Citigroup fired most employees at its real estate investment banking team in Asia after slumping property prices stifled share sales and acquisitions in the industry, three people familiar with the matter told Bloomberg News. The New York-based bank dismissed at least five people two weeks ago, the people said, declining to be identified because they aren't authorised to discuss the matter publicly....
Going by past recessions, it could take nine more months before prices fall FOR first-time flat seekers like Mr Neo Tze Siang, the economic downturn was meant to provide some respite from HDB prices pushed skyhigh by the property boom last year. But despite the raft of job cuts and the gloomy economic forecasts trotted out, HDB prices are showing few signs of sliding. “We hear about private property...
Residents react, as 10 new sites for temporary housing unveiled AS THE Government unveiled 10 more sites for temporary foreign worker accommodation, some lessons appear to have hit home for residents, their representatives and policymakers alike from the Serangoon Gardens episode two months ago. In the Serangoon Gardens case, homeowners tipped off before any official announcement had opposed the idea...
Property developer CapitaLand said on Tuesday it will not be laying off staff for now. Instead, executive-level staff will take pay cuts of between three and 20 per cent as part of the company's cost management measures. In a statement, CapitaLand said the cuts are due to the deteriorating global financial environment and economic uncertainties. President and CEO Liew Mun Leong will bear the maximum...
Construction and property group, Koh Brothers Group Ltd, has won a contract worth S$582 million from the Land Transport Authority (LTA) to build the Downtown Line 1 Bugis station and its associated tunnels. Koh Brothers said this is the single largest contract it has ever clinched. The 4.3-kilometre section of the Downtown Line 1 runs from Bugis station on the East-West Line to Chinatown station on the...
Construction group Yongnam Holdings has won an S$88 million contract to build the Integrated Civic, Cultural, Retail and Entertainment Hub at one-north. The integrated hub is part of a 200-hectare development at Buona Vista known as Vista Xchange. The area aims to integrate living, working, relaxation and learning facilities when fully operational. Under the deal, Yongnam will construct the integrated...
A dispute between property developer Lee Tat Development and Grange Heights residents over a strip of land came to an end on Tuesday as the Court of Appeal ruled in favour of Lee Tat, overturning an earlier appeal decision. It is extremely rare for the Court of Appeal to re-look a case that it has passed judgement on. Since the 1970s, Lee Tat has been trying to stop the residents from using a pathway,...
The demand for land to build schools has remained healthy, with seven bids received for a piece of land at Upper Bukit Timah. The Singapore Land Authority (SLA) said that of the seven bids for the former Seh Chuan High School, four were fairly strong bids above the guide rent of S$73,100 per month. The highest bid was from Dimensions Commercial School Pte Ltd, and some of the other bidders were existing...
Fast disappearing are the generous perks offered to people willing to relocate overseas for work stints EXPATS live the good life, according to popular perceptions. Company-provided housing in Districts 10 or 11, children’s school fees, cars, home leave and more do indeed make the expat lifestyle alluring. A predominance of Western and North Asian expats in past years has given way to ever more...
SINCE it first unveiled ambitious plans in April to transform sleepy Jurong over the next decade, the :Urban Redevelopment Authority (URA) has rolled out the area's first land parcel: A site for mixed development in the Jurong Lake District. The 1.9-hectare site, located beside the Jurong East train station, has a 99-year leasehold and a maximum gross floor area of about 1.15 million square feet (107,000...