Singapore Economy

Sinarmas Land eyes Reit to unlock value of Indonesian investments

Singapore-listed Sinarmas Land is looking to unlock the value of its investment properties in Indonesia by spinning them into a real estate investment trust (Reit) but has not decided on whether to list in Singapore or Jakarta, with tax benefits on offer likely to be a key determinant. "The unlocking of recurring income assets into a Reit is something which we will definitely look into in the next 12 to 18 months," executive director Robin Ng told The Business Times.

Condos on GLS sites shrinking in size

The average size of condo apartments on sites acquired via the Government has been generally declining since 2010 as developers turn to bite-sized units to deal with loan curbs, a new study has found. The decline in space was most apparent in new projects launched on the city fringes.

Tower Fifteen at Hoe Chiang Road for sale by Expression of Interest

A freehold commercial building in the Central Business District (CBD) is being put up for sale by means of Expression of Interest. Tower Fifteen at 15 Hoe Chiang Road is a 29-storey office tower, which includes an annex three-storey hotel podium. The building has a site area of approximately 39,337 sq ft, and a current gross floor area of 253,453 sq ft which comprises office and hotel space.

Gaw Capital to spruce up, reposition Big Hotel

Hong Kong-based Gaw Capital Partners, which earlier this week completed its maiden Singapore acquisition - Big Hotel along Middle Road - will refurbish the property and rebrand it. The private equity group is also keen to invest in Singapore's high-end residential sector, which has seen price softness, and is open to making bulk purchases "at the right price", said Imelda Tham, senior investment director at Gaw Capital, in an interview with The Business Times on Friday.

Two investors win suit over Big Hotel

Two investors in a legal spat with businessman Andy Ong have won a court order to place nearly half of the $203 million sale proceeds of Singapore's Big Hotel in trust or "escrow". The order bars the hotel's holding company, ERC Unicampus, and its directors including Mr Ong, from disposing of the $100 million in escrow. It is pending the outcome of a court hearing on Thursday to decide if the money should stay in escrow until the shareholders agree on how to divvy up the funds.

Small working spaces for rent in Dhoby Ghaut

Freelancers and small entrepreneurs will be able to lease small working spaces in Dhoby Ghaut under a new scheme. The facility is operated by Workcentral, a company that focuses on creating professional co-working spaces. People will be able to lease working space from as small as table space in a central lounge to a meeting room. The facility also offers lockers, Wi-Fi and printers.

Capsule hotels, a growing trend in Singapore

Capsule hotels, which typically feature single beds housed in tiny pods stacked on top of one another, are growing more popular around the world. In Singapore, new capsule hotels are set to open in Orchard Road and at the airport. First started in Japan in the 1970s to offer basic accommodation to tired businessmen, the idea has been adopted and adapted elsewhere.

12 applicants for every five-room BTO flat in Bidadari

Halfway into the Housing Board's largest sales exercise, the first Build-To-Order (BTO) flats in Bidadari are still the most sought-after. As of 5pm yesterday, there were 1,833 applicants vying for the 151 five-room units there - a ratio of over 12 applicants to each flat. Four-room units there were hot too, with 3,249 applicants chasing the 1,229 flats on offer.

Buyer of Cecil Street Building pulls out of sale (Pg 74)

Companies' Brief

Businesses call for review of foreign worker levies, quota

Use the money that companies pay in foreign worker levies for automation, training or welfare services instead. This is one of the suggestions made by businesses and associations, a month after Senior Minister of State for Manpower Teo Ser Luck said the Government will look into a levy review. It is part of how the ministry is always reviewing policies based on ground feedback, and not a commitment to a policy change, he added.

Roxy-Pacific Holdings

Specialty property and hospitality group Roxy-Pacific Holdings has acquired a freehold residential site in Jalan Eunos for $10.1 million. The site has an estimated total land area of 13,491 sq ft and an existing plot ratio of 1.4 under the 2014 Master Plan for residential apartment development.

Views, Reviews & Forum

Property cooling measures need to ensure a 'fair fall': PropNex CEO

In a tough year for the property sector, Mohamad Ismail Gafoor, CEO of PropNex, the Republic's largest real estate company, claims his firm has achieved a record performance, but is it finally time for property cooling measures to be rolled back? While it would serve his interest that this happens, but he claims to have a more balanced view for good reason.

Appreciate HDB flats as more than assets

I admit it: Sometimes, I wish I had been born a little earlier so I could be a lucky buyer of a Build To Order (BTO) flat at the Pinnacle@ Duxton. If so, I could be one of the people who benefited from the $1 million deals that have been struck at the iconic 50-storey project this year. HDB flats may be for living in but, with such deals to be had, who can not think of them as investments as well?

Nature Society: Kwek Leng Joo a benefactor, adviser and friend

Nature in Singapore has lost a true friend and ardent conservationist, and the Nature Society (Singapore) has lost a fellow nature enthusiast and a generous, longstanding supporter. The executive committee, council and members of the society are deeply saddened by the sudden death of Mr Kwek Leng Joo. To us, he was a benefactor, adviser and, most importantly, a friend.

Can Marina Bay area do without cars?

Global Economy & Global Real Estate

That coming Fed hike? Take it easy

For much of this year, the big debate (or obsession) for investors has been about when the US Federal Reserve would start raising interest rates after keeping them near zero for almost seven years.

Johor Baru City Centre set for transformation

Johor yesterday launched a RM20 billion (S$6.7 billion) plan to transform Johor Baru's old city centre into an international business district. Over the next decade, the Ibrahim International Business District (IIBD) will emerge in the area, located just after the former Johor checkpoint at the end of the Woodlands Causeway. It is named after Johor Sultan Ibrahim Ismail, who celebrated his 57th birthday yesterday.

Banyan Tree branches into succession planning

Old subterranean stream causes NY building dispute

Why American landlords love refugee tenants                           

Starwood clients fear losing perks after Marriott merger

Luxury hotels in Paris take a hit

Chiwayland International