CNA: Fed holds key rate unchanged at 2.0%

WASHINGTON: The Federal Reserve opted to keep its key interest rate unchanged on Tuesday at 2.0 percent, citing sustained inflationary risks amid lacklustre economic growth.
The Fed’s decision was widely expected by financial markets. Wall Street shares shot higher in the wake of the central bank announcement, extending sizeable gains from earlier trading.
“Tight credit conditions, the [...]

Business Times: Tekka Mall gets new name and focus

A FIVE-YEAR-OLD mall on the edge of bustling Little India is in the midst of a revamp that will make it more modern, but tone down its Indian identity.
The owners of Tekka Mall in Serangoon Road have decided to renovate the complex and rename it The Verge – as part of an effort to improve [...]

Business Times: Sers scheme gets the thumbs up

HDB’s latest survey, completed last year, shows support for Sers at 85%
RESIDENTS under the Selective En bloc Redevelopment Scheme (Sers) have shown strong support for the programme, said the Housing and Development Board (HDB) yesterday.
Under Sers, selected old blocks of sold flats are redeveloped, and residents involved are rehoused in new and better flats nearby.
HDB’s [...]

Business Times: Roxy-Pacific Holdings posts 78% Q2 profit rise

NEWLY listed property group Roxy-Pacific Holdings said yesterday that its second-quarter net profit rose 78 per cent to S$8.95 million, from S$5 million a year ago, as it continued to book revenue from projects launched in 2006 and 2007.
Turnover rose 61 per cent to S$41.75 million, from S$25.95 million.
Property development continued to drive revenue. Representing [...]

Business Times: Tough calls in next property Development Charge revision

Recent land sales point to cuts, but some disagree
By KALPANA RASHIWALA
(SINGAPORE) The next revision of property development charge rates is barely a month away. So what can the market expect?
Recently a few 99-year leasehold condo sites at Woodleigh, West Coast and Choa Chu Kang were sold at prices below land values implied by [...]

Business Times: Fee guidelines for property agents deemed anti-competitive

EA has until Sept25 to remove its recommendation on fees, fee structures
By UMA SHANKARI
EXISTING commission guidelines for property agents – drawn up by industry body Institute of Estate Agents (IEA) – are likely to infringe the Competition Act, the Competition Commission of Singapore (CCS) said yesterday.
The guidelines stipulate fees and fee structures for [...]