Monthly Archives: August 2009

Pan Hong to get compensation for delay in site handover

Posted on 27 Aug 2009 | Comments Off on Pan Hong to get compensation for delay in site handover

Singapore-listed Chinese property developer Pan Hong said Thursday it will receive compensation for a delay in the handover of a land parcel that it bought.

The firm said it will receive 4 million yuan (about S$846,000) from authorities in China’s Fuzhou city due to the delay.

Pan Hong had bought the rights to the Fuzhou site in 2007 at a cost of 200 million yuan.

But an unspecified delay on the authorities’ part has led to Pan Hong getting the monetary compensation.

As part of the compensation, Pan Hong will also only be required to pay 60 per cent of the local levies.

That will result in cost savings of about 9.8 million yuan.

Source : Channel NewsAsia – 27 Aug 2009

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Posted in Developers, Overseas Property

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First phase of Marina Bay Financial Centre is 67% pre-leased

Posted on 27 Aug 2009 | Comments Off on First phase of Marina Bay Financial Centre is 67% pre-leased

The first phase of Marina Bay Financial Centre is now 67 per cent pre-leased ahead of its completion in the second quarter of next year. This phase includes Tower Two and the fully pre-leased Tower One.

The latest tenant at the location is Servcorp, a serviced and virtual office provider. In a statement, Raffles Quay Asset management said Servcorp’s seven-year lease will start next year.

Servcorp will occupy an entire floor spanning about 22,000 square feet in Tower Two. It will join other companies like BHP Billiton and the Macquarie Group.

Phase Two of the Marina Bay Financial Centre is due for completion in the second quarter of 2012. Its office space in Tower Three already has 55 per cent pre-commitment.

Source : Channel NewsAsia – 27 Aug 2009

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Posted in Office / Retail / Industrial

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