Developer News

Keppel Land’s Q1 profit down 3.5% on year

Mainboard-listed Keppel Land has posted a 3.5 percent drop in quarterly earnings. First quarter net profit came in at S$60.3 million, down from S$62.5 million in the same period last year. This was much lower than a Dow Jones Newswires poll estimate of S$98 million. Revenue fell by 7.6 percent on year to S$273.1 million. The weak earnings came on the back of a cautious property market, following the...

Finland Gardens en bloc sale called off

Developer, majority owners back down. After a string of legal tussles, the Finland Gardens en bloc sale has been called off. Lawyers for residents opposing its sale said a High Court appeal ended yesterday when the majority owners in the 48-unit condo withdrew their petition. Joint-venture developers Sing Holdings and Eastern Summer have also backed off. The duo had thought they successfully bought the...

KepLand secures option to develop residential site in Vietnam

Property developer Keppel Land has secured an option to develop a residential site in Vietnam's Ho Chi Minh City. The project is estimated to cost US$390 million. Keppel Land signed the agreement through its wholly-owned subsidiary Earlsbay Investments. Under the deal, the Singapore developer will hold a 60 percent stake, while local property developer Hong Quang takes on the remaining interest. The...

CapitaLand, Abu Dhabi’s Mubadala join hands to develop properties

Property developer CapitaLand is joining hands with Mubadala Development to invest in the property sector in Abu Dhabi. The two partners have launched a joint venture company called Capitala. They are pumping in US$300 million into the joint venture. Mubadala Development will hold a 51 percent stake, with CapitaLand holding the remaining 49 percent. Capitala will develop mainly residential properties in...

CapitaLand, HPL secure S$2b financing facilities for Farrer Court acquisition

Property developers CapitaLand and Hotel Properties Limited (HPL) have secured financing facilities worth nearly S$2 billion for their collective purchase of Farrer Court estate in prime district 10. CapitaLand and HPL, along with their partners, had bought Farrer Court for S$1.34 billion last June. The financing facilities will be used to refinance the acquisition costs of the purchase, as well as to...

En bloc market suffers double whammy as investors look elsewhere

En bloc sales have been slowing down over the past few months, but it’s not just due to the recent tightening of the rules governing such transactions. Amid the global credit crunch, property watchers said foreign investments have pulled back, and the overall downturn is pushing developers to look at other moneymaking options. But they also noted that fundamentals remain strong in Singapore, and the...

Owners say enbloc sale of Tulip Garden has been called off

The enbloc sale of Tulip Garden, a freehold development in District 10, appears to be off. Tulip Garden was sold in July 2007 in a collective sale valued at S$516 million. The property is along the prime Holland Road and Farrer Road area. Channel NewsAsia understands that owners are now waiting to hear more details from the developer. Bravo Building Construction bought Tulip Garden at more than S$1,000 per...

Panel set up to help developers incorporate waterways into projects

Singapore’s water agency, PUB, has formed an ABC Waters Review Panel to help developers incorporate water bodies into their projects. It was set up late last year together with the Urban Redevelopment Authority (URA) and the Law Ministry. The panel also has several high-profile local architects as members. Environment and Water Resources Minister, Dr Yaacob Ibrahim, revealed this at the launch of the...

CapitaLand to develop 1,400 homes in Ho Chi Minh City

CapitaLand has signed a deal with its Vietnamese partner Thien Duc to build about 1,400 homes in the prime District 2 of Ho Chi Minh City. The contract for the 6.7 hectare site includes commercial and retail space. The development, which is within a popular residential area, will have an estimated total project value of S$690 million. CapitaLand will take a 60 percent stake in the proposed joint venture,...

CapitaCommercial Trust to buy 1 George Street building for S$1.2b

CapitaCommercial Trust (CCT) has been given a call option to buy the 1 George Street building for nearly S$1.2 billion. This translates to S$2,600 per square foot of net lettable area. CapitaLand will also provide yield protection to CCT, ensuring a minimum net property income of some S$50 million per annum. This means a net property yield of 4.25% per annum on the purchase price for five years until...

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