It’s starting to look like a self-fulfilling prophecy, as far as prices in the high-end residential segment in Singapore are concerned. Anecdotally, there’s evidence that some cash-rich speculators are also back in the market, according to some property consultants.

Notable secondary market transactions in the week of Jan 8 to 15 at The Tate Residences, Ardmore II and Scotts Square have seen a spike in prices.

One was the sale of a 2,207 sq ft, 27th storey apartment at The Tate Residences on Claymore Road, developed by Hong Leong Holdings. The 85- unit luxury condo has two 36-storey towers, and is very close to completion.

The unit changed hands for $6.5 million ($2,946 psf). The seller purchased the apartment when it was launched in September 2006 at $5.046 million ($2,287 psf), and enjoyed a capital appreciation of 29% in about three years. This price is pretty close to the levels seen in the heady days of August to September 2007, when a 3,229 sq ft unit on the 27th floor changed hands in a sub-sale for $11.3 million or $3,500 psf.

There’s been a lot of excitement along Claymore Road, particularly as the rumour mill is once again rife with speculation of The Claymore’s “en bloc potential”. Located next to The Tate Residences, the 146-unit luxury freehold condominium was completed in 1985 and is still considered a landmark luxury condo in that location. As early as 2007, owners of The Claymore had flirted with the possibility of an en-bloc sale, going as far as appointing CB Richard Ellis and DTZ as joint marketing agents. According to sources, it did not achieve the 80% consensus needed for a collective sale to take place.

“The Claymore definitely has en bloc potential,” says a property consultant who declined to be named. “But, the owners are reluctant to sell, because when looking at replacement units, it’s hard to find something comparable in the same location.” Unit sizes at The Claymore are large. The smallest are three-bedroom apartments 2,680 sq ft in size. Four-bedroom apartments measure 3,348 sq ft while the penthouses are 4,919 sq ft each.

The most recent transaction at The Claymore was in November last year, when a three-bedroom, 13th floor apartment changed hands for $8.38 million ($2,503 psf). The previous owner had purchased the property in March 1996 for $5.2 million ($1,553 psf), and enjoyed a 61% capital appreciation over the last 14 years.

The last time an apartment at The Claymore crossed the $2,500 psf barrier was during the most recent peak in May 2008, when a three-bedroom apartment on the 17th floor was sold for $6.8 million ($2,537 psf).

Further up Claymore Road is the prestigious Ardmore Park enclave, where the 303-unit Ardmore Park developed by Wheelock Properties epitomised the height of luxury in the mid-1990s. Even today, it’s the yardstick for luxury property prices. Riding on its success, the developer launched the 118-unit Ardmore II in September 2006 and, to date, the project is 100% sold and close to completion. After it was launched, prices ranged from $2,087 psf to a
high of $3,208 psf in May 2007 at the peak of the market. At that time, Ardmore Park apartments were changing hands in the resale market at $1,837 to $2,773 psf.

With anticipation of the private preview of Ardmore III mounting, at prices said to be $3,500 psf or higher, an apartment on the 24th floor of Ardmore II was sold for $5.566 million ($2,751 psf) in a sub-sale. The seller bought the unit when it was launched in October 2006 for $4.833 million ($2,389 psf). The last time an apartment at Ardmore II breached the $2,700 psf mark was February 2008, when an 11th floor apartment sold for $5.675 million ($2,804 psf).

Meanwhile, at the 338-unit Scotts Square located on Scotts Road, also by Wheelock Properties, an apartment on the 25th floor was sold for $3.35 million ($3,537 psf), according to a caveat lodged last month. The seller purchased the 947 sq ft apartment in August 2007, when the project was launched, for $3.735 million ($3,944 psf). At the peak of the market, a 1,249 sq ft apartment on the 28th floor had changed hands in a sub-sale at $5.558 million or a high of $4,451 psf.

The 45-storey tower is expected to be completed in 2011, and will house luxury retail and commercial space on the first five levels.

