But this won't dispel bear's shadow over loss-ridden markets WITH the world staring down the throat of what billionaire investor George Soros called its worst financial crisis yet, and its biggest economy driven to possible recession by fallout from sub-prime mortgage losses, the United States Federal Reserve yesterday slashed interest rates by 75 basis points — the biggest cut in 23 years. The central...

Singapore-listed Straits Trading Company is pumping in some S$60 million to build a new building. It will be developed on the site of the old Straits Trading Building and is expected to be completed in 2009. Agents for the New Straits Trading Building said they see strong demand for premium mid-sized office space. A new 28-storey Straits Trading Building will rise in the heart of Singapore's financial...

Chiu Teng Estates has put in the top bid of S$14.8 million for a 99-year leasehold commercial site at Jalan Sultan. This works out to S$10,480 per square metre per site area. It is also just S$1.2 million more than the second highest bid. The tender attracted 20 bids in all. Meanwhile, the Urban Redevelopment Authority has decided to reject the only bid submitted for the transitional office site at...

The makeover of their homes is welcomed, but would the weight on the wallets of the low-income be too much? Member of Parliament (MP) Cynthia Phua of Aljunied GRC raised this concern yesterday as Parliament debated proposals to usher in new upgrading programmes for public housing. The objective - repair works on ceiling leaks, for example, to spruce up ageing homes - was not in question. Even Opposition...

MPs debate whether to up $8,000 ceiling for DBSS buyers THEY are public housing flats designed, built and marketed by private developers, costing as much as $700,000 - which begs the question: Should not the $8,000 income ceiling for prospective buyers be raised? Taking up the issue of Design, Build and Sell Scheme (DBSS) flats in Parliament yesterday, Nominated Member of Parliament...

Asia is not likely to suffer a downturn over the next two years if the US does not fall into a full blown recession, Lehman Brothers forecast in its outlook for 2008. Investors all across Asia may be nervous about the outlook for the US economy, but the financial services firm is taking a positive stance. Lehman Brothers' global chief economist Paul Sheard said, "A lot of people, of course, are focusing...

CapitaLand is investing over S$1 billion in 15 malls across India through two joint ventures with Indian companies. The venture will be fully funded by the CapitaRetail India Development Fund, which is 45 per cent owned by CapitaLand. CapitaLand said it plans to duplicate its China strategy in India, which is to focus first on the gateway cities, including Mumbai, New Delhi and Bangalore, and then...

CapitaMall Trust Management Ltd will pay S$62.3 million in distributable income, for the October-to-December period, or 2.34 Singapore cents per unit. This compares with the distributable income of S$52.3 million it paid a year ago. CapitaMall, which is 27-percent owned by Southeast Asia's largest developer CapitaLand, said its fourth-quarter distribution was 30 percent higher than forecast due to...

Hotel sales in Singapore topped US$376 million last year, putting it in sixth position in transaction activity in Asia. This is a 3.5 per cent growth from 2006. According to Jones Lang LaSalle Hotels, Japan saw the highest activity last year with US$6.8 billion of deals done, a 63 per cent jump from the previous year. Jones Lang attributed the lure of Japan to the low cost of debt. It added that while...

GIC Real Estate is partnering with Russia's PIK Group to develop a large urban township in the city of Mytischi in Russia. The 114-hectare site is located in the Moscow region to the northeast of the capital. GIC Real Estate will acquire a 25 per cent stake in the project for US$233 million (S$336 million). A CB Richard Ellis appraisal carried out 12 months ago valued the site at over US$1.3...