Singapore's second-largest developer City Developments (CDL) said it is not looking to put in top-dollar bids on land tenders just to grow its land bank in Singapore. This is due to the so-called "qualifying certificate", which requires developers of high-end residential projects to sell their new homes within two years. CDL's Executive Chairman Kwek Leng Beng said: “It will be suicidal to keep on...
Developer News
CapitaLand has saved S$35 million in utilities costs since 2009, according to the company's 2012 Global Sustainability Report. CapitaLand was one of the first companies in Singapore to voluntarily publish its sustainability reports. The 2012 report covers its group-wide property portfolio in more than 110 cities in over 20 countries. CapitaLand received a Level B+ rating from the independent Global...
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Coronation Road to Athens Residential Development Pte. Ltd. The company submitted the highest bid in the tender for the site of S$366 million, about S$908.17 per square foot. Tender for the residential site was launched on 28 March 2013 and closed on 20 June 2013. The land parcel was offered for sale on a 99-year...
CapitaLand has acquired a 70-per cent stake in a mixed-use development in Shanghai for S$397.5 million. In a statement, the property firm said its wholly-owned business unit CapitaLand China bought a 70-per cent stake in Shanghai Guang Chuan Property Co Ltd, a unit of Shanghai Shentong Metro Assets Management (Shentong Assets). Shentong Assets is responsible for the development and asset management...
Property developer Overseas Union Enterprise (OUE) has received approval from the Singapore Exchange (SGX) to list a hospitality-focused real estate investment trust (REIT). In a filing with the SGX, OUE said the REIT manager plans to appoint real estate veteran Chong Kee Hiong as chief executive officer and executive director. Mr Chong is the former CEO of The Ascott, the serviced apartment arm of...
Packed showflats and brisk sales -- Japanese developer Sekisui House said the hot demand for property in Singapore has helped to boost its revenue. It hopes to increase the revenue contribution from its overseas markets to 10 per cent in the short-term. It is currently developing projects in Singapore, China, the United States and Australia. Kenta Konishi, managing director of Sekisui House...
Keppel Land unit Harvestland Development has won the tender for a private residential site in Kim Tian Road with a top bid of S$550.3 million, Urban Redevelopment Authority data showed on Tuesday. Harvestland’s bid translates to S$1,162.86 per sq ft per plot ratio, the highest ever for a pure residential site, beating the previous record of S$1,107 psf ppr for a site at Farrer Road, said Mr Lee Sze...
Luxury property developer Ho Bee Group is not ruling out launching a real estate investment trust (REIT) in the next two years. These are for its commercial properties, including its latest mixed development The Metropolis. Ho Bee's chairman Chua Thian Poh said this on Thursday on the sidelines of the ceremony to mark the completion of structural works for The Metropolis. Even before the two towers are...
Property developer Overseas Union Enterprise (OUE) is exploring the establishment of a real estate investment trust (REIT) on the mainboard of the Singapore Exchange (SGX). In a filing with the SGX on Thursday, OUE confirmed that it is in "preliminary discussions" with banks. But the property developer added that details such as the properties to be injected into the REIT, the pipeline assets of the...
Real estate group Top Global has made a 10 to 15 per cent downward adjustment to the prices of its two soon-to-be-launched condominiums in response to the recent slew of property cooling measures, and further changes may be made according to demand. The freehold residential developments — R Maison and E Maison — are situated at Braddell Road and Somerville Walk, and are targeted at mid- to high-income...