News Highlights Wednesday 6 February 2008

The Business Times

Singpost may sell landmark Paya Lebar HQ

Singapore Post’s landmark headquarters next to Paya Lebar MRT station may be on the verge of unlocking some riches. SingPost said it is “exploring opportunities” for Singapore Post Centre, which has about one million sq ft of net lettable area. Valued at $1,000 to $1,300 psf of existing net lettable area, this could translate to a total of $1 billion to $1.3 billion, assuming a full-commercial use. The 14-storey building is on a 352,389 sq ft site with a remaining lease of about 73 years




The Business Times

S’pore banks may face more writedowns

Investors can expect to see more sub-prime-related writedowns from the local banks in the upcoming results, analysts say. A continuing stream of sub-prime losses coming from banks in the US means lenders here will likely not be spared either. “Given the deterioration in the US banks, there’s a likelihood of extra provisions for the local banks,” noted Leng Seng Choon, a banking analyst at UOB-Kay Hian. Analysts reckon that of the three Singapore banking groups, DBS Groups Holdings is likely to see the most writedowns.



The Straits Times

More colonial bungalows up for rent

The Singapore Land Authority will be leasing out four colonial bungalows this month, along with two semi-detached houses. The properties are in Maida Vale and Brompton Road in Seletar, Gibraltar Crescent in Sembawang and Lornie Road near Bukit Timah. This comes on the heels of a sizzling response to five similar properties the SLA put on the bidding block last month. They drew 75 bids in all and were rented out for about double the guide rents. All these form part of the SLA’s stock of 2,360 black-and-white homes – properties ranging from apartments to bungalows dating back to the 1930s and are inherited from British colonial days. Monthly guide rents for the latest batch of homes, for example, start at $1,800 for a 1,367 sq ft semi-detached house in Brompton Road. They go up to $6,600 for a Gibraltar Crescent bungalow with 7,212 sq ft of built-up area and 16,145 sq ft of land



The Straits Times

PM confident of another good year for SIngapore

The new Chinese Year of the Rat begins tomorrow under more uncertain and challenging circumstances that the Year of the Pig, the PM said yesterday. But Mr Lee Hsien Loong assures Singaporeans, in his traditional message to mark the occasion, that the country is “in a strong position to weather any storm”. Mr Lee recapped the economy’s sterling progress last year, when it powered ahead to its fourth consecutive year of robust growth and created a record of 237,000 jobs. However, the external environment has changed, with turbulence in the global financial market and a slowdown in the US economy. There is therefore, a need to “gird ourselves for further uncertainties ahead”, but he also urged continued confidence as Singapore is in a strong position to tackle challenges.