StreetSine - SPH property news

Boom in home launches in first 2 months of year

Fri, 24 Feb 2012 23:49:17 GMT

PROPERTY buyers have been spoilt for choice this year with a wide array of new homes launched, and there is plenty more to come in the months ahead.

There were 2,199 homes released last month - this excludes executive condominiums - and while this month will not be as robust, experts expect the numbers will still be high.

That means the total number of new homes released in the first two months of this year could exceed the 2,956 launched in the same period last year.

There is talk that developers are keen to launch projects to cash in while prices are still buoyant and not too badly affected by sentiment over December's new stamp duty, which has hit foreign buyers hard.

Agents are keenly marketing several projects which could contribute thousands of new homes in coming months.

These include The Hillsta at Choa Chu Kang, Seletar Park Residence at Seletar, and The Seahill at West Coast.

Experts say the large number of new homes on the market this year can be attributed in part to the Government's effort to push out more land for residential property development.

'The process of buying a site and getting the future project launch-ready can take a few months and so the number of new projects that are springing up is a delayed reflection of the supply of state land that was released for sale last year,' said Mr Tan Kok Kiong, head of research at OrangeTee.

Last year, enough state land was put on sale to build 17,510 new homes, well up from the then record of 13,945 new homes in 2010.

These figures are based on government estimates, and analysts note that the trend for smaller flats means the overall number of homes developed on this land could be higher than anticipated.

Confidence in the global economy has also contributed to the release of new homes.

Last month's numbers were lifted by the release of several large projects, said Mr Ku Swee Yong, chief executive of International Property Advisor.

Developments such as Watertown in Punggol released all of its 992 units last month, while Parc Rosewood at Woodlands contributed 236 apartments.

This month has featured plenty of launches, but they have tended to be smaller projects such as Guillemard Edge, so overall sales are likely to be down on last month.

The additional buyer's stamp duty is one potential speed bump for the market.

Mr Alan Cheong, associate director of research and consultancy at Savills Singapore, said the duty has deterred foreign buyers and affected overall buyer demand significantly.

'That leaves the rather limited pool of Singaporeans and permanent residents who are in the race to buy,' he said.

Other issues, national and global, could also affect the local market, noted Mr Ku.

'Demand may wane, even if prices hold steady, especially if issues like unemployment, further global uncertainty or a raise in mortgage rates come about,' he noted.

Some experts have cautioned against reading too much into the number of new homes launched.

They said that some developers may only report on their launched units after they have tabulated the number sold, allowing them to create a more positive impression of a project's launch.

cherlim@sph.com.sg

DELAYED REFLECTION OF LAND SUPPLY

Mr Tan Kok Kiong, head of research at OrangeTee

Source: The Straits Times � Singapore Press Holdings Ltd. Reprinted with permission.

Tech teasers

Fri, 24 Feb 2012 23:49:17 GMT

RIM BlackBerry PlayBook with OS 2.0 update
(Retails between $668 and $928 without contract but steeply discounted by some stores)

RESTRAINT often saves you money, and those who didn't rush to queue when RIM first launched its BlackBerry PlayBook here last June can now find the tablet discounted by quite a fair amount in outlets such as Courts, which is selling the top-of-the-line 64GB PlayBook for $528 - more than 40 per cent less than the original $928 retail price that SingTel is still asking for. There are also 32GB and 16GB for those who don't need as much storage.

Now's a particularly good time to pick up a PlayBook because RIM released a major software update this week for free: PlayBook OS 2.0. It finally makes the tablet competitive with iPads and Google Android tablets by adding slick e-mail, calendar and contacts apps that don't require you to also own a BlackBerry phone. Just as importantly, you can now install select Android apps on PlayBooks through the online BlackBerry App World. So, you can finally play Plants vs Zombies on a PlayBook. If the PlayBook had launched with all of these features, it probably wouldn't be so steeply discounted today.

LG Optimus 3D Max
Price not available

THE annual Mobile World Congress in Barcelona - which promises to be packed with phone launches - kicks off only on Monday, but LG has jumped the gun with a teasing of a few models that it will be fully unveiling next week. Chief among these is the LG Optimus 3D Max. It's the successor to last year's Optimus 3D, and retains many of that model's strengths - such as a 5-megapixel 3D camera - while trimming both bulk and weight. It's less than a centimetre thick and tips the scales at 148g, which is decent for a 3D camera phone.

Part of the secret to this svelteness is Corning's new Gorilla Glass 2, which is both stronger and lighter than its predecessor, so you should be able to use all of the dual-core Android phone's features without having to baby it. The Optimus 3D Max will launch first in South Korea next month, and will head to Europe next before reaching the rest of the world.

Samsung Galaxy S II in Coral Pink
$888 without contract

IT'S a shame that the Coral Pink version of Samsung's most successful phone hit stores too late for Valentine's Day, but it still makes a great gift for women and anyone who wants a Galaxy S II in a hue more spirited than the model's standard black or white.

There's a reason Samsung has sold more than 22 million Galaxy S IIs worldwide since the flagship model was launched last April. It's still one of the best phones, and a few features continue to make it unique.

The biggest deal is the screen. It's still the only phone with a Super AMOLED Plus touchscreen, which has no peer when it comes to brightness and colour contrast. Its only direct competitor is Samsung's own Galaxy Tab 7.7, which boasts 7.7 inches of touchscreen real estate compared to the Galaxy S II's 4.3 inches, but doesn't really qualify as a phone even though it can make calls.

Scratch-resistant Corning Gorilla Glass, an 8-megapixel camera, a dual-core processor and a promised upgrade to the latest version of Google's Android software round off the package.

limchris@sph.com.sg

Source: Business Times � Singapore Press Holdings Ltd. Reprinted with permission.

shoppers' heaven

Fri, 24 Feb 2012 23:49:17 GMT

TOURISTS here are parting with their shopping dollars at a much faster rate than ever before, new figures show.

According to the Singapore Tourism Board's (STB's) latest Tourism Sector Performance report, tourists spent almost $4.5 billion on shopping last year. This is a 13 per cent increase from around $4 billion in 2010.

Shopping - which made up 20 per cent of total tourism receipts last year - came in second after spending on sightseeing and entertainment (including gaming at the casinos).

For several years now, Singapore has been pulling out all the stops to become the region's retail capital, to keep those billions flowing into local tills.

In fact, the little red dot has upped the ante. After all, the Singapore shopper had grown more cosmopolitan and better travelled. She demanded more and craved the very cream of global retail.

