Business anticipates six months of expanding gloom
Business expectations on all economic sectors for the following months fell dramatically, said the Department of Statistics and the Economic Development Board yesterday.In the services market, which was expected to adjust for the manufacturing depression, 53 percent of the net weighted balance...
Continue Reading • 19 Nov 2009
Clifford Development lawsuit dismissed
Clifford Development's request to waive $2.18 million in stamp duty for the change of ownership of two properties has been dismissed.The Court of Appeal last Tuesday supported an advanced decision that making Clifford Development accountable to give stamp tax on Change Alley Aerial Plaza and...
Continue Reading • 19 Nov 2009
CapitaLand rights issue through ATMs
It is now possible for investors planning to subscribe to the $1.84 billion rights issue of CapitaLand to apply through an ATM (automated teller machine). With this system, which is like an IPO or initial public offering, investors are able to save more time.CapitaLand has about 60,000...
Continue Reading • 19 Nov 2009
Shopping spree for CapitaLand staff
CapitaLand shopping mall retailers are likely to see some CapitaLand personnel, including CEO and President Liew Mun Leong, spending a lump of their bonuses in the near future. Mr. Liew will be giving vouchers to the retailers as well.Shopping vouchers worth $1 million in total are set to be...
Continue Reading • 19 Nov 2009
Wheelock Prop suffered $200 million investment hit
The net profit of Wheelock Properties falls by 63.1 percent to $100.95 million for the 12-month period ending on 31 December 2008 from $273.49 million for the nine-month period ending on 31 December 2007. The group has its financial year-end changed from 31 March to 31 December. Investment...
Continue Reading • 19 Nov 2009
REITs’ status quo on payout ratio
It’s officially announced that authorities will not lower the smallest amount of payment ratio that Real Estate Investment Trusts (REITs) should meet in order to qualify for the transparency treatment of tax.Lim Hwee Hua, the Senior Minister of State for Finance and Transport at a REITs...
Continue Reading • 19 Nov 2009
Large investor but thrifty spender
Regardless of becoming a wealthy man, entrepreneur-cum-motivational lecturer, Adam Khoo hesitates before he spends on products like iPhone.However, in terms of investments, the founder of the Adam Khoo Learning Technologies Group will not even have a second thought when investing, supposing,...
Continue Reading • 19 Nov 2009
Getting tenants not anymore a problem
The Dempsey’s retail segment, associated with antiques and furniture, will remain, says Country City Investment, which is now the manager of Tanglin Village’s part including Dempsey Hill Green and Dempsey Hill.“We will keep the furniture outlets as most of the tenants - about 65...
Continue Reading • 19 Nov 2009
Rising consumer price index not linked to inflation
Singaporean officials said today that the rising trend in the forecast for the 2010 consumer price index was not because of any increase in the underlying inflation, but on the pending rise of the property tax.Singapore revised its 2010 inflation forecast from an earlier projection of 1...
Continue Reading • 19 Nov 2009
F&N’s profits fall due to property losses
Conglomerate Fraser and Neave (F&N) has reported an 18% fall in its net profits in the first quarter, resulting to $89 million, primarily due to several losses incurred in its property business. However, its operations on foods and beverages, including numerous high-profile soft drinks, have...
Continue Reading • 18 Nov 2009
Negative start of industrial space
It was a tough fourth quarter for Landlord JTC Corp after experiencing a sharp fall in the start of its industrial space. In ready-built factory space, 21,200 square metres lease terminations have exceeded the 20,000 square metres of new space leased, leaving a negative start of 1,200 square...
Continue Reading • 18 Nov 2009
CapitaLand raises $1.79 billion from CMA
CapitaLand, the largest developer in Southeast Asia, raised $1.79 billion (S$2.47 billion) from selling stakes of CapitaMalls Asia (CMA), its retail arm which has a portfolio of 86 malls in China, India, Singapore, Japan and Malaysia.According to a prospectus on the MAS website, CapitaLand...
Continue Reading • 18 Nov 2009
SPH to acquire Clementi Mall for $392m
Singapore Press Holdings (SPH), which has a near monopoly of the newspaper publishing industry in the country, will acquire a local property for S$541.9 million (US$391.8 million).On Tuesday, SPH revealed that its subsidiary, CM Domain Pte Ltd, had received a notice from the Housing...
Continue Reading • 18 Nov 2009
MI REITs recapitalisation plan rejected
Mainboard-listed Cambridge Industrial Trust (CIT) has expressed its opposition to the recapitalisation plan of MacarthurCook Industrial REIT (MI REIT).CIT, MI REITs largest unitholder with an almost 10 percent share, said it will vote against the said proposal.MI REIT announced earlier this month...
Continue Reading • 17 Nov 2009
Boustead’s property division lifts its Q2 profit by 13%
The strong performance of Boustead Singapore’s real estate division boosted its Q2 earnings by 13 percent amid the unfavorable forex movement and challenging business conditions.The infrastructure and engineering specialist posted $10.8 million profit for the quarter that ended on September...
Continue Reading • 13 Nov 2009
JLL welcomes new appointees
With improving market conditions and continuing positive results in the Singapore market, Jones Lang LaSalle (JLL) announced key senior appointees for its Singapore business within the Residential Project Sales, Investment and Commercial Leasing and Retail services.Dr Megan Walters, who has more...
Continue Reading • 13 Nov 2009
CDL sold 854 private homes in Q3
City Developments Limited (CDL) sold 854 private homes amounting to around $1 billion in Q3 2009. Accordingly, for the first nine months of 2009, its sales tally reached 1,391 units worth around $1.72 billion - a large increase from the 360 units amounting to approximately $340 million...
Continue Reading • 13 Nov 2009
REITs must hold AGM by December 2010
All Real Estate Investment Trusts (REITs) must hold an Annual General Meeting (AGM) by 31 December 2010 under a revision introduced by the Monetary Authority of Singapore (MAS).The MAS issued the requirement that will take effect by January 2010, under the REITs’ revised Property Funds...
Continue Reading • 12 Nov 2009
DBS Bank grants S$74m term loan facilities to A-I Trust
DBS Bank has granted term loan facilities amounting to about S$74 million to Ascendas India Trust, a Singapore-listed business trust. Two subsidiaries of the trust acquired the said loan.The facilities will carry a 10 percent interest rate every year and will mature in December 2015. These will...
Continue Reading • 11 Nov 2009
Singapore's Perennial acquires Katong Mall
Singapore's Perennial Katong Retail Trust has acquired Katong Mall for S$247.55 million. The company also said that it would spend an additional S$55 million for the redevelopment of the property.Pua Seck Guan, former retail unit head of CapitaLand, is the current head of Perennial. According to...
Continue Reading • 11 Nov 2009