Source : The Edge – 8 Feb 2010

As many as 50 collective sales may be launched this year, though less than half of these could translate into actual deals before year-end, say property agents polled by BT.

A study by property consultant Credo Real Estate has listed a total of 34 possible properties that could be tendered for collective sale in 2010.

Eighteen of the 34 developments are either in District 10 or 15. ‘These are among the larger high-density private residential districts that enjoy healthy demand for new homes and hence land for residential development,’ says Credo’s managing director Karamjit Singh.

Collective sales committees have been appointed for all the 34 developments in the list. Most have also appointed property consultants and lawyers. Some have begun signing a Collective Sale Agreement (CSA); however, a tender launch could well flow into next year, especially for larger estates.

Two of the 34 sites – Goodwill Mansion in Balestier and Holland Hill Lodge – have already been launched this year. Meanwhile, nearly half the developments on the list comprise fewer than 50 existing units each.

Agents say larger estates will take more time to be launch-ready as it takes longer to secure the minimum 80 per cent consent level from owners. It also requires several (usually three or four) extraordinary general meetings (EOGMs) before a site can be launched for sale under revised en bloc rules that kicked in from October 2007.

Mr Singh points out that even for an estate of say just 30 units, it could take about six months between the time owners requisition for their first EOGM and inking the sale to a developer. This used to take just three to four months before rules were amended.

Jones Lang LaSalle’s head of investment sales Stella Hoh says: ‘Small and mid-sized sites will form the bulk of new launches and actual deals up to, say, the third quarter of this year. Next year onwards, if the private residential market continues to be stable and sales volume picks up further, that will create more confidence for bigger en bloc sale sites to be launched.’

Colliers International executive director (investment sales) Ho Eng Joo reckons that projects in city fringe locations like Balestier, as well as East Coast and Changi areas, are more likely to succeed in en bloc sale efforts than those in the prime districts. ‘Prices of end units (homes) in prime districts have not recovered to their 2007 peak, so it’s harder for developers to cough up 2007 land prices that many owners expect.’ In fringe locations, the price gap compared to 2007 has been much less.

Mr Singh suggests that it may be tough selling 99-year leasehold en bloc sites this year as developers can buy comparable plots under the Government Land Sales Programme. ‘Likewise, prime sites very close to Orchard Road may also see a slow start as developers still have prime sites in their books, many of which were bought in 2006/2007.

‘Where we expect to see greater levels of success would be (sites) in mass market and mid-prime locations which are realistically priced and offering unique selling points like being near to Sentosa, MRT stations, shopping centres and good schools,’ he added.

Credo reckons about 30-50 sites could be launched this year, of which around 20 could be sold by end-2010. Knight Frank executive director Nicholas Wong forecasts 40-50 launches and 15-20 sales this year. JLL’s Ms Hoh predicts that only 15-20 sites could be launched, of which 10 may be sold.

During the peak year of 2007, a total of 87 collective sale deals were sealed at a total of $11.6 billion. This fell to eight deals for a total $346.5 million in 2008 and just one deal at $100.8 million last year.

Owners looking to match or exceed 2007 prices could stand in the way of en bloc sales.

Savills Singapore’s director of investment sales and prestige homes Steven Ming says that owners may expect higher premiums before they sign the CSA as prices could rise while they wait to collect their sales proceeds. ‘It can easily take one and a half years from the point of obtaining the first signature to the time when owners receive full sales proceeds,’ he said.

‘Sellers, when they consider signing the CSA, look at how much premium they will get for their unit in an en bloc sale than if they were to sell it on an individual basis in the current market; as well as the future replacement cost for the property. Sellers seek a higher premium for fear of being priced out later if prices rise steeply.’

However, developers in their bids would be more mindful of changes in property cycles while they wait for Strata Title Board and possibly other court approvals before they can take possession of the site. ‘The sudden market correction in late 2008 is still fresh on developers’ minds,’ Mr Ming notes.

