Southeast Asia's largest developer CapitaLand has bought a 60 per cent interest in two adjacent prime residential sites in the western Chinese city of Chengdu for 752 million yuan (about S$155 million), further strengthening its presence in the world's most populous country. CapitaLand plans to build around 4,600 apartment units on the sites to cater to first-time homebuyers and upgraders. Construction...
Developer News
Minority shareholders of Singapore property group SingLand should accept the S$8.40 a share offer by United Industrial Corporation (UIC) as the price is fair and there is a risk that they could end up holding shares in an unlisted firm, independent financial adviser ANZ said on Monday. They can, alternatively, sell their SingLand shares on the open market since the shares are currently trading well...
CapitaLand has sold its remaining 39.1 per cent stake in Australia's Australand Property Group, raising around S$970.1 million. Singapore's largest developer said in a statement on Wednesday it placed out its remaining 226.2 million stapled securities of Australand at an average price of A$3.75 per stapled security. The price was a discount of 3.6 per cent to Australand's closing price on...
Far East Organization has won the tender for a hotel site at Sentosa. The 60-year leasehold site at Artillery Avenue is situated on elevated ground and overlooks Palawan Beach. According to Sentosa Development Corporation, Far East will pay an upfront land premium of S$32 million. In addition, it will pay S$3.7 million annually, or 10 per cent of the total annual gross revenue, whichever is...
United Industrial Corporation (UIC) has made a formal offer to take mainboard-listed Singapore Land (SingLand) private. UIC announced last month that it wanted to buy over the remaining 19.64 per cent of shares in SingLand that it did not already own. The deal is valued at S$761.7 million. UIC is offering to pay S$9.40 for each SingLand share. It said that buying out minority shareholders will...
Ho Bee Land continued its diversification into the United Kingdom by purchasing an office building that once served as London's General Post Office. The Singapore developer will pay ￡171 million (S$362 million) for the freehold property known as 1 St Martin's Le Grand, it said in a statement on Friday. "The acquisition of 1 St Martin's Le Grand is our second major office acquisition in the city of...
Property agencies say some developers are offering a higher commission to help boost sales at their projects. This comes amid slowing demand as government property-cooling measures and tighter home loan regulations take effect. Agents say the commission could be as high as 3.5 to 4 percent for hard-to-sell units, and that's the highest commission rate in five years. As a result, some agents are...
The majority shareholder of Singapore Land (SingLand) is offering to take the company private by buying the remaining 19.64 per cent of shares in a deal valued at S$761.7 million. SingLand is one of Singapore's largest landlords. Its properties include Singapore Land Tower and Clifford Centre in the heart of the central business district, SGX Centre which houses the Singapore Stock Exchange, and the...
The move by Wheelock Properties to take a write-down for a condominium project reflects difficulties faced by developers to sell residential units on land bought before the last set of cooling measures announced last year, property consultants said. Wheelock said on Monday that it was writing down S$110 million for The Panorama condominium project. Consultants said the developer had paid a...
City Developments Limited's (CDL's) executive chairman and industry veteran Kwek Leng Beng has suggested that it may be the right time for the government to tweak the property cooling measures, amid concerns over the global economy. Mr Kwek gave his views during a speech when he was presented with a Lifetime Achievement Award at an event organised by the Real Estate Developers' Association of Singapore...