Serviced residence operator Ascott has secured another four management agreements in China, the company said on Monday (June 23). Ascott, CapitaLand’s wholly-owned serviced residence business unit, said it will operate its first serviced residence in Taiyuan, the 170-unit Ascott Taiyuan, which is slated to open in 2018. It will also operate the 195-unit Ascott Riverside Garden Beijing and 342-unit...
Developer News
Far East Orchard will soon have a new man at the helm. The property firm announced on Wednesday that Group CEO and Managing Director Lucas Chow will retire on September 1, 2014. Mr Chow, who is 61 years old, will be succeeded by Mr Lui Chong Chee, who has extensive financial and management leadership experience from major listed companies, including Raffles Medical Group and CapitaLand Group. Mr...
Singapore property giant CapitaLand has crossed the shareholding threshold that will allow it to compulsorily acquire the remainder of CapitaMalls Asia (CMA). As at 5pm on 6 June, CapitaLand and concert parties own or have agreed to buy 97.1 percent of CMA's issued share capital -- above the 97.02 percent level that will allow the compulsory acquisition, a spokeswoman said on Sunday. CMA shares will...
A growing number of local property developers are seeking opportunities abroad. Frasers Centrepoint is the latest to enter the fray after submitting a proposal for a takeover of Australian developer Australand. Industry experts said that is because local players have accumulated strong cash balances and are looking for opportunities abroad as cooling measures weigh on the local property...
CapitaLand on Thursday (June 5) announced that it holds more than 90 per cent of the issued shares of CapitaMalls Asia (CMA) - crossing the threshold it needs to delist its shopping mall arm. CapitaLand said in a press release that it has submitted an application to the Singapore Exchange to delist CMA, and CMA shares will be suspended from trading after on June 9, the close of its offer to buy out...
Property developer Frasers Centrepoint said on Wednesday (June 4) that it has submitted a A$2.6 billion (S$3.03 billion) takeover bid for Australia's Australand Property Group. Frasers Centrepoint has proposed a cash offer of A$4.48 per share, topping a A$4.43 offer made by Australand stakeholder Stockland Corp, Australia’s second-largest property group. Australand’s board intends to recommend...
The group making a takeover bid for Hotel Properties Ltd (HPL) has raised its offer price again. 68 Holdings - led by Singapore tycoon Ong Beng Seng and Wheelock Properties - is now offering S$4.05 for each HPL share, up from the previous S$4.00 a share. 68 Holdings had originally offered S$3.50 per share. This follows an agreement by 68 Holdings to buy 6.69 million HPL shares, representing 1.29...
CapitaLand has raised its stake in CapitaMalls Asia (CMA) to 85.2 per cent, bringing it closer to crossing the 90 per cent level that would enable it to delist its shopping mall arm. CMA is one of Asia's largest shopping mall developers and operators, with interests in more than 100 shopping malls across Singapore, China, Malaysia, Japan and India. "We are pleased with the positive response towards...
Singapore-based marina club and property developer, ONE°15 is making its first overseas foray. It signed a memorandum of understanding on Monday with Vietnamese company Vung Ro Petroleum to develop an integrated marina resort in Vung Ro Bay, Vietnam. They aim to develop ONE°15 Vung Ro Bay Marina Resort into an international nautical hub. It will comprise a private members' club, marina berths,...
CapitaLand's stake in CapitaMalls Asia (CMA) has crossed the 80 per cent mark, bringing it closer to attaining full control of its shopping mall arm. Southeast Asia's largest developer CapitaLand now controls approximately 81.3 per cent of CMA, after taking into account open market purchases and acceptances of the offer as at 5 pm on Tuesday (May 20), it said in a statement on Wednesday. On 16 May,...