Singaporeans less likely to cut spending on property and renovations: survey
SINGAPOREANS are less likely than most of their Asia-Pacific neighbours to cut spending on property and renovations, according to a MasterCard survey. The MasterCard Worldwide Index of Consumer Purchasing Resilience measures the resilience of planned expenditure categories to cutbacks, with zero the most vulnerable and 100 the most resilient. In the property and renovation category, … Read more
Keppel Land Q4 earnings fall 88%
Keppel Land on Wednesday reported an 88 per cent plunge in quarterly net profit as sales plunged. The company – a unit of Keppel Corp – earned $68.5 million compared with $572.3 million a year ago. Revenue was almost halved to $197 million from $371 million in 2007. Full-year earnings slumped 70.8 per cent to … Read more
Fortune Reit’s Q408 net income up 6.8%
Fortune Reit has reported a net property income of HK$121.34 million (US$15.64 million) for the fourth quarter ended 31 December 2008, representing an increase of 6.8 per cent compared to the same period a year ago. Income available for distribution for the quarter was HK$80.78 million, up 4.1 per cent year-on-year (yoy). Distribution per unit … Read more
CCT has no plans in pipeline to raise equity
CAPITACOMMERCIAL Trust (CCT), Singapore’s largest office trust, has no immediate plans to raise equity. ‘We don’t intend to increase debt in any significant way,’ said Lynette Leong, chief executive of CCT’s manager, at the trust’s Q4 results briefing yesterday. ‘If we are not making any acquisitions, we have no need to do that (raise equity).’ … Read more
Japanese firm wants apartment block near MRT
A JAPANESE firm operating here is trying to take advantage of a weakening property market by offering to buy an entire block of flats next to an MRT station – and it has up to $100 million to spend. Tokio Property Services, which usually finds flats for Japanese expats here, is working for a Japanese … Read more
Mandarin Oriental sells Macau hotel stake for HK$1.6 billion
MANDARIN Oriental International, a member of the Jardine Matheson Group, said yesterday that it has agreed to sell its 50 per cent interest in the 416-room Mandarin Oriental in Macau for HK$1.6 billion (S$307 million). The company will sell its stake to Sociedade de Turismo e Diversoes de Macau (STDM). Mandarin Oriental’s partner in the … Read more
Singapore gets a young, new chief planner
Singapore has a new chief planner. From the beginning of this year, Lim Eng Hwee took over the reins from Koh Wen Gin, who retired from the Urban Redevelopment Authority at the end of 2008. Mr Lim, 44, is also one of two deputy chief executive officers at URA, as was Mrs Koh. Choy Chan … Read more
