Mapletree Industrial Trust (MIT) is deferring cash distributions to investors for at least two years because of stricter covenants by banks. The trust revealed this on Friday in a bid to address tenants' demands for a reduction in rents. MIT said its interest costs have doubled to S$23 million with the current credit crunch. It revealed that its shareholders have provided an additional S$140 million in...
Property developer CapitaLand said its S$1.84 billion rights issue has been oversubscribed. It cited indicative figures available at the close of the offer on Thursday. CapitaLand said the final number is subject to validation of acceptances and excess applications received by the Central Depository and CapitaLand's share registrar. CapitaLand had offered one share for every two existing shares at S$1.30...
Small is apparently beautiful for Singapore's hotel industry in these uncertain times. Boutique hotels with fewer than 100 rooms do not seem to be seeing the tourism blues, with some seeing near full occupancy rates in the past few months, even without slashing prices. Size does not matter for boutique hotel Naumi, even though it has only 10 storeys of 40 rooms. Naumi, set up in 2008, has seen about 75...
Champions Court - this year's first Build-to-Order (BTO) project in Woodlands - has been oversubscribed. Almost 3,200 applications have been received for the 815 units on offer. The project comprises studio apartments, three, four and five-room flats, and applications for all types have been oversubscribed. For example, there are only 224 studio apartments on offer, but 618 applicants are vying for them....
A 40-year-old shopping icon in Orchard Road is at risk of losing its tenants to upcoming malls in the area. Sources told Channel NewsAsia that about half of Shaw Centre's office and retail tenants had moved out within the last six months. Many of them refused to renew their leases after Shaw raised rents by about 100 per cent. Tyan and Betty Barclays, both upmarket boutiques on the ground floor of Shaw,...
THE WATERFRONT VIEW from the higher floors of the office towers around Raffles Place has changed dramatically in recent weeks. A trio of 55-storey connected hotel towers at Marina Bay that will make the base of Singapore’s first casino resort soared past its halfway mark late last month. With just 10 months to go before the downtown resort opens, the developers are racing to complete it on time. Marina...
Domus is a masterpiece of contemporary architecture rising twenty-eight storeys above a fascinating landscape of charming old world urbanity. It also offers panoramic views of the city and Macritchie Reservoir. Located within the established Novena residential estate, Domus is a five-minute walk away from Novena MRT station and just minutes away from Orchard Road, the Central Expressway (CTE) and Pan...
PROPERTY appears to be evolving into a currency play with investors hoping to benefit from the rise and fall of exchange rates. Australian Property Group (APG), which took out a full-page advertisement in The Straits Times on Saturday to market a luxury condominium in Australia, say they have already sold 60 units of the 90-unit development. A spokeswoman for APG said that most of the buyers were...
I AM in a situation which is one I am sure, more than a handful of HDB flat buyers are in too, particularly in this economic downturn. This problem permeates almost every residential estate, with no effective solution in sight. Perhaps the solution is in the form of prevention, not cure. Late last month, I collected the keys of my HDB resale three-room flat. The paperwork had proceeded smoothly and the...
UNITED Overseas Bank has become the first in Singapore to tie up with Singapore Post to distribute HDB home loans, extending its mortgage services beyond its 57 branches. In recent years, more banks have started offering their services in non-traditional spaces - such as train stations, convenience stores and petrol kiosks - to reach out to customers. Yesterday, UOB said its HDB home loans will be, for...