It could take a few years for the United States economy to bounce back. This was the prediction from one of Merrill Lynch’s top strategists at the start of its “Rising Stars” conference in Singapore yesterday. Mr Mark Matthews, the firm’s chief Asia strategist, said: “We are looking at a protracted recovery that’s going to take the economy two to three years to unwind from its excessive...
US sub-prime crisis hurts confidence of likely buyers City Developments (CDL) will delay sales of new residential projects in Singapore, where it gets more than half of its revenue. The confidence of prospective home buyers has been eroded by the sub-prime mortgage crisis in the United States and the downturn in global credit markets, the company said. “How long the uncertainty and credit squeeze will...
Property developer City Developments has reported a 31 percent rise in first-quarter earnings to S$165 million. The results came at the lower end of expectations. Revenue fell 1.3 percent to about S$759 million. The Singapore property market cooled substantially in the first quarter in the wake of the US sub-prime crisis late last year. The government also scrapped a deferred payment scheme, which...
Property developer UOL Group has posted a 44 percent drop in first-quarter net profit to about S$43 million. This was due to the absence of a one-time gain on the sale of Central Plaza, which lifted the number in the year-ago period. Revenue rose 11 percent to about S$162 million, boosted by better performances from its hotels in the key markets of Singapore, Australia and Vietnam. UOL also benefited...
Building materials group Hong Leong Asia on Wednesday reported a 38 per cent rise in first quarter earnings to S$30.2 million while its revenue rose 34 per cent to about S$1.1 billion. The improved earnings and higher revenue were due to higher unit sales volume of its China operations. The company said there was also higher consumer demand which boosted its Singapore business. Hong Leong said the...
Radac’s here to help, but consumers should ensure contractor is accredited first We refer to the letter “Renovation Aggravation” by Raymond Ng (April 29). Radac was set up by the Consumer’s Association of Singapore (Case) in 1986 to provide greater control in the renovation industry. Recognising Radac’s importance, growth and capability, Case’s Central Committee recommended that Radac...
A new international school - NPS (National Public School) International - has officially opened in Singapore. While classes began less than 6 months ago, the school already has plans to expand. NPS has 212 students from kindergarten to Grade 9. It will extend its curriculum to include early childhood programmes in the near future. NPS is the third Indian school to set up in Singapore. The other two are...
The former Ministry of Home Affairs (MHA) Complex at Tanglin Road, which is also known as Phoenix Park, has been placed for tender. According to the Singapore Land Authority (SLA), the prime site on the fringe of the Orchard Road belt will be open for adaptive re-use as office space. Analysts said they are expecting to see strong interest due to the current office space crunch. Winston Cheah, Senior...
Property developer SC Global saw its net profit rise 75 percent in the first quarter to S$19.2 million, despite revenue falling 20 percent to S$43 million. But the outlook going forward appears cautious. Like many other developers releasing results in recent days, SC Global said market sentiment has been dampened by the sub-prime fallout in the US. It said medium to long-term fundamentals in the...
Changi Airport has scored again, bagging two awards in Singapore and London. The Civil Aviation Authority of Singapore (CAAS) has been voted "The Airport Authority with the Most Supportive Approach to Travel-Retail". The title was given at the Duty Free News International (DFNI) Awards for Travel-Retail Excellence in the Asia-Pacific Region. The awards were presented in Singapore on Tuesday. Other...