Singapore-based real estate investment house Pacific Star Group has agreed to buy the 25 percent stake held by MEAG Munich Ergo Asset Management in Prime REIT Management Holdings. Prime REIT owns 100 percent of listed Macquarie Pacific Star Prime REIT Management. It is also the sole owner of Macquarie Pacific Star Property Management, which is the property manager of MMP REIT. The purchase will increase...
Investors have been cautious about the property sector amid expectations that the muted residential property market will weaken further. But some property consultants are taking a slightly more positive stance, saying that this situation is temporary. Transaction volumes for private homes have been thin with developers holding back launches or cutting prices. And there's been a recent slew of bearish...
Vietnam's Ho Chi Minh City has overtaken Singapore as having the world's fastest growth in office occupancy cost. The cost of renting office space in Ho Chi Minh City grew 94 percent in the last six months, according to a global survey by consultants CB Richard Ellis. Moscow was second at 93 percent, while Singapore took third spot with 86 percent growth. Still, Singapore made its debut among the 10...
Cityspring Infrastructure Trust said it is paying out 1.6 Singapore cents per unit in its fourth quarter. This is 6.7 per cent higher than the figure projected during its initial public offering in February 2007. The trustee manager reported a smaller fourth quarter loss of S$11.7 million, compared with a projected loss of S$18.7 million. Revenue amounted to nearly S$96 million, compared with the S$98.6...
Infrastructure company, Boustead Singapore, said its FY2008 net profit rose 46 percent to S$51.5 million, while its revenue rose about 28 percent to S$438 million – the sixth straight year of record profits and revenues. Boustead said its better showing was due to the buoyant environment and strong global demand for infrastructure projects in developing nations. Three of its four divisions performed...
Singapore’s Frasers Hospitality is expanding into Indonesia for the first time. It has announced plans for 270 luxury service apartments and penthouses to be housed within the Ciputra World Jakarta development (picture), which is slated for completion by mid-2011. Fraser Suites Jakarta will be located in a 30-storey tower, with leisure and fitness facilities such as a swimming pool, tennis courts and...
The Urban Redevelopment Authority (URA) has launched an industrial site at Woodlands Industrial Park E5 for sale by public tender. The site has an area of 1.68 ha and is zoned for a Business 2 development. The tender for the site will close at noon on July 22. The URA also released the detailed sales conditions for a reserve list site at Kallang Pudding Road for industrial development. The 0.57 ha site...
Parkway Trust Management , the manager of Parkway Life Real Estate Investment Trust, is investing in two nursing homes in Japan for some S$34m. One of the homes is located in Yokohama City, Kanagawa Prefecture and the other is in Ibaraki City, Osaka. The vendor of both properties is nursing home operator ZECS Community Co. Under the sale and leaseback agreements, ZECS CC will lease back 100% of the...
The air along Robertson Quay has finally been cleared. And the source of the offending stench a 1m-thick layer of sludge lining the bed of the Singapore River has been removed, giving the area a breath of fresh air. The years of muck that lined a 50m stretch of riverbed could have been due to dead leaves, litter and silt discharged from nearby worksites, especially after rain, said a PUB officer during a...
Proposed flat application system gives ownership of choice and saves on effort I APPLAUD the Housing and Development Board’s (HDB) recent initiative regarding balloting under the build-to-order (BTO) scheme, which aims to deter people from throwing their names into the flat-balloting hat frivolously. However, I feel that the root of the problem lies with the balloting system - it is like a lucky-draw,...