SGX-listed Aspial Corp has acquired a property in Melbourne, Australia, which it plans to redevelop into the city’s tallest building. The A$42.3 million (S$48 million) deal is for a freehold low-rise commercial building in downtown Melbourne which has a total land area of about 2,625 square metres. In a statement on Wednesday, Aspial said the property has two active planning permits, of which one...
Developer News
Executive condominium (EC) developer MCC Land Singapore has rolled out a festive promotion in a bid to drive sales during the Lunar New Year period. The developer told Channel NewsAsia that it is offering a small price discount for EC units at Forestville at Woodlands and Sea Horizon in Pasir Ris. Forestville is developed by Hao Yuan Investment while Sea Horizon is jointly developed by Hao Yuan...
CapitaLand, CapitaMalls Asia and CapitaMall Trust have signed an option to sell Westgate Tower for S$579.4 million. In a filing with the Singapore Exchange, CapitaLand said the option was granted to a consortium comprising Sun Venture Homes and Low Keng Huat (Singapore), which has up to January 24 to exercise it. Located at Jurong Gateway, Westgate Tower is the office component of the Westgate...
The location of several sites in the upcoming government land sales programme could put pressure on some developers, especially those with unsold private residential units or yet-to-be launched projects in the area -- this is according to some property analysts. Market watchers told Channel NewsAsia some developers may have to cut prices to move sales. The private residential market will see a...
Developers will likely moderate their bids for the two executive condominium (EC) sites in Choa Chu Kang Grove that were released for sale yesterday, as recent changes to the rules governing the hybrid private-public housing scheme are expected to hit demand from upgraders. The adjacent sites with identical areas of 177,120 sq feet, released under the Confirmed List of the Government Land Sales...
Property developers may be taking a more “conservative” stance when bidding for land, said analysts after the Urban Redevelopment Authority (URA) closed the tenders for two private residential sites at Upper Serangoon View yesterday. The adjacent land parcels attracted eight bids each, with Kingsford Development, owned by Chinese nationals, coming in top for both sites at S$258.8 million and S$201.6...
Wheelock & Co, a Hong Kong-based real estate developer and parent of the city’s Wharf Holdings and Singapore’s Wheelock Properties, yesterday said its billionaire Chairman Peter Woo, 67, will step down and his son will take over the role. Mr Douglas Woo, who was appointed as Managing Director effective July 1, will start as Chairman on Jan 1, according to a filing to the Hong Kong Stock Exchange. Mr...
Straits Trading, an investor in Singapore’s biggest publicly traded property trust manager, is planning “Blackstone-like” funds as Asia’s appetite for real estate investments increases. Straits Trading last month invested in Singapore-listed ARA Asset Management, the property trust manager partly owned by billionaire Li Ka-shing, and set up a joint venture with ARA’s CEO John Lim to invest in...
Despite having to navigate a challenging environment with the introduction of various property market cooling measures and the Total Debt Servicing Ratio (TDSR) framework, City Developments (CDL) has continued to enjoy robust sales at its new and existing residential projects. In its third-quarter financial report released yesterday, CDL said more than 83 per cent of the 420 units in its Jewel@Buangkok...
The Real Estate Developers' Association of Singapore (REDAS) said it hopes the Singapore government will moderate and calibrate its land sales programme. It said this is to ensure that land supply is injected at an appropriate pace that will contribute to the overall health of the market REDAS President Chia Boon Kuah said: "As long as homes are purchased with sound reasoning, we believe in riding...