Source : Business Times – 12 Feb 2010

THE Housing Board has released 1,534 flats at two new projects, in the latest move to allay widespread fear of a public housing shortage.

Yesterday, it launched 750 build-to-order (BTO) units in Punggol and 784 in Woodlands. A further 1,000 BTO flats in Sengkang and Sembawang are slated for launch next month.

The launches are in line with the HDB’s plan to offer an islandwide spread of 7,000 BTO flats – in areas such as Punggol, Yishun and Jurong West – during the first half of the year.

Last month, the HDB freed 1,291 flats for sale in Choa Chu Kang and Hougang.

The projects released yesterday – Punggol Crest at Punggol Place and Treegrove@Woodlands at Woodlands

Avenue 7 – have been described by the HDB as being priced below ‘equivalent market prices’.

Punggol Crest, which is close to the future Punggol Town Centre, is served by the Punggol MRT station and the surrounding LRT stations and bus interchange.

Sited next to the Tampines Expressway, it offers 240 two-room, 240 three-room and 270 four-room flats.

Prices range from $90,000 for a two-room flat with a 46 sq m floor area, to $301,000 for a four-room unit with a 92 sq m floor area.

Treegrove@Woodlands, which is next to 888 Plaza, offers 192 studio apartments, 220 three-room flats and 372 four-room units.

Residents will be served by the Woodlands and Admiralty MRT stations, a bus interchange and the Seletar and Bukit Timah expressways.

Prices begin at $64,000 for a 36 sq m studio apartment, and rise to $288,000 for a 95 sq m four-room flat.

The HDB is setting aside 95 per cent of the two-, three- and four-room flats for first-time home buyers.

Mr Mohamed Ismail, chief executive of real estate agency PropNex, expects the flats to be oversubscribed by at least six times because of continued demand for public housing.

Applications for the new units are now open and will close on Feb 24. Those eligible can apply for a housing grant of up to $40,000.

Source : Straits Times – 12 Feb 2010

CAPITALAND posted net profit of $885.7 million for the fourth quarter ended Dec 31, 2009, which included an $899.8 million gain from listing a 34.5 per cent stake in CapitaMalls Asia late last year.

The Q4 net profit was also inclusive of $302.2 million in impairments and a net revaluation surplus of $8.8 million.

Impairments made include those for a joint venture project in Shinjuku, Tokyo; Raffles City Bahrain; some goodwill from the privatisation of Ascott earlier last year; and on the group’s subsidiary Australand.

The group had posted nearly $78 million net profit in Q4 2008.

CapitaLand is proposing a 5-cent per share special dividend in view of CMA’s successful listing in addition to a first and final dividend of 5.5 cents for FY2009. The total payout of 10.5 cents compares with 7 cents in 2008.

For full-year 2009, the property giant reported a net profit of $1.05 billion, down 16.4 per cent from $1.26 billion in FY2008. Excluding net revaluation losses of $92.9 million and impairments of $485.6 million, as well as divestment gains of about $1 billion – mainly from listing CMA, selling its stakes in Hong Kong’s Link Reit, Raffles City Hangzhou and the Kallang Bahru Complex and Kallang Avenue Industrial Centre in Singapore – the operational profit after tax and minority interest (Patmi) for FY2009 would be about $650 million. This is higher than FY2008 operational Patmi of about $360 million, on the same basis.

In acknowledging the strong contribution from CMA’s flotation to the group’s Q4 and full-year bottomlines, CapitaLand’s management stressed that the CMA business was built over many years.

Net asset value per share fell from $3.78 at end-2008 to $3.16 at end-2009; the latter figure was computed on a larger share base after a rights issue.

Overseas earnings before interest and tax (Ebit) contribution in FY2009 were $236.9 million or 15.3 per cent of group total Ebit (FY2008: $1.3 billion or 59.8 per cent), due to lower contribution from China, Australia and Other Asia. China’s FY2008 contribution had been boosted by gains from selling the Raffles City portfolio and Capital Tower Beijing.

