Developer News

M+S to sell Duo’s luxury Andaz hotel to Hoi Hup Realty for S$475m

The national joint venture between Malaysia and Singapore, M+S Pte Ltd, on Tuesday announced it will sell the luxury hotel component of the signature Duo mixed-use project for S$475 million to Hoi Hup Realty. M+S said it agreed to the sale of all shares of its wholly-owned subsidiary, Ophir-Rochor Hotel (ORH), the developer and owner of Andaz Singapore, to the Singapore property developer. The...

Keppel Land China acquires commercial development in Guangzhou

Keppel Land China Limited (Keppel Land China) has entered into a share sale and shareholder loan transfer agreement with Topchain Group (Topchain) to acquire a 30% stake in Win Up Global which will ultimately own Westmin Plaza, an office and retail development in Liwan District, Guangzhou, China. The investment amounted to approximately HKD141.4 million (approximately S$24.8 million) for cash consideration...

CapitaLand gains big canvas for Singapore redevelopments from ASB purchase

Some folks may think that CapitaLand does not have many Singapore residential developments coming up - with only two projects currently. However, the property group has a much larger canvas for creating development opportunities at home in various asset classes, beyond residential, after its S$11 billion acquisition of Ascendas-Singbridge (ASB) this year. In fact, one of the group's priorities in...

OUE to sell Oakwood serviced residences for S$289m

Property developer OUE has inked agreements to sell Oakwood Premier OUE Singapore, its luxury serviced residences and hotel business in Shenton Way, for S$289 million. The buyers are joint venture firms formed by Hong Kong financial services firm AMTD Group and hotel operator Dorsett Hospitality International. Dorsett is wholly owned by Hong Kong-listed property giant Far East Consortium International...

CDL takeover offer for Millennium & Copthorne Hotels turns unconditional

CITY Developments Limited (CDL) said its final cash offer to acquire all the remaining shares in its London-listed subsidiary Millennium & Copthorne Hotels (M&C) has been declared unconditional in all respects. The delisting of M&C shares from the London Stock Exchange (LSE) is expected to be effective on Oct 11, the mainboard-listed property developer said early on Friday morning. As of 5pm London...

Top Global to buy 43 units in Thong Teck Building for S$170m from Allied Tech director

Property group Top Global has decided to buy 23 freehold commercial strata-titled lots with 43 property addresses in Thong Teck Building for S$170 million. The properties comprise 39 office units and four retail units located within the nine-level Thong Teck Building on 15 Scotts Road, which was built in the mid-1970s and upgraded in 2014. The Business Times (BT) had reported in May that Top Global...

SC Global Developments and New World Development to debut Cuscaden Reserve

Singapore’s leading developer of luxury residences SC Global Developments Pte Ltd and two Hong Kong-listed developers and hotel operators, New World Development and Far East Consortium, today unveiled the name and concept of its soon-to-debut Cuscaden Reserve, a prestigious project in the heart of Orchard Road. The 192-unit Cuscaden Reserve at 8 Cuscaden Road is a rare collaboration between developers...

Developers dangle higher commissions to clear less ideal units

Some developers are dangling fatter commissions to incentivise property agents to help clear inventory. A check with property agents suggested that commissions in some cases could rise to 3-4 per cent, or more. Developers may also wheel out incentives or a cash bonus when it comes to units that are harder to sell, such as ground-floor units or units with a less-attractive facing, as agents need to work...

CDL acquires full control of W Singapore-Sentosa Cove, Quayside Isle

CITY Developments Limited (CDL) acquired the remaining 62.5 per cent stake from the investors of Profit Participation Securities (PPS) 1 structure for S$393 million, giving it full control of W Singapore-Sentosa Cove and Quayside Isle as it seeks to ride on the government's plans to reshape Sentosa. At an earnings briefing on Thursday morning, group chief executive officer Sherman Kwek said that the...

CapitaLand, ParkCity condo project in Kuala Lumpur over 70% sold

More than 70 per cent of the units at Park Regent – a joint-venture (JV) freehold residential development in Kuala Lumpur by mainboard-listed CapitaLand and Malaysia’s ParkCity Group – have been sold. Homebuyers have snapped up more than 353 of the total 505 units at an average of RM1,100 (S$365) per square foot, as at 6pm on Sunday, after the priority launch weekend. Malaysians made up 80 per...

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