HSBC Singapore welcomes new CEO
HSBC has appointed Mr. Alex Hungate as the new chief executive of its Singapore operations starting on September 1.Mr. Hungate, who is currently the global head of personal financial services and marketing at HSBC London, takes the place of Mr. Guy Harvey-Samuel, who will move to Hong Kong to...
Continue Reading • 22 Jul 2010
CCT's distributable income up 16%
Real estate investment trust CapitaCommercial Trust (CCT) has announced that its distributable income in the second quarter of this year rose 15.9 percent to $55.674 million over the same period last year.The increase was primarily due to lower property operating expenses and higher rental...
Continue Reading • 22 Jul 2010
CBRE ranked the world's top commercial property firm
For the seventh consecutive year, CB Richard Ellis (CBRE) has been ranked as the world‘s top commercial property firm by National Real Estate Investor, a leading magazine for professional real estate investors.CBRE manages over 2.5 billion sq ft of commercial property worldwide, a portfolio...
Continue Reading • 22 Jul 2010
Wee Hur to acquire MacPherson Rd property
Construction services company Wee Hur Holdings is acquiring a property at No.459, MacPherson Road.The company said the acquisition price of the property reached S$3.85 million, and the cost for redevelopment will be funded by internal resources and bank borrowings.Wee Hur added that the property...
Continue Reading • 22 Jul 2010
Four state properties up for rent through public tender
The Singapore Land Authority (SLA) has announced that it has appointed total asset management company UGL Premas to launch four state properties for rent through a public tender.The state properties, 1-4 Piccadilly Circus, have a total land area of 4,713 sq m and a gross floor area of about 1,041...
Continue Reading • 22 Jul 2010
UK mortgage lending surged 15% in June
Mortgage lending in the UK rose 15 percent in June to approximately £13.1 billion from £11.4 billion in the previous year, according to the latest figures released by the Council of Mortgage Lenders (CML).Gross lending also increased 7 percent compared to June 2009, but lending in the...
Continue Reading • 21 Jul 2010
Amara Group joins the Thai hospitality market
As part of its regional expansion, Amara Hotels & Resorts, the hospitality arm of Amara Holdings Limited, will be developing a 272-room hotel project in Thailand, marking the company’s first project in the country.In conjunction with its latest project, Amara Hospitality (Thailand) Co.,...
Continue Reading • 21 Jul 2010
CDL buys Renaissance Syracuse Hotel in New York
City e-Solutions, a subsidiary of City Developments Ltd. (CDL), recently purchased Renaissance Syracuse Hotel in New York for about US$10 million.This represents US$35,842 per key and a 14 percent yield on the net operating income for 2009.The 20-story hotel, which is situated on a freehold site,...
Continue Reading • 21 Jul 2010
Wing Tai shares up 4.3%
Singapore-listed property developer Wing Tai has recorded a 4.3 percent rise in shares to a two-month high of $1.70 (US$1.23) following the upgrade of another major developer by Credit Suisse.City Development was upgraded by Credit Suisse to ‘outperform’, resulting in an almost 3...
Continue Reading • 21 Jul 2010
Keppel Land's net profit up 20.3% in Q2
Property developer Keppel Land has announced that its net profit for the second quarter increased 20.3 percent to $70 million on the back of a 19-percent fall in Q2 revenue to $202.8 million.The company’s net profit for the first half of this year also increased 41.6 percent to $134.7...
Continue Reading • 21 Jul 2010
Rent with no restrictions
Religious organisations are not allowed to exclusively lease or own commercial premises, according to recently released guidelines.Concerns have now emerged on the future of the City Harvest Church with its $310-million stake in Suntec Singapore, and of the business arm of New Creation Church,...
Continue Reading • 21 Jul 2010
HDB flats not a source of funds
HDB flats should not be used as a source of funds for business or for any other uses, said National Development Minister Mah Bow Tan a day after amendments to the Housing and Development Bill were made to prevent homeowners from using their HDB flats as collateral in settling their...
Continue Reading • 21 Jul 2010
Credit loss risks limited
The risks of credit loss for many Singapore banks will be limited even if an asset bubble emerged, said Standard & Poor's Ratings Services.The series of property price increases in the past few years, as well as the heavy exposure of Singapore banks to home loans, has raised concerns,...
Continue Reading • 20 Jul 2010
K-REIT Asia purchases property in Sydney
K-REIT Asia Management Limited has announced that RBC Dexia Trust Services Singapore Limited – a trustee of K-REIT Asia – through K-REIT (Australia) Sub-Trust 1 – a wholly-owned subsidiary of K-REIT Asia – has entered into an agreement with Kingvest Pty Limited for the...
Continue Reading • 20 Jul 2010
HDB flats no longer a collateral
Amendments to the Housing and Development Bill have already been passed in Parliament under a ‘certificate of urgency’, a move that is aimed at preventing moneylenders from pushing homeowners to use HDB flats as collateral for any debt other than as mortgage.A growing number of HDB...
Continue Reading • 20 Jul 2010
Home loans in Australia increase after low April result
The number of loans to owner-occupiers in Australia increased 1.9 percent in May, exceeding the market forecast of a one-percent increase.Figures from the Bureau of Statistics in Australia showed the increase was smaller, with the seasonally adjusted number of home loans increasing 0.4...
Continue Reading • 19 Jul 2010
Property stocks offer bargains
Investors who are looking for shares in Singapore-listed stocks may find them in the property sectors.According to analysts, some counters in these sectors are undervalued and offer good upside potential. ”Property will remain one of the main targets of foreign funds looking for laggard...
Continue Reading • 19 Jul 2010
Marina at Keppel Bay wins 5 Gold Anchors rating
Marina at Keppel Bay has become the first such Asian facility to bag the 5 Gold Anchors rating from the Marina Industries Association of Australia (MIAA).MIAA is an association for the marina industry in the Asia-Pacific region. It launched the Gold Anchor International Rating Scheme for marinas...
Continue Reading • 19 Jul 2010
US home foreclosures drop
The number of home foreclosures in the US slid three percent between May and June, said foreclosure listings website RealtyTrac. But the country’s swelling numbers of troubled homeowners remains high.“While the foreclosure problem is being managed on the surface, a massive number of...
Continue Reading • 16 Jul 2010
Singapore retail sales down 0.9 percent in May
Retail sales in Singapore dropped 0.9 percent on-month in May driven by another month of weak motor vehicle sales.According to data released by the Department of Statistics, retail sales, excluding automobiles, would have dropped by just 0.1 percent. Automobiles sales dropped 8.0 percent on-month...
Continue Reading • 16 Jul 2010