The group Q4 net profit (Patmi) of about $886 million was its best quarterly bottomline last year. FY2009 marks the fourth consecutive year that CapitaLand has achieved net profit of over $1 billion, said CapitaLand Group president and CEO Liew Mun Leong. ‘Our proactive capital management and business initiatives in 2009 have positioned us to be ahead of the curve.’

The group deleveraged early in the financial crisis, raising a total of $5 billion through various equity issues, extended its debt maturity profile through a $1.2 billion convertible bonds issue and raised $2.8 billion from CMA’s IPO. All these helped the group lower its net debt/equity ratio from 0.47 at end-2008 to 0.09 at end-2009, although the latter figure would be higher at 0.26, assuming the acquisition of Orient Overseas Developments Ltd (OODL) announced in January had been completed on Dec 31, 2009. The US$2.2 billion transaction was completed on Feb 10.

CapitaLand Residential Singapore posted a 165.4 per cent year-on-year jump in Ebit to $132.7 million in Q4 2009. Full-year Ebit from this unit rose 112.4 per cent to $371.7 million. The group booked gains of $164 million from The Seafront on Meyer, $60 million for Latitude and $130 million for The Orchard Residences for FY2009.

Ebit from CapitaLand China Holdings leapt from $34.7 million in Q4 2008 to $195 million in Q4 2009 on the back of higher residential sales and fair value gains. This year, projects on three of the seven OODL sites will be ready for launch. These are located at Changle Road in Luwan and Nanmatou (both in Shanghai) and Kunshan Huaqiao in Kunshan City. The group has also resolved ‘idle land notice’ issues with the authorities for the Hengshan site in Shanghai and construction can now begin this year.

In Singapore, the group plans to launch this year new phases at The Interlace (after Chinese New Year), as well as Urban Resort Condo on the former Silver Tower site in the Cairnhill area and a condo project on the former Farrer Court site. As well the plan is to release The Nassim, on the former ANA Hotel site, around mid-year. The project comprises 55 units, mostly three and four bedders.

CapitaLand Residential Singapore CEO Patricia Chia expects the mid to high-end residential market will continue to do well this year, with a price upside of probably 10-20 per cent. ‘The mass market will be more or less flattish because it has reached resistance level at $800-900 psf, which is the affordability level,’ she added.

The group, which has a pipeline of about 2,600 residential units in Singapore, has not been active at recent Singapore state land tenders, but remains keen on sites nearer to the city fringe and transportation hubs. Mr Liew said the group is not pressured to buy residential land in Singapore when the price gets exorbitant as it has the option of looking overseas.

Mr Liew said the Gulf Cooperation Council (GCC) market is the most fragile of the group’s markets. While the group does not have any projects in Dubai, – although its serviced residence arm Ascott has management contracts – the fallout from Dubai will have impact on the whole GCC region. Construction of Raffles City Bahrain has been held back and the group is redesigning the project.

Mr Liew did not rule out the possibility of relisting serviced residences arm Ascott. However, such a proposition would have to add value. But there have not been any discussions for a relisting, said CapitaLand Group CFO Olivier Lim.

Source : Business Times – 12 Feb 2010

FRASER and Neave (F&N) and its unit Asia Pacific Breweries (APB) turned in plum financial results for the first quarter, getting off to a roaring start even before the Tiger year has kicked in.

F&N posted a net profit of $138.4 million after fair value adjustments and exceptionals for the period ended Dec 31, 2009. This is 56 per cent higher than a year ago. Revenue grew 17 per cent year-on-year to $1.46 billion.

Strong performance from the food and beverage (F&B) and property arms lifted the bottom line. Profit before interest, taxation, revaluation adjustment and exceptional items (PBIT) for the F&B division rose 55 per cent to $123 million, helped by growth across breweries, soft drinks and dairies.

