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THE Westin Singapore yesterday officially opened its doors to welcome its first hotel guests after an absence of 12 years.
Its re-entry into the hospitality sector also marks the first time that a hotel here is incorporated within an office building.
Based on a report released on Monday, the ratings agency says a larger asset base and rent increases on existing properties are expected to fuel growth for the 13 REITs it rated.
It forecasts that the earnings before interest, taxes, depreciation and amortization (EBITDA) of the 13 S-REITs will grow by 4 per cent in 2014.
Blackstone Group LP (BX) which has put $1 billion of equity this year into Asian real estate, says it’s poised for more deals in the region as maturing funds sell assets and banks retreat amid new regulations.
“As the competition has receded, the investment landscape has become more interesting,” said Chris Heady, the firm’s regional head of real estate investing in Hong Kong. “We believe this competitive dynamic will persist for some time.”
THE planned new district of Marina South with its promise of green touches such as bike paths and a vibrant street scene is already generating keen interest.
Office workers and joggers who flock to nearby Marina Bay in the evening say they are looking forward to new dining options as well as longer, more scenic jogging routes.
A tract of waterfront land spanning 1,000 ha, referred to as the Greater Southern Waterfront in the Draft Master Plan 2013 of the Urban Redevelopment Authority (URA), will be the next major growth area in the city.
Specifically, the 21.5 ha of development area in Marina South will yield about 9,000 private homes. Development will start after 2017/2018, when the Thomson Line is nearer completion.
Residents and visitors to the area will be able to shop in an 800m long underground mall between the two Thomson Line stations serving the area, namely Marina South and Gardens by the Bay. This frees up the ground-level space above the mall for a pedestrian walkway.
Draft Master Plan 2013 focuses on more housing options and green spaces, quality jobs near homes
People will go to work, not just in the Central Business District, but also in new commercial areas such as the Woodlands Regional Centre, where 100,000 jobs will eventually be created.
SINGAPORE: Global asset manager Blackstone is intent on expanding its business in Asia. With over US$248 billion assets under management, the firm opened its first Singapore office on Monday at Marina Bay Financial Centre.
Citing Singapore as a “critical hub” for the firm and all of its business in Asia and globally,
SINGAPORE: Singapore's 10th and costliest highway, on a per kilometre basis, will open on Sunday, December 29 at 9am.
The S$4.3 billion Marina Coastal Expressway will be connected to the Central Business District by interim roads, as authorities finalise traffic flow in the vicinity.
By next year's third quarter, the area's final road network will be up and running.
A prime albeit small commercial site in Raffles Place, The Arcade, on a site of about 21,900 sq ft, could be put up for collective sale soon.
Word on the street is that the price tag for the 20-storey office-and-retail building is around $3,000 per square foot per plot ratio (psf ppr), inclusive of development charges of $100 million-plus. This would suggest The Arcade's owners stand to pocket around $800 million.
In a joint announcement on Wednesday, the Land Transport Authority and Singapore Land Authority said a parcel of land at PSA Corp's Keppel Terminal will be acquired to facilitate construction for the extension of the train line.
Finishing touches are being applied on the Marina Coastal Expressway (MCE), which is on track to open by the end of this year.
All structural works have been completed on the 5km, $4.3 billion highway, including a 420m undersea tunnel.
The bulk of electrical and mechanical systems has been installed and contractors have begun testing and commissioning those systems, a process that will take about five months.
This update on Singapore's 10th expressway was given by Transport Minister Lui Tuck Yew after he visited the MCE control centre yesterday. It will be a key link connecting expressways in the east and west, he said.
Following the grand opening of Marina Bay Financial Centre (MBFC) on Wednesday, the Marina Bay area is set to get more homes, offices and shops in the next few years, noted analysts. Several land parcels in the area have also not been developed yet.
MBFC has also established a new standard for green buildings and boosted the supply of prime office space in the CBD by three million sq ft. With its high-end apartments and restaurants, the integrated development also provides a unique environment for working, living and leisure, said Prime Minister Lee Hsien Loong.
