The Holland-Bukit Panjang Town Council said upgrading works will continue despite huge investment losses reported in 2008. Over 90 per cent of blocks in the Holland and Bukit Panjang districts have commenced lift upgrading programmes. The latest financial report showed the town council achieved an accumulated surplus of S$1.81 million. "Our town council is very prudent in terms of our investment...
2009
The Serangoon Avenue 3 area came into focus last month when Hong Leong Holdings won a land parcel there in a government tender with a bid of $221 million, which works out to $529 psf per plot ratio. Property consultants expect the breakeven price for the future condominium project to be between $900 and $950 psf. Hong Leong says it intends to develop the site into a 400- unit condo, which is targeted for...
Starhill Global REIT is set to acquire David Jones Building, a retail property located in central Perth, Australia for A$114.5 million ($148 million) from Centro, a real-estate company based in Australia, via a special purpose unit trust structure established in Australia. In addition, Starhill Global REIT says it has entered into an agreement with the trustee of Starhill REIT of Malaysia to indirectly...
The Inland Revenue Authority of Singapore (IRAS) will raise the Annual Values (AVs) of HDB flats with effect from 1 January 2010. To help HDB homeowners adjust to the AV increase, the government will grant a one-off property tax rebate to all HDB owner-occupiers for the property tax payable in 2010. There are two existing property tax rebates; the $100 rebate and the 40% rebate that were provided as part...
Visitors are one step closer to visiting Southeast Asia’s first and only Universal Studios theme park opening on Sentosa's Resorts World, now that ticket prices have been revealed. Sale of tickets shouldn't be too far on the horizon with Resorts World Sentosa announcing on Wednesday its one-day, two-day and express pass ticket prices that range from S$32 to S$118 to access all attractions. “We have...
The tussle for unitholder support between MacarthurCook Industrial REIT (MI REIT) and Cambridge Industrial Trust (CIT) continues unabated. The latest salvo was fired on Wednesday morning by MI REIT, which questioned CIT's plans for it. MI REIT wants details of CIT's proposed initiative to take charge of MI REIT's assets, as well as the costs involved in such a move. It is also asking how CIT plans to...
A hotel guest once called Ms Christine Kaelbel-Sheares at 2am, wanting to throw a party with bar service and a deejay for 40 friends within half an hour. Another guest and his wife wanted to rent Elvis and Marilyn Monroe costumes for Halloween at the eleventh hour, when rental shops in Las Vegas were already largely out of stock. Requests like these were the norm for Ms Kaelbel-Sheares when she was...
MacarthurCook Industrial REIT (MI REIT) has rebutted Cambridge Industrial Trust's (CIT's) assertions that its recapitalisation plan is "massively value destructive". MI REIT said on Tuesday that unitholders should not allow themselves to be distracted by analyses that are inaccurate, incomplete and misleading. It said there are a number of mistakes in CIT's analysis. These include: CIT's claim that new...
Singapore's CapitaLand will raise US$1.8 billion ($2.47 billion) through the IPO of its shopping malls unit, playing it safe on the pricing after some Asian IPOs faltered recently due to valuation concerns. CapitaMalls Asia's IPO has been priced at $2.12 a share, according to an issue prospectus, below the midpoint of an indicative range of $1.98-$2.39 a share. The conservative pricing is aimed at...
CapitaLand raised $2.47 billion selling shares in its CapitaMalls Asia unit in Singapore’s biggest initial public offering in at least a decade, said a person familiar with the matter. Southeast Asia’s largest real estate developer sold 1.165 billion shares in CapitaMalls at $2.12 each, the person said, asking not to be identified before a company announcement. The shares were previously offered at...