Paya Lebar was one of Singapore’s earliest commercial hubs, but it now stands neglected and underdeveloped, with the Singapore Post Centre building its sole marker of modernisation.

Within the next 15 years, however, all that will change.

The neighbourhood around the Paya Lebar MRT station is slated for a major makeover as part of the Government’s recently unveiled draft masterplan.

It will be transformed into Paya Lebar Central, a suburban commercial node nestled between the city centre and the bustling Tampines commercial hub.

About 12ha of land around Sims Avenue and Geylang Road will be put up for development, yielding some 5.4 million sq ft of commercial space.

• Comments Off

BANGKOK - OIL prices dropped below US$124 a barrel yesterday in Asia, as demand concerns deepened and after United States Federal Reserve chairman Ben Bernanke indicated that more US interest rate cuts were unlikely.

Mr Bernanke’s comments suggesting inflation was too much of a concern to contemplate more rate hikes sent the US dollar higher and raised questions about oil’s ability to reach new highs in the short term.

He signalled that the Fed was inclined to leave rates where they were for now, but some analysts said he might be taking a step towards an eventual rise in rates later this year or early next year.

• 0 Comments

COE premiums ended lower across the board in the latest tender yesterday, with the rate for bigger cars posting the sharpest fall.

Market watchers attributed the softer prices to the seasonal lull of the school holidays, when people tend to be out of town.

There was also speculation that, with fuel prices hitting record highs, buyers may be starting to steer towards smaller and more economical cars.

The certificate of entitlement (COE) price for cars with engines up to 1,600cc, such as the Nissan Latio and Toyota Vios, ended 7.1 per cent lower at $14,590. The premium for cars above 1,600cc, such as the newly launched Audi A4 and Honda Accord, registered a 14.5 per cent drop to $14,640.

• 0 Comments

A CONSTRUCTION firm based in China’s north-east with a string of commercial and civic projects under its belt is listing in Singapore.

Sino Construction aims to raise net proceeds of $35.6 million with its initial public offering (IPO) of 152 million shares priced at 39 cents apiece.

The company’s customers are mainly property and infrastructure developers and government-related bodies.

The offer, launched yesterday, comprises 6.4 million public-offer shares and 146 million placement shares.

Of the proceeds, $17.5 million has been earmarked for a concrete mixing base, $10 million will be used to purchase construction equipment, and the rest will serve as general working capital.

• Comments Off

A UNIT of property giant Far East Organization has put in the top bid for a condominium site at Choa Chu Kang Drive, about five minutes’ walk from Choa Chu Kang MRT Station.

Tian Hock Properties offered $116 million for the 204,514 sq ft plot, which works out to about $203 per sq ft per plot ratio (psf ppr).

The site drew a respectable five bids when its tender closed yesterday, possibly due to the perceived strength of the mass-market condo segment, experts said. Far East’s offer topped those of Sim Lian Land, Hong Leong Holdings, GuocoLand and Hiap Hoe.

• 0 Comments

$13.8m price tag in Anthony Soh’s ad suggests he wants a quick sale

By Lee Su Shyan, Assistant Money Editor

ST PHOTO: ALBERT SIM View more photos THE businessman caught out when his takeover of Jade Technologies descended into farce and recrimination has put his multimillion-dollar home on the market.Dr Anthony Soh placed an advertisement for the plush house in The Straits Times classifieds section over the weekend with an asking price of $13.88 million.

• 0 Comments

BERLIN - THE United States is already in a recession, and it will be longer and deeper than what many people expect, United States investment guru Warren Buffett said in an interview published in German magazine Der Spiegel last Saturday.

He said the US was ‘already in a recession…perhaps not in the sense that economists would define it’ with two consecutive quarters of negative growth.

‘But the people are already feeling the effects,’ said Mr Buffett, the world’s richest man.

‘It will be deeper and last longer than many think.’

• 0 Comments

By Alvin Foo, Markets Correspondent

THE recent retreat of Hong Kong’s Hang Seng Index is drawing traders into fresh positions for its contracts.

Last Friday, the index plunged 329.05 points to 24,714.07 - down a total of 904.79 points, or 3.53 per cent, for the week.

However, a Societe Generale (SG) warrants report said: ‘Investors’ sentiment has improved, as negative news coming from the United States has abated and some recent news has been fairly positive.’

‘The index has risen by about 4,200 points from its low in mid-March,’ it noted.

• 0 Comments

MARKET players are expecting activity on the local bourse to follow the dreary tone set in the past few weeks.

The lack of conviction in the market stems from the troubling inflationary pressures fuelled by record oil prices and Wall Street’s fall last Friday. There is not likely to be much uplifting news coming in either.

‘You know the saying: Sell in May and go away? Every month this year seems to be a May. It’s that bad,’ said a remisier.

‘It’s very stressful for us as well. Once you buy, you’re stuck. There’s not much to be made. We don’t want to see clients lose money.’

• 0 Comments

Bank letting small investors get a big piece of the action, say sources

By Grace Ng, Finance Correspondent

NOT LEFT OUT: OCBC’s preference share offer is likely to come with a lower dividend rate than the DBS securities. However, sources say retail investors will be able to take up OCBC’s offer. DBS’ recent $1.5 billion preference share issue was open only to institutional investors. — BT FILE PHOTO

• 0 Comments