Tourists too were becoming more discriminating as new malls and shopping strips sprung up all over rising Asia. They wanted more too.

Those wishes have been granted with an eye-popping makeover of Orchard Road and the emergence of the ultra-luxe shopping venue at Marina Bay Sands.

In the past three years, seven malls have come up in these prime areas.

With their bright lights, shiny facades and state-of-the-art designs, new players Ion Orchard, 313@Somerset, Orchard Central, Scotts Square, Mandarin Gallery and Knightsbridge are like sparkling gemstones perched on the Orchard Road area's tree-lined streets.

Over at Marina Bay, The Shoppes at Marina Bay Sands offers a brand new smorgasbord of shopping temptations with more than 800,000 sq ft of retail and dining space.

In a battle of one-upmanship, the malls have been competing to bring in the biggest and most exciting brand names. Labels keen to make their presence felt in Asia leapt at the opportunity.

At least 30 new-to-market luxury and high-street brands have hit local shores in the last three years: from the better-known ones like US-based Michael Kors and Abercrombie & Fitch, and Japanese brand Uniqlo, to the less familiar ones like iRoo from Taiwan and Leonard of Paris.

With these changes, it is clear Singapore is now a shopper's paradise to match the best the world can offer.

Ms Ita Nurmilasari, 43, a tourist from Jakarta who travels at least three times a year to shop in Singapore, shares what draws her to Orchard Road: 'There are many malls and a wide variety of brands here. It is easy to move between the shopping centres and the walkways are broad, making it a pleasure to shop here. Plus, the discounts are good. So whenever I think about Singapore, I think of shopping.'

Real estate: Bright lights and the Lion City

THIS latest splash of shopping glitz did not magically appear overnight. It is the result of years of careful urban planning, most evident along Orchard Road.

To make the shopping street more attractive to both locals and tourists, the Government unveiled detailed plans for a revamp in 2005.

This involved the release of four plots along Orchard Road (three of them now boast Ion Orchard, 313@Somerset and Orchard Central) designed to ensure the development of more shopping and entertainment options.

There was also a $40 million makeover starting in 2007 to widen pedestrian pavements, provide better lighting and lush landscaping.

Far from an act of retail indulgence, the move was vital to keep Singapore competitive.

'When neighbouring cities like Thailand and Malaysia are alternative shopping destinations, Orchard Road needed a cohesive image so that tourists would be convinced on why they should come here to spend,' says Dr Lynda Wee, adjunct associate professor in retail at Nanyang Technological University's (NTU's) business school.

As new players like Ion Orchard and 313@Somerset geared up to be 'iconic' malls along the stretch, the older ones such as Paragon, Tangs and The Centrepoint scrambled to get a facelift to stay in the game.

By 2009, the streetscape, widened walkways, renovations and construction of most of the malls were complete; the 2.2km-long Orchard Road was ready to seduce shoppers and retailers.

Change along the strip is still going strong, albeit at a less frenzied rate in recent years. OrchardGateway, a new development, will be ready by next year while Wisma Atria and Plaza Singapura are undergoing yet another series of renovations to be completed this year.

With this conscious effort to improve on the retail infrastructure, 'Singapore has quality real estate that the brands want', says Dr Wee.

Professor Bernd Schmitt, executive director of NTU's Institute on Asian Consumer Insight (ACI), adds that Singapore is at the forefront in terms of space, displays, lights and merchandising.

'Look at The Shoppes at Marina Bay Sands and Ion. They are cutting-edge retail environments.'

The shoppers: Hey, big spender

WITH the launch of the two integrated resorts and events such as the F1 night races, record tourist arrivals are also changing the game on the retail scene.

The latest figures from STB show that visitors to Singapore last year totalled 13.2 million, a record high. This is a 13 per cent jump from 2010.

In the MasterCard Index of Global Destination Cities for the second quarter of last year, Singapore ranked fourth in the global top 20 destination cities by international visitors, beating other Asian cities like Hong Kong, Kuala Lumpur and Tokyo. In terms of international spending, Singapore took the ninth spot out of 20 cities.

With these sterling statistics, savvy international brands are flocking to Singapore to woo shoppers.

'The F1 races and resorts are bringing in a new breed of tourists - well-heeled, cosmopolitan global citizens used to a sophisticated retailing scene,' says Associate Professor Seshan Ramaswami of marketing education at Singapore Management University.

Brands have cottoned on to that fact and are also attracted to the strong local economy.

On top of the longstanding reasons brands come to Singapore - the strategic location in South-east Asia, an educated labour force and political stability - the mingling of cultures here is another.

'The multi-cultural market of Singapore is a great testing ground for consumers in other markets,' says Prof Schmitt.

Parisian luxury label Leonard opened its first South-east Asian flagship boutique at Scotts Square last month.

Its managing director, Mr Jimmy Lopez, explains the allure of setting up shop here now: 'Singapore is doing a lot to maintain its position as the shopping playground of South-east Asia. We wanted to bring our brand closer to potential customers from Indonesia and China, who visit Singapore often.'

The spending power of the locals is also a draw, he adds.

The median income of Singapore households was $7,040 a month last year, up 11 per cent from 2010, more than twice the rate of inflation.

At the other end of the spectrum, the number of millionaires in Singapore has climbed to its highest level yet at 99,000 in 2010, according to the 2011 Asia-Pacific Wealth Report released by Merrill Lynch Global Wealth Management and Capgemini. This figure is a 21.3 per cent increase from 82,000 in 2009.

The bigger the better

DESPITE the pricey rentals on the main shopping streets here, a flurry of brands - old and new; luxury to high street - have launched megastores here last year.

According to property consultancy CBRE, rental in prime Orchard Road spots averaged $31.60 per sq ft per month at the end of last year.This did not deter Swedish high street chain H&M from launching its 33,000 sq ft store at Orchard Building; or American sportswear brand Abercrombie & Fitch from taking up 21,000 sq ft of space at Knightsbridge.

Over at The Shoppes at MBS, the crown jewel is Louis Vuitton's first floating boutique in the world. Housed in the Crystal Pavilion, it is the biggest Louis Vuitton boutique in South-east Asia.

Why the need for such mammoth stores?

Retail experts say it is all about strategic branding.

'It is all about visibility,' says Dr Wee of NTU. 'Take for example H&M. They have a good frontage at the cross roads. It's their first boutique in South-east Asia and they need a space that projects the vision that they are excited about the region and are here to stay.'

