Archive for April 23rd, 2008
Posted by luxuryasiahome on April 23, 2008
The central bank has reiterated its stance that it will not regulate the Islamic banking market here in Singapore.
At a conference on Islamic Finance on Tuesday, the Monetary Authority of Singapore (MAS) instead argued that Shariah-compliance should be regulated internally as part of a bank’s good practice in governance and control.
The Islamic banking market is estimated to be worth as much as US$800 billion worldwide and it is growing by up to 30 per cent in some markets.
While there has been a push for Singapore to have a greater pie of the market, the MAS said regulation may be counter-productive in small markets.
Chia Der Jiun, Executive Director, Prudential Policy, MAS, said: “Much of the business is going to be wholesale, off-shore, international counter parties, and these counter parties may reside in the Gulf, in Southeast Asia, and they have Shariah interpretations and standards that may be somewhat unique in their jurisdictions.”
The response came amid talk that regulation may be needed to help boost investor confidence. Some industry players said this will help attract more Islamic private wealth from overseas and further increase Singapore’s status as a wealth management hub.
Aimi Zulhazmi, Principal Officer, BIMB Trust, said: “People are looking at Singapore as a leading player in the financial market. A lot of wealth especially on the private wealth management resides in Singapore.”
While the MAS said there is no need for a separate Islamic banking regulatory framework, it noted that more disclosures are needed as they would help investors make better investment choices. – CNA/vm
Source : Channel NewsAsia -22 Apr 2008
Posted in Finance, General | Tagged: Finance Regulations, Islamic Banking, Islamic Finance, MAS, Monetary Authority of Singapore, Singapore Banking Sector | Leave a Comment »
Posted by luxuryasiahome on April 23, 2008
The central bank has reiterated its stance that it will not regulate the Islamic banking market here in Singapore.
At a conference on Islamic Finance on Tuesday, the Monetary Authority of Singapore (MAS) instead argued that Shariah-compliance should be regulated internally as part of a bank’s good practice in governance and control.
The Islamic banking market is estimated to be worth as much as US$800 billion worldwide and it is growing by up to 30 per cent in some markets.
While there has been a push for Singapore to have a greater pie of the market, the MAS said regulation may be counter-productive in small markets.
Chia Der Jiun, Executive Director, Prudential Policy, MAS, said: “Much of the business is going to be wholesale, off-shore, international counter parties, and these counter parties may reside in the Gulf, in Southeast Asia, and they have Shariah interpretations and standards that may be somewhat unique in their jurisdictions.”
The response came amid talk that regulation may be needed to help boost investor confidence. Some industry players said this will help attract more Islamic private wealth from overseas and further increase Singapore’s status as a wealth management hub.
Aimi Zulhazmi, Principal Officer, BIMB Trust, said: “People are looking at Singapore as a leading player in the financial market. A lot of wealth especially on the private wealth management resides in Singapore.”
While the MAS said there is no need for a separate Islamic banking regulatory framework, it noted that more disclosures are needed as they would help investors make better investment choices. – CNA/vm
Source : Channel NewsAsia -22 Apr 2008
Posted in Finance, General | Tagged: Finance Regulations, Islamic Banking, Islamic Finance, MAS, Monetary Authority of Singapore, Singapore Banking Sector | Leave a Comment »
Posted by luxuryasiahome on April 23, 2008
Resorts World at Sentosa has awarded its largest building contract to date, worth S$1.05 billion, to a joint venture between major Japanese contractor Kajima Overseas Asia Pte. Ltd. and local player Tiong Seng Contractors (Pte) Ltd.
This brings the total building contracts awarded so far to over S$2 billion. The S$6 billion integrated resort is slated for completion in early 2010.
Kajima-Tiong Seng will construct three of the six hotels in Resorts World and the resort’s thoroughfare, FestiveWalk.
The three hotels – Maxims Residences, Hotel Michael and Festive Hotel – will offer some 1,000 suites and rooms out of the 1,800 to be found throughout the resort.
The contract also includes the construction of a 15,000-square-metre casino located at the basement of Maxims Residences which will feature gaming rooms, suites and lounges.
The joint venture will also build a dual purpose 1,600-seat Le Vie showroom, which doubles as a Plenary Hall, in Festive Hotel. – CNA/vm
Source : Channel NewsAsia – 23 Apr 2008
Posted in Construction, General, Sentosa Property | Tagged: Construction, Festive Hotel, FestiveWalk, Hotel Michael, Kajima, Maxims Residences, Resorts World, Sentosa, Tiong Seng | Leave a Comment »
Posted by luxuryasiahome on April 23, 2008
Resorts World at Sentosa announced on Wednesday it has awarded a $1.05 billion building contract to a joint venture between Kajima Overseas Asia Pte Ltd and Tiong Seng Contractors (Pte) Ltd.
The award — the biggest awarded to-date by Resorts world — marks a milestone for the $6 billion integrated resort slated for completion in early 2010, and tallies the total building contracts awarded to date to a worth of over $2 billion.
Kajima-Tiong Seng will construct 3 of the 6 hotels in RWS, and the resort’s thoroughfare, FestiveWalk. The contract also includes the construction of the casino and the Le Vie Showroom, where the resort’s residential theatre production Le Vie will reside. — BT Newsroom
Source : Business Times – 23 Apr 2008
Posted in Construction, General, Sentosa Property | Tagged: Construction, Kajima, Resorts World, Sentosa, Tiong Seng | Leave a Comment »
Posted by luxuryasiahome on April 23, 2008
Keppel Land, Singapore’s third-biggest developer by market value, posted on Wednesday a 3.5 per cent fall in quarterly net profit as the US sub-prime mortgage crisis hurt new property launches.
