News Briefs (August - September 2007)

Singapore Apartment Block among Aga Khan Award Winners

A Singapore apartment block that uses innovative techniques for living in a hot climate is among the nine winners of the 2007 Aga Khan Award for Architecture, which celebrate the mundane to the magnificent around the globe. The 28-story Moulmein Rise Residential Tower incorporates the traditional monsoon window, a horizontal opening that lets in breezes but not rain. Other winners include a school in Bangladesh and a university in Kuala Lumpur. The award, established in 1977, recognizes architectural excellence in places where Muslims live. It covers the fields of contemporary design, social housing, community improvement, historical preservation, reuse and area conservation, as well as landscape design and improvement of environment. (AP)

Tuesday, September 04, 2007

Investors Push Cambodia to Allow Foreign Ownership of Buildings, Condominiums

Foreign investors pushed the Cambodian government Tuesday to allow foreign ownership of buildings, apartments and condominiums, saying such a step is important to advance the country's economic growth. "It will help further develop the real estate market in Cambodia," said Bretton Sciaroni, an American lawyer, in a speech at a government forum Tuesday. Sciaroni was representing a group of investors in a regular meeting with the government to discuss the investment climate and the difficulties of doing business in Cambodia. He noted that real estate is already a dynamic sector in Cambodia. "But foreign ownership of apartments, condominiums and other such structures on the land will help spur future economic growth," he said.

The Cambodian constitution prohibits foreign ownership of land but doesn't explicitly ban foreigners from owning buildings. Two years ago, the government amended a land law with the aim of allowing foreign ownership of such permanent fixtures. But since then, the government has not issued any implementing regulation on the amendment, leaving lending institutions uncertain about investing in Cambodian real estates, Sciaroni said. (AP)

Malaysia's Mahathir Stable after Heart Bypass Surgery

Malaysia's former Prime Minister Mahathir Mohamad was in stable condition after undergoing a second bypass surgery Tuesday following two recent heart attacks, his daughter said. Marina Mahathir said the surgery, which was performed at the National Heart Institute, was successful. She said Mahathir, 82, has not regained consciousness and it was not clear how long it will take before he can return home. Mahathir, who suffered heart attacks in November 2006 and May this year, was admitted to the National Heart Institute on Sunday after he elected to have the surgery. Two days earlier he had attended a national day parade to mark the country's 50th anniversary of independence. (AP)

Billions in Trade Deals Expected During Putin's Visit to Indonesia

Russia and Indonesia are expected to sign billions of dollars worth of weapons, mining and oil deals during Russian President Vladimir Putin's first visit to the country this week, a presidential spokesman said Tuesday. Russia will grant Indonesia a US$1 billion credit line to buy Russian military hardware, said spokesman Dino Pati Djalal, without providing details. Indonesian mining company Aneka Tambang will sign a $3 billion deal with Russian aluminum giant United Company Rusal, while state-owned oil company Pertamina plans to sign a $1 billion agreement with Russia's LukOil, he said. Putin will meet with Indonesia President Susilo Bambang Yudhoyono on Thursday during a one-day stop over on his way to the Asia-Pacific Economic Cooperation forum in Australia.

Indonesia has been looking for other sources of arms since the United States—formerly its largest supplier of weaponry—cut military ties in 1999 over human rights concerns. The ban was lifted in 2005, but Jakarta continues to look elsewhere for military hardware.

Indonesia is a major arms-buying client for Russia and has spent hundreds of millions of dollars on fighter jets. (AP)

Dive Boat Capsizes off Thai Coast, Killing Israeli Tourist

A dive boat capsized off the Thai coast Tuesday, killing an Israeli man and injuring seven other tourists, police said. The boat with 59 passengers on board sank during a diving trip near Phi Phi island in the Andaman Sea, police Lt-Col Somdet Sukkhakarn said. Somdet said a tourist identified as 26-year-old Nissim Lugasi of Israel died, and seven others were hurt.