SINGAPORE - Catch up on the morning's top business headlines in Singapore with The Straits Times Money Desk's daily update.

1. Hotel Properties expands in London. Hotel Porperties said it is expanding in London with a £111 million (S$225 million) purchase of the former Royal Mail Delivery Offices in Paddington, on which site it plans to develop homes and shops.

2. Ascott opens three new serviced residences overseas. CapitaLand's The Ascott Limited has opened its first serviced residences in Hangzhou, China and Hamburg, Germany. It has also opened its second premier Ascott-branded serviced residence in Jakarta.

3. Oil dives more than US$4. Oil prices continued its four-month rout, plunging more than US$4 a barrel on Tuesday, its biggest drop in more than two years.