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CDL may seek partners to expand overseas |
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City Developments Ltd is looking for opportunities to expand to regional markets like Korea, and could be seeking new partners in the process. CDL announced earlier this month that it had signed a memorandum of understanding with Korea’s DC Chemical Company Limited (DCC) to develop a large scale integrated commercial centre in Incheon, Korea. CDL is already active in Korea. Besides the five-star Millennium Seoul Hilton Hotel, it developed and sold three commercial projects there. Other non-hospitality projects in Asia include the Umeda Pacific Building in Osaka and The Exchange Tower in Bangkok.
- The Business Times, P7
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Horizon owners have 2 weeks to decide their fate |
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In two weeks the majority sellers of Horizon Towers must find a way to salvage the botched collective sales. If they fail to do so by 1 Sept 2007, each of the 255 owners who signed off the en bloc sales plus the sales committee members will be sued for some $4 million each.
HPL, Morgan Stanley Real Estate-managed funds and Qatar Investment Authority wanted the sellers to honour the sale of the 99-year property at $500 million. If the sale had gone through, each of the 199 apartment owners would have got about $2.3 million each, and the 11 penthouse owners about $4 million each
- The Business Times, P2 |
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Share buybacks soar as prices fall |
Listed firms bought back S$174m of share in Aug, more than triple the Jul figure. This reflects their views that selling pressures have unjustly depressed their share price despite sound fundamentals. Companies that bought back their shares include UOB, Spore Exchange, SPH and Starhub. Analysts felt the buyback reflect the belief that market correction is on the way.
-The Straits Times, H27 |
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