News Highlights Thursday 6 March 2008

The Business Times, P2


UOL betting big on hospitality business
The OUL Group has earmarked some $500 million – or a third of its available funds – to expand its hospitality business in Asia-Pacific over the next three years. It also plans to add some 15-20 hotels and service apartment properties over the next three years. Yesterday UOL launched its new 126-unit five-star service residence development called Pan Pacific Serviced Suites, which the company hopes will be the first of many service residences under the Pan Pacific brand name. It is located right next to Somerset MRT station. UOL bought the Pan Pacific brand last year in a deal that brought the Pan Pacific Group’s 12 hotels in the US, Canada and Asia into the UOL portfolio. UOL also owns a service residence property under its Parkroyal brand, which it will maintain as a four-star property.




The Business Times


Indian finance minister bullish on growth
India’s finance minister expects the Indian economy to grow by at least 8.8 per cent in the next fiscal year, boosted by higher public and consumer spending. He also promised to revisit overseas borrowing rules for corporates later. India tightened rules on foreign borrowing by local firms last year in a move aimed at checking surging capital flows.




The Business Times, P33


S’pore ranked top Reit market in Asia-Pacific
The second annual Asia-Pacific Reit Survey has rated Singapore as the best location in Asia-Pacific for overall Reit potential –for a second year. It cites the support the industry receives from regulars such as the Monetary Authority of Singapore and the Singapore Exchange as one of Singapore’s significant advantages. The survey also revealed strong confidence in the region’s Reit markets.



The Business Times, P33


Mixed landed housing site for sale
Chestnut Ville (I and II), a mixed landed site at Dairy Farm Crescent, has been put up for collective sale and the indicative price is $90 million or $741 psf over the land area, inclusive of an estimated $1 million development charge. The site has a combined land area of about 122,677 sq ft. Credo Real Estate, which is marketing the site, says the site is zoned for three-storey mixed landed housing. The site is also expected to be close to MRT stations of the planned Bukit Timah MRT Line.




The Straits Times, H1


Sparkling future for HK’s wine business
The 40 per cent wine tax has been scrapped and prices are expected to shrink by 15 per cent to 25 per cent this year. This move cost the government HK$560 million in lost revenue but would help Hong Kong become an international wine hub earning up to HK$4 billion from trading, storage and auction activities. This has enabled Hong Kong to leapfrog over Singapore to be the next big international wine hub.




The Straits Times, P6


Inflation target of 4.8% ‘unrealistic’
Analysts remain doubtful if Beijing can successfully cap inflation rate at the projected target of 4.8 per cent this year, with inflation currently at more than 7 per cent. Premier Wen Jia Bao has also set an 8 per cent economic growth forecast this year, after the nation expanded 11.4 per cent last year. Other measures would be to increase the supply of basic necessities, curbing excess liquidity, and improving the warning system that monitors price changes.



The Straits Times, H31

Swiss bank Julius Baer expanding in Singapore
Swiss bank Julius Baer, named fastest growing financial institution in Singapore last year has just signed a lease for 25,000 sq ft of office space on the fourth floor of Habour Front Tower 1. The main office at One George Street is already full after 2 years of its official opening and Julius Baer is now looking to lease a third site in town to expand its offices. The bank has about 240 employees in Singapore and Hong Kong and plan to add another 100 staff in the next 2 to 4 years.