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Daily Archives: 10 Oct 2009

UOL taking half-share in Rainbow site

Posted on 10 Oct 2009 | Comments Off

UOL Group is taking a half-share in the Rainbow Gardens site in Toh Tuck Road bought by the LaSalle Asia Opportunity II fund in a collective sale a few years ago.

The 999-year leasehold plot and an adjoining strip of state land total a land area of 130,164 sq ft. In its statutory filing with the Singapore Exchange (SGX) yesterday, UOL said planning approval has been granted for a condo project with a gross floor area of about 182,219 sq ft.

BT understands the Urban Redevelopment Authority’s (URA) approval for the site is for a five-storey condo with around 120 units although market watchers reckon that with UOL’s advent, the unit mix could be reconfigured.

In its statement, UOL said it will be investing a total of about $15.58 million for its half-share in a joint-venture company it has formed with the LaSalle fund. The sum UOL is investing comprises $1 million in ordinary shares, about $10.17 million in redeemable preference shares, and about $4.4 million in shareholders’ loans.

UOL said it and/or its subsidiaries will be appointed as the project and sales and marketing managers for the new condo to be built.

Source : Business Times – 10 Oct 2009

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Posted in Developers

Tagged LaSalle Asia Opportunity II, Rainbow Gardens, UOL Group

S’pore leaps to 4th spot on financial centre list

Posted on 10 Oct 2009 | Comments Off

Republic moves up from 10th place as it displays strength amid recession

SINGAPORE’S ranking as a financial centre has shot up from 10th to fourth because of the way the country’s financial system has weathered the global recession.

The crisis played havoc with the order of things in financial markets over the past year, with a few big guns like the United States being eclipsed, according to the World Economic Forum (WEF).

The WEF’s analysis of economic growth and the financial systems of 55 countries found that the crisis was acutely felt by most global financial systems.

The scores of most countries on the Index in the annual Financial Development Report fell significantly from last year, with some of the largest economies taking the biggest hit.

Germany and France, in particular, suffered such heavy falls in overall scores that they dropped out of the top 10 list. Continue reading →