News Highlights Monday 10 March 2008

Cambodian capital sees boom in real estate
Political stability and robust economic growth of nearly 10 per cent have lured investors to the real estate market that has seen prices surge over the last few years, though they are still lower than Vietnam or Thailand. Prime city land prices have tripled over the last two years to US$3,000 per sq m, and this has drawn rich and middle-class Cambodians, as well as those living abroad.


- The Straits Times, P17






Mandarin Oriental banks on luxury segment bookings trend
Luxury hotel group Mandarin Oriental International Ltd says it may see weaker demands this year, particularly in the United States, though it should be bolstered by the limited supply of luxury hotels in certain cities. John Witt, CFO for Mandarin Oriental pointed out that key cities like New York, London, Hong Kong and Singapore are not characterized by oversupply despite the softening progress of US. The company is looking to nearly double in size from its current 21 hotels to about 40 over the next few years.


- The Business Times, P3






Deutsche Bank increases Singapore office space
After growing its head count by 20 per cent last year to a total of 2100 full time staff in Singapore, Deutsche Bank says it will increase its office space by another 54,000 sq ft. Deutsche bank already occupies 9 floors at One Raffles Quay, taking up 280,000 sq ft. It has also leased a further 100,000 s ft in the central business district (CBD) for infrastructure functions. Deutsche bank will be taking up 54,000 sq ft at the former Institute of Technical Education (ITE) Pasir Panjang which was leased to master tenant RichZone Properties for S$288,999 a month of S$1.30 per sq ft by Singapore Land Authority. Asking rents for the site are said to have increased from the initial $4 psf per month to S$5-S$5.50 psf per month.


- The Business Times, P5






Far East CEO on Super’s Board
Mr Ng Chee Tat, Philip, CEO of Far East Organization was appointed non-executive director of Super Coffeemix Manufacturing as of last Monday.


- The Straits Times, H22





Hongkong Land’s gain to rise further: UOB
UOB Kay Hian expects Hong Kong Land’s underlying profit to grow by 31 per cent this year, followed by 41 per cent next year. This is due to contributions from residential projects such as Central Park in Beijing, One Central in Macau and Marina Bay Residences in Singapore. I has a price target of US$5.80.


- The Straits Time, H18






REITS in Singapre ‘Good Defensice Plays’
Singapore real estate investment trusts (Reits) offer an alternative for investors looking to park their funds in defensive plays with attractive yields, said Kim Eng Research. The sudden surge in buyout activities should trigger interest in real estate investment trusts as well.


- The Straits Times, H18