PLEASE refer to Monday's article, 'En-bloc uproar at Bayshore Park, Mandarin Gardens' by Ms Jessica Cheam, and the letter by Mr Augustine Cheah, 'En-bloc system needs relook, as Bayshore shows'. The Mandarin Gardens collective sale committee would like to clarify that it was not involved in the proceedings of the annual general meeting on April 27. However, we know of members who attended as legal owners...
International students in Singapore will soon have more housing options. With more students from overseas studying here, demand for hostels has increased. So the Singapore Land Authority (SLA) doubled the tenders awarded to hostel tenants between 2006 and 2007. The camp site at Jalan Bahar in Jurong used to belong to the Singapore Civil Defence Force. It now has a new lease of life - as apartments for...
Inflation is a more serious problem for Singapore and other Asian economies than an economic slowdown in the United States, according to HSBC's senior Asian economist, Robert Prior-Wandesforde. He said if inflation continues to push upwards, Asia could find itself facing an economic slowdown next year. His comment came at a seminar organised by the Singapore International Chamber of Commerce. Inflation...
Property developer Ho Bee has reported a 62 percent drop in first quarter net profit to S$26 million. Its revenue also fell 62 percent to S$94 million. Ho Bee said this was mainly due to the lower recognition of revenue from a property development project, The Coast at Sentosa Cove. The company also noted that the global economic and financial uncertainties caused by the US sub-prime crisis will continue...
CapitaLand's Ascott unit has bought an existing serviced residence in London for S$116.4 million. The property is located within London's 'Midtown' region at High Holborn. Ascott is currently leasing the property from Land Securities, the UK's largest real estate investment trust. The property is being operated under the brand name Citadines London Holborn-Covent Garden. The 192-unit serviced residence...
ARA Asset Management has posted first-quarter earnings of S$9.2 million, up 137 percent from a year ago. Revenue more than doubled to S$17.5 million. The growth was mainly due to higher management fees from its REIT portfolio, as well as higher net property income. ARA is expecting its asset enhancement initiatives to boost income for the full year of 2008. It is looking to set up REITs in new asset...
Two Singapore banks on Wednesday reported falls in first-quarter net profit as trading activities took a hit from global financial turmoil. DBS Group, Southeast Asia's biggest bank, said its net profit in the first quarter ended March 31 dipped 2.0 percent to S$603 million (US$446 million) compared with the previous year. Singapore's smallest bank, Oversea-Chinese Banking Corp (OCBC), reported a four...
Accountants think that Singapore is up for challenges this year, according to a survey by the Institute of Certified Public Accountants of Singapore (ICPAS). 64 percent of the respondents said their outlook for the economy ranged from neutral to pessimistic. Inflationary pressure was one of the top reasons for the dim economic outlook among Singapore accountants, with 90 percent of the respondents...
Allco Commercial REIT said on Wednesday it is putting its stakes in two properties in Australia up for sale and has appointed sales agents for these properties. The properties are Central Park in Perth and Centrelink Headquarters in Canberra. Together, they are valued at around A$483 million or S$624 million. CB Richard Ellis and Jones Lang LaSalle (JLL) will sell Allco's 50 percent interest in Central...
IT IS interesting the fact that en bloc unhappiness still prevails despite last year’s new rulings. Maybe it is time the guidelines are further tweaked to follow those of the Housing and Development Board’s Lift Upgrading System. Before any en bloc committee is formed, the management committee should conduct a poll for every registered resident to either opt in or out of en bloc. If 100 per cent...