Property group UOL will embark on its first major development project in London following the purchase of a prime development site in Bishopsgate for £97 million (S$201.9 million). The Singapore-listed developer bought Heron Plaza, seller Heron International said in a statement on Thursday (Aug 14). UOL has consent to build a five-star hotel, residential and retail development that is up to 43 stories...
Developer News
Property group Ho Bee Land on Monday (Aug 11) reported a 54 per cent decline in second-quarter net profit to S$12.2 million from a year ago. However, group turnover for the three months rose to S$26.8 million from S$6.1 million in the same quarter last year. The company attributed the boost to higher revenue from its investment properties. Rental income from the company's industrial and commercial...
Property giant Frasers Centrepoint (FCL) on Monday (Aug 11) reported a 60 per cent drop in fiscal third quarter net profit on-year due to a lack of fair value gains. FCL, which was spun off from Fraser & Neave earlier this year, earned S$109 million in the three months ended June, down from S$271 million in the same period a year ago. This was despite a 41 per cent rise in revenue to S$575...
CapitaLand, Singapore’s largest property developer, said on Tuesday (Aug 5) its net profit for the second quarter rose 14.5 per cent from a year ago. Net profit for the quarter was S$438.7 million, compared with a restated S$383.3 million in the same period last year. Revenue fell 13 per cent to S$875.3 million, with Singapore and China accounting for 72.9 per cent of overall group revenue. The...
Deputy Prime Minister Teo Chee Hean on Wednesday (July 30) led a Singapore delegation on a visit to the future Raffles City Chongqing work site. He is in Chongqing on the third day of an official trip to China. The US$3.4 billion (S$4.3 billion) future Raffles City Chongqing is designed by Moshe Safdie, the world-renowned architect behind the Marina Bay Sands in Singapore. Apart from a mall, offices...
Keppel Land has made its maiden investment in the United States by taking a stake in a prime New York City residential development. Keppel Land, one of Singapore's largest developers, said on Monday it will invest about US$70 million (S$87 million) in a residential property located on the Upper East Side in Manhattan. It will also comprise a retail component, and is a five-minute walk from office...
Singapore's Centurion Corp, which is best known for its worker dormitories, is diversifying into student accommodation in the United Kingdom with the proposed acquisition of four properties for £77 million (S$164.5 million). The four properties -- Manchester Student Village, Manchester Student Village South, The Grafton in Manchester and Cathedral Campus in Liverpool -- have a total of 1,906...
Singapore property giant Frasers Centrepoint Ltd (FCL) has got clearance from the Foreign Investment Review Board of Australia (FIRB) to go ahead with plans to buy Australand Property Group in a deal worth around A$2.6 billion. In a statement to the Singapore Exchange on Wednesday, FCL said it has received a "statement of no objections" from FIRB in relation to its proposed acquisition of up to 100...
Keppel Land said on Monday it has increased its share of a joint venture housing project in southern Vietnam by buying a 43 per cent effective stake in the project's phase two and three development. The Singapore developer will pay around US$11.5 million to raise its stake in the remaining phases of the Estella -- a high-rise residential development with a retail component -- to 98 per cent from 55 per...
Frasers Centrepoint Ltd's (FCL) bid to buy Australand Property Group in a deal worth around A$2.6 billion has been accepted by directors of the Australian company, the Singapore real estate giant said in a filing on the Australian stock exchange. FCL's offer of A$4.48 per Australand security was unanimously accepted by the Australian company's board in the absence of a superior proposal. An independent...