News Highlights Friday 7 March 2008

The Straits Times, P3


Surge of Asians on Forbes rich list
The number of Asians ranked among the world’s super-rich has leapt by almost a third since last year, according to Forbes magazine’s annual list of billionaires. Singaporeans also extended their presence with five making the list from the previous year’s four, with a notable exclusion being regular Mr Kwek Leng Beng. The 5 Singaporeans to make the list were Far East Organization’s Ng Teng Fong, UOB Bank’s Wee Cho Yaw, Zhong Sheng Jian, Kuok Khoon Hong and King of the Remisiers Peter Lim.



The Straits Times, P4


Changi gears up to face competition with T4 plans
Changi airport will have a fourth passenger terminal as Singapore moves to ensure it has the capacity to cope with growth in the aviation market. Minister of State for Transport Lim Hwee Hua also announced a S$10 million expansion plan for Changi’s Budget Terminal to raise its handling capacity from the current 2.7 million passengers a year, to 7 million. The expansion, which will be carried out from July to early next year, will increase the terminal’s floor space to 28.700 sq m, up from 25,000 sq m.



The Straits Times, P16


Singapore firm grabs share of Japan’s serviced flats market
Another Singapore Company has gained a foothold in Japan’s lucrative serviced apartment market, with the opening of a new development here this month by Frasers Hospitality, with the pioneer being the Ascott Group which moved into the market in year 2001. The property is located near Okubo Station on the outskirts of Tokyo’s popular Shinjuku business and entertainment district and offers 175 fully furnished units complete with housekeeping services. The Ascott Group, which operates 2 serviced apartment properties in central Tokyo have already announced 2 new projects. One, a joint venture with leasing property developer Mitsubishi Estate will open next year in Shinjuku, and the other is due to open in 2010 in the ancient capital of Kyoto.




The Business Times, H41


Hong Kong Land’s profits climb 41% on strong HK property market
Continued buoyancy in the Hong Kong property market and strong sales of its overseas projects gave a boost to Kong Land’s profits last year, with the group’s core earnings rising 41 per cent to US$345 million. The firm’s net rental income rose 26 per cent last year over 2006,a result of decade high office rents and occupancy rates. Soaring rents in Singapore also benefited Hong Kong Land which has a share in One Raffles Quay and the Marina Bay Financial Centre. In the residential segment, profits are nearly doubled, due mainly to its joint venture in Beijing and the completion of 3 projects in Singapore by its subsidiary MCL Land. The 3 projects are Mera East in Changi Road, The Metz in Devonshire Road and The Calrose in Yio Chu Kang.




The Straits Time, H40


Mandarin Oriental’s Gain Up
Hotel group Mandarin Oriental has reported a 35 per cent rise in net profit to a record US$108.2 million for the year ending 31 Dec. Total revenue climbed 19 per cent to US$1 billion for the year on the back of rising demand for luxury travel experiences and continued limited supply of new high-end hotels. The group is paying a final dividend of five US cents per share.



The Straits Times, H6


$40 million Orchard Road facelift put off till next month
The great $40 million Orchard Road makeover has stalled because some mall owners are objecting to some aspects of the works. The revamp was supposed to have begun in the middle of last month, but will now not go ahead till next month at the earliest. The makeover involves introduction of new plants and flowers, as well as new street furniture and lighting along the thoroughfare, which will be divided into 3 sections themed along the limes of fruit, flower and forest. Business have also been reported as saying that although the $40 million budget for the works is not small, the makeover will still fail to address major issues such as lack of sheltered connectivity between building and down the entire strip.



The Business Times, P1


Speculators holding out for higher prices
An analysis by Savills Singapore of properties subsold last year after being bought from developers in the same year has revealed that while subsale activity dropped significantly in the last quarter, subsale prices did not, suggesting that speculators are not ready to offload their investments yet. The number of subsales fell by 66.7 to 69.1 and 29.1 per cent in the high, mid and mass market segments respectively the 4th quarter of last year. However average gains made from subsales over the developer’s sale price remained relatively stable.



The Business Times, P14


Sun Hung Kai GH1 profit rises 25% on apartment sales
Sun Hung Kai Properties Ltd, Hong Kong’s largest builder by market value said that fiscal first half profit rose 25 per cent on increased apartment sales. New income rose to HK$13.6 billion, or HK%5.42 a share, in the 6 months ended Dec 31 from HK$10.91 billion, or HK$4.38 a share. Hong Kong home prices rose 25 per cent last year helped by interest rate cuts by the city’s lenders and spurring profit growth at Sun Hung Kai and competitors. Property prices, may on average, rise about 20 per cent in 2008, according to property advisor CB Richard Ellis.




International Herald Tribune Singapore II


Marina Bay – set to attract a ‘24/7’ buzz
Over the next 10 years, Singapore’s downtown district will undergo a major transformation. The newly developed Marina Bay area will reinvent the city’s urban landscape, with a new financial center, facilities for meetings, incentive travel, conventions and exhibitions (MICE), thousands of hotel rooms, leisure and entertainment outlets, sprawling verdant gardens, plus some coveted addresses for businesses and homes. More than S$15 billion worth of private funds have been invested in developing Marina Bay area. At the urban heart of Marina Bay are the Gardens by the Bay, 3 oases covering 101 hectares interwoven with urban blocks such as residential icons The Sail@Marina Bay, Marina Bay Residences and One Shenton Way, plus 2 sites at Marina View which are slated for future development, The government is equally committed to the development of Marina Bay, investing around S$2 billion over the next 15 to 20 years.