Rental flats today are no longer just a shelter for the destitute. With the worsening economy, some middle-class families, faced with financial hardship, have been forced to downgrade. How are the newly poor, who are now moving into one-room flats, coping with their new environment, envy and hostility? THIS is the last place Mr Ramah Arif (not his real name), 33, expected to end up. A cheap, far from...
EMAAR Properties, the No. 1 developer in the Middle East, has made an unconditional cash offer for Asian retailer RSH, which has the rights to various brands including Zara, Massimo Dutti and Mango. Through its subsidiary Emirates Property Holdings, it is offering to acquire the remaining shares it does not already control at 77 cents apiece, valuing the Singapore- listed retailer at about $272...
Singapore's prime shopping belt Orchard Road will see its first new mall in more than a decade in about two weeks. The 12-storey Orchard Central is scheduled for a soft launch on July 2. Developer Far East Organisation said tenants have taken up about 80 per cent of the space launched for leasing so far, a total of 213,000 square feet. The Organisation said the new mall has already attracted the...
KPMG, the auditor for MacarthurCook Industrial REIT (MI Reit), said the property trust's ability to continue depends on whether it can refinance borrowings which are due by the end of the year. It did not qualify its opinion. The trust has total borrowings of S$224.3 million that are maturing this December. It has also committed to buying a property for S$91 million, which is expected to be settled in...
Global real estate giant Emaar Properties is making a mandatory unconditional cash offer for all the shares in Singapore-listed RSH. Dubai-based Emaar has offered S$0.77 for each of the remaining shares of RSH that it does not own. The offer was triggered after Emaar acquired debt from Golden Ace – a joint venture between Emaar and India's MGF Group. Golden Ace, which is 30 per cent-owned by Emaar,...
French beauty giant Sephora will soon be opening its largest store in Asia. The store will be opened in Singapore's soon-to-be-completed ION mall and is part of the firm's continued expansion in Asia. Sephora is pumping in over S$4 million into the new store – double of what it spent on its first Southeast Asian outlet in Singapore's Ngee Ann City shopping centre. So far, the beauty retailer said...
CapitaLand has announced a management shake-up that sees some of its younger senior officers taking over leadership roles from July 1. Lim Ming Yan, currently CEO of CapitaLand China Holdings (CCH), will be appointed CEO of The Ascott Group. Jason Leow, currently deputy CEO of CCH, will take over as CEO. Ee Chee Hong, currently deputy CEO of CapitaLand Commercial, will be promoted to CEO. He has also...
The dramatic improvement in sentiment has already resulted in property prices creeping up over the past two months, particularly in the secondary market. According to anecdotal evidence, owners are sticking to their asking prices, with some even withdrawing their properties from the market in the hope of fetching a higher price later on. At the prestigious Ardmore Park, the bellwether for luxury...
SINGAPORE’S drive to become an education hub is providing a form of support for the home leasing market. According to property and student agents, more international students in Singapore are turning to condominiums for accommodation even as the more traditional hostels and HDB flats remain in hot demand. The influx of foreign students has visibly strengthened since the Economic Development Board...
Mainboard-listed Yongnam Holdings has secured two new contracts worth a total of S$40.7 million for the Marina Bay Sands Integrated Resort and the Marina Coastal Expressway. In the Marina Bay Sands contract, the engineering firm will construct a segment of the integrated resort's Lion Garden Bridge and a cooling tower structure. The second contract will involve the installation and eventual extraction of...