Shares of Parkway Holdings surge
Parkway Holdings shares surged on hopes that a bidding war for the hospital operator will emerge.At one time, its share price reached $3.85, higher than the $3.78 per share bid made by Integrated Healthcare Holdings (IHH), a unit of Malaysian sovereign wealth fund, Khazanah.Reports have emerged...
Continue Reading • 11 Jun 2010
Investors demand regulation of land banking
A group of Singaporean investors is calling for better regulation of land banking, after failing to get back their dues from investment company Profitable Plots and left to fend for themselves.Investors were unable to recover a sum worth more than $2 million, as they have not been able to seek...
Continue Reading • 11 Jun 2010
Lum Chang to purchase Singapore properties worth S$15.50m
Lum Chang Holdings has announced that its wholly-owned subsidiary – Lum Chang Property Investments (LCPI) – is planning to purchase two properties in Singapore worth S$15.50 million.Lum Chang said LCPI has exercised the options to acquire properties in Nos 12 and 14 Kung Chong Road...
Continue Reading • 11 Jun 2010
Australia's mortgage approvals down in April
Home loan approvals in Australia dropped in April for the seventh consecutive month, adding to evidence that the Group of 20's most aggressive series of interest rate increases has eased demand among first-time homebuyers.The number of approved loans to build or purchase homes and apartments fell...
Continue Reading • 10 Jun 2010
ING appoints Morgan Stanley for possible sale of management arm
ING has appointed Morgan Stanley for a possible sale of its property management arm, as the Dutch bank reinvents itself following a state bailout, according to sources.The hiring of the US investment bank comes after months of speculations on the future of the unit, which has assets amounting to...
Continue Reading • 10 Jun 2010
PLife REIT acquiring properties in Japan
Mainboard-listed Parkway Life REIT said it is acquiring six properties in Japan for S$60.5 million.The properties are care facilities and a nursing home, and will be financed by borrowings.Five of the properties are situated in the densely populated residential district in Fukuoka Prefecture in...
Continue Reading • 10 Jun 2010
Singapore economy expected to grow 9 percent in 2010
Economists expect that Singapore will have a stronger nine percent growth in 2010, anticipating larger increases in wholesale and retail, exports and manufacturing compared to their previous forecast.The average gross domestic product (GDP) growth estimate from the most recent survey of the...
Continue Reading • 10 Jun 2010
US interest rates record a rise
Interest rates in the United States are increasing in the bond market, as Ben Bernanke, chairman of the Federal Reserve, said he does not expect the US economy to fall back into another recession.Mr. Bernanke's statement had helped boost stocks, ending a two-day crash. The rebound of the stock...
Continue Reading • 9 Jun 2010
CMT notes remain secured
The Commercial Mortgage-Backed Securities of CapitaMall Trust (CMT) are still secured by robust cashflows, according to the trust.CapitaMall Trust made the remarks in response to reports that Moody’s has downgraded its Series 30 and Series 25 Notes to Aa1 from Aaa.The rating downgrade of...
Continue Reading • 9 Jun 2010
JPMorgan to sell mortgage bonds worth $716.3m
JPMorgan Chase & Co. is marketing commercial mortgage bonds worth $716.3 million.The bond, which will be the second highest commercial-mortgage backed bonds to be sold in 2010, comprises 36 loans on 96 properties, according to a source familiar with the transaction, but who declined to be...
Continue Reading • 8 Jun 2010
Singapore and Hong Kong have straightforward tax policies
Singapore and Hong Kong have the most straightforward tax policies compared to other areas in the region, according to the first Asia-Pacific Tax Complexity Forecast from accounting firm Deloitte.The firm conducted a survey of over 1,000 respondents and found out that several companies selected...
Continue Reading • 8 Jun 2010
Golden Concord Asia to sell 52 million shares
Mainboard-listed hospitality and property group, OUE, has said that Golden Concord Asia – OUE’s controlling shareholder – will sell almost 52 million shares.The shares represent 26.5 percent of the total issued share capital of OUE and will go at an indicative price ranging from...
Continue Reading • 8 Jun 2010
JTC seeks to intensify use of industrial land
Singapore could in the near future have innovative structures such as a recycling industrial park and a huge hoisting system, as JTC takes a multi-pronged approach to exploring cutting edge concepts and unconventional approaches to intensify use of industrial land.In the process, the agency can...
Continue Reading • 8 Jun 2010
China to standardize second home purchases
The central government of China has announced that the definition of second-home purchases will be based on the number of homes owned by a family, rather than by each person.The new policy will put an end to various definitions of second homes that many banks have been using when giving loans....
Continue Reading • 7 Jun 2010
Prudential denies new AIG deal
British insurer Prudential is not considering a renewed effort to acquire the Asian life unit of AIG, a company spokesperson said, denying a newspaper report that a new takeover bid was being planned.According to the report, the group was considering to revive its bid and that Tidjane Thiam,...
Continue Reading • 7 Jun 2010
Singapore's STI plunges 2.8 percent
Banking stocks in Singapore started the week low due to weak US job data and a threat of debt crisis in Hungary.Singapore’s STI shed 2.83 percent or 79.45 points at 2,727.06 in the opening of Monday trading. Losers beat gainers by 221 to 11.Top losers included UOB, OCBC, DBS, STX Pan Ocean...
Continue Reading • 7 Jun 2010
Better watch out
About 71 windows fell from high-rise apartments and flats in 2009 compared with 44 in 2008, according to the Building and Construction Authority (BCA).The increase was largely attributed to the increasing number of sliding windows that fell. Last year, 29 sliding windows fell from high-rise...
Continue Reading • 7 Jun 2010
Green Mark earns recognition abroad
Aside from visiting sites in Singapore, officials tasked to assess the eco-friendliness of buildings now have to go abroad to calculate energy savings and examine architectural features. As the Green Mark certification of Singapore earns recognition in other countries, more developers are...
Continue Reading • 7 Jun 2010
CapitaLand CEO acquires Interlace penthouse
Capitaland President and CEO Liew Mun Leong, along with his son and daughter-in-law, have acquired two units at The Interlace project located in Depot Road / Alexandra Road for $6.2 million.Mr. Liew paid nearly $3.74 million or $1,092 psf for a 3,423-sq-ft penthouse on the 23rd floor.His son and...
Continue Reading • 7 Jun 2010
Hotel rates experience 10-15 percent increase
With the influx of tourists to Singapore bouncing back, occupancy levels and room rates at the country’s hotels continue to increase, calming down worries that the additional 4,000-plus rooms in Marina Bay Sands (MBS) and Resorts World Sentosa (RWS) would depress the sector.Consultancy HVS...
Continue Reading • 7 Jun 2010