URA seeks public feedback on guidelines for private shophouses
The Urban Redevelopment Authority (URA) is reviewing guidelines for restaurants and pubs located in private shophouses near residential areas. It is asking for public feedback on whether entertainment activities should be freely allowed at those premises. For the past 20 years, Lai Fak Nian, managing director of Plum Village Restaurant, has been thinking of various … Read more
Development charge rates mostly flat
The Ministry of National Development (MND) has left development charge (DC) rates – which may be payable for enhancing the use of some sites or building a bigger development on them – unchanged for most use groups, including commercial, landed residential and hotel/healthcare. However, the average DC rate for non-landed residential use has been trimmed … Read more
CapitaLand sells 30% stake in Menara Citibank in KL for M$176m
CapitaLand is divesting its 30 per cent stake in Menara Citibank, a 50-storey office tower in Kuala Lumpur’s Jalan Ampang, for a consideration of RM$176 million (US$52 million). Upon completing the divestment, CapitaLand will recognise a gain of about $22.1 million (US$15.6 million). CapitaLand owns the asset through its stake in Inverfin Sdn Bhd, whose … Read more
Sands wants to build a casino strip in India
Las Vegas Sands Corp, operator of Asia’s biggest gambling resort, would consider spending US$12 billion to build a strip of casinos in India similar to its project in Macau, chairman Sheldon Adelson said. ‘We would like to build a Cotai Strip in India,’ Mr Adelson told reporters at a briefing in Macau yesterday. ‘We would … Read more
Outlook still rosy for Marina Bay IR
DARK clouds may be looming over Singapore’s tourism landscape, but the company behind the Marina Bay Sands integrated resort (IR) is not worried. The reason: Unlike IRs elsewhere, which focus mainly on their casino operations, the Marina Bay Sands will devote much of its space and effort to attracting business from the meetings, incentives, conventions … Read more
BCA taps China as costs go through the roof
With the cost of construction escalating to new highs, the Building and Construction Authority (BCA) has flown missions to China in the hope of attracting construction companies to set up business here. A spokesman for BCA said: ‘A few Chinese contractors have since registered with BCA.’ Many firms were weakened after the construction industry hit … Read more
HDB has ways to cut waiting time for flats
I REFER to the letter by Mr Sam Sim, ‘Missed one…the three to four years of waiting to buy a HDB flat after marriage’ (Aug 20). Buying a flat is a long-term commitment and couples are advised to plan ahead for their housing needs. Buyers looking for a new HDB flat should also take into … Read more
Reject offer, Japan Land adviser urges
JAPAN Land has urged its shareholders to reject the takeover offer by tycoon Oei Hong Leong, which valued the company at about $78 million. In its circular despatched to shareholders yesterday, Japan Land said its independent financial adviser (IFA), DMG & Partners Securities, advised its directors to reject the offer as ‘there are insufficient compelling … Read more
Oei Hong Leong’s Japan Land bid deemed too low
JAPAN Land shareholders are advised to reject businessman Oei Hong Leong’s offer for their shares as the bid is too low. Independent directors, following an assessment by external financial advisers, yesterday said Mr Oei’s 60 cent per share offer potentially undervalues Japan Land’s indirect holdings in the Tokyo Stock Exchange, which some observers consider the … Read more
Quayside hotel for sale
SWISSOTEL Merchant Court, a 476-room hotel near Clarke Quay, has been put up for sale by global tender. It could fetch about $350 million, given the growth potential in Singapore’s hospitality sector, consultants said. Room rates start from about $250 a night, hotel booking websites show. ‘A hotel in (that) location can fetch around $700,000 … Read more
