Two Singapore IPOs likely to surge on debut
Two industrial property IPOs, valued at approximately US$3.7 billion will likely surge when they launch in Singapore this week due to their high yield and exposure to China’s economy.Global Logistic Properties (GLP), the logistics arm of Singapore sovereign wealth fund GIC, is expected to...
Continue Reading • 18 Oct 2010
GuocoLand posts $13.4m Q1 profit
Property developer Goucoland Ltd. has announced that its Q1 net profit increased 9 percent to $13.4 million from last year’s $12.4 million.Q1 revenue jumped 15 percent to $109.9 million from $95.7 million, attributed to better sales returns from residential projects like Elliot at the East...
Continue Reading • 18 Oct 2010
URA wins international award
The URA has received the Urban Land Institute (ULI) Global Awards for Excellence 2010 for the development and transformation of the 9-km-long Southern Ridges.Widely recognised as one of the most prestigious recognition programme in land use industry, the ULI Global Awards for Excellence...
Continue Reading • 15 Oct 2010
Singapore economy declines 19.8%
Singapore’s economy has recorded an unprecedented decline of 19.8 percent quarter-on-quarter, the worst quarterly drop since 1975, according to the Monetary Authority of Singapore (MAS).This is a record sequential contraction and worse than the “free-fall” in GDP suffered in the...
Continue Reading • 15 Oct 2010
RSH to be delisted on SGX
Retail group RSH is expected to be delisted from the Singapore Exchange (SGX) today, after Syed Azmin bin Syed Nor, a Malaysian businessman, completes his takeover of the company.Mr. Syed Azmin, brother of Malaysian businessman Syed Mokhtar Albukhary, has purchased all RSH shares he did not...
Continue Reading • 15 Oct 2010
Singapore's Q3 GDP slows
Singapore’s GDP growth in the third quarter slowed dramatically to 10.3 percent due to a slowdown in the manufacturing sector, according to advance estimates released by the Ministry of Trade and Industry (MTI).MTI said the decline in Singapore’s growth momentum was an expected...
Continue Reading • 15 Oct 2010
Surbana eyeing one township project a year
Surbana Corporation is now targeting to roll out one township project each year after it crossed the 10,000 mark in home units sold.“My target to them is to start one township a year,” said Lim Jit Poh, chairman of Surbana Corporation, in an interview with The Business Times, adding...
Continue Reading • 15 Oct 2010
Problems for first-time UK home buyers increase
The roadblocks facing potential first-time home buyers in the UK are increasing, and the latest Mortgage Market Review proposals from the regulator could make it even worse.A report published by insurer Genworth Financial entitled “Financial Barriers to Home Ownership" suggests that...
Continue Reading • 15 Oct 2010
K-REIT Asia appoints Eve Chan as CFO
K-REIT Asia Management Limited (KRAM) has announced that it has appointed Ms. Eve Chan as its chief financial officer effective today.Ms. Chan has over 18 years of experience in group accounting, tax, finance, corporate finance and treasury where she held several senior finance posts with...
Continue Reading • 15 Oct 2010
Singapore ranks as third listing destination in APAC
Singapore has been ranked as the third listing destination in the Asia-Pacific region, behind Hong Kong and Shanghai, in a survey of financial sector professionals conducted by law firm Norton Rose.The poll was taken by 314 bankers, fund managers, insurers and other experts worldwide from July to...
Continue Reading • 14 Oct 2010
Mortgage quality in the US still lacking
Fannie Mae, the largest provider of residential credit in the US, said it is intensifying efforts to help mortgage lenders identify defective loans amidst signs that mortgage quality in the US is falling short.The government-backed mortgage firm will halt more home loans with defect from being...
Continue Reading • 14 Oct 2010
Westin brand returns to Singapore
Following a nearly ten-year absence, the Westin brand will stage a comeback in Singapore when a 280-room hotel opens on the top floors of Asia Square Tower 2 by 2013.According to industry sources, Starwood Hotels & Resorts has secured the management contract to run the hotel under the Westin...
Continue Reading • 14 Oct 2010
Global Logistics looking at a REIT spin-off
Global Logistics Properties may spin off a real estate investment trust (REIT) to monetise its assets, specifically completed properties in Japan.“We are always exploring that option,” said Ming Z Mei, chief executive of Global Logistics in an interview with The Business Times....
Continue Reading • 13 Oct 2010
A chance to own a piece of Vivocity
Investors may get a chance to own a piece of Vivocity, the largest mall in Singapore, by the middle of 2011, said Wong Mun Hoong, chief financial officer of Mapletree Investments.The company is planning to list a commercial real estate investment trust (REIT), which is expected to raise no less...
Continue Reading • 13 Oct 2010
PropertyGuru wins SVCA Best Performing Company 2010 Award
AllProperty Media, the company behind Singapore’s largest property website www.PropertyGuru.com.sg, has won the award for Best Performing VC/PE-Backed Company at the first annual 2010 Singapore Venture Capital and Private Equity Association (SVCA) Awards. The accolade comes less than a week...
Continue Reading • 13 Oct 2010
US mortgage applications climb, says MBA
Mortgage applications in the US climbed sharply in the week ending October 1, according to a report released by the Mortgage Bankers Association (MBA).The company’s purchase index, which measures purchase loan application activity, rose 9.3 percent from a week ago and is at its highest peak...
Continue Reading • 13 Oct 2010
Sydney the world's worst mortgage market
Homeowners in Sydney spend more on paying their mortgages compared to residents of other major global cities, according to a global study.The Daily Telegraph revealed that according to a comparative global study, Sydney ranked first in terms of average percentage of income spent on mortgages,...
Continue Reading • 12 Oct 2010
12 Blues hotel set to launch in the Maldives
12 Blues Resort & Spa, the first hotel residences project in the Maldives that offers individual foreign ownership, will be launched for sale in Singapore, Hong Kong and London in November and December this Year.Situated in Raa Atoll in the Indian Ocean, 12 Blues Resort & Spa is only a...
Continue Reading • 12 Oct 2010
KSH unit to acquire Geylang site for S$28m
Development 26 Pte. Ltd., an associate company where KSH Holdings Limited owns 45 percent share through its wholly-owned subsidiary Kim Seng Heng Realty Pte Ltd, has exercised the option to acquire a freehold property at 5 Lorong 26, Geylang for S$28 million.TEE Development Pte Ltd, a...
Continue Reading • 12 Oct 2010
Tuan Sing Holdings to release Q3 results
Tuan Sing Holdings Limited has announced that it will release its unaudited financial results for the third quarter and nine months ended 30 September 2010 on Friday, 29 October 2010, after the close of trading.The company added that on the same evening, it will post its results together with the...
Continue Reading • 12 Oct 2010