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 Keppel Land has secured an option to develop a residential site in Vietnam's Ho Chi Minh City. The project is estimated to cost US$390 million. Keppel Land signed the agreement through its wholly-owned subsidiary Earlsbay Investments. Under the deal, the Singapore developer will hold a 60 percent stake, while local property developer Hong Quang takes on the remaining interest. The...

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...

In light of the ongoing sub-prime mortgage crisis in the United States, major global agencies have relooked their forecasts for this year. According to the latest World Economic Report, the International Monetary Fund (IMF) is predicting a 3.7 percent growth in the global economy this year - down from a 4.9 percent expansion in 2007. The IMF has also downgraded its growth projections for Singapore by...

In the first half of this year, 12 sites will be made available for hotel development. National Development Minister Mah Bow Tan said these sites would potentially yield another 6,000 rooms which Singapore needs to meet growing demand. Mr Mah was speaking at the official opening of the six-star St Regis Singapore on Sunday, where 1,000 of Singapore's Who's Who attended the event. At St Regis, butler...

Ascendas Real Estate Investment Trust (A-REIT) has posted a 14.3 percent rise in full-year earnings to S$187.3 million. Revenue jumped by 13.9 percent to S$322 million. A-REIT has also reported strong occupancy rates for its portfolio. Overall occupancy rates stood at 98.4 percent at the end of last month. The industrial trust said organic growth and investments will continue to be the main income...

Broadcasting and radio communications firm Rohde & Schwarz has said Asia will be the source of technological innovations in the future, and that is why it has set up its first regional headquarters outside Germany in Singapore. Research and development (R&D) will be the focus of Rohde & Schwarz's new regional headquarters in Changi Business Park. The communications firm said this is its...