URA releases sales conditions for reserve hotel site at Short Street
The Urban Redevelopment Authority (URA) has released detailed sales conditions for a reserve site at Short Street for hotel development. The site, located within the Bras Basah and Bugis district, is one of two new hotel sites scheduled for release for application under the reserve list of the Government Land Sales programme for the second … Read more
HDB Lease Buyback Scheme could be implemented in January 2009
The Lease Buyback Scheme (LBS) to help low-income households monetise their flats for their retirement needs could be implemented as early as January next year. Senior Minister of State for National Development Grace Fu gave this update in Parliament on Tuesday when replying to a question brought up by MP for Aljunied GRC Cynthia Phua. … Read more
URA rejects sole bid for Tampines condo site
Urban Redevelopment Authority has rejected the sole bid for a private condominium housing site at Tampines Avenue 1/Avenue 10 as the price offered was too low. The 99-year leasehold plot, which faces Bedok Reservoir, drew a bid of about S$118 per square foot per plot ratio from Boon Keng Development Pte Ltd, a unit of … Read more
Wing Tai Q4 net profit slips 60%
Property and retail group Wing Tai Holdings has posted a 60 per cent drop in group net profit for the fourth quarter ended June 30, 2008, to S$96.3 million. For the full year, net earnings fell 40 per cent to S$229.4 million, with operating profit sliding 51 per cent to S$204.8 million due chiefly to … Read more
Ban Joo to sell properties for $11 mln
Ban Joo & Company Limited said on Tuesday it plans to sell 23, 24, 25 and 26 Circular Road Singapore for $11 million in cash to Pan Sun Hardware Pte Ltd and its nominee. Knight Frank Pte Ltd has valued the properties at $10 million. Source : Business Times – 26 Aug 2008
Japanese developer under probe
Urban Corp, the property developer that collapsed in Japan’s biggest bankruptcy this year, is being examined for its market disclosure, Financial Services Minister Toshimitsu Motegi said yesterday. Mr Motegi said he was aware of questions being raised about Urban’s behaviour, without commenting more specifically on the case. The Securities and Exchange Surveillance Commission will immediately … Read more
UAE mortgage market seen growing 220% in next 3 years
The mortgage market of the oil-rich United Arab Emirates (UAE) is projected to grow 220 per cent to 64 billion dirhams (S$24.7 billion) in the next three years, local newspaper Gulf News reported yesterday. According to a study by the Dubai-based real estate company Bonyan International Investment Group, syariah-compliant house financing will make up more … Read more
Rate cut relief but it’s no panacea for Aussie Reits
With Australia poised to cut interest rates, beleaguered property trusts could see their rental yields become more attractive, but the bad news flow that has battered the sector may rumble on. Australia’s highly leveraged real estate investment trusts (Reits) have suffered as the global credit crunch lifted borrowing rates and raised questions about a practice … Read more
Aussie mortgage bonds offer world’s best value: Pimco
Australia’s mortgage-backed bonds are one of the most attractive buys ‘on the planet’, according to Rob Mead, head of Asia-Pacific credit at Pacific Investment Management Co (Pimco) in Sydney. Mr Mead, who manages the equivalent of US$17 billion, said he is buying top AAA-rated US dollar- and euro-denominated bonds backed by Australian home loans. The … Read more
Centro says equity investor unlikely by Dec
Troubled Aussie group now depends on winning yet another debt extension from bankers Centro Properties Group, an Australian victim of the sub-prime crisis, said it was unlikely to secure equity investment by a December deadline, making it dependent on winning yet another debt extension from its bankers. The property group’s shares took another hit following … Read more
