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Singapore URA closes tender bid for Choa Chu Kang site
2008-05-26 23:39:00
Singapore URA closes tender bid for Choa Chu Kang site By Desmond Wong, SINGAPORE : The Urban Redevelopment Authority (URA) has closed the tender for a 53,200-square metre residential site at Choa Chu Kang Drive. The highest offer for the site was for S$116 million, which translates to S$203 per square foot. The offer was submitted by Tian Hock Properties. Li Hiaw Ho, executive director of CBRE Research said given the top bid of S$203 per square foot and an estimated breakeven cost of S$580 to S$600 per square foot, the estimated selling price could be S$650 per square foot if the project is launched in a year. The site at Choa Chu Kang Drive was launched for public tender in March 2008, and is on a 99-year lease. URA said the winner will be selected after all bids have been evaluated. - CNA /ls Source : Channel NewsAsia - 27 May 2008 Singapore Property - Buy, Sell, Rent, Invest Mindy Yong (+65)91002985 mindy@mindyyong.com
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Construction din riles more residents - Singapore
2008-05-26 16:01:00
Construction din riles more residents  - Singapore By Jermyn Chow    THE incessant din from piling, hacking and demolition works at construction sites is driving residents up the wall. The National Environment Agency (NEA) heard 9,228 complaints last year, nearly double the 4,953 in 2005. If more residents are getting riled, that is because more old buildings are being torn down to make way for new ones, said an NEA spokesman. Last year, about 6,380 worksites dotted the island - an increase of nearly 30 per cent from the previous year’s 5,020. The complaints are coming in despite NEA’s efforts to put a tighter lid on noise levels since October last year. The noise limits, however, are imposed only for weekday nights, Sundays and public holidays. Between 10pm and 7am on weekdays, worksites within 150m of residential areas have to keep to 55 decibels over a continuous five-minute period - down from 60 decibels previously. As normal conversation is about 60 decibels, thi...
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Sign of market recovery when 8 IPOs are launched
2008-05-26 15:53:00
Sign of market recovery when 8 IPOs are launched If the economy does improve, ‘08 IPOs could be worth US$4.5b, beating ‘07 By SIOW LI SEN   AS a sign of market recovery, Singapore could see eight IPOs worth US$4.5 billion launched for the rest of the year provided the market holds up, said Thomson Reuters.   Hopefully waiting: Mr Hiew (above) and Mr Thornton (next) both have listings in the pipeline  If indeed market sentiment does improve, IPOs for 2008 could outdo those launched last year which amounted to US$2.65 billion from 26 deals. So far this year only five IPOs have hit the market raising a paltry US$53.1 million. For the same period last year, US$1.1 billion was raised from eight IPOs. Several billion-dollar IPOs were scrapped as stockmarkets got pummelled in the first quarter, including a proposed $1.7 billion real estate investment trust (Reit) by Mapletree Investments. Another mega Reit planned by Mapletree Investments is its privately held Mapletree Comm...
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Singapore HDB ‘lab’ paving the way for broadband vision
2008-05-26 15:52:00
Singapore HDB ‘lab’ paving the way for broadband vision Government agencies linked up in low-key tests to study disruption By WINSTON CHAI (SINGAPORE) Sometime in the near future in a HDB heartland, housewives will be able to download an entire Korean movie in mere minutes , instead of hours. Researchers at Biopolis - a biomedical science research & development hub - will be able to perform complex calculations previously handled by supercomputers on their laptops.   The main aim of the tests was to determine the most efficient way of extending high-speed fibre-optic cables from their current end-points to individual apartment blocks and office buildings.     All thanks to a new fibre optic network that is being built in Singapore. And four inconspicuous public housing blocks at Boon Keng and Commonwealth may hold the key to realising Singapore’s dream of upgrading to this new ultra-fast broadband highway. Unknown to the public, the humble housing units coll...
