Citigroup to set up China desk in Singapore
International financial services company Citigroup plans to set up a China desk in Singapore aimed at encouraging Chinese firms with plans of global expansion to setup business in the country.Citi said that the China desk will include ten relationship managers and product specialists, as well as...
Continue Reading • 27 Aug 2010
Hongkong Land proposes MCL's delisting and exit offer
Property developer Hongkong Land has proposed to delist its 77.4 percent-owned subsidiary MCL Land from the Singapore Exchange and buy the remaining shares that it does not own at $2.45 apiece, representing a 25.6 percent premium from MCL’s last trading at $1.95.HongKong Land said the...
Continue Reading • 27 Aug 2010
Singapore-based US firms expect greater profits
An increasing number of US companies in Singapore are now expecting growth in profit and headcount growth, compared with 2009, though office rentals, international school places and housing costs have emerged as business concerns.“There are great expectations for this year, and with the...
Continue Reading • 27 Aug 2010
Chip Eng Seng unit wins bid for Punggol EC project
Construction and property group Chip Eng Seng Corporation has announced that the $142 million bid for building works offered by its wholly-owned subsidiary CES Engineering and Construction has been accepted by Punggol Field EC.The bid is for the development of a 680-unit executive condominium at...
Continue Reading • 26 Aug 2010
TCT to venture into China's Shandong province
Treasury China Trust (TCT) has completed a strategic partnership agreement with TRIO Group for its expansion into Shandong province, according to Treasury Holdings Real Estate Pte Ltd, trustee manager of TCT.TRIO Group has been successfully operating in Qingdao and the broader Shandong Province...
Continue Reading • 26 Aug 2010
US mortgage applications index rises 4.9%
The number of home loan applications in the US climbed 4.9 percent last week, after rising for four consecutive weeks, according to the Mortgage Bankers Association’s index.Mortgage refinancing jumped 5.7 percent to hit the highest level since May 2009, while home loan purchases rose 0.6...
Continue Reading • 26 Aug 2010
Credo establishes new business units
Credo Real Estate has named property consultant Ong Teck Hui as head of its new research and consultancy division.The property consultancy firm launched valuation services in June, headed by Joan Chan, who worked for five years as head of the valuation department at CKS Property Consultants....
Continue Reading • 26 Aug 2010
Henderson Land may report lower profits
Property developer Henderson Land Development Co will likely report a lower H1 profit following the failed sales transaction of 20 luxury apartments. The company’s profit, excluding revaluation gains, is likely to drop to HK$1.71 billion for the first half of 2010 from last...
Continue Reading • 26 Aug 2010
Sim Lian net profit jumps 173%
Property developer Sim Lian Group has reported that its net profit for the full year that ended 30 June 2010 jumped 173 percent to $108.2 million from $39.7 million in the previous year, attributed to a surge in revenue from its residential projects.Revenue also climbed 32 percent on-year to...
Continue Reading • 26 Aug 2010
STI opens lower, declines 0.3%
The Singapore stock market opened lower today after shares at Wall Street remained weak, as low US housing data added to fears that global economic recovery would taper off.Singapore’s Straits Times Index declined 0.29 percent, or 8.34 points, at 2,914.51.Turnover was at 59 million shares...
Continue Reading • 25 Aug 2010
Singapore remains top location for meetings
For the third consecutive year, Singapore remains the top international meetings city, ahead of 1,653 cities, according to rankings by the Union of International Associations (UIA), an organisation which has carried out statistical studies on international meetings for the past 61 years.Singapore...
Continue Reading • 25 Aug 2010
UK mortgage market still subdued
The housing market in the UK remains stagnant, with the mortgage market continuing its slide with a drop in the number of new mortgage loans approved by High Street banks.According to the British Bankers' Association (BBA), the number of mortgages approved for home purchases dropped by 877 to...
Continue Reading • 25 Aug 2010
UE secures loan facilities for Sengkang EC project
United Engineers (UE) has announced that MaxLee Development, a steel products distributor company, has secured $220 million worth of term loan facilities from UOB and OCBC to finance the development of an executive condominium project located at Sengkang East Avenue / Buangkok Drive.MaxLee...
Continue Reading • 24 Aug 2010
Mortgage default rates decline significantly
Mortgage default rates in Singapore have declined significantly in the last two years, attributed to the low interest rates and improving property market that helped borrowers repay their mortgages.According to figures released by information firm DP Credit Bureau, the average rate of default...
Continue Reading • 24 Aug 2010
Wing Tai Holdings posts Q4 results
Property group Wing Tai Holdings Limited has announced that its net profit in the fourth quarter that ended 30 June 2010 was S$68.92 million, recovering from a loss of S$53.88 million in the previous year.Revenue in the fourth quarter edged up 17 percent to S$222.35 million from S$ 190.08 million...
Continue Reading • 24 Aug 2010
Mortgages payments to earnings ratio in the UK declines
The cost of repaying a mortgage as a percentage of income hit its lowest level in 25 years, according to a report by Halifax.The report showed that in June 2010, the average person was using 28 percent of their disposable income to pay back their mortgages, substantially lower than that in June...
Continue Reading • 23 Aug 2010
Emerging markets to boost domestic demand
Risks to the growth of emerging economies will depend on fiscal adjustment in the developed world, said Philip Poole, global head of macro and investment strategy at HSBC.Though the sovereign debt crisis in Europe is no longer as pressing as before, high levels of debt and the...
Continue Reading • 23 Aug 2010
Asian growth story receives little credit
Investors are not giving sufficient credit to the Asian growth story as the region merits a higher market premium, according to Andrew Gates, senior international economist and executive director of UBS Investment Bank.Mr. Gates, who was speaking at the inaugural INVESTFair 2010 conference...
Continue Reading • 23 Aug 2010
AIMS AMP to acquire property for $161m
AIMS AMP Capital Industrial Reit, formerly MacarthurCook Industrial Reit, has announced plans to acquire a property in Singapore for about $161 million (US$118.8 million).The company said the property has an initial net income of approximately 7.7 percent, and it plans to finance the purchase...
Continue Reading • 23 Aug 2010
GuocoLand's Q4 profit swings
Property developer GuocoLand has announced that its net profit in the fourth quarter that ended 30 June 2010 increased to RM11.48 million, recovering from a loss of RM72 million in the previous year.The increase in Q4 profit was attributed to the higher contribution from the company’s...
Continue Reading • 23 Aug 2010