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URA releases reserve-list hotel site for application
URA yesterday released for application through the reserve list a plum hotel site at Bukit Chermin flanked by Keppel Club and the Reflections at Keppel Bay condo project. Despite the site's attractive location in hilly terrain along the coast, some market watchers do not expect takers to emerge until mid-2009 at the earliest, given the property investment climate. Any eventual bids for the 60-year-leasehold plot will be assessed under a dual-envelope system, taking into account concept and land price. The 3 ha plot is expected to yield about 50-70 hotel rooms/ villas. The plot was initially on the second-half 2008 confirmed list but was moved to the reserve list late last month.
- The Business Times, P8
(See also, The Straits Times, C28 – “Hotel site at Bukit Chermin up for grabs”) |
Lend Lease makes progress in leasing of Orchard mall
Lend Lease says it has found over 50 per cent of the retailers it needs for 313@Somerset Orchard Road. 313@Somerset, targeted at the mid-market segment, the mall has 294,000 sq ft of net lettable area with about 180 retail and F&B outlets. As a part of 313@Somerset's USP, Lend Lease will be focusing on service standards and will open a $1 million Retail Training and Employment Centre to provide retail training to the employees of its retailers.This was prompted by 'the retail industry's need for skilled workers geared towards service excellence'. Lend Lease says it will fund around 60 per cent of the training centre and expects to seek additional funding through various government agencies. The centre is expected to be fully operational by mid-2009.
- The Business Times, P8
(See also, The Straits Times, C4 – “Mall to train staff for free”) |
Hong Leong Asia makes bid for Tasek, valuing it at $290m
Hong Leong Asia (HLA) has made another attempt to acquire Tasek Corporation Berhad in an offer that values the Malaysian building material company at about $290 million. HLA said that it has agreed to buy a 13.5 per cent stake in Tasek. This raised the 32.23 per cent holding held by HLA and persons acting in concert to 45.73 per cent, triggering a conditional takeover offer for the remaining 54.3 per cent stake that it does not already own at RM3.80 per share. The offer is being made through HLA's wholly owned unit Hartwell Pte Ltd. HLA agreed to buy the 13.5 per cent stake from Calamus Pte Ltd for about $39.5 million - which represents 24.9 million shares at RM3.80 each.
- The Business Times, P5
(See also, The Straits Times, C27 – “Hong Leong Asia’s offer for Tasek”) |
With RM11b in hand, YTL eyes cheap assets
YTL Corp, is an enormous holding company with a market capitalisation of RM9.7 billion, and its six separate listed entities are involved in everything from construction, telecommunications and cement manufacturing to power generation and property. Mr Yeoh's growth strategy is overseas acquisition - power distribution in Australia, a water utility in Britain, a real estate investment trust in Singapore - using profits made in Malaysia to rebrand YTL as a global infrastructure company.
- The Business Times, P18 |
MI-Reit to refinance $201m of debt by Jan
Macarthurcook Industrial Reit (MI-Reit) said it aims to refinance some $201 million of debt due in April 2009 by the end of January next year. MI-Reit said yesterday it expects to finalise negotiations to refinance the bulk of its debt maturities by the end of January 2009. And as for the new acquisition, finance will be sought via negotiations with banks, MI-Reit told BT. The planned $91 million acquisition will lift the trust's gearing from around 39 per cent now to about 47 per cent.
- The Business Times, P7 |
Rednano Mobile kicks off next Thursday
Rednano Mobile, the mobile platform of local search and directory engine rednano.sg, is launching its free location-based service next week. To be introduced on Thursday, Rednano Locate offers a broad package of features, comprising directory listing, maps, traffic updates and promotions. It pin-points users' location and provides information based on where they are. The service will kick off with more than 100,000 vendors onboard, with some offering promotions and discounts. Based on a combination of location-based technologies, including Global Positioning System, it will be accessible both indoors and outdoors.