Prof Schmitt of ACI says big spaces also allow 'the owner to sell the brand through events and creative activities'.

One example would be how Abercrombie & Fitch had a file of well-built, bare-torsoed young men line up around the boutique one week before its opening on Dec 15 to create hype.

For luxury labels, big spaces are even more essential for branding.

The academic director of MBA International Luxury Brand Management at Essec Business School, Mr Simon Nyeck, agrees. He says: 'Huge flagships convey the whole brand universe in a grand way, so consumers of new markets who are discovering the brand for the first time will know that they are in a luxury landscape rightaway.'

Add to that the fact that large floor spaces do more than just impress shoppers, adds Dr Wee.

'For example, Orchard Road has become a street where merchants from all over come to see what we have and consider bringing the concepts back to their own countries,' she says. 'So the brands are using the shopping street to showcase what they have.'

Upsized boutiques are also a result of a trend where brands are placing more priority on the local market and relying less on distributors to enter the scene.

'We are seeing more brand principals managing their direct retail experience in Singapore,' says Mr Chris Chong, senior vice-president of Asset Management at YTL Starhill Global Reit Management, which manages Starhill Global Reit.

The Reit owns 74 per cent of the total share value of the strata lots in Wisma Atria. 'Brand principals place stronger emphasis on brand-building and product offering,' he adds.

One such label is Coach, which is taking over its direct retail businesses in Singapore from luxury goods distributor Valiram Group. It will be opening its first directly run store in Wisma Atria when the renovations are completed in the third quarter of this year.

Challenges ahead

ALTHOUGH it's going full steam ahead now, the rules of the game for Singapore's retail scene are constantly changing.

For the malls, the challenge is in choosing the right tenants so that they will stand out from the competition, says Ms Lau Chuen Wei, executive director of the Singapore Retailers Association.

Prof Schmitt says local retailers will also have to pay more attention to branding in the face of international flagships.

'The cycle of newness in retailing is getting shorter and shorter. The brands need to get more creative, like holding unusual events that draw attention.'

And although they might struggle to stay relevant, 'the competition will spur local retailers to improve their offerings as well as service levels', adds Prof Ramaswami.

As for the new flagship stores, resilience is key through good times and more difficult spells - such as the one they are facing just now.

'Singapore's economy depends on its trading partners across the world, many of which are experiencing volatility and a pessimistic outlook,' says Prof Ramaswami.

'So the brands need to be patient about recovering their investments and to temper their expectations for the first couple of years.'

gladysc@sph.com.sg

Source: The Straits Times � Singapore Press Holdings Ltd. Reprinted with permission.

New players; getting a facelift

Fri, 24 Feb 2012 23:49:17 GMT

NEW PLAYERS

-- PHOTO: ORCHARD GATEWAY

OrchardGateway

1 Expected to be ready in the second half of next year, this ground-breaking development is made up of two diagonally opposite sites.

One building - between Orchard Central and 313@Somerset - is being built on the site of the former Specialists' Centre and Phoenix Hotel. The 21-storey building will include a hotel and retail space.

The other building, directly opposite 313@Somerset, will be 11 storeys high and consist of office and retail space.

The two buildings will be connected by Orchard Road's first pedestrian glass bridge. They will also be linked by an underground pass filled with retail shops.

The National Library and the Singapore Visitors Centre are confirmed tenants.

Details on the area of the development will be released at a later date.

-- ST PHOTO: JASON QUAH

268 Orchard Road

2 Opposite Mandarin Gallery, the former Yen San Building has been knocked down and a new one is being developed into a 12-storey commercial building with a basement level.

It will have a total gross floor area of 20,072 sq m and is expected to be ready by next year.

The building is developed by RE Properties which is owned by Ngee Ann Development.

The Straits Times understands that it will house high-end retail boutiques and fine-dining restaurants.

GETTING A FACELIFT

-- PHOTOS: SUNTEC REAL ESTATE INVESTMENT TRUST

Suntec City Mall

3 In November, Suntec City's management announced a three-year renovation plan of its retail spaces and convention centre. The $410 million makeover will start in the middle of this year, and is expected to be completed in 2015.

Upon completion, there will be almost one million sq ft of retail space.

Specialty retail stores, plus new duplex and anchor tenants, will be part of the line-up.

-- PHOTO: WISMA ATRIA

Wisma Atria

4 Currently under a $31 million renovation which started in July last year, the new section of the mall will be ready by the third quarter this year.

Upon completion, it will have a 123m-long facade that will house duplex flagship stores of mid- to high-end brands, including new-to-market American label Tory Burch.

American brand Coach and Swiss watchmaker Tag Heuer will also be opening their first brand principal-run flagship stores in Singapore there.

Watch out for Swiss watch retailer Swatch's first concept store in South-east Asia too.

-- PHOTO: CAPITAMALLS TRUST

Plaza Singapura

5 By the fourth quarter of this year, the Atrium@Orchard will be integrated with Plaza Singapura.

The new mall will boast a total net lettable area of 58,064 sq m and a 170m-long frontage along Orchard Road.

The new development costs about $165 million.

Information on the tenants at the new mall will be released at a later date.

Source: The Straits Times � Singapore Press Holdings Ltd. Reprinted with permission.

High Court lifts Turf City injunction

Fri, 24 Feb 2012 23:49:17 GMT

A HIGH Court injunction that allowed sub-tenants to stay on at Turf City until the new landlord takes over on Thursday has been lifted, leaving businesses in limbo.

Sub-tenants are uncertain if they can continue trading until Cogent Land Capital takes over from existing landlord Singapore Agro Agricultural (SAA). The High Court decision yesterday is one more twist in a dispute between SAA and Cogent over the former Bukit Timah Turf Club site.

SAA had wanted sub-tenants to clear out by Jan 31 so it could restore the premises to conditions laid out in its lease with the Singapore Land Authority (SLA), which ends on Wednesday. Much of the work would have entailed removing temporary structures erected over the course of its lease.

But that would have meant a month-long period where sub-tenants would have had nowhere to ply their trade. The SLA stepped in last month to break the impasse. It assured SAA it would not be liable for additions and other changes made to the site.

Last month, Cogent also acted, taking out an injunction that barred SAA from removing renovations or additions. It also prevented SAA from asking sub-tenants to remove additions or cutting off power and communication lines.

SAA responded by maintaining that plans for Turf City to wind down by Jan 31 were in place six months ago, and most of its staff had been retrenched in line with that schedule.

