MI-Reit revalues 7 properties
MacarthurCook Investment Managers (Asia), the Manager of MacarthurCook Industrial Reit (MI-Reit), said on Thursday that the manager has obtained new independent valuations for seven of MI-Reit’s properties. The revaluations have resulted in a carrying amount of $554.1 million (US$386.0 million)for MI-Reit’s portfolio, up from the book value of $553.6 million reported on June 30, 2008. … Read more
CCT’s Grade A office tenants expand, renew or sign new leases
CapitaCommercial Trust (CCT) announced on Thursday that its Grade A office tenants at Capital Tower and One George Street have either expanded, renewed or signed new leases. The news brought some cheer to its share price, which has been beaten down in recent weeks. The stock closed a notch higher at S$1.73 a share, up … Read more
Former Hong Wen School building to be turned into boutique hotel
The Little India district, better known for its budget accommodation offerings, is set to welcome a new boutique hotel by the end of 2009. The four-storey building once housed the Hong Wen School and later, the Buddhist Welfare Association. It was awarded conservation status in 1989. While the ornate tiled facade will remain untouched, the … Read more
Singapore’s first Peranakan heritage house opens its doors
Singapore’s first heritage house, showcasing Peranakan lifestyle and culture, officially opened its doors Thursday evening, and gracing the occasion were President S R Nathan and Mrs Nathan. The 150-year-old Baba House was previously home to highly-respected Peranakan community leader, Tan Cheng Lock, who was president of the Malayan Chinese Association from 1949 to 1958. It … Read more
James Cook University opens US$3.5m campus at Upper Thomson
Australia’s James Cook University opened its US$3.5 million campus at Upper Thompson on Thursday. It has plans to double its student enrolment in Singapore to more than 2,500 students by the end of next year. When James Cook University first opened in Singapore in 2003, it had 50 students. Now, it has 1,200, of whom … Read more
Morgan Stanley raising US$10b global property fund: source
US$1.5b or more to be invested in China over the next few years Morgan Stanley is raising US$10 billion for a global property fund and plans to put US$1.5 billion or more of that into China, shrugging off concern about a property market downturn, a banking source said yesterday. Still bullish: Other foreign funds, including … Read more
Hong Kong home transactions slump 60% to two-year low
Home prices in the city down 4.4% between end-June and August The value of Hong Kong home transactions fell 60 per cent to the lowest in more than two years in August, signalling that the city’s property market may be poised for its biggest decline since 2003. Gloomy: With the outlook for the economies of … Read more
China banks urged to monitor exposure to property sector
China’s banking regulator has urged lenders to stress-test the impact of a cooling real estate market and to set aside more cash to cover potential losses from property loans, local media reported yesterday. ‘Banks must closely monitor changes in the real estate market and seek to limit the impact on them from the difficulties the … Read more
Lenders must ensure borrowers can afford instalments when due: MAS
Lenders must make sure that home loan borrowers can afford their instalments when they fall due, says the Monetary Authority of Singapore. Financing schemes that allow home buyers to make a 20 per cent downpayment – and then pay nothing until the granting of a temporary occupation permit, which may be up to three years … Read more
Shop around for the next bubble … just get out before it bursts
DOT-COMS? Done that. Property? Oil? Corn? Been there, got the T-shirt and nursed the losses, as well. One thing we know for sure about today’s global economy is that there is always an investment bubble somewhere. If you get in early enough, you can make a fortune riding the boom. So with property prices collapsing … Read more
