Jurong Lake Plans for public viewing
WE REFER to Ms He Xiao Lu’s letter ‘Use existing resources to create Jurong character’ (my paper, April 25) on how the draft plans for the Jurong Lake District can tap on the existing attributes in the area. We agree with Ms He that planning for the Jurong Lake District presents opportunities for planners to … Read more
ARA Asset Management reports 137% jump in Q1 earnings to S$9.2m
ARA Asset Management has posted first-quarter earnings of S$9.2 million, up 137 percent from a year ago. Revenue more than doubled to S$17.5 million. The growth was mainly due to higher management fees from its REIT portfolio, as well as higher net property income. ARA is expecting its asset enhancement initiatives to boost income for … Read more
DBS, OCBC hit by global turmoil; Q1 net profits fall
Two Singapore banks on Wednesday reported falls in first-quarter net profit as trading activities took a hit from global financial turmoil. DBS Group, Southeast Asia’s biggest bank, said its net profit in the first quarter ended March 31 dipped 2.0 percent to S$603 million (US$446 million) compared with the previous year. Singapore’s smallest bank, Oversea-Chinese … Read more
OCBC Q1 profit falls 4%, sees growth opportunities
Singapore’s Oversea-Chinese Banking Corp (OCBC), Southeast Asia’s third-largest lender, posted a lower-than-expected 4 per cent fall in first-quarter profit and said it saw growth opportunities in its core markets. OCBC’s earnings reflected strong loan growth in Singapore during the first three months of 2008 thanks to a construction boom in the republic. But its profit … Read more
DBS Q1 profit slips, outlook murky
DBS Group, South-east Asia’s biggest bank by assets, posted a smaller-than-expected two per cent drop in quarterly profit after strong loan growth helped to ease credit-related writedowns. Analysts warned that more difficulties lie ahead in the second half when a looming United States recession catches up with Asia’s robust economies, putting a brake on earnings … Read more
Accountants not confident about economic outlook for 2008
Accountants think that Singapore is up for challenges this year, according to a survey by the Institute of Certified Public Accountants of Singapore (ICPAS). 64 percent of the respondents said their outlook for the economy ranged from neutral to pessimistic. Inflationary pressure was one of the top reasons for the dim economic outlook among Singapore … Read more
Allco Reit to sell Australia properties
Singapore-listed Allco Commercial Real Estate Investment Trust said on Wednesday that it has appointed sales agents to sell its 50 per cent interests in two Australian properties. The company said in a statement that it had acquired the two properties for $371.1 million (US$272.4 million). — REUTERS Source : Business Times - 7 May 2008
Allco Commercial REIT to sell stakes in two Australian properties
Allco Commercial REIT said on Wednesday it is putting its stakes in two properties in Australia up for sale and has appointed sales agents for these properties. The properties are Central Park in Perth and Centrelink Headquarters in Canberra. Together, they are valued at around A$483 million or S$624 million. CB Richard Ellis and Jones … Read more
Coping in an age of uncertainty
SO even accountants and auditors in Singapore are bearish about the economic outlook, joining a list that includes manufacturers and those in the services sector – just about most in the business community, it’s safe to say. As number-crunchers with typically the early eye on the quarter’s figures, accountants and auditors get a snapshot of … Read more
Beach Rd building sold for $70m
Hirsch Bedner and Irish private equity firm turning asset into boutique offices AN Irish private equity firm and renowned international interior design firm Hirsch Bedner Associates have bought 700 Beach Road, currently a small office, home office development named In-City Lofts, for a total $70 million. The duo will pump in a further $3.5 million … Read more