It also launched a legal bid to have the injunction lifted, a move that succeeded yesterday.

SAA said in a statement that it felt 'vindicated' by the High Court decision, insisting it was acting in line with contractual agreements all along.

It said that while it would like to comply with the SLA to keep the temporary structures, it felt it also had to consider conditions laid down by the Urban Redevelopment Authority.

'SLA is only a landlord - trying to get better rental for the place. The authorities are the URA and the Building and Construction Authority,' said SAA chief operating officer Ang Kiong Teng.

The company added that the sub-tenants and licensees have stayed beyond the original Jan 31 deadline and are liable to SAA for damages. But it said it sees 'little to be gained in seeking to evict them at this stage so long as the SLA does not require SAA to deliver up vacant possession of the premises', the statement added. SAA will seek confirmation that the SLA does not require this.

An SLA spokesman said it urged SAA yesterday to 'take a reasonable approach to facilitate a smooth transition' for businesses staying on.

Senior Counsel Jimmy Yim, representing Cogent, said his client plans to appeal against the lifting of the injunction 'as a matter of principle'. It will look to prove at trial SAA's conspiracy to injure Cogent.

Sub-tenants taking up about half the space at both the Auto Emporium and Turf City shopping mall have renewed their leases.

Source: The Straits Times � Singapore Press Holdings Ltd. Reprinted with permission.

Group aims to boost green office practices

Fri, 24 Feb 2012 23:49:17 GMT

THE Singapore Environment Council (SEC) hopes to double the number of companies certified for environmentally friendly practices by the year end.

To date, 110 firms have received the Eco-Office certification, with 30 getting the nod last year.

The initiative was launched in June 2002 by the council and real estate developer City Developments.

To mark its 10th anniversary, an event was held at City Square Mall - Singapore's first eco-friendly shopping centre - on Thursday, where Minister for the Environment and Water Resources Vivian Balakrishnan presented certificates to organisations that had received the Eco-Office label last year.

While the SEC is setting a much higher certification target this year, its executive director Jose Raymond noted that more organisations are realising the importance of conserving the environment and its resources.

To apply for certification, organisations have to get good ratings from an online Eco-Office Rating System set up by the SEC.

This is a self-audit system that allows companies to gauge how environmentally friendly they are.

A good rating is the minimum required before the SEC appoints an external auditor to verify that the requirements have been met.

Companies are assessed based on factors such as their indoor air quality as well as purchasing and water conservation practices.

One firm recognised for its efforts is Ricoh Asia Pacific. First certified in 2005, it has been recertified every two years since then.

It uses A4 paper made of sugarcane waste, and the air-conditioning in its office, set at 25 deg C, is switched on only from 8am to 7pm.

'Going green is not just one person's effort. For an organisation to do it together (with staff), it would really make an impact... (especially since) most energy is consumed in the office,' said Ms Wong Yee Thing, senior executive of the regional environmental management group at Ricoh Asia Pacific.

As for the Singapore Examinations and Assessment Board, it uses photos of staff to make 'wobblers' that are placed next to switches.

These pop-ups act as reminders for staff to switch off the lights before they leave.

Dr Tan Yen Kheng, a scientist at the Energy Research Institute at Nanyang Technological University, said buildings account for about one-third of Singapore's electricity usage.

In particular, air-conditioning and lighting systems in office buildings account for up to 75 per cent of the energy consumption here.

But Dr Tan feels that offices in Singapore have been making good progress in terms of environment-championing efforts.

'While we may not be as advanced as countries like Germany, we're not that backward... Singapore is definitely moving towards greater eco-friendliness,' he added.

kcarolyn@sph.com.sg

Less paper usage, more recycling

OFFICE equipment supplier Ricoh Asia Pacific hopes to reduce energy and paper consumption by 2 per cent and 3 per cent respectively as part of its key performance indicators this year.

One way in which paper use is minimised is requiring staff to press the printer's button manually in a bid to make them consider if they really need copies of documents made. Workers are also encouraged to dispose of waste in the firm's recycling room, which has bins of different colours indicating what goes where.

The Japanese company, which has an office in Penang Road, also organises an annual nationwide campaign called Eco Action Day.

Started in 2007, it hopes to create awareness and encourage companies here to conserve energy in conjunction with World Environment Day on June 5. Said Ms Wong Yee Thing, senior executive of regional environmental management group at Ricoh Asia Pacific: 'We want to target organisations because most energy is consumed in offices. By reaching out to organisations, we're also influencing more people to save energy.'

Source: The Straits Times � Singapore Press Holdings Ltd. Reprinted with permission.

Jumpy Mideast capital seeks safer havens after Arab Spring

Fri, 24 Feb 2012 23:49:17 GMT

UPHEAVAL in the Middle East - popularly dubbed the 'Arab Spring' - is causing more wealthy Arab families to consider moving money out of the region and investing in Asia.

Bader A Al-Hammad, chief executive and board member of MaCeen Capital, a Saudi Arabian asset management firm, believes Singapore holds great potential as a booking centre for Arab wealth and as a base for investment opportunities in Asia.

MaCeen Capital manages about US$1.5 billion in assets for family offices in Saudi Arabia. Mr Al-Hammad is also chief executive of Al Hammad Holding, which has a diversified range of businesses including real estate, construction and logistics.

'People are looking for safer options,' he said. 'Today, the Arab economies are good because of oil but at the same time there is uncertainty. Business people like to diversify; it balances the portfolio - which is important. Creating growth takes years; losing takes only a couple of weeks.

'With the Arab Spring, the equity market in Egypt has dropped 40-50 per cent - a tremendous drop. That's why we are here today to explore Asia. The door to Asia is Singapore; it's the gateway for most Arab people to go to Asia. It's organised, governance is good, and the law is very clear.'

Since the onset of the Arab Spring last year, waves of demonstrations have hit Tunisia, Egypt and Libya, with uprisings in Bahrain, Syria and Yemen, among others. Surveys of private banks in London and Zurich early last year indicated that wealthy Middle Eastern families were concerned about the safety of their monies, and were considering moving monies out. One publication estimated capital flight of US$500 million a week last year. The wealthy in Egypt and Libya alone reportedly drained more than US$8 billion in bank deposits in the first quarter of last year.

