Infrastructure firm Yongnam Holdings has won two more subcontracts worth a combined S$84 million for construction works at Marina Bay Sands Integrated Resort. The two contracts will see Yongnam build the structural steelworks for the resort's iconic lotus-shaped ArtScience Museum, casino and theatre podium. The latest deals come on the back of earlier contracts worth about S$178 million, announced in May...
Raffles Hotels & Resorts is set to open in Moscow in 2011. The 130-room Raffles Moscow will be managed by Raffles under a long-term contract that may last more than 20 years. An agreement was sealed with its partner ALT Corporation, witnessed by Senior Minister Goh Chok Tong who is currently on a visit to Moscow. Raffles Hotel said the new property will be located in Moscow's business district, near...
Indiabulls Properties Investment Trust has extended the closing date for its initial public offering to June 6. Analysts are reading the extension as a sign of a subdued market for IPOs. Indiabulls had offered 262 million units at a range of S$1.00 to S$1.10 each. If the units are priced at the top end of the indicative range, the IPO would have raised S$289 million. Based on the minimum offering price...
Across Asia, household wealth is estimated to be worth as much as US$16 trillion and there are signs that a greater portion of it is shifting to Singapore. This is according to VP Bank, which is the latest bank to receive a merchant banking licence here. The Liechtenstein-based private bank has set up shop in Singapore to target ultra-high net worth clients, both here and around the region. Currently,...
There continues to be strong demand for talent in the financial and accounting sector in Singapore. That's according to a series of polls conducted by global recruitment agency Robert Half International. The global survey included 5400 finance professionals from 18 countries. Out of the 300 hiring managers surveyed from Singapore, 40 per cent said they would expand their finance team within the next six...
The Iskandar Malaysia project will go ahead as planned, Malaysia's High Commissioner to Singapore N Parameswaran said on Thursday. Malaysian Prime Minister Abdullah Badawi's poor showing in the recent general elections has left investors concerned about his pet project - Iskandar Malaysia, which was launched in late 2006. However, the High Commissioner noted that the project - a special economic zone...
I REFER to “Building Brics for HDB” (May 27) from Wong Weng Keet. The new flat application process aims to encourage flat-buyers to think through their housing plans and options carefully before they apply for a flat. We would like to clarify that under the revised procedures, the priorities under the Married Child Priority Scheme (MSCP) are not “cancelled out”. Those applying under MSCP will...
PropNex hopes 30% cut in asking price will attract buyers, as demand is ’still there’ A BOLD property firm is defying market trends with a renewed bid to sell four housing sites en bloc, even though the market appears dead for now. PropNex Realty admits its move is 'contrarian' but hopes a hefty asking price cut of up to 30 per cent will attract buyers. Even then, developers may not bite, given...
JTC Corporation will plant more trees in Tuas to help companies there cut energy costs, the company revealed at its tree-planting event at the Tuas Biomedical Park on Wednesday. It said a joint study with the National University of Singapore showed that areas with more greenery experience cooler temperatures. Shade from trees and rooftop greenery can bring down temperatures in buildings by nearly five...
Logistics service provider CWT on Tuesday said it has sold one of its warehousing hubs in the Jurong area for S$115.2 million. No names were given, but CWT said the buyer is a property fund focused on the Asia-Pacific region. Under the agreement, CWT will lease the premises back for five years initially, with an option to renew for another three years. The company will realise a total gain of some...