United Overseas Bank (UOB), Singapore's second-biggest lender by assets, posted a 5.7 percent fall in its fourth-quarter profit, as turmoil in credit markets led to more write-downs. The bank reported net profit of S$506 million for the October-December period, down from S$537 million a year ago. UOB, which had a smaller exposure to risky debt compared to local industry leader DBS, made fresh provisions...
Singapore's sovereign wealth fund has bought the Westin Tokyo hotel from Morgan Stanley and US-based Starwood Capital, the firms said Tuesday, in a deal reportedly worth about US$715 million. The 438-room hotel in Tokyo's Ebisu district will continue to be operated by Starwood Hotels and Resorts under the Westin brand, a joint statement said. The companies gave no financial terms for the purchase by GIC...
Singapore greeted 883,000 visitors in January 2008 setting a new record for visitor arrivals in that month. Not only did visitor arrival figures rise 6.9 per cent higher in January 2008 compared to January 2007, but visitors also stayed longer this time round. The top three markets were Indonesia, China and Australia. Visitor arrivals from China rose 42 per cent than in January 2007. Some 3.5 million...
Developer Koh Brothers has posted a near 10-fold jump in full-year net profit - rising 877 percent to S$39.7 million. The sharp spike in the bottomline was due mainly to fair value gains on investment properties. There was also an exceptional gain of S$5.6 million after the company sold three units in Shantou, China. Sales rose 10 percent to S$285.5 million and Koh Brothers remains bullish about its...
The HDB is launching an executive condominium housing site in Yishun. The land at Yishun Avenue 11 is being made available under the Reserve List System. This means developers interested in purchasing the land, must submit their application with the minimum price they are willing to bid for the land. The site has an area of 15,080 square metres and a gross plot ratio of 2.8. Upon acceptance of the...
The Housing and Development Board (HDB) came under the spotlight in Parliament on Tuesday with MP Ong Kian Min urging it to exercise compassion in cases of mortgage arrears. The MP for Tampines GRC said that while the lower income group in other countries could move to cheaper housing, Singaporeans do not have that option as HDB flats are already the cheapest form of housing. He recounted how nine families...
The Housing and Development Board is offering 494 four-room flats at Punggol Spring under the Build-To-Order (BTO) System – the first BTO launch for this year. HDB has received 278 applications so far. Interested applicants have until 17 March to apply for a unit there. Prices of units range between S$204,000 and S$259,000. HDB advises those unsuccessful in recent sales exercises to consider applying...
Citibank is gunning for more high net worth clients with a new S$3.5 million high-tech centre in Singapore.The centre will have private conference rooms, video conferencing facilities and a plush ambience akin to a five-star hotel catering to high net worth clients. Citibank believes such clients form a growing market, which will help it compete in the lucrative banking segment. Such individuals typically...
Ratings agency Moody's Investors Service has placed two key debt ratings for Macquarie MEAG Prime REIT (MMP REIT) under review for possible downgrade. The ratings in question are MMP REIT's Baa1 corporate family and Baa2 senior unsecured debt ratings. Moody's says the move has been prompted by MMP's announcement on 19 February to undertake a comprehensive strategic review of the REIT. The review seeks...
Keppel Land, one of the largest property developers in Vietnam, has unveiled concept plans for Phase Two of its Saigon Centre in Ho Chi Minh City. This was presented to President S R Nathan and Vietnam's Deputy Prime Minister Hoang Trung Hai in Hanoi on Tuesday. In the new phase, Keppel Land is going for an 88-storey mixed development which will house residential, retail and office space, and will also...