News Highlights Friday 4 July 2008

CDL opens Livia condo at Pasir Ris for preview
City Developments Ltd (CDL) has begun to preview its Livia condo at Pasir Ris at an average price of about $650 psf for the initial batch of units. The 724-unit condo is being developed at Pasir Ris Drive 1. Livia will have a total of 10 blocks, either 15 or 16 storeys high with units ranging from two-bedroom apartments to four bedders. There are also 12 penthouses. Next to Kovan MRT Station, the 512-unit Kovan Residences is also being soft launched today and the average price is said to be $870 psf. Both projects are 99-year leasehold. Meanwhile, Ho Bee's 99-year leasehold Dakota Residences is said to have sold 150 units.

- The Business Times, P10



Singapore one of Asia's most attractive investment destinations
Singapore is one of Asia's best investment destinations for foreign firms, according to a study covering over 200 international company executives. The executives were asked in a survey conducted by financial advisory firm Ernst & Young and the Japan External Trade Organisation how they felt about investing in various Asian markets. About 27% of the respondents voted for Japan and China, putting the two countries in joint-first position. The runner-up was India, with 11%. Singapore and Hong Kong were tied in third place, with 10%. In terms of actual investments, Singapore was fourth, with 239 projects last year. Singapore's strengths were its high quality of life, attractive corporate tax rates and stability, according to the survey. Its weaknesses were its high labour costs, quality of research and development, and the lack of a domestic market. A total of 19 markets were ranked in the survey.

- The Straits Times, H26




Frasers' serviced apartments goal: Grow to 8,500 by 2010
Frasers Hospitality expects to grow its brand of serviced apartments to 8,500 by 2010. This will involve adding 5,000 apartments in the next two years. China, India and Vietnam are three key areas of expansion for the hospitality arm of Frasers Centrepoint. Frasers is looking at creating a separate brand of serviced residences to cater to a more dynamic group of corporate guests.

- The Business Times, P6




Central bank raises key rate a third time
Indonesia's central bank raised its benchmark interest rate for the third month in a row after inflation rose to 11% last month - the fastest level in almost two years. The key rate was raised to 8.75% from 8.5%. Bank lending expanded 31.4% in May from a year earlier.

- The Business Times, P13




Transportation, road plans for F1 race out
Traffic and transportation plans to transform Singapore's streets into a race circuit for the 2008 Formula 1 SingTel Singapore Grand Prix were unveiled yesterday. A series of road closures in the Marina Centre area will be implemented between Sept 20 and Oct 2 in three phases. Among the roads that will be either closed or restricted are St Andrew's Road, Raffles Avenue, Nicoll Highway, Esplanade Drive, Stamford Road and Temasek Avenue.

- The Business Times, P9



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