News

The world’s largest Shari’ah-Compliant REIT opens its doors to a pool of investors who require their investments to be made in accordance with Shari’ah investment principles.

But things are slowing up with just a 2.2% growth over September, pointing that we may be close to the peak. According to HSBC, the number points to a pick up in activity in Q4 led by pharmaceuticals, but output growth will slow next year with the end to the global restocking cycle. Still, with capacity to remain tight despite the slowdown in growth to a more sustainable pace, the MAS has to continue its tightening stance.

D’Leedon will be the first condominium in Singapore to be designed by internationally-renowned Pritzker Architecture Prize winner Zaha Hadid.

The government's move to put up 14,300 housing units for 1H11 indicates its resolve not to restrict supply that leads to continual asset inflation.

The rig bound for Norway will be operational in water depths of 400 feet, drilling depth of 30,000 feet and accommodate 120 men.

Air traffic growth is returning to a more normal pattern with global passenger demand 5% above and freight is 1% above pre-crisis levels of early 2008.

New shipyard signs service arrangements with eight major fleet owners.

Civil servants will receive at least 3 months in bonus payments at the year-end, according to PSD, in addition to the ½ month bonus and $300 received in July, according to OCBC.

 

Four new partners, Carol Lim, Kenneth Oh, Evelyn Ang and Pun Ling Fung, join Rodyk & Davidson's corporate finance practices.

SIA’s agreement with SAS enables the latter to add destinations in Finland, Norway and Sweden to its codeshare network.

The average workplace fraud in Asia is US$300,000 compared to a worldwide average of $160,000.

Developers are showing signs of being "more prudent" in their bidding for new land sites, says DBS Vickers.

Overall inflation in the 12 months to October 2010 came in at 3.5 % but analysts warn wage pressure remains a risk.

The American bank has recently inked a 10-year lease with Asia Square to take up more than 250,000 square feet of office space spanning 8 floors from levels 17 to 24 plus a 5,000 sq ft retail banking hall. Occupying nearly a quarter of the net lettable office space at Tower 1, Citi will be Asia Square’s largest tenant. And a large part of this decision was influenced by Asia Square’s unique ‘Human Building’ proposition. MGPA’s flagship premium integrated commercial development, Asia Square is the first building in Singapore to put human capital at the very heart of its approach. A top priority on the agenda of many government agencies and political leaders for some eight years now, there is an even greater emphasis on human capital especially after the September 2008 financial meltdown as companies reinvent their business models for the future. This has culminated in Asia Square clinching the largest leasing transaction in the CBD area since the recent financial crisis. Located in the heart of the New Downtown, Asia Square has bucked the trend in commercial developments by putting the human element at the heart of its design and technologies. With longer and more demanding working hours, there is an even greater need for commercial buildings to ensure a balanced and conducive working environment. Asia Square’s answer to this is how it has built in an optimal balance of Work, Play, Live and Grow elements from the ground up to create a new benchmark for office space, making human capital a key priority for businesses to sharpen their competitive edge. “Commercial buildings today have to offer more than just location and connectivity to amenities. There are so many choices that tenants have become much more discerning and exacting in standards. How Asia Square is changing the game is our approach to build and design from the human perspective – so that it’s not just a great address but a great working and business environment. The design, space optimisation, sustainability features and Work, Play, Live and Grow concept all come together seamlessly to drive this. It’s a winning proposition because it’s all about business efficiency,” said Mr John Saunders, CEO Asia of MGPA. Business Efficiency the Big Draw Indeed, having all of Asia Square’s Work, Play, Live and Grow elements working together to drive efficiency is one of the key factors that prompted Citi’s move to Asia Square, from its current location spanning 25 floors at Centennial Tower and Millenia. Citi will consolidate its operations of over 2,500 employees under one roof thanks to Asia Square’s large floor plates, well-appointed design, accessibility and its design approach to optimise human capital. “Asia Square is an excellent choice for our corporate office. Maximising business efficiency plays a critical role in our strategic plans as we look to expand our operations in Singapore. This is why we have chosen Asia Square as it comprises all the intelligent design features and world-class elements and specifications,” said Mr Michael Zink, Country Head and Citi Country Officer for Singapore. “Its ‘human building’ proposition optimises the workspace to create greater business efficiency, allowing us to bring our entire franchise together. We also like its Intelligent Building Management System, which will deliver a quality indoor environment through its sophisticated air handling and treatment processes.” Citi’s new office at Asia Square will house their trading floor that will run 24/7. The trading floor is critical to Citi’s business and will have 100 per cent back up power and back up air-conditioning in the event of emergency failure from the power grid or the district cooling system. Asia Square’s technical provisions and flexibility made the decision to relocate a lot easier. Location a Prime Factor Another important factor influencing Citi’s decision to relocate to Asia Square was to do with the shifting center for business and finance to Marina Bay. Asia Square is located right at the heart of Marina Bay and Citi will have prominent signage and exposure on the façade of the building. Impeccable Sustainability Credentials Top it Off Citi is also one of the “greenest” banks in the world and have adopted a policy of always moving their new offices to LEED rated buildings. Asia Square’s green credentials in sustainability are second to no other building in Singapore in this regard, as it has achieved both the US Green Building Council’s Leadership in Energy and Environmental Design (LEED) Platinum pre-certification and Singapore’s Building Construction Authority (BCA) Green Mark Platinum award, the first A Grade office building to achieve this status in the Singapore CBD. Asia Square Tower 1 is slated for completion in June 2011 whilst Tower 2 is targeted to complete in 2013.

The 99-year leasehold residential project built on the former Farrer Court site has to sell 1715 units, says DBS. The development, located at the junction of Leedon Heights and Farrer Road, comprises 7 high end residential towers and 12 villas with a total of 1715 units. Sizes of the condominiums range from 900sf for the smallest unit to 4000sf for some of the villas. CapitaLand is expected to roll out the project in phases. Selling prices for majority of the units are expected to be from $1600psf, which is around 5% higher than the prices achieved at new freehold projects - Waterfall Gardens and the 6-year old freehold Levelz at around $1500-1550 psf.