Singapore Telecommunications (SingTel) says it will build a new state-of-the-art data centre at Kim Chuan. The Kim Chuan Telecommunications Centre 2 is expected to be completed in early 2010. SingTel sees the growth of higher performance computing, such as blade servers and the iN2015 government initiative, driving the demand for new data centre facilities that can support next-generation infocomm...
Volatile capital markets cited as main reason JTC Corp has scrapped plans to divest a large chunk of its industrial property portfolio through a listed real estate investment trust (Reit). Instead, it will sell the 62 properties for $1.71 billion to Temasek-linked Mapletree Investments, which it had earlier appointed to manage the planned trust. This is because of recent weak stock market...
Is it a question of finding the right person or deciding on a new direction first? IT HAS been more than six months since local food and beverage giant, Fraser and Neave (F&N) has been without a full-time chief executive officer following the hasty departure of Dr Han Cheng Fong last October. Mr Lee Hsien Yang assumed the post of chairman in the middle of that same month and has since...
The central bank has reiterated its stance that it will not regulate the Islamic banking market here in Singapore. At a conference on Islamic Finance on Tuesday, the Monetary Authority of Singapore (MAS) instead argued that Shariah-compliance should be regulated internally as part of a bank's good practice in governance and control. The Islamic banking market is estimated to be worth as much as US$800...
Resorts World at Sentosa has awarded its largest building contract to date, worth S$1.05 billion, to a joint venture between major Japanese contractor Kajima Overseas Asia Pte. Ltd. and local player Tiong Seng Contractors (Pte) Ltd. This brings the total building contracts awarded so far to over S$2 billion. The S$6 billion integrated resort is slated for completion in early 2010. Kajima-Tiong Seng will...
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...
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...