No US recovery till next year, say CFOs
More than half the execs in a survey say the economy is already in recession Jamie Dimon, chief executive officer of JPMorgan Chase & Co, said the US economy is now in a recession. ‘I think we are in one,’ Mr Dimon, head of the third-largest US bank, said at a dinner sponsored by the … Read more
Private fund buys remaining 53 Grange Infinite units
Average price for the units, bought for $400m, is said to be $2,600-$2,700 psf A PRIVATE fund managed by ARA Asset Management group is believed to have bought the remaining 53 units at Chip Eng Seng’s and Citadel’s Grange Infinite freehold condo project for almost $400 million. Savills Singapore is believed to have brokered the … Read more
Some Gillman Heights owners fight on for their homes
22 minority owners in bid to overturn sale; they simply don’t want to move A GROUP of owners at Gillman Heights Condominium is fighting hard to stop the $548 million sale of the property, despite reports that hint at a market slowdown. The deal was struck when the market was in full flight in February … Read more
Sprucing up of reservoir park halted
NATURE lovers and fitness buffs may have to wait at least nine more months before they can enjoy some of the new visitor-friendly facilities at the MacRitchie Reservoir. A $5 million MacRitchie spruce-up, the first phase of which was slated for completion this month, came to a stop when the contractor – Wacon Construction & … Read more
MacRitchie facelift stalled
The wait for shower facilities and more carpark spaces at MacRitchie Reservoir — the first phase of which was scheduled for completion the end of this month — has just gotten longer. According to the PUB, the construction work for the $5-million makeover would be delayed for at least another nine months after the construction … Read more
Positive outlook for global property sector in the medium term
The sub-prime crisis has intensified the necessary corrections in the property market. But according to Henderson Global Investors, there’s an upside to it. The asset management firm, which has some $117 billion worth of assets under its wing, is positive on the medium term outlook for the global property sector. The likelihood of a US … Read more
NUS introduces Master’s degree in landscape architecture
The National University of Singapore (NUS) has launched the first Master of Landscape Architecture Programme which will start this August. According to the Singapore Landscape Industry Survey 2006 conducted by Synovate Business Consulting, the sector is expected to grow to $153 million by 2014. Students taking the course will be trained in architectural design, site … Read more
Macquarie Reit refinances $220m loans
Singapore-listed Macquarie MEAG Prime Reit said on Thursday it has refinanced $220 million (US$159 million) of short-term loans to extend their maturity until September, following a strategic review. The loans comprises $190 million, which were due in May, and $30 million, due in August. MMP Reit did not disclose the financial terms of the deal … Read more
Office demand unaffected by global credit crunch
No threat of financial sector redundancies: URA The credit crunch has so far failed to dent demand for office space in Singapore or derail its bid to become Asia’s leading financial centre, a senior member of the city-state’s Urban Redevelopment Authority (URA) told Reuters. Speaking at the annual MIPIM trade fair in Cannes on Tuesday, … Read more
Asia helps Savills beat profit forecasts
Profit rises 14% to £85.5m as consultancy division also performs well British property services firm Savills reported a forecast-beating 14 per cent rise in 2007 profit, as Asia and consultancy businesses shielded it from the global credit crunch, lifting its shares 6.5 per cent. Savills yesterday said underlying profit before tax rose to £85.5 million … Read more
