CapitaLand profit slumps as expected, outlook cautious
CAPITALAND, South-east Asia’s top property developer, met expectations with a 59 per cent slide in quarterly profit due to lower sales in Singapore and the absence of one-off gains, and said buyers would remain wary amid the credit crisis. CapitaLand earned net profit of $247.5 million (US$182 million) in the three months to the end … Read more
Singapore economy faces dark storm clouds: PM
The United States is probably in a recession and the Singapore economy will be more severely affected if the turmoil in global financial markets worsens, Singapore’s prime minister said on Wednesday. The Southeast Asian country was ready to respond if the situation in the United States worsens, said Lee Hsien Loong in a statement to … Read more
Dubai World investments slowed
Dubai World, the investment firm of the Dubai government, said yesterday it is holding on to US real estate assets amid a sub-prime housing crisis that has slowed its investment decisions this year. Dubai World, with a portfolio of over US$200 billion, is still seeking investments in transport and logistics, financial services and for opportunistic … Read more
The White House Residences
Majestically poised in the coveted environment of Tanglin, Singapore’s prime residential district, are the White House Residences, a prospective living development of grandeur and privilege. The owner says of this prestigious area, “Singapore is not a mere jewel in Asia but a whole jewelry box with its rapidly changing and ever-progressing business, entertainment, cultural, and … Read more
Income, not interest, led to property boom
THE recent climb enjoyed by equity and property prices was driven more by strong economic growth than by low interest rates, according to a study by the Monetary Authority of Singapore (MAS). Empirical research by MAS shows that economic activity exerts a larger influence on asset prices in Singapore than borrowing costs. ‘Asset price inflation … Read more
More flatted-factory leases terminated in Q1
23% of firms cited poor business as a factor for termination: JTC TERMINATION of leases of JTC flatted-factory space, which is supported by manufacturing and services, hit 37,000 sq m in the first quarter of 2008 – 22 per cent higher year on year and 14 per cent higher quarter on quarter. According to JTC’s … Read more
URA releases two more GLS sites
THE Urban Redevelopment Authority (URA) has released two more residential sites through the Government Land Sales (GLS) programme. And while interest is expected to be good, profit margins for developers will be slimmer. A 1.08 ha site at Woodleigh Close, with a maximum permissible gross floor area of 30,167 sq m (324,714.5 sq ft), is … Read more
Plans for $200m hotel in S’pore Sports Hub shelved for now
Analysts believe business decision is behind the move PLANS for a $200 million hotel in the new Singapore Sports Hub appear to have been canned, even though preferred bidder Singapore Sports Hub (SSH) consortium said options to build the hotel at a later stage remain open. Genting International, which was in discussions with the consortium … Read more
Millionaires also feeling economic squeeze: survey
They are optimistic that things will improve next year EVEN millionaires are feeling the economic squeeze, with many saying that they don’t even ‘feel’ wealthy. But as a group, they are optimistic that things will improve in the next year. The Fidelity Millionaire Outlook, a survey of 1,000 people with at least US$1 million in … Read more
CapitaLand unlikely to match last year’s results
Chairman cites lack of revaluation gains this year CAPITALAND said yesterday its 2008 earnings were unlikely to match last year’s $2.8 billion due to a lack of revaluation gains. The firm should, however, perform better at the operating level, chairman Richard Hu said in response to shareholders’ queries at the firm’s annual general meeting (AGM). … Read more
