31 ‘stayers’ back en bloc resister
A GROUP of 31 home-owners — most of them facing en bloc battles in condominium estates islandwide — have showed their support for one of their ilk, who was featured on the cover of Weekend Today. Yesterday, representatives of the group, who call themselves the “Stayers”, delivered an envelope containing a letter and $520 to … Read more
Asia: some bright spots amid challenges
Asia expected to weather real estate downturn THE mood was generally subdued at a property conference held by Citi yesterday although a few positive assessments of the market provided some bright spots. Opening the event, Citi country officer Piyush Gupta said that 2007 was a strong year for property across Asia but the first quarter … Read more
Renovation aggravation
Radac-accredited company refused to use the Radac Standard Contract About three weeks ago, I was sourcing for home renovation contractors. After performing some due diligence and referring to the Singapore National Registry of Accredited Renovators 2007 – a book given to purchasers by the Housing and Development Board (HDB) on the day of the final … Read more
Property market looks weak: Citi
THE broader economic backdrop for the Singapore property market generally looks weak in the next 18 months, says Mr Don Hanna, Citi’s global head of emerging markets economic and market analysis. ‘The level of economic activity that we foresee in general continues to weaken this year and next,’ he told reporters on the sidelines of … Read more
Hong Leong Asia to sell materials business
HONG Leong Asia (HLA) is injecting its building materials and cement business worth $323.5 million into a Malaysian-listed company. As a result of the deal, Malaysian-based Tasek will become a subsidiary of HLA, which will have a 68.3 per cent stake in the firm. The Malaysian firm will pay for the assets by issuing 212.2 … Read more
PropNex takes home buyers to court over fee dispute
A COUPLE who bought a home and refused to pay the seller’s agent the 1 per cent commission are being taken to court by a property company. PropNex associate director Ricky Low Yong Sern is seeking about $4,000 in commission or a service fee in a case that is likely to turn the spotlight on … Read more
LMIR Trust posts distributable income of $23.3m
LIPPO-MAPLETREE Indonesia Retail (LMIR) Trust has reported a distributable income of $23.3 million for its first interim financial period from Nov 19, 2007 to Mar 31 this year. This was 3 per cent higher than the forecast income available for distribution set out in its prospectus. Distribution per unit (‘DPU’) for the same period was … Read more
Allgreen Q1 profit plunges 65%
ALLGREEN Properties yesterday posted net earnings of $17.5 million for the first quarter ended March 31 – a 65 per cent slump from $49.6 million in the same period last year. Earnings per share plunged 66 per cent to 1.10 cents, from 3.28 cents in Q1 2007. And in similar fashion, revenue sank 52 per … Read more
IHG to launch 30 hotels over 3 years
INTERCONTINENTAL Hotels & Resorts (IHG) is launching 30 new hotels – predominantly in China – over the next three years in the Asia-Pacific region, banking on strong domestic markets as well as inter-Asia travel to bolster revenue. Five hotels and resorts are slated to open this year, of which four will be in the Chinese … Read more
Boutique property firm proves initiative works
AN EARLY success story in Contact Singapore’s 11-year history is Genesis-Alliance. The boutique property and lifestyle company is now building 31 ‘ultra high-end’ villas in Sentosa and has opened the region’s first Armani/Casa home furnishing store in Raffles Hotel. Malaysian businessman Derek Wong, whose net worth is estimated to be $150 million, set up Genesis-Alliance … Read more
