With an impending oversupply of private residential homes, the Real Estate Developers' Association of Singapore (REDAS) has said it is ready to work with the Government to address the situation. REDAS estimates that there will be 67,000 new units by 2019, excluding executive condominiums. This represents 20 per cent of the total number of private residential units currently. Only 6,500 homes were...
Developer News
Local developer Perennial Real Estate Holdings is making its foray into Africa through a joint venture deal with Shangri-La Asia to develop an integrated mixed-use complex in Ghana worth more than US$250 million (S$352 million). In a statement on Friday (Aug 21), Perennial said it will acquire a 55 per cent stake in a 49,874 square metre (sqm) site from Shangri-La Asia for S$21.3 million. The site is...
Singapore-listed developer GuocoLand is selling a large development project in Beijing for RMB10.5 billion (S$2.3 billion), in a deal that is expected to generate a net gain of RMB1.58 billion. The sale of the Dongzhimen (DZM) mixed-use development to China Cinda Asset Management provides an opportunity for GuocoLand to realise the development's capital value, the developer said in a stock marketing...
Keppel Land topped off its latest commercial project, the International Financial Centre Jakarta Tower Two, in Jakarta's Central Business District on Tuesday (Aug 18). The developer is seeking to grow its commercial portfolio in key Asian cities. Singapore and China remain its core markets, but the firm sees Indonesia and Vietnam as key growth areas. Mr Sam Moon Thong, President (Indonesia) of Keppel...
CapitaLand Mall Trust (CMT), Singapore's largest shopping mall trust, will buy Bedok Mall from sponsor CapitaLand in a deal that values the mall at S$780 million. The 222,500 square foot Bedok Mall, which opened in December 2013, is part of an integrated retail-residential-transport development at Bedok Town Centre that includes the 583-unit condominium Bedok Residences developed by CapitaLand. The...
Serviced residence operator The Ascott has entered into a joint venture with Qatar Investment Authority (QIA) to set up a US$600 million (S$809 million) serviced residence fund. According to a press release by Ascott's parent company CapitaLand on Monday (Jul 13), the fund will have an initial focus on Asia Pacific and Europe regions for a term of 10 years with an investment period of three years....
Local property group Perennial Real Estate Holdings is making a foray into healthcare for the first time through a joint venture (JV) in China which plans to acquire and develop hospitals. Perennial will be investing S$63 million for a 40 per cent stake in the JV while the remaining 60 per cent will be held by Guangdong Boai Medical Group Co, a subsidiary of China Boai Medical Group (BOAI), a...
Developers of executive condominiums (ECs) are becoming more creative in their efforts to attract buyers amid softer market conditions. Some have introduced new types of facilities in their projects, while others are offering yoga, dance and baking classes. An upcoming EC in Sengkang, called The Vales EC, will offer two-storey villa units. They are a sprawling 159 square metres each and come with...
Real estate development firm Mapletree Investments has reported a 7.5 per cent increase in revenue to S$1.6 billion for the year ended Mar 31 (FY14/15), it announced on Wednesday (May 20). Part of the increase was due to new income streams including its acquisitions during the year, higher contributions from its flagship development in Singapore - Mapletree Business City - and positive contributions...
Property developers may incur up to S$90 million in extension charges for unsold units in their condo projects from April to December 2015, followed by S$238 million in 2016 if the health of Singapore's real estate market does not improve. This adds up to a staggering S$328 million that developers are expected to fork out in the worst-case scenario should they fail to sell any units by end-2016,...