Most global banks in Singapore run their Middle Eastern desks out of London or Switzerland. But Mr Al-Hammad believes this will change as more investors opt for a more direct link to Asia. MaCeen Capital is checking out investment banking partnerships in Singapore with the aim of structuring funds to invest in Asian assets. These include equity, real estate and private equity. He is confident of expanding MaCeen's assets under management (AUM) to US$5 billion over 2-3 years, through a combination of new inflows and market appreciation.

Justin Ong, PricewaterhouseCoopers (PwC) Asia Pacific private banking leader, said: 'Singapore is increasingly an attractive centre for family offices looking to establish a platform in Asia to diversify their investment holdings and tap the Asian growth story. There has not been a significant flow of investments from the Middle East into Singapore, but there is potential for growth. Traditionally, it is believed that Middle Eastern investments go largely into Syariah assets. However, this is not the case.

'For Middle Eastern wealth looking to invest in Asia, Singapore is a better alternative to Malaysia insofar as non-Syariah investments are concerned, as Singapore has no barriers to capital flows and has more access to regional investment expertise. While Malaysia is a preferred option for Syariah investments, Singapore remains an attractive proposition for Middle Eastern wealth looking to invest beyond Syariah assets.'

Says Mark Smallwood, head of Wealth Management Solutions Asia Pacific at Deutsche Bank Private Wealth Management: 'Singapore is very well placed to source a lot more business from (the Middle East) . . . Singapore represents a natural extension for both the diversification of their booking locations and as a key hub to gain access to the equity and debt capital markets of the Asia Pacific region with its significant long-term potential and exciting investment opportunities.'

MaCeen Capital's client portfolios are broadly about 60 per cent invested in the home market and 40 per cent in the US and Europe. Asian investments account for less than one per cent. MaCeen intends to eventually invest as much as 30 per cent of its portfolio in Asia.

'We've missed the Asian boat, but now we're coming,' said Mr Al-Hammad. 'We need to get into the area and advance it, and not use intermediate banks in Europe and the US to invest on our behalf. We should have a direct relationship between our markets and Asia.

'We've lost a lot of money in Europe and America; we're not going to repeat that. China is still growing, Indonesia is doing well, the Philippines is improving. There is potential here,' he added.

Tarek Khlat, chief executive of Crossbridge Capital, is one who recognises the potential of Asian investments for Middle East clients. A veteran banker banker himself, he was group head for the Middle East in Credit Suisse in London. Crossbridge was set up in 2008 in London and manages assets of over US$2 billion. His firm opened its Singapore office in 2010 'in recognition of the wealth that has been (and will be) created in the region, but also to ensure that we had a relevant offering in Asia to service our existing clients, principally from the Middle East'.

The 2008 financial crisis spurred a shift of assets into the emerging markets and Asia. Said Mr Khlat: 'The onset of the Arab Spring in 2011 has led to further asset diversification, not only from the developed economies but also from investors' domestic markets in the Middle East.'

On Singapore's potential as a wealth management centre for Arab wealth, he said: 'Singapore has emerged as a credible alternative to Switzerland and even to London, and is fast becoming a global booking centre for clients from around the world . . . At Crossbridge Capital, we partner with banks in all three of these jurisdictions and find more and more of our Middle Eastern clients requesting Singapore servicing and custody. Singapore is clearly closing the gap on its booking centre rivals.'

Source: Business Times � Singapore Press Holdings Ltd. Reprinted with permission.

Lower DC rates for commercial use likely: consultants

Thu, 23 Feb 2012 23:48:56 GMT

(SINGAPORE) Development charges (DC) - payable to the state in exchange for the right to enhance the use of certain sites or to build bigger projects on them - have been revised upwards for most major use groups every six months since September 2010.

However, some property consultants say this trend could be reversed for some use groups in the upcoming revision which takes effect on Mar 1, as some sectors of the Singapore property market are approaching an inflexion point or have already turned, and the economic outlook is weak.

DC rates for commercial and non-landed residential uses are likely to come under pressure while those for industrial and landed residential use could stay firm.

In the previous revision on Sept 1, 2011, the average DC rate for commercial use was upped 21.7 per cent. But this round, it could be trimmed by up to 5 per cent, says Colliers International. Its director of research and advisory Chia Siew Chuin forecasts an up to 10 per cent fall in DC rates in the old financial district, covering places like Raffles Place, Cecil Street, Robinson Road, Shenton Way and Anson Road, which saw an office rental correction in Q4 on the back of dwindling office demand.

'Rents are expected to decline further under the weight of about 1.8 million sq ft oncoming supply this year. Moreover, office land deals have been muted in the past six months, reflecting the cautious outlook for the sector,' she said.

In September, a 99-year leasehold Robinson Road plot fetched $882 per square foot per plot ratio (psf ppr) at a state tender, or 1 per cent below the implied land value based on the Sept 1, 2011 DC rate for commercial use for the location. In November, a 15-year office site at Mountbatten Road was sold at $119 psf ppr - about 36 per cent lower than the prevailing DC rate-implied land value for the area.

Ministry of National Development, in consultation with Chief Valuer, revises DC rates across 118 geographical sectors in Singapore, based on current market values. They are tracked in property circles as they can impact redevelopment sites with a sizeable DC component.

Credo Real Estate managing director Karamjit Singh says only about 10 per cent of collective sale sites could see a significant dent to their potential sale prices if DC rates were to go up. 'In most cases, DC is not payable, and hence remain unaffected by any revision in rates. Out of the 11 en bloc deals Credo closed last year, DC was not payable for nine of them. Out of the remaining two, only one had a DC component exceeding 10 per cent of total land valuation,' he added.

While DC rates may have limited impact, they are nonetheless tracked as they are an indication of the government's reading of land values. The rates are revised on March 1 and Sept 1 each year.

During the last revision on Sept 1, 2011, the average DC rate for non-landed residential use was increased 12.2 per cent. This time, Colliers' Ms Chia predicts an up to 5 per cent decline, but she adds that rate revisions are expected to be uneven across the island.

Locations with land deals in the past six months at below their respective prevailing DC rate-implied land values - for example, in mass-market suburban locations like Punggol, Upper Serangoon, Kovan and Mount Vernon - could see DC rates being trimmed.

On the other hand, there may be a case for DC hikes in some parts of the Rest of Central Region, supported by land deals above their DC-rate implied land values - such as Ceylon Flats at Ceylon Road, Jasmine Court in Upper Thomson and a state plot at Alexandra Road.