- The Business Times, P7
(See also, The Straits Times, C4 – “Rednano to launch free mobile service search”) |
3 local firms in running for multi-million $ PUB contract
Three Singapore-based firms are in the running for a multi-million dollar PUB contract that could be worth between $279.2 million and $335.2 million. The contract is for the building of waterworks and ancillary facilities at Lower Seletar. Major projects include the Marina Reservoir Recirculation Scheme (MRRS), ABC Waters Programme, Lower Seletar Waterworks and two membrane bioreactor plants. According to the government's e-procurement portal GeBIZ, the three firms competing for the multi-million dollar Lower Seletar Waterworks contract are Keppel Seghers Engineering Singapore, Sembawang Engineers and Constructors, and United Engineers. The tender closed in September but the contract has not been awarded yet.
- The Business Times, B7 |
Reits treading warily in market minefield
DMG & Partners Securities estimates that the sector has at least $4.5 billion up for refinancing in 2009 alone. With credit tightening and spreads widening, the market is watching closely for signs of trouble. According to a CIMB-GK report, borrowing spreads for Reits have risen from an average of 150 basis points (bps) to 200-300 bps for three-year loans in the last six months.Reits are also affected by asset devaluation as the slowing economy weighs down on rents and occupancies. Lower property values would raise gearing ratios.
- The Business Times, P1 |
Construction firms face 'collapse risk'
The local construction industry could already be in serious trouble heading into the economic downturn, new data from DP Information Group (DP Info) shows. They now face the risk of defaulting on repayments, should banks further tighten credit as times get tougher, the credit and business information firm said. This finding was based on an analysis of the audited financial results of more than 2,000 construction firms lodged this year. About three in four have an annual turnover of $10 million or less. The other 24 per cent are over $10 million. Overall, about 6,000 firms make up the construction industry here. The analysis of the data found that many companies face not just one but multiple financial problems. These include: high levels of debt, low levels of liquidity and weak profitability.
- The Straits Times, C32 |
China's forex reserves pushing US$2t
Trade surpluses helped to swell the reserves, the world's biggest, to US$1.9 trillion at the end of September, according to the central bank. Larger reserves would strengthen the nation's finances as the government boosts spending and cuts interest rates to counter the financial crisis. Premier Wen Jiabao is trying to prevent a deeper slowdown in the world's fourth-biggest economy as construction slumps and exports wane. China reported a record US$35.2 billion trade surplus last month. The reserves have increased 14 times in size in the past decade, according to government data. They topped US$1 trillion in 2006.
- The Business Times, P19
(See also, The Straits Times, B2 – “China warns of worse to come for its economy”) |
S'pore-Nanjing venture sets up US$100m fund
S’pore-based private equity firm, Tembusu Partners, is joining hands with the government in Nanjing, China, to set up a US$100 million fund. The Nanjing Growth Fund will invest in growing companies in the Yangtze Delta region, across industries such as infrastructure and engineering, water and pharmaceuticals. The Nanjing government is taking part in the venture through Nanjing Hi-Tech Venture Capital and will raise US$40 million for the fund. Tembusu and its co-partner, Venture Capital and Consulting, will each raise another US$30 million.
- The Business Times, P7 |
India's business heart in crosshairs
Shares of big companies listed here with Indian operations slumped, dragging the Straits Times Index (STI) lower. Analysts fear that the killings in Mumbai and the confrontation in Bangkok will hurt already fragile sentiment among investors worldwide, triggering a retreat from Indian and Thai investments. The Mumbai attacks 'will have a huge negative impact on the financial sector because they targeted not just foreigners but also the professional class', said Manu Bhaskaran, head of global economic research at US consulting firm Centennial, in Singapore.
- The Business Times, P1 |
S'pore-Israel R&D foundation invests US$6.1m in five projects
The five joint-venture projects are expected to generate cumulative revenues of US$260 million in their first three years of commercialisation. They employ 68 research scientists and engineers from Singapore and Israel. Local company 1-2-1 View Media Holdings and its Israeli research and development partner Outform Ltd are developing two new products that allow pedestrians to actively interact with digital signs. To date, SIIRD has approved 79 R&D projects with a total research investment of US$82.3 million. The organisation was jointly set up in 1997 by the Singapore Economic Development Board and Israel's Office of Chief Scientist to promote, facilitate and support joint industrial R&D projects between Singapore and Israeli high-tech companies.
- The Business Times, P8 |
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