Seven blocks along Commonwealth Drive are the latest to come under the Housing and Development Board's (HDB) Selective En Bloc Redevelopment Scheme (SERS). Blocks 74 to 80, which are 44 years old, will make way for redevelopment. The latest site has a total of 669 flats. This brings the total number of sites identified for SERS since the scheme started in 1995 to 72. HDB said it will build 730 units of...
The expected influx of retail space in Singapore in the next few years, and the promise of newer concepts from retailers overseas, are keeping current stores in Singapore on their toes. The Singapore Retailers Association said many local names are starting to gear up for the challenge. Brand specialists are hailing the efforts, saying these will refresh the shopping scene in Singapore. They are still...
Heeton Holdings on Friday said its net profit for the six months ended June 30 plummeted 94 per cent to S$4.2 million due in part to losses from associated companies and higher operating expenses. The company reported a 40 per cent improvement in revenues to S$27 million, which it attributed to higher turnover from its property development segment and the sales of residential projects. Despite the weaker...
Demand for hotel rooms around the Marina Bay area this weekend is high as many Singaporeans will be checking in to watch the National Day parade. Many view the hotels as vantage points to watch the parade in air-conditioned comfort. Some Singaporeans are willing to splurge, as rooms with a view at the Mandarin Oriental are going for a minimum of US$564. Demand for such rooms is also strong for Ritz...
Singapore Prime Minister Lee Hsien Loong, in his National Day message, has cut the 2008 GDP growth forecast to between 4 per cent and 5 per cent from an earlier estimate of between 4 per cent and 6 per cent. He also said the country faces a tough year ahead as it is beginning to feel the impact of a US slowdown. “For the whole year, we expect growth to be between 4 and 5 per cent,” Mr Lee said in his...
Millennium & Copthorne Hotels has reported a 22.4 per cent decline in first-half earnings, due to slower growth in UK and New Zealand. Profit for the six months ended June came in at 45 million pounds or US$88 million. The bottomline was also weighed down by costs of refurbishing hotels in Boston and Chicago. M&C's revenue rose by 4.5 per cent to 338 million pounds. The group owns, manages and...
Analysts decipher clues from recent rental data EARLY investors in Sentosa Cove homes must have possessed a large appetite for risk. Although the idea of developing the 117-hectare Sentosa Cove into an idyllic waterfront enclave was mooted as early as the ’80s, the first land parcel was sold to the private sector for development only in 2003. As such, the rental market in Sentosa Cove was non-existent...
Former office tower takes on new lease of life as an Ascott serviced residence PREVIOUSLY the tallest tower in South-east Asia, the former Asia Insurance Building overlooking Marina Bay is now enjoying a new lease of life as a premium serviced residence. The national heritage building was gazetted by the Urban Redevelopment Authority in April and has been caringly restored by The Ascott Group through a...
The Housing and Development Board (HDB) said its latest survey showed that residents under the Selective En bloc Redevelopment Scheme (SERS) were satisfied with their new and improved living environment. More than 1,000 households were interviewed in the 2007 survey. 96 per cent of the respondents said their present living arrangement was ideal because replacement sites were generally located close to...
The latest HDB survey of residents affected by the Selective En bloc Redevelopment Scheme (SERS) showed the scheme is still a popular one among residents. The majority of the 1,000 households polled said they were given enough time to prepare for the relocation and that they were relocated to a place within the same estate near their previous neighbours. This is in addition to having a better living...