Keppel Land on Monday (Feb 9) has entered into a sales and purchase agreement with Aberdeen Property Trust for a freehold nine-storey office building in the City of London for £91 million (S$186 million), it announced in a press release. The property, located at 75 King William Street, is said to be in close proximity to Bank Junction, London's historic and financial centre. Keppel said the investment...
Developer News
Keppel Corporation on Friday (Jan 23) launched a voluntary unconditional cash offer for all the remaining shares of subsidiary Keppel Land. Keppel Corp, the world's largest maker of offshore oil rigs, currently owns 54.6 per cent of Keppel Land, a major Singapore property developer. Keppel Corp said it is offering a base offer price of S$4.38 for each Keppel Land share. A higher offer price of S$4.60...
Keppel Land is expanding its Indonesian portfolio with the acquisition of a 4.6-hectare site in West Jakarta for S$40.2 million. It plans to develop the site as a residential project for middle-income earners. Expected to be launched in phases from 2017, Keppel Land's upcoming development will comprise more than 4,000 apartment units ranging from studio apartments to three-bedroom units as well as...
Centurion Corp, which owns and manages worker hostels in Singapore and Malaysia, is considering spinning off some of its assets via a real estate investment trust (REIT) to free up capital for expansion. In a filing with the Singapore Exchange (SGX) on Friday (Jan 16), Centurion said it is exploring a possible REIT listing with the help of Barclays, United Overseas Bank and UOB Kay Hian. Centurion,...
A joint venture company formed by two SGX-listed property developers has made a cash offer to acquire LCD Global Investments. Aspial Corp and Fragrance Group formed a firm called AF Global to bid for the mainboard-listed company that operates high-end hotels, resorts and serviced residences in Asia and the UK. In a filing to the Singapore Exchange on Monday (Jan 12), AF Global has offered 33 cents per...
Perennial Real Estate Holdings, whose properties include Capitol and CHIJMES, made a weak debut on the main board of the Singapore Exchange (SGX) on Friday (Dec 26), opening more than 20 per cent below the notional value of its shares. Perennial Real Estate - which achieved its stock market listing via a reverse takeover of nightclub operator St James Holdings - recently took over Perennial China Real...
City Developments Ltd (CDL) has bought an upscale residential development in Shanghai in a deal worth 799 million yuan (S$169 million), continuing its overseas expansion in property segments other than hotels. The development in Shanghai's Qingpu District consists of 120 residential units built on a 163,837 square metre parcel of land. CDL said 85 of the units remain unsold. According to CDL, the...
Homegrown lifestyle property developer Oxley Holdings has made its foray into the Japanese property market. It has acquired Chiba Port Square, a mixed development located in the heart of Chiba City's port area in Greater Tokyo. This follows an announcement by Oxley earlier in November that it was planning to buy the property for ¥3.55 billion (S$39.5 million) from Masuya Home Company. With a site...
Straits Trading Company said on Tuesday (Dec 16) that it will buy a retail development in Chongqing for 668.4 million yuan (S$140.5 million), marking its first foray into China's property market. The purchase of the Times Midtown development from Chongqing BBMG Dacheng Shanshui Properties was done via Straits Real Estate, in which the Singapore investment firm has an 89.5 per cent stake. Straits...
CITY Developments Limited (CDL) has come up with a novel way of monetising its Sentosa Cove assets in a soft property market, even as it anticipates more overseas acquisitions over the next few years. The Singapore-based developer cobbled together a club deal with US investment giant Blackstone and Malaysia's CIMB Bank, which along with senior bank loans, amount to S$1.5 billion. Through a complex...