The Ascott group, wholly-owned by CapitaLand, has sold the 88-unit Somerset Orchard serviced residence for S$100 million. The sale to OG Private Limited translates to some S$1,530 per square foot. With a carrying value of S$57 million, CapitaLand is expected to recognise a gross gain of about S$43 million from the deal. After the sale, Ascott will continue to manage the serviced residence for 15 years,...

The turmoil in the Asian markets last week is just the beginning of worse to come, said economists and analysts, and Singapore is unlikely to be spared in the weeks ahead. There were jitters, even signs of panic, in Asian bourses the end of last week, with the rise in United States jobless claims — the highest in five years — spooking market sentiment. The Straits Times Index (STI) dropped 51.84...

Never mind that 100,000 spectators are expected to descend on the Marina Bay area. Even all-out efforts by the management of shopping centres to tap the crowds have yet to dispel the lingering doubts of retailers that their cash tills will be ringing during Singapore’s inaugural Formula 1 race at the end of the month. Some retail tenants still think that Singapore’s tourism event of the year on Sept...

WELCOME TO CITY LIVING AT ITS MOST SPECTACULAR Rising to a high of 40 storeys along Beach Road, Concourse Skyline is a distinctive urban address that offers discerning home owners exceptional views, uncompromised luxury, and the privilege of being in the heart of Singapore's brand new downtown. Get ready for cosmopolitan living with front row seats - reserved just for you. DESIGNED FOR THE...

The Ministry of National Development is "seriously considering how to create townships for foreign workers which are sustainable and self-contained". Foreign Minister George Yeo said this to reporters at a community event on Sunday. Foreign workers come under the spot light, after an announcement of plans to turn the former Serangoon Gardens Technical School in Burghley Drive into a hostel for 1,000...

Building an Icon British-based Iraqi architect Zaha Hadid is a force to reckon with. From the DNA-inspired sci-fi futurism of Singapore’s Biopolis to the deconstructionism of Cincinnati’s Contemporary Arts Centre, Hadid has created sculptures out of buildings. So when CapitaLand announced in July 2008 that the renowned architect will be designing its seven 36-storey apartment blocks worth S$3 billion...

DESPITE the sluggish economy, downtown office rentals show no sign of budging from high, with multi-nationals seemingly largely unfazed by top dollar demands for prime space. Yesterday, office landlord CapitaCommercial Trust (CCT) announced that mining giant BHP Billiton had renewed its lease at Capital Towers, while JPMorgan Chase expanded its premises by one-and-a-half floors in the same...

Singapore's first heritage house, showcasing Peranakan lifestyle and culture, officially opened its doors Thursday evening, and gracing the occasion were President S R Nathan and Mrs Nathan. The 150-year-old Baba House was previously home to highly-respected Peranakan community leader, Tan Cheng Lock, who was president of the Malayan Chinese Association from 1949 to 1958. It was acquired by the National...

Australia's James Cook University opened its US$3.5 million campus at Upper Thompson on Thursday. It has plans to double its student enrolment in Singapore to more than 2,500 students by the end of next year. When James Cook University first opened in Singapore in 2003, it had 50 students. Now, it has 1,200, of whom about 60 per cent are foreign. This stands as a stark contrast to the University of New...

But analysts divided over 2010 ‘nightmare scenario’ DESPITE healthy profits reported for subsales in the first seven months of the year, there seems to be an uneasy air looming over the property market - in particular, the slowing mid- and high-end residential segments - these days. The coffeeshop chatter found its way into public discourse last month when Wing Tai Holdings’ chairman Mr Cheng Wai...