
Trade and Industry Minister Lim Hng Kiang on Tuesday said the upcoming F1 race is expected to generate additional tourism receipts of about S$100 million this year alone. Some 30 to 40 per cent of the spectators at the September event are expected to be from overseas, he said. Mr Lim was replying to a question from Sembawang MP Lim Wee Kiak about his assessment of the benefits of the F1 race. He said...
CapitaMall Trust has booked a first quarter distributable income of S$58 million, up 24 per cent compared to a year ago. The growth was driven by higher rental rates on new and renewed leases for most of its malls. For the first quarter ended March 31, the property trust will distribute 3.48 Singapore cents per unit, up from the three cents distributed in the same period last year. CapitaMall Trust said...
Developer, majority owners back down. After a string of legal tussles, the Finland Gardens en bloc sale has been called off. Lawyers for residents opposing its sale said a High Court appeal ended yesterday when the majority owners in the 48-unit condo withdrew their petition. Joint-venture developers Sing Holdings and Eastern Summer have also backed off. The duo had thought they successfully bought the...
The world could be facing its worst recession in 30 years, said Deputy Chairman and Executive Director of the Government of Singapore Investment Corp (GIC) Dr Tony Tan. He shared this view with over 500 GIC staff at a conference on Monday. "The financial contagion has now spread beyond US shores, increasing the likelihood of a global financial crisis and recession. We could be facing a recession which is...
K-REIT Asia has booked a first quarter distributable income of S$11.4 million, up 166 per cent from the same period a year ago. The jump was mainly due to contributions from its one-third interest in One Raffles Quay, which was acquired in December 2007. K-REIT said it saw strong rental and occupancy rates. The company is hoping to raise almost S$552 million through a rights issue in March. Proceeds of...
Property developer CapitaLand is joining hands with Mubadala Development to invest in the property sector in Abu Dhabi. The two partners have launched a joint venture company called Capitala. They are pumping in US$300 million into the joint venture. Mubadala Development will hold a 51 percent stake, with CapitaLand holding the remaining 49 percent. Capitala will develop mainly residential properties in...