Asian economies, excluding Japan, are expected to grow a weighted 5.5 per cent this year - down from the 7 per cent growth seen in 2008. HSBC said this slide will be led by Hong Kong, Korea, Taiwan and Singapore, while countries like China and India will be the main supports of growth. Falling demand from most developed nations in the wake of the global downturn has hit economic growth in Asia. But...
As Singapore retains its title as the world’s second freest economy, its reputation as one of the world’s most flexible labour markets is also gaining ground. Going by the latest data from a United States think-tank, on matters of labour freedom, the Republic scores 98.1 — trumping even Hong Kong, the world’s reigning freest economy. According to The Heritage Foundation, flexible rules mean "the...
The tender for the former Mee Toh School on No.375 Race Course Road has attracted an overwhelming 20 bids. The Singapore Land Authority (SLA) put the land up for tender under the "Ideas Tender Scheme" last month. Under the scheme, bidders are allowed to submit alternative bids for innovative uses for the property. The 20 bids were by 14 bidders and Cambridge Institute Pte Ltd had the highest bid of...
Singapore-listed construction firm Lian Beng has posted a nine per cent increase in its first half net profit. Net earnings for the six months ended November rose to S$8.8 million from S$8.1 million a year ago. This was on the back of a 42 per cent jump in revenues to S$151 million on progress made in various construction projects. Lian Beng said demand for construction services has softened amid the...
It should be more sensitive to tough economic times BUSINESSES big and small are being ravaged by the global economic downturn, with firms here down on their knees pleading for all the help that they can get, from cash to measures that will help them reduce their costs. The Government has recognised their plight and has promised help. Prime Minister Lee Hsien Loong said the Government would help workers...
Today reporters were offered discounts and freebies to sweeten the deal BARELY an hour into the showflat tour, the senior executive of a property consultancy firm, brokering a private condominium, decided it was time to reveal his trump card. “Don’t say I said it,” he said, almost whispering, as he pushed across the table to us a piece of paper with a blow-by-blow breakdown of his offer. The latest...
More people are looking to refinance their home loans in the past few months with lower interest rates, but not without difficulties. Key benchmark interest rates have been dropping since governments around the world embarked on their rate cutting campaign a few months ago to revive the slumping economy. As a result, the Singapore Interbank Offered Rate (SIBOR) has more than halved in the past three to...
The global credit crunch and increasing competition for funding spell tough times ahead for Commercial-Mortgage Backed Securities (CMBS) in Singapore. Fitch Ratings says such securities will face difficulties when it comes to refinancing this year. This is due in part to growing competition for funding from various real estate and casino developments in Singapore. However, the recent strong cash flow...
En bloc projects being leased out instead of getting rebuilt MANY new homes recently built for the well-heeled in Singapore are sitting empty. Only 45 per cent of the luxury projects launched since June 2006 have been sold as of November last year, according to property consultancy CBRE. This period saw the roll-out of 20 projects in this segment, which has a total of 2,209 units, some of which have yet...
But proper screening required, say landlords WITH job losses expected to spike and bonuses becoming restrained, more homeowners may resort to renting out spare rooms to make ends meet, say analysts. Although carving out a space in your home for strangers may mean a loss of privacy and inevitable adjustments to the way you live, it can also help with monthly mortgage payments and other...