New system to promote efficient use of state land, properties
To instil greater discipline in the holding of government properties pending development, the Law Ministry plans to introduce a reservation framework for public sector agencies. Senior Minister of State for Finance Lim Hwee Hua told the House that agencies making such reservations would have to pay for planning and feasibility studies. Responding to a question … Read more
Developers weigh odds for launches after Ghost Month
Some may want to test market now rather than risk deterioration in sentiment Some developers have been quietly oiling their launch machinery in the past few weeks as they get ready for previews and launches, especially with the Hungry Ghosts Month ending this Saturday. Boulevard Vue’s facade will be designed by well-known Japanese interior designer … Read more
Measures put in place for better use of public sector office space
Surcharges will be imposed on agencies in breach GOVERNMENT agencies that do not make optimal use of their office space will face penalties such as surcharges and rents, Parliament was told yesterday. Senior Minister of State for Finance & Transport Lim Hwee Hua said the aim is to encourage better management of office space in … Read more
Sim Lian net profit up a third to $44m
PROPERTY and construction group Sim Lian has posted a 33 per cent jump in fiscal full-year net profit to $44.1 million despite rising raw materials costs, thanks to higher revenue, a reversed impairment loss and a divestment. Sim Lian also plans to launch three projects in fiscal 2009 at Surrey Road, Keng Lee Road and … Read more
KOP Capital buys 50% stake in Stein Group
SINGAPORE-BASED property firm KOP Capital has forked out US$250 million for a 50 per cent stake in luxury hotelier Stein Group International. And the collaboration could offer travellers a new hotel brand in the next few years. ‘We’re adopting an aggressive expansion plan,’ said KOP Capital’s managing director Leny Suparman. ‘We have plans to set … Read more
Second Chance net up 31% to $24m in FY08
RETAIL and real estate company Second Chance Properties (SCP) yesterday reported a 31 per cent jump in net profit to $24.1 million for the year ended June 30 and said it will increase dividend payments for the next two years. SCP said FY2008 was its sixth straight year of record profits and it will pay … Read more
New Dubai registration law to curb speculation
Sales of unfinished properties must be registered before they can be resold Dubai has issued a new law to regulate the sale of real estate still under construction in an effort to curb speculation that has sent property prices in the Gulf Arab emirate skyrocketing, an official said on Tuesday. Under the law issued this … Read more
Top British home builder reports loss on writedowns
It’s yet to seal loan deal with banks, says Taylor Wimpey Britain’s most popular house builder, Taylor Wimpey, slumped to a £1.54 billion (S$4 billion) pretax loss on falling property values and merger costs and said it has yet to agree to a crucial loan deal with its banks. Its shares, which have crumbled over … Read more
Japan regulator looks into BNP Paribas deal
Concern over bond and swap deal disclosure, insider trading, says sources Japan’s financial regulator is looking into a deal between French bank BNP Paribas and a collapsed property developer amid criticism over its disclosure and concerns insider trading laws may have been breached, sources at the regulator said. The deal in question is a 30 … Read more
Lend Lease to sell its 50% stake in US mall
Lend Lease Corp, the Australian developer building London’s 2012 Olympic Village, plans to sell its 50 per cent interest in Pennsylvania’s King of Prussia Mall. Lend Lease put its share of the 2.6 million square-foot mall in King of Prussia, Pennsylvania, up for sale, according to Holliday Fenoglio Fowler, the broker that’s marketing the property. … Read more