Credo Real Estate executive director Ong Teck Hui too points to other deals at premiums to their respective prevailing non-landed residential DC rate implied land value. These include the collective sales of Dragon Mansion at Spottiswoode Park, St Patrick's Gardens and Parkway View in the East Coast Road/Marine Parade area and Henry Park Apartments, as well as condo plots sold at state tenders at Jalan Lempeng in Clementi and Bedok South Avenue 3.

These locations could see some of the most significant upward adjustments for non-landed residential DC rates effective March 1, adds Mr Ong.

Jones Lang LaSalle SE Asia research head Chua Yang Liang predicts rates in suburban locations may face downward pressure of up to 5 per cent although the average islandwide DC rate for non-landed residential use may remain unchanged.

Last round, the average DC rate for landed residential use was increased 16.5 per cent. This time, Colliers' Ms Chia expects the rate to rise up to 5 per cent. JLL's analysis shows evidence of landed housing deals at substantial premiums to DC implied land values in places like Cashew Crescent, Cairnhill Road, Chee Hoon Avenue, Gallop Road, Jalan Sappan (in Sembawang Hills), Sunset Drive and the Namly area.

As in the previous revision, the DC rate for industrial use is likely to see the biggest hike come March 1. 'Over the past two quarters, price growth for the residential and commercial sectors has been very slow while that for industrial is a little stronger,' as Credo's Mr Ong puts it.

In addition, winning bids for industrial sites at state tenders in September-December 2011 reflect 31-140 per cent premiums to current DC-implied land values. Also creating impetus for higher industrial DC rates is JTC Corporation's move to further raise its industrial land rents in January 2012 by 10-20 per cent from July 2011 levels, says Ms Chia.

'But the Government is unlikely to make significant upward adjustments in industrial DC rates in general in the upcoming review given the weak manufacturing sector and a projected slowdown in the industrial property market in 2012,' she added. Colliers expects the average industrial DC rate to rise by up to 10 per cent, while JLL forecasts an increase of about 5 per cent.

There has been just one hotel land deal recently, an Alexandra Road plot which fetched $789 psf ppr - 153 per cent above the DC implied land value.

Market watchers reckon Chief Valuer will take into account the impact of new MRT stations on overall land values in assessing Mar 1, 2012 DC rates. 'But this has to be substantiated by evidence of higher property values arising from the opening of MRT stations before that translates into higher DC rates,' said a seasoned property consultant.

Source: Business Times � Singapore Press Holdings Ltd. Reprinted with permission.

S'pore core inflation at 3-year high of 3.5%

Thu, 23 Feb 2012 23:48:56 GMT

(SINGAPORE) Even before Budget 2012's measures have had a chance to work their way into higher consumer prices, evidence of pass-through from earlier cost increases, including labour cost hikes, has surfaced in January's inflation data.

Consumer price inflation eased to 4.8 per cent last month from 5.5 per cent in December, but core inflation, which strips out accommodation and private transport costs, soared to a three-year high of 3.5 per cent.

While the authorities have sought to assure that core inflation's spike from December's 2.6 per cent was not unforeseen and largely due to seasonal and base effects, private sector economists say that stubbornly high inflation - both core and headline - leaves the central bank with little room to ease monetary policy at its April review.

The 'alarming jump' in core inflation 'clearly reflects a build-up in underlying cost pressures', said DBS economist Irvin Seah. And 'wage cost pressures from a stricter foreign worker policy are starting to show', said Bank of America Merrill Lynch economist Chua Hak Bin, referring to the further tightening of access to cheaper labour from abroad in the form of cuts to foreign worker quotas at last Friday's Budget announcement.

Core inflation is likely to hover around 3 per cent in the next few months, as 'earlier cost increases, especially in the labour market, could continue to pass through to consumer prices', said the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) yesterday in what several economists described as a 'hawkish' joint comment.

Headline 'CPI-All Items' inflation is likely to stay 'elevated and volatile' over the next few months too, the statement said.

One driver will be a continued increase in housing rentals as the 'temporary shortage of completed dwellings' pushes imputed rentals on owner-occupied accommodation higher in the near term.

Accommodation costs rose 10 per cent year on year in January, remaining the largest contributor to inflation last month. Of the 4.8 per cent rise in the consumer price index (CPI), 1.8 points came from hikes in the imputed rents of owner-occupied accommodation. Excluding this, the index (CPI-ex OOA) rose a lower 3.5 per cent from a year ago, slowing from a 4.3 per cent increase in December.

Another main culprit, private road transport costs, decelerated to rise 3.1 per cent from last January, when COE premiums had surged. But MAS and MTI expect this category of prices to 'remain high on average in view of the tight COE supply, with fluctuations from month to month', an outlook that Citigroup economist Kit Wei Zheng says is foreshadowed by record high COE premiums at the latest bidding exercise and higher oil prices.

But January's 3.5 per cent jump in core inflation - minus accommodation and private road transport costs - raised the most eyebrows. Explaining that this is 'consistent with expectations', MAS said that the jump from December was due to January 2011's low base after radio and TV license fees were scrapped as well as a seasonal uptick in food prices during Chinese New Year (which fell in February last year).

Of the 0.9 percentage point jump, 0.2 point was attributed to 'continued pass-through of labour cost increases to consumer prices, especially healthcare and education services', the authorities said.

They stuck to the official 2012 forecast for 2.5-3.5 per cent headline inflation and 1.5-2 per cent core inflation. Some private sector economists are, however, now predicting higher headline inflation of closer to 4 per cent.

MAS and MTI said their projections are based on 'some moderation in domestic and external cost pressures in the second half of the year' and may be reviewed if 'underlying price pressures turn out to be more persistent'.

Apart from domestic pressures of rising rentals and wages, Mr Seah believes that inflation may creep higher despite slower growth if oil prices spike on the back of political tensions in the Middle East.

With hints of inflation forecast upgrades ahead and a technical recession unlikely, Mr Kit thinks that yesterday's CPI release 'practically rules out MAS easing in April'. The consensus expectation that MAS will stick to a modest but gradual appreciation of the Singapore dollar is further supported by Budget 2012's contractionary fiscal impulse - since policy makers view the problem as 'too much, not too little, growth', he added.

Source: Business Times � Singapore Press Holdings Ltd. Reprinted with permission.

Takashimaya to anchor Vietnam mall

Thu, 23 Feb 2012 23:48:56 GMT

TOSHIN Development Co, the real-estate subsidiary of Takashimaya Co, has entered into a share-purchase agreement with Keppel Land to acquire a 22.7 per cent stake in Phase Two of Saigon Centre, in which Takashimaya Singapore is coming onboard as the anchor tenant.