F&N’s property arm benefited significantly from renewed buying interest in the market, with PBIT surging 73 per cent to $130 million.

The development property business was a big contributor as its PBIT almost doubled. F&N continued to progressively recognise revenue and profit from pre-sold residential projects, such as St Thomas Suites and Caspian in Singapore, Trio at City Quarter in Australia, and Shanshui Four Seasons Phase 1 in China.

The group soft-launched the 81-unit freehold Residences Botanique in December and has sold more than 40 units at an average price of $988 per sq ft. Other launches for the rest of the financial year include a 393-unit freehold project at the former Flamingo Valley site.

The investment property business also fared well, with PBIT rising 42 per cent. Strong rental incomes and occupancies at its retail and office spaces in Singapore and abroad partly accounted for this.

One dull spot in F&N’s results came from the printing and publishing arm. Its PBIT slid 3 per cent to $14 million, largely due to lower print volumes, closures of some operations overseas, and the absence of one-off export sales seen last year.

F&N closed 18 cents, or 4.8 per cent, higher yesterday at $3.92.

Separately, APB’s net profit after exceptionals jumped 45 per cent to $70.1 million. This was backed by a 10 per cent gain in revenue to $639.2 million.

The Indochina market, comprising Cambodia, Laos and Vietnam, was a key performer. Its PBIT shot up by 69 per cent, supported by strong festive sales and lower material costs.

APB also managed to improve operations in New Zealand. PBIT from the market rose 35 per cent from the launch of new brands carrying higher margins, lower costs and translation gains.

Notwithstanding the growth spurt in Q1, APB expects growth rate for the remaining nine months to moderate. Still, it projects a higher attributable profit before exceptionals this year compared with the last.

There were no trades in APB yesterday. The counter last closed at $12.48 on Monday.

Source : Business Times – 12 Feb 2010

THE average hotel room rate (ARR) in Singapore dived 17 per cent year on year to $297 in 2009, according to a study by a corporate travel services firm.

UK-based Hogg Robinson Group’s 2009 Hotel Survey also shows Hong Kong’s ARR sank 18 per cent, as corporate travel was slashed amid the global recession.

Key Asian destinations were hit hard. But Middle Eastern destinations were bolstered by a strong fourth quarter, which led to an overall rise in ARR for 2009 as a whole.

Abu Dhabi (up 17 per cent), Riyadh (11 per cent), Oman (33.7 per cent) and Qatar (31.1 per cent) registered ARR growth due to a limited supply of rooms and revamps of existing hotels.

Worldwide, ARR dipped 3-4 per cent last year.

The five-star sector – especially in the Asia-Pacific region – proved reasonably resilient with a 3.5 per cent decline, which suggests upmarket hoteliers opted for lower occupancy levels, as opposed to slashing prices.

But budget hotels faced stiff competition from three and four-star hotels, which cut their rates amid the slump in travel demand.

Margaret Bowler, HRG’s director of global hotel relations, said: ‘The patterns in this hotel survey suggest the industry has some way to go before rates stabilise in 2010. While the indications are that rates will remain flat in most markets, there are signs of increasing occupancy.’

In fact, according to HRG, Hong Kong was the only one of six major cities – the other five being London, New York, Paris, Frankfurt and Amsterdam – that did not post a growth in ARR for Q4 2009.

‘Corporations should continue to look to renegotiate rates and consolidate hotel programmes,’ said Ms Bowler.

Source : Business Times – 12 Feb 2010

THE Housing and Development Board (HDB) launched two new build-to-order (BTO) projects in Punggol and Woodlands yesterday, offering 1,534 new flats.

Home seekers can look forward to another 1,000 BTO flats in Sembawang and Sengkang next month. This pace of release is in line with HDB’s plans to offer around 7,000 BTO flats in H1 2010, and 12,000 BTO flats for the whole year.

