While property cooling measures and the total debt-servicing ratio (TDSR) framework have dented demand for private housing, CapitaLand’s sales in Singapore do not seem to have been affected. CapitaLand, the largest-listed developer in South-east Asia, sold over six times more units in the traditionally quiet third quarter compared with a year ago, its earnings report showed yesterday. The company sold...
Developer News
New York's Museum of Modern Art (MoMa) is about to get the luxury touch, thanks to Singapore-based property developer, Pontiac Land. The company, controlled by the four Kwee brothers - whose net worth is estimated by Forbes at around US$5.3 billion - plans to invest in a 72-story luxury residential tower adjacent to the famous art museum. The 750,000 square feet building will be designed by Pritzker...
Singapore's second oldest listed company is partnering one of Asia's largest REIT managers to expand their property business. Conglomerate Straits Trading Company (STC) is acquiring a 20.1 per cent stake in ARA Asset Management (ARA) for S$294 million. Under the strategic alliance, STC will pay ARA Group CEO John Lim as well as Hong Kong-listed developer Cheung Kong Group S$294.37 million for the...
Real-estate developer Overseas Union Enterprise is considering setting up a commercial real estate investment trust to be listed on the main board of the Singapore Exchange (SGX), the company said yesterday. The initial portfolio of the proposed REIT is expected to include OUE Bayfront, an 18-storey office building at Collyer Quay, as well as commercial properties owned by Lippo China Resources, the...
Centurion, a locally-listed dormitory developer, will build a 4,100-bed facility for foreign workers in Woodlands Avenue 10 after winning a land tender by Jurong Town Corp, the company said yesterday. The site has a 30-year lease and sits on a land area of about 102,700 sq ft. Centurion, through its wholly-owned subsidiary Westlite Dormitory, submitted the top bid of S$80.8 million in the tender,...
Singapore-listed developer Ho Bee Investment says claims by home owners against alleged defects at The Coast at Sentosa Cove will be "vigorously defended". The Coast's Management Corporation Strata Title (MCST) is taking legal action against the developer for alleged defects including termite-infested pool decking and flooded staircases at the high-end condominium. The Coast was developed by Ho Bee...
Angered by what they allege to be "defects" on their property - which include termite-infested pool decking, flooded staircases in common areas and incorrectly-installed electrical fittings - 108 owners of an upscale condominium on Sentosa Cove have taken property developer Ho Bee Investment and three contractors to court. Ho Bee has denied some of the claims, said its Executive Director Desmond Woon....
Hongkong Land Holdings, which owns a stake in the biggest developer of Marina Bay Financial Centre (MBFC), will seek more commercial plots in Singapore, as tenants seek to upgrade to new buildings. Hongkong Land, as part of a venture with Cheung Kong Holdings and Keppel Land, is eyeing land purchases in Singapore’s prime office areas when the Government puts them up for sale, the company’s Executive...
Singapore-listed property development and investment firm Heeton Holdings is seeking to further regionalise its business over the next three years. The company’s objectives include diversifying its earnings from beyond Singapore to tap opportunities in emerging economies amid a challenging property market in the city-state. Onze@Tanjong Pagar is Heeton Holdings' latest project on the market. The...
With major Singapore developers like CapitaLand and City Development warning that the Singapore's real estate market will face headwinds in the near term, many of Singapore's small and medium-sized developers are looking overseas for new growth frontiers. Developer TEE Land recently announced new developments in Malaysia, Thailand and New Zealand. It attributes 25 per cent of the company's revenue...