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KepLand, which derives the bulk of its income selling apartments in Asian countries including Singapore, China, Vietnam, and India, earned $60.3 million (US$44.77 million) in the three months to end-March, down from $62.5 million reported a year ago.
The developer, 53 per cent-owned by conglomerate Keppel Corp, said this week that it secured an option to develop a 1,500 unit residential project in Vietnam costing US$390 million. — REUTERS
Source : Business Times – 23 Apr 2008
Posted in Developer News, General | Tagged: Developers, Kepland, Keppel Land | Leave a Comment »
Posted by luxuryasiahome on April 23, 2008
Mainboard-listed Keppel Land has posted a 3.5 percent drop in quarterly earnings.
First quarter net profit came in at S$60.3 million, down from S$62.5 million in the same period last year. This was much lower than a Dow Jones Newswires poll estimate of S$98 million.
Revenue fell by 7.6 percent on year to S$273.1 million.
The weak earnings came on the back of a cautious property market, following the sub-prime mortgage crisis in the US.
Keppel Land saw lower earnings from property trading and investment operations. Profit from property trading fell by 13 percent, while gains from property investment declined by almost 34 percent.
The earnings were released after the markets closed on Wednesday. Keppel Land shares ended the day’s trade 3 cents higher at S$6.10.
Source : Channel NewsAsia – 23 Apr 2008
Posted in Developer News, General | Tagged: Developers, Kepland, Keppel Land | Leave a Comment »
Posted by luxuryasiahome on April 23, 2008
Mainboard-listed Keppel Land has posted a 3.5 percent drop in quarterly earnings.
First quarter net profit came in at S$60.3 million, down from S$62.5 million in the same period last year. This was much lower than a Dow Jones Newswires poll estimate of S$98 million.
Revenue fell by 7.6 percent on year to S$273.1 million.
The weak earnings came on the back of a cautious property market, following the sub-prime mortgage crisis in the US.
Keppel Land saw lower earnings from property trading and investment operations. Profit from property trading fell by 13 percent, while gains from property investment declined by almost 34 percent.
The earnings were released after the markets closed on Wednesday. Keppel Land shares ended the day’s trade 3 cents higher at S$6.10.
Source : Channel NewsAsia – 23 Apr 2008
Posted in Developer News, General | Tagged: Developers, Kepland, Keppel Land | Leave a Comment »
Posted by luxuryasiahome on April 23, 2008
Mainboard-listed Keppel Land has posted a 3.5 percent drop in quarterly earnings.
First quarter net profit came in at S$60.3 million, down from S$62.5 million in the same period last year. This was much lower than a Dow Jones Newswires poll estimate of S$98 million.
Revenue fell by 7.6 percent on year to S$273.1 million.
The weak earnings came on the back of a cautious property market, following the sub-prime mortgage crisis in the US.
Keppel Land saw lower earnings from property trading and investment operations. Profit from property trading fell by 13 percent, while gains from property investment declined by almost 34 percent.
The earnings were released after the markets closed on Wednesday. Keppel Land shares ended the day’s trade 3 cents higher at S$6.10.
Source : Channel NewsAsia – 23 Apr 2008
Posted in Developer News, General | Tagged: Developers, Kepland, Keppel Land | Leave a Comment »
Posted by luxuryasiahome on April 23, 2008
Mainboard-listed Keppel Land has posted a 3.5 percent drop in quarterly earnings.
First quarter net profit came in at S$60.3 million, down from S$62.5 million in the same period last year. This was much lower than a Dow Jones Newswires poll estimate of S$98 million.
Revenue fell by 7.6 percent on year to S$273.1 million.
The weak earnings came on the back of a cautious property market, following the sub-prime mortgage crisis in the US.
Keppel Land saw lower earnings from property trading and investment operations. Profit from property trading fell by 13 percent, while gains from property investment declined by almost 34 percent.
The earnings were released after the markets closed on Wednesday. Keppel Land shares ended the day’s trade 3 cents higher at S$6.10.
Source : Channel NewsAsia – 23 Apr 2008
Posted in Developer News, General | Tagged: Developers, Kepland, Keppel Land | Leave a Comment »
Posted by luxuryasiahome on April 23, 2008
Mainboard-listed Keppel Land has posted a 3.5 percent drop in quarterly earnings.
First quarter net profit came in at S$60.3 million, down from S$62.5 million in the same period last year. This was much lower than a Dow Jones Newswires poll estimate of S$98 million.
Revenue fell by 7.6 percent on year to S$273.1 million.
The weak earnings came on the back of a cautious property market, following the sub-prime mortgage crisis in the US.
Keppel Land saw lower earnings from property trading and investment operations. Profit from property trading fell by 13 percent, while gains from property investment declined by almost 34 percent.
The earnings were released after the markets closed on Wednesday. Keppel Land shares ended the day’s trade 3 cents higher at S$6.10.
Source : Channel NewsAsia – 23 Apr 2008
Posted in Developer News, General | Tagged: Developers, Kepland, Keppel Land | Leave a Comment »
At a conference on Islamic Finance on Tuesday, the Monetary Authority of Singapore (MAS) instead argued that Shariah-compliance should be regulated internally as part of a bank’s good practice in governance and control.
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