News Highlights Sat 22 March 2008

Guidelines to avoid investment friction reached
The US, Singapore and Abu Dhabi have unveiled principles that they hope will help to ease friction between sovereign wealth funds (SWFs) and the countries that receive investments from them. With combined assets of around US$3 trillion (S$4.2 trillion), SWFs now dwarf hedge funds and private equity funds as a key element in the global financial system. The new principles say that SWFs should invest on a purely commercial basis and the recipient countries should avoid putting up barriers to investment.

- The Straits Times, P1



Bad times throw opportunities for CapitaLand
A lot of opportunities will be thrown up in the real estate market in the next 2 years and CapitaLand is well placed to take advantage of them, said the chief executive Liew Mun Leong. He also said that there will be distressed properties and companies and they can probably buy land cheaper and even acquire companies. CapitaLand raised $2.3 billion in convertible bonds, at 2.9% and 3%, and the conversion premium is pretty high. In addition, CapitaLand has $12 billion worth of investible private equity funds for the different sectors of the market. CapitaLand, said Mr Liew, will continue to invest despite the strong headwinds ahead. It was through investing in the bad years of 2001 and 2003 that CapitaLand reaped record earnings in the last 2 years. Mr Liew’s vision is for CapitaLand as the top three of top five real estate companies in Asia. They are now Number 9 or 10.

- The Business Times, P4



A card to warm Global Indians’ heart
The second edition of ABN Amro’s Dil Se platinum credit card aimed at Indian expatriates features Firelight – a work specially created by The Business Times arts correspondent and well-known local artist. ABN Amro believes the collaboration will “localize” the card, helping it appeal to Indian expatriates living in Singapore.

- The Business Times, P4



CapitaLand poised to ride on Asian growth
CapitaLand is the largest real estate company listed on the Singapore Exchange, with a market capitalization of $16 billion. It is also the largest in South-east Asia. It is now the leading foreign real estate developer in China, with about $6 billion worth of its balance sheet represented by assets in China. There, it has stakes in over 70 malls and serviced apartments, which will hit 10,000 by 2010, and has a pipeline of 35,000 residential homes. It is the largest retail mall owner/manager in Asia, the largest serviced residence owner-operator globally, and the leading real estate fund and investment trust manager. Another new business to be built is industrial and logistics real estate. CapitaLand is positioning itself to capture the long-term inevitable trend, which is the economic development of Asia.

- The Business Times, P6



Realizing the Marina Bay vision
The vision for Marina Bay is that of a high-quality, 24/7 live-work-play environment, one that encapsulates the essence of the global city Singapore is envisaged to be. The Master Plan for Marina Bay focuses on encouraging a mix of uses (commercial, residential, hotel and entertainment) to ensure that the area remains vibrant around the clock. The concept of “white” site zoning also gives developers more flexibility to decide on the mix of uses for each site. An extensive road and rail network has been planned, with 3 MRT stations to be built in the area as part of the new Downtown rail line. Marina Bay has fast become one of the city’s most popular and prestigious residential addresses. The Sail @ Marina Bay will be the tallest residential development in Singapore at 245m when it is completed in 2009. It boasts 2 towers – one at 70 storeys and the other at 63 storeys. The Marina Bay Financial Centre incorporates the 55-storey Marina Bay Residences and the Marina Bay Suites, a 66-storey development.

- The Business Times, P7