Robust demand for public housing has spurred the launch of more new flats. Last month, HDB’s offer of 1,291 new BTO flats in Choa Chu Kang and Hougang was more than five times subscribed, with 7,077 applications pouring in. Subscription rates were particularly high for the four-room flats available.

PropNex foresees continued strong demand for flats. The two new BTO projects – Punggol Crest and Treegrove @ Woodlands – could be ‘well oversubscribed by at least six times each’, it said. Applications will close on Feb 24.

Punggol Crest at Punggol Place will offer 750 standard flats, of which 36 per cent or 270 will be four-roomers. There will also be 240 two-room flats and 240 three-room flats.

Punggol Crest will be near the Punggol MRT and LRT stations, bus interchange and the future Punggol Town Centre. In its immediate vicinity will be the the Tampines Expressway, a proposed mosque and secondary school.

Buyers can expect to pay $247,000 to $301,000 for a four-room flat at Punggol Crest. According to HDB, the price of a comparable four-room resale flat in the vicinity would be $330,000 to $377,000.

Over at Woodlands Avenue 7, Treegrove @ Woodlands will have 784 premium flats. These are units which come fitted with floor finishes.

Of these, 47 per cent or 372 units will be four-roomers. There will also be 192 studio apartments and 220 three-room flats.

Treegrove @ Woodlands will be next to 888 Plaza and near Causeway Point. It will also be mid-way between Woodlands MRT station and Admiralty MRT station.

A four-room flat at the estate would go for $228,000 to $288,000. HDB notes that the price of a comparable four-room resale flat in the area would be $305,000 to $371,000.

PropNex CEO Mohamed Ismail expects the take-up rate for Punggol Crest to be higher as it offers a smaller number of units. ‘Punggol residents can also look forward to greater asset appreciation in about 10 years’ time, when the Punggol Master Plan reaches fruition,’ he added.

From recent resale transactions involving four-roomers in Punggol, PropNex also observed that ‘the median resale price is inching upward, so the market is still buoyant, compared to the last quarter’.

HDB has launched 2,825 new BTO flats in January and February. It will release more flats monthly in the next few months.

Source : Business Times – 12 Feb 2010

A private real estate fund under Mapletree Investments will be buying a Grade A office building in Beijing for 2.9 billion yuan (S$0.6 billion).

Mapletree India China Fund (MIC Fund) will be taking over a special purpose vehicle holding legal and beneficial title to Beijing Gateway Plaza from Hong Kong-listed RREEF China Commercial Trust (RREEF CCT).

The purchase – subject to approval by RREEF CCT’s unitholders – will raise the value of MIC Fund’s portfolio to around US$1 billion.

Beijing Gateway Plaza sits in the Chaoyang district and comprises two 25-storey office towers linked by a three-storey retail podium. There are also three levels of carpark below ground. Above-ground gross floor area comes up to around 1.106 million sq ft.

‘China is an important investment market for us and with Beijing being the capital city of China, we are confident that the demand for good quality office space will continue to grow,’ said Mapletree CEO Hiew Yoon Khong.

‘There is limited new supply of Class A office space over the next few years and we expect occupancy and rental rates to trend upwards.’

According to Mapletree, Beijing Gateway Plaza has a ’strong’ tenant base which includes multinational corporations and domestic enterprises.

MIC Fund raised US$1.16 billion in committed capital and was set up to invest in office, retail and residential real estate in China and India. The Beijing Gateway Plaza deal marks its fourth acquisition in China.

The fund also invested in Future City in Xi’an, Mapletree Tower in Beijing, and Nanhai Business City in Foshan.

MIC Fund comes under Mapletree, a real estate capital management company. Mapletree owns and manages assets of about $12 billion, spanning the office, logistics, industrial, retail and lifestyle sectors across Asia.

Source : Business Times – 12 Feb 2010

A ONE-OFF gain as well as profits from residential developments in China, Singapore and Vietnam helped fuel a 1,036 per cent hike in profits at CapitaLand for the three months ended Dec 31.

