Mainboard-listed property investment firm, Japan Land, said on Thursday that it remains committed to observing the requirements of the listing manual of the Singapore Exchange. The firm gave the assurance following news that one of its independent directors, lawyer and MP for Tampines GRC Sin Boon Ann resigned from the board. Mr Sin had quit as he was not satisfied with the firm’s control of its...
2009
MANDARIN Gallery is set for a soft launch this Friday after a $200 million makeover. About half of the 103 stores are open for business and the mall should be fully operational around the third week of January. 'It is almost completely leased out and we expect tenants to move in by January 2010,' said Patrina Tan, senior vice-president of retail, marketing and leasing for Overseas Union Enterprise...
Industry players say the upcoming new measures to improve standards of the real estate sector here will not affect the property prices. The government has just finished gathering suggestions for a new regulatory framework for the industry. It will likely be introduced by the second half of next year. Industry practitioners said the government will likely introduce a central registry to list all...
Members of the public said that property agents must pass a standard industry entrance examination before they are allowed to practise. The exam should not only test them on practical knowledge of the real estate industry and how to carry out their work, but it should cover ethics as well. This was part of the feedback received during a public consultation exercise for a new regulatory framework for the...
Mainboard-listed CapitaMall Trust (CMT) said its current chief executive officer, Lim Beng Chee, will relinquish his position with the company to focus on his new role as CEO of newly-listed CapitaMalls Asia. However, Mr Lim will continue as a director and a member of the Executive Committee of CapitaMall Trust. Current Deputy CEO Simon Ho will assume the top position, while head of Investment and Asset...
Shares of CapitaMalls Asia made their much-anticipated debut on the Singapore Exchange on Wednesday. The counter closed at S$2.30 - up 8.5 percent over its IPO price - against expectations for a 10 percent jump. The listing was the largest in Singapore in 16 years. The IPO was 1.7 times oversubscribed, with the institutional portion garnering about 2.5 bids for every available share. Liew Mun Leong,...
Boon Building at 61 South Bridge Road has been launched for sale through a tender. The six-storey building is on a 999-year leasehold, sitting on a site area of about 2,300 square feet. The building is zoned as a commercial site and will be sold with vacant possession. DTZ Debenham Tie Leung has been appointed as the marketing agent for the sale. DTZ said it expects the property to attract both...
The Urban Redevelopment Authority (URA) has released for sale a site at Kaki Bukit Avenue 4 for industrial development. The land parcel has a site area of about three hectares and a gross plot ratio of 2.5. The site will have a lease period of 60 years. The site is being released under the government's Reserve List. Under the Reserve List system, a site would only be put up for tender if a developer's...
Property consultant DTZ said on Tuesday there was less speculative activity in the third quarter this year. In a report, it said the proportion of sub-sales declined from 16 per cent in the second quarter to just 13 per cent in the third quarter. Sub-sales, which refer to re-sales that occurred before the completion of a project, are usually used as an indicator of speculative activities. Another...
The IPO by CapitaMalls Asia saw strong demand, with the retail tranche over-subscribed by 3.9 times, and the institutional tranche was over-subscribed by 1.5 times. At S$2.8 billion, the IPO is Singapore's largest in 16 years. CapitaMalls Asia will make its debut on the Singapore Exchange on Wednesday. And if the IPO subscription rates are anything to go by, it looks set to make a splash. Market...