Takashimaya Singapore, a subsidiary of Takashimaya Co, has inked a conditional agreement to pre-commit taking up 15,000 sq m of retail space to open a department store in Phase Two of Saigon Centre, a mixed-used development in Ho Chi Minh City.

Phase Two of Saigon Centre is due to come onstream in 2015.

According to an announcement released to the Singapore Exchange, Toshin acquired a 33.4 per cent stake in Bellenden Investments - which, via Keppel Land Saigon Centre, has a 68 per cent interest in Saigon Centre - for some US$23 million (S$29 million).

This move marks Takashimaya's foray into Vietnam's retail scene as it seeks to grow its footprint across Asia, specifically in China and Asean. Next on the agenda for the group is a new store in Shanghai, which will open this summer.

Yoko Yasuda, managing director of Takashimaya Singapore, said: 'The Vietnamese retail market is entering an exciting phase of growth with an increasing middle income class and Takashimaya is looking forward to participate in this emerging market.'

With Takashimaya signing on as anchor tenant, about 30 per cent of the total retail area in Phase Two of Saigon Centre is pre-leased ahead of the development's expected completion, Keppel Land said.

'The strong pre-commitment secured almost three years ahead of completion is significant and reaffirms our positive sentiments on the Vietnamese retail market,' said Kevin Wong, group CEO of Keppel Land.

Keppel Land will also jointly establish a retail management company with Toshin Development Singapore, a subsidiary of Toshin Development, to provide retail management services for Keppel Land's projects in Vietnam.

Located along Le Loi Boulevard in Ho Chi Minh's central business district, Phase One of the Saigon Centre - which covers over 6,000 sq m of retail space, over 10,000 sqm of commercial space and some 90 serviced apartments - was launched in 1996.

Phase Two of Saigon Centre, which is being constructed, will span 50,000 sq m worth of retail and dining space, 40,000 sq m of premium Grade A office space and over 200 units of luxury serviced apartments.

Source: Business Times � Singapore Press Holdings Ltd. Reprinted with permission.

Peter Kwee sells Nassim Rd plot for about $47.8m

Thu, 23 Feb 2012 23:48:56 GMT

(SINGAPORE) Motoring tycoon Peter Kwee is said to have sold a vacant plot along Nassim Road for about $47.8 million or $2,000 per square foot (psf) based on its freehold land area of about 23,920 sq ft.

While the psf land price for the transaction is slightly shy of the $2,081 psf islandwide record for a Good Class Bungalow (GCB) Area set last year, it is nonetheless said to be a fresh high for Nassim Road.

Newsman Realty confirmed it brokered the latest deal. The buyer is a Singaporean businessman, said the firm's managing director KH Tan.

The plot was originally part of a larger site of over 100,000 sq ft that Mr Kwee, boss of Group Exklusiv, teamed up with Tee Yih Jia executive chairman Sam Goi to purchase from the British High Commission back in 2001 for $50.4 million or $438 psf on a land area of 114,981 sq ft. However, on a net land area of 109,059 sq ft - after setting aside land for roads and drainage - the price paid then worked out to a higher figure of $462 psf.

The two men later split the parcel, with Mr Kwee taking the larger slice of about 63,300 sq ft. From this, he carved out two plots. One was a 39,383-sq-ft plot which he sold to Sukmawati Widjaja, also known as Oei Siu Hoa, for $25.5 million or $647 psf in 2003. Ms Widjaja now lives with her family in the bungalow on the site. The second plot is the one just transacted.

Mr Goi also built his own residence on the neighbouring plot.

Following the latest sale, the Kwee family is left with another plot on Nassim Road, next to the Russian Embassy.

The 45,006-sq-ft freehold site was formerly occupied by Nassim Gardens, a three-storey block of 10 apartments with a swimming pool. This has since been torn down. Agents say the plot, which has a long driveway, can be redeveloped into either two GCBs given the minimum land area of 1,400 sq metres or 15,069.5 sq ft stipulated by the Urban Redevelopment Authority for GCBs or into another low-rise apartment project not exceeding the gross floor area of the former Nassim Gardens.

Talk in the market is that Mr Kwee has received offers of about $100 million or $2,222 psf but is said to be seeking about $110 million or $2,444 psf - or even more.

The psf record price for a Good Class Bungalow Area is held by 6 Chatsworth Road, diagonally opposite the Indonesian Embassy, which transacted at $2,081 psf in July last year. This slightly surpassed the previous record of $2,038 psf for 16 Cluny Road set in February last year. That deal in turn broke the previous high of $1,899 psf for 32H Nassim Road in October 2007 set by Raffles Education founder and chairman Chew Hua Seng.

However, the Chatsworth bungalow as well as 32H Nassim Road have smaller land areas than the typical minimum GCB plot size of 15,069.46 sq ft.

When GCB Areas were gazetted in 1980, they included some smaller existing sites. These are still considered GCBs as they would be bound by the other GCB planning rules if they were to be redeveloped. For instance, such plots cannot be further sub-divided and they cannot be built more than two storeys high (plus an attic and a basement).

Source: Business Times � Singapore Press Holdings Ltd. Reprinted with permission.

Allen & Gledhill wins accolades in global review

Thu, 23 Feb 2012 23:48:56 GMT

ALLEN & Gledhill grabbed top accolades in many areas of legal practice here, according to Chambers & Partners, which publishes a well-regarded annual directory and review of law firms worldwide.

The Big Four law firm was top in banking & finance, capital markets, corporate M&A, intellectual property, investment funds, projects & energy, real estate, restructuring/ insolvency, shipping and tax law, Chambers said in the survey released yesterday.

In corporate M&A, Allen & Gledhill managing partner Lucien Wong was praised for 'unmatched expertise and willingness to structure and strategise on transactions'.

In restructuring/insol- vency, Edwin Tong was 'pivotal in the team's representation of the shareholders of Dovechem Group of Companies in relation to a proposed restructuring'.

WongPartnership also took top honours in the fields of corporate M&A and capital markets, investment funds, real estate, projects & energy, tax law. Its managing partner, Rachel Eng, was recognised as an 'acknowledged expert in Reits and IPOs'.

Drew & Napier took top honours in the fields of dispute resolution litigation; dispute resolution arbitration; projects & energy; technology, media, telecoms; and restructuring/ insolvency.

