Guthrie GTS sells Amoy properties
Guthrie GTS has sold its properties located at 112 to 116 Amoy Street for S$24.5 million to Sun Venture Invesco.The price of the properties was negotiated through a willing-buyer and willing-seller basis after considering the current market trends. Guthrie said it expected to record a net surplus...
Continue Reading • 5 Jul 2010
AFP emerges as regional property player
In spite of boasting a portfolio of property located across Asia-Pacific countries, Asia Food & Property (AFP) has only managed to attract limited market attention. However, this could soon change after its recent restructuring, which has improved the company’s shareholders’...
Continue Reading • 5 Jul 2010
Large M&A deals expected in H2
Morgan Stanley is expecting a few mergers and acquisition (M&A) deals involving Singapore-based companies that are worth US$1 billion in the second half of 2010, according to a senior banker.There could also be six IPOs of Singapore firms streaming in by end-2010, said Arthur Lang, co-head of...
Continue Reading • 5 Jul 2010
Singapore to intensify use of industrial land
Singapore is looking at how it can intensify the use of its industrial land, given the shortage of sites, particularly those with waterfront access.JTC Corporation said that the study will cover a sector involving more than 3,000 firms, broadly involved in two clusters: marine engineering...
Continue Reading • 5 Jul 2010
US residential mortgage bonds booming
Residential mortgage bonds in the US are once again in the spotlight of the financial market.Many investors are now venturing out for mortgage bonds backed by the federal government as a safe haven from the turmoil of the global economy, a turnaround fortune that helped drive interest rates to...
Continue Reading • 2 Jul 2010
Investors need to pay attention to valuations, say analysts
Aberdeen Asset Management believes investors should pay attention to valuations, because greater volatility suggests that markets are not very certain of what is being priced in.Aberdeen also said the global financial markets could experience renewed turbulence because of weaker-than-expected...
Continue Reading • 2 Jul 2010
Genting Singapore to divest operations in UK
Mainboard-listed Genting Singapore said it will sell its casino businesses in the UK to Genting Malaysia for £340 million (S$688.8 million).Genting said the move will allow it to focus on reinforcing the large scale integrated resort experience it obtained in developing Singapore's biggest...
Continue Reading • 2 Jul 2010
UOL sets up S$1b MTN programme
UOL Group has become the latest local company to look for financing through the introduction of debt issuance programmes.The property developer said it has set up a multicurrency medium term note (MTN) programme worth S$1 billion, with United Overseas Bank (UOB) and DBS Bank being appointed as...
Continue Reading • 2 Jul 2010
UK mortgage approvals flat in May
Mortgage approvals in the UK were unexpectedly flat in May, but both consumer credit and net mortgage lending rose faster than expected, according to new figures released by the Bank of England.The Bank of England said mortgage approvals in May dropped to 49,815 from 49,828 in the previous month....
Continue Reading • 1 Jul 2010
DBS raises Singapore's full-year GDP forecast
DBS Bank has raised Singapore’s full-year GDP forecast to 13 percent, up from the previous 10.3 percent, attributed to the 15.5 percent year-on-year increase in Q1 on the back of strong production in the manufacturing sector.DBS is also optimistic on the GDP figures for Q2, with the...
Continue Reading • 1 Jul 2010
Lian Beng wins S$88m building contract
Construction firm Lian Beng has won an S$88-million contract to develop a condominium project at Spottiswoode Park Road.The contract, awarded by UOL Development, covers the development of a 36-storey residential tower as well as other ancillary facilities. This is the company's fourth building...
Continue Reading • 1 Jul 2010
CDL wins two CSR awards
Property developer City Developments Limited (CDL) has won two top awards at the Global CSR Awards 2010 -- CSR environmental excellence and leadership awards.The Global CSR Awards recognise firms for world-class, innovative and outstanding programmes, products and services implemented during the...
Continue Reading • 1 Jul 2010
US mortgage rates drop in latest week
US interest rates for 30-year fixed mortgages fell in the latest week to a record low, according to property website Zillow.com.Lower mortgage rates in the US may sustain refinancing, making homes more affordable as the residential market copes with the absence of support.The average rates for...
Continue Reading • 30 Jun 2010
Singapore ranked 11th most expensive city for expats
Singapore has ranked as the 11th most expensive city in the world for expats, down one notch from last year’s 10th place, according to HR consultancy company Mercer.However, Singapore has climbed one notch to fourth spot among the Asia-Pacific cities, in which for the first time has three...
Continue Reading • 30 Jun 2010
Singapore: Asia's safest place for business
French trade credit insurer Coface has named Singapore as the safest place for business in Asia.The company has raised the country’s rating to A1 from last year’s A2 to reflect the financial obligations of local businesses to repay their debts.Experts also said that many companies are...
Continue Reading • 30 Jun 2010
MTI launches 10 industrial sites up for sale
Singapore’s Ministry of Trade and Industry (MTI) has launched its Industrial Government Land Sales programme for the second half of 2010.The programme covers a total site area of 19.92 hectares with three sites now on the Confirmed List with seven more on the Reserve List.The three land...
Continue Reading • 30 Jun 2010
Loan approvals in Hong Kong up in May
New mortgages approved in Hong Kong rose 34.3 percent in May from the previous year, and increased 0.1 percent in value terms from April, according to figures released by the Hong Kong Monetary Authority (HKMA).The figures showed that new mortgages approved reached HK$37.8 billion (S$6.74...
Continue Reading • 29 Jun 2010
StanChart cuts Singapore real estate companies
Standard Chartered has downgraded its recommendations on real estate firms Keppel Land Ltd, CapitaLand Ltd and City Developments Ltd, referring to lower launch prices next year due to larger land supply."We expect an increase in the residential supply in the pipeline in 2011 mainly due to...
Continue Reading • 29 Jun 2010
World Cities Summit opens in Singapore
The second biennial World Cities Summit (WCS) has opened in Singapore, with Deputy Prime Minister and Defence Minister Teo Chee Hean formally launching the programme.The event brings experts, professionals and leaders together, and provides a platform for important talks on governance and...
Continue Reading • 29 Jun 2010
Low mortgage rates fail to entice UK borrowers
The decline in the UK mortgage rate to a seven-year low has failed to revive lending because it is too high to encourage borrowers to refinance when fixed-rate terms lapse, according to Moneyfacts.com.Banks approved 49,871 mortgages in April, a figure that is 46 percent lower than the monthly...
Continue Reading • 28 Jun 2010