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Bungalow Binjai Park District 11 for Rent 25-05-2008
2008-05-25 01:52:00
Bungalow Binjai Park District 11 for Rent 25-05-2008 RESIDENTIAL BUNGALOW @ Binjai Park for RENT 100 Bnjai Park Distict 11, Binjai Park bungalow (single storey). In-ground pool, 15,500 sq ft, large patio, huge garden, beautiful landscaping, very quiet, greenery, cosy home, 4+1 bedroom + family, living & dining room.  Build-in Approx : 5,000 Sq Ft . Rental asking: $22,000 / month Available : Available FOR SALE : Price: View To Offer     Buy, Sell, Rent, Invest, In Singapore MINDY YONG ( +65 ) 91002985 mindy@mindyyong.com ( email me ) http://www.hotvictory.com
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Singapore Kallang River surroundings poised for boom time
2008-05-25 01:23:00
Singapore Kallang River surroundings poised for boom time  Waterside district with lush greenery has potential to be leading residential enclave, say analysts, pointing out its proximity to town and good public transport By Fiona Chan, Property Reporter  Walking, jogging and cycling are just some of the outdoor activities that residents of the 4,000 new homes in the area can enjoy.      Finally, a bit of news to cheer the ailing housing market: The drab, neglected area north of Kallang River is to be Singapore’s next lifestyle hot spot. Four thousand new waterfront homes, all to be built by private developers, are slated to come up in the area in the next 15 years. They will offer cool green living in a lush park setting, as well as resort-style beachfront housing near the water’s edge. Kallang Riverside will also be transformed into a lively commercial hub and leisure destination, with enough space for 400,000 sq m of offices and shops and 3,000 hotel rooms. All th...
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Casa Fortuna at Balestier – Singapore – District 12
2008-05-24 01:17:00
Casa Fortuna at Balestier – Singapore – District 12   Casa Fortuna at Balestier Location : 36 Jalan Rajah & 38 Ah Hood Rd (District 12) Tenure : Estate in Fee Simple (Freehold) Site Area : Approx. 2585 sqm / 27,824 sq ft Expected T.O.P : 30 June 2012 Plot Ratio : 2.8 Development : Beautiful Facade with State of The Art Twin Iconic Towers (Tower 1 - 18 Storeys & Tower 2 - 12 Storeys) Total Units : 106 Type of Units :- - 1 Bedroom - 1+1 Bedroom - 2 Bedrooms - Penthouses Ceiling Height :- Typical – 2.95 m 2nd Floor & Penthouses – Minimum 4.5m Walking Distance To MRT and 3 Stops or 10 mins Drive to Orchard Facilities :- 2nd Storey Sky Terrace: - Partial Cover Infinity Lap Pool ( 25 m X 5 m ) - Wadding Pool ( 5 m X 3 m ) - Pool Deck - Gymnasium - Children’s Play Area - BBQ Area - Carpark (Basement -65 Lots & Surface – 41 Lots ; Include 12 Mechanical Lots) - 24 Hours Security - High End Technology Using Biomatrix Keyless Entry(Thumbprint) - 1 & 2 Bedrooms ...
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Mah Bow Tan says revised application rules for new Singapore flats are fair
2008-05-24 00:55:00
Mah Bow Tan says revised application rules for new Singapore flats are fair By Wong Siew Ying,   SINGAPORE : National Development Minister Mah Bow Tan has said that the Housing and Development Board (HDB) has no intention to raise the administrative fee for the application of new flats. Speaking on the sidelines of the Draft Master Plan Exhibition on Friday, Mr Mah said the fees will remain at the current S$10, so as not to deter genuine flat buyers. He also justified the need to revise the application rules for new Build-To-Order flats. Mr Mah said, “In HDB’s case, we are selling heavily subsidised flats; we need to make sure that those who need the flats, first-timers, young couples getting married, do get a chance to own the flat. “They are given two choices; if they still don’t take it up, I think it’s only fair that we move them to the back of the queue. “We are not even saying ‘don’t come back’, we are saying ‘please...
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Over 770,000 Singapore HDB households to get S$63m worth of rebates
2008-05-24 00:53:00
Over 770,000 Singapore HDB households to get S$63m worth of rebates By Julia Ng, SINGAPORE: More than 770,000 HDB households will be receiving S$63 million worth of rebates for their Service and Conservancy Charges (S&CC) and rents in fiscal year 2008. The Finance Ministry said all eligible households will receive S&CC rebates. Three and four-room households will receive two months worth of S&CC rebates. And among low-income rental households, eligible one-room households will get four months of S&CC rebates as well as an additional three months worth of rental rebates. These rebates are part of the S$4 billion GST Offset Package announced in 2007, to help Singaporeans, especially low and middle-income households, cope with the GST increase in July 2007. The rebates will cost the government S$250 million over 5 years. HDB will be sending notification letters to all eligible households by the end of this month to inform them of the amount of S&CC and rental rebate...
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Singapore Industry players upbeat about plans for 2 new commercial hubs
2008-05-24 00:52:00
Singapore Industry players upbeat about plans for 2 new commercial hubs By Wong Siew Ying, SINGAPORE : Industry players are upbeat about the plans for two new commercial hubs, noting that both Kallang and Paya Lebar have great potential for growth, given their close proximity to the city. However, they said the timing of the various projects will have to be calibrated carefully, so as not to place additional strain on the construction sector. In the next 15 years, Singapore will have three new commercial hubs. Jurong Lake District, Paya Lebar Central and Kallang Riverside will cost billions of dollars to develop. According to the National Development Minister, Mah Bow Tan, one or two sites in these new regional centres will be released for sale fairly soon. But market demand will mostly dictate the pace of the developments. Industry players warn against over-developing and easing plot ratios, which they said could trigger another wave of en-bloc sales. Simon Cheong, President, Real ...
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SPRING S’pore, A*STAR launch S$15m Precision Engineering Centre
2008-05-24 00:51:00
SPRING S’pore, A*STAR launch S$15m Precision Engineering Centre SINGAPORE : The Precision Engineering Centre of Innovation was officially opened on Friday by SPRING Singapore and the Agency for Science, Technology and Research (A*STAR). The S$15 million centre is aimed at supporting companies in developing technologies for innovations in material, product, process, operational and business models. The centre already has 42 on-going or completed projects since operations began in June 2007. The precision engineering (PE) industry is seen as new growth sector, generating S$22 billion last year and making up 10 percent of total manufacturing output. Lee Yi Shyan, Minister of State for Trade and Industry, said: “Just as our PE industry has evolved in the past 20-over years, our PE companies must continue to innovate, upgrade and acquire new capabilities and venture into     Source : Straits Times  - 24 May 2008 Singapore Property - Buy, Sell, Rent, Invest Mindy Yong (+65)...
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How ICJ arrived at its decision
2008-05-24 00:47:00
How ICJ arrived at its decision  While the court recognised that Johor had the original title to Pedra Branca, it ruled that by 1980, when the dispute over the island crystallised, sovereignty over Pedra Branca had passed to Singapore.   Reasoning of the court MALAYSIA contended that it had original title to the island, dating back to the time of its predecessor, the Sultanate of Johor, and that it continued to hold this title. Singapore contended that the island was no man’s land in the 1840s when the United Kingdom, its predecessor for legal purposes, took lawful possession of the island to build a lighthouse. The International Court of Justice (ICJ) observed that it was not in dispute that the Sultanate of Johor had, from the time it came into existence in 1512, established itself as a sovereign state with a territorial domain in part of South-east Asia. It noted that from at least the 17th century until early in the 19th century, it was acknowledged by historians that th...
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Judgment will prevent unilateral action, says DPM Najib
2008-05-24 00:45:00
Judgment will prevent unilateral action, says DPM Najib   By Carolyn Hong, Malaysia Bureau Chief    KUALA LUMPUR - MALAYSIA views the International Court of Justice (ICJ) judgment on Pedra Branca as one that will prevent Singapore from acting unilaterally in the waters around the island. Deputy Prime Minister Najib Razak, describing it as a balanced decision, said the award of Middle Rocks to Malaysia was important as the coral reefs defined the maritime area of the two countries. The ICJ gave Singapore sovereignty over Pedra Branca - called Pulau Batu Puteh by Malaysia - and Malaysia, sovereignty over Middle Rocks. ‘Some people are viewing this as a win-win situation,’ the deputy premier said in Johor Baru. Malaysia’s Foreign Minister Rais Yatim also said the split decision meant that Malaysia still has rights over Middle Rocks, which is located about a mile from Pedra Branca. He told The Straits Times that Malaysian fishermen will still be able to use Middle R...
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Pleased with judgement
2008-05-24 00:44:00
Pleased with judgement    ‘Moments ago, I was on the phone with the Prime Minister. The Prime Minister and Cabinet colleagues were attending a Cabinet meeting today and they were, at the same time, keeping close contact with the news of the reading of the judgment. The Prime Minister told me he was pleased with the outcome and also asked me to thank the members of our team for the work they have done. We are pleased with the judgment because the court has awarded sovereignty over Pedra Branca, which is the main feature in dispute, to Singapore. Of course, we would have been happier if the court had awarded all the three features in Singapore’s favour, and we had argued before the court that these other features were part of Pedra Branca, but the court has found otherwise. We accept the judgment of the court.’ DPM S. JAYAKUMAR, speaking to Singapore media at The Hague after the ICJ judgment   —————&mdash ;————&...
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How the two countries presented their claims
2008-05-24 00:42:00
How the two countries presented their claims  The dispute pitted Malaysia’s claim of original title to the island against Singapore’s claim of taking lawful possession in 1847, and continuous exercise of sovereignty ever since   Malaysia’s arguments Malaysia’s legal case rested on its claim that the Sultanate of Johor possessed title to the island since its establishment in 1512. That original title was then transmitted to the State of Johor, and subsequently to the Federation of Malaya, which Johor joined in 1948. Malaysia quoted from historical writings, including the Malay Annals, which described the Johor Sultanate as extending from the Natunas Islands in the north to the Riau Islands in the south. It argued that that demarcation placed Pedra Branca, or Pulau Batu Puteh as Malaysia calls the island, in the centre of Johor’s ancient maritime empire. Therefore, it said, the island was always part of Johor. To explain Singapore’s presence on th...
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International law will continue to guide Singapore: MFA
2008-05-24 00:41:00
International law will continue to guide Singapore : MFA    INTERNATIONAL law will continue to guide Singapore’s approach to issues thrown up by the International Court of Justice’s (ICJ) latest judgment, said the Ministry of Foreign Affairs (MFA) yesterday. These include its interests in relation to maritime space and boundary delimitation following yesterday’s award of Pedra Branca to Singapore and Middle Rocks to Malaysia by the ICJ. It was responding to media queries yesterday following the judgment on the sovereignty dispute between the two countries. Asked what the judgment meant for issues related to territorial waters and the extent of the maritime zone around Singapore, the MFA spokesman said: ‘The Court was not asked to determine such questions of maritime space or boundary delimitation. Singapore’s rights and interests on these matters will be pursued in accordance with international law.’ Singapore has a territorial sea limit that ext...
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PM Lee: We can now go on to develop cooperation in many areas
2008-05-24 00:33:00
PM Lee: We can now go on to develop cooperation in many areas  ALL EYES ON THE NEWS: The Prime Minister and his Cabinet glued to the TV set as the judgment on Pedra Branca unfolds. ‘I am glad that this problem is now cleared,’ said PM Lee, after hearing the ICJ judgment. — PHOTO: MICA   PRIME Minister Lee Hsien Loong on the judgment from the International Court of Justice (ICJ): ‘I am pleased with the result. We fully accept the judgment of the ICJ. I am glad that Malaysia has also consistently said that it will accept the ICJ judgment. This is a good way for us to resolve disagreements or problems while maintaining good relations with each other. Pedra Branca has been a longstanding issue between Malaysia and Singapore. Former prime ministers Mahathir Mohamad and Goh Chok Tong agreed to send the dispute for adjudication at the ICJ in September 1994 and to abide by the ICJ’s ruling. I remember many years ago, in 1995, I visited Malaysia and spoke at I...
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Singapore HDB to be flexible on new rules for first-timers
2008-05-24 00:30:00
Singapore HDB to be flexible on new rules for first-timers   It assures those at the back of queue with good reasons for rejecting flats By Jessica Cheam    FIRST-TIME buyers can be assured that they will get to select new flats from a reasonable pool before they are sent to the back of the queue, said National Development Minister Mah Bow Tan yesterday. And, in a separate assurance, the Housing Board said it may exercise flexibility if applicants at the back of the queue have good reasons for rejecting available flats. The comments came after HDB changed application rules on Thursday, leaving some first-timers worried that buyers offered leftover flats by the HDB will effectively be penalised. Speaking to reporters yesterday, Mr Mah said that for first-timers, a new home is a ‘big investment, so you don’t want HDB to say take it or leave it…This is also why HDB will make sure there’s a reasonable number of flats for couples to select, and it’s not ...
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Singapore Kallang, Paya Lebar the new stars
2008-05-24 00:28:00
Singapore Kallang, Paya Lebar the new stars  Over 10 years they will become lifestyle and commercial hubs By Fiona Chan, Property Reporter   GOOD news, Kallang and Paya Lebar: It is your turn to shine. The two sleepy industrial estates have been identified as Singapore’s next big urban hotspots, as the nation’s land planners draw up blueprints for the next 15 years. Now colourless and underdeveloped, these towns will burst into full bloom over the next decade. Paya Lebar will be transformed into a thriving commercial and civic centre, while Kallang will become a residential and lifestyle hub with homes and offices set among green parks and sandy beaches. They are the stars of the Urban Redevelopment Authority’s (URA) highly anticipated Draft Master Plan, which was released by National Development Minister Mah Bow Tan yesterday. The Master Plan, which guides Singapore’s land use over the next 10 to 15 years, is revised every five years to provide more housin...
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Raising funds? Get a permit - Singapore
2008-05-24 00:24:00
Raising funds? Get a permit - Singapore   By Maria Almenoar & Lim Heng Liang   SOME groups and individuals may well have run afoul of the law by collecting money from the public for the victims of the natural catastrophes in China and Myanmar. They need a permit to do this - whether the funds are for people here or overseas - in order to stay on the right side of the Charities Act, said the Commissioner of Charities’ (COC) Office yesterday. The alternative: Get a letter of authorisation from those who already have such permits and collect funds on their behalf. The rule is in place to ensure that the money collected is properly accounted for and ends up going to the people it was meant for. Those who flout the rule face up to a $10,000 fine and/or up to three years in jail. So far, only seven organisations have permits to raise funds, including the Singapore Red Cross, the Salvation Army and Mercy Relief. Those without permits say they are linked to these big groups. A R...
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Singapore Plot ratio increases not needed for now
2008-05-24 00:18:00
Singapore Plot ratio increases not needed for now THERE are no major plot ratio revisions in the latest Draft Master Plan because there is no need. Speaking on the sidelines of the launch of the Draft Master Plan (MP) 2008 exhibition, Minister for National Development Mah Bow Tan said yesterday the intensity of plot ratios has to be, ‘consistent with the land use’. ‘You look at plot ratios when you want to accommodate a certain quantum of population. And if you add it all up and you find that it is sufficient for the population you are planning for, then there is no need to increase it,’ he said. Mr Mah’s comments come at a time when many Singaporeans are still grappling with the figure of 6.5 million for the long-term projected population, announced last year. However, looking at the figure for planned-for new housing in MP 2008, the increase in population does not seem to be expected any time soon. MP 2008 allows for 327,200 new homes in Singapore. In...
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Singapore Govt extends cash incentive scheme for green buildings
2008-05-23 00:31:00
Singapore Govt extends cash incentive scheme for green buildings   Architects and engineers can also claim up to $100k By Jessica Cheam    THE Government’s bag of carrots to encourage the construction of green buildings just got bigger. National Development Minister Mah Bow Tan announced yesterday that cash incentives paid to developers who put up green buildings will be extended. In addition, key industry stakeholders such as architects and engineers will now be offered incentives, too, in recognition of the important roles they play, he said. The Green Mark incentive scheme, launched by the Building and Construction Authority (BCA) in December 2006, pays out cash grants of up to $3 million for buildings that reach high environmental standards. Developers will see no change in the scheme, but architects and engineers can now claim up to $100,000 in cash incentives, depending on the building standard achieved and the floor area. To encourage more green buildings, the scheme...
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More homes, buildings in Singapore going green
2008-05-23 00:28:00
More homes, buildings in Singapore going green   19,000 homes with energy-saving features built under BCA’s Green Mark scheme By Jessica Cheam  UP TO MARK: City Developments’ residential project The Solitaire at Balmoral Park is one of this year’s six platinum winners for achieving high Green Mark standards. — PHOTO: CITY DEVELOPMENT   EFFORTS to green Singapore’s buildings are paying off, with more than 19,000 environmentally friendly homes built across the island and 18,000 more in the pipeline. The Building and Construction Authority (BCA) said on Wednesday that the number of homes with energy-saving features has been on the rise since the BCA Green Mark scheme was introduced in 2005. Under the scheme, buildings which meet a benchmark in terms of environmentally friendly features are awarded the ‘Green Mark’. As more developers embrace environmental sustainability, ‘we are seeing the number of green buildings rising exponentially...
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Singapore’s first heart-valve factory opens
2008-05-23 00:27:00
Singapore’s first heart-valve factory opens   By Shobana Kesava  BIG BUSINESS: Edwards Lifesciences makes heart valves, designed to replace damaged ones in the human body. — ST PHOTO: AZIZ HUSSIN   A GLOBAL leader in the manufacture of artificial heart valves, Edwards Lifesciences (EL), opened a US$20 million (S$27 million) plant in Singapore yesterday, its first full-fledged factory outside the United States. By the end of next year, the facility is expected to produce up to 30 per cent of the company’s valves, said Mr Randel Woodgrift, EL’s vice-president of manufacturing operations. The EL facility is the first heart-valve manufacturing plant in Singapore. The valves are used to replace flaps in the heart connected to important blood vessels that have been damaged by disease. They are made largely from the sacs that surround cow hearts, and metal wire that is also used in the aerospace industry. The market for the valves is huge; global sales last year ...
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4 firms snap up land at Singapore Seletar aerospace hub
2008-05-23 00:25:00
4 firms snap up land at Singapore Seletar aerospace hub    PLANS for an aerospace hub at the former Seletar airbase are shaping up well, with land that was available under the first phase of development fully taken up by four companies. The front runners are Singapore Technologies Aerospace and Jet Aviation, both existing tenants with plans to expand their current facilities at Seletar. The other two companies are new tenants - engine makers Rolls-Royce and Pratt & Whitney. The new and extended facilities should be up and running by the end of next year. With Phase One out of the way, JTC Corporation, which is overseeing the development of the 140ha park surrounding the existing Seletar Airport, has started talking to potential Phase Two customers, its spokesman told The Straits Times. Part of the plans for the next phase includes a multi-storey commercial building to house aviation companies, such as those in the business of chartering and leasing aircraft as well as aviation...
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Singapore HDB targets frivolous applicants
2008-05-23 00:21:00
Singapore HDB targets frivolous applicants   First-timers who reject two offers to buy a flat lose priority status for a year By Jessica Cheam  THINK hard before you apply to buy a new Housing Board flat: Lodging frivolous applications will now get you sent to the back of the queue. New HDB rules unveiled yesterday target flighty first-time buyers who have been hedging their bets by applying for flats when they often have no intention of closing the deal. The HDB said the move ‘will encourage applicants to consider their options carefully’. It also addresses concerns that the thousands of applications that pour in for HDB projects bear little relation to the actual take-up rate. Look at Punggol Lodge, launched in October. There were 464 four-roomers on offer, attracting 1,484 applications, but when offers went out, 1,069 ‘buyers’ eventually said no thanks. And when 60 three-room flats were offered in November’s launch of Segar Meadows in Bukit Panjang...
