7 blocks at Commonwealth Drive picked for SERS
Seven blocks along Commonwealth Drive are the latest to come under the Housing and Development Board’s (HDB) Selective En Bloc Redevelopment Scheme (SERS). Blocks 74 to 80, which are 44 years old, will make way for redevelopment. The latest site has a total of 669 flats. This brings the total number of sites identified for … Read more
Retailers gearing up for competition from new malls
The expected influx of retail space in Singapore in the next few years, and the promise of newer concepts from retailers overseas, are keeping current stores in Singapore on their toes. The Singapore Retailers Association said many local names are starting to gear up for the challenge. Brand specialists are hailing the efforts, saying these … Read more
Heeton Holdings reports 94% plunge in H1 net profit
Heeton Holdings on Friday said its net profit for the six months ended June 30 plummeted 94 per cent to S$4.2 million due in part to losses from associated companies and higher operating expenses. The company reported a 40 per cent improvement in revenues to S$27 million, which it attributed to higher turnover from its … Read more
Marina Bay hotels in demand for National Day Parade
Demand for hotel rooms around the Marina Bay area this weekend is high as many Singaporeans will be checking in to watch the National Day parade. Many view the hotels as vantage points to watch the parade in air-conditioned comfort. Some Singaporeans are willing to splurge, as rooms with a view at the Mandarin Oriental … Read more
Hiap Hoe’s Q2 net profit jumps 46%
Property developer Hiap Hoe reported a 45.6 per cent jump in net profit for its fiscal second quarter to $3.06 million from $2.1 million a year ago due to higher valuation of investment properties. The group’s gross profit margin improved significantly from 14.8 per cent to 51 per cent, thanks to higher profit margin booked … Read more
Singapore cuts 2008 GDP growth forecast to 4%-5%
Singapore Prime Minister Lee Hsien Loong, in his National Day message, has cut the 2008 GDP growth forecast to between 4 per cent and 5 per cent from an earlier estimate of between 4 per cent and 6 per cent. He also said the country faces a tough year ahead as it is beginning to … Read more
Hiap Hoe JV gets Balestier hotel plot for $73.3m
Rising construction costs could have made URA award to low bid, some say THE Urban Redevelopment Authority has finally awarded a hotel plot at Balestier and Ah Hood roads opposite Sun Yat Sen Nanyang Memorial Hall – 22 days after the tender closed. The winning bid from HH Properties, a joint-venture between Hiap Hoe and … Read more
Marina Bay Sands rises out of sight to stay on track
40% of project is underground; shopping mall rents average $50 psf The lay of the land may still look relatively flat over the Marina Bay Sands site but the integrated resort will open on time. That is because – away from the limelight – almost 40 per cent of the development is underground and progressing … Read more
No quick rebound for economy
Tharman signals that weak global economy could hit Singapore hard THE Singapore economy is grinding towards a slowdown, and Finance Minister Tharman Shanmugaratnam said yesterday that growth is unlikely to rebound ‘anytime soon’. It is the clearest signal yet from the Government that the weakening US and global economy is hitting Singapore harder than initially … Read more
IRs on track to open in 2009, 2010
Marina Bay Sands, Resorts World say construction’s smooth and hiring to start TWO years after the contracts for the integrated resorts (IRs) were awarded, both Marina Bay Sands (MBS) and Resorts World at Sentosa (RWS) say they are on track to open in December next year and the following year, respectively. Hiring for the 10,000 … Read more
