Retail rents flattens as consumer spending slows
The dip in consumer spending due to the economic downturn has caused concerns among many retailers who are paying top dollar for retail space. Market watchers said they do not expect any rental growth in the 4th quarter, but some retailers may be holding out for concessions. Orchard Road, Singapore’s prime shopping district, is set … Read more
CityDev sets up S$1b Islamic Trust Certificate Programme
City Developments Limited said it has set up a S$1 billion unsecured Islamic Trust Certificate Programme on Wednesday. CIMB-GK Securities Pte Ltd is arranger of the programme and the dealer of the first series of the certificates under the programme. The net proceeds from the First Series will be ultimately used to fund the Shariah … Read more
Frasers Hospitality eyes India, signs 1st 3 India properties
Frasers Hospitality (Frasers), the hospitality arm of property group Frasers Centrepoint, on Wednesday signed contracts to manage its first three properties in India. The landmark signing, was presided by Singapore’s Minister for Finance, Mr Tharman Shanmugaratnam. ‘Earlier on, we had identified India as a crucial location for the Fraser brand and we are pleased to … Read more
Frasers signs agreements to manage 3 properties in India
Frasers Hospitality has signed agreements to manage its first three properties in India. The first is a 50-unit serviced residence which will open in June next year, near Bangalore’s new international airport. The second is a 153-unit serviced residence near the Bangalore IT Park. Both properties are owned by the Skyline Group. Under a third … Read more
MI-Reit’s 8 properties revalued up 2.1%
MacarthurCook Investment Managers (Asia) Limited, the manager of MacarthurCook Industrial Reit (MI-Reit), said eight of its properties have been revalued at S$212.5 million on Nov 15, 2008, up 2.1 per cent from S$210.4 million a year ago. The revaluations have increased MI-Reit’s total portfolio value to S$559.9 million on Nov 15, 2008. Source : Business … Read more
Sino Construction wins US$32.2m airport project
Sino Construction Limited announced that it has been awarded a RMB219.7 million (US$32.2 million) contract from Daqing Saertu Airport Ltd. to build a passenger terminal building and ancillary facilities for the new Saertu Airport in Daqing City. This latest contract brings the Group’s order book to RMB1,676.9 million. Construction has already started, and is scheduled … Read more
Developers want govt to turn back clock on several policies
Wish-list includes reinstatement of deferred payment, old formula for DC Some property industry players are yearning for the good old days, hoping the government will reverse some of the changes in property policies made in the past two years and thus go beyond the usual exemptions and rebates on property taxes with its off-Budget/Budget packages. … Read more
Lian Beng wins $84m DSTA job
LIAN Beng Group has secured a contract to build camp facilities at Kranji for Defence Science and Technology Agency (DSTA). The construction contract, which is worth about $84 million, will commence this month, it said. A spokeswoman for Lian Beng said the group expects to tender for more government projects as the number of commercial … Read more
Coming up: More smaller HDB flats
Two- and three-room units in demand from low-income families, downgraders SINGAPORE will have more two- and three-room HDB flats next year to meet rising demand. The Government is building these smaller flats to help more low-income families own homes and those home owners who need to downgrade because of financial difficulties. National Development Minister Mah … Read more
Market-based pricing fairest for new HDB flats: Mah
WHEN pricing a new HDB flat, costs are not taken into account. Its price is based on what the unit is worth at the point of purchase. Calling it a market-based approach, National Development Minister Mah Bow Tan said it was the fairest way of pricing new flats. ‘It reflects what the flat is worth … Read more