The property giant saw its fourth-quarter profits swell to $886 million from $78 million a year earlier. The income hike was largely due to CapitaLand’s retail development unit, CapitaMalls Asia, which contributed gains of $900 million as a result of its listing.

Revenue rose 18.4 per cent to $833 million, largely as a result of increased China contributions of $135.6 million.

The healthy final quarter ensured full-year profits broke through the $1 billion mark for the fourth year in a row. At $1.05 billion though, they were 16.4 per cent lower than in 2008, mainly due to revaluation and impairment losses.

Hefty losses mainly from the group’s CapitaLand Commercial and Australand assets amounting to $816.8 million placed a significant drag on profits.

Revenue for the financial year rose 7.4 per cent to $2.96 billion, with overseas operations making up 67 per cent of the total. China and Australia emerged as the main contributors.

The group reported that much of last year was spent improving liquidity and strengthening its balance sheet.

CapitaLand Group chairman Richard Hu said: ‘We ended the year with an improved net debt-to-equity ratio of 0.09, higher cash balance of $8.7 billion, and extended debt maturity of 4.4 years.’

Improved financing capability allowed CapitaLand to double its property portfolio in China with the acquisition of Orient Overseas Developments completed just two days ago. Assets in China now form 36 per cent of total assets, up from 28 per cent due to the US$2.2 billion (S$3.1 billion) deal.

Along with China, Singapore and Australia will remain key markets for the group – particularly in the residential segment. In Singapore, where there is a pipeline of 2,600 residential units, the group will be launching developments this year beginning with another launch of the Interlace units in Alexandra Road. This is scheduled to take place after Chinese New Year.

The other developments include The Nassim and Urban Resort located in Orchard and a development in Farrer Road.

Vietnam is going to be a key target market for CapitaLand. The group intends to grow its portfolio of assets there to 10 per cent of its total assets over the next three to five years.

As for business segments, the group intends to strengthen its position in the hospitality industry through the Ascott brand, particularly in China and Vietnam.

Private equity funds are also an area of interest for the group as it expects to launch a Malaysia residential fund by the first half of this year.

Full-year earnings per share of 26.2 cents were down on the 37 cents last time. Net asset value per share was $3.16 as of Dec 31, down from $3.78 previously. It proposes to pay a first and final dividend of 5.5 cents and a special dividend of five cents. Following its results announcement, CapitaLand’s shares finished 11 cents higher at $3.86 per share.

Source : Straits Times – 12 Feb 2010

SINGAPORE’s first casino will open on Sunday at 12.18pm, together with a partial opening of Universal Studios.

A day of festivities at the Integrated Resort has been planned to mark the red-letter day, including the debut of its public attraction, Lake of Dreams, and evening previews at its Universal Studios theme park.

The casino opening is part of the initial phased opening of Singapore’s first IR that began on 20 Jan 2010 with the opening of its four hotels: Crockfords Tower; Hotel Michael; Festive Hotel; and Hard Rock Hotel Singapore. Its shopping and dining promenade, FestiveWalk, soft-opened on 30 Jan.

Resorts World Sentosa chairman, Tan Sri Lim Kok Thay said: ‘In less than three years since the time we broke ground and commenced construction for Resorts World Sentosa, we have taken our vision from drawing board to reality. This is a significant milestone in Singapore’s business history. We promised to deliver a true Integrated Resort, and we have not deviated from that.’

For sneak peek week, Universal Studios Singapore will open from 5pm to 9pm every night from 14 Feb to 21 Feb.

Admission will be by $10 tickets, rebated by a same-value dining voucher. Sale of the tickets starts from 11.18am on Friday, 12 Feb 2010. Guests can visit the box office at the Universal Studios Singapore front gate to purchase tickets for another day (there will be no same day ticket sales available).

Source : Straits Times – 11 Feb 2010