goodbye expat, Hello nopat
Fast disappearing are the generous perks offered to people willing to relocate overseas for work stints EXPATS live the good life, according to popular perceptions. Company-provided housing in Districts 10 or 11, children’s school fees, cars, home leave and more do indeed make the expat lifestyle alluring. A predominance of Western and North Asian expats … Read more
Jurong East ‘white’ site joins reserve list
But market watchers say that like the Bukit Chermin site, it is not likely to be triggered anytime soon FOR the second day running, the Urban Redevelopment Authority has made available for application a reserve list site in an attractive location, despite the inopportune timing. Its latest offering is a 1.9-hectare ‘white’ site next to … Read more
Property exposure of banks well below limit
MAS does not expect sliding real estate market to affect lenders as their loan portfolios are generally well diversified EVER since the market gathered steam in 2005, property-related loans have grown steadily. In fact, they were the key drivers of non-bank loan growth over the past two years, according to the Monetary Authority of Singapore … Read more
Cost is a hurdle for developers going green
Studies show property players are less likely to pay a premium for green office space now REAL estate players in Singapore and the region want to go green but the cost of doing so is proving to be a barrier, studies show. Corporate property executives are less likely to pay a premium for green office … Read more
IOI aborts proposed purchase of Citicorp Tower
ANALYSTS have applauded plantation and property company IOI Corporation’s decision to walk away from a RM756 million (S$316 million) purchase of a building in Kuala Lumpur. Even so, the firm was re-rated downwards by Fitch Ratings for wholly different reasons. On Thursday night, IOI told the stock exchange that it was pulling out of its … Read more
M&C’s Seoul hotel sale falls through
CITY Developments’ London-listed hotel subsidiary, Millennium & Copthorne Hotels (M&C), announced yesterday that the agreement for the disposal of Millennium Seoul Hilton to Kangho AMC Co has been terminated with immediate effect. The buyer was unable to finalise its financing arrangements by the extended completion date of Nov 28 amid the global financial turmoil. This … Read more
For tender: First site in Jurong’s revamp
But analysts do not see much enthusiasm for mixed development plot THE planned transformation of Jurong into Singapore’s Lake District was set in motion yesterday as the Government released sales details of its first site for tender. However, market analysts say the current economic downturn and weak property market mean the site could receive a … Read more
Recession? New outlets, malls still opening
Retailers remain upbeat and are thinking of new ways to pull in shoppers THE recession may have induced a round of belt-tightening, but industry players are still investing in new outlets and even opening new malls. Sports chain Nike, for example, opened its $5 million flagship store in Orchard Road’s Wisma Atria yesterday. The 8,000 … Read more
M&C’s sale of Seoul Hilton hotel scuttled
FINANCING problems amid the credit crunch have derailed the 580billion won ($594million) sale of the Millennium Seoul Hilton hotel by City Developments’ (CDL) hotel arm Millennium & Copthorne Hotels (M&C). This came after buyer KanghoAMC could not raise the funds necessary to complete the deal, even after an extension had been granted by M&C. In … Read more
HDB factory rents up 20%
THE whole world is still reeling from financial meltdown, with governments scrambling to put measures in place to cushion the effects. Singapore has not escaped unscathed. The Government has taken steps to help people and businesses weather the situation. Recent announcements of pay cuts in the civil service, postponement of salary increments for government ministers … Read more
