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Ascott Reit buys New York hotel for US$163.5m

ALREADY present in the Asia-Pacific and Europe, Ascott Residence Trust (Ascott Reit) has made its foray into the United States by acquiring a hotel in New York's Times Square for US$163.5 million. The accretive acquisition of the 411-room Element New York Times Square West hotel in Midtown Manhattan, at an Ebitda (earnings before interest, taxes, depreciation and amortisation) yield of 6.2 per cent, is expected to increase Ascott Reit's distribution income in FY2014 by US$0.8 million. This will ...more

Crowdfunding platform raises S$660,000 for Mezzo Interiors

HOMEGROWN debt-based crowdfunding platform New Union on Monday said it has raised S$660,000 for interior design firm Mezzo Interiors, an amount said to be one of the largest raised by a small and medium enterprise (SME) on a crowdlending platform here. Said Mezzo founder Lee Yue Cheng: Receiving this injection of funds from New Union comes at an opportune time. We are in the midst of expanding our team in order to cope with the upcoming series of alteration and addition and rebuild works we have ...more

NSS Group's Gambas industrial project slated for July launch

NSS Group, whose ultimate shareholders include developer Ng Teng Yeng, is launching industrial project Proxima@Gambas in July and a preview for the project has already begun. This is ahead of an upcoming launch of the adjacent project Nordcom II by Far East Organization group, which has not had a launch date fixed yet. Both are part of four 30-year lease land parcels at Gambas Crescent which were sold at state tenders, with Far East snapping up the first three parcels and developing Nordcom I an ...more

$483m top bid for private home site in Queenstown

A PRIME private residential site in the mature Queenstown estate has attracted nine bids from developers - with the best offer well above expected levels. The top bid of $483.2 million, from Chinese firm HY Realty, was 8 per cent higher than second- placed Allgreen Properties. HY Realty's bid translates to $871.10 per sq ft per plot ratio (psf ppr) for the 1.05ha parcel - higher than the expected top bid range of $750 psf ppr to $820 psf ppr. Mr Desmond Sim, CBRE research head for Singapore and ...more

HY Realty makes top bid of S$483m for Dundee Road site

HY Realty, which shares the same shareholders as Chinese developer Hao Yuan Investment, has emerged as the top bidder for the land parcel at Dundee Road that drew nine offers. Its S$483.18 million bid, which works out to S$871.14 per square foot per plot ratio (psf ppr) for the 99-year lease site, was 8.4 per cent higher than the second-highest bid, from Allgreen Properties. The owners and directors of HY Realty, Du Zhenzeng and Wen Baoguo, who also own Hao Yuan, are shifting their focus in deve ...more

Surbana Jurong buys two companies and is scouring for more

SURBANA Jurong, the company formed from the merger of Surbana International Consultants Holdings and Jurong International Holdings, has acquired two companies in its drive to become an Asian powerhouse in urbanisation and infrastructure consultancy. The acquisition of Singapore engineering company KTP Consultants and China's design firm Sinosun Architects & Engineering Co Ltd immediately doubles the group's reach in China from nine to 16 cities, ramps up its staff strength by a quarter to 4,000 ...more

Climate change mitigation: Essential to build resilience into infrastructure

MR YUEN Sai Kuan has pointed out the Government's efforts in sharing expertise with other countries in the mitigation of and adaptation to the impact of climate change (S'pore active in sharing know-how on climate issues; June 8). For any country to deal with climate issues effectively, the sharing of engineering expertise and practical engineering innovations is required, to complement the Government's efforts. Engineers design, operate and maintain the infrastructure, housing and transport net ...more

SMEs with good finances win public tenders: Study

SMALL and medium-sized enterprises (SMEs) looking to win potentially lucrative public tenders should get their finances in order. A new study showed that those firms that win public tenders perform better financially in areas such as business performance and shareholder value. The study, conducted by analytics firm Vector Scorecard (VSC) with the National University of Singapore Business School, is believed to be the first of its kind by the private sector. Data was collected from 11 ministries, ...more