THE concept of co-working space is gaining traction with office landlords here, with CapitaLand being the latest to introduce this in its headquarters building. CapitaLand is partnering co-working space operator Collective Works under a 50-50 joint venture to turn the entire 12th floor at Capital Tower into co-working space. Spanning some 22,000 square feet, this can potentially house up to 250...
Developer News
DESPITE much industry lobbying for an extension of deadlines for developers to meet the conditions for additional buyer's stamp duty (ABSD) remission on residential sites, it appears that many developers are sanguine about the looming deadlines. While tight-lipped about their marketing strategies, developers whom BT spoke to are confident that their projects will sell out before the respective ABSD...
HIAP HOE, through its subsidiary Meteorite Property, has entered into an agreement to sell a property in Melbourne for A$60 million (S$61.8 million) before taxes to an Australian developer. This would also mean that plans for a joint venture between the two parties will have to be annulled, as the new company was to manage the development of the said property. Hiap Hoe said on Wednesday evening that...
CHINA'S biggest state-owned developer Greenland Group has taken the first step of securitising its global real estate assets and has made Singapore its first port of call. For a start, it is injecting 20 hotels in China worth close to S$5 billion into Amare Investment Management Group - a special purpose vehicle set up by Singapore-based Glory Fund Management Group - with the hope of listing a Reit in...
City Developments (CDL) has booked a record S$410.5 million in net profit for the three months ended Dec 31 last year. The Singapore property developer's net attributable profit after tax and non-controlling interests (PATMI) was up 6.6 per cent from S$384.9 million in the fourth quarter of 2014 “despite challenging market conditions”, said CDL in a statement issued on Thursday (Feb 25). CDL said...
With developers facing potential charges for unsold private residential units that could amount to S$100 million, the Real Estate Developers’ Association of Singapore (REDAS) renewed its call on Thursday (Feb 18) for the Government to review the property cooling measures. “The real estate market is reeling from the compounding effects of an oversupply situation, rising vacancy rates, weak demand and...
CapitaLand, one of South-East Asia's largest property developers, said on Wednesday (Feb 17) its profit for the fourth quarter fell nearly 40 per cent from a year ago, hurt in part by the absence of gains recorded last year from the sale of an office tower. The group's profit after tax and minority interests for the quarter fell 39.5 per cent to S$247.7 million from S$409.4 million. Operating profit was...
Residential property developers have been holding back on property launches, with a few opting to delay by one or two months, according to property watchers. They attribute this to developers being conscious of poor market sentiment amid economic uncertainty. The first residential property launch for 2016 is expected to be WanderVale, an executive condominium (EC) in Choa Chu Kang with 534...
The consortium comprising Lendlease and Abu Dhabi Investment Authority (ADIA) that last year bagged a plum site in Paya Lebar Central, has obtained provisional permission from Singapore's planning authority to build a project that will comprise offices, retail space as well as 429 apartments. Going by market talk, the apartments are expected to be launched for sale probably next...
Keppel Land has acquired a 22.4 per cent stake in 112 Katong mall from BHG, Imagine Properties and Perennial Singapore Investment for S$51.4 million, Keppel Corp announced in a press release on Sunday (Jan 17). The remaining 77.6 per cent stake is held by Alpha Asia Macro Trends Fund, which is managed by Alpha Investment Partners, a property fund management vehicle of Keppel Land. Keppel Corp said...