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.

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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.

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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.

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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.

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