Senior Counsel Davinder Singh was praised for being a 'standout figure in arbitration as well as litigation', while Cavinder Bull SC, a director of SIAC and vice-president of the Asia-Pacific Arbitration Group, was described as having 'a fantastic reputation as a courtroom litigator, but his profile is also growing notably in the field of arbitration'.

Hri Kumar SC and Indranee Rajah SC also received accolades in the field of dispute resolution litigation. Mr Kumar was known for being 'very grounded, practical and commercial in his advice', while Ms Rajah is considered 'a very accomplished litigator'.

Big Four firm Rajah & Tann LLP topped the field of dispute resolution arbitration, shipping law and restructuring/insolvency. Managing partner Lee Eng Beng SC was credited for acting on the 'highly publicised $500 million restructuring of TT International'. Patrick Ang was described as 'extremely commercial and very well-regarded in insolvency circles'.

Four legal heavyweights Michael Hwang SC, Michael Pryles, Christopher Lau SC, Chelva Rajah SC and Lawrence Boo ranked among the most wanted arbitrators in Asia.

In intellectual property, Drew & Napier, ATMD Bird & Bird LLP, and Baker & McKenzie, Wong & Leow took top honours. Baker & McKenzie, Wong & Leow was ranked No 1 for tax law, and is 'highly regarded for transfer-pricing matters, corporate tax and tax planning ... wealth management practice and cross-border tax structuring capabilities'.

Source: Business Times � Singapore Press Holdings Ltd. Reprinted with permission.

Falling property sales dent Chip Eng Seng profit

Wed, 22 Feb 2012 23:48:57 GMT

NET profit at construction and property firm Chip Eng Seng fell 28 per cent in the fourth quarter on declining real estate sales.

Earnings came in at $28.8 million for the three months to Dec 31 while revenue decreased 58 per cent to $57.5 million.

Net profit for the full year dipped 29 per cent to $123.7 million on revenue that fell 25 per cent to $360 million.

The property development arm posted a 93 per cent drop in quarterly revenue due to Oasis@Elias making no further contributions after it was completed in September last year, Chip Eng Seng said in a statement yesterday.

The My Manhattan project in Simei also did not contribute significantly as the construction progress had not reached its active stage, the firm said. The project was only 43 per cent sold as at Dec 31.

Chip Eng Seng also recorded $2.7 million in losses from its share in associates in the quarter compared to a share of profit of $12 million in the same period in the previous year.

This was because completed joint-venture development projects no longer contributed to the bottom line.

The losses were mainly from new joint development projects and its associates in Vietnam.

Similarly, construction revenue in the three months decreased 26 per cent to $52.2 million due to existing projects being completed.

In view of the slowdown in the residential property market, the firm said it will continue to be selective in expanding its landbank.

It has been diversifying into other property-related businesses as well as increasing its presence overseas.

It plans to develop a 450-unit hotel with shops on a site in Alexandra Road it won in a government tender last December.

It also acquired a commercial building in Melbourne in September.

The firm will launch a 128-unit freehold condominium in Fort Road in the coming months.

Earnings per share for the year fell from 26.42 cents a year ago to 18.68 cents, while net asset value per share was 62.96 cents, up from 48.56 cents.

Chip Eng Seng shares closed up one cent at 49.5 cents yesterday.

Source: The Straits Times � Singapore Press Holdings Ltd. Reprinted with permission.

CCT paying $430m for office block in Tanjong Pagar

Wed, 22 Feb 2012 23:48:57 GMT

CAPITACOMMERCIAL Trust (CCT) has agreed to buy a recently completed office tower for $430 million, which works out to $2,121 psf of net lettable area.

Located in the Tanjong Pagar area, Twenty Anson is a 202,696 sq ft grade A office building completed in 2009.

The 20-storey building is fully occupied and houses tenants such as Blackrock and Toyota.

It was jointly developed by LaSalle Asia Opportunity Fund III and its partner Lum Chang, and has been awarded the Green Mark Platinum certification, one of the highest green building qualifications.

The average rent at the property stands at $6.18 psf per month, lower than the current market rate of $8.44 psf per month. CapitaLand said the building has significant rent upside potential when the leases are renewed.

Mr Richard E. Hale, chairman of CCT's manager CapitaCommercial Trust Management (CCTM), said the property would be a strategic fit to the Trust's current portfolio of nine quality properties and is expected to generate incremental distribution per unit of 0.36 cent on a pro forma basis.

He added that when completed, the acquisition will increase the Trust's total asset size from $6.7 billion to $6.9 billion.

CCTM also said it will ensure a stabilised yield of 4 per cent per annum by setting aside $17.1 million that will be drawn upon over the first 31/2 years.

Twenty Anson is a five-minute walk to Capital Tower, one of CCT's assets, allowing for the sharing of resources and economies of scale, which will lead to improved operating efficiency, said Ms Lynette Leong, chief executive of CCTM.

The LaSalle fund bought several properties in Asia last year, including the 440 million yuan (S$88 million) acquisition of a 49 per cent interest in a plot of land in Chengdu, China, in September.

Its most recent deal in Singapore was the high-profile sale of Crowne Plaza Changi Airport to Overseas Union Enterprise in June last year.

Source: The Straits Times � Singapore Press Holdings Ltd. Reprinted with permission.

Provisional licence idea will be considered: Property watchdog

Wed, 22 Feb 2012 23:48:57 GMT

WE THANK Mr Michael Choo for his suggestion that the Council for Estate Agencies consider a provisional licence scheme for new sales staff, and to obtain employers' approval only for their subsequent renewals ('Offer provisional licence for new property agents'; Tuesday).

We will consider it together with other feedback received on this issue.

Yeap Soon Teck

Deputy Director (Licensing)

Council for Estate Agencies

Source: The Straits Times � Singapore Press Holdings Ltd. Reprinted with permission.

StreetSine - SPH property news

Boom in home launches in first 2 months of year

Tech teasers

shoppers' heaven

New players; getting a facelift

High Court lifts Turf City injunction

Group aims to boost green office practices

Jumpy Mideast capital seeks safer havens after Arab Spring

Lower DC rates for commercial use likely: consultants

S'pore core inflation at 3-year high of 3.5%

Takashimaya to anchor Vietnam mall

Peter Kwee sells Nassim Rd plot for about $47.8m

Allen &amp; Gledhill wins accolades in global review

Falling property sales dent Chip Eng Seng profit

CCT paying $430m for office block in Tanjong Pagar

Provisional licence idea will be considered: Property watchdog

Allen & Gledhill wins accolades in global review