Developer News

Redas president calls for ABSD reprieve for first-time upgraders

Following the government's clampdown on Monday on the re-issuance of options to purchase (OTPs) by private housing developers, the head of the developers' body has urged the government to urgently consider allowing first-time upgraders from a HDB flat to a private property to defer payment of the additional buyer's stamp duty (ABSD) till six months after the completion of the private property. A similar...

Ascott converts some apartments into work suites, eyes cloud kitchens

CapitaLand's wholly-owned lodging business unit, The Ascott Limited, has launched a "work in residence" initiative at participating properties worldwide, to transform selected apartments into work suites. To extend its service offerings to guests, Ascott is also providing its space-as-a-service by exploring with multinational corporations, entrepreneurs and small-medium enterprises different...

Frasers Property unit tops bids for Sengkang EC site; UOL-led consortium is highest bidder for a condo plot in Canberra Drive

Land tenders for three 99-year leasehold housing sites comprising two adjoining private housing sites in Canberra Drive in Singapore's north and an executive condominium or EC site along Fernvale Lane in the Sengkang area closed on Tuesday. Canberra Drive (Parcel A) drew five bids, with the highest offer of nearly S$129.20 million or about S$644 per square foot per plot ratio (psf ppr) from Oasis...

New rules on qualifying cert offer reprieve to Singapore developers

Some Singapore-listed housing developers can now apply to be exempted from the Qualifying Certificate (QC) rules imposed on foreign housing developers, provided they have a "substantial connection to Singapore". This will spare them from having to pay hefty extension charges if they cannot meet stipulated deadlines to complete developing their projects and selling all the units. Developers that stand...

CapitaLand wins tender to manage Bugis Village and Bugis Street

Real estate behemoth CapitaLand has won the tender to manage Bugis Village and Bugis Street for up to a decade, it said in a bourse filing on Thursday. It will take over the integrated management of the area on April 1, 2020 with an initial three-year tenancy, which may be renewed for two further terms of three years each and a final tenancy term not extending beyond March 30, 2030. Existing tenants...

Far East Consortium said to mull S$500m Singapore Reit IPO

Far East Consortium International, the Hong Kong developer, is considering a real estate investment trust (Reit) listing in Singapore that could raise as much as S$500 million, people with knowledge of the matter said. Hong Kong-based Far East Consortium is working with advisers on the potential sale of trust units backed mainly by hotels under the Dorsett brand, the people said. The initial public...

CapitaLand, CDL, Ascott Reit to redevelop Liang Court into mixed-use complex

CapitaLand Limited, City Developments Limited (CDL) and Ascott Residence Trust (Ascott Reit) on Thursday said they will together redevelop the Liang Court site. The site comprises Liang Court mall, midscale hotel Novotel Singapore Clarke Quay and serviced residence Somerset Liang Court Singapore. This comes as CDL Hospitality Trusts (CDLHT) has proposed to sell its entire stake in Novotel Singapore...

Eyes on Oxley as Yanlord raises UE cash offer

Yanlord Land Group has raised its cash offer for United Engineers (UE) to S$2.70 per share, after scooping up 39.2 million shares or 6.15 per cent of UE in married trades done at the same price just before noon on Tuesday. The Business Times understands that the sellers are likely to be multiple accounts aggregated by a broker. Oxley Holdings, the only other shareholder in UE with a sizeable block of...

Yanlord makes new mandatory offer for United Engineers

China-based property developer Yanlord Land Group on Friday morning launched fresh mandatory offers for United Engineers (UE), in a deal valuing the latter at S$1.66 billion. Yanlord's wholly-owned subsidiary Yanlord Investment (Singapore) (YIS) is offering to acquire the ordinary and preference shares in the property, engineering and construction group at S$2.60 apiece in cash. This is the same as...

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