Singapore Economy

Redeveloping Funan a better option for CapitaLand Mall Trust

Capitaland Mall Trust (CMT) seems to have come to a crossroads of sorts for its Funan DigitaLife Mall along North Bridge Road. It could sell the ageing mall - which is looking even more tired amid the rejuvenation of the locale, thanks to the Capitol project - and book a one-time gain, in line with its parent CapitaLand Group's style of recycling capital.

Conversion to serviced apartments a costly affair for Newfort Realty

A change of plans that involved converting the residential development on a freehold site off Orchard Road into serviced apartments has come at a hefty cost for Newfort Realty, which has had to cough up some S$10 million in taxes.

Oakwood Asia-Pacific bags first management contract in S'pore

Oakwood Asia Pacific has secured a management contract from Newfort Realty Pte Ltd to manage its freehold property off Orchard Road as a serviced residence - marking its first property in Singapore, since its regional management office opened in Singapore 20 years ago. The management contract covers a period of 10 years, which is renewable for another 10 years.

Singapore tycoon grabs slice of US hotel pie

Marine tycoon Tan Boy Tee has emerged as an investor in the economy hotel market in the US. His privately held Bestford Capital bought a majority stake in the 89-hotel Red Roof Inn portfolio earlier this year, The Straits Times has learnt.

Three-month SOR jumps to 1.4%, highest level since Jan 2009

The three-month swap offer rate (SOR) has jumped again. It was quoted at 1.40236 per cent on Tuesday, a level last seen in January 2009. Used typically to price commercial loans, the three-month SOR has risen sharply since China stunned the market with its yuan devaluation on Aug 11. The three-month SOR stood at 1.07461 per cent on Aug 11.

Companies' Brief

GuocoLand posts 42% drop in Q4 profit

Property firm GuocoLand yesterday reported a 42 per cent fall in fourth-quarter net profit to $107.3 million. Revenue slumped 48 per cent to $254.7 million in the three months to June 30 from a year ago, mainly owing to lower revenue recognised for China projects.

Hotel 81 founder donates S$2m to SMU to set up bursary for needy students

The founder of the Hotel 81 chain has made an endowed contribution of S$2 million to set up a new bursary for needy students at the Singapore Management University (SMU) — the single largest bursary gift to SMU from an individual donor to date. Called the Hotel 81-Choo Chong Ngen Bursary, it was given out to the inaugural batch of 24 recipients at an appreciation ceremony held at SMU on Wednesday (Aug 26).

Views, Reviews & Forum

Govt should ensure housing grant does not skew demand

I refer to the report “S$20,000 grant to help families live close to one another” (Aug 25). I am heartened that the Government has taken measures over the past few years to ease the burden on many Singaporean families who want their own house, but may encounter difficulty buying one.

Global Economy & Global Real Estate

Tokyo's iconic Hotel Okura awaits the wrecking ball

Dubai property slowdown due to tighter rules, not oil slump

Construction boom in South Florida makes its way up north

Brazil builders seek debt relief as housing market plummets

Ex-Tibetan monk accused of defrauding Chinese real estate investors in US

Australia's tighter regulations on foreign property ownership not affecting Singaporeans' interest: Estate agents

Dubai's Al Habtoor Said to Seek $408 Million Loan for Expansion

Israel's Biggest Developer Battles Cheap Stock With Global Plan

TIAA-CREF Enters $4.6 Billion Property Deal With Sweden AP Funds

Cheap Central Park Apartments, With a Catch