Demand for JTC's industrial space jumped to a record 880,000 square metres in 2007, thanks to a strong economy. Singapore's largest industrial landlord said take-up for its ready-built facilities reached nearly 215,000 square metres. This was about 20 per cent higher than the record set in 2005. A new high was also set for prepared industrial land with take-up at over 340 hectares. Occupancy for...
Life insurance firm Prudential is expected to save S$1.2 million a year in rent for the next 15 years when it moves into a transitional office site at Scotts Road. The site, which is slated to be ready in September, will house 2,500 staff. The target to construct the S$35 million, four-storey building by September is a challenging one given the resource crunch in the construction sector. Developer...
Prime Minister Lee Hsien Loong Thursday launched the University Town project at the National University of Singapore (NUS), which will also be the site of the Youth Olympic Village if the country wins the bid to host the Games. The government has confirmed that the project has been given top priority and will be completed by 2010. According to the Ministry of Community Development, Youth and Sports, the...
Companies wary of acquisitions amid market uncertainty EVEN as property prices come off their peaks, sector participants are keeping cautious, with Macquarie MEAG Prime Reit’s manager becoming the latest to say it will hold off making acquisitions for now. The uncertain mood brought on by turbulence and volatility in financial markets is curbing enthusiasm for property around the world. “We have...
DOHA, Qatar : It has been dubbed the "Venice of Qatar"; a project called "The Pearl-Qatar" is an upscale Riviera-style development, and when completed in 2011, the project will be home to some 40,000 residents. Investors from 45 countries have flocked to the project to snap up properties there, but real estate is not the only attraction for Singapore companies. With its mix of Venetian charm and Arabic...
The government will spend S$14 billion to improve Singapore's road infrastructure over the coming years. The money will go towards building the new North-South Expressway, the earlier announced Marina Coastal Expressway, widening the Central and Tampines Expressways, and improving various interchanges. The Transport Ministry is optimistic the changes will soften the traffic gridlock. The go-ahead has...
STB stops Allgreen’s purchase of condo for lack of ‘good faith’ AN APPLICATION for the en bloc sale of Regent Garden has been dismissed by the Strata Titles Board (STB) - much to the delight of the majority owners. A group of 25 owners at the 31-unit condominium had earlier sued the buyers, Allgreen Properties, for allegedly breaching the sale and purchase agreement by grossly undervaluing the...
Citigroup has revised down Singapore's economic growth forecast this year to 5.6 percent from 6.2 percent, amid market uncertainty. However, the lender said it is confident about strong growth in emerging Asian markets for 2008. Citigroup is also predicting that equities will be the asset class of choice. With the volatile market, Citigroup is also advising investors to keep a close eye on telecom, banks...
Macquarie MEAG Prime REIT (MMP REIT) has reported a full-year net income of S$76.8 million, boosted by a jump in its fourth-quarter earnings. The trust, which owns Ngee Ann City and Wisma Atria, said this is due to higher rentals, new leases and revenue from its acquisitions in Japan and China. Following the strong results, MMP REIT plans to distribute 6.19 cents per unit to its unit holders. The revamp of...
Property developer GuocoLand has reported a net profit of S$60.6 million for its half year ended December 31. That was a 15 percent increase compared to the same period a year ago. Revenue rose 114 percent to S$402 million. However, net profit in the second quarter actually fell 26 percent to S$33 million. This was due to the absence of an exceptional gain that was booked in the year-ago...