News Highlights Thursday 28 February 2008

The Business Times

Two more hotel sites put up for tender
Two more hotel sites have been put on the market – a freehold plot in Bencoolen Street now occupied by Peony Mansion, and a 99-year leasehold plot in Race Course Road offered by the Urban Redevelopment Authority (URA). The indicative price for the 14,724 Peony Mansions sq ft site is $50 million or $850 psf or potential gross floor area. The freehold site is zoned for hotel use with a 4.2 plot ratio and can be redeveloped into a boutique hotel with about 200 rooms. The tender for the site closes on April 4. The URA’s 0.9 hectare plot above Little India MRT station can be redeveloped into a four-star hotel with about 500 rooms. CBRE reckons that the site could draw top bids of $600-700 psf ppr. The plot has a 3.5 plot ratio, resulting in a maximum gross floor area of 338,417 sq ft. The tender for the comfirmed list site closes on May 21.


The Straits Times

(Urban) Too clever of too cryptic? ..(W)hat consumers really think of upcoming mall Ion Orchard's marketing blitz


The Business Times

Parkway sees new hospital making profit by 2nd year Q4 earnings grow 80% to $26.7m on 30% rise in revenue to $232.6m (Read also ST's Parkway earnings in the pink of health)


The Business Times

CapitaLand plans US$300m Vietnam fund
CapitaLand plans to set up a US$300 million property fund in Vietnam. It intends to take a 30 per cent stake in the fund and plans to secure other investors in the fund. It has also partnered Vietamese firm Nam Thang Long Investment Joint-Stock Company to seek investment opportunities in Vietnam, with both companies intending to develop residential and commercial projects in Vietnam together.


The Straits Times

Job injury claims for office staff set to rise Some bosses buying insurance for all workers ahead of new compensation Act


The Straits Times

How to keep the pie growing yet care for the needy Extracts from the speech Finance Minister Tharman Shanmugaratnam gave yesterday when he wrapped up the Budget Debate


The Straits Times

Meal with a view Singapore chef Jereme Leung will launch a new dining concept in scenic Mount Faber


The Business Times, P8

Ho Bee Q4 net falls 24%
Ho Bee Investment, the biggest developer on Sentosa Cove, has posted a 24.2 per cent year-on-year drop in net earnings. For the fourth quarter ended Dec 31 it made $38.8 million, a reduction attributed to lower property development revenue and profit. However, Ho Bee achieved a record full-year net profit of $272.2 million, up 176.1 per cent from 2006, due to a sharp rise in revenue from property development, notably that from the group’s projects on Sentosa Cove. This year, Ho Bee is likely to launch the 150-unit Trilights on the Elmira Heights site at Newton Road, the 348-unit Dakota Residence, the 151-unit Seascape on the Seaview Collection plot at Sentosa Cove. It is also expected to launch the 72-unit The Orange Grove and a 182-unit condo on the Holland Hill Mansions site.


The Business Times, P8

SC Global posts 67% rise in FY07 profit to $28.3 million
SC Global has reported a profit after tax and minority interests of $28.3 million for FY2007 – an increase of 67 per cent from 2006. It attributed its performance to sales of residential units at The Ladyhill, The Lincoln Modern, The Boulevard Residences and The Tomlinson. However, sales in the second half of 2007 fell 61 per cent to $41.2 million. This year, it is likely to launch its new residential project at Martin Road in Q2/Q3.


The Business Times, P34

Keppel Land unveils Viet project plans
Keppel Land presented the concept plans for its Saigon Centre in Ho Chi Ming City on Tuesday. Located in the central business district of Ho Chi Minh City, Saigon Centre is a mixed-se development on a two-hectare site fronting Le Loi Boulevard, the city’s main thoroughfare. KepLand said that it and local partners Sowatco and Resco would develop an iconic landmark integrating subsequent phases of Saigon Centre.


The Straits Times, H36

UBS shareholders approve GIC’s $14b capital injection
UBS shareholders approved last night an 11 billion Swiss franc injection by the Government of Singapore Investment Corp (GIC) into the Swiss banking giant following a marathon meeting that lasted seven hours. They also approved the bank’s proposal to replace a cash dividend with a share dividend, allowing the bank to raise 4.4 billion Swiss francs.