The Urban Redevelopment Authority (URA) has awarded the tender for the residential at Alexandra View to Singland Homes Pte. Ltd. The company submitted the highest bid in the tender for the site at S$970 per square foot per plot ratio (psf ppr). This works out to S$332.68 million for a total site area of about 6,501 square metres. Property analysts are estimating the breakeven price to fall between...
Developer News
Property developer Far East Orchard (FEOrchard) signed a memorandum of understanding with Australia-based hotel operator Toga Pty (Toga Group) on Wednesday which will explore the setting up of a proposed joint venture. Under the agreement, the proposed joint venture will serve as a hotel management and ownership platform in Australia. Plans are also in the pipeline for the proposed joint venture to...
Property tycoon Simon Cheong is taking his flagship company SC Global Developments private and has made a cash offer of S$1.80 a share. The offer price values the luxury property developer, SC Global, at approximately S$745 million. It is also at a 49.4 percent premium to its last traded price of $1.205 on November 30. Mr Cheong currently holds a 55.06 percent stake in SC Global and plans to de-list the...
The signs are clear for all to see: Developers' appetite for sites has rebounded strongly. In addition to the land parcels made available on the Confirmed List of the Government Land Sales programme, more sites have been triggered from the Reserve List in recent months. Under the Reserve List, the tenders will only be launched when a developer submits an application committing to bid at a minimum price...
Investment company Haiyi Holdings on Tuesday said it would be making a mandatory unconditional cash offer for all of the shares in property developer Singxpress Land after a conversion of its perpetual preference shares into ordinary equity would result in its owning 62.2 per cent of the target company. But the offer by Haiyi of S$0.0118 cent per share offer is 21.3 per cent below the last transacted...
Far East Orchard - a unit of Far East Organization, Singapore's largest privately held developer by assets - said on Monday it planned to buy Straits Trading Co's hospitality management business and stakes in the company's hotel assets, Dow Jones Newswires reported. Far East Orchard said it signed a non-binding memorandum of understanding with Straits Trading for the proposal, which also involves...
Property giant UOL Group clinched the "Best Developer Award" in the Singapore and South East Asia categories at the South East Asia Property Awards 2012 on Wednesday. The "Best Developer Award" is based on the quality of development projects, track record and innovation of the developer. Last year, UOL won the "Best Condo Development Award" in the Singapore and South East Asia categories for its Nassim...
There are at least eight private residential projects that are now racing the clock to sell remaining units within the two-year completion period, as mandated by the government. For instance, high-end projects such as the Hilltops in Cairnhill Circle and the The Marq on Paterson Hill have been completed for at least a year, but they still have hundreds of units yet to be sold, reported The Straits...
Singapore real estate company CapitaLand has said its growth in China remains on track amid slowing economy and leadership transition in the country. It still expects China to account for 45 per cent of the company's assets in the next three to five years. CapitaLand's outgoing CEO Liew Mun Leong said the company is also in a good position to compete with state-owned enterprises in China. Lim Ming Yan...
Property group UOL posted a 13 percent decline in third quarter net profit to S$87.8 million compared to a year ago. However group revenue for the three months ended September 30 fell 33 percent to S$277 million on-year. In its filing to the stock exchange on Thursday, the company attributed the decline to the drop in property development revenue from S$267.4 million to S$133.7 million following the...