Daily news - 17 Jul

CDL launching Balmoral Rd condo project
City Developments Ltd (CDL) – After holding on to its Garden Hotel property at Balmoral Road for 10 years, CDL is finally launching an 85-unit condo project on the site. A preview for staff and directors began yesterday, while sales to invited guests are slated to begin today. The average price of the 12-storey freehold condo Volari@Balmoral is understood to be about $2,000 per square foot (psf) for early birds. Market watchers say this is about 20-25 per cent below peak 2007 prices in the location. The condo comprises two, three and four-bedroom units and penthouses. The two-bedders are about 1,325 sq ft, and based on the $2,000 psf average price, the lump sum investment would be about $2.7 million. At Bedok Reservoir, Far East Organization and Frasers Centrepoint are expected to preview Waterfront Key today to staff, business associates and buyers who have registered interest. Waterfront Key is a 99-year-leasehold condo with 437 units. Prices had not been finalised by last night, but market watchers reckon the cue will be taken from current pricing for the developers' Waterfront Waves next door, which they are selling at $680-$700 psf on average. The 405-unit condo, released early last year, is 78 per cent sold.

Ezra ventures into deepwater subsea segment
Ezra Holdings – Where still waters run deep, Ezra Holdings is hoping to make waves. Yesterday, the marine company unveiled its new strategy to expand into the deepwater subsea segment in a bid to tap new opportunities. To that end, Ezra will be spending US$275 million on three subsea-capable vessels. This expansion will see Ezra venturing into deepwater subsea fields with water as deep as 3,000 metres, and is expected to pay off for Ezra by H2 of 2010. 'Globally, spending in the subsea segment is set to exceed half of the total spending in the offshore oil and gas sector over the next few years,' said its managing director, Lionel Lee. Over the next five years, global expenditure on subsea equipment, drilling and completion - excluding that of Petrobras' - is expected to exceed US$80 billion, according to the World Deepwater Market Report cited by Ezra.

Source: Kim Eng