Raffles Hotel won’t be sold after all
Consortium that inked in-principle deal declines to say why sale fell through A PLAN to sell the historic Raffles Hotel again has fallen through. The Business Times (BT) yesterday reported that a consortium led by former Credit Suisse banker Mark Pawley, which had inked an in-principle deal to buy the hotel earlier this month, was … Read more
$17m widening of CTE to begin on Monday
1st phase to last till end-2009, but delays to traffic will be minimal WORK will begin on Monday to widen the Central Expressway (CTE), but officials say the construction will cause minimal delays on Singapore’s busiest thoroughfare. The Land Transport Authority (LTA) will add a fourth lane on both sides of a 1.5km stretch between … Read more
Singapore’s sovereign credit rating remains stable
International ratings agency, Moody’s, said it has no immediate plans to review its sovereign credit rating for Singapore as the country has strong credit fundamentals, including robust external assets. Singapore has the highest triple-A sovereign rating from Moody’s, and this is likely to remain so for the next 12 to 18 months. Last year, Moody’s … Read more
Evergro to raise $170m through rights issue
EVERGRO Properties, a subsidiary of Keppel Land, plans to raise about $170 million through a renounceable rights issue. Evergro also intends to carry out a capital reduction exercise to write off accumulated losses of $36.5 million. The fund-raising involves the offer of 761.8 million new shares on the basis of three rights shares for every … Read more
Clover by the Park
Two towers of 39 storeys each makes this new condominium the most iconic launch in Bishan to date. Located within 1 km to Catholic High School and with Raffles Institution, and with Ai Tong School and Australia International School in the vicinity, Bishan is an attractive location as an education hub. With the future Circleline … Read more
Pacific Star to buy MEAG stake in PRMH
SINGAPORE-BASED Pacific Star has agreed to buy the 25 per cent stake held by MEAG Munich Ergo AssetManagement GmbH (MEAG) in Prime Reit Management Holdings Pte Ltd (PRMH). PRMH owns 100 per cent of Macquarie Pacific Star Prime Reit Management Pte Ltd, the manager of Singapore Exchange-listed Macquarie MEAG Prime Reit (MMP Reit). It is … Read more
Stamford Land profit up 29% on tax credit
THANKS to a deferred tax credit of $14.82 million, Stamford Land Corporation saw a 28.7 per cent rise in net profit to $42.94 million for the financial year ended March 31. Stamford said the deferred tax credit arose from recognition of unrecorded tax losses carried forward as ‘the anticipated future taxable profit will allow the … Read more
HDB resale price growth expected to remain low
Moderate 4-10% growth seen for 2008: Knight Frank THE rate of price increase of Housing and Development Board (HDB) resale flats will further decelerate in the next six to nine months, resulting in a relatively moderate 4-10 per cent growth for the whole of 2008. Knight Frank director (research and consultancy) Nicholas Mak added: ‘If … Read more
Wheels come off Raffles Hotel deal
Proposed sale to consortium fails to materialise The proposed sale of Raffles Hotel is off. A spokeswoman for the consortium led by former Credit Suisse banker Mark Pawley that was to have bought the Singapore icon confirmed yesterday: ‘We regret to say that the sale will not be completed as planned. The consortium is very … Read more
Blending the old and new
SEAMLESSLY merging two buildings into one, while balancing the old with the new, is the challenge facing the architectural team behind the $320-million National Art Gallery, set to open in 2013. On Wednesday, it was announced that France’s Studio Milou Architecture, in collaboration with Singapore’s CPG Consultants, won the bid to design the gallery which … Read more