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$200 million facelift for Mandarin Gallery - Singapore
2008-05-23 00:15:00
$200 million facelift for Mandarin Gallery - Singapore Revamp will turn mall into high-end shopping and lifestyle destination By WEE JUN KAI OVERSEAS Union Enterprise Limited (OUE) yesterday announced plans for a $200 million renovation of the Mandarin Gallery at the Meritus Mandarin Hotel.   Mr Thio: ‘The revamp will inject new energy into the local retail landscape.’  The revamp will transform Mandarin Gallery into a high-end shopping and lifestyle destination with a sophisticated tenant mix. Work will begin immediately and is expected to be completed by June 2009. The total gross floor area will increase by 20 per cent from 176,000 sq ft to 215,000 sq ft. The number of retail shops will double to 120 units. To provide an unrivalled shopping experience, the expected facelift will include a brand new mall facade in the form of a large-scale glass curtain wall. Combining Singaporeans’ twin passions for shopping and eating, Mandarin Gallery will also feature an in...
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CapitaMall Trust bags Atrium for $839.8m - Singapore
2008-05-23 00:13:00
CapitaMall Trust bags Atrium for $839.8m - Singapore It will strengthen its retail presence by integrating Atrium, Plaza Singapura By LYNETTE KHOO (SINGAPORE) CapitaMall Trust (CMT) yesterday emerged the winner to clinch the Atrium@Orchard with a purchase price of $839.8 million or $2,249 per square foot (psf) of net lettable area (NLA) from the Singapore Land Authority. This has raised the value of its assets to $6.9 billion and prompted the trust manager to revise its local targeted portfolio size from $8 billion to $9 billion by 2010. This acquisition confirms an earlier BT report which pointed out CMT as one of the two final contenders for the Atrium and estimated the price of the sale to be $2,200-2,300 psf of NLA. CMT is set to strengthen its retail presence at the premier Orchard shopping belt, given its plans to create more than 100,000 sq ft of prime retail lettable area at the Atrium. Situated next to one of CMT’s existing properties, Plaza Singapura, Atrium comprise...
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Entrepreneur of the year - the big search is on - Singapore
2008-05-23 00:11:00
Entrepreneur of the year - the big search is on - Singapore By OH BOON PING   (SINGAPORE) The search is on again for Singapore’s Entrepreneur of the Year (EOY), with the launch yesterday of Ernst & Young’s 2008 EOY Awards.   A toast to entrepreneurship: (From left) Ernst & Young’s EOY Awards Program leader Simon Yeo; Mr Ong Yew Huat; Dr Robert Yap; Ernst & Young partner Steven Phan; and Mr Tay Liam Wee  The annual awards, introduced here in 2002 and now in their seventh year, recognise entrepreneurs whose ingenuity and perseverance have created successful, growing ventures. The overall winner of the awards goes on to represent Singapore at the World EOY Awards. ‘For seven years we have been recognising the outstanding achievements of our local entrepreneurs through the Ernst & Young Entrepreneur Of The Year Awards,’ Ernst & Young’s Singapore managing partner Ong Yew Huat said at the launch of the awards last night. In showca...
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Slowdown bites chunk off business sales and profits - Singapore
2008-05-23 00:09:00
Slowdown bites chunk off business sales and profits - Singapore BT-UniSIM survey finds companies more gloomy about next 6 months By OH BOON PING   (SINGAPORE) Business sales and profits here have taken a hit in the first quarter of this year and economic growth looks set to slow in the months ahead, according to the latest BT-UniSIM quarterly survey of business activity.   Not surprisingly, a number of companies are now far less optimistic about the next six months, and the report forecasts Q1 GDP growth to be 6.4 per cent this year. The survey of 120 local and foreign companies found that all indicators for Q1 were down from the year-ago period and three months ago. In particular, the business prospects net balance - the difference between the percentage of companies that expect better times and those that expect worse - plunged 37 points to negative 17 per cent from Q4 last year. This was also lower than the 58 per cent seen a year ago. Similarly, the profits net balance dived 3...
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