United States investment giant Blackstone and Malaysia's CIMB Bank will invest in three Sentosa Cove properties owned by City Developments (CDL), including the W Singapore hotel, in a complex transaction valued at S$1.5 billion. The investment in the Quayside Collection – comprising the W hotel, the Quayside Isle retail complex and the Residences at W Singapore – will be via an investment instrument...
Developer News
The real estate industry has urged the Government to be prepared to take "supportive measures" to prevent a tipping point, if the property market turns volatile and worsens further. Speaking at the Real Estate Developers' Association of Singapore's (REDAS) 55th anniversary dinner on Wednesday evening (Nov 26), the association's president Mr Chia Boon Kuah added that the looming supply of 68,000...
City Developments’ (CDL) deputy chairman, Kwek Leng Joo, has said the property developer reaped a total savings in energy consumption of US$16 million (S$21 million) from its 37 Green Mark Gold-rated buildings from 2008 to 2011. He was speaking on sustainability at the 2014 Annual Asia Competitiveness Institute conference on Wednesday (Nov 26). CDL's sustainability efforts include the adoption of more...
Investors in Singapore will soon get a chance to own slices of iconic Singapore properties like Chijmes and Capitol Singapore. Perennial Real Estate Holdings, which owns these assets, has completed its reverse takeover of Catalist-listed night-spot operator St James Holdings on Monday (Oct 27). However, the trading of its shares - which will be promoted to the mainboard of the SGX - is only expected to...
Another long-serving senior CapitaLand executive has resigned, worsening an exodus that has already seen the departure of its deputy chief executive and the head of shopping malls. “Wong Heang Fine, CEO, CapitaLand Singapore (Residential), will be leaving the organisation at the end of October 2014 to pursue other professional interests," CapitaLand Group CEO Lim Ming Yan said in a statement early...
Some developers say they will hold back on bidding for new executive condominium (EC) sites in the future unless they have very good potential, as the risk profile of ECs has gone up following a series of new restrictions imposed by the Government. According to Evia Real Estate, which is jointly developing the Lake Life EC in Jurong, the segment now poses higher risks to developers. Mr Vincent Ong,...
The Housing and Development Board (HDB) on Thursday (Oct 2) awarded the land parcel at Sembawang Road and Canberra Link to Qingjian Realty (Residential). The developer's bid of S$229.38 million was chosen by the HDB, over the combined bid of S$208.5 million by Verwood Holdings and TID Residential. The land site is for executive condominium (EC) housing development, and has a lease term of 99 years....
Singapore-based real estate giant Frasers Centrepoint (FCL) has secured a 98.39 per cent interest in Australand at the close of its takeover offer of the Australian property group on Friday (Sep 5). FCL offered A$4.48 (S$ 5.25) for each Australand stapled security. The offer, which values Australand at around A$2.6 billion (S$3 billion), closed on Thursday (Sept 4). Under Australian law, FCL can...
City Developments Limited's (CDL) executive chairman, Kwek Leng Beng, on Thursday (Aug 14) said there is still upside in the Singapore office and hotel segments. Looking ahead however, the developer will accelerate its push for overseas expansion and tap new product opportunities. SINGAPORE OFFICE AND HOTEL SEGMENTS The limited number of new prime office buildings in Singapore has helped to boost...
City Developments (CDL), Singapore’s second-largest property developer, said on Thursday (Aug 14) its second-quarter net profit fell 32.8 per cent from a year ago, mainly due to divestment gains in 2013. Net profit for the three months ended Jun 30 was S$137.9 million, down from a restated S$205.1 million during the same period last year. Property development was the main contributor to earnings,...