Fairmont to sell Raffles Hotel
Fairmont Raffles Hotels International said on Thursday that it will sell its stake in Singapore’s landmark Raffles Hotel to a consortium led by ex-Credit Suisse banker Mark Pawley. Fairmont, which is controlled by Saudi Prince Alwaleed bin Talal and US private equity firm Colony Capital, did not disclose the selling price, although Singapore media said … Read more
Ho Bee’s Q1 net profit down 62%
Property developer, Ho Bee Group, on Thursday reported its net profit for the first quarter eneded March 31, 2008 fell 62 per cent to $26.10 million (US$18.93 million) due to the lower recognition of revenue from a property project. Ho Bee, famed for its Sentosa projects, said earnings per share also fell to 3.54 cents. … Read more
Ho Bee’s Q1 net profit drops 62% to S$26m
Property developer Ho Bee has reported a 62 percent drop in first quarter net profit to S$26 million. Its revenue also fell 62 percent to S$94 million. Ho Bee said this was mainly due to the lower recognition of revenue from a property development project, The Coast at Sentosa Cove. The company also noted that … Read more
DBS Q1 net earnings dip 2% to $603m
Trading losses drag down income, but earnings still better than expected DBS Group’s first-quarter net profit dipped 2 per cent to $603 million from a year earlier, dragged down by trading losses amid financial market volatility, the bank said yesterday. The lower net profit for the quarter was still better than analysts had expected. Net … Read more
OCBC posts 4% lower Q1 net profit of $622m
THE volatility in the financial markets has taken its toll on local bank earnings, with OCBC Bank yesterday reporting a 4 per cent drop in first-quarter net profit to $622 million despite higher divestment gains. The earnings beat analysts’ expectations, however. OCBC’s results for the three months to March 31 were hit by a plunge … Read more
Worst is likely behind us: Paulson
US Treasury Secretary Henry Paulson said US financial markets are emerging from the credit crunch that many economists believe has pushed the country to the brink of recession, according to The Wall Street Journal. ‘I do believe that the worst is likely to be behind us,’ Mr Paulson told the newspaper in an interview. The … Read more
HPL in Libyan property venture
Hotel Properties Limited (HPL) said the company and the Social Security Fund Investments Company (SSFI) have signed a memorandum of understanding to explore the formation of a joint venture company for the development of hospitality and tourism projects in Libya. HPL said that with its superb Mediterranean climate, 1,800 kilometres of pristine coastline and desert … Read more
Ascott buys London property for US$85.13 million
The Ascott Group (Ascott) said it has bought a serviced residence within London’s ‘Midtown’ region at High Holborn for 43.5 million pounds (US$85.13 million). Ascott currently leases the property from Land Securities plc and operates it as Citadines London Holborn-Covent Garden. Land Securities plc is the United Kingdom’s largest real estate investment trust. Ascott said … Read more
Ascott acquires prime London property for S$116m
CapitaLand’s Ascott unit has bought an existing serviced residence in London for S$116.4 million. The property is located within London’s ‘Midtown’ region at High Holborn. Ascott is currently leasing the property from Land Securities, the UK’s largest real estate investment trust. The property is being operated under the brand name Citadines London Holborn-Covent Garden. The … Read more
US home slump puts owners ‘underwater’
Values fall 7.7% in Q1 to lowest point in nearly 3 years US home values dropped 7.7 per cent in the first quarter to the lowest in almost three years, according to estimates by Zillow.com, an online data provider. The decline is the biggest in 12 years of data compiled by Seattle-based Zillow